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Lobbying is not bad, says Deepak Parekh - Hindu Business Line
Source: Business - Google News | 30 May 2010 | 3:46 am StanChart prices offer at 104 rupees per IDRMUMBAI (Reuters) - Standard Chartered priced its Indian depositary receipts (IDRs) at the lower end of the indicated range on Sunday, the British bank said, raising about $530 million in the first issue of its kind.Source: Reuters: Money News | 30 May 2010 | 3:43 am Anil on pilgrimage to Tirumala; finds rest in RIL guest houseIn promising signs of the growing warmth in relations between the Ambanis, Anil Ambani rested in the guest house owned by elder brother Mukesh's RIL at Tirumala on his way to the Lord Venkateswara temple. Source: HindustanTimes.com - Top Business News Headlines | 30 May 2010 | 3:39 am GM India studying market to launch Chinese LCVsGeneral Motors India is conducting market research for launching the light commercial vehicles from its Chinese joint venture partner SAIC and may also look at exporting them. Source: HindustanTimes.com - Top Business News Headlines | 30 May 2010 | 3:29 am ANALYSIS - Tough Doha trade talks loom in political shadowGENEVA (Reuters) - World Trade Organization members agree they must push on with difficult talks on a global trade deal, but November's U.S. mid-term elections mean they are unlikely to bear fruit before next year.Source: Reuters: Money News | 30 May 2010 | 3:21 am Maoists biggest internal threat to India: Pranab Mukherjee - Economic Times
Source: Business - Google News | 30 May 2010 | 3:20 am DoT seeks security check from BSNL for new procurement modelDepartment of Telecom has sought details from the state-run BSNL on the security measures it plans to put in place before shifting to a new equipment procurement model. Source: HindustanTimes.com - Top Business News Headlines | 30 May 2010 | 3:19 am Essar to buy controlling AGC Networks stakeNEW DELHI (Reuters) - The Essar Group has agreed to buy a controlling stake in communications solution firm AGC Networks for $44.5 million, as it strives to boost outsourcing services.Source: Reuters: Money News | 30 May 2010 | 3:15 am German Finance Minister says euro fall temporaryBERLIN (Reuters) - The fall in the value of the euro is a worry but the European single currency will stabilise, Germany's Finance Minister Wolfgang Schaeuble was quoted as saying by a German newspaper on Sunday.Source: Reuters: Money News | 30 May 2010 | 3:02 am Essar to buy controlling AGC Networks stakeNew Delhi: India’s Essar Group has agreed to buy a controlling stake in communications solution firm AGC Networks for $44.5 million, as it strives to boost outsourcing services. Essar Group will pay Rs245 ($5.30) a share for the 59.13% stake in AGC Networks, from US network equipment maker Avaya Inc, and will offer to buy an additional 20% stake in AGC as required by Indian regulations. The offer price is 12% lower than AGC’s Friday closing price of Rs278.45 in the Mumbai market. Essar said the open offer for the additional 20% stake would cost Rs780 million. Company officials on a conference call said the open offer would be announced in about three weeks. “This transaction allows us to offer a wider range of services,” Aparup Sengupta, global CEO of Essar Group’s outsourcing venture Aegis Ltd, told journalists on Sunday. AGC Networks is focused on the India and Australia markets and had annual revenue of about $100 million, Sengupta said. The company employs about 500 people. Sengupta said there was no plan of merging unlisted Aegis Ltd with listed AGC Networks. “We are under no pressure to list (Aegis),” he said. Edelweiss Capital Ltd advised Essar on the transaction and is also the manager to the open offer. Source: Home - Livemint.com | 30 May 2010 | 3:01 am Essar to buy controlling AGC Networks stakeNew Delhi: India’s Essar Group has agreed to buy a controlling stake in communications solution firm AGC Networks for $44.5 million, as it strives to boost outsourcing services. Essar Group will pay Rs245 ($5.30) a share for the 59.13% stake in AGC Networks, from US network equipment maker Avaya Inc, and will offer to buy an additional 20% stake