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NIIT may lose IIM\'s CAT project: SourcesAs a repercussion to the technical anomalies marring the Common Admission Test (CAT) 2009 conducted by the Indian Institutes of Management (IIMs), global leader in computer education NIIT is most likely to lose IIMs CAT project as per the institutes report, sources inform CNBCTV18.Source: Moneycontrol Top Headlines | 30 Mar 2010 | 7:49 am StanChart IDR may open by Mayend, listing in June: UBSThe main objective of the bank is to build its brand in India, said A Rajgopal, India UBS. The IDR is likely to open by Mayend and the listing would happen in June, he added.Source: Moneycontrol Top Headlines | 30 Mar 2010 | 7:05 am IT industry does not need tax exemption: Narayana MurthyHe is candid, data driven, a compassionate capitalist and no stranger to awards. He is the Infosys Founder and Chief MentorNR Narayana Murthy. Murthy has added another award to his kitty, AIMA\'s Most Admired Indian.Source: Moneycontrol Top Headlines | 30 Mar 2010 | 7:04 am Pricing is key to enter Indian small car segment: ExpertsThough the initial response of new entrants has been favourable, industry veteran Jagdish Khattar believes it is too early to gauge their success. \"The pricing of new products is very aggressive,\" he said, adding that most manufactures were entering into a volume game.Source: Moneycontrol Top Headlines | 30 Mar 2010 | 6:59 am See average sugar prices at Rs 35/kg for \'10: Shakthi SugarIn an interview with CNBCTV18, M Manickam, Managing Director of Sakthi Sugars, spoke about his outlook for the company.Source: Moneycontrol Top Headlines | 30 Mar 2010 | 6:47 am EdServ forays into preschool segmentEdServ has entered preschool segment with acquisition of Sparkling Minds, an online preschool and junior school entity.Source: Moneycontrol Top Headlines | 30 Mar 2010 | 5:48 am Jubilant to demerge polymers, fertilisers businessDrug maker Jubilant Organosys Ltd would seek board approval in May to demerge its performance polymers and fertilisers business into a separate unit, a top official said on Tuesday.Source: Moneycontrol Top Headlines | 30 Mar 2010 | 5:41 am RILRNRL case: A relook at arguments in the fight for gasIt is Indias most fiercely fought corporate battle and it could reach a conclusion very soon as the Chief Justice of India KG Balakrishnan will retire in May. So let us revisit some of the arguments by Reliance Industries, RNRL (Reliance Natural Resources) and the Government of India in the fight for gas.Source: Moneycontrol Top Headlines | 30 Mar 2010 | 5:26 am Jubilant sets QIP floor price at Rs 344.5/shareJubilant Organosys Ltd said on Tuesday it has a fixed floor price of 344.5 rupees per share for its qualified institutional placement (QIP).Source: Moneycontrol Top Headlines | 30 Mar 2010 | 4:56 am JSL raises $50 m via QIP, to raise add\'l $100m next yrJSL Ltd, which opened its books for USD 50 million funds raised via qualified institutional placement (QIP), will raise additional USD 100 million in next 1218 months.Source: Moneycontrol Top Headlines | 30 Mar 2010 | 4:09 am Rupee rise gives fresh trouble to exporters - Times of India
Source: Business - Google News | 30 Mar 2010 | 3:55 am Jaiswal for co-operation with US for clean coal tech - Business Standard
Source: Business - Google News | 30 Mar 2010 | 3:51 am MNCs in China move inland to lower costsNearly 83% of companies surveyed said that their primary motive for locating manufacturing operations in China was to access the Chinese market, up from 71% two years ago.Source: Daily News & Analysis: Money News | 30 Mar 2010 | 3:47 am Rupee rise gives fresh trouble to exportersA sharp rise in rupee value against dollar has added to the woes of exporters, who want the government to step in and peg the fixed exchange rate, taking a cue from ChinaSource: India Business News | Business News - Times of India | 30 Mar 2010 | 3:45 am Stocks turn negative; DLF, Tata Motors down - Economic Times
Source: Business - Google News | 30 Mar 2010 | 3:36 am India 10-yr yield hovers at 7-wk low on easy debt plan - Reuters India
Source: Business - Google News | 30 Mar 2010 | 3:28 am Pranab for fresh impetus to revert to 9% eco growth New Delhi: Finance minister Pranab Mukherjee on Monday pitched for imparting fresh impetus to economic recovery to quickly revert to the 9% growth rate and cross the double-digit growth barrier. “First challenge before us is to quickly revert to high gross domestic product (GDP) growth of 9%, and then to cross the double-digit growth barrier,” he said, while addressing a convocation of the Hamdard University here. Reverting to the high growth rate of 9%, the minister added: “Calls for imparting fresh momentum to the impressive recovery gained in the past few months”. “Although India’s growth story is going through exciting phase,” Mukherjee said, the country has challenges which are needed to be addressed. Having grown by over 9% in the three years till 2007-08, India’s economic growth slipped to 6.7% in 2008-09 on account of the impact of global financial crisis. Ever since the crisis, the government rolled out stimulus measures to support manufacturing sector and announced incentives for exports to new markets. However, in the budget for 2010-11 the finance minister partially rolled back some of the stimulus measures after the economy, especially the manufacturing sector, showed signs of firm recovery. For the current fiscal ending 31 March, the economy is expected to expand by 7.2%. According to the recent estimates of the planning commission, the economy could grow by 8.5% in 2010-11 and 9% a year after that. Mukherjee’s optimism for robust economic recovery comes from high industrial growth rate of 16.7% during January. However, the low growth rate of 4.5% recorded by core sector industries during February could be a cause of concern. The big problem being faced by the economy is rising inflation, which was 9.89% in February and is expected to cross the double-digit mark soon. A worried Reserve Bank raised the repo and reverse repo (short term lending rates) by 25 basis points to 5% and 3.5% to prevent food inflation from spreading to non-food items. Mukherjee in his Budget last month announced a host of initiative to boost growth and check rising prices and may announce some modification of the proposals while replying to discussion on Demands for Grants and Finance Bill in Parliament when it reassembles after the recess. Source: LatestNews-Home - Livemint.com | 30 Mar 2010 | 3:25 am IL&FS Transportation lists at premium on debut - Livemint
Source: Business - Google News | 30 Mar 2010 | 3:18 am MNCs in China move inland to lower costs - surveySHANGHAI (Reuters) - Multinational companies operating in affluent eastern and southern China are relocating or expanding their operations to inland areas as costs rise, a recent study showed.Source: Reuters: Money News | 30 Mar 2010 | 3:14 am RBS fined £28.59 mn for breaching competition lawLondon: Royal Bank of Scotland Group Plc has been fined £28.59 million by the Office of Fair Trading (OFT) for breaching competition laws by some of its employees, who handed over price sensitive information to a rival. The fine has been reduced from £33.6 million as RBS itself admitted to breach of competition law between October 2007 and March 2008 and agreed to cooperate with OFT, the UK’s consumer and competition regulating authority. “The agreement follows an OFT investigation which found that individuals in RBS’ Professional Practices Coverage Team had unilaterally disclosed generic as well as specific confidential future pricing information to their counterparts at Barclays Bank,” the OFT said in a statement. The OFT also found evidence that the information was taken into account by Barclays in determining its own pricing. The matter was brought to attention by Barclays under the OFT’s leniency policy, where a company which is the first to report its participation in an infringement may qualify for immunity from penalties. Thus, Barclays is not expected to pay a fine in this case, provided it continues to cooperate, it added. “Any company that discloses confidential future pricing information to its competitors risks a substantial penalty. It is important that companies operating in the UK understand the seriousness of such conduct and ensure effective competition compliance throughout their organisation,” OFT Senior Director of Cartels and Criminal Enforcement Ali Nikpay said. Source: World Business - Livemint.com | 30 Mar 2010 | 3:13 am RBS fined £28.59 mn for breaching competition lawLondon: Royal Bank of Scotland Group Plc has been fined £28.59 million by the Office of Fair Trading (OFT) for breaching competition laws by some of its employees, who handed over price sensitive information to a rival. The fine has been reduced from £33.6 million as RBS itself admitted to breach of competition law between October 2007 and March 2008 and agreed to cooperate with OFT, the UK’s consumer and competition regulating authority. “The agreement follows an OFT investigation which found that individuals in RBS’ Professional Practices Coverage Team had unilaterally disclosed generic as well as specific confidential future pricing information to their counterparts at Barclays Bank,” the OFT said in a statement. The OFT also found evidence that the information was taken into account by Barclays in determining its own pricing. The matter was brought to attention by Barclays under the OFT’s leniency policy, where a company which is the first to report its participation in an infringement may qualify for immunity from penalties. Thus, Barclays is not expected to pay a fine in this case, provided it continues to cooperate, it added. “Any company that discloses confidential future pricing information to its competitors risks a substantial penalty. It is important that companies operating in the UK understand the seriousness of such conduct and ensure effective competition compliance throughout their organisation,” OFT Senior Director of Cartels and Criminal Enforcement Ali Nikpay said. Source: LatestNews-Home - Livemint.com | 30 Mar 2010 | 3:13 am China's Geely to keep Volvo production under Volvo roofBEIJING (Reuters) - Zhejiang Geely Holding Group, China's biggest private car maker, said on Tuesday it will not produce Volvo brand cars, nor will Volvo make Geely brand cars, following Geely's planned purchase of Volvo from Ford.Source: Reuters: Money News | 30 Mar 2010 | 3:11 am Airlines climbing out of recession - IATAGENEVA (Reuters) - Airlines are climbing out of recession with further strong increases for passenger travel and freight in February, industry association IATA said on Tuesday.Source: Reuters: Money News | 30 Mar 2010 | 3:07 am G20 must deliver on agreed reforms - leadersSEOUL (Reuters) - The world economic recovery remains fragile and G20 governments need to recommit and deliver on reforms they have already agreed to, G20 steering group leaders urged fellow members in a letter on Tuesday.Source: Reuters: Money News | 30 Mar 2010 | 3:06 am StanChart IDR may open by March-end, listing in June: UBS - Moneycontrol.com
