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Current order book at Rs 5500cr: KEC InternationalIn an interview with CNBCTV18, Vardhan Dharkar, CFO, KEC International, speaks about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 20 May 2010 | 8:54 am MTNL can pay 3G dues without problem: Sources\"MTNL can pay the 3G dues, which currently stand at Rs 6,594 crore for Delhi and Mumbai, without any problem,\" sources told CNBCTV18. There was no formal decision on seeking waiver or extension yet and it was awaiting a formal demand note on 3G spectrum dues.Source: Moneycontrol Top Headlines | 20 May 2010 | 6:50 am Price hike in Delhi, Mumbai to be decided by cos: Oil SecyBringing about nearuniformity in the cost of the fuel in the country, Oil Secretary S Sundereshan said that the government would take correct steps for OMCs and consumers. \"Only IGL and Mahanagar Gas are receiving APM gas currently,\" he said adding that the price hike in Delhi and Mumbai would be decided by the companies themselves.Source: Moneycontrol Top Headlines | 20 May 2010 | 6:38 am Jindal Steel to buy Oman co for $464mJindal Steel Power said on Thursday its unit will buy Oman\'s Shadeed Iron Steel Co LLC for USD 464 million expanding its reach in the Middle EastSource: Moneycontrol Top Headlines | 20 May 2010 | 6:37 am CLSA, Citi upgrade ONGC, OIL target priceAccording to a CLSA report, the hike adds Rs1719/share to earnings for ONGC and Oil India from the current baseline. CLSA has upgraded their FY1113 estimates by 49%, and target prices by 47%.Source: Moneycontrol Top Headlines | 20 May 2010 | 6:21 am RIL suspends all drilling ops on cyclone \'Laila\' scareReliance Industries suspended all drilling operations in the East Coast on perceived threat from cyclone Laila. The rigs were moved to safe zones. The company statement also said that the vessel and floating operations were suspended at KG Basin D6 and will restart operations only after weather improvesSource: Moneycontrol Top Headlines | 20 May 2010 | 5:54 am Gas generated power to cost more - Business Standard
Source: Business - Google News | 20 May 2010 | 4:02 am Govt doubles APM gas prices: How will it impact power cos? - Moneycontrol.com
Source: Business - Google News | 20 May 2010 | 4:00 am Indian companies set to boost capexIndian companies are poised to begin a new cycle of investment and capacity expansion to meet rising domestic demandSource: Moneycontrol Top Headlines | 20 May 2010 | 4:00 am Sensex hovers near 16500; oil & gas, pharma up - Economic Times
Source: Business - Google News | 20 May 2010 | 3:58 am Telcos up as costly 3G auction ends;hurdles ahead - Reuters India
Source: Business - Google News | 20 May 2010 | 3:52 am ban sends euro spiralling downwards - Economic Times
Source: Business - Google News | 20 May 2010 | 3:48 am Pakistan blocks YouTube over ‘sacrilegious’ contentIslamabad: The Pakistani government blocked access to YouTube on Thursday because of “sacrilegious” content on the video-sharing website, signaling a growing Internet crackdown against sites deemed offensive to the country’s majority Muslim population. The move against YouTube came a day after the government blocked access to Facebook because of a page on the social networking site that encourages users to post images of Prophet Muhammad. The page sparked criticism because Islam prohibits any images of the prophet. A Pakistan Telecommunications Authority (PTA) official, who declined to be identified, said the action was taken after the authority determined that some caricatures of the Prophet Mohammad were transferred from Facebook to YouTube. The PTA did not point to specific material on YouTube that prompted it to block the site, only citing “growing sacrilegious contents.” The government took action against both Facebook and YouTube after it failed to persuade the websites to remove the “derogatory material,” the regulatory body said in a statement. Wahaj-us-Siraj, the CEO of Nayatel, an Internet service provider, said PTA issued an order late on Wednesday seeking an “immediate” blockade of YouTube. “It was a serious instruction as they wanted us to do it quickly and let them know after that,” he told Reuters. The regulatory body said it has blocked more than 450 Internet links containing offensive material. It is unclear how many of the links were blocked in the last two days. Access to the online encyclopedia site Wikipedia and the photo sharing site Flickr was also restricted on Thursday. YouTube was also blocked in the Muslim country in 2007 for about a year for what it called un-Islamic videos. Siraj said the blocking of the two websites would cut up to 25% of total Internet traffic in Pakistan. “It’ll have an impact on the overall Internet traffic as they eat up 20 to 25% of the country’s total 65 giga-bytes traffic,” he said. Publications of similar cartoons in Danish newspapers in 2005 sparked deadly protests in Muslim countries. Around 50 people were killed during violent protests in Muslim countries in 2006 over the cartoons, five of them in Pakistan. The PTA welcomed representatives from the two websites to contact the Pakistani government to resolve the dispute in a way that “ensures religious harmony and respect.” Source: Home - Livemint.com | 20 May 2010 | 3:35 am Pakistan blocks YouTube over ‘sacrilegious’ contentIslamabad: The Pakistani government blocked access to YouTube on Thursday because of “sacrilegious” content on the video-sharing website, signaling a growing Internet crackdown against sites deemed offensive to the country’s majority Muslim population. The move against YouTube came a day after the government blocked access to Facebook because of a page on the social networking site that encourages users to post images of Prophet Muhammad. The page sparked criticism because Islam prohibits any images of the prophet. A Pakistan Telecommunications Authority (PTA) official, who declined to be identified, said the action was taken after the authority determined that some caricatures of the Prophet Mohammad were transferred from Facebook to YouTube. The PTA did not point to specific material on YouTube that prompted it to block the site, only citing “growing sacrilegious contents.” The government took action against both Facebook and YouTube after it failed to persuade the websites to remove the “derogatory material,” the regulatory body said in a statement. Wahaj-us-Siraj, the CEO of Nayatel, an Internet service provider, said PTA issued an order late on Wednesday seeking an “immediate” blockade of YouTube. “It was a serious instruction as they wanted us to do it quickly and let them know after that,” he told Reuters. The regulatory body said it has blocked more than 450 Internet links containing offensive material. It is unclear how many of the links were blocked in the last two days. Access to the online encyclopedia site Wikipedia and the photo sharing site Flickr was also restricted on Thursday. YouTube was also blocked in the Muslim country in 2007 for about a year for what it called un-Islamic videos. Siraj said the blocking of the two websites would cut up to 25% of total Internet traffic in Pakistan. “It’ll have an impact on the overall Internet traffic as they eat up 20 to 25% of the country’s total 65 giga-bytes traffic,” he said. Publications of similar cartoons in Danish newspapers in 2005 sparked deadly protests in Muslim countries. Around 50 people were killed during violent protests in Muslim countries in 2006 over the cartoons, five of them in Pakistan. The PTA welcomed representatives from the two websites to contact the Pakistani government to resolve the dispute in a way that “ensures religious harmony and respect.” Source: LatestNews-Home - Livemint.com | 20 May 2010 | 3:35 am Pakistan blocks YouTube over ‘sacrilegious’ contentIslamabad: The Pakistani government blocked access to YouTube on Thursday because of “sacrilegious” content on the video-sharing website, signaling a growing Internet crackdown against sites deemed offensive to the country’s majority Muslim population. The move against YouTube came a day after the government blocked access to Facebook because of a page on the social networking site that encourages users to post images of Prophet Muhammad. The page sparked criticism because Islam prohibits any images of the prophet. A Pakistan Telecommunications Authority (PTA) official, who declined to be identified, said the action was taken after the authority determined that some caricatures of the Prophet Mohammad were transferred from Facebook to YouTube. The PTA did not point to specific material on YouTube that prompted it to block the site, only citing “growing sacrilegious contents.” The government took action against both Facebook and YouTube after it failed to persuade the websites to remove the “derogatory material,” the regulatory body said in a statement. Wahaj-us-Siraj, the CEO of Nayatel, an Internet service provider, said PTA issued an order late on Wednesday seeking an “immediate” blockade of YouTube. “It was a serious instruction as they wanted us to do it quickly and let them know after that,” he told Reuters. The regulatory body said it has blocked more than 450 Internet links containing offensive material. It is unclear how many of the links were blocked in the last two days. Access to the online encyclopedia site Wikipedia and the photo sharing site Flickr was also restricted on Thursday. YouTube was also blocked in the Muslim country in 2007 for about a year for what it called un-Islamic videos. Siraj said the blocking of the two websites would cut up to 25% of total Internet traffic in Pakistan. “It’ll have an impact on the overall Internet traffic as they eat up 20 to 25% of the country’s total 65 giga-bytes traffic,” he said. Publications of similar cartoons in Danish newspapers in 2005 sparked deadly protests in Muslim countries. Around 50 people were killed during violent protests in Muslim countries in 2006 over the cartoons, five of them in Pakistan. The PTA welcomed representatives from the two websites to contact the Pakistani government to resolve the dispute in a way that “ensures religious harmony and respect.” Source: Tech News - Livemint.com | 20 May 2010 | 3:35 am Satluj Jal Vidyut Nigam expects steady profit - NDTV.com
