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Real estate: Experts give industry perspectiveIn an exclusive interview with CNBCTV18, Rohtas Goel, CMD, Omaxe and Gaurav Pathak, Analyst, ISec, speak about the real estate sector and give their outlook going forward.Source: Moneycontrol Top Headlines | 29 Mar 2010 | 8:23 am Govt okays 23 FDI proposals worth Rs 2325 cr: SourcesA total of 23 foreign direct investment (FDI) proposals worth approximately Rs 2,325 crore have received government okay, reports CNBCTV18 quoting NW18. While Bharat Forge and Opto Circuit have got their FDI plan okayed, STel and Etisalat\'s plans have been deferred.Source: Moneycontrol Top Headlines | 29 Mar 2010 | 8:04 am TVS to sell 16000 3wheelers in FY10, 50000 in FY11Two and threewheeler major TVS Motor would sell 16,000 threewheelers in FY10 and 50,000 units in FY11. This would contribute Rs 140 crore to the companys revenues in FY10 and Rs 500 crore in FY11.Source: Moneycontrol Top Headlines | 29 Mar 2010 | 7:57 am Colgate buys 25% in CC Health Care for Rs 6.91 mColgate Palmolive (India) Ltd said on Monday it has acquired 25% stake in CC Health Care Products Ltd for Rs 6.91 million.Source: Moneycontrol Top Headlines | 29 Mar 2010 | 7:51 am SAIL sees Rs 15002000/t rise in steel prices in AprilPrices of steel, according to the Steel Authority of India (SAIL), are seen rising by Rs 1,5002,000 a tonne, reports CNBCTV18 quoting NewsWire18. Further the steel major has said that they are likely to agree to USD 200 a tonne for imported coking coal.Source: Moneycontrol Top Headlines | 29 Mar 2010 | 7:26 am Economy to expand by 7.4% in current fiscal: Assocham!With the economy likely to perform better in the last quarter, industry body Assocham expects the country to clock a growth rate of 7.4 per cent, marginally exceeding the official estimate.Source: Zee News : Business | 29 Mar 2010 | 6:42 am Dubai Holding may restructure $20 bn debt: FTDubai Holding, the investment conglomerate owned by Dubai\'s ruler, is looking at options that could include restructuring as much as USD 20 billion worth of debt, the Financial Times reported on Monday.Source: Moneycontrol Top Headlines | 29 Mar 2010 | 6:41 am Toyota, Mazda to hold joint briefing on green techToyota Motor Corp and Mazda Motor Corp said they would hold a joint news conference in Tokyo about environmental technologies at 5:40 pm (0840 GMT) on Monday.Source: Moneycontrol Top Headlines | 29 Mar 2010 | 6:41 am To raise Rs 300cr via debt, equity: Valecha EngineeringIn an interview with CNBCTV18, Jagdish K Valecha, Managing Director of Valecha Engineering, spoke about his outlook for the company.Source: Moneycontrol Top Headlines | 29 Mar 2010 | 6:36 am Punj Lloyd\'s exit strategic decision by both cos: PipavavBhavesh Gandhi, Executive ViceChairman of Pipavav Shipyard said, \"Punj Lloyds exit is a strategic decision by both copromoters.\" SKIL would consolidate its position in the company, he added.Source: Moneycontrol Top Headlines | 29 Mar 2010 | 5:34 am 10 IT vendors shortlisted for first UID contract: SourcesOf the 42 information technology players fraying for the unique identity (UID) project, 10 have been shortlisted, reports CNBCTV18 quoting sources. Wipro, HCL Tech, TCS, Infosys, Mahindra Satyam, eClerx, Cognizant and IBM are among the selected vendors.Source: Moneycontrol Top Headlines | 29 Mar 2010 | 5:24 am Reliance Life mulling stake sale to raise Rs 1500 cr - Business Standard
Source: Business - Google News | 29 Mar 2010 | 4:02 am Centre urges Orissa for sops to food processing sector - Sify
Source: Business - Google News | 29 Mar 2010 | 3:48 am Toyota to supply hybrid technology to MazdaTOKYO (Reuters) - Toyota Motor and Mazda Motor announced a deal under which Japan's top automaker will supply its hybrid technology under licence to Mazda, in the latest link-up within the fast-evolving auto industry.Source: Reuters: Money News | 29 Mar 2010 | 3:40 am Nifty volatile; Hindalco, Rel Power, Ambuja Cem, HDFC up - Moneycontrol.com
Source: Business - Google News | 29 Mar 2010 | 3:39 am Geely eyes China market to revive Volvo brandSHANGHAI/HONG KONG (Reuters) - Li Shufu, the plain-spoken chairman of China's Zhejiang Geely Holding Group, faces a long, uphill journey to return Ford Motor's prestigious but loss-making Volvo brand to profitability.Source: Reuters: Money News | 29 Mar 2010 | 3:36 am What experts say about IL&FS Transportation listing? - Moneycontrol.com
Source: Business - Google News | 29 Mar 2010 | 3:35 am SBI-State Bank of Indore swap ratio at 34:100 - Business Standard
Source: Business - Google News | 29 Mar 2010 | 3:34 am Hindustan Unilever sells stake in back-office armMUMBAI (Reuters) - Hindustan Unilever said on Monday it had sold its remaining 49 percent in Capgemini Business Services (India) Ltd to Cap Gemini S.A.Source: Reuters: Money News | 29 Mar 2010 | 3:28 am India’s performance monitoring system interests Saarc nationsNew Delhi: India’s swift implementation of a sophisticated Performance Monitoring and Evaluation System (PMES) for government departments has generated interest among Saarc countries for which New Delhi is organising a workshop on 30 March. Senior policy makers from Bangladesh, Bhutan, Maldives, Nepal, Pakistan, Sri Lanka and Afghanistan besides Saarc secretary general Sheel Kant Sharma will attend the two-day workshop to be inaugurated by cabinet secretary K M Chandrasekhar. “The primary goal of the workshop is to share knowledge and experience on Government Performance Management practices in Saarc countries,” the cabinet secretariat, which is organising the workshop, said. Besides building the capacity of senior government officials for setting up a government Performance Management system in the SAARC countries, the workshop is expected to explore institutional arrangements for sharing of best practices on an ongoing basis, it said. Under the PMES in India, at the beginning of each financial year, each Department prepares a Result-Framework Document (RFD) consisting of priorities set out by the ministry concerned and the Minister in-charge decides the priority among the departmental objectives. In the Phase I of the implementation in 2009-10, 59 ministries and departments out of a total of 84 are being covered under PMES. As many as 62 departments and ministries have already prepared their respective RFDs for 2010-11, the Cabinet Secretariat said. Source: LatestNews-Home - Livemint.com | 29 Mar 2010 | 3:21 am Govt to move SC to challenge stay on UGC order on deemed tag New Delhi: Government will move the Supreme Court to challenge stay orders of high courts in some states on an University Grants Commission (UGC) direction to all deemed universities that they should not call themselves as universities. Acting on the instruction of the government, the UGC had last year directed 130 deemed-to-be-universities not to use the word university with their names. Rather they should write their names followed by ‘deemed-to-be-university´, the UGC had said. A number of institutions challenged the order in different high courts which have stayed the UGC direction. “Various high courts, including Madras high court, have stayed the UGC order. The government will move the Supreme Court to seek vacation of the stay order,” a HRD ministry official said. The deemed university status is given under Section-3 of the UGC Act to institutions of excellence. Such institutions used to call themselves ‘deemed-to-be-university´ till 2006. However, these institutions were allowed by the UGC to remove the word ‘deemed´ from their name and identify themselves as universities in 2006. The UGC had given the permission following a recommendation by a committee comprising heads of UGC and All India Council of Technical Education (AICTE) and a former secretary of higher education. But the UGC decision was later challenged in the Delhi High Court. The petitioner claimed that the notification had created confusion with no visible difference between a university set up under an Act of Parliament or state legislature and a deemed university set up under the University Grants Commission Act, 1956. The HRD ministry then asked the UGC to withdraw its notification of 2006. The UGC was also asked to direct the deemed universities not to use the word ‘university´ with their names. A number of private deemed universities like Shanmuga Arts, Science, Technology & Research Academy, Vellore Institute of Technology and SRM and Sathyabama have challenged the UGC direction. Source: LatestNews-Home - Livemint.com | 29 Mar 2010 | 2:58 am Govt approves 23 FDI proposals worth over Rs 2300 crore - Times of India
