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Govt okays Rs 15K cr cap infusion for PSBs in FY11The Union Cabinet on Friday approved infusion of Rs 15000 crore into the public sector banks in FY 11. The government will work out the amount to be infused in FY12 based on PSBs third quarter performance in FY11.Source: Moneycontrol Top Headlines | 23 Apr 2010 | 5:51 am RBI may issue securitisation rules for NBFCs, direct salesThe proposed rules for asset securitisation released by the central bank this week do not apply to finance companies and the Reserve Bank of India is likely to come up with a separate set of rules for them, a source directly involved in the matter told Reuters.Source: Moneycontrol Top Headlines | 23 Apr 2010 | 5:47 am Videocon open to dilute up to 26% stake in telecom bizVideocon Industries\' Chairman and Managing Director Venugopal Dhoot said, \"A number of foreign parties are interested in buying stake in Videocon Communication Ltd and we are open to diluting up to 26% stake in the company. However, nothing has been finalized so far.\"Source: Moneycontrol Top Headlines | 23 Apr 2010 | 5:16 am US Airways ends UAL merger talks; Continental loomsUS Airways Group Inc said it dropped out of merger talks with United Airlines parent UAL Corp, perhaps clearing the way for UAL and Continental Airlines Inc to combine in what would be the world\'s largest airline.Source: Moneycontrol Top Headlines | 23 Apr 2010 | 4:20 am Sensex lacklustre; ICICI, SBI, RIL, DLF up - Economic Times
Source: Business - Google News | 23 Apr 2010 | 3:34 am Opposition demands JPC probe into IPL rowNew Delhi: Alleging that two ministers were under cloud for “gross misuse of power”, the Opposition on Friday mounted pressure for a JPC probe into the IPL controversy, prompting the government to say it could be done only after “due diligence”. A strident Opposition stalled proceedings by raising anti-government slogans and forced adjournments in both Houses of Parliament. Also Read Lalit Modi and his troubles Responding to the demands, finance minister Pranab Mukherjee said in Lok Sabha,“It (a decision on JPC) is to be taken after due diligence and consideration. It cannot be like instant coffee or instant consideration.” Observing that the government will have to ponder over it, Mukherjee, who is also the Leader of the Lok Sabha, said, “I will communicate your sentiments to the Prime Minister. As and when the government takes a decision, we will come to Parliament. Let us wait for some time.” Also Read IPL3 Full Coverage While the Lok Sabha witnessed two adjournments till 2pm, Rajya Sabha was adjourned till 230pm. In the Lok Sabha, Leader of the Opposition Sushma Swaraj raised the IPL controversy as soon as the House met for the day. She said the issue was getting “more serious by the day” and a JPC probe should be ordered “to save the dignity of the House and to bring to light the whole issue”. Swaraj said allegations were flying thick and fast that two senior ministers in the government had a role to play in the controversy. Though she did not name any minister, her attack came against the backdrop of reports that civil aviation minister Praful Patel had given details of projections of new franchisee valuations to Shashi Tharoor two days before the Kochi IPL team was bid. There are also allegations that a close relative of a senior minister, belonging to a UPA partner, had benefitted. Swaraj said now reports had come out that the ministers had indulged in “gross misuse of power” including diversion of a civilian aircraft for the IPL players. She was apparently referring to the civil aviation minister, whose daughter is reported to have pulled out an Air India plane from scheduled Delhi-Coimbatore flight to ferry IPL players from Chandigarh to Chennai, causing inconvenience to passengers booked on the flight. “The whole issue (of IPL) should be probed. The Leader of the House had said they are ready to probe. We feel investigating agencies will not be able to bring the truth to the fore. From day one of the episode, we have demanded that JPC be constituted to look into this,” Swaraj said. Supporting her, JD(U) leader Sharad Yadav said there were “all sorts of allegations” against IPL Commissioner Lalit Modi “of looting the whole system from here to Rajasthan”. Pressing for accountability for the cricket T20 league too, he said IPL should be answerable to Parliament and the whole country. Yadav said sports minister M.S. Gill was talking as if he was in the Opposition, but nobody took note of it. Alleging that “illegal money” from both Mauritius and Swiss banks had been invested in IPL, the JD(U) member said it was necessary for constituting the JPC to probe all aspects of the tournament. “JPC must be constituted, only then will there be some credibility as there are allegations of involvement of two ministers in the controversy,” he added. Underlining the “urgent need” for constituting JPC, CPI-M leader Basudeb Acharia referred to such a probe ordered in the 1991 securities scam by the P.V. Narasimha Rao government when Manmohan Singh was the finance minister. “I urge the government to find the truth and fix responsibility for such large scale corruption. JPC should be constituted immediately,” he said. Alleging that IPL was the ”biggest gambling”, Acharia said new facts were tumbling out every day. “This is not cricket, it is business. They have used the Mauritius route to pump in thousands of crores of rupees and the government was sleeping. Unless there is JPC, truth will not come out,” he said. CPI member Gurudas Dasgupta termed the IPL controversy as the “most serious fraud in the history of Independent India” and said “unpardonable violation of law has taken place for the last two years right under the nose of the government”. He said the Income Tax department had informed a parliamentary standing committee that there could be no assessment of the IPL for 21 months. “I, as a tax payer, am assessed every year. Why IPC is given amnesty and unpardonable privilege,” he wondered. He said the government should ponder over “gross failure” of the enforcement agencies. Mukherjee said when the issue was raised earlier by the Opposition, he had informed the House that the concerned department had already started investigation and was asked to carry on with their raids. He said the notice from some of the opposition members for suspension of the Question Hour was given to the Speaker and that he only received information about it. The opposition members were not satisfied with Mukherjee’s response and continued to create uproar, forcing Speaker Meira Kumar to adjourn the House till 12 noon. When the House re-assembled, similar scenes were witnessed, forcing its adjournment till 2pm. In the Rajya Sabha, the IPL issue was raised during Zero Hour with the entire opposition, including members of the BJP, AIADMK, SP and the Left parties, on their feet demanding JPC probe into the controversy. Deputy Chairman K. Rahman Khan said the matter had already been discussed on Thursday during debate on demands for grants for sports ministry. He urged them to take their seats but the opposition members did not relent, prompting Khan to adjourn the House till 230pm. Source: Home - Livemint.com | 23 Apr 2010 | 3:31 am NTPC net profit rises 5.6 percent - Sify
Source: Business - Google News | 23 Apr 2010 | 3:22 am Oil rises to $84 on expectations of Greek bailoutLondon: Oil rose to $84 a barrel on Friday after reports Greece will request financial aid saw markets rally as the euro rebounded off a one-year low against the dollar. Greek media said Athens was poised to trigger the European Union/International Monetary Fund financial aid package, citing unnamed sources. Oil prices immediatedly turned positive, reversing earlier losses as risk appetite rose. US crude for June delivery rose 25 cents to $83.95 a barrel by 2:55pm, after reversing a two-dollar intra-day drop on Thursday. It was less than $4 from an 18-month high above $87 reached on 6 April. The dollar traded near $1.33 as the euro rose by one cent off its earlier low. Analysts said earlier markets were being stymied by the uncertainty surrounding Greece, with fears the eurozone member may default on its debts. “Not only is all this taking a long time to play out, but it has also been so badly handled that we seem to be witnessing a ‘death by a thousand cuts´,” MF Global commodities analyst Edward Meir said. “Amid this turmoil, we would not be surprised to see the dollar continue to strengthen in the weeks ahead, and likely test, and perhaps even break, the $1.30 level against the euro. Such strength should deter any meaningful rallies in the crude oil market.” Sentiment towards Greece soured on Thursday after the European Union said Greece’s budget deficit was worse than feared and rating agency Moody’s cut its rating of Greek government debt, heightening risk aversion across markets. A stronger dollar tends to dampen commodity prices as they become more expensive for holders of other currencies, though demand in booming Asian economies, including China and India, remains unabated this year and is set to grow seasonally in the agriculture and transport sectors. “We are going to see more demand coming in spring and summer and that is going to push prices higher,” said Peter McGuire, managing director of Commodity Warrants Australia in Sydney, adding that he expected oil to approach $90 in June. The front-month US crude contract was heading for its first weekly increase in a fortnight, shrugging off rising domestic stockpiles of crude and oil product inventories. But US crude was still trading almost $2 below ICE Brent for June, the benchmark for most of Europe, Africa and Asia, which rose 49 cents to $86.16 a barrel. Most traders consider Brent better represents world oil balances because US crude prices can be locally affected by gluts at the land-locked Cushing, Oklahoma pricing point, where stocks jumped last week. China’s economy will probably grow by about 9.9% this year, compared with a previous outlook of 9.1 percent, according to forecasts by the Chinese Academy of Social Sciences (CASS) published on Friday. Prices were also supported by improving business sentiment in Germany, the world’s third largest economy, with a closely watched survey showing the brightest outlook from 7,000 firms since May 2008. Source: Home - Livemint.com | 23 Apr 2010 | 3:17 am Euro, equities bounce, expect Greek aid call - Reuters
