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Artists slam Google for copyright violation; files lawsuit!The lawsuit seeks up to USD 150,000 in damages for each of tens of thousands of photographs, illustrations and graphic works that it said were copied, stored and electronically displayed without permission from copyright holders.Source: Zee News : Business | 8 Apr 2010 | 5:56 am Aban Offshore gets order worth Rs 7.16 bn from BruneiAban Offshore Ltd said on Thursday it has signed a contract with Brunel Shell Petroleum Sendirian Berha to deploy its jackup rig \'Deep Driller 8\'.Source: Moneycontrol Top Headlines | 8 Apr 2010 | 5:43 am Exploring all options for fund raising: Ansal PropertiesIn an interview with CNBCTV18, Rakesh Kaul, COO, Ansal Properties Infrastructure, spoke about the results and his outlook for the company.Source: Moneycontrol Top Headlines | 8 Apr 2010 | 5:42 am Will launch Wadala project by Diwali: Ajmera RealtyIn an interview with CNBCTV18, OP Gandhi, Group CFO, Ajmera Reality Infra India, spoke about the results and his outlook for the company.Source: Moneycontrol Top Headlines | 8 Apr 2010 | 5:34 am Price increase likely to happen in May: Star PaperCommenting on the road ahead for the paper sector and the issue of rising prices, GP Goenka, Chairman of Star Paper, said, I dont think we have reached the end of the road yet. Sooner or later we will have to go for a further hike in prices to nullify cost increase.Source: Moneycontrol Top Headlines | 8 Apr 2010 | 5:29 am Bajaj Auto expects to sell 3.35 lakh vehicles/monthBajaj Auto has closed one of its most fantastic years in terms of sales. In an interview with CNBCTV18, Rajiv Bajaj, Managing Director of the company talks about the road ahead for Bajaj Auto.Source: Moneycontrol Top Headlines | 8 Apr 2010 | 5:18 am Shreyas Shipping expects FY10 PAT at Rs 34crThere has been a huge jump in spot trades in the shipping industry. Confirming the same Vinay Shirsagar, Chief Financial Officer of Shreyas Shipping Logistics said, there had been a surge of 10% in spot trade.Source: Moneycontrol Top Headlines | 8 Apr 2010 | 4:39 am United Spirits eyes overseas buysUnited Spirits, the world\'s second largest spirits maker by volume, is looking to expand into southeast Asia, Africa and the Middle East, a top official said, hunting growth after a failed tieup with rival Diageo.Source: Moneycontrol Top Headlines | 8 Apr 2010 | 4:37 am Tata Motors says second Nano catches fireThe country\'s largest vehicle maker, Tata Motors, said one of its ultracheap Nano cars caught fire on Wednesday as it was driven to a dealer, the second such incident this year.Source: Moneycontrol Top Headlines | 8 Apr 2010 | 4:37 am Aircel says looking to sell $899 m in CPsAircel, India\'s seventhranked mobile operator, said on Wednesday it is looking to raise up to Rs 40 billion (USD 899 million) via shortterm debt.Source: Moneycontrol Top Headlines | 8 Apr 2010 | 4:37 am Blackstone invests in Jagran Media, eyes moreUS privateequity firm Blackstone Group will invest about USD 50 million in the parent of media firm Jagran Prakashan and could inject up to USD 3 billion into fastgrowing India over the next five years.Source: Moneycontrol Top Headlines | 8 Apr 2010 | 4:37 am Sensex under pressure on weak global cues - Economic Times
Source: Business - Google News | 8 Apr 2010 | 4:14 am Greek fears hit global stocks, bond spreads - Reuters
Source: Business - Google News | 8 Apr 2010 | 3:53 am Essar Oil up 5% on parent firm's London listing plan - Business Standard
Source: Business - Google News | 8 Apr 2010 | 3:43 am DBS hires M.Stanley's Su Shan to head pvt bank - sourcesSINGAPORE (Reuters) - DBS Group, Southeast Asia's biggest lender, has hired Morgan Stanley's high-profile banker Tan Su Shan to head its private bank, in a bid to bolster its wealth business, three sources told Reuters.Source: Reuters: Money News | 8 Apr 2010 | 3:33 am India gold demand remains weak for second sessionMUMBAI (Reuters) - India gold demand remained slack for a second session in a row on Thursday as prices stayed in the vicinity of their three-month high struck in the previous session, dealers said.Source: Reuters: Money News | 8 Apr 2010 | 3:26 am Suzlon gets wind turbine supply contractMUMBAI (Reuters) - Wind turbine maker Suzlon Energy said on Thursday it got a contract for the supply of 18 wind turbines, with capacity of 2.05 megawatts each, to Daunia Savignano, an unit of the Italian Tozzi Group.Source: Reuters: Money News | 8 Apr 2010 | 3:08 am Greek fears hit world stocksLONDON (Reuters) - World shares fell on Thursday as ahead of meetings of the European Central Bank and Bank of England and as worries about Greece's financial stability intensified.Source: Reuters: Money News | 8 Apr 2010 | 3:07 am UPDATE 1-India cabinet approves 20 pct stake sale in SAIL - Reuters India
Source: Business - Google News | 8 Apr 2010 | 3:02 am India's Vodafone Essar says subscribers top 100 mn - Economic Times
Source: Business - Google News | 8 Apr 2010 | 3:00 am To acquire Fortify Infra Services for USD 15.5m: Mphasis - Moneycontrol.com
Source: Business - Google News | 8 Apr 2010 | 2:55 am Oil falls for 2nd day on dollar, US inventory riseLondon: Oil declined for a second day on Thursday towards $85 a barrel, pressured by a stronger dollar and a rise in US crude stockpiles to their highest level in nearly 10 months. Concern about Greece’s fiscal crisis has shaken markets from commodities to equities over the past two days, boosting the value of the dollar against the euro and other major currencies as investors seek safer assets. US crude fell 47 cents to $85.41 a barrel by 0855 GMT, while Brent crude also slid 52 cents to $85.12. Oil in New York had rallied to an 18-month intraday peak above $87 on Tuesday after a flurry of positive US economic indicators. It climbed almost 9 percent in six sessions, before changing direction on Wednesday. “The market had a very strong run over the last few days and it’s just taking a little bit of a breather because the US dollar went up, equity markets came down and so did crude,” said Peter McGuire, managing director of Commodity Warrants Australia in Sydney. “Then the inventory numbers came out and it was a bit of a wake-up call,” he said. “The worries about sovereign debt in Europe are not going away.” The dollar climbed more than 0.5% against a basket of currencies on Thursday, while the euro was close to this year’s low against the US currency. A stronger dollar makes dollar-denominated commodities, such as oil, more expensive for holders of other currencies. US crude stocks rose last week to their highest level in nearly 10 months as imports surged, the country’s Energy Information Administration (EIA) said on Wednesday. But gasoline supplies fell more than expected and some analysts say the dip in prices may be short-lived. Prices may keep rising in coming weeks as fuel demand increases in the US with the approach of the driving season from late May to early September, McGuire said. “We wouldn’t be surprised to be close to $100 this summer,” he said. Source: Home - Livemint.com | 8 Apr 2010 | 2:52 am Essar Energy to raise up to $3 billion; list on London Stock Exchange: Prashant RuiaEssar Energy vice chairman Prashant Ruia said that offering of 20-25% shares in the entity would be to institutional investors in the UK.Source: Daily News & Analysis: Money News | 8 Apr 2010 | 2:45 am BMW seeks more individual debt investors in AsiaSINGAPORE, April 8 (Reuters) - BMW , the world's biggest premium carmaker, wants more individual investors to buy its debt and is considering offering bonds in smaller unit sizes in Asia, its group treasurer said on Thursday.Source: Reuters: Money News | 8 Apr 2010 | 2:45 am BSE Sensex extends losses to 1 pct; banks fallMUMBAI (Reuters) – The BSE Sensex extended losses to 1 percent on Thursday afternoon, with financials leading the fall on rising expectations of a hike in key rates when the Reserve Bank of India reviews its policy on April 20.Source: Reuters: Money News | 8 Apr 2010 | 2:40 am Essar to raise $2.5 bln in London energy IPOMUMBAI (Reuters) - Essar Group said it plans to raise about $2.5 billion by listing its energy and power businesses on the London bourse, tapping new investors to fund its ambitious expansion plans.Source: Reuters: Money News | 8 Apr 2010 | 2:38 am Govt bans FDI in cigarette manufacturingNew Delhi: The government on Thursday banned foreign direct investment (FDI) in cigarette manufacturing. “FDI will be prohibited in the manufacture of cigarettes, whether it is for domestic consumption...or for exports,” home minister P. Chidambaram told reporters after the meeting of the Cabinet Committee on Economic Affairs. The prohibition will be notified, he said, adding the ban would also be applicable in the special economic zones. The proposal was mooted by the department of industrial policy and promotion (DIPP) in the ministry of commerce and industry. Under the existing norms, 100% FDI is permitted in cigarette manufacturing, but an industrial licence is required and the proposals need to be approved by the Foreign Investment Promotion Board . Source: Home - Livemint.com | 8 Apr 2010 | 2:35 am Rising prices of milk, pulses push food inflation to 17.70%Higher prices of milk, fruits and pulses pushed food inflation to 17.70% for the week ended March 27, fueling expectations that RBI may further tighten rates in its annual monetary policy on April 20.Source: Daily News & Analysis: Money News | 8 Apr 2010 | 2:23 am Cabinet approves 20 pct stake sale in SAILNEW DELHI (Reuters) – The government on Thursday approved a 20-percent stake sale in state-run Steel Authority of India Ltd (SAIL), the country's top domestic maker of the alloy, through a follow-on public offer.Source: Reuters: Money News | 8 Apr 2010 | 2:23 am Govt approves 20% stake sale in SAIL, to fetch Rs 16,000 crorePost disinvestment, the government and SAIL would get Rs 8,000 crore each. The government's equity will fall to 69% from 85.82% currently.Source: India Business News | Business News - Times of India | 8 Apr 2010 | 2:15 am Markets extend losses to 1%; banks fallMumbai: Indian