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US, India must push for balanced growth: GeithnerUS Treasury Secretary Timothy Geithner said on Tuesday that the United States and India must work together on rebalancing global growth and revamping a battered financial system.Source: Moneycontrol Top Headlines | 6 Apr 2010 | 8:43 am NTPC plans capacity additionIndia\'s top power utility NTPC Ltd plans to add 4,0004,500 mega watt generation capacity in the current fiscal year to March, the staterun firm\'s chairman R.S. Sharma said on TuesdaySource: Moneycontrol Top Headlines | 6 Apr 2010 | 7:30 am Coal India FY10 net profit up at Rs 8,312 crCoal India has announced its FY10 results. It has reported net profit of Rs 8,312 crore as against Rs 2,078 crore, on yearonyear basis (YoY).Source: Moneycontrol Top Headlines | 6 Apr 2010 | 7:22 am Religare chairman steps down, CEO to take overReligare Enterprises Ltd has announced that the Board of Directors of the Company at its meeting held on April 06, 2010, inter alia, have considered and approved the reshuffle of Board of Directors.Source: Moneycontrol Top Headlines | 6 Apr 2010 | 7:18 am FMCG firms eye Africa as next growth vehicleIndian consumer firms, faced with rising competition at home, are eyeing the African market whose rising demand may help boost growth, even as higher valuations may hurt profitability, analysts and officials saySource: Moneycontrol Top Headlines | 6 Apr 2010 | 6:39 am Sanofi settles further Eloxatin patent suitsSanofiAventis has settled a patent law suit over cancer drug Eloxatin with additional drugmakers, stopping them selling their generic versions in the United States from June 30 until August 2012Source: Moneycontrol Top Headlines | 6 Apr 2010 | 6:39 am Sensex surges to two-year high !Markets soared Monday with Sensex gaining an impressive 243-point gain to scale a fresh two-year high.Source: Zee News : Business | 6 Apr 2010 | 6:06 am Govt OKs iron ore prospecting licence for ArcelorMittal!India`s federal government has approved an iron ore prospecting licence for ArcelorMittal in Jharkhand state, the Mines Minister said Monday.Source: Zee News : Business | 6 Apr 2010 | 6:06 am Is Dabhol Power Plant sustainable? Experts discussTwenty years after it was first conceived and almost ten years after its first flop, its another rising from ashes for the Dabhol Power Plant now known as Ratnagiri Gas Power. Is this time for real?Source: Moneycontrol Top Headlines | 6 Apr 2010 | 5:55 am Bharat Electricals targets sales of Rs 5700cr in FY11In an interview with CNBCTV18, Ashwini Kumar Datt, CMD of Bharat Electronics said the fourth quarter is normally a weak quarter compared to the other three quarters. \"The wage provisions have margins in Q4FY10.\"Source: Moneycontrol Top Headlines | 6 Apr 2010 | 5:40 am Will maintain margins in hydrocarbons: LTSpeaking to CNBCTV18 today, Board Member and President Operations, K Venkatraman said that the company had seen a 35% increase in orders in FY10 with a higher intake coming in the fourth quarter.Source: Moneycontrol Top Headlines | 6 Apr 2010 | 5:19 am RBI sets govt\'s short term borrowing limitThe Reserve Bank of India (RBI) said on Monday it has set a limit for the federal government\'s short term borrowing at 300 billion rupees (USD 6.8 billion) for the AprilSeptember period of fiscal year 2010/11Source: Moneycontrol Top Headlines | 6 Apr 2010 | 4:27 am Emami says 'interested' in Amrutanjan; shares jump - Moneycontrol.com
Source: Business - Google News | 6 Apr 2010 | 3:50 am Apple sells 3,00,000 iPads on first day of saleNew York: Apple Inc has sold over 3,00,000 iPads in the US on its first day of sale and the IT giant’s CEO Steve Jobs termed the new product as a ‘game changer´. “These sales included deliveries of pre-ordered iPads to customers, deliveries to channel partners and sales at Apple Retail Stores,” Apple said in a statement on Monday. “It feels great to have the iPad launched into the world. It’s going to be a game changer,” Apple CEO Steve Jobs said. However, media reports stated that sales of the much- hyped multimedia tablet computer fell short of expectations of analysts. According to The Wall Street Journal, “analysts on average had expected first-day iPad sales of 400,000 to 500,000 units. Some analysts, such as Piper Jaffray and Gene Munster, had even higher sales projections of 600,000 to 700,000 units.” Apple said in the statement that iPad users downloaded over one million applications from Apple’s App Store and over 250,000 e-books from its iBookstore during the first day. “iPad users, on average, downloaded more than three apps and close to one book within hours of unpacking their new iPad,” Jobs said. Meanwhile, few reports have also claimed that some users had problems connecting to wi-fi networks. “New owners posted comments on Apple forums saying that their iPad had little or no wi-fi signal, where other devices worked fine,” UK daily The Times said in a report. Another daily, the New York Times quoted an analyst as saying that, “because Apple is hoping to popularise a new kind of computing device, one that combines elements of a laptop and smartphone, acceptance among consumers is likely to be slower than with previous Apple devices.” The report also stated that some buyers may be waiting for future versions of the iPad, perhaps with a camera or other new features. The WSJ stated that Apple has also said that it would hold a special event on Thursday for “a sneak peak” of the next-generation iPhone operating system, which runs on the iPhone, iPod touch and iPad. Apple watchers expect the new operating system to offer new features and more closely integrate iPad functions, the report said. Source: Tech News - Livemint.com | 6 Apr 2010 | 3:44 am Nifty consolidates; power, metals, realty gain - Moneycontrol.com
Source: Business - Google News | 6 Apr 2010 | 3:40 am Coal India stake sale likely in August - officialNEW DELHI (Reuters) - State-run Coal India, the country's largest coal producer, is likely to sell some of its stake in August, a senior government official said on Tuesday.Source: Reuters: Money News | 6 Apr 2010 | 3:38 am Promising infra opportunities in India for U.S. cos - GeithnerNEW DELHI (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Tuesday firms in the United States have promising opportunities in India's infrastructure sector.Source: Reuters: Money News | 6 Apr 2010 | 3:37 am Subhash Projects eyes Rs 1500-1550cr revenue in FY11 - Moneycontrol.com
Source: Business - Google News | 6 Apr 2010 | 3:30 am US Treasury Secretary Geithner Visits India - New York Times
Source: Business - Google News | 6 Apr 2010 | 3:27 am India-U.S. talks included fiscal, monetary policyNEW DELHI (Reuters) - The Indian government's discussions with visiting U.S. Treasury Secretary Timothy Geithner and other officials included fiscal and monetary policy, Indian Finance Minister Pranab Mukherjee said on Tuesday.Source: Reuters: Money News | 6 Apr 2010 | 3:26 am J-K Government invokes ESMA against striking employees - Oneindia
Source: Business - Google News | 6 Apr 2010 | 3:17 am Rupee firm, but off 19-month high - Economic Times
Source: Business - Google News | 6 Apr 2010 | 3:15 am SEW Infra raises Rs152 cr from JBC fundMumbai: Hyderabad-based, SEW Infrastructure Ltd, an engineering, procurement and construction (EPC) services company, on Monday raised Rs 152 crores from Delhi-based private equity firm Jacob Ballas Capital India Pvt Ltd (JBC). The investment was made from the firm’s third fund - the $440 million NYLIM (New York Life International) Jacob Ballas India Fund III, Llc. SEW has a special focus on the irrigation and hydropower segments, while now it is slowly diversifying into becoming an infrastructure developer. Sunil Chawla, partner, JBC, who joined the board of the SEW told Mint, “ They have bagged a few concessions to start hydro power projects of their own, so a part of the investment will go into meeting this capital expenditure need.” SEW has bagged concessions for setting up 5 hydro power projects on build, operate & transfer (BOT) basis, in the state of Arunachal Pradesh, aggregating 564 MW. In addition, the company has minority stakes in 2 hydro power projects in the state of Sikkim, with a total capacity of 186 MW. “While there are many EPC players in the market SEW is definitely among the top 5 players in the hydro power and irrigation segment,” added Chawla. He declined to comment on the stake purchased though he said it’s a minority stake transaction. Last year (2008 - 2009) the company made Rs 1600 crores in revenue. he added. V Rajasekhar, managing director, SEW said in the press statement that the infusion of funds will also help the company strengthen its balance sheet further enabling it to bid for larger projects. He could not be reached for further comments. Citi Venture Capital International (CVCI) had invested Rs100 crores in the company in 2007. In the past Jacob Ballas has backed many infrastructure companies like Bharti Airtel Ltd, Pipavav Shipyard Ltd, Reliance Infrastructure Ltd, ABG Shipyard Ltd, Sarvana Global Energy Ltd. Arun Natarajan, chief executive, Venture Intelligence, a Chennai-based research service, says, “Since October 2009 to now, there have been 10 transactions worth $217 million in the engineering services space. Within engineering services anything to do with water like treatment of waste water or desalination of water or hydro power, has got high priority with investors. Daiwa Capital Markets acted as advisors to SEW on this transaction. Source: LatestNews-Home - Livemint.com | 6 Apr 2010 | 3:15 am Samsung set to top record Q1 as recovery buildsSEOUL (Reuters) - Samsung Electronics Co Ltd should beat its record first-quarter profit in the coming two periods as the world's largest semiconductor and flat-screen TV maker rides a broad global technology recovery.Source: Reuters: Money News | 6 Apr 2010 | 3:10 am Timeline: Red TerrorBad peace is better than a good war. Maoists have always believed that revolution is the only means to liberate people from economic penury. The post-Independence political history of India has many examples of armed uprising ending through talks. Putting an end to the Maoist violence is critical to both India’s economic progress and internal security. The problem of Maoist violence can only be solved by bringing development to the impoverished areas. The need of the hour is that political leaders in Jharkhand, Orissa, West Bengal and Chhattisgarh talk to the rebels and address their concerns. The acute poverty and social and economic exploitation have much to do with the spread of the Maoist rebellion, especially in areas inhabited by tribal people. If the anti-Maoist operation is a necessity, so is an urgent and realistic development plan to end centuries-old social and economic deprivations that tribal people suffer. It is also the state’s