Source: Business - Google News | 23 Apr 2010 | 3:11 am S.Africa's MTN says in talks on potential dealJOHANNESBURG (Reuters) - South Africa's MTN Group said it was in talks about a potential deal, a day after a banking source told Reuters the company was considering raising about $5 billion to buy Orascom Telecom assets.Source: Reuters: Money News | 23 Apr 2010 | 3:07 am Sensex slips from day's highsA benchmark index for Indian equities Friday slipped from the morning highs and was ruling 66 points higher than its previous close in afternoon trade.Source: India Business News | Business News - Times of India | 23 Apr 2010 | 3:05 am ArcelorMittal looks at JV with SAILArcelorMittal has proposed a joint venture with Steel Authority of India Ltd to build a USD 2.7 billion steel plant in Jharkhand, the Economic Times said on Friday, quoting an unnamed government official.Source: Moneycontrol Top Headlines | 23 Apr 2010 | 3:04 am GLOBAL MARKETS - Euro, equities bounce, expect Greek aid callLONDON (Reuters) - The euro clawed off a one-year low against the dollar on Friday on news that Greece will ask for financial aid while European stocks snapped a two-day fall, also helped by upbeat corporate earnings.Source: Reuters: Money News | 23 Apr 2010 | 3:03 am Wipro results lag rivals; tech demand improvesBANGALORE (Reuters) - Wipro Ltd joined its two bigger rivals in flagging accelerated growth for the country's showpiece software services sector as it met expectations with quarterly profit rising by over a fifth.Source: Reuters: Money News | 23 Apr 2010 | 2:59 am 3G bids doubles from base on 11th auction dayBids for a nationwide thirdgeneration (3G) mobile spectrum licences in India doubled above the base price to Rs 69.68 billion (USD 1.6 billion) on the eleventh day of an auction, government data showed on Thursday.Source: Moneycontrol Top Headlines | 23 Apr 2010 | 2:57 am Live updates: IPL scamRajya Sabha adjourned for the day following uproar over demand for JPC probe into IPL scam. ----------------------------------------------------------------------------- Govt sources on IPL: No question of JPC, reports NDTV 24x7 ------------------------------------------------------------------------ Govt sources: The perception that we are after our allies is not true (NDTV 24x7) ------------------------------------------------------------------------------- BCCI vice president Rajiv Shukla has briefed union finance minister Pranab Mukherjee on the ongoing IPL controversy. Shukla, a Congress MP, met Mukherjee in his Parliament office to discuss the IPL issue and briefed him on the latest developments. (PTI) ----------------------------------------------------------------------------------- Wading into the ongoing IPL controversy, Maharashtra Navnirman Sena (MNS) chief Raj Thackeray has accused Union minister and former BCCI chief Sharad Pawar for the mess in the Twenty20 league.(PTI) ----------------------------------------------------------------------------------- A decision on setting up of a joint parliamentary committee to go into the IPL will be taken after due diligence, says Union finance minister Pranab Mukherjee while responding to opposition in the Lok sabha (PTI) ------------------------------------------------------------------------------------------- JD (U) : IPL is run by people with double standard. ------------------------------------------------------------------------------------  Indian Premier League chief Lalit Modi smokes a cigarette inside his car on his way to meet Mukesh Ambani, a top industrialist and owner of the IPL team Mumbai Indians, in Mumbai on Thursday. AP Photo Pranab Mukherjee: Have instructed concerned department to investigate. ------------------------------------------------------------------- Prime Minister Manmohan Singh has not asked home minister P Chidambaram to head the Indian Premier League probe, a PMO spokesman said on Friday. (PTI) ------------------------------------------------------------------- Also Read | IPL III (Full Coverage) ------------------------------------------------------------------------ BCCI officials likely to boycott IPL function tonight. ------------------------------------------------------------------------------------- United Opposition demands joint parliamentary probe into IPL. ------------------------------------------------------------------------------------------- Left parties: Govt slept while murky deals were going on. ------------------------------------------------------------------------------------------- Sunanda Pushkar, whose links with Shashi Tharoor and IPL Kochi triggered a big controversy, admitted she has helped the franchise to raise a lot of money but denied acting as his proxy in getting sweat equity worth Rs70 crore. (PTI) ------------------------------------------------------------------------------------------- Sachin Tendulkar feels the hurdles confronting Indian cricket will be overcome and that the sport is strong enough to see through the rough patch. (PTI) ------------------------------------------------------------------------------------------- Questioning the tax exemptions given to BCCI, Union sports minister M S Gill has said the sports body cannot be the regulator as also owner of the Indian team as there is a conflict of interest.(PTI) ------------------------------------------------------------------------------------------- The war in the cricket board intensified with Lalit Modi planning to move court against the Governing Council meeting that may oust him from the post of IPL Commissioner as BCCI accused him of hiding details of stakeholding by his relatives in franchises. (PTI) ------------------------------------------------------------------------------------------- Cricket Association of Bengal president Jagmohan Dalmiya has said the state body received Rs2 crore from the KKR for hosting IPL matches at the Eden Gardens but he did not know from where the money came.(PTI) ------------------------------------------------------------------------------------------- Former cricketer and IPL governing council member, Mansur Ali Khan Pataudi today said Lalit Modi may be ousted from his post if he keeps away from the Monday meeting. ------------------------------------------------------------------------------------------- Source: Home - Livemint.com | 23 Apr 2010 | 2:57 am Govt now sees $11 bln revenue from spectrum auctions - minNEW DELHI (Reuters) - The government now expects its third-generation (3G) and broadband spectrum auctions to raise 500 billion rupees ($11.2 billion), much higher than the government's budget estimates of 350 billion rupees, telecommunications minister Andimuthu Raja said on Friday.Source: Reuters: Money News | 23 Apr 2010 | 2:56 am INTERVIEW - Strides to up FDA approved capacity 10 times by DecMUMBAI (Reuters) - Drugmaker Strides Arcolab's U.S. FDA approved capacity for speciality product liquid vials is set to rise 10 times once approvals for two new plants come through by December, its chief said late on Thursday.Source: Reuters: Money News | 23 Apr 2010 | 2:55 am \'Jet Airways Konnect Select is a response to market needs\'In an interview with CNBCTV18, Sudhir Raghavan, Chief Commercial Officer of Jet Airways, spoke about the reason behind the launch of new premium service.Source: Moneycontrol Top Headlines | 23 Apr 2010 | 2:53 am Dubai World lenders need not book provisions - paperDUBAI (Reuters) - United Arab Emirates' central bank said in a circular to local lenders that they do not have to book provisions at the moment for loans to Dubai World, Arabic daily Al Khaleej reported on Friday.Source: Reuters: Money News | 23 Apr 2010 | 2:52 am Govt now sees $11 bn revenue from 3G auctionsNew Delhi: India now expects its third-generation (3G) and broadband spectrum auctions to raise Rs50,000 crore ($11.2 billion), much higher than the government’s budget estimates of Rs35,000 crore, Union telecommunication minister Andimuthu Raja said on Friday. On Thursday, Raja had said he expected the auctions to raise Rs45,000 crore. “Everyday it is going up,” he told reporters outside Parliament on Friday, referring to the bids for 3G spectrum, for which the auction is currently on. India kicked off a closely-watched multi-billion dollar spectrum acution on 9 April which would enable telecom firms in India offer premium third-generation services. As of Thursday, government data showed bids for each pan-India 3G spectrum licences almost doubled from the base price to touch $1.6 billion, ensuring the government roughly $6.4 billion as it will sell four such licences. The wireless broadband spectrum auction will start two days after the 3G auction closes. Source: Home - Livemint.com | 23 Apr 2010 | 2:47 am Maruti Suzuki launches new version of WagonR - Business Standard
