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Tug of war for Parkway Holdings: What will Fortis do next?Parkway Holdings is in the middle of what could potentially become a big bidding war. Both Fortis and Malaysia\'s Khazanah are very interested in the Singaporebased healthcare company. In an interview with CNBCTV18, Hitesh Sharma of EY and Sujay Shetty of PwC discussed the interesting merger and acquisition (MA) situation building up.Source: Moneycontrol Top Headlines | 29 May 2010 | 5:27 am Apollo Tyres to raise prices again in JuneApollo Tyres Ltd, India\'s second largest tyre maker, will increase prices by 3.5% from June 1, the second time since April, to offset a surge in costs, Chief Financial Officer Sunam Sarkar said on Friday.Source: Moneycontrol Top Headlines | 29 May 2010 | 4:47 am StanChart IDRs to begin trade on June 11UK bank Standard Chartered\'s Indian depositary receipts will begin trading on June 11, a company executive said on Friday, in the first issue of its kind in the country.Source: Moneycontrol Top Headlines | 29 May 2010 | 4:44 am Steel output to reach 120MT capacity by 2012: MinistryIndia will reach 120 MT steel production capacity by 2012, the ministry said on Friday. The industry has acted responsibly as far as prices are concerned, the ministry said, adding that there was no immediate need seen for a regulator in the sector.Source: Moneycontrol Top Headlines | 29 May 2010 | 4:42 am Bharti WalMart to launch 150 stores in 2010Bharti WalMart is planning to roll out 150 stores by this year, says Rajan Mittal, ViceChairman and Managing Director of the company. In an exclusive interview with CNBCTV18, the company will be pumping in USD 2 billion by 2017.Source: Moneycontrol Top Headlines | 29 May 2010 | 4:18 am Emami board approves 2for1 stock splitPersonal care products maker Emami Ltd\'s board on Friday approved a 2for1 stock split, a top official said.Source: Moneycontrol Top Headlines | 29 May 2010 | 4:14 am Voltas signs JV in OmanAirconditioning and cooling products maker Voltas Ltd, part of the diversified Tata Group, has signed a joint venture with the Mustafa Sultan Enterprises LLC of Oman.Source: Moneycontrol Top Headlines | 29 May 2010 | 4:07 am Hit by provisions, BoR posts Rs 92 loss in Q4 - NDTV.com
Source: Business - Google News | 29 May 2010 | 4:03 am Fortis weighs counter to Khazanah bid for ParkwayMalaysian sovereign wealth fund Khazanah launched an $835 million bid for control of Parkway earlier this week, potentially pitting it against Fortis in a battle for Singapore's largest private healthcare provider.Source: Daily News & Analysis: Money News | 29 May 2010 | 3:32 am Microsoft dead-set on mobile, games after shake-upSEATTLE (Reuters) - Microsoft Corp's move to shake up the leadership of its mobile and games division this week -- giving Chief Executive Steve Ballmer direct control over the push to catch up with Apple Inc and Google Inc in the exploding smartphone market -- revealed its determination to ride the next wave of computing.Source: Reuters: Money News | 29 May 2010 | 2:57 am Fortis weighs counter to Khazanah bid for Parkway - paperNEW DELHI (Reuters) - Fortis Healthcare is considering launching a counter-offer for Singapore-based hospital chain Parkway Holdings and is discussing financing options with Singapore state investment firm GIC, the Economic Times reported on Saturday.Source: Reuters: Money News | 29 May 2010 | 2:36 am Sensex rises in tandem with world marketsIndian equities advanced this week as concern about the euro zone debt crisis eased a bit after China assured the world it was not selling European bonds and investors and traders indulged in some bottom fishing after last week's sell-off.Source: HindustanTimes.com - Top Business News Headlines | 29 May 2010 | 2:26 am US actor Gary Coleman dies at 42Los Angeles: Diminutive former child actor Gary Coleman, known to millions as the star of hit sitcom “Diff’rent Strokes,” died on Friday after suffering a brain hemorrhage, his manager said. Coleman, 42, had been on life support after being hospitalized at the Utah Valley Regional Medical Center on Wednesday. He had slipped into a coma and never regained consciousness.  In this 1980 file picture originally provided by NBC, Gary Coleman (left), playing Arnold, talks with Dana Plato, as Kimberly, and Todd Bridges, as Willis, in the “Small Claims” episode of “Diff’rent Strokes.” “He was removed from life support; soon thereafter, he passed quickly and peacefully. By Gary’s bedside were his wife and other close family members,” Alcanter said in a statement. “Thanks to everyone for their well wishing and support during this tragic time. Now that Gary has passed, we know he will be missed because of all the love and support shown in the past couple of days. “Gary is now at peace and his memory will be kept in the hearts of those who were entertained by him throughout the years.” Coleman achieved huge fame through his role as Arnold Jackson in hit show “Diff’rent Strokes,” which ran for eight years from 1978 to 1986. He was best known for his character’s catchphrase -- “What’choo talkin’ ‘bout Willis?“ -- and earned an estimated $100,000 an episode, making him one of the highest paid performers in the entertainment industry at the time. Despite the success of the show, Coleman remained mired in financial difficulties through his adult life, and he was never to emulate the success of his childhood acting career. He sued his parents and former manager in 1989 after alleging they had siphoned nearly $1.3 million from a trust fund set up to manage his earnings from “Diff’rent Strokes.” Although a judge ruled in his favor, Coleman was unable to put his finances on an even keel and declared bankruptcy in 1999. Coleman had regularly hit the headlines in recent years because of his stormy marital life. Both Coleman and wife Shannon Price had been detained on separate incidents of domestic violence since they tied the knot in 2006. Coleman’s family acknowledged the actor’s personal problems in a statement issued earlier on Friday, but said the former child star had no regrets about his entertainment career. “In recent years Gary Coleman has had difficulties, not only with health issues, but also with his personal and public life,” the statement said. “At times, it may not have been apparent, but he always has had fond memories of being an entertainer and appreciates his fans for all their support over the years.” Coleman was not the only “Diff’rent Strokes” star who struggled to adjust after the show ended. Co-star Dana Plato, who played sister Kimberly Drummond in the show, died in 1999 aged 34 after taking an overdose of prescription medication. Her death was later ruled as a suicide. Tragically, Plato’s son Tyler Lambert committed suicide in the state of Oklahoma last month. Todd Bridges, who played Arnold’s elder brother Willis in the show, fought cocaine addiction during the late 1980s. He was acquitted of attempted murder in a 1988 court case concerning the shooting of a drug dealer. Source: LatestNews-Home - Livemint.com | 29 May 2010 | 1:45 am Strategies: Expert tips on stocks, sectors buzzing this wk - Moneycontrol.com
Source: Business - Google News | 29 May 2010 | 1:35 am Major national news of the week - Business Standard
Source: Business - Google News | 29 May 2010 | 1:13 am Motorola co-chief gets stock boost for breakupMotorola will separate its mobile devices and home businesses from its enterprise mobility solutions and network businesses early next year.Source: Daily News & Analysis: Money News | 29 May 2010 | 12:38 am LIC Mutual ties up with Nomura for fund managementLife Insurance Corporation of India Mutual Fund (LIC MF) and Nomura Asset Management Company of Japan are entering into a joint venture for adoption of better technology and management ofSource: Business Line - Home Page | 29 May 2010 | 12:00 am Currency volatility: Govt not for fixed exchange rate for exportersEven as exporters get ready to pitch for a fixed exchange rate at the high-level Board of Trade meeting slated for next month to safeguard themselves from currency swings, this may not cut ice with theSource: Business Line - Home Page | 29 May 2010 | 12:00 am Railways to stop night running of trains in Maoist-hit areasThe Indian Railways has in an unprecedented move decided to halt running of passenger trains for seven hours at night in certain sections following the Friday morning derailment of the Mumbai-bound passenger train Jnaneshwari Express in WestSource: Business Line - Home Page | 29 May 2010 | 12:00 am Weakening euro, pound is a cause for worry: TCS CEOThe Chief Executive Officer of Tata Consultancy Services, Mr N. Chandrasekaran, has said the company will not shy away from expanding in Europe, despite the volatile currencySource: Business Line - Home Page | 29 May 2010 | 12:00 am Reliance makes fifth oil discovery in Cambay basinReliance Industries Ltd (RIL) said it made its fifth oil discovery in Cambay basin inSource: Business Line - Home Page | 29 May 2010 | 12:00 am Core sector industries grow 5.1% in AprilThe six core infrastructure industries have registered a 5.1 per cent year-on-year growth in April, compared with 3.7 per cent in the same month of the previousSource: Business Line - Home Page | 29 May 2010 | 12:00 am IOC Q4 net down 16% on delay in subsidy compensationIndian Oil Corporation (IOC) Ltd has registered a 16 per cent drop in its net profit for the fourth quarter ended March 31, 2010, due to the delay in receiving compensation from the Government for selling fuel at discount prices.Source: Business Line - Home Page | 29 May 2010 | 12:00 am Institutions rescue StanChart's IDR issueStandard Chartered Bank's Indian Depository Receipts (IDR) issue was fully subscribed just a few hours before the issue closed onSource: Business Line - Home Page | 29 May 2010 | 12:00 am Pre-existing ailment may nix your pension policy plansPeople with pre-existing ailments will now find it difficult to buy a pension plan as insurance companies will have to compulsorily sell pension plans with a life cover starting JulySource: Business Line - Home Page | 29 May 2010 | 12:00 am Rupee strengthens on FII inflowsThe rupee gained 93 paise against the dollar on Friday on the back of FII inflows and the rise of the euro and other Asian currencies against the greenback, saidSource: Business Line - Home Page | 29 May 2010 | 12:00 am Unitech FY10 net profit falls 43.6%Unitech, India's second largest real estate company, has posted its annual results for FY 2010.Source: HindustanTimes.com - Top Business News Headlines | 28 May 2010 | 11:58 pm Apollo Tyres to raise prices again in June - Moneycontrol.com