shares extended losses to 1% on Thursday afternoon, with financials leading the fall on rising expectations of a hike in key rates when the central bank reviews its policy on 20 April. Weak world markets also weighed on investors’ sentiment. At 1:55pm, the 30-share BSE index was down 1.04% at 17,782.90 points, with 27 components declining. The 50-share NSE index was down 1.1% at 5,314.70 points. World equities fell on Greece’s fiscal woes and on concerns US interest rates would not stay at their current lows for much longer. Investors were also cautious after the main index had hit a 25-month-high in the previous session, while inflation pressures pointed to another interest rate increase this month after a surprise hike in March. By 11:10am, the 30-share BSE index was trading down 0.37% at 17,903.10, with 22 of its components declining. The 50-share NSE index was down 0.4% at 5,355.35. “It is all because of global cues,” said Neeraj Dewan, director of Quantum Securities, adding that it was a pause. He said the market had already priced in good March quarter results, but the rally still had legs. “If the results spring positive surprises, we may see the market rising by more than 3-5%,” he said. The benchmark index had risen for four days in a row to Wednesday, when it struck the highest level since February 2008. It is up 2.5% this year after jumping 81% in 2009, boosted by foreign fund inflows of around $5 billion since the start of January. Top lender State Bank of India was down 0.4%, while rivals ICICI Bank and HDFC Bank dropped 1% each. Mortgage lender Housing Development Finance Corp shed 1.2%. Investors will be watching weekly food and fuel price inflation due around noon (0630 GMT), which will provide clues to the central bank’s monetary policy meeting on 20 April that is expected increase interest rates. Non-ferrous metals maker Sterlite Industries and aluminium maker Hindalco dropped 1.1% and 0.5% respectively as base metal prices declined in London. Tata Steel the world’s eighth-largest steel maker by output, was down 0.9%. Tata Motors fell 1.4% after the top vehicles maker said late on Wednesday that one of its ultra-cheap Nano cars caught fire. “The incident has impacted the stock price because Nano is a prestigious project for Tatas,” said Dewan. “The financial impact though will not be significant.” In the broader market, gainers led losers in a ratio of 1.7:1 on volume of 162 million shares. There was more action in the mid-cap stocks, with the sector index bucking the trend and rising 0.4%. Source: Home - Livemint.com | 8 Apr 2010 | 2:11 am Cabinet allows 20% divestment in SAILNew Delhi: The Union cabinet has approved a 20% stake sale in state-run Steel Authority of India Ltd in two tranches. The sale is expected to fetch the government Rs80 billion in the first sale of 10%, home minister Palaniappan Chidambaram told reporters. The government currently holds 86% stake in SAIL, the country’s top domestic maker of the alloy. The government hopes to raise around $9 billion through stake sales in state-run firms in the 2010-11 fiscal year that began on 1 April. Source: Home - Livemint.com | 8 Apr 2010 | 2:06 am Govt clears divestment in SAIL; to fetch Rs 16,000 croreFollowing the two-tranche disinvestment, the government and the company would get Rs8,000 crore each, home minister P Chidambaram said.Source: Daily News & Analysis: Money News | 8 Apr 2010 | 1:56 am Govt clears divestment in SAIL; to fetch Rs 16,000 croreThe government today approved a 20 per cent disinvestment in Steel Authority of India Ltd that would fetch a total of Rs 16,000 crore. The sale is expected to fetch the government 80 billion rupees in the first sale of 10 per cent, Chidambaram said. Source: HindustanTimes.com - Top Business News Headlines | 8 Apr 2010 | 1:54 am Goldman Sachs ups India FY11 inflation forecast - Economic Times
Source: Business - Google News | 8 Apr 2010 | 1:46 am Rupee rebounds from low as exporters sell dollarsMumbai: The Indian rupee recovered from early lows on heavy dollar-selling by exporters in afternoon trade on Thursday, dealers said. After touching the day’s low of Rs44.73 per dollar, the unit inched back to day’s high of Rs44.55. At 1:35pm, the partially convertible rupee was at Rs44.66/67 per dollar, weaker than the previous close of Rs44.54/55. The rupee fell sharply on weak stockmarket and strong dollar overseas in early trade. The unit is expected to move in the band of Rs44.55-44.70 in the rest of the session, dealers said. * The one-year forward dollar premium was steady at 3.05%, while the one-month offshore non-deliverable forward contracts were at 44.64/74, 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 Rs44.7350. Most Asian currencies were weaker against the dollar on Thursday. The index of the dollar against six major currencies was up 0.49%. The euro ground closer to this year’s low against the dollar on Thursday, waiting for the ECB to flesh out lending rules likely to support Greece, while jobs data in Australia wasn’t quite upbeat enough to power up the Aussie. The main BSE share index was was down 0.8%, taking cues from world markets that fell on worries US interest rates may not stay at their current lows and fresh concerns on Greece’s debt woes. Source: Home - Livemint.com | 8 Apr 2010 | 1:42 am Fresh mudslide as Brazil death toll tops 145Rio de Janerio: Another devastating mudslide crushed dozens of homes in the Rio de Janeiro area as rescuers searched Thursday for survivors of floods and landslides that have claimed the lives of at least 148 people after the worst rains in half a century. As many as 45 houses were swept away by the latest mudslide in the hard-hit city Niteroi Wednesday night, firefighters told Globo television network, adding that some 60 people were believed to be inside th doomed buildings at the time. As of midnight, 20 people had been pulled from the rubble alive but three were dead, authorities said. “We heard a huge noise and when we turned around everything had come down,” a resident of the hillside favela told the Globo cable news station. Civil Defense officials late Wednesday said that 145 people were confirmed dead - not counting the latest victims in Niteroi, a city across the bay from the state capital and part of the greater Rio de Janeiro metropolitan area. Images broadcast by a Globo television helicopter showed firefighters struggling to rescue survivors from piles of mud-covered rubble and twisted metal. Globo said rescuers eventually asked the helicopter to leave so they could listen for sounds from buried survivors. The toll was likely to rise further as dozens of people were reportedly still missing following the rains, which displaced more than 1,400 people and destroyed scores of homes. Flooding over the past days has been so intense that authorities urged area residents to remain indoors. Heavy rain, which began on Monday, fell intermittently on Wednesday amid sunny spells, providing hope that the worst was over. Emergency officials said most fatalities were in hillside slums around the city of Rio de Janeiro, where torrents of water triggered devastating mudslides and scenes of chaos. Trash, stones and rubble dotted the muddy hills of Niteroi on Wednesday, alongside precarious homes. “People have nowhere to go, they’re all doomed,” Vinicius Gomes, the cousin of a landslide victim, told AFP. Various officials and President Luiz Inacio Lula da Silva criticized decades of administrative malfeasance which allowed shoddy home construction in high-risk zones. “Our aim now is to save lives. Of course we’ll have to remove houses from risk areas in Niteroi,” local mayor Jorge Silveira told journalists. But the authorities were blasted in the press for a failure to anticipate the disaster. “Where is the emergency plan?” was the headline in O Globo. “The tragedies of the rains in Rio have been repeated over 40 years and the authorities do not react,” the newspaper said. Most of the casualties were trapped in landslides in the slums around Rio, a city of some 16 million people that will host the World Cup football tournament in 2014 and the 2016 Summer Olympics. Many sports grounds and gymnasia were flooded, including the famous Maracana stadium. The situation “is better than it was yesterday,” Rio de Janeiro Mayor Eduardo Paes told a news conference, speaking before the Niteroi landslide. Paes nevertheless maintained the maximum alert level and urged people in high-risk areas to evacuate their homes. Paes ordered schools in Rio closed Wednesday for a second day, while state governor Sergio Cabral decreed three days of mourning. The killer floods wreaked havoc with air traffic, delaying most international flights in and out of Rio’s Antonio Carlos Jobim airport and forcing the cancellation of many domestic services. Brazil had already seen deadly deluges in Sao Paulo earlier this year after the wettest summer in the region in more than six decades. National weather service Inmet said Tuesday’s rainfall was the heaviest. Source: LatestNews-Home - Livemint.com | 8 Apr 2010 | 1:36 am Sri Lanka holds first post-war parliamentary pollColombo: Sri Lankans voted on Thursday in an election likely to further entrench President Mahinda Rajapaksa’s political dominance, the first parliamentary poll since last year’s end of a quarter-century of war. Nearly 80,000 police and soldiers guarded polling stations across the Indian Ocean island, where voters were deciding among 7,620 candidates for the 225-member parliament. Election monitors reported turnout of about 30%, and a handful of minor incidents of violence. Rajapaksa has already parlayed last May’s victory over the Tamil Tiger separatists into a new six-year term. Now he is banking on a resurgent economy and political momentum to give his United Peoples Freedom Alliance (UPFA) a legislative majority. The end of the electoral uncertainty is expected to bring some stability to Sri Lanka’s post-war landscape, and give way to a clearer picture of what Rajapaksa plans to do with a $42 billion economy billed as an upcoming frontier market. The Colombo Stock Exchange on Thursday kept climbing higher into record territory. It has gained 