Source: Business - Google News | 23 Apr 2010 | 2:45 am Volvo's surge in Q1 profit ends cash call worriesSTOCKHOLM (Reuters) - World No.2 truck maker Volvo surprised the market with its cost cuts lifting it to a much bigger-than-expected first-quarter profit, snuffing out any lingering worries that it might need to raise cash.Source: Reuters: Money News | 23 Apr 2010 | 2:40 am Strides to up FDA approved capacity 10 times by DecMumbai: Drugmaker Strides Arcolab’s US FDA approved capacity for speciality product liquid vials is set to rise 10 times once approvals for two new plants come through by December, its chief said late on Thursday. “We have spent about Rs300 crore (Rs3 billion) to set up these two plants,” group chief executive officer Arun Kumar told Reuters in an interview over the telephone. As of now, the company has annual capacity of 11 million single dose units (SDUs) for liquid vials in Bangalore that would leapfrog to 97 SDUs after FDA approvals come through by the end of this year, he said. Strides has also earmarked a capex of about Rs1 billion for the year ending December 2010, he said. “We have spent some 600 crore (Rs6 billion) over last year or so on various projects,hence, this year, there is no major capex lined up.” Easy on acquisitions The company saw continued growth momentum driven by speciality and pharma businesses backed by strong licensing income, he said in a statement. In March, Strides acquired a penems and penicillin factory in Brazil from South Africa’s Aspen Pharmacare and also raised stake to 100% from earlier 50% in two oncology joint ventures it had with Aspen. During the quarter, the company also announced, it was in discussions to increase its stake in Australia’s Ascent Pharmahealth Ltd to 100% from present 57%. “We have submitted a proposal to Ascent Pharma and a decision on this is awaited,” Kumar said. It would have to pay about A$40 million to raise stake in the Australian drug maker, he added. However, there are no more acquisition plans for now. “I don’t think we have the resources and the bandwidth to announce more deals as of today.” Strides, which posted Ebitda margin of 23% during the Jan-March quarter, expects to maintain it for the next quarter too, comfortably meeting its full year guidance of 21%, Kumar stated. Strides on Thursday reported a net profit of Rs398.3 million on net sales of Rs3.73 billion for the quarter ended 31 March. At 1:52pm, shares of Strides Arcolab were trading at Rs354.30, down 0.58% in a Mumbai market that was up 0.44%. Source: LatestNews-Home - Livemint.com | 23 Apr 2010 | 2:38 am Wheat procurement up 6 pc at 167.88 lakh tonnes - Economic Times
Source: Business - Google News | 23 Apr 2010 | 2:36 am Govt raises cane support price but rains keyNew Delhi: India raised the cane support price by 7.1% on Friday to entice farmers to plant the crop in more areas, but traders and analysts said output would depend on adequate monsoon rains in key states. Sugar output in the world’s largest consuming nation had slumped 44% last year to 14.7 million tonnes after the weakest monsoon in more than three decades hit the crop. With annual demand running at 23 million tonnes, India bought large quantities of sugar from Brazil, the world’s top producer, sending New York-traded raws to a 29-year peak in February. Improved outlook from Maharashtra and Uttar Pradesh, the top two sugar producing states, has calmed markets and domestic prices have come off by a third from early this year. New York futures dropped 0.5% on Thursday to 16.1 cents per lb. “Monsoon rainfall over Maharashtra and Uttar Pradesh will be crucial for next year’s output,” said Veeresh Hiremath, a senior analyst with Karvy Comtrad. Traders had been expecting the government to raise support prices to help improve domestic output. The government set Rs139.12 ($3.13) per 100 kg of cane for 2010-11 and said in a statement the price was “fair and remunerative”. The support price for the previous season that ended last September was Rs129.84. “The hike will motivate growers to plant more,” said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Source: LatestNews-Home - Livemint.com | 23 Apr 2010 | 2:36 am Gold demand abates after previous session pick-upMumbai: India gold demand eased on Friday afternoon as traders sought lower prices, after a slight pick-up in offtake late in the previous session, dealers said. “Yesterday we did about 75-100 kgs, the lowest deal was done at $1,132 (an ounce) upto $1,144,” said a dealer with a state-run bank. International gold, which guides the domestic market, was trading $1,140.20/1,141 an ounce as against the previous close of $1,140.45/1,142.45 an ounce. Gold held steady after nudging down 0.4% the previous day as the dollar climbed to its highest in nearly a year against the euro in the wake of more bad news for Greece. However, a strong rupee, which makes the dollar-quoted asset cheaper, weighed on yellow metal prices. The Indian rupee recovered from the day’s lows as the dollar trimmed its gains against major currencies while domestic shares stayed positive, helping sentiment for the local unit. Supplies of the yellow metal were getting restored, after a volcano in Iceland treatened to disrupt shipments, dealers added. “Yesterday we recieved one consignment after a gap of 10 days, tommorow we are getting one and on Monday we will be getting another two,” said the first dealer. Source: LatestNews-Home - Livemint.com | 23 Apr 2010 | 2:34 am Govt to infuse 150 billion rupees into state-run banks - Reuters India
Source: Business - Google News | 23 Apr 2010 | 2:22 am Govt to infuse Rs15,000 cr into state-run banksNew Delhi: India’s cabinet approved infusion of Rs15,000 crore ($3.4 billion) in state-run banks during the fiscal year ending March, 2011, to help meet growing credit requirements of the economy, a government statement said. “The infusion of 150 billion rupees in Tier I capital instruments of PSBs would enable them to expand their credit growthby about Rs1.85 trillion ($41.6 billion),” the statement said on Friday. The cabinet also gave its approval for infusion of additional capital in the next financial year after considering the third quarter results of banks in 2010/11. In February, finance minister Pranab Mukherjee had made a provision of Rs16500 crore ($3.7 billion) in the annual budget for state-run banks to ensure that they are able to attain a minimum 8 per cent Tier-I capital by 31 March, 2011. India has signed two agreements with the World Bank for a loan of $3.2 billion to provide additional capital to state-run banks. Formalities for the first tranche of $2 billion have already been completed, it said. The government expects an infusion of additional capital would also strengthen the Indian banking system, which remained largely unaffected during global financial crisis since September 2008. India, Asia’s third largest economy is expected to grow by around 8.5% in 2010/11 and 9% in the next financial year as per government estimates. Source: LatestNews-Home - Livemint.com | 23 Apr 2010 | 2:19 am Rupee gains on shares rise; dollar moves eyedMumbai: The Indian rupee recovered from the day’s lows on Friday afternoon as the dollar trimmed its gains against major currencies while domestic shares stayed positive, helping sentiment for the local unit. At 2pm, the partially convertible rupee was at Rs44.50/51 per dollar, off an early low of Rs44.65 and slightly stronger than its close of Rs44.54/55 on Thursday. The index of the dollar against six major currencies was up 0.2% after having been up more than 0.5% earlier. The euro fell to its lowest in a year on Friday, hammered by a wave of stop-loss selling in Asian trade as speculation heightened that Greece could default on its sovereign debt obligations. Indian shares were trading up 0.5% after outsourcer Wipro met forecasts and recommended two bonus shares for every three. The weather office is scheduled to issue its annual monsoon forecast at 1030 GMT, which will provide cues on growth and inflation outlook. One-month offshore non-deliverable forward contracts were quoting at 44.57, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at 44.5175, with the total traded volume on the two exchanges at about $4.8 billion. Source: Home - Livemint.com | 23 Apr 2010 | 2:17 am Govt to infuse Rs15,000 cr in PSU banks in 2010-11The exact amount, the mode of capitalisation and other terms would be decided in consultation with the banks at the time of the infusion, it said.Source: Daily News & Analysis: Money News | 23 Apr 2010 | 1:48 am Monsoon forecast to drizzle hope on govt, marketsNEW DELHI (Reuters) - India's summer monsoon will be nearly normal this year, the government is expected to say on Friday, allaying fears over an event crucial to the economic fate of the world's second most populous nation.Source: Reuters: Money News | 23 Apr 2010 | 1:46 am IT majors: Wipro sees highest attrition - Times of India
