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India long way off from 20km per day road targetIndia is likely to build only 1213 kilometres of road a day in the current fiscal year to endMarch 2011 against a 20 km per day target, Transport Minister Kamal Nath said on MondaySource: Moneycontrol Top Headlines | 26 Apr 2010 | 8:05 am Nilekani reviews UIDAI need in IndiaChairman of the UIDAI Nandan Nilekani on Monday said that a lack of identity has denied the poor a chance to effectively participate in the economic growth. Speaking at a press conference, nine months after he took charge of the UIDAI, he said the absence of an identity has only widened the divide between the rich and the poor.Source: Moneycontrol Top Headlines | 26 Apr 2010 | 8:02 am Spice Mobiles will soon foray into mobile internetSpice Mobiles is in full swing to change the shape of the company and make it a mobile internet company. The board has been reconstituted and a new management is taking a swell in the next few days.Source: Moneycontrol Top Headlines | 26 Apr 2010 | 6:42 am Expect insurance industry to grow significantly: LICIn an exclusive interview with CNBCTV18, TS Vijayan, Managing Director, LIC, talks about how the rest of the year may shapeup for the organization and the industry.Source: Moneycontrol Top Headlines | 26 Apr 2010 | 6:00 am Mundra merger to bring 3 main biz under one roof: Adani EntAdani Enterprises has approved a scheme of arrangement for merging seven promoter group entities of Mundra Port SEZ with it.Source: Moneycontrol Top Headlines | 26 Apr 2010 | 5:57 am QIP money to be used for capex, buyouts: AllcargoAllcargo Global Logistics recently raised funds via the QIP (qualified institutional placements) route. Speaking about the issue, Shashi Kiran Shetty of Allcargo Global told CNBC TV18 that the company raised about USD 23.5 million. The four funds that participated in the offering were SBI, Prudential of Singapore, AIG, and Bajaj Alliance.Source: Moneycontrol Top Headlines | 26 Apr 2010 | 5:07 am No reason to downgrade Sun EPS just yet: IIFLA US court has banned Indiabased Sun Pharmaceuticals from selling a generic copy of the French drug maker\'s cancer medicine Eloxatin from late June. Speaking about the impact on the stock, Binoo Pathiparampil of IIFL told CNBCTV18 that there is a negative trigger, but no urgency to downdrade Sun Pharma\'s EPS as yet.Source: Moneycontrol Top Headlines | 26 Apr 2010 | 4:47 am Now, a movie in tribute to \'Indian Ocean\'The film gives you insights into the the creative processSource: Moneycontrol Top Headlines | 26 Apr 2010 | 4:37 am Growing in ChinaRecognising ones limits, knowing when not to cave in and networking are three attributes essential for any foreign executive taking on ChinaSource: Moneycontrol Top Headlines | 26 Apr 2010 | 4:37 am Indian Firms Cross the HimalayasA clutch of Indian companies have slogged hard to dig deep roots in China. They now look set to reap the rewardsSource: Moneycontrol Top Headlines | 26 Apr 2010 | 4:37 am Nissan Motor India begin test trials of exporting carsThe first trial consignment of six cars left for Barcelona from its Oragadam plant (near Chennai) through the Ennore Port.Source: Daily News & Analysis: Money News | 26 Apr 2010 | 4:07 am Maruti Suzuki Q4 net more than doubles, lags forecastMumbai: Maruti Suzuki, India’s top carmaker, said its fourth-quarter net profit more than doubled on strong sales, but missed forecasts as tough competition, higher raw material prices and costs associated with migrating to new emission norms and new launches hit margins. Shares in Maruti, worth $8.8 billion, fell 1.1% in a Mumbai stockmarket that was up 0.3%. Car sales in India have been robust in 2010 with a revival in the economy bumping up demand, while availability of credit has brought back customer confidence. But higher raw material prices, a rise in interest rates and hike in fuel prices threaten to spoil the party. “The industry will continue to grow by 13-14% on continuing demand but I see Maruti stock underperforming in the short to medium term because there is nothing new happening and everything has been factored into its valuations,” said Umesh Karne, analyst with Brics Securities. “The market is also concerned about the increasing competition and how the company will tackle it,” he said. Maruti, which sells one of every two cars in India, is facing intense competition in the compact car segment from other global carmakers. Data from Society of Indian Automobile Manufacturers showed that total industry car sales rose 28.4 percent in the March quarter from a year earlier. Maruti, 54.2% owned by Japan’s Suzuki Motor Corp, sold 287,422 cars in the March quarter up 22% from a year earlier. Maruti reached its full capacity of 1 million cars in its fiscal year ended March and is adding capacity to produce 250,000 more cars annually from April 2012. It is also tweaking existing capacity to raise output by 80,000 this year to meet demand. General Motors, whose India sales rose 130% in the March quarter, has revised its sales outlook for 2010 based on the success of its Chevy Beat minicar, which it launched in January. Hyundai Motor Co is Maruti’s closest competitor in the domestic segment with its popular i10 and i20 hatchbacks. Its car sales in India rose nearly 38% in the quarter. Maruti reported net profit of Rs656 crore ($148.1 million) for its fiscal fourth quarter ended March, compared with Rs243 crore a year earlier. Net sales rose to Rs8,230 crore from Rs6,310 crore a year ago. A Reuters poll of 12 brokerages had estimated net profit at Rs733 crore and net sales at Rs8,387 crore. Maruti shares had fallen 9.2% in the March quarter, compared with a 0.4% rise in the BSE index Sensex. Source: Home - Livemint.com | 26 Apr 2010 | 3:41 am Avoid EID Parry for short-term trade: Devang Visaria - Economic Times
Source: Business - Google News | 26 Apr 2010 | 3:40 am Govt for discussion on FDI in multi-brand retail - Economic Times
Source: Business - Google News | 26 Apr 2010 | 3:40 am Volkswagen hikes China investments by 1.6 bln eurFRANKFURT (Reuters) - Volkswagen AG, Europe's biggest automaker, will build two plants in China as part of a 1.6 billion euro ($2.2 billion) expansion plan to capture growth in the world's most dynamic auto market.Source: Reuters: Money News | 26 Apr 2010 | 3:39 am Bosch Ltd Jan-March net profit at 2.03 billion rupeesMUMBAI (Reuters) - Bosch Ltd has posted a net profit of 2.03 billion rupees on a net sales of 15.80 billion rupees for the quarter ended March 31, 2010.Source: Reuters: Money News | 26 Apr 2010 | 3:34 am Gujarat NRE places $90 mln order for longwall systemsMUMBAI (Reuters) - Gujarat NRE Coke on Monday said its unit placed an order worth $90 million with Joy Manufacturing Co Pty Ltd for supply of certain high technology equipment aimed at raising operational efficiency at one of its mines in Australia.Source: Reuters: Money News | 26 Apr 2010 | 3:33 am Rupee off 1-week high on month-end dollar demandMumbai: The Indian rupee pared some of its early gains Monday afternoon on month-end dollar buying by oil refiners, traders said. At 3:10pm, the partially convertible rupee was at Rs44.395/405 per dollar, moving away from Rs44.28, its highest since 15 April. The Indian unit was still stronger from Friday’s close of Rs44.435/445, helped by gains in the domestic shares. Traders said the local unit also suffered as the dollar strengthened against majors. The index of the dollar against six majors was up 0.35%. “There seems to be a strong resistance for rupee around Rs44.20 level. Also, foreigners are not very enthusiastic to invest here at current levels,” treasurer at a private bank said. Companies ranging from fitness chain Talwarkars, construction company Jaypee Infratech and property firm Nitesh Estates are at various stages of raising money via initial public offerings. The main stock index was up 0.3%, with No. 2 private-sector lender HDFC Bank racing to an all-time high after forecast-beating quarterly results. One-month offshore non-deliverable forward contracts were quoted at 44.45, slightly 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 on MCX-SX were both at 44.41, with the total traded volume on the two exchanges at about $6.7 billion. Source: Home - Livemint.com | 26 Apr 2010 | 3:33 am Sterlite Industries Jan-Mar qtr net jumps(Versus the same period a year earlier, in billion rupees unless stated)Source: Reuters: Money News | 26 Apr 2010 | 3:30 am Nifty rangebound; Sterlite, HDFC, SAIL gain - Economic Times
Source: Business - Google News | 26 Apr 2010 | 3:28 am Canon Q1 net profit more than triplesTokyo: Canon’s first quarter net profit more than tripled from a year earlier as a recovering global economy drove demand for cameras and office equipment. The Tokyo-based company said on Monday that its net profit for the January-March quarter totaled ¥56.8 billion ($611 million), up from 17.7 billion a year earlier. Operating profit more than quadrupled to ¥86.8 billion ($934 million), while sales rose 10% to ¥755.5 billion ($8.1 billion). Canon Inc. credited its results to a turnaround in US consumer spending, as well as expanding markets in China, India and elsewhere in Asia. Sales of laser and inkjet printers rose, the company said. Worldwide demand also grew for single-lens reflex cameras. Compact digital cameras performed well in emerging economies, though sales lagged in developed countries. Western and other developed economies face uncertainties in the months ahead but “appear to be steadily headed for recovery,” the company said. China and other emerging nations, which are expected to fuel global growth, are likely to continue enjoying healthy expansion, it said. For the full year through 31 December, it expects to book an 82% rise in net profit to ¥240 billion on sales of ¥3.75 trillion. Unlike many Japanese companies, Canon’s fiscal year matches the calendar year. Canon bases its earnings on US accounting standards. Ahead of its first quarter results, Canon shares jumped 3.5% to ¥4,395 in trading Monday, outpacing the Nikkei 225 index’s 2.3% rise. Source: LatestNews-Home - Livemint.com | 26 Apr 2010 | 3:26 am Maruti Suzuki Q4 net up 170%, lags forecastMaruti, 54.2% owned by Japan's Suzuki Motor Corp, reported net profit of Rs6.56 billion ($148.1 million) for its fiscal fourth quarter ended March, up 170% from 2.43 