prerogative to ensure that civilians and armed personnel are not killed in cold blood. ********************* Brief History: The communist movement in India officially began in the 1920s with the formation of the Communist Party of India (CPI) . In 1964 a serious ideological rift within the party, corresponding with the Sino-Soviet split, led a breakaway group to form the Communist Party of India (Marxist) which is now a mainstream Marxist political party. Some members of the Marxist party were behind a famous uprising in defence of tribal land, in Naxalbari in West Bengal in 1967. The leaders of the Naxalbari uprising broke away from CPI (Marxist) in 1969 to form the CPI (Marxist-Leninist) — the Maoists, or Naxalites. This party advocated armed revolution and denounced participation in the electoral process. Soon the Maoists had created vast guerrilla zones stretching from West Bengal to Bihar to Uttar Pradesh and Andhra Pradesh. But within a few years their fortunes were waning because of internal splits, the death in 1972 of their ideological leader Charu Mazumdar, and major crackdowns by the government. Since then there have been many communist revolutionary groups operating in different parts of India. One of the most significant was the People’s War Group, formed in 1980 by Kondapally Seetharamaiah, a schoolteacher. It promotes an armed revolution, targeting the state and the security forces as well as oppressive landlords. It began in Andhra Pradesh and spread to Chhattisgarh and Orissa states. It gained strength in 1998 when it merged with another left-wing group, the Communist Party of India (Marxist Leninist Party Unity). Partly as a result of such mergers, the Naxalite movement has grown much stronger in recent years. ************************* The following is a chronology of how the Maoist war began and the journey so far: 6 April 2010 | Over 70 CRPF personnel were killed in an attack by Naxalites in Dantewada district of Chhattisgarh. Read story 22 Feb 2010 | The Centre on Monday told the Supreme Court that it has envisaged a Rs7,300 crore package for the development of Naxal-affected states in the country. Read story 16 Feb 2010 | Maoist rebels detonated land mines and set a security outpost ablaze in eastern India, killing at least 24 policemen in the worst-ever attack on police in the restive area. Read story 3 Feb 2010 Column | Naxalism and angst of Jharkhand tribals 8 Jan 2010 | The 2001 census had revealed a shortage of 472,846 houses in Naxalite-affected districts. Read story 22 Dec 2009 | Home minister P. Chidambaram convenes a meeting of chief secretaries and police chiefs of five Naxal-affected states on 24 December to take stock of their plans to deal with Maoists. Read story 3 Dec 2009 | The government will be prompt in initiating talks with Maoist insurgents if they give up violence, home minister P. Chidambaram told Parliament, while launching an attack on those who sympathized with the Naxalites. Read story 1 Dec 2009 | Naxalite groups choke movement of the commodity from the mines of state-run Coal India Ltd (CIL) India’s largest producer of the fuel. Read story 17 Nov 2009 | Maoists, who have influence in varying degrees in a quarter of India, oppose the building of roads in their strongholds, as police vehicles can then drive in. Read story 12 Nov 2009 | In a huge haul, about 45 quintals of explosives meant for Maoists were seized by the Special Task Force of Bihar police from two places in naxal-hit Gaya district. Read story 5 Nov 2009 Edit | Caught in a crossfire of ideas 4 Nov 2009 Column | Maoist crisis: govt needs to change stance 28 Oct 2009 | Sharpening its attack on Union railways minister Mamata Banerjee over the hijack drama of Bhubaneswar Rajdhani Express, the Communist Party of India (Marxist) accused her of playing a part in the hijacking. Read story 22 Oct 2009 Column | Maoist documents point to erudite research 15 Oct 2009 | PM tells a meeting of top police officers from around the country that Maoist rebels posed the greatest threat to India’s internal security and that a new strategy was required to deal with the problem. Read story 10 Oct 2009 | The Naxalite attack at Bhamragad in Maharashtra’s Gadchiroli district, in which 17 policemen were killed, could have been an attempt by the Maoists to seek attention during election time, top state officials said. Read story 8 Oct 2009 | Maoist rebels ambushed a police patrol in Maharashtra and killed 17 policemen, a day after home minister P. Chidambaram warned them to give up violence or face a major assault by security forces. Read story 8 Oct 2009 Column | Maoist rebellion looks set to get shriller 2 Oct 2009 Column | Why the Green Hunt rhetoric rings so hollow 27 Aug 2009 Column | Andhra grapples with Maoists, new acronyms 25 Aug 2009 | Maoists blow up a mobile tower in Latehar district on the second day of their 48-hour bandh in five states, including Jharkhand. Read story 24 Aug 2009 | Around 20 rebels blastthe track between Kumundi and Hehegarha railway stations, about 150km from Ranchi. Read story 24 Aug 2009 | The Centre asks nine states, including Naxal-hit Jharkhand and Chhattisgarh, to tighten their security and intensify vigil against possible strikes by Left-wing extremists on important installations. Read story 16 Aug 2009 | Pro-active action against Naxals and security in the aftermath of Mumbai terror attacks will be reviewed at a meeting of chief ministers convened by Prime Minister Manmohan Singh. Read story 12 Aug 2009 | Security tightened at National Aluminium Co. Ltd (Nalco) bauxite mine, after the company received a letter from suspected Maoists threatening to attack the site. Read story 12 Aug 2009 | The officers say that a new surrender policy being contemplated by the government, based on cash payments to those who give up the gun, could work in Naxalite-affected states only if the security forces are able to first dominate the areas now held by the guerrillas. Read story 6 Aug 2009 Edit | Money for the Maoists 28 July 2009 | The Centre approves Rs7,800 crore under a road connectivity plan and a special infrastructure scheme in Left-wing extremism affected states in the 11th Five Year Plan. Read story 22 July 2009 | The Chhattisgarh police have informed the Union government that the state needs at least 54 battalions—or 54,000 men—of armed police to mount continuous and effective operations against Naxalites. Read story 15 July 2009 | 29 policemen killed by the Maoists in a forest ambush in the mineral-rich central state of Chhattisgarh, which experts described as a glaring example of policemen ignoring combat safety doctrine. Read story 14 July 2009 Edit | Maoists and the fiscal deficit 12 July 2009 | Maoists killed at least 30 policemen, including a senior officer, in two separate ambushes in Chhattisgarh, officials said. Read story 2 July 2009 | At a time when Maoist rebels are expanding their influence elsewhere in India and stepping up attacks, security forces in Andhra Pradesh claim to have finally gained the upper hand over the rebels they have been battling for two decades. Read story 23 June 2009 | Tribals who launched the agitation eight months ago in protest against alleged police atrocities are facing starvation and fleeing homes. Read story 21 June 2009 | Union home minister P. Chidambaram issued a statement describing the situation in Lalgarh as “tense” and asked politicians, people and NGOs to keep away from the conflict area. Read story 21 June 2009 Edit | Red star over Lalgarh 20 June 2009 | West Bengal police claims partial victory after the state police and central security forces reclaim Lalgarh area cut off for eight months by Maoists. Read story 18 June 2009 | The West Bengal government rules out an apology, as sought by Maoist leader Kisanji, for the “atrocities” committed on tribals at Lalgarh and blamed the ultras for bloodshed and violence in the restive West Midnapore district. Read story 12 June 2009 | Proximity to their strongholds is helping Maoists make inroads into districts that lack basic infrastructure. Read story 7 June 2009 | Maoist forcibly shut down Hindustan Unilever’s joint venture plant in Nepal protesting the alleged encroachment of Nepalese territory by the Indian forces. Read story 11 May 2009 | Prachanda blamed “bureaucratic and security officials” in India for the trust deficit and said that because India’s political leaders were busy in the elections these officials were handling Nepal. Read story 6 May 2009 | CPN-Maoist workers thrashed workers of NC and the CPN-UML in Ramechhap and Rolpa districts. Read story 4 May 2009 Edit | Prachanda marches out 4 May 2009 | Nepal’s president sacked army chief general Rookmangud Katawal to stay in his post, defying the Maoist government and thrusting the Himalayan republic deeper into political crisis. Read story 4 May 2009 | Nepal Prime Minister Pushpa Kamal Dahal faced a major setback when the second largest coalition partner CPN(UML) with 108 members in Parliament, said it was quitting the govt. Read story 23 April 2009 | In fresh attacks, Maoists exploded bombs injuring two officials in Jharkhand where security forces repulsed a naxalite bid to disrupt the second phase of elections after a fierce hour-long gunbattle. Read story 23 April 2009 | Heavy firing between Maoists and security forces were reported at Basadera under Ghatsila police station bordering West Bengal. Read story 23 April 2009 | Naxalites blew up a railway station building and tracks near Medininagar in Palamau district, disrupting train services, police said. Read story 20 April 2009 Edit | Maoists strike once again 13 April 2009 | Maoist rebels killed 10 policemen in eastern India and shut down a mine operated by state-run National Aluminium Co Ltd (NALCO) as they stepped up attacks ahead of a general election. Read story 19 Feb 2009 Edit | Commando only in name 30 Oct 2008 | Orissa’s complex mix of religion, caste and tribal loyalties forces the Naxalites to remap their strategy here. Read story 18 Sep 2008 | The Union government has lined up a Rs5,500 crore project to link remote areas in 33 districts that have an active Naxalite or Maoist, presence with highways to provide rapid access to paramilitary forces. Read story 31 Aug 2008 Edit | The Prachanda path 15 Aug 2008 | The head of Nepal’s former rebel Maoists, who led a campaign of armed struggle for a decade, announced that he would stand in elections to become the country’s first post-royal prime minister. Read story 16 Jul 2008 Edit | A state of denial 22 May 2008 | Rebels promise poor families in east, central India their kids wil have food, better life in camps; sometimes, take children by force. Read story 9 April 2008 Edit | Of monarchs and Maoists 19 March 2008 | Many Nepalis wonder if the conflict-hardened organization has given up violent tactics; party says it is reformed. Read story 25 Jan 2008 | Part reportage and part