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Reliance Comm pays $1.8 bn for 3G spectrumReliance Communications has paid Rs 85.85 billion ($1.8 billion) as 3G spectrum fees to the department of telecommunications, India\'s No. 2 mobile phone carrier said on Monday.Source: Moneycontrol Top Headlines | 31 May 2010 | 8:45 am RBI may still hike rates before July HSBCThe Reserve Bank of India (RBI) may yet raise interest rates before a scheduled policy review in July, HSBC said on Monday, after data showed India\'s economy grew an expected 8.6% in the final quarter of fiscal 2009/10.Source: Moneycontrol Top Headlines | 31 May 2010 | 8:18 am Mukesh Ambani in talks to buy JM Fin Asset Mgmt: SourceMukesh Ambani is in talks to buy a majority stake in JM Financial Asset Management that oversees $1.8 billion in assets, a source with direct knowledge of the situation said on Monday.Source: Moneycontrol Top Headlines | 31 May 2010 | 7:50 am Gold ticks up on bargain hunting; Spain supportsGold regained some ground on Monday, pushed around by a volatile euro, with worries about Europe\'s debt woes underpinning sentiment after Fitch downgraded Spain\'s credit rating.Source: Moneycontrol Top Headlines | 31 May 2010 | 7:50 am Textile mills ride realty boom to sell land, raise cashIndia\'s top textile firms are generating additional revenue streams by developing or selling precious real estate as land rates rise in a buoyant economy.Source: Moneycontrol Top Headlines | 31 May 2010 | 7:50 am Stake sale talk report baseless: Piramal GlassPiramal Glass Ltd said on Monday that a newspaper report saying the founders were in talks to sell stake in the company was \'baseless\'.Source: Moneycontrol Top Headlines | 31 May 2010 | 7:50 am Reliance Media to form JV with CBS CorpReliance Media World, part of India\'s Anil Dhirubhai Ambani Group, will form an equal joint venture with USbased CBS Corp to launch television channels, the Economic Times reported on Monday.Source: Moneycontrol Top Headlines | 31 May 2010 | 7:49 am Parkway up on $835 mn bid; eyes on FortisParkway Holdings shares jumped 25% after Malaysian sovereign fund Khazanah offered USD 835 million for control of Singapore\'s biggest private healthcare group, leaving India\'s Fortis Healthcare to make the next move in a potential takeover battle.Source: Moneycontrol Top Headlines | 31 May 2010 | 7:49 am Monsoon reaches Kerala; progress in interior parts delayed:IMD - NDTV.com
Source: Business - Google News | 31 May 2010 | 4:06 am Air India flight plunges 5000 feet after hitting air pocket; inquiry ordered - The Hindu
Source: Business - Google News | 31 May 2010 | 3:44 am Reliance Communications pays $1.8 billion for 3G spectrumReliance won the right to provide 3G mobile services in 13 telecoms zones earlier this month in an auction that lasted 34 days and will generate $14.6 billion for the government.Source: Daily News & Analysis: Money News | 31 May 2010 | 3:43 am April fuel sales rise after 3 monthsIndia's April domestic oil product sales climbed for the first time in four months, rising an annual 3.8% as robust demand for automobiles drove up the consumption of fuels.Source: Daily News & Analysis: Money News | 31 May 2010 | 3:37 am Economy grows as expected; FM ups FY11 hopesNew Delhi: India’s economy grew at its fastest rate in six months in the quarter through March thanks to government and consumer spending, which will likely keep the central bank on its path of gradual interest rate increases. While worries over Europe’s debt crisis had dampened expectations that the Reserve Bank of India would raise interest rates before its next policy review on 27 July, Monday’s report adds to the case for more aggressive monetary tightening, an HSBC regional economist wrote. “Investment and manufacturing have powered the expansion so far, with consumption and services still lagging the advance. The details suggest that growth could be stronger still in the coming quarters, lending yet more urgency to rate hikes by the RBI,” Frederic Neumann said in a research note from Hong Kong. The 8.6% expansion in gross domestic product in the fourth quarter of the fiscal year 2009-10 from a year earlier was broadly in line with a median forecast of 8.7% in a Reuters poll and boosted growth for the full fiscal year to a slightly better-than-expected 7.4% from 6.7% in 2008-09. On a quarterly basis, the economy likely grew 3.6% in the three months to end March, indicating that strong underlying price pressures were likely to persist, Neumann estimated. “We continue to call for a surprise rate hike