Source: Business - Google News | 29 Mar 2010 | 2:57 am Feb oil product sales down 0.2 pct y/y - govtNEW DELHI (Reuters) - India's domestic oil product sales in February declined 0.2 percent from a year ago to 11.39 million tonnes, government data showed on Monday.Source: Reuters: Money News | 29 Mar 2010 | 2:55 am China jails Australian Rio officer for 10 yearsSHANGHAI (Reuters) - A Chinese court sentenced four Rio Tinto employees to 7 to 14 years in jail on Monday for taking bribes and stealing commercial secrets, a verdict the Australian government called harsh.Source: Reuters: Money News | 29 Mar 2010 | 2:53 am Govt approves 23 FDI proposals worth over Rs 2,300 croreThe government today approved 23 Foreign Direct Investment (FDI) proposals worth over Rs 2,325.21 crore, including that of broadband services provider Tikona Digital Network and auto components maker Bharat Forge.Source: India Business News | Business News - Times of India | 29 Mar 2010 | 2:48 am GLOBAL MARKETS - Euro, stocks firm as Greek uncertainty easesLONDON (Reuters) - Hopes that the crisis over Greek sovereign debt may have been contained lifted the euro on Monday and allowed European stocks to gain on the back of higher metal prices.Source: Reuters: Money News | 29 Mar 2010 | 2:41 am Wills Lifestyle India Fashion Week | Day 5Day five of the Wills Lifestyle India Fashion Week (WIFW) Autumn-Winter 2010-2011 at New Delhi began with collections by six upcoming designers; Ashii by Ashima Singh . Dozak by Kartikey & Isha, Prama by Pratima Pandey, Shrea by Shreya & Nirali, Smriti and Taniya Khanuja. Some of the other designers of the day were Sidharth Tytler, Prashant Verma and the Wills Lifestyle Grand Finale by Rajesh Pratap Singh. Anupamaa Dayal | Feministic appeal This collection draws inspiration from the work of Picasso and other ‘cubism’ painters and graphic artists. It features layered dressing and separates comprising of fit short dresses with brocade wings, pleated long dresses with cubism print, long jacket in oversized floral and geometric, cropped trousers. The colour story includes sage and pewter green, azure blue, smoky blue, scarlet, slate grey, taupe, ochre and black. The fabrics used in the collection are silks (raw, twill, shot and more), pashmina, lambs wool and wool mixes. Nandita Mahtani | Diva The designer showcases her eveningwear resort line. The collection features feminine tops embellished with sequin sheeting, chains, chain mails, stones, rivets reflecting an edgy appeal. The ultra glam evening section has an assortment of dresses, very short skirts, hot pants, vests, jackets and flowy long dresses. Rabani & Rakha | Magnificent and gorgeous Rabani & Rakha’s collection represented chic fluid glamour by a play of colours. The entire range is threaded with intricate work. Traces of leopard printed petticoats under net saree, mukaish and stone worked sarees highlight the range. Necklines are plungingl; asymmetrical, small blouses, halter, giving a delicate and dainty look to the collection. Sidharth Tytler | Aboriginal – The Aurora Borealis Sidhartha Tytler’s collection is inspired by the Aurora – The Roman Goddess of the Dawn, a scintillating vision dressed in creations tinted with shades of peacock, copper, gun metal and black. The silhouettes range from satin lycra leggings, corseted and structured to deeply constructed that flawlessly cascaded like harmonious limericks in taffeta, silk, Italian crepe, satin, wool and glass nylon, whispered the North wind Boreas. Velvet appliqué short length dress was spotted with striped sequins in a dramatic black-floor-length gown with georgette ruffles and tulle inlay. Prashant Verma | Love and art The designer’s collection weaves a narrative across a variety of techniques and experiments – rocks quilted under fabric to create a reptilian skin, black textured leather and tattered gauze, embroideries in wool, prints of marbled whirlpools of dinosaur fossils and apocalyptic landscape, armour made of crystals burnt to look like ageing amber. Some of the designs include black pearl embroidered jacket, gauze pleated tops. varuni.k@livemint.com Source: Home - Livemint.com | 29 Mar 2010 | 2:31 am Japan's Shinsei Bank to exit Indian fund unitMUMBAI (Reuters) - Japan's Shinsei Bank said on Monday it has reached an agreement to sell its entire stake in its Indian mutual fund unit to Daiwa Securities Group.Source: Reuters: Money News | 29 Mar 2010 | 2:28 am BSE Sensex rises to highest level since Feb 2008MUMBAI (Reuters) - The BSE Sensex rose to its highest level since February 2008 on Monday afternoon, helped by firm global markets, with financials leading the charge.Source: Reuters: Money News | 29 Mar 2010 | 2:08 am Citigroup names veteran Pramit Jhaveri as India headMUMBAI (Reuters) - Citigroup on Monday named company veteran Pramit Jhaveri as the new head for its India business, replacing Mark Robinson, who has joined Australia and New Zealand Banking group.Source: Reuters: Money News | 29 Mar 2010 | 2:06 am L&T bags Rs.1400-crore order from Indian Oil - Sify
Source: Business - Google News | 29 Mar 2010 | 2:04 am Citigroup names veteran Pramit Jhaveri as India headJhaveri, who was previously head of global banking and vice chairman of Asia investment banking, will oversee all of Citi's businesses in India.Source: Daily News & Analysis: Money News | 29 Mar 2010 | 2:02 am EM ASIA FX-Rupiah, rupee at multi-month highs - Reuters India
Source: Business - Google News | 29 Mar 2010 | 2:02 am Japan commits Rs10,535 cr towards six infra projects in IndiaNew Delhi: Japan committed ¥215 billion (Rs10,535 crore) on 29 March for six infrastructure projects in India, including Phase II of the Mass Rapid Transport System (MRTS) for Delhi. An Agreement to this effect was signed between Finance Ministry officials and the Japanese Ambassador to India Hideaki Domichi. The committed ¥215 billion would flow into the country in the next fiscal (2010-11) and the year beyond. With this agreement, official development assistance from Japan will touch ¥3,116.81 billion (Rs1,55,840 crore), making India the highest recipient of such assistance from the Far East country. The agreement allocates ¥30.54 billion (Rs1,648 crore) for the second phase of DMRTS. In addition, ¥23.4 billion (Rs1,146 crore) will go towards Calcutta East-West Metro Project Phase II, ¥59.85 billion (Rs2,932.6 crore) for Chennai Metro Project Phase II and ¥90.3 billion (Rs4,422 crore) for the first phase of a dedicated Freight Corridor Project of Railways. Besides, three billion yen (Rs150 crore) would be given for Rengali irrigation project in Orissa and ¥5.3 billion (Rs263.8 crore) for a forestry project in Sikkim. Source: LatestNews-Home - Livemint.com | 29 Mar 2010 | 1:52 am Citigroup names veteran Jhaveri as India headMumbai: Citigroup on Monday named company veteran Pramit Jhaveri as the new head for its India business, replacing Mark Robinson, who has joined Australia and New Zealand Banking group. Jhaveri, who was previously head of global banking in India and vice chairman of Asia investment banking, will oversee all of Citi’s businesses in India, including the institutional clients group, consumer banking and wealth management businesses. Jhaveri, a 23-year Citi veteran, will report to Asia Pacific chief executive Shirish Apte, the bank said in a statement. The Citi announcement comes after ANZ, Australia’s fourth-largest lender, said on Monday it had hired Robinson from Citigroup to head its south and south east Asian business. ANZ, which has the largest Asian exposure among Australian banks, said Robinson would oversee 10 markets, including the priority markets of Indonesia, Vietnam, Malaysia and India, as well as the regional hub in Singapore. Citi has helped Indian companies raise about $20 billion from local and international markets since 2009, the US bank said in the statement quoting data provider Dealogic. Source: Home - Livemint.com | 29 Mar 2010 | 1:46 am Markets rise to highest level since Feb 2008Mumbai: Indian shares rose to their highest level since February 2008 on Monday afternoon, helped by firm global markets, with financials leading the charge. At 1:25pm, the 30-share BSE index was up 0.83% at 17,790.79 points, with 25 components advancing. It earlier rose to as much as 17,791.40 points. The 50-share NSE index was up 0.8% at 5,326.10 points Markets crept 0.2% higher on Monday, with resistance limiting the rise after the main index had posted its seventh consecutive weekly gain. Traders said the market was underpinned by expectations for strong quarterly earnings. Aluminium maker Hindalco rose 3.2% and non-ferrous metals producer Sterlite Industries gained 2.1% as London metals rallied, with copper rising to its highest since early January. By 10:53am, the 30-share BSE index was trading up 0.15% at 17,671.76, with two-third of its components gaining. The 50-share NSE index was up 0.2% at 5,289.80. The benchmark or Sensex, which had gained nearly 11% over seven weeks, climbed as high as 17,731.47 in early trade before hitting resistance. “The fourth-quarter earnings and guidance are expected to be good. Things should get better from here,” said Deven Choksey, managing director and CEO of KR Choksey Shares. “Also, global liquidity flow has been buoyant,” he said. Export-focused outsourcers dropped on concerns a stronger rupee would hit their revenue. The rupee climbed to its strongest level in more than 18 months, boosted by the dollar’s weakness against major currencies. Sector leader Tata Consultancy Services was down 1.1%, while rivals Infosys Technologies and Wipro fell 2.4% and 0.9% respectively. The BSE index has risen 1.2% so far this quarter, helped by foreign fund inflows of around $3.7 billion. It has outperformed the MSCI’s measure of Asian markets other than Japan and the MSCI’s emerging markets index that have risen 0.8% and 0.4% respectively so far in the quarter. Earlier this month, a Reuters poll showed the BSE index may rise to 18,000 points by end-June and close 2010 at 19,250. Financials shrugged off near-term inflation concerns and gained on positive long-term outlook in a growing economy. Top lender State Bank of India and private lender HDFC Bank rose 0.9% and 0.6% respectively. Mortgage lender Housing Development Finance Corp climbed 1.5%. Energy giant Reliance Industries, which has the highest weight on the Sensex, was up 0.4%. In the broader market, gainers led losers in a ratio of 1.2:1 on volume of 122 million shares on the BSE. Source: Home - Livemint.com | 29 Mar 2010 | 1:43 am Credit Suisse gets nod to set up bank branch - NDTV.com