travelogue, this is an unflinching look at India’s Naxal reality. Read story 13 Jan 2008 | Rather than targeting people, Naxalites have targeted economic installations, with Railways bearing the brunt in badly affected states of Bihar, Jharkhand, Orissa and Chhattisgarh. Read story 2 Jan 2008 Edit | Two threats 21 Dec 2007 | Left-wing Maoist guerrillas, locally known as Naxalites, are active in 11 of the country’s 28 states. Read story 23 Sep 2007 | Guerrillas set fire to about a dozen lorries, blocked highways and attacked a police patrol, killing three people, including one officer. Read story 27 June 2007 | Be it growing communal and sectarian violence, manipulation of IT systems, proliferation of nuclear arms, jihadi influence or lack of resolute leadership, terrorism is threatening to destablize every pillar on which hinges the great India Shining dream. Read story Reuters contributed in this story Source: LatestNews-Home - Livemint.com | 6 Apr 2010 | 3:10 am China defends currency policy, denies manipulationBEIJING (Reuters) - Beijing offered a robust defence of its currency policy on Tuesday, denying that it manipulates the yuan and rejecting the argument that a stronger exchange rate would erase the U.S. trade deficit with China.Source: Reuters: Money News | 6 Apr 2010 | 3:08 am INTERVIEW - Bhushan Steel sees FY11 profit, rev up 40 pctNEW DELHI (Reuters) - Steelmaker Bhushan Steel expects its revenue and profit to grow by 40 percent in financial year 2010/11 as new capacity gets operational this fiscal, a top official said.Source: Reuters: Money News | 6 Apr 2010 | 3:03 am Religare chair resigns to focus on healthcare bizNew Delhi: The billionaire chairman of Religare Enterprises Ltd stepped down from the financial services group on Tuesday to focus on his healthcare business, which is on an overseas expansion drive. Malvinder Singh, who also resigned from the Religare board, will be succeeded by chief executive Sunil Godhwani, said a company statement. “There is a lot of opportunity sitting in global healthcare business,” Singh told reporters. “I think there is a strong opportunity to build upon for further growth.” Religare’s founding Singh family controlled Ranbaxy Laboratories until 2008, when the family agreed to sell its stake in the Indian drugmaker to Japan’s Daiichi Sankyo. The family’s other business interests include Fortis Healthcare hospital chain, Super Religare pathological laboratories and information technology unit Religare Technova. Last month, Fortis said it would acquire US buyout firm TPG’s 23.9% stake in Singapore healthcare firm Parkway for $685 million as part of its efforts to expand into Asia and the Middle East. Fortis’ purchase followed its $187 million acquisition in August last year of 10 hospitals from unlisted Wockhardt Hospitals. Source: Home - Livemint.com | 6 Apr 2010 | 3:01 am Religare chairman resigns to focus on healthcare bizNEW DELHI (Reuters) - The billionaire chairman of India's Religare Enterprises Ltd stepped down from the financial services group on Tuesday to focus on his healthcare business, which is on an overseas expansion drive.Source: Reuters: Money News | 6 Apr 2010 | 2:47 am Gold traders seek bargains as prices easeMumbai: India gold traders continued to seek bargains on Tuesday to stock for weddings and upcoming festivals as prices fell from a four-week high reached in the previous session, dealers said. “Demand is reasonable today, we did about 150 kgs since morning at around $1,127-1,128 levels, yesterday demand was equally good...” said a dealer with a state-run bank in Mumbai. International gold, which guides the domestic markets, was trading at $1,124.70/1,125.70 an ounce as against the previous close of $1,129.70/1,131.70. It touched a four-week high of $1,133.20 an ounce in the last session. “They are buying at every dip, they are piling up stocks in anticipation of demand, (buying) interest may get revived at $1,105-1,110...,” said another dealer with a state-run bullion dealing bank. Early firmness in rupee also aided sentiment, they added. “My sense is that the rupee strength is also drawing gold buyers this time around,” said the first dealer. The Indian rupee stayed firmed in afternoon trade, but was slightly away from the 19-month high touched in early deals. A firm rupee makes the dollar-quoted asset cheaper. Currently, the wedding season is underway in the world’s largest consumer of the yellow metal, with gold-buying festivals like Akshaya Tritiya slated in May. Source: Home - Livemint.com | 6 Apr 2010 | 2:42 am Persistent Systems eyes revenue of Rs 675-cr in FY10 - Business Standard
Source: Business - Google News | 6 Apr 2010 | 2:35 am Malvinder,Shivender quit Religare board - NDTV.com
Source: Business - Google News | 6 Apr 2010 | 2:28 am Indian FMCG firms eye Africa to boost growthMumbai: Indian consumer firms, faced with rising competition at home, are eyeing the African market whose rising demand may help boost growth, even as higher valuations may hurt profitability, analysts and officials say. Godrej Consumer Products Ltd. is among the early movers with recent buys in Nigeria and South Africa, while Marico Ltd., Dabur India and Emami are other firms following this trend. “African countries are now witnessing similar growth rates in the consumer category as we have seen in India in the past years and there are not enough organised players in that market,” said Neha Pathak, an analyst with brokerage firm K.R.Choksey. “The other advantage for Indian FMCG firms is that penetration levels (in Africa) are low and it gives them an opportunity to grow a minimum of 20 percent year-on-year”. Africa, the second largest and second most populous continent after Asia, is home to 12-13% of the world’s population. A United Nation’s report late March said Africa’s economy is likely to grow by an average 4.3% in 2010 from just 1.6% in 2009. Godrej Consumer Products Ltd acquired Nigerian household brand Tura last month, followings its purchases of South African hair care brands Rapidol and Kinky over the last two years. It continues to scout for buys in Africa, Asia and Latin America, its chairman Adi Godrej told Reuters last month. “Kinky and Rapidol have shown growth of more than 30 percent year-on-year and the growth in that market is expected to remain robust,” said Ashish Upganlawar, an analyst with Sharekhan. The African business accounts for nearly 8% of Godrej Consumer’s consolidated overseas revenue of 20%. Indian companies are looking at the region to boost their topline as well as offsetting margin pressures due to rising costs and competition, at home. Tura “will help us expand our businesses in South Africa into Nigeria and we may be able to launch some Indian products in the toilet soap field there as well,” Godrej said. Rivals Marico, which has already acquired Egyptian haircare brand Fiancee and Dabur, which has manufacturing units in Egypt and Nigeria, are also increasing their presence in the continent, with latter looking to buying South African haircare company Isoplus, according to unconfirmed media reports. “We are open to acquisitions in India and abroad. Overseas we are looking at the more developed markets of Africa such as Kenya, Nigeria etc,” Director, Harsh Agarwal of Emami said. While personal care products are leading the trend at present, other categories such as household products are yet to be tapped, analysts say. “Haircare, soaps and household product segments are the ones showing strong growth prospects now but going forward there will be a lot of other categories that will open up,” said Sharekhan’s Upganlawar. However, industry players warned the space could get cluttered very soon with so many Indian companies turning to the continent, raising asset valuations. “The main concern going forward will be the value at which they acquire assets,” K.R. Choksey’s Pathak said. Another problem is of regional diversity in the African continent. “The demographics in Africa vary hugely in terms of natural resources, political stability, and economic stability,” said Debashish Mukherjee, Principal, A.T Kearney. Source: Home - Livemint.com | 6 Apr 2010 | 2:28 am Maoists butcher 73 CRPF personnel in ChhattisgarhRaipur: In the worst Maoist attack, at least 73 CRPF and district force personnel were on Tuesday killed when a large group of Naxals ambushed them in the thick Mukrana forests of Chhattisgarh’s Dantewada district. Also Read Timeline: Red Terror While 72 of those killed were CRPF personnel including a deputy and an assitant commandant, one was a head constable of the district police force. Seventy-three bodies of the personnel, who were part of a 80-member CRPF and a district police team, have been recovered from the site of the attack suspected to have been carried out by about 1000 Naxals, police spokesman and inspector general R.K. Vij said. Eight of the injured CRPF men have been evacuated for treatment from the forest area, he said. “The CRPF men were in the forests for operational duty when the Naxals attacked. It is very tragic and sad,” said CRPF director general Vikram Srivastava. Expressing shock over the brutal attack, Union home minister P. Chidambaram said something must have gone “drastically wrong”. “The casualty is very high and I am deeply shocked at the loss of lives....This shows the savage nature of CPI (Maoist) and the brutality and the savagery they are capable of,” he said. CRPF special director general Vijay Raman, who is also the commander of the Anti-Naxal Task Force, is on way to the forest area. Additional reinforcement have already been sent and search operations are on in the area. Official sources said the attack took place when the CRPF unit belonging to the 62 RPT 62 Battalion entered the forest for an operation between 6-7amand were ambushed by the Maoists. Helicopters have been pressed into service to evacuate the injured and bring back the bodies, Chhattisgarh director general of police Viswa Ranjan said. The attack comes two days after Maoists triggered a landmine blast in Orissa’s Koraput district, killing 11 security personnel of the elite anti-Naxal Special Operations Group. On 15 February, 24 personnel of Eastern Frontier Rifles were killed in a Maoist attack on their camp in West Bengal’s West Midnapore district. The CRPF party was taken aback by the sudden attack by the Maoists, who surfaced on a hillock firing indiscriminately and setting off improvised explosive devices (IED). Dantewada superintendent of police Amresh Mishra said the Naxals blew up a vehicle carrying the CRPF personnel. The incident took place near Chintalnar-Tarmetla village in the district. The CRPF team had been camping in interiors of Tarmetla jungles for the last three days as part of a combing operation, Mishra said. Source: Home - Livemint.com | 6 Apr 2010 | 2:28 am Punj Lloyd bags Rs 235 cr orders for M'lore Refinery work - Business Standard
