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JayantAgro targets to close year with better marginsIn an interview with CNBCTV18, Vikram Udeshi, Chief Financial Offcier at Jayant Agro Organics, spoke about the latest happenings in his company and the road ahead.Source: Moneycontrol Top Headlines | 9 Apr 2010 | 8:54 am Barak Valley Cements hikes prices by Rs 1520/bagIn an interview with CNBCTV18, Dijay Kumar Garodia, Chairman of Barak Valley Cements Ltd, spoke about his outlook for hike in cement prices and the company.Source: Moneycontrol Top Headlines | 9 Apr 2010 | 8:38 am Voltas expects 201112 to be a \'boom year\' for bizIn an interview with CNBCTV18, MM Miyajiwala, Executive Vice President and CFO of Voltas, spoke about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 9 Apr 2010 | 8:15 am Jet Airways may hike fares by 1015% in AprilJuneFares of Mumbaibased private carrier Jet Airways are likely to go up by 1015% in the AprilJune quarter as against the JanuaryMarch quarter.Source: Moneycontrol Top Headlines | 9 Apr 2010 | 7:31 am 3G auction a winner\'s curse, says Macquarie CapAuction of wireless telecoms spectrum to facilitate nationwide deployment of third generation (3G) and wireless broadband services for the first time is on and would continue till the last circle is auctioned.Source: Moneycontrol Top Headlines | 9 Apr 2010 | 6:41 am Mgmt rejig at Firstsource: Not signalling ownership changeThe change in guard was not a signal of any ownership change, Mukerji said, to which Vallance quickly added that he didnt see any radical change in the company\'s strategy.Source: Moneycontrol Top Headlines | 9 Apr 2010 | 6:15 am Sovereign wealth fund: Is it right for India?Creating a sovereign wealth fund (SWF) will allow Indias forex reserves to be used for investment in oil assets. There are about 37 major sovereign funds worldwide about twothirds of this money comes from oil and gas revenue.Source: Moneycontrol Top Headlines | 9 Apr 2010 | 6:02 am Why they won\'t come to teach you from HarvardThe education crisis in India is much more serious than can be solved by calling in foreign universitiesSource: Moneycontrol Top Headlines | 9 Apr 2010 | 6:02 am Finally, 3G spectrum auction begins!The much-awaited, first-ever auction of radio frequency spectrum for third generation (3G) telephony in India kicked off Friday.Source: Zee News : Business | 9 Apr 2010 | 5:52 am A Raja expects Rs 4000045000cr from 3G, BWA auctionsTelecom Minister A Raja expects Rs 40,00045,000 crore from the auctions on the back of high motivation shown by the bidders. A total of nine bidders have been in the fray for three to four spectrum slots.Source: Moneycontrol Top Headlines | 9 Apr 2010 | 5:49 am March local car sales up 20%Car sales in India rose an annual 20.1% in March, as customers advanced purchases ahead of price hikes due to new emission normsrelated expenses and rising raw material costs, an industry body said on FridaySource: Moneycontrol Top Headlines | 9 Apr 2010 | 5:31 am This is no time for blame, offer full support: Buddhadeb - Times of India
Source: Business - Google News | 9 Apr 2010 | 4:13 am Federal Bank launches portfolio investment scheme for NRIsThe bank, which has been authorised by RBI to administer the scheme, was the first among the traditional private sector banks to offer the facility, its managing director and CEO M Venugopalan said.Source: Daily News & Analysis: Money News | 9 Apr 2010 | 4:05 am Rupee at more than 19-month high on stocks - Economic Times
Source: Business - Google News | 9 Apr 2010 | 4:01 am Indian advertising industry needs to make up for lost time: Sam BalsaraAfter facing rugged recession, the Indian advertising industry must now begin to look at ways and means to rejuvenate its sagging market share, according to industry experts.Source: Daily News & Analysis: Money News | 9 Apr 2010 | 4:01 am 3G spectrum auction kicks off, first round completed - Economic Times
Source: Business - Google News | 9 Apr 2010 | 3:42 am Rupee at more than 19-month high on stocksMumbai: The rupee strengthened to its highest in more than 19 months on Friday, tracking local shares and supported by strong Asian currencies that rose on intensified talks of an appreciation in the Chinese yuan. At 2:55pm, the partially convertible rupee was at Rs44.295/300 per dollar after hitting Rs44.23, its highest since 8 September, 2008. It had ended at Rs44.46/47 on Thursday. India’s main stock index was up 1.2%. The index of the dollar against six major currencies was down 0.23%. The Taiwan dollar and Korean won led another strong Asian rally on Friday as speculation that Beijing was close to allowing the yuan to rise intensified even though the Chinese currency barely moved from its previous close. The one-month offshore non-deliverable forward contracts were at Rs44.25/35, stronger than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and its rival exchange MCX-SX were both at 44.3675. Source: Home - Livemint.com | 9 Apr 2010 | 3:42 am EPFO defers decision on PF interest rate for 2010-11 - Economic Times
Source: Business - Google News | 9 Apr 2010 | 3:41 am Nikkei edges up 0.3 pct, Fast Retailing risesTOKYO (Reuters) - Japan's Nikkei average rose 0.3 percent on Friday, with gains in retailers offsetting profit-taking in the wake of the index's recent rally to 18-month highs.Source: Reuters: Money News | 9 Apr 2010 | 3:37 am China iron ore purchase curb to hit India - trade bodyNEW DELHI (Reuters) - China's curb on purchase of low-grade iron ore by traders will hit India's exports substantially, Glenn Kalvampara, secretary general of Goa Mineral Ore Exporters' Association, said on Friday.Source: Reuters: Money News | 9 Apr 2010 | 3:35 am Rupee at more than 19-month high on stocksMUMBAI (Reuters) - The rupee strengthened to its highest in more than 19 months on Friday, tracking local shares and supported by strong Asian currencies that rose on intensified talks of an appreciation in the Chinese yuan.Source: Reuters: Money News | 9 Apr 2010 | 3:34 am INTERVIEW - ONGC aims over dozen CDM projects by 2013NEW DELHI (Reuters) - Top oil producer Oil and Natural Gas Corp has identified more than a dozen projects to generate carbon offsets by 2013 as part of a drive to green its operations, a senior official said on Friday.Source: Reuters: Money News | 9 Apr 2010 | 3:27 am BGR Energy enters into agreement with Orissa for power project - Economic Times
Source: Business - Google News | 9 Apr 2010 | 3:22 am Chidambaram takes responsiblity for Naxal attackNew Delhi: Home minister P. Chidambaram said on Friday he took responsibility for the deaths of 76 police this week, as New Delhi mobilised more security forces to flush out the rebels from their forest bases. More than 1,000 Maoist fighters, armed with sophisticated weapons, ambushed 81 central police in a forested area of insurgency-hit central Chhattisgarh state on Tuesday, exposing a lack of intelligence and planning. Since the attack, the government has come under criticism from opposition parties who say it has failed to tackle the insurgency. Pressure to do more could rise as India faces polls over the next two years in eight key states, including some Maoist-hit ones. “I accept full responsibility for what happened in Dantewada (in Chhattisgarh),” minister Palaniappan Chidambaram said on Friday at a New Delhi ceremony to mark the deaths. “I have been asked directly and indirectly, where does the buck stop for what happened,” said Chidambaram, who was named home minister after the 2008 Mumbai attacks -- in which 166 people were killed -- to plug gaps in the security system. “I have no hesitation in saying the buck stops at my desk.” Newspapers have carried front-page stories on the government’s failure to tackle the decades-old insurgency that began with a peasant’s movement in 1967 in the eastern state of West Bengal and has now spread to 22 out of 28 states. “No water, food or medicines. Now, go fight ‘biggest threat´,” The Times of India newspaper said, highlighting the challenges in training and equipping the police force. The police killed in Tuesday’s ambush were not trained in jungle warfare before deployment in the Maoist stronghold in Chhattisgarh, officials said after a preliminary investigation. Thousands of paramilitary troops have been scouring the jungles in east and central India, officials said. The government says it will consider use of the air force to aid police in future offensives against the rebels, but has so far ruled out using the army. India has hesitated to use the army to tackle counter-insurgency, experts say, because of sharp criticism after pressing it to root out a Sikh insurgency in 1984 in Punjab state. The Maoists snatched weapons including light machine guns and mortars in this week’s surprise attack, and lost eight men, a rebel commander said in a statement to local media on Friday. Besides raiding police bases for weapons, the rebels also buy them from Chinese smugglers and are in touch with other militant groups operating in India, including Kashmir and the northeast. The estimated 20,000 Maoist combatants operate across a “red corridor” stretching from the Nepal border to West Bengal and through central India into the southern state of Andhra Pradesh. Source: Home - Livemint.com | 9 Apr 2010 | 3:20 am 3G radio airwaves auction starts; eyes on bidsNEW DELHI (Reuters) - India kicked off an eagerly awaited multi-billion dollar spectrum auction on Friday that would help telecom firms in the world's fastest-growing wireless market offer premium third-generation (3G) services.Source: Reuters: Money News | 9 Apr 2010 | 3:19 am Sensex over 200 points up; banks, auto lead - Economic Times
