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Food inflation falls even as index moves up a tad!Annual food inflation fell marginally once again to 16.22 percent for the week ended March 13 from 16.3 percent for the week before even as prices of lentils, fruits and vegetables moved up over the past week.Source: Zee News : Business | 25 Mar 2010 | 7:34 am North America contributes 30% of overall revenues: Tech MahTelecommunication services\' leader ATT has bought 8.07% stake in the IT major Tech Mahindra. It has been learnt that the deal could be worth USD 34.5 million.Source: Moneycontrol Top Headlines | 25 Mar 2010 | 6:20 am To invest Rs 50006000cr more in eq mkts till Mar \'10: LICLife Insurance Corporation of India (LIC) would invest an additional sum of Rs 50006000 crore in the equity markets till March 2010 taking its total investment in the market to around Rs 60,000 crore in FY10, said its Executive Director of Investments, Mohan Raj.Source: Moneycontrol Top Headlines | 25 Mar 2010 | 6:09 am Engineers India okays share split, 2for1 bonusStaterun Engineers India Ltd said on Tuesday the board has approved the issue of two bonus shares for each held in the company, and to split the share into the face value of Rs 5 from Rs 10 a share.Source: Moneycontrol Top Headlines | 25 Mar 2010 | 5:58 am HDIL unit gets approval for special economic zoneHousing Development and Infrastructure Ltd said on Thursday its unit Bluestar Realtors Pvt Ltd has got the commerce ministry\'s approval for an IT park in Kerala.Source: Moneycontrol Top Headlines | 25 Mar 2010 | 5:56 am ATT buys 8% of Tech Mahindra for $35 mnATT Inc has bought an 8.07% stake in Indian IT services firm Tech Mahindra Ltd for USD 34.57 million as per the priced agreed in a 2005 pact, data submitted to the stock exchange showed on Tuesday.Source: Moneycontrol Top Headlines | 25 Mar 2010 | 5:48 am Tata`s UK Corus signs N.Sea pipes dealSteelmaker Corus, owned by Tata Steel, said on Tuesday it had signed a near 200 million pound (USD 299.8 million) contract to supply pipes for a North Sea gas field.Source: Moneycontrol Top Headlines | 25 Mar 2010 | 5:48 am Women with more children less likely to commit suicideWomen who have more than one child might be stressed but they are less likely to commit suicide, says a Taiwanese study that found out that the more children a woman has, the lower her suicide risk.Source: Moneycontrol Top Headlines | 25 Mar 2010 | 5:33 am Plethico Pharma plans to raise $60100m for debt repaymentPlethico Pharma is looking to raise some money. In an interview with CNBCTV18, Sanjay Pai, Chief Financial Officer of Plethico Pharma, gave the details of it.Source: Moneycontrol Top Headlines | 25 Mar 2010 | 5:32 am Most of FY11 revenue to come from housing sector: Man InfraMan Infraconstruction which had a very succesful listing on March 11, believes residential sector will contribute the lion\'s share to FY11 revenue. In an exclusive interview with CNBCTV18, Parag K Shah, MD, Man infra said 2011 execution will be from the existing order book.Source: Moneycontrol Top Headlines | 25 Mar 2010 | 5:26 am Mirae Asset expects 25 bps rate hike in April policy meetRahul Chadha, Head of Indian Equities, Mirae Asset Management expects a further 25 bps hike in the April policy meet. \"The hike is on the expected lines,\" he said.Source: Moneycontrol Top Headlines | 25 Mar 2010 | 5:15 am ONGC's Tripura unit meets target - Business Standard
Source: Business - Google News | 25 Mar 2010 | 3:54 am Bharti due diligence process over, says Zain - Moneycontrol.com
Source: Business - Google News | 25 Mar 2010 | 3:50 am Bajaj Auto to sell 4 million vehicles in FY11The company, which also makes motorised three-wheelers, sold 1.75 million vehicles in the first eleven months of the current fiscal year ending March.Source: Daily News & Analysis: Money News | 25 Mar 2010 | 3:31 am Google's exit a plot, says China Daily - Economic Times
Source: Business - Google News | 25 Mar 2010 | 3:30 am Nifty turns positive Infy Bharti BHEL HUL HDFC Bk lead - Moneycontrol.com
Source: Business - Google News | 25 Mar 2010 | 3:28 am Bharti moves closer to seal $9 bn Zain dealNew Delhi: Bharti Airtel looked set to wrap up its $9 billion (Rs41,040 crore) deal to buy most of Kuwaiti telecom group Zain’s African assets, giving India’s top mobile operator a foothold in the frontier market in its third attempt. Bharti, which failed twice to acquire African telecoms operator MTN Group, is desperate to expand in new markets, as cut-rate competition in its home turf -- the world’s fastest growing -- squeezes margins and clouds growth outlook. Controlled by billionaire Sunil Bharti Mittal, who started his career selling bicycle parts in India, Bharti is battling newcomers such as Norway’s Telenor and Tata Teleservices, part owned by Japan’s NTT DoCoMo. “It’s a good deal because Africa is the last bit left among emerging markets. And Bharti gets access to a lot of synergies in value-added services,” said Girish Trivedi, deputy director of the south Asia and middle east technology team at consultancy Frost & Sullivan. “Imagine the time it would have taken them to build a leadership position in so many countries through greenfield expansion?” Zain’s board approved the deal on Wednesday and the company expects to sign the deal in the next few days. Africa has already attracted global players such as Vodafone and France Telecom , while China Unicom, China’s No. 2 mobile carrier is keen to participate in the privatisation of a Nigerian telecom company. Bharti, 32% owned by Singapore Telecommunications, will also battle with MTN, with which it tried to seal a $24 billion deal before tie-up talks collapsed in October. Bharti is expected to make an announcement as the deadline for exclusive talks with Zain ends on Thursday. “The reaction of the stock price reflects the deal being done at attractive financing terms. But how Bharti is going to benefit from it will only be known in the next 2-3 quarters,” said Deepak Jasani, head of research at HDFC Securities. Due diligence for the deal, the second-biggest overseas acquisition by an Indian buyer after Tata Steel’s $13 billion purchase of Corus in 2007, has been completed successfully, Zain said on Wednesday. Replicating India Strategy Bharti, with 125 million subscribers, has thrived on low incomes and tariffs and a large rural population -- characteristics shared by African nations -- and is keen to replicate its Indian model in the 15 African countries where it is buying Zain’s assets. But some analysts have said Bharti is paying a high price for the deal, with enterprise value of $10.7 billion at around 10 times EBITDA, and may be a drag on the Indian firm’s earnings. “We can know whether the valuation was right only after some time. So yes, there are opportunities, but there are also mine-fields and pitfalls ahead. We have to see what comes first,” Jasani said. Shares of Bharti were up 1.14% at Rs310.30 in early afternoon trade, defying an overall falling market. “We believe Bharti would be getting a strong business opportunity,” said Mumbai’s Angel Broking in a note to clients. Sunil Mittal, who built Bharti into an Indian telecom powerhouse in 15 years, said last month Africa represents “the most under-penetrated market in the world”, offering huge potential growth for his company. Just 36 out of every 100 people in Africa own a mobile phone, according to industry figures. But the takeover will require all of Mittal’s legendary Midas touch to turn around Zain’s struggling African operations, particularly in Nigeria, the Kuwaiti company’s key market, where it has been losing clients. Bharti would pay $9 billion in cash to Zain, including $700 million to be paid one year after the deal closes. Bharti will also assume $1.7 billion debt on the target firm’s books. Bharti said on Sunday it had secured $8.3 billion in loans from a clutch of lenders, led by Standard Chartered, Barclays and State Bank of India. Banking sources said Bharti was getting an attractive interest rate of around 200 basis points over Libor. Standard Chartered and Barclays were advising Bharti on the deal, while Zain was being advised by UBS. Source: Home - Livemint.com | 25 Mar 2010 | 3:28 am PetroChina Q4 net up 12 pct, speeds overseas businessHONG KONG (Reuters) - PetroChina, the world's most valuable oil and gas producer, said it will speed up overseas development after posting a 12 percent rise in quarterly profit, its weakest earnings in three quarters, as tepid refining margins and higher costs offset gains from soaring oil prices.Source: Reuters: Money News | 25 Mar 2010 | 3:27 am FOREX-Euro hits 10-month low vs dollar; EU summit eyed - Reuters
Source: Business - Google News | 25 Mar 2010 | 3:27 am SBI may tweak its 8% home loan scheme: officialMumbai: Home-loan borrowers may yet have a reason to cheer! The country’s largest lender, State Bank of India, has hinted that it may consider retaining its much-talked-about 8% home loan scheme, albeit with slight modifications in the product. “Well, I suppose there can be modifications (in the products), which will be in tune with our liquidity position...normally, we don’t kill any product,” a top SBI official told PTI at Mumbai. However, the banking major is yet to formally decide on the extension of the offer whose tenure expires on 31 March. Under the scheme, the lender offers home-loans at as cheap an interest rate as 8-8.5% to new customers. SBI had initially launched these products in August 2009 for a limited period of three months but later extended it till 31 March, 2010, following a huge customer-demand. The scheme — My Home Campaign — offers an 8% fixed interest rate for 5-years for loans up to Rs5-lakh, with a maximum tenure of 10-years. For loans above Rs5-lakh and up to Rs50-lakh, it offers a fixed rate of 8% during the first year and 8.5% during second and third years. Reflecting its popularity in the market, SBI garnered a whopping Rs25,000-crore, disbursing an average of Rs2,500-crore per month under the scheme. SBI has a home loan portfolio of around Rs71,000-crore. SBI was the first to roll-out the dual rate special home-loan schemes or ‘teaser´ schemes in the market, at a time when credit demand in the domestic market was abysmally low after the global financial turmoil dented confidence and discouraged individuals and corporates to borrow. Most of SBI’s competitors, including mortgage lender Housing Development Finance Corporation and ICICI Bank, had followed SBI by launching similar schemes, but later withdrew them, partly owing to the Reserve Bank’s disapproval of such products and drying liquidity. “I think it is the best home-loan product in the market. It is a very successful product. The way it helped other sectors to grow like steel and cement and contributed to the overall economic growth is tremendous,” the official said. However, the Reserve Bank was not happy with banks offering ‘teaser´ schemes as it was concerned about the ability of borrowers to service the interest rates when it got back to the normal level after the expiry of the offer period. RBI Deputy Governors, Usha Thorat and K C Chakrabarty, had openly expressed their concerns about the scheme. “Teaser rates by banks is a cause of concern. Banks must ensure that borrowers can service higher rates when rates return to normal,” Usha Thorat had said. Chakrabarty, on the other hand, asked banks to extend the benefit of cheaper home-loans to old customers as well. “We have no concern on teaser rates...you (banks) tease both new and old customers...don’t leave out one segment,’ Chakrabarty had said. Source: Home - Livemint.com | 25 Mar 2010 | 3:25 am Rupee off 3-week lows as exporters sell dollars - Economic Times