Source: Business - Google News | 6 Apr 2010 | 2:17 am Rupee eases after hitting 19-month highMumbai: The Indian rupee stayed firmed in afternoon trade on Tuesday but was slightly away from the 19-month high touched in early deals. Robust capital inflows, strong Asian peers and a positive domestic share market aided the rupee’s gain, dealers said. At 12:33pm, the partially convertible rupee was at Rs44.38/39 per dollar, after opening at Rs44.35, a level last seen on 8 September, 2008. It had closed at 44.44/45 on Monday. The rupee is expected to move in Rs44.3500/44.5000 band during the rest of the day. Since there were some holidays last week, lot of inflows were pending, which are coming in now, leading to the rupee’s rise, dealers said. The rupee had risen 2.7% in March, its biggest monthly gain since May last year, on the back of foreign portfolio inflows of about $4.4 billion. Asian currencies were stronger against the dollar. Indian shares flip-flopped after testing fresh 25-month highs and the 30-share BSE index was trading up 0.2%. The index of the dollar against six major currencies was up 0.19%. One-month offshore non-deliverable forward contracts were at 44.40/50, near 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 at Rs44.48. Source: Home - Livemint.com | 6 Apr 2010 | 2:17 am Start fraud control, KPMG tells Indian industryNew Delhi: Frauds in Indian business establishments and public institutions are on the rise with the financial statement frauds touching alarming proportions, said the KPMG Fraud Survey Report 2010 released on Tuesday. Also See Fraud Survey 2010 According to many respondents, “procurement” and “sales and distribution” in Indian industry houses are most vulnerable to corrupt practices, corroborating the thoughts of 75% participants who feel fraud-related incidents are rising. A whooping 81% feel the financial statement fraud is already epidemic in the country. About 38% of the respondents believe bribery and corruption are part and parcel in an Indian business firm to avoid legal hassles and to lure prospective clients. On the future pathways of dishonest practices, 53% of the respondent companies said e-commerce and computer-related fraud will be a source of major concern, with supply chain fraud a close second followed by bribery and corruption and intellectual property fraud. “The need of the hour is for organisations to realise the importance of putting effective internal control mechanisms in place, so as to manage risks. Accountability is no longer restricted to a company as a whole but also streams down to each and every individual,” said Deepankar Sanwalka, head – forensic, KPMG India. KPMG India, executive director – forensic Rohit Mahajan, said, “Being a fast paced economy such as ours fraud management is an extremely vital issue confronting us today. Managing the risk of fraud is essentially no different to managing any other type of business risk.” The survey was conducted across various industries and at different levels with around 50% of the respondents being top honchos of their respective organizations. sangeeta.s@livemint.com Source: Home - Livemint.com | 6 Apr 2010 | 2:09 am U.S., India must push for balanced growth - GeithnerNEW DELHI (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Tuesday that the United States and India must work together on rebalancing global growth and revamping a battered financial system.Source: Reuters: Money News | 6 Apr 2010 | 2:07 am NTPC plans capacity addition, capexNEW DELHI (Reuters) - India's top power utility NTPC Ltd plans to add 4,000-4,500 mega watt generation capacity in the current fiscal year to March, the state-run firm's chairman R.S. Sharma said on Tuesday.Source: Reuters: Money News | 6 Apr 2010 | 1:39 am UP finalises wheat purchase policy, MSP at par with Centre LucknowThe Uttar Pradesh government has finalised its wheat procurement policy for the rabi crop 2010-2011 and has fixed its Minimum Support Price at the same level as that of the Centre at 1,100 per quintal, a senior officer said. Source: HindustanTimes.com - Top Business News Headlines | 6 Apr 2010 | 1:21 am Citrix systems announces two new iPad appsCitrix Systems on Tuesday announced two new iPad apps,Citrix Receiver and Citrix GoToMeeting, which are now available on the App Store.Source: HindustanTimes.com - Top Business News Headlines | 6 Apr 2010 | 12:27 am Reliance Big Entertainment to buy 50% in Codemasters - Business Standard
Source: Business - Google News | 6 Apr 2010 | 12:16 am Grain stocks double than target on 1 AprilNew Delhi: India’s grain stocks as on 1 April stood at 42.8 million tonnes, more than double the targeted amount, government sources said on Tuesday. While wheat stocks were at 16.1 million tonnes against a target of 4 million tonnes, rice stocks were at 26.7 million tonnes, more than double the targeted 12.2 million tonnes, they said. The Indian government buys rice and wheat from domestic farmers to build inventories for emergency needs, run a number of welfare programmes and protect farmers from distress sale. Source: Home - Livemint.com | 6 Apr 2010 | 12:11 am UAE proposes integration of GCC securities marketsDubai: The United Arab Emirates has floated an initiative aimed at integrating securities markets of all member states of the Gulf Cooperation Council (GCC). The initiative, which will see the markets operating under the same policies and regulations, was outlined in the statement made by minister of economy Sultan bin Saeed Al- Mansoori during the first meeting of the ministerial committee of chairmen of GCC regulators board held in Riyadh. The UAE minister, who is also the board chairman of the Emirates Securities and Commodities Authority (SCA), called for concerted efforts and better coordination among the member states to overcome the repercussions of the global financial crisis, UAE’s official news agency Wam said. “Undoubtedly, the global economic crisis has clearly taken its toll on a number of sectors in member states, notably among these sectors is the securities market sector, being the mirror of the economy, due to its high sensitivity in reacting to any change in the general situation, economic or political. “This means, we are in a situation, today, in which we need more actions,” Al-Mansoori said. The initiative calls for a comprehensive strategy that would be implemented in stages, over a period of time. Source: LatestNews-Home - Livemint.com | 6 Apr 2010 | 12:01 am India funds attract moderate inflowsSensex may have put in the second best quarterly returns (in dollar terms) among its BRIC peers, but global investors haven't been that enthused bySource: Business Line - Home Page | 6 Apr 2010 | 12:00 am Oil marketing cos, Rlys slug it out over diesel discountsThe public sector oil marketing companies (OMCs) are at loggerheads with the Railways about the discount on high-speed diesel (HSD). The Railways is the single largest diesel buyer at about 2.36 millionSource: Business Line - Home Page | 6 Apr 2010 | 12:00 am Warrants, partly-paid shares may lose attraction for FIIsWarrants and partly-paid shares may lose sheen among foreign investors as there is a cloud of uncertainty over the recent prohibition on their issuance toSource: Business Line - Home Page | 6 Apr 2010 | 12:00 am Mock auction for 3G goes off smoothlyThe mock auction for third-generation (3G) mobile services and broadband wireless access held on Monday was called off after four rounds of bidding once the participants expressed satisfaction with the onlineSource: Business Line - Home Page | 6 Apr 2010 | 12:00 am Geithner will press case for US finance cosThe US Treasury Secretary, Mr Timothy F. Geithner, is visiting India for two days, starting April 6. He is scheduled to have meetings with the Prime Minister, Dr Manmohan Singh; the Finance Minister, Mr Pranab Mukherjee; and the PlanningSource: Business Line - Home Page | 6 Apr 2010 | 12:00 am Syndicate Bank (Rs 89.9): BuyInvestors with a short-term trading perspective can consider buying the stock of Syndicate Bank. The stock was on an intermediate-term downtrend from its 52-week high of Rs 105 marked in October 2009, to its late February 2010 low of Rs 79.Source: Business Line - Home Page | 6 Apr 2010 | 12:00 am Rupee rises to 18-month high on strong foreign fund flowsContinuing its rally against the dollar, the rupee on Monday gained 46 paise against the greenback to close at 44.44, a level last seen in 18 months ago, in SeptemberSource: Business Line - Home Page | 6 Apr 2010 | 12:00 am Scanty blossom showers may hit arabica prospectsA section of coffee growers is of the view that scanty blossom showers in mid-March and March-end may have impacted about 10-15 per cent of the estimated arabica crop inSource: Business Line - Home Page | 6 Apr 2010 | 12:00 am NMDC hikes ore prices; another increase likelyNational Mining and Development Corporation (NMDC) has, in a communiqué to steel companies, said that the recent round of price hikes are only “provisional” and that a final price will be announcedSource: Business Line - Home Page | 6 Apr 2010 | 12:00 am Day Trading GuideThe stock gained 3 per cent with above average volume on Monday. We recommend a buy with stop at RsSource: Business Line - Home Page | 6 Apr 2010 | 12:00 am Oil slips from 18-month high as dollar strengthensSingapore: Oil fell as the dollar strengthened on Tuesday, pulling back from an 18-month high near $87 reached a day earlier on data showing US economic growth is accelerating. The US services sector grew at its fastest pace in nearly four years in March and future home sales unexpectedly rose in February, statistics showed on Monday, bolstering hopes for a sustainable economic recovery and job growth. The reports sent front-month US crude to $86.90 a barrel on Monday, the highest intraday price since October 2008. On Tuesday, US crude for May delivery slid 23 cents to $86.39 at 0235 GMT, while ICE Brent declined 35 cents to $85.53. US crude inventories probably gained for a 10th consecutive week last week, a Reuters survey showed. “I don’t think that the fundamentals necessarily justify such a high price, but the underlying tone in the market remains very positive,” said David Moore, Commodity Strategist at the Commonwealth Bank of Australia in Sydney. “One big factor is that the US dollar is stronger in trading today and that has been an important influence on the oil price,” Moore said, referring to the inverse correlation between the currency and crude. The dollar gained 0.3% against a basket of currencies on Tuesday. A stronger greenback renders imports of dollar-denominated commodities more expensive for buyers other than the US. Oil prices rose more than 8% in the five sessions to Monday, their steepest 5-day winning streak this year. There was no trading on the New York Mercantile Exchange on 2 April because of Good Friday. “It simply rose so quickly in trade affected by