Source: Business - Google News | 28 May 2010 | 11:45 pm IOC posts 16% drop in net profit - Sify
Source: Business - Google News | 28 May 2010 | 11:33 pm Markets fret, but chance of big bank crash slimLONDON (Reuters) - This week's market jitters that banks were heading back to the darkest days of 2008 look overdone because lenders have vastly improved their assets and central banks stand ready with abundant funding.Source: Reuters: Money News | 28 May 2010 | 11:32 pm India's well placed to take on Round 2 of recession: Joseph StiglitzHis voice and views dominate the world of economics; a Nobel laureate who's not shy of taking on the global establishment and the wisdom of the day. He's Joseph Stiglitz, who was once given the pink slip by the World Bank. Vikas Singh & Shubham Mukherjee pick his brains for TOI-Crest over a cup of his much-loved masala chai.Source: India Business News | Business News - Times of India | 28 May 2010 | 11:21 pm Gulf oil spill hits Day 40 with no end in sightNEW ORLEANS/VENICE, La. (Reuters) - The worst oil spill in U.S. history hits its 40th day on Saturday with Gulf residents clinging to one tenuous hope: that BP's complicated "top kill" operation will plug the gushing well.Source: Reuters: Money News | 28 May 2010 | 11:09 pm RIL's 5th oil find in Cambay basinOf the 15 exploratory wells drilled in the block by RIL so far, 11 are located in part A and remaining four in part B.Source: Daily News & Analysis: Money News | 28 May 2010 | 10:06 pm Sensex beats world indicesIn May, only DAX fell less compared to Sensex's 5.42%.Source: Daily News & Analysis: Money News | 28 May 2010 | 10:03 pm UK's Prudential wants to pay less to save AIA dealLONDON (Reuters) - Prudential has entered talks to cut its $35.5 billion offer for AIG's Asian life insurance arm in a last-ditch bid to salvage a deal criticized by shareholders as too expensive.Source: Reuters: Money News | 28 May 2010 | 9:28 pm Mahindra, Ruia group bid for Korean car company - Business Standard
Source: Business - Google News | 28 May 2010 | 9:21 pm Facebook is king of Internet visitsGoogle released Web traffic data indicating that Facebook is king when it comes to online visitors despite criticism about privacy at the social-networking service. Facebook.com is visited monthly by 540 million people...Source: HindustanTimes.com - Top Business News Headlines | 28 May 2010 | 8:56 pm Wall St Week Ahead: To rally, stocks need Europe end gameNEW YORK (Reuters) - After stocks wrapped up their worst month in more than a year, investors will face next week with caution as things are unlikely to get better until the Europeans force their debt crisis to an end game.Source: Reuters: Money News | 28 May 2010 | 8:02 pm Trai, FCC to collaborate on broadband - Times of India
Source: Business - Google News | 28 May 2010 | 6:44 pm SAIL net up over 40% in Jan-MarSAILs net profit jumped over 40% to Rs 2,084.9 crore in January-March 2010 as against Rs 1,485.20 crore in the corresponding period last year.Source: India Business News | Business News - Times of India | 28 May 2010 | 6:29 pm IOC profit rises 246% in 2009-10Indian Oil Corp, the nations largest oil firm, on Friday reported a 246% jump in net profit for 2009-10 fiscal and said it is considering reviving projects it had put on backburner due to cash crunch earlier.Source: India Business News | Business News - Times of India | 28 May 2010 | 6:27 pm ONGC Q4 net increases 71% to Rs 3,776 croreState-owned Oil and Natural Gas Corporation on Friday reported a 71% rise in net profit for the quarter ended March 31 as it realised more on crude oil it produces.Source: India Business News | Business News - Times of India | 28 May 2010 | 6:25 pm Jet hikes pilots salaries by 3%This could well be the first good news coming from the big boys of Indian aviation industry Jet, Kingfisher and Air India for their pilots in the last two to three years.Source: India Business News | Business News - Times of India | 28 May 2010 | 6:17 pm StanCs IDR subscribed 2.2 timesThe first-ever Indian Depository Receipt (IDR) offering worth up to Rs 2,760 crore by UK-headquartered Standard Chartered Bank was subscribed 2.2 times despite extremely volatile global markets .Source: India Business News | Business News - Times of India | 28 May 2010 | 6:14 pm Sensex keeps on surging, rises 197 ptsThe Indian markets rallied for the third straight session, showing no sign of volatility, mainly on the back of strong global cues. The BSE Sensex closed 196.66 points up at 16,863 and the NSE's Nifty closed at 5,066, up 63 points and now firmly above the psychological 5000 mark.Source: India Business News | Business News - Times of India | 28 May 2010 | 6:13 pm Infrastructure sector grows 5.1% in AprilSix core infrastructure industries grew at 5.1% in April against 3.7% in the corresponding period last year.Source: India Business News | Business News - Times of India | 28 May 2010 | 6:11 pm RPower buys RInfra assetsReliance Power has acquired three power plants of group company Reliance Infrastructure, having a total generation capacity of 433 MW. The transfer value of assets is Rs 1095 crore, based on independent valuation by KPMG.Source: India Business News | Business News - Times of India | 28 May 2010 | 6:10 pm Weak currencies may hit revenueThe weakening euro and pound are likely to hit revenue and margins at Tata Consultancy Services, its chief executive said on Friday .Source: India Business News | Business News - Times of India | 28 May 2010 | 6:08 pm StanChart IDR bid 2.2 times over; FIIs, MFs & corporates step in on last day - Economic Times
Source: Business - Google News | 28 May 2010 | 5:58 pm May 2930: Events to watch out forMay 2930: Events to watch out forSource: Moneycontrol Top Headlines | 28 May 2010 | 4:55 pm R-Power to buy R-Infra gas plants - Economic Times
Source: Business - Google News | 28 May 2010 | 3:54 pm Fitch downgrades Spain, ECB warns of contagionMADRID (Reuters) - Fitch downgraded Spain's credit rating on Friday, a day after the country adopted austerity measures, demonstrating the difficulty of steering out of the euro zone debt crisis with budget cuts that restrict growth.Source: Reuters: Money News | 28 May 2010 | 3:41 pm Oil ends down 14 pct in May, Spain weighsNEW YORK (Reuters) - U.S. crude oil futures ended lower on Friday, posting their worst monthly loss since December 2008, as a downgrade of Spain's credit ratings and disappointing U.S. economic data fueled investor caution about riskier assets.Source: Reuters: Money News | 28 May 2010 | 3:36 pm Govt agrees to hike FDI in retail and defenceMinister of state for commerce and industry Jyotiraditya Scindia has said that the ministry will move forward on the foreign direct investment (FDI) on retail and defence, reports CNBCTV18.Source: Moneycontrol Top Headlines | 28 May 2010 | 3:31 pm Weak euro may hit TCS profitability - Economic Times
Source: Business - Google News | 28 May 2010 | 3:01 pm Glenmark Pharma expects 1112 new USFDA nods in FY11Glenmark Pharmaceuticals Ltd expects to received about 1112 new U.S. FDA approvals in FY11.Source: Moneycontrol Top Headlines | 28 May 2010 | 3:00 pm Dalal street posts best run in 12 weeksSensex up 2.45% as Ambani brothers end dispute, global markets rally.Source: Daily News & Analysis: Money News | 28 May 2010 | 2:44 pm Banks take to the shrinking cash machineTechnology is helping banks reduce the size of such machines, and their costs even as they reach out to more customers.Source: Daily News & Analysis: Money News | 28 May 2010 | 2:44 pm FCC, Trai to connect for broadband rulesCommunication channels between the telecom regulators of India and the US would be active over the next few months as India prepares for a broadband policy.Source: Daily News & Analysis: Money News | 28 May 2010 | 2:41 pm Tata Motors says Nano will ride on Mexican ally to USTata Motors said Metalsa SA de CV, a Mexico-based company, would be its vehicle of choice to enter North America, the world's biggest automobiles market.Source: Daily News & Analysis: Money News | 28 May 2010 | 2:39 pm Bedabahal UMPP tech bids to be sought by early JuneIndia's fifth ultra-mega power project (UMPP) is taking another step to become a reality.Source: Daily News & Analysis: Money News | 28 May 2010 | 2:38 pm SAIL says steel prices set to fallSteel Authority of India (SAIL), the country's largest steel producer, has hinted at a reduction in prices in line with the downward trend overseas.Source: Daily News & Analysis: Money News | 28 May 2010 | 2:37 pm Spot Light | Stuck with joyReviewer: Titus Upputuru With over 15 years experience in the advertising industry, Titus Upputuru, executive creative director for Saatchi & Saatchi, has worked with brands such as Sprite, KFC, Afghan Telecom and Electrolux. Campaign: The ad showcases a man whose face wears a permanent expression of pure delight, which confuses, if not startles, people around him. The ad then traces his first encounter with the Indica Vista, which resulted in this expression. What did you think of the ad?  