165 percent since 2009, spurred by the end of the war and lately has risen on hopes of political stability and macroeconomic reform after the polls. Rajapaksa cast his ballot early at a school named after his politician father in Medamulana, in the southern Hambantota district where his eldest son, brother and niece were all contesting seats as part of a growing Rajapaksa dynasty. “We’ve ended terrorism now. What fire is under the ashes? We need to unite the broken hearts of this country through development,” he told reporters. “That can be done only through a stronger parliament. We’ve already shown in this short time what we are able with economic and other developments.” The war deeply divided the Tamil minority and the Sinhalese majority from which Rajapaksa hails, like all of the country’s leaders since independence from Britain in 1948. He says reconciliation can only come from democracy and development. Rajapaksa’s alliance has positioned itself as the shepherd of island-wide development and an economic revival, propelled by the stock market and sizeable foreign investment in high-yield government securities. With the rupee currency on the rise, bond dealers say they expect steady foreign demand for government securities of 18 months’ tenure or less to pick up, especially after the vote. The central bank this week reported GDP growth of 3.5% last year, and forecast 6.5% this year. The government has said it will address a high fiscal deficit, the country’s main economic problem, through reforms under a $2.6 billion International Monetary Fund loan signed in July which boosted investor confidence. Rajapaksa and his allies are aiming to win 150 seats, or the two-thirds majority he needs to change the constitution -- though he has not made public his intended amendments. The opposition has vowed to block that, saying it would threaten democracy by giving him even more vast powers than he now has. “We want the polling to be peaceful and everyone to exercise their franchise,” Ranil Wickremesinghe, leader of the main opposition United National Party, said after voting in Colombo. Rajapaksa, 64, in January polled 58% against 40% for retired General Sarath Fonseka, his former war ally whom the opposition backed after he split with the president. Fonseka after the election said the government had robbed him of victory, although monitors said there was no evidence of that. He was later arrested after being accused of plotting a coup. Though still in military custody facing two courts-martial for politicking in uniform and improper procurement, Fonseka is running for parliament and remains an opposition rallying cry. He denies wrongdoing and says he is a political prisoner. His appeal to some voters is simply that he is not Rajapaksa. Tamil parties have been able to campaign unhindered for the first time since the end of the war. Election monitors reported some problems with thousands of war refugees getting transport from the camps they live in in northern Sri Lanka. “We voted this time with many hopes. First we want to return to our village and we want a new home there, a good school for the children, good drinking water,” refugee Sellaiya Ranjaneedevi told Reuters in Vavuniya. “We are hoping to get these from the newly elected government.” Opposition parties say Rajapaksa’s administration stifles dissent and the media, and intimidates people in Tamil areas with a heavy security presence and possibly armed proxies. The government denies that as propaganda from Tiger supporters in the diaspora, and accuses the opposition of currying favour with Western governments that want to undermine Sri Lanka and get Rajapaksa out of power. Rights group and Western governments say the government has been involved with, or turned a blind eye to, rights violations against critics including kidnapping, arrests and killings. Source: Home - Livemint.com | 8 Apr 2010 | 1:29 am BA, Iberia sign merger dealLondon: British Airways PLC and Spain’s Iberia SA have signed a merger deal to create one of the world’s biggest airline groups, the companies announced on Thursday. They expect the deal, which follows a provisional agreement reached at the end of last year, to be completed by the end of 2010. The merger will save the airlines €400 million ($530 million) a year by the fifth year and will benefit shareholders, customers and employees, the carriers said. Both will continue to operate under their individual brands. With 408 aircraft flying to 200 destinations, carrying more than 58 million passengers each year, the merged group would become the third largest in Europe and the sixth largest worldwide. “The merged company will provide customers with a larger combined network,” said BA chief executive Willie Walsh. “It will also have greater potential for further growth by optimising the dual hubs of London and Madrid and providing continued investment in new products and services.” The announcement of a firm deal comes as loss-making BA fights an acrimonious battle over pay and working conditions with its 13,000 cabin crew. Staff went on strike twice for a total of 10 days last month, costing the airline some £40 million. Like other airlines, both BA and Iberia have been hit by a downturn in passenger demand since the global credit squeeze and they acknowledge that more consolidation of the industry is likely. They said the merger deal, which is subject to regulatory approval from the European Commission and to approval by both British Airways and Iberia shareholders, is structured to take advantage of that anticipated further consolidation. “This is an important step in the process towards creating one of the world’s leading global airlines that will be better equipped to compete with other major airlines and participate in future industry consolidation,” said Antonio Vazquez, Iberia’s chairman and chief executive. Both airlines will retain their current operations and operate under their individual brands. The transaction will be implemented through the creation of a new holding company called International Consolidated Airlines Group SA which will be known as International Airlines Group. British Airways shareholders will receive one new ordinary share in International Airlines Group for every existing British Airways ordinary share held and Iberia shareholders will receive 1.0205 new ordinary shares for every existing Iberia ordinary share held. The treasury shares held by Iberia and the cross-shareholdings held by British Airways and Iberia in each other will not be eligible for International Airlines Group shares. International Airlines Group will be listed on the London Stock Exchange. The pair plan to hold shareholder meetings for approval in November. Source: Home - Livemint.com | 8 Apr 2010 | 1:24 am High prices of milk, pulses push food inflation to 17.70%Higher prices of milk, fruits and pulses pushed food inflation to 17.70 per cent for the week ended March 27, fueling expectations that RBI may further tighten rates in its annual monetary policy on April 20.Source: India Business News | Business News - Times of India | 8 Apr 2010 | 1:22 am US economy 'not yet out of woods': Fed chiefThe US economy seems to be recovering but it is "far from being out of the woods," Federal Reserve Chairman Ben Bernanke said on Wednesday.Source: HindustanTimes.com - Top Business News Headlines | 8 Apr 2010 | 1:15 am Asia stocks fall; euro weak on Greece worriesSingapore: Asian stocks fell on Thursday as investors took profits after strong gains in recent weeks while the euro remained weak, waiting for the European Central Bank to flesh out lending rules likely to support debt-laden Greece. European stocks were set to open weaker in line with Asian and US markets, although the focus will be on interest rate decisions by the Bank of England and the ECB later in the day. Spreadbetters forecast Britain’s FTSE 100 opening as much as 0.5% down, Germany’s DAX down as much as 0.3% and France’s CAC 40 down as much as 0.7%. S&P index futures were down 0.2%, implying a weak start to US trading later in the day after a 0.7% fall in the Dow on Wednesday. In Asia, Tokyo’s Nikkei index slipped 1.1% to 11,168 points after reaching an 18-month high this week. The MSCI’s broad measure of shares in the Asia-Pacific outside Japan was down 0.6% after running up gains of 4.86% since the beginning of the year, though traders expected any further declines to be limited as regional economic growth remains strong. Thai stocks lost 2.6%, hit by fears of unrest after the government ordered a state of emergency to counter a four-week opposition protest on the streets of Bangkok. But Thai stocks, up over 10% this year, are seen well-bolstered by an influx of foreign money into the market, while, in Tokyo, analysts pointed to expectations for improving corporate earnings as underpinning sentiment. For a graphic on foreign buying in Thai stocks, click on “Though it’s still hard to say for sure, I think this is just an adjustment,” said Takashi Ushio, head of the investment strategy division at Marusan Securities, of the day’s fall. “After all, we have (company) results really starting up in about two weeks, and these are likely to prove supportive.” In Indonesia, stocks ended the morning down 1.8% after reports that the central bank may be considering temporary capital controls after gains of 15% this year, although a deputy governor clarified there were no such plans. The euro was weak around $1.33, its softest level in two weeks, and hovering near its March trough of $1.3267, which at the time was the lowest it had been since May. Traders say loss-limiting sell orders would likely trigger below that point and they then expect some support at round numbers such as $1.3200 and $1.3100. But with the euro firmly in a downtrend, $1.30 is seen as the next psychological point. The European Central Bank meets later and the market is waiting for it to flesh out new collateral rules that will extend easier lending terms into 2011. An ECB official said the rules are not specifically designed to help Greece, but the changes did remove the threat hanging over the country that its sovereign debt might drop out