Source: Business - Google News | 23 Apr 2010 | 1:43 am Govt may divert farm water as reservoir levels fallMumbai: Depleting water levels, worsened by rising temperatures, may force government to divert farm water for drinking and power generation ahead of the four-month monsoon season that begins in June, a senior water department official told Reuters late on Thursday. “Drinking water first and only after that other priorities come...till monsoon rain starts we have to manage with existing availability of water,” AK Bajaj, chairman, Central Water Commission (CWC), told Reuters in a telephone interview. In March, and April so far, temperatures over most parts of the country have been significantly higher than normal temperature, data with India Meteorological Department (IMD) showed. Of the 20 areas where the IMD monitors temperature in the country, maximum temperatures in March surpassed the record in seven cities and within one degree of the record in eight others, data from the IMD shows. Higher temperature after a year of drought will accelerate the evaporation rate and deplete India’s major water reservoirs, forcing the government to cut agriculture supply, Bajaj said. Of the 21 reservoirs in northern and eastern India whose levels are monitored by CWC, 20 have filled below 40% of their live capacities, while one holds less than half, suggesting severe shortage, data from CWC shows. The weather office, which will issue its forecast on Friday evening s widely expected to predict improved rainfall after last year’s failed monsoon rains, which were the worst in 37 years and had led to high food inflation. Source: LatestNews-Home - Livemint.com | 23 Apr 2010 | 1:36 am Rupee down 1 paise against dollar in early tradeThe Indian rupee depreciated marginally by 1 paise to 44.55 a dollar in early trade following the US currency's gain overseas.Source: HindustanTimes.com - Top Business News Headlines | 23 Apr 2010 | 1:35 am Govt to infuse Rs 15,000 cr in PSU banks in 2010-11The government today approved Rs 15,000 crore capital infusion in public sector banks (PSBs) in the current fiscal, a move that will increase the lending capacity of the banks by Rs 1.85 lakh crore.Source: India Business News | Business News - Times of India | 23 Apr 2010 | 1:27 am NTPC FY10 provisional net rises 5.6 pctNEW DELHI (Reuters) - Top Indian power utility NTPC Ltd said on Friday its provisional net profit for the year ended March rose 5.6 percent to 86.6 billion ($1.9 billion) rupees.Source: Reuters: Money News | 23 Apr 2010 | 1:25 am Volvo sticks to gradual recovery as Q1 profit surgesStockholm: World No.2 truck maker Volvo stood by its forecast of a gradual recovery in its main markets this year after it swung to a much bigger-than-expected first-quarter profit, buoyed by cost cuts. The highly cyclical heavy-duty truck market has stabilised in recent quarters amid a broader economic recovery, with demand showing signs of coming off the unprecedented lows hit a year ago, especially in emerging markets in Asia and Latin America Truck markets on both sides of the Atlantic suffered their steepest plunge in decades last year as the global financial crisis ended years of easy credit to fund vehicle purchases and sent economies across the world into tailspin. “The report is really good, maybe even amazingly good. They beat expectations by a wide margin and the company’s margin is almost back at pre-recession levels,” Handelsbanken analyst Hampus Engellau said. “I would be surprised if the share doesn’t head higher on this, even if there has been a bit of a whisper number effect.” Fortified by the sweeping cost cuts and a timid rise in demand, Volvo posted operating earnings of 2.8 billion crowns ($389 million), beating the mean average of 335 million in a Reuters poll and rising from a loss of 4.5 billion the previous year. “The improved profitability is an effect of substantially reduced costs, increased production and a good performance in South America,” the company said in a statement. While markets in Europe and North America remain weak, surging demand in Latin America also helped Volvo rival Scania, for whom Brazil is the biggest market, roll out unexpectedly strong earnings last week. Last week also saw market leader Daimler, set to unveil its first-quarter report on Tuesday, hike its 2010 guidance for its trucks business, saying it now expected earnings as much as three times higher than previously forecast. Volvo, which makes heavy-duty trucks under the Renault, Mack, UD Trucks and Eicher brands, repeated its forecast for the truck market to grow about 10% in Europe this year and about 20 to 30% in North America. “We anticipate that the demand for new trucks in North America will improve in the second half of the year and that the gradual improvement we have seen in Europe will continue,” Volvo said, adding it had been able to maintain prices. Volvo, which also makes buses, construction equipment, engines and aerospace components, said order bookings for its trucks rose 118% year-on-year in the first quarter. The company, which has slashed thousands of jobs to bring down costs in the face of the downturn, said the seasonally weak first-quarter cash flow was negative to the tune of 2.7 billion crowns versus minus 15.7 billion in the previous quarter. Source: Home - Livemint.com | 23 Apr 2010 | 1:15 am Gas sales to lift Reliance results; M&A keyMumbai: Energy major Reliance Industries should post a second straight increase in quarterly profit, lifted by higher gas output from fields off India’s east coast and a nascent recovery in refining margins. India’s leading listed conglomerate, controlled by billionaire Mukesh Ambani, has been scouting for acquisitions overseas, and progress on that front will determine its outlook. Reliance, valued at $78 billion, recently said it would pay $1.7 billion to form a joint venture at one of the most promising natural gas deposit regions in the United States with Atlas Energy. The deal followed two failed attempts to buy overseas firms as Reliance looks to expand its presence outside India, break into new markets and broaden its businesses, which include refining, oil and gas exploration and petrochemicals. “The company has already invested in its own projects such as its gas fields in India and is going to generate a lot of cash flow,” said Deepak Pareek, an oil and gas analyst at Mumbai-based Angel Broking. “A lot of that cash has to be pumped into overseas growth opportunities and that’s exactly what it’s done with Atlas.” Bankers say more overseas deals could be in the offing. The outcome of a long-running gas dispute with Reliance Natural, led by Mukesh’s younger brother Anil, will also have a bearing on the company’s outlook. Reliance is unable to hit peak gas production of 80 million standard cubic metres a day (mmscmd) at its D6 block in the vast Krishna Godavari basin in the Bay of Bengal due to customers not buying allocated volumes, and a lack of pipelines. But analysts say current production of 63-64 mmscmd is still enough to boost results. Reliance began pumping gas from the block in April last year. Analysts estimate gross refining margins (GRMs), a key measure of profitability, will have dropped about 16 percent year-on-year in the March quarter to $8.30 a barrel, tracking a decline in Asia’s benchmark Dubai crack margin. Reliance GRMs nearly halved to $5.90 a barrel in the December quarter. The company’s results will be helped by its acquisition last year of unit Reliance Petroleum. State-run explorer Oil and Natural Gas Corp is expected to post higher earnings on firmer oil prices, but subsidy payouts the group is required to make to state retailers will keep results muted. A lack of clarity about the government’s subsidy rules means analysts estimates for ONGC are often disparate. ”What you’d want to bet on is a company’s business or its management decisions,” said Rakesh Rawal, head of private wealth management at Anand Rathi Financial Services. ”But here you are betting on whether a government policy will change or not, which just can’t be figured out.” Source: LatestNews-Home - Livemint.com | 23 Apr 2010 | 1:10 am Greece worries hammer euro, world stocks slideTokyo: Stop-loss selling hammered the euro to a one-year low on Friday on heightened speculation Greece would have to seek a bailout to avoid default, while Asian shares fell, dragged down by resource and financial stocks. In Europe, Britain’s FTSE 100 was expected to open up 0.6%, Germany’s DAX to rise as much as 0.6% and France’s CAC-40 to gain 0.3%. “The view that the Greece debt situation will not likely improve over the short-term is one of the key issues pressuring the market today,” said Kwak Joong-bo, a market analyst at Hana Daetoo Securities in Seoul. Greece’s budget gap last year was worse than feared at 13.6% of GDP, the European Union’s statistics office revealed on Thursday, and Moody’s Investors Service downgraded its rating of Greek government debt. “The market is already expecting positive earnings figures from key companies next week, which has fueled its recent rally. But upward momentum has turned weak as investors seek out other positives,” Kwak added. The MSCI index of Asia-Pacific shares outside Japan fell 0.5%. Lacklustre commodity prices hit raw materials stocks, while Hong Kong dropped 0.8%, weighed down by banks and property stocks. The MSCI index has lost 1.6% so far this week, but is up 1.2% on the month. Korean stocks briefly touched a 22-month high after forecast-beating results from several major firms, including Hyundai Motor and LG Display, before turning down 0.1% as shipyards dented the gains. The euro was an early casualty, hammered down more than half a percent almost to $1.3200, its weakest level since last April, and edging down towards its lowest level in eight months against the British pound at 86.09 pence. Chinese developer Glorious Property put on hold a plan to issue dollar bonds, a source close to the deal said, and bankers said more issues could be postponed as fallout from Greece’s debt crisis may prompt investors to seek higher yields. “I won’t be surprised if I hear more deals being postponed,” a banker involved in recent deals said. “Clearly, Greece is having a short-term impact on the market and people are not happy with all this volatility.” A Reuters poll of around 50 economists gave a median 80% chance that Greece would turn to its euro zone partners in the next two months and activate its aid package. They gave a roughly one-in-four chance that Greece would default on its debt in the next five years. Asian Sovereign credits hold well Asian sovereign credits, however, were holding up well, although the cost of insuring Thailand’s debt against default through