Source: Business - Google News | 30 Mar 2010 | 3:05 am Airlines climbing out of recession: IataGeneva: Airlines are climbing out of recession with further strong increases for passenger travel and freight in February, industry association Iata said on Tuesday. One sign of recovery was record capacity usage for passenger travel in February, traditionally the weakest month for air travel, the International Air Transport Association said. “We are moving in the right direction. In two to three months, the industry should be back to pre-recession traffic levels,” said Iata director-general Giovanni Bisignani. Passenger demand in February was 9.5% higher than a year earlier, but supply increased by only 1.9%. The result was a passenger load factor — a measure of how full planes fly — of 75.5%, or a February record in seasonally adjusted terms of 79.3%, Iata said. Cargo demand grew 26.5%, said Iata, which estimates that 30% of world trade by value is moved by air freight, making its data an important indicator of global commerce flows and overall economic activity. Iata said February 2009 had marked the bottom of the cycle for passenger traffic during the recession, and passenger demand would need to recover by a further 1.4% to return to pre-crisis levels. Cargo traffic, which plunged much further than passenger business, as demand for goods plummeted in the crisis, must rise a further 3% to regain pre-crisis levels after hitting a low in December 2008, IATA said. “This is still not a full recovery. The task ahead is to adjust to two years of lost growth,” Bisignani said in a statement. Iata, which groups about 230 airlines, including Air China, Lufthansa, British Airways, Singapore Airlines and Skywest, forecast earlier this month that airlines would lose $2.8 billion this year after losing $9.4 billion in 2009. As usual, regional demand patterns varied, with European and North American carriers showing the weakest growth in February, while Asia-Pacific carriers saw strong increases. Middle East airlines recorded passenger demand growth of 25.8%, the strongest of any region as travel markets develop in the area and local carriers compete on long-haul connections to Asia via Middle Eastern hubs, it said. Latin American carriers saw a 41.9% increase in cargo demand. Source: Home - Livemint.com | 30 Mar 2010 | 3:04 am Toyota vows change as quality control panel meetsTOYOTA CITY, Japan (Reuters) - Toyota Motor Corp, reeling from a recall crisis, launched a task force on Tuesday aimed at regaining consumer trust and pledged to give more clout to its regional operations to speed up decisions on quality issues.Source: Reuters: Money News | 30 Mar 2010 | 2:55 am Apple may be working on iPhone for VerizonApple is said to be developing a CDMA-compatible iPhone that would work on leading US mobile carrier Verizon Communications Inc's network.Source: Daily News & Analysis: Money News | 30 Mar 2010 | 2:48 am Air demand strengthened further in February: IATAPassenger demand in February was 9.5% higher than a year earlier, while cargo demand grew 26.5%, the International Air Transport Association said.Source: Daily News & Analysis: Money News | 30 Mar 2010 | 2:46 am $500 bn to come from private sector for infra in 12th PlanNew Delhi: Private sector will be expected to contribute up to $500 billion for development of the infrastructure sector during the 12th Plan, an amount which will be nearly half of the total investment projected for the Five-Year period, the planning commission has said. “We need to do a trillion dollar (investment in infrastructure sector in the 12th Plan) ... 50% of investment has to come from the private sector,” a top official of the commission said. The contribution of private sector in development of infrastructure sector is expected to go up from 25% in the Tenth Plan to 36% in the 11th Plan and further to about 50% in the next Plan. “A preliminary assessment suggests that investment in infrastructure during the Twelfth Plan would need to be of the order of about Rs40,99,240 crore ($1,025 billion) to achieve a share of 9.95% as a proportion of the GDP”, Planning Commission deputy chairman Montek Singh Ahluwalia had said in a foreword to a recent report on investment in infrastructure. The investment in infrastructure sector during the current Plan (2007-12) is expected to be nearly $500 billion, as was envisaged at the start of the Plan. The commission will draw a detailed plan for doubling investment in infrastructure and outlining the contribution of public and private sectors, the official said, adding huge investment would be needed to achieve a growth of 10% in the Twelfth Plan as suggested by Prime Minister Manmohan Singh. As it is not possible for the government alone to raise resources, he added, a significant amount would have to come from the private sector, especially through public-private partnership projects. Source: LatestNews-Home - Livemint.com | 30 Mar 2010 | 2:46 am JSL raises Rs 250 cr through QIP - Business Standard
Source: Business - Google News | 30 Mar 2010 | 2:44 am World stocks rise towards post-Lehman levelsLONDON (Reuters) - World stocks edged closer to a 17-1/2 month peak on Tuesday as a weak dollar-inspired rally in commodities and evidence of a recovery in U.S. consumption spurred buying in risky assets.Source: Reuters: Money News | 30 Mar 2010 | 2:33 am Bridgestone to spend Y50 bln on 2nd India plantTOKYO (Reuters) - Bridgestone Corp, Japan's largest maker of tyres, said on Tuesday it will build a second tyre plant in India with investment in new production facilities totaling about 50 billion yen ($540.4 million).Source: Reuters: Money News | 30 Mar 2010 | 2:29 am Delhi to introduce ultra-low sulphur diesel on ThursdayWith its introduction Delhi will earn the distinction of becoming the first Indian city to catch up with fuel quality in Europe and the US where the cleaner fuel was introduced a couple of years back.Source: Daily News & Analysis: Money News | 30 Mar 2010 | 2:24 am Delhi to introduce ultra-low sulphur diesel on 1 AprilNew Delhi: Delhi will join a premier league of global cities on 1 April when the cleaner and greener ultra-low sulphur diesel (ULSD) is introduced, a step aimed at curbing vehicular pollution in the capital. On Thursday, Delhi will also become one of the 13 cities in the country to introduce Bharat Stage-IV emission compliance for vehicles. In ULSD, the sulphur content is just one-seventh of the diesel currently being sold and with its introduction Delhi will earn the distinction of becoming the first Indian city to catch up with fuel quality in Europe and the US where the cleaner fuel was introduced a couple of years back. The sulphur content in the diesel currently being used is 350 parts per million (ppm) while it will be 50 ppm in ULSD. “It is a significant step towards improving the air quality in the city,” Delhi’s Environment secretary Dharmendra said. Currently, Delhi has over 60,000 diesel vehicles, considered a major source of vehicular pollution in the city. Dharmendra said all the oil companies supplying diesel in the city have agreed to supply ULSD in Delhi from April one following the government’s directives. According to a study by Centre for Science and Environment, Delhi adds over 1,000 new personal vehicles each day on its roads and a considerable number of these vehicles run on diesel. On April one, 13 mega cities, which have Bharat Stage III emission regulations, will follow Bharat Stage IV standards and the rest of the country will upgrade to Bharat Stage III regulations. Source: LatestNews-Home - Livemint.com | 30 Mar 2010 | 2:24 am Death toll from Moscow subway blasts rises to 39Moscow: Health officials say a woman has died in a Moscow clinic from wounds suffered in Monday’s subway blasts, raising the toll from the double suicide bombing to 39. Andrei Seltsovsky told the Rossiya-24 state news channel early Tuesday that five people remain in critical condition out of 71 hospitalized. He says only eight of the victims have been formally identified. Female suicide bombers believed to be connected to Chechen rebels struck at two central Moscow subway stations during the Monday morning rush hour the first suspected terrorist activity in the Russian capital for years. Flags flew at half mast on government buildings and at the Kremlin as a day of national mourning began. Police with machine guns patrolled subway entrances as heightened security remained in effect. Source: LatestNews-Home - Livemint.com | 30 Mar 2010 | 2:21 am Atom smasher set for record collisionsGeneva: The world’s largest atom smasher was ready to start a new era of science on Tuesday, but problems delayed scientists seeking to collide the first beams of protons to learn more about the makeup of the universe and its smallest particles. Dubbed the world’s largest scientific experiment, the $10 billion Large Hadron Collider holds the promise of revealing details about theoretical particles and microforces, scientists say. Tuesday’s initial attempts were unsuccessful, however, because problems developed with the beams, said scientists working on the massive machine. That meant that the protons had to be “dumped” from the collider and new beams had to be injected. “It’s a very complicated machine and we have ups and downs,” said Michael Barnett of Lawrence Berkeley National Laboratory. “Right now we have a down.” Two beams of protons began 10 days ago to speed at high energy in opposite directions around the 27-kilometer tunnel under the Swiss-French border at Geneva. The beams were pushed to 3.5 trillion electron volts in recent days, the highest energy achieved by any physics accelerator some three times greater than the previous record. The European Organization for