before the next RBI meeting,” he said. “Sure, the euro jitters have left policymakers across the world in a more accommodative mood, but in India tightening is now needed to avoid a hard landing later on.” Indian stocks and the rupee strengthened after the data. The 5-year swap rate and the benchmark bond yield rose as much as 3 basis points (bps) each from before the release as the data reaffirmed expectations that the RBI’s tightening would be at a gradual pace. “Our sense is that policymakers would remain considerate of external developments and any associated downside risk to overall growth,” said Anubhuti Sahay, a Standard Chartered economist in Mumbai, referring to fears that Greece’s debt crisis could spread to other parts of Europe and threaten the global economic recovery. Sahay expects the Reserve Bank of India (RBI) to raise rates by 25 bps in its July review. The RBI has already lifted rates twice by a total of 50 bps since mid-March. RBI deputy governor Subir Gokarn said the central bank would “steadily” normalise its policy rates, in an interview with the Indian Express newspaper that was published on Monday. Details of the GDP report showed manufacturing output grew 16.3% year-on-year in the quarter as consumers bought more cars and other goods, while farm output grew an annual 0.7 percent thanks to a good winter harvest. The government expects the economy to grow 8.5% in the current fiscal year that started on 1 April on the prospects of a better farm output and a global recovery. Finance minister Pranab Mukherjee on Monday said growth would exceed that estimate. Inflation Worries Prime Minister Manmohan Singh last week said an annual economic growth rate of 10 percent was needed in the medium term to address poverty and malnutrition, which continue to plague the world’s second-most populous country. But even as Singh aims for high economic growth, inflation has come to haunt his government and appears to be undermining its support base. Wholesale prices, the most closely watched inflation gauge in India, rose 9.59% in April from a year earlier, although government officials have said that headline inflation had peaked. The wholesale price inflation vaulted above the RBI’s end-March 2010 inflation forecast of 8.5%, made in January, and crossed the 10% mark in February. Rising cost pressures are also slowing the pace of manufacturing growth, as the HSBC Markit Purchasing Managers’ Index in April showed. The rapid acceleration in the world’s second-fastest growing major economy after China is boosting consumer demand ahead of what can be met by existing supply capacity. Analysts expect monetary policy tightening through the rest of the year as the RBI moves to cool demand through rate hikes until firms crank up capacity. A Reuters poll last month showed median expectations for a cumulative 100 basis points worth of tightening in key interest rates by the end of March 2011. Source: Home - Livemint.com | 31 May 2010 | 3:35 am India grows 8.6 percent in fourth quarter - Sify
Source: Business - Google News | 31 May 2010 | 3:34 am Cox and Kings FY10 income up 39% at Rs399 crMumbai: Travel firm Cox & Kings (India), has clocked a 39% growth in its consolidated income from operations for 2009-10 fiscal at Rs399.15 crore as against Rs286.90 crore in the year-ago period. Its net profit after tax rose 113% to Rs133.84 crore as against Rs62.81 crore in the previous fiscal, according to a press release. The company’s standalone net income from operations for FY10 grew 14% to Rs176.39 crore as against Rs155.09 crore, it added. Net profit after tax rose 31% to Rs50 crore as against Rs38.22 crore in the year-ago period, the release said. Cox and Kings’ (India) executive director, Peter Kerkar, said: “our results are in line with our expectations and we are confident that we will continue to grow at a healthy pace.” Source: LatestNews-Home - Livemint.com | 31 May 2010 | 3:32 am Cox and Kings FY10 income up 39% at Rs399 crMumbai: Travel firm Cox & Kings (India), has clocked a 39% growth in its consolidated income from operations for 2009-10 fiscal at Rs399.15 crore as against Rs286.90 crore in the year-ago period. Its net profit after tax rose 113% to Rs133.84 crore as against Rs62.81 crore in the previous fiscal, according to a press release. The company’s standalone net income from operations for FY10 grew 14% to Rs176.39 crore as against Rs155.09 crore, it added. Net profit after tax rose 31% to Rs50 crore as against Rs38.22 crore in the year-ago period, the release said. Cox and Kings’ (India) executive director, Peter Kerkar, said: “our results are in line with our expectations and we are confident that we will continue to grow at a healthy pace.” Source: Home - Livemint.com | 31 May 2010 | 3:32 am Japan and China walk delicate line over North Korea - The Hindu