billion a year earlier.Source: Daily News & Analysis: Money News | 26 Apr 2010 | 3:24 am India long way off from 20-km per day road targetNew Delhi: India is likely to build only 12-13 kilometres of road a day in the current fiscal year to end-March 2011 against a 20 km per day target, Union surface transport minister Kamal Nath said on Monday. “The road ahead is very long. I can say only this,” Nath said while addressing a conference on infrastructure. India had last year set a target of building 20 km of roads each day, as part of its plans to improve infrastructure in Asia’s third-largest economy, but achieved only less than half of that due to problems in acquiring land and awarding contracts. Foreign investors have shied away from the sector even though the government has allowed 100-percent foreign direct investment, due to problems in land acquisition and difficulties in collection of toll tax. “This financial year (2010-11), we should be close to building 3,000 km,” Nath said. But, achieving that target will need an investment of about Rs2 trillion ($45 billion) annually, of which the government expects 60% to come from the private sector, he said. India needs to spend $500 billion in the five years to 2012 to overhaul its congested ports and airports, fix its potholed roads and generate more power, the government has said, to sustain 8-9% economic growth. India, with a total length of 3.3 million kilometres of roads, has the third-largest road network in the world, said a report by Ernst & Young on Monday. Analysts estimate poor infrastructure shaves an estimated 1 or 2 percentage points off India’s annual economic growth, which slowed to 6.7% in 2008-09 after three years of 9% or more growth. Prime Minister Manmohan Singh had said that building infrastructure will be crucial for India to achieve a growth rate of 10% in the next few years. Source: Home - Livemint.com | 26 Apr 2010 | 3:24 am Godrej Consumer Jan-Mar consol net up 55%Personal care products maker Godrej Consumer Ltd posted a forecast beating consolidated net profit of Rs917.6 million in the quarter ended March 31, from Rs593.6 million in the same period a year ago.Source: Daily News & Analysis: Money News | 26 Apr 2010 | 3:11 am Educomp signs JV with Lavasa Corp to set up schoolsThe joint venture will set up one international residential school which will begin operations this year and develop two pre-primary schools and a residential day school in the next three years, it said in a statement to the exchange.Source: Daily News & Analysis: Money News | 26 Apr 2010 | 3:10 am Welspun India raises Rs1.56 billion via QIPThe funds would be used for capital expenditure and investments in growth opportunities, it said in a statement.Source: Daily News & Analysis: Money News | 26 Apr 2010 | 3:07 am Delhi high court approves Fem Care merger with Dabur IndiaDabur had acquired 72.15% in Fem Care in 2008 for Rs2.03 billion in an all cash deal, followed by a 20% open offer worth Rs560 million.Source: Daily News & Analysis: Money News | 26 Apr 2010 | 3:06 am Maruti Suzuki Q4 more than doubles, lags forecastMUMBAI (Reuters) - Maruti Suzuki, India's top carmaker, said its fourth-quarter net profit more than doubled on strong sales, but missed forecasts as tough competition, higher raw material prices and costs associated with migrating to new emission norms and new launches hit margins.Source: Reuters: Money News | 26 Apr 2010 | 3:05 am Inflation expectations may ease further: Reserve BankThe summer monsoon is likely to be normal this year, the government said on Friday, allaying fears over an event crucial to the economic fate of the world's second-most populous nation.Source: Daily News & Analysis: Money News | 26 Apr 2010 | 3:04 am Monsoon forecast is optimistic: Reserve Bank deputy governorThe summer monsoon is likely to be normal this year, the government said on Friday, allaying fears over an event crucial to the economic fate of the world's second-most populous nation.Source: Daily News & Analysis: Money News | 26 Apr 2010 | 3:02 am Nilekani reviews UIDAI need in India - Moneycontrol.com
Source: Business - Google News | 26 Apr 2010 | 2:50 am Gold demand retreats; rupee helpsMumbai: India gold demand retreated on Monday afternoon after a slight pick-up in the previous session as prices edged higher to hit one-week high, but a strong rupee aided sentiment, dealers said. “Demand is a little less today, but there were deals struck on Friday at $1,140 (an ounce),” said a dealer with a state-run bullion dealing bank in Mumbai. “There was a problem with supplies last week, but now it has been restored,” the dealer said. International gold, which guides the domestic markets, was trading $1,155.25/1,156.25 an ounce after hitting a one-week high of $1,159.73. Gold last closed at $1,155.90/1,158.90 an ounce. “We have a few orders in $1,130-1,140 range,” said another dealer with a private bank in Mumbai. Gold hit one-week highs in dollar terms, while euro-denominated gold prices reached an all-time high above 867 euros per ounce as Greece’s debt woes highlighted bullion’s appeal as a safe haven. The Indian rupee strengthened to its highest in more than a week, riding on gains in shares that could draw in more foreign portfolio investments. A firm rupee makes the dollar-quoted asset cheaper for local holders. Following were the prices being quoted by HDFC Bank in rupees in the spot market at 1:15pm. Source: LatestNews-Home - Livemint.com | 26 Apr 2010 | 2:48 am Maruti Q4 net profit up three-fold at Rs 656.55crMaruti Suzuki, India on Monday reported a nearly three-fold jump in net profit at Rs 656.55 crore for the quarter ending March 31, 2010.Source: India Business News | Business News - Times of India | 26 Apr 2010 | 2:47 am Canon raises 2010 outlook, Q1 profit up fourfoldTOKYO (Reuters) - Japan's Canon Inc raised its annual outlook closer to market expectations on Monday after posting a more than fourfold jump in quarterly profit on brisk demand for digital cameras and printers.Source: Reuters: Money News | 26 Apr 2010 | 2:42 am GLOBAL MARKETS - U.S. data drives up stocks, Greece eyedLONDON (Reuters) - World stocks bounced sharply higher on Monday as a raft of U.S. data showed economic recovery was gathering strength, but investors remained wary over Greece's debt bailout plans.Source: Reuters: Money News | 26 Apr 2010 | 2:23 am Godrej Consumer Q4 net up 54% - Business Standard
Source: Business - Google News | 26 Apr 2010 | 2:23 am Maruti Suzuki Q4 net profit up 170% at Rs 656.55 cr - Moneycontrol.com
Source: Business - Google News | 26 Apr 2010 | 2:22 am India long way off from 20-km per day road targetNEW DELHI (Reuters) - India is likely to build only 12-13 kilometres of road a day in the current fiscal year to end-March 2011 against a 20 km per day target, Transport Minister Kamal Nath said on Monday.Source: Reuters: Money News | 26 Apr 2010 | 2:12 am FOREX-Euro holds steady, Greek aid talk details awaited - Reuters
Source: Business - Google News | 26 Apr 2010 | 2:11 am Live updates: IPL controversyChirayu Amin is IPL interim chairman Suspension of Modi was necessary to conduct a free and fair probe, says Shashank Manohar If Modi’s reply convinces the Board, the proceedings against him will be dropped: Manohar ----------------------------------------------------------------------------------- The crucial IPL governing council meeting began, barely hours after the BCCI suspended Lalit Modi as the chairman and commissioner of the high-profile Twenty20 event. Also See | IPL III (Full Coverage) BCCI president Shashank Manohar, vice-President Arun Jaitley, secretary N Srinivasan, media and finance committee chairman Rajiv Shukla and IPL vice-chairman Niranjan Shah were among the members of the council present at the Board headquarters in Mumbai. (PTI) -----------------------------------------------------------------------------------  Chennai Super Kings players celebrate with the winning trophy after beating Mumbai Indians in the final of the IPL3 match in Navi Mumbai. PTI Photo -------------------------------------------------------------------------------- Chennai Super Kings were crowned IPL III champions after thumping Mumbai Indians by 22 runs in a thrilling summit clash. ---------------------------------------------------------------------------------- IPL chief Lalit Modi has been suspended, officials said on Monday, after graft accusations in cricket’s richest event ensnared top politicians and Bollywood stars and strained the ruling coalition. (Reuters) -------------------------------------------------------------------------------  A view of the D Y Patil Stadium hosting the IPL T20 final match between Mumbai Indians and Chennai Super Kings, in Navi Mumbai on Sunday. PTI Photo ---------------------------------------------------------------------------------- All decisions of IPL taken by the governing council and approved by the general body: Lalit Modi ---------------------------------------------------------------------------------- IPL is clean and transparent and the last few days we have seen a lot of innuendoes, half truths and motivated leaks about the league: Modi ------------------------------------------------------------------------------ “I have crossed bigger hurdles in my life, this will pass too. I have done nothing wrong. You are scared only if you have done something wrong. I have nothing to hide,” Modi said. ----------------------------------------------------------------------------  A dancer performs during the IPL T20 final match between Mumbai Indians and Chennai Super Kings at D Y Patil Stadium in Navi Mumbai. PTI Photo ----------------------------------------------------------------------------- Owners of Rajasthan Royals including IPL commissioner Lalit Modi’s kin Suresh Chellaram and actress Shilpa Shetty have allegedly flouted foreign exchange norms using the Mauritius route, I-T sources said. (PTI) ------------------------------------------------------------------------------- The Income-Tax department probing the murky IPL deals is trying to ascertain whether anyone in IPL benefited from the 10% paid to event management company International Marketing Group (IMG). (PTI) ------------------------------------------------------------------------------- IPL Commissioner Lalit Modi has circulated the agenda for governing council meeting, asking the members to give