Source: Business - Google News | 29 Mar 2010 | 1:38 am Zain, Bharti telecoms to ink Africa deal on Tuesday: reportKuwait's Zain telecom and top mobile firm Bharti Airtel are expected to sign a 10.7 billion dollar deal for the sale of Zain's African assets on Tuesday, a Kuwaiti daily reported.Source: HindustanTimes.com - Top Business News Headlines | 29 Mar 2010 | 1:30 am Rupee breaks past 45/dollar, nears 19-month highThe rupee strengthened to its highest level in nearly 19 months on Monday as the dollar's broad drop against major currencies and gains in the domestic sharemarket boosted sentiment.Source: India Business News | Business News - Times of India | 29 Mar 2010 | 1:22 am Rupee breaks past Rs45/$ to near 19-month highMumbai: The Indian rupee strengthened to its highest level in nearly 19 months on Monday as the dollar’s broad drop against major currencies and gains in the domestic sharemarket boosted sentiment. At 12:41 pm, the partially convertible rupee was at Rs44.98/99 per dollar, its strongest since 10 September, 2008 and up 0.55% on the day. The index of the dollar against six major currencies was down 0.5%. At 10:10 a.m., the partially convertible rupee was at 45.08/09 per dollar, after hitting 45.04, its strongest since 10 Septemebr 2008 and firmer than its close of 45.23/24 on Friday. “There is all-round selling from everyone on 29 March. The flows are too high, so even the month-end demand from oil companies and importers is not doing much,” said a dealer with a foreign bank. Oil is India’s biggest import and refiners are the largest buyers of dollars in the domestic currency market. Demand for dollars tends to peak at the end of each month when refiners make payments for their imports. A senior dealer at a private bank said a significant break of the 15-month-high of Rs45.28 hit in January triggered stop-loss selling in the dollar. “45 and then Rs44.85 are strong support levels for the dollar while Rs45.15-45.25 are resistance points,” he said and predicted a range of 45.00-45.15 during the day. Dealers said gains in the euro were helping the rupee. The index of the dollar against six major currencies was down 0.2%. Almost all Asian units were stronger compared to the dollar. The euro jumped in early Asian trade on a bout of short covering by investors, extending broad gains made late last week after euro zone leaders approved a safety net for debt-laden Greece. Indian shares were trading up 0.3% with auto makers leading gains on hopes for strong sales in March. Foreign fund flows into and out of the sharemarket provide direction to the rupee. Foreigners have so far in 2010 bought shares worth a net $3.7 billion rupees, adding to net inflows of a record $17.5 billion last year. One-month offshore non-deliverable forward contracts were quoting at 45.16, 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 45.0850, with the total traded volume on the two exchanges at about $1 billion. Source: Home - Livemint.com | 29 Mar 2010 | 1:22 am Rupee breaks past 45/dlr to near 19-month highMUMBAI (Reuters) - The rupee strengthened to its highest level in nearly 19 months on Monday as the dollar's broad drop against major currencies and gains in the domestic sharemarket boosted sentiment.Source: Reuters: Money News | 29 Mar 2010 | 1:15 am Suicide bombers kill at least 37 in Moscow metroMoscow: At least 37 people were killed and 33 wounded on Monday when suicide bombers detonated explosives on two packed Moscow metro trains during the morning rush hour, the worst attack in the Russian capital for six years, officials said. No group immediately claimed responsibility for the blasts but suspicion was likely to fall on groups from Russia’s North Caucasus, where the Kremlin is fighting a growing Islamist insurgency. The first blast just before 8 a.m. (0400 GMT) tore through the second carriage of a train as it stood at the Lubyanka metro station, close to the headquarters of Russia’s main domestic security service FSB. It killed at least 23 people. Another blast about 40 minutes later wrecked the second carriage of a train waiting at the Park Kultury metro station, killing 14 more people. “Two female terrorist suicide bombers carried out these bombings,” Moscow Mayor Yuri Luzhkov told reporters at Park Kultury metro station. Surveillance camera footage posted on the Internet showed motionless bodies lying in Lubyanka station lobby and emergency workers treating victims. The Russian rouble fell to 34.25 from 34.13 against the central bank’s euro-dollar basket. Russian equity markets opened down 0.15%. Russian prosecutors said they had opened an investigation. Russian prime minister Vladimir Putin was being updated regularly on developments, a spokesman said. The current death toll makes it the worst attack on Moscow since February 2004, when a suicide bombing killed at least 39 people and wounded more than 100 on a metro train. Chechen separatists were blamed for that attack. Source: Home - Livemint.com | 29 Mar 2010 | 1:07 am Oil rises on weaker dollar, positive economic dataPerth: Oil prices rose over half a percent on Monday, recouping the previous session’s losses as the dollar weakened and positive Asian economic data helped to brighten the global economic outlook. US crude for May delivery rose 55 cents to $80.55 a barrel by 11:32am. The contract settled down 53 cents at $80.00 per barrel on Friday, bringing weekly losses to 0.84 percent. London Brent crude gained 52 cents to $79.81. “Oil prices are mostly getting a lift from the weaker dollar. We’ve also seen a fairly upbeat macro sentiment across the market in recent weeks that is lending support to oil,” said Toby Hassall, an analyst at CWA Global Markets in Sydney. The dollar index was down 0.28% at 81.44 against a basket of currencies, while the euro trimmed early gains after a jump on short covering by investors. Positive economic data from Japan and South Korea also alleviated some of the concerns about slowing momentum in the global economy and buoyed investors’ risk appetite. Japanese retail sales jumped the most in 13 years in the year to February due to oil price rises and the lingering effect of government stimulus, while South Korea’s current account swung back to a surplus in February on brisk exports. Having traded intraday above $80 for the past 27 trading sessions, some traders said oil prices appear to be ready for a breakout from current levels. However, with crude oil demand fundamentals continuing to clash with positive macroeconomic data, prices could struggle to break above $84 -- a level they have failed to breach this year. “Given the anaemic demand recovery in the US and Europe, the underlying crude demand fundamentals do not warrant an extension of last year’s sharp rebound,” CWA’s Hassall said. While short-term worries about Greece’s fiscal health have eased, concerns about other fiscally vulnerable economies in the region such as Portugal and Spain could push oil prices lower. Oil prices could stay in the $70-80 range over the next decade, according to a report by Opec released ahead of a major oil conference this week that reiterated demand forecasts made last year. All eyes this week are on the US non-farm payrolls data due out on Friday. The consensus is for a gain of 190,000 jobs in March, the second month of jobs growth since the recession started in December 2007, and the largest increase since March of that year. On the geopolitical front, Canada will press the Group of Eight leading industrialized nations to tighten United Nations sanctions on Iran when it hosts a meeting of foreign ministers from the grouping on Monday and Tuesday. President Dmitry Medvedev said on Saturday he still supported diplomacy to resolve the dispute over Iran’s nuclear programme but sanctions should not be ruled out. Momney managers cut their net long position in crude oil futures on the New York Mercantile Exchange in the week through 23 March, the Commodity Futures Trading Commission said on Friday. . Source: Home - Livemint.com | 29 Mar 2010 | 12:27 am BSNL offers free installation to new broadband customersState-run telecom operator BSNL today said it will offer free installation and high-speed Internet usage for first 15 days for customers who apply for its landline-based broadband connection by this month-end.Source: India Business News | Business News - Times of India | 29 Mar 2010 | 12:19 am Narrow range seen for Reliance IndI bought Reliance Industries 1150 call option (April) at Rs 17.85 and short (sold) 1180 call at Rs 10.55. Request for your advice please – Mr ChandrasekharSource: Business Line - Home Page | 29 Mar 2010 | 12:00 am HDFC not to offer teaser rates on home loans as of nowMortgage lender HDFC has been a middle-income focused organisation as it expanded its wings in the recent decades into every segment of financial services including banking, insurance and mutualSource: Business Line - Home Page | 29 Mar 2010 | 12:00 am HDFC sees biz in education loansHDFC will focus on loans for college education in the next few years, as it sees tremendous potential in theSource: Business Line - Home Page | 29 Mar 2010 | 12:00 am India threatens to move WTO on carbon tax issueIndia has warned that it could exercise the option of moving the WTO Dispute Settlement Body if the European Union and the US impose carbon tax on IndianSource: Business Line - Home Page | 29 Mar 2010 | 12:00 am Gold still vulnerable; copper price surge looks imminentDespite leading indicators signalling steady improvement in global growth