Source: Business - Google News | 31 May 2010 | 3:31 am Reliance Comm pays $1.8 bln for 3G spectrumMUMBAI (Reuters) - Reliance Communications has paid 85.85 billion rupees ($1.8 billion) as 3G spectrum fees to the department of telecommunications, India's No. 2 mobile phone carrier said on Monday.Source: Reuters: Money News | 31 May 2010 | 3:29 am SC refuses to hear BoR shareholders' plea against mergerA two-judge vacation bench of the Supreme Court today declined to hear a petition filed by shareholders of the Bank of Rajasthan, who were objecting to the financial institution's merger with ICICI Bank.Source: HindustanTimes.com - Top Business News Headlines | 31 May 2010 | 3:17 am April fuel sales rise after 3 monthsNEW DELHI (Reuters) - India's April domestic oil product sales climbed for the first time in four months, rising an annual 3.8 percent as robust demand for automobiles drove up the consumption of fuels, official data showed on Monday.Source: Reuters: Money News | 31 May 2010 | 3:13 am Europe's debt woes could hit developing world - W.BankSTOCKHOLM (Reuters) - Developing countries will suffer if Europe's governments fail to deal with their debt problems, the World Bank's chief economist said on Monday.Source: Reuters: Money News | 31 May 2010 | 3:11 am Reliance Comm pays $1.8 bln for 3G spectrumReliance Communications has paid 85.85 billion rupees ($1.8 billion) as 3G spectrum fees to the department of telecommunications, India's No. 2 mobile phone carrier said on Monday.Source: HindustanTimes.com - Top Business News Headlines | 31 May 2010 | 3:11 am Jan-March GDP grows 8.6 pct, more tightening seenNEW DELHI (Reuters) – The economy grew at its fastest rate in six months in the quarter through March thanks to government and consumer spending, which will likely keep the Reserve Bank of India (RBI) on its path of gradual interest rate increases.Source: Reuters: Money News | 31 May 2010 | 2:59 am Parkway up on $835 mn bid; eyes on FortisSingapore / New Delhi: Parkway Holdings shares jumped 25% after Malaysian sovereign fund Khazanah offered $835 million for control of Singapore’s biggest private healthcare group, leaving India’s Fortis Healthcare to make the next move in a potential takeover battle. Fortis owns 25% of Parkway after it bought into the company two months ago and must now decide whether to sell its shares or make a counterbid for all of Parkway, which it had hoped to use as a springboard for global expansion. Fortis’ original intention had been eventually to take control of Parkway, sources familiar with the matter have said, and the firm had raised its stake from an earlier 23.9%. Indian billionaire Malvinder Singh, the chairman of Fortis, had recently moved to Singapore to become chairman of Parkway. Khazanah’s unexpected offer last week to lift its stake to 51.5% may force Fortis’ hand and make a takeover more expensive. “Raising funds may not be a problem for Fortis, but it makes little sense to go in for such a huge fund-raising and stretch your balance sheet,” said Sapna Jhawar, an analyst at brokerage Sharekhan in Mumbai. “The alternative and better option for Fortis at this point of time is to buy out other minority shareholders so that they remain in contention and not shell out too much cash,” she said. However, under Singapore rules, Fortis would need to make an offer for the entire company if its holding crossed 30%. Analysts said Khazanah’s offer was attractively priced. “We expect possible counter offers from Fortis and remain negative on the deal as this could result in aggressive bidding by both Khazanah and Fortis, driving Parkway’s share price ahead of its underlying business fundamentals,” wrote Yew Kiang Wong, an analyst with CLSA in Singapore and said investors should sell. On Friday, the CEO of Fortis said it was premature to comment on Khazanah’s bid. Indian newspaper Economic Times reported on Saturday that Fortis was considering launching a bid for Parkway and was discussing financing options with Singapore state investment firm GIC. Fortis declined comment on Monday. Highlighting the interest in hospital chains, a private-equity bidding war broke out for Australian hospital operator Healthscope on Monday, as the company received two more takeover approaches, both valuing the target at A$1.84 billion ($1.56 billion). Funding