Source: Business - Google News | 25 Mar 2010 | 3:22 am Zain confirms nod to Bharti's offer for African telecom assetsKuwait's Zain Telecom on Thursday confirmed that its board of directors has approved the offer from India's top telecom operator Bharti Airtel to acquire its African assets, other than those in Morocco and Sudan.Source: HindustanTimes.com - Top Business News Headlines | 25 Mar 2010 | 3:20 am Dubai World asks for up to eight years to pay off debtDubai World proposed on Thursday to repay its creditors in full by issuing two tranches of new debt maturing in five and eight years, after months of talks on restructuring sovereign liabilities that had rattled world markets.Source: HindustanTimes.com - Top Business News Headlines | 25 Mar 2010 | 3:14 am Reliance Venture complets 1st round venture funding in RLCReliance Venture Asset Management, a corporate venture capital firm and an arm of the Reliance ADA Group, today announced it has successfully completed the first round of venture funding in Reverse Logistics Co, a technology enabled end-to-end reverse supply chain solutions company.Source: HindustanTimes.com - Top Business News Headlines | 25 Mar 2010 | 3:13 am INTERVIEW - Emami plans to set up news print plant in OrissaMUMBAI (Reuters) - Diversified Emami Group plans to set up a new newsprint facility at Orissa at an investment of 5 billion rupees, a top official said on Thursday.Source: Reuters: Money News | 25 Mar 2010 | 3:12 am GLOBAL MARKETS - Greek crisis pushes dollar to 10-month highLONDON (Reuters) - The dollar rose to a 10-month high against the euro and a basket of other major currencies on Thursday before slipping back slightly, as jitters over euro zone debt combined with a general flow towards relative safety.Source: Reuters: Money News | 25 Mar 2010 | 3:03 am Rupee off 3-week lows as exporters sell dollarsMUMBAI (Reuters) - The rupee recovered from near three-week lows on Thursday afternoon as exporters sold dollars to cash in on the rupee's recent weakness, while the euro's rise from 10-month lows versus the dollar also helped.Source: Reuters: Money News | 25 Mar 2010 | 3:00 am Insurance premium may touch Rs1 trillion by 2015: AssochamNew Delhi: Industry body Assocham said on 25 March it estimates the premium from general insurance to touch Rs1 trillion in the next 5 years as awareness and income about insurance products among the rural masses are on the rise. Currently, insurance premium collection is estimated at Rs35,000 crore, the chamber said. In rural areas, awakening levels (regarding insurance) are rising and their income is surfacing because of the various social schemes of the government, it said. “...because of the social schemes of the government a large chunk of the rural population is getting inclined for insurance...It is one of the reason which will drive growth for insurance premium and reach projected levels of Rs1 lakh crore by 2015,” it added. As over 60% of the population, largely in rural areas has yet to be tapped by insurance industry, micro- financing institutions should explore possibilities in rural areas for wider coverage of general insurance, it said. The government’s initiatives on mass insurance would also gradually open the reach of general insurance to a large part of the country. High growth in automobile sector, huge strides in the healthcare will also open up health insurance potentials substantially, it said. Source: LatestNews-Home - Livemint.com | 25 Mar 2010 | 2:52 am Rupee off 3-week lows as exporters sell dollarsMumbai: The Indian rupee recovered from near three-week lows on Thursday afternoon as exporters sold dollars to cash in on the rupee’s recent weakness, while the euro’s rise from 10-month lows versus the dollar also helped. At 2:10pm, the partially convertible rupee was at Rs45.56/57 per dollar, after hitting a low of 45.71, its weakest since March 5 and below its close of Rs45.60/61 on Tuesday. Financial markets were shut on Wednesday for a local holiday. Most Asian currencies were weaker against the dollar on Thursday, preventing further sharp gains in the rupee. Indian shares were trading down 0.2 percent weighed by weakness in global stocks. One-month offshore non-deliverable forward contracts were quoted at Rs45.68, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both quoting at Rs45.5725, with the total traded volume on the two exchanges at about $4.2 billion. Source: Home - Livemint.com | 25 Mar 2010 | 2:43 am Bajaj Auto to sell 4 mln vehicles in FY11MUMBAI (Reuters) - Bajaj Auto, India's No.2 motorcycle maker, said on Thursday it was targeting sales of 4 million vehicles in 2010/11.Source: Reuters: Money News | 25 Mar 2010 | 2:41 am Emami plans to set up news print plant in OrissaMumbai: Diversified Emami Group plans to set up a new newsprint facility at Orissa at an investment of Rs5 billion, a top official said on Thursday. “We have plans to set up a new newsprint plant. It will be set up by Emami Paper Mills Ltd, a group firm, and the investment will be 500 crores (5 billion rupees),” Aditya Agarwal, group director told Reuters. The per day capacity of the plant will be 500 tonnes, he added. Emami Biotech Ltd, a unit of the Emami Group, which recently launched its ‘Healthy and Tasty’ edible oil brand in the market in February, expects revenues worth Rs50 billion from its edible oils business in the next 3 years. The edible oils business includes plantations, refining and finished products. The personal care products firm Emami Ltd, the maker of brands such as Boroplus, Sonachandi Chyawanprash and Fair and Handsome, expects revenues worth Rs13-14 billion in the in the next fiscal. Source: LatestNews-Home - Livemint.com | 25 Mar 2010 | 2:37 am Investors question emerging market gainsLUXEMBOURG (Reuters) - Emerging markets remain an investor favourite for their long-term economic growth prospects, but some investors have begun to question the sustainability of short-term gains.Source: Reuters: Money News | 25 Mar 2010 | 2:33 am Europe shares edge up ahead of EU summit on GreeceLondon: European shares rose on Thursday, ahead of a European Union meeting to help heavily indebted Greece as investors focus on sovereign debt concerns, while oil majors gained as commodity prices eased off lows. European Union leaders will hold a two-day summit, divided over how to help heavily indebted Greece and struggling to maintain confidence in the euro. By 12:43pm, the pan-European FTSEurofirst 300 index of top shares was up 0.4% at 1,076.38 points. Oil majors were higher, as crude prices eased off lows to trade just above $81 a barrel, as the dollar pared gains ahead of the EU summit. BP, BG, Royal Dutch Shell, Total and ENI rose 0.2 to 0.7%. Focus on sovereign debt problems is likely to persist, after a Fitch downgrade of Portugal’s debt rating on Wednesday and a pledge by Dubai’s government to support the restructuring of debt-laden state-owned firms Dubai World and Nakheel by providing $9.5 billion in new funding. “The Greek problem hasn’t gone away and you have got the Portugese downgrade reminding us that the so-called PIGS economies are still vulnerable. The Greek problem would affect markets more if it spread significantly to Spain. That would be the bigger worry,” said Bernard McAlinden, investment strategist at NCB Stockbrokers. Among other gainers, Next led general retailers higher, up 4.9%, after it beat company guidance with an 18% rise in 2009/10 profit. Marks & Spencer, Intidex and Kingfisher rose 0.9 to 1.9%. Source: LatestNews-Home - Livemint.com | 25 Mar 2010 | 2:29 am Food inflation slips to 16.22 per centFood inflation eased marginally to 16.22 per cent for the week ended March 13 from 16.30 per cent in the preceding week even though prices of certain items such as pulses and vegetables continued to rise.Source: HindustanTimes.com - Top Business News Headlines | 25 Mar 2010 | 2:21 am ArcelorMittal hikes stake in Uttam Galva to 33.8%New Delhi: ArcelorMittal on Thursday said it has acquired another 4.9% stake in steel maker Uttam Galva for an estimated Rs75-80 crore, taking the total shareholding in the domestic firm to 33.8%. “We have completed the acquisition of 4.9% stake and now our total shareholding is 33.8% in Uttam Galva,” a company spokesperson told PTI. Officials from Uttam Galva confirmed the development and estimated the deal to be around Rs75-80 crore. “We have bought the 4.99% at the open offer price of Rs120 a share,” the ArcelorMittal spokesperson added. However, it could not be ascertained when did the share sale happen. Uttam Galva had earlier hoped to conclude the deal by February-end. Pursuant to the successful competition of the stake purchase by the world’s largest steel producer, Uttam Galva promoters —the Miglani family — now hold about 38% stake in the leading galvanised steel maker. Last Month, ArcelorMittal had said that it had acquired 28.8% stake in Uttam Galva through the open offer launched earlier. Initially, the NRI billionaire L N Mittal-led firm had entered into a share purchase agreement to buy 5.6% stake in Uttam Galva. But later, pursuant to changes in Uttam Galva’s equity structure, the promoters’ stake sale had come down to 4.9%. The two companies had entered into a co-promotion pact last year. Source: LatestNews-Home - Livemint.com | 25 Mar 2010 | 2:04 am Food inflation slips to 16.22%While moong and pork became dearer by 5% each, urad price shot up by 4%, vegetables by 2.63% and coffee by 2% during the week.Source: Daily News & Analysis: Money News | 25 Mar 2010 | 2:00 am Plethico Pharma to raise $100 mn - Business Standard