prospect, broader market concerns continue to weigh down most commoditySource: Business Line - Home Page | 29 Mar 2010 | 12:00 am Day Trading GuideWe notice formation of dark cloud cover candlestick pattern in the stock, signalling bearishness. Fresh short position can be initiated if the stock slips below Rs 2763 level with stiffSource: Business Line - Home Page | 29 Mar 2010 | 12:00 am Major correction unlikelyDespite lower volume and a cautious macro market, the Dalal Street key indices trotted last week after the central bank signalled an unscheduled monetarySource: Business Line - Home Page | 29 Mar 2010 | 12:00 am Govt in a fix over mode for broadband in rural areasThe Government is in a fix on whether to deploy a massive wire line network to reach broadband in rural areas or depend on wireless technologies such as WiMax andSource: Business Line - Home Page | 29 Mar 2010 | 12:00 am Chart Focus: Amtek Auto – BuyInvestors with medium-term perspective can consider investing in the stock of Amtek Auto (Rs 189.7). The company is a major player in the global automotive componentSource: Business Line - Home Page | 29 Mar 2010 | 12:00 am Unit-linked schemes' returns go up as insurers tighten their beltsThe insurance regulator's revised cap on management expenses has pushed up returns for investors from unit -linked insurance policies (ULIPs) by approximately a percentageSource: Business Line - Home Page | 29 Mar 2010 | 12:00 am Toyota says global sales up 13 per cent in FebruaryCrisis-hit Toyota said on Monday that global sales rose 13 per cent year-on-year in February despite the recent mass safety recalls of more than eight million vehicles.Source: HindustanTimes.com - Top Business News Headlines | 28 Mar 2010 | 11:43 pm Pipavav Shipyard at lifetime high on Punj Lloyd exit - Business Standard
Source: Business - Google News | 28 Mar 2010 | 11:41 pm L&T wins Rs1,400 cr order from IOCMumbai: Engineering major Larsen & Toubro said on 29 March it has bagged an order worth Rs1,400 crore from the Indian Oil Corporation (IOC) to develop reactor for fuel refinery at Orissa. The order is bagged by hydrocarbon mid and downstream business group of the company’s engineering and construction division, Larsen & Toubro said in a filing to the Bombay Stock Exchange. The company has secured order for a 4.17 million metric tonne per annum reactor regenerator project of a grassroot fuel refinery at Paradip, Orissa, the filing added. The scope of work includes engineering, procurement, supply and performance test run. The project shall be executed on a turnkey basis and is expected to start by July 2012, it said. Shares of Larsen & Toubro were trading at Rs 1,645.90 on BSE, up 0.63 per cent from previous close. PTI AKH SUM 03291047 Source: LatestNews-Home - Livemint.com | 28 Mar 2010 | 11:41 pm Internet advertising boom next in line: expertsMumbai: As more Indians go online, a boom in the Internet advertising industry is waiting in the wings with the digital medium poised to rule over all other media in the coming years, say experts. With over 49 million Internet users, the country’s online advertising market is expected to surge to Rs1,100 crores this year registering a growth rate of almost 50%, estimates Internet giant Google. Due to its reach, impact and cost effectiveness, web advertising is fast becoming a preferred choice for most companies, cutting across segments. “Keeping in view the rapid changes in technology, the trend obviously is moving towards the digital media. It is an alarm for advertisers to explore this wide platform and reach specific target audiences. A boom in Internet advertising is just waiting to happen as connectivity improves with the wider use of broadband,” Narasimha Jayakumar, Business Head, Google India said. With higher adaptability to technological changes the growth of Internet is predominantly driven by youth, who also form a major chunk of the advertisers’ target segment. Pointing out to mature markets like the UK, where the market share of online advertising crossed that of print media advertising this year, Harish Bahl, CEO, online advertising agency Quasar Media, says the digital media is all set to rule in the coming years. “There is no doubt that the digital media will reign supreme in the coming years. And that is why all large advertisers are making a beeline on the Internet,” he says. Scoring over traditional medium, particularly the print and television, the digital medium offers various advantages like precision targeting, measurable ROI (Return on Investment), low entry-level fee and global reach. “Added to all this is the fact that this is the only medium that lets one build long term relationship with the consumer, get their feedback and talk to them at various stages across the consumer value chain,” says Harminder Kaur, Chief Strategy Officer, Ignitee Digital Solutions, a Mumbai-based Internet marketing agency. According to a study by the Internet and Mobile Association of India (IAMAI), education and automobiles are the only two sectors which seem to be making the most of the online advertising space. “Online ad spending by educational institutions is expected to grow by 76% this year. Following this, automobile sector is expected to show the second highest growth rate of 46%,” says the report. Big corporates like Coca Cola, HUL, Pepsi, Hyundai and ICICI are already dedicating considerable advertising spends on the online medium. After YouTube’s tie-up with IPL for live streaming of all cricket matches, mainstream advertisers like HSBC have also come on board. “The new media is bringing about a revolution by merging the functionalities of customer end terminal devices like TV, PCs, mobile phones etc. The advent of 3G can fuel the convergence phenomenon by making the mobile phone a very handy tool for accessing video and audio formats,” says a recent FICCI-KPMG report on the media and entertainment industry. However, online ad spending is estimated to constitute only about 3% of the total advertising spend in India. “If we look at the sectoral view, online ad spending is much higher. For the travel and e-commerce sector, online spends are already more than 60% of all advertising spends. Also for the auto sector, advertiser spends on the online medium this year is expected to between 8 to 10%.” says Google official. Marketers are also of the view that the Internet has evolved itself to be an independent medium and cannot be seen merely as a platform to raise awareness levels or supplement other forms of marketing activities. “Internet advertising is already an independent medium and its importance is increasingly being realised by all marketers as we move towards adopting a 360 degree approach in marketing,” says Jayakumar. Subho Ray, president, IAMAI, however, says the Internet works best when complementing other media. “No medium can be independent. But we feel that in any media planning, online should take the lead and other media planning should be based on that. Cross-media researches show how brand awareness and positive attitude towards brands have seen positive shifts when Internet is used to supplement other mass media activity,” says Ray. Industry experts say there are some issues like low penetration level of Internet services and slow connectivity which act as hurdles in the growth of web advertising. “Also, the industry also needs to come up with a credible measurement system for analysing online advertisement data,” suggests Harish Bahl, Quasar Media. Source: Tech News - Livemint.com | 28 Mar 2010 | 11:37 pm Internet advertising boom next in line: expertsMumbai: As more Indians go online, a boom in the Internet advertising industry is waiting in the wings with the digital medium poised to rule over all other media in the coming years, say experts. With over 49 million Internet users, the country’s online advertising market is expected to surge to Rs1,100 crores this year registering a growth rate of almost 50%, estimates Internet giant Google. Due to its reach, impact and cost effectiveness, web advertising is fast becoming a preferred choice for most companies, cutting across segments. “Keeping in view the rapid changes in technology, the trend obviously is moving towards the digital media. It is an alarm for advertisers to explore this wide platform and reach specific target audiences. A boom in Internet advertising is just waiting to happen as connectivity improves with the wider use of broadband,” Narasimha Jayakumar, Business Head, Google India said. With higher adaptability to technological changes the growth of Internet is predominantly driven by youth, who also form a major chunk of the advertisers’ target segment. Pointing out to mature markets like the UK, where the market share of online advertising crossed that of print media advertising this year, Harish Bahl, CEO, online advertising agency Quasar Media, says the digital media is all set to rule in the coming years. “There is no doubt that the digital media will reign supreme in the coming years. And that is why all large advertisers are making a beeline on the Internet,” he says. Scoring over traditional medium, particularly the print and television, the digital medium offers various advantages like precision targeting, measurable ROI (Return on Investment), low entry-level fee and global reach. “Added to all this is the fact that this is the only medium that lets one build long term relationship with the consumer, get their feedback and talk to them at various stages across the consumer value chain,” says Harminder Kaur, Chief Strategy Officer, Ignitee