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Hotel Leela aims to cut debt by Rs 700 900 cr this fiscalHotel Leelaventure Ltd, which operates fivestar hotels, plans to cut debt by launching a 3.75 billion rupee share sale to institutions after July, a top official told Reuters.Source: Moneycontrol Top Headlines | 25 May 2010 | 8:30 am Telcos withdraw plea to tribunal over 2G planMobile operators such as Bharti Airtel and Vodafone Essar on Tuesday withdrew their plea to the telecom tribunal over the regulator\'s proposals to slap new fees on secondgeneration (2G) spectrum, a lawyer said.Source: Moneycontrol Top Headlines | 25 May 2010 | 7:40 am Telcos withdraw petition against TRAI, may approach SCTelecom companies Bharti, Vodafone and Idea have withdrawn their petition from the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) over the Telecom Regulatory Authority of India (TRAI) proposals to slap new fees on secondgeneration (2G) spectrum, reports CNBCTV18s Aakansha Sethi.Source: Moneycontrol Top Headlines | 25 May 2010 | 6:57 am Spicejet to raise $75m through share saleBudget carrier SpiceJet Ltd plans to raise up to USD 75 million through share sale in India or overseas, its chief executive said on Tuesday, without giving a timeframeSource: Moneycontrol Top Headlines | 25 May 2010 | 6:39 am Pyramid Saimira share trading suspended from June 1Shares of Pyramid Saimira Theatre Ltd will be suspended from trading with effect from June 1, 2010 as it failed to respond to a stock exchange notice for noncompliance with provisions of listing agreement, the National Stock Exchange said in a statement late on Monday.Source: Moneycontrol Top Headlines | 25 May 2010 | 6:23 am A new look into the brainBrain diseases are often sources of shame for people who have them. Understanding that such diseases are bodily afflictions is key to finding a better cureSource: Moneycontrol Top Headlines | 25 May 2010 | 6:19 am The year that was: State of unrestTribals in the state want to fence their mineralrich earth from invading metal companies. Both sides need an open mind if this stalemate is to be brokenSource: Moneycontrol Top Headlines | 25 May 2010 | 6:19 am Dan Ariely: The truth about cheatingBy controlling situations that create conflicts of interest, we can combat frauds and scandals betterSource: Moneycontrol Top Headlines | 25 May 2010 | 6:19 am In search of the Zen momentThe writer of the popular Zen Garden on the process behind the moments of enlightenmentSource: Moneycontrol Top Headlines | 25 May 2010 | 6:19 am Private equity circles over troubled banksUS bank regulators may have placed a number of hurdles for private equity investments in failed banks, but that has not stopped the firms from taking a shot at weaker banks.Source: Moneycontrol Top Headlines | 25 May 2010 | 5:20 am GMR Infra to raise $100 million in energy unitGMR Infra on Monday reported a 77% rise in Jan-March net profit at Rs730.5 million on a revenue of Rs11.25 billion that fell 15% from a year ago.Source: Daily News & Analysis: Money News | 25 May 2010 | 4:08 am CPI(M), CPI oppose govt move to allow foreign direct investment in retail sectorThe Left parties said this sector employs "lakhs of people, whose livelihood will be jeopardized if big foreign companies like are allowed into the retail trade".Source: Daily News & Analysis: Money News | 25 May 2010 | 4:08 am European stocks, euro slump on banking fearsLONDON/ROME (Reuters) - European stocks and the euro slumped on Tuesday and German bonds hit a record high as investors worried about the fate of euro zone banks and the impact of austerity measures on economic growth fled risk.Source: Reuters: Money News | 25 May 2010 | 4:03 am Sensex falls below 16,000 markThe BSE benchmark index on Tuesday fell below the 16,000 mark for the first time since February due to unabated sell-off on the back of negative global cues.Source: India Business News | Business News - Times of India | 25 May 2010 | 3:45 am Aurobindo Pharma gets US FDA nod; stk down - Moneycontrol.com
Source: Business - Google News | 25 May 2010 | 3:40 am Air India crew, engineers on flash strike - Sify
Source: Business - Google News | 25 May 2010 | 3:37 am Cadila gets milestone fees from AbbottMUMBAI (Reuters) - Cadila Healthcare Ltd said on Tuesday its unit Zydus Cadila has received a milestone payment of $10 million from Abbott Laboratories, as part of a strategic tie-up between the two firms struck earlier.Source: Reuters: Money News | 25 May 2010 | 3:30 am Sun Pharma guides towards 20 rev growth in FY11 - Moneycontrol.com
Source: Business - Google News | 25 May 2010 | 3:30 am Nifty falls below 4800; RCom, Hindalco, SAIL down - Economic Times
Source: Business - Google News | 25 May 2010 | 3:28 am Rupee at 8-month low; shares, euro losses hurt - Economic Times
Source: Business - Google News | 25 May 2010 | 3:28 am GMR Infra to raise $100 mln in energy unitNEW DELHI (Reuters) - GMR Infrastructure will announce a $100 million private equity investment in its energy unit in a week, a senior official said, without elaborating.Source: Reuters: Money News | 25 May 2010 | 3:23 am BSE Sensex falls below 16,000; 3-month lowMUMBAI (Reuters) - The BSE Sensex fell below 16,000 points for the first time in more than three months on rising foreign fund outflow as Europe's debt woes hit risk appetite.Source: Reuters: Money News | 25 May 2010 | 3:16 am All about Standard Chartered IDR issue - Economic Times
Source: Business - Google News | 25 May 2010 | 3:13 am ‘Kites’ rises abroad, falls at homeMumbai: Bollywood film Kites started strongly at the box office in India, raising hopes of the industry’s first, badly needed blockbuster of the year, but mixed reviews have dented initial enthusiasm. Distributors Reliance Big Pictures said the movie, Bollywood’s biggest ever overseas release, grossed more than Rs650 million ($13.8 million) worldwide in its opening weekend. But patchy reviews, trouble relating to the subject and extensive subtitling of the English and Spanish dialogues have conspired to turn domestic audiences and critics off the film, reported to have cost $32 million to make. “The film had a fantastic opening weekend. It made Rs30.5 crores (Rs305 million) net and business at multiplexes was strong, but single screens saw large drops,” said Bollywood trade analyst Taran Adarsh. “The film has cost its distributors an exorbitant amount and at the rate the business has started sliding downwards, they would incur heavy losses on this one,” he wrote on bollywoodhungama.com. Kites was the most anticipated Bollywood film this year and had been aggressively marketed, given the lack of other movies to make an impact at the Indian box office other than the recent comedy Housefull. Starring heart-throb actor Hrithik Roshan and Mexican actress Barbara Mori, opening-day collections in India on Friday of Rs104 million were second only to Aamir Khan’s hit 3 Idiots that day, the company said. Box office tracker hollywood.com said the romantic drama, set in Mexico and the United States, made the top 10 in North America in its opening weekend -- a first for a Bollywood film -- with takings of one million dollars. But one domestic movie-goer, Jitendra Panchal, told AFP after seeing the film: “My eyes were hurting to read Hindi subtitles when Barbara Mori speaks in Spanish -- and she speaks a lot in the film.” Another audience member, Anita Desai, agreed: “I didn’t go to watch an English film. I went to see a Bollywood film and I felt cheated because Kites was an English film.” The disappointing reaction comes after total Indian cinema revenues fell 14% last year due to a producers’ boycott of multiplex venues, swine flu and a string of big-budget flops. Two versions of Kites were made, one in Hindi lasting 130 minutes and another in English cut to 90 minutes. Roshan defended the film, telling the Bombay Times in comments published on Tuesday that he was justified in trying something different and that the movie had given Bollywood a new profile internationally. “I have been feeding this biryani-loving audience typical fare like Dhoom 2 and Krrish but here I am saying, ‘Try some pasta as well´,” he said. “Some will like it, some will not. The foreign press has appreciated the film because they don’t have any past references to draw from. They’re just judging Kites with no strings attached.” Source: LatestNews-Home - Livemint.com | 25 May 2010 | 3:12 am Hotel Leela aims to cut debt by Rs7-9 billion this fiscalIt is planning to raise an equal amount of funds by issuing foreign currency convertible bonds (FCCBs) in the next two months, which will be used to add capacity, vice chairman Vivek Nair said.Source: Daily News & Analysis: Money News | 25 May 2010 | 3:00 am Rupee at 8-month low; shares, euro losses hurtMUMBAI (Reuters) - The rupee dropped to its lowest level in nearly eight months on Tuesday afternoon as a sharp fall in local shares and the dollar's hefty gains against major currencies especially the euro weighed on sentiment.Source: Reuters: Money News | 25 May 2010 | 2:59 am Centre to give Rs7k cr for Narmada projectAhmedabad: The Planning Commission of India has approved central government funding to the tune of Rs7,000 crore for building canal network in the command area of Narmada project in Gujarat. Last week, the Commission approved the revised cost estimation of Sardar Sarovar Project after examining the details of the cost benefit of the ambitious project, which is described as the lifeline of Gujarat. “After examining the details submitted by us, the Planning Commission has approved the revised estimation, which will help us in accessing funds to the tune of Rs7,000 crore for building canals across the state,” a senior official of Sardar Sarovar Narmada Nigam Limited (SSNNL) said. Under the Accelerated Irrigation Benefit Programme (AIBP), a central government scheme, funds will be provided to create irrigation facilities in drought prone areas in the country, he added. According to SSNNL officials, availability of funds from the Centre will help to expedite the canal works. So far, less than 30% of canals have been built, while remaining have not started or are under construction. Source: LatestNews-Home - Livemint.com | 25 May 2010 | 2:58 am Infosys to set up 2 centres in Bangalore - Times of India
Source: Business - Google News | 25 May 2010 | 2:51 am World and emerging stocks hit 8-1/2 mth low on banking, KoreaLONDON (Reuters) - World and emerging stocks slid to their lowest since Sept 2009 and the euro and oil fell on Tuesday on worries over the euro zone banking sector and concerns over tensions on the Korean peninsula.Source: Reuters: Money News | 25 May 2010 | 2:40 am BP exploring new option to siphon off spill oilLONDON (Reuters) - Oil major BP is exploring a new way to siphon off oil gushing into the Gulf of Mexico should current plans to plug the leak this week fail.Source: Reuters: Money News | 25 May 2010 | 2:38 am Rupee hits 8-month low; shares, euro losses hurtMumbai: The rupee dropped to its lowest level in nearly eight months on Tuesday afternoon as a sharp fall in local shares and the dollar’s hefty gains against major currencies especially the euro weighed on sentiment. At 2:22 pm, the partially convertible rupee was at 47.68/69 after hitting 47.70, its weakest since 1 October 2009 and 1.4% below its Monday’s close of 46.98/99. Indian shares fell more than 2.5% as renewed fears over Europe’s debt woes triggered worries foreign portfolio investors will step up their withdrawals. Gains in the dollar versus major currencies especially the euro, also weighed on the rupee. The index of the dollar against six major currencies was up 1.3%. Source: Home - Livemint.com | 25 May 2010 | 2:27 am Spicejet to raise $75 mln through share sale - Reuters India