of the pool of collateral. The common currency was almost flat on the day, but has lost almost 7% against the dollar since the beginning of the year. But there is underlying support in regional stock markets with top Asian companies at their most optimistic since the global financial crisis nearly two years ago. A Reuters check-up of 100 leading Asian companies, from Japan to India, showed government stimulus-fuelled recovery across Asia had filtered through to the corporate sector, with the technology and resources industries leading the pack. Of the 100 companies, 59 had a ‘positive’ to ‘very positive’ rating on their six-month outlook, its highest since Reuters started the review in mid-2009 and up from 38 in the December review. “It certainly looks like we are in growth mode now and that companies are going to have record earnings in 2010,” said Todd Martin, Hong Kong-based Asia Equity Strategist at Societe Generale. The Australian dollar firmed after data showed 19,600 jobs were added in March and full-time employment strengthened, all largely in line with forecasts but not enough to muster buying support in anticipation of another rate hike in May. It lacked momentum to test key resistance at $0.9300, with talk of options-related selling near that level ahead of expiries expected later in the day. Oil and gold both slipped in Asian trade. Gold was at about $1,146.45 an ounce after climbing as high as $1,152.75 an ounce, its strongest since mid-January, in New York on Wednesday on worries about Greece’s fiscal problems. London copper futures extended losses, pulling back from a 20-month high struck this week on fears a rally of nearly 10% over the past two weeks had run ahead of itself. Three-month copper on the London Metal Exchange dipped as low as $7,871, having touched $8,005 in the previous session and $8,010 on Tuesday, its highest since August 2008. Source: Home - Livemint.com | 8 Apr 2010 | 1:07 am Essar Energy to raise up to $3bn, list on LSEThe Ruias-led Essar Group announced that it will launch its first share sale offer, the largest by an Indian entity, of its energy businesses to raise up to USD 3 billion and list the same on the LSE.Source: India Business News | Business News - Times of India | 8 Apr 2010 | 1:06 am Food prices accelerate; rate hike near certainNEW DELHI (Reuters) - Food prices accelerated for the second straight week in late-March, strengthening expectations of a hike in key policy rates when the Reserve Bank of India (RBI) reviews its policy on April 20.Source: Reuters: Money News | 8 Apr 2010 | 1:06 am Food index surges to 17.7%; rate hike near certainNew Delhi: India’s food prices accelerated for the second straight week in late-March, strengthening expectations of a hike in key policy rates when the central bank reviews its policy on 20 April. The food price index rose 17.70% in the 12 months to 27 March, higher than an annual rise of 16.35% in the previous week, data showed on Thursday. The fuel price index rose an annual 12.71%, a tad below the previous week’s reading of 12.75%, while the primary articles index was up 14.50% year-on-year. The Reserve Bank of India (RBI) unexpectedly raised rates in March by 25 basis points as headline inflation continued to remain above its perceived comfort zone of 5 percent for the fourth straight month. India’s chief statistician Pronab Sen on Wednesday said the RBI would have to further tighten monetary policy if prices continue to rise. He has said inflation could cross 10 percent in March, higher than Febuary’s reading of 9.89% and then ease. A Reuters poll shows analysts expect lending rates to go up by another 100 basis points between now and the end of December. Traders expect benchmark 10-year federal bond yields, which crossed 8% in March before retreating, to hit an 18-month-high of 8.5% in the coming weeks. India, the world’s second fastest growing economy, is expected to grow 8.5% in the current fiscal year that began 1 April, and accelerate to 9% in the next. Analysts said the strong recovery in the exports and industrial output growth during February-March have also pushed manufacturing inflation, adding to the central bank’s likely decision tighten policy. Source: Home - Livemint.com | 8 Apr 2010 | 12:47 am Govt bans FDI in tobacco - trade minNEW DELHI (Reuters) - India's federal cabinet has banned foreign direct investment in tobacco companies, Trade Minister Anand Sharma said on Thursday.Source: Reuters: Money News | 8 Apr 2010 | 12:45 am Another Tata Nano car catches fire; Tata Motors slips - Moneycontrol.com
Source: Business - Google News | 8 Apr 2010 | 12:40 am USFDA allows Sun Pharma subsidiary to market antidepressant drugMumbai: Sun Pharmaceutical on Thursday said its subsidiary has received approval from the US health regulator to market Bupropion Hydrochloride antidepressants tablets. The US-based subsidiary of the company has received Food and Drug Administration approval to market its drug Bupropion Hydrochloride Bupropion Hydrochloride Extended-Release, Sun Pharmaceutical said in a filing to the Bombay Stock Exchange. These tablets are available in strengths of 100 mg, 150 mg and 200 mg, the filing added. Bupropion Hydrochloride Extended-Release tablets are used for the treatment of major depressive disorder. These tablets are generic equivalent of GlaxoSmithKline’s Wellbutrin SR tablets. Source: Home - Livemint.com | 8 Apr 2010 | 12:28 am Jagran in talks with Mid-Day for 'strategic alliance' - Moneycontrol.com
Source: Business - Google News | 8 Apr 2010 | 12:00 am Day Trading GuideTesting a key resistance level around Rs 1,000, the stock dropped in the last trading session. Fresh short position is recommended only if the stock dives below Rs 972, with stiffSource: Business Line - Home Page | 8 Apr 2010 | 12:00 am Vodafone plans mini-browser for 2G handsetsBritish telecom giant Vodafone is hoping to tap into India's fast-growing mobile Internet market through the launch of a new Opera mini- browser for low-cost handsets on 2GSource: Business Line - Home Page | 8 Apr 2010 | 12:00 am Private sector charge adds record 9,585 MW to gridA spirited performance by the private sector has contributed to a record power capacity addition inSource: Business Line - Home Page | 8 Apr 2010 | 12:00 am Sensex flirts with 18,000, closes lowerThe Sensex breached 18,000 on Wednesday – a level last seen in FebruarySource: Business Line - Home Page | 8 Apr 2010 | 12:00 am Large farmers spared inflation pinch?The rising prices are a source of worry for most of us. But is there any segment of consumers whose income has kept pace with the double-digit inflation? Well, large farmers could be one such fortunate segment. Prices of farm produce such asSource: Business Line - Home Page | 8 Apr 2010 | 12:00 am Kavveri Telecom Products (Rs 94.6): BuyKavveri Telecom Products is in a medium-term uptrend from its July 2009 trough of Rs 38.1. The stock took support at the medium-term uptrend-line in the last week of March before bouncingSource: Business Line - Home Page | 8 Apr 2010 | 12:00 am Nestle to expand capacity, plans two plants next yearNestle India is set to expand its manufacturing capacity and open two new plants bySource: Business Line - Home Page | 8 Apr 2010 | 12:00 am Number of upgrades will exceed downgrades: CrisilCredit rating agency Crisil on Wednesday said the worst was over for the Indian economy and the outlook for credit quality in FY2011 was positive with trends indicating that upgrades would outnumberSource: Business Line - Home Page | 8 Apr 2010 | 12:00 am Daimler, Renault-Nissan tie up for small cars, LCVsGerman auto major Daimler and Franco-Japanese alliance Renault-Nissan on Wednesday announced a three-way tie-up, including equity swaps, for co-operation in development of small cars and light commercialSource: Business Line - Home Page | 8 Apr 2010 | 12:00 am Analysts expect positive Q4 resultsBrokerages have begun to put out a positive earnings preview for the Sensex in the fourth quarter of 2009-10 that ended on March 31, but have given varied projections for their coverageSource: Business Line - Home Page | 8 Apr 2010 | 12:00 am Indian auto plants in world Top 10New Delhi: India has two of the world’s 10 largest car factories: Maruti Suzuki India Ltd’s factory in Gurgaon, which is at No. 3, and Hyundai Motor India Ltd’s in Chennai at No. 7, an indication not so much of the country’s growing market for cars or its emergence as an export hub, but, analysts say, of the unique nature of and the challenges involved in manufacturing in the country.  Graphic: Ahmed Raza Khan/Mint In 2009, Maruti’s Gurgaon plant produced 620,000 cars and Hyundai’s factory at Irungattukottai made 550,000. In China, Changan Auto’s Chongqing Jiangbei plant produced 525,000 cars. “There is no plant in China like Maruti’s,” said Puneet Gupta, market analyst at CSM Worldwide. He attributes the smaller output numbers at Chinese car plants to the manufacturers’ focus there on large and medium-size cars that require fewer units to achieve economies of scale, a key contributor to profitability in the car manufacturing business. A majority of the plants on the list, such as Fiat’s Tichy facility in Poland, ranked sixth, or Suzuki Motor Corp.’s Kosai plant, which now ranks fifth below Maruti’s Gurgaon facility, make small cars. Hyundai’s factory at Ulsan, South Korea, which makes 1.2 million cars a year, tops the list. Listen to Puneet Gupta, a market analyst at CSM Worldwide talk about India’s car market, the country’s biggest car plants, and trends one can expect to see in the next five years. Click here The rankings may be a result of poor global demand for cars in 2009. Last year, customers around the world bought 50.91 million cars, 2.4% down from 2008’s 52.17 million, according to a report by Scotia Capital. In contrast, the Indian market did well with customers buying 1.2 million cars in 2009, 12.5% more than the 1.05 million they did in 2008. In 2008, Maruti Suzuki made 640,000 cars at its Gurgaon plant, giving it a rank of five for the year, while Hyundai did not make it to the Top 10. Analysts say that as the production of cars in India increases in the future, more factories in the country could make it to the top 10 list. Several global auto firms have already invested or are investing in building huge factories that will produce cars for both the Indian and export markets. In March, the Renault-Nissan alliance inaugurated its facility at Oragadam, near Chennai. It plans to eventually scale up capacity at this factory to 400,000 cars a year. Ford Motor Co. of the US has also established India as a hub for small cars. It recently expanded capacity at its Maraimalai Nagar plant near Chennai to 200,000 cars a year. Managing supply chain operations in a developing country such as India is often a challenge and companies prefer to be near a supplier, explaining why they choose to increase capacity at existing factories, said an expert. “There is always merit in expanding an existing facility in a country like India,” said Kapil Arora, partner (auto practice) at audit and consulting firm Ernst and Young.  