Source: Business - Google News | 20 May 2010 | 3:32 am European stocks rebound but euro zone fears weighLONDON (Reuters) - European stocks rebounded on Thursday as investors sought bargains after the previous day's sharp sell-off but gains were limited by persistent euro zone fears, with the euro remaining under pressure.Source: Reuters: Money News | 20 May 2010 | 3:14 am Jet Airways FY10 net loss narrows(versus the same period a year earlier, in billion rupees unless stated)Source: Reuters: Money News | 20 May 2010 | 2:56 am Telcos up as costly 3G auction ends; hurdles aheadMUMBAI/NEW DELHI (Reuters) - Shares in top mobile operators rose as much as 6 percent on Thursday following the end of a frenzied auction for 3G mobile licences, but the cheer may be short-lived.Source: Reuters: Money News | 20 May 2010 | 2:54 am APM gas price hike will be revenue neutral: ONGCIn an exclusive interview with CNBCTV18, RS Sharma, CMD, ONGC, speaks about the implication of the hike in APM gas price.Source: Moneycontrol Top Headlines | 20 May 2010 | 2:49 am Louisiana shore sees heavy oil as BP prepares plugVENICE, La. (Reuters) - Heavy oil from the Gulf of Mexico spill threatened Louisiana marshlands on Thursday after washing ashore for the first time since a BP-operated rig exploded a month ago, sparking ecological disaster.Source: Reuters: Money News | 20 May 2010 | 2:48 am Rupee off 14-week low as shares gain; dollar falls - Economic Times
Source: Business - Google News | 20 May 2010 | 2:47 am Apple laptop user has 'vultures' lawsuit dismissedLeslie Carr sought to recover $60 million for trauma, which she said kept her from publishing on the Web.Source: Daily News & Analysis: Money News | 20 May 2010 | 2:47 am Nalco bags EEPC Export AwardNalco enjoys Premier Trading House status, and it is the first Indian aluminium company to be registered with London Metal Exchange, for its high quality products.Source: Daily News & Analysis: Money News | 20 May 2010 | 2:45 am Food inflation rises to 16.49%India's annual food inflation edged up for the second week, rising to 16.49% for the week ended May 8 as shown by the official data released on Thursday.Source: India Business News | Business News - Times of India | 20 May 2010 | 2:45 am Buy ICICI Bank target of Rs 825 Motilal Oswal - Moneycontrol.com
Source: Business - Google News | 20 May 2010 | 2:45 am ANALYSIS - Popular anger made Merkel attack speculatorsBERLIN (Reuters) - Germany's go-it-alone attack on risky financial bets may have taken both the markets and its EU partners by surprise, but domestic pressure on Chancellor Angela Merkel to some extent made such a move inevitable.Source: Reuters: Money News | 20 May 2010 | 2:45 am European stocks rebound but euro zone fears weighLondon: European stocks rebounded on Thursday as investors sought bargains after the previous day’s sharp sell-off but gains were limited by persistent euro zone fears, with the euro remaining under pressure. Equity markets plunged on Wednesday and Bunds rallied after Germany unnerved investors by unilaterally banning naked short selling of certain financial stocks, euro zone sovereign debt and related transactions in credit default swaps. The selloff brought out buyers in Europe on Thursday, with banks among the top performers. The FTSEurofirst 300 index of top European shares opened up 0.7%. ”It’s bargain hunting after yesterday’s falls, but volatility remains high,” said Will Hedden, a sales trader at IG Index. ”The markets did not take to the German ban and I would not expect to see people piling in too much as the risks to the downside are still very strong.” The June Bund future edged down 9 ticks but markets remained troubled by the general health of the euro zone and the lack of policy coordination amongst European members. “The key negative is that the lack of unity suggests that there are cracks within the EU with regard as to how to deal with this crisis,” said Gary Jenkins of Evolution Securities in a note. World stocks as measured by the MSCI All-Country index were flat whilst the more volatile emerging markets index was down 0.75%. “In the past few days we have seen good economic activity numbers and good momentum in economic readings but the market is more focused on financial stability risks and sovereign risks,” said Murat Toprak, a strategist at Societe Generale in London. Source: Home - Livemint.com | 20 May 2010 | 2:44 am Vodafone India to launch 3G services by end2010Vodafone\'s India unit aims to launch 3G mobile services by end2010, the company said on Wednesday after it won thirdgeneration spectrum in the country.Source: Moneycontrol Top Headlines | 20 May 2010 | 2:41 am China Foton eyes India truck plant by 2011: SourcesTruck maker Beiqi Foton Motor Co plans to be the second major Chinese automotive manufacturer to set up a plant in India.Source: Moneycontrol Top Headlines | 20 May 2010 | 2:39 am Govt to launch oil block auctions in FY11: OfficialThe government has a new exploration licensing policy in place to facilitate exploration of oil and gas resources.Source: Daily News & Analysis: Money News | 20 May 2010 | 2:18 am Rupee off 3-½ month low as shares gain; dollar fallsMUMBAI (Reuters) - The rupee pulled back from three-and-half-month lows on Thursday afternoon as domestic shares gained over a percent while the dollar dropped against some major currencies overseas.Source: Reuters: Money News | 20 May 2010 | 2:13 am Dubai World in $23.5 bln debt deal with core banksDUBAI (Reuters) - Dubai World, the state-owned conglomerate, has reached a deal in principle to restructure $23.5 billion in debt with the core lenders holding 60 percent of the exposure.Source: Reuters: Money News | 20 May 2010 | 2:02 am Novartis ordered to pay $250 million to sexually harassed female saleswomenA dozen women had originally sued Novartis, the maker of Excedrin, Gas-X and Vagistat, for discrimination in 2004.Source: Daily News & Analysis: Money News | 20 May 2010 | 1:59 am Rupee off day’s low as shares gainMumbai: The rupee pulled back from three-and-half-month lows on Thursday afternoon as domestic shares gained over a percent while the dollar dropped against some major currencies overseas. At 1:25 pm, the partially convertible rupee was at 46.49/50 per dollar, off the day’s low of 46.785, its lowest since 9 February, but weaker than 46.36/37 at close on Wednesday when it had dropped 1.64% in the biggest fall in 15 months. The BSE stock index Sensex was trading up 1.3%, led by state explorer Oil & Natural Gas Corp and financial stocks. The index of the dollar against six major currencies was down 0.2% and helped rupee recover from its lows. The euro remained vulnerable in volatile trading conditions on Thursday as uncertainty over unity in the euro zone weighed on the single currency, with extreme short positioning exacerbating moves. One-month offshore non-deliverable forward contracts were quoted at 46.67, 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 at 46.5050 and 46.51 respectively, with the total traded volume on the two exchanges at about $5 billion. Source: Home - Livemint.com | 20 May 2010 | 1:41 am Rupee off day’s low as shares gainMumbai: The rupee pulled back from three-and-half-month lows on Thursday afternoon as domestic shares gained over a percent while the dollar dropped against some major currencies overseas. At 1:25 pm, the partially convertible rupee was at 46.49/50 per dollar, off the day’s low of 46.785, its lowest since 9 February, but weaker than 46.36/37 at close on Wednesday when it had dropped 1.64% in the biggest fall in 15 months. The BSE stock index Sensex was trading up 1.3%, led by state explorer Oil & Natural Gas Corp and financial stocks. The index of the dollar against six major currencies was down 0.2% and helped rupee recover from its lows. The euro remained vulnerable in volatile trading conditions on Thursday as uncertainty over unity in the euro zone weighed on the single currency, with extreme short positioning exacerbating moves. One-month offshore non-deliverable forward contracts were quoted at 46.67, 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 at 46.5050 and 46.51 respectively, with the total traded volume on the two exchanges at about $5 billion. Source: LatestNews-Home - Livemint.com | 20 May 2010 | 1:41 am Booker profit tops forecast, to expand in IndiaThe firm said on Thursday its performance made it confident of coping in tough economic conditions and it hiked its full-year dividend by 46%.Source: Daily News & Analysis: Money News | 20 May 2010 | 1:32 am ABN AMRO posts Q1 profit, sees huge Q2 lossABN AMRO Group forecast restructuring charges this quarter of 475 million ($590 million) pretax and losses of 800-900 million, net of tax, for EU-mandated asset sales.Source: Daily News & Analysis: Money News | 20 May 2010 | 1:31 am Food price index up 16.49% y/y: Govt - Moneycontrol.com