Source: Business - Google News | 25 May 2010 | 2:17 am U.S. pushes to lift oil spill liability capWASHINGTON (Reuters) - The U.S. government's push to make BP Plc pay for the massive oil spill in the Gulf of Mexico may have wider repercussions, raising tricky legal debates and possibly making it too costly for some companies to operate offshore.Source: Reuters: Money News | 25 May 2010 | 2:16 am SpiceJet to raise $75 mn through share saleNew Delhi: Budget carrier SpiceJet Ltd plans to raise up to $75 million through a share sale in India or overseas, its chief executive said on Tuesday, without giving a timeframe. “With yesterday’s board approval (for raising funds through ADR, GDR or QIP), more options become available to us, because in the past we were only looking at preferential,” Sanjay Aggarwal told Reuters over the telephone. SpiceJet has been approached by a few investors including the founder of Sun TV and an entity run by Anil Dhirubhai Ambani Group, according to media reports. “We continue to receive proposals from investors. We continue to evaluate them but so far the company has not made any decision,” Aggarwal said. Wilbur L Ross, who invested $80 million in Spicejet in July 2008 through foreign currency convertible bonds, is exploring exit options, as per media reports. Aggarwal declined to comment on Ross’s proposed exit. Stable Yield, International Prospects SpiceJet reported a net profit of Rs274 million, against a loss of Rs78 million for the January-March quarter on a revenue of Rs560 crore, as air traffic surged. Aggarwal said he expected FY11 to be better than last fiscal as demand remains strong and yields stable, and forecast a marginal rise in market share for the company from the current 12.3%. The airline plans to add five aircraft in the current fiscal as it expects India’s domestic air traffic to grow 16%. “We don’t see right now any reason to increase the yields because at current prices, customers are coming back, travelling by air rather than taking the train,” Aggarwal said, adding the yields or average revenue per passenger, has been stable at low Rs3,000 level since mid-September. As long as the fuel prices remain below $95 a barrel, the fares are unlikely to rise significantly, Aggarwal said. The company is planning to start its international operation by mid to end-July, preferably to Sri Lank’a capital Colombo, Aggarwal said. Source: Home - Livemint.com | 25 May 2010 | 2:05 am Farmers' gold sales may crimp importsMUMBAI (Reuters) - India's scrap gold and silver supplies may receive a boost over the next few weeks as farmers seek to sell trinkets to buy seeds and fertilisers for their kharif crops, potentially crimping demand for imported bars.Source: Reuters: Money News | 25 May 2010 | 1:57 am JSW Steel, Ispat may consider a price cut in JuneJSW Steel Ltd said on Tuesday it may consider cutting prices of its flat products in June due to falling international steel prices.Source: Daily News & Analysis: Money News | 25 May 2010 | 1:52 am Gayatri Projects in joint venture for power projectThe estimated total project cost is Rs68.69 billion to be funded through debt of Rs51.51 billion, while the rest will be through equity, Gayatri said in a statement.Source: Daily News & Analysis: Money News | 25 May 2010 | 1:51 am Sensex tumbles at mid-session, led by metal stocksSensex tumbled by over 359 points at mid-session today on heavy selling by funds over concerns that Europe's debt crisis might slow global economic growth.Source: HindustanTimes.com - Top Business News Headlines | 25 May 2010 | 1:51 am Honda to boost China production capacityJapan's Honda says it plans to expand production at several factories in China to keep up with strong demand, raising its total capacity by more than a quarter to 830,000 vehicles a year by late 2012.Source: HindustanTimes.com - Top Business News Headlines | 25 May 2010 | 1:50 am EXIM India to open office in Ethiopia next monthIn a bid to support Indian companies' growing investments in East Africa, the Export and Import Bank of India will open an office in Ethiopia next month, officials said.Source: HindustanTimes.com - Top Business News Headlines | 25 May 2010 | 1:45 am Marks & Spencer profit up 5%, cautious on outlookMarks & Spencer (M&S), which serves 21 million Britons a week from over 650 stores and also has about 300 shops abroad, said it made profit before tax.Source: Daily News & Analysis: Money News | 25 May 2010 | 1:41 am Telcos withdraw petition against TRAI, may approach SC - Moneycontrol.com
Source: Business - Google News | 25 May 2010 | 1:35 am Telcos withdraw plea to tribunal over 2G planThe Telecom Regulatory Authority of India (TRAI) earlier this month called for firms to pay a one-time fee for 2G radio-spectrum with high bandwidth they won several years ago.Source: Daily News & Analysis: Money News | 25 May 2010 | 1:23 am Renault CEO says Greece to weigh on auto salesUS auto sales, on the other hand, would likely rise 15% this year to 12 million and rapidly return to a level of over 14 million annually.Source: Daily News & Analysis: Money News | 25 May 2010 | 1:09 am Spicejet to raise $75 million through share sale'The board's approval for ADR, GDR or QIP has given us additional route to raise fund. We still do not rule out preferential allotment,' chief executive, Sanjay Aggarwal said.Source: Daily News & Analysis: Money News | 25 May 2010 | 1:07 am India telcos withdraw plea to tribunal over 2G planIndian mobile operators such as Bharti Airtel and Vodafone Essar on Tuesday withdrew their plea to the telecom tribunal over the regulator's proposals to slap new fees on second-generation (2G) spectrum, a lawyer said.Source: HindustanTimes.com - Top Business News Headlines | 25 May 2010 | 1:06 am Telcos withdraw plea to tribunal over 2G planNEW DELHI (Reuters) - Mobile operators such as Bharti Airtel and Vodafone Essar on Tuesday withdrew their plea to the telecom tribunal over the regulator's proposals to slap new fees on second-generation (2G) spectrum, a lawyer said.Source: Reuters: Money News | 25 May 2010 | 12:58 am Tiger to make return at Memorial: reportTiger Woods will return to competition at next week’s Memorial Tournament after a layoff due to a neck injury, the Golf Channel reported on Monday. The world number one withdrew from the final round of the Players Championship on 9 May due to the injury. Woods will return to action at the Muirfield Village golf course where he has captured four titles and is the defending champion of the tournament, hosted by Jack Nicklaus, the report said. Woods plans to play in next month’s US Open at Pebble Beach where he will pursue his 15th major. Source: LatestNews-Home - Livemint.com | 25 May 2010 | 12:56 am Black box of crashed Air India Express plane foundBangalore: Investigators on Tuesday recovered the digital flight data recorder or DFDR, a crucial instrument that would give insights on what caused the Saturday’s crash of the ill-fated Air India Express flight in Mangalore that killed 158 people on board. Also See AI Express plane crashes in Mangalore, 158 dead (Full Coverage) Analysis of the instrument, mounted in the aircraft’s tail would give details such as the plane’s acceleration, the engine thrust, altitude and the pressure when it touched the runway. It stores around 100 hours of data on the aircraft. “There is some damage to the instrument but the portion where the main memory is located is safe,” said Seemanth Kumar Singh, Police commissioner of Mangalore. The instrument will be initially sent to Delhi for a detailed analysis. On Sunday, two other instruments – cockpit voice recorder or CVR, that would have conversations of the pilots between themselves and with the air traffic controller, and digital flight data acquisition unit or DFDAU, which provides clues on the aircraft parameters an hour of its flight were recovered. The three instruments form part of the so-called black box, but is painted orange for easy discovery. Officials of the India’s aviation regulator Directorate General of Civil Aviation, Boeing Co, the aircraft maker and of the airline Air India were scouring the debris of the plane for three days to locate the instrument. The early morning flight from Dubai overshot the tabletop runway in Mangalore, broke the barricades and jumped into a cliff before exploding. Eight passengers escaped from the crash site, assisted by local villagers. The crash site is atleast five kilometers from the main terminal of the airport. The crash was one of the deadliest in India in over a decade. “Once you connect the FDR and CDR is linked and analysed, we could get results in a week,” one investigator at the crash said on Sunday. raghu.k@livemint.com Source: Home - Livemint.com | 25 May 2010 | 12:47 am 'Yahoo!';acquires Indonesia-based;firm KoprolInternet giant 'Yahoo!' announced its acquisition of Indonesia-based mobile phone networking firm Koprol and revealed that it plans to use its global presence to introduce the Jakarta-based firm to other parts of the world.Source: HindustanTimes.com - Top Business News Headlines | 25 May 2010 | 12:40 am India’s businesses see openings beyond cricketMumbai: On a recent Saturday afternoon, the Celtics took on Magic, cheered on by raucous onlookers. The pace was quick, the players committed and the rivalry intense. The participants, though, were not the storied Boston and Orlando basketball teams, but boys of the Mahindra-NBA recreational league in India, where the National Basketball Association (NBA) hopes to take advantage of the growing popularity of the sport to gain a foothold, backed by one of the largest corporate groups in the country. India has famously been a one-sport country, with sponsors, audiences and even politicians obsessed with cricket. Robust economic growth and greater exposure, however, have recently encouraged commercial and consumer interest in sports from soccer to Formula One motor racing and the Olympics. “Cricket represents sports one through five in terms of popularity, but for us even a small slice of a billion-plus market represents real opportunity,” said Adam Silver, NBA deputy commissioner, speaking in Los Angeles. “What we’re seeing in India is a burgeoning middle class, as well as a young population...we see an opportunity over time. It’s hard to resist a population of that size.” The annual seven-week basketball