Digital Solutions, a Mumbai-based Internet marketing agency. According to a study by the Internet and Mobile Association of India (IAMAI), education and automobiles are the only two sectors which seem to be making the most of the online advertising space. “Online ad spending by educational institutions is expected to grow by 76% this year. Following this, automobile sector is expected to show the second highest growth rate of 46%,” says the report. Big corporates like Coca Cola, HUL, Pepsi, Hyundai and ICICI are already dedicating considerable advertising spends on the online medium. After YouTube’s tie-up with IPL for live streaming of all cricket matches, mainstream advertisers like HSBC have also come on board. “The new media is bringing about a revolution by merging the functionalities of customer end terminal devices like TV, PCs, mobile phones etc. The advent of 3G can fuel the convergence phenomenon by making the mobile phone a very handy tool for accessing video and audio formats,” says a recent FICCI-KPMG report on the media and entertainment industry. However, online ad spending is estimated to constitute only about 3% of the total advertising spend in India. “If we look at the sectoral view, online ad spending is much higher. For the travel and e-commerce sector, online spends are already more than 60% of all advertising spends. Also for the auto sector, advertiser spends on the online medium this year is expected to between 8 to 10%.” says Google official. Marketers are also of the view that the Internet has evolved itself to be an independent medium and cannot be seen merely as a platform to raise awareness levels or supplement other forms of marketing activities. “Internet advertising is already an independent medium and its importance is increasingly being realised by all marketers as we move towards adopting a 360 degree approach in marketing,” says Jayakumar. Subho Ray, president, IAMAI, however, says the Internet works best when complementing other media. “No medium can be independent. But we feel that in any media planning, online should take the lead and other media planning should be based on that. Cross-media researches show how brand awareness and positive attitude towards brands have seen positive shifts when Internet is used to supplement other mass media activity,” says Ray. Industry experts say there are some issues like low penetration level of Internet services and slow connectivity which act as hurdles in the growth of web advertising. “Also, the industry also needs to come up with a credible measurement system for analysing online advertisement data,” suggests Harish Bahl, Quasar Media. Source: LatestNews-Home - Livemint.com | 28 Mar 2010 | 11:37 pm Internet advertising boom next in line: expertsAs more Indians go online, a boom in the Internet advertising industry is waiting in the wings with the digital medium poised to rule over all other media in the coming years, say experts.Source: HindustanTimes.com - Top Business News Headlines | 28 Mar 2010 | 11:25 pm Sensex up 80 points in opening trade on Asian cuesThe Bombay Stock Exchange benchmark Sensex rose by over 80 points, or 0.45%, in the opening trade today on continued capital inflows by foreign funds.Source: Daily News & Analysis: Money News | 28 Mar 2010 | 11:23 pm Oil above USD 80 as traders look to US jobs dataOil prices rose above USD 80 a barrel on Monday in Asia as investors look to a key US jobs report later this week for clues about the outlook for consumer spending.Source: HindustanTimes.com - Top Business News Headlines | 28 Mar 2010 | 11:19 pm Credit Suisse gets license to open branch in MumbaiMumbai: Credit Suisse said on Monday it had received in-principle approval to establish a bank branch in India, which it said will help it expand the range of services it offers in the country. The proposed Mumbai bank branch will be able to accept deposits and help it provide financing to clients, complementing the capabilities of Credit Suisse’s non-bank financial company in India, it said. Source: Home - Livemint.com | 28 Mar 2010 | 11:06 pm Sensex up 80 points in opening trade on Asian cuesThe Bombay Stock Exchange benchmark Sensex rose by over 80 points, or 0.45 per cent, in the opening trade today on continued capital inflows by foreign funds.Source: India Business News | Business News - Times of India | 28 Mar 2010 | 11:03 pm Rupee gains 13 paise against dollar in early tradeThe rupee today appreciated by 13 paise to 45.10 a dollar in early trade in line with other firming currencies amid increased capital inflows by foreign funds into the stock markets.Source: HindustanTimes.com - Top Business News Headlines | 28 Mar 2010 | 10:41 pm Sensex up 80 points in opening trade on Asian cuesThe Bombay Stock Exchange benchmark Sensex rose by over 80 points, or 0.45 per cent, in the opening trade today on continued capital inflows by foreign funds.Source: HindustanTimes.com - Top Business News Headlines | 28 Mar 2010 | 10:26 pm Nikkei slips but hopes for next quarter limit lossesJapan's Nikkei stock average lost 0.5 per cent on Monday as investors moved to lock in profits after the benchmark finished at an 18-month high on Friday, but expectations for gains next quarter limited falls. Source: HindustanTimes.com - Top Business News Headlines | 28 Mar 2010 | 8:52 pm Chinese firm buys Volvo's car plant for $1.8 bnChina's Geely Holding Group has signed a deal worth $1.8 billion with Ford Motor Co. to acquire the US auto giant's Volvo car manufacturing unit in Sweden. Source: HindustanTimes.com - Top Business News Headlines | 28 Mar 2010 | 8:20 pm Apple pushes back shipping of new iPad pre-ordersApple Inc's iPad tablet computer hits US shelves on Saturday, but fans who want the new touch-screen gadget shipped directly to them must wait a week. Source: HindustanTimes.com - Top Business News Headlines | 28 Mar 2010 | 8:16 pm Nacil losing Rs2,000 cr on overseas routesSays new bilaterals have not led to granting of profitable routes to other carriers.Source: Daily News & Analysis: Money News | 28 Mar 2010 | 2:59 pm IT's set to catch recovery springSpend postponed in last two years seen boosting sector in next two; but currency can be a spoiler.Source: Daily News & Analysis: Money News | 28 Mar 2010 | 2:57 pm 'There is no choice but to pass on costs to consumers'Integrated Research and Action for Development, Kirit Parikh explains how passing the cost onto consumers remains the only choice.Source: Daily News & Analysis: Money News | 28 Mar 2010 | 2:57 pm Road ministry, plan panel lock horns againCommission opposes ministry's move to add 10,000 km of state highways to the national highway network.Source: Daily News & Analysis: Money News | 28 Mar 2010 | 2:54 pm Nagarjuna fin closure for power project next monthRs 12,000 cr thermal project in Srikakulam.Source: Daily News & Analysis: Money News | 28 Mar 2010 | 2:53 pm Shankar Sharma steps down at FGShankar Sharma, who was recently banned from trading by the stock markets regulator, has given up his post as director of First Global, the brokerage firm.Source: Daily News & Analysis: Money News | 28 Mar 2010 | 2:48 pm Adani plans huge Kalinga portRs 10,000 cr deep-water project may be largest private port in country; To be developed near Paradip, 3 km from Jatadhari, where Posco plans its own portSource: Daily News & Analysis: Money News | 28 Mar 2010 | 2:46 pm Fresh longs in frontlines to drive gainsOpen interest, volatility on the lower side.Source: Daily News & Analysis: Money News | 28 Mar 2010 | 2:43 pm 'Tougher RBI policy will affect growth'Amid speculation that RBI would further tighten monetary policy next month, chief statistician Pronab Sen has cautioned against any firm monetary action to cool down runaway inflation saying such a measure will cripple demand and choke higher growth.Source: India Business News | Business News - Times of India | 28 Mar 2010 | 2:04 pm Coal India selloff may fetch Rs 10k cr for govtThe government is likely to raise about Rs 10,000 crore from the proposed divestment of its 11% stake in Coal India Ltd (CIL).Source: India Business News | Business News - Times of India | 28 Mar 2010 | 1:52 pm Wills India Lifestyle Fashion Week | Day 4New Delhi: Day four of the Wills India Lifestyle Fashion Week (WIFW) started the day by Abhi Rahul, Chandrani Siingh Fllora, Debarun , Jaya Rathore, Soltee by Sulaksha Monga, Zurkhe by Rajdeep Ranawat & Naresh Chauhan. Some of the other designers presenting on the day were Charu Parashar, Preeti S. Kapoor, Risa Abhijeet Khanna, Puja Arya, Sanskar by Sonam Dubal, Kiran Uttam Ghosh. Taika by Poonam Bhagat, Mynah’s Reynu Taandon, Niki Mahajan, Abraham & Thakore and Lecoanet Hemant. Also See | WIFW 2010 (Full Coverage) Some of the other shows to watch out for on day five will be Rabani & Rakha, Siddartha Tytler and the Wills Lifestyle Grand Finale by Rajesh Pratap Singh. 1. Abraham & Thakore | Black is Back An interpretation of traditional clothing to create a modern fashion statement for an urbane Indian wardrobe. Playing with shape and proportion and juxtaposing somewhat unexpected elements. Taking a fresh look at decoration in both form and material. 