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Global IT spending to rise 5.3% in 2010: GartnerGlobal IT spending will increase 5.3% this year to USD 3.39 trillion, boosted by strong consumer demand for PCs and a weakening US dollar, research firm Gartner said on MondaySource: Moneycontrol Top Headlines | 12 Apr 2010 | 8:31 am FIIs can use govt bonds as collateral for stocks: RBIThe Reserve Bank of India (RBI) on Monday allowed foreign funds to use their government bond holdings as collateral for stock market transactions, doing away with an earlier rule that only allowed cash to be usedSource: Moneycontrol Top Headlines | 12 Apr 2010 | 8:21 am Videocon confident of a successful rights issueIn an interview with CNBCTV18, Venugopal Dhoot, CMD of Videocon, spoke about the IIP numbers and its rights issue.Source: Moneycontrol Top Headlines | 12 Apr 2010 | 7:56 am See weak capital goods cycle in April, May: ThermaxIn an interview with CNBCTV18, MS Unnikrishnan, Managing Director of Thermax, spoke about his outlook for capital goods sector.Source: Moneycontrol Top Headlines | 12 Apr 2010 | 7:55 am Indian economy poised to achieve 9-10% growth rate: PM!Prime Minister Manmohan Singh Monday said India was poised to achieve 9-10 percent economic growth but for this it required protection-free international climate.Source: Zee News : Business | 12 Apr 2010 | 6:41 am February industrial output growth eases to 15.1%!India`s industrial output grew slower-than-expected in February, and output is expected to ease further following moves to withdraw an economic stimulus, including an interest rate hike in March.Source: Zee News : Business | 12 Apr 2010 | 6:41 am Essar Steel to sell global bondsIndian steelmaker Essar Steel is to make an offering of a benchmarksized sevenyear global bond, not callable for four years, a source close to the deal saidSource: Moneycontrol Top Headlines | 12 Apr 2010 | 5:28 am Temasek investment through structured paper: GMR EnergySingapore state investor Temasek Holdings will invest USD 200 million in the power unit of Indian conglomerate GMR Infrastructure, CNBCTV18 had reported recently. The investment, would be through structured paper, which would compulsorily be convertible to equity.Source: Moneycontrol Top Headlines | 12 Apr 2010 | 5:20 am Expect orders to touch Rs 2000 cr in next 6 mths: PBA InfraPBA Infrastructure has been making news on the back of some recent joint ventures. In an interview to CNBCTV18, CMD Ramlal Wadhwan spoke about the company\'s future prospects.Source: Moneycontrol Top Headlines | 12 Apr 2010 | 5:09 am Elder Pharma to raise Rs 120125cr for capexMumbaibased Elder Pharmaceuticals is planning to raise Rs 120125 crore as a part of its debt reduction and capacity expansion exercise.Source: Moneycontrol Top Headlines | 12 Apr 2010 | 4:58 am Corporation Bank to raise Rs 5000 cr in 2 yearsStaterun Corporation Bank is planning to raise Rs 2000 crores in FY11 to meet credit growth, a top official told Reuters in a weekend interviewSource: Moneycontrol Top Headlines | 12 Apr 2010 | 4:51 am No need for panic on ULIP issue: EYCommenting on the ULIP issues Ashvin Parekh of Ernst and Young said that there was no need for panic yet and that it expected clarity on the subject in a few hours. The ULIP issue has to be decided by higher authority, he said. However he added that the ULIP issue going to court was undesirable.Source: Moneycontrol Top Headlines | 12 Apr 2010 | 4:51 am IIP data may encourage RBI to phase out stimulus - Economic Times
Source: Business - Google News | 12 Apr 2010 | 3:57 am IVRCL Infra bags Rs 832cr order, stock up - Moneycontrol.com
Source: Business - Google News | 12 Apr 2010 | 3:50 am Microsoft's Visual Studio 2010 and.Net Framework now in India"Together, these technologies simplify the entire development process, enabling developers to build new platforms and build high-quality applications", S Somasegar, senior vice president said.Source: Daily News & Analysis: Money News | 12 Apr 2010 | 3:48 am Sensex sluggish in noon tradeA benchmark index for Indian equities started on a weak note on Monday and was sluggish during noon trade, ruling at 25 points lower than its previous close.Source: HindustanTimes.com - Top Business News Headlines | 12 Apr 2010 | 3:40 am IntraSoft aiming to cross Rs50 cr turnover mark in FY11 - Livemint
Source: Business - Google News | 12 Apr 2010 | 3:37 am Sensex slips lower; Tata Motors, L&T, M&M down - Economic Times
Source: Business - Google News | 12 Apr 2010 | 3:37 am The unfolding Greek tragedy - Economic Times
Source: Business - Google News | 12 Apr 2010 | 3:37 am UBS Q1 best since crisis began, withdrawals slowZurich: UBS delivered its highest pretax profit since the credit crisis began, just ahead of a likely tense shareholder meeting, and said withdrawals had slowed substantially as the bank rebuilds client trust. In an unscheduled announcement, the world’s second-largest wealth manager said first-quarter pretax profit was “at least” 2.5 billion Swiss francs ($2.3 billion), nearly three times higher than the previous quarter. Profit was likely driven by strong fixed-income revenue, particularly in forex trading, where UBS has a 15% market share. The Swiss bank added that money withdrawals by rich clients, disappointed with its losses during the financial crisis and with its US tax woes, had shrunk to a third of what they were in the previous quarter. That surprised some analysts and helped push shares 4% higher. “Net new money outflows in all businesses were substantially lower than in fourth quarter 2009,” UBS said. Chief executive Oswald Gruebel on Wednesday will face some disgruntled shareholders who are ready to reject a UBS bonus system and plans to clear management of responsibilities for the crisis, but the surprise profit statement could take the edge off some of the tension. UBS is due to report full first-quarter figures on 4 May. While UBS’ investment bank is on the mend, persistent bleeding of client money has been Gruebel’s toughest challenge. Since the middle of 2008, 225 billion Swiss francs have left the bank, or about 11% of total assets “What is of surprise is the net new money which we believe is a sentiment change for investors that UBS is going in the right direction now,” said Vontobel analyst Teresa Nielsen. UBS’ pretax profit would be above a mean estimate of five analysts of 2.375 billion Swiss francs, ThomsonOne data show. UBS said on 30 March first-quarter fixed-income division revenues would be nearly $2.3 billion. At 0937 GMT, share in UBS were up 4.1%, outperforming a 1.1% rise in the Stoxx Europe 600 banking index “This short interim statement points to the question of whether the glass is now half empty or half full,” analysts at bank Wegelin said in their morning report. “The return to profit is welcome and the weakening of outflows is encouraging. But how sustainable is the earnings development and when will client withdrawals stop?” On Track For Target Strong first-quarter earnings are putting Gruebel, a former Credit Suisse CEO who was pulled out of retirement in February 2009 to turn around UBS, on track to achieve its mid-term target of annual pretax profit of 15 billion francs, analysts say. After posting the biggest annual loss in 2008, UBS returned to profit in the final quarter of 2009, the first quarterly profit for the bank since Gruebel took over. But some investors are angry at how UBS management, led by former chairmen Marcel Ospel and Peter Kurer, drove the bank close to collapse and they may still reject proposals to clear executives from responsibilities in 2007, 2008, and 2009. “What came out today will not change the negative feeling investors have against the discharge of management,” said one analyst. Discharging executives from their responsibilities would make it more difficult to pursue legal action against them. Total first-quarter outflows at UBS would be only a third of the around 56 billion francs the bank bled in the final quarter of 2009, with a much improved performance at UBS’ main Wealth Management and Swiss Bank business. UBS estimates net outflows at the division of around 8 billion francs, or less than 1% of assets. The bank said withdrawals at the Wealth Management Americas division would be 7 billion francs and that it saw withdrawals of 3 billion francs in Global Asset Management. “We expect the reduced outflows to enhance confidence in the overall franchise,” said KBW analyst Matthew Clark. “With relatively few global, scale plays on the attractive wealth management sector, we believe a rehabilitated UBS could ultimately enjoy a premium rating to the banks sector.” Source: World Business - Livemint.com | 12 Apr 2010 | 3:37 am IRDA, SEBI chiefs meet finance secretary - NDTV.com