league, which tipped off in April, drew more than 1,000 eager applicants in Mumbai alone, with young boys and girls flaunting jerseys bearing the names of their more famous counterparts in the United States. Mahindra and other Indian firms have long been patrons of sport, hiring sportsmen and sponsoring local teams, but they are now looking beyond cricket and even to Olympic glory. “On the economic front, we’re standing shoulder to shoulder with the best in most fields,” said Shitin Desai, a vice chairman at DSP Merrill Lynch who is on the executive committee of Olympic Gold Quest (OGQ), a non-profit organisation run by sportsmen and business people. Olympic showing “Corporates want to get involved because everyone has played and loved a sport at some point, and they feel proud when there is some achievement on the field. It’s a great leveller.” Every four years, there is a great deal of hand-wringing and soul-searching about India’s poor showing at the Olympics. Failure has been blamed on everything from a culture that scorns sport as a career, to inadequate funds and facilities and sports federations run by bumbling bureaucrats and politicians. India allocates about Rs35 billion ($777 million) every year to sports, a tiny fraction of its $1-trillion GDP. Steel baron Lakshmi Mittal, the fifth richest man in the world, put aside $10 million of his personal wealth in 2005 to promote sporting talent and encourage potential Olympians after he was disappointed by India’s lone medal at the Athens Games. Three years later, shooter Abhinav Bindra, backed by Mittal Champions Trust (MCT), won India’s first individual gold in Beijing. While India’s final haul of three medals paled in comparison to China’s chart-topping 100, it was still a start. “In India there’s never been a plan, a strategy to identify and nurture talent, to build a pipeline of athletes,” said Manisha Malhotra, a former tennis champion who runs MCT in Mumbai in close coordination with the Mittal family in London. “At first we thought athletes only lacked money and I’d just have to sign cheques. But what’s really lacking is a plan, a vision, the right knowledge, so we’ve had to study the system and get the best people to help with our athletes.” Boycott threat MCT supports 60 athletes in six disciplines -- athletics, archery, boxing, shooting, squash and wrestling -- working with national sports federations to select them, then providing equipment, coaches, physiotherapists, dieticians and training. “Sport has survived on mediocrity with no accountability. Corporate involvement is key: it’s not about money but cleaning the system, making it efficient, accountable, result-oriented,” said Malhotra, who aims for five medals in the 2012 Olympics. Stories of mismanagement abound: the shooting federation threatened to boycott Beijing over inadequate ammunition, the men’s hockey team went on strike over pay before the World Cup this year, and facilities for the Commonwealth Games in Delhi in October are well behind schedule and over budget. The main failing was the inability to deliver on plans, said R. Ramraj, who is on the executive committee of OGQ, the brainchild of billiards great Geet Sethi and all-England badminton champion Prakash Padukone, which backs 15 athletes in boxing, badminton, athletics and shooting. “Our poor position in sports is one more example of a gap between intent and action, and that’s why I think something like OGQ can help,” said Ramraj, a senior adviser to Sequoia Capital, who along with Desai, wrote the first cheques for OGQ in 2006. “The other difference is that OGQ is driven by sports people, who know the pride, the emotion of winning a medal, seeing the Indian flag being raised and the anthem being played in a foreign country. A bureaucrat or politician doesn’t understand that.” Even the most optimistic supporter admits it will be a long haul to sporting excellence and greater Olympic glory. Corporates including Mahindra, which recently pulled the plug on a professional football league to launch a school-level football initiative, clearly have the chequebooks and expertise. “As India continues to emerge on the world stage, sports is going to be a part of that. That’s an enormous opportunity,” said George Pyne, president of IMG sports and entertainment. “Remember, you’ve got a billion people. That’s three times the people in the United States. What you can do there with some good ideas...could be significant,” he said in Los Angeles. Source: Home - Livemint.com | 25 May 2010 | 12:37 am Microsoft plans management shake upSoftware giant Microsoft Corp is expected to shake up the management of its division focused on videogames, mobile phones and other devices, says a media report.Source: HindustanTimes.com - Top Business News Headlines | 25 May 2010 | 12:30 am Uncertainty continues over TCS' UK pension dealHopes for clarity on the fate of Tata Consultancy Service's £600-million contract to manage a British state-sponsored pension scheme faded on Monday, as Government spending cuts outlined by the new Chancellor - or Treasury Minister –Source: Business Line - Home Page | 25 May 2010 | 12:00 am Greece: Europe's ‘Trishanku'“Risk appetite returned”; “FTSE All World Equity Index rose 1.1 per cent to a fresh 18-month peak while the Euro gained ground”; with the Greek bailout round the corner, the problems “with Greece have been merely aSource: Business Line - Home Page | 25 May 2010 | 12:00 am Realty majors plummet on rate hike fearsShares of realty firms were the major underperformers in 2010. The fall has been aggravated in the last 15-20 days, despite companies announcing improved financial performance in the recentSource: Business Line - Home Page | 25 May 2010 | 12:00 am Tata Power Q4 net falls 34%Tata Power has posted a 34 per cent drop in profit after tax at Rs 231 crore for the quarter-ended March 31, 2010, against Rs 355 crore logged in the same period a yearSource: Business Line - Home Page | 25 May 2010 | 12:00 am Raja was only implementing policies approved by TRAI: PMIn his first press conference after becoming the Prime Minister for the second time, , Dr Manmohan Singh on Monday said that Mr A. Raja, the controversial Minister for Communications, had informed him that he was only implementing policies thatSource: Business Line - Home Page | 25 May 2010 | 12:00 am Bajaj Auto Finance (Rs 447): SellWe recommend a sell in the stock of Bajaj Auto Finance from a short-term trading perspective. It is evident from the charts of the stock that after taking support at Rs 285 in late February 2010, its intermediate-term uptrend got accelerated.Source: Business Line - Home Page | 25 May 2010 | 12:00 am Cardamom prices hit a record Rs 1,712 a kgThe continued disequilibrium in demand and supply with the former outweighing the latter pushed the cardamom prices last week with the maximum price on Friday hitting the record high of Rs 1,712 a kg at the auction conducted by the MASSource: Business Line - Home Page | 25 May 2010 | 12:00 am Reliance, Anil Ambani group stocks rise to welcome non-compete pactPredictably, a day after the Ambani brothers scrapped their non-compete agreements (except in gas-based power plants) the shares of both the group companiesSource: Business Line - Home Page | 25 May 2010 | 12:00 am Broadband spectrum price hits Rs 2,353 cr on Day 1The auction for broadband wireless spectrum began on Monday on a rousing note, with the price moving up by 34.4 per cent. At the end of first day of bidding, value of pan-India broadband spectrum is at Rs 2,353 crore compared to the initial baseSource: Business Line - Home Page | 25 May 2010 | 12:00 am Day Trading GuideAs long as the stock trades below Rs 850, the near-term stance remains negative for the stock. We recommend a sell with fixed stop at Rs 850Source: Business Line - Home Page | 25 May 2010 | 12:00 am Mastek, Genpact tie up for insurance servicesMastek's US unit, MajescoMastek, and Genpact will offer joint information technology and business process management solutions to large and mid-sized insurance carriers.Source: Daily News & Analysis: Money News | 24 May 2010 | 11:48 pm Markets drop 2% to 3-month low; Europe weighsMumbai: India’s main stock index dropped 2.1% to its lowest in more than three months on Tuesday as renewed fears over Europe’s debt woes triggered worries foreign portfolio investors will step up their withdrawals. Foreigners have pulled out around $1.8 billion from Indian equities so far in May as euro zone jitters curbed global risk appetite. The 30-share BSE index fell to 16,123.75 points, its lowest level since 15 February. It was trading down 1.98% at 16,142.27 by 11:11am, with 29 of its components declining. Financials were among the big losers. The 50-share NSE index was down 2 percent at 4,843.29. “It seems like Europe has one new story to tell every day on its debt woes,” said K.K. Mital, head of portfolio management services at Globe Capital. “The situation is uncertain. We will have to wait and watch.” Greek debt crisis and bulging deficits in other euro zone countries have rocked world markets over the past six weeks, and the central bank takeover of a small Spanish lender at the weekend bolstered worries the meltdown could be wider. Export-led software companies declined on concerns the deteriorating fiscal health of the euro zone will reduce orders from the region. Sector leader Tata Consultancy Services dropped 1.6%, while Infosys and Wipro lost 1.4% and 1.9% respectively. The BSE index has fallen 8.1% in May, largely because of the withdrawals by foreign funds who are still net investors of $4.8 billion in 2010. The benchmark has fared better than MSCI’s measure of Asian markets other than Japan that has shed 13.1% so far in May and MSCI’s emerging market index which is down 12.6%. Top lender State Bank of India shed 2.3%, while rivals ICICI Bank and HDFC Bank were down 2.9% and 0.8% respectively. Energy giant Reliance Industries, which has the highest weight on the Sensex, dropped 2.2% after rising 2.6% in the previous session. Top consumer good maker Hindustan Unilever was down 1.9% ahead of its March quarter result. Tata Power dropped 3.2% after the leading private sector utility said late on Monday its March quarter net profit fell 35%. In the broader market, losers were more than thrice the number of gainers on volume of 94 million shares. Source: Home - Livemint.com | 24 May 2010 | 11:44 pm Indian UN soldier killed in Congo attackKinshasa: An Indian peacekeeper with the UN mission in Democratic Republic of Congo was shot dead on Monday when armed men attacked government troops in the troubled eastern Goma region, the MONUC force said. According to a UN source, a Congolese soldier and a civilian were also killed in the attack, while three troops and a second civilian were injured. “A Congolese Armed Forces (FARDC) patrol was attacked by armed men. A MONUC vehicle patrol that was in the area took up position and was shot at by the assailants,” MONUC spokesman Madnodje Mounoubai told AFP. “An Indian soldier was wounded. He died after being transferred by