Pure delight: The casting and the black and white look of the ad work. What to your mind are the key ingredients to a great car ad? A lot of people tend to think that if it’s a car ad, then you should just show the car throughout the 40-odd seconds. Shoot it like ice cream. Let’s do justice to the car by showing it in full glory is the common anthem. But I believe a car, like any other product, is a product too which people buy. It might be more expensive than a can of paint, a cola or a pair of jeans but the reasons people buy it are much the same since we are selling it to a human being who has emotions. What is your favourite car ad? My all-time favourite car ad is this ad done for Saturn cars about seven years back. It’s just so stunningly beautiful—the idea as well as the execution. The ad features people walking like they were cars—for example, a man walks backward down his driveway; a woman walks down a road with two young boys behind her and stops at a house to pick up a young girl; hundreds of people run down a highway; and a night-time scene where several people walk with flashlights. A subtle, aged, male voice-over says at the end: “When we design our cars, we don’t see sheet metal. We see the people who may one day drive them.” The commercial introduces the Saturn cars in the end. It won a Gold Lion. As told to Gouri Shah gouri.s@livemint.com Source: LatestNews-Home - Livemint.com | 28 May 2010 | 1:27 pm Top firms in race for cricket sponsorshipLeading Indian companies are considering whether to bid for the India cricket team sponsorship for the next three years. The deadline for doing so is tomorrow.Source: Business Standard | Front Page Headlines | 28 May 2010 | 1:17 pm India, US agree on dialogue to strengthen tiesNew Delhi: Prime Minister Manmohan Singh and President Barack Obama reaffirmed that India and the US gave great priority to dialogue between the two democracies in a variety of strategic issues in a telephonic conversation on Friday evening, a press note from the Prime Minister’s Office said. The two leaders discussed the forthcoming strategic dialogue between the two countries scheduled next week in Washington. India and the US are engaged in multilateral discussions on a wide range of issues including high technology trade,science and technology, civil nuclear cooperation, agriculture, humanresource development, security and other strategic issues. The two leaders took the opportunity to discuss regional and global issues of mutual interest. Expressing grief over the recent Air India tragedy, President Obama conveyed condolences on the loss of lives in Mangalore last week. The PrimeMinister said a warm welcome awaited the President and his familywhen they visit India. Source: LatestNews-Home - Livemint.com | 28 May 2010 | 1:13 pm Peter Unsworth | We don’t want to try and do everythingMumbai: Peter Unsworth, 51, chief executive officer of Tata Global Beverages Ltd, has an arduous task ahead of him. A month from now, Unsworth and three of his colleagues will walk 100km through high ranges and vales, criss-crossing the English country side and the time frame set to reach the finish line is just 30 hours.  Distribution is key: Unsworth says the aura around ‘Himalayan’ is the ability to take it to a market and create a premium niche. Abhijit Bhatlekar/Mint Mr Unsworth, do you drink tea or coffee? Aha... When I joined Tetley group in 1996, the then chairman, a big American, asked me whether I’ll have tea or coffee. He was surprised when I asked for coffee. “Man, you have the balls,” he remarked, as those days we were known only for our Tea. These days, I have both tea and coffee. (Tata Global Beverages, formerly Tata Tea Ltd now has a portfolio of coffee, and tea brands). There was some talk among analysts that your company would move into the packaged foods space. But now with the name change, your interest seems limited to beverages. We have talked about nutrition, wellness, life enhancing and sustainable beverages. We are now globally a $1.5 billion (Rs6,975 crore) business. If you look at beverages business globally, it is a trillion dollar business and food and beverages account for mega trillions of dollars. We have massive opportunities. What I am trying to do with the business along with the team is to focus. We can grow rapidly but we don’t want to dissipate all of our energies into everything. We don’t want to try and do everything, but want to do a few big things well. Even if you look at (the) US, we are tiny. In Russia we are tiny. Tea in Russia and (the) US together is a $4 billion market. What we are pushing in the short and medium term is beverages. Eventually, sometime in the future maybe, there is an opportunity for us to get into food as well. All our big brands are very easily translated into food. For example, Good Earth as a brand for me is organic, natural and healthy. In the US we are a year into a relationship with General Mills (Inc.) where they will use our licence to use the brand for ready-made meals. We control the brand but they drive it. So in the short and medium term we don’t have the core competencies to drive this effort. The focus for us is beverages and the name reflects that. After exiting Energy brands (Glaceau) in favour of Coca-Cola, you had evinced plans to re-enter that business. How long will it take the company to start from ground up. Will you look at acquisitions? We have got cash and will look at acquisitions. We can leverage the business. With Glaceau, the crucial thing was distribution. We acquired the brand which we felt and still feel is a brilliant brand. Coca-Cola looked at it and they too felt it’s a brilliant brand and they have got an ubiquitous liquid distribution set up. We have to create relationships such as the Pepsi memorandum of understanding (MoU) we just signed. At the moment our strength is not liquid distribution; hence the relationship with Pepsi. Have you made any progress on the MoU with Pepsi? The MoU basically says we agree to talk and we are talking. What comes out of that is not set. What caused the sudden traction in Eight O’Clock Coffee sales which saw modern retailers in the US stock your coffee? About 18 months back there was a report in a national consumer magazine that did a test on a whole range of coffees, including gourmet coffee. It concluded that Eight O’ coffee brand (Colombian)...is the best coffee. Around the same time the consumers were getting hit by the economic slowdown and were trading down to cheaper alternatives. As the credit crisis began to hit consumers traded down to Eight O’Clock—it’s the best coffee for people looking for value alternatives. So consumers have tried the product and they liked it and are sticking with us. The challenge is what do we do next? The US is a very expensive market...To advertise it could cost $5 million to $10 million. We are looking at it as an opportunity. We got to be very clear what we want do next. There are reports that say that you plan to make Himalayan a global premium drinking water brand. We are looking at two international markets where Himalayan could go in. Clearly, it will go through distributors and third party distributors like we do for our other products. We’ll position it absolutely premium. Himalayan is derived from one of the best sources of mineral water in the world. It has to be premium. We are not taking water by filling a bottle with some reverse osmosis water. We are taking the water from the source and transporting it. So there’s a cost involved in that. The aura around “Himalayan” is the ability to take it to a market and create a premium niche. Distribution is a critical thing. Whether we do it through a third party distributor or we do it in the medium term by extending our relationship with Pepsi by allowing them to distribute; they don’t have a premium product in water. We can do it ourselves. But a relationship with Pepsi or another third party distributor is the way to go. It takes more than a lifetime to create iconic beverage brands. In Tetley, you have one, but to create another brand such as a Red Bull or Glaceau is difficult, don’t you think? Sukk (pronounced as sook) would be the one. It is quite a funky thing. Some people will love it and some will hate it. We just launched this jelly product in the UK which is in the test market phase. Drinkable (green tea based) jelly in a pouch. It has got a lot of fibre in it and only 80 calories. We are targeting it at young people as a healthy way of snacking. If we have a brand like Red Bull, we’ll be quite pleased. I tell my people, what we got to do is to do disruptive innovation. We have to start experimenting. If we don’t put products like Sukk in the market in a small way in the UK, US and India, then we will never have a Red Bull. We have to do things differently. What is the initial response to Sukk? It was launched three weeks away. Advertising starts in July. It is students we are targeting. It is edgy for us. We’ll take one step at a time. If it works in Manchester in UK, then it will work in the rest of UK. What is the target set for new brands and eventually their contribution to the top-line? Mr Krishna Kumar (vice-chairman Tata Tea and director Tata Sons Ltd), my esteemed boss, says that within five years he wants tea to be only 50% of the total. Again it depends on how we grow. Personally, I think, we can do it sooner than that. satish.j@livemint.com Source: Home - Livemint.com | 28 May 2010 | 1:05 pm Jagran proprietors clash over Blackstone infusionA battle is brewing in the families which run the Jagran group of newspapers. The groups flagship brand, Dainik Jagran, is the countrys largest circulated newspaper.Source: Business Standard | Front Page Headlines | 28 May 2010 | 12:56 pm Fortis readies to battle KhazanahFortis Healthcare, which runs the countrys largest private hospital chain, is likely to counter Malaysian investment fund Khazanahs bid to acquire majority control of Parkway Holdings, Asias largest healthcare chain.Source: Business Standard | Front Page Headlines | 28 May 2010 | 12:52 pm M, Ruia group pitch for Korean car companyIndia's largest manufacturer of tractors and utility vehicles Mahindra & Mahindra (M&M) and makers of the Dunlop brand of tyres, the Ruia Group, have bid for cash-strapped Korean sports utility vehicle (SUV) manufacturer SsangYong Motor Company (SMC).Source: Business Standard | Front Page Headlines | 28 May 2010 | 12:48 pm StanChart IDR issue sails throughMumbai: The first-ever issue of Indian depository receipts (IDRs) went down to the wire, with a late rush by institutional investors to bid for the receipts helping Standard Chartered Plc see the issue through despite a lukewarm response from retail investors. Institutional investors bid for more than twice the number of shares on offer while retail investors subscribed to less than half the IDRs reserved for them. The late arrival of institutional investors was anticipated since the Indian stock market regulator had mandated earlier this month that institutional investors have to make upfront payments for their entire bid amount in a public issue, thus making it unattractive for them to enter the bidding game early and locking in their funds for a few extra days.  “The retail participation was low mainly because it was a new instrument and the tax treatment was not equal as that in other conventional public issues for retail buyers,” said the executive director of a large bank-owned investment banking firm on condition of anonymity. The qualified institutional buyer portion of the issue was oversubscribed 4.14 times. For 84 million IDR shares on offer in this category, bids were received for 348.4 million. Of this, foreign institutional investors placed bids for 253.2 million IDRs, while banks bid for three million and mutual funds bid for 6.3 million. Only a quarter of the shares available for retail investors were applied for. Only one-fifth of the employee portion got subscription. An IDR is a financial instrument that is backed by the equity of a company based outside India. Ten Standard Chartered IDRs will be equivalent to one share of the bank. The shares of Standard Chartered are listed on both the Hong Kong and London stock exchanges. The bank had fixed a price band of Rs100-115 for each IDR. Most of the bids were received around the lower end of the band, between Rs100-104, according to National Stock Exchange data. At 7pm IST, Standard Chartered shares on the London Stock Exchange were down 1.19%, at £16.62 (Rs1,127). “The effective equivalent price of Standard Chartered Indian IDR works out to Rs114. Even if we assume that the final issue price will be in line with the Rs104 per IDR, as applied by the anchor investors, still there is a potential gain of Rs10 for investors,” said Jagannadham Thunuguntla, head of equities at SMC Capitals Ltd in New Delhi. “We’re absolutely delighted with the response, given that this is a new instrument, given the fact that this was the first issue (in which institutional investors) had to put up 100% of the cost upfront, given that it’s difficult for domestic investors to put a comparative (value) to Standard Chartered Bank,” said Jaspal Bindra, chief executive of the bank’s Asian operations, at a media briefing. Bindra said the bank should list its IDRs in the Indian market by around 11 June. The IDR issue was also seen as a test case for the opening up of the Indian capital market to foreign companies. Till now, the traffic has been in the opposite direction, with Indian companies selling depository receipts in Europe and the US. According to Thunuguntla, high networth individuals (HNIs) and companies would have rushed in on the last day as they sensed an arbitrage opportunity. The HNI/companies portion was oversubscribed nearly twice as bids were received for 82 million shares against 43 million on offer. Standard Chartered sold 240 million IDRs. Of these, 36 million IDRs were placed with six anchor investors at a price of Rs104. For the remaining 204 million shares for which the offer opened on 25 May and closed on Friday, bids were received for 449 million shares. n.subramanian@livemint.com Source: Home - Livemint.com | 28 May 2010 | 12:26 pm Quick Edit | Early warning failureFriday’s attack by Maoists on a train, forcing its derailment, and collision with a goods train was the ninth attack by the Reds this year and the fourth on trains in the past 10 days. Account for the Rajdhani Express incident where one of India’s most prestigious trains was hijacked by Maoists earlier this year and the fact that most attacks against trains have been in West Bengal’s West Midnapore district, and two conclusions emerge: one, that Maoists like to target trains; two, that trains plying through this part of Bengal are especially vulnerable. Having failed to prevent the attack—all the signs pointed that a big one was coming—the government’s response has been to say no trains will run during the night in areas infested with Maoists. That kind of disruption is just what the insurgents would have wanted. The government can continue to debate the best way to tackle Maoists, but its best-laid plans will go nowhere if it is not able to prevent attacks it can see coming. Source: Home - Livemint.com | 28 May 2010 | 12:20 pm R-Power gets 433MW from R-Infra for Rs1,095 croreKolkata/Mumbai: The Reliance-Anil Dhirubhai Ambani Group (R-Adag) has consolidated its entire power generation business under one roof. Reliance Infrastructure Ltd (R-Infra) has transferred 433MW of gas-based power generation assets to group company Reliance Power Ltd (R-Power) for Rs1,095 crore. At one stroke, this deal makes R-Power a company with an operating income and positions R-Infra as a focused utilities firm. R-Infra holds 45% equity stake in R-Power and is its largest shareholder. Post Friday’s announcement, R-Power—at 35,000MW, has the largest development portfolio in the power sector, but wasn’t producing a single watt of electricity till last quarter—will have more than 1,000MW power generation capacity, with 433MW coming from the three newly-transferred plants and 600MW from its newly operationalized Rosa I plant in Uttar Pradesh. Secondly, this transfer adds gas-fired power plants to its kitty right away, even as it struggles with land acquisition and feedstock issues for its 7480MW gas-based power plant in Dadri, Uttar Pradesh. “The intent all along was to club power generating plants in one company. Moreover these plants were small earlier, now they have clear expansion plans,” said a senior R-Infra executive, who did not want to be named, and declined to specify the quantum of capacity expansion that was being planned. “Reliance Power has the resources and they will do it.”  Graphic: Ahmed Raza Khan/Mint Sector analysts are saying there could be more benefits to this than merely stacking power generation assets in one firm within R-Adag. Jagannadham Thunuguntla, head of equities at SMC Capitals Ltd in New Delhi, said that these assets may have been transferred into R-Power to enable the company to have greater cash flow from operations, since its power projects have long gestation periods and will not start before 2013-14. “The interest of both the companies are aligned to the extent that Reliance Infrastructure holds majority stake in Reliance Power, and after the transfer of assets Reliance Infrastructure can concentrate more on its infrastructure business,” said Thunuguntla. Agrees the R-Infra executive quoted above: “We got fair value for these assets and we are much better off spending that money in higher income-generating infrastructure assets.” A Mumbai-based analyst with a domestic brokerage firm said that with this transfer and start of Rosa I, “RIL will no longer be a zero-operating income company. The shareholders can see some income pouring in now”. R-Power floated the country’s largest public issue in February 2008 mopping up Rs11,563.20 crore, before a global financial meltdown squeezed credit availability and fund-raising all over. A 28 May note by Mumbai-based brokerage firm Edelweiss Securities Ltd said: “The transfer of assets assume significance since alternative sites are being scouted by Reliance Power to compensate for the 7 gigawatts power generation at Dadri, considering the issues surrounding land allocation.” The Edelweiss analysts, Shankar K. and Subhadip Mitra, wrote that while the details of the expansion potential of these three sites were awaited, at least part of the 28 million standard cu. m per day of gas that R-Adag is expected to receive from Mukesh Ambani’s Reliance Industries Ltd (RIL) can be used when the capacities of these plants are increased. R-Adag and RIL are in talks to seal a gas supply renegotiation, in accordance with a Supreme Court verdict earlier this month that had ruled—ending four years of legal battles—that the two groups should renegotiate in keeping with government regulations. A statement issued by the group on Friday stated that three power plants—a 220MW capacity at Samalkot (Andhra Pradesh), a 165MW one at Kochi (Kerala) and 48MW plant at Zuarinagar (Goa)—“has been agreed to be transferred by Reliance Infrastructure to Reliance Power to bring entire power generation portfolio under one roof”. Both Andhra Pradesh and Kerala plants are in 15-year power purchase agreements with AP Transco and Kerala State Electricity Board, respectively, while Zuarinagar has been supplying power to the government of Goa as well as various industrial consumers. The statement further states that the total transfer value of the three assets has been pegged at Rs1,095 crore, based on an “independent valuation” done be audit and consulting firm KPMG. The share capital of the subsidiary companies of R-Infra that hold these assets and the the power plants themselves would be transferred to R-Power after obtaining requisite approvals, it said. An analyst with a domestic brokerage firm, speaking on condition of anonymity, also pointed out that it could be more economical to transport the gas from RIL’s block in the Krishna-Godavari basin to these three sites, as and when the supply deal is sealed with the company, than taking it all the way to Dadri. A transfer of operating assets would considerably help improve R-Power’s revenue, which currently stands at a mere Rs1.33 crore for the quarter ended 31 March. R-Power had closed fiscal 2010 with a turnover of Rs8.55 crore. R-Infra, on the other hand, posted a revenue of Rs2,643.87 crore in the same quarter and had a total turnover of Rs10,027.27 crore in fiscal 2010. By acquiring R-Infra’s power plants, R-Power’s immediate generation capacity would inch closer to that of its private sector competitor Essar Power’s gas-based power generation capacity of 1,220MW and would be one-fourth of the present gas-based power generation capacity of 3,995MW of state-run NTPC Ltd. R-Power’s shares climbed 1.16% on the Bombay Stock Exchange on Friday and closed at Rs156.50, whereas R-Infra’s stock closed at Rs1,056.25, a marginal decline of 0.03% from Thursday’s closing price. The exchange’s bellwether Sensex index closed 1.18% higher at 16,863.06 points. aveek.d@livemint.com Source: Home - Livemint.com | 28 May 2010 | 12:19 pm 73 dead as Maoists sabotage tracks, train derails in WBJhargram, West Bengal: Maoist insurgents were blamed for a train accident in West Bengal that killed 73 people and injured at least 250. The death toll is expected to rise. The engine and 13 coaches of the Mumbai-bound Howrah-Kurla Jnaneswari Express jumped tracks and hit a goods train coming from the opposite direction at around 1.30am on Friday. Chief minister Buddhadeb Bhattacharjee said Maoist rebels were behind the accident, which took place in the Jhargram area of West Bengal’s West Midnapore district, a stronghold of the insurgents. Some 100 clips that fasten railway tracks with concrete sleepers were found missing at the accident site. The Maoists had removed them, the state government said. Also Read | Timeline: Red Terror The accident took place a few kilometres from the Sardiya station, where the Maoists had in October laid siege to a Bhubaneswar-New Delhi Rajdhani Express for some eight hours to enforce a strike. The death toll in Friday’s accident could approach 100, West Midnapore’s district magistrate N.S. Nigam said. Many among the 250 people hurt were battling life-threatening injuries in hospitals in Kolkata and Kharagpur, the district headquarters. More dead bodies could be found inside the mangled coaches, which have yet not been removed from the tracks, district officials said.  