the Easter holidays that I suspect we are just seeing some correction from the very strong run-up in recent days,” Moore said. Attention in the oil market was set to shift to US inventory statistics due out later on Tuesday and on Wednesday. Crude stockpiles were forecast to have risen 1.7 million barrels, a Reuters poll showed, while a 1.4 million drawdown was expected for distillates and gasoline supplies. The American Petroleum Institute will release its industry report on Tuesday, at 4:30pm EDT (2030 GMT), followed by government figures from the US Energy Information Administration on Wednesday at 10:30am EDT. Source: Home - Livemint.com | 5 Apr 2010 | 11:44 pm Asian stocks up, market readies for yuan moveSingapore: Asian stock markets rose to three-month highs on Tuesday, extending a two-week rally fuelled by strong US economic data and a seeming thaw in US-China tensions over the yuan. The dollar held near 7-month highs against the yen, supported by a surge in US Treasury yields, while the Australian dollar was largely firm ahead of a central bank interest rate decision which looked too close to call. The MSCI Asia ex-Japan index rose half a percent on signs that a global recovery was gathering strength, with data on Monday showing the US services sector expanded at its fastest pace in four years in March. The services report and stronger-than-expected pending home sales pushed the Dow Jones Industrial average up 0.4%, just shy of the psychologically important 11,000 point mark. Taiwan’s stock market was up 1% and Jakarta’s hit a fresh record high. But some of Asia’s stock markets struggled to maintain momentum after having hit successive highs in the past week. Japan’s Nikkei average fell 0.4% as traders took profits on successive days of 18-month highs, while South Korea’s KOSPI slipped 0.14%. “We have some short-term technicals suggesting the market is a bit overstretched, but any corrections will be more along the lines of a small breather and there’s no change in the overall trend to buy,” said Hiroichi Nishi, general manager at the equity division of Nikko Cordial Securities. Besides a gradual easing of concerns about European sovereign debt over the past few weeks, investors’ appetite for riskier assets received a boost at the weekend from an announcement that the US Treasury had delayed by at least three months its semi-annual report on currency policy. That report, due on 15 April, could potentially have named China a currency manipulator, sparking trade frictions and more defiance from the Chinese authorities on the virtually pegged yuan The yuan firmed further in offshore forward markets on Tuesday, taking the implied appreciation in a year’s time to just above 3%, as markets in Shanghai opened after a long weekend and roused speculation of a currency revaluation, albeit a small one. The dollar gained 0.3% against a basket of major currencies on Tuesday. It steadied against the yen at ¥94.30. The euro slipped to $1.3470. The Aussie dollar was slightly lower just below $0.92, weighed down partly by the extreme long positioning in the currency as market players waited to see if the Reserve Bank of Australia would deliver its fifth rate rise since October. A rate decision was expected at around 0430 GMT. Asian currencies rose on Monday and continued their gains on Tuesday, expecting that China will unleash the yuan from its peg within the three-month window given by the US authorities. Analysts expect currencies and stocks in resource-rich Asian economies will benefit if and when a higher yuan makes it cheaper for China to import more. Non-deliverable dollar/yuan forwards have fallen across the curve this week, with the one-year NDF hitting 6.625 yuan per dollar, its lowest since January. “China is more or less getting ready for a move in the currency. We think that move will happen in the next 4 to 5 weeks,” said Mirza Baig, currency strategist with Deutsche Bank. “The kind of move might not be what the market expects. We think China might be moving towards allowing two-way fluctuations in the dollar/china exchange, instead of a purely one-way appreciation.” Baig said he liked to be long Asian currencies generally because growth in the region was more robust than in the West. “As Beijing adjusts their policy, we may see more appreciation in other Asian currencies as well,” he said. US Treasuries rose in Asia with dealers covering short positions in bond futures following a slide on Monday, when benchmark yields touched 4% for the first time in 10 months as the upbeat US data pared safe-haven demand for bonds. Oil slipped 14 cents to $86.48 per barrel as the dollar strengthened, pulling back from an 18-month high near $87 a day earlier on hopes US economic growth is accelerating. Oil prices rose more than 8% in the five sessions to Monday, their steepest 5-day winning streak this year and pushing up shares of energy companies worldwide. Source: Home - Livemint.com | 5 Apr 2010 | 11:38 pm Geithner says India innovations add bank customersNEW DELHI (Reuters) - U.S. Treasury Secretary Timothy Geithner on Tuesday said India needs little help in developing some financial innovations, especially when it comes to extending banking services to more people.Source: Reuters: Money News | 5 Apr 2010 | 11:36 pm Markets hit 25-month high, trigger resistanceMumbai: India’s main stock index met with resistance after climbing to its highest level in 25 months early on Tuesday, while export-driven outsourcers extended their drop on a strong rupee. By 10:19am, the 30-share BSE index was up 0.04% at 17,942.24, with 14 of its components gaining, after hitting 17,988.89, its highest since 27 February, 2008. The benchmark had risen 6.7% in March and is up 2.7% this year after jumping 81% in 2009. “There is resistance as we are moving to higher levels,” said Kunal Sukhani, manager of institutional equities at Asian Markets Securities. “People are using this rally as an opportunity to book profits.” Foreign funds have moved a net $4.7 billion into Indian stocks so far in 2010, with around $4.4 billion arriving in March. A part of these flows were absorbed by primary market offerings. Outsourcers that get most of their revenue from exports were weighed down by the rupee that strengthened to 19-month-high against the dollar on Monday and looked to climb further, which could squeeze profit margins of the companies. Top outsourcer Tata Consultancy Services was down 0.7% and rivals Infosys Technologies and Wipro dropped 0.8% and 0.7% respectively. Tata Steel, the world’s eighth-largest steel maker by output, eased 0.3% after gaining more than 7% over the previous two sessions. Sukhani said market participants were optimistic about March quarter corporate results that would start from next week. “Nothing has changed. Overall, the scenario looks positive,” he said. Financials edged higher on promising long-term outlook. Sector leader State Bank of India rose 0.1% and ICICI Bank climbed 0.5%. Energy giant Reliance Industries, which has the highest weight on the Sensex, dipped 0.1% to Rs1,124.35. Engineering and construction firm Jaiprakash Associates dropped 0.9% after rising more than 3% over two sessions. In the broader market, gainers were nearly double the number of losers on volume of 133 million shares. The 50-share NSE index was down 0.1% at 5,362.65. Source: Home - Livemint.com | 5 Apr 2010 | 11:14 pm Oil dips in Asian trade, stays around 86 dollarsOil prices dipped in Asian trade today after surging near 87 dollars on demand optimism, analysts said. New York's main contract light sweet crude for May delivery eased 20 cents to 86.42 dollars a barrel.Brent North Sea crude for May was down to 27 cents to 85.61 dollars. Source: HindustanTimes.com - Top Business News Headlines | 5 Apr 2010 | 11:13 pm Sensex up 53 points in early trade on global cuesThe Bombay Stock Exchange, which had gained over 407 points in the last two sessions, added 53.21 points, or 0.29 per cent, at 17,988.89, the highest level since February 2008.Source: HindustanTimes.com - Top Business News Headlines | 5 Apr 2010 | 11:12 pm Sensex up 53 points in early trade on global cuesThe Sensex, which had gained over 407 points in the last two sessions, added 53.21 points, or 0.29 per cent, at 17,988.89, the highest level since February 2008.Source: Daily News & Analysis: Money News | 5 Apr 2010 | 10:38 pm Rupee falls by 6 paise against dollar in early tradeThe Indian rupee turned somewhat weak today after climbing to a 19-month high yesterday and depreciated by 6 paise to 44.50 a dollar in early trade in line with the dollar's gain overseas.Source: India Business News | Business News - Times of India | 5 Apr 2010 | 10:23 pm Air India Board to meet to discuss revampAs the government plans to take a long-term perspective on the fate of the ailing national carrier, the Air India Board, with four new professional members, would meet in Mumbai tomorrow to discuss ways to revamp the airline.Source: HindustanTimes.com - Top Business News Headlines | 5 Apr 2010 | 10:11 pm Sensex up 53 points in early trade on global cuesThe Bombay Stock Exchange today shot up by another 53 points in early trade on increased capital inflows by foreign funds amid hopes of strong fourth quarter corporate earnings.Source: India Business News | Business News - Times of India | 5 Apr 2010 | 10:04 pm Toyota to recall 13,000 vehicles in S Korea: ministryThe South Korean unit of Japanese automaker Toyota will recall 13,000 vehicles sold in South Korea because of potentially dangerous defects, Seoul's transport ministry said.Source: HindustanTimes.com - Top Business News Headlines | 5 Apr 2010 | 9:17 pm Mt 18K to scale, but St has turned a picky eaterIn the 62 sessions since the beginning of 2010, the Sensex has risen just 2.69%.Source: Daily News & Analysis: Money News | 5 Apr 2010 | 3:32 pm Bankers see another 25bps rate increaseFocus on curbing inflation; over 20% credit growth expected.Source: Daily News & Analysis: Money News | 5 Apr 2010 | 3:31 pm Nigeria may still spoil Bharti-Zain dealGoldman says Econet unlikely to be available for sale till ownership spat is resolved.Source: Daily News & Analysis: Money News | 5 Apr 2010 | 3:29 pm Everest Kanto Cylinder starts business in ChinaThe company has bagged its first order for jumbo cylinder. The $2 million order for 120 jumbo cylinders from a beverage company was won last month and would be executed by the company in this quarter.Source: Daily News & Analysis: Money News | 5 Apr 2010 | 3:27 pm SpiceJet, Religare fly close to dealMalvinder Singh-owned co is likely to pick up a majority stake in the budget airline, could offer Rs70-75 per share.Source: Daily News & Analysis: Money News | 5 Apr 2010 | 3:27 pm Reliance Big Entertainment to buy UK's CodemastersLondon-based Codemasters is a leading developer and publisher of world-class video games with around $150 million in revenues in the last