2. Lacoanet Hemant The earthy feel of the collection is highlighted through the choice of material and nature- inspired designs. Organic cotton poplin, khadi, wild and handloom silk are prominent while the shapes further enhance the theme with drapes and flowing necklines. Source: LatestNews-Home - Livemint.com | 28 Mar 2010 | 1:51 pm Is Zain a good deal for Bharti? Jury outEven before the Bharti-Zain deal is signed, questions are being asked whether Sunil Mittal — who heads Bharti Airtel, India’s largest telecom company — will be able to connect Africa to profits. Manoj Gairola reports. Taking a riskSource: HindustanTimes.com - Top Business News Headlines | 28 Mar 2010 | 1:47 pm Cement makers tap Sri Lankan infra bizMadras Cements is shipping its product to Sri Lanka, while India Cements and Dalmia Cement have got approvals from Sri Lankas quality certification body which is a precursor for shipping cement.Source: India Business News | Business News - Times of India | 28 Mar 2010 | 1:46 pm Nuclear day dreamingIn the end it was deal that was not to be. Pakistan did not even take the first step in a thousand-mile journey to get a civil nuclear deal from its guardian angel, the US. Whatever gains Pakistan may have made, the episode showed India’s remarkable lack of confidence. This is unbecoming of a country that professes global ambitions. The panic in India about a possible nuclear deal between Pakistan and the US began some days before the strategic dialogue between the US and Pakistan that concluded last Thursday. This happened after the US ambassador to Islamabad, Anne W. Patterson, remarked that “non-proliferation concerns were quite severe”, but attitudes in Washington were changing. She added: “I think we are beginning to pass those and this is a scenario that we are going to explore.”  Illustration: Jayachandran / Mint That, however, should not breed complacency. At one level, if the US government had the ability to push such a deal with the Congress and the Senate, it would have. In the words of Daniel S. Markey, a senior fellow for India, Pakistan and South Asia at the Council on Foreign Relations, a prominent US think tank, “The question is, can you move somewhere toward giving legitimacy to a Pakistani nuclear program?” “Is there space between a civil nuclear deal and just saying ‘no’?” It is the search for that space that made US secretary of state Hillary Clinton parry questions on a possible deal. She did not say “yes” and she did not say “no”. Such ambiguity serves the US very well. It keeps the carrot dangling for Pakistan, but also sends a warning to India. Pakistan is vital to US interests in South Asia. Afghanistan is just one part of that story. In spite of India powering leagues ahead of Pakistan, the Democratic Party establishment (which includes certain kinds of intellectuals) hankers for Cold War “stability”. Dreams of “rehyphenating” the two countries continue, even if the reality has changed. These dreams inhabit the space between an outright “no” and a possible nuclear deal. India should prepare for the day when such a deal can be seen on the horizon. Will Pakistan ever get an India type N-deal from the US? Tell us at views@livemint.com Source: LatestNews-Home - Livemint.com | 28 Mar 2010 | 1:45 pm At the beginning of their careersLast week we looked at D2 households, where the chief wage earner was married with grown-up children, and was a graduate or postgraduate skilled worker. We move down the life stage this week to the D1 segment, which involves the same educational and occupational profile but where the chief wage earner is young, single or married without children, and lives in a joint family. This is a very small segment, 27th in size among urban consumer segments, with just 300,000 households spread across India. As nearly three-quarters of the chief wage earners are below the age of 35, the D1 segment represents those people who are on the first rungs of their career. Around 45% of them are married and 80% of the households have no minors, yet the household size is not that small, and one-third of the households have four or more members. The D1 segment does not include single people who are living alone or married couples in nuclear families—this is a segment with a joint family set-up, households where the son is bringing in the largest share of income, but either has not moved out of his father’s home yet or has brought his parents to stay with him in the city. It is typically the son who is the chief wage earner in this case. Also See | Indicus Analytics Research (Graphic) Eighty-five per cent of the spouses are in fact homemakers; this would reflect their lower educational qualifications as in C1 households, in which they have a better education profile and more are employed, adding to the household kitty. Note that though this segment has relatively well-educated chief wage earners, as they are not professionals, their incomes are well below that of C1 households, where they are at a similar life stage but are professionals. Also See | D1 Segment (Graphic) As much as 69% of D1 households earn less than Rs3 lakh per year, compared with 41% in the C1 segment. The median household income is also relatively low at Rs1,65,900 per annum. There is a small proportion—around 7% of the households—earning more than Rs10 lakh per annum; these would be among those where the chief wage earners have postgraduate qualifications or other adult earning members are also well educated. Half the D1 households own the home they live in; lower-income households would in all probability be living in homes bought by the earlier generation. One of the reasons the sons do not move out even after marriage is the cost of purchasing another house. This changes over the course time as earnings go up, of course, and children appear on the scene. Also Read | Previous Indicus Analytics stories The top ranking states in this segment are Maharashtra (Mumbai, Thane, Pune, Nagpur and Nashik rank in the top 20 districts), Tamil Nadu (Chennai, Coimbatore and Kancheepuram), West Bengal (Kolkata, North 24 Parganas and Bardhaman), Karnataka (Bangalore) and Gujarat (Ahmedabad and Surat). While Delhi ranks second among the districts, as a state it ranks just below Gujarat in the concentration of households in the D1 segment. The sector garnering the largest share of employment for the chief wage earner is education, health and social work; followed by wholesale and retail trade; manufacturing and public administration. These sectors take up a sizeable chunk of those with basic college education, while industries such as textiles, auto and ancillaries (in Pune, Coimbatore, Kancheepuram, etc.) employ those with suitable vocational training. Graphics by Shyamal Banerjee and Ahmed Raza Khan / Mint This series is brought to you by research firm Indicus Analytics Pvt. Ltd Source: LatestNews-Home - Livemint.com | 28 Mar 2010 | 1:45 pm What’s in a name? Everything! A number of Arab countries reject the term and insist on using Arabian Gulf. Iran as the host country for the games has been using the term Persian Gulf in logos and slogans and in printed material. The organizers of the games have accused Iran of flouting the decisions taken by the general body at a meeting in Riyadh. The games have been called off. Also Read | Previous columns by VR Narayanaswami The study of place names is called toponymy. In tracing the origins and meanings of place names, toponymists sometimes come out with a mixture of legend and fact. There is a little town called Maidstone in Kent (England), which can be an example: Stories built around this name suggested that there was a maid turned into a stone here, like Ahalya of Indian legend. Turning from fiction to fact, we find that there is a river named Medway that flows through the town, and the name is derived from “Medweges tun” or Medway’s town. The Sri Lankan town of Jaffna is now called Yalpanam. The two elements of the name mean lute and town, an allusion to the story of a blind lute player who received the land as a grant from the ruler. When the colonial era ended, the newly independent nations wanted to establish their identity, and one of the steps they took was to replace the anglicized names by the original names in the local dialects. Rhodesia became Zimbabwe; and Salisbury became Harare. In colonial India, the standard map which was used in schools carried the names India, Burma and Ceylon. Burma has become Myanmar and Ceylon has become Sri Lanka. A Tamil group in Sri Lanka has gone a step further, and revived “Eelam” as the name of the country. The group wanted to create Tamil Eelam as a separate state, and called itself the Liberation Tigers of Tamil Eelam (LTTE). Sri Lanka had a Persian name, Serendip. This name now does not represent a geographic location. Serendipity refers to the chance occurrence of fortunate events, a well-known example being the discovery of penicillin.  