Source: Business - Google News | 9 Apr 2010 | 3:17 am Tata Tea, Pepsi in deal for beverage joint ventureMumbai: Tata Tea, part of the Ratan Tata-led business conglomerate, announced a preliminary agreement on 9 April with global beverage major PepsiCo for exploring a joint venture in the non-carbonated beverage business. “The Board of Tata Tea Limited approved a non-binding Memorandum of Understanding with PepsiCo Inc with the intention of exploring the formation of a joint venture in the area of non-carbonated ready-to-drink beverages, focused on health and enhanced wellness,” Tata Tea said in a regulatory filing with the Bombay Stock Exchange. The company said that definitive agreements for the proposed JV could be finalised over the next few months. Source: LatestNews-Home - Livemint.com | 9 Apr 2010 | 2:50 am China may raise rates soon, revalue yuan by OctBEIJING (Reuters) - China might increase interest rates as early as this month, but Beijing will probably not resume yuan appreciation as soon as that, a senior government economist said on Friday.Source: Reuters: Money News | 9 Apr 2010 | 2:41 am Aviva to re-enter Asia general insurance marketSingapore / London: Aviva, Britain’s no.2 insurer, said on Friday it will re-enter the Asian general insurance market five years after selling its non-life operations there, with Singapore becoming its first market in the region. European and US insurers are keen to expand their presence in Asia, seen as one of the world’s fastest-growing financial services markets, thanks to rising household incomes on the back of strong economic growth. “Our entry into Singapore marks the first step in our plan to penetrate the rapidly expanding general insurance market in Asia,” Simon Machel, CEO of Aviva Asia Pacific, said in a statement. Aviva quit the Asian general insurance market in 2005 when it sold its non-life operations in the region to Japan’s Mitsui Sumitomo Insurance for $450 million. The British insurer’s decision to launch a new Asian general insurance business comes after a non-compete agreement with Mitsui Sumitomo expired earlier this year. “The company will quickly increase its portfolio of products to include home and travel insurance,” Aviva said. Machel declined to name the next countries the firm would expand into. Prudential, Britain’s biggest insurer effectively staked its future in the region with a $35.5 billion bid for the Asian operations of bailed out US insurer AIG, in what would be the insurance sector’s biggest ever takeover. Source: LatestNews-Home - Livemint.com | 9 Apr 2010 | 2:38 am India, US to have talks on security concerns: Roemer - Indian Express
Source: Business - Google News | 9 Apr 2010 | 2:29 am Stop treading on ‘India’, ministry warns IPLNew Delhi: An angry sports ministry has shot off letters to Indian Premier League commissioner Lalit Modi and title sponsor of the tournament DLF, asking them to stop “misusing” the word India and comply with an Allahabad high court order. At the centre of the controversy is the “Building India” tagline in the DLF logo and the objection is to having it on the bowler’s run-up area and on the passage leading to the presentation ceremony as well where players frequently trod on them. “Please appreciate that the matter in question involves deep public sentiments...with players running over it (the word India) hurts public sentiment and also tantamount to showing disrespect to the name of the country,” the ministry said in its letter to DLF chairman K.P. Singh. “I, therefore, sincerely call upon DLF, the title sponsors, to respond to the strong public sentiments in the matter and take urgent action to stop such misuse...failing which, we will take up the matter with the Trade Mark Commissioner for appropriate action,” the letter signed by joint secretary Injeti Srinivas read. The writ petition filed in the Lucknow bench of the Allahabad high court had alleged placing the logo on the ground violated the Prevention to Insults to National Honour Act 1971 and the State Emblem of India (Prevention of Improper Use) Act, 1950. In its letter to Modi, the ministry also flayed BCCI for its casual approach in the matter. “This matter was taken up with BCCI in pursuance of directive received from the Allahabad High Court (Lucknow bench)...BCCI was expected to take up the matter with IPL Commissioner and DLF and submit a comprehensive response to the Ministry. However, we are yet to receive any comprehensive response from them. “Since the court directive is very specific and requires this Ministry to call up on IPL to take appropriate steps for the forthcoming matches...you are advised to take appropriate steps for immediately stopping the misuse of the DLF trademark/logo,” the ministry told Modi in a separate letter. “I therefore sincerely call up on the IPL Commissioner to respond to the strong public sentiments in the matter and take urgent action to stop such misuse...failing which we will take up the matter with the appropriate authorities for appropriate action,” the letter added. Source: LatestNews-Home - Livemint.com | 9 Apr 2010 | 2:05 am Strong cost push to pinch steel firmsMUMBAI (Reuters) - Indian steel makers are likely to face strong margin pressures in FY11 on escalating costs of key raw materials and concerns an inflation-wary government may cap steep price hikes, hurting profitability.Source: Reuters: Money News | 9 Apr 2010 | 1:57 am Profiting from poverty? Microfinance IPO sparks debateMUMBAI (Reuters) - An initial public offer by SKS Microfinance is likely to set the stage for more such offers in the world's largest microlending market, but it has also sparked a debate on the ethics of profiting from the poor.Source: Reuters: Money News | 9 Apr 2010 | 1:52 am Jet Airways sees fares rise 10-15% in April-JuneRaj Sivakumar, vice president, revenue management, said the rise in crude prices and better volumes were likely to push the fares up.Source: Daily News & Analysis: Money News | 9 Apr 2010 | 1:42 am Jet Airways sees fares rise 10-15% in Apr-JuneMumbai: Jet Airways expects average fares to rise by 10-15% in April-June over the January-March quarter, an official told reporters on Friday. Raj Sivakumar, vice president, revenue management, said the rise in crude prices and better volumes were likely to push the fares up. The airline has seen healthy load factors of about 80% for international and 70% for domestic routes in January-March, he said. Source: Home - Livemint.com | 9 Apr 2010 | 1:23 am Goafest 2010 | Collin explains a Naked hybridIn February 2008, leading independent strategy firm Naked Communications shocked the advertising and marketing world by selling equity to Australian marketing communications company, Photon group. However Will Collin, partner, Naked Communications, says he feels that this has not affected the company’s independent thinking and vision. On the sidelines of Goafest 2010, he tells Mint why. Edited excerpts: Naked has been described as a cross between an ad and media shop and a consultancy. Who do you compete with? Yes, we compete with everybody and yet nobody. To our knowledge, there is no agency that works the way we do. Naked is a hybrid of an agency and a consultancy. We are the advisors who charge you fees based on strategic thinking, research and processes. Yet temperamentally and culturally, we are so much like an ad agency. Naked thrives on ideas. Whether it’s the idea of distributing the product in a certain way, or a new line extension or a solution to a crisis in public relations. Ten years ago, in 2000, in our third year, we started to expand in markets beyond UK. We continue to do that and that’s why we are launching in India. We are focused and specialized and come up with original solutions.  