helicopter to Goma’s hospital.” The incident took place at around 1:00pm on a road crossing the Virunga national park, around 80 kilometres north of Goma, the capital of DR Congo’s troubled Nord-Kivu province. The assailants’ identity was unknown. For more than a decade the volatile east of the DR Congo has been the scene of attacks and fighting involving several armed groups, including the FDLR Rwandan Hutu rebel group and Mai-Mai tribal militias. The Mai-Mai were recently integrated in the Congolese army but control their own territory in neighbouring Sud-Kivu province and are intent on overturning the military command in the area. The Congolese army with logistical support from the UN mission has conducted several military operations to try to bring peace and stability to the east of the vast central African country. Source: Home - Livemint.com | 24 May 2010 | 11:35 pm Fears of Greek contagion sweep global marketsAthens/Berlin: Greece’s economic crisis sent shivers of fear through global markets on Thursday over concern it could spread like wildfire through Europe and beyond. German Chancellor Angela Merkel said Europe’s fate was at stake. France declared the euro was under speculative attack but said such a move wouldfail. And the Greek government vowed not to retreat a single step despite violence on the streets of Athens. Anxiety the crisis may spread sent stocks tumbling worldwide. The euro sank to its lowest level in over a year, falling below $1.28 in Asia and down over 10% since the start of the year. Japan’s Nikkei average fell more than 3% to its lowest level in nearly two months as the market caught up with the global selloff following a three-day holiday this week. Asian shares outside Japan as measured by the Morgan Stanley Composite Index index dropped 2% and the world stock index has now given up all of its gains so far in 2010 following the steep selloff this week. “The focus stays on the euro as the contagion trade persists,” said JP Morgan in a morning note. “Today’s ECB meeting has grown immensely in importance as the redeployment of some form of credit crisis tools seems increasingly possible.” The European Central Bank holds its monthly meeting later on Thursday and, while it is expected to keep rates unchanged at 1 percent, it is likely to try to assure markets that it can prevent the Greek debt crisis spreading. The cost of insuring Greek, Spanish and Portuguese debt against default has been rising. Moody’s placed Portugal’s credit rating on a three-month review, pointing to a downgrade and pushing the cost of insuring against the country’s default risk to a record high. Greece General Strike Concern that the Greek government will be unable to make all the budget cuts agreed with the EU and IMF over the weekend because of social unrest is one of the drivers of the euro zone turmoil. A general strike shut down Greek airports, tourist sites and public services and about 50,000 demonstrators marched against the planned public spending cuts and tax rises, demanding that tax cheats and corrupt politicians be put on trial. Hundreds of protesters threw stones and bottles at police who responded with tear gas in easily the biggest demonstration since Prime Minister George Papandreou took office last October. Three people, including a pregnant woman, choked to death when rioters set an Athens bank ablaze during a protest against wage and pension cuts that were the price of the €110 billion ($146.5 billion) EU/IMF bailout agreed on Sunday. Greek civil servants will strike again next week to protest against austerity, public sector union ADEDY said. Greek governments have a history of backing away from reforms due to public protests but finance minister George Papaconstantinou stressed that this time would be different. “We are prepared to pay the heavy political cost,” he told parliament during a debate on the austerity bill. “We will not take a single step backwards.” Merkel said the common currency was in the most serious crisis of its 11-year life, and other euro zone countries could be hit unless the Greek rescue succeeds. European monetary affairs commissioner Olli Rehn said the crisis must not spread. “It’s absolutely essential to contain the bushfire in Greece so that it will not become a forest fire and a threat to financial stability for the European Union and its economy as a whole,” he told a news conference. French Prime Minister Francois Fillon said the common currency was under attack from financial speculators. “This is not an attack on Greece but on the euro, and it will fail, for two reasons. Firstly, because the euro zone is solid ... and then because we have demonstrated solid solidarity in favour of Greece,” he told TF1 television. Merkel, whose foot-dragging many analysts have blamed for aggravating the Greek crisis, told parliament the success of the rescue package would determine “nothing less than the future of Europe -- and with it the future of Germany in Europe”. Without the aid, a chain reaction threatened to destabilise the European and international financial system, she said in a debate on approving Berlin’s €22 billion contribution to the emergency loans for Athens, despite German public hostility. One leading economist drew parallels with a past financial crisis which swept through Asia in the late 1990s. “In some respects what is going on in southern Europe right now feels a lot like what went on in southeastern Asia in summer 1997,” said Stephen Roach, chairman of Morgan Stanley Asia. The IMF ended up bailing out Thailand, where the crisis began, along with Indonesia and South Korea. “It’s difficult to stop the bleeding with a package directed at only one country,” Roach said at a bankers’ event in Frankfurt. Despite official denials, many economists are convinced Greece will have to restructure its debt, making private investors take a share of the pain. Papandreou presented an austerity bill to parliament on Tuesday whichforesees €30 billion in new savings. It is expected to pass, but the conservative opposition vowed to vote against it, dooming hopes of a political consensus. So far, demonstrations have been limited to tens of thousands but anger is mounting, with opinion polls showing ordinary Greeks believe they are paying the price of the crisis while tax evasion and corruption go unpunished. Source: LatestNews-Home - Livemint.com | 24 May 2010 | 11:32 pm Markets turmoil, ash, storms cloud CannesLondon: The Cannes film festival brings its usual mix of obscure movie makers and Hollywood royalty this year, though for all the glamour and fun, financial turmoil will take some of the gloss off the world’s top cinema showcase. And following a last-minute clean-up operation in the French Riviera resort due to storms last week, organizers will now be fretting over travel disruptions as flights over other parts of Europe have again been grounded by volcanic ash. The festival opens on Wednesday with the premiere of “Robin Hood” starring Russell Crowe and Cate Blanchett, a typically grandiose opening to an event that also champions gritty films from every corner of the globe made on shoestring budgets. For the following 11 days, the famous and not-so-famous will walk and watch the red carpet, test their stamina at party after party, cram into darkened screening rooms and scour the giant film market for bargains. While studio bosses in the glitzy resort may ponder the state of the broader economy and what it means for film financing, some of the biggest names in the business see Cannes as a vital cog in the marketing machine. “Cannes is good for the film,” said director Oliver Stone, who brings his sequel to the 1987 financial drama “Wall Street” to the festival. “It’s a big break because we would have come out and just been another film in this crazed (movie) mainstream,” he told Reuters in an interview. “It’s nice to have the honour and have that platform.” “Wall Street: Money Never Sleeps”, in which Michael Douglas reprises his role as ruthless corporate raider Gordon Gekko, will be among the most topical at the 2010 festival, focusing on corruption and greed at the world’s biggest banks. But, like Ridley Scott’s Robin Hood and Woody Allen’s latest offering “You Will Meet a Tall Dark Stranger”, it is not one of 18 films in competition which are eligible for prizes decided by a jury headed by director Tim Burton. International heavyweights Established and up-and-coming names in film making rub shoulders in the main lineup, which pits the likes of Iranian Abbas Kiarostami and Britain’s Mike Leigh against home hopes Mathieu Amalric and Xavier Beauvois. Among the most eagerly anticipated titles are sole US entry “Fair Game”, based on the true story of CIA agent Valerie Plame and starring Sean Penn, and “Burnt by the Sun 2”, the sequel to Nikita Mikhalkov’s acclaimed 1994 picture about the terror of Stalinist repression. Franco-Algerian film maker Rachid Bouchareb presents “Outside the Law”, tackling Algeria’s struggle for independence from France, and Mexican Alejandro Gonzalez Inarritu’s “Biutiful” stars Oscar winner Javier Bardem. Asia is represented by films from Thailand, Japan, China and South Korea, while Chad and Ukraine are also in contention for the coveted Palme d’Or for best picture which last year went to Michael Haneke’s “The White Ribbon”. Underlining the pulling power of Cannes, Mick Jagger of the Rolling Stones is expected to be in town for documentary “Stones in Exile” about the recording of the band’s seminal album “Exile on Main Street” which is due for re-release this month. Critics are generally impressed with the 2010 lineup, although several wonder if it can live up to the buzz generated by last year’s edition, including the widely praised The White Ribbon, “A Prophet” and “Up”, and Lars Von Trier’s controversial and ultra-violent “Antichrist”. The world’s leading international news agencies, including Reuters, have lifted a threat to boycott the event over media rights after reaching an agreement with the festival. Source: LatestNews-Home - Livemint.com | 24 May 2010 | 11:02 pm Rupee weakens by 27 paise against dollarThe Indian rupee depreciated by 27 paise to 47.25 a dollar in early trade at the Interbank Foreign Exchange Tuesday on capital outflows by foreign funds from equities and the dollar's gain overseas.Source: India Business News | Business News - Times of India | 24 May 2010 | 10:39 pm Sensex down 1.48 per cent in early tradeA benchmark index for Indian equities on Tuesday opened in the red and was ruling 1.48 per cent lower than its previous close, about 15 minutes into trade.Source: HindustanTimes.com - Top Business News Headlines | 24 May 2010 | 10:20 pm Sensex down 225 points in opening tradeThe Bombay Stock Exchange benchmark Sensex tanked over 225 points in opening trade on Tuesday as funds sold heavily in line with the meltdown in overseas markets.Source: India Business News | Business News - Times of India | 24 May 2010 | 10:04 pm The Armistice Brothers - Economic Times