their complaints against him in writing and with supporting documents. (PTI) -------------------------------------------------------------------------------- IPL chief Lalit Modi has said he would attend a meeting of the cricket tournament’s governing council at which he faces the sack over corruption allegations. --------------------------------------------------------------------------------- International Management Group, the company marketing the IPL, said it has cooperated fully with the tax authorities and will continue to do so in every appropriate way. --------------------------------------------------------------------------------- Inquiry ordered by finance minister Pranab Mukherjee into all aspects of IPL issue is welcome, says Sharad Pawar. --------------------------------------------------------------------------------- NCP, Praful Patel not connected with IPL controversy, says Pawar. --------------------------------------------------------------------------------- Pushed to the wall but still defiant, an embattled IPL commissioner Lalit Modi refused to resign from his post and dared the BCCI to sack him in Monday’s governing council meeting. --------------------------------------------------------------------------------- Lalit Modi Tweets: People pressurising me to resign. It will not happen. Let them remove me. ----------------------------------------------------------------------------------- Shah Rukh Khan Tweets: IPL controversy: fast, furious & too much noise … ---------------------------------------------------------------------------------- BCCI sources: Lalit Modi has agreed to step down as IPL commissioner, reports CNBCTV18 -------------------------------------------------------------------------------- According to The Telegraph report, Union minister Sharad Pawar has asked Lalit Modi, the IPL chairman and commissioner, who has become increasingly isolated, to step down. ---------------------------------------------------------------------------------- The BCCI top brass on Saturday held a series of meetings to draw up a strategy for Monday’s crucial governing council meeting amid intense speculation that beleaguered IPL commissioner Lalit Modi is being persuaded to step down voluntarily from the high-flying post.(PTI) ----------------------------------------------------------------------------------- Sources: BCCI won’t entertain Lalit Modi’s request to postpone meeting. 26 April meeting to go on as per schedule, reports NDTV 24X7 Informal meeting of top BCCI brass currently on in Mumbai. -------------------------------------------------------------------------- Beleaguered IPL chairman Lalit Modi made an emotional speech at the Twenty20 Leagues’ inaugural awards function in which he thanked BCCI, among others, for making his seven-year-old dream come true.  (L to R) Kings XI Punjab co-owner Preity Zinta, Shamita Shetty and Mugdha Godse for the IPL Awards Night in Mumbai on Friday. Shashank Parade / PTI photo Sources, who attended the function last night in which media was kept out, quoted Modi as saying, “It’s been a seven-year-old dream. There have been many people I have to thank for making this dream come alive. I thank the BCCI, the franchises, the players, the sponsors and most of all the millions of fans helping create the most successful cricket league in the world, for making the IPL what it is today.”(PTI) ------------------------------------------------------------------------------- Shah Rukh Khan made a delayed entry, Shane Warne decided to leave for Melbourne, Sachin Tendulkar prepared for his 37th birthday party on Saturday while Mahendra Singh Dhoni hung around with friends in Mumbai. But Rahul Dravid made up for their absence at the IPL awards night by draping a sari around a model on stage and Adam Gilchrist and Yuvraj Singh joined a belly dancer in an attempt to copy her moves, reports The Telegraph. ------------------------------------------------------------------------------- Royal Challenger Bangalore owner Vijay Mallya threw his weight behind beleaguered Lalit Modi and said the IPL commissioner should be given a chance to defend himself in the wake of the raging controversy. “Lalit Modi is a friend of mine and I met him at the awards function last night. But we did not discuss the current controversy. I think Modi must be given some opportunity at some point of time to explain himself,” Mallya told reporters after meeting former BCCI president Sharad Pawar. (PTI) -------------------------------------------------------------------------------- Responding to the Income Tax department’s summons, the BCCI has furnished before it complete details, including share holding pattern, player auction and bidding process of all eight original IPL franchisees. (PTI) ------------------------------------------------------------------------------------  (L to R) Delhi Daredevils’ Virendra Sehwag, Kolkata Knight Riders skipper Sourav Ganguly, Kings XI Punjab’s Yuvraj Singh and Mumbai Indians’ Harbhajan Singh for the IPL Awards Night in Mumbai on Friday. Shashank Parade / PTI photo --------------------------------------------------------------------------------- Modi is not going to Courts to challenge the governing council meeting on 26 April and is requesting for more time. (PTI) ------------------------------------------------------------------------------- Govt probing ‘benami’ holdings in IPL teams.Sources on Modi’s modus operandi: 60% owners and 40% benami holdings. Of benami holdings, 20% back to Modi. Modus operandi attempted with Videocon and Adanni Bids. 20% benami holdings given to proxies, businessmen and politicians. 40% traced back to Maruitius Cayman Island, British Virgin Islands. (NDTV 24X7) ------------------------------------------------------------------------------- I-T report, submitted to finance ministry, lists preliminary areas of investigation against Modi. 3 IPL teams in which ’Modi has interested’ under I-T scnaner. Businessman Samir Thukral being probed for ties with Lali Modi. According to the report, he may be the betting front for Modi. Also, reports that some matches were fixed in IPL2. It quotes a complaint by Sir Paul Condon against match-fixing. (NDTV 24X7) -------------------------------------------------------------------------------- MSM, the company which holds the telecast rights for the IPL, has said all deals related to the tournament have been conducted in an ‘open and transparent manner’ complying with applicable laws. (PTI) ------------------------------------------------------------------------------- Maharashtra government lost Rs4.99 crore by not levying tax on IPL, says CAG report tabled in the state legislature (PTI) ------------------------------------------------------------------------------- Rajya 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) ------------------------------------------------------------------- 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: LatestNews-Home - Livemint.com | 26 Apr 2010 | 2:07 am JSW Steel seen posting profit in Jan-MarchAccording to a Reuters poll of brokerages, JSW Steel will post a net profit of Rs5.3 billion in the quarter-ended March as net sales jump by half to Rs49.4 billion.Source: Daily News & Analysis: Money News | 26 Apr 2010 | 2:02 am Govt may face trust voteNew Delhi: The opposition forced Parliament to shut briefly on Monday over a report security agencies had tapped senior lawmakers’ telephones, adding pressure on the government a day before a possible confidence vote. Few expect the Congress-led government to fall, despite it being at its weakest since re-election last year after two allies quit the coalition last month. Here are some questions and answers about the vote, why the government will likely survive it and what the fate of pending reform proposals will be. What is the vote about? At least 13 opposition parties, led by the Communists, have demanded a vote against an unpopular hike in fuel prices which has helped push headline inflation to a 17-month high of 9.9%. If the government loses the vote, it must resign. The Speaker has still not ruled whether the vote will be allowed on Tuesday for a part of the budget allocation of funds to ministries. What is the likely outcome? Congress, like many observers, expects to survive the vote despite the coalition being considerably weakened after two allies quit. Others have expressed disquiet publicly. Few parties, including the main opposition Bharatiya Janata Party (BJP), want an election. The main Communist party has said the vote is not to pull down the government but to make it roll back the hike in taxes that made fuel more expensive. Many who oppose Congress could abstain rather than vote against the government, letting the government scrape through. Observers say even the BJP could end up abstaining. In a telling sign, the party has not yet sought a vote against the government despite vowing to demand one of its own. Some analysts have put the coalition’s strength at 274, two more than the half-way mark. But the ruling party received a boost when a key regional party with 21 lawmakers said it would not let the government fall. Will it be business as usual? Even if the government survives a vote, it will be hobbled by its wafer-thin majority, raising questions about Prime Minister Manmohan Singh’s ability to push through reforms. With allies suspicious of opening up the economy and of its impact on their voters, crucial legislation will be further delayed, disappointing domestic and foreign investors. The government has already suspended the introduction of a bill to cap operator liability in case of a nuclear accident, crucial for US firms like General Electric and Westinghouse Electric to enter the $150 billion sector. Other bills to open up the pension and insurance sectors and to allow foreign universities set up local campuses are also set to be put on ice for now. What are markets thinking? Bond and stock markets have largely taken the events in their stride, with few participants expecting the government to fall. If the vote goes against the government, markets would tumble on worries the political uncertainty would leave the economy rudderless just as it is rebounding from a slowdown. Source: Home - Livemint.com | 26 Apr 2010 | 1:57 am Chirayu Amin is IPL interim chiefMumbai: Baroda Cricket Association president Chirayu Amin was