Firepower Fortis has plenty of access to funding. Controlling shareholders Malvinder Singh and his brother Shivinder have a combined fortune estimated by Forbes magazine at $3 billion. One person with direct knowledge of the matter said bankers had already contacted Fortis with offers to raise as much as would be needed. Earlier this month, Fortis agreed to raise about $85 million by issuing 22.35 million shares on a preferential basis to a unit of GIC. The shares cannot be issued until the proposal receives shareholder approval at a 9 June meeting. Parkway, whose shares reached their highest in two and half years on their first day of trading since Khazanah’s bid, also operates hospitals in fast-growing India and China. Khazanah’s S$3.78 per share offer values Parkway at S$4.27 billion ($3 billion). If Parkway took a controlling stake but Fortis opted to remain a shareholder, it could prove unwieldy, CLSA’s Yew noted. “Should Khazanah succeed in gaining a controlling stake of 51.5% in Parkway, they will still end up with a ‘sticky´ major shareholder (Fortis) that could impede future growth strategies and policies,” he wrote. Parkway shares reached S$3.79 a share on Monday, above Khazanah’s S$3.78 offer, their highest level since November 2007, before dipping to S$3.72. While Fortis shares closed 7.6% higher on Thursday after Khazanah’s offer, they have fallen more than 4% since then, and were down 2.85% on Monday. Lynette Tan, an analyst at DMG & Partners Research in Singapore, said Khazanah’s offer is attractive for shareholders as it is priced at 45 times her 2010 profit estimates. Parkway shares, which have more than doubled last year, are up 29% so far this year, outperforming the benchmark Straits Times Index which is down about 5%. Khazanah’s Integrated Healthcare unit named Singapore lenders DBS, Oversea-Chinese Banking Corp and United Overseas Bank Ltd as joint lead arrangers of acquisition financing for its offer. Source: Home - Livemint.com | 31 May 2010 | 2:55 am The rise and fall of ASEFor the past 116 years, the Ahmedabad Stock Exchange (ASE) has seen many ups and downs.Source: Daily News & Analysis: Money News | 31 May 2010 | 2:52 am ANALYSIS - Japan to disappoint on debt policy, stocks at riskTOKYO (Reuters) - Displease voters ahead of upper house elections expected in July by taking a firm hand to Japan's tattered public finances or risk a credit ratings downgrade and opt for loose, mostly symbolic fiscal goals?Source: Reuters: Money News | 31 May 2010 | 2:49 am Highlights of the economic growth during 2009-10Indian economy (GDP) grew by 7.4% during 2009-10, higher than the estimated 7.2%. During 2008-09, the economy grew by 6.7%.Source: Daily News & Analysis: Money News | 31 May 2010 | 2:42 am China warns debt woes threaten global recoveryTOKYO (Reuters) - China warned on Monday that Europe's struggle to contain ballooning debt posed a risk to global economic growth, raising the spectre of a double-dip recession.Source: Reuters: Money News | 31 May 2010 | 2:35 am Essar acquires AGC Networks for Rs 206 cr - Indian Express
Source: Business - Google News | 31 May 2010 | 2:26 am Stanchart prices IDR at Rs 104 - Indian Express
Source: Business - Google News | 31 May 2010 | 2:24 am Rupee extends fall as choppy shares weighMumbai: The Indian rupee weakened further on Monday afternoon as choppy shares and the dollar’s gains against major currencies weighed on sentiment. The currency however had trimmed some losses after the government released economic growth data for the March-quarter, which was in line with expectations. At 1:56pm, the partially convertible rupee was at Rs46.50/51, weaker than Rs46.35/36 at close on Friday. The unit had risen 1.3% last week. Demand for dollars from oil refiners also hurt the rupee, traders said, but the demand was expected to cool off in the later part of the day. Oil is India’s biggest import and refiners are the largest buyers of dollars in the domestic currency market with their demand tending to peak at the end of each month when they make payments. India’s economy grew at its fastest pace in six months in the quarter through March 2010, fuelled mainly by government and consumer spending, which is expected to allow policymakers to focus on anchoring inflation that is hovering near 10%. The main stock index which rose more than 0.5% post the GDP data was trading down 0.2%. Dealers would be watching the dollar’s moves versus major currencies for direction. The index of the dollar against six major currencies was up 0.1%. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at Rs46.64, with the total traded volume on the two exchanges at about $3.9 billion. Source: Home - Livemint.com | 31 May 2010 | 2:24 am RBI may still hike rates before July - HSBCMUMBAI (Reuters) - The Reserve Bank of India (RBI) may yet raise interest rates before a scheduled policy review in July, HSBC said on Monday, after data showed India's economy grew an expected 8.6 percent in the final quarter of fiscal 2009/10.Source: Reuters: Money News | 31 May 2010 | 2:23 am Sensex, Nifty flat amid choppy trade - NDTV.com