Poor infrastructure is another reason why companies prefer to expand existing facilities. Every job in a car factory translates into five new jobs in allied products and services, and so, in addition to tax breaks and cheap land, state governments often promise to build infrastructure around auto plants. India’s labour-intensive plants also mean that firms must manufacture more cars per plant to achieve global economies of scale, said another expert. “In India, scale can be hit at between 400,000 and 500,000 units,” said Vikas Sehgal, a partner at consulting firm Booz and Co. Managing these plants is very complex as they begin to resemble “mini cities”, he added. Sehgal estimates that in Europe and the US, car makers would have to roll out 250,000 cars a year to achieve economies of scale. That may explain why there are no US factories in the top 10 list. samar.s@livemint.com Source: LatestNews-Home - Livemint.com | 7 Apr 2010 | 11:12 pm Rupee falls by 7 paise against dollar in early tradeThe Indian rupee turned somewhat weak today losing 7 paise to 44.61 a dollar in early trade in line with the dollar's gain overseas.Source: India Business News | Business News - Times of India | 7 Apr 2010 | 10:44 pm Sensex falls over 34 points on weak global cuesThe wide-based National Stock Exchange index Nifty also declined by 16.10 points or 0.29% to 5,338.55.Source: Daily News & Analysis: Money News | 7 Apr 2010 | 10:43 pm Sensex falls over 34 points on weak global cuesThe 30-share index, which had gained over 441 points in the last four sessions, lost 34.28 points or 0.19 per cent to 17,935.74 in opening trade today.Source: HindustanTimes.com - Top Business News Headlines | 7 Apr 2010 | 10:42 pm Sensex falls over 34 points on weak global cuesSnapping the four-day upward march, the Bombay Stock Exchange benchmark Sensex fell over 34 points or 0.19% in opening trade today on profit booking at higher levels amid weak global cues.Source: India Business News | Business News - Times of India | 7 Apr 2010 | 10:26 pm Telecom ministry clears air - Calcutta Telegraph
Source: Business - Google News | 7 Apr 2010 | 4:11 pm There's a skew towards conventional insurance plans: LIC ex-chairmanS B Mathur, secretary general, Life Insurance Council and ex-chairman LIC, spoke to DNA on why 2010 would be an important year for the life insurance industry.Source: Daily News & Analysis: Money News | 7 Apr 2010 | 3:27 pm Upgrades rise on Corporate St, credit quality strengthening108 upgrades vs 95 downgrades in Oct-Mar. This trend is said to continue this fiscal too.Source: Daily News & Analysis: Money News | 7 Apr 2010 | 3:25 pm No environmental block for power projects in 11th 5-year PlanOf late, power developers have been complaining about the long delays involved in getting environment clearance for their coal mines.Source: Daily News & Analysis: Money News | 7 Apr 2010 | 3:23 pm Godrej consumer products enters Megasari GroupThe acquisition makes strategic sense for Godrej, as it is in line with the company's global 3-by-3 strategy, which aims at being present in three continents through three categoriesSource: Daily News & Analysis: Money News | 7 Apr 2010 | 3:21 pm Montek Singh backs Suresh Tendulkar Committee on BPL nosPanel's report ups number of poor families by 1.5 cr, funds for food scheme by Rs 20K crSource: Daily News & Analysis: Money News | 7 Apr 2010 | 3:16 pm GoaFest's here, warts and allThe 3-day annual event, kicking off on the Cavelossim beach today, has had its usual share of hype, and not entirely for the right reasons.Source: Daily News & Analysis: Money News | 7 Apr 2010 | 3:09 pm The Mint Report for 07 April 2010New Delhi: Renault and Nissan are hoping to reap a fortune from their latest alliance. On Wednesday, the two companies formally announced a new partnership with German automaker Daimler. Together, the three firms plan to develop a new range of small cars and share engine technology. Speaking to reporters, the chief executive of Renault and Nissan, Carlos Ghosn, said the alliance would be lucrative. He expects the deal to bring in €2 billion in additional profits over the next five years. In other news, spirits are soaring at the UB Group. On Wednesday, the group’s chairman Vijay Mallya announced his liquor company United Spirits was now the second largest in the world. Mallya said United Spirits sold a hundred million cases annually, leaving behind competitors like Pernod Ricard. The world’s biggest liquor company is still Diageo. India’s chief statistician sounded a warning on interest rates Wednesday. Pronab Sen said the RBI would have to increase its policy rates if inflation continues to rise. Sen also said India’s wholesale inflation in March would likely be higher than in February, largely because of the base effect. The RBI is meeting on 20 April to review monetary policy. India’s services industry grew at a slower pace in March compared to the previous month. The Business Activity Index for March stood at 58.1. That’s a slight fall from February’s high of 60.9. The survey that compiled the index blames the decline on higher costs and fewer new contracts. Source: LatestNews-Home - Livemint.com | 7 Apr 2010 | 1:36 pm FIIs fuel rally in D-streetForeign fund managers, who have pumped in over $5 billion into Indian shares so far this year, and $16.2 billion during 2009, have been the most influential investor group in the sensex's return journey to 18K.Source: India Business News | Business News - Times of India | 7 Apr 2010 | 1:33 pm The show will get betterThe strong going of the sensex is a reflection of an expected robust corporate earnings in the fourth quarter of 2009-10, on the back of pick-up in the industrial productivity, especially manufacturing, feel experts.Source: India Business News | Business News - Times of India | 7 Apr 2010 | 1:32 pm 18000: Equity MFs beat sensexWhile the sensex soared a little over 70% in the last one year, almost every category of equity schemes managed to post better average returns in the same period.Source: India Business News | Business News - Times of India | 7 Apr 2010 | 1:30 pm Lumb blows away Kings XI PunjabJaipur: Michael Lumb butchered the Kings XI bowlers with a whirlwind 43-ball 83 as Rajasthan Royals spanked their opponents from Punjab by nine wickets in their Indian Premier League match in Jaipur. Lumb blasted as many as 16 boundaries and two sixes and amassed 109 off 57 balls with opener Naman Ojha (44 off 37 balls) to help Rajasthan overhaul the target with five overs to spare and inch closer to booking their semifinal berth. Earlier, Mahela Jayawardene top-scored with a 33-ball 44 and Yuvraj Singh hit a 28-run cameo but Kings XI lost momentum and could manage only 27 runs losing two wickets in the last five overs to score a modest 153. Lumb was at his attacking best as the English cricketer tore apart the Kings XI bowling and plundered fours and sixes at will to single-handedly take Rajathan Royals to the fastest IPL III fifty in 3.5 overs.  Rajasthan Royals’ Michael Lumb (L) and Naman Ojha congratulate each other during the IPL T20 match against Kings XI Punjab in Jaipur on Wednesday. Kamal Kishore/PTI But it was the fourth over when Lumb went completely berserk and plundered Juan Theron for three boundaries and a six to pick up 20 runs as Rajasthan reached 55 for no loss in 4 overs. Silent all this time, Naman Ojha then got into the act and clubbed a couple of fours off Powar. Lumb picked up another four off Piyush Chawla in the next over and then picked up a single to complete his well-deserved fifty in 28 balls.  Skipper Kumar Sangakkara then tossed the ball to Irfan Pathan but it made no difference to Lumb’s plans as he went on to acculumate 17 runs off the left-arm pacer which included four fours en route to Rajasthan’s 108 in nine overs. Ravi Bopara finally brought an end to his innings when looking for a shot over mid-wicket, Lumb ended up giving a catch to Chawla. However, Ojha and Yusuf Pathan (21 not out) made sure there was no more hiccups and forged a 33-ball 48-run stand to romp home in quick time. Earlier, Jayawardene plundered six boundaries and one six, while Yuvraj Singh (28) blasted three sixes and one four to set the tone but Kings XI kept losing wickets and couldn’t accelarate in the end to post a modest 153. Score Board Rajasthan Royals M Lumb ct Piyush Chawla b Ravi Bopara 83 N Ojha not out 44 37 4 1 118.92 Y Pathan not out 21 13 - 2 161.54 S Trivedi - - S Watson - - S Warne - - A Raut - - A Jhunjhunwala - - F Fazal - - A Dole - - A Voges - - Total: 157 / 1 in 15 overs Kings XI Punjab M Bisla ct Faiz Fazal b Shane Watson 20 M Jayawardene ct Shane Warne b Aditya Dole 44 K Sangakkara ct Yusuf Pathan b Siddharth Trivedi 7 Y Singh b Aditya Dole 28 I Pathan not out 24 R Bopara runout (Abhishek Raut / Faiz Fazal / Naman Ojha) 8 P Chawla ct Abhishek Jhunjhunwala b Siddharth Trivedi 10 B Sharma not out 1 1 J Theron - - S Sreesanth - - R Powar - - Total: 153 / 6 in20 overs Source: LatestNews-Home - Livemint.com | 7 Apr 2010 | 1:27 pm Knight Riders pip Daredevils to stay in semifinal huntKolkata: Sourav Ganguly struck his sixth Indian Premier League half-century and remained in the thick of things as Kolkata Knight Riders upstaged Delhi Daredevils by 14 runs to stay afloat in the race for a semifinal berth on Wednesday. Cheered by a chockablock Eden Gardens crowd, the home side defended their total of 181 for three with gusto, restricting the Daredevils to 167 for eight for their sixth win in 10 outings. The 99-run stand between Virender Sehwag (64) and Gautam Gambhir (47) was the bedrock of Daredevils’ chase, which wilted 14 runs short of their opponents’ total. Earlier, Ganguly (56 off 46 balls) and Chris Gayle (40 off 21 balls) milked 94 runs in the first 10-odd overs to give the home side a perfect start before the Daredevils bowlers put a brake on the run rate. Down the order, Angelo Mathews (46 off 28) and Manoj Tiwary (26) starred in a 70-run unbeaten stand in the final seven overs to help the Knight Riders post a respectable total.  