Source: Business - Google News | 24 May 2010 | 10:00 pm India considering 100% FDI in retail: reportMumbai: India’s commerce and industry ministry is considering to propose 100% foreign direct investment in multi-brand retail but with stiff sourcing requirements, the Economic Times reported on Tuesday. “We are preparing the paper that will be placed for public debate in some time,” the newspaper quoted an unidentified senior official in the Department of Industrial Policy and Promotion as saying. At present India does not allow foreign investment in multi-brand retail, while up to 51% is allowed in single brand retail. The discussion paper is expected to make it mandatory for multi-brand retailers to sell products at wholesale prices to small shopkeepers, giving them the benefit of scale on sourcing, the newspaper said. Companies will also have to procure products domestically and help improve returns for farmers, it said. A final decision on the proposal will be taken after deliberations with the consumer affairs ministry, the paper said. Source: LatestNews-Home - Livemint.com | 24 May 2010 | 9:52 pm No LCD deal from Samsung, Sony meetingSony and Samsung Electronics discussed at a meeting on Monday further developing cooperation but not raising flat panel supplies to the Japanese firm as widely speculated, South Korea's Yonhap news agency reported on Tuesday.Source: HindustanTimes.com - Top Business News Headlines | 24 May 2010 | 9:37 pm Oil falls below $70 as risk aversion returnsSingapore: Oil fell below $70 a barrel on Tuesday on growing concern that Europe’s debt crisis would derail the global economic recovery, prompting investors to sell riskier assets in a flight to dollar safety. The greenback gained about 0.6 percent % a basket of currencies on Tuesday, while Japan’s Nikkei average fell to its lowest in more than five months following a steep drop in Wall Street. “The market got ahead of itself, building in a lot of anticipation that the economy and oil demand would recover,” said Tony Nunan, a risk manager with Tokyo-based Mitsubishi Corp., referring to US crude’s 19-month high above $87 hit in early May. “The fact that the dollar is strengthening is a sign of risk aversion and deleveraging. People are moving away from crude oil,” Nunan said, adding that Fibonacci chart analysis showed prices would head towards $66.24. US crude for July delivery fell as much as 89 cents to $69.32 a barrel and was down 69 cents at $69.52 at 8:28am, ICE Brent crude slid 62 cents to $70.55. Europe’s fumbling response to a debt crisis in Greece and bulging deficits in other euro zone countries has unnerved markets over the past six weeks, and the central bank takeover of a small Spanish lender at the weekend stoked fears of a wider meltdown. The crisis has overshadowed positive economic indicators showing that emerging and OECD nations are returning to growth after the worst recession of the post-war era. “A lot of the economic indicators are positive, but the reality is that we have to admit that oil supply is keeping ahead of demand,” Nunan said. “Demand is recovering, but OPEC has been slipping steadily over its production target.” Most estimates suggest production from the Organization of the Petroleum Exporting Countries has been rising since early 2009 as higher oil prices have encouraged members to relax adherence to output cuts announced in December 2008. Opec's compliance with the 4.2 million bpd of promised cutbacks has fallen to around 51 percent, according to Reuters estimates. Opec is very worried about the fall in oil prices and is watching developments in the market closely, but it is too early to say if the producer group needs to take any action, Libya’s top oil official said on Monday. A preliminary Reuters survey showed analysts were divided over the direction of US oil inventories last week. The poll of six analysts called for an average drawdown of 100,000 barrels, but the group was evenly divided on how inventories shifted. Distillate stockpiles including heating oil and diesel probably climbed 300,000 barrels, the poll showed, while views were mixed on whether gasoline supplies shrank or grew. The analysts issued their forecasts ahead of weekly inventory data from industry group American Petroleum Institute, due on Tuesday at 2:00am, and government statistics from the Energy Information Administration scheduled at 1430 GMT on Wednesday. Source: Home - Livemint.com | 24 May 2010 | 9:36 pm New gas policy to form basis of R-Adag allocationThe timing couldn’t have been better for Anil Ambani. A day after he and his brother Mukesh Ambani, who had fought a bitter battle over gas for around four years, signalled that all was well between them again, and 16 days after the Supreme Court (SC) ruled that the state had the final say in all matters related to natural gas, two officials in the power ministry said that the government is evolving a gas linkage policy to determine which power project would be eligible for gas allocation. The fact that the government is working on such a policy was first reported in early May by the Business Standard. “The policy will form the basis of gas allocation to those who have applied for gas. If they (Reliance Power) have applied to us for gas, the policy will form the basis for their allocation,” power minister Sushil Kumar Shinde told Mint. Since the new policy will reserve 35% of available gas for new independent power projects, projects of the Reliance-Anil Dhirubhai Ambani group (R-Adag), such as the one being developed by Reliance Power Ltd (RPL) at Dadri in Uttar Pradesh, too, would be eligible to receive gas. Interestingly, such a linkage is the precondition, set by the power ministry, for power companies to be eligible for gas allocation in keeping with the country’s gas utilization policy defined by the empowered group of ministers (eGoM). Also Read | Investors cheer Reliance truce RPL has applied for the gas to India’s apex power sector planning body Central Electricity Authority (CEA), according to a former government official familiar with the development who did not want to be identified. The gas was at the centre of the fight between the Ambani brothers. Anil Ambani’s Reliance Natural Resources Ltd, citing a family agreement between the brothers, had laid claim to gas from Reliance Industries Ltd’s (RIL) block in the Krishna-Godavari basin, to fuel the gas-based power plant of its associate RPL. Mukesh Ambani’s RIL had expressed its inability to supply gas to a buyer not listed in the government’s gas utilization policy and at a price not set by the state. The matter went to court and SC agreed with RIL, but asked the two brothers to resolve the issue in keeping with the government’s policy on gas utilization and pricing. Since then, the focus has shifted to the government’s gas linkage policy, which will decide which power plant gets gas and which doesn’t. “We will form a criteria for recommending gas linkages, which will depend on several parameters such as status of land acquisition, water linkage among others,” said a power ministry official who did not want to be identified. Mint understands that the gas linkage policy will be akin to the coal linkage policy approved last year and will be based on a points system, with a maximum of 100. Work on the policy began in December 2009 at CEA, which submitted it to the power ministry for approval in February. Gas is allotted to customers by the government in line with the gas utilization policy that prioritizes users: existing fertilizer units rank first, followed by existing power, petrochemical and city gas projects. New projects aren’t high up on the priority list. An eGoM headed by finance minister Pranab Mukherjee decides upon the allocation, which also has Shinde, home minister P. Chidambaram, law minister Veerappa Moily and petroleum minister Murli Deora as members. R-Adag did not respond to emailed queries from Mint. The policy will serve as the basis for CEA to allocate gas. “Until and unless the policy is decided by the power ministry, we can’t process the applications. This is a very detailed exercise. Subject to the availability of gas we expect a gas based capacity of around 25,000MW in the 12th Plan period,” said Gurdial Singh, officiating chairman and member (hydro power), CEA. Source: LatestNews-Home - Livemint.com | 24 May 2010 | 8:55 pm US stocks tumble on European crisis fearsNew York: US stocks slumped on new fears over Europe’s debt crisis, triggered by the rescue of a Spanish savings bank. The Dow Jones Industrial Average lost 126.82 points (1.24%) to end at 10,066.57, extending last week’s massive losses when the blue-chip index shrank more than 4% and briefly fell below the sensitive 10,000-point level. The tech-rich Nasdaq composite dipped 15.49 points (0.69%) to 2,213.55 while the broad-market Standard & Poor’s 500 declined 14.04 points (1.29%) to 1,073.65. The market opened on a bearish note after the Spanish central bank’s weekend rescue of regional savings bank CajaSur, burdening Spain’s already strained public finances. CajaSur’s rescue came as the Spanish government introduced a fresh round of austerity measures aimed at bringing the public deficit down to a eurozone limit of three percent of gross domestic product from 11.2% last year. The bailout renewed eurozone debt concerns that have been dragging markets down in recent weeks. It triggered “another round of concerns regarding the health of the financial system in that country in spite of the existence of the huge EU/IMF rescue plan,” said Frederic Dickson, chief market strategist at D A Davidson & Co said. “Investors will continue to follow the ongoing financial soap opera in Europe and the movement of the euro in response to changing investor expectations regarding how the sovereign debt situation plays out in Greece, Portugal, and Spain,” he said. Wall Street received a temporary boost on Monday when industry data showed a jump in US existing-home sales. It cut losses by midday but a late selloff on the European concerns pulled stocks down. “A solid increase in existing-home sales helped repair some of the damage in late-morning trading, but sentiment seems to still be cautious amid the backdrop of the euro-area debt crisis, exacerbated by the weekend’s government bailout of a Spanish regional bank,” analysts at Charles Schwab & Co said. The National Association of Realtors (NAR) said sales of existing homes increased 7.6% to a seasonally adjusted annual rate of 5.77 million units in April, from an upwardly revised 5.36 million in March. Source: Home - Livemint.com | 24 May 2010 | 8:29 pm Asian stocks weighed down by Europe fearsTokyo: Asian stock markets fell sharply in early trading Tuesday, extending an equity sell-off that sent Wall Street lower overnight. Renewed worries about Europe’s debt problems and a shaky euro rattled already anxious investors, who grew more uncertain about the outlook for the US and global economies. Japan’s Nikkei 225 stock average shed 1.9% to 9,570.81, while South Korea’s Kospi lost 2% to 1,573.05. Benchmarks in Australia, Taiwan and New Zealand also retreated. In New York Monday, the Dow Jones