Different ideas: Will Collin, Partner, Naked Communications. What kind of original solutions? Any examples? Naked works in the UK, with a leading pharmacist called Boots. There was a big change brought about by the government in the process of prescription drugs. So you go to a doctor, he writes the course of pills illegibly on a piece of paper and then you go to a pharmacy, wait in queue while someone spends 20 minutes looking for them in the back room. The electronic system brought in by the government was easier. In the new system, the doctor prescribes your medicine, there is an automatic presciption delivered electronically to the pharmacy and you just need to collect it. This system was being introduced across all pharmacy chains, not just Boots. It was a huge opportunity and a huge threat for Boots because it was the biggest and had the most to lose. For instance, if one of their customers buys once from another pharmacy (because its closer to their home etc), it wouldn’t just be one prescription lost but all the prescriptions in the near future. Once you have the electronic link, you are going to stay with the pharmacy you are linked with. On the other hand, Boots was not seeing a big response for people signing up for this electronic system. They did some work with an agency (before us) which made them a TV ad. But it did not work. We on the other hand realized that the right time to reach the consumer is not when he’s watching TV, but when he’s standing in queue for prescription. We also did some research around Boots employees and realized they were not clear on the new electronic system. Our solution was cardboard signs hanging in Boots shops, and more money diverted towards staff training for employees. Boots got a huge return back. On your India plans. You’d announced previously that you would be following an entrepreneurial model and offering stakes to employees? Naked India will not be operationally different from Naked in any other part of the world. We are looking to offer clients objective advice, strategy grounded in insight. Where that leads, it’s a little early to say. You’ve got a thriving domestic market; in addition to international brands operating in India. Plus you have domestic Indian champions who want to go out overseas. These three things make India an interesting market for us. Apart from Gitanjali Sriram from Lowe Lintas India who will head our operations here, we have very few recruitments to announce as of now. Since we joined Photoon group, our financial structure is completely different. I wouldn’t like to make commitments on remuneration or equity. But we exist because we recognized a need- no one gives objective advice. While we are no longer independent (we are now a part of Australian marketing group Photon), our very existence is on a market we’ve created. A market that previously did not exist. A market for strategic advice as a valuable service. Our existence depends on our enterprenurial drive. Our employees tend to be people who desire to create and do things different. We are not for those who may be used to big company and bureaucratic structures. We are not a well-oiled machine. We operate on personal connections. So do you see big companies like WPP or Omnicom as factories then? That’s always a risk that every company that gets big has to deal with. The bigger the company becomes, the harder it is for the founding spirit to be ever present in someone who joined 10 years later or is operating out of any other market. It’s hard to keep that spirit alive. We are bigger than we were ; we are no longer ’Three men on a boat’ as when we first began. We’ve had our own sets of issues. Do you feel that after your deal with Photon, you have compromised your independent thinking in some way? We are a subsidiary of a publicly listed communications group... at that level, what you are saying is right. But at a more fundamental level, we live on our wits. We create our market through the service we offer. Clients don’t realize they need our advice; they don’t recognize the weaknesses of the marketing model that we’ve inherited. A model that’s getting rather long in the tooth. Every new client we win, we have had to prove to them that their existing agencies way of doing things may not be the ideal way. We have to demonstrate what’s missing. That’s as true, as when the two John’s and I went to our first meeting. We’ve had to create this market. In that sense, we are very much the enterprenurial set up that we first started with. anushree.c@livemint.com Source: LatestNews-Home - Livemint.com | 9 Apr 2010 | 1:11 am Car sales up 20% in March; bike 36%New Delhi: The total passenger car sales in the domestic market increased by 20.08% in March to 1,55,600 units compared to the same month last year. Motorcycle sales for the period were up 35.70% to 7,08,349 against 5,21,993 units in the corresponding period a year ago, according to the figures released by the Society of Indian Automobile Manufacturers (SIAM). Total two-wheeler sales in March also jumped by 40.69% at 9,20,133 units compared to 6,54,010 units last March. Commercial vehicle sales during the month rose by 61.16% to 67,362 units against 41,797 units for the year-ago period, SIAM said. Vehicle sales on the whole in March soared by 37.23% to 12,26,944 units against 8,94,079 units in the same month last year. In the financial year 2009-10, the domestic passenger car sales rose by 25.10% to 15,26,787 units from 12,20,475 units in the April-March period of the earlier fiscal. Motorcycle sales in the country during the year were up by 25.88% at 73,41,139 units against 58,31,953 units in 2008-09, SIAM said. Total two-wheeler sales in FY10 also increased by 26% at 93,71,231 units compared to 74,37,619 units in FY09. The sale of commercial vehicles in 2008-09 increased by 38.31% to 5,31,395 units from 3,84,194 units for the previous fiscal, SIAM said. Total automobile sales in India went up by 26.41% during the fiscal year 2009-10 at 1,22,92,770 units compared to 97,24,243 units in the last financial year. Source: Home - Livemint.com | 9 Apr 2010 | 12:46 am Jet Airways sees fares rise 10-15 pct in Apr-JuneMUMBAI (Reuters) - Jet Airways expects average fares to rise by 10-15 percent in April-June over the Jan-March quarter, an official told reporters on Friday.Source: Reuters: Money News | 9 Apr 2010 | 12:33 am March local car sales up 20 pct y/y - industryNEW DELHI (Reuters) - Car sales in India rose an annual 20.1 percent in March, with customers advancing purchases ahead of price hikes, but sales are expected to be subdued in the current quarter as customers contend with higher vehicle prices and fuel costs.Source: Reuters: Money News | 9 Apr 2010 | 12:14 am UAE firm, Aditya Solar Power join hands for thermal projectDubai: UAE-based company Mulk Holding has announced an agreement with Bangalore-based Aditya Solar Power Industries to develop a 200 MW solar thermal project in the UAE. The holding company said one of its subsidiaries, Mulk Renewable Energy, will supply and install solar thermal power plants for Aditya Solar in a deal valued at 2 billion dirhams ($545 million). According to the agreement, Mulk Renewable Energy will create a joint venture with Aditya Solar to develop the project. “The project will be implemented in two phases. Phase one will see the execution of a 40 MW plant by 2012 and the balance of 160 MW by 2013,” the company said in a statement. Mulk Renewable Energy will have a 25% equity stake in the first 40 MW. “Major components will be manufactured in the UAE and exported to India for the initial phase and a full-fledged manufacturing facility of 500 MW capacity will be established in India for the next phases,” it said. Mulk Holding has invested 5 million dirhams in research and development of solar plants and expects a 500-million-dirham revenue from the first year of operation of the power plant. Source: LatestNews-Home - Livemint.com | 9 Apr 2010 | 12:11 am Food inflation surge may hasten RBI actionFood inflation, based on the Wholesale Price Index, surged for the second week, fuelling expectations of another round of rate hikes when the Reserve Bank of India reviews its policy later this month. The food index rose 17.7 per cent on aSource: Business Line - Home Page | 9 Apr 2010 | 12:00 am Day Trading GuideDLF is near a key resistance level. Make use of rallies to sell the stock with tight stop-loss at RsSource: Business Line - Home Page | 9 Apr 2010 | 12:00 am SAIL dips on public issue pricing fearThe shares of state-run Steel Authority of India (SAIL) dropped more than seven per cent on Thursday as investors sold them fearing uncertainty surrounding the company's upcoming stake sale.Source: Business Line - Home Page | 9 Apr 2010 | 12:00 am Bank of India (Rs 359.1): SellBank of India reversed from its long-term resistance at Rs 475 in October last year and has been trending lower since then. After losing 35 per cent from this peak, the stock halted its fall and has been in a short-term pull-back phase since theSource: Business Line - Home Page | 9 Apr 2010 | 12:00 am Govt may free truck, bus radial imports for OEMsThe Government may allow truck and bus makers to freely import radial tyres, which are currently on the ‘restrictedSource: Business Line - Home Page | 9 Apr 2010 | 12:00 am RBI needs to tighten the screwsNouriel Roubini, in a recent interview, said: “I think that they are quite in control. There is a debate on whether they should be tightening with rising inflation. The