fiscal.Source: Daily News & Analysis: Money News | 5 Apr 2010 | 3:25 pm Partial divestment better than full sell-offTherefore, partial disinvestment seems to be a feasible alternative to full privatisation as financial deepening improves the efficiency of the financial system as well as contributes to GDP growth.Source: Daily News & Analysis: Money News | 5 Apr 2010 | 3:24 pm Zuri Hotels to invest Rs400 cr for setting up hotels in India and South AfricaThe company is looking at a mix of greenfield hotels and management contracts to enhance its portfolio in the country.Source: Daily News & Analysis: Money News | 5 Apr 2010 | 3:24 pm Cement nosCement companies are expected to report robust numbers for the quarter ended March, riding on strong sales volumes.Source: Daily News & Analysis: Money News | 5 Apr 2010 | 3:23 pm ONGC reaps gain from carbon tradeFlagship explorer Oil and Natural Gas Corporation has become the first public sector undertaking to generate revenue by trading in carbon credits.Source: India Business News | Business News - Times of India | 5 Apr 2010 | 2:36 pm First day first show: Three lakh iPads soldApple, trying to revive demand for tablet-style computers with its iPad, said it sold more than 300,000 of the devices on the first day of their weekend debut.Source: India Business News | Business News - Times of India | 5 Apr 2010 | 2:34 pm Desi mobile makers dial IPL, connect with young peopleYusuf Pathan's swashbuckling batting has unleashed fear in the IPL-3, but the coup of the tournament was orchestrated by the Indian mobile phone companies.Source: India Business News | Business News - Times of India | 5 Apr 2010 | 2:32 pm PE cos invest $2bn in Indian firms in Q1Private equity firms invested about $2 billion across 56 deals during the quarter ended March 2010, according to a study by Venture Intelligence, a research service focused on private equity and merger and acquisitions (M&A) transaction activity in India.Source: India Business News | Business News - Times of India | 5 Apr 2010 | 2:31 pm US services grow fastest in 4 yearsThe US services sector grew in March at its fastest pace in nearly four years, data showed on Monday, while pending sales contracts for existing homes rose in February, suggesting steady economic improvement.Source: India Business News | Business News - Times of India | 5 Apr 2010 | 2:29 pm CIL reserves 1% of shares for staffState-run Coal India Ltd will reserve 1% of shares for employees, including those working for subsidiaries, which will be offered at a discount of 5% to the issue price when the government offloads 10% of its equity in the company through an initial public offering shortly, coal ministry sources said.Source: India Business News | Business News - Times of India | 5 Apr 2010 | 2:28 pm Truck rentals surge on high eco growthTruck rentals, a key indicator of economic activity, continued the upward surge in March with a 1.5-2.5% increase. The rental rise is attributed to the acute shortage of trucks on trunk routes, strong manufacturing growth and increased imports.Source: India Business News | Business News - Times of India | 5 Apr 2010 | 2:27 pm Students can become interns in UID projectAfter roping in techies as volunteers, and on sabbatical from the private sector, the government's unique identity project led by Infosys co-founder Nandan Nilekani has now decided to cast its net wider to even include students in its functioning.Source: India Business News | Business News - Times of India | 5 Apr 2010 | 2:25 pm Gunmen attack US consulate in PeshawarPeshawar, Pakistan: Militants using a car bomb and firing weapons attacked the US consulate in the Pakistani city of Peshawar on Monday, hours after a suicide bomber killed 38 people elsewhere in the northwest, officials said.  Terror strike: US security officials next to a damaged car at the suicide bombings site near the US consulate in Peshawar on Monday. Anjum Naveed/AP The US Embassy said Monday’s attacks reflected the militants’ desperation. “The coordinated attack involved a vehicle suicide bomb and terrorists attempting to enter the building using grenades and weapons fire,” the embassy said, adding two of its Pakistani guards were killed and several wounded. US diplomatic missions and staff have been attacked several times in Pakistan since the south Asian country threw its support behind the US in a global campaign against militancy launched after the 11 September 2001, attacks on US cities. Dawn television showed shaky pictures of three men, apparently attackers, holding their arms up in surrender when a blast hit the area. Pakistani Taliban spokesman Azam Tariq said by telephone from an undisclosed location that his group was behind the attack. “Americans are our enemies. We carried out the attack on their consulate in Peshawar. We plan more such attacks,” Tariq said, while denying responsibility for the earlier blast at the political party rally. Liaqat Ali, chief of police in Peshawar, which is the gateway to Afghanistan and has seen a string of bomb attacks over the past year, said the gunmen first attacked a security post on the approach to the consulate and then set off a bomb at its gate. Stock market dealers said the violence briefly brought some selling pressure, but the main index closed 0.30% higher at 10,447.84 points on foreign buying. feedback@livemint.com Source: LatestNews-Home - Livemint.com | 5 Apr 2010 | 1:10 pm Green nod sought for projects worth Rs 60,000 crThe fate of industrial projects worth over Rs 60,000 crore will be decided by an expert committee of the environment ministry at a two-day meeting beginning Wednesday.Source: Business Standard | Front Page Headlines | 5 Apr 2010 | 1:07 pm Govt takes first step towards GSTThe government has taken the first concrete step towards the introduction of the Goods and Services Tax (GST).Source: Business Standard | Front Page Headlines | 5 Apr 2010 | 1:06 pm Finmin: Keep FII inflow out of sectoral capsThe finance ministry has suggested easing of the rules for calculating foreign investment in a company. The proposed rules, which take out sundry entries of indirect investment, will make life easier for companies which have high foreign institutional investment and face the risk of breaching sector-specific caps.Source: Business Standard | Front Page Headlines | 5 Apr 2010 | 1:05 pm Rajasthan Royals beat Deccan Chargers by 2 runsNagpur: Shane Watson hit a blazing 36-ball 58 before Shane Warne returned with a four-wicket haul as Rajasthan Royals edged out Deccan Chargers by two runs in a thrilling Indian Premier League match on Monday. Watson blasted three fours and as many sixes but Rajasthan Royals suffered a middle-order batting collapse to be dismissed for 159 in 19.5 overs after skipper Shane Warne won the toss and elected to bat. However, Warne produced a brilliant spell of spin bowling to wreck havoc in the rival camp, dismissing -- Anirudh Singh (9), Dwayne Smith (4), Azhar Bilakhia (2) and Ryan Harris (1) -- as the Royals shot out Deccans two runs off the target. For Deccan, Rohit Sharma played a brilliant 44-ball 73-run knock but it went in vain as the home team succumbed to their fifth straight loss. With this win, Rajasthan zoomed to the fourth place in the point tally with 10 points from 10 matches. Needing six runs off six balls, Deccan lost RP Singh (3), Harmeet Singh (0) and last man Rohit in three consecutive balls as their semifinal hopes went up in smoke.  Rajasthan Royal’s captain Shane Warne celebrate with teammate after the run out of Deccan Chargers batsman H Singh during the IPL3 match at VCA stadium in Nagpur on Monday. PTI Laxman (6) also tried to follow suit and slammed a four off Dole in the third over before dragging one straight to Yusuf Pathan at deep square-leg. Gilchrist, however, blasted consecutive sixes off Dole in the fifth over but the former Australian stumper holed out to Lumb at square-leg in the very next delivery as Deccan lost their second wicket at 47 for two in 4.5 overs.  Warne then rolled his arms and dismissed Anirudh Singh after wicketkeeper Naman Ojha took a good catch as Deccan slipped to 112 for four in 13.5 overs. The Australian legend struck again in his next over, dismissing Dwayne Smith (4) as the home team lost half of their side for 120 in 15.3 overs. Needing 40 runs off 27 balls, Rohit blasted three back to back boundaries in the last three balls of the 17th over to ease the pressure. However, Warne claimed two more wickets in the next over -- Azhar Bilakhia (2) and Ryan Harris (0) -- to leave the Deccan struggling at 139 for seven in 17.4 overs. Needing 15 off 11 balls, Rohit slammed a four and a six of the 19th over to bring the target down to six off six balls but they lost their remaining three wickets in the last over as the match slipped out of their hand. Brief Score Rajasthan Royals: 159 all out in 19.5 overs (Shane Watson 58, Faiz Faisal 36; RP Singh 3/17, Ryan Harris 2/34, Harmeet Singh 2/25). Deccan Chargers: 157 all out in 19.5 overs (Rohit Sharma 73; Shane Warne 4/21, Shiddarth Trivedi 3/16). Source: LatestNews-Home - Livemint.com | 5 Apr 2010 | 1:04 pm Our culture is to act fast and take approvals laterMumbai: Hindustan Unilever Ltd (HUL) faces an aggressive international competitor Procter and Gamble (P&G) on one side, and several hungry Indian rivals on the other. Neither seems to worry Gopal Vittal, executive director in charge of the home and personal care business, which contributes around 70% of HUL’s revenue. In an interview, the man in the hot seat says his company is, in fact, regaining market share it lost to competitors over the past few years. Edited excerpts:  Regaining growth: Gopal Vittal, executive director of HUL. Abhijit Bhatlekar/Mint The cheaper version of our competitor’s brand was a different product from the other version (of Tide). Based on extensive testing in our own laboratories as well as third party laboratories we found that the product was inferior to our brand. We also found that our consumers were being misled to believe that the cheaper version offered the same quality. We clarified this for them. Beyond that I cannot comment since the matter is sub judice. Is this battle between the two of you restricted to the detergents market? (Around) 65% of the detergents market is what we would call mass market. We have a 25% share of this market by value. Our share in the premium segment of the market is about 60-65%. We were hit in the mass market in the early part of 2009 and have been strengthening our position every month since that initial bump. In the latter part of 2008 and early 2009, (the price of) crude came down from $140 (a barrel) to about $45 (around Rs2,000 today) in a matter of months. Our detergents business is strongly linked to the price of crude. We brought down prices immediately. However, given the large pipelines and inventory across millions of retail stores in