Source: Business - Google News | 25 Mar 2010 | 1:56 am Dubai in $9.5 bln debt offer, no new Abu Dhabi aidDUBAI (Reuters) - The Dubai government unveiled plans to recapitalise its indebted Dubai World flagship and repay Nakheel bonds in full, injecting what it said was $9.5 billion in new funding, but without new aid from Abu Dhabi.Source: Reuters: Money News | 25 Mar 2010 | 1:34 am Educomp to set up 75 IIT coaching centres in FY11New Delhi: Education content and service provider Educomp Solutions Ltd will open around 75 Indian Institute of Technology coaching centres in the upcoming fiscal, the firm said in a statement. The coaching centres will be opened on a franchisee basis. “We have undertaken restructuring of our business recently and have created a new entity called Educomp Supplemental for our supplemental education business,” MD and CEO Shantanu Prakash in the statement. Supplemental business includes tutoring, counselling and assessment. It plans to roll out other test preparatory material for BBA and medicine from 2011-12. Source: LatestNews-Home - Livemint.com | 25 Mar 2010 | 1:14 am Dubai in $9.5 bn debt offer, no new Abu Dhabi aidDubai: The Dubai government unveiled plans to recapitalise its indebted Dubai World flagship and repay Nakheel bonds in full, injecting what it said was $9.5 billion in new funding, but without new aid from Abu Dhabi. In a statement, the government said $5.7 billion in remaining funds from a loan made by Abu Dhabi would provide the lion’s share of the overall $9.5 billion and would also include what it called “internal Dubai government resources”. “There is no new money from Abu Dhabi,” said a government official on a conference call. “This proposal is based on amounts remaining from the loans provided previously by the government of Abu Dhabi and from internal resources from the government.” Dubai World said the total amount of debt held by creditors excluding the Dubai Financial Support Fund was $14.2 billion at the end of December. Those creditors would receive 100% principal repayment through the issuance of two tranches of new debt with five and eight-year maturities, it said. The Nakheel bond payback offer came as a surprise, as does the absence of a more visible role by wealthy neighbour Abu Dhabi, which has already pledged $10 billion in aid to debt-struck Dubai. The government said the bond repayment depended on creditors accepting the proposal. Dubai World, the Gulf Arab emirate’s flagship conglomerate, which includes the QE2 ocean liner and Barneys department store among its high-profile assets, said last year it would delay repaying $26 billion in debt linked mainly to property units Nakheel and Limitless World. The government said it was also offering to recapitalise Dubai World through the equitisation of the Government’s $8.9 billion claim and a commitment to fund up to $1.5 billion in new funds. Turning to property giant Nakheel, the government said it would inject $8 billion in new funds and that it would equitise $1.2 billion of the government’s claim Bank creditors will be asked to restructure their debt at commercial rates, the government said. Trade creditors would be offered a significant cash payment and a tradable security, the statement said. “Assuming sufficient support for the proposal, the 2010 and 2011 Nakheel Sukuk will be paid as they fall due,” the statement said. Core creditors representing 97 banks met on Wednesday to finalise months of talks on how Dubai World can restructure the debt, about a quarter of Dubai’s estimated total debt of $101 billion. Source: LatestNews-Home - Livemint.com | 25 Mar 2010 | 1:14 am Dubai commits 9.5 billion dollars to troubled Dubai WorldThe Dubai government said on Thursday it has committed 9.5 billion dollars in aid to its troubled Dubai World conglomerate, which has been negotiating the restructuring of 22 billion dollars of debt.Source: HindustanTimes.com - Top Business News Headlines | 25 Mar 2010 | 1:10 am Food inflation eases to 16.22% - Times of India
Source: Business - Google News | 25 Mar 2010 | 1:01 am Daimler, Renault close to cross-shareholding deal: reportFrankfurt: German premium carmaker Daimler and French group Renault are close to finalising a strategic alliance that would include each owning 3% of the other, a press report said Thursday. The Financial Times quoted people close to the deal as saying it is likely to be announced in April and that while the two automakers “don’t want to marry,” they did want to underscore their strategic partnership with a cross shareholding. Projects on which both companies could work together include the development of a small car platform and common components for light trucks and electric cars, the newspaper said. Renault and its Japanese partner Nissan are developing an extensive line of electric vehicles, while Daimler could contribute its robust diesel engines for luxury cars and trucks, it noted. The auto sector is struggling to overcome a slump in global demand last year and joining forces to develop electric vehicles that many hope will be the industry’s next big offering. Volkswagen, the biggest European car maker, and Suzuki of Japan finalised a cross-shareholding operation last year. Source: World Business - Livemint.com | 25 Mar 2010 | 12:59 am Daimler, Renault close to cross-shareholding deal: reportFrankfurt: German premium carmaker Daimler and French group Renault are close to finalising a strategic alliance that would include each owning 3% of the other, a press report said Thursday. The Financial Times quoted people close to the deal as saying it is likely to be announced in April and that while the two automakers “don’t want to marry,” they did want to underscore their strategic partnership with a cross shareholding. Projects on which both companies could work together include the development of a small car platform and common components for light trucks and electric cars, the newspaper said. Renault and its Japanese partner Nissan are developing an extensive line of electric vehicles, while Daimler could contribute its robust diesel engines for luxury cars and trucks, it noted. The auto sector is struggling to overcome a slump in global demand last year and joining forces to develop electric vehicles that many hope will be the industry’s next big offering. Volkswagen, the biggest European car maker, and Suzuki of Japan finalised a cross-shareholding operation last year. Source: LatestNews-Home - Livemint.com | 25 Mar 2010 | 12:59 am Bond yields rise on US cues; inflation eyed - Economic Times
Source: Business - Google News | 25 Mar 2010 | 12:52 am Food inflation eases to 16.22%India's food prices eased for the third straight week in mid-March while fuel inflation remained steady, but the central bank is still seen raising rates the second time in as many months in April.Source: India Business News | Business News - Times of India | 25 Mar 2010 | 12:50 am Expect pressure on Nifty stock futures today MF Global - Moneycontrol.com
Source: Business - Google News | 25 Mar 2010 | 12:50 am Thai Major Cineplex says wants to raise stake in PVRBANGKOK (Reuters) - Major Cineplex, Thailand's largest cinema chain operator, expects a jump in revenue in the first quarter and full year due to better advertising sales and the public's appetite for 3-D films.Source: Reuters: Money News | 25 Mar 2010 | 12:47 am PVR shares jump on Thai firm's stake hike planThailand's Major Cineplex holds about 11% in the Indian firm. PVR shares later eased to Rs183.15, still up 4.9%.Source: Daily News & Analysis: Money News | 25 Mar 2010 | 12:45 am Food prices ease but more RBI action seenNEW DELHI (Reuters) - India's food prices eased for the third straight week in mid-March while fuel inflation remained steady, but the Reserve Bank is still seen raising rates the second time in as many months in April.Source: Reuters: Money News | 25 Mar 2010 | 12:45 am Bharti moves closer to seal $9 bln Zain Africa dealNEW DELHI (Reuters) - Bharti Airtel looked set to wrap up its $9 billion deal to buy most of Kuwaiti telecom group Zain's African assets, giving India's top mobile operator a foothold in the frontier market in its third attempt.Source: Reuters: Money News | 25 Mar 2010 | 12:40 am Rupee eases by 9 paise against dollar in early tradeAt the Interbank Foreign Exchange (Forex) market, the rupee depreciated by 9 paise to Rs45.69 a dollar.Source: Daily News & Analysis: Money News | 25 Mar 2010 | 12:33 am HDIL unit gets approval for special economic zoneThe special economic zone would be set up in an area of 28.32 hectares, it said in a statement to the NSE. No other financial details were immediatly available.Source: Daily News & Analysis: Money News | 25 Mar 2010 | 12:32 am LG Elec aims at 25% of global 3D TV marketSeoul: LG Electronics, the world’s No.2 TV brand, said on Thursday it was aiming to sell nearly 1 million 3D TVs this year to take one-fourth of the market, joining a growing number of global tech firms betting 3D will become the next hot product. Many manufacturers hope the technology will be as big a boost for the industry as the transition to colour TVs from black and white, although a lack of 3D content and the need for special glasses may keep people from adopting the technology outside the cinema. South Korea’s LG Electronics said on Thursday it wanted to increase market share in 3D TVs more aggressively, hoping to keep its lead over close rival Sony and fight falling prices with premium models. “Our goal is boosting market share in 3D TVs and you can clearly see that, as our target for 3D market share is 10 percentage points above our LCD TV sales target,” Havis Kwon, LG’s vice president and head of the LCD division told reporters. LG, which competes with local rival Samsung Electronics Co Ltd and Japan’s Sony Corp, said it expected the global 3D TV market to grow to around 3.8 million units this year and to more than 13 million in 2011. The maker of the Infinia TV brand showcased 3D TVs with LED-backlit LCD screens that are 22.3 millimeters thick and said its 47-inch LX9500 model would cost around 4.7 million won ($4,134) including two pairs of glasses. The product will go on sale next week in South Korea ahead of a global launch around May. At 0535 GMT, shares in LG Electronics jumped 6 percent to a one-month high of 115,500 won, with trading volume rising to almost three times the average 30 day volume. “Shares have really been beaten down lately amid concerns about its smart phone performance, and on new worries that its strong television business may face a slowdown in the second half, after the World Cup,” said Kim Kap-ho, analyst at LIG Investment & Securities. “But as its sector peers have rallied in recent weeks, LG Electronics shares at the current level offer attractive valuations.” LG, which wants to increase