RBI realises that it is not just supply-side factors but the robustnessSource: Business Line - Home Page | 9 Apr 2010 | 12:00 am Why 3G auctions in India won't go the European wayThe auction for third generation (3G) spectrum, starting today, is expected to see aggressive but not unrealistic bidding, according to experts tracking theSource: Business Line - Home Page | 9 Apr 2010 | 12:00 am Euro dives on Greece crisisIt's the age of small, even tiny fish in a big pond creating giant waves. Iceland was the first, going spectacularly bust thanks to its almost entire citizenry turning currency traders, giving up their traditional occupation ofSource: Business Line - Home Page | 9 Apr 2010 | 12:00 am Cabinet nod for SAIL disinvestmentSteel Authority of India Ltd is set to shed 10 per cent of government equity in the company. Additionally, it will raise 10 per cent equity. The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave its approval for the proposal, whichSource: Business Line - Home Page | 9 Apr 2010 | 12:00 am Govt scheme payouts may be routed only thru banksAs part of its financial inclusion drive, the Centre has initiated discussions with the States to mandatorily route payments of all Government schemes/programmes through banks, Finance Ministry sources told BusinessSource: Business Line - Home Page | 9 Apr 2010 | 12:00 am What is 3G?3G refers to the third generation of mobile telephony technology. It comes with enhancements over previous wireless technologies, like high-speed transmission, advanced multimedia access and global roamingSource: HindustanTimes.com - Top Business News Headlines | 8 Apr 2010 | 11:57 pm Rupee up by 2 paise against dollar in early tradeThe rupee appreciated by 2 paise to 44.43 a dollar in early trade today on capital inflows by foreign funds and a weak US currency overseas.Source: India Business News | Business News - Times of India | 8 Apr 2010 | 11:23 pm 3G spectrum auction beginsNew Delhi: The 3G spectrum auction is off to a smooth start on 9 April 2010 with top telecom operators, including Bharti, Vodafone, RCom and Tatas, in the fray to acquire the radio waves that could fetch the government up to Rs35,000 crore. When contacted, a senior Department of Telecom (DoT) official confirmed the smooth beginning of the auction across 22 circles simultaneously. Asked whether the Government would fetch its target of Rs35,000 crore from the sale of spectrum, the official said it is difficult to guess any amount at this moment as it would depend on how aggressive the operators are in bidding. There are nine mobile operators, including the big six, that would bid for the 3-4 slots on offer. The final bidders, include Bharti Airtel, Reliance Telecom, Idea Cellular, Vodafone Essar, TTSL and Aircel for pan India. The government is hoping to garner around Rs30,000-35,000 crore by selling 3G airwaves and broadband wireless access (BWA) spectrum through auction that started today and is expected to last up to three weeks. There is, however, no time limit or deadline for the closing of the auction. The e-auction has started at 9 am and will remain open till 7.30 pm everyday till the process is complete. The government has set base prices for all the 22 zones at Rs3,500 crore and Rs1,750 crore for BWA. According to Sanjay Bhandarkar, NM Rothschild (India) head, the bidding process would stop only when the highest bids have been detected for all the circles simultaneously. The auction for the BWA spectrum would be conducted two days after close of the 3G auction The winners will be awarded spectrum in September, which means commercial operations of 3G services should be possible only by the end of 2010 or early 2011. With 3G services, subscribers will be able to download hi-speed data and video streaming. The DoT has said that 3G auction is designed to prevent predatory bids. According to the auction rules, bidders cannot name their price and they can only accept or reject the price posted in each round. There will be multiple, round-the-clock auction simultaneously for 22 circles. The bidders will have no control on increasing the base price, which can increase from 10% to 1% after each round. If there is one bidder more than the number of spectrum slots, the increase would be 5% and if there are two bidders more than the base would be raised by 10%. However, if the number of bidders is the same as the number of slots, the price would go up by only 1%, as per the auction rules. Source: Home - Livemint.com | 8 Apr 2010 | 11:20 pm 3G spectrum auction begins smoothly, top telecom operators in frayThe 3G spectrum auction is off to a smooth start with telecom operators, including Bharti, Vodafone, RCom and Tatas among the bidders, to acquire the radio waves that could fetch the govt up to Rs 35,000 crore.Source: India Business News | Business News - Times of India | 8 Apr 2010 | 11:19 pm Markets rise; set for 9th straight weekly gainMumbai: Indian shares seem set to record their ninth straight weekly gain and were trading 0.8% higher on Friday, boosted by earnings optimism and continued fund inflows, with financials leading the gainers. By 10:34am, the 30-share BSE Index was trading up 0.79% at 17,854.87 points, and were up 0.9% so far this week. Twenty-six of its components advanced. The 50-share NSE index was up 0.7% at 5,340.20 points. “The mood is optimistic. We should see good earnings from next week,” said Kunal Sukhani, manager of institutional equities at brokerage Asian Markets Securities. “Also, liquidity flows have been robust. So, there is nothing big to worry the market right now.” Foreign funds have shown steady interest in Indian equities since late-February’s national budget which emphasised on fiscal consolidation and higher consumption power. They have bought more than $5 billion of Indian equities so far this year, after pumping in $17.5 billion in 2009 which saw the index gaining 81%. Financials gained, even as near-term inflation worries weighed. Investors concentrated on long-term prospects which were supported by strong economic growth. Top lender State Bank of India was up 0.2% while leading private lenders ICICI Bank and HDFC Bank gained 0.7% and nearly 1% respectively. Energy giant Reliance Industries, which has the highest weight on the Sensex, climbed 1.3% to Rs1,119. Auto companies gained on expectations of robust March sales numbers, ahead of an announcement by the top industry body. Top vehicles maker Tata Motors rose 2.2% while top carmaker Maruti Suzuki and top utility vehicle and tractor maker Mahindra & Mahindra climbed 0.4% and 0.2% respectively. Leading telecoms firms were mixed ahead of India’s first-ever auction of wireless telecoms spectrum starting Friday. Bharti Airtel fell 0.2% while Reliance Communications rose 0.6%. Metals makers such as Sterlite Industries and Hindalco climbed 0.7% and 0.9% respectively after base metal prices rose in Shanghai and London. Tata Steel, world’s eighth-largest steel maker by output, rose 0.6%. In the broader market, there were nearly three gainers for every share that declined, while 127 million shares changed hands on the Bombay Stock Exchange. Source: Home - Livemint.com | 8 Apr 2010 | 11:09 pm UPDATE1-Shree Ganesh shares fall sharply after listing - Reuters India
Source: Business - Google News | 8 Apr 2010 | 11:04 pm Sri Lanka ruling alliance takes early lead in pollsColombo: Sri Lanka’s ruling alliance took an early lead on Friday in parliamentary elections it will most likely win, but it was unclear whether it would reach the two-thirds majority needed to amend the constitution. President Mahinda Rajapaksa’s United People’s Freedom Alliance (UPFA) had won 11 of 15 seats so far decided in the 225-member parliament and was leading in several others, election officials said. They also said the results of 12 seats in the central Kandy district were likely to be delayed because a repoll has been ordered in one area after violence. The poll on Thursday was the first since Rajapaksa declared victory in May in one of Asia’s longest-running and bloodiest wars, defeating the separatist Tamil Tigers and returning the entire island to government control after 25 years. The president has already turned the victory over the Tamil Tigers into a new six-year term, and he has banked on a resurgent economy and political momentum to give his UPFA a two-thirds legislative majority. Friday’s results will remove a final question mark for investors eyeing Sri Lanka as an upcoming frontier market, and provide clarity on Rajapaksa’s plans for a $42 billion economy targeting 6.5% growth this year. The Colombo Stock Exchange extended gains into record territory on Thursday, banking on an easy win for the ruling alliance, and is up 165 percent since January 2009. Bond dealers say demand for high-yield government securities should rise, having grown more attractive with upward pressure on the rupee currency. Rajapaksa has not made public his intended constitutional amendments if his alliance were to