Source: Business - Google News | 20 May 2010 | 1:28 am ADAG firms hike stake in Fame India to 14.34%Mumbai: Reliance MediaWorks on Thursday said it has acquired an additional 1.89 lakh shares of Fame India along with two other group firms, taking the total stake in the multiplex chain to 14.34%. Three entities of the Anil Dhirubhai Ambani Group -- Reliance MediaWorks, Reliance Capital and Reliance Capital Partners --have acquired 1.89 lakh equity shares, or 0.54% stake, of Fame at an average price of Rs78.33. The acquisition of shares were made through open market transactions on 19 May, Reliance MediaWorks said in a filing to the Bombay Stock Exchange. After the latest purchase, ADAG companies now hold 14.34% stake in Fame. Reliance MediaWorks, which is in competition with Inox for acquiring a stake in Fame, has already made a Rs180 crore open offer to buy 52.72% stake in Fame at Rs83.40 a share. Inox holds 51% in Fame India and has made an open offer for an additional 20% at Rs51 per share. Reliance MediaWorks operates BIG Cinemas, India’s largest cinema chain. Shares of Reliance MediaWorks were quoting at Rs175.15, up 1.45% on the BSE, while Fame India was trading at Rs80, higher by 2.37%. Source: Home - Livemint.com | 20 May 2010 | 1:22 am ONGC climbs 11 pc on BSE on natural gas price hikeShares of oil companies led by ONGC surged by nearly 11 per cent on the BSE, a day after the government more than doubled the prices of natural gas to cut the losses suffered by oil companies.Source: HindustanTimes.com - Top Business News Headlines | 20 May 2010 | 1:16 am MasterCard settles data security claims with HeartlandMasterCard card issuers that filed timely claims for reimbursement of operational expenses or to recover fraud losses on certain accounts processed by Heartland during 2008 will be eligible to get a specified payment with receipt in the third calendar quarter of 2010.Source: Daily News & Analysis: Money News | 20 May 2010 | 1:16 am Asian stocks bashed to 8-month lows; euro retreatsHong Kong: Worries over the euro zone’s debt crisis hammered Asian stocks to their lowest in more than eight months and sent the euro down, struggling to stay above the previous day’s four-year low as political divisions and fears of more market regulation kept investors on edge. Japan’s Nikkei average closed at a new three-month low and the South Korean benchmark KOSPI fell to a near three month closing low, as investors worried about the troubles of Europe resulting in slowing growth there. European markets rebounded from the previous day’s slump, with the FTST Eurofirst 300 up 0.3%, Germany’s DAX up 0.6% and France’s CAC half a% higher. The euro, reversed its earlier fragile rally, heading back to near four-year lows struck the previous day after Germany’s surprise ban of naked short-selling in some securities spooked financial markets. The euro fell 0.5% from late US trade to $1.2348, having risen as far as $1.2433 on trading platform EBS in early deals, as traders covered short positions on speculation European monetary officials might move to check its rapid fall. Germany’s move to stamp out speculators added further worries to a market already jittery about Greece’s heavy debts. Investors are fearing that austerity policies, needed to pull fiscally weak EU countries into line, will dampen European and world growth. Berlin’s unilateral step suggested Europe remained unable to form a united front in addressing its debt crisis. It worried investors by increasing uncertainty over market regulation. Traders said Thursday’s market slide appeared to be driven by sell signals from value-at-risk models, which are widely used by trading desks and funds to determine the level of risky positions they are willing to stomach. The sharp drop in the Australian dollar against the yen and even the euro, and the euro’s jump against the won, suggested that market players were being forced to cut positions across the board, even those bets against the single currency. Many traders cited a lack of liquidity across markets as exacerbating the moves. They also noted heavy hedge fund selling across markets, including the Aussie and won. The won, which logged its biggest weekly loss in more than 14 months, suffered in the broad sell-down of risky assets from value at risk models. The yen, which usually gains during heightened uncertainty and risk aversion, rose against the high-yielding Australian dollar which slid 3% on the day pushing the unit down to a 10-month low. Foreign selling was seen in many equity markets in the region and these sales are already hitting multi-month peaks. Credit Suisse said in a report their foreign investors’ selling in May for emerging Asia outside China and Malaysia is already the highest monthly aggregate since October 2008. It said that if the pace of selling sustains for the rest of the month there could be net sales of $14 billion, compared with the high of $17.5 billion in August 2007, during the bear market. “We have seen a large amount of money come in and we are beginning to see some of that trickle out,” said Bratin Sanyal, head of Asian equities at ING Asset Management in Hong Kong who manages $2.4 billion. “With global turmoil and growing risk aversion we are seeing some money being pulled out and flowing back into their home markets.” Asian stock markets continued to bleed for the second straight day and are heading towards its worst weekly performance since November 2008. The MSCI index of Asia-Pacific shares outside of Japan fell 2.3% to a eight month low. It has now fallen 8.5% this week and 11.3% this year. Industrials and materials shares were the biggest losers. The MSCI sector indexes for defensive sectors like healthcare and utlities posted modest losses, outperforming the broad market. Wall Street slipped on nervousness about the disarray in Europe and on worries the crisis would hurt growth. That came on the heels of losses in Europe for the third in four sessions. “Investors are entitled to be a little hesitant about putting a toe into the shark-filled waters,” said Richard Morrow, director at E.L. & C. Baillieu Stockbroking. “Only one thing is certain: this volatility is likely to stay around at least in the short term. This is a trader’s market.” Australian shares gave up initial gains as Wall Street’s drop weighed and worries remained that Europe’s problems could hurt economic growth. The benchmark S&P/ASX 200 was down 1%, wallowing at a 9-month low. South Korean assets were dealt an extra blow by rising tensions in the Korean peninsula as Seoul exchanged tough rhetoric with its northern neighbour over the cause of a navy ship sinking that killed 46 sailors from the south. Souring risk appetite also drove demand for safe haven US Treasuries with the yield on the benchmark 10-year note easing to 3.35% after rising 2 bps the previous day on euro jitters. ING’s Sanyal said that aversion was a good omen for defensive sectors. “Some of the unloved sectors should do well. Telcos and utilities have performed poorly and are underowned. With the fear factor coming back into the market they should do well,” he said. Source: Home - Livemint.com | 20 May 2010 | 1:08 am Govt to launch oil block auctions this fiscalMumbai: The government is likely to launch the next round of auctions for oil and gas block exploration in the current financial year ending March 2011, a senior government official said on Thursday. The government has a new exploration licensing policy in place to facilitate exploration of oil and gas resources. “We have already initiated the process. Typically it takes four to six months to launch the auction,” said RK Sinha, production adviser to the Directorate-General of Hydrocarbons. India has so far completed eight rounds of auctions for oil and gas exploration. Source: LatestNews-Home - Livemint.com | 20 May 2010 | 1:07 am Dubai, core banks reach accord on $23.5 billion debt dealThe deal, which requires no new support from the government, must still be approved from banks outside the core negotiating committee, Dubai World said.Source: Daily News & Analysis: Money News | 20 May 2010 | 1:05 am Vegetables, fruits push food inflation to 16.49 pcFood Inflation rose to 16.49 per cent for the week ended May 8, mainly due to high prices of vegetables and fruits. Inflation rose by 0.05 per cent from 16.44 per cent in the previous week.Source: HindustanTimes.com - Top Business News Headlines | 20 May 2010 | 1:02 am Jindal Steel to buy Oman steel company for $464 millionThe deal which includes liabilities of $79 million, will be financed by $400 million of debt, which is already tied up, and equity of $64 million, director Sushil K Maroo said.Source: Daily News & Analysis: Money News | 20 May 2010 | 1:01 am Vegetables, fruits push food inflation to 16.49%On a weekly basis, onions turned expensive by 5.73%, potatoes by 0.95%, fruits by 0.41% and vegetables by 2.41% while prices of urad and moong rose by 2% each.Source: Daily