Source: Business - Google News | 31 May 2010 | 2:19 am Pakistan court lifts Facebook ban, restrictions remainIslamabad: A Pakistani court on Monday lifted a ban on social networking website Facebook which had carried a competition to draw the Prophet Mohammad, but access to any “blasphemous” material will remain blocked, a lawyer said. Any representation of the Prophet Mohammad is deemed un-Islamic and blasphemous by Muslims, which constitute the overwhelming majority in Pakistan and Facebook was blocked two weeks ago because of the online caricature contest. The Lahore High Court ordered Facebook unblocked after getting assurance from the government that “blasphemous material” would no longer be available in Pakistan, lawyer Azhar Siddique told Reuters. “The government has assured the court on behalf of the website that the blasphemous material would not seen in Pakistan,” said Siddique, a representative of the Islamic Lawyers Forum, who sought ban on Facebook. “The court ... told me that I can file a contempt of court petition if blasphemous material is again seen on the website in Pakistan, because it is a violation of Pakistani law.” Facebook was still unavailable mid-day in Islamabad, but was expected to return by the evening. The Pakistani authorities had also blocked access to video networking site, YouTube, to contain un-Islamic content, but this was partially lifted last week although links to videos containing “sacrilegious or profane material” remain restricted. The contest to draw caricatures of Prophet Mohammad was described by its organisers as a “snarky” response to Muslim bloggers who had objected at the creators of the Comedy Central television show “South Park” depicting him in a bear suit. While many Pakistanis supported the online crackdown, some said the government should have blocked specific videos or pages instead of blocking entire websites. The publication of cartoons of the Prophet in Danish newspapers in 2005 sparked deadly protests in Muslim countries. About 50 people were killed during violent protests in Muslim countries in 2006, five of them in Pakistan. On Sunday, Bangladesh, another majority Muslim country, also blocked access to Facebook over “objectionable” material about the Prophet Mohammad. Source: Tech News - Livemint.com | 31 May 2010 | 2:17 am Alumininum futures up 0.37% - Economic Times
Source: Business - Google News | 31 May 2010 | 2:07 am RCom pays Rs 8,585.04 cr for 3G spectrumRCom had bagged the spectrum in 13 circles, including Delhi and Mumbai. Monday is the last date for making payments for 3G spectrum by all telecom firms, including PSUs BSNL and MTNL.Source: India Business News | Business News - Times of India | 31 May 2010 | 2:06 am Spain’s austerity measures strong: IMF chiefMsdrid: The Spanish government’s package of austerity policies is strong and moving in the right direction, the head of the International Monetary Fund was quoted as saying in an newspaper interview published on Monday. “The measures that the Government has been taking are strong and should help recover confidence in the future,” IMF managing director Dominique Strauss-Kahn told daily ABC. “The issue now is to see how the measures will be implemented, especially those concerning the labour market.” Reforming Spain’s rigid labour market, recommended by the IMF and other organisations, is the next task for the government, Strauss-Kahn said. “The government is now taking measures in this sense and we must wait to see the results of the negotiations between the government, the company sector and the workers,” he said. Asked about mergers between Spain’s saving banks, Strauss-Kahn said: “What Spain is doing is absolutely normal, it is a natural consolidation of the banking sector.” Source: LatestNews-Home - Livemint.com | 31 May 2010 | 2:04 am Govt looking at changes in law to tame entities like BCCINew Delhi: The government is considering legislative action to bring all-India organisations such as the Board of Control of Cricket in India (BCCI) within the purview of the