industrials fell 1.2% to 10,066.57, its lowest close since 10 February. In currencies, the dollar slipped to ¥90.02 from ¥90.22 late on Monday. The euro fell further to $1.2297 from $1.2342. The 16-nation currency has become a symbol of investors’ concern about the continent’s economy. Traders have been dumping the euro on fears that massive debts will cause a default by a weaker country in the European Union. Source: Home - Livemint.com | 24 May 2010 | 8:20 pm Investors need to wait and watch: ExpertsThe signs of complete patch-up between the two brothers on the operational front helped the market to open strong, particularly the Reliance pack, from both the groups, said Arun Kejriwal, director, KRIS, an investment advisory firm.Source: India Business News | Business News - Times of India | 24 May 2010 | 6:08 pm Mahendran takes over as GCPL bossBang in the middle of a global buyout spree, Godrej Consumer Products (GCPL) went for a leadership change on Tuesday. A Mahendran has been named the new managing director in place of Dalip Sehgal, who is said to be pursuing opportunities outside the Godrej group.Source: India Business News | Business News - Times of India | 24 May 2010 | 6:07 pm MTN shares surge 6%The shares of South African telecom giant MTN, whose efforts to merge with the Anil Ambani group firm RCOM two years ago failed due to the dispute between the Ambani siblings, soared 6% on Monday, a day after the billionaire brothers called truce.Source: India Business News | Business News - Times of India | 24 May 2010 | 6:06 pm StanC raises Rs 374 crore from anchorsBritish banking major Standard Chartered has roped in 16 anchor investors, including ICICI Prudential and Reliance MF, and raised Rs 374.4 crore, by offering 3.6 crore Indian depository receipts (IDRs), which will be open to public subscription from Tuesday.Source: India Business News | Business News - Times of India | 24 May 2010 | 6:05 pm Bharti, Vodafone, Idea move TDSATThree leading mobile operators have pre-empted a policy change by approaching TDSAT against telecom regulator Trai's recommendations on 2G spectrum, including a one-time fee for holding radio waves beyond 6.2 Mhz.Source: India Business News | Business News - Times of India | 24 May 2010 | 6:04 pm Ambani truce: Market rises, but loses steamMonday's market was yet another potboiler as the BSE sensex managed to erase nearly all its gains made during the day in the last ten minutes of trade and closed at 16,469 points, up just 24 points or 0.1%.Source: India Business News | Business News - Times of India | 24 May 2010 | 6:01 pm Maytas Infra seals deal to repay Rs 250cr debtJust a couple of months after it hammered out a one-time settlement with HDFC Bank to repay an outstanding loan of Rs 100 crore, the IL&FS-promoted Maytas Infra is now learnt to have sealed similar one-time settlement deals with nearly half a dozen banks.Source: India Business News | Business News - Times of India | 24 May 2010 | 6:00 pm Property expos can help you find the right houseBumpy rides along the outskirts of your city, walking through dusty bylanes to see sample flats and a stream of brochures. At the end of such a day, it may get difficult for you to remember which project you saw first or what you liked about it. You may have to follow up the first visit by a string of similar visits. If that poops your house hunting spirit, here’s another option. You may want to look at property exhibitions or expos—a one-stop shop for new projects where you can get details of various projects you may be interested in. A recent property exhibition in New Delhi featured around 200 projects from 40 developers across Delhi-National Capital Region (NCR), including Ghaziabad, Noida, Greater Noida, Gurgaon and Faridabad. Typically, a property expo sees at least 60% participation of developers in any area. Says Harsh Roongta, chief executive, Apnapaisa.com: “A housing exhibition may serve as a starting point for the house hunt or can become the culminating platform for the home buyer. In any case, you have to visit the property site to look at the specifications.” What’s on You will find new projects at various stages of completion—some ready to move in, some may be nearing completion, while others may be at their initial stages. Besides residential projects, there are plots and commercial properties such as office space and information technology parks.  You will also find separate stalls of banks, where you can get necessary information—such as the period of disbursement, the tenure and your eligibility—on home loans. Besides, they would answer your legal queries and clarify your doubts on the documentation process. Says Rajesh Vardhan, managing director, Vardhman Group, a Mumbai-based developer: “A property expo is the first information report that gives the basic idea about the region, properties and the loan part.” How to use an expo Know the time: To get maximum information, keep a tab on when an expo is coming to your city. Prashant Tiwari, managing director, Prateek Buildtech (india) Pvt. Ltd, a developer with residential projects in Noida, says, “Preparing in advance may save your time during the expo and house hunt.” Usually expos run for three-five days. Know your budget: This is primarily about your loan repayment capacity. Says Roongta, “You can use 40-50% of your salary to meet the home loan instalments. Depending on this, you can think of the best possible affordable price band for yourself. But remember to factor in other monthly expenses (such as maintenance charges and your household requirements).” Know the developer: Selecting the right developer can be tricky. Sunil Jindal, chief executive, SVP Group, a Ghaziabad-based developer, offers a solution, “The fact that a bank is funding a project proves its authenticity. Besides that, look at the developer’s past projects and delivery record. If the company is listed on the stock exchange, analyse the company’s yearly performance and talk to dealers in the region.” Always check if the developer has a penalty clause in its sale deed. The clause promises a compensation at the rate of Rs5-10 per sq. ft in case of delay in project completion. Often developers mention a grace period along with this clause. Make sure it is not more than three months. Know the details: Do a little homework before going to the expo. Once you are there, ask the developer for details such as the difference between the basic and total price of the apartment, the actual carpet area and the tentative date of completion. Dheeraj Jain, managing director of Mahagun India Pvt. Ltd, a NCR-based developer, says, “Buyers can also visit the property site after gathering details from the expo. Viewing the sample flat and talking to brokers in the region also helps.” How do you benefit Discounts and waivers: Some developers offer discounts of 1-2% on the basic sale price. Some even waive part of your equated monthly instalments for a specified period. Some may not ask you for preferential location charges, which bumps up the total property cost considerably. Says Vardhan, “Customers who visit the expo are usually serious buyers. So sometimes developers offer packaged deals with some discounts. For instance, the developer may waive off processing fee or may give you the best possible location. However, the offers are valid for 15 days or so.” Banks, too, offer discounts on home loan rates. Says Deepak Kapur, director, Gulshan Homz, a realtor developing projects in Ghaziabad and Noida: “Banks offer a small discount on their home loan rates. However, the rate offered is fixed for a year or two. Later, the loan rate is converted to a floating rate. The bank’s offer is also valid for a month for those who register for a property in the expo.” “Sometimes banks do not charge a processing fee. If the buyer has registered his name and details, we offer the discounted rate even if he comes after one or two months,” says Trilok Sharma, regional business head (north), HDFC Bank Ltd. Easy processing: This is another advantage of buying home at an expo. But for faster and easier processing of your documents, you need to register your name with the bank officials who are stationed at the expo for this purpose. Says Rajiv Rai, vice-president (corporate), Assotech Ltd, a Noida-based developer: “Once you book a property, the documents are processed within minutes. However, there is no compulsion on the selection of banks even if the property expo is being organized by another bank.” The promotional campaigns of the event encourage buyers to bring along cheque books and relevant documents. R.R. Nair, director and chief executive officer, LIC Housing Finance Ltd, says, “It usually takes a few minutes to assess the papers once it is submitted with us.” Clear titles: A key feature of an expo is that the properties on sale there will never run title risks. Anil Sharma, chairman and managing director, Amrapali Group, a realty firm, says that these properties are vetted by either the legal departments of participating banks or by a law expert. But do remember that properties and developers featured in an expo are not your only options. Do your homework well and then look at what’s on offer at the expo. devesh@livemint.com Source: Home - Livemint.com | 24 May 2010 | 1:45 pm Renzo Rosso | The Diesel engine is on fireDiesel’s Renzo Rosso sold his first pair of handmade jeans for $2 (around Rs89 now) in Italy. The founder and president of the iconic denim brand made the pair with 2m of denim, using his mother’s sewing machine, when he was 15. He dipped the denim in bleach to lighten the shade of blue. “I don’t know why, maybe because the denim was stiff, but I took the jeans and did this,” he says in his heavily accented English, mimicking the motion of placing the jeans on the floor and scrubbing them.  