its global market share in LCD TVs to 15% this year from 11% last year, said it sold around 5.2 million LCD sets in the first quarter versus a 2010 target of 25 million sets. Source: World Business - Livemint.com | 25 Mar 2010 | 12:29 am LG Elec aims at 25% of global 3D TV marketSeoul: LG Electronics, the world’s No.2 TV brand, said on Thursday it was aiming to sell nearly 1 million 3D TVs this year to take one-fourth of the market, joining a growing number of global tech firms betting 3D will become the next hot product. Many manufacturers hope the technology will be as big a boost for the industry as the transition to colour TVs from black and white, although a lack of 3D content and the need for special glasses may keep people from adopting the technology outside the cinema. South Korea’s LG Electronics said on Thursday it wanted to increase market share in 3D TVs more aggressively, hoping to keep its lead over close rival Sony and fight falling prices with premium models. “Our goal is boosting market share in 3D TVs and you can clearly see that, as our target for 3D market share is 10 percentage points above our LCD TV sales target,” Havis Kwon, LG’s vice president and head of the LCD division told reporters. LG, which competes with local rival Samsung Electronics Co Ltd and Japan’s Sony Corp, said it expected the global 3D TV market to grow to around 3.8 million units this year and to more than 13 million in 2011. The maker of the Infinia TV brand showcased 3D TVs with LED-backlit LCD screens that are 22.3 millimeters thick and said its 47-inch LX9500 model would cost around 4.7 million won ($4,134) including two pairs of glasses. The product will go on sale next week in South Korea ahead of a global launch around May. At 0535 GMT, shares in LG Electronics jumped 6 percent to a one-month high of 115,500 won, with trading volume rising to almost three times the average 30 day volume. “Shares have really been beaten down lately amid concerns about its smart phone performance, and on new worries that its strong television business may face a slowdown in the second half, after the World Cup,” said Kim Kap-ho, analyst at LIG Investment & Securities. “But as its sector peers have rallied in recent weeks, LG Electronics shares at the current level offer attractive valuations.” LG, which wants to increase its global market share in LCD TVs to 15% this year from 11% last year, said it sold around 5.2 million LCD sets in the first quarter versus a 2010 target of 25 million sets. Source: Home - Livemint.com | 25 Mar 2010 | 12:29 am Food prices ease but more RBI action seenNew Delhi: India’s food prices eased for the third straight week in mid-March while fuel inflation remained steady, but the Reserve Bank of India (RBI) is still seen raising rates the second time in as many months in April. The central bank surprised markets with a 25 basis point hike in its key lending rate last week to tame headline inflation that is near 10% and warned of a build up in demand-side pressures on the economy. Data on Thursday showed the fuel price index rose 12.68% in the year to 13 March flat on the week. The government had raised motor fuel prices in late February. The food price index rose an annual 16.22% in the year to 13 March, lower than the previous week’s reading of 16.30%. Analysts and policymakers see this trend continuing on a higher base and as supplies of winter-harvested crop reach the market. The primary articles index was up 13.88% for the latest period, compared with 14.16% in the previous week. After the most recent rate hike, analysts are betting the RBI will raise rates to a slightly higher level this year than earlier expected. Most now see rates being raised by a total of 100 basis points by the end of 2010. Source: Home - Livemint.com | 25 Mar 2010 | 12:28 am Thai cinema firm Major bullish thanks to 3DBangkok: Major Cineplex, Thailand’s largest cinema chain operator, expects a jump in revenue in the first quarter and full year due to better advertising sales and the public’s appetite for 3-D films. Major, which controls 75% of the Thai market, has seen “exciting” growth in movie ticket sales this year as Southeast Asia’s second-largest economy recovers from recession, chief executive Vicha Poolvoraluck told Reuters in an interview. “We are really kicking off with a good start,” Vicha said. The company, which competes with unlisted SF Cinema, attracts 25-30 million viewers each year. In 2009 it pulled in 1.2 billion baht ($37.1 million) in first-quarter revenue. Full-year revenue totalled 5.6 billion baht, up just 0.2 percent from 2008. “Admission sales for the first two months have been amazing. This year’s line-up is going to bring back a lot more people to the cinema,” he said, although he expressed caution about the effect of Thailand’s continuing political crisis. The government has extended a tough security law after opposition leaders threatened to paralyse Bangkok with street protests in a bid to force new elections. Vicha said the anti-government protest was not keeping people away from the cinema for the time being and forecast that sales would rise 10 to 15% in 2010, when it plans to raise ticket prices by 3-5% from an average 135 baht in 2009. Major holds about 11% of leading cinema operator PVR Ltd and is keen to raise its stake to capitalise on the country’s fast-growing cinema business. “India is our long-term focus and of course we want to invest more in the long run,” Vicha said. “In the longer term, we would love to increase the stake but this would depend on timing and the regulations of both countries. PVR in itself is such a good brand and we’re seeing a growth opportunity there,” he added. PVR shares jumped in Mumbai by the maximum allowed 10% in response to the comment but then slipped back. At 0618 GMT they were up 1.52% at Rs177.25. By the midsession break in Bangkok, shares in Major were down 0.55% at 9 baht, compared with a 0.4% fall in the overall market. The stock has lagged the market over the past year, rising 31.2% against a 79.5% gain in the benchmark index. Against Asian peers it also looks cheap, trading at 17.8 times 2011 earnings, compared with 67.2 for PVR and 53 for Asia Pacific’s movie and entertainment sector, according to Reuters data. 3D Boost Major is seeing strong momentum from the popularity of 3D films after the huge audiences for James Cameron’s three-dimensional blockbuster “Avatar”, Vicha said. “People are willing to pay more for quality, which is very interesting to see now that the economy has started to recover,” he said. According to Nielsen Research, Thai advertising spending jumped 10.7% in February to 7.2 billion baht, the highest in three years. Major’s 46-year-old chief executive is excited by the transformation in the film industry. Hollywood is moving from conventional 35 mm film to digital products, even though costs are about three times higher, as it allows operators to increase margins on tickets, he said. “People are screaming for anything that can leap off the screen and over the next three years, 35 mm film should become obsolete,” he said, adding Major would meet with giant-screen movie operator IMAX Corp next month to discuss business opportunities. Major, which operates 353 screens in 47 locations around the country, planned to invest 600 million baht in 2010, excluding possible overseas investment, Vicha said. That would mainly be spent on opening 30 new screens and bowling lanes. It plans to increase assets in its Major Lifestyle Property Fund to 4 billion baht ($124 million) in the second quarter from about 2 billion baht now, Vicha said. The company plans to sell rental space at one of its malls to the fund, probably using the proceeds to expand other businesses. Source: LatestNews-Home - Livemint.com | 25 Mar 2010 | 12:27 am Thai cinema firm Major bullish thanks to 3DBangkok: Major Cineplex, Thailand’s largest cinema chain operator, expects a jump in revenue in the first quarter and full year due to better advertising sales and the public’s appetite for 3-D films. Major, which controls 75% of the Thai market, has seen “exciting” growth in movie ticket sales this year as Southeast Asia’s second-largest economy recovers from recession, chief executive Vicha Poolvoraluck told Reuters in an interview. “We are really kicking off with a good start,” Vicha said. The company, which competes with unlisted SF Cinema, attracts 25-30 million viewers each year. In 2009 it pulled in 1.2 billion baht ($37.1 million) in first-quarter revenue. Full-year revenue totalled 5.6 billion baht, up just 0.2 percent from 2008. “Admission sales for the first two months have been amazing. This year’s line-up is going to bring back a lot more people to the cinema,” he said, although he expressed caution about the effect of Thailand’s continuing political crisis. The government has extended a tough security law after opposition leaders threatened to paralyse Bangkok with street protests in a bid to force new elections. Vicha said the anti-government protest was not keeping people away from the cinema for the time being and forecast that sales would rise 10 to 15% in 2010, when it plans to raise ticket prices by 3-5% from an average 135 baht in 2009. Major holds about 11% of leading cinema operator PVR Ltd and is keen to raise its stake to capitalise on the country’s fast-growing cinema business. “India is our long-term focus and of course we want to invest more in the long run,” Vicha said. “In the longer term, we would love to increase the stake but this would depend on timing and the regulations of both countries. PVR in itself is such a good brand and we’re seeing a growth opportunity there,” he added. PVR shares jumped in Mumbai by the maximum allowed 10% in response to the comment but then slipped back. At 0618 GMT they were up 1.52% at Rs177.25. By the midsession break in Bangkok, shares in Major were down 0.55% at 9 baht, compared with a 0.4% fall in the overall market. The stock has lagged the market over the past year, rising 31.2% against a 79.5% gain in the benchmark index. Against Asian peers it also looks cheap, trading at 17.8 times 2011 earnings, compared with 67.2 for PVR and 53 for Asia Pacific’s movie and entertainment sector, according to Reuters data. 3D Boost Major is seeing strong momentum from the popularity of 3D films after the huge audiences for James Cameron’s three-dimensional blockbuster “Avatar”, Vicha said. “People are willing to pay more for quality, which is very interesting to see now that the economy has started to recover,” he said. According to Nielsen Research, Thai advertising spending jumped 10.7% in February to 7.2 billion baht, the highest in three years. Major’s 46-year-old