Societies Registration Act to make them more accountable. “I am looking at whether it is possible to have a central registry for societies that are registered for all-India purposes,” corporate affairs minister Salman Khurshid said when asked what steps his ministry was taking to make societies, like the BCCI, more accountable, especially after the IPL fiasco. The Ministry, he added, is also planning to set up an expert group to study and workout the details of the changes. BCCI, which has an all-India presence and is the parent organisation of the IPL Twenty20 cricket matches, is registered and governed by the Tamil Nadu Societies Registration Act. Societies Registration Act, which is administered by the Corporate Affairs Ministry, dates back to 1860. It is like a model act that has been adopted by the states. “I think we should (change the Act). I am reflecting on it. It is not something that I can do alone, there are other stakeholders too,” he said, adding, “It is largely a model Act. It is not an act under which people register societies.” Amendments to the Societies Registration Act and establishment of central registry would ensure central government’s control on societies like the BCCI, non- governmental organisations (NGOs) and other entities with a pan-India presence. The government, he added, would also have to look at the whole issue from the point of view of the centre-state relations as most of the societies are registered under the state laws. “Before we can actually take a final view, we want to have a group of experts examine all these issues, looking at it from the point of view of centre-state relations,” Khurshid said. As far as IPL franchisees are concerned, the Minister said, “We are concerned only with that limited exercise-- whether the company law compliance is there or not there...wherever compliance was lacking we have asked the RoCs to make sure it is completed and if they are not then whatever sanctions follow under the company law, they should be applied.” Following the controversy over ownership of the Kochi IPL franchise, where Rendezvous Sports World had given 19 per cent of its 25 per cent stake as sweat equity to Sunanda Pushkar, a close friend of former Union Minister Shashi Tharoor, the MCA had asked the RoCs to fetch details of all IPL franchisees for “due diligence”. Source: LatestNews-Home - Livemint.com | 31 May 2010 | 2:03 am Sensex goes flat after brief spikeBSE's Sensex, on Monday, was trading on a flat note in afternoon trade after making modest gains on news that the economy grew at a robust 8.6 percent in the last quarter of 2009-10.Source: HindustanTimes.com - Top Business News Headlines | 31 May 2010 | 1:52 am Monsoon hits India's southern coast-weather officeMonsoon rains, vital for farm output in India's trillion-dollar economy, have hit the country's southern coast, the chief of the weather office said on Monday.Source: HindustanTimes.com - Top Business News Headlines | 31 May 2010 | 1:52 am Monsoon hits Kerala - weather officeNEW DELHI (Reuters) - Monsoon rains, vital for farm output in India's trillion-dollar economy, have hit the country's southern coast, the chief of the weather office said on Monday.Source: Reuters: Money News | 31 May 2010 | 1:44 am Reserve Bank deputy says rates to rise further: ReportRBI deputy governor Subir Gokarn that while the RBI's actions are consistent with the accelerating non-food manufacturing inflation, it also has to maintain adequate liquidity for the huge government borrowing programme and growing credit demand.Source: Daily News & Analysis: Money News | 31 May 2010 | 1:27 am Mukesh Ambani in talks to buy JM Financial Asset Management - sourceMUMBAI (Reuters) - Billionaire Mukesh Ambani is in talks to buy a majority stake in JM Financial Asset Management, which oversees $1.8 billion in assets, a source with direct knowledge of the situation said on Monday.Source: Reuters: Money News | 31 May 2010 | 1:26 am Mukesh Ambani may enter telecom business with Idea, Videocon - Economic Times