Source: Business - Google News | 12 Apr 2010 | 3:36 am ANALYSIS - Airline mergers would dwarf solo-flyer ContinentalNEW YORK (Reuters) - A merger between United Airlines and US Airways would leave Continental Airlines in a tough spot, facing what some analysts called bleak prospects of flying solo among far-larger rivals.Source: Reuters: Money News | 12 Apr 2010 | 3:35 am 'The India Way rejects American-style unbridled capitalism'"The experience of Indian business -- and the roaring success of the Indian economy -- points the world towards a different enterprise model that the West should study," says Wharton Business School professor Michael Useem.Source: Daily News & Analysis: Money News | 12 Apr 2010 | 3:34 am FIIs can use govt bonds as collateral for stocks - RBIMUMBAI (Reuters) – The Reserve Bank of India (RBI) on Monday allowed foreign funds to use their government bond holdings as collateral for stock market transactions, doing away with an earlier rule that only allowed cash to be used.Source: Reuters: Money News | 12 Apr 2010 | 3:32 am Feb industrial output up 15.1%New Delhi: India’s industrial output grew slower-than-expected in February, and output is expected to ease further following moves to withdraw an economic stimulus, including a interest rate hike in March. Industrial output rose 15.1% in February from a year earlier, data showed on Monday. The median forecast in a Reuters poll was for an annual rise of 16%. Capital goods rose 44.4% on year, while consumer durable goods output grew by an annual 29.9%. Manufacturing production in Asia’s third-largest economy rose 16.0% in February from a year earlier, while mining output was up 12.2% and power generation rose 6.7%. A pick up in the economy has seen a rise in inflation with the headline number poised to breach 10% in March, above February’s 9.89%. Headline inflation, which was initially driven by high food prices, is now getting a push from other segments. Inflation in manufacturing accelerated to 7.4% in February from 6.5 in January, a sign that inflation is fast becoming a demand-driven problem. The Reserve Bank of India, citing inflationary pressures and an improving economy, hiked key rates by 25 basis points last month and is expected to raise the rates again by at least the same amount at its policy review on 20 April. The latest Reuters poll shows analysts expect rates to go up by another 100 basis points between now and end-December. The yield on the benchmark 10-year bond fell two basis points to 8.03% after the news, but climbed back to 8.04%. Finance minister Pranab Mukherjee has said the government could consider to further roll back stimulus, after hiking factory gate duties in the February budget. The March purchasing managers’ index for India showed the pace of manufacturing activity slowed down, dropping from a 20-month-record in February, as mounting cost pressures took a toll on expansion in output. India, the world’s second fastest growing economy after China, is expected to grow 8.5% in the current fiscal year and 9% in the next. Source: Home - Livemint.com | 12 Apr 2010 | 3:22 am Global IT spending to rise 5.3 pct in '10 - GartnerHELSINKI (Reuters) - Global IT spending will increase 5.3 percent this year to $3.39 trillion, boosted by strong consumer demand for PCs and a weakening U.S. dollar, research firm Gartner said on Monday.Source: Reuters: Money News | 12 Apr 2010 | 3:18 am US bailout cost seen lower at $89 billion: Wall Street JournalThe Journal also said that Treasury officials were looking into ways to disentangle the government from its nearly 80% stake in American International Group Inc.Source: Daily News & Analysis: Money News | 12 Apr 2010 | 3:14 am Ambit Capital maintains 'Buy' on RIL with target of Rs 1220/share - Economic Times
Source: Business - Google News | 12 Apr 2010 | 3:02 am IT companies to report rise in demand; eye on rupee - Economic Times
Source: Business - Google News | 12 Apr 2010 | 2:59 am Smartphone maker Palm is seeking a buyerPalm, which makes the Pre and Pixi phones and develops WebOS phone software, is working with Goldman Sachs Group Inc and Qatalyst Partners to find a buyer.Source: Daily News & Analysis: Money News | 12 Apr 2010 | 2:56 am RBI changes rules for HTM allocation of govt bonds for PDsMUMBAI (Reuters) – The Reserve Bank of India (RBI) will allow standalone primary dealers (PDs) to set aside up to 100 percent of their paid up capital in the hold-to-maturity category of their bond portfolio, subject to certain conditions, it said in a notification on Monday.Source: Reuters: Money News | 12 Apr 2010 | 2:50 am GAIL to spend 30,000 crore in five yearsExpects gas prices to bounce back in two years, signs agreement with EIL for city-gas distribution partnership.Source: Daily News & Analysis: Money News | 12 Apr 2010 | 2:44 am GAIL to spend 30000 crore in five years - Daily News & Analysis
Source: Business - Google News | 12 Apr 2010 | 2:43 am IntraSoft aiming to cross Rs50 cr turnover mark in FY11Mumbai: IntraSoft Technologies, the owner of online greetings portal 123Greetings.com, today said it has set a revenue target of Rs52 crore this fiscal. “We have achieved Rs31 crore in revenues in FY10 and expect Rs52 crore in FY11. Our profit will be around Rs14.7 crore in FY11 against Rs9 crore in FY10,” IntraSoft Technologies’ managing director Arvind Kajaria told reporters after the listing ceremony. IntraSoft Technologies provides electronic greeting cards through its portal, www.123greetings.com. IntraSoft shares opened at Rs140 on the Bombay Stock Exchange. After touching a low of Rs123, the scrip recovered and reached a high of Rs 162, up 11.72% on the BSE. “The proceeds of the IPO will be used for purchasing a corporate office in Kolkata and investment in technology infrastructure and for general corporate purposes,” Kajaria said. IntraSoft had raised Rs53 crore through an IPO last month. The issue opened for subscription on 23 March and closed on 26 March and was subscribed 18.15 times. On the NSE, the company listed with a premium of 3.44% at Rs150. The scrip surged by 15.44% over its issue price of Rs145 to touch a high of Rs167.40 on the NSE. On the volume front, over one crore shares changed hands on the two bourses. “We serviced 90-million unique visitors last year which makes us large enough for advertisers to get attracted to,” he said, adding 99% of the company’s content is in English. Source: LatestNews-Home - Livemint.com | 12 Apr 2010 | 2:43 am GAIL, EIL exploring JV for distributing city gas, CNGNew Delhi: State-run gas utility GAIL India Ltd said on 12 April it is in talks with Engineers India Ltd to set up a joint venture to sell CNG to automobiles and piped natural gas to households in cities. “EIL has a long association with GAIL. We are interested in having them as partners even in city gas distribution (CGD) projects,” GAIL chairman and managing director B C Tripathi told reporters here. The two firms are discussing bidding jointly for CGD projects in cities that would be put on offer by the sector regulator, Petroleum and Natural Gas Regulatory Board (PNGRB) in the future. “They (EIL) could take equity stake in CGD projects bid by GAIL in the future,” he said. “Also, they could give us consultancy (for CGD projects).” GAIL has formed a city gas subsidiary called GAIL Gas Ltd for selling compressed natural gas (CNG) to automobiles and piped natural gas to households and industrial consumers in cities. Tripathi said a memorandum of understanding (MoU) for cooperation in CGD projects was under discussion with EIL. “We hope to sign it soon,” he said. Last week, EIL Chairman and Managing Director A K Purwaha had stated that the company’s further public offer (FPO) may come in the second quarter of 2010-11 fiscal. As a prelude to the divestment of 10% Government equity through the FPO, EIL paid a 1,000% (Rs100 per share) special dividend totalling Rs561.65 crore. Of this, the government, which holds 90.4% equity, got Rs507.65 crore plus a dividend tax of over Rs96 crore. He said the company will now issue two bonus shares for every one held and subsequently split the Rs10 share into two of Rs5 each. The process would be completed by May-end. Thereafter, the company will finalise audited accounts for 2009-10 fiscal before filing draft red herring prospectus for the follow-on public offering, where the government is proposing to sell its 10% stake. “The public offering looks more realistic in the July- September quarter,” he said. At the current market price, the government is expected to raise about Rs1,000 crore through sale of its 10% stake in EIL, which provides engineering consultancy services mostly to oil and gas firms. EIL, which had a cash reserve of Rs1,320 crore as on 31 March 2009, has till date given Rs600 crore in dividends to the government on a Rs25 lakh share capital that formed the company in 1965. EIL had reported a 67% jump in net profit to Rs310.65 crore in April-December period of the 2009-10 fiscal. Turnover had risen 20% to Rs1,353.46 crore. Source: LatestNews-Home - Livemint.com | 12 Apr 2010 | 2:37 am Cabinet to deliberate on single point clearance for hotelsJaipur: The Cabinet will soon deliberate on a proposal to establish a single-point clearance system for new hotel projects, a move that is likely to speed up the process of setting up hospitality infrastructure across the country, the tourism ministry said. “A committee of secretaries has cleared the proposal for single-window clearance of hotel projects and this is to be posed for Cabinet approval soon,” union minister for tourism Kumari Selja said while inaugurating the third Great India Travel Bazaar here on 11 April. Under the proposal, hoteliers will need to submit only one uniform application for their projects. Committees will be formed at the central and state level for clearance of these projects. At the Union level, the committee will be headed by the tourism secretary and at the state level, it will be chaired by the chief secretary. “I will be heading the committee in the government of India. It is my responsibility to get it (hotel projects) through, whether it is from the state government or the central government,” tourism secretary Sujit Banerjee said. Selja said that the tourism industry is on the path of recovery and has started witnessing positive growth in the last few months. In the first quarter of this year, foreign tourist arrivals had grown by 12.8% over the corresponding period last year, she added. “Tourism in India is on the road to recovery... We are focusing on renewed promotional efforts along with developing new products, as well as creating and nurturing infrastructural facilities to enhance our existing products,” she said. The ministry has also launched a campaign to improve the quality of the Indian tourism product by setting up wayside facilities and reducing the interface of a foreign tourist with just one person at the