appointed the interim chairman of the Indian Premier League in place of the high-flying Lalit Modi, who came in for a scathing attack from BCCI president Shashank Manohar here on Monday. The decision to appoint Amin was taken at the crucial meeting of the IPL governing council, which lasted close to one and a half hour. Addressing a press conference after the meeting, Manohar said Modi would be charged on five counts -- shady initial bids of Rajasthan Royals and Kings XI Punjab, a suspect broadcast deal with Sony, bid rigging of two new franchises this year and his behavioural pattern. “The chargesheet was discussed and the committee also appointed Chirayu Amin as the interim chairman. BCCI CAO Ratnakar Shetty will look into all the records,” Manohar said. Manohar also said that some important documents were missing from the Board and IPL offices. “Many documents are missing from the IPL and BCCI offices. Income Tax department has been asking for them but we don’t have them. Like the papers of the broadcast deal with Sony are not with us. IT department is asking for these documents but we can’t give them because they are not with us,” Manohar said. Manohar said the next IPL’s planning would be taken care of by former India captains and Governing Council members Sunil Gavaskar, Ravi Shastri and M A K Pataudi. “With regards to the 2011 IPL, Ravi Shastri, Sunil Gavaskar and M A K Pataudi will decide the modalities of holding three foreign and four Indian players after discussing with the franchises,” he said. For all the allegations against Modi, Manohar said if he manages to convince the Board of his innocence in his reply, the inquiry proceedings against him would be dropped. “It is the duty of the Board to look into the allegations and to have an inquiry it is important to suspend the person concerned. It’s not punishment. The person has to be kept out of the Board’s functioning to ensure a free and fair inquiry. “The Board would hold an inquiry and if Modi’s reply convinces the members, proceedings would be dropped,” he said. Manohar, insisting that the Governing Council was not even aware of Modi’s modus operandi, claimed that the most public faces of Rajasthan Royals, Bollywood actress Shilpa Shetty and her businessman husband Raj Kundra, don’t even figure in the shareholding papers. “We are asking Modi, how can he sign an agreement with A when the bid came from B. Modi made a statement that the entire world knows who the shareholders are but the fact is that not even the governing council members know about Rajasthan Royals. I did not find the names of Shilpa Shetty and Raj Kundra in the papers and they claim to be stakeholders,” he revealed. Asked whether the Board was worried about Modi’s threats of exposing other BCCI office-bearers, Manohar said there was no concern. “The BCCI is not worried. If there are other others guilty, we will sack them and take the same action,” he said. Source: Home - Livemint.com | 26 Apr 2010 | 1:53 am Financial services industry needs to take a ride down Taipei 101As the Toshiba elevator ascended, my ears felt a dull but familiar pressure, not unlike an aircraft taking off. I looked up and saw floor after floor turning into a digital haze, writes Gautam Chikermane.Source: HindustanTimes.com - Top Business News Headlines | 26 Apr 2010 | 1:45 am Congress-led government may face confidence voteNEW DELHI (Reuters) - The opposition forced parliament to shut briefly on Monday over a report security agencies had tapped senior lawmakers' telephones, adding pressure on the government a day before a possible confidence vote.Source: Reuters: Money News | 26 Apr 2010 | 1:41 am BIG Cinema buys 188 screens in 27 US citiesWashington: In an effort to cash in on the craze for Bollywood films among the South Asian population, which is estimated to be nearly four million in the US, the Big Cinemas has acquired 188 screens in the country and is planning to expand further. In little over a year, the Big Cinemas has acquired a chain of 188 screens in more than two dozen cities in the US, covering almost all the major centers of South Asian population from Manhattan and Edison in East Coast to Los Angeles and San Jose in California and Chicago in the Mid-west. By the end of the year, it plans to acquire about 250 screens across the US and expanding to new centers of South Asian population like Florida and Texas, says Anil Arjun, CEO of Reliance Media Works. BIG Cinemas is a division of Anil Ambani-owned Reliance Media Works and a member of Reliance ADA Group. The company now accounts for 20-35% of Hindi features box office collections and over 70% of Tamil and Telegu box office collections from the US. Noting that North America is an attractive market for Indian films (Hindi, Tamil and Telugu) with nearly four million south Asians with strong affinity to Indian films, Arjun said film distribution in the US has been highly fragmented and disorganized. “Limited number of prints, inadequate marketing and promotion and exhibition in screens that are inadequate in terms of quality of ambience,” he told PTI. This previously meant that the penetration of a movie in terms of admits vis-a-vis the Indian population was under 9%, he said. “That has now changed and there has been a major organized play in the marketing, promotion and distribution of films in the US,” Arjun said. Talking about its future plans, Arjun said BIG Cinemas is setting up standalone properties and cinemas in malls in the United States. Existing properties are being taken over and being renovated by BIG Cinemas. Arjun said not all its screens show Indian movies all the time. “It is mix and match.” Close to 130 screens have Hollywood movies, while the balance 50 screens run Indian movies. “There is no dedicated property for India or American movies,” he said. One of the recent big hits of the BIG Cinemas in the US was ‘3 Idots’, which generated massive revenue of $6.7 million, he said, adding that it is almost double in size of the past collections ‘Om Shanti Om’ at $3.6 million and ‘Jodha Akbar’ $3.4 million. He hoped that the growth momentum would continue as BIG Cinemas moves on to new areas. ‘3 Idiots’ not only released at a record number of 200 prints, but was also screened in locations where Bollywood movies were not played before that includes places like Tennessee, Nashville, Bartlett (Memphis) and Pennsylvania. In fact, the release of Aamir Khan starrer ‘3 Idiots’, gave a direction for other Bollywood releases -- evident from the release of Shah Rukh Khan’s ‘My Name Is Khan’, which grossed approximately $3.37 million in first two weeks. Source: Home - Livemint.com | 26 Apr 2010 | 1:41 am Phone tapping issue stalls ParliamentNew Delhi: The issue of tapping of telephones of senior politicians created uproar in Parliament on Monday with both the Lok Sabha and the Rajya Sabha adjourning till noon soon after assembling for the day. Question Hour was stalled in both Houses when Opposition members were on their feet protesting against alleged tapping of phones by the government and wanted immediate clarification. Senior BJP leader L K Advani, who was allowed by Speaker Meira Kumar to speak, said nothing less than a statement from the Prime Minister on the issue would be acceptable. Advani recalled a press conference held on 25 June, 1985 to mark 10 years of Emergency in which Atal Bihari Vajpayee spoke about phone tapping of leaders like Chandrashekhar, Jagjivan Ram, Charan Singh and journalists like Kuldeep Nayyar and Arun Shourie. He demanded that a law should be passed to prevent the government from tapping phones. Parliamentary affairs minister P K Bansal assured the House that Home Minister P Chidambaram would make a statement on the issue at 12 noon. The Speaker said other members would be allowed to speak after the statement. When this did not pacify the members, Kumar adjourned the House till noon. In the Rajya Sabha, a united Opposition forced adjournment of the House till noon over the issue. Soon after nominated member B Jayashree took oath, the entire opposition benches led by BJP and Left parties raised the issue. S S Ahluwalia (BJP) said a notice for suspension of Question Hour has been given even as his colleagues shouted slogans condemning the alleged act. Minister of state in Prime Minister’s office Prithviraj Chavan said, “Members have raised some issues, notices have been received. The Government will make a statement after the Question Hour.” This, however, did not satisfy the opposition members who continued to raise the issue. Chairman Hamid Ansari said the Government will make a statement and requested them to allow Question Hour to proceed. “All discussions will be at the appropriate time. This is Question Hour. Please allow Question Hour to proceed,” he pleaded but the Opposition benches were unrelenting. Minutes into the din, Ansari adjourned the House till 12 noon. Source: LatestNews-Home - Livemint.com | 26 Apr 2010 | 1:23 am Corporate debt: shrinking spreads to keep investors awayMumbai: Few Indian firms are planning to float bond issues this week, as shrinking spreads keep large investors away from the corporate debt market, while foreign investors are buying short-term paper, bankers said. The spread between yields on government paper and corporate bonds of the same maturity has shrunk, given a bearish view on yields, thanks to a large borrowing plan and light supply of corporate debt at the start of the financial year. “Big guys like LIC are not buying. They are active on the Gsec (government securities) side but not corporate debt as they are probably waiting for coupon rates to rise a little and that will happen once supply kicks in,” said an official with a foreign bank. The government plans to sell a record Rs4.57 trillion of debt this fiscal, while the Reserve Bank of India’s statement that it would prefer a series of small rate hikes to rein in inflation has resulted in a far more upbeat outlook on rates, pushing government yields higher and corporate ones lower. At its policy review last week, the Reserve Bank of India (RBI) raised key interest rates by 25 basis points, and governor Duvvuri Subbarao said the bank believes that “moving in several baby steps towards normalization is better for the economy to adjust to pre-crisis levels”. The spread between the Reuters benchmark five-year corporate bond yield and same maturity government