chief executive is excited by the transformation in the film industry. Hollywood is moving from conventional 35 mm film to digital products, even though costs are about three times higher, as it allows operators to increase margins on tickets, he said. “People are screaming for anything that can leap off the screen and over the next three years, 35 mm film should become obsolete,” he said, adding Major would meet with giant-screen movie operator IMAX Corp next month to discuss business opportunities. Major, which operates 353 screens in 47 locations around the country, planned to invest 600 million baht in 2010, excluding possible overseas investment, Vicha said. That would mainly be spent on opening 30 new screens and bowling lanes. It plans to increase assets in its Major Lifestyle Property Fund to 4 billion baht ($124 million) in the second quarter from about 2 billion baht now, Vicha said. The company plans to sell rental space at one of its malls to the fund, probably using the proceeds to expand other businesses. Source: World Business - Livemint.com | 25 Mar 2010 | 12:27 am Bharti shares rise after Zain approves Africa saleBharti Airtel shares rose more than 3 per cent early on Thursday as it came closer to a $9 billion deal to buy Zain's African assets after the Kuwaiti firm's board approved the sale.Source: India Business News | Business News - Times of India | 25 Mar 2010 | 12:21 am Bharti Airtel shares rise after Zain approves Africa saleBharti Airtel shares rose 3% early on Thursday after the board of Kuwaiti telecom Zain approved selling most of its African assets to the Indian firm.Source: Daily News & Analysis: Money News | 25 Mar 2010 | 12:11 am Goldman sued for putting women on 'mommy-track'The lawsuit was filed Wednesday in Manhattan federal court by Charlotte Hanna, who said she worked at Goldman Sachs University, an orientation program for new analysts, associates and summer interns.Source: Daily News & Analysis: Money News | 25 Mar 2010 | 12:07 am Inflation worry signals end to easy money policyThe Reserve Bank of India will continue with its exit strategy from the accommodative credit policy, considering that demand side pressure on inflation is building up, said the RBI Governor, Dr D.Source: Business Line - Home Page | 25 Mar 2010 | 12:00 am Tyre industry seeks duty-free import of natural rubberThe tyre industry, the largest consumer of natural rubber, has urged the Centre to allow duty-free import of at least two lakh tonnes of natural rubber on a priority basis, preferably through a GovernmentSource: Business Line - Home Page | 25 Mar 2010 | 12:00 am Cleaner fuels could be costlier tooPetrol and diesel could cost marginally more in 13 cities, as public sector oil retailers gear up to market BS (Bharat Stage) IVSource: Business Line - Home Page | 25 Mar 2010 | 12:00 am Day Trading GuideThe analysis and opinion expressed in these columns are based on the technical analysis of the past price behaviour. The stop-loss level provided is important. The original view would stand negated if the stop-loss level is breached. There is aSource: Business Line - Home Page | 25 Mar 2010 | 12:00 am Auto majors' advance tax payout soars with salesThe auto pack has put up a strong show on the advance tax front this fiscal, with the payouts of most auto majors registering increases between 19 and 1,524 per cent on a year-on-yearSource: Business Line - Home Page | 25 Mar 2010 | 12:00 am Zain approves sale of African assets to BhartiMr Sunil Bharti Mittal's dream of going global is finally coming to reality. Kuawaiti telecom operator Zain has approved the sale of its African assets to India's largest telecom firm for an enterprise value of $10.7 billion (Rs 49,000Source: Business Line - Home Page | 25 Mar 2010 | 12:00 am Alembic (Rs 49.9): BuyTraders with short-term perspective can consider investing in the stock of Alembic. The stock was on a long-term uptrend since October 2008 low of Rs 24.7. It found twin support (uptrend-line and key support level) at Rs 45 recently and startedSource: Business Line - Home Page | 25 Mar 2010 | 12:00 am USD-INR futures can move higherThe rupee moved sideways with a negative bias over the past week. The 25 basis points hike in repo and reverse repo rates by the Reserve Bank of India last weekend scarcely impacted the trend in the currency. It was the weakness in the equitySource: Business Line - Home Page | 25 Mar 2010 | 12:00 am Trading in interest rate futures contracts on the slideInterest among banks, insurance companies, primary dealers and mutual funds in trading in interest rate futures (IRFs) contracts has been steadily declining since derivative contract was re-introduced on the NSE on August 31,Source: Business Line - Home Page | 25 Mar 2010 | 12:00 am De-hedging boost to gold prices is endingOver the last 10 years or so, gold producers have been unwinding their hedged positions and such de-hedging in turn has supported a rise in gold prices. Indeed, in the last three years – between first quarter of 2007 and last quarter ofSource: Business Line - Home Page | 25 Mar 2010 | 12:00 am Agreement for sale of African operations to Bharti soon: ZainConfirming clinching of the $10.7 billion mega deal for sale of its African assets to Bharti Airtel, Kuwait Based Zain today said that due diligence has been completed and agreements between the two would be signed soon.Source: HindustanTimes.com - Top Business News Headlines | 24 Mar 2010 | 11:34 pm Oil falls to near $80 on US crude stocks riseSingapore: Oil prices fell to near $80 a barrel Thursday in Asia, extending losses from the previous day after an increase in US crude inventories suggested consumer demand remains weak. Benchmark crude for May delivery was down 25 cents to $80.36 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost $1.30 to settle at $80.61 a barrel on Wednesday. The Energy Department reported on Wednesday that crude inventories rose by 7.3 million barrels to 351.3 million barrels last week. Analysts had expected an increase of 1.67 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. Oil demand in Europe is worse off than the US, with France, Italy, Spain and the UK all seeing drops of more than 10% in January from a year earlier. Some analysts are worried high jobless rates in the US and Europe will continue to drag on consumer demand. “It’s reasonable to assume the unemployment rate in the US will remain stubbornly high for at least the next two years,” energy analyst Stephen Schork said in a report. “The table appears set for further demand destruction for gasoline, not just in the US, but in Europe as well.” In other Nymex trading in April contracts, heating oil fell 0.37 cents to $2.067 a gallon, and gasoline was steady at $2.22 a gallon. Natural gas dropped 1.0 cent to $4.095 per 1,000 cubic feet. In London, Brent crude was down 16 cents at $79.46 on the ICE futures exchange. Source: LatestNews-Home - Livemint.com | 24 Mar 2010 | 11:29 pm Markets edge lower; banks down, Bharti risesMumbai: Financial stocks dragged Indian shares lower on Thursday after hawkish comments by the central bank, but Bharti Airtel climbed as it inched closer to a $9 billion deal to buy most of Zain’s African assets. By 10:12am, the 30-share BSE index was trading down 0.22% at 17,411.84 points, with 19 of its components dropping. The 50-share NSE index was down 0.2% at 5,212.50. Bharti rose as much as 3.2% after the board of Kuwaiti telecom firm Zain approved selling most of its African assets to India’s top mobile operator. Bharti is expected to make an announcement as the deadline for exclusive talks ends on Thursday. Zain said on Wednesday it would sign the deal in the next few days, confirming what sources with direct knowledge of the matter told Reuters earlier. “It shows the growing aspirations of India entrepreneurs to establish their footprint globally,” said Rakesh Rawal, head of private wealth management at Anand Rathi from Bangalore. “Africa has huge untapped growth potential and it is a good move by Bharti from a long-term perspective. Although, in the near term the domestic issues like competition and price wars will weigh.” Bharti pared some gains and was up 1.6% at Rs311.60. Financials edged lower after the Reserve Bank of India governor said on Wednesday that demand-side pressure on the economy can build up further and it was better to take some action now and continue with the exit strategy. The central bank had hiked key rates by 25 basis points last Friday, a month earlier than expected, and another increase is seen at its policy review on 20 April. Leading lenders State Bank of India and ICICI Bank dropped 0.9% each while Housing Development Finance Corp shed 1.8%. Traders said faltering global stocks that were weighed down by a credit downgrade of Portugal and worries over a spiralling debt burden in some developed economies also kept investors wary. “The market will eye March quarter earnings from here on but the global uncertainties will continue to weigh,” said Vaibhav Sanghavi, director of Ambit Capital. “It is a wait and watch situation. We need to see how things unfold globally,” he said. Earlier this month, a Reuters poll showed the benchmark was expected to rise to 18,000 points by end of June and hit 19,250 by December. In the broader market, gainers outnumbered losers in a ratio of 1.2:1 on a volume of 95 million shares. Source: Home - Livemint.com | 24 Mar 2010 | 11:18 pm Bharti Airtel shares rise after Zain okays Africa saleNew Delhi: Bharti Airtel shares rose more than 3% early on Thursday as it came closer to a $9 billion deal to buy Zain’s African assets after the Kuwaiti firm’s board approved the sale. Zain said on Wednesday it would sign the deal in the next few days, confirming what sources with direct knowledge of the matter told Reuters earlier. Bharti is expected to make an announcement as the deadline for exclusive talks between the two companies end on Thursday. Also Read | Zain clears Bharti’s bid for assets “The reaction of the stock price reflects the deal being done at attractive financing terms. But how Bharti is going to benefit from it will only be known in the next 2-3 quarters,” said Deepak Jasani, head of research at HDFC Securities. Billionaire Sunil Mittal who controls Bharti is desperate to expand into new markets as cut-rate competition in India, the world’s fastest-growing mobile market, squeezes margins and clouds its growth outlook. Bharti, the leading mobile operator in India, has thrived on low incomes and tariffs and a large rural population — characteristics shared by African nations — and wants to replicate its Indian model in the 15 African countries where it is buying Zain’s assets. But some analysts have