time of arrival in India. Source: LatestNews-Home - Livemint.com | 12 Apr 2010 | 2:34 am Feb industrial output growth easesIndia's industrial output grew slower-than-expected in February, and output is expected to ease further following moves to withdraw an economic stimulus, including a interest rate hike in March.Source: HindustanTimes.com - Top Business News Headlines | 12 Apr 2010 | 2:29 am Global IT spending to rise 5.3% in ’10: GartnerHelsinki: Global IT spending will increase 5.3% this year to $3.39 trillion, boosted by strong consumer demand for PCs and a weakening US dollar, research firm Gartner said on Monday. “Following strong fourth-quarter sales, an unseasonably robust hardware supply chain in the first quarter of 2010, combined with continued improvement in the global economy, sets up 2010 for solid IT spending growth,” Richard Gordon, research vice president at Gartner, said in a statement. Gartner said nearly 4 percentage points of the growth will be the result of a projected decline in the value of the US dollar, with spending in exchange-rate-adjusted dollars to rise 1.6% this year, after a 1.4% fall in 2009. Gartner sees worldwide software spending rising 5.1% to $232 billion, with the majority of enterprise software markets growing. Global IT services spending is seen rising 5.7% to $821 billion. “The industry experienced some growth in reported outsourcing revenue at the close of 2009, an encouraging sign for service providers,” Gartner said, adding it sees this trend spreading to consulting and system integration in 2010. Source: Home - Livemint.com | 12 Apr 2010 | 2:26 am Global IT spending to rise 5.3% in ’10: GartnerHelsinki: Global IT spending will increase 5.3% this year to $3.39 trillion, boosted by strong consumer demand for PCs and a weakening US dollar, research firm Gartner said on Monday. “Following strong fourth-quarter sales, an unseasonably robust hardware supply chain in the first quarter of 2010, combined with continued improvement in the global economy, sets up 2010 for solid IT spending growth,” Richard Gordon, research vice president at Gartner, said in a statement. Gartner said nearly 4 percentage points of the growth will be the result of a projected decline in the value of the US dollar, with spending in exchange-rate-adjusted dollars to rise 1.6% this year, after a 1.4% fall in 2009. Gartner sees worldwide software spending rising 5.1% to $232 billion, with the majority of enterprise software markets growing. Global IT services spending is seen rising 5.7% to $821 billion. “The industry experienced some growth in reported outsourcing revenue at the close of 2009, an encouraging sign for service providers,” Gartner said, adding it sees this trend spreading to consulting and system integration in 2010. Source: Tech News - Livemint.com | 12 Apr 2010 | 2:26 am UBS posts highest pretax profit since crisis startZURICH (Reuters) - UBS AG delivered its highest pretax profit since the start of the credit crisis ahead of a likely tense shareholder meeting and said withdrawals were substantially lower at all divisions.Source: Reuters: Money News | 12 Apr 2010 | 2:10 am Indian real estate firms may revive Singapore IPOs plansHong Kong/Singapore: The success of Singapore’s first real estate trust offering this month has prompted talk that other similar, previously shelved, offerings are now being dusted off. India’s top real estate firms, DLF Ltd and Unitech Ltd may revive their Singapore IPO plans, banking sources said, while the Embassy Group is actively looking into raising funds in the city state. Cache Logistics Trust raised $300 million after its IPO was priced at the high-end of an indicative range at a time when Asia’s IPO markets have seen mixed success since last year’s bull run. The stock rose 13% on its debut on Monday. “Cache’s success could point to a REITs proliferation in Singapore,” one of the sources said. “Some of the Indian companies have been approaching bankers for the process,” said the source, who asked not to be identified due to the sensitivity of the issue. DLF had planned a $1.5 billion IPO, while Unitech had sought to raise about $500 million for its IPO, but these were put on hold in 2008 due to the global financial crisis. DLF and Unitech are India’s two largest listed developers. “The (REIT) plan is still there,” said a source at DLF, who declined to be identified as he was not authorised to speak to the media. Singapore is the third-largest REITs market in Asia Pacific with a total industry market capitalisation of around $20 billion, ranking behind Australia and Japan. The developed market makes it an ideal listing spot for companies in other Asian countries, such as India, where REITs are not allowed to be floated. Timing for the possible Indian IPOs may be tricky, with another banking source in Singapore saying DLF needed to restructure its assets to package the right properties if it wanted to list its REITs. But sources say it’s a matter of time. For Unitech, its immediate focus was to spin off non-core businesses that include power, hotels, telecoms and special economic zones, media reports said in March. Executives at DLF and Unitech say they have no immediate plans to revisit their Singapore IPOs, but sources say they’ve been keeping a close eye on Cache’s public offering process. Apart from the two, Bangalore-based Embassy is looking into raising $300-$500 million by floating its REIT in Singapore, after stalling plans during the financial downturn, sources said earlier this year. A real estate investment trust (REIT) is a fund that invests in mainly commercial property and pays most of its rent to shareholders as dividends, which are usually higher than yields of government bonds and offer capital gains if property prices rise. The average dividend yield of Singapore’s REITs was 7.74% last year, according to property services firm CB Richard Ellis, much higher than the country’s average 10-year government bond yield of 2.3%. On Monday, Suntec REIT’s dividend yield was 8.31%, compared with Singapore’s 10-year bond yield of 2.8%. Ernst & Young said it expected the global market value of publicly-traded REITs to grow this year after rebounding to about $568 billion at end-2009 from $430 billion in mid-2009, partly due to renewed IPO interest. Singapore is not alone in its REIT interest. In neighbouring Malaysia, property company Sunway City said it planned to raise about 1 billion ringgit ($310 million), which could be the biggest REIT listing ever in the southeast Asian country. During the property boom from 2006 to most of 2008, a slew of Indian developers were actively seeking to float their REITs in Singapore, but almost all shelved their plans during the global downturn. Source: Home - Livemint.com | 12 Apr 2010 | 2:08 am Singapore a REIT listing magnet for India firmsHONG KONG/SINGAPORE (Reuters) - The success of Singapore's first real estate trust offering this month has prompted talk that other similar, previously shelved, offerings are now being dusted off.Source: Reuters: Money News | 12 Apr 2010 | 2:01 am RBI nods FIIs to use govt bonds as collateral for stocksMumbai: The central bank on Monday allowed foreign institutional investors (FIIs) to use their government bond holdings as collateral for stock market transactions, doing away with an earlier rule that only allowed cash to be used. The new rule is only applicable for spot transactions, while there is no change in guidelines for collateral in derivative transactions in the share market, the bank said in a notification on its website. However, “cross-margining” or netting off margin requirement of government securities by foreign investors between derivatives and cash segment in stock exchanges will not be allowed, the RBI said. Stock market regulator Securities Exchange Board of India (Sebi) will announce operational guidelines for the same, the RBI said. “This was a long-pending demand from FIIs as FIIs’ holding of government bonds is huge now. So, it is better to use g-sec as collateral than cash. There will be no impact of demand for this,” said a senior treasury official at a foreign bank. FIIs have already invested around $4.5 billion in government bonds out of the maximum limit of $5 billion, dealers say. Source: LatestNews-Home - Livemint.com | 12 Apr 2010 | 2:00 am Dhaka spinners oppose Indian yarn importBangladeshi spinners have urged the government to scrap the decision to import yarn from India to 'protect' local producers. Source: HindustanTimes.com - Top Business News Headlines | 12 Apr 2010 | 1:59 am Sharp to sell 3-D TVs in Japan, US, Europe, ChinaTokyo: Sharp is trying to play catch-up in 3-D TVs with powerful rivals Samsung and Panasonic with displays the Japanese electronics maker says are brighter and clearer. Osaka-based Sharp Corp., which makes Aquos brand liquid-crystal display TVs, initially played down the urgency of selling 3-D TVs, questioning whether consumers wanted them. But with 3-D growing hotter not only with Hollywood releases but also flat-panel TVs for living rooms, Sharp is switching gears. On 12 April, the company promised 3-D TV sets this summer for Japan, and before 31 March, 2011, for the US, Europe and China. Sharp said it will disclose prices and other details next month. Sharp also said it had several original cutting-edge technologies to make its 3-D TVs brighter and produce more vivid color, especially yellows. The sets still require special glasses. Another technology makes the images flash faster than existing 3-D TVs. The change is meant to reduce the flickering or blurring characteristic of 3-D TVs because different images are being sent to the right eye and left eye to create the illusion of depth. Shigeaki Mizushima, group general manager, said shoppers walking into any electronics store will spot out the superiority of