bonds has compressed nearly 35 basis points in the current fiscal year, having narrowed to 55.88 basis points on Friday from 75.47 basis points a week earlier. Light supply Supply from corporates has been light because several state-run firms like Rural Electrification Corp (REC), which are regular bond issuers and who typically borrow long-term money, have yet to finalize their borrowing plans. Current issuance has therefore largely been in short-term paper as foreign institutional investors (FIIs) have been lapping up such debt. The Reuters benchmark five year top-rated corporate debt yield ended at 8.28% on Friday, nearly 20 points down from 8.47% a week earlier. This has made corporate debt unattractive for domestic borrowers, who would rather invest in risk-free government paper given the tight spread, while foreign investors, who are lured by the interest rate differential, opt to invest in shorter-tenure paper. “FIIs buy such paper as the shorter tenure keeps risks relatively low,” said a merchant banker. Bankers said large Indian investors like state-run Life Insurance Corporation of India (LIC), which last fiscal year budgeted about Rs500 billion for corporate debt purchases, might resume buying when state-run firms begin issuing. Insurance companies buy long-term bonds, issued typically by state-run issuers, mostly infrastructure-related businesses, who require long-term funds and also enjoy government backing in one form or another. A narrow majority of analysts now expect the RBI to raise interest rates again before its next review in July, a Reuters poll found, with rises totalling 100 basis points in both key policy rates forecast by the end of the fiscal year. Regulations In a continuing move to further regulate and deepen the corporate bond market, the RBI last week took two major steps, both of which are seen as directly or indirectly increasing issuances of non-convertible debentures (NCDs). It said any investment by banks in long-maturity bonds sold by infrastructure companies and within a minimum residual maturity of seven years can be classified under the held-to-maturity category (HTM) category, meaning losses on them do not need to be booked at the end of the financial year. The RBI also proposed a minimum holding period for loans which will be securitized, a move seen as potentially killing the nascent market, but one which could conversely boost lending via NCDs rather than direct loans. Source: LatestNews-Home - Livemint.com | 26 Apr 2010 | 12:33 am Oil gains on US economy; Brent touches 18-month highSingapore: Oil rose on Monday, pushing Brent crude to a fresh 18-month high, as robust manufacturing and home sales data in the United States buoyed hopes of a sustained economic rebound in the world’s top energy user. Traders awaited cues from US April consumer confidence data, due on Tuesday, as well as the outcome of the Federal Reserve’s two-day policy-setting meeting starting the same day. Analysts widely expected the Fed to keep interest rates near zero and stick to its pledge of low borrowing costs for an extended period to foster the US recovery. US crude for June delivery rose 16 cents to $85.28 a barrel by 11:22am, after settling up $1.42 on Friday. The front-month contract for London ICE Brent crude rose 25 cents to $87.50, after having touched $87.65 earlier in the day, the highest price since early October 2008. “For the time being, there’s a little more optimism in the market today, thanks to the good economic numbers that came out of the United States, and the fact that Europe has reopened its airspace and the ash cloud problem is settling down,” said Keiichi Sano, general manager of research for SCM Securities in Tokyo. Expectations that jet fuel demand would rebound also lifted sentiment, as European flights resumed after the threat from an ash cloud fed by a volcano in Iceland receded. European air traffic returned to normal after the end of almost all curbs prompted by the volcanic ash cloud, European air traffic agency Eurocontrol said on Friday. Sano expects US crude to trade in a range of $80-$87 a barrel in the near term, as prices have been boosted by signs that the US economic recovery is slowly gaining momentum. Sales of newly built US single-family homes rebounded strongly in March to touch their highest level in eight months, as buyers rushed into the market to take advantage of a homebuyer tax credit, a government report showed on Friday. New orders for durable US manufactured goods, excluding transportation, also posted the largest gain in over two years in March. Analysts said Friday’s robust data, coupled with other reports this month showing firming domestic demand, indicated the recovery in the world’s largest economy, so far seen as moderate, was starting to take on a stronger tone. But oil’s gains could be tempered by worries over the Greek debt crisis. “Greece is still a huge worry for investors -- people are concerned the contagion will spread to Spain and Portugal and affect the European Union’s economy,” Sano added. One nagging question keeping investors on edge is whether Greece’s formal request for European Union and International Monetary Fund aid will calm fears of default. Until investors have a clear idea of exactly how much money the country will receive from the European Union and the IMF -- and when -- the uncertainty stemming from its growing fiscal woes will continue to weigh on global markets. Weekly US oil inventory data due later this week will also be closely watched. The industry-funded American Petroleum Institute will release its weekly inventory report on Tuesday at 2:00am, followed by US Energy Information Administration statistics on Wednesday at 8:00pm. Source: LatestNews-Home - Livemint.com | 26 Apr 2010 | 12:21 am IPL meeting begins without suspended chief Modi Mumbai: An Indian Premier League’s governing council meeting began on Monday without chairman Lalit Modi, who was suspended hours earlier by the national cricket board amid allegations of corruption within the lucrative Twenty20 competition. Shashank Manohar, the president of the Board of Control for Cricket in India, announced Modi’s suspension late Sunday, after Chennai beat Mumbai in the IPL final. Manohar said Modi’s “alleged acts of individual misdemeanors” had “brought a bad name to the administration of cricket and the game itself.” Indian lawmakers have demanded a parliamentary inquiry into claims that IPL clubs had been sold for millions of dollars without accounting for the source of the funds. Manohar said in a statement that Modi had been given 15 days to show why “disciplinary action should not be taken against him.” “I waited for the IPL to conclude in order to respond to the situation as I did not want the event to be disrupted in any manner,” Manohar said. Manohar said Modi had been suspended from participating in the operation of the IPL, the cricket board or any of its committees. Modi is a vice president of the BCCI and also heads the fixtures committee that decides the venues and itinerary of international matches in India. He attended an International Cricket Council meeting in Dubai last week in place of Manohar. Modi was earlier asked by the BCCI to attend the IPL governing council meeting, but he was adamant that the meeting be deferred to May 1 and that he alone was empowered to call for such a meeting. But Modi changed course on Sunday and said he would chair the governing council meeting and discuss all allegations against him. He demanded that the charges against him be made in writing and with proof, which media reports said forced the BCCI chief to suspend him immediately after the IPL final on Sunday night. The controversy has heightened amid investigations by income tax officials into the accounts of the Indian cricket board and the IPL teams. Federal finance minister Pranab Mukherjee said income tax authorities were already investigating the sources and channels of funding of the IPL team owners. The controversy erupted after Modi revealed details about the ownership of a club that is set to join an expanded 10-team league next season, questioning why a 25% stake was given to a group that included a friend of India’s junior foreign minister, Shashi Tharoor. Tharoor, a former United Nations diplomat, resigned amid allegations of corruption in the bidding for a team at the auction last month, when a group made a successful bid of more than $330 million for the Kochi franchise. It was alleged that the shares were really for Tharoor. Tharoor said he did help put together the winning investment group, but only because he wanted to bring a team to the state of Kerala, part of which he represents in Parliament. Source: LatestNews-Home - Livemint.com | 26 Apr 2010 | 12:14 am Banks need not raise rates now - IBA chiefMUMBAI (Reuters) - There is no need for Indian banks to raise rates at this point as there is abundant liquidity in the system and credit is expected to be slightly low in the first six months of the year, M.V. Nair, chairman of the Indian Banking Association, said on Monday.Source: Reuters: Money News | 26 Apr 2010 | 12:04 am Gold to test resistance levelsComex gold futures rose to a week high on Friday, as uncertainty about currencies and debt-laden Greece lured investors to the metal as a safe haven. The link between the dollar and gold has weakened in 2010, with gold prices rising 4 per centSource: Business Line - Home Page | 26 Apr 2010 | 12:00 am Credit woes not over for India IncThe financial results of Corporate India may be signalling a strong revival, but the credit woes of companies still seem to be far fromSource: Business Line - Home Page | 26 Apr 2010 | 12:00 am Market likely to move within a rangeThis summer tight corporate earnings prospects in the context of fairly high valuation levels, restrained policy initiatives and cautious moves by investor community may not see great aggression either from bulls or bears. In weekly terms, theSource: Business Line - Home Page | 26 Apr 2010 | 12:00 am Modi to attend meeting todayEven as the curtains came down on IPL-3, the contest on Monday appears to be more dramatic than the action on the field. The IPL chief, Mr Lalit Modi, has decided to attend the Governing Council (GC) meeting, to retain his position as the head ofSource: Business Line - Home Page | 26 Apr 2010 | 12:00 am Net manpower intake of top IT