Kolkata Knight Riders’ skipper Sourav Ganguly plays a shot during the IPL3 match against Delhi Daredevils at Eden Garden in Kolkata on Wednesday. Swapan Mahapatra/PTI Neither Sehwag nor Gambhir looked quite at ease initially but they were soon in their elements. Sehwag’s cause was also helped by the two lives he got on 35 and 47 with Iqbal Abdulla and Wriddhiman Saha dropping him with Ajantha Mendis being the hapless bowlers on both occasions.  The duo had milked 99 runs when Ganguly’s direct throw ended Gambhir’s 29-ball stay. Mendis removed Paul Collingwood (2) soon but Sehwag kept dealing in fours and sixes before dragging an Ajit Agarkar delivery onto his stumps in the 15th over. Ganguly was soon in the thick of things, taking a catch and ringing in bowling changes which clicked just when the team required them. Brief Score Kolkata Knight Riders: 181 for 3 in 20 overs. Delhi Daredevils: 167 for 8 in 20 overs (Virender Sehwag 64, Gautam Gambhir 47; Ashok Dinda 2/21). Source: LatestNews-Home - Livemint.com | 7 Apr 2010 | 1:26 pm Hyundai brings i20 variant at lower tagIt's a consumers' delight for compact car buyers as the flurry of new launches are fuelling competition in the segment and forcing companies to go in for aggressive price points.Source: India Business News | Business News - Times of India | 7 Apr 2010 | 1:25 pm Renault-Nissan, Daimler Partnership | Delayed impactMumbai: The partnership between Renault-Nissan and Daimler AG for energy-efficient small cars may take some time to have an India impact. “While there will be no immediate plans for India, however, as a strategy we have to have a presence in the small-car segment,” said Wilfried Aulbur, chief executive of Mercedes-Benz India, after launching the Mercedes E Coupe. Renault-Nissan and Daimler, which makes the Mercedes cars, do not sell small electric cars in India. The French-Japanese combine does, however plan to make small, cheap cars in the country in collaboration with Bajaj Auto Ltd. The results of the cooperation will take time to play out in India, where Daimler is positioned as a luxury car maker and Nissan and Renault are late entrants, said Ashvin Chotai, managing director of consultancy firm Intelligence Automotive Asia. shally.s@livemint.com Source: World Business - Livemint.com | 7 Apr 2010 | 1:25 pm Renault-Nissan, Daimler Partnership | Delayed impactMumbai: The partnership between Renault-Nissan and Daimler AG for energy-efficient small cars may take some time to have an India impact. “While there will be no immediate plans for India, however, as a strategy we have to have a presence in the small-car segment,” said Wilfried Aulbur, chief executive of Mercedes-Benz India, after launching the Mercedes E Coupe. Renault-Nissan and Daimler, which makes the Mercedes cars, do not sell small electric cars in India. The French-Japanese combine does, however plan to make small, cheap cars in the country in collaboration with Bajaj Auto Ltd. The results of the cooperation will take time to play out in India, where Daimler is positioned as a luxury car maker and Nissan and Renault are late entrants, said Ashvin Chotai, managing director of consultancy firm Intelligence Automotive Asia. shally.s@livemint.com Source: LatestNews-Home - Livemint.com | 7 Apr 2010 | 1:25 pm United Spirits becomes world No. 2United Spirits (USL), the flagship company of the Vijay Mallya-promoted UB Group, said on Wednesday that it had crossed sales volume of 100 million cases in 2009-10, making it the world's No 2 spirits company in volume terms.Source: India Business News | Business News - Times of India | 7 Apr 2010 | 1:23 pm Quick Edit | Reaching out to tribalsThe Naxalite crime at Dantewada is a chilling reminder of how political extremists are using tribal grievances as cover in their violent attempt to overthrow the Indian republic. There have been angry calls to escalate the conflict and send in the army. But while gunfire will have to be met with gunfire, the authorities should take care not to further alienate tribals, which is just what the Naxalites want. Their hero Mao Zedong once said: “The guerilla must swim in the people as the fish swims in the sea.” Our India must try hard to win back the confidence of tribal India. Development activity is one answer. Business groups can play a role here. The tribal areas are rich in minerals, but companies have cynically ignored tribal interests in the rush to get mining rights, preferring to bribe politicians instead. Mining camps run behind barbed wires are no answer. Companies should reach out to tribals and try to understand their genuine grievances, not as fashionable CSR, but as a core business strategy—even if it costs lots of money. Source: LatestNews-Home - Livemint.com | 7 Apr 2010 | 1:19 pm M&M raises prices as input costs riseMumbai:Mahindra and Mahindra Ltd (M&M) increased prices of its utility vehicles due to a rise in input and fuel costs, and expenses associated with migrating to new emission norms, a spokesman said on Wednesday. The price of its flagship Scorpio sport utility vehicle has risen by a range of Rs10,300 to Rs17,500, that of the Bolero by Rs26,100 and Xylo prices have gone up by Rs15,300-15,900. Separately, Mahindra Two Wheelers Ltd has sold 70,000 units in fiscal 2010, the company said in a media statement. M&M acquired Pune-based Kinetic Motor Co. Ltd in July 2008 and relaunched its products in September the next year. The company said the current rate of sales indicates it is on track to achieve its target of selling 100,000 units by July. Source: LatestNews-Home - Livemint.com | 7 Apr 2010 | 1:12 pm USL second largest liquor firm: MallyaBangalore: Liquor baron Vijay Mallya’s United Spirits Ltd (USL) has overtaken France’s Pernod Ricard SA to become the world’s second largest spirits firm by sales volume, and has its sights set on occupying the top spot within a year.  Graphic: Ahmed Raza Khan/Mint UB Group’s liquor sales by volume have multiplied 33 times in Mallya’s 27 years at the helm. Mallya became chairman of the group after the death of his father Vittal Mallya in 1983, when the group sold a mere three million cases of spirits a year, besides four million cases of beer. “We have come a hell of a long way,” the flamboyant Mallya, now 54, said at a news conference on Wednesday at the company headquarters, UB Towers. Acquisitions have propelled UB Group’s growth story. The firm acquired its closest rival, Shaw Wallace and Co. Ltd, in 2005, gaining brands such as Royal Challenge whisky and White Mischief vodka. In 2007, Mallya paid the equivalent of $1.18 billion (around Rs5,240 crore today) to acquire Scotch whisky distiller Whyte and Mackay Ltd, gaining brands such as W&M Scotch and Jura single-malt to add to USL’s offerings that include Bagpiper whisky and Celebration rum. With its current network of 80 distilleries spread across over 20 states in India, more than 90% of its sales are not subject to inter-state taxes, a luxury that none of USL’s competitors enjoy. The company is confident of leapfrogging Diageo as soon as within a year. “With Diageo growing at 2% and USL at 10-15%, we should be number one within a year,” said Ravi Nedungadi, chief financial officer of UB Group. The challenge from here on is to continue to drive profitability, said Nikhil Vora, managing director at brokerage firm IDFC SSKI Securities Ltd. “They are not even a $100 million in terms of net profits,” Vora notes. USL clocked a net profit of Rs279.90 crore in the year to March 2009. Diageo logged a net profit of £1.02 billion (Rs6,915.6 crore today) in its fiscal first half, the company had said in February. Nedungadi said the group’s airline Kingfisher Airlines Ltd would raise more than $100 million through a sale of global depository receipts to investors, without disclosing an exact timeline. “We hope to be Ebitda (earnings before interest, taxes, depreciation and amortization) positive in this fiscal,” the CFO said. Ebitda is a measure of operating profitability. The funds raised would amount to about Rs450 crore; Rs200 crore of it would be parked in Kingfisher Airlines’ balance sheet to turn the company net-worth positive, and the remaining would go to fund expansion. Debt was reduced by Rs600 crore over the last eight-nine months, said Nedungadi. The airline still has more than Rs7,000 crore of debt, he said. Mallya said he was very comfortable with USL’s debt levels. The liquor maker, which had been burdened by debt following the acquisition of Whyte and Mackay, had pared it from Rs7,360.80 crore in March 2009 to Rs5,509.40 crore in December 2009. With Whyte and Mackay’s contract of supplying bulk whisky to Diageo having ended in March, Mallya is now eyeing higher margins. “We are looking at the clear possibility of leveraging our inventory by de-emphasising the commodity business and re-emphasising the brands business,” he said. poornima.m@livemint.com Source: LatestNews-Home - Livemint.com | 7 Apr 2010 | 1:12 pm Fleet reduced, Paramount licence comes under reviewNew Delhi: India’s aviation regulator, Directorate General of Civil Aviation (DGCA), has started reviewing the national airline licence of Coimbatore-based Paramount Airways Pvt. Ltd, which has fallen short of the fleet strength required to keep the licence. Also Read | The Paramount Airways journey in India The regulator has started what is called a requirement review of Paramount, said a DGCA official who didn’t want to be named. “There is a requirement deficiency for a national airline status. We have asked them to explain it in a couple of days,” the official said.  