Nuclear Research, or CERN, is now trying to use the powerful superconducting magnets to force the two beams to cross, creating collisions and showers of particles. They could have been successful immediately, but such huge machines can be so tricky to run that it could take days. When collisions become routine, the beams will be packed with hundreds of billions of protons, but the particles are so tiny that few will collide at each crossing. Steve Myers, CERN’s director for accelerators and technology, describes the challenge of lining up the beams as being akin to “firing needles across the Atlantic and getting them to collide half way.” He said the problems Tuesday started with a power supply that tripped and had to be reset. The second time, the system designed to protect the machine shut it down. That was likely to have been a misreading by the system rather than any basic problem, said Barnett. The collisions will come over the objections of some people who fear they could eventually imperil the Earth by creating micro black holes subatomic versions of collapsed stars whose gravity is so strong they can suck in planets and other stars. CERN and many scientists dismiss any threat to Earth or people on it, saying that any such holes would be so weak that they would vanish almost instantly without causing any damage. The Large Hadron Collider was launched with great fanfare on Sept. 10, 2008, but it was sidetracked nine days later when a badly soldered electrical splice overheated, causing extensive damage to the massive magnets and other parts of the collider some 300 feet (100 meters) below the ground. It cost $40 million to repair and improve the machine so that it could be used again at the end of November. Since then the collider has performed almost flawlessly, giving scientists valuable data in the four-week run before Christmas. It soon eclipsed the next largest accelerator the Tevatron at Fermilab near Chicago. The extra energy in Geneva is expected to reveal even more about the unanswered questions of particle physics, such as the existence of antimatter and the search for the Higgs boson, a hypothetical particle that scientists theorize gives mass to other particles and thus to other objects and creatures in the universe. Scientists hope also to approach on a tiny scale what happened in the first split seconds after the Big Bang, which they theorize was the creation of the universe some 14 billion years ago. Rolf-Dieter Heuer, the director-general of CERN, has said it is likely to take months before any scientific discoveries are made, partly because computers will have to sort through massive amounts of data produced by the collisions. Heuer said researchers hope by the end of this year to make discoveries into the dark matter that scientists believe comprises 26 percent of the universe. The better understood visible matter makes up only 4 percent of the universe. Dark matter has been theorized by scientists to account for missing mass and bent light in faraway galaxies. Scientists believe it makes galaxies spin faster. A separate entity called “dark energy,” making up the remaining 70 percent of the universe, is believed linked to the vacuum that is evenly distributed in space and time. It is believed to accelerate the expansion of the universe. Other possible candidates for discovery are hidden dimensions of space and time. Physicists have used smaller colliders for decades to study the atom. They once thought protons and neutrons were the smallest components of the atom’s nucleus, but the colliders showed that they are made of quarks and gluons and that there are other forces and particles. Source: Tech News - Livemint.com | 30 Mar 2010 | 2:20 am Atom smasher set for record collisionsGeneva: The world’s largest atom smasher was ready to start a new era of science on Tuesday, but problems delayed scientists seeking to collide the first beams of protons to learn more about the makeup of the universe and its smallest particles. Dubbed the world’s largest scientific experiment, the $10 billion Large Hadron Collider holds the promise of revealing details about theoretical particles and microforces, scientists say. Tuesday’s initial attempts were unsuccessful, however, because problems developed with the beams, said scientists working on the massive machine. That meant that the protons had to be “dumped” from the collider and new beams had to be injected. “It’s a very complicated machine and we have ups and downs,” said Michael Barnett of Lawrence Berkeley National Laboratory. “Right now we have a down.” Two beams of protons began 10 days ago to speed at high energy in opposite directions around the 27-kilometer tunnel under the Swiss-French border at Geneva. The beams were pushed to 3.5 trillion electron volts in recent days, the highest energy achieved by any physics accelerator some three times greater than the previous record. The European Organization for Nuclear Research, or CERN, is now trying to use the powerful superconducting magnets to force the two beams to cross, creating collisions and showers of particles. They could have been successful immediately, but such huge machines can be so tricky to run that it could take days. When collisions become routine, the beams will be packed with hundreds of billions of protons, but the particles are so tiny that few will collide at each crossing. Steve Myers, CERN’s director for accelerators and technology, describes the challenge of lining up the beams as being akin to “firing needles across the Atlantic and getting them to collide half way.” He said the problems Tuesday started with a power supply that tripped and had to be reset. The second time, the system designed to protect the machine shut it down. That was likely to have been a misreading by the system rather than any basic problem, said Barnett. The collisions will come over the objections of some people who fear they could eventually imperil the Earth by creating micro black holes subatomic versions of collapsed stars whose gravity is so strong they can suck in planets and other stars. CERN and many scientists dismiss any threat to Earth or people on it, saying that any such holes would be so weak that they would vanish almost instantly without causing any damage. The Large Hadron Collider was launched with great fanfare on Sept. 10, 2008, but it was sidetracked nine days later when a badly soldered electrical splice overheated, causing extensive damage to the massive magnets and other parts of the collider some 300 feet (100 meters) below the ground. It cost $40 million to repair and improve the machine so that it could be used again at the end of November. Since then the collider has performed almost flawlessly, giving scientists valuable data in the four-week run before Christmas. It soon eclipsed the next largest accelerator the Tevatron at Fermilab near Chicago. The extra energy in Geneva is expected to reveal even more about the unanswered questions of particle physics, such as the existence of antimatter and the search for the Higgs boson, a hypothetical particle that scientists theorize gives mass to other particles and thus to other objects and creatures in the universe. Scientists hope also to approach on a tiny scale what happened in the first split seconds after the Big Bang, which they theorize was the creation of the universe some 14 billion years ago. Rolf-Dieter Heuer, the director-general of CERN, has said it is likely to take months before any scientific discoveries are made, partly because computers will have to sort through massive amounts of data produced by the collisions. Heuer said researchers hope by the end of this year to make discoveries into the dark matter that scientists believe comprises 26 percent of the universe. The better understood visible matter makes up only 4 percent of the universe. Dark matter has been theorized by scientists to account for missing mass and bent light in faraway galaxies. Scientists believe it makes galaxies spin faster. A separate entity called “dark energy,” making up the remaining 70 percent of the universe, is believed linked to the vacuum that is evenly distributed in space and time. It is believed to accelerate the expansion of the universe. Other possible candidates for discovery are hidden dimensions of space and time. Physicists have used smaller colliders for decades to study the atom. They once thought protons and neutrons were the smallest components of the atom’s nucleus, but the colliders showed that they are made of quarks and gluons and that there are other forces and particles. Source: LatestNews-Home - Livemint.com | 30 Mar 2010 | 2:20 am Rupee trims gains on profit-taking; month-end demandMUMBAI (Reuters) - The rupee retreated from near 19-month highs on Tuesday afternoon as some banks booked profits after the sharp rally while month-end dollar demand from oil firms and importers also weighed.Source: Reuters: Money News | 30 Mar 2010 | 2:15 am BSNL ties up with HCL to provide Internet services in OrissaBerhampur: In a bid to spread Internet network in rural areas of Orissa, Bharat Sanchar Nigam Ltd (BSNL) has tied up with HCL to provide computers in villages on installment basis. As per the deal, HCL will provide computer sets with an initial payment of over Rs2,000 with the broadband connections. The customers have to pay the rest amount on a monthly instalment basis. “We have made this arrangement as most of the rural customers are not prepared to pay a huge amount to purchase computers,” BSNL chief general manager (CGM), Orissa Telecom Circle, A N Ray said. BSNL wanted to spread Internet connection in rural areas as there are less broadband customers there, he said. Out of about 70,000 broadband users in Orissa so far, only 15% of them are from the rural areas, Ray said. In 2010-11, the public sector telecom company aimed at providing about 50,000 new connections as against the achievement of about 35,000 in 2009-10. He said in remote areas, broadband services will be provided through Wi-Max services. Around 107 locations across the state have been identified for Wi-Max services, he added. Wi-MAX is a telecom technology that provides wireless transmission of data to portable and fully mobile net access. The CGM was here to inaugurate the Customer Service Centre (CSC) under project ‘Smile´. From the CSC, all the services of BSNL will be available under one roof. Source: LatestNews-Home - Livemint.com | 30 Mar 2010 | 