cos continues to be lowThe top three Indian IT companies have added to their employee base in fiscal 2009-10 (FY10) as much as they did the previousSource: Business Line - Home Page | 26 Apr 2010 | 12:00 am Day Trading GuideAs long as the stock trades above Rs 326, utilize dips to buy it with tightSource: Business Line - Home Page | 26 Apr 2010 | 12:00 am Gold range-bound; Chinese trade data boost metalsEconomic data flowing out of major economies and growth projections by international institutions point to continued improvement in world economic growth. For instance, currently, global steel production is only 2 per cent below the 2008 peak.Source: Business Line - Home Page | 26 Apr 2010 | 12:00 am High minimum wages in Delhi push small industries outWith the Delhi Government increasing minimum wages by up to 49 per cent effective from February this year, the minimum wage levels in the Capital have now become the highest in theSource: Business Line - Home Page | 26 Apr 2010 | 12:00 am Allied Digital Services: BuyInvestors with medium-term investment perspective can consider buying the stock of Allied Digital Services (Rs 259.8). The company provides IT infrastructure management and technical support outsourcing services. After recording a life-time low ofSource: Business Line - Home Page | 26 Apr 2010 | 12:00 am EID Parry to buy 65% in GMR IndustriesEID Parry Ltd today announced that it has entered into a ‘definitive agreement' with GMR Holdings Pvt Ltd to acquire a majority stake in the sugar manufacturer GMRSource: Business Line - Home Page | 26 Apr 2010 | 12:00 am BCCI suspends Lalit Modi, issues show-cause noticeMumbai: The Board of Control for Cricket in India (BCCI) has suspended Lalit Modi as IPL commissioner, the head and driving force behind the money-spinning tournament in a bid to stem an escalating crisis involving tax and match-fixing allegations. After a week of intense speculation that Modi faced the axe, the news came late on Sunday, just hours after the final of a tournament he built into a multi-billion-dollar industry. A statement from the president of the BCCI, which owns the Indian Premier League (IPL), said he had been suspended with immediate effect and been given two weeks to prove his innocence. Also See | IPL III (Full Coverage) “The alleged acts of individual misdemeanours of Mr Lalit K. Modi, chairman IPL and vice president BCCI, have brought a bad name to the administration of cricket and the game itself,” said a statement from president Shashank Manohar. The seeds of Modi’s downfall were sown two weeks ago when he revealed the ownership details of a new franchise set to join the glitzy and globally popular IPL in 2011. In one of his numerous postings on micro-blogging site Twitter, he embarrassed a high-profile member of the government, former minister of state for external affairs Shashi Tharoor, by leaking how his girlfriend had been given a free stake in the new team. Under pressure from the opposition, which accused Tharoor of misusing his office to secure benefit for himself, the minister was forced to resign, embarrassing the Congress-led government. Since then, the finance ministry has launched a wide-ranging tax probe into the IPL, the BCCI and the owners of its franchises -- powerful business and Bollywood stars -- and many blame Modi for bringing the tax men to their door. The investigation has sparked a media frenzy, with daily leaks -- though nothing has been proved so far -- about Modi’s unpaid tax liabilities, general corruption and kickbacks and even possible match-fixing. Result rigging is a particularly dangerous slur on the subcontinent after federal investigators unearthed widespread illegal betting and corruption by Indian bookmakers and some leading players in 2000. “I have waited for IPL 2010 to conclude in order to respond to the situation as I did not want the event to be disrupted in any manner,” added Manohar in his statement. The 2010 version of the annual tournament finished with a drama-filled final in front of 50,000 fans on Sunday who saw the Chennai Super Kings beat Mumbai Indians in their home city. Modi, 46, has been defiant in recent days, saying he would refuse to step down but he cut an increasingly isolated figure amid pressure from the government and ebbing support among his cricket contemporaries. “People pressurising me to resign - I can tell you will not happen. Let them remove me then,” he wrote on Twitter on Saturday. “Wait for the IPL to finish - I will reveal the men who have tried to bring disrepute to the game and how we stopped them from doing it,” he added. On Sunday, he posted how he planned to chair an emergency meeting of the IPL’s governing council in Mumbai on Monday, though the last tweet came prior to news of his suspension. A brash figure usually pictured in expensive suits, Modi was virtually unknown outside cricket circles until five years ago when he was made the youngest vice-president of the BCCI. Three years later, the BCCI’s revenues had tripled after Modi launched the IPL to counter a rebel Twenty20 league owned by the country’s largest listed media house, Zee Telefilms. The multi-million-dollar IPL, featuring the world’s top cricketers playing a shortened made-for-TV format of the game, changed the landscape of what was once a leisurely sport. But the corporate dollars that have driven the league’s rapid expansion are now under scrutiny, though most experts agree that the IPL itself is here to stay. Before launching the first tournament in 2008, the IPL organizers studied the English Premier League football tournament and sought to emulate its mix of high profile overseas stars, homegrown talent and foreign coaches. Where the IPL went a step further was to take the idea of entertainment at face value and bring in a host of A-list celebrities from the only thing that rivals cricket as a national Indian obsession -- the film industry. Three Bollywood superstars -- Shah Rukh Khan, Preity Zinta and Shilpa Shetty -- own IPL teams and images of them and other Bollywood glitterati watching games are given a lot of air time in live match broadcasts. Source: LatestNews-Home - Livemint.com | 25 Apr 2010 | 11:52 pm Rupee gains 13 paise against dollar in early tradeForex dealers said the rupee strengthened against the US currency largely on increased capital inflows by foreign funds into equities and selling of dollar by banks, but gains were limited due to dollar's gains overseas.Source: Daily News & Analysis: Money News | 25 Apr 2010 | 11:47 pm The rise and fall of Lalit ModiNew Delhi: Indian Premier League chief Lalit Modi’s fall from grace was even quicker and more spectacular than his remarkable rise to become one of cricket’s most powerful figures. Modi, the brash driving force behind the money-spinning IPL, was suspended from all his roles in Indian cricket by the country’s cricket authorities amid an escalating scandal over tax and match-fixing allegations. The 46-year-old scion of a prominent north Indian business family, who was once arrested for drug-trafficking and assault in the United States, was virtually unknown outside cricket circles until five years ago. Modi hit the headlines in 2005 when he joined political heavyweight Sharad Pawar in an acrimonious but successful campaign to end Jagmohan Dalmiya’s two-decade reign at the Board of Control for Cricket in India (BCCI). A grateful Pawar rewarded Modi by ensuring his election as the youngest vice-president of the country’s richest sporting body whose assets were then worth an estimated 50 million dollars. Three years later, BCCI revenues had tripled after Modi launched the glitzy Indian Premier League to counter a rebel Twenty20 league owned by the country’s largest listed media house, Zee Telefilms. The multi-billion IPL, featuring the world’s top cricketers in eight franchises owned by India’s leading businessmen and film stars, changed the landscape of what was once a leisurely sport. The ruthlessly ambitious Modi ran the IPL like a personal fiefdom, bringing in corporate sponsors who tumbled over each other to join the party. After three editions of a spectacularly succcessful tournament, Modi boasted that the IPL was “recession-free” as its brand value rose to more than four billion dollars. But his abrasive and brash behaviour rubbed many an ego the wrong way, which ultimately led to his downfall. He has also been suspended as vice president of the BCCI, a role which also gave him the chairmanship of the T20 Champions League, a club tournament jointly organised by the cricket boards of India, Australia and South Africa. Modi fell foul of the government last year when he shifted the IPL’s second edition to South Africa after authorities refused to provide top-notch security due to the impending parliamentary elections. The sudden change in the venue created the impression that India was an unsafe venue for sporting events, riling a government preparing for the Commmonwealth Games in New Delhi in October 2010. Modi further antagonised the government by embarrassing junior foreign minister Shashi Tharoor, with revelations on microblogging site Twitter that a female friend of Tharoor’s had been given a free stake in a new IPL franchise. Tharoor, a former UN undersecretary general who swapped international diplomacy in New York for the rough and tumble of Indian politics last year, quit this month over the scandal. The nationwide tax investigation into the IPL, lapped up by a hungry media, convinced an embarrassed BCCI that Modi could be dispensed from even his own billion-dollar baby. Former India captain Mansur Ali Khan Pataudi, one of the country’s most respected cricket personalities, said Modi was himself to blame for his decline. “His style puts off people,” said Pataudi, a member of the IPL’s 14-member governing council. “Modi’s biggest failure is that he has been doing it all alone.He doesn’t want anyone else involved. That is his biggest strength and his biggest weakness.” Source: Home - Livemint.com | 25 Apr 2010 | 11:31 pm As Harley enters India, sales of superbikes riseNew Delhi: In 2007, when Yamaha Motor Co. Ltd launched the first superbikes—the R1 and MT01—in India, the company knew it was a shot in the dark. There were no reliable estimates of the size of the market and the Japanese company would have to invest a lot of time and effort in creating the infrastructure required at dealerships to sell and market these bikes. “We started selling them mainly for brand extension purposes,” says Pankaj Dubey, national business head at India Yamaha Motor Pvt. Ltd. Big numbers were never on the agenda, he says. Click here for a slideshow of the 12 Harley models newly introduced to the Indian market But with sales averaging about 100 units a year, Yamaha knew its decision to prise open the market would pay off soon. Quick to spot an opportunity, Suzuki Motorcycle India Pvt. Ltd and Honda Motorcycle and Scooter India Pvt. Ltd, both subsidiaries of Japanese auto manufacturers, also launched their best-selling models and Precision Motor India Ltd started importing Ducati motorcycles, adding to the imports of luxury Porsche cars.  