in AGC as required by Indian regulations. The offer price is 12% lower than AGC’s Friday closing price of Rs278.45 in the Mumbai market. Essar said the open offer for the additional 20% stake would cost Rs780 million. Company officials on a conference call said the open offer would be announced in about three weeks. “This transaction allows us to offer a wider range of services,” Aparup Sengupta, global CEO of Essar Group’s outsourcing venture Aegis Ltd, told journalists on Sunday. AGC Networks is focused on the India and Australia markets and had annual revenue of about $100 million, Sengupta said. The company employs about 500 people. Sengupta said there was no plan of merging unlisted Aegis Ltd with listed AGC Networks. “We are under no pressure to list (Aegis),” he said. Edelweiss Capital Ltd advised Essar on the transaction and is also the manager to the open offer. Source: LatestNews-Home - Livemint.com | 30 May 2010 | 3:01 am Essar Group to buy 59% stake in Avaya for Rs 206cr - Moneycontrol.com
Source: Business - Google News | 30 May 2010 | 2:54 am Essar to buy stake in Avaya GlobalConnectEssar Group will pay Rs245 ($5.30) a share for the 59.13% stake in AGC Networks, from US network equipment maker Avaya Inc, and will offer to buy an additional 20% stake in AGC as required by Indian regulations.Source: Daily News & Analysis: Money News | 30 May 2010 | 2:54 am On way to Venkateswara Temple, Anil rests in Mukesh's guest house - NDTV.com
Source: Business - Google News | 30 May 2010 | 2:15 am Paddy production expected to touch 100 million tonnes'The prevailing climatic condition in the country was beneficial for better agricultural production', department of agriculture and cooperation secretary Prafula Kumar Basu said.Source: Daily News & Analysis: Money News | 30 May 2010 | 2:07 am Mumbai developers to showcase properties in Dubai expoThe exhibition, where developers from Mumbai and other major cities would be showcasing their properties, would be held between June 3 and 5.Source: Daily News & Analysis: Money News | 30 May 2010 | 2:05 am FY10 GDP data tomorrow; economists sure of it topping 7.2%The coming week may begin on a positive note, when the growth figures for the 2010 fiscal will be released on Monday, as most economists believe that the economy would have expanded higher than the official advance estimate of 7.2 per cent. Source: HindustanTimes.com - Top Business News Headlines | 30 May 2010 | 1:50 am Kingfisher pays 40% of overdue fuel bill to HPCLUnder pressure from Hindustan Petroleum Corp Ltd, Kingfisher Airlines has repaid 40 per cent of its overdue fuel bill and has agreed to give bank guarantee as insurance against default on future jet fuel purchases. Source: HindustanTimes.com - Top Business News Headlines | 30 May 2010 | 1:43 am FY10 GDP data tomorrow; economists sure of it topping 7.2%For the fourth quarter, economists expect the economy to have grown anywhere between 8.7 and 9.3%. The government will unveil the GDP data on Monday morning.Source: Daily News & Analysis: Money News | 30 May 2010 | 1:29 am Broadband bids at 62.73 billion rupees in opening weekNEW DELHI (Reuters) - The government received bids totalling 62.73 billion rupees ($1.35 billion) for one set of nationwide wireless broadband spectrum licences in the first week of an auction, government data showed.Source: Reuters: Money News | 30 May 2010 | 1:18 am Indian ADRs add $3 bn in a week; Infosys, Wipro top gainersNew York: Indian stocks trading on American bourses added $3 billion to their cumulative market capitalisation, with IT icons Infosys Technologies and Wipro accounting for more than half of the total gains. For the week ended 28 May, the 16 Indian entities listed on the New York Stock Exchange and Nasdaq composedly added $3 billion to their market capitalisation, with Infosys and Wipro together injecting $1.6 billion into the total valuation. Wipro’s valuation jumped by $939 million to $31.04 billion, and the market capitalisation of Infosys increased by $650 million to $32.85 billion. Infosys was followed by copper producer Sterlite Industries, whose market capitalisation went up by $428 million to $11.98 billion. Among the 