Illustration: Shyamal Banerjee / Mint The use of names for places continues to be a very sensitive issue in many parts of the world. In April 2006, Chinese President Hu Jintao was on a visit to the US. The US and Chinese presidents stood at attention as an announcer said, “Ladies and gentlemen, the national anthem of the Republic of China followed by the national anthem of the United States of America.” The right anthem was played, but it was too late. The Republic of China is the formal name of Taiwan, a rival to the People’s Republic of China. This diplomatic gaffe marred the dignity of that momentous meeting of two of the most powerful men in the world. A conflict from names may be brewing in Costa Rica, where the presidential candidate has pledged to name a stadium being built in San Jose after Tibetan spiritual leader the Dalai Lama. China has made a donation of $83 million (around Rs376 crore) to the project. Returning to the Gulf impasse, Iran was not content to merely voice its protest over the use of the wrong name. Last month, Iran’s transport minister warned that aircraft using any name other than the Persian Gulf on their in-flight monitors will be banned from entering Iran. If they persist in this use, the planes will be impounded. Airlines operating in India, too, have been concerned with old and new names. The name Mumbai has now replaced Bombay on world airline maps. The airport has been named the Chhatrapati Shivaji International Airport. But when it comes to airport codes, the change is not easy. Mumbai retains its old airport code, BOM. It would be impracticable to change airport codes, as freight and passenger movement are heavily dependent on the network of codes. For one thing, baggage despatch could go haywire, since codes are used to mark baggage destinations. Even more serious consequences on passenger transport and security cannot be ruled out. The name Cochin was represented by the code COK. With the name changed to Kochi, one would expect KOC. But KOC is the code assigned to Koumac airport in North Caledonia. Mumbai cannot be contracted to MUM because Mumias in Kenya has already taken up this code. Calicut has changed to Kozhikode, but the airport code continues to be CCJ. An Internet search shows that there are 9,501 airports on record, with their own identification codes. The International Air Transport Association, which controls the assignment of codes to the airports of the world, cannot be expected to change the codes whenever names are changed in different parts of the world in the name of political correctness. To end with a tidbit, apocryphal perhaps, but relevant: Mangalagiri, a small town near Vijayawada, has the second longest railway platform in India, with Kharagpur holding the world record. How did Mangalagiri get the platform? The story is that the platform was approved for Mangalore, but its code MAQ was misread as MAG for Mangalagiri and the platform was built there. The lesson is clear enough. V.R. Narayanaswami, a former professor of English, has written several books and articles on the usage of the language. He looks at the peculiarities of business and popular English usage in his fortnightly column. Comments can be sent to plainspeaking@livemint.com Source: LatestNews-Home - Livemint.com | 28 Mar 2010 | 1:45 pm HDFC to assess non-subsidiary investmentsMumbai: The country’s largest mortgage lender, Housing Development Finance Corp. Ltd, or HDFC, is looking at a substantial value unlocking move in which its investments in several non-core businesses will be moved out of the company. Chairman Deepak Parekh gives details of the move in an interview. Edited excerpts: You mentioned that you are looking to move some non-listed subsidiary stakes that HDFC owns into a separate company. Is this harking back to the holding company debate that is going on or is this something different? We have large number of unlisted investments—unlisted investments which are not our subsidiaries, which are not our group companies... These are under third party management. Such as? Can you give me an illustration?  Value unlocking: Deepak Parekh, chairman, HDFC. Abhijit Bhatlekar/Mint What are those investments roughly worth? I am not sure. In the region of? Hundreds of crores (of rupees). So you are actually looking to (exit) some of these investments? We are looking at the possibility of forming an SPV (special purpose vehicle) and putting half a dozen, 8-10 companies that are not listed, which are not our group companies, separately and sell a part of it to a private equity (firm) or someone. What is the time frame for this? It never came to us, it never occurred... To do something, we were approached by a couple of people from overseas... So we are now looking at how do we value those and we have not done any valuation. Any assessment of what the impact will be on the HDFC balance sheet? We have invested with limited returns. The returns have only been in dividends in all this. So you will actually be able to book returns on this as you transfer it out into an SPV in that sense? Sure. That means huge gains for HDFC? Yes. This is really the big headline story that you discussed today? No. It is monetization of the old investments. It is capitalizing our old investments, part capitalization because we are not selling 100%. You said several hundred crore, so less than 500 or more than 500 (crore of rupees)? I am not sure of the numbers yet, really. What do you think it could be? The gain or the value?. The value of the investments that you might be looking to move out? The value would be (Rs) 200-300 crore, but the market value...will be much more. cnbctv18@livemint.com Source: Home - Livemint.com | 28 Mar 2010 | 1:45 pm Gill slams IPL, says conflicts of interest must be avoidedNew Delhi: Sports Minister M.S. Gill has accused the Board of Control for Cricket in India (BCCI) of having a conflict of interest as national administrators of the sport and backers of the lucrative Indian Premier League (IPL), which he says is damaging the game. In an extraordinary criticism, Gill told ‘CNN-IBN’ that cricket had become “an instrument of business”, and changes introduced to make the IPL’s Twenty20 format more popular for television audiences were bad for the game, ‘PTI’ reported on Sunday.  Objectivity conflict: Sports minister M.S. Gill says those who make the rules for cricket should not be involved in IPL in any manner. PIB But Gill said IPL stakeholders should not be allowed to hold top positions in BCCI. “Those who control the game, that is BCCI, they have a direct interest as owners of teams, as people who have a direct benefit from it, and this is something very dangerous,” Gill was quoted as saying. “Major office bearers are on both sides.” “Those who are to make rules for everyone, for all aspects of the game and keeping in view the interest of the game and the country and the long term, have to be totally apart from being involved in IPL in any way,” he said. Gill said as well as impacting the longer, more traditional formats, the money offered in IPL was threatening player loyalty to their countries. Some older players already have retired from international cricket to play in IPL. Gill said the cricket season had been altered to accommodate IPL, the playing field had been reduced in size—making it easier for batsmen to hit boundaries—controversial new bats had been permitted and the bowler was “the victim” in the game. IPL’s “focus is earning money. Now two new teams have been bought and one of the gentlemen who has bought...said ‘look this is business, we bought it for business and our job is to earn from it. Cricket is an instrument of business’.” He also said IPL should be forced to pay for the police deployed to ensure security at matches in April and May because it was leaving cities “unguarded or less guarded”. feedback@livemint.com Source: LatestNews-Home - Livemint.com | 28 Mar 2010 | 1:45 pm 'Make gas prices uniform for all sectors'An international consultant appointed by the oil ministry has suggested pooling of prices for gas from all sources so that the fuel costs the same all over the country for power and fertiliser plants.Source: India Business News | Business News - Times of India | 28 Mar 2010 | 1:44 pm FDI in telecom not that rosyForeign Direct Investment (FDI) appears to be bypassing the telecom sector, despite India being one of the most attractive and fastest growing telecom markets.Source: India Business News | Business News - Times of India | 28 Mar 2010 | 1:44 pm Companies target young Indians to boost growthThe strong purchasing power of upwardly mobile young Indians is prompting corporate groups, which have been around for long, to adopt a fresh approach to market their products in a bid to remain relevant.Source: India Business News | Business News - Times of India | 28 Mar 2010 | 1:36 pm Geely signs $1.8 bn deal for Ford’s Volvo car unitGothenburg (Sweden) Zhejiang Geely Holding Group, China’s largest private-run car maker, agreed on Sunday to buy Ford Motor’s Volvo car unit for $1.8 billion, the country’s biggest overseas auto purchase. The takeover underscores China’s arrival as a major force in the global auto industry and ends nearly two years of talks with Geely over Volvo — the last sale from Ford’s former premier group, which also held Aston Martin, Jaguar and Land Rover. “Today represents a milestone in the history of Geely,” Geely chairman Li Shufu told a news conference, adding that Volvo Cars would remain a separate company with its own management team based in Sweden. Such a deal would have been nearly unimaginable a few years ago for the Chinese carmaker, which on 2009 forecasts has a turnover of only 16% of Volvo’s, and has just over half the workforce. The deal highlights in particular the big opportunities that have emerged from the financial crisis for smaller players. Tiny Dutch sports car maker Spyker clinched a deal in January to buy Sweden’s Saab from General Motors Co. Geely said it had secured all the necessary financing to complete the deal, though it remained open to a possible loan from the European Investment Bank. Addressing questions regarding Geely’s plans to keep production lines running in Europe, Li said it was important Volvo stayed close to key supply centres. “I have a deep belief that the manufacturing footprint in Gothenburg and Belgium will be preserved in the longer term,” he said. Volvo labour unions, which had been critical of the proposed deal and complained about a lack of information about the future of the company, said they now backed the takeover. A “Fair Price” The deal, which both sides aim to close in the third