News & Analysis: Money News | 20 May 2010 | 1:00 am Food price inflation inches up in early MayNEW DELHI (Reuters) - India's food price inflation picked up for the second consecutive week in early May, but with headline inflation seen cooling and uncertainty over the impact of euro zone sovereign debt crisis, the Reserve Bank of India (RBI) is unlikely to raise rates ahead of its July policy review.Source: Reuters: Money News | 20 May 2010 | 12:51 am ABN AMRO posts Q1 profit , sees huge Q2 lossAmsterdam: Nationalised Dutch bank ABN Amro Group forecast more than €1 billion in second-quarter charges on Thursday, offsetting profitable results from both its units in the first quarter. The group forecast restructuring charges this quarter of €475 million ($590 million) pretax and losses of 800-900 million, net of tax, for EU-mandated asset sales. It also predicted a rise in loan loss provisions. ABN had said in March it would post a loss for this year on those charges. The Dutch government nationalised the local operations of former Belgian concern Fortis in October 2008, which included both banks. It has spent more than €26 billion on the nationalisation and subsequent support, making it one of the world’s costliest rescues due to the credit crisis. The two banks will be legally merged in the third quarter, though the group does not expect the actual operational merger to be completed until late 2011. The government is expected to privatise the group in 2013 or later. The group said ABN Amro Bank’s first-quarter net income more than doubled to €178 million. Loan impairments and other credit provisions fell more than 80% to €45 million, while savings volumes rose at higher margins than last year. Fortis Bank Nederland swung to a profit of €73 million from a year-earlier loss, as it also saw higher margins and avoided the negative hedging results of a year earlier. Source: Home - Livemint.com | 20 May 2010 | 12:48 am Food price inflation inches up in early MayNew Delhi: India’s food price inflation picked up for the second consecutive week in early May, but with headline inflation seen cooling and uncertainty over the impact of euro zone sovereign debt crisis, the central bank is unlikely to raise rates ahead of its July policy review. The food price index rose to 16.49% in the year to 8 May, government data on Thursday showed, a touch higher than the prior week’s annual reading of 16.44% as fruit and vegetables prices climbed on the back of a heat wave. The fuel price index was steady at 12.33%, while the primary articles index was up 16.19% versus 16.76%. The benchmark 10-year federal bond yield was barely moved at 7.45% after the data release. In an indication the central bank would not lower its guard on inflation, Reserve Bank of India governor Duvvuri Subbarao said on Wednesday that demand-side pressures are picking up and asset prices are rising rapidly. While food and fuel inflation remain in double digits, manufacturing inflation, which the central bank has said would determine its policy response, fell in April to 6.70% from 7.13% in March. The markets expect the central bank to raise rates by 25 basis points in the policy review on 27 July. Analysts say the government’s decision on Wednesday to more than double the price of regulated gas may stoke headline inflation, which had hit an annual 9.59% in April. “This will have an inflationary impact because it will lead to a permanent rise in input costs for the user industries,” said N Bhanumurthy, an economist with New Delhi think-tank National Institute of Public Finance and Policy. The government expects food prices to ease with the arrival of more winter harvest and normal monsoon rains that begin in June. Source: Home - Livemint.com | 20 May 2010 | 12:34 am Markets bounce; ONGC rallies, telcos gainMumbai: Indian shares pulled back slightly on Thursday from a steep slide in the previous session, with state energy explorer Oil and Natural Gas Corp and telecoms shares among the big gainers. Investors were, however, circumspect with Asian peers still under pressure on fears of more regulations and lingering worries about the euro zone debt problems. Mobile firms Bharti Airtel, Reliance Communications and Idea Cellular climbed as much as 6% as investors breathed a sigh of relief that a costly auction for 3G mobile spectrum had finally ended. By 11:23am, the 30-share BSE index was up 0.49% at 16,488.70 after rising 1.2% early. Sixteen of its components were trading in the green. The 50-share NSE index was up 0.4% at 4,937.50. The benchmark, which fell 2.8% on Wednesday to its lowest close in more than two-and-a-half months, has lost 6% this year as foreign funds pulled out almost $1 billion in May and trimmed the net inflow since the start of January to $5.6 billion. “A sharp fall from here is not likely. Prices are at reasonable levels for one to start buying from a long-term perspective,” said Neeraj Dewan, director of Quantum Securities. He said the euro zone woes were a drag on the market, but strong domestic growth should help. ONGC jumped 10.9% to Rs1,141, its highest level in 3-months, after the government more than doubled the prices of natural gas produced by state firms. Brokerage Ambit Capital raised its rating on ONGC to “buy” from “hold”, noting the gas price increase was the first in almost five years and will help the company. The stock later trimmed gains and was trading up 8.4%. Telecoms shares rose after an auction of 3G spectrum ended on Wednesday, with proceeds reaching $14.6 billion or nearly double the government estimate. Morgan Stanley upgraded its view on Indian telecoms to “in-line” from “cautious”, citing the 3G spectrum auction close, signs of tariff wars subsiding and quarterly results that showed revenue growth driven by higher minutes of usage. The cheer may be short-lived as the impact of high capital expenditure for third-generation mobile spectrum and equipment would remain a drag. “Eventually, telecom stocks will come under pressure. No one has got an all-India licence, still the amount they are paying is not small. Their balance sheets will be stretched,” said Jagannadham Thunuguntla, equity head SMC Capital in New Delhi. Top mobile operator Bharti, which is paying $2.6 billion, was up 1.1% after rising as much as 2.4% early, while second-ranked Reliance Communications rose 1.9%, trimming gains of 5.8%. State utility Satluj Jal Vidyut Nigam rose more than 7% before dropping below their IPO price in a debut that is unlikely to inspire investors in upcoming government offerings. The stock was trading at Rs25.90, lower than the issue price of 26. In the broader market, gainers were almost equal to the number of losers on volume of 120 million shares. Source: Home - Livemint.com | 20 May 2010 | 12:20 am Power tariff to rise by Re 1 a unitPower Minister Sushil Kumar Shinde today said that power tariff would go up by about Re 1 per unit (kwh) owing to the government's decision to hike gas prices last evening.Source: HindustanTimes.com - Top Business News Headlines | 20 May 2010 | 12:16 am Steel Ministry will ensure iron-ore availabilityThe Steel Ministry will push for a further increase in export duty of iron ore if there is aSource: Business Line - Home Page | 20 May 2010 | 12:00 am Exports in April jump 36%; imports surge 43%Exports in 2010-11 have kicked off on a positive note with shipments in April – the first month of this fiscal – posting a 36.2 per cent year-on-year growth to touch $16.9Source: Business Line - Home Page | 20 May 2010 | 12:00 am IDBI Bank: SellWe recommend a sell in the stock of IDBI Bank from a short-term trading perspective. It is evident from the charts of the stock that its intermediate-term uptrend which started in March 2009 from low of around Rs 40 encountered resistance in theSource: Business Line - Home Page | 20 May 2010 | 12:00 am Jindal Steel to buy Oman co for $464 mnNew Delhi / Mumbai: Jindal Steel & Power said on Thursday its unit will buy Oman’s Shadeed Iron & Steel Co LLC for $464 million expanding its reach in the west Asia, a move that will boost its profitability in coming years. The deal which includes liabilities of $79 million, will be financed by $400 million of debt, which is already tied up, and equity of $64 million, director Sushil K. Maroo told Reuters. “This (the acquisition) is our entry into Gulf countries where the construction sector is doing well,” Maroo said, adding the produce from the Oman facility can also be exported to China, which has strong demand for hot briquetted iron. Shadeed is investing $500 million to install a gas-based hot briquetted iron plant with annual capacity of 1.5 million tonnes at Sohar in Oman, which is likely to be operational in a year with revenue expected to kick in by July-Sept 2011, Maroo said. This plant, if commissioned on time, is likely to boost Jindal’s profitability in FY12, analysts said. “Its a plant, which is nearing completion. The plant has a long-term supply of gas at lower prices and it is port-based so incoming/outgoing freight is reduced,” Prasad Baji, analyst with Edelweiss Capital, said. Another analyst, Amit Kasat from Anand Rathi expects a profit of Rs500-550 crore from the facility, once it is operational. “It is a fair valuation - not very expensive, not cheap. It must not be a strain for the company,” Kasat, which has a ‘sell´ rating on the stock, said. The