credit default swaps climbed to its highest in more than two months at 120/125 basis points. Anti-government protests in Bangkok claimed three more lives on Thursday and analysts warned the political tension could result in credit downgrades and slower growth. The euro crept back to $1.3235, although it was still down 0.5% on the day. Its broad slide helped the dollar index, a basket of six major currencies, rise 0.5% to 88.991 and briefly touch its highest level since late March. The dollar also got a general boost from a fall in US jobless claims and rise in home sales, bolstering the view that the economy is improving. Hong Kong and China were weighed down by bank and property shares after new signals that the Chinese government intends to take further action to curb property speculation. Japan’s benchmark Nikkei lost 0.3% in caution that Greece’s troubles could curb risk appetite, but some shares gained after a range of companies lifted their forecasts for corporate earnings, which move into higher gear next week. Furukawa Electric Co Ltd rose 1.3% after hiking its operating profit estimate to ¥19.5 billion ($2.1 million) from ¥15 billion, citing growth across a broad range of products including semiconductors and electronics. Starmine data shows 67% of the companies globally that have reported first-quarter earnings so far have met or exceeded expectations. The vast majority of firms covered are yet to report their earnings. Australia’s benchmark index fell 0.5%, touching a three-week low. Gold prices eased after slipping 0.4% fall the previous day. Spot gold was quoted at $1,138.50. US crude futures were steady at a little under $84 a barrel. Source: LatestNews-Home - Livemint.com | 23 Apr 2010 | 1:08 am World recovery is still fragile: IMFThe International Monetary Fund has said the world is still a dangerous place and the recovery, though sooner than expected, is still fragile.Source: HindustanTimes.com - Top Business News Headlines | 23 Apr 2010 | 12:45 am Volvo to sell c30 electric car in ChinaChina has surpassed the United States to become the world's largest car market. Sales have risen nearly 50%.Source: Daily News & Analysis: Money News | 23 Apr 2010 | 12:41 am Bill Gates praises Indian rice that can withstand floodingA new variety of rice that can withstand flood and developed by India has received praise from Microsoft founder Bill Gates, who said it is helping farmers to have higher productivity.Source: HindustanTimes.com - Top Business News Headlines | 23 Apr 2010 | 12:39 am Ericsson first quarter lags consensus in tough marketEricsson's operating profit, excluding joint ventures and restructuring costs, was 4.5 billion Swedish crowns ($625 million) against a forecast of 4.8 billion.Source: Daily News & Analysis: Money News | 23 Apr 2010 | 12:39 am Wipro upbeat on demand, Q4 profit up 21%Bangalore: Wipro Ltd, India’s third largest IT exporter posted 21% rise in fourth quarter profit to Rs1,209 crore from Rs1,001 crore a year ago, as it won orders from customers such as Best Buy Co, Inc and the Main Street America Group and saw recovery in technology and telecom sectors hit hard by the economic downturn. Revenue grew 8% to Rs6,983 crore during the three months to March. A Reuters poll of brokers had forecast a net profit of Rs1,200 crore for Wipro. “We have seen another strong growth of broad based, volume led growth. We saw good recovery in our challenged verticals of technology and telecom,” said Azim Premji, chairman of Wipro in a statement. “The business environment is returning to normal.” Wipro joined its two bigger rivals in painting a strong outlook for the country’s showpiece software sector as it met expectations with quarterly profit rising by over a fifth. Some analysts, however, said markets were pricing in most of the positive news. The Bangalore-based firm rewarded its shareholders with two bonus shares for every three shares held. Premji and his family is the largest shareholder with 79.54% stake in the company. “The guidance is slightly better than Infosys, but I would say that there is nothing extra-ordinary in it,” said Rohit Anand, an analyst with PINC Research in Mumbai. “The bonus was, of course, a pleasant surprise,” Anand said, adding Wipro had adequate cash on its books. Shares in Wipro, valued at more than $23 billion, pared early gains by 10:30 am on the BSE,were up 0.4%. Wipro forecast nearly 3% revenue growth for the first quarter to June. It does not guide annual numbers. Last week, larger peer Infosys forecast 16-18% annual growth in dollar revenue for the year ahead. The firm expects revenue from combined IT business – exports and domestic, to be $1.19 to $1.25 billion, on rising volume from customers. Indian technology service vendors are witnessing robust demand for their services in the US and Europe as global corporations such as General Motors, General Electric and British Gas Transco increasingly outsource technology application development and maintainence work offshore to India. India’s $60 billion outsourcing sector is winning new deals and seeing stability in fees for services after a brutal slide in demand following the global recession, but a firmer rupee and rising wages are concerns. “We had a satisfying quarter. We have driven up margins by 60 basis points despite headwinds of wage increases, rupee appreciation and the impact of cross currency,” said Suresh Senapaty, director and chief financial officer of Wipro. Growing competition from global firms such as IBM, Accenture and Hewlett-Packard is another key risk for the sector, which manages complex computer networks to maintaining technology operations for Fortune 500 clients. Wipro rejigged its IT business by merging its India, Asia Pacific business and global IT services business into one entity, and brought in two joint chief executives to run the operations. Wipro added 27 new clients. It hired 5,325 professionals to take its total employees to 1,08,071 in March. raghu.k@livemint.com Source: Home - Livemint.com | 23 Apr 2010 | 12:36 am India Q1 gold demand shows improvement: WGCMumbai: India’s gold demand for the quarter to end March showed ‘continuing improvement´ on the back of festivals and a strong rupee, the World Gold Council said on Friday. “Preliminary reports on Q1 2010 demand trends in India suggest a continuing improvement, as witnessed in Q4 2009, and supported by seasonal festivities which include a number of Hindu New Year festivals,” the WGC said ahead of the release of its quarterly report in mid-May. Also read:Is your gold worth its metal? The Indian rupee, which gained 3.6% in January-March period, made the yellow metal cheaper for local holders. India, the largest consumer of the yellow metal, accounts for 20% of the global demand for gold and jewellery is the most common gift during festivals and religious events. India recorded a 13% rise in consumption to 180.7 tonnes in the fourth quarter to end December. However, the association of gold miners said the local pawn programs is likely to continue to tame recycled gold supply relative to 2009. India recycles about 200 tonnes of the yellow metal on an annual basis. Source: Home - Livemint.com | 23 Apr 2010 | 12:32 am Govt to pick Coal India IPO bankers in MayMumbai: The government is likely to select six banks next month for the IPO of state-owned Coal India, the world’s largest coal miner, ahead of a listing in late July or early August, the company’s chairman said on Friday. The initial public offering of a 10% stake is expected to raise roughly $2.7 billion, depending on the valuation, in what would be the biggest share sale by a state company this year as India sheds stakes in 60 firms in coming years. New Delhi will invite pitches from bankers for the issue by 3 May and Coal India aims to file draft IPO documents by 15 June. “The tenders to invite bids from bankers are likely to be issued today. We are targeting a July-end listing, which may spill over to the first week of August,” Coal India chairman Partha Bhattacharyya told Reuters in an interview. The government raised $2.2 billion in March through an 8.4% divestment in state-run miner NMDC. Coal India, which is based in the eastern city of Kolkata and produced 431 million tonnes of the mineral in 2009-10, accounts for nearly 80% of coal output in Asia’s third-largest economy. The company expects to increase output by 7.5% in 2010-11 to 460.50 million tonnes, even as overall coal demand is likely to increase by 10% every year, Bhattacharyya said. Expanding Overseas India’s coal requirements have jumped on growing demand from its power, steel and cement sectors as the economy grows at a pace exceeded only by China’s. Difficulties in setting up new mines, which tend to be in populated areas, have led Indian companies to look overseas to secure supplies. India’s coal imports are seen growing to 100 million tonnes in 2011-12 from about 80 million tonnes this fiscal year. Coal India, which has led the move to secure overseas coal to help fill India’s yawning gap in coal supply and demand, has set aside $1.73 billion for overseas acquisitions. It expects to invest more than half that amount in a deal with US miner Peabody Energy Corp with which it has had talks in recent weeks, Bhattacharyya said. The US firm has offered 16-17 million tonnes of coal per year at competitive prices as part of the proposed deal, he said. The company is in talks with two other listed overseas companies for acquiring equity stakes in assets, and is also weighing five other proposals for pure offtake agreements at competitive prices, Bhattacharyya said. Peabody said earlier this month it was in preliminary talks with the Indian miner to explore long-term coal supplies. Source: LatestNews-Home - Livemint.com | 23 Apr 2010 | 12:32 am Markets rise 0.7%; banks, Reliance upMumbai: Indian shares climbed 0.7% on Friday led by financials as investors awaited an official forecast on the annual monsoon, while energy major Reliance Industries rose ahead of its quarterly result. Outsourcer Wipro initially rallied more than 3% after its earnings met market expectations and the company recommended two bonus shares for every three, but then pared the gains. “Earnings are to a large extent factored into the market, though company specific-events and results might drive intra-day movements,” said Mahesh Patil, fund manager at Birla Sun Life Asset Management. By 11:26am, the 30-share BSE index was trading up 0.73% at 17,701.85 points, with 21 components gaining. The 50-share NSE Index was up 0.7% at 5,307.15 points. Bank stocks were among the top gainers in the index on hopes of a pick-up in loan demand on a rebounding economy and strong monsoon expectations. Private lender ICICI Bank rose 1.7% to 960.30 rupees. Larger rival State Bank was up 1.4% at Rs2,253.30 while HDFC Bank gained 0.7% to Rs1,949.55. The weather department is scheduled to announce at 4pm, its forecast for the annual monsoon, which is crucial for the country’s farm output and inflation outlook. “There has been a huge build-up of positions based on an expected good monsoon,” Arun Kejriwal, strategist at research firm KRIS said. Last year, the worst rains in 37 years had hit farm output and sent food prices soaring in the world’s most populous nation. Reliance Industries, which has the heaviest weight in the main index, was up 1.1% at Rs1,087.30. The energy giant is expected to report after market hours a second straight rise in quarterly profit, with growth helped by higher gas output. Wipro, India’s No. 3 outsourcer, pared gains to 0.1% at Rs703.90 after rising to Rs728. Shares its larger rivals Tata Consultancy were up 0.5% and Infosys rose 0.9%. In the broader market, gainers led losers 824 to 468 on moderate volume of 254.5 million shares. Patil said the outlook for the market in the near term would be driven more by global events that could determine funds flows from overseas investors. “If the risk appetite changes that will obviously have an impact on our markets as our market is driven by foreign funds flows,” he said. Foreign funds have invested a net $1.1 billion in Indian equities this month, data from the regulator’s website showed. On Thursday, global markets were spooked by speculation that debt-laden Greece would default on its sovereign debt, which led to the euro tumbling and losses in European stocks though Wall Street recouped losses in late-day trades to end positive on strong quarterly earnings from consumer firms. Source: Home - Livemint.com | 23 Apr 2010 | 12:26 am Honda to launch 3 hybrid models in China in 2-3 yearsThe company will introduce its Acura hybrid model in China within three years, and its Insight and CR-Z hybrids from 2012, chief executive, Takanobu Ito said.Source: Daily News & Analysis: Money News | 23 Apr 2010 | 12:26 am ArcelorMittal looks at joint venture with SAILThe world's biggest steel maker has proposed an equal joint venture with the state-run firm to set up a 3-4 million tonne steel plant in Jharkhand.Source: Daily News & Analysis: Money News | 23 Apr 2010 | 12:22 am Ericsson Q1 lags consensus in tough marketStockholm: World number one mobile telecom gear maker Ericsson said tough market conditions hit sales and profits in the first quarter and gave no sign a recovery in operator spending was on the horizon. The telecom equipment market contracted sharply in 2009 as the global downturn forced phone companies to keep a tight rein on costs. Ericsson said little had changed in the first three months of the year. Its sales fell 9% year-on-year, the same pace as rival Nokia Siemens Networks, which reported on Thursday. The majority of analyst forecasts are for meagre market growth at best in 2010 and competition -- especially from Chinese vendors -- is also set to remain fierce. “I think this is a weak start of the year. Sales are somewhat disappointing and the decline in Networks sales is quite stunning,” said Thomas Langer, analyst at West LB. Ericsson’s operating profit, excluding joint ventures and restructuring costs, was 4.5 billion Swedish crowns ($625 million) against a forecast of 4.8 billion in a Reuters poll of analysts and 4.7 billion in the year-ago period. Tough market Sales were 45.1 billion crowns versus a forecast of 48.4 billion. Sales in the key network unit were down 14% year-on-year, hit by market caution and tight component supply conditions. “The market conditions we saw in the second half of 2009 prevailed also in this quarter with mixed operator investment behaviour across regions and markets,” chief executive Hans Vestberg said in a statement. Rival Nokia Siemens Networks repeated on Thursday it expected no growth in the equipment market this year in euro terms. Cost cuts helped it swing to a small, but unexpected, profit in the first quarter. Source: Home - Livemint.com | 23 Apr 2010 | 12:19 am Volvo swings to first quarter profit, above forecastFortified by sweeping cost cuts and a timid rise in demand, the company posted operating earnings of 2.8 billion crowns ($389 million) versus a loss of 4.5 billion a year ago.Source: Daily News & Analysis: Money News | 23 Apr 2010 | 12:18 am Oil prices mixed in Asian tradeNew York's main contract, light sweet crude for delivery in June, was up five cents to $83.75 a barrel.Source: Daily News & Analysis: Money News | 23 Apr 2010 | 12:12 am Mitsubishi Motors targets 44% China growthJapan's sixth-biggest automaker last month dropped talks over a possible capital tie-up with France's PSA Peugeot Citroen saying the time was not right for any such transaction.Source: Daily News & Analysis: Money News | 23 Apr 2010 | 12:01 am Everest Kanto Cylinder (Rs 117.9): SellInvestors with short-term trading perspective can consider selling the stock of Everest Kanto Cylinder. This stock was one of the underperformers of 2009. It could not move beyond its June 2009 peak of Rs 238 and declined to the low of Rs 108 bySource: Business Line - Home Page | 23 Apr 2010 | 12:00 am TCS ‘close to' $100-m Deutsche Bank dealTata Consultancy Services may soon deploy its core banking solution at Deutsche Bank's global locations as part of a deal valued at over $100 million, sourcesSource: Business Line - Home Page | 23 Apr 2010 | 12:00 am Day Trading GuideThe near-term outlook is bearish for the stock. We recommend a sell in thisSource: Business Line - Home Page | 23 Apr 2010 | 12:00 am Food inflation rises 17.65%The annual food inflation, based on the wholesale price index, rose 17.65 per cent during the week ended April 10, marginally higher than an annual rise of 17.22 per cent in the previousSource: Business Line - Home Page | 23 Apr 2010 | 12:00 am Govt plans export duty hike on all iron ore productsIn a move designed to curb iron ore exports, the Government is set to increase the tax on iron oreSource: Business Line - Home Page | 23 Apr 2010 | 12:00 am Mixed bag for Holcim group cos in Q3Holcim group companies, ACC and Ambuja Cement, have had different scripts for the quarter ended March 31, 2010. While ACC showed a marginal drop in net profit and output, Ambuja recorded healthySource: Business Line - Home Page | 23 Apr 2010 | 12:00 am Life insurance sector posts 25% growth in new premium incomeAfter a year of dismal growth, the life insurance industry saw a rebound in business in 2009-10 with a 25 per cent growth in new premiumSource: Business Line - Home Page | 23 Apr 2010 | 12:00 am Dollar — It's the devil or deep seaPost Bretton Woods, the US succeeded in retaining the status of the dollar sans the gold cover as a global reserve currency and also penetrated the world with it. The US could do this by lending and investing its huge national and export surplusSource: Business Line - Home Page | 23 Apr 2010 | 12:00 am Bank unions-IBA wage pact likely next weekBank unions and the Indian Banks' Association (IBA) are likely to ink the final settlement of the industry-level wage revision on April 27 in Mumbai. The wage revision for the banking industry is due from NovemberSource: Business Line - Home Page | 23 Apr 2010 | 12:00 am Intel keen to partner winners of broadband spectrumIntel Corporation, the Santa Clara-based chipmaker, is looking to partner with companies which win the upcoming auction for broadband spectrum inSource: Business Line - Home Page | 23 Apr 2010 | 12:00 am POSCO hikes steel prices; 1st rise in nearly 1 yr - Reuters