get the required majority, save possibly creating a bicameral legislature and changing the electoral system. The opposition had vowed to block him, saying it would threaten democracy by increasing his already vast powers. Some speculate he would change the charter to allow himself a third term when his expires in 2016. Kusal Perera, a political analyst with the Centre for Social Democracy in Colombo, said the opposition’s defeatist tone may have contributed to the low turnout. “They were saying that the government was getting ready to manipulate the vote. That made the people think that there is no point,” he told Reuters. Rajapaksa, 64, was re-elected in January with a victory over retired General Sarath Fonseka, his former war ally whom the opposition backed after he split with the president. He accused Rajapaksa of stealing his victory, but monitors noted no evidence of it. After the vote, the government arrested Fonseka and charged him with politicking in uniform and improper procurement in two courts-martial. Though still in military custody, he ran for parliament as he proclaimed his innocence. Source: Home - Livemint.com | 8 Apr 2010 | 10:42 pm 3G spectrum auction beginsThe 3G spectrum auction was off to a smooth start on Friday with top telecom operators, including Bharti, Vodafone, RCom and Tatas, in the fray to acquire the radio waves that could fetch the government up to Rs 35,000 crore.Source: HindustanTimes.com - Top Business News Headlines | 8 Apr 2010 | 10:33 pm Market bounces back on firming global cuesThe Bombay Stock Exchange benchmark Sensex opened over 154 points higher in opening trade today on global cues that led to buying in heavy-weight stocks, especially in the communications sector.Source: India Business News | Business News - Times of India | 8 Apr 2010 | 10:30 pm Market bounces back on firming global cuesThe 30-share index, which had lost 255.62 points in the previous session, rose by 154.53 points, or 0.82 per cent to 17,868.93 points in the first ten minutes of trading backed by a surge in shares of Bharti Airtel and Reliance Communications.Source: HindustanTimes.com - Top Business News Headlines | 8 Apr 2010 | 10:22 pm Suman, Symonds show keep Deccan in semifinal raceBangalore: T. Suman (78 not out) played the innings of life while Andrew Symonds gave him the perfect support with a 24-ball 53-run cameo as Deccan Chargers beat Royal Challengers Bangalore by seven wickets to stay afloat for a semifinal berth in the Indian Premier League in the Karnataka capital. Chasing a competitive 184, Suman came up with runs when it mattered most for his team and shared an unbeaten 46-ball 91-run fourth-wicket stand with Symonds as the title holders overhauled the target comfortably with four balls to spare. Suman bejeweled his innings with six fours and three sixes while Symonds blitzkrieg included five boundaries and three huge hits over the fence.  Charging in: Deccan Chargers’ Pragyan Ojha celebrates the wicket of Royal Challenger Bangalore’s Ross Taylor (unseen) during the IPL T20 match at Chinnaswamy stadium in Bangalore on Thursday. Shailendra Bhojak / PTI Earlier Jacques Kallis (68) and Virat Kohli (58) put on a 52-ball 95-run fifth wicket partnership to power Royal Challengers Bangalore to 184 for six. With this win, Deccan took their points tally to eight from ten contests while the defeat saw RCB stagnate at ten points from as many matches. It was also RCB’s second successive defeat, while Deccan returned back to winning after five consecutive loses. Deccan did not have the perfect start to their run chase as they lost their opener Mohnish Mishra in the third over with just 11 runs on the board. Skipper Adam Gilchrist (32 off 19) Suman, however, kept the Hyderabad side in the hunt, sharing 77 runs for the second wicket that came in just 8.3 overs. But the whole scenario changed within just seven runs as Deccan lost two crucial wickets -- Gilchrist and Rohit Sharma -- to find themselves in a spot of bother. Gilchrist’s 19-ball essay was cut short by Kumble who foxed him with a googly and Robin Uthappa did the rest behind the stumps. As if that blow was not enough, five balls later Rohit Sharma (6) gave away a straight forward catch to Dale Steyn off R. Vinay Kumar to compound their problems. But it was not to be Bangalore’s day as Suman and Andrew Symonds milked the Deccan bowlers with caution and set the platform for the comfortable victory with some sensible hitting. Needing 49 off the last four overs, first Symonds opened up, hitting Praveen Kumar for a four and six and then Suman joined the party clobbering the medium pacer straight over his head to pile up 21 runs. Symonds clobbered R. Vinay Kumar for a six and then followed it up with a boundary in the next ball to drew curtains to their run chase in style. For RCB Praveen and Kumble picked up a wicket each, giving away 37 and 38 runs respectively. Source: LatestNews-Home - Livemint.com | 8 Apr 2010 | 10:09 pm Asia stocks firm near 22-month high; yen fallsTokyo: Asian stocks edged closer to a 22-month high on Friday, supported by strong US retail sales data, while the yen retreated against major currencies after rising the previous day on talk that China is likely to allow a modest appreciation in the yuan. The yen was under pressure after news that Prime Minister Yukio Hatoyama will meet with Bank of Japan Governor Masaaki Shirakawa around 0300 GMT to discuss the economy and financial situation. “An announcement on monetary policy out of this meeting is unlikely, but the event is probably for the government to make an additional request to the Bank of Japan for more easing steps, providing a yen-selling factor,” said a trader for a Japanese bank. The MSCI’s broad measure of shares in the Asia-Pacific outside Japan rose 0.33%, staying near levels last seen in June 2008 hit on Wednesday and bringing gains since the beginning of the year to more than 4%. Seoul shares slipped 1.3% as a strengthening won dented appetite for key exporters such as Hyundai Motor, while reaction to the Bank of Korea’s decision to hold its interest rate was limited. Tokyo’s Nikkei average was flat, with profit-taking after the benchmark’s recent rally to 18-month highs offsetting strong earnings guidance from the likes of popular casual clothing chain Fast Retailing. The Nikkei has gained nearly 6% so far this year. Better-than-expected US retail sales data helped support sentiment, but gains are likely to be kept in check ahead of US earnings next week from heavyweights such as Intel Corp with investors mindful of longer-term uncertainty about the US economic recovery and simmering worries about debt-laden Greece. “Though market attention has shifted to earnings, the Japanese season doesn’t really get going for another two weeks, meaning the market may search for direction,” said Kenichi Hirano, operating officer at Tachibana Securities in Tokyo. “But with few strong reasons to sell at this point, any falls are likely to be limited.” On Thursday, top US chains reported a record year-over-year increase in same-store sales for March, sending the S&P 500 Index 0.3% higher. The sales reflected a boost in consumer demand that some investors had doubted would materialise, with job growth still anemic. The greenback rose 0.1% to ¥93.47 after the market found solid bids below 93 yen on Thursday when it fell as far as ¥92.83. Asian currencies are seen likely to gain from any move by China to revalue its currency. Speculation about a firmer Chinese yuan has reached fever pitch since The New York Times said China was close to announcing a shift in policy involving a “small but immediate” yuan revaluation. On Thursday, US Treasury Secretary Timothy Geithner and Chinese Vice Premier Wang Qishan exchanged views on US-China economic relations and the global economy during a meeting in Beijing. The euro rose earlier as investors trimmed record-high short positions, but it struggled to keep those gains as worries about debt-laden Greece simmered in the background. The single currency was steady at $1.3360, having lost about 7% since the beginning of the year. Commodity prices were steady, with U.S. crude futures rising towards $86 a barrel, after falling the two previous days, while Gold ticked higher, hovering near a 3-month high hit the previous day. The Japanese government bond yield curve remained under flattening pressure as the superlong sector stayed bullish on continuing purchases from investors such as life insurers. Mitsui Life Insurance Co said in an interview with Reuters on Thursday that Japan’s fifth-largest life insurer is likely to buy 100 billion yen ($1.07 billion) in superlong bonds in the current financial year. Investor interest in emerging markets and their commodities stories jumped during the first week of April, data from fund tracker EPFR Global showed on Thursday, with flows into EPFR Global-tracked emerging markets equity funds hitting a 24-week high. Emerging Markets Bond Funds extended their inflow