said Bharti is paying a high price for the deal, with enterprise value of $10.7 billion at around 10 times EBITDA, and may be a drag on the Indian firm’s earnings. ”We can know whether the valuation was right only after some time. So yes, there are opportunities, but there are also mine-fields and pitfalls ahead. We have to see what comes first,” Jasani said. At 9.;30 a.m., Bharti shares were up 1.8% at Rs312.20 in a weak Mumbai market, having risen as much as 3.2% earlier. The shares, currently valued at about $26 billion, were the second-worst performer among the benchmark components in 2009. In 2010, the shares are down 5 percent, underperforming the broader market that is down 0.4%. Due Diligence Over, Funds in Place Due diligence for the deal, the second-biggest overseas acquisition by an Indian buyer after Tata Steel’s $13 billion purchase of Corus in 2007, has been completed successfully, Zain said on Wednesday. Bharti, 32% owned by Singapore Telecommunications, would pay $9 billion in cash to Zain, including $700 million to be paid one year after the deal closes. Bharti will also assume $1.7 billion debt on the target firm’s books. The Indian firm said on Sunday it had secured $8.3 billion in loans from a clutch of lenders, led by Standard Chartered, Barclays and State Bank of India. Banking sources said Bharti was getting an attractive interest rate of around 200 basis points over Libor. Standard Chartered and Barclays were advising Bharti on the deal, while Zain was being advised by UBS. Source: Home - Livemint.com | 24 Mar 2010 | 10:53 pm Sensex falls over 61 points on global cuesThe 30-share index, which had gained 40.45 points in the previous session on Tuesday, fell by 61.16 points, or 0.35% to 17,389.86 points in the opening trade.Source: Daily News & Analysis: Money News | 24 Mar 2010 | 10:52 pm Sensex falls over 61 points on global cuesThe Bombay Stock Exchange benchmark Sensex shed over 61 points, or 0.35 per cent, in the opening trade today on capital outflows by foreign funds, weighed by weakening trend on the global markets.Source: HindustanTimes.com - Top Business News Headlines | 24 Mar 2010 | 10:41 pm Rupee eases by 9 paise against dollar in early tradeThe Indian rupee eased further by 9 paise in early trade today for the fifth straight day on capital outflows by foreign funds and dollar's gain against other Asian currencies.Source: India Business News | Business News - Times of India | 24 Mar 2010 | 10:40 pm Sensex falls over 61 points on global cuesThe Bombay Stock Exchange benchmark Sensex shed over 61 points, or 0.35 per cent, in the opening trade today on capital outflows by foreign funds, weighed by weakening trend on the global markets.Source: India Business News | Business News - Times of India | 24 Mar 2010 | 10:36 pm Is Adani planning a Mundra in the East?A total of Rs35,000 crore investment has been planned in Orissa, final nod awaited.Source: Daily News & Analysis: Money News | 24 Mar 2010 | 10:12 pm Two more US Internet companies pull out of ChinaAfter Google, two more American Internet companies announced their decision to pull out of China because of Internet freedom restrictions and censorships imposed by the Chinese authorities on them.Source: HindustanTimes.com - Top Business News Headlines | 24 Mar 2010 | 9:31 pm Asian stock markets mixed in early tradeTokyo: Asian stock markets were mixed in early trade Thursday after the Dow Jones industrials slipped following large gains in recent days. Australia’s main index was 0.3% lower at 4,889.60, retreating after slight gains in the previous session, while Hong Kong’s Hang Seng droped 1.4% to 20,705.95. Other markets saw moderate advances, with South Korea’s Kospi up 0.1% to 1,682.42. Japan’s benchmark Nikkei 225 stock average edged up 0.1% to 10,826.02. Nintendo continued its strong run, rising 2%. The video game maker books a large portion of its sales in the US, and rose Wednesday after saying it would release a 3-D version of its popular handheld gaming system. The mixed showing in Asia followed a retreat in New York overnight, where the Dow fell 52.68, or 0.5%, to 10,836.2, a day after closing at its highest level since September 2008. It was the biggest point and%age drop since 25 February. In currencies, the dollar fell to 91.84 yen versus 92.23 yen a day earlier. The euro rose to $1.3326 from $1.3316. Benchmark crude for May delivery fell 34 cents to $80.27 a barrel in electronic trading on the New York Mercantile Exchange. Source: Home - Livemint.com | 24 Mar 2010 | 9:16 pm China mobile operator ditches Google search: reportChina's second largest mobile phone operator will remove Google's search function from new handsets in response to the US Internet giant's tussle with Beijing, the Financial Times reported.Source: HindustanTimes.com - Top Business News Headlines | 24 Mar 2010 | 9:00 pm India flat, global steel output up 24% in FebruaryThe world crude steel capacity utilisation ratio for the 66 countries in February 2010 was 79.8%, a 15-month high since September 2008.Source: Daily News & Analysis: Money News | 24 Mar 2010 | 3:23 pm Rajasthan Royals beat Kings XI Punjab by 31 runsMohali: A resilient Rajasthan Royals put a competitive total on the board and defended it with all their might to carve out a 31-run win against Kings XI Punjab in the Indian Premier League match on Wednesday. Put into bat, the Royals rode on brisk cameos by Adam Voges (45 not out), Faiz Fazal (45) and Michel Lumb (41) to post 183 for five at the PCA Stadium.  Rajasthan Royals co-owner Shilpa Shetty flashes victory sign with her husband Raj Kundra after their team won the match against Kings XI Punjab in Mohali on Wednesday. Kamal Kishore / PTI Once again the star players let down the Punjab side and the bulk of their runs came from Manvinder Bisla (35), Kumar Sangakkara (29) and Ravi Bopara (25). Shaun Tait claimed three wickets for 22, while Yusuf Pathan and Sidhharth Trivedi got two apiece for the Royals. It, however, looked different at the beginning of the Punjab innings with Sangakkara taking the onus on himself to set the tone for the chase and hitting back-to-back boundaries off Munaf Patel.  Bisla (35 off 18 balls) then lit up the stadium with his power-hitting and Munaf bore the brunt of his ire. The right-hander opened his account with a boundary, followed it up with a six and hit fours off the last two deliveries as well in that high-yielding over. Shane Warne did not get the respect he is used to and was hit for a four followed by a six before the wily Australian returned to avenge the mauling. Yuvraj Singh’s (15) quest for form continued and the star player could not make a mark despite getting a life after being dropped by Lumb in the deep. Bopara and Irfan Pathan (1) fell in the same over and Mohd Kaif (8) flopped once again as the home side saw the match slipping through their fingers. Earlier put into bat on a track which seemed to have something early for the pacers, Rajasthan Royals got off to a flying start in the match billed as the ‘basement battle´ involving two teams languishing at the bottom of the IPL points table. Michael Lumb was straightaway in the thick of things as he smote two fours of Irfan Pathan’s first over and his opening partner Naman Ojha (13) meted out the same treatment to comeback man S. Sreesanth, who was drafted in at offie Ramesh Powar’s expense. Boundaries came thick and fast and the score cruised to 35 when Ojha’s stay was cut short in the fourth over and the batsman received an animated send-off from bowler Sreesanth. An unperturbed Lumb hit Shalabh Srivastava for back-to-back boundaries and was inching close to his fifty when a smart piece of stumping by Sangakkara, off Piyush Chawla’s only second delivery, cut short the Johannesburg-born Englishman’s 30-ball knock that had seven crisp fours in it. Next man in Yusuf Pathan has done precious little after that 37-ball century against Mumbai Indians in his team’s IPL III opener and if his score went beyond seven today, he owes it to his brother Irfan. Irfan came running from long-off to pouch Yusuf’s miscued skier off Srivastava but eventually grassed it to give a life to his brother. Yusuf prospered to hit a brisk 19-ball 28 before Srivastava eventually had him, caught by Yuvraj Singh in the deep. In Fazal’s (45 off 38) reassuring company, Voges kept the scoreboard ticking with his smart yet risk-free cricket built around immaculate placement but the home side bowlers -- especially the miserly Juan Theron -- ensured they did not leak easy boundaries. Fazal fell run out in the final over and Voges hit a boundary off the final delivery to take the score past the 180-mark. Voges’ breezy 24-ball unbeaten knock had five fours and a six in it. Source: LatestNews-Home - Livemint.com | 24 Mar 2010 | 1:45 pm Bharti clinches Zain Africa in $10.7bn buyoutAfter twice wooing but failing to clinch a merger with South Africas MTN, Bhartis ambitions of an African safari have been fulfilled, following the acquisition of Zain Telecoms 15-country Africa operations for a total enterprise value of $10.7 billion.Source: India Business News | Business News - Times of India | 24 Mar 2010 | 1:31 pm Acquisition is costly affair, say analystsAccording to Kunal Bajaj, MD of telecom consulting firm BDA India, Bhartis stock price is expected to fall on Thursday as markets reflect short-term expectations.Source: India Business News | Business News - Times of India | 24 Mar 2010 | 1:30 pm Slower sales prompt car makers to accelerate discount schemesWith sales slackening after record surges in January and February, car makers are quickly back to offering huge discounts and cost-effective finance schemes.Source: Business Standard | Front Page Headlines | 24 Mar 2010 | 1:16 pm RBI hints at further rate riseThe Reserve Bank of India (RBI) indicated another round of policy rate increases with Governor D Subbarao suggesting more monetary tightening to manage inflationary expectations.Source: Business Standard | Front Page Headlines | 24 Mar 2010 | 1:16 pm Nano drives business at SanandZoharavar Khan cant stop thanking the lady who brought him luck. By driving the Nano factory from Singur in West Bengal, Trinamool Congress leader Mamata Banerjee seems to have unwittingly done hundreds of villagers, like Khan, a huge favour.Source: Business Standard | Front Page Headlines | 24 Mar 2010 | 1:14 pm Zain okays Bharti bidKuwait-based Zain Telecoms board cleared Bharti Airtels proposal to buy its African assets for $10.7 billion (around Rs 48,600 crore), marking the Indian companys first successful attempt to acquire operations in Africa after two failures.Source: Business Standard | Front Page Headlines | 24 Mar 2010 | 1:13 pm Airtel in Africa