quarter, will help free up cash for the number two US automaker and enable it to focus on its core Ford brand. Geely, parent of Geely Automobile Holdings, was named by Ford as the preferred bidder for its loss-making Swedish unit in October 2009. The Chinese carmaker clinched Volvo at a price tag well below the $6.5 billion Ford paid for it in 1999. “We think it’s a fair price for a good business,” Ford Motor’s chief financial officer Lewis Booth told the news conference. China raced past the US to become the world’s top auto market last year, with sales surging 46% to a record 13.6 million units. It is keen to move into Western markets but has so far lacked the technology and brand recognition to do so. The Volvo deal should help the Chinese carmaker to get around some of those obstacles more quickly. Beijing Boost Geely’s chairman is already planning a factory in Beijing which will make 300,000 Volvo branded cars, or as many Volvos for China as are now made abroad for foreigners. Unlike General Motors’ failed deal to sell its gas-guzzling Hummer brand to Tengzhong, a little known Chinese machinery maker, Geely’s Volvo purchase has been backed by Beijing. Made-in-China Volvo may get a boost from Beijing’s plan to support domestic brands and replace Volkswagen AG’s Audi A6 as Chinese state officials’ car of choice. “We want to stabilise and enhance the traditional markets in Europe and North America, and at the same time develop the other Volvo business in emerging markets, including China,” Li said. The carmaker has already announced an aggressive target of boosting its sales to 2 million vehicles by 2015 from last year’s roughly 330,000 units — about the same as Volvo’s global output. Source: World Business - Livemint.com | 28 Mar 2010 | 1:33 pm Unilever looks at India for global supremacyMumbai: Competition for a billion additional consumers in emerging markets has brought the chief executive officer of Unilever Plc, the Anglo-Dutch consumer goods manufacturer, once again to India. Paul Polman said he will take more products, such as detergents developed in the Indian laboratories of subsidiary Hindustan Unilever Ltd (HUL) and tested in India’s mass markets, to developing nations worldwide. “Our Bangalore R&D (research and development) centre is our global R&D hub for detergents. It is from here that our detergent technologies are shipped out globally” said Polman in an interview on Saturday evening on the sidelines of a function at Mumbai’s Tata Memorial hospital.  Stiff competition: Unilever chief executive Paul Polman. Abhijit Bhatlekar/Mint “We are taking innovations from here like Pureit to other markets like Brazil, China, Vietnam and Indonesia. Likewise, Project Shakti has already been extended to other markets such as Sri Lanka, where it is called Joyeeta, Bangladesh (Saubhagya) and Vietnam,” he said. Pureit is a water-filtering product while Project Shakti is a rural women’s entrepreneurship programme that now employs at least 50,000 rural women. Polman is a 27-year veteran from Unilever’s rival and the world’s largest packaged goods maker Procter and Gamble Co. He has arrived at a time when the Indian arms of both the firms are locked in a price war as well as legal battles. HUL, which manufacturers Surf and Rin detergent brands, and Procter and Gamble Home Products Ltd (P&G), whose labels include Tide and Ariel, have been reducing prices over the past three months to enlarge their share of a market estimated to be worth an annual Rs10,000 crore. The firms are also contesting each other’s product and advertising claims in Indian courts. But the struggle for supremacy between the two global firms doesn’t end there. Polman’s Asia tour comes on the heels of Mike Polk, Unilever’s head of the Americas, announcing earlier this month that the firm aims to add a billion consumers from developing markets. Last year, P&G’s president and chief executive Robert McDonald also said he would focus on emerging markets as he looks to add a billion new consumers. sapna.a@livemint.com Source: Home - Livemint.com | 28 Mar 2010 | 1:32 pm Consumer goods cos hire consultancies to improve supply chainMumbai: Makers of consumer goods and personal care products are turning to consultancies to help reduce sales losses and cope with high growth by creating so-called supply chain management networks. They are hiring consultancy firms such as Ernst and Young (E&Y), Goldratt Consulting Ltd and Frost and Sullivan to streamline the chain of activities through which finished products are transported from factories, stored at warehouses, moved to sales outlets and finally sold. Ashwani Arora, managing director of LT Foods Ltd, a Rs1,000 crore company that owns three rice mills and sells the labels Davat and Heritage, recalls chairing “high tension” sales meetings two years ago. His sales were falling by 15%—not to mention the hole in brand image caused by products not being available in stores. “We were earlier in the dark as we didn’t have any tools for sales forecast or manufacturing. There was no system to integrate raw materials and production check. This resulted in high inventory and high loss of sales,” Arora said. LT Foods then approached E&Y to create a supply chain management network for it. They worked together for a year. The result: Loss of sales in domestic business reduced from 15% to less than 5%, and from 5% to 2% in the export business, leading to a higher market share for the firm. The new logistics network reduced the time finished goods took to be sold from 38 days to 26, freeing up working capital—or the cash available to the firm for day-to-day operations. E&Y also provided an integrated sales forecast system to LT Foods, which it now uses at its monthly meetings to predict sales and plan accordingly, said Ashish Nanda, partner, business advisory services, E&Y. “Supply chain management is going to be critical in ensuring availability of products to end-consumers,” said Rakesh Kumar Sinha, chief operating officer, marketing and operations, Godrej Consumer Products Ltd. Godrej Consumer worked for five years with Goldratt to build its supply chain management structure. “In the past, there were no serious attempts to bring down loss of sales... Now, CEOs are focusing on supply chain management best practices,” said Nanda of E&Y, adding that the firm was helping a dozen personal care products and consumer goods companies put similar structures in place. He explained that the idea of supply chain management was not to cut down employees, reduce the number of warehouses or come up with an action taken report. It was more about enabling a company put in place an integrated planning process with clear accountability. The biggest hindrance to creating a new supply chain management network, said Nanda, was challenging the way a company had worked and even achieved reasonable success with. “At LT Foods, we overcame that challenge quickly as employees were open-minded. We did a major overhaul of sales and distribution system of the company. We clearly defined accountability at all levels of sales, procurement and logistics that has resulted in enhanced productivity and better decision-making.” V.G. Ramakrishnan, senior director of transportation and logistics at Frost and Sullivan said his company was also advising a number of firms on building supply management networks. “This is not just to reduce the loss of sales, but more because of growth in the market too. The existing supply chain of companies find it difficult to cope with growth as companies are doubling their turnover in every three-five years. This was not the case a few years back,” he said. Arora of LT Foods said equipped with a new supply chain management network, the firm was gearing up for fresh launches. He added that the firm was willing to invest still more in forecasting tools. “Whatever change is put in (place) by E&Y is going to be sustainable,” he said. “We are ready to invest for more enterprise solutions to support it.” pr.sanjai@livemint.com Source: Home - Livemint.com | 28 Mar 2010 | 1:31 pm Soros, Kaiser in race to buy 4% BSE stakeUS micro hedge fund legend George Soros and the worlds third biggest philanthropist George Kaiser are in the race to acquire close to 4 per cent in the Bombay Stock Exchange (BSE), Asias oldest stock exchange.Source: Business Standard | Front Page Headlines | 28 Mar 2010 | 12:47 pm ArcelorMittal finally finds land sellers90% of villagers at new site are willing to swap property for jobs.Source: Business Standard | Front Page Headlines | 28 Mar 2010 | 12:46 pm Isro working on a winged reusable rocketBangalore: India is developing a winged reusable rocket and the Indian Space Research Organisation (Isro) has configured a technology demonstrator as a first step towards realizing it, the space agency said in a report. India’s space scientists have already configured a winged Reusable Launch Vehicle Technology Demonstrator (RLV-TD). This is a first step towards realising a Two Stage To Orbit fully reusable launch vehicle, according to Isro. The agency said in its latest annual report that a series of technology demonstration missions have been conceived. “The RLV-TD will act as a flying test bed to evaluate various technologies like hypersonic flight, autonomous landing, powered cruise flight and hypersonic flight using air breathing propulsion. First in the series of demonstration trials is the hypersonic flight experiment,” it said. feedback@livemint.com Source: Tech News - Livemint.com | 28 Mar 2010 | 11:16 am
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