India trip: Harley-Davidson’s Sportster XR 1200X at the Auto Expo. Ramesh Pathania / Mint Top-end bikes of the likes of Suzuki’s Hayabusa and Honda’s CBR1000RR are typically bikes with a large displacement of around 1,000cc that allows them to accelerate quickly and maintain speeds of up to 300km per hour if road conditions permit. Since they cost Rs9.5-12.5 lakh, they’re only bought by passionate bikers. “We estimate the market for large capacity bikes to hover at 500 units this year,” says Debsena Banerjee of Segment Y Automotive Intelligence Pvt. Ltd, an automotive consultancy. He expects any drop in demand to be offset by Harley-Davidson. “The market is holding up well,” he says. In the past these bikes were imported by enthusiasts with the help of agents who typically brought in the product as spare parts, paying 24% import duty compared with 104% for the completely built up bike. There are an estimated 3,000 such superbikes in the country and owners complain that servicing them is a problem. Suzuki, which started selling the Hayabusa and Intruder in January last year, says it only managed to sell five to six units a month initially. But sales have picked up to an average 15 units a month. “Because of the increasing demand, we will expand the number of dealerships selling such bikes from seven to 12 across the country,” says Atul Gupta, vice- president, sales and marketing, at Suzuki Motorcyle. This year Suzuki will also launch the GSX R100 in India. The Hayabusa and Intruder have seen very high demand, according to Mohammed Imaduddin Farooqui, a Suzuki dealer in Hyderabad. Two weeks ago he ordered a black Hayabusa and was told he’d have to wait for two months. N.K. Rattan, head of sales and marketing at Honda Motorcycle, also says sales have held up to the company’s expectations. It too is averaging 100 units a year. According to him the number is not a big issue. What’s more important is the development of a biking culture in India, which companies like his are doing their best to promote. Honda plans to launch another superbike, the VFR100, by the end of the year. In the last year sales of superbikes have also received another unexpected boost. The Directorate of Revenue Intelligence or DRI has begun to crack down on superbikes imported without the right paperwork. DRI estimates there at least 700 such bikes across the country, an official has said. samar.s@livemint.com Source: Home - Livemint.com | 25 Apr 2010 | 11:27 pm RBI deputy: monsoon forecast is optimistic - Economic Times
Source: Business - Google News | 25 Apr 2010 | 11:22 pm India’s cricket revolutionNew Delhi: The Indian Premier League has in three short years morphed into a money-making behemoth with its showbiz-style mix of cricket, Bollywood and big business. But the corporate dollars that have driven the league’s exponential expansion are now under scrutiny in a widening tax probe, though most experts agree that the IPL itself is here to stay. Launched in 2008, the tournament — based on the shortened, made-for-TV Twenty20 format — has attracted the sport’s top international stars to a country where cricket is followed with religious fervour. Under the stewardship of flamboyant chairman Lalit Modi, who was suspended on Sunday, it has been marketed so effectively that even the lexicon of the game has been changed in an effort to maximise corporate sponsorship. Thus a six in the IPL is known as a “DFL Maximum” after India’s largest real estate developer, while the sponsorship of Citibank means that a wicket is termed a “Citi Moment of Success”. Another IPL innovation was to introduce glamorous foreign cheerleaders, although their skimpy outfits and raunchy routines ruffled some feathers in what remains a deeply conservative country. According to Indian cricket writer Rahul Bhattacharya, the IPL is the ultimate expression of sport in a materialist age. “Its relationship with sport is not of participant but consumer. It holds nothing sacred. The IPL knows that it competes not against sport but general entertainment,” Bhattacharya wrote. While the brazen branding and the shortened format have upset purists, their complaints have been drowned out by the plaudits of the league’s passionate supporters. The opening game of the 2010 tournament between Deccan Chargers and Kolkata Knight Riders attracted 42 million viewers — a 41% increase on the inaugural tournament opener — according to television ratings agency (TAM). Those are numbers that advertisers drool over, and have ensured that the money keeps pouring in, with barely a passing nod to the global financial crisis. As a result, the IPL’s brand value has more than doubled since last year to an estimated $4.13 billion, according to a study conducted by independent consultancy Brand Finance. When two new franchises were offered this year to expand the current roster of eight IPL teams, one of them went for $370 million. In comparison, Russian tycoon Roman Abramovich paid $233 million in 2003 for the English Premier League side Chelsea, one of the top clubs in Europe. Before launching the first tournament in 2008, the IPL organisers studied the English league and sought to emulate its mix of high-profile overseas stars, homegrown talent and foreign coaches. Where the IPL went a step further was to bring in a host of A-list celebrities from the only thing that rivals cricket as a national obsession — the Indian film industry. Three Bollywood superstars — Shah Rukh Khan, Preity Zinta and Shilpa Shetty — own IPL teams and images of them and other Bollywood glitterati watching games are given a lot of air time in live match broadcasts. The prime-time matches have become so popular that Bollywood producers try to avoid major film releases during the six-week IPL season for fear of damaging their box office take. “You have to hand it to the IPL,” said Jiniti Shah, vice president of TV ratings firm aMap. “They married these two Indian mainstays, cricket and Bollywood, and packaged them in a short, prime-time format that caters perfectly to modern entertainment demands,” Shah told AFP. Much of the credit belongs to Modi, 46, a polarising figure who was suspended by Indian cricket authorities just after Sunday’s IPL final as the government probes allegations of tax-dodging and match-fixing. Detractors portray him as a brash and arrogant, while admirers call him a visionary who created the IPL from scratch. Source: LatestNews-Home - Livemint.com | 25 Apr 2010 | 11:19 pm Asian stocks rise after Greece asks for bailoutHong Kong: Asian stock markets pushed higher on Monday after Greece requested a bailout to resolve the country’s worsening debt crisis. Major markets were up by as much as 2%. The dollar weakened against the euro and rose against the yen, while oil prices traded above $85 a barrel. Greece formally asked to tap a bailout program arranged by other European nations and the International Monetary Fund (IMF) on Friday, hoping to secure more than $50 billion in loans to finance its swollen budget deficit. On Sunday, the country’s finance minister voiced confidence Greece would receive enough aid to avoid defaulting on its debt. Global markets have been rattled by Greece’s debt troubles in recent months. But despite the increasing likelihood of a bailout, some analysts don’t expect the crisis, or the resulting market volatility, to end anytime soon. “The bulls believe Greece will be rescued. They’re taking it as face value that Greece will be saved and the eurozone will stay together,” said Francis Lun, general manager of Fulbright Securities in Hong Kong. “But then tomorrow they will discover another hole and we’ll go back to worrying. I think this could be a long-running soap opera.” Japan’s main benchmark gained 234.38 points, or 2.2%, to 11,137.42 as the yen declined against the dollar, helping the country’s car manufacturers and other export companies. Toyota was up 3.4%, while Honda rose 3%. Canon, which often serves as a bellwether for export stocks, added 3.5%. Elsewhere, Hong Kong’s market rose 1.7% to 21,606.02 and South Korea’s market gained 1.1% to 1,755.71. Markets in Shanghai, Taiwan, India and Singapore also rose. The gains in Asia followed rises on Wall Street, where the Dow Jones industrial average ended up 0.6% at 11,204.28. The broader Standard & Poor’s 500 index rose 0.7% to 1,217.28. Stocks in the US were boosted by a positive report on new home sales. Some investors are still expecting a retreat after the recent run of gains, and Greece’s debt issues remain a concern after the country opted to use a bailout program. In currencies, the dollar strengthened to 94.21 yen from 94.06 yen, while the euro was slightly higher against the dollar, at $1.3368 versus $1.3345. Oil prices edged higher in Asia, with the benchmark contract rising 16 cents to $85.28 a barrel. Source: Home - Livemint.com | 25 Apr 2010 | 11:18 pm Sensex surges 132 points in opening trade on strong earningsThe Bombay Stock Exchange benchmark, Sensex, gained over 132 points in opening trade today on continued capital inflows by foreign funds, driven by strong corporate earnings.Source: HindustanTimes.com - Top Business News Headlines | 25 Apr 2010 | 10:55 pm BASIC group wants global pact on climate change by 2011Cape Town: Environment ministers of the BASIC bloc -- Brazil, South Africa, India and China -- have said that a legally binding global agreement to limit climate change needed to be completed by 2011, noting that the world could not wait indefinitely for the US to finalize its legislation on the issue. The BASIC leaders, who met in Cape Town to look at how to fast-track such a pact to curb global