imagery on a Sharp 3-D set compared to those of rivals. “Our product shows a far brighter image,” he told reporters. “The difference is going to be clear to anyone. Brightness is just so easy to understand.” Sharp, which sold more than 10 million TV sets during the fiscal year through March, has been financially resilient compared with Japanese rivals such as Sony Corp. because it sells displays to other manufacturers as well as making TVs under its own brand. But it has always lagged behind TV global leader Samsung Electronics Co. in brand recognition, especially abroad. Sharp’s entry into 3-D will intensify the competition among Japanese and Korean electronics makers, which are already fighting to woo global consumers. Samsung of South Korea is already selling 3-D TVs. Japanese rival Panasonic Corp. is having success with its 3-D TVs, while Sony plans 3-D sets for this year. Executive vice president Masafumi Matsumoto said he expects 3-D sets to make up 5-10% of Sharp’s TV sales in the initial year but to rapidly climb to 20% or 30 % in following years. Sharp says its new technology for clearer, brighter images can be applied to regular TVs as well. The company showed reporters how a TV image of a field of sunflowers and golden brass instruments was clearer with its new technology compared to old-style displays, although the differences was less easy to discern with other colors such as pinks and greens. It also showed prototypes of its 3-D TVs, though they still required bulky dark glasses. Last week, Sharp showed smaller 3-D displays, suited for handheld game machines, which don’t require special glasses. The company said that no-glasses technology works only when the distance between the viewer and the screen is set and doesn’t work as well when people are seated in different places to watch a TV set. Sharp said its 3-D displays will show up first only in its own Aquos TVs and it has not decided whether to supply 3-D displays to rivals. Source: Tech News - Livemint.com | 12 Apr 2010 | 1:56 am Sharp to sell 3-D TVs in Japan, US, Europe, ChinaTokyo: Sharp is trying to play catch-up in 3-D TVs with powerful rivals Samsung and Panasonic with displays the Japanese electronics maker says are brighter and clearer. Osaka-based Sharp Corp., which makes Aquos brand liquid-crystal display TVs, initially played down the urgency of selling 3-D TVs, questioning whether consumers wanted them. But with 3-D growing hotter not only with Hollywood releases but also flat-panel TVs for living rooms, Sharp is switching gears. On 12 April, the company promised 3-D TV sets this summer for Japan, and before 31 March, 2011, for the US, Europe and China. Sharp said it will disclose prices and other details next month. Sharp also said it had several original cutting-edge technologies to make its 3-D TVs brighter and produce more vivid color, especially yellows. The sets still require special glasses. Another technology makes the images flash faster than existing 3-D TVs. The change is meant to reduce the flickering or blurring characteristic of 3-D TVs because different images are being sent to the right eye and left eye to create the illusion of depth. Shigeaki Mizushima, group general manager, said shoppers walking into any electronics store will spot out the superiority of imagery on a Sharp 3-D set compared to those of rivals. “Our product shows a far brighter image,” he told reporters. “The difference is going to be clear to anyone. Brightness is just so easy to understand.” Sharp, which sold more than 10 million TV sets during the fiscal year through March, has been financially resilient compared with Japanese rivals such as Sony Corp. because it sells displays to other manufacturers as well as making TVs under its own brand. But it has always lagged behind TV global leader Samsung Electronics Co. in brand recognition, especially abroad. Sharp’s entry into 3-D will intensify the competition among Japanese and Korean electronics makers, which are already fighting to woo global consumers. Samsung of South Korea is already selling 3-D TVs. Japanese rival Panasonic Corp. is having success with its 3-D TVs, while Sony plans 3-D sets for this year. Executive vice president Masafumi Matsumoto said he expects 3-D sets to make up 5-10% of Sharp’s TV sales in the initial year but to rapidly climb to 20% or 30 % in following years. Sharp says its new technology for clearer, brighter images can be applied to regular TVs as well. The company showed reporters how a TV image of a field of sunflowers and golden brass instruments was clearer with its new technology compared to old-style displays, although the differences was less easy to discern with other colors such as pinks and greens. It also showed prototypes of its 3-D TVs, though they still required bulky dark glasses. Last week, Sharp showed smaller 3-D displays, suited for handheld game machines, which don’t require special glasses. The company said that no-glasses technology works only when the distance between the viewer and the screen is set and doesn’t work as well when people are seated in different places to watch a TV set. Sharp said its 3-D displays will show up first only in its own Aquos TVs and it has not decided whether to supply 3-D displays to rivals. Source: LatestNews-Home - Livemint.com | 12 Apr 2010 | 1:56 am IT firms to report rise in demand; eye on rupeeMUMBAI (Reuters) - A pick-up in global technology spending in 2010 will bolster the toplines of Indian outsourcers that get most of their revenue from exports, but a strengthening rupee and rising wages pose risks to profit margins.Source: Reuters: Money News | 12 Apr 2010 | 1:32 am Finmin to look into Ulip ban issueNew Delhi: The Finance Ministry on Monday said it will look into the orders of the two regulators — Sebi and Irda — on equity-linked products sold by 14 companies. “We need to look at both the orders internally and discuss it,” finance secretary Ashok Chawla told reporters in New Delhi. Ulips - a common insurance plan sold by life insurers, where the money collected from consumers is invested into equity and debt markets - have become a bone of contention between the two regulators, with both claiming regulatory authority over the scheme. Taking Sebi head on, insurance regulator Irda had asked insurance firms to continue selling Ulips, a day after the markets regulator barred 14 insurers from selling their Ulips without its approval. The companies, which come under the ban include Reliance Life, SBI Life, ICICI Prudential, Tata AIG and HDFC Standard Life. Source: LatestNews-Home - Livemint.com | 12 Apr 2010 | 1:29 am Industry grows at over 15% in FebruaryIndustrial growth, as measured by the index of industrial production (IIP), however, was slightly lower than around 16% of the previous month and 17.6% in December.Source: Daily News & Analysis: Money News | 12 Apr 2010 | 1:08 am Ulip investors are safe, says IrdaNew Delhi: Amid a turf war with Sebi on Ulip schemes, insurance regulator Irda on Monday assured investors that the equity-linked products are safe, while seeking greater clarity from authorities on jurisdiction of the two watchdogs. “I think we will have to have greater clarity on respective jurisdiction. Investors are safe,” Irda chairman J Harinarayan told reporters outside the Finance Ministry’s office at the North Block. Harinaryan came to give his side of the picture to the Finance Ministry officials. “I don’t think I have come here for a decision. I am here to give a perspective on the issue. Sebi does not have jurisdiction on Ulip products. Sebi believes otherwise,” he said. Sebi chairman CB Bhave, who is in Delhi to attend a function, may also meet the ministry official on the issue. On late Friday night, Sebi banned 14 life insurance companies, including Reliance Life, SBI Life, ICICI Prudential, Tata AIG and HDFC Standard Life, from raising fresh money in Ulip schemes that invests a major chunk of funds in stock markets. A day after, Irda asked these companies to continue their business as usual, questioning the Sebi’s authority to issue such an order. “The decision which they (Sebi) have taken have a negative implication on the financials of policy holders and insurance companies,” Harinarayan said. Source: Home - Livemint.com | 12 Apr 2010 | 1:05 am Yoga guru Ramdev eyes new political postureHaridwar: From the Himalayan foothills he runs a $40 million-a-year health empire, owns a Scottish island and claims to cure cancer. Now, India’s star yoga guru plans to enter politics to help the poor and punish the corrupt. Swami Ramdev is out to “cleanse” the world’s largest democracy of 1.2 billion people of greed and foreign influences, drawing on the support of a television audience of millions and his claim to have a follower in every Indian household. It is too early to say whether Ramdev will prove a serious political force or a passing fad. But he could appeal to millions of Hindus whose traditional bent grates against a rapidly globalising economy, and be a man other politicians may woo. Dressed in his trademark orange robe, wooden sandals and lounging in a chair, Ramdev told Reuters that his party will contest all 543 seats in the next election due by 2014. If his TV audience is anything to go by, he will have a head start. At least 30 million watch Ramdev’s daily yoga teachings treating anything from diabetes to high blood pressure. A Ramdev-led government will overhaul India’s political, legal and education systems which he says are hangovers from colonial rule, and set up fast-track courts to pass sentences for capital crimes including corruption. “People who are corrupt should face capital punishment. This is how it will stop, otherwise it won’t stop,” Ramdev said at his sprawling ashram in the northern town of Haridwar, one of Hinduism’s holiest sites on the banks of the Ganges