Forever in blue jeans: osso’s brand, which started as a cult fashion brand, now sells in 80 countries through 5,000 points of sale. Jayachandran/Mint Four decades later, Diesel has set up its flagship store in Mumbai, the first in India. I meet the man behind the brand in Juhu on the day of the store launch. He is here on a short visit and this is the first time he has stepped into the store. Dressed though he is in a dark shirt with a black blazer and, of course, jeans, it may seem that Rosso needs a haircut and shave. But the unruly mop, the three-day-old beard and unbuttoned shirt that reveals a silver pendant bearing his initials, all add up to the casual and cool look that’s quintessentially Diesel. Rosso has partnered with Reliance Brands Ltd to bring Diesel to India. Darshan Mehta, CEO, Reliance Brands, is also at the 7,500 sq. ft store, showing Rosso around. For the company that created a market for new jeans that looked old, something that may have sounded stupid turned out to be a smart idea. In fact, Diesel’s latest advertising campaign is asking people to “be stupid”—right from the signs at the entrance and as a running theme inside. “Smart may have the brains, but stupid has the balls,” says one of them. As a Diesel philosophy, no two stores in any part of the world can look the same—the displays and merchandise are different. Rosso is happy with the look of the Mumbai store but he still doesn’t think it’s complete. “This is me. Even when a new collection is coming out, I never say, wow, this is fantastic. It could be better. It’s kind of a malady. You want to achieve perfection,” he says, sipping his espresso on a white couch on the first floor of the three-storey store. The Diesel story began in Italy when a friend offered Rosso a job as production director of a small company manufacturing jeans. In 1978, he created Diesel, starting with his own line of distressed jeans. He named it that because it was easy to pronounce the world over. “Everyone was shocked with my idea to sell distressed jeans 32 years ago. Nobody understood it. They make broken denim? They must be crazy. We had few customers,” he says. But Rosso was convinced: “I defend my opinion, and developed the concept till one day, it became a part of every luxury line everywhere,” he says, smiling. Denim before Diesel was a symbol for rebels, feels Rosso. It wasn’t fashion. Diesel made denim fashionable. “Premium will become important, because premium is more real and less expensive than luxury denim,” he says. Now, with its headquarters in Molvena, Italy, Diesel is present in around 80 countries, with 5,000 points of sale, and had a turnover of €1.3 billion (around Rs7,579 crore now) in 2009. The hardest nut to crack was the US. How do you take denim to a country that took denim to the masses, is the birthplace of iconic denim brands such as Levi’s, and then sell it at a higher price? “No one accepted our price. We would sell jeans at about $62-64.” Their first licensing agreement with an American company had to be terminated because it started manufacturing cheaper denim. The second one went bust because the company it partnered with went bankrupt. “I don’t know if I was being brave or stupid but I decided to keep the employees and start over. I called friends for advice and apologized to old customers. I couldn’t afford any more mistakes,” he says. In 1992, they came up with the Diesel for Successful Living advertising campaign. The campaign made a mockery of American advertising, which promised to improve your life. Rosso says he is a big fan of irony and the Be Stupid campaign is only the latest in a series of advertising campaigns that have pushed the envelope. “At that time, all the advertising looked same. Our campaign came as a shock to everyone,” he says. The US market was unexplored territory then. So is India now. Although there are many Diesel loyalists in the country, buying their perfect fit while travelling abroad, premium denim is still an alien concept for most. How can he justify a price tag of $500 for something that’s available to the Indian consumer at $50? “If you bring 10 different jeans from different brands right now I can show you so many detailing Diesel has that others won’t. You will continue to discover them many months after buying them,” he says. He lifts his shirt to show me the double belt loops, one each for a big and small belt, and then points to droplets of white paint, a detailing done by hand. “The finishing inside, the kind of treatment that goes into making a pair, every piece is different. We have special machines to do our hip. It is not straight but like this,” he says, making a half-moon in the air with his finger. “It’s difficult because you have to train people to work in a different sort of way. It gives you more volume and the butt is…”—he explains the rest with his hand gestures. Rosso and Mehta hope to open seven stores in India this year and 22 within five years. Over 30 years have passed since the brand was launched, but Rosso and Diesel continue to remain relevant to their target market—the youth. He says his biggest strength as a businessman is innovation.  He makes sure that he and his employees have a lot of fun. Rosso divides his free time between his farm, playing football and doing yoga. “I go to pubs, disco, drink, enjoy and in other free time, I am also making sex. I am very social, no?” he says, laughing. He has six children with his ex-wife and lives in Bassano del Grappa in Italy. He has people who have taken over the finance and logistics of running the company, leaving Rosso free to work in the creative space. For someone advocating being stupid, what is the stupidest thing he has done? “So many. First, to have a name like Diesel. Now it’s cool, but in the beginning, for a clothing line to be called that, was not. To decide to enter the US market. And to decide to make all Diesel stores different. It’s easy to make it same like a chain, but this is my way to run business,” he says. rachana.n@livemint.com Source: LatestNews-Home - Livemint.com | 24 May 2010 | 1:21 pm Half full or half emptyEven in the land of cliches, some are more worn-out than others, well past their “sell-by” date. One such cliché is the phrase “the pessimist looks at a glass of water and sees it half empty, whereas the optimist looks at the same glass and sees it half full”. I have often thought, “Why can’t we just call it as it actually is: both half full as well as half empty?” At a conference to discuss the future of India, I felt the same urge to stop the rhetoric of contrasting assessments—either “India is unstoppable!” or “We are going to hell in a hand-basket!” I am fairly sure that the reasonable view is, as with the cliché, that both views are true. In fact, many of us have experienced both extreme emotions in differing situations. Let me share two of my own. A few days ago, I walked into one of Bangalore’s steaming shopping malls. The sheer energy of the place was like a physical force—I haven’t ever felt anything like this in any other shopping mall across the world. I am not talking of the shops or the products, but rather the unadulterated exuberance of India’s youth. There must have been no more than five people in that mall over the age of 60, and each of them looked completely lost. Older Indians must feel in some foreign land: the language, the decibel levels, the clothes being worn, the feverish pace, the food courts. The sense of pulsating energy was like being in the disco of the scene from Kaminey during the song Dhan te nan, tana nana, with the camera zooming in and out of Shahid Kapoor’s face. The impact is visceral, a powerful illustration of how much and how quickly India’s aspirations are changing. Despite being unsettling, it’s hard not to be exhilarated by it. Barely a few miles away from the same mall, some years ago, I had walked into a slum with a local community activist. Housing close to 20,000 families, this is one of Bangalore’s largest slum clusters, sandwiched between two key arterial roads in the city, one leading to Koramangala, the city’s upper crust residential area, and the other going to Hosur Road where Electronic City is located. It was monsoon season. At the entrance was a government EWS (economically weaker section) housing quarters that had been built less than 10 years earlier. Already, the edifice was crumbling, with chunks of plaster coming off the walls, and portions of ceilings giving way. Between two of the buildings was a pool of sewage from a pipe that had burst God knows when. A full-grown buffalo had drowned in this pit the previous week. The rain poured steadily as we walked into the slum, the main tarred road giving way to a slushy mud track. Along the way, off to one corner of the path, I saw a cement pit dug into the ground. “What is this?” I asked. He pointed to the tap that hung over the pit. “That’s the community connection for the neighbourhood,” he said, “the supply comes a few hours a day, sometimes from two in the morning to four, so the children line up by midnight to collect the water.” I looked at it, aghast. The muddy slush from the rain was gushing into the pit. “In this?” I asked with incredulity. “Come back at midnight, and you will see buckets being swished in the pit to take what they can lay their hands on,” he replied grimly. I’m not one prone to dramatic portraits of poverty and destitution. Like millions of other proud Indians, I cringed when I watched the first few scenes of Slumdog Millionaire. But inasmuch as the mall is a genuine slice of life in today’s India, so is the second portrait. We need to have the capacity to hold both these images simultaneously in our head as we think of India and its trajectory of development in the coming decades. The pace at which changes are happening is frankly beyond comprehension. It’s like a set of forces have been unleashed, on a scale that no country has ever seen—all coming together in a bizarre cocktail of aspiration and innovation, greed and hubris. The whole country is a giant laboratory for this experiment, and I dare say no one really knows where things are going to explode, and in which corner sublime alchemy is taking place. I hold in my head the images from both these experiences—the throbbing mall with its hyperkinetic energy of hope, and children standing by a muddy water pit in the dark rain, waiting for hours. I struggle to reconcile these images in my mind, to see the glass both half full and half empty at the same time, and am sorely tempted to simplify the analysis and hold on to just one of these narratives. Personal note This is my last piece of Mobius Strip, having had the privilege of writing it from Mint’s inception. My deep gratitude to Mint’s editors who rashly gave a part-time writer a free rein. My thanks also to the surprisingly large number of readers who chose to write in—often positive, but not infrequently critical. I will miss this greatly. Ramesh Ramanathan is co-founder, Janaagraha. Möbius Strip, much like its mathematical origins, blurs boundaries. It is about the continuum between the state, market and our society. We welcome your comments at mobiusstrip@livemint.com Source: LatestNews-Home - Livemint.com | 24 May 2010 | 1:15 pm Save our youthWhile all of us are worrying about increments and petrol reimbursements, is anyone thinking about this? “What are we as a society doing to help prepare our children for the many perils that await them in the workplace?” And when I say our children, I mean your children. Because I do not have any children. (It is a question of priorities. Right now I need an iPad first. Besides, I am hopeful for a future where I can download well-behaved 10th-pass, IIT-coaching-ready adolescents from the Internet. That day is not far. Venture capitalists please expedite.) I raise this issue with great concern because, earlier this week, a relative told me how one of her sons had been awarded a prize during his school annual day. I immediately congratulated her. Annual day prizes, of any kind, are harbingers of future greatness in children. (I was “Potential Mr Thrissur 2002” in class VII. This prediction was spot on.) “Oh thanks, but it is no big deal,” she said. “Why not? Did he get it for 100% attendance? Even that is commendable...” “The thing is everyone in his class got a prize...” “Every