India, the time that most organized players took to ensure prices reached consumers was about three to four months. It was at this time that we lost almost 300 basis points (100 bps is 1%) of market share in a matter of six months. In fact all organized players lost share to the extent of about 600 bps to about 600 small players operating in one or two districts (each). In the last eight months we have gained back most of that share. Take washing powders, for instance. We have moved our volume share from 31.8% in the June quarter of 2009 to 33.5% in February 2010, a gain of 170 bps. We are making progress every month. How does the detergents war play out? We have a 60-65% market share of the premium detergents market with our brands like Rin and Surf Excel. As I said earlier, we have been gaining volume shares consistently in the last eight months. We have also been increasing our gap against our key competitor in this segment. In the mass market, we are winning back shares from a host of small local players who entered during the volatility of late 2008 and early 2009. The long-term game for this category is upgradation as people get richer and buy better products. With the entry of washing machines, better clothes, a different wardrobe, this upgradation will continue. Is this war between the two of you really about winning market share in detergents or are we missing something? Our key competitor in the fight for upgradation within the laundry market is under pressure. Even in a category like hair(care), an extremely profitable category, they have lost share and we have increased our gap with them by about 150 bps. We have done this through premiumizing our portfolio, the success of Dove, our relaunch of Clinic Plus which has grown share for what is the largest brand in the category. What this means is that we have strengthened our position. When something like this happens, there is bound to be desperation. What about the personal wash (or toilet soaps) category? You have been losing share to competitors? Personal Wash is a category where we lost share between early 2008 and mid-2009. This is a category where we are determined to turn around. We have relaunched several of our brands, we have clarified their positions, restored consumer value, stepped up investments and activated many of our local brands with strong presence in a few regions. As a consequence, we have started inching up share in this category by about 60 bps in the last eight months. This is an encouraging sign. Are we seeing a more aggressive HUL than we have in the past? There is nothing to suggest that we have become less aggressive or more aggressive. First, we want to do what is right for the consumer. Second, we want to make sure that we have far more paranoia and passion for how we are exploiting the Indian opportunity. The market is reshaping and we need to be at the forefront in shaping that change. Without doubt there is a sense of urgency we are seeing now. On his recent visit, Paul Polman, Unilever’s CEO, said there is potential to double business revenues in India. That looks like a formidable task, especially in the home and personal care (HPC) area. HPC accounts for 70% of our revenues. It is a large business, but remember, we are playing in large markets as well. As a market leader we have to lead market development. We have to grow most of our categories. Take skincare. This market is growing at over 20% led by many initiatives that we are taking. If we continue to grow this market, we will double our skincare business in the next three years. The same applies for hair, for deodorants, for household cleaners, for colour cosmetics. Or look at laundry. The biggest driver for growth is upgradation. As India becomes richer, this category will continue to upgrade and we are well poised to exploit this. What about market share? With competition intensifying, how do you plan to defend your space? All our markets are going to continue to grow. We have a leading share in most of the categories we play in. Our job is to lead the growth of these markets—to lead market development; in the process if we lose a few hundred basis points, it is inconsequential. What we are obsessed about is category growth. When we do this we have a greater business. There is a perception that multinational firms such as yours are at a disadvantage while dealing with local competitors. Unlike you, who may have to wait for approvals from global headquarters, these firms can react quickly. That is a totally misplaced comment. We are here to run the business. We have a responsibility to deliver market share, margin and growth. We do not need any clearances to do this or that operationally. We have goals to meet. How we meet these goals or how we choose to compete is a decision that is left to HUL. We are organized by categories and our category teams take the decisions that are right for their categories. In fact, when it comes to doing what is right for consumers to drive growth of our categories, we are moving to a culture of acting fast and taking approvals later. At the end of the day, we are accountable for delivering growth and value to the shareholders and keep our competitiveness intact. Everything else is secondary. sapna.a@livemint.com Source: LatestNews-Home - Livemint.com | 5 Apr 2010 | 1:02 pm The Mint Report for 05 April 2010The heads of some of India’s biggest banks met with the RBI on Monday to talk about their concerns. On top of their agenda was inflation. The head of the Indian Bankers Association, M.V. Nair, told reporters containing rising prices was the biggest priority. But he warned that increasing policy rates would put pressure on bank margins. The RBI is expected to increase policy rates by another 25 basis points when it meets on 20 April. Last month the RBI surprised analysts by hiking policy rates by 25 basis points. Also on Monday, automaker Ashok Leyland said it sales increased at top speed last month. The company reported a nearly 100% jump in its vehicle sales in March to more than 10,000 units. Most of the increase in sales came from the domestic market and not from exports. ArcelorMittal has a new reason to build its proposed steel plant in Jharkhand. The company says it’s got a license from the government to prospect for iron ore in a 600 acre zone. The area under question is thought to hold 200 million tonnes of iron ore. And ArcelorMittal’s proposed project is estimated to be worth Rs50,000 crore. Indian stocks shot up on Monday taking their cue from Asian markets. The Sensex jumped 243 points to close at 17,936. And the Nifty climbed 78 points to end the day at 5,368. Source: LatestNews-Home - Livemint.com | 5 Apr 2010 | 1:00 pm Healthier holidays But like it or not, holidays come with mixed feelings of joy and apprehension. Joy because you look forward to a much-deserved break, and apprehension because you fear the side effects of getting out of shape. And if, like most, you believe that holidays should only embody a “khao, piyo, mauj karo (eat, drink and relax)” approach, then perhaps you are in for more than a spot of trouble. Guilt-free goodness So how can you holiday without the side effects of losing shape? For starters, stop feeling guilty—you deserve a break. It is important that you de-stress, spend more time with friends and family, and take in the calm of new locales far away from the madness of the city. That’s because calm minds inevitably make for a calmer body and a less reactive metabolism. The stresses of everyday living have a way of enlarging fat stores even if you follow a reasonably healthy lifestyle. So do let your hair down. But do so with moderation to avoid the undesirable side effects of a vacation. Also, while on holiday, follow a “lesser of the evils” approach: •Steamed or grilled chicken or fish is always better than deep-fried fare of the Kentucky Fried Chicken-type. Of course, take care to see that grilled foods are not burnt brown (browned meats are carcinogenic). Similarly, grilled or lightly cooked veggies, even potatoes, are much better than deep-fried cutlets or tikkis. • Jacket potato or baked potato is better than mashed potato. A jacket potato is lower in calories (the mash is loaded with butter, cream and milk) and the potato skin is a good source of iron. • Alcohol is better with water or soda than mixed with cola or fruit juice, as soda and water have zero calories and no sugar at all. And yes, drink in moderation anyway.  Fibre rich:Eat fruits rather than drinking juices. • For desserts, a light fruit salad is obviously better than ice creams, but a frozen dessert is itself better than gooey brownies or cheesecakes (and more satisfying in summer’s heat). • Soup before meals is a nice way to fill up and not overeat through your main courses. • If you must have fruit juices, then dilute these with water. This way you can reduce the overload of sugar (the natural kind in fruit) that comes in a tall glass of juice. Six oranges make a glass of juice: that’s a shot of 500 calories. Fruit in its whole form is always healthier as its fibre fills you up and helps you eat less. • Roasted nuts such as almonds, pistachios, groundnuts and walnut halves are better as snacks than patties, samosas and wafers—but make sure they are not fried or over-salted, and have only a handful. Practise active rest Remember that the human body must be active. This holiday, take a break from the done-to-death gym workouts and do something different. • Swimming and yoga are enjoyable and calming, and almost always accessible. But try something refreshing for both mind and body, such as an early morning nature walk, as well. Count the species of flowers, birds or butterflies that you come across. This way, you will engage your mind and free it from mundane stressful thoughts. End the walk with some deep stretching, deep breathing and relaxation. • If you are a night person, try a light jog along the beach by moonlight. Don’t take the iPod; listen to the sound of the waves. • Play hide and seek, dodge ball, baseball or rounders with the family. Decide not to use the car on certain days, and only cycle or walk on those days. Season to shape up If you are overweight or diabetic and holidaying, it is critical that you always remain on the right side of moderation. Of course, the ideal way is to get into shape before the holiday. This way you will hardly feel guilty and the side effects will be few and far between. So get cracking with your health resolution now and do all that it takes to holiday in the best shape you can. Then staying in the best shape through the holiday will become a whole lot easier. Madhuri Ruia is a nutritionist and Pilates expert. She runs InteGym in Mumbai, which advocates workouts with healthy diets. Write to Madhuri at dietdesk@livemint.com Source: LatestNews-Home - Livemint.com | 5 Apr 2010 | 1:00 pm Decision on food Bill put offA group