with Zain dealIndia’s largest telecom service provider Bharti Airtel is set to become a large global player, with the Zain board on Wednesday approving closure of the deal under which Bharti would buy Zain’s Africa operations for an enterprise value of $10.7 billion (Rs 49,000 crore). HT reports.Source: HindustanTimes.com - Top Business News Headlines | 24 Mar 2010 | 12:51 pm RBI will continue with stimulus exit: SubbaraoThe Reserve Bank of India will continue exiting stimulus after unexpectedly raising its benchmark interest rate last week, governor D Subbarao said. It is better to take action now and continue the exit strategy, he said.Source: India Business News | Business News - Times of India | 24 Mar 2010 | 12:49 pm Gopinath steps down from Kingfisher boardCapt G R Gopinath, credited with heralding the low-cost carrier model in the country, on Wednesday stepped down from the board of Kingfisher Airlines.Source: India Business News | Business News - Times of India | 24 Mar 2010 | 12:48 pm Consolidation bells to ring in telecom sectorThe worlds fastest growing telecom market is all set to witness big-ticket investments and consolidation post the Bharti Airtel's purchase of Zain's African assets.Source: India Business News | Business News - Times of India | 24 Mar 2010 | 12:46 pm Buyout potential faced indifferent investorsSince February 4, the day Bharti Airtel and Zain announced their intention to enter into a deal for the latter's African assets, investors have been largely neutral on the Bharti stock.Source: India Business News | Business News - Times of India | 24 Mar 2010 | 12:45 pm Budget makes risky wager on oilThe Union Budget for 2010 has made two key assumptions, one explicit and the other implicit, on oil. How these pan out will not only hold the key to the government’s estimates of fiscal deficit, but also inflation, which is poised to scale double digits.  Graphic: Ahmed Raza Khan / Mint The explicit assumption, included in the medium-term fiscal policy (MTFP) statement accompanying the Budget documents, is that “there would not be major variations in the international market in fertilizer and petroleum product prices”. This is a fair assumption to make assuming that the recovery of the developed world remains slow and painful, not otherwise. Yet, it may be worthwhile remembering that oil prices have been very volatile over the past two years, especially in 2008-09 touching a high of $144.22 (around Rs6,576 today) per barrel (of Brent crude) and then dropping to a low of $33.66 per barrel. Since then, prices have recovered and now average about $80 per barrel—which is where the finance ministry assumes they will stay.  At the same time, the Budget has made an implicit assumption that rests entirely on the political will of the Congress-led United Progressive Alliance (UPA)—this, at a time when it has a reduced majority in the Lok Sabha after the Samajwadi Party (SP) and the Rashtriya Janata Dal (RJD) that had supported it without being part of it withdrew their support. Budget 2010 has not provided for a petroleum subsidy; this is no small omission considering that the government paid out Rs12,000 crore towards this in the first nine months ended December. Informally, government officials maintain that this has not been done since the government is yet to take a position on the recommendations of the Kirit Parikh committee on reforming the petroleum subsidy regime—which shorn of jargon implies that most of the variations in international oil prices will be passed on to the retail consumer, implying a lesser subsidy. MTFP also alludes to this by stating that “the report of the Parikh committee is under active consideration”. The Budget could be vulnerable here, especially since there has been a drastic shift in the arithmetic in Parliament after the introduction of the Budget. The withdrawal of support by the SP and the RJD over the Women’s Reservation Bill reduced the majority of the UPA from 300-plus to just sufficient to meet the majority of 273 seats. The new reality is one of the key reasons why the government had to back down, for now, on the Nuclear Liability Bill. It is difficult to understand how the UPA will manage the politics of a highly unpopular decision of cutting petroleum subsidies by raising prices. The alternative is equally daunting. Assuming that the UPA does pack the political will to do so, it would, by increasing the prices of intermediates, unleash cost-push pressures. While this could spur inflation, its impact will be partially offset by the fact that the government will be able to reduce subsidies by anywhere in the region of Rs14,000 crore, thereby reining in the fiscal deficit or the gross borrowings. In the final analysis, it is clear that the macro wagers, explicit as well as implicit, relating to petroleum prices could roil the government’s best intentions. This is the fourth in a five-part series on the macro-risks India faces. Part 5 will look at the external factor. To see this and the series so far, go to www.livemint.com/macro-risksindia anil.p@livemint.com Source: Home - Livemint.com | 24 Mar 2010 | 12:37 pm Biyani to sell stakes in non-core businessesMumbai: Three months after Kishore Biyani began restructuring Future Group’s 22 companies into two key business groups—retail and financial services—the chairman of India’s largest shopping chain by market value wants to offload stakes in units not part of those core categories to raise money needed to fund expansion plans.  Fingers in many pies: A file photo of Kishore Biyani. His business model is unlike that of global modern retailers with its many formats and different operating structures, resulting in more vehicles to raise capital. Ashesh Shah / Mint Biyani wants to cap his stake in the non-retail and non-financial services business at 26% and keep 40-45% in the operating companies. “We have two kinds of businesses. One is where we are running and operating (companies), and others we look at as mentor capitalists or financial investors,” Biyani said in an interview on Tuesday. “Wherever we are operating our business, we have set a benchmark to hold between 40-45% and we are okay with 25-26% in companies where we act as financial investors or mentor capitalists.” Future Group’s promoters, Biyani and his family, own 44.73% in flagship Pantaloon Retail (India) Ltd, the retail shopping chain, and 38.95% in Future Capital Holdings Ltd (FCH). “I want to run and operate the retail businesses,” Biyani said, making it clear that this will remain his focus. Pantaloon Retail houses retail chains and allied businesses such as logistics, distribution and training institutes. Biyani said he’s open to stepping back from financial services, which he’s currently running. “Financial services, we are currently running and operating, unless I decide I want to be a mentor,” he said. There are more than 10 businesses that support the retail ventures where Biyani acts as a financial investor, a role he has confined himself to in the real estate business as well. The strategy behind this move is to raise more money and invest it across more areas, said Biyani, who runs the group along with his brothers and cousins. “We have created many verticals in the consumption space, such as fast moving consumer goods, rural distribution, education, fashion, hospitality,” Biyani said. “The idea is to acquire stakes in one company and through that acquire a lot of other companies and consolidate.” Biyani, who diversified into retail from the garments business two decades ago, says that both his current main businesses require a lot of cash. Some of that will be required to fund the expansion to 12 million sq. ft of retail space, from nine million sq. ft now. Pantaloon Retail reported a net profit of Rs140.58 crore on sales of Rs6,341.70 in the year ended June. “By June, we will have 20 more stores under the Big Bazaar format where we now have 123 stores,” he said. “We will add more of the large-format stores as well like Foodrite.” Biyani, who has launched a toothpaste under the brand name Sach, wants more of his own labels to dominate his stores. In fashion, such so-called private labels contribute 75% of sales, he pointed out. FCH, which hosts the financial services firms, is also hungry for cash, said Biyani. “Wherever money is required, we will get in money and every balance sheet will have to look at its growth plan and raise money,” he said. The idea of segregating businesses and consolidating them under two divisions is to provide clarity and open up avenues for raising money. “We have a strong balance sheet in financial services,” he said. FCH reported a net profit of Rs9.31 crore on turnover of Rs132 crore in the fiscal year ended March 2009. The Future Group “introspected a lot and reinvented ourselves” in 2008 and 2009, Biyani said. “We realized that the group needs to achieve maximum from minimum means and get disproportionate growth with minimum means,” he said, explaining the rationale behind the restructuring and the stake sales. Biyani’s model is unlike that of global modern retailers with its many formats and different operating structures, resulting in more vehicles to raise capital, said Arvind Singhal, chairman of Technopak Advisors Pvt. Ltd, a retail consultancy. For instance, the promoters can dilute their stakes in non-core businesses such as FCH and invest this in the core business or dilute some of the family holdings, he said. “In financial services, we have insurance, forex, distribution of financial products and a non-banking financial company,” Biyani said. “It’s all about consolidating and putting it in one and we are already doing it under Future Capital. The idea is to convert this into a powerful idea.” However, Future Generali, a joint venture with the Generali Group of Italy that offers both life and general insurance, will now be part of the retail business, he said. FCH offers personal, consumption and home equity loans, apart from credit cards under the Future Card brand. It has nine companies, ranging from wealth management to hotels, with Biyani’s stake ranging between 50.1% and 100%. Biyani will need to move fast to raise capital and expand, Technopak’s Singhal said. “The playing field has changed and is changing,” said Singhal. “Successful Indian conglomerates such as the Tatas, Birlas and Reliance already have a sizeable retail presence, and global biggies like Tesco and Wal-Mart are also here.” “From being bullish, cowboyish, Biyani is now maturing,” said Singhal, who feels that the group should refocus objectively and not get carried away. “Biyani still has the lead, but this will get narrowed in the next three-four years. The competition 10 years ago