16 companies trading on American Depository Receipts (ADRs), six -- including IT firm Patni Computer Systems and telecom major Mahanagar Telephone Nigam Ltd (MTNL) -- witnessed an erosion in market capitalisation. ADRs are bought and sold in American markets just like stocks and are issued by banks or brokerage firms. Further, private sector lenders - HDFC Bank and ICICI Bank - collectively added $581 million to their valuations. HDFC Bank’s valuation rose by $336 million to $21.09 billion, while that of ICICI Bank grew by $245 million to USD 20.49 billion. Apart from Infosys, Wipro, Sterlite Industries and HDFC Bank, BPO company Genpact and pharma major Dr Reddy’s Laboratories also saw substantial gains. Dr Reddy’s Laboratories saw its valuations rising by $219 million to $4.84 billion while the market capitalisation of Genpact climbed by $214 million to $3.7 billion. In addition, the valuations of automaker Tata Motors, IT firm Satyam Computer Services (earlier known as Mahindra Satyam) and telecom firm Tata Communications increased by $157 million, $141 million and $25 million respectively. Meanwhile, Patni Computer Systems emerged as the biggest loser during the week. The company saw its valuation falling by $76 million to a total of $1.7 billion. Other ADRs losers were Internet firms Sify Technologies and Rediff.com, outsourcing companies WNS Holdings and EXLService Holdings, and MTNL, whose valuations slipped in the range of USD 1 million to USD 16 million. On Friday, US markets ended in the negative territory, with the Dow Jones Industrial Average ending down 122.36 points at 10,136.63 and the S&P 500 settling down 13.65 points at 1,089.41. Tech-heavy Nasdaq came down by 20.64 points to 2,257.04. Source: LatestNews-Home - Livemint.com | 30 May 2010 | 1:17 am Don't be distracted by hurdles in India: SAIL to Posco, MittalIndia's top steel producer's SAIL advised global players Posco and ArcelorMittal to be patient and not be distracted by hurdles in doing business in India.Source: HindustanTimes.com - Top Business News Headlines | 30 May 2010 | 1:15 am BoR employees need have no fear of loss of jobs: KochharICICI Bank said jobs of over 4,000 employees of Bank of Rajasthan, which it is acquiring, are safe and that there would be no layoffs or discrimination against its new staff members.Source: HindustanTimes.com - Top Business News Headlines | 30 May 2010 | 1:12 am EIL disinvestment may happen in second half of July: GovtDisinvestment Secretary Sumit Bose said that the government is likely to sell its stake in state-run consultancy firm Engineers India in the second half of July.Source: HindustanTimes.com - Top Business News Headlines | 30 May 2010 | 1:08 am REpower chief Tulsi Tanti takes 8 pc pay cut in 2009-10Wind power maker REpower Systems AG chief Tulsi Tanti has taken an 8 per cent pay cut in 2009-10 while the collective compensation paid to board members has increased by more than 2 per cent over the previous fiscal.Source: HindustanTimes.com - Top Business News Headlines | 30 May 2010 | 1:05 am Don't be distracted by hurdles in India: SAIL to Posco, Mittal - Economic Times
Source: Business - Google News | 30 May 2010 | 12:54 am SEBI panel to discuss curbs on payouts to MF agents tomorrowConcerned at liberal payouts to distributors by mutual funds possibly at investors' cost, SEBI will consider imposing curbs on expenses that MFs charge from investors on Monday. Source: HindustanTimes.com - Top Business News Headlines | 30 May 2010 | 12:53 am Broadband bids at $1.35 billion in opening weekEleven firms, including India's top three telecoms firms -- Bharti Airtel, Reliance Communications and Vodafone Essar -- and US chipmaker Qualcomm Inc, are bidding for broadband spectrum.Source: Daily News & Analysis: Money News | 30 May 2010 | 12:45 am Bank of Rajasthan employees need not fear job loss: Kochhar - Times of India