Fatal run: Rescue workers and police gather at the scene of the Mumbai-bound Howrah-Kurla Jnaneswari Express train crash in West Bengal. Indranil Bhoumik/Mint “A few days ago, we had received a report from the Intelligence Branch saying that the Maoists were up to something big ahead of the election,” a state home department official said, requesting anonymity. Though in the past such intelligence reports have been shared with the railways, this time the state chose to keep it to itself because the “inputs were largely election-related”, the official added. The state police claimed that they had recovered Maoist posters from the accident site. Communist Party of India (Maoist) leaders could not be contacted, but the People’s Committee against Police Atrocities—a local tribal group in West Midnapore backed by the Maoists—denied links with Friday’s incident. Railway minister Mamata Banerjee said that the derailment was caused by an explosion, but her claim was dismissed by disaster management officials working at the accident site. There are no indications of a blast; there’s no crater, and even the pebbles on the track weren’t flung around, they said. In New Delhi, home minister P. Chidambaram said in a statement that the derailment “appears to be a case of sabotage where a portion of the railway track was removed, (but) whether explosives were used is not yet clear”.  Toll may rise: More dead bodies could be found inside the mangled coaches, district officials say. Indranil Bhoumik/Mint “Half an hour is long enough to remove the Pandrol clips,” said A.P. Mishra, general manager of South Eastern Railway. There was a sharp jerk as the driver braked, and then some of the coaches overturned, a survivor told PTI news agency. Soon they heard a sound of a crash as the goods train rammed into the overturned coaches. Four wagons of the goods train jumped the rails. “We were sleeping when suddenly we were thrown around,” Jagabandhu Sardar, a survivor, told PTI. “All of us managed to come out through the emergency window.” Sardar was travelling in one of the worst affected coaches. Asked how the railways was planning to cope with such attacks, Banerjee said, “Could we stop running trains through Maoist strongholds?” Maoist rebels have attacked trains at least 65 times in the past one year, according to PTI. Trains had become a soft target for the Maoists, Banerjee had said in Parliament last month. The latest attack, the worst on trains in eight years, led the South Eastern Railway to decide that passenger trains wouldn’t ply in Maoist-affected areas in eastern India late at night for some time. Maoists rebels operate in 11 of India’s 28 states and have killed more than 7,500 people since 1998, according to Bloomberg news agency. They recently blew up a passenger bus in Dantewada in Chhattisgarh, killing 36 people. Prime minister Manmohan Singh has described the Maoists as the single biggest challenge to internal security. Banerjee, who has been under attack from the Communist Party of India (Marxist) for being soft on the Maoists, said law and order was the state’s responsibility. After Friday’s incident, she is likely to face more attacks both in West Bengal and in Delhi for her position on the Maoist insurgents. The railway minister announced a compensation of Rs5 lakh each for the families of the deceased, and Rs1 lakh each for those injured in the accident. The state government said it would pay Rs3 lakh each to the families of those killed in the accident and pick up the tab for treatment of the injured. romita.d@livemint.com Source: Home - Livemint.com | 28 May 2010 | 12:16 pm Wall Street falls on data, Spain downgradeNew York: US stocks fell 1% on Friday, extending earlier losses as a downgrade by Fitch Ratings of Spain’s credit rating reignited worries about euro-zone debt issues. Fitch cut Spain’s credit rating by one notch, saying the country’s economic recovery will be more muted than the government forecast due to its austerity measures. US-listed shares of Spain’s Banco Santander SA fell 2.5% to $10.17. “It definitely spooked the market, no doubt about it,” said Terry Morris, senior equity manager for National Penn Investors Trust Company in Reading, Pennsylvania. “Up until now it’s been mostly Greece and the threat of Spain and Portugal and Ireland. With Fitch actually downgrading Spain, it seems as if it is no longer a hypothetical, the contagion is now real.” The Dow Jones industrial average dropped 141.25 points, or 1.38%, to 10,117.74. The Standard & Poor’s 500 Index fell 16.17 points, or 1.47%, to 1,086.89. The Nasdaq Composite Index lost 30.63 points, or 1.34%, to 2,247.05. The downgrade pushed Wall St further into the red, as stocks had fallen earlier after data showed consumer spending was unexpectedly flat last month and growth of US Midwest business activity slowed more than expected. Data from the Commerce Department showed April was the first month since September that consumer spending did not increase, but the largest gain in real disposable income in nearly a year gave hope that spending will resume in coming months. A separate report showed business activity in the Midwest grew less than expected in May after scaling a five-year high in April. An employment gauge in the Institute for Supply Management-Chicago’s survey slipped. Investors also took advantage of the opportunity to book gains heading into a long holiday weekend and after Wall Street’s rally in the previous session. May is on track to be the worst month for stocks since February 2009 after hitting an 18-month high in late April as investors fretted over a debt crisis in Europe and its implications for global growth. US markets will be closed on Monday for the Memorial Day holiday. Energy shares ranked among the biggest losers on Friday, a day after the S&P energy index racked up its largest gain in 14 months. The S&P energy index was down 2.4%. Halliburton tumbled 8.1% to $24.80 and Schlumberger fell 6.5% to $55.93. The US-listed shares of BP Plc shed 5.7% to $42.79 after the company’s chief executive officer said some progress had been made in its bid to plug the leaking Gulf of Mexico oil well, though it could still take 48 hours to conclude whether it has been fully successful. Apple Inc was among the few bright spots, rising 0.5% at $254.75 after the iPad tablet computer debuted outside the United States and Bank of America-Merrill Lynch raised its price target on the stock by $25 to $325. The Thomson Reuters/University of Michigan Surveys of Consumers showed consumer sentiment rose a bit in May from April but was roughly unchanged from levels since February, while the one-year inflation expectations index also climbed to its highest since October 2008. Source: LatestNews-Home - Livemint.com | 28 May 2010 | 12:15 pm DaybreakIt is not so much the blade of day that slices the morning’s eye open as that it begins anyway uncoerced and softly-spoken breathing in the yeasty rising breeze; and warms its fingers on the rose-glow of clouds steep- stacked and neat-racked by the sun’s balusters; begins despite the clamour and the war cry of the blown conch, the dawn prayer the challenge of javelin voices that vie to fling their chants through the air. Morning comes like a man used to lying awake waiting for tomorrow. Sridala Swami is the author of the book of poems A Reluctant Survivor (Sahitya Akademi, 2007). Write to lounge@livemint.com Source: LatestNews-Home - Livemint.com | 28 May 2010 | 12:12 pm The graphic cityThere’s something very visual about architecture and city planning. The structure and symmetry (or asymmetry) of buildings, the layout of roads, and the underlying history behind buildings and cities—these are as compelling as the stories and histories of people who live in them.  