move came as a surprise to investors as Jindal Steel had on Saturday said it had discontinued talks with United Arab Emirates-based Al Ghaith Holdings for the purchase of Shadeed due to lack of clarity on land titles and incremental liabilities. “We were asking for certain information about certain issue which were not coming forth....Then (during renegotiation) they gave information on these major issues, which cleared all doubts,” Maroo said over the telephone. Jindal Steel’s plants in India may supply pellets or the company may set up a pellets manufacturing facility in Oman to support the Shadeed plant, Maroo said. Jindal Steel & Power has a current capacity of 1.3 million tonnes per annum of sponge iron and 3.6 million tonnes of finished iron. At 11.25 am, shares in Jindal Steel & Power, which the market values at about $12.6 billion, were trading up 1.6% at Rs626 in a flat Mumbai market. Source: Home - Livemint.com | 20 May 2010 | 12:00 am Day Trading GuideThe near-term stance is negative for DLF. We restate our sellSource: Business Line - Home Page | 20 May 2010 | 12:00 am European bloc will remain major outsourcing market: NasscomIndian IT industry's revenue from Germany, Austria and Switzerland could increase four fold to $10 billion by 2020, as potential clients mull nearshore and offshore options to overcome cost pressures and resource crunch, a report by NasscomSource: Business Line - Home Page | 20 May 2010 | 12:00 am SBI may review teaser home loans depending on liquidityState Bank of India might take a call on extending its special (eight per cent for first year) home loan scheme depending on its liquiditySource: Business Line - Home Page | 20 May 2010 | 12:00 am 3G auction ends, Govt to net Rs 67,718 crAuction for third generation (3G) spectrum ended today and the Government will receive a windfall of Rs 67,718Source: Business Line - Home Page | 20 May 2010 | 12:00 am Market tanks spooked by German short-sale banDomestic equities fell sharply on Wednesday as foreign institutions offloaded shares after Germany banned short sales in some government bonds, stocks and credit defaultSource: Business Line - Home Page | 20 May 2010 | 12:00 am Bank of Rajasthan unions oppose merger with ICICI BankThe United Forum of Bank of Rajasthan Unions has opposed the merger of Bank of Rajasthan with ICICI Bank, citing cultural compatibilitySource: Business Line - Home Page | 20 May 2010 | 12:00 am Govt-set natural gas prices doubledONGC and Oil India Ltd (OIL) can now sell gas from the fields given to them on a nomination basis at $4.2/mBtu, on par with the price of Reliance Industries Ltd's (RIL) Krishna-Godavari Basin field gas. The Cabinet on Wednesday gave its nod toSource: Business Line - Home Page | 20 May 2010 | 12:00 am ONGC soars 11% on natural gas price hikeMumbai: Shares of oil companies led by ONGC surged by nearly 11% on the BSE, a day after the government more than doubled the prices of natural gas to cut the losses suffered by oil companies. Shares of ONGC jumped nearly 11% to a high of Rs1,141, and OIL India climbed to Rs1,255, up nearly 9% in the morning trade. On Wednesday, the Cabinet hiked the prices of natural gas sold to power, fertilizer and city-gas projects from Rs3,200 per thousand cubic meters ($1.79 per million British thermal unit) to Rs6,818 per thousand cubic meters ($3.818 per mmBtu). After adding royalty, the price for user industries would be Rs7,500 or $4.2 per mmBtu, at a par with the rate at which Reliance sells its gas. Other energy stocks, which gained in the morning trade, were GAIL India (2.93%), Bharat Petroleum Corporation Ltd (2.79%), and Indian Oil Corporation Ltd (3.60%). ONGC and OIL have been making substantial losses in their gas business. Information and broadcasting minister Ambika Soni said on Wednesday that the government was prompted to raise gas prices as low rates were discouraging national oil companies from making investment on raising output. Source: Home - Livemint.com | 19 May 2010 | 11:53 pm Power tariff to rise by Re 1 a unitPower minister Sushil Kumar Shinde on Thursday said that power tariff would go up by about Re 1 per unit (kwh) owing to the government's decision to hike gas prices on Wednesday evening.Source: India Business News | Business News - Times of India | 19 May 2010 | 11:44 pm Sensex rebounds, up 165 pts in opening tradeThe 30-share index, which had lost over 467.27 points in the previous sessions, bounced back by 179.56 points to 16,588.05 points in the first five minutes of trading.Source: HindustanTimes.com - Top Business News Headlines | 19 May 2010 | 11:06 pm Oil extends gains, NY crude above $70Oil prices rose towards $71 a barrel in Asian trade today but sentiment remained weak as investors eyed the debt crisis in Europe, analysts said.Source: India Business News | Business News - Times of India | 19 May 2010 | 10:52 pm Govt likely to raise power tariff - ministerNEW DELHI (Reuters) - India's Power Minister Sushil Kumar Shinde on Thursday said power tariff are likely to go up by about 1 rupee per kilo watt hour, after the government more than doubled state-set gas prices on Wednesday.Source: Reuters: Money News | 19 May 2010 | 10:47 pm Oil rises above $70 amid mixed US supply dataSingapore: Oil prices rose above $70 a barrel Thursday in Asia, recovering from an eight-month low after the European debt crisis battered crude this month. Benchmark crude for June delivery was up 44 cents to $70.31 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The June contract expires later Thursday and much of the trading volume has shifted to the July contract, which rose 36 cents to $72.84. The June contract added 46 cents to settle at $69.87 on Wednesday after dropping earlier in the session to $67.90, the lowest since September. Crude has plunged from $87 a barrel earlier this month as a debt crisis in Europe has hammered the euro and threatens to undermine economic growth. US Oil supply data from the Energy Department’s Energy Information Administration was mixed. Crude inventories rose last week while gasoline stocks fell. Analysts expect US crude demand will likely remain sluggish until the unemployment rate falls. “This slow demand growth further supports our view that a significant increase in gasoline consumption will likely await a decline in the level of unemployment,” Ritterbusch and Associates said in a report. “The overall tone of the oil complex remains quite weak.” In other Nymex trading in June contracts, heating oil rose 1.57 cents to $1.9609 a gallon, and gasoline gained 0.67 cents to $2.0219 a gallon. Natural gas was steady at $4.153 per 1,000 cubic feet. In London, Brent crude July contact was down 18 cents to $73.87 on the ICE futures exchange. Source: LatestNews-Home - Livemint.com | 19 May 2010 | 10:42 pm What is Esma?The Essential Services Maintenance Act (Esma) was enacted in 1968, to (as its name indicates) maintain “certainessential services and the normal life of the community.” The Act includes a long list of “essential services” in its charter -- ranging from post and telegraph, through railway, airport and port operations -- and it prohibits the key employees in these services from striking. But the Act also allows states to choose the essential services on which to enforce Esma. (Jammu and Kashmir, incidentally, is exempt from Esma.) So for instance, only some days ago, Andhra Pradesh decreed that its IT industry was an essential service. This thrilled bodies like National Association of Software & Service Companies (Nasscom) because, as one industry representative put it: ”[W]hat this means for employees is that they cannot resort to strikes. Also, they cannot cite bandhs or a curfew as an excuse not to report to work. Moreover, companies which depend heavily on outside transport providers had to bear the brunt as the transport services were hit during a bandh or a curfew.” Esma gives police the right to arrest, without a warrant, anybody violating the Act’s provisions. ”Any person who commences a strike...or otherwise takes part in...any such strike shall be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to two hundred rupees, or with both,” the Act reads. ”Any person who instigates...a strike which is illegal under this Act shall be punishable with imprisonment for a term which may extend to one year, or with fine which may extend to one thousand rupees, or with both.” samanth.s@livemint.com Source: LatestNews-Home - Livemint.com | 19 May 2010 | 10:28 pm SJVN rises then drops in debutMUMBAI (Reuters) - Shares in state utility Satluj Jal Vidyut Nigam rose more than 7 percent before dropping below their IPO price on Thursday in a debut that is unlikely to inspire investors in upcoming government offerings.Source: Reuters: Money News | 19 May 2010 | 10:20 pm Sensex rebounds, up 165 pts in opening tradeThe Bombay Stock Exchange benchmark Sensex recovered by over 179 points in early trade today on emergence of buying by foreign funds.Source: India Business News | Business News - Times of India | 19 May 2010 | 10:18 pm Euro in cautious recovery, Asian stocks weakHong Kong: The euro struggled to retain gains on Thursday after a fragile rebound from the previous day’s four-year lows as political divisions in Europe and fears of more regulations kept investors edgy and pressured stocks. Investors pushed Asian stocks lower in early dealings