warming, gave the statement at the conclusion of the third meeting of the group on Sunday. “A step-change is required in negotiations, and incremental progress on its own will not raise the level of ambition to the extent needed to avoid dangerous climate change and impacts on poor countries and communities,” the ministers indicated in a joint statement, noting reports that domestic legislation on climate change in the US had been postponed. “Ministers felt that a legally binding outcome on long-term cooperative action under the UN Framework Convention on Climate Change (UNFCCC) and its Kyoto Protocol, to be concluded at Cancun, Mexico in 2010, or at the latest in South Africa by 2011, the ministers said in a joint statement. Asserting that lack of such agreements hurt developing countries more than developed countries, the ministers said such deals must include an accord on quantified emission reduction targets under a second commitment period for Annex I Parties under the Kyoto Protocol. The ministers who participated in the meeting were Xie Zhenhua, vice chairman of the National Development and Reforms Commission from China; Izabella Teixeira, minister for environment from Brazil; Jairam Ramesh, minister for environment and forests from India, and Buyelwa Sonjica, minister of water and environmental affairs from South Africa. The ministers said the only legitimate forum for negotiation of climate change is the UNFCCC. Small groups could make a contribution in resolving conflicts, but they must be representative and their composition must be determined through fully inclusive and transparent negotiations, with a mechanism for reporting back to the multi-lateral forum, the statement said. Building on the discussion held in New Delhi in January 2010, the ministers elaborated areas in which progress could be made in the run-up to Cancun, including the early flow of fast-start finance of the $10 billion in 2010 pledged by developed countries. Equity will be a key issue for any agreement. Source: LatestNews-Home - Livemint.com | 25 Apr 2010 | 10:43 pm Rupee gains 13 paise to 44.30 a dollarThe Indian rupee appreciated by 13 paise to 44.30 a dollar in early trade on Monday on the back of continued capital inflows by foreign funds into equities.Source: India Business News | Business News - Times of India | 25 Apr 2010 | 10:35 pm Sensex surges 132 points in opening tradeThe Bombay Stock Exchange benchmark Sensex gained over 132 points in opening trade on Monday on continued capital inflows by foreign funds, driven by strong corporate earnings.Source: India Business News | Business News - Times of India | 25 Apr 2010 | 10:31 pm Stocks to watch:RIL,HDFC Bank,ICICI Bank, EID Parry - Economic Times
Source: Business - Google News | 25 Apr 2010 | 10:23 pm MCD launches survey of properties to identify tax defaulters - The Hindu
Source: Business - Google News | 25 Apr 2010 | 10:10 pm Markets rise on global positive sentimentMumbai: Indian shares rose 0.6% in early trade on Monday, with financials leading the rise, and firm Asian markets supported the positive sentiment. At 9:01am, the 30-share BSE index was up 0.58% at 17,798.45 points, with 28 components advancing. Energy giant Reliance Industries fell more than 2% after it said late Friday quarterly net profit rose 30%, but missed street view. The 50-share NSE Index was up 0.7% at 5,340.25 points. Source: Home - Livemint.com | 25 Apr 2010 | 9:15 pm Reliance's Q4 net misses forecastEnergy major Reliance Industries posted a 30 per cent rise in quarterly profit, missing forecasts, and said it is on the lookout for more shale gas joint ventures as it builds up its overseas operations. Source: HindustanTimes.com - Top Business News Headlines | 25 Apr 2010 | 8:43 pm Modi may be bowled out before meetThe Indian Premier League Chairman and Commissioner Lalit Modi is likely to be suspended ahead of the cricket bodys crucial governing council meeting tomorrow, which Modi has said he would attend, and chair.Source: Business Standard | Front Page Headlines | 25 Apr 2010 | 1:28 pm Govt may relax FDI in retail51% investment in multi-brand retail likely.Source: Business Standard | Front Page Headlines | 25 Apr 2010 | 1:25 pm DLF arm buys out PE stake in group firm for Rs 3085 crIn a move that could have far-reaching positive implications on the revenues of real estate major DLF, it has announced that Caraf Builders & Constructions, a fully owned subsidiary of the Gurgaon-based company, has raised its stake in DLF Assets to 91%.Source: India Business News | Business News - Times of India | 25 Apr 2010 | 1:14 pm Make phone banking more secure: RBIBanks will have to soon put in place an additional authentication cover for their credit and debit card customers transacting over phone, or get penalised.Source: India Business News | Business News - Times of India | 25 Apr 2010 | 1:11 pm EID Parry to acquire GMR IndustriesEID Parry (India) Ltd, part of the Murugappa Group, said that it has entered into an agreement with the promoters of GMR Industries to buy 51% of their stake in the company.Source: India Business News | Business News - Times of India | 25 Apr 2010 | 1:00 pm Agent freebies: MFs under lensMutual fund houses have come under the scanner of market regulator Sebi for allegedly lavishing their agents and distributors with incentives like cash payouts and foreign junkets in return for higher sales.Source: India Business News | Business News - Times of India | 25 Apr 2010 | 12:56 pm Investment call delay taxes you heavilyApril is the cruelest month in some poor soul's life who bungle on their tax planning every year. Mostly, they get a pay cheque which is a fraction of its usual size in April as they always submit a list of their tax-saving measures to the office, but never manages to submit the relevant papers on time.Source: India Business News | Business News - Times of India | 25 Apr 2010 | 12:49 pm India Inc's Million-Dollar Executives125 senior executives, including 87 promoters, of listed companies in India earned a gross salary of more than a million dollars in 2008-09. And the elite club will only grow with time as desi corporates bridge the compensation gap with their global peers.Source: India Business News | Business News - Times of India | 25 Apr 2010 | 12:46 pm ICICI Bank net increases 31%A significant highlight of the bank's performance was the healthy growth in its current account, savings account deposits, up 34% from Rs 62,668-crore to Rs 84,216-crore.Source: India Business News | Business News - Times of India | 25 Apr 2010 | 12:38 pm Tougher FDI norms for housingThe finance ministry has called for tougher foreign direct investment (FDI) norms in the housing and township sector. It has also proposed stringent monitoring to ensure FDI rules are strictly followed in this sensitive sector.Source: Business Standard | Front Page Headlines | 25 Apr 2010 | 12:33 pm City Beautiful to get smart with biometricsSiphoning off food and fuel meant for the poor has made Indias public distribution system (PDS) ineffective.Source: Business Standard | Front Page Headlines | 25 Apr 2010 | 12:30 pm Undersea cable repair may affect Net serviceNew Delhi: A disruption in the South East Asia-Middle East-West Europe 4 (SEA-ME-WE 4) undersea submarine cable system, which links south-east Asia and Europe, is likely to affect high-speed Internet services in India. The SEA-ME-WE 4 project links the two regions via the Indian subcontinent and West Asia. The project is run by a consortium of 16 international telecom companies, including Bharti Airtel Ltd and Tata Communications Ltd. According to people familiar with the matter, the disruption in the undersea cable network near Italy is likely to hit broadband connections in India. Maintenance of the undersea cables will be carried out for the next four days, which may cause some disruption in services. The companies have taken various steps to minimize the impact, people familiar with the development said. According to the project’s official website, the undersea cable system has terminal stations in Singapore, Malaysia, Thailand, Bangladesh, India, Sri Lanka, Pakistan, the UAE, Saudi Arabia, Egypt, Italy, Tunisia, Algeria and France. Source: Tech News - Livemint.com | 25 Apr 2010 | 10:42 am Indian IT surfs out one more crisisAfter stellar results from Tata Consultancy Services, Infosys, Wipro and HCL Technologies over the past couple of weeks — which also saw Mahindra Satyam complete a year in a born-again avatar — India’s IT sector seems to be on firm ground again.Source: HindustanTimes.com - Top Business News Headlines | 25 Apr 2010 | 10:26 am Govt likely to incentivise India Inc for CSR activitiesThe government is looking at providing various incentives, including tax breaks to corporates to carry out corporate social responsibility programmes.Source: HindustanTimes.com - Top Business News Headlines | 25 Apr 2010 | 10:12 am Oberoi Group eyes venture in TurkeyHospitality major Oberoi Group is in talks with Turkey for a hospitality venture.Source: HindustanTimes.com - Top Business News Headlines | 25 Apr 2010 | 10:03 am Hyundai sees flat exports this fiscalThe country’s largest passenger car exporter, Hyundai Motor India Ltd, expects a flat year for exports as many of its export markets are yet to recover fully from the economic downturn. Sumant Banerji reports.Source: HindustanTimes.com - Top Business News Headlines | 25 Apr 2010 | 9:59 am 3 IT giants hire 20,000 staff in Q4IT giants Infosys, TCS and Wipro hired over 20,000 employees in the January-March quarter, with improving business conditions propelling their recruitment plans, according to human resources data.Source: HindustanTimes.com - Top Business News Headlines | 25 Apr 2010 | 9:58 am Mutual funds’ largesse under SEBI scannerMutual fund houses have come under the scanner of market regulator SEBI for allegedly lavishing their agents and distributors with incentives like cash payouts and foreign junkets in return for higher sales.Source: HindustanTimes.com - Top Business News Headlines | 25 Apr 2010 | 9:56 am Tax evasion: Foreign service takers topDomestic firms receiving services from overseas entities accounted for a quarter of the service tax evasion during 2008-09, according to a CAG report.Source: HindustanTimes.com - Top Business News Headlines | 25 Apr 2010 | 9:54 am
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