Mounting woes: A Paramount plane at Chennai airport. The airline’s three Embraers have been pulled from service over payment disputes. Hemant Mishra/Mint A single aircraft makes travel difficult for passengers, said another DGCA official who too did not want to be named. Airlines typically keep one aircraft as a backup in case of an emergency or engineering-related issues. “Either they have to do bring the (new) aircraft or close the shop. The requirement is very clear,” this official said. A Paramount spokesman declined to comment on the matter in response to emailed queries from Mint. The airline will have to lease new aircraft as it is yet to firm up a memorandum (MoU) of understanding to buy 10 A321 passenger jets from Airbus SAS at the Paris Airshow in June 2009. Airbus executive vice-president of sales and marketing Kiran Rao told Mint last month at the Hyderabad Airshow that the MoU is yet to be converted into an order. In the past, the Wadia-group owned low-cost airline GoAir was granted an exception by the civil aviation ministry and allowed to continue operations despite falling short of the minimum requirement of five aircraft. The airline now has an eight-aircraft fleet. tarun.s@livemint.com Source: LatestNews-Home - Livemint.com | 7 Apr 2010 | 1:09 pm Isro to launch five satellites in MayBangalore: India’s space agency will launch in May five satellites, including an 120-kg remote sensing satellite from Algeria on a single rocket, an official said on Wednesday. The polar satellite launch vehicle or PSLV will carry a homegrown remote sensing satellite Cartosat-2B, which can snap images of less than a metre, three educational satellites—two from Canada and one built by engineering college students in Karnataka and Andhra Pradesh. “We are looking at a launch by May 10 or 15th,” said K. Radhakrishnan, chairman of the Indian Space Research Organisation or Isro. Source: Tech News - Livemint.com | 7 Apr 2010 | 1:06 pm India Inc boasts highest ever order inflowIndia Incs order book doubled in the fourth quarter (January-March) of the last financial year compared, to the year-ago period.Source: Business Standard | Front Page Headlines | 7 Apr 2010 | 12:56 pm India Inc goes long on preferential issuesPreferential allotment of shares is back with a bang. Sample this: such allotments have more than doubled to 56 in March this year from just 24 in February. The number was just 15 in January.Source: Business Standard | Front Page Headlines | 7 Apr 2010 | 12:53 pm Ministerial group to take a call on BSNL divestmentThe government is likely to set up a Group of Ministers (GOM) to take a final decision on divesting stake in the telecommunications company, Bharat Sanchar Nigam Ltd (BSNL). It may also refer the issue to the existing empowered GOM (eGOM) chaired by Finance minister Pranab Mukherjee, for vacation of spectrum for third-generation (3G) telecom services.Source: Business Standard | Front Page Headlines | 7 Apr 2010 | 12:52 pm Drag and drop and deliverThere can’t be another Windows application this uncomplicated. From downloading File Blender, a Kate Moss-ish 5 MB download, to installing and then using the application, File Blender is a series of wow moments. Unzip the download into a folder and you have an application that requires no installation. Double-click the .exe file to launch what looks like an entirely pointless little window. A rectangle of gray. But drag and drop audio, image or PDF files onto this sliver of Window, and magic happens. File Blender can convert audio and resize or convert image files in seconds. You can convert audio files from and into any of MP3, WAV, FLAC and Ogg formats. Image formats handled include JPG, GIF, TIF, BMP and PNG. But the function we really liked was they way File Blender can split multipage PDFs into pieces. And then combined them again into a single file later. Manipulating PDF files has never been so easy, or so legally free. Watch the latest episode of Playstream to see a demo of File Blender, one of the best pieces of Windows freeware we’ve used in ages. Source: Tech News - Livemint.com | 7 Apr 2010 | 12:32 pm Kingfisher Airlines to raise USD 100 mnIndia's second largest private carrier Kingfisher Airlines plans to raise over 100 million dollars through a fund raising initiative, an official of its parent UB group said on today.Source: HindustanTimes.com - Top Business News Headlines | 7 Apr 2010 | 12:02 pm Gender discrimination cases against Novartis to startA class-action lawsuit alleging that Novartis Pharmaceuticals practised gender discrimination against female employees is set to go to trial on Wednesday in federal court in New York. The complaint seeks at least $200 million (Rs888 crore) in damages on behalf of around 5,600 female sales employees. The suit alleges that Novartis, the US subsidiary of the Swiss drug company, discriminated against women in pay and promotions—especially women who became pregnant. Women in sales positions at the company received an average of $105 a month less than men in comparable jobs from 2002 through 2007, according to their lawyers. Novartis denies the claims and is proud of its record in hiring and promoting women, Amy L. Bess, a lawyer for the company, said on Tuesday. She noted that Novartis had been cited by Working Mother magazine as one of the 100 best companies in the nation for 10 years in a row, through 2009. David W. Sanford, the lead lawyer for the 17 current and former Novartis workers who filed the suit in 2004, said Novartis continues to routinely discriminate against women. Sanford said the case was one of the largest class-action discrimination lawsuits to ever reach trial, based on the size of the class. The trial is scheduled to last five weeks. Most such cases are settled before trial. Judge Gerard E. Lynch, who was then on the US district court, certified the Novartis class action in 2007. Lynch is now a federal appellate judge. In October, district judge Colleen McMahon denied Novartis’ motion for partial summary judgement. Fourteen women from across the country will testify, Sanford said. At least 30 former Novartis employees have filed affidavits. The plaintiffs as a class are seeking $54 million in back pay, plus compensatory and punitive damages, he said. One woman’s affidavit states that her Novartis manager told her he preferred not to hire young women, saying, “First comes love, then comes marriage, then comes flex time and a baby carriage.” Another, who is scheduled to be the second to testify, alleges she was encouraged to get an abortion. Bess, the Novartis lawyer, said the firm looked forward to telling its story in court. Novartis will call as witnesses a number of women sales workers who were automatically part of the class action, but had “incredibly positive” experiences at the company while raising families, she said. Asked whether any of the men accused of discrimination had been disciplined, Bess said Novartis cannot talk about personnel practices, but investigated every complaint thoroughly and took corrective action where warranted. ©2010/THE NEW YORK TIMES feedback@livemint.com Source: World Business - Livemint.com | 7 Apr 2010 | 11:48 am Starwood plans 15 new hotelsAmerican hospitality major Starwood Hotels & Resorts Worldwide will add 15 new hotels in India by 2013.Source: HindustanTimes.com - Top Business News Headlines | 7 Apr 2010 | 10:48 am Probe: Greenspan defends his recordFormer Federal Reserve Chairman Alan Greenspan is defending his record before a panel investigating the roots of the financial crisis, saying his policy at the Fed of keeping interest rates low did not encourage risky lending. Source: HindustanTimes.com - Top Business News Headlines | 7 Apr 2010 | 10:47 am Renault-Nissan and Daimler join hands to make small carsCarmakers Renault SA, Nissan Motor Company and Daimler AG on Wednesday unveiled a wide-ranging alliance to help them compete better in the market for small, fuel-efficient vehicles. Source: HindustanTimes.com - Top Business News Headlines | 7 Apr 2010 | 10:46 am Insurers, brokers slip terror covers abroadThe lure of cheaper reinsurance covers and handsome commissions from foreign reinsurers has led domestic non-life insurance companies to reinsure corporate terrorism covers abroad.Source: HindustanTimes.com - Top Business News Headlines | 7 Apr 2010 | 10:44 am Godrej Consumer stock climbs on Megasari acquisitionThe stock of Godrej Consumer Products (GCPL) surged 7.7 per cent on Wednesday before closing at Rs 281.2 — a gain of 1.3 per cent. On Tuesday, the company had acquired Indonesian firm PT Megasari Makmur Group for Rs 1,000 crore. Source: HindustanTimes.com - Top Business News Headlines | 7 Apr 2010 | 10:43 am 3G spectrum auctions explainedNew Delhi: India is set to auction wireless telecom spectrum for the first time starting Friday to facilitate nation-wide deployment of 3G and wireless broadband services. Global investment bank Rothschild and DotEcon Ltd, a provider of telecom auction services, are advising the government on the auctions. Here is how the auction works and what is in store for investors. What is the process? Each of the auctions for 3G spectrum in India’s 22 telecom zones would be a separate but simultaneous process conducted over the Internet. Also See | 3G Spectrum Auction Explained (Graphic) Bidders have authentication tokens and passwords to access the electronic auction from their own computers. The names of bidders for each service area would not be disclosed during the auction, only the total number of applicants would be known. The auctions will consist of multiple rounds and at the end of each round, provisional winners will be declared. The auctioneer, Rothschild and DotEcon, will announce higher price for every round and will look for demand at that price. The auctions end when demand is equal to the number of slots available in each service area. The auctions would be held from 9am to 7:30pm on all days except