with Japan’s benchmark Nikkei average pulled down by exporters. The Nikkei struck an 11-week closing low on Wednesday after Germany’s move to stamp on speculative trading. The Japanese yen, which usually gains during heightened uncertainty and risk aversion, rose early which hurt Japanese exporter shares. That rise does not augur well for high-yielding currencies like the Australian dollar, which is down over 4% this week. Germany’s sudden decision to ban naked short-selling in some securities spooked world financial markets and hammered the euro to a four-year low against the dollar. “Investors are entitled to be a little hesitant about putting a toe into the shark-filled waters,” said Richard Morrow, director at E.L. & C. Baillieu Stockbroking. “Only one thing is certain. This volatility is likely to stay around at least in the short term. This is a trader’s market.” The euro was steady $1.2390 after rising as high as $1.2433 earlier in the day on trading platform EBS. It rebounded from a four-year low of $1.2143 on Wednesday on speculation European monetary officials might move to check its rapid fall. However, Eurogroup chairman Jean-Claude Juncker said in Tokyo that he didn’t see the need for immediate action. The MSCI index of Asia-Pacific shares outside of Japan fell just over 0.5% to a three-month low, before paring the losses. It has fallen 6.6% this week. Japan’s Nikkei average fell 1% and it is just shy of a three month intraday low struck on Wednesday. The Australian dollar climbed to $0.8472, having fallen to a fresh-month low of $0.8355 on Wednesday. It has lost more than 4% this week. Australian shares gave up initial gains as Wall Street’s drop weighed and worries remained that Europe’s debt problems could hurt its economic growth. The benchmark S&P/ASX 200 was down 0.5%, wallowing at a 9-month low. London three-month copper led industrial metals higher on the back of the relief for the euro but the mood was distinctly edgy as investors braced for a fresh wave of uncertainty and risk aversion. The metal was up about 2%. US crude futures hovered around $71 a barrel on Thursday, rising for the second day in a row, in a technical rebound ahead of the front-month June contract expiry later in the day. US Treasuries edged higher on safe-haven buying. The yield on the benchmark 10-year note eased to 3.36 after rising 2 bps the previous day on euro jitters. Source: LatestNews-Home - Livemint.com | 19 May 2010 | 9:49 pm MF industry assets grow 3% in April; HDFC adds Rs5,900 crNew Delhi: The mutual fund industry witnessed nearly 3% growth in its assets under management over April, with the country’s second largest fund house HDFC MF adding over Rs5,900 crore to it. The industry’s average assets under management (AUM) rose by Rs20,836 crore or 2.71% during April. The combined average AUM of the 37 fund houses stood at Rs7,68,361 crore. Country’s top three fund houses -- Reliance MF, HDFC MF and ICICI Pru -- together saw their assets surge by Rs9,376 crore, with HDFC MF alone accounting for Rs5,923 crore. Over April, the largest fund house Reliance MF saw an addition of Rs1,407 crore to its average assets to Rs1.12 lakh crore, as per data released by the Association of Mutual Funds in India (AMFI). At the end of April, HDFC MF’s inched closer to the Rs100,000 crore mark to stand at Rs94,702.79 crore. The third largest fund house ICICI Prudential MF saw its assets rising by Rs2,046.66 crore to Rs 83,036 crore. “The amount withdrawn by the corporate and banks at the end of March quarter was ploughed back into debt schemes in April. Although equity products did not see much buying, liquid and fixed income schemes saw investor interest,” Taurus Mutual Fund managing director R.K. Gupta said. However, UTI MF bucked the trend and saw a decline of Rs761 crore from its assets to Rs79,457 crore during April. During April, the BSE Sensex was marginally higher even as the overall street mood was bearish. Analysts said although inflow was not there in equity schemes, debt funds continued to witness investment interest. Over the month the average assets of Birla Sun Life MF rose by Rs7,165 crore to Rs69,509 crore and L&T MF added a Rs1,614 crore in its AUM to Rs4,125 crore. The other fund houses which saw their average AUM rise in April include JP Morgan MF, Edelweiss MF, Franklin Templeton MF and Tata MF. Of the 37 fund houses in the country, about 12 saw an erosion in its average AUM. This include -- LIC MF whose assets fell by Rs1,796 crore to Rs40,508 crore and Kotak Mahindra MF to Rs33,743 crore, a declined of Rs938 crore during April. Others that saw a decline in their assets include Fortis MF, Deutsche MF, Mirae Asset MF and Shinshei MF. After touching a record AUM of Rs 800,000 crore last year, industry’s average assets fell by 4.13% in January while in February it rose by 3%. Again it eroded by 5% in March on a month-on-month basis. Source: LatestNews-Home - Livemint.com | 19 May 2010 | 9:03 pm AI union threatens strikeMajor Air India unions on Wednesday decided to launch an agitation, which could lead to a strike, to protest delayed payment of wages.Source: India Business News | Business News - Times of India | 19 May 2010 | 4:13 pm 3G auction: Fiscal deficit may slide below 5%With 3G and Broadband Wireless Access spectrum auction revenue likely to touch Rs 80,000 crore and crude price falling to $68 per barrel, the fiscal deficit of the govt is expected to slip below 5% in 2010-11.Source: India Business News | Business News - Times of India | 19 May 2010 | 3:30 pm Tata Steel, JSW may pick up stakes in ICVL - Economic Times
Source: Business - Google News | 19 May 2010 | 2:42 pm Sensex plunges 467 on weak global sentimentThe equity markets ended Wednesday with the worst performance in four months as panic-stricken investors offloaded stocks amid negative global cues. All the major indices ended in the red during the day.Source: India Business News | Business News - Times of India | 19 May 2010 | 2:01 pm 3G auctions ring up Rs 67,719 crore for govtAfter tremendous hype, hoopla, 34 days and 183 rounds of aggressive bidding by nine players, the 3G auctions drew to a close on Wednesday after raking in a whopping Rs 67,719 crore for the government.Source: India Business News | Business News - Times of India | 19 May 2010 | 1:59 pm Spectrum uncertainty drove up bidding pricesThe 3G auctions have beaten all revenue projections by analysts, government and private operators, with government coffers expected to surge within the next 10 days as bidders deposit their money.Source: India Business News | Business News - Times of India | 19 May 2010 | 1:58 pm Exports surge 36% in Apr, 6th month in a rowIndia's merchandise exports rose in April for a sixth straight month on growing demand for the nations cars, jewelry and engineering goods.Source: India Business News | Business News - Times of India | 19 May 2010 | 1:57 pm Final game will need new strategyThe strategy I am disappointed Barcelona did not make it to the Champions League final, but I think Bayern Munich and Inter Milan will play an exciting final. Since it’s a single game, Inter will have to change their strategy completely. The semi-final was over two legs, helping Inter concentrate on their attack in the first game—they scored three goals past Barcelona at Milan, where they had the home advantage. Then they just sat back and soaked up all the attacking pressure in the second leg, where they did not have to score at all. In the final, Inter will have to play an open game, and Bayern will do the same, because there’s no second chance. Inter Milan—Mourinho and his men  Winged feet: Arjen Robben (in red, left) is Bayern’s main weapon. Reuters Inter’s success this season is largely due to their coach José Mourinho. The club has always had world-class players—that’s why they have been winning the Serie A non-stop since 2005. But Mourinho is so strong tactically that he is taking the team a step above that. The Italian giants haven’t played in a Champions League final since 1972 , and now they have a shot at completing a historic treble (they have already won the Serie A and the Italian Cup this season). Mourinho was at his tactical best against Barcelona in the semi-final, and obviously will go all out in the final. Bayern Munich—Robben, the key player Bayern too is fighting for a treble (they have already won the Bundesliga and German Cup) which makes the final so much more interesting, since no club from Italy or Germany has ever achieved this. Bayern too has had a brilliant season, and again, coach Louis van Gaal has played a big role in this revival. Bayern, a team with a great deal of history and pedigree, would love to be crowned European champions again. Arjen Robben will have a big role to play—he has already made a massive impact in the tournament, and can completely change a game. He is definitely Bayern’s main weapon in the final. Bayern will miss winger Franck Ribery, who is suspended, but both teams have made it to the final because of fantastic teamwork rather than individual brilliance. So they will work around any injuries or suspensions. As told to Rudraneil Sengupta Inter Milan will play Bayern Munich in the Uefa Champions League final on Saturday at the Bernabéu Stadium, Madrid. Live on Ten Sports from 10.30pm Source: LatestNews-Home - Livemint.com | 19 May 2010 | 1:45 pm UPA making