2:05 am Fitch: India almost certain to tighten moreFitch has a BBB-minus rating on India's local and foreign currency ratings, with a negative outlook on the local currency rating.Source: Daily News & Analysis: Money News | 30 Mar 2010 | 2:03 am IL&FS Transportation lists at premium on debutMumbai: Transport infrastructure firm IL&FS Transportation Networks Ltd (ITNL) on Tuesday added to the recent run of largely positive market listings, notching up a 12.4% premium on its debut on the Bombay Stock Exchange. “As of now the premium looks decent enough, we had expected it to list in the 10-15% (premium) range,” said Shailesh Kanani, analyst at Angel Broking. The stock opened at Rs290 on the BSE, compared to its issue price of Rs258, and touched a high of Rs295. The company, a unit of infrastructure development and finance firm IL&FS, had raised Rs700 crore through its initial public offer. Earlier this month, ARSS Infra had listed at a 44% premium, while Man Infraconstruction debuted 34.36% up, reflecting renewed bouyancy in infrastructure and allied sectors. Kanani said IL&FS Transportation Networks (ITNL) was poised to benefit due to strong backing from IL&FS and a favourable outlook for the surface transportation sector, a focal area for the Indian government. The National Highways Authority of India (NHAI) awarded 2,988 kilometres of projects to infrastructure firms in the year to March 2010, with IL&FS Transportation having a 10.1% share in the project awards, trailing only IRB Infra , a report by Motilal Oswal said. The NHAI is set to award another 18,581 km of road projects by end FY11, the brokerage added. “I think this is also the first time a pure construction player in road vertical is hitting the capital market. It is very good to have value realisation for a sector like this in the market,” IL&FS chairman Ravi Parthasarathy told reporters after the listing ceremony. Projects ITNL has emerged as one of the lowest bidders for a $1.5-billion road project in Kazhakstan, managing director K Ramchand said. This is a 300-km trans-European road project, he said. It has been pre-qualified for 500 billion rupees worth of NHAI projects, including a road project in Kashmir, for which it is the lowest bidder. The company has an order book of Rs12,000 crore, Ramchand added. IL&FS Transportation Networks would also diversify into railway projects, he said but did not elaborate. Enam Securities Pvt Ltd, Nomura Financial Advisory and Securities (India) Pvt Ltd and JM Financial Consultants Pvt Ltd were the bookrunners of the issue. At 1:10 p.m., shares were trading 9.69% higher at Rs283, in a firm Mumbai market. Source: Home - Livemint.com | 30 Mar 2010 | 2:02 am BSNL ties up with HCL to provide Internet in rural areasHCL will provide computer sets with initial payment of over Rs2000 with the broadband connections. The customers have to pay the rest amount in monthly instalments.Source: Daily News & Analysis: Money News | 30 Mar 2010 | 2:01 am Rupee trims gains on profit-takingMumbai: The Indian rupee retreated from near 19-month highs on Tuesday afternoon as some banks booked profits after the sharp rally while month-end dollar demand from oil firms and importers also weighed. Oil is India’s biggest import and refiners are the largest buyers of dollars in the domestic currency market with their demand tending to peak at the end of each month, when they make payments for their imports. Dealers said trimming of gains in the domestic sharemarket also weighed. At 1:35pm, the partially convertible rupee was at Rs45.06/07 per dollar, after touching Rs44.88, its strongest since 10 September, 2008 and above its previous close of Rs44.9575/9675 on Monday. One-month offshore non-deliverable forward contracts were quoting at Rs45.13, 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 quoting at Rs45.08 and Rs45.1550 respectively, with the total volume on the two exchanges at $4.1 billion. Rupee extended gains in the morning to fresh near 19-month highs as an early rise in the local share market cheered sentiment while dollar’s losses against major currencies kept up the bullishness. At 10:20am, the partially convertible rupee was at Rs44.93/94 per dollar, after touching Rs44.88, its strongest since 10 September, 2008 and above its previous close of Rs44.9575/9675 on Monday. Foreign fund flows into and out of the stock market provide direction to the rupee. Foreigners have bought shares worth nearly a net $4 billion thus far this year, adding to net inflows of a record $17.5 billion seen in 2009. The euro held firm on Tuesday as investors pared some of their record short positions ahead of the quarter’s end and with sentiment also boosted by Greece’s success in raising money from the debt market. The index of the dollar against six major currencies was down 0.2%. Dealers said banks usually disburse large short-term loans at the close of each financial year to meet year-end targets which causes temporary tightness in cash conditions. “Due to the tightness in liquidity around year-end, no one likes to be short rupee, so there is generally a tendency to sell dollars which helps the rupee gain,” said the chief dealer with another state-run bank. One-month offshore non-deliverable forward contracts were quoting at Rs44.99, 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 quoting at Rs45.08 and Rs45.06 respectively, with the total volume on the two exchanges at $1.1 billion. Source: Home - Livemint.com | 30 Mar 2010 | 1:59 am Apple may be working on iPhone for Verizon: WSJHong Kong/ San Francisco: A subsidiary of Taiwan netbook PC pioneer Asustek has won orders to manufacture Apple’s iPhone to run on the CDMA standard, a source said on 30 March. Apple is said to be developing a CDMA-compatible iPhone that would work on leading US mobile carrier Verizon Communications Inc’s network, the Wall Street Journal had reported earlier, citing people familiar with the matter. The Taiwan firm, Pegatron, will begin shipping the phones from next year, said the source close to Pegatron, who declined to be named as the plans were not yet public. The source could not confirm if the products would be for Verizon’s network. “Pegatron’s been manufacturing on behalf of Apple for a while now,” said the source, noting Pegatron products include the iPod Shuffle music player. Shares in Asustek rose 0.4% on Tuesday in a broader Taiwan market up 0.2 %. Asustek has said it will spin off Pegatron in June, with the unit expected to list around then. Verizon shares had jumped 3.4% in after-hours trade, while AT&T Inc, the current exclusive carrier of the iPhone in the United States, fell 2.2%. An Apple spokeswoman said the company does not comment on speculation. Verizon also declined to comment. ANOTHER SUMMER, ANOTHER IPHONE Apple has released a new iPhone model every summer for the past three years and is widely expected to do so this summer. But a CDMA-compatible iPhone may come later in the year, the Journal report suggested. Asked about the report, an AT&T spokesman said: “We have a great relationship with Apple and we don’t comment on the specifics of that relationship.” AT&T repeated previous comments that the iPhone “will be an important device for us for quite some time.” Broadpoint Amtech analyst Brian Marshall said it was “only a matter of time” before the iPhone landed with Verizon. He said Verizon has a better network than AT&T and a larger customer base. Marshall expects a Verizon iPhone to happen early in 2011. Verizon has roughly 6 million more wireless customers than AT&T. Rumors have swirled for some time about Apple launching an iPhone with Verizon. AT&T has been the sole US carrier since the iPhone’s debut in 2007 and some iPhone users have complained about the quality of the AT&T network. “AT&T has known all along that its exclusive relationship with Apple would change into something else some day. From the beginning of its relationship with Apple, AT&T has factored this change into its business and technology planning,” a person familiar with AT&T said. Verizon shares rose to $31.50 from a close of $30.45, while AT&T shares slipped to $25.97 from a close of $26.51. Apple stock rose 2.3 percent to $237.65 in extended trading from a close of $232.39. Source: Home - Livemint.com | 30 Mar 2010 | 1:51 am Apple may be working on iPhone for Verizon: WSJHong Kong/ San Francisco: A subsidiary of Taiwan netbook PC pioneer Asustek has won orders to manufacture Apple’s iPhone to run on the CDMA standard, a source said on 30 March. Apple is said to be developing a CDMA-compatible iPhone that would work on leading US mobile carrier Verizon Communications Inc’s network, the Wall Street Journal had reported earlier, citing people familiar with the matter. The Taiwan firm, Pegatron, will begin shipping the phones from next year, said the source close to Pegatron, who declined to be named as the plans were not yet public. The source could not confirm if the products would be for Verizon’s network. “Pegatron’s been manufacturing on behalf of Apple for a while now,” said the source, noting Pegatron products include the iPod Shuffle music player. Shares in Asustek rose 0.4% on Tuesday in a broader Taiwan market up 0.2 %. Asustek has said it will spin off Pegatron in June, with the unit expected to list around then. Verizon shares had jumped 3.4% in after-hours trade, while AT&T Inc, the current exclusive carrier of the iPhone in the United States, fell 2.2%. An Apple spokeswoman said the company does not comment on speculation. Verizon also declined to comment. ANOTHER SUMMER, ANOTHER IPHONE Apple has released a new iPhone model every summer for the past three years and is widely expected to do so this summer. But a CDMA-compatible iPhone may come later in the year, the Journal report suggested. Asked about the report, an AT&T spokesman said: “We have a great relationship with Apple and we don’t comment on the specifics of that relationship.” AT&T repeated previous comments that the iPhone “will be an important device for us for quite some time.” Broadpoint Amtech analyst Brian Marshall said it was “only a matter of time” before the iPhone landed with Verizon. He said Verizon has a better network than AT&T and a larger customer base. Marshall expects a Verizon iPhone to happen early in 2011. Verizon has roughly 6 million more wireless customers than AT&T. Rumors have swirled for some time about Apple launching an iPhone with Verizon. AT&T has been the sole