Cityscape: The Berlin trilogy on the fall of a great city is rich in detail. The visual nature of the medium combined with the interpretative ability of illustrations and the sheer power of words makes graphic novels about cities especially attractive. Even when they dwell but fleetingly on cities, comics do so far better than books, photographs, even cinema. One of my favourite passages in Alan Moore’s From Hell is the architectural journey of London Sir William Gull takes along with his coachman Netley, traversing the path of a pentacle between vertices that are popular London buildings with St Paul’s at the centre. Sir William, we know, is mad (and also Jack the Ripper) but his map is accurate. His London exists and is real—a fearsome city whose very silence is menacing (is it any surprise the movie failed?). Then there is the graphic novel version of Paul Auster’s City of Glass. “New York was a labyrinth of endless steps, and no matter how far he walked, it always left him with the feeling of being lost. Each time he took a walk, he felt he was leaving himself behind…,” Auster writes. The words are potent but mixed with the illustrations of David Mazzucchelli (who has finally announced his arrival on the big stage with one of the finest comic books that will ever be written, Asterios Polyp), they become downright totemic. The city is at the core of both From Hell and City of Glass, but Jason Lutes’ Berlin trilogy (I have the first two books and can’t find the third) is about the city itself. Sparse on text and rich in detail, Lutes’ history of Berlin between the wars (I am assuming the third book is set after World War II) is among the finest chronicles of the death of the Weimar republic, the rise of the Nazis, and the humbling of a once proud city. There are countless comics about cities, from G. Willow Wilson’s Cairo to several books by Joe Sacco, but there are two comics about cities, living, breathing, dreaming cities that will haunt me forever, the way only a good book or piece of music can. The first is Mike Mignola’s retelling of Ray Bradbury’s The City, a story of a City that wreaks vengeance on Earthmen who killed its original habitants. The second is a story from Neil Gaiman’s World’s End (part of the Sandman series) about an unprepossessing young man who falls asleep on a train and finds himself in a city’s dreams. I wonder what New Delhi dreams of. R. Sukumar is editor, Mint. Write to him at cultfiction@livemint.com Source: LatestNews-Home - Livemint.com | 28 May 2010 | 11:58 am Air India excludes two unions from talksMumbai: In an indication that it will stand by its Thursday decision to derecognize two labour unions, National Aviation Co. of India Ltd, or Nacil, which operates Air India, will meet all its labour unions on 1 June, except the All India Air Engineers Association(AIAEA) and Air Corporation Employees Union (ACEU), said two senior executives at the airline. Air India has a total of 13 unions, including AIAEA and ACEU, which have been derecognized. The executives said Air India chairman and managing director Arvind Jadhav is firm in his decision to crack down against striking employees. The airline will also likely stick to its decision of dismissing 58 executives and suspending another 26, all of who went on a flash strike on 26 May, resulting in the cancellation of 138 flights and revenue loss of at least Rs10 crore. AIAEA general secretary Y.V. Raju on Thursday had served a fresh notice to Air India, saying 700 union members would strike work starting 12 June to demand withdrawal of the derecognition order as well as reinstatement of the sacked employees. ACEU’s general secretary J.B. Kadian had served another notice nearly two weeks ago for industrial action starting 31 May, demanding wage renegotiations. “We are not taking decisions to pull them back next day. We are firm in our stand and we have given all necessary powers to Air India to handle the situation,” said a senior official at ministry of civil aviation on condition of anonymity. In an SMS response, Jadhav said he would have to stick to his decision. However, AIAEA’s Raju said his union members are also standing firm. “We are now holding emergency general body (meetings) across the regions,” he said. In the midst of the stand-off, though, there was relief for fliers as the airline resumed normal schedule of operations across the entire network with total passenger bookings on the domestic flights crossing 32,000. “The daily average passenger carriage for May 2010 stands at 29,070, up from an average of 24,350 in May 2009,” Air India said in a statement. But the deteriorating industrial relations will only slow down the turnaround exercise underway at the ailing flag carrier, said civil aviation experts. Air India currently has outstanding debt of Rs16,000 crore and is running a monthly cash deficit of Rs400 crore. Experts are also divided on Jadhav’s unprecedented moves as he must salvage an airline that had cumulative losses of Rs8,461.88 crore in fiscal 2007 through 2009, besides bringing all the labour unions together to complete the merger of Air India and the erstwhile Indian Airlines. “Jadhav was overreacting. This will further worsen the industrial relations,” said an aviation expert, who pointed out that private airlines such as Jet Airways (India) Ltd and Kingfisher Airlines Ltd have already left Air India behind in terms of traffic. “One cannot issue gag orders unilaterally and chargesheet union leaders,” said George Abraham, general secretary of the Aviation Industry Employees Guild, an Air India staff union representing 8,000 employees, but added that the “worst was over”. “Now, we are going to meet him on 1 June and tell him that these steps were hard,” he said. “There is always scope for reconciliation.” Others, though, welcomed the government’s support to ailing national flag carrier. “For first time, the government has extended its support unequivocally to Air India management, especially to Jadhav, unlike (in the) past. This is a silver lining,” said Saikat Chaudhuri, assistant professor of management at The Wharton School, University of Pennsylvania, and whose work centres on mergers, acquisition and innovation management. Chaudhuri said that though there would be some confrontations from unions, ultimately the government has set the groundwork for turnaround of Air India, which would require tough decisions including pruning of staff and other drastic steps. “Being on the both sides, it is difficult now to draw a parallel between both instances,” said D.S. Mathur, a former Air India managing director who, along with two other executives, had been sacked in 1974 by then chairman J.R.D. Tata for abolishing pilot bases in London and New York. “Leave it to him (Jadhav) as he is in the hot seat. Let him decide right or wrong. But they (striking employees) have asked for it,” he said. pr.sanjai@livemint.com Source: Home - Livemint.com | 28 May 2010 | 11:47 am In conversation with 2010 UPSC topperWe’re talking to this year’s UPSC topper Dr Shah Faesal who’s from Kashmir. Dr Faesal already is an MBBS to begin with. He studied just five months for his prelims – all of this in just his first attempt. Lets hear his story. Source: LatestNews-Home - Livemint.com | 28 May 2010 | 11:45 am The Week in Review for 28 May 2010It’s been a difficult week for Air India. First it had had to deal with the aftermath of last Saturday’s crash in Mangalore. Then on Tuesday, up to 15,000 of its employees went on strike protesting salary delays and an alleged media gag order from management. About 73 flights were disrupted. Air India took swift action against the strikers. Its lawyers moved the Delhi High Court, which in turn declared the strike illegal on Wednesday. The protesting unions then backed down and called off their strike. Air India didn’t let up in its crackdown. By Thursday it fired 23 employees. It then withdrew recognition of the two unions at the center of the strike. But one of them has threatened to strike again on 12 June. There were some new maneuvers in the auto industry this week. On Wednesday Mahindra announced it was buying a 55% stake in Reva Electric Car Company. And though we don’t know much the deal is worth, Mahindra will buy out the promoter’s stake and also infuse Rs45 core in fresh equity. Mahindra’s hoping the acquisition will give it a head start in the race for electric cars. With Mahindra driving in, General Motors is backing out. The company’s Indian unit is exiting its partnership with Reva. G M will now focus on its own electric vehicles like the Chevrolet Volt. It’s a historic moment for the tech industry. On Wednesday Apple’s market capitalization overtook Microsoft’s making it the world’s biggest technology firm. But Microsoft chief Steve Ballmer wasn’t giving in. On a visit to Delhi on Thursday he pointed out his company remained the most profitable of its kind. No word yet from Steve Jobs. Source: LatestNews-Home - Livemint.com | 28 May 2010 | 11:31 am Key infra sectors grow 5.1 per cent in AprilSix key infrastructure industries grew 5.1 per cent in April against 3.7 per cent in the same month last year.Source: HindustanTimes.com - Top Business News Headlines | 28 May 2010 | 11:28 am Spain stumbles in labour reform talks with unionsTalks with unions and business to overhaul Spain's rigid labour laws are going badly, a government spokesman said on Friday, casting doubt over reforms crucial for reassuring markets of the country's long-term solvency.Source: HindustanTimes.com - Top Business News Headlines | 28 May 2010 | 11:25 am T20 cricket: a poor proxy for excellenceIndian Premier League (IPL) had almost faded away...but the IPL, whether or not it will burn out, doesn’t fade away. No sooner did India crash out of the Cup than the nation’s most famous abbreviation reoccupied centre stage. Specifically, it was blamed for the World T20 defeats. It was acquitted with equal ferocity by others, who blamed the cricketers instead, as though these points were in conflict.  Winner takes it all: (extreme left) The English team at a training session ahead of their first match at the 2010 Twenty20 World Cup. Indranil Bhoumik / AP; and the triumphant English captain Paul Collingwood. Aijaz Rahi / AP Now it is not my case that the IPL suction-ed general mobility out of our young stalwarts or deprogrammed their skills against the short ball. Nor that it accounts for Mahendra Singh Dhoni’s puzzling tendency to take Ravindra Jadeja for Garfield Sobers. Yet, even donning my glitziest, IPL-loving robe, I cannot honestly see the case of the defence. The defence posits that players from other countries too participated in the IPL. Factually this is a weak argument because only some did, and of those who did, barely a handful rode the treadmill the entire time like the Indians. That is one part of it. The other is this. There were 12 teams at the World T20. Eleven of them reached the West Indies in advance. They attempted to acclimatize to the time zone, the pitches, the light—the Caribbean morning glare so different from floodlit Indian nights. They played two warm-up games, tested combinations, and did whatever it is that teams do to gee themselves up before a big event. Do guess the missing side.  