Source: Business - Google News | 22 Apr 2010 | 11:54 pm Wipro to issue bonus shares in 2:3 ratioWipro Ltd will issue bonus shares in the ratio of 2:3 - two additional shares for every three shares held by shareholders.Source: HindustanTimes.com - Top Business News Headlines | 22 Apr 2010 | 11:33 pm World recovery is still fragile: IMFThe International Monetary Fund (IMF) has said the world is still a dangerous place and the recovery, though sooner than expected, is still fragile.Source: India Business News | Business News - Times of India | 22 Apr 2010 | 11:31 pm 3G bids doubles from base on 11th auction dayMumbai: Bids for a nationwide third-generation (3G) mobile spectrum licences in India doubled above the base price to Rs69.68 billion ($1.6 billion) on the eleventh day of an auction, government data showed on Thursday. Sixty-four rounds of bidding had been completed by Thursday, the Department of Telecommunications said on its website. Nine mobile operators, including Bharti Airtel, Reliance Communications and Vodafone’s Indian unit, are participating in the auction. The auction, which began on 9 April, may take about two weeks to complete, government officials have said. Source: LatestNews-Home - Livemint.com | 22 Apr 2010 | 11:21 pm Sensex surges 119 points in opening tradeThe 30-share index, which had gained nearly 173 points in the previous two sessions, rose by 119.13 points, or 0.68 per cent to 17,693.12.Source: Daily News & Analysis: Money News | 22 Apr 2010 | 11:04 pm We will overcome IPL crisis, says TendulkarNew Delhi: Sachin Tendulkar feels the hurdles confronting Indian cricket will be overcome and that the sport is strong enough to see through the rough patch. “Life is not a smooth journey always, there are sometimes rough patches in between and you overcome all those hurdles. I’m sure cricket will help to overcome all those hurdles,” he said. Reacting to the controversy that so far has cost Shashi Tharoor his job, invited Income-Tax raids and allegations of corruption, nepotism and rigged bidding against IPL commissioner Lalit Modi, Tendulkar said, “I think when that competitiveness is witnessed by millions, you leave all those things behind.” Also Read | IPL3 (Full coverage) According to Tendulkar, what matters to a common fan is a competitive match between two sides. “People are waiting to see (IPL matches). Every evening they are switching on their television to see a competitive match. Any form of competitive sport is fantastic to watch and it’s not only cricket. It could be any sport, that is what even I love. “I personally feel all these obstacles and hurdles will be (overcome),” the Mumbai Indians skipper told Times Now. He said incidents like this do not distract the players, who forget everything else when they enter a ground. “There are lot of things happening off-the-field, outside the boundary line but once you cross the line, whatever you planned you want to go out and execute those plans. Switching off and switching on are important for a player,” Tendulkar explained. The Mumbai Indians skipper, who had sustained a finger injury in the semifinal against Royal Challengers Bangalore, may have to skip Sunday’s IPL final. He said there were five stitches on one hand and swelling in the little finger of the other hand and “the stitches would not come off for the next eight days.” On new IPL rules coming into effect from next year when two more teams will join the fray, Tendulkar said four Indians and as many foreigners should be retained. He said it takes a lot of time to build a team and players are identified with a particular team and enjoy a huge fan following. On India’s prospects in the Twenty20 World Cup starting 30 April in the West Indies, he said the chances were very high. “We got a terrific team and a well-balanced side. Just look at the batting order and the bowling side. There are batters who can roll their arm as well. I really rate our chances very high,” he said. Source: LatestNews-Home - Livemint.com | 22 Apr 2010 | 10:59 pm Sensex surges 119 points in opening tradeThe 30-share index, which had gained nearly 173 points in the previous two sessions, rose by 119.13 points, or 0.68 per cent to 17,693.12.Source: India Business News | Business News - Times of India | 22 Apr 2010 | 10:56 pm Air India denies cancelling flight to ferry IPL guestsMedia reported that an Air India flight was aborted and deployed as a chartered flight to ferry IPL guests from Chandigarh to Chennai.Source: Daily News & Analysis: Money News | 22 Apr 2010 | 10:34 pm Wipro Q4 net profit up 21%IT major Wipro today reported 20.77 per cent growth in consolidated net profit at Rs 1,209 crore for the fourth quarter ended March, compared to the same period last year.Source: India Business News | Business News - Times of India | 22 Apr 2010 | 10:22 pm BSE cuts membership fee by 90% to Rs 10 lakh - NDTV.com
Source: Business - Google News | 22 Apr 2010 | 10:17 pm Sensex surges 119 points in opening tradeThe Bombay Stock Exchange benchmark Sensex shot up by another 119 points in opening trade on Friday on sustained buying by funds. The 30-share index, which had gained nearly 173 points in the previous two sessions, rose by 119.13 points, or 0.68 per cent to 17,693.12.Source: HindustanTimes.com - Top Business News Headlines | 22 Apr 2010 | 10:15 pm Wipro Q4 net rises 21%, meets forecastWipro Ltd, India's No 3 software services exporter, reported a 21 per cent jump in quarterly profit, meeting estimates, as its overseas clients increased spending on technology services. Wipro to issue bonus shares in 2:3 ratioSource: HindustanTimes.com - Top Business News Headlines | 22 Apr 2010 | 9:36 pm Honda doubles operating profit: reportJapanese automaker Honda Motor doubled its operating profit in the year to March thanks to demand in emerging markets and the cheap yen, a report said.Source: HindustanTimes.com - Top Business News Headlines | 22 Apr 2010 | 9:16 pm Gas sales to lift Reliance results; M&A keyMUMBAI (Reuters) - Energy major Reliance Industries should post a second straight increase in quarterly profit, lifted by higher gas output from fields off India's east coast and a nascent recovery in refining margins.Source: Reuters: Money News | 22 Apr 2010 | 8:47 pm Microsoft sees record revenue through Windows 7The launch of Windows 7 propelled Microsoft to record third-quarter revenue of $14.5 billion, a 6-per cent increase from a year ago, the world's largest software company said.Source: HindustanTimes.com - Top Business News Headlines | 22 Apr 2010 | 8:16 pm April 23: Events to watch out forApril 23: Events to watch out forSource: Moneycontrol Top Headlines | 22 Apr 2010 | 5:02 pm IPL fracas: Is endgame in sight for Modi?In an interview with CNBCTV18, Vinod Sharma, Political Editor, Hindustan Times gave his perspective on the IPL fracas.Source: Moneycontrol Top Headlines | 22 Apr 2010 | 4:40 pm Mahindra cuts Logan sedan price to boost salesIndia\'s top utility vehicle and tractor maker Mahindra Mahindra on Thursday slashed prices of its Logan car by 512% to boost sales of the nofrills sedan.Source: Moneycontrol Top Headlines | 22 Apr 2010 | 4:40 pm Professionals to run IPLThe Board of Control for Cricket in India (BCCI) has decided to replace Indian Premier League (IPL) Chairman and Commissioner Lalit Modi with a professional management team under a new chief executive officer. The management team would report to the governing council and IPL would function like a board-run company, where key decisions would be overseen and ratified in the council.Source: Business Standard | Front Page Headlines | 22 Apr 2010 | 1:02 pm Watch a pirated film and fund terrorismIt is a damning report. The New York-based Rand Corporations 182-page report, Film piracy, organized crime and terrorism essentially says film piracy is increasingly becoming a way to finance terrorism. It draws examples from North America, China, Spain, Italy, Hong Kong, and India, among other countries, to show that from being a side business for organised crime syndicates, piracy has moved to being a revenue stream for terrorist outfits.Source: Business Standard | Front Page Headlines | 22 Apr 2010 | 12:59 pm Escorts profit up 5-fold at Rs 41 croreTractor manufacturer Escorts Ltd reported an over five-fold jump in net profit for the second quarter ended March at Rs 41.4 crore on the back of improved performance in major segments of agri-machinery and railways as against Rs 7.8 crore in the same quarter of last fiscal.Source: India Business News | Business News - Times of India | 22 Apr 2010 | 12:56 pm IPL battle set to reach court todayThe battle for control of the Indian Premier League (IPL) is now headed for the courts. IPL Chairman and Commissioner Lalit Modi is likely to approach the Bombay High Court tomorrow to prevent a meeting of the League's governing council scheduled for Monday.Source: Business Standard | Front Page Headlines | 22 Apr 2010 | 12:56 pm ACC reports Rs 393cr net profit in Q4Cement manufacturer ACC Ltd on Thursday posted a consolidated net profit of Rs 392.8 crore for the quarter ended March 31.Source: India Business News | Business News - Times of India | 22 Apr 2010 | 12:54 pm PEs invest $2 billion in Jan-MarchThe Indian private equity and venture capital industry is back in action with a bang, after the long lull during the downturn.Source: India Business News | Business News - Times of India | 22 Apr 2010 | 12:52 pm Essar arm's LSE offer at 450-500 penceEssar Energy, promoted by billionaires Ruias, is learnt to have proposed a price of 450-500 pence per share for its IPO on the London Stock Exchange aimed at raising up to $2.5 billion.Source: India Business News | Business News - Times of India | 22 Apr 2010 | 12:47 pm M&M cuts Logan tag by up to Rs 80kWithin a week of buying out Renault from its Logan manufacturing JV, Mahindra & Mahindra on Thursday got aggressive and slashed the price of struggling sedan by up to Rs 80000.Source: India Business News | Business News - Times of India | 22 Apr 2010 | 12:46 pm Buying a luxury home in India is now just a mouse click awayBangalore: A Rs22 crore Art Deco home in Mumbai’s posh Breach Candy area or a beachside holiday estate in Alibaug for Rs17 crore—you can now buy them at a click of a mouse. A clutch of high-end residences across the country, priced at Rs2-26 crore, will be sold through an online platform alongside art and jewellery to high-networth individuals. In an initiative of property advisory Cushman and Wakefield India Pvt. Ltd (C&W) and Saffronart Management Corp., an online portal that sells art and jewellery, the homes will be sold both online through auctions and regular sales for a 5,000-strong national and global investor base, which can take its pick from a catalogue updated every quarter. “These are aspirational homes targeted at high-networth individuals who can see them, visit and buy. There