of ministers met late on Monday to discuss measures to strengthen the proposed Food Security Act, but adjourned without taking a decision. The meeting was held at the behest of United Progressive Alliance chairperson Sonia Gandhi. Agriculture minister Sharad Pawar said after the meeting that the empowered group of ministers (eGoM) would meet three weeks later after it receives more information it has sought from the Planning Commission. President Pratibha Patil said in June that the legislation would provide for an entitlement of 25kg of rice or wheat per month at Rs3 per kg to poor families. A draft Bill readied by eGoM for cabinet approval stopped short of assuring an entitlement. Source: LatestNews-Home - Livemint.com | 5 Apr 2010 | 12:48 pm Aditya Birla plans central unit to ship cargoBangalore: The Aditya Birla Group is working on a plan to set up a centralized wing tasked with hiring ships to import and export cargo as it looks to synergize this operation and save costs. Currently, each group company has its own ship chartering department. “ The plan is at a conceptual stage,” said a person familiar with the development, on condition of anonymity. The group’s cargo requirement is about 20 million tonnes a year and arrangements for shipping these are carried out by individual firms within the group. Source: LatestNews-Home - Livemint.com | 5 Apr 2010 | 12:45 pm Renault, Daimler set to announce partnership plansParis/Tokyo: French car maker Renault SA, its Japanese alliance partner Nissan Motor Co. and Germany’s Daimler AG are likely to announce partnership and cross-shareholding plans as early as Wednesday, said people aware of the development, who declined to be named.  New alliance: Nissan CEO Carlos Ghosn may make the announcement. Ramesh Pathania/Mint Renault’s board is due to hold an extraordinary meeting to discuss the plans on Tuesday afternoon, a Renault official said last week on condition of anonymity. Nissan is also expected to be involved in the agreement, and the three companies will likely cement the partnership with small cross-shareholdings. Renault already owns 44.3% of Nissan, while the Japanese company has a 15% stake in its French partner. Any equity exchange as part of a Renault-Nissan-Daimler partnership is expected to be on a much smaller scale, and represent a symbolic participation rather than a step towards the level of integration Nissan and Renault have achieved in the course of their 11-year alliance. Daimler—the maker of luxury Mercedes-Benz cars, which also owns the struggling Smart small-car brand—wants to tap into Clio-maker Renault’s small-car expertise, while Renault and Nissan could benefit from Daimler’s engine know-how. The announcement— which may be made at a press conference with Renault and Nissan chief executive Carlos Ghosn—will come the day after an extraordinary meeting of Renault’s board of directors due to take place on Tuesday afternoon, the Renault official said. The board is due to discuss the different elements of the agreement, including the size of possible stakes and the structure of the deal, he said. “Renault has decided on a communication plan for 7 April. It will be a press conference with the CEO (Carlos Ghosn), I think,” he added. A second person said on Monday that the three companies would make a joint announcement, and that this could happen on Wednesday after the Renault board meeting. A Renault spokeswoman declined to comment. A Nissan spokesman also declined to comment. Daimler could not immediately be reached for comment. Both companies have said they are discussing closer ties with each other as well as with other car making peers. feedback@livemint.com Source: World Business - Livemint.com | 5 Apr 2010 | 12:33 pm Interest rates rise on further signs of growthInterest rates rose on Monday in the bond market on fresh signs the US economy is continuing its slow, steady recovery. Source: HindustanTimes.com - Top Business News Headlines | 5 Apr 2010 | 10:13 am Buffett’s Berkshire is best-regarded US firmBerkshire Hathaway Inc — the investment vehicle run by Buffett, the so-called sage of Omaha — topped a list of the best-regarded US companies, although the public has a dim view of corporate America overall after a brutal economic downturn.Source: HindustanTimes.com - Top Business News Headlines | 5 Apr 2010 | 9:22 am ‘Mass market is still under-serviced’The life insurance industry in India will continue growing, but the growth will have to come from the mass market comprising people earning Rs 3 lakh to Rs 5 lakh per annum, Rajesh Relan, Managing Director of Metlife India Insurance Company, told HT in an interview. Excerpts...Source: HindustanTimes.com - Top Business News Headlines | 5 Apr 2010 | 9:20 am Emami says ‘interested’ in Amrutanjan; shares jumpShares of Emami Ltd and Amrutanjan Health jumped on Monday on the report that Emami was eyeing the Chennai-based maker of pain balms, but Amrutanjan clarified its promoters did not intend to exit the firm. Source: HindustanTimes.com - Top Business News Headlines | 5 Apr 2010 | 9:18 am Apple sells over 3 lakh iPads on first dayWashington: Apple sold more than 300,000 iPads on the first day of availability of the device in the United States on Saturday, the company said on Monday. Apple said the sales figures included pre-ordered shipments of the table computer and purchases at Apple retail stores around the country. California-based Apple also said that iPad users had downloaded more than one million applications at Apple’s App Store and over 250,000 electronic books from Apple’s iBookstore during the first day. “It feels great to have the iPad launched into the world -- it’s going to be a game changer,” Apple chief executive Steve Jobs said in a statement. “iPad users, on average, downloaded more than three apps and close to one book within hours of unpacking their new iPad,” Jobs said. Analysts had predicted that Apple would sell 300,000 to 400,000 iPads by the end of the weekend. The iPad allows users to watch video, listen to music, play games, surf the Web or read electronic books. It runs most of the 150,000 applications made for the iPod Touch and the iPhone. The model that went on sale on Saturday features Wi-Fi wireless connectivity, while a model offering both Wi-Fi and 3G cellular connectivity will be released in late April. The 16-gigabyte Wi-Fi version costs $499 while the 64GB Wi-Fi model costs $699 About the size of a letter-sized sheet of paper, the iPad is half an inch (1.3-cm) thick and weighs 1.5 pounds (0.7 kilograms). It has a color 9.7-inch (24.6-cm) LED-display touchscreen. Source: World Business - Livemint.com | 5 Apr 2010 | 7:19 am Discovery launches on one of last shuttle missionsCape Canaveral: Space shuttle Discovery and seven astronauts blasted off on Monday on one of NASA’s final servicing missions to the International Space Station. With a brilliant flash of light and a thundering roar, the shuttle lifted off at 6:21 am EDT (1021 GMT) shattering the predawn calm around the Kennedy Space Center in Florida. The launch marked the start of NASA’s 131st shuttle mission and Discovery was scheduled to reach the space station on Wednesday for a nine-day stay. “The vehicle is clean, weather is good and this team is ready. It is time for you to rise to orbit. Good luck and Godspeed,” launch director Pete Nickolenko radioed to the Discovery crew shortly before liftoff. “Let’s do it,” replied commander Alan Poindexter. “We’ll see you in a few weeks.” Discovery is carrying an Italian-built cargo hauler filled with equipment, experiments, food and supplies for the space station, which has been under construction about 220 miles (355 km) above Earth since 1998. The United States plans to stop flying Discovery and sister ships Atlantis and Endeavour after three more missions to stock the station with spare parts and gear too big or bulky to load on other spaceships. The shuttles, which can carry about 50 tons to the station’s orbit, are being retired due to cost and safety concerns. The US space agency is turning over cargo deliveries to two commercial firms — the privately held Space Exploration Technologies of California and Orbital Sciences Corp of Virginia. Station partners Russia, Europe and Japan also have vessels that can haul cargo to the outpost. Crew transport already is handled exclusively by Russia, which flies its three-person Soyuz capsules at a cost of $51 million per seat. The Obama administration is proposing to boost NASA’s budget by $6 billion over five years to seed development of commercial space taxis in the United States. The only other country that has launched people into orbit is China, which is not a member of the space station partnership. Space Exploration Technologies, or SpaceX, plans to debut its Falcon 9 rocket next month on a demonstration mission. Founder and chief executive Elon Musk, a multimillionaire Internet entrepreneur, says it will take about three years to develop a launch escape system so SpaceX’s Dragon capsule can carry people. Other firms, including Boeing and United Launch Alliance, a joint venture of Lockheed Martin and Boeing, are working on space taxi development under NASA grants. Aiming for Mars The Obama administration wants to cancel the shuttle’s follow-on program, called Constellation, which aimed to return US astronauts to the moon in 2020. A independent review found the $108 billion program was severely underfunded, with no hope of reaching its goal without a $6 billion a year increase in NASA’s $18 billion annual budget. Instead, Obama is pushing a technology development initiative aimed at an eventual international mission to Mars. Legislators, particularly from Florida, Texas and Alabama which have thousands of jobs tied to the space program, have been sharply critical of the president’s plan. Obama is scheduled to host a conference on space at or near the Kennedy Space Center on April 15. The conference will unfold as Discovery wraps up its cargo-delivery and maintenance call at the station, a $100 billion project of 16 nations. The crew plans to conduct three spacewalks to install a new tank of ammonia coolant, replace one of the station steering system’s gyroscopes and work on the Canadian robot Dextre. Discovery’s four-man, three-woman crew will be delivering about 10 tons of equipment and supplies to the station, including a fourth US sleeping berth, a freezer for experiment samples and a work station the station crew will use to assess the effectiveness of their exercise routines. In addition to Poindexter, the crew includes pilot James Dutton, spacewalkers Rick Mastracchio and Clay Anderson, flight engineer Dorothy Metcalf-Lindenburger, mission specialist Stephanie Wilson and Naoko Yamazaki, an astronaut with JAXA, the Japan Aerospace Exploration Agency. Source: Tech News - Livemint.com | 5 Apr 2010 | 4:59 am
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