The end: Team India, after losing to the Aussies on 7 May in Bridgetown, Barbados. Emmanuel Dumand / AP The Indians were unavailable for this most elementary of pre-tournament disciplines because their entire team, as opposed to a few players, was in the IPL. It is one thing for Australia or England to absorb Cameron White or Kevin Pietersen into their set-ups, which work on in their absence, quite another for India, which cannot run at all. There was nothing unforeseen about this situation. Gary Kirsten, a good and sensible coach, raised these issues after the debacle of the last World T20. He was told to shut up. Nor were the World T20 dates a surprise. They were announced last July. The Indian board, learning from the last time, ought to have done everything in its power to free its cricketers a fortnight ahead. Four days they granted. It takes 24 hours to reach the West Indies. Sunil Gavaskar and Ravi Shastri claim that their remit on the IPL governing council is over cricketing matters, and yet they ratified a schedule like this. Shameless. No less hypocritical are the reactions of the commentators who are besides themselves when India fits in just the one first-class game on a tour to Australia. I worry for the longer run. It is not helpful to skirt the elephant. The administrators must understand what it does when it positions the IPL as the centrepiece of the calendar. The IPL relies not on excellence, but entertainment and equality. Equality it tries to ensure via salary caps for a level playing field, and the equalizing 20-over format. The equality is a frequent boast. When Lalit Modi tweets after a low-quality, tied game between Punjab and Chennai, “the most competitive cricket in the world without a doubt”, he understands this in a different way than proper cricket lovers do. He doesn’t mean calibre. Equality may make for a few nail-biting finishes but it cannot, ever, substitute excellence. And excellence, I’m afraid, is not going to be created by the IPL. It may only occasionally showcase it. The nursery is the first-class game, from where Rahul Dravid or Virender Sehwag have emerged. Yet the Indian board has now created a system that incentivizes Twenty20 cricket out of proportion. Ranji cricketers since 2005, and especially since 2007, when the threat of the rebel Indian Cricket League drove up match fees, have been earning a good living, between Rs15-20 lakh in the six months of the domestic season. This, however, seems like too much work when an IPL contract can fetch the same amount or in some instances far more for six weeks. In the Australian system, governed by annual contracts that include all formats, there isn’t such a skewed inducement. They are likely to produce the more robust cricketers. To young Indian players, previously committed to building a game that could survive the scrutiny of long-form cricket, and so, one day, international cricket, the message is clear. The IPL money is fab, the parties are swell, the work is easier. Mediocre attacks on flat Indian pitches! Bye-bye all-round game, we don’t need you! Hello IPL, bring it on! Fat contracts can reward quality, not produce it. The job of administrators is to recognize this. They would do well to listen to Tiger Pataudi, the only member of the governing council with integrity enough to acknowledge dereliction of duty, and condense the tournament. From a cricket point of view, it’s a no-brainer: Teams play each other once rather than twice. This will cut the number of matches to a still huge 49 (the World T20 was 27 matches; Australia’s Big Bash, played arguably at a higher standard than the IPL, currently 17). But no, we’re going to have 94 matches. Ninety-four! They’ll tell you the name of the game. They call it riding the gravy train. Rahul Bhattacharya is the author of the cricket tour book, Pundits from Pakistan. He writes a monthly cricket column for Lounge. Write to Rahul at thetickledscorer@livemint.com Source: LatestNews-Home - Livemint.com | 28 May 2010 | 11:25 am ONGC Q4 net up by 71%, annual revenue dipsNew Delhi: State-owned Oil and Natural Gas Corp. Ltd (ONGC) said net profit rose 4% in the fiscal year ended 31 March on account of better price realization. However, the explorer’s revenue took a 4% dip in revenue to Rs61,982.52 crore. Net profit rose marginally to Rs16,768 crore, even as the firm, which recommended a dividend payout of Rs33 per share, saw its share of the subsidy on fuel sales fall to Rs11,554 crore. Annual profit saw only a marginal increase due to a dip in its other income such as a reduced interest rate on bank deposits, finance director D.K. Saraf said. “There have been multiple reasons for a dip in annual profit even as the price realization has been better,” Saraf said. “We have also stopped charging interest from our subsidiary companies.” For the three months ended 31 March, net profit rose 71% to Rs3,776 crore on a 13.22% rise in revenue to Rs16,002.34 crore, according to the audited financial results of the company posted on the website of the Bombay Stock Exchange. The results were announced after trading hours. ONGC produced 26.46 million tonnes (mt) of crude in the year, a 2.46% decrease over 2008-09. It produced 25.6 billion cu. m of gas, 0.66% more than last fiscal. The company expects net sales of around Rs 5,500 crore in the current fiscal on account of a recent increase in the price of subsidized gas sold by state-owned firms. “The increase in the gas price should wipe out all the under recoveries in the gas business,” chairman and managing director R.S. Sharma said. utpal.b@livemint.com Source: LatestNews-Home - Livemint.com | 28 May 2010 | 11:23 am Apollo tyres Q4 net up 151 per cent at Rs 116 croreApollo tyres reported a 151 per cent increase in net profit for the quarter ended March 31, 2010, at Rs 116 crore against Rs 46.2 crore in the same quarter of 2008-09.Source: HindustanTimes.com - Top Business News Headlines | 28 May 2010 | 11:21 am Unitech net falls 43.64% in FY10, sales rise marginallyNew Delhi: Real estate firm Unitech Ltd said net profit fell 43.64% to Rs675.05 crore in the year ended 31 March, compared with Rs1,196.43 crore in the previous fiscal.  New initiatives: Sanjay Chandra, managing director, Unitech. Unitech’s Ebitda (earnings before interest, tax, depreciation and amortization) margin, a key measure of operating profitability, rose 37% in 2009-10 from 35% in 2008-09. “The company has taken various initiatives during the year to reduce construction time and enhance project execution capabilities,” managing director Sanjay Chandra said in a statement. “We delivered 6.8 million sq. ft during the year.” “The company has not been able to generate enough revenue from the new projects launched during these 12 months,” Samar Sadha, research analyst at local brokerage Anand Rathi Financial Services Ltd, said, explaining the fall in profits. “Also, the profit after tax has gone down because of increased expense primary being construction expense.” Sadha, however, said that the company’s total income was more than expected. In a recent presentation, Unitech had said it has received bookings for 16.6 million sq. ft of space in the last fiscal. The value of sales booked during 2009-10 was more than Rs7,000 crore, it said. In the last fiscal, the company’s debt, net of cash and cash equivalents reduced by Rs3,130 crore and was Rs5,281 crore as of 31 March. Last month, Unitech’s board announced a restructuring exercise, under which it will spin off its infrastructure businesses, including telecommunications, into wholly owned subsidiary Unitech Infra Ltd. This will include the construction business, amusement parks, hotels, telecom and industrial parks. After the demerger, Unitech shareholders will get an equal number of shares in Unitech Infra, the company said after its board approved the restructuring. devesh@livemint.com Source: Home - Livemint.com | 28 May 2010 | 11:13 am Fortis Healthcare profit up 419 per centFortis Healthcare, Asia’s largest private healthcare provider with a network of 68 hospitals, posted profit of Rs 27 crore in quarter ended March 2010, up 419 per cent from the same quarter of the previous year.Source: HindustanTimes.com - Top Business News Headlines | 28 May 2010 | 11:07 am Fortis and Apollo report healthy profit growthNew Delhi: Fortis Healthcare Ltd reported a net profit of Rs70 crore for the year ended 31 March, an increase of 234% from the previous fiscal. Operating revenue rose 49% to Rs938 crore and operating profit grew 64% to Rs140 crore. Its rival Apollo Hospitals Enterprise Ltd posted a net profit of Rs152 crore, an increase of 24.4% over the previous fiscal. Revenue from operations was at Rs1,825.7 crore, an increase of 25.2% from a year ago. For the quarter to 31 March, Fortis recorded a net profit of Rs27.2 crore, up 419% over the same quarter last year. Revenue from operations stood at Rs329.5 crore, a growth of 91%. These numbers include the financial performance of eight of the 10 hospitals acquired from Wockhardt Ltd. In the quarter, Fortis also rebranded these hospitals as Fortis Hospitals. Apollo reported a net profit of Rs29.2 crore, an increase of 0.2% over the same quarter in the previous year. Revenue from operations for the quarter was at Rs483 crore, up 23.4%. In March, Fortis had bought a 25.3% stake in Singapore-based Parkway Holdings Ltd to expand its footprint in the Asia-Pacific. The deal was valued at $685.3 million (Rs3,187 crore today). Fortis concluded issuance of $100 million in foreign currency convertible bonds to fund its recent acquisition. By the end of June, it expects to conclude its warrants and preferential shares issue as well, from which it will repay the bridge loan it took for the Parkway acquisition. “At the end of March, our debt-equity ratio was 2.2, but by the end of June, once we repay the loan, it will come down to 0.6-1,” said Yogesh Sareen, chief financial officer of Fortis Healthcare. However, on Thursday Fortis’ Singapore acquisition came under a cloud with Khazanah Nasional Bhd, Malaysia’s state investment company, making a bid of $839 million to acquire an additional 28% in Parkway and take its stake in the company to a little more than 51%. Khazanah also holds a 13% stake in Apollo Hospitals. Fortis declined to comment on the