Source: Business - Google News | 30 May 2010 | 12:44 am Bank of Rajasthan employees need not fear job loss: KochharICICI Bank on Sunday said jobs of over 4,000 employees of Bank of Rajasthan, which it is acquiring, are safe and that there would be no layoffs or discrimination against its new staff members.Source: India Business News | Business News - Times of India | 30 May 2010 | 12:28 am Regulate housing prices: Ved MathurHouses are being traded as commodity in the country, believes newly appointed regional head and deputy general manager of Punjab National Bank, Ved Mathur.Source: Daily News & Analysis: Money News | 30 May 2010 | 12:22 am Broadband bids at $1.35 bn in opening weekNew Delhi: India received bids totalling Rs6,273 crore ($1.35 billion) for one set of nationwide wireless broadband spectrum licences in the first week of an auction, government data showed. The current auction follows one for third-generation (3G) spectrum that ended on 19 May, after 34 days of bidding. The sale fetched Rs67,700 crore in revenue for the Indian government, nearly double the total estimated from both 3G and wireless broadband spectrum auctions. Eleven firms, including India’s top three telecoms firms -- Bharti Airtel, Reliance Communications and Vodafone Essar -- and US chipmaker Qualcomm Inc, are bidding for broadband spectrum. The auction started on 24 May, with a base price for one set of all-India wireless broadband spectrum licence at Rs1,750 crore. As of Saturday, the bidding had gone 34 rounds over the five days. Two all-India broadband licences are on offer for private firms, while a third set has been reserved for state-run firms which would have to match the final bid prices. At the current bid prices, the government could get revenues worth about 188 billion rupees. Source: LatestNews-Home - Livemint.com | 30 May 2010 | 12:06 am Monsoon onset phase may not last, say expertsThe Indian monsoon is the hottest topic among international weather experts, who do not seem to accept India Meteorological Department's (IMD) onset forecast at its faceSource: Business Line - Home Page | 30 May 2010 | 12:00 am Some of the units in the listUnits include NTPC's coal-fired super thermal plants; Tata Steel's Jamshedpur plant; Hindalco's Belgaum and Raigad aluminium units; ITC's Bhadrachalam, Chandrahati and Kovai paper units; RIL's Naroda and Patalganga textile units; Tata Chemicals'Source: Business Line - Home Page | 30 May 2010 | 12:00 am Modest on price, exotic on locales and stylesSuper luxury homes appear to be making way for less expensive but more exotic residential space for the super rich, if the 3-day Dun and Bradstreet's ‘Millionaire Home 2010' Expo here is anything to goSource: Business Line - Home Page | 30 May 2010 | 12:00 am Energy-saving certificates to come on market by next AprilThe roll-out of the market-based mechanism that will use energy-saving certifications to spur efficiency improvements across energy-intensive industries is slated for April 1,Source: Business Line - Home Page | 30 May 2010 | 12:00 am Cost management, sales drive up Mahindra's Q4 profitsSales growth in both tractors and utility vehicles coupled with cost management boosted Mahindra & Mahindra's fourth quarter net profit, which grew 36 per centSource: Business Line - Home Page | 30 May 2010 | 12:00 am ONGC net up 71% on firm crude oil pricesBuoyed by better price realisation on crude oil, Oil and Natural Gas Corporation (ONGC) announced a 71 per cent increase in net profit for the fourth quarter ended March 31,Source: Business Line - Home Page | 30 May 2010 | 12:00 am Non-resident Indians flock home for stock investmentsMore Non Resident Indians (NRIs) are looking homeward to invest in the stock market, suggests an analysis of the shareholding pattern of listed companies over the past threeSource: Business Line - Home Page | 30 May 2010 | 12:00 am Makarba emerges as new realty hotspot in AhmedabadSeveral residential schemes have come up in the area and properties there are selling like hot cakes.Source: Daily News & Analysis: Money News | 29 May 2010 | 11:09 pm UN hails India for leading economic recovery in South AsiaIn its report titled 2010 World Economic Situation and Prospects, the global body said rapid expansion in services and manufacturing sectors were the major reasons for India's growth.Source: Daily News & Analysis: Money News | 29 May 2010 | 10:30 pm UK at risk of double-dip, fiscal cuts should wait - BCCLONDON (Reuters) - Britain faces