US carrier since the iPhone’s debut in 2007 and some iPhone users have complained about the quality of the AT&T network. “AT&T has known all along that its exclusive relationship with Apple would change into something else some day. From the beginning of its relationship with Apple, AT&T has factored this change into its business and technology planning,” a person familiar with AT&T said. Verizon shares rose to $31.50 from a close of $30.45, while AT&T shares slipped to $25.97 from a close of $26.51. Apple stock rose 2.3 percent to $237.65 in extended trading from a close of $232.39. Source: Tech News - Livemint.com | 30 Mar 2010 | 1:51 am Jubilant to demerge, list unit in Oct-Dec 2010Mumbai: Drug-maker Jubilant Organosys Ltd plans to complete demerger of its performance polymers and fertilisers business and list the unit in quarter ending December 2010, a top official said. Executive director-finance, R Sankaraiah, said the company would seek board approval for the demerger in May. “We expect to get it (de-merger process) completed in the quarter beginning October,” he said. The company plans to get the new unit listed on stock markets in the October-December quarter of FY11 itself. “Shares of the new company would be issued to the existing shareholders of Jubilant Organosys,” he said. “The de-merged entity will have a mirror-shareholding pattern to that of Jubilant.” The performance polymers and fertilisers business contributes about 10 % and 4% of Jubilant’s total sales and net profit respectively, he stated. “As of now it (polymers and fertilisers) is a combined entity (within Jubilant) and our entire investment goes only into pharmaceuticals business. So, these businesses are getting neglected,” he added. “Hence, in order to pursue the growth of these two businesses independently, we want to put it in a separate company.” QIP funds Jubilant Organosys would primarily utilise the amount it raised through a qualified institutional placement (QIP) to fund its capex plans worth Rs3.5 billion in FY11, Sankaraiah said. The company has raised Rs3.87 billion through a QIP by selling 11.2 million shares at a price of Rs344.5 a share, it said in a statement on Tuesday. “We will first repay certain debt and other things. But primarily, the amount (raised via QIP) would be used for capital expenditure,” he said. The company has a debt of Rs6.5 billion, he added. Jubilant’s plants running contract, research and manufacturing services (CRAMS) would see expansion in FY11, he added. The company would invest in setting up a new vitamins business plant in an SEZ with a capacity of 10,000 tonnes per year, he said. It also plans to expand its existing active pharmaceutical ingredients (APIs) plant, he added. At 12:22 pm shares in Jubilant Organosys were trading at Rs347.05, up 0.09% in a Mumbai market that was up 0.22%. Source: Home - Livemint.com | 30 Mar 2010 | 1:47 am EMI Group's music licensing talks falter with SonyEMI, which is owned by private-equity firm Terra Firma Capital Partners Ltd, has been seeking a deal in which one of its rivals would license and distribute its music in the United States.Source: Daily News & Analysis: Money News | 30 Mar 2010 | 1:42 am Standard Chartered files prospectus for India listingThe British bank said on Tuesday that it wanted to issue Indian Depository Receipts, adding that this would be the first listing of IDRs by an overseas company in India.Source: Daily News & Analysis: Money News | 30 Mar 2010 | 1:40 am UBS first quarter fixed income revenue may reach $2.3 billionThe bank has hired about 350 people at its fixed income unit, which includes emerging markets and foreign exchange, in the past 12 months.Source: Daily News & Analysis: Money News | 30 Mar 2010 | 1:38 am Food inflation coming down: Cabinet secretaryFood inflation is coming down, with sugar and vegetable prices falling and other indicators remaining stable, cabinet secretary K M Chandrashekhar said today.Source: HindustanTimes.com - Top Business News Headlines | 30 Mar 2010 | 1:38 am Nissan prices Leaf EV around 3.76 million yen in JapanThe automaker said it aims to sell 6,000 Leaf cars, its first mass-volume all-electric model, in Japan for the year ending in March 2011.Source: Daily News & Analysis: Money News | 30 Mar 2010 | 1:37 am NASA to test Toyota electronics in safety probeUS auto safety regulators are turning to NASA scientists for help in analyzing Toyota Motor Corp electronic throttles to see if they are behind unintended acceleration, Transportation Secretary Ray LaHood said today.Source: HindustanTimes.com - Top Business News Headlines | 30 Mar 2010 | 1:16 am Fitch: India almost certain to tighten moreTOKYO (Reuters) - India is "almost certain" to continue tightening monetary policy, a Fitch Ratings analyst said on Tuesday.Source: Reuters: Money News | 30 Mar 2010 | 1:15 am SBI extends 8% Special Home Loan scheme till Apr 30 - Moneycontrol.com
Source: Business - Google News | 30 Mar 2010 | 12:50 am Crompton Greaves completes acquisition of PTS for 30 mn poundsElectrical equipment maker Crompton Greaves today said it has completed the acquisition of UK-based Power Technology Solutions (PTS) for 30 million pound (nearly Rs 202 crore).Source: India Business News | Business News - Times of India | 30 Mar 2010 | 12:49 am Boeing eyes collaboration with ISRO on communication satellitesBoeing has evinced interest in collaborating with Indian Space Research Organisation in the area of communication satellites, and the two entities are exploring joint opportunities, a senior ISRO official said.Source: India Business News | Business News - Times of India | 30 Mar 2010 | 12:43 am Puravankara forms JV company with Mexico's HomexPuravankara Projects today said it has entered into an agreement with Mexico-based Homex India Private to form a joint venture company for affordable housing projects.Source: HindustanTimes.com - Top Business News Headlines | 30 Mar 2010 | 12:36 am Crompton Greaves completes acquisition of PTS for 30 mn poundsElectrical equipment maker Crompton Greaves today said it has completed the acquisition of UK-based Power Technology Solutions (PTS) for 30 million pound (nearly Rs 202 crore).Source: HindustanTimes.com - Top Business News Headlines | 30 Mar 2010 | 12:31 am StanChart files prospectus for India listingHONG KONG/MUMBAI (Reuters) - Standard Chartered has filed a draft prospectus to raise up to $750 million through an issue of Indian Depositary Receipts, the first such offering in Asia's third-largest economy.Source: Reuters: Money News | 30 Mar 2010 | 12:26 am Buy Maruti Suzuki target of Rs 1475 India Infoline - Moneycontrol.com
Source: Business - Google News | 30 Mar 2010 | 12:23 am Markets edge higher; firm rupee hits ITMumbai: Indian shares were trading 0.1% higher on Tuesday as gains triggered by firm global equities were capped by declines in export-focused outsourcers on concerns a stronger rupee could bite into their margins. The Indian rupee rose to fresh near 19-month peaks backed by gains in the domestic shares and weakness in the dollar versus major currencies overseas. By 11:08am, the 30-share BSE Sensex was trading up 0.12% at 17,732.78 points, with two-thirds of its components gaining. The 50-share NSE index was barely changed at 5,302.30 points. The index had briefly slipped into the negative territory to touch a low of 17,703.67 points earlier on Tuesday. Foreign funds have pumped around $3.9 billion in Indian equities so far this year, most of which arrived in March. The main index is up nearly 8% in the current month. “There is still room left to rise as there is definitely an India story,” said R. Ganesh, director of Systematix Shares, a Mumbai-based brokerage. “We (Indian stocks) have performed better than some of our peers and broader emerging markets. But, I would not say we are headed for a bull run from here,” he said adding that the recent rally had pushed up valuations. Angel Securities said in a note on Monday that it expects the Sensex companies to register 27% compound annual growth rate in earnings over the next two years. Infosys Technologies dropped 1.6%, while rivals Tata Consultancy Services and Wipro shed 1.1% and 0.8% respectively. Energy giant Reliance Industries, which has the highest weight on the Sensex, led the gainers. The stock was up 0.4% at Rs1,098.40. India’s top mobile operator Airtel was up 1.1% at Rs314.40. The company’s $9 billion expansion into Africa faced a potential new hurdle on Monday as the government of Gabon raised a regulatory objection to the deal. Earlier on Monday a source had said that the deal over Bharti’s purchase of the African assets of Kuwait’s Zain would be signed in Amsterdam on Tuesday. Non-ferrous metals producer Sterlite Industries rose 2.1% on expectations that copper prices will rise on improving demand. Aluminium maker Hindalco and Tata Steel, world’s eighth-largest steel maker by output, climbed 0.7% and 0.4% respectively. In the broader market, gainers were more than double the number of losers in a volume of 136 million shares. Automakers Tata Motors, Maruti Suzuki and Mahindra and Mahindra gained between 0.2 and 2.1% on expectations of robust sales in March. Transportation firm IL&FS Transportation Networks debuted at Rs290 per share, a premium of 12.4% to the issue price of Rs258. The stock pared some of the early gains and was trading at Rs286 a share. Source: Home - Livemint.com | 30 Mar 2010 | 12:23 am StanChart files prospectus for India listingHong Kong / Mumbai: Standard Chartered has filed a draft prospectus to raise up to $750 million through an issue of Indian Depositary Receipts, the first such offering in Asia’s third-largest economy. StanChart, which is expanding its presence across Asia, is also listed in Hong Kong. The bank, which gets 20.5% of the group’s profit from India, said earlier this month it planned to raise $500 million to $750 million through the issue during the second quarter of this year. The amount it raises will depend on market conditions and investor demand, the bank said on Tuesday. Profits in India topped $1 billion in 2009, the second country to do so after Hong Kong. The bank said it had hired UBS AG, Goldman Sachs, JM Financial Consultants, DSP Merrill Lynch, Kotak Mahindra Capital and SBI Capital Markets to manage the offering. StanChart appointed its STCI Capital Markets unit as a co-book running lead manager. Source: Home - Livemint.com | 30 Mar 2010 | 12:15 am Gabriel India (Rs 35.35): BuyGabriel India faces strong long-term resistance in the range between Rs 38 and Rs 44. The stock reversed from this zone in December 1994 and then in AprilSource: Business Line - Home Page | 30 Mar 2010 | 12:00 am SEBI may get powers to monitor use of IPO fundsThe new Companies Bill will give SEBI the powers to look into the end-use of Initial Public Offerings (IPOs). Changes to this effect would be incorporated in the draft Companies Bill, 2009, Corporate Affairs Ministry sources told BusinessSource: Business Line - Home Page | 30 Mar 2010 | 12:00 am Companies beware! Hackers on the prowlAs the fiscal comes to an end, it is not only auditors and accountants who are busy with financial statements ofSource: Business Line - Home Page | 30 Mar 2010 | 12:00 am Govt nets Rs 110 crore from IPL 3The third edition of the Indian Premier League is turning out to be a money spinner not only for the organisers but also for theSource: Business Line - Home Page | 30 Mar 2010 | 12:00 am Rupee overhang drags infotech stocksWith rupee strengthening to a near 19-month high, the BSE IT index fell 1.74 per cent on Monday even as Sensex gained 0.38 per cent. The IT index was the biggest loser in Monday's trade. On week-on-week basis, the Sensex gained 1.73 per centSource: Business Line - Home Page | 30 Mar 2010 | 12:00 am ‘India-Malaysia trade should touch $50 bn by 2015'India-Malaysia trade in 2009 shrunk by nearly a third to $7.06 billion from $10.52 billion in 2008 after being hit by the double whammy of a demand slowdown due to the global financial crisis and fall in prices of major items likeSource: Business Line - Home Page | 30 Mar 2010 | 12:00 am Punj Lloyd exits Pipavav ShipyardPunj Lloyd on Monday sold its entire stake of 19.43 per cent in Pipavav Shipyard (PSL) to its co-promoter, SKIL Infrastructure, for Rs 656 crore through an inter-se promoter transfer, only six months after Pipavav's IPO in SeptemberSource: Business Line - Home Page | 30 Mar 2010 | 12:00 am The hazards of microfinance businessThe operational risk arising from fraud, petty theft, embezzlement and violent crime have been highlighted in SKS MicroFinance Ltd's draft red herring prospectus for initial publicSource: Business Line - Home Page | 30 Mar 2010 | 12:00 am Not all customer-care calls are freeGone are the days of free access to call centre agents of mobile service providers. You will now be charged for speaking to a customer-care executive unless the call is made to register aSource: Business Line - Home Page | 30 Mar 2010 | 12:00 am Day Trading GuideFresh long position is recommended only if DLF exceeds Rs 306, with tightSource: Business Line - Home Page | 30 Mar 2010 | 12:00 am Rupee up 3 paise against dollar in early tradeThe rupee appreciated by 3 paise to rise to a nearly 19-month high of 44.92 a dollar in early trade on Monday on capital inflows by foreign funds and the US currency's weakness against major currencies.Source: HindustanTimes.com - Top Business News Headlines | 29 Mar 2010 | 11:13 pm Oil up in volatile trade, stays above $82Singapore: Oil prices were higher in volatile Asian trade on Tuesday as the market pared recent gains ahead of a weekly report on US energy stockpiles, analysts said. New York’s main contract, light sweet crude for delivery in May, was up seven cents to 82.24 dollars a barrel. Brent North Sea crude for May rose 10 cents to $81.27 per barrel. “The market has been zig-zagging between just under $80 and up to 83 so I think we’re caught in a range at the moment,” said Tony Nunan, an energy risk manager with Mitsubishi Corp in Tokyo. “We’ve been in sideways trading for a while and I think the market focus will be on the inventory data which is expected to be bearish partly because we’re entering the second quarter of the demand period.” The US Department of Energy will release its weekly US oil inventories report Wednesday indicating the extent of demand in the world’s largest energy consumer. Oil prices rose sharply Monday as the New York contract climbed $2.17 on the back of a weak US dollar and rising stock markets as well as concerns after deadly suicide attacks on packed metro trains in Moscow. The market is also awaiting upcoming data this week that many analysts said would show an improving jobs situation in the United States, which is reeling from a near double digit unemployment crisis. Most analysts forecast nonfarm payroll in March to add 200,000 jobs - compared with 36,000 job losses in February - partly due to temporary hiring for the Census Bureau to conduct a massive census exercise. US employment data is being closely watched worldwide because American consumers are a major driver for global growth. Source: Home - Livemint.com | 29 Mar 2010 | 11:05 pm Rupee up 3 paise against dollar in early tradeThe rupee appreciated by 3 paise to rise to a nearly 19-month high of 44.92 a dollar in early trade today on capital inflows by foreign funds and the US currency's weakness against major currencies.Source: India Business News | Business News - Times of India | 29 Mar 2010 | 10:46 pm Sensex up 71 points in early trade on global cuesThe Bombay Stock Exchange today shot up by 71 points in early trade on continued buying by foreign funds, which took cues from firm global markets.Source: HindustanTimes.com - Top Business News Headlines | 29 Mar 2010 | 10:27 pm Sensex up 71 points in early trade on global cuesThe Bombay Stock Exchange on Tuesday shot up by 71 points in early trade on continued buying by foreign funds, which took cues from firm global markets.Source: India Business News | Business News - Times of India | 29 Mar 2010 | 10:26 pm Commodities take Asian stock markets higherSingapore: Asian stock markets rose on Tuesday as the weak US dollar spurred overnight gains in commodities, boosting commodity-linked stocks in the region. Markets were also buoyed by news that US consumer spending rose for a fifth straight month in February, implying that its consumption may be strong enough to keep a global economic recovery going. Japan’s Nikkei average soared to an 18-month high, and looked set to extend gains in the new business year and quarter starting this week despite worries that it was overbought. The euro was trading more or less flat against the dollar at $1.3479 after rebounding from a 10-month low below $1.38 last week, mainly on short covering ahead of the quarter’s end. The euro was also supported by Greece’s successful sale of 5 billions euros ($6.7 billion) of bonds, the first test of investor appetite since European powers last week agreed to a financial safety net for Athens as its battles a debt crisis. The dollar was also weaker against commodity currencies like the Australian and New Zealand dollar, with the dollar index against major currencies slipping 0.12%. The euro’s strength took three-month copper on the London Metals Exchange to its highest level overnight since August 2008. Prices retreated slightly in early Asian trade, but underlying strength was seen likely to stay on improving demand. The benchmark Nikkei was up 0.5% at 11,038 points at the midday break, after earlier rising as far as 11,062.09, its highest since October 2008. “The next quarter is likely to see the Nikkei boxed into a 10,000-11,500 range,” said Yutaka Miura, chief technical analyst at Mizuho Securities. “It’s risen quite a lot recently on hopes for global economic recovery and good Japanese results, but if these don’t live up to expectations there could be some short-term profit-taking.” As of Monday’s close, the Nikkei had gained roughly 4.2% for the quarter as investors were drawn to its relatively inexpensive valuations, bringing its gains for the financial year ending on Wednesday to 35%. The Nikkei’s relative strength index (RSI) is at 68, nearing the 70-plus levels which are considered overbought. But other movement indicators, such as MACD, suggest the Nikkei is still in an uptrend. Commodities-linked shares climbed after gold hit its highest in more than a week on Monday as investors’ risk appetite increased, while other metals rose sharply as economic optimism boosted demand for industrial commodities. Mitsubishi Corp gained 3.6% and steelmakers like Kobe Steel also surged. Across Asia, the materials sub-sector of the MSCI Asia ex-Japan index was up 0.75%, compared to a 0.52% rise in the overall index, with portents of more gains to come. BHP Billiton and Vale persuaded steel mills to buy iron ore based on a quarterly pricing system as of 1 April, signalling the near-demise of annual fixed-price contracts that have cost miners billions of dollars. The news augurs well for mining stocks, including World No. 2 producer Rio Tinto, which has also said it hopes to replace annual prices with shorter ones this year. Analysts were also excited by reports that major Japanese and South Korean steel mills had agreed to a price increase of 90% for iron ore this year, which pushed the commodities-linked Aussie dollar up almost a cent, its biggest one-day rally in six months. Market performance in Asia in the first quarter has been mixed, with the Asia ex-Japan stock rally largely stalling after surging 68% in 2009, held back by worries that the global economic recovery and a rebound in corporate profits may sputter. The MSCI Asia ex-Japan equities index has gained a scant 2% so far this year, prompting investors to shift into regional bonds, especially high-yield and riskier credits. The benchmark JPMorgan EMBI+ credit index for Asia rose 2.8% in the first quarter, with far larger gains seen in some Southeast Asian sovereign debt. The JPMorgan GBI-EM broad index on Indonesia is up 11% so far this year in dollar terms, according to Thomson Reuters data. Oil steadied above $82 a barrel after hitting its highest level in almost two weeks on Monday on optimism about the global recovery, while gold inched up 35 cents to $1.108.55 an ounce. Source: Home - Livemint.com | 29 Mar 2010 | 9:40 pm Google mobile service partially blocked in ChinaGoogle on Monday reported that its mobile Internet service in China was partially blocked but it was unknown whether the trouble was related to a stand-off over censorship there. Source: HindustanTimes.com - Top Business News Headlines | 29 Mar 2010 | 9:01 pm Apple starts shipping first iPadsApple began shipping its first iPads on Monday to customers who pre-ordered the tablet computer ahead of Saturday's official launch of the eagerly awaited device. Source: HindustanTimes.com - Top Business News Headlines | 29 Mar 2010 | 8:59 pm Ex-IBM exec pleads guilty in inside tradingA former IBM senior executive pleaded guilty Monday to federal charges arising from what prosecutors call the largest insider trading case in hedge fund history. Robert Moffat, 53, pleaded guilty to conspiracy to commit securities fraud and securities fraud, charges which carry a potential penalty of 25 years in prison. Source: HindustanTimes.com - Top Business News Headlines | 29 Mar 2010 | 8:45 pm Govt approves 23 FDI proposals worth over Rs 2,300 crore!The government Monday 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: Zee News : Business | 29 Mar 2010 | 5:59 pm Some relief for Delhi taxpayers - The Hindu