matter. Scrip movement India’s two largest healthcare services firms moved in opposite directions after they announced their fourth quarter and annual results for the fiscal. Fortis fell 1.6% to Rs147.45 while Apollo rose 0.32% toRs763.85. The Bombay Stock Exchange’s benchmark Sensex index rose 1.18% to close at 16,863.06 points. Fortis declined because people are worried that it may go for a counter offer, which will put further pressure on its balance sheet, according to a Mumbai-based analyst of a foreign brokerage. He declined to be named because he is not authorized to speak with the media. Apollo in a statement issued late on Thursday indicated its support for Khazanah’s integrated healthcare strategy for a large prominent role in Asia’s larger healthcare player. The firm also said it is willing to participate with Khazanah in achieving greater penetration in the Asian region. radhieka.p@livemint.com Source: Home - Livemint.com | 28 May 2010 | 11:07 am Obama orders freeze on offshore drillingBarack Obama reversed a planned expansion of offshore drilling on Thursday, admitting he had been wrong to believe that oil companies were prepared to deal with a catastrophic oil spill.Source: HindustanTimes.com - Top Business News Headlines | 28 May 2010 | 11:01 am Glenmark in the black as local, US sales riseMumbai: Robust growth in sales of branded formulations in the domestic market, and generic sales in the US and emerging markets helped Mumbai-based drug maker Glenmark Pharmaceuticals Ltd post a net profit of Rs102.60 crore in the fourth quarter of fiscal 2010. It had reported a net loss of Rs120.60 crore a year ago. Revenue grew 44% to Rs709 crore during the quarter ended 31 March, driven mainly by sales in India and the US, two key markets that contribute about 57% to the firm’s sales. For the same quarter last fiscal, Glenmark had sales of Rs491crore, but a Rs116 crore write-off in the US market resulted in the net loss. Managing director and chief executive Glenn Saldanha said that the impressive growth augurs well for the fiscal year that began on 1 April. In April, a report by brokerage Elara Securities (India) Pvt. Ltd had said that Glenmark’s stable growth and high margin business in domestic formulations had provided it a lifeline during fiscal 2010. “The company follows a strategy of leadership in niche or less competition therapeutic products, which enables it to maintain high margins in the domestic market,” the report had said. Glenmark posted a net profit of Rs331 crore on sales of Rs2,484.80 crore for the fiscal year ended March. The drug maker’s scrip rose 0.43% to close at Rs270.15 apiece on the Bombay Stock Exchange on Friday even as the bourse’s benchmark Sensex index rose 1.18% to 16,863.06 points. Glenmark, which is also present in emerging markets such as Russia, Africa and other Asian markets, has benefited from those regions in the March quarter with an overall sales growth of 225% at Rs137 crore, against Rs42 crore a year ago. ch.unni@livemint.com Source: Home - Livemint.com | 28 May 2010 | 10:57 am Apollo Tyres posts sharp increase in sales, net profitNew Delhi: Buoyed by rising demand from auto makers, Apollo Tyres Ltd, the country’s largest tyre maker, reported a strong increase in annual sales and profit, but a spike in rubber prices may dent profitability this fiscal. Net sales rose to Rs8,120 crore, a jump of 63% over the year earlier, while net profit stood at Rs653 crore compared with Rs139 crore. The firm earns Rs6 out of every Rs10 from its Indian operations. This is the first time it has reported results on a consolidated basis after the acquisition of Netherlands-based Vredestein Banden BV last year. “As I see it, the overall demand scenario will continue to play a positive role in the growth of the tyre industry,” said chairman Onkar S. Kanwar. “The unsubstantiated rise in natural rubber prices of over 150% in just 14 months is going to be a dampener and a huge challenge.”  Treading strong: Apollo Tyres chairman Onkar S. Kanwar says the rise in rubber prices of over 150% in 14 months is going to be a dampener. Ronjoy Gogoi/HT The firm plans to invest Rs1,100 crore in capacity expansion in the fiscal to March. Rising rubber prices have resulted in industry lobby group Automotive Tyre Manufacturers Association (ATMA) requesting the government to reduce import levies on raw rubber. Meanwhile, they plan to raise prices. “The effect of the steep rise in rubber prices will be visible in results announced after the first quarter of this fiscal year,” said Rajiv Budhiraja, secretary general of ATMA. Apollo plans to raise prices by 3.5% in June. Tyre firms are also looking to reduce dependence on supplies to auto makers and move towards after-market sales. At present, Apollo sells 13% of its production to auto makers. samar.s@livemint.com Source: Home - Livemint.com | 28 May 2010 | 10:55 am iPad hits Asian trail, diehard fans queue upDiehard fans mobbed Apple Inc stores in Asia and Europe as the iPad tablet computer went on sale outside the US for the first time on Friday.Source: HindustanTimes.com - Top Business News Headlines | 28 May 2010 | 10:50 am StanChart India $590 mln share sale fully coveredMUMBAI (Reuters) - British bank Standard Chartered's sale of Indian shares worth up to about $590 million ended successfully after volatile markets and a new payment rule weighed on demand during its first three days.Source: Reuters: Money News | 28 May 2010 | 10:45 am Dunlop, M&M in race to buy S Korea’s Ssangyong MotorPawan Ruia-controlled tyre maker Dunlop and Anand Mahindra-led Mahindra and Mahindra have submitted preliminary bids to acquire South Korea’s bankrupt SsangYong Motor.Source: HindustanTimes.com - Top Business News Headlines | 28 May 2010 | 10:44 am IMF chief sees faster global growth of 4.25 pctLIMA (Reuters) - The IMF sees global economic growth of 4.25 percent this year and next, "faster than previously expected," the head of the multilateral lender said on Friday.Source: Reuters: Money News | 28 May 2010 | 10:40 am Buyers flock as Apple’s iPad hits AsiaTokyo: Apple Inc’s iPad launched in overseas store shelves on Friday, with buyers storming Japanese and Australian shops to be among the first outside the United States to snap up the long awaited tablet PC. The device, which has a 9.7-inch (24.6 cm) colour touchscreen for surfing the Web, watching movies, playing games and reading e-books, goes on sale in Germany, France, Italy, Switzerland, Spain, Britain and Canada later on Friday. Apple has sold a million iPads in the US since its 3 April debut, exceeding even the most bullish pre-launch estimates. Demand was so heavy the company had to delay the international roll-out by a month. At Apple’s flagship store in Tokyo’s Ginza shopping district, about 1,200 people formed a line that stretched some 800 metres. When a bell on the roof of the nearby Wako department store rang at 0800 local time, the store opened to loud cheers from waiting customers. The street was so packed with customers and media that police warned Apple employees to clear the sidewalk. “I wanted to touch it as soon as possible. I felt real excitement when it was finally in my hands,” said Takechiyo Yamanaka, 19, who camped out in front of the Ginza store from Wednesday evening to be the first in line. Across town, Softbank Corp, a mobile phone provider and distributor of Apple products in Japan, held an event at its Omotesando outlet for the iPad that was carried live on Japanese morning TV news programs. While Apple’s high-profile launch of the iPad has set the early standard for the tablet category, rival offerings from Sony Corp, Hewlett-Packard and Dell will ensure tough competition ahead. The buzz around the iPad helped propel Apple past Microsoft this week to become the world’s most valuable technology stock, highlighting the remarkable turnaround of a firm that nearly went out of business in the 1990’s. But Apple does face hurdles to making the iPad a sustainable success. Analysts have warned it could struggle to meet demand for the device and a raft of rivals have launched similar products that could put chip away at its pricing power. A model with 16 gigabytes of memory and Wi-Fi capability is being sold for ¥48,800 ($537) in Japan, compared with $499 in the United States. “The real game will start after ‘core users’ have the devices. I imagine a price cut may be necessary before the Christmas holiday season to stimulate demand,” said Michito Kimura, a senior analyst at market research firm IDC Japan. Supply constraints Apple now gets almost three-fifths of its revenue outside the US market, and is counting on its pre-existing base of fans that already own an iPod, iPhone or Macintosh computer to add the iPad to their collection. “I bought it for Web browsing in the lounge room essentially,” said Graham Parr, who had just purchased the iPad at an Apple store in Sydney, one of seven in Australia. Compared with his iPod touch, the iPad is “much bigger, which is good for me because my eyes are going,” Parr said. RBC Capital Markets estimates iPad’s total shipments will reach 8.13 million units worldwide by the end of this year. However, there is some concern that Apple, which contracts out the production of the device and depends on numerous parts suppliers, may not be able to supply enough of the device. “It’s a little bit hard to say because there’s still going to be supply constraints, but I’m expecting them to sell every single thing they can ship,” Andy Hargreaves, a US-based analyst at Pacific Crest Securities, said ahead of Friday’s launch. Apple suspended taking pre-orders for the device in Japan on 13 May after only three days due to overwhelming demand. “I’m not going to buy the iPad now as it’s expensive. And I’m a Sony fan,” said Kengo Nakajima, a 19-year old college student who waited in line with his friend Yamanaka at the Ginza store. Apple has yet to announce a launch date for mainland China, which could prove a much more difficult market to profit from. Bootleg versions of the gadget are being snapped up online and in retail malls in the piracy-prone country. Source: Tech News - Livemint.com | 28 May 2010 | 5:02 am
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