river. “The policies which were formed by the British were not to run the country ... they were formulated to loot the country.” Ramdev wants to withdraw the rupee and issue a new currency, with the aim of taking the old money out of criminals’ pockets. Foreign corporations will be boycotted. Yoga will spread far and wide, especially to schools and hospitals if Ramdev wins power. He also has little time for shopping, TV soaps or cricket -- another British import -- though he insists these are his personal preferences. His ashram can host 6,000 people and is the nerve centre for three trusts worth $40 million in turnover last year, including a Scottish island now renamed “Peace Island”. But Ramdev, who does not disclose his age, has drawn sharp criticism in the past over issues such as his claims to cure cancer and his belief that homosexuality is a mental disease. In an interview punctuated by Ramdev’s frequent laughter and the occasional burp, he says he wants to “befriend” gay people who could come to him for treatment. He also says he was misquoted in another row over claims he has an AIDS cure. “People like to create controversies for me,” he said. Posters of Swami Ramdev are dotted around Haridwar, which has been celebrating the religious festival “Kumbh Mela” since January. Some 50 million people are expected to attend. TACKLING MAOIST REBELS It is five in the morning on a Thursday and Swami Ramdev is already two hours into his 20-hour working day, fuelled by a diet of milk, green vegetables and seasonal fruit. In a tent guarded by a dozen security men, more than 500 people sit cross-legged in front of Ramdev ready to watch and copy his moves. There is applause when he performs postures like a headstand or making his belly dance inside his ribcage, a trademark. The morning’s teaching is also laced with political messages, especially on the recent killing of 76 police by Maoist rebels. “Corrupt politicians are responsible for the Maoist problems,” said Ramdev, who rose from a illiterate farming family to rank 29th in a recent list of India’s most powerful people. “Politicians should go and die if they cannot provide security,” he added. “If any politician got a bullet anywhere near them, they’d pee in their pants.” Ramdev’s views on corruption may gain traction in a country where, according to Social Watch India, a quarter of lawmakers had criminal charges pending against them last year. Ramdev says he will speed India’s economic rise by retrieving billions of dollars he believes are stashed away in foreign tax havens, which echoes a key manifesto item by the Hindu-nationalist Bharatiya Janata Party in the last election. However, his critics say some of his treatment claims on cancer and swine flu are misleading and worry what will happen if Ramdev’s influence translated to a role in government. “If he has influence in the political process, it will be very dangerous,” said Sanal Edamaruku, of the Indian Rationalist Association. “If he is in the political decision-making process, it can do enormous damage to the country’s progress.” Source: LatestNews-Home - Livemint.com | 12 Apr 2010 | 12:59 am Govt to discuss insurance tussle - reportMUMBAI (Reuters) – The Finance ministry is likely to discuss on Monday a tussle between two regulatory bodies over an insurance product linked to the stock market, the Economic Times said.Source: Reuters: Money News | 12 Apr 2010 | 12:54 am Govt to look into Ulip ban issue: Finance SecyThe Finance Ministry today said it will look into the orders of the two regulators - SEBI and IRDA - on equity linked products sold by 14 companies.Source: HindustanTimes.com - Top Business News Headlines | 12 Apr 2010 | 12:51 am Shares slip; RIL up, banks downMumbai: The BSE 30-share index Sensex slipped 0.1% on Monday, taking a breather after its ninth straight week of gains, while sentiment was also impacted by a row between Sebi and Irda over an Ulip linked to the stock market. Late on Friday, markets regulator the Securities and Exchange Board of India (Sebi) said it barred 14 life insurance companies from issuing unit-linked insurance products (Ulips) with immediate effect. “Ulips offered by the said entities are a combination of investment and insurance and, therefore, the investment components are in the nature of mutual funds which can only be offered/launched after obtaining registration from Sebi,” Sebi said in its order. In response, insurance regulator Insurance Regulatory and Development Authority (Irda) on Saturday assured policyholders their investments are safe and issues arising out of Sebi orders will be addressed in the “appropriate forum”. “The spat between Irda and Sebi is also hurting the market. Market does not like the uncertainty,” said Gajendra Nagpal, CEO of Unicon Financial, adding that investors await more clarity on the issue. Last week, the Sensex registered its ninth straight weekly gain -- its best run since March-June 2009 when it had risen for 14 consecutive weeks. By 11:39 am, the Sensex was trading down 0.06% at 17,922.06 points, with 16 of its components declining. Meanwhile, India’s industrial output rose at a slower-than-expected 15.1% in February from a year earlier, helped by stimulus measures that boosted domestic demand, data showed. Energy giant Reliance Industries was up 0.5% after it said it will pay $1.7 billion to form a joint venture with Atlas Energy at one of the most promising natural gas deposit regions in the United States. Edelweiss Securities said it considers the deal a positive for Reliance, as it enables it to find investment opportunities, enter the US market, operate the shale gas business, and acquire further shale acreage in future. “From the size of the acquisition and the future plans of adding more acreage, we believe that RIL is aspiring to become a major participant in the US shale gas market as opposed to investing only to gain access to technology,” Goldman Sachs said in a note. “With the potential for future asset injection, this JV would become the third largest shale gas company, in our view,” it added. Financials edged lower on fears interest rates would harden at the central bank’s monetary policy review, which is scheduled on 20 April. Leading lenders State Bank of India and ICICI Bank dropped 0.6% and 0.9% respectively. Drugmaker Sun Pharmaceutical gained 1.4% after it said on Saturday its unit had received tentative US regulatory approval to market a generic version of Forest Laboratories’ Namenda tablets. In the broader market, gainers led losers in a ratio of 1.6:1 in a volume of 177 million shares. The NSE 50-share index Nifty was down 0.1% at 5,355.25 points. Asia markets surged on Monday after eurozone countries unveiled a massive package to support debt-laden Greece. Oil rose above $85, with New York’s main futures contract, light sweet crude for delivery in May, advancing 41 cents to $85.33 a barrel. Source: Home - Livemint.com | 12 Apr 2010 | 12:40 am Iata chief says more airline mergers a mustTokyo: Further mergers among airlines are essential in order to cut costs and improve competitiveness in an industry seen sustaining combined losses of $2.8 billion this year, the head of airline industry body Iata said on 12 April. “Mergers and consolidation is a must ... No other industry is so fragmented, so we have to consolidate in order to build more efficiency,” Giovanni Bisignani, director-general of the International Air Transport Association, told a few reporters. He called for regulatory support for barrier-free mergers across borders, explaining that different legal frameworks have hindered extensive global industry consolidation, involving, for example, US and European airlines. “I’m raising the agenda of freedom on consolidation because we cannot do the same thing (as in Europe, where some cross-border mergers have been helped by unified legal frameworks) between an American and a European carrier.” Asked about a possible merger between United Airlines and US Airways, he said he would not comment on individual deals. “There are many many conversations going on. Everyone is dating, but I make no comments on dating,” Bisignani said. He is visiting Japan to meet transport minister Seiji Maehara later on 12 April. The industry body chief said he will ask the minister to improve the cost competitiveness and infrastructure of Japan’s Narita and Haneda international airports. “You are located in a wonderful part of the world, with China in front of you,” Bisignani continued. “That is the only opportunity that you have. Take advantage of this area of the world where traffic is still growing.” Iata said on 30 March that airlines were climbing out of recession with strong rises in passenger travel and cargo in February. Passenger demand that month was up 9.5 % from a year earlier, while supply increased by only 1.9%. Iata, which comprises about 230 airlines, including United Airlines and US Airways, forecast last month that carriers would lose a combined $2.8 billion this year after a $9.4 billion loss last year, but should post a combined profit in 2011. Source: Home - Livemint.com | 12 Apr 2010 | 12:32 am BSE Sensex slips; Reliance up, banks downMUMBAI (Reuters) – The BSE Sensex slipped 0.1 percent on Monday, taking a breather after its ninth straight week of gains, while sentiment was also impacted by a row between regulators over an insurance product linked to the stock market.Source: Reuters: Money News | 12 Apr 2010 | 12:25 am US engaging Pak in tackling terror rising from its soil: ObamaWashington: President Barack Obama has said the US was “engaging” Pakistan over the issue of reining in terror groups like LeT after Prime Minister Manmohan Singh highlighted the continued threat of terrorism emanating from it and Islamabad’s lack of will to punish those responsible for 26/11. Singh, who met Obama in Washington