Source: Business - Google News | 29 Mar 2010 | 3:22 pm Is the real estate sector headed for another correction?New Delhi: The Indian realty market could be headed for a correction as more homes come into the market at elevated prices, say real estate experts. High-end houses in Mumbai and the National Capital Region (NCR) are the most vulnerable. “There is a possibility of a double dip in residential real estate,” said Abhishek Kiran Gupta, head of operations, research and real estate intelligence service, Jones Lang LaSalle Meghraj (JLLM). JLLM is a property consultant firm with branches all across the world. Also See Hitting the roof (Graphics) Real estate prices came out of a recent trough in tandem with the financial restructuring of many debt-laden developers and a revival in home buying on the back of greater consumer confidence and lower interest rates. According to the data available with the international property consultant, between the third and the fourth quarter of this fiscal, Noida-Greater Noida and Gurgaon in NCR saw the launch of 33,724 new units whereas Mumbai got 7,371 units. Bangalore witnessed the launch of 4,788 units in the same period. Gupta of JLLM says that prices of affordable homes across the country have gone up by 5-10%, while mid-end to high-end housing has seen a rise of 20%. “But Mumbai has been leading in terms of price hikes,” he added. Data from Nomura Financial Advisory and Securities (India) Pvt. Ltd also confirmed that the Mumbai metropolitan region witnessed the highest price rise across all regions in the country. “In Mumbai, owing to the high cost of acquisition of land, projects are aimed at the top end of the market and are positioned as premium projects,” said Shruti Gupta, managing director, Credo Spaces Pvt. Ltd, a property consultant firm based in Mumbai. She adds that many projects will be announced over the next six months and they could create a glut in the Mumbai residential real estate market. The Global Wealth Report 2010 by international property consultants Knight Frank Llp and Citibank NA predicted a hike in prime property prices in India by 12-15%. Pranab Datta, vice-chairman and managing director, Knight Frank India Pvt. Ltd, said, “Compared to the second quarter till date, prices have firmed up in some markets. Some areas in Mumbai have even touched the peak levels of 2008. The market has demonstrated huge demand in the middle and affordable category. But in the premium and super-premium categories, there could be downward movement.” Datta cited the examples of apartments in Mumbai’s suburbs of Kandivali and Goregaon, which till the third quarter of the fiscal were selling at Rs6,000 per sq. ft. “The same apartments are now available in the range of Rs8,000 per sq. ft,” he said. However, because of cheaper land rates, Noida-Greater Noida has attracted more launches than Gurgaon or Mumbai. Commenting on the price movement in NCR, Anshul Jain, chief executive officer, India, DTZ International Property Advisers Pvt. Ltd, said, “The launches that happened in mid-2009 were in the affordable range—below Rs3,000 per sq. ft. But as the demand grew, prices soared over 10%. In terms of sales, localized as well as big developers have performed well in the last two quarters till date.” He, however, expects the premium segment—flats selling above Rs6,000 per sq. ft—to again see some pain. DTZ International Property Advisers is a property consultant firm. Interestingly, existing projects, which were launched in 2008 and 2007, have also increased their rates for unsold stock. For instance, DLF Ltd has increased its rates in DLF Park Place, its premium project located at Golf Course Road, Guragon. “The units that were sold at Rs5,750 per sq. ft are now available at Rs6,250 per sq. ft,” said Naresh Guar, a real estate consultant operating in the area. There are developers who have announced a second or third phase of their projects at a higher rate. For instance, Mahindra Lifespace Developers Ltd, which has got a project in sector 110A of Gurgaon, will launch its second phase at a higher rate. It had sold the first phase at Rs2,300 per sq. ft. Confirming this, Rajendra Joshi, vice-president, marketing, Mahindra Lifespace, said, “It would be a challenge for developers to maintain the same pricing as land cost has increased. There would be a small rise in our second phase at our Gurgaon project.” Amrapali Developers Ltd, which has launched its projects in Greater Noida and sectors 76 and 120 in Noida, will also increase the rates by 10%. “We would increase our rates after March,” confirmed Anil Sharma, chairman and managing director, Amrapali Developers. Altogether, the company plans to launch around 12,000 units under various phases of construction. However, prices will have to remain realistic and affordable for activity to continue at a healthy rate. Properties with increased price tags may not find too many takers. Source: LatestNews-Home - Livemint.com | 29 Mar 2010 | 1:45 pm Learning gamesContrary to what most people believe, sports and games have far more benefits than just getting healthier or winning Olympic medals. For me, the other benefits of sports—the career and, indeed, life skills they instil and enhance—outweigh the gains of fitness and prizes any day.  I was there to demonstrate to these youths the “other” benefits of sports and exercise for their holistic development. Rural India already has an amazing level of fitness compared with urban India, so it would have been useless to go on about health benefits. But what else could a game get them? Could it improve their employability too? Also Read | Learning games, one step up in learning for life Leadership  Career sports: Rural Edge trainees at play. Team spirit and cooperation Amazingly, the common goal resulted in instant bonding across members. Any team is of course as good as its weakest link, and good sport is not about crushing them, as I explained. Obviously, everyone in the team would not be as good at each activity. So communication skills had to improve to surmount difficulties. And as it happened, some participants just did not know how to do the hop relay. The captains noticed and practised with the whole team, showing patience, never losing their temper. Those who were good taught those with poorer technique—and within a few minutes, some were covering double the distance they could before. Healthy competition and camaraderie I had told the teams that winning wasn’t supposed to happen by hook or by crook. They were able to grasp that instantly, better than many a corporate intern. Indeed, it was an amazing, eye-opening experience to see people helping even competing teams. On a few occasions when some participants struggled to finish (running barefoot on a rocky track at close to 40 degrees Celsius), people from another team went over and ran alongside or even cheered them to the finish line. And this when they knew there was no prize money—they were just happy to give their best to the game, and bond in the process. Discipline Even though this was impromptu, within a minute the new teams realized they had to be organized to get a good result. Indians are infamous for not knowing how to queue up, but here I had uneducated rural Indians queuing up voluntarily in 15 seconds flat so that I could easily tell apart the seven teams. No noise, no confusion, no rowdiness (indeed, with little idea of what lay before them, they had been asked to meet me at 7am; they were all there by 6.55, and it hadn’t taken 14 years of schooling to train them to punctuality either, just the promise of an opportunity—possibly a motivational lesson too). If all this did not constitute performance under pressure, I don’t know what does. And it was all encouraged and revealed inadvertently, in the spirit of the game. Perhaps our sports training and physical education classes have more lessons to offer. That games are not just for physical fitness and exercise, or even fun. That they can teach life skills, even perhaps show us that we already have them. The author is a practitioner of sports and exercise medicine and musculoskeletal medicine, and CEO of Back 2 Fitness.Write to Rajat at treadmill@livemint.com Source: LatestNews-Home - Livemint.com | 29 Mar 2010 | 1:45 pm Urine-processing technologies yield rich cash flow potentialThe stink is out of urine, literally and metaphorically, with a growing number of researchers spotting commercial and ecological value in a liquid most people consider waste.Source: Business Standard | Front Page Headlines | 29 Mar 2010 | 1:29 pm LIC plans Rs 75,000-cr market booster for next yearLife Insurance Corporation of India (LIC), the countrys largest institutional investor, is planning to pump in at least Rs 75,000 crore in equities during the next financial year.Source: Business Standard | Front Page Headlines | 29 Mar 2010 | 1:26 pm Supreme Court upholds Mining ban on LafargeOrders fresh environment impact study of limestone mining in Meghalaya.Source: Business Standard | Front Page Headlines | 29 Mar 2010 | 1:22 pm Daredevils beat Knight Riders by 40 runsNew Delhi: Bit-hitting David Warner notched up the second century of the Indian Premier League III as Delhi Daredevils bulldozed a hapless Kolkata Knight Riders by 40 runs on Monday. Riding on Warner’s unbeaten 107 in 69 balls, the highest score of IPL3, and Paul Collingwood’s 45-ball 53, Delhi posted a competitive 177 for four and then restricted Kolkata at 137 for nine to register their first win at home and brighten their semifinal hopes. Chasing 178 to win, Kolkata lost too many wickets upfront and never looked to be in the chase. Chris Gayle (30) and David Hussey (29) top-scored for the Kolkata team but it was not enough as they lost half their side inside 100 runs. Earlier, Warner fired nine fours and five sixes and added 128 runs for the fourth wicket with Collingwood to resurrect the Delhi Daredevils innings after they were tottering at 38 for three at one stage.  