was different, it’s different today and will be different 10 years hence.” Restructuring is on track, Biyani said. The board has approved the demerger of the financial services business and the merger of home solutions with consumer retail. The recast has also created a fully-owned holding company for the family, which may be called Future Management Resources or Future Group Holdings, Biyani said. There is an option to dilute in the family holding company and use the money from this to increase stakes in operating companies if they goes below the benchmark level, he said. Source: Home - Livemint.com | 24 Mar 2010 | 12:18 pm Govt plans to put degrees online, ease verificationMumbai / New Delhi: The government has appointed a task force to create a national database of academic qualifications to ensure confidentiality, authenticity, online verification and easy retrieval of degrees. The team, which will submit its report on the e-certificate project by the end of this month, will appoint one of the two depositories—National Securities Depository Ltd and Central Depository Services (India) Ltd—to create and manage this database, the first time such a storehouse is being planned on a nationwide scale. In the private sector, software and insurance industry groups currently manage their own database to prevent fraud. According to the website of the ministry of human resource development (HRD), there are a total of 490 government-recognized universities in the country with around 2.54 million students getting a graduate or postgraduate degree every year. Apart from this, 9.5 million students clear their secondary school examinations. According to First Advantage Pvt. Ltd, a background screening firm, at least 15% of resumes they checked last year had false information, creating the need for such a database. The database will not just stock documents virtually, but also create a system for storing hard copies, said Sanjay Dhande, chairman of the government-appointed task force and director of the Indian Institute of Technology, Kanpur. The group was appointed by the HRD ministry, which oversees education, in January this year. Verification of degrees will be cheaper and quicker if the project is implemented. “We have prepared the road map of implementation, of which the first and foremost is that a law needs to be enacted to give legal standing to the database,” Dhande told Mint over phone from Kanpur. “Technology is the least important part according to me, given the expertise in the field available.” The task force, also entrusted with identifying a registered depository that would create the database, has formed two sub-committees to look into the matter. Dhande said only registered depositories are being considered for the job. Another official of the task force, requesting anonymity since he is not authorized to speak to the media, said universities and various education boards will also be asked to upload documents online as the database is implemented. He also said that legislation for the database is expected to be in place by September-October. “The creation of the database should take another two years,” the member said. Academic certificates from school to graduate and postgraduate levels, including professional degrees, will be mandatorily registered with the depository through the respective boards, universities and other institutions once the legislation is passed, with information retrievable on payment of a fee. According to an official with one of the two shortlisted depositories, both institutions have already made presentations to the HRD ministry. The official didn’t want his depository to be identified since he feared it would hamper the chances of selection. “The e-certificate programme would work very much like demat (dematerialization of shares), except that the physical copy of the certificate will be in the hands of the candidate,” he said. The government is not going to invest any money directly into the programme, it would just create enabling legislation, he added. The depository will charge universities and schools for uploading degrees apart from getting paid by prospective employers who want to use the service for verification. The person wouldn’t say how much the depositories would charge nor how much the depositories would have to invest in infrastructure. Nasscom, the country’s information technology (IT) industry group, launched the National Skills Registry (NSR), a centralized database of employees for independent background checks, in January 2006. Till date, 83 companies have joined NSR, comprising more than 70% of the workforce in IT and allied services. The NSR website has recorded details of at least 593,000 individuals and has fingerprints and photos of more than 367,000. More recently, in December, life and general insurance companies banded together to mandate that a centralized employee work and education database be set up by CRP Ltd, a risk mitigation consulting and solutions provider. ravi.k@livemint.com Source: Tech News - Livemint.com | 24 Mar 2010 | 12:17 pm India makes thin film solar cell leapBangalore: It’s rare that scientists in India develop new technologies and see them reach the marketplace, at least during their active career. The barriers are both cultural and scientific. For A.K. Barua, professor emeritus at the 130-year-old Indian Association for the Cultivation of Science in Kolkata, commercialization took long—32 years— but eventually it helped his industry partner HHV Solar Technologies Pvt. Ltd break into the international league where a handful of companies sell turnkey production lines for thin film solar cells.  Competitive edge: A.K. Barua (left) with Prasanth Sakhamuri at HHV Solar’s manufacturing facility. Hemant Mishra / Mint With the setting up of a 10MW demonstration production facility in Dabaspet, 50km from Bangalore, that will become operational in about three weeks, HHV Solar becomes the first Indian company to have developed the technology as well as the equipment for setting up a production facility for thin film solar photovoltaic (SPV) modules. At $12 million (around Rs54.7 crore) for the plant, HHV says it has cut the hardware cost from the prevailing rate for setting up such a unit of about $30 million. “That’s very competitive. High capital cost is a major factor in the adoption of thin film technology,” said Amol Kotwal, deputy director, energy and power system, South Asia, Middle East and North Africa, Frost and Sullivan (F&S). Only a few equipment suppliers operate in this space, led by Applied Materials Inc., headquartered in California, and Oerlikon Solar of Swiss industrial group Oerlikon. If domestic users take to HHV’s technology, the competition could get very tough for existing vendors, said Kotwal. HHV has signed a deal with Solar Source Corp., a Canadian renewable energy holding company, to establish Canada’s first thin film amorphous silicon solar panel manufacturing plant. “We are in serious negotiations with some Indian companies and intend to close at least four deals very soon,” said Prasanth Sakhamuri, managing director of HHV Solar, a holding company of Hind High Vacuum Co. Pvt. Ltd. Solar technology is entering the third generation, but first-generation crystalline silicon solar cells dominate the market, accounting for 87.3% of the global 6.3 gigawatts of solar photovoltaic installations, according to F&S estimates for 2009. Thin solar cells constitute the second generation, where amorphous silicon leads the pack. The latter, though cheaper, lighter and flexible, is less efficient than crystalline cells. A global race is on to increase the efficiency of thin cells, from the present 6.75-7% to 10% and beyond. From its research stable, supported by the ministry of new and renewable energy, HHV plans to roll out modules with 8% efficiency within a year. Efficiency refers to the rate at which solar power is converted into usable energy. Thin SPVs are just trickling into India. In February 2009, Moser Baer India Ltd started the first such line of 40MW capacity, set up by Applied Materials Inc. In October, KSK Surya Photovoltaic Venture signed up Applied Materials for a 150MW capacity thin film line in Hyderabad. “So far there was no market in India. Companies exported most of their modules. The solar mission has created the critical local demand,” said Madhu Atre, president of Applied Materials India. The feed-in tariff of Rs18.44/kWh under the National Solar Mission (NSM) is a definitive step forward, he adds. The feed-in tariff is a premium, cost-based compensation rate offered to producers of renewable energy. India’s SPV market had a capacity of 972MW in 2008, which is estimated to increase to 2,575MW in 2015, according to F&S. But this falls short of the NSM target of 20 gigawatts by 2020. Barua, who is also chairman of research and development in NSM, says the targets are aggressive and difficult to achieve. “But that doesn’t mean we will not work towards it.” For a long time, India didn’t pay attention to solar technology, Barua said. His own lab, despite being an early starter, faced intermittent funding shortages. Crystalline silicon, with about 15% efficiency, has gained some market share but since temperatures in many parts of the country go very high, thin film is more suitable in those regions, he said. “Beyond a point, a one degree rise in temperature leads to half a percent drop in crystalline cell efficiency.” At the core of Barua’s team’s work lies the “plasma enhanced chemical vapour deposition” technology, which is a method of depositing silicon on glass to turn it into an electricity-generating module. “It’s a proud moment for us to have completely indigenized the technology development as well as the equipment,” said C.S. Solanki, professor of energy science and engineering at the Indian Institute of Technology, Mumbai. He says it comes at the right time as this is the focus of the NSM. However, “unless the cost difference (between crystalline and thin film) is substantial, say $1 per watt, thin film adoption will be low,” he cautioned. The actual cost-benefit ratio, Sakhamuri said, is not efficiency dependent. “Thin film is 35% cheaper than crystalline. For a given 100W module, thin cells produce more power than crystalline as they react to a wider spectrum of sunlight.” The sleek shop floor, designed by the National Institute of Design in Ahmedabad, has been built to attract customers, said Sakhamuri. It’s working—from rice mill owners to jewellery exporters, everyone seems to be interested in solar power now, he said. seema.s@livemint.com Source: Tech News - Livemint.com | 24 Mar 2010 | 10:40 am
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