on Sunday night, said India was looking for a “convincing” action by Pakistan against perpetrators of Mumbai attacks and made it clear that the “future of South Asia would be determined by the manner in which terrorism is tackled.” The Prime Minister also voiced apprehensions about misuse of US military supplies to Pakistan, prompting Obama to assure that India’s concerns in this regard would be kept in mind while dealing with the issue. The US President also told Singh that the US was “supportive” of India’s request for access to Mumbai attacks accused Lashkar-e-Taiba’s David Headley and it was “working through legal systems” on the matter. During the 50-minute meeting at the Blair House, Singh and Obama discussed a whole range of bilateral issues, besides Pakistan, situation in Afghanistan and global economic crisis. Obama said he favoured reduction of tensions between India and Pakistan but the Manmohan Sigh made it clear that the “future of South Asia would be determined by the manner in which terrorism is tackled”. Singh emphasized that Pakistan needed to take “convincing action” against those responsible for Mumbai attacks, foreign secretary Nirupama Rao told reporters while briefing the meeting. Obama said the US understood India’s concerns with regard to activities of Lashkar-e Taiba and other terror groups from Pakistan and Afghanistan and that Washington was “engaging” Pakistan on these issues. While talking about the menace of terrorism emanating from Pakistan, Singh referred to Headley, activities of LeT and its chief Hafiz Saeed and al-Qaida terrorist Ilyas Kashmiri, Rao said. “Unfortunately, there is no will on part of Pakiistan to punish those responsible for terrorist attacks in Mumbai,” Rao quoted the Prime Minister as telling Obama. “This is where partnership of India and the US could make the difference,” PM told Obama. To a question, Rao said the fate of Indo-Pak dialogue had no connection with this meeting between Singh and Obama. She said the US as also the entire world was aware of India’s approach on dialogue with Pakistan. “The US fully understands” India’s position on the dialogue. India has suspended composite dialogue since the 26/11 attacks and has refused to resume it till Pakistan takes concrete and transparent action against those behind the terror strike. Rao said, there would be no meeting between Singh and Pakistani Prime Minister Yusuf Raza Gilani in Washington during the Nuclear Security Summit but did not categorically rule out such a possibility in Bhutan during the upcoming SAARC Summit. Sources said, Singh told Obama about India’s scepticism on Pakistan Army’s role and pressed the US to ensure that army’s influence diminished in Pakistan. Obama said India has the goodwill and understanding in the US. Noting that shared Singh’s vision for South Asia, Obama said, he understands India’s interest in Afghanistan and recognizes its role. He expressed support to India’s continued assistance programme in Afghanistan. While talking about Indo-US counter-terrorism cooperation, Obama said the US was working through legal systems for provision of access to Headley. He said he was supportive of India’s request for provision of access. On India’s concerns over misuse of US military supplies to Pakistan, Obama said the US was sensitive to these worries and would monitor the end use of the material given. Singh told Obama that India was poised for high economic growth of 9-10% but for it to happen, a climate of peace was needed in South Asia. The Prime Minister said in ensuring this “architecture of high economic growth, what happens in our neighbourhood is of crucial importance”, Rao said. “The terrorist onslaught in our region, if persisted, could affect our economic growth,” Singh told Obama while underlining the need for tackling the issue of terror. “How this menace is tackled will determine the future of the South Asian region,” Singh said while specifically referring to happenings in Pakistan and Afghanistan. The Prime Minister said there had been “tremendous rise” in infiltration from Pakistan. While seeking the US’ cooperation in putting pressure on Pakistan, Singh said India and the US stood on the same side on this issue of dealing with terrorism. During the meeting, the issue of Civil Nuclear Liability Bill also came up with Obama hoping that it would be passed by Parliament as expeditiously as possible. Singh told him that the bill was going through the democratic processes. The passage of the bill, which is a crucial step in the implementation of the Indo-US nuclear deal, has got caught in a political quagmire with opposition parties objecting to certain provisions in it, including the use of word ‘cap’ for Rs500 crore compensation to be paid by the operator in the case of a nuclear accident. The government has indicated its readiness to made some changes in it and the bill is expected to be introduced in Parliament in the second part of the budget session starting on 15 April. The two leaders, while reviewing the Indo-US ties, expressed satisfaction at the “good progress” made in the relations since they met last in November last year. They said they were looking forward to the strategic dialogue to be held between the two countries on June 3. External affairs minister SM Krishna will be coming here for that purpose. Singh also told Obama that India was eagerly looking forward to his first visit to the country. The Prime Minister said Obama had “caught imagination of millions of people around the world, including those in India who were anxious to see him soon there”, the foreign secretary said. The US President is expected to undertake the visit this year and dates for it are being finalized. Source: LatestNews-Home - Livemint.com | 12 Apr 2010 | 12:24 am Sharp to launch 3D TVs this summerConsumer electronics makers are scrambling to launch 3D TVs this year, betting the technology will be as big a boost for the industry as the transition to colour TVs from black and white.Source: Daily News & Analysis: Money News | 12 Apr 2010 | 12:16 am Industry grows at over 15% in FebIndustrial growth maintained the high growth rate of over 15% for the third month in a row in February.Source: India Business News | Business News - Times of India | 12 Apr 2010 | 12:16 am Further airline mergers essential: IATA chiefIATA said on March 30 that airlines were climbing out of recession with strong rises in passenger travel and cargoes in February.Source: Daily News & Analysis: Money News | 12 Apr 2010 | 12:15 am Glenmark settles patent dispute with GlaxoSmithKlineUnder terms of the settlement, Glenmark will be able to market and distribute the generic version of Malarone tablets under a royalty-bearing license from GSK in the third quarter of calendar year 2011.Source: Daily News & Analysis: Money News | 12 Apr 2010 | 12:13 am General Motors sees China sales above 3 million vehicles in 2015GM, which competes with Volkswagen AG and other global giants in China as well as abroad, also plans to roll out 25 new or upgraded models in China in 2010 and 2011.Source: Daily News & Analysis: Money News | 12 Apr 2010 | 12:12 am Rupee at 19-month high on dollar losses against euro - Economic Times
Source: Business - Google News | 12 Apr 2010 | 12:05 am Feb industrial output growth easesNEW DELHI (Reuters) - India's industrial output grew slower-than-expected in February, and output is expected to ease further following moves to withdraw an economic stimulus, including a interest rate hike in March.Source: Reuters: Money News | 12 Apr 2010 | 12:01 am Elecon Engineering Company: InvestInvestors with medium-term perspective can consider investing in the stock of Elecon Engineering Company (RsSource: Business Line - Home Page | 12 Apr 2010 | 12:00 am Infosys rules at crucial levelI am holding Everest Kanto Cylinders April futures @ 130. Please advice – Mr Subba Srinivas,Source: Business Line - Home Page | 12 Apr 2010 | 12:00 am Fertiliser cos increase prices of DAP by Rs 600/tonneFertiliser companies have resorted to an across-the-board Rs 30-35 a bag hike in prices of di-ammonium phosphate (DAP), muriate of potash (MOP) and variousSource: Business Line - Home Page | 12 Apr 2010 | 12:00 am Day Trading GuideAs long as the stock trades above Rs 965, it has the potential of heading higher. We recommend a buy with stiff stop-loss at RsSource: Business Line - Home Page | 12 Apr 2010 | 12:00 am Exxon eyes tie-up with ONGC; to study eastern offshore assetA team from the US oil major, ExxonMobil, is set to assess the eastern offshore asset of ONGC for a possibleSource: Business Line - Home Page | 12 Apr 2010 | 12:00 am Metals firm on tighter fundamentals; crude oil risesIt is interesting that the commodities complex is exhibiting divergent tendencies. While crude and metals continue to rise on basis of tightening fundamentals, agriculture is continually softening weighed down by prospect of ample supplies basedSource: Business Line - Home Page | 12 Apr 2010 | 12:00 am Should ULIPs be stopped?The turf war between the insurance regulator IRDA and the market regulator SEBI over the combo financial product Unit Linked Insurance Plan (ULIP), which has been going on for over five years now, came to head when on April 9, the Securities andSource: Business Line - Home Page | 12 Apr 2010 | 12:00 am SBI hints at rate hike after Credit PolicyState Bank of India's interest rates on retail loans might be reviewed after the Reserve Bank of India's credit policy, according to a regional head of the bankingSource: Business Line - Home Page | 12 Apr 2010 | 12:00 am Rupee gains sharply but has little impact on IT stocksThe rupee is at an 18-month high against the dollar and that usually means weaker realisations for companies that earn dollar-denominatedSource: Business Line - Home Page | 12 Apr 2010 | 12:00 am Gold to test