Delhi Daredevils’ player David Warner celebrates his century against Kolkata Knight Riders during their IPL3 match in New Delhi on Monday. Aman Sharma/PTI Kolkata were off to a bad start as they lost skipper Sourav Ganguly (5), Mandeep Singh (0) and last match’s star Manoj Tiwary (0) in quick succession to be left tottering at 21 for three in 4.2 overs. Gayle tried to keep the scoreboard ticking and clobbered McDonald for a four and a six in the second over, before hitting him for a six and four in the fifth over. The West Indies opener, who was dropped by Virender Sehwag at 24, however, didn’t last long as he gave a catch to Amit Mishra at deep mid-wicket off Rajat Bhatia in the ninth nover to see Kolkata slip to 50 for four in 8.1 overs. David Hussey and Angelo Matthews (24) tried to resurrect the innings and stitched 35 runs off 32 balls but once the former was gone, defeat was evident for the Knight Riders. Earlier, electing to bat, Delhi had a shaky start as they lost three quick wickets -- Virender Sehwag (8), Gautam Gambhir (1) and Dinesh Karthik (0) -- within three overs but Warner played a devastating knock which was bejeweled with nine fours and five sixes to ensure a competitive score. The Australian, however, almost had a heartbreak at 96 when Murali Kartik pulled of a stunning catch off his own bowling in the 18th over but much to the dismay of the Kolkata team, the ball had kissed the ground as Warner got a life and went on to celebrate his century. For Kolkata, Gayle opened the bowling and after being hit for a couple of fours, dismissed the dangerous Sehwag. In pursuit of a six, the dashing right-hander was stumped by Saha as Delhi lost its first wicket in the opening over. Back in the side, Charl Langeveldt then got into the act and caught skipper Gambhir, who was playing his first match after recovering from injury, plumb in front of the wicket to reduce Delhi to 21 for two in two overs. Unfazed Warner continued his carnage on the other end and plundered two consecutive fours and a six off Ishant Sharma. The lanky pacer, however, came back strongly and dismissed newman Dinesh Karthik for duck in the last ball of the over. But Warner was in an unstoppable mood and the Australian picked up two more fours and a six off Langeveldt to bring up Delhi’s fifty in 4.4 overs. Warner kept sending the bowlers for the leather hunt and reached his half-century with a four off Kartik. Kartik was again at the receiving end in the next over, when he heaved him over square leg. The diminutive Australian meted the same treatment to Ajit Agarkar and brought up the 100 for Delhi, before plundering 17 runs off his second over, which included two fours and a six over long off. Collingwood also blossomed in the final overs, clobbering two sixes off Gayle and it took a stunning catch by Hussey at the boundary line in the last over to dismiss the Englishman. Brief Scores Delhi Daredevils: 177 for four in 20 overs (David Warner 107 not out, Paul Collingwood 53; Charl Langeveldt 2/31). Kolkata Knight Riders: 137 for nine in 20 overs (Chris Gayle 30, David Hussey 29; Andrew McDonald 2/37, Umesh Yadav 2/27). Source: LatestNews-Home - Livemint.com | 29 Mar 2010 | 1:20 pm Bharti to sign Zain deal todayDays after the boards of both Bharti and Zain cleared the takeover of the latter by the Indian telecom biggy, Bharti Airtel has decided on March 30 for signing on the dotted line.Source: India Business News | Business News - Times of India | 29 Mar 2010 | 1:06 pm Citi names Jhaveri as India headCitigroup 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 (ANZ).Source: India Business News | Business News - Times of India | 29 Mar 2010 | 1:04 pm Double whammy for leather exportersStill to come out of the global recession, the onward march of the rupee has come as a double whammy for the leather exporters.Source: India Business News | Business News - Times of India | 29 Mar 2010 | 1:01 pm Hedging will protect IT firms from fluxMonday's close of the rupee to above the 45-level will not hurt the exporters in any major way. It's just a psychological level.Source: India Business News | Business News - Times of India | 29 Mar 2010 | 12:59 pm Garment makers caught coverlessIt has been a double blow for garment exporters. With the two major trade-related currencies, the dollar and the euro on a steady downward spiral in the last three months, garment exporters are scurrying for cover.Source: India Business News | Business News - Times of India | 29 Mar 2010 | 12:57 pm TVS launches India’s first clutchless bikeThe country’s third-largest two-wheeler manufacturer TVS Motor Ltd on Monday launched India’s first clutchless motorcycle.Source: HindustanTimes.com - Top Business News Headlines | 29 Mar 2010 | 12:50 pm Few fund managers can beat the market The Indian mutual funds (MF) industry is a business of scale. Apart from one, the top most profitable asset management companies (AMCs) are not necessarily the top five biggest AMCs. They have a few things in common. First, their staff and establishment cost is very low. Second, their retail investor base is stable comprising people from smaller towns, who invest in systematic investment plans (SIP). Of course, their schemes perform well. If I can achieve retail penetration and can control my costs, I think I will be able to make decent revenue. Third, our scale. We are comfortably poised here as IDBI (Bank), our parent, has a large branch network. My cost of collection drops. Last is our staff cost. I am very conscious of the fact that I have to keep my staff cost low. I also believe that investors would realize the value of index funds. Fund managers of actively managed schemes go all out and sell schemes in good markets, but stop meeting and talking to investors and distributors in falling markets. Not only do most of them find it hard to justify their performances in falling markets, they also can’t (reply to) the investors’ questions as to when the would they recover their money. Very often, decisions taken in good markets look disastrous in falling markets. Index funds don’t have this problem. There aren’t any bad decisions as the fund manager just mimics the index. And if an index has to rise, some time, index funds will follow. That is why it is easier to explain an index fund in a falling market. You seem to be focusing on falling markets. But aren’t MFs all about creating wealth over a long period of time? How do index funds fit in a rising market versus actively managed funds? The thrust of an average retail investor should be an SIP, irrespective of rising and falling markets. When the markets start falling and the fund manager disappears, the retail investor loses confidence. He stops investing. The number of SIPs that get stopped in falling markets is not funny. In a good market, frankly, I just have to make my product available. If my branding is good and I am visible, my product sells automatically. But how do I ensure that in a bad market, an SIP is not stopped? An index fund is logical to explain in a bad market—the investor just buys the index at a cheaper level. Wouldn’t it be tough to convince distributors to sell index funds? The main reason that actively managed funds are more popular is that up to late 1990s, the market was less efficient than it is today. In an efficient market, very few fund mangers are able to outperform the bellwether indices. We believe most distributors are converting to selling passively managed funds and we hope to benefit from this trend. Additionally, the industry has arrived at a consensus by which brokerages for equity funds are more or less uniform. And, therefore, there should be no financial disincentive to the distributor for selling a passive fund. Many large distributors have moved to the advisory fee model, which makes active and passive funds commercially neutral to them. —Kayezad E. Adajania kayezad.a@livemint.com Source: Home - Livemint.com | 29 Mar 2010 | 12:13 pm Citi to raise headcount at hedge fund unitLondon: Financial services major Citigroup has expanded its hedge fund servicing unit Global Prime Finance Group in New York and London by adding 13 employees, says a media report. The hedge fund servicing unit would be headed by John Nicholson, a former Barclays Capital executive, who would become the managing director in Citi’s US trading team, the Financial Times reported. Besides, Eric Hughson, a former Commerzbank executive, would be the managing director of Citi’s European trading team, it added. According to the publication, seven of the 13 new hired were formerly with Lehman Brothers, who moved on to Barclays Capital after the US bank demise. Citi has also hired five directors who earlier worked at Morgan Stanley. Source: World Business - Livemint.com | 29 Mar 2010 | 4:59 am Toyota to provide hybrid technology to MazdaTokyo: Japanese carmaker Toyota will provide hybrid technology used in its best-selling Prius vehicle to its rival and compatriot Mazda Motor, the companies said Monday. Mazda plans to roll out hybrids in Japan by 2013 as it looks to catch up with other makers in the market for fuel efficient vehicles, it said in a joint press release. The two Japanese automakers have been in talks over the supply of Toyota’s gasoline-electric powered system to Mazda since last year. The agreement comes as major automakers rush to develop more fuel-efficient cars as emission regulations become stricter in key markets. However the costs of doing so can be prohibitive, especially in an industry emerging from a deep slump after the global financial crisis. Toyota, which overtook General Motors in 2008 to become world number one automaker, has seen its reputation tarnished after it recalled more than eight million vehicles worldwide mostly due to problems with sudden acceleration. In February it announced the global recall of 437,000 third-generation Prius and other hybrids to repair a flaw in their anti-lock brake system which can cause a momentary lag in brake function. The Prius is the world’s most popular hybrid, with more than 2.3 million sold in about 70 countries. Source: World Business - Livemint.com | 29 Mar 2010 | 4:49 am
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