the risk of a double-dip recession and the government should hold off making big spending cuts until the recovery is assured, according to the British Chambers of Commerce.Source: Reuters: Money News | 29 May 2010 | 10:03 pm U.S. may choose lead bank on GM IPO next week - reportCHICAGO (Reuters) - The U.S. Treasury and General Motors Co may select a lead underwriter for an initial public offering for the automaker as early as next week, Bloomberg News reported on Saturday.Source: Reuters: Money News | 29 May 2010 | 10:03 pm UAE econ growth to quicken, no major debt hit seenDUBAI (Reuters) - The United Arab Emirates' economic growth is expected to accelerate to up to 3.2 percent this year and no further major restructuring of Dubai debt is seen, the Gulf country's economy minister said on Saturday.Source: Reuters: Money News | 29 May 2010 | 10:01 pm Greece will not restructure debt - finminATHENS (Reuters) - Greece will not restructure its debt and will not need more cuts to achieve fiscal targets set in the emergency funding programme it agreed with the European Union and the IMF, its finance minister told a Sunday paper.Source: Reuters: Money News | 29 May 2010 | 9:08 pm BP 'top kill' fails, piling more pressure on ObamaVENICE, La./HOUSTON (Reuters) - BP Plc said on Saturday its complex "top kill" maneuver to plug the Gulf of Mexico oil well has failed, crushing hopes for a quick end to the largest oil spill in U.S. history already in its 40th day.Source: Reuters: Money News | 29 May 2010 | 8:47 pm 2 new centres to process income-tax returns - Indian Express
Source: Business - Google News | 29 May 2010 | 2:55 pm Farm sector boost for M&M's bottomline - Economic Times
Source: Business - Google News | 29 May 2010 | 1:16 pm MEA cedes power as economics trumps politicsCreation of a post for promotion of bilateral economic relationship reflects the growing India-China trade.Source: Business Standard | Front Page Headlines | 29 May 2010 | 1:12 pm Indiscipline in AI will not be tolerated, says PatelAsserting that indiscipline in Air India would not be tolerated, Civil Aviation Minister Praful Patel today said he had given full freedom to the management to take any step to deal with disruptions like the recent strike.Source: Business Standard | Front Page Headlines | 29 May 2010 | 1:10 pm BSE expands equity by 6% to make room for strategic investorThe Bombay Stock Exchange (BSE) is expanding its paid-up capital by about six per cent. The intent is to bring in a strategic investor, to whom the shares can be allotted on a preferential basis.Source: Business Standard | Front Page Headlines | 29 May 2010 | 1:07 pm Sahara, Airtel only bidders for Men in BlueHigh price deters India Inc majors from bidding.Source: Business Standard | Front Page Headlines | 29 May 2010 | 1:05 pm De-recognised unions non-committal on Monday strike call - Hindu Business Line
Source: Business - Google News | 29 May 2010 | 1:04 pm Bitter financial medicineThe more one compares the 1997 Asian crisis and the ongoing Western-centred one, the gloomier one gets about prospects for the latter, writes Philip Bowring from Hong Kong.Source: Daily News & Analysis: Money News | 29 May 2010 | 12:51 pm 3G revenue will help in reduction of fiscal deficit: Pranab MukherjeeCurrently, the government is auctioning Broadband Wireless Access spectrum and at today's price, it is expected to fetch a revenue of Rs18,759 crore from sale of three slots of BWA radio waves.Source: Daily News & Analysis: Money News | 29 May 2010 | 10:21 am Longer trading hours a reality for mkts: SGX CEOA 20year veteran of the stock market, Magnus Böcker is the CEO of Singapore Exchange, the SGX. In an exclusive interview with CNBCTV18, Böcker spoke on a range of issues including longer trading hours and his decision to move to work in Asia after the US and Europe.Source: Moneycontrol Top Headlines | 29 May 2010 | 10:19 am Economy much better now, but healthcare a deficit area: PranabThe government on Saturday said the economy has weathered the global financial crisis well and is likely to revert to nine per cent growth next fiscal.Source: India Business News | Business News - Times of India | 29 May 2010 | 9:18 am Fortis weighs counter to Khazanah bid for Parkway paperFortis Healthcare is considering launching a counteroffer for Singaporebased hospital chain Parkway Holdings and is discussing financing options with Singapore state investment firm GIC.Source: Moneycontrol Top Headlines | 29 May 2010 | 9:13 am PM announces Rs 25,000 cr for new agri projectsPTI New Delhi: Prime Minister Manmohan Singh on 29 May announced a Rs25,000 crore ($6 billion) plan for new farm sector projects by states, besides launching a food security mission to enhance output of wheat, rice and pulses. Speaking at the 53rd meeting of the National Development Council, he also warned that small and marginal farming had become an unviable proposition and until farming was made viable at this scale, it would be virtually “impossible” to reduce rural poverty and distress. “The Central government will commit Rs25,000 crore in the next four years as its share of funding for this major programme”, Singh said, while adding that this was aimed at increasing public investment in agriculture both from the states and the Centre. He said the Centre will commit funds to finance their plans under this programme provided states maintain their baseline levels of expenditure and contribute “to some extent” as their share of the plan. The NDC also adopted a resolution to raise wheat production by 8 million metric tonnes, rice by 10mmt and pulses by 2mmt over the next four years. Singh said public and private investment in agriculture sector should be seen in the context of a larger trend whereby subsidies have been increasing and investments declining. The Prime Minister also expressed concern over use of new technologies for enhancing farm productivity. “One feature that stands out is the lack of any breakthroughs in agricultural production technology in recent years. There is a technology fatigue which we need to address,” he said. The Prime Minister said reversing the prolonged slowdown in the agriculture sector is essential for “our goal of inclusive growth, for ensuring that growth benefits all sections of society and all regions of the country.” Later speaking to reporters, Planning Commission deputy chairman Montek Singh Ahluwalia said that this was the first NDC meeting exclusively on agriculture sector. He said the new package would come as an incentive for those states wanting to initiate new agri projects based on their requirements. Source: LatestNews-Home - Livemint.com | 29 May 2010 | 7:11 am Mahindra submits letter of intent for SsangyongMumbai: Mahindra & Mahindra, India’s largest utility vehicles and tractor maker, on Saturday said it had submitted a letter of intent to make a bid for Korean sport utility vehicle (SUV) maker Ssangyong Motor. On Friday, sources had told Reuters that Mahindra and Renault had both submitted letters of intent for Ssangyong. “We have submitted an expression of interest for Ssangyong. If we are one of the companies shortlisted, then we will undertake a due diligence,” Pawan Goenka, president of Mahindra’s automative sector told reporters. “We have to look at the economic viability of the company and how it fits into our strategy before we make a bid,” Goenka said. Mahindra has been on an acquisition spree lately as it seeks to expand its portfolio. In April, it saud it was buying out Renault’s stake in a joint venture making Logan sedans in India, its first entry into the passenger car segment. Earlier this week, it bought a majority stake in maker of electrical cars Reva Electric Car Company for an undisclosed sum, giving it a foothold in the small but growing electric vehicles industry which is attracting global majors such as General Motors and Toyota. Mahindra reported a 36.4% rise in net profit for March quarter to Rs570 crore rupees ($123 million), beating market forecasts of Rs470 crore, on robust sales of utility vehicles and tractors. Net sales rose to Rs5,280 crore, a jump of 45.9% over the corresponding quarter in the previous year. Rise in raw material prices and expected increase in interest rates would be the challenges for the company in the current financial year, Goenka said. “Raw material prices are almost as