streak to 22 straight weeks and Commodity Sector Funds absorbed another $265 million, EPFR said, but Japan Equity Funds posted outflows for the first time this year as a stronger yen and disappointed business investment numbers offset bullish expectations for the first quarter earnings season. Source: Home - Livemint.com | 8 Apr 2010 | 10:07 pm Tiger back in his den?Tiger woods makes his first appearance in a Nike advertisement after his self-imposed exile since last November. The 30-second advertisement features Tiger Woods listening to the voice of late Earl Woods (Tiger’s father). Woods’ long time sponsor Nike has released the advertisement, called ‘Earl and tiger’, just a day before the 2010 Masters golf tournament. In the advertisement, Earl’s recorded voice speaks to Tiger, who faces the camera ruminating, “Tiger, I am more prone to be inquisitive, to promote discussion. I want to find out what your thinking was. I want to find out what your feelings are”. The ‘National Enquirer’ on November 25 2009, accused Woods of having an extramarital affair with nightclub manager Rachel Uchitel, a claim she denied. The scandal took an interesting turn when a San Diego cocktail waitress Jaimee Grubbs publicly claimed a two-and-a-half-year relationship with Woods. Subsequently dozens of women claimed, in various media outlets, of having relations with Woods, producing evidence like private messages and photographs. In a statement released on December 11 2009, Woods apologized publicly, adtmitting to infidelity and announcing an indefinite hiatus from professional golf. Following his statement on December 11, several companies suspended or cancelled their sponsorship contracts with Woods. Nike was one of the very few companies who stood by Woods through this tumultuous period of his life, marred by scandals, where sponsors like Accenture, Gillette, Tag Heuer, AT&T, Gatorade and PepsiCo backed out. Woods’ affairs, according to an estimate, have set back his sponsors by 5 to 12 billion dollars while he suffered a personal loss of around $35 million in sponsorship deals. He has been reported to have lost millions more in attempts to save his marriage. History shows us that some sporting legends have come back even stronger after confronting turbulent interruptions in their careers. Lance Armstrong, for instance, staged a spectacular comeback after recuperating from testicular cancer, by winning the Tour de France in 1999. After his persecution for refusing to fight the Vietnam war, Muhammad Ali came back to the ring and won famous bouts like “Rumble in the Jungle”, and defeated greats like Joe Frazier, George Foreman and Chuck Wepner. Leaving all the chaos behind, Woods too hopes to make a befitting comeback to golf in the Masters. His opening drive on 8th April 2010 maybe the most watched shot in the history of golf. The advertisement culminates with Woods Sr. asking his son “Did you learn anything?” Suhas Munshi Source: LatestNews-Home - Livemint.com | 8 Apr 2010 | 10:01 pm Oil gains towards $86 on demand optimismSingapore: Oil rebounded towards $86 on Friday after two days of declines, as positive US economic indicators and views that China may revalue its currency bolstered expectations for sustained energy demand growth. US equities reversed early losses to finish higher on Thursday as strength in retail sales boosted optimism about the economy and consumer demand. The Chinese yuan and other Asian currencies rose briskly on Thursday as speculation intensified that China might soon revalue its currency and unveil a long-awaited shift in its exchange-rate regime. “Oil is a dollar-denominated commodity, so if the dollar gets weaker against the yuan, it will be cheaper for China to buy oil,” said Clarence Chu, an energy trader at Hudson Capital Energy in Singapore. “In the short term, it could be bullish.” Front-month US crude advanced 39 cents to $85.78 a barrel by 8:52am, having touched an 18-month high of $87.09 earlier this week. ICE Brent climbed 43 cents to $85.24. “The range is pretty tight,” Chu said. “People are not really jumping at the market at $87, but at the same time $85 support still holds. Technically speaking, the next resistance level would be $90, but I don’t think the market will really rally above that level in terms of fundamentals.” US oil consumption is gradually recovering from a year and a half of declines. Over the past four weeks, total product demand rose 1.9% from a year earlier, the Energy Information Administration said on Wednesday. But US crude inventories reached their highest level in almost ten months after rising for ten consecutive weeks last week, an indication that supply is still outpacing demand. “If you look at the fundamentals, the market should pull back,” Chu said. “We lost so many jobs during the recession that it takes a while for demand to really pick up.” The number of US workers seeking jobless aid unexpectedly shot up last week. However, that did not alter the view that labor markets are recovering as the increase reflected Easter holiday volatility. Beijing has pegged the yuan near 6.83 per dollar since mid-2008 to help its exporters weather the global crisis. But this has drawn increasing complaints from Washington that the yuan is seriously undervalued, handing Chinese firms an unfair trading advantage and effectively exporting unemployment. The New York Times reported on Thursday that Beijing was very close to announcing a “small but immediate” revaluation and would then let the yuan fluctuate more widely. “China is trying to boost domestic consumption, and domestic consumption is growing,” Chu said. “But China is still an export-oriented country. In the longer-term, a revaluation could be a bearish thing for oil.” Source: Home - Livemint.com | 8 Apr 2010 | 9:32 pm Apple announces new iPhone softwareApple announced a new operating system for its market-leading iPhone, as it seeks to thwart challenges to its smart phone supremacy from rivals like Google, Microsoft, Nokia and the Blackberry.Source: HindustanTimes.com - Top Business News Headlines | 8 Apr 2010 | 9:07 pm Wall St rises as retail strength offsets Greek debtsNew York: US stocks edged higher on Thursday, cutting the morning’s modest losses as surprisingly strong March retail sales helped offset worries over the latest twist in Greece’s fiscal crisis. Online merchant Amazon.com shot up 4.2% to $140.50, leading the S&P 500 higher. For Amazon.com’s stock, this was its third-biggest percentage jump this year. Investors snapped up retailers’ shares after top US retail chains reported a record increase in March same-store sales. The early Easter holiday and an improving job market helped retailers beat Wall Street’s forecast. An S&P retail index rose 0.9 percent. But Wall Street’s enthusiasm about retailers’ strength and consumer spending was curbed by another wave of worry about Greece, which has weighed on investor psyche for months. Investors unloaded Greek assets on Thursday as the government bond market priced in the threat of a liquidity crunch for the euro zone member -- even as Athens sought to reassure markets it was not at risk of default. An index of Greek banks’ U.S.-listed stocks fell 2.7%. “The message from major retailers is consumer confidence and willingness to spend are improving,” said Craig Peckham, equity trading strategist at Jefferies & Co in New York. But risk-taking was curbed by the widening of credit spreads on Greek sovereign debt, he said. “There’s speculation the bailout plan appears to be increasingly at risk,” Peckham said. The Dow Jones industrial average gained 13.37 points, or 0.12%, to 10,910.89. The Standard & Poor’s 500 Index rose 1.47 points, or 0.12%, to 1,183.92. The Nasdaq Composite Index added 3.07 points, or 0.13%, to 2,434.23. Cyclical stock sectors, such as energy, materials and industrials, which are sensitive to economic uncertainty, curbed the Dow’s and the S&P 500’s gains. Caterpillar Inc ranked among the Dow’s top decliners, off 0.3% at $64.26. Wall Street got a jolt of good news early in the session when major US retail chains reported a record 9.1% jump in March same-store sales. That beat the forecast for a 6.3% gain, according to Thomson Reuters data. Of the 28 retailers that Thomson Reuters tracks, more than 90% topped estimates. The pick-up in consumer spending, which accounts for roughly two-thirds of U.S. economic activity, could point to stronger corporate earnings and boost stocks. Shares of United Airlines parent UAL Corp rose 9.3% to $20.71 on Nasdaq and US Airways Group surged 12.9% to $7.71 on the New York Stock Exchange in the wake of news that the two airlines were in merger talks. In the latest snapshot of the job market, initial claims for state unemployment benefits unexpectedly rose 18,000 to a seasonally adjusted 460,000, the Labor Department said, reflecting volatility in the data associated with the Easter holidays. Economists expected first-time claims to slip to 435,000. But a hopeful sign for the job market came from continuing jobless claims, which fell to the lowest since December 2008. Source: Home - Livemint.com | 8 Apr 2010 | 8:58 pm Essar Energy to raise $2.5 billion via London issue - Economic Times