resistance levelsComex gold futures rose sharply higher on Friday, as a downgrade of Greece's debt renewed fears over the euro zone's financial stability, prompting a flight to saferSource: Business Line - Home Page | 12 Apr 2010 | 12:00 am Rupee at 19-month high on dollar losses vs euroMumbai: The rupee touched a fresh 19-month high on Monday, as the euro rose to its highest in nearly a month against the dollar, but weaker stock markets limited the local currency’s gains. At 10:30 am, the partially convertible rupee was at 44.25/26 per dollar, slightly stronger than its previous close of 44.28/29. It earlier touched a peak of 44.18 -- its strongest since 8 September 2008, according to Thomson Reuters data. “There is plenty of dollar supplies from exporters and corporates,” said a trader at a private bank. The euro gained 1% against the dollar and yen after euro zone finance ministers approved a €30 billion ($40.5 billion) aid package of loans for Greece if needed, with €10 billion also expected from the International Monetary Fund. Most Asian currencies also traded higher against the dollar. The BSE benchmark Sensex was down 0.2%, after falling as much as 0.6%, taking a pause after the recent rally. “The rupee reacted to equity markets and dealt 44.30. The dollar movement in overseas markets would have led the rupee to open at 44.10-44.15, but the fall in stock markets checked the gains,” said Paresh Nayar, head of FX and money markets at First Rand Bank. Traders were also watching the impact of foreign inflows due to bidding for India’s multi-billion dollar 3G (third-generation) auction on the near-maturity cash-spot premiums, which traded around 3%, little changed from Friday’s close. The one-month offshore non-deliverable forward contracts were at 44.23/33, near the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange were at 44.3050 and on its rival exchange MCX-SX at 44.3075. Source: Home - Livemint.com | 11 Apr 2010 | 11:53 pm Glenmark settles patent dispute with GSKMumbai: Glenmark Pharmaceuticals Ltd said on Monday its unit settled a litigation with GlaxoSmithKline LLC over patent actions on doses of atovaquone and proguanil hydrochloride, the generic version of GSK’s Malarone malaria treatment tablets. Under terms of the settlement, Glenmark Generics would be able to market and distribute the generic version of Malarone tablets under a royalty-bearing license from GSK in the third quarter of calendar year 2011, or earlier in certain circumstances, it said in a statement. Malarone had sales of $56 million in the calendar year 2009 in the US market, it said. “This would be launched only in FY12 and it’s a very small product,” a sector analyst told Reuters over the telephone, adding, “It would be incremental to the earnings (of Glenmark in FY12).” The paragraph-IV settlement with GSK enables Glenmark to sell Malarone’s generic version for 180 days beginning October 2011 on exclusive basis, the analyst said. At 11:20 a.m., shares of Glenmark Pharmaceuticals were trading at 276.25 rupees, down 0.93% in a flat Mumbai market. Source: LatestNews-Home - Livemint.com | 11 Apr 2010 | 11:49 pm Indian econ poised to achieve 9-10 per cent growth ratePrime Minister Manmohan Singh today said, India was poised to achieve 9-10 per cent economic growth but for this it required protection free international climate. Source: HindustanTimes.com - Top Business News Headlines | 11 Apr 2010 | 11:22 pm India poised to achieve 9-10% growth: PMWashington: Prime Minister Manmohan Singh on Monday said India was poised to achieve 9-10% economic growth but for this it required protection-free international climate. During the meeting with US President Barack Obama, Singh said, there was a need to “rewrite” the architecture of global economic system in which the G-20 could play an important role. Singh and Obama discussed a broad range of issues, including global economic crisis, follow up of G-20 meetings and food security and energy security. The Prime Minister said he was convinced that the two countries could begin a new chapter in their relations, foreign secretary Nirupama Rao told reporters while briefing on the meeting. Referring to the global economic crisis, Singh referred to role of US in strengthening growth impulses in world economy particularly in developing countries in period after World War II and stressed that that experience should be repeated. Talking about India’s context, he said the country was poised to achieve high economic growth of 9-10%, given the savings rate of 35% and investment rate of 37%. For this to happen, there was need for peace in the region, he said. He also said that countries like India needed international environment that does not allow protectionist forces to gain ascendancy, Rao said. Singh told Obama that “we should rewrite the architecture of the global economic system. In this context, G-20 could play an important role in ensuring that global economic recovery is sustainable.” He said the US was uniquely placed to work out a plan for sustainable recovery in a globally integrated financial system. There is synergy of interests between India and the US, Singh told Obama. In response, Obama said the US would welcome suggestions of India as preparations for the next G-20 were underway. He mentioned common interest of both countries in seeing early conclusion of Doha Round of WTO talks. Singh said, food security, energy security were other areas for cooperation especially since experience of India in these fields was very valuable and of relevance. Source: Home - Livemint.com | 11 Apr 2010 | 11:13 pm Forbes Brands to enter leisure wear marketBangalore: Shapoorji Pallonji’s branded apparel venture Forbes Brands is looking at entering the leisure wear market in the six months, after marking its foray into the men’s innerwear segment recently, a top company official said. “With our foray into men’s innerwear with the launch of FACIT brand, we are also looking at entering men’s leisure wear market, which will comprise bermudas, shorts, pajamas and shirts, in another six months,” CEO Forbes Brands Nischal Puri told PTI. He said Forbes Brands ventured into innerwear because they understand knitwear very well. “With our Forbes Campbell Knitwear Limited unit in Belgaum manufacturing and exporting men’s T shirts, it was not difficult for us to get into innerwear, where we envisage a lot of potential as existing brands failed to capture new gen trends, the demand of youth.” Puri said part of the firm’s one year research on men’s Rs6,000 crore innerwear market involved conducting a survey in Delhi and Mumbai, which revealed that 65 % consumers buy existing brands as “there are no other options”. It was then the firm thought of targetting the medium and premium innerwear segment by creating new products with funky designs and sytlish colours, to not only appeal to the youth, but “something that even a 35-year-old would feel comfortable with,” Puri said. Source: Home - Livemint.com | 11 Apr 2010 | 11:10 pm Sensex opens over 62 points up on global cuesThe Bombay Stock Exchange benchmark Sensex gained over 62 points in the opening trade today on capital inflows by foreign funds amid a strengthening global market.Source: HindustanTimes.com - Top Business News Headlines | 11 Apr 2010 | 11:06 pm Rupee gains 5 paise against dollar in early tradeThe rupee appreciated by 5 paise to trade at over 19-month high of 44.23 a dollar in early trade today in line with other firming currencies.Source: India Business News | Business News - Times of India | 11 Apr 2010 | 10:45 pm Corporation Bank to raise Rs5,000 crore in 2 yearsKolkata: State-run Corporation Bank is planning to raise Rs20 billion in FY11 to meet credit growth, a top official told Reuters in a weekend interview. “We will require Rs50 billion over the next two years. Of this we are planning to raise Rs20 billion in the current financial year via combination of Tier-I and Tier-II capital,” J.M. Garg, chairman and managing director, told Reuters in an interview. The lender is considering tapping the equity market the next fiscal via a rights issue or a follow-on public issue and raise around Rs30 billion, he added. “We have not approached the government as yet, but next year we would like to go for either 1:2 rights issue or a follow-on offer, depending upon the market conditions,” he said. The bank is targeting a loan growth of 25% during FY11 and hopes to maintain a net interest margin of 2.55-2.6%, Garg said. SURGING CREDIT DEMAND The bank is expecting to report a credit growth of 32% on a year-on-year basis for the year ended 31 March, 2010. “Credit growth has really picked from the last quarter and we are experiencing increased demands from the sectors like real estate, infrastructure, retail and SME,” he said. The net interest margins during FY10 is seen at around 2.4%, and the effect of lower treasury income is expected to be mitigated by robust fee-based income, he said. “Fee-based income during FY10 is expected to be around Rs6.5 billion compared to Rs4.5 billion last year,” he added. The bank is scheduled to declare its full year financial results by 30 April. Source: Home - Livemint.com | 11 Apr 2010 | 10:41 pm Sensex opens over 62 points up on global cuesThe Bombay Stock Exchange benchmark Sensex gained over 62 points in the opening trade today on capital inflows by foreign funds amid a strengthening global market.Source: India Business News | Business News - Times of India | 11 Apr 2010 | 10:21 pm CCI raps Delhi discoms for meter tampering, forcing metersNew Delhi: The competition watchdog CCI has pulled up Delhi’s power distributors--BSES and NDPL--for using their dominant position by not allowing customers to install meters of their choice, a charge refuted by the Anil Ambani group firm. The power distribution companies (discoms) -- Reliance