would be no price band but we select them based on unique features, prime locations or even heritage qualities,” said Anurag Mathur, managing director, C&W India. Once an investor selects a property, C&W will facilitate site visits and the actual transaction. The luxury residential segment in India was badly hit by the economic downturn leading to prices tanking 20-30% in markets such as Mumbai. However, interest in such properties revived in end-2009 with sales rising. According to C&W research, approximately 9,000 homes in this segment are planned in major cities over the next two-four years. While Saffronart will begin by showcasing a catalogue of seven properties, it will also conduct online property auctions of homes similar to its art or jewellery sales. The value of the properties showcased will be around Rs100 crore. Dinesh Vazirani, chief executive and co-founder of Saffronart, said the company decided to begin featuring homes after many art buyers, particularly the ones overseas, complained that the luxury property market in India is opaque and sought a more transparent and public way to buy high-value homes. “Our idea was to help investors purchase property easily since we already have a steady collector base,” said Vazirani. madhurima.n@livemint.com Source: Tech News - Livemint.com | 22 Apr 2010 | 12:15 pm Simpler screen grabbing and sharingNotice a hilarious picture on a website? A typo in headline that turns the meaning on its head? Odds are corrections will be made before you get a chance to share the link on your social network on blog. Instead what you want to do is take a quick screenshot, upload it on the web for posterity and then share it anywhere you want. Now there are several great apps for taking screen shots. Many of them, like Screengrab, work inside a browser and even allow you to edit your pictures. Others, like TInyGrab, allow you to upload these images to the web for instant sharing. Screencatch, a tiny app we feature this week, allows you to do both reasonably well. The app, that usually stays in your toolbar till you need it, takes screen shots, allows you to crop it and then upload to the web. Just a few clicks are all you need. It is simple, fast, free and easy to learn. For a quick demo of Screencatch see this week’s episode of the Playstream tutorial series. sidin.v@livemint.com Source: Tech News - Livemint.com | 22 Apr 2010 | 11:21 am Mahindra Renault cuts Logan price - The Hindu
Source: Business - Google News | 22 Apr 2010 | 11:17 am RCom submits some details of its accounts to CAGThe government today said Anil Ambani-led RCom is the only operator which has furnished some accounting details to the apex accounting body CAG.Source: HindustanTimes.com - Top Business News Headlines | 22 Apr 2010 | 10:16 am Birla Corp posts Rs 137.50 crore net profit in Q4Birla Corporation Limited, the flagship company of the MP Birla Group, posted net profit of Rs 137.50 crore during the last quarter (January-March) 2009-10 against Rs 90.61 crore in the previous corresponding period.Source: HindustanTimes.com - Top Business News Headlines | 22 Apr 2010 | 10:14 am UK bank mobile phone rule may come in next yearLondon: Financial firms could be forced to tape deals transacted over a mobile phone from late next year but the measure may depend on other countries following suit to avoid loopholes, Britain’s market watchdog said on Thursday. European Union states have different regimes for handling dealer conversations which could make it easy for abuse to take place in a less regulated country. The United States does not require taping. “There is potential for gaming,” Stephen Hanks, a policy manager at the Financial Services Authority said. “The European Union is now looking at harmonising the rules,” he told reporters at a roundtable organised by Research in Motion. Jocelyn McCafferty of the FSA investments policy unit said it was unlikely any future EU decision would force the watchdog to alter its plans. The watchdog has required firms to record conversations on fixed-line telephones for the last year. Mobile phones had been excluded, but the regulator said technology had advanced enough to include them and remove a loophole in the rules. Hanks said the FSA would be looking for evidence that firms were trying to complete some deals outside Britain. Sanctions for breach of the proposed rule would range from public censure to a fine of an individual or firm. The FSA said in March it wants to tape all “relevant communications” carried out by staff on company-issued cellphones or other mobile handheld electronic communication devices. Roger Tym of Lovells lawfirm said the measure raised territorial issues such as when a UK registered trader is abroad when concluding a transaction with a client over a mobile phone. “There are benefits such as making traders more mobile, having a better trail to fight claims from clients, and it would discourage employees from abusing a company phone,” Tym said. Hanks said some investment banks have already banned the use of mobile phones on trading floors and it was not clear if this ban would be lifted if the new rule is introduced. The widening of the telephone recording rule to include mobile calls would cover about 16,000 phones and would cost the industry about £11 million to set up, and about £18 million a year to maintain, the FSA has estimated. Records of the conversations taped from fixed and mobile calls would have to be kept for six months. The FSA’s latest insider dealing cases date back several years but Hanks said that typically abuse is spotted in time to allow tapes of conversations to be seized early on in a probe. Firms should take “reasonable steps” to ensure bankers and traders do not carry out such communication on private phones, which cannot be recorded for privacy reasons, the FSA has said. Source: World Business - Livemint.com | 22 Apr 2010 | 8:04 am 56 Indian cos among world`s most powerful!India and China gained the most ground in breaking into the exclusive club of "The Forbes Global 2000".Source: Zee News : Business | 22 Apr 2010 | 6:10 am BenQ launches world’s slimmest LED monitors in IndiaMumbai: Leading LED monitor brand, BenQ, on Thursday launched the world’s three slimmest LED monitors—BenQ V2220, V2420 and V920 LED in India. “With the launch of the three new V series models spanning HD to full HD, 18.5” wide to 24", the company has lined-up 8 models in the India market,“ BenQ India’s Vice- President (Sales & Product Management), Rajeev Singh, told reporters here. “BenQ V series is energy efficient and consumes 44% less energy than other LED monitors,” Singh said. BenQ V series will be now available pan-India at Rs8,999 (V920), Rs14,999 (V2220) and Rs18,900 for V2420 model. The company has a marketshare of 10-12% in India in the monitor segment and plans to increase it to 15% with the launch of these models by this year-end. “Our product is very unique and we expect at least 15% market share by end of this year,” he said. BenQ India, is a part of the BenQ Corporation. The Taiwan-based company offers unrivalled breadth and depth of products and integrated technologies across platforms. Source: Tech News - Livemint.com | 22 Apr 2010 | 5:57 am IPL requests Google to remove contentNew Delhi: Google has said it has received four content censorship requests this month from the Indian Premier League, the administrative body of the Twenty20 cricket tournament. A total of five complaints were received in 2010 about certain websites carrying “illegal retransmission of the authorised feed, copyrighted content for which IPL is the owner”, according to Google. Out of the five, four complaints were made this month while one was made in March. Interestingly, Google recently signed an agreement with IPL, wherein rights for live web coverage of matches have been given to YouTube, part of the Internet major. Google on Tuesday had named India at the third place among a list of nations from which it received maximum requests for censoring information. The list, which was based on requests for removal of information made to Google between 1 July and 31 December 2009. The complaints from the Board of Control for Cricket in India (BCCI), which owns IPL, have been listed on the website chillingeffects.org, a project run by the US-based Berkman Center for Internet and Society, that tracks online restrictions on speech. “Whenever we do remove content, we display a message for our users that X number of results have been removed to comply with local law and we also report those removals to chillingeffects.org,” Google said in a blog post on Monday. Last year, the BCCI had registered three complaints related to IPL, with Google. The cash-rich IPL is now mired in controversy following allegations by IPL commissioner Lalit Modi that former Union minister of state for external affairs Shashi Tharoor influenced the auction of an IPL franchise. Tharoor has since resigned saying he did not want to be an embarrassment to the government, although he claimed doing no wrong. Google said that it got maximum requests to censor information from Brazil (291), followed by Germany (188) and India (142). Removal requests ask for removal of content from Google search results or from another Google product, including YouTube, Google had said in a statement. “For Brazil and India, requests for content removal are high relative to other countries in part because of the popularity of our social networking website, orkut. The majority of the Brazilian and Indian requests for removal of content from orkut relate to alleged impersonation or defamation,” the statement noted. Source: Tech News - Livemint.com | 22 Apr 2010 | 5:11 am
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