single student??” “Yes. Every child got an individual prize for something or the other.” I was flabbergasted. Back in the days when I went to school, the annual day prize process was a carefully created social construct. One of its primary motives was to humiliate the under-achievers into hard work and improvement. Or, indeed, to get them to transfer to another school where they could do no harm to our school’s 100% pass record. My relative explained to me that many schools had started doing this, as they felt that rewarding only a few children would demotivate the others and drive them into depression. Her son had won a prize for most enthusiastic sharer of lunch box or some such token achievement. This trend is going to destroy your children by the time they leave school, graduate from college, and finally make it to offices. Having been subject to this constant appreciation and mollycoddling from a very young age, these children will walk into the cauldron of the modern office and melt into depressed little puddles of anguish. One performance appraisal and one grade of “Laughably Failed To Meet Expectations” later, their illusion of a fair life will come crashing down. Alternatively, God forbid, the office might begin to replicate the school. Already I have just been informed that staff members of a Gurgaon call centre were recently taken to an off-site where everyone, all 50 or so, received an award. This is madness. What will you do if you have 40 people in your team? What are you going to award the absolute worst of the lot? “Most photogenic smile in warehouse department night-shift staff. (Second Quarter 2010).” Change must begin now. Perhaps with this column. These are five ways in which you can prepare your children for the offices waiting for them in 2030: 1. Give them individual swipe cards and make them swipe it at the kitchen door each morning before breakfast. Latecomers go to school hungry. For an even better impact, don’t say anything for weeks, and then one day declare they were late on 17 days and refuse to feed them for that period. 2. All hot beverages served at home, such as Horlicks or Complan, must be dispensed through a machine. This machine must be kept in a hard-to-reach location. Maybe the neighbour’s balcony. Keep paper cups available only on some days. Randomly add and remove drinks, till one day you have nothing coming out except hot water. Print “Out Of Order” on a sheet of A4 size paper and stick it on the machine. Replace this sheet every week. 3. Promise your children very expensive gifts if they do well in school. For instance, a PS3 if they top in Social Studies. As they are going into the exam hall, show them big, full-colour photos of the PS3. When they come out of the exam looking thrilled, tell them that the Greek economy has tanked, this has ruined the markets, and give them a shuttlecock and a hug instead. (Older children can be taught frustration by giving this PS3 to a random, undeserving classmate.) 4. Teach your children how to use email and the Internet. Sign them up for fun newsletters and exciting games. Addiction is recommended. Then, one day, without warning, format their computers and delete all the data. Tell them an IT fellow from Gurgaon will repair the machine. Give the children his telephone number. This must be a fake number. But always give them hope. 5. Promise children extravagant pocket money. Much more than their classmates and housing colony friends. Let them even brag about it to others. Then when the time comes to pay, tell them that the original amount promised was a “Cost To Family” figure. Deduct rent of bedroom and cost of food and electricity before paying. I hope parents will implement these steps right away. Let us all help build a realistic, prepared corporate India in the future. Love, Mr Thrissur 2002. Cubiclenama takes a weekly look at the pleasures and perils of corporate life. Your comments are welcome at cubiclenama@livemint.com Source: LatestNews-Home - Livemint.com | 24 May 2010 | 1:14 pm DoT-defence ministry row may hit 3G rolloutFresh trouble seems to be brewing between the defence ministry and the Department of Telecommunications (DoT) over spectrum and this could put a question mark on the launch of third generation (3G) telephony services in the country by March next year.Source: Business Standard | Front Page Headlines | 24 May 2010 | 12:50 pm RIL may pay Rs 9,000 cr to RNRL: ExpertsWithin 24 hours of the brothers Ambani deciding on a ceasefire, the stock market and Reliance pundits are out with their calculators to figure out the financial implication of ending the non-compete terms five years in advance and the loss that Anil Ambanis Reliance Natural Resources Limited (RNRL) would incur post the Supreme Court verdict.Source: Business Standard | Front Page Headlines | 24 May 2010 | 12:48 pm Telcos move TDSAT over Trai proposalIndias three leading GSM operators today challenged the recommendations of the telecom regulator on second generation (2G) pricing before the Telecom Disputes Settlement and Appellate Tribunal (TDSAT).Source: Business Standard | Front Page Headlines | 24 May 2010 | 12:46 pm Singh sees 5% inflation by DecPegs growth at 10%; Goes easy on reservations; calls Naxals threat to economy.Source: Business Standard | Front Page Headlines | 24 May 2010 | 12:44 pm Insurance firms to tap market?The much-awaited guidelines comprising listing norms for life insurance companies is likely to be ready in the next few weeks, with several insurers such as ICICI Prudential and HDFC Standard completing 10 years of operation. However, companies, which have not completed 10 years, would also be allowed to launch their initial public offerings.Source: HindustanTimes.com - Top Business News Headlines | 24 May 2010 | 12:07 pm Sun Pharma Q4 profit dipsPharma major Sun Pharmaceuticals Industries on Monday reported a marginal decline in net profit for the quarter ended March 31 at Rs 394 crore. The company had a net profit of Rs 395 crore in the same period last fiscal. Source: HindustanTimes.com - Top Business News Headlines | 24 May 2010 | 12:05 pm DoT set to roll out IP action plan for more Web addressesNew Delhi: The department of telecommunications (DoT) is set to roll out an action plan to upgrade a key Internet protocol (IP) that will help India avoid running out of Web addresses in two years’ time. The move involves shifting from IP version 4 (IPv4) to IP version 6 (IPv6). India is expected to exhaust its pool of IP addresses by August 2012 under the current system, a 25-year-old protocol that has many limitations, the biggest of which is that it allows for only some four billion addresses as opposed to several trillion under the later regime. IP refers to the unique address that a machine is assigned when it goes online. An IP address is much like a phone number, of which there are a finite set of combinations; more digits need to be added to allow more numbers. IPv6 is also more secure and allows for better quality of service and mobility due to its 128-bit addressing system, explained a DoT official, who spoke on condition of anonymity as he is not authorized to speak to the media. “The timely implementation of IPv6 is essential as the pool of free IP addresses provided by IPv4 is being depleted and is down to just 8%,” a senior official in DoT’s telecommunications engineering centre (TEC) wing said on condition of anonymity. All major service providers, with at least 10,000 Internet customers each, are expected to move to IPv6 by December 2011, while Central and state government offices are expected to make the transition by March 2012. “The government’s infrastructure, including things like power grids and PSU (public sector unit) infrastructure, is far older and upgrading it will take longer,” an industry expert said. The transition is a lot like the Y2K transition and requires a major overhaul of software and hardware, said Kunal Bajaj, director at Analysys Mason, referring to the coding changes that needed to be made before 2000. “Most of the device manufacturers and vendors have been selling IPv6 ready devices for a number of years now. It’s like the new TVs in the market, which are HD (high-definition) ready even though there is no HD signal. They will be ready for the signal when it comes,” Bajaj said. “It requires a major upgrade of software and hardware.” The action plan entails the creation of a task force as well as a publicity campaign to get the transition under way by encouraging and incentivizing rather than setting a deadline. On 13 May, TEC received approval to release the “National IPv6 Deployment Roadmap” in the public domain so that it can be implemented by all stakeholders. “The successful transition requires the coordinated efforts of a large number of stakeholders,” said an internal note by TEC, which was entrusted with the task of handling the transition in 2009, and has come up with the road map based on the views of stakeholders and various institutions. Users in India are given IP addresses by the Asia Pacific Network Information Centre (Apnic). India, which is ranked 20th in IP address usage, consumes 0.22% of IPv4 space in the world today, while the US holds 54.72%, Japan 6.15% and China 4.98%. In 2006, the Telecom Regulatory Authority of India had made its recommendations on the transition, recommending that the country create its own Internet registry under Apnic. The move comes as India is poised for a surge in connectivity, with licences for high-speed services being auctioned. The country ended March 2010 with 8.75 million broadband customers. India’s backbone infrastructure is in place with Bharat Sanchar Nigam Ltd’s National Internet Backbone being IPv6 ready, apart from which Tata Communications Ltd is one of the largest IPv6 Internet service providers in the world. Source: Tech News - Livemint.com | 24 May 2010 | 10:06 am Essar picks HP’s converged infra solutionMumbai: IT major, Hewlett-Packard (HP), on Monday said that Essar has selected its Converged Infrastructure solution to build a shared services environment for selected applications across its group companies. This will allow Essar to improve time-to-market and reduce cost by leveraging a flexible IT model where resources can be provisioned on the fly as per business demand, an HP press release said here. “With HP Converged Infrastructure solutions, Essar will now be able to use a shared services environment where resources can be consumed on demand,” HP India, Converged Infrastructure and Datacenter Transformation, Country Head, Santanu Ghose, said. Using HP’s converged infrastructure solution, Essar is enabling a share services model by pooling together all its IT resources into a highly virtualised environment. Specific application templates have been developed to automatically provision resources for every new business user. Businesses can then request IT services on the fly by using a built-in self service portal, the release said. Source: Tech News - Livemint.com | 24 May 2010 | 7:39 am
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