Sundays and national holidays in India, beginning 9 April. How long will the auctions go on? Government officials and their advisers say it is difficult to set a timeframe, and could take at least a week to possibly more. A separate auction for Broadband Wireless Access (BWA) spectrum will start two days after the 3G auctions close. No deadline has been set for the auctions, a DotEcon official said. What should investors look for? Winning 3G spectrum will boost the valuations of companies as it will boost their services and opens up new revenue streams. But aggressive bidding could stretch the companies and weigh on their earnings in coming quarters, leaving their shares prone to wide swings in the near term. Indian mobile firms Bharti Airtel, owned 32% by SingTel, Reliance Communications and Idea Cellular, which is 15% owned by Axiata, are participating in both 3G and BWA auctions and are bidding for spectrum in all 22 zones. Indian ventures of foreign telecom firms including Vodafone, Etisalat, NTT DoCoMo and Batelco are also participating in the auctions. US chipmaker Qualcomm is bidding for wireless broadband spectrum in all Indian zones. The auction will also help global telecom gear makers such as Ericsson, Alcatel-Lucent, Nokia Siemens and Huawei, and handset makers such as Nokia, Samsung, Apple Inc and HTC to further boost sales in India, which is already a lucrative market for them. Illustration by Jayachandran/Mint Source: Tech News - Livemint.com | 7 Apr 2010 | 10:43 am Interest rates set to harden, say expertsIndia Inc should brace for higher interest rates in the coming days, feel banking and capital market experts. They believe excess liquidity in the system and rising inflation will pave the way for interest rate hardening.Source: HindustanTimes.com - Top Business News Headlines | 7 Apr 2010 | 10:41 am How will telecom spectrum auctions work?New Delhi: India is set to auction wireless telecom spectrum for the first time starting Friday to facilitate nation-wide deployment of 3G and wireless broadband services. Global investment bank Rothschild and DotEcon Ltd, a provider of telecom auction services, are advising the government on the auctions. Here is how the auction works and what is in store for investors. What is the process? Each of the auctions for 3G spectrum in India’s 22 telecom zones would be a separate but simultaneous process conducted over the Internet. Bidders have authentication tokens and passwords to access the electronic auction from their own computers. The names of bidders for each service area would not be disclosed during the auction, only the total number of applicants would be known. The auctions will consist of multiple rounds and at the end of each round, provisional winners will be declared. The auctioneer, Rothschild and DotEcon, will announce higher price for every round and will look for demand at that price. The auctions end when demand is equal to the number of slots available in each service area. The auctions would be held from 9 a.m. to 7:30 p.m. on all days except Sundays and national holidays in India, beginning 9 April. How long will the auctions go on? Government officials and their advisers say it is difficult to set a timeframe, and could take at least a week to possibly more. A separate auction for Broadband Wireless Access (BWA) spectrum will start two days after the 3G auctions close. No deadline has been set for the auctions, a DotEcon official said. What should investors look for? Winning 3G spectrum will boost the valuations of companies as it will boost their services and opens up new revenue streams. But aggressive bidding could stretch the companies and weigh on their earnings in coming quarters, leaving their shares prone to wide swings in the near term. Indian mobile firms Bharti Airtel, owned 32% by SingTel, Reliance Communications and Idea Cellular, which is 15% owned by Axiata, are participating in both 3G and BWA auctions and are bidding for spectrum in all 22 zones. Indian ventures of foreign telecom firms including Vodafone, Etisalat, NTT DoCoMo and Batelco are also participating in the auctions. US chipmaker Qualcomm is bidding for wireless broadband spectrum in all Indian zones. The auction will also help global telecom gear makers such as Ericsson, Alcatel-Lucent, Nokia Siemens and Huawei, and handset makers such as Nokia, Samsung, Apple Inc and HTC to further boost sales in India, which is already a lucrative market for them. Source: Tech News - Livemint.com | 7 Apr 2010 | 6:15 am Nintendo, Google jointly develop ‘web search’ gameTokyo: Japanese video game maker Nintendo said on Wednesday it had jointly developed a game with US Internet giant Google in which players compete to generate the most search engine results. Nintendo will release “Ando Kensaku” on 29 April as the first joint project between the two companies, a Nintendo spokesman said. In the game, which is to be given a Japan-only release for Nintendo’s Wii console, players compete by correctly guessing the most popular web search terms, and the word with the most hits wins, the spokesman said. The game, which will use Google’s search engine and allow four players to play together, will sell for 4,900 yen ($52), the spokesman said. The two companies have no immediate plan to launch more joint projects. Source: Tech News - Livemint.com | 7 Apr 2010 | 4:27 am Indian wealth firms poach to fight foreign rivalsSingapore/Mumbai: Homegrown wealth managers in India are raising the heat on their western rivals by poaching top talent, as the fight for clients’ wallets in the world’s second-fastest growing market for millionaires intensifies. While Standard Chartered and other foreign rivals are unveiling plans to hire hundreds of private bankers and open new offices across India to boost business, some such as Deutsche Bank and Morgan Stanley have lost senior executives to Indian rivals. This is unlike other emerging markets such as Indonesia, where specialised banking for the rich is a relatively new phenomenon and local banks are often unwilling or unable to match their foreign counterparts in the salary stakes. “Foreign banks, which have demonstrated strong abilities in developing private bankers, often struggle to retain them due to aggressive hiring by leading local bank competitors,” Donie Lochan, a partner at management consultancy Bain & Co, said in a reference to India. The potential for wealth managers in India is huge. Merrill Lynch-Capgemini, in its annual report on wealth, said the combined wealth of Asia Pacific’s high net-worth individuals (HNWIs), or those with investible assets of over $1 million, is estimated to grow at an annual rate of 8.8% until 2018, faster than the global average of 7.1%, with China and India likely to lead HNWI growth in Asia Pacific. Consultant Bain estimates India has around 115,000 HNWIs, less than 20% of whom have financial advisers. Recent departures from Western banks to local rivals include Nikhil Kapadia, who left Deutsche for Avendus Capital in January, and Anshu Kapoor, who joined Edelweiss Capital from HSBC. Kapadia built Deutsche’s private wealth business in India, and his last position at the German bank was chief operating officer for Asia Pacific onshore private banking. Sutapa Banerjee, who left ABN AMRO Private Bank last year to head the wealth unit of India’s Ambit Capital, said her decision was prompted by the opportunity to grow a new business and the monetary benefits that would appear if she succeeded. “The freedom that you have to be able to make decisions and be quick-to-market is far easier in a local entity,” she said. “You accept the challenge of creating something out of nothing, with the proviso that you partake of the riches you create.” Offshore banking a better bet? Besides boutiques, foreign private banks also face competition in India from domestic companies such as Kotak Mahindra and ICICI Bank, which have better local knowledge and distribution networks. But most of the world’s big private banks appear undaunted so far by the competition, and Societe Generale, Credit Suisse and Morgan Stanley are among those that are steadily growing their onshore presence in India. Ambit’s Banerjee said casualties were inevitable, given the number of new entrants. But she added a shakeout was probably 4-5 years away as the market is growing rapidly. Big global private banks do, however, have an advantage over Indian rivals in terms of brand recognition along with a perception that their staff are better trained. Sanjiv Batra, who made his fortune by selling his paint business to Sherwin-Williams and now heads the US firm’s India operations, said he uses foreign private banks because their representatives were more polished and appeared better equiped to handle his needs. “Indian banks, especially the public limited banks, are very sloppy. Their presentations are very poor and you somehow don’t give them much credence and credibility,” he said. A better near-term bet for foreign players could be the offshore market where StanChart, Barclays and other relative newcomers compete with established players such as UBS and Citigroup to serve wealthy overseas Indians from bases in Singapore, Hong Kong, Dubai and London. The new players are in better shape financially than the incumbents and are more able or willing to offer leverage, a key criteria used by overseas Indians when choosing a private bank, industry players say. StanChart estimates that among the world’s 22 million overseas Indians, about 7 in 1,000 are millionaires, one of the highest ratios in the world. Like other Asians, India’s wealthy have relatively high appetites for risk, favouring banks with a global footprint that are more willing to extend loans. “A larger proportion of clients in Asia are entrepreneurs -- first or second generation... They are active investors and they are keen on cross-border opportunities, pan Asia or in other parts of the world,” said Peter Flavel, StanChart’s global head of private banking. “Lending is an important part of an entire portfolio,” he added. Source: World Business - Livemint.com | 7 Apr 2010 | 4:22 am
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