Source: Business - Google News | 8 Apr 2010 | 5:30 pm Government bans FDI in cigarette manufacturing - Economic Times
Source: Business - Google News | 8 Apr 2010 | 5:03 pm Government clears Rs16k cr SAIL follow-on offerThe divestment will be through two tranches of 10% each. In each tranche, the government will dilute 5% of its stake, and SAIL will issue 5% fresh equity.Source: Daily News & Analysis: Money News | 8 Apr 2010 | 3:29 pm ndian laws do not encourage consolidation: CEO Vodafone EssarMarten Pieters, MD and CEO Vodafone Essar Ltd shares with DNA his vision after the company touched the magic number of '100 million' subscribers in India.Source: Daily News & Analysis: Money News | 8 Apr 2010 | 3:27 pm Tata, NMDC set to build steel plantsThe companies had signed a memorandum of association on January 22 for a possible strategic alliance.Source: Daily News & Analysis: Money News | 8 Apr 2010 | 3:26 pm Essar offers India story in LondonBunches its oil and fledgling power business into a new energy company, offers 20-25% for $2.5 billion, outlines diversification into power generationSource: Daily News & Analysis: Money News | 8 Apr 2010 | 3:24 pm Tobacco FDI ban is stale smokeAfter long hesitating to approve foreign investment proposals into the cigarette sector, the government on Thursday put a full-stop to further investment into the sector from abroad.Source: Daily News & Analysis: Money News | 8 Apr 2010 | 3:18 pm Infrastructure companies may have better financial results this yearExecution levels of infrastructure companies for the quarter ended March are expected to show an improvement given that the base in the corresponding year-ago quarter was lower.Source: Daily News & Analysis: Money News | 8 Apr 2010 | 3:15 pm We may launch IPO within 90 days: Emaar Properties chairmanEmaar Properties chairman, Mohammed A Alabbar spoke to DNA on the group's housing project for the 2010 Commonwealth Games, plans for London, IPO in India and much more.Source: Daily News & Analysis: Money News | 8 Apr 2010 | 3:14 pm Costlier milk, fruit drive up food inflation to 17.7%The overall inflation for March, data for which is expected next week, is likely to cross the double digit mark with prices of essential items rising and food inflation spreading to manufactured goods.Source: India Business News | Business News - Times of India | 8 Apr 2010 | 2:56 pm Janaadhar launches low-cost homes project near Bangalore Bangalore: Ramesh Ramanathan, who runs the non-profit organisation Janaagraha, on Thursday launched his maiden low-cost housing venture in the industrial town of Attibele, about 35km from Bangalore.  New venture: (from left) Naresh Narasimhan, architect-principal, Venkatraman Associates; Ramesh Ramanathan, chairman and director, Janaadhar Constructions; S. Shridhar, CMD, Central Bank of India and Ramani Sastri, CMD, Sterling Developers, at the launch. Hemant Mishra / Mint His firm Janaadhar Constructions Pvt. Ltd will build more than 500 homes priced at less than Rs5 lakh in the first phase, targeting buyers with a monthly household income of Rs15,000. Janaadhar is promoted by Ramanathan’s Janalakshmi Financial Services, the majority stakeholder and a microfinance institution for the urban poor, Bangalore-based Sterling Developers Pvt. Ltd and architect V. Naresh Narasimhan. State governments have drawn up several schemes for low-income housing, but private initiatives have been limited. In 2008-2009, as developers started focusing on so-called affordable homes as demand slowed during the downturn, Tata Housing Development Co. Ltd was one of the first to launch more than 1,000 low-cost homes near Mumbai, selling them all in a few months. “It took us almost three years to get clear land and approvals in place before we launched the project,” said Ramanathan, also a Mint columnist. The 12-acre project, which will cost less than Rs100 crore, received a $2 million (Rs9.3 crore) grant from the Michael and Susan Dell Foundation in 2008 primarily to buy the land. Janaadhar also tied up with Central Bank of India for project construction finance. Market research by Value and Budget Housing Corp. (VBHC), which will soon launch its low-cost housing project in Attibele, indicates there are about 55,000 potential customers in the industrial corridor, where home ownership is just 22%. VBHC is promoted by entrepreneurs Jaithirth Rao and P. S. Jayakumar. Ghulam Zia, national director, research and advisory services, Knight Frank India, a property advisory, says that with the real estate sector recovering, demand for low-priced homes will only go up as overall prices rise. Ramanathan’s Janadhaar Shubha project will be built in phases, adding up to 1,140 flats. “There is a shortage of around 24 million housing units in India and most of it is in the low-income group,” said S. Shridhar, chairman and managing director (CMD), Central Bank of India. Janaadhar is scouting for clear land parcels in Chennai and Pune, where it wants to launch similar projects. Elsewhere, Usha Breco Realty Ltd, the realty arm of Usha Martin Group, did a soft launch for investors on Wednesday to sell its low-cost project in the industrial town of Boisar, 60km from Mumbai. Tata Housing’s low-cost project is also in Boisar. Usha Breco, which will sell 300 apartments in the first phase, sold 40 apartments on the first day. The homes are priced at Rs9-20 lakh and about 30% of the bookings were made by investors, though they were refrained from making bulk bookings. madhurima.n@livemint.com Source: LatestNews-Home - Livemint.com | 8 Apr 2010 | 1:55 pm 3G price in India among leastThe government is gearing up for a Rs 30,000-crore bonanza for the public purse from 3G auctions, which begin on April 9.Source: India Business News | Business News - Times of India | 8 Apr 2010 | 1:48 pm After 3G, TD-LTE may drive telecomEven as the government hopes to raise around $9 billion from the 3G and BWA auctions, foreign telcos waiting in the wings are eager to unfurl a new technology TD-LTE which is akin to 4G technology.Source: India Business News | Business News - Times of India | 8 Apr 2010 | 1:47 pm Inflation, Greece crisis pull sensex down by 256Local and global factors combined on Thursday to reverse the 4-day winning streak of the sensex as the BSE benchmark index closed 256 points lower at 17,714.Source: India Business News | Business News - Times of India | 8 Apr 2010 | 1:46 pm Shobhaa De, Penguin script new chapterIn her latest avatar, Shobhaa De has turned into a literary impresario, with her very own imprint for Penguin.Source: India Business News | Business News - Times of India | 8 Apr 2010 | 1:44 pm Govt bans fresh FDI in cigarette manufacturingThe government on Thursday banned fresh foreign direct investment (FDI) in cigarette manufacturing. The ban will be effective in the special economic zones also.Source: India Business News | Business News - Times of India | 8 Apr 2010 | 1:42 pm The Mint Report for 08 April 2010New Delhi: The Essar Group is looking to raise cash for its expansion plans. The company says it will raise $2.5 billion by selling shares in its energy business to institutional investors. Essar expects it will have to sell 20-25% of Essar Energy to raise the money. Proceeds from the sale will help Essar buy coal mines and develop more oil and gas blocks. Steel company SAIL is now a step closer to its follow-on public offer. On Thursday, the Union cabinet approved a stake sale in the company that will have two components. One component will see the government divesting a part of its holdings for an estimated Rs8,000 crore. The second component will involve SAIL selling fresh equity to the extent of 10% of its current holding. That sale is expected to bring in another Rs8,000 crore. SAIL’s public offer will take place in two tranches. Each of the tranches will involve both the components. Real estate firm Emaar MGF says half the money it raises from its IPO will be used to service debt. Emaar MGF currently has a debt of Rs5,000 crores that’s due over the next two years. The company expects to raise about Rs3,500 crores from its IPO. A hike in interest rates just got more likely. Data released on Thursday shows the food price index increased 17.7% in the year to 27 March. That’s a significant increase over the previous week, when the index rose 16.35%. The inflation figure comes a day after the government’s chief statistician warned that the RBI would have to increase policy rates if inflation continued to go up. Source: LatestNews-Home - Livemint.com | 8 Apr 2010 | 1:41 pm Centre sets up 3 working groups of CMs to tame pricesSeeking greater involvement of states in combating rising prices, Prime Minister Manmohan Singh on Thursday set up three working groups of chief ministers.Source: India Business News | Business News - Times of India | 8 Apr 2010 | 1:37 pm Naxal effect: Insuring police to cost moreAfter Tuesdays Naxal attack on CRPF forces, police forces across the country are likely to see a sharp jump in their insurance premia when their group personal accident policies are renewed. The hike could be in the region of 200-300 per cent, according to insurance firms.Source: Business Standard | Front Page Headlines | 8 Apr 2010 | 1:30 pm Maruti faces capacity crunch as sales surgeThe countrys largest car producer Maruti Suzuki is caught in a cleft. There is growing demand for its cars, but it does not have sufficient production capacity to feed this demand.Source: Business Standard | Front Page Headlines | 8 Apr 2010 | 1:29 pm Govt bans FDI in cigarette manufacturingIndia today closed the doors on new foreign direct investment in cigarettes. In a move that would hit global tobacco companies which have made attempts to increase their presence in the country like Japan Tobacco International (JTI) and Phillip Morris the Cabinet Committee on Economic Affairs decided on this move today.Source: Business Standard | Front Page Headlines | 8 Apr 2010 | 1:27 pm Competition body yet to rule on any caseNew Delhi: A year after it started looking at cases related to cartelization and abuse of market leadership, India’s competition body is yet to pass judgement on even a single case, and while the general opinion among experts attributes this to a shortage of staff, there is a growing feeling that this inertia could lead to a pile-up and backlog of cases.  Illustration: Jayachandran/Mint A year ago, the new competition body, which has the powers to impose fines and penalties, started investigating six cases related to cartelization and abuse of dominant position. The director general, CCI, submitted investigation reports in all six cases between September 2009 and April 2010, but “due to shortage of staff and lack of expertise, CCI has not been able to dispose off a single case”, said a senior official at CCI, who did not want to be identified. The official added that the agency has around 20 people on its rolls and is in the process of filling key positions. CCI chairman Dhanendra Kumar did not respond to emails seeking comment. He could not be reached over phone. The official at CCI did not provide details of the investigation in the six cases, but said these include responses from the companies involved. Interestingly, one of these involves the fight between multiplex owners and movie producers on revenue sharing. This was the first case lodged with the commission and which ended in 2009 with a settlement between the two parties. A senior Delhi-based lawyer, who did not want to be identified, said CCI was treading carefully as it also has the power to impose fines and penalties. “However, five to six months is good enough to take action on cases where the director general has given the report. Otherwise, cases will pile up and delays will become a regular feature,” this person said. Meanwhile, one of the lawyers involved in a case where CCI’s investigation is yet to be completed, complained about the agency’s slow progress. “It’s frustrating that while CCI has a deadline for taking responses from parties, it has no deadline for disposing off cases,” added this person, who is representing one of the parties in a case involving currency futures. MCX Stock Exchange Ltd (MCX-SX), the currency futures trading arm of Multi Commodity Exchange of India Ltd, had charged the National Stock Exchange of India Ltd (NSE) of adopting predatory pricing techniques resulting in abuse of dominant position. CCI, however, has its defenders. Another lawyer, Anand Pathak, attributed delays to staffing issues and the complexity of cases. “The commission is severely short-staffed and then there are extremely complex cases like those of MCX-SX and NSE. Dealing with predatory prices will be difficult with any competition authority in the world and the CCI has just started functioning,” he said. Pathak added that he believes CCI will find its feet in six-eight months. CCI received statutory powers as a competition regulator in 2007, and started looking into cases of cartelization and abuse of dominant position only last year. It will also approve mergers and acquisitions, but its powers in this area are yet to be notified by the government. sangeeta.s@livemint.com Source: LatestNews-Home - Livemint.com | 8 Apr 2010 | 1:19 pm Essar to raise $2.5 bn, list firm on LSEMumbai: The Essar Group will raise $2.5 billion (Rs11,175 crore) by selling shares of Essar Energy Holdings Ltd, a holding company for the group’s energy businesses, and list it on the London Stock Exchange (LSE). The money raised from the offering to overseas institutional investors will be used to fund power projects, exploration and development of oil and gas blocks, expand Essar’s refinery, and to meet working capital requirements, the group said on Thursday. Essar Energy owns all of unlisted Essar Power Ltd and 89% of listed Essar Oil Ltd.  “The listing offers a unique opportunity for institutional investors to participate in the India growth story and allows us to list our shares in an international market,” Essar Group chief executive Prashant Ruia told Mint. According to him, Essar Energy Holdings is valued at $10 billion. “We (the promoters) had invested nearly $2 billion to build 6,000MW of power plants and a 12 million tonne (mt) refinery in Jamnagar,” Ruia said. According to a study released in November 2009 by the Confederation of Indian Industry and AT Kearney, about $250 billion will need to be invested in the power sector over the next eight-nine years. AT Kearney also said India’s significant power deficit (11% in 2009) is expected to continue. India’s per capita power consumption of 610 kWh in 2007 was far below the per capita power consumption in other major emerging markets—2,346 kWh in China, 2,154 kWh in Brazil and 6,338 kWh in Russia, according to the International Energy Agency. The World Bank says 44% of Indian households do not currently have access to electricity. “The listing will allow them to have better access to capital and to move to the next level,” said a fund manager, who works for a British investor in India. He did not want to be identified as he is not authorized to speak to the media. It would also be a vote of confidence in the group “after Essar Steel Ltd failed to repay floating rate notes (FRN) to foreign investors in 1999”. Ruia said the FRN issue took place 11 years ago, and added, “We have grown 10 times bigger since then.” Essar Oil, which has built a 12 mt refinery, is about to end a corporate debt restructuring (CDR) programme. “We are in the process of exiting the CDR,” Ruia said. JPMorgan Cazenove and Deutsche Bank AG are the bankers to the plan. An LSE listing will give the group international branding, the currency to look at global opportunities for acquisition and a new investor base, said Rajagopal A., managing director and head of global capital markets (India) at UBS Securities India Pvt. Ltd. The Essar Group has been buying steel firms in Canada and Indonesia, mines in Indonesia, apart from telecom firms, oil exploration blocks and refineries in Africa in the last few years on the back of a put option clause attached to its 33% stake in Vodafone Essar Ltd, India’s third largest cellphone company. The promoters have the right to sell a 33% stake to Vodafone by May 2011, benchmarked to a valuation of $3.5 billion. The group has raised nearly $3.5 billion between 2005 and 2009 by offering this stake as collateral. “The LSE listing is strategically good for the Essar Group as it is going for huge international expansion,” Khandwala Securities Ltd’s research analyst Vinay Nair told Mint. “It will give them a good hold on external fund-raising capabilities and a listing will have a positive effect on the group’s credibility.” Nair pointed out that there would be no change in the fundamentals. “The refining margins are not encouraging, but with the LSE listing, the Essar Group will broaden its horizon,” he said. On the completion of the offer, it is expected that Essar Energy will be considered for inclusion in the FTSE 100 Index, an Essar Group media statement said. FTSE is an independent company jointly owned by the Financial Times and LSE. This issue of fresh shares will result in a 20-25% stake dilution for the promoters, while the group has clarified that it will retain a minimum of 75% of Essar Energy’s issued share capital. Essar Energy is incorporated in the UK, and has its registered office in London and head office in Mauritius. Ruia said Essar Energy will continue to operate its oil and gas business through Essar Oil, which will remain listed on the Bombay Stock Exchange and the National Stock Exchange. Essar Oil currently has a public float of 11.42%. “We have no plans to delist any of our companies,” he said. 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