high as they were in August 2008. The first six months... we expect that they will go up and then come down in the second half,” Goenka said. For the next three years, the company will be spending Rs4,500 crore, of which 75% will be for the automative sector. The company is also all set to launch a pick-up truck in the US towards the end of this year, after getting regulatory approvals expected in July. Shares in Mahindra, valued at nearly $7 billion, have risen less than 1% so far this year, compared to the main index which has fallen 3.4%. Source: Home - Livemint.com | 29 May 2010 | 5:41 am India Mahindra submits letter of intent for Ssangyong - Reuters
Source: Business - Google News | 29 May 2010 | 5:40 am 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 Mahindra & Mahindra Q4 net up 36%Auto major Mahindra & Mahindra on Saturday reported a growth of 36.40 per cent in net profit at Rs 570.26 crore for the quarter ended March 31, 2010, over the same period last year.Source: India Business News | Business News - Times of India | 29 May 2010 | 4:38 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 Police hunt Maoists over sabotaged train crashSardiha (West Bengal): Police began searching for Maoists rebels on Saturday believed responsible for sabotaging a crowded passenger train, as rescuers continued pulling bodies from the wreckage. The passenger train in eastern India derailed and smashed into an oncoming goods train on Friday, killing 98 people and injuring at least 200. The death toll is expected to rise. Also See |Timeline: Red Terror “We have identified the people who are behind the incident. These are Maoists and we are trying to trace them and bring them to justice,” said Manoj Verma, a senior police official.  A crane lifts a damaged train carriage at the site of an accident at Jhargram area in West Bengal on Saturday. Parth Sanyal / Reuters The crash site in West Bengal state is in a Maoist stronghold and police said some 150 rebels had been camping in the crash area for the past few days. Prime Minister Manmohan Singh has described the Maoist insurgency as India’s biggest internal security challenge. Maoists, who say they are fighting for the rights of the poor and landless and want to overthrow the government, have stepped up attacks in recent months. More than 1,000 attacks were recorded in 2009 and 600 people were killed. The Maoists number some 20,000 combatants, with 6,000-8,000 hardcore fighters, and regularly attack railway lines and factories, aiming to cripple economic activity. Mineral-Rich Areas With the rebels controlling vast swathes of mineral-rich areas, the government has often struggled to transport coal to power and steel firms. The rebels extort about $300 million from companies in India every year to fund their movement.  Rescue workers carry a dead body of a passenger at the site of a train accident at Jhargram area in West Bengal on Friday. Parth Sanyal / Reuters The latest attack will put further pressure on the Congress party-led government to bring in the military to tackle the four-decade-long insurgency across eastern and central India. Rescuers continued to prise open mangled train coaches on Saturday to remove more bodies from the wreckage. “The toll has gone up to 98. We are pulling out more bodies,” N S Nigam, a senior local government official told Reuters. “At the moment, there is another compartment, which we need to cut open. There are more bodies inside and the work will go on till evening,” he said. The cause of the derailment remains unclear. Some railway officials initially said a bomb had derailed the passenger train, but police said they were also looking at other possible sabotage methods, such as the removal of track “fish plates”. Railway officials will begin their investigation into the accident on Monday after all the bodies are recovered. The Maoists started their campaign in 1967 armed with bows and arrows and stolen rifles, but the government says they now buy high-powered weapons from Chinese smugglers and are in touch with other militant groups in India. Source: Home - Livemint.com | 29 May 2010 | 3:57 am
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