Source: Business - Google News | 31 May 2010 | 1:21 am Piramal Glass says stake sale talk report 'baseless'It was reported on Monday, the Ajay Piramal group was in discussion to sell its glass business to Hindusthan National Glass & Industries Ltd.Source: Daily News & Analysis: Money News | 31 May 2010 | 1:16 am Spain austerity measures 'strong': IMF managing directorThe Spanish government's package of austerity measures are strong and moving in the right direction, IMF managing director Dominique Strauss-Kahn said.Source: Daily News & Analysis: Money News | 31 May 2010 | 1:15 am Hitachi outlines big spending on key businessesTokyo: Hitachi Ltd, Japan’s largest electronics maker, plans to focus spending on infrastructure-related businesses such as power plants as it seeks to more than double its profit over the next three years. Hitachi, a sprawling conglomerate of 900 group firms, has been trying to narrow its focus to give it a better chance of competing globally with more profitable rivals such as Germany’s Siemens and General Electric Co. Over the next three years Hitachi will allocate about 70% of its ¥1.4 trillion ($15.4 billion) budget for capital spending and strategic investments to its “social innovation” segment, it said. This includes a group of businesses such as power plants, smart grids, cloud computing, batteries and railway systems. Hitachi will look to mergers and acquisitions to bolster these operations, President Hiroaki Nakanishi said, in a sign the company is becoming more aggressive toward expansion after years of cost-cutting. “We are clearly stating that we will be changing to offence from defence,” Nakanishi told a news conference. “Sales growth is not everything, but profit growth won’t come without an increase in sales.” Hitachi said it would aim for an operating profit margin of more than 5% in the financial year to March 2013 on sales of ¥10.5 trillion. That would produce a profit of at least ¥525 billion, up from ¥202 billion in the year just ended. “The profit target seems conservative,” said Yukihiko Shimada, a senior analyst at Mitsubishi UFJ Morgan Stanley Securities. “Unless something really goes wrong, this profit figure is reachable.” Average predictions from six analysts see Hitachi achieving an operating profit of ¥469 billion for the year to March 2013. Hitachi aims to boost the ratio of sales generated in overseas markets to more than half the total, up from 41% in the year ended in March 2010, as it makes a push into emerging markets. Nakanishi attributed Hitachi’s lower profitability than global rivals to its reliance on its domestic business and past quality problems. Hitachi also aims to lower its debt-to-equity ratio to 0.8 times or below, from 1.04 times at the end of last financial year. Hitachi shares were up 0.5% in late Monday trade in a steady broader market. Source: LatestNews-Home - Livemint.com | 31 May 2010 | 12:58 am Oil rises above $74 as US jobs report awaitedBenchmark crude for July delivery was up 26 cents at $74.23 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.Source: Daily News & Analysis: Money News | 31 May 2010 | 12:57 am Textile mills ride realty boom to sell land, raise cashMUMBAI (Reuters) - India's top textile firms are generating additional revenue streams by developing or selling precious real estate as land rates rise in a buoyant economy.Source: Reuters: Money News | 31 May 2010 | 12:51 am Pranab Mukherjee expects economic growth to surpass 8.5% in FY'11The economy, according to the data released by the Central Statistical Organisation (CSO) grew by 8.6% in the fourth quarter of the last fiscal.Source: Daily News & Analysis: Money News | 31 May 2010 | 12:35 am Coke price will remain firm Gujarat NRE Coke - Moneycontrol.com
Source: Business - Google News | 31 May 2010 | 12:31 am Panasonic aims to be Japan No. 1 in solar businessTokyo: Panasonic Corp. is banking on the solar-panel business that it gained by acquiring domestic rival Sanyo, aiming for top market share of at least 35% in Japan by 2012. New solar generation products, being offered in Japan starting next month, combine Sanyo Electric Co.’s solar technology with Panasonic’s sales networks in appliances and housing, said Panasonic executive vice president Toshihiro Sakamoto. Panasonic will be able to provide overall energy-saving systems for homes that will include rechargeable batteries, heating and air conditioning, security systems and net-linking gadgets besides solar panels, which will all be hooked up to each other, he said. Homes will be able to save on utility costs by selling surplus power from solar power generation systems, and using water heaters at night when utility rates are cheaper, he said. “You will be living with virtually zero carbon-dioxide emissions through creating, saving, storing and managing energy,” Sakamoto said in Tokyo. Panasonic took over Sanyo in December and gained its solar-panel business as well as other businesses such as home appliances and batteries. Although overlap in consumer electronics in the two companies is being eliminated, Panasonic has much to gain from Sanyo’s technological