progress, but concerns remainDespite the high priority placed by the Union government on redressing the infrastructure deficit in the country, a widely shared view is that actual progress in implementation during UPA-I (the first term of United Progressive Alliance government) was not impressive. At the end of the first year of UPA-II, are there indications of a better performance in the near future? A look at the evidence on roads, rail, ports and airports reveals that things are improving. But some concerns remain. Listen to Utpal Bhaskar talking to Gokul Chaudhry, a partner at BMR advisors, on how the UPA government has fared on the infrastructure front. In the roads sector, it has been clear from the outset that the magnitude of investment required was such that private sector funds would be needed on a much larger scale than in the past. To attract such investment, it was necessary to improve the framework for public-private partnerships (PPPs), model concession agreements, requests for qualification and requests for proposals and related procedures. But after more than three years, the framework was still riddled with serious inadequacies, including requirements that caused unnecessary delays. To make matters worse, the worldwide recession struck in September 2008, slowing economic growth. The result was that against bids for 60 projects in 2008-09, only 10 could be awarded. Also See Infrastructure: the good, the bad The most glaring shortcoming was a stipulation that all projects should be compulsorily bid first on a BOT (build-operate-transfer) toll basis, before considering bids on alternative models of delivery such as BOT annuity or EPC (engineering, procurement, construction). In the mistaken zeal to maximize the number of BOT toll contracts, bids were made on this basis even when the traffic count was too low for any chance of success. Another dilatory requirement was to have a pre-qualification process separately for each case. Further, a number of arbitrary and harsh clauses made concession agreements unrealistic and the road projects unattractive for entrepreneurs. UPA-II has started well by approving in December a revised strategy for building national highways based on the report of the BK Chaturvedi committee, which addresses these deficiencies and is bound to speed up construction. Under the revised strategy, 51 projects were bid out by March and awards could be made in as many as 38. However, the country still awaits a move to raise its highways to world-class levels. At present, traffic on the highways is slow because of vehicles moving at varying speeds, crowded stretches where they pass through townships, ribbon development and stoppages at state borders. India cannot become a modern country without a network of access-controlled greenfield expressways in which traffic can flow seamlessly without these impediments. The roads ministry has recently received a consultant’s report for building such a network entirely on a PPP basis. What is needed now is for the Union government to set up an expressway authority immediately to take preliminary steps to finalize their alignment and to begin the task of land acquisition accompanied by appropriate compensation and resettlement. For the railways, the big projects for delivering world-class infrastructure are the dedicated freight corridors. They will make freight movement fast, reliable and capable of being tracked on a continuous basis. It will increase the share of rail in total freight transport, lead to reduction in logistics cost, conservation of energy and deliver a fitting response to the challenge of climate change. What’s more, it will also release capacity in existing lines in saturated corridors for the exclusive use of passenger trains. After inauguration of work on these corridors over a year ago, progress has been slow. No doubt delay in funding has been one of the factors. Now that an agreement for funding has been signed with Japan and another one is expected soon with the World Bank, the new completion target being mentioned is 2016-17. However, the announcement by the railway minister that there will be no acquisition of land without the consent of landholders has cast a shadow on the prospects of the deadline being met. As for ports, the main objective has been to build more berths, improve mechanization and undertake dredging for deepening draughts. Progress had been held up for a long time because of an outdated framework for inviting bids and awarding work on a PPP basis and inter-ministerial differences on the model concession agreement. However, a new framework was approved based on upfront fixing of tariff and the differences on the concession agreement were resolved in 2008. Fifty-four projects were identified for building of berths and mechanization during the 11th Plan but only two could be awarded in the first two years. Against this, as many as 13 have been awarded during 2009-10, and the target of 25 projects for award during 2010-11 looks likely to be fulfilled as in 14 of them the upfront tariff ceiling has already been determined. In airports, the major works in progress have been the PPP projects at Mumbai and Delhi and the modernization of 48 non-metro airports entrusted to the Airports Authority of India along with that of Chennai and Kolkata airports. Work is stated to be on schedule at the four metro airports. A new terminal building will be inaugurated at New Delhi in July. As for non-metro airports, 21 have already been completed, and the target is to finish the rest by 2011-12. There has been a slippage, however, on the city-side development of non-metro airports, for which even bids have not been invited. Anwarul Hoda is a professor at Indian Council for Research on International Economic Relations and former member of the Planning Commission. Respond to this column at feedback@livemint.com Source: LatestNews-Home - Livemint.com | 19 May 2010 | 1:45 pm Yahoo! to acquire Associated ContentInternet major Yahoo has said that it will buy user-generated site Associated Content for an undisclosed amount in an effort to strengthen content creation.Source: HindustanTimes.com - Top Business News Headlines | 19 May 2010 | 1:44 pm AI on recovery path, says PatelAir India, which has been facing massive losses over the past few years, is on the path of recovery and the government would back it to see that it regains its financial strength in the next three years, Civil Aviation Minister Praful Patel said tonight.Source: HindustanTimes.com - Top Business News Headlines | 19 May 2010 | 1:43 pm 3G to have positive impact on telecom stocks: AnalystsThe 3G technology will open up new business opportunities for the winning bidders and will have a positive impact especially on the stocks of the listed telecom entities in the long-term, according to analysts.Source: HindustanTimes.com - Top Business News Headlines | 19 May 2010 | 1:41 pm PGCIL plans Rs64,000 cr of transmission tendersNew Delhi: State-owned electricity transmission company Power Grid Corp. of India Ltd (PGCIL) plans to float tenders valued at around Rs64,000 crore in 2010-11 for nine high-capacity corridors that will transmit power from new projects in Orissa, Sikkim, Jharkhand, Chhattisgarh, Madhya Pradesh, Andhra Pradesh and Tamil Nadu. “The Rs8,000 crore transmission link from Orissa has already received approval from Central Electricity Authority. The notice inviting tenders (NITs) are under preparation and we expect to float it by August,” chairman and managing director S.K. Chaturvedi said. “All the nine transmission corridors that will evacuate power from independent power producers require an investment of around Rs64,000 crore.” “We plan to float the NITs for all transmission links in this financial year and it will take around one year for awarding them,” he added. The tenders will bring cheer to transmission engineering procurement and construction firms such as Kalpataru Power Transmission Ltd, Jyoti Structures Ltd, KEC International, Gammon India Ltd and Crompton Greaves, among others. The bid award process involves pre-investment project preparation activities such as survey, land identification, preparation of detailed project report (DPR) and issuance of NIT resulting in the final award.  “Once a model contract is there, it is easier to float tenders for these bids. However, it is left to be seen how soon can they can award the tenders of these sizes,” said the head one of the firms interested in bidding for the tenders. He declined to be named. These nine corridors are aimed towards evacuating electricity from 38 private developers, having a generation capacity of around 42,000MW. “This is a big tender. It will be a major positive for transmission engineering procurement and construction firms,” said Madanagopal R., an equity research analyst at Centrum Broking Pvt. Ltd. India has installed capacity of 157,000MW of electricity and plans to add around 62,000MW in the 11th Plan (2007-12). The demand for transmission network will further go up with the country planning to add 100,000MW capacity during the 12th Plan period (2012-17). At present, there are five regional grids in India—northern, southern, eastern, north-eastern and western. All except the southern grid are interconnected. PGCIL has a capital expenditure outlay of Rs55,000 crore for the 11th Plan (2007-12). While 35% of this outlay is for strengthening the transmission system, the balance will be used for setting up links to power generation projects. For PGCIL, 30% of capital expenditure in any plan period comes from internal accruals, with the balance being funded by loans. Of the loan amount, around 40% is borrowed from the domestic market, with the balance coming from international lenders such as the World Bank and the Asian Development Bank. PGCIL posted a net profit of Rs1,691 crore on revenue of Rs7,029 crore in 2008-09. utpal.b@livemint.com Source: LatestNews-Home - Livemint.com | 19 May 2010 | 1:22 pm 3G rollout will further accelerate growth: IndustryTelecom operators today expressed confidence that consumers will soon be able to enjoy high-speed data services on their mobile phones, thus fuelling further growth in the telecom sector with the closing of the 3G auctions. Source: HindustanTimes.com - Top Business News Headlines | 19 May 2010 | 1:18 pm Tata Power challenges Maha govt directiveTata Power finally bit the bullet and filed a writ petition in the Bombay high court today against the Maharashtra government.Source: Business Standard | Front Page Headlines | 19 May 2010 | 12:53 pm German tremors rock marketsWorld markets were on a crash course today, while the euro hovered near four-year lows against the dollar after Germany banned speculators from short-selling government bonds, fanning concern the global economic recovery may be derailed.Source: Business Standard | Front Page Headlines | 19 May 2010 | 12:51 pm Govt to rake in Rs 67,000 cr from 3G bonanzaThe bidding frenzy for third generation (3G) spectrum came to an end today with leading operators Bharti Airtel, Reliance Communications and Aircel winning licences for 13 circles each. This was the 34th day of the auction and it saw the price of a pan-India, or nationwide, licence touching Rs 16,828 crore, nearly five times its base price. No single operator could garner enough cash to win bids for all the 22 circles that went under the hammer.Source: Business Standard | Front Page Headlines | 19 May 2010 | 12:47 pm Euroflu slams Sensex to 12-week lowThe benchmark index of the Bombay Stock Exchange, Sensex, saw it biggest fall in three months on Wednesday, plunging 467 points, or 2.8 per cent, to close at a 12-week low of 16,408 points.Source: HindustanTimes.com - Top Business News Headlines | 19 May 2010 | 12:33 pm Google’s Android beats Microsoft, to challenge AppleParis/San Francisco: Google’s Android mobile phone system is building momentum, beating Microsoft in the last quarter and challenging Apple as the number of new models with software and compatible applications grow. Google’s Android was the fourth most popular operating system on smartphones sold in the first quarter, research firm Gartner said on Wednesday, putting the company in a good position as handsets look set to surpass computers for browsing the Web. Android, which was in 10% of smartphones sold in the quarter, lags Nokia’s Symbian, Research in Motion and Apple. Gartner said Android was due to beat Apple soon as there were more handset makers using its operating system, and Android phones were already outselling the iPhone in North America. Earlier this month, research group NPD said smartphones running on Android accounted for 28% of US unit sales in the first quarter, ahead of the iPhone—data Apple publicly questioned, saying it was based on a limited sample of consumers. Gartner’s data is considered an industry standard. More and more start-ups are developing applications for Google’s Android software, boosting interest among consumers and posing increasing risk to Apple, venture capitalists told the Reuters Global Technology Summit in San Francisco. While Apple’s app store offers more than 200,000 games, tools and other software to jazz up the iPhone, against just 38,000 for Android, the openness of Google’s mobile operating system is helping it gain popularity with developers. “I am quite impressed by the traction the Android ecosystem is getting,” said Chris Moore, a partner with Redpoint Ventures, which has invested in online video store Netflix and IAC/InterActiveCorp’s Ask.com. Moore said it felt as if as many start-ups were walking into his office to pitch Android applications as those for the iPhone. “I want to say that on the current trajectory, they (Android) will pass the iPhone platform, or at least reach parity by the end of this year or middle of next year.” Venture capitalists in Silicon Valley are watching these trendlines very closely as they place bets on start-ups developing interesting mobile apps. App developers usually choose a limited number of mobile platforms to write software for as every additional platform raises sharply their costs. Microsoft, which has been making mobile software for around 10 years, hopes to claw back market share it has lost to rivals with new Windows Phone 7 models, due to reach markets in time for holiday-sales at the end of the year. “We continue to see pressure for Microsoft. We expect to see difficulties also with Windows Phone 7 with limitations they are putting on hardware vendors,” Gartner’s Milanesi said. Aiming to better battle against iPhone, Microsoft has set high technical demands for handset models due to use its software. Handset makers such as HTC, Samsung and Motorola all make Windows phones but are increasingly turning to Android, which is not only free but attracting a fast-growing developer community. Microsoft is the only major phone software maker to charge a licence fee to handset makers. feedback@livemint.com Alexei Oreskovic contributed to this story. Source: Tech News - Livemint.com | 19 May 2010 | 11:16 am iPhone in world's best inventions listiPhone has made it to the list of the 'Most Important Inventions Of All Time'. The computer came fifth and Graham Bell's telephone came sixth just ahead of Sir Alexander Flemming's discovery of Penicillin.Source: HindustanTimes.com - Top Business News Headlines | 19 May 2010 | 10:03 am Google beats Microsoft in smartphones, catching AppleParis/San Francisco: Google’s Android mobile phone system is building momentum, beating Microsoft in the last quarter and challenging Apple as the number of new models with software and compatible applications grow. Google’s Android was the fourth most popular operating system on smartphones sold in the first quarter, research firm Gartner said on 19 May, putting the company in a good position as handsets look set to surpass computers for browsing the Web. Android, which was in 10% of smartphones sold in the quarter, lags Nokia’s Symbian, Research in Motion and Apple. Gartner said Android was due to beat Apple soon as there were more handset makers using its operating system, and Android phones were already outselling the iPhone in North America. Earlier this month, research group NPD said smartphones running on Android accounted for 28% of US unit sales in the first quarter, ahead of the iPhone -- data Apple publicly questioned, saying it was based on a limited sample of consumers. Gartner’s data is considered an industry standard. DEVELOPER BOOM FOR ANDROID More and more start-ups are developing applications for Google’s Android software, boosting interest among consumers and posing increasing risk to Apple, venture capitalists told the Reuters Global Technology Summit in San Francisco. While Apple’s app store offers more than 200,000 games, tools and other software to jazz up the iPhone, against just 38,000 for Android, the openness of Google’s mobile operating system is helping it gain popularity with developers. “I am quite impressed by the traction the Android ecosystem is getting,” said Chris Moore, a partner with Redpoint Ventures, which has invested in online video store Netflix and IAC/InterActiveCorp’s Ask.com. Moore told the Reuters Global Technology Summit it felt as if as many start-ups were walking into his office to pitch Android applications as those for the iPhone. “I want to say that on the current trajectory, they (Android) will pass the iPhone platform, or at least reach parity by the end of this year or middle of next year.” Venture capitalists in Silicon Valley are watching these trendlines very closely as they place bets on start-ups developing interesting mobile apps. App developers usually choose a limited number of mobile platforms to write software for as every additional platform raises sharply their costs. MICROSOFT CHALLENGED Microsoft, which has been making mobile software for around 10 years, hopes to claw back market share it has lost to rivals with new Windows Phone 7 models, due to reach markets in time for holiday-sales at the end of the year. “We continue to see pressure for Microsoft. We expect to see difficulties also with Windows Phone 7 with limitations they are putting on hardware vendors,” Gartner’s Milanesi said. Aiming to better battle against iPhone Microsoft has set high technical demands for handset models due to use its software. Handset makers such as HTC, Samsung and Motorola all make Windows phones but are increasingly turning to Android, which is not only free but attracting a fast-growing developer community. Microsoft is the only major phone software maker to charge a licence fee to handset makers. Source: Tech News - Livemint.com | 19 May 2010 | 5:35 am
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