ADA Group’s BSES Rajdhani Power and BSES Yamuna Power, and Tata Power-Delhi government joint venture North Delhi Power (NDPL)--have also been charged with meter tampering. The Competition Commission of India (CCI) has issued show-cause notices to these discoms after examining a report of the director general (investigations) that found evidences against the discoms for misusing their dominant position and entering into anti-competitive agreements, sources told PTI. “More than 90 per cent of the people using meters of the these companies have found variations in the readings. People cannot shift their electricity connections as they have no choice. The distribution companies are misusing their dominant positions,” sources said quoting the CII report. BSES refuted both the charges of limiting choice of customers as well as meter tampering, while NDPL refused to comment saying it is going through the order. “The allegations regarding not allowing consumers the option to install their own meters is not correct as the same is also provided under law. “BSES, in compliance of the same, has publicised this on its website; distributed lakhs of pamphlets; issued ads in newspapers and also inserted this option in the application forms for availing of new connection,” a BSES spokesperson said in an email response. The CCI had investigated the alleged meter tampering by the discoms on a complaint from a customer last December. The companies are alleged to have violated sections 3 and 4 of the Competition Act. In Delhi, over 2.3 million users receive power supply from BSES,while NDPL supplies power to about 1 million users. As regards allegations of meters running fast, BSES said that meters bought and installed by BSES are in compliance with relevant applicable BIS standards and guidelines of the Central Electricity Authority. The CCI has the power to penalise the discoms, if proved guilty. It can also direct the discoms to let customers buy their own meters, sources said, adding any decision would be taken after getting responses from the discoms. The on their part can appeal before the Competition Appellate Tribunal if they are not unhappy with the final order of the CCI. Source: LatestNews-Home - Livemint.com | 11 Apr 2010 | 10:20 pm Multi-brand retail FDI out of deep freezeThe government has launched discussions between ministries about opening multi-brand retail to FDI, stepping gingerly into an issue that has been gathering dust for fear of triggering a political whiplash.Source: India Business News | Business News - Times of India | 11 Apr 2010 | 9:41 pm Defence ministry opposes increase in FDI limitThe Ministry of Defence (MoD) plans to oppose a proposal from the Ministry of Commerce and Industry (MoCI) to allow foreign defence corporations to establish fully-owned defence units in India.Source: Business Standard | Front Page Headlines | 11 Apr 2010 | 1:25 pm Clash of regulators intensifiesThe Securities and Exchange Board of India (Sebi) has expanded its probe into sale of unit-linked insurance products, or Ulips, to nine more companies, including Life Insurance Corporation (LIC).Source: Business Standard | Front Page Headlines | 11 Apr 2010 | 1:19 pm New kind of banks for youthM.D. Mallya, chairman and managing director, BoB spoke to HT on a range of issues, including the bank’s plans of changing its image to make it more acceptable to the younger generation. ExcerptsSource: HindustanTimes.com - Top Business News Headlines | 11 Apr 2010 | 1:14 pm Corporate | Dubai unit for Reliance Asset ManagementDubai: Reliance Asset Management (UK) Plc, a unit of Reliance Capital Asset Management Ltd, has started operations in Dubai and will offer wealth management and investment advisory services to institutional clients. The unit received permission to operate from the Dubai International Financial Center, a tax-free business park for financial services companies, it said in an emailed statement on Sunday. —Bloomberg ********* Emirates NBD’s CFO Sanjay Uppal resigns Dubai: Emirates NBD PJSC’s chief financial officer (CFO) Sanjay Uppal resigned from his position at the Dubai government-owned bank, a person familiar with the matter said. A spokesman for Emirates NBD, the UAE’s biggest bank by assets, could not immediately comment. Calls made to Uppal’s mobile phone were not answered. —Bloomberg Source: World Business - Livemint.com | 11 Apr 2010 | 1:10 pm 'Finmin must look into ULIPs row'Even as the finance ministry seeks to maintain distance from the ongoing controversy over Ulips, Congress MP Sanjay Nirupam has written to the ministry asking it to immediately interve in the matter.Source: India Business News | Business News - Times of India | 11 Apr 2010 | 1:08 pm Mandatory PAN a bonanza for fin cosWith the government making permanent account number mandatory for all financial transactions, firms offering these services are making the most of it.Source: India Business News | Business News - Times of India | 11 Apr 2010 | 1:06 pm Pharma cos to disclose gifts to docsSponsored jaunts, gifts in cash or kind and consulting assignments offered to doctors for promoting medicines will soon be disclosed by domestic pharma companies.Source: India Business News | Business News - Times of India | 11 Apr 2010 | 1:04 pm Cos plan 15% hike in payWhile traffic on Job Street is picking up, the decibels on the annual increments are getting louder.Source: India Business News | Business News - Times of India | 11 Apr 2010 | 12:58 pm India caught in Brandobast feverThe creations of London-based celebrity designer Alexander McQueen, who recently committed suicide, are flying off the shelves.Source: India Business News | Business News - Times of India | 11 Apr 2010 | 12:56 pm 'Bids will stretch cos' finances'Intense competition among bidders, especially the big trio - Bharti Airtel, Vodafone and Reliance Communications could ensure that bids top the base price three times over.Source: India Business News | Business News - Times of India | 11 Apr 2010 | 12:53 pm Intel moves Bombay High Court over trademarkThe world’s leading microchip maker, Intel Corporation, has moved the Bombay High Court challenging a decision by the trademarks registry to renew the company’s trademark — Intel — in favour of a Mumbai-based firm. Source: HindustanTimes.com - Top Business News Headlines | 11 Apr 2010 | 12:40 pm Health on a plateWealth Food: As consumers open their wallets to healthier options, brands are coming up with several wellness variants to cash in on the fastest growing opportunity in packaged foods in India, reports Rachit Vats.Source: HindustanTimes.com - Top Business News Headlines | 11 Apr 2010 | 11:13 am Straddling TV, web on IPL rideAny marketer will tell you that the most brand-friendly game is cricket. Think about it — ads between wickets, between overs, during drinks. This year, they’ve taken it a notch further with IPL 3: catches are branded by Karbon; and there’s a Citi moment of success, whatever that means, writes Raj Menon. Source: HindustanTimes.com - Top Business News Headlines | 11 Apr 2010 | 11:09 am Lloyds to foray into investment banking: ReportLondon: British banking major Lloyds Banking Group plans a foray into investment banking and brokerage business, says a media report. “Lloyds Banking Group is secretly working on plans to expand further into investment banking ... The bank has been quietly building a presence in equity capital markets for several months,” the UK newspaper ‘Sunday Time’ said. According to the ‘Sunday Times’, the bank has held talks with a number of stock broking firms for exploring possibility of setting up a joint venture. “The move would let Lloyds cash in on equity market fund raising by its corporate clients,” it said. The tax-payer backed bank has reportedly poached a handful of executives from rival brokers on large guaranteed bonuses, in a recruitment drive led by Andrew Geczy, head of wholesale markets. “Lloyds has now decided to set up a joint venture with a stockbroker rather than attempt to hire more bankers on large bonuses,” the newspaper said. Banks, including JP Morgan Cazenove and HSBC, earned hundreds of millions of pounds in fees last year by underwriting share issues for British companies, many of which were Lloyds clients, it said. Source: World Business - Livemint.com | 11 Apr 2010 | 5:51 am Kraft appoints bankers to sell Cadbury businesses: reportLondon: Kraft Foods has hired bankers HSBC and BNP Paribas to sell the Polish and Romanian businesses of Cadbury, paving way for the American confectionery giant taking over the British chocolatier, a media report says. “HSBC has been mandated to sell the Polish confectionery business and French bank BNP Paribas is understood to have been hired to sell the Romanian chocolate business,” the online edition of the UK daily Telegraph said. In January, Kraft said it would takeover Cadbury in a cash-and-stock deal worth about 11.9 billion. “A sale of the two assets, which is unlikely to generate more than €500 million, was demanded by the Europe Commission as a stipulation for Kraft’s acquisition of Cadbury going through,” the report added. The European Commission had in January cleared the deal, but said the takeover would give rise to competition concerns in the Polish and Romanian chocolate confectionery markets. Following which Kraft committed to divest Cadbury’s Polish confectionery business and its Romanian chocolate business to obtain clearance for acquisition of the American confectionery firm. The Commission had said Kraft had a very strong presence in most member states, except UK and Ireland, while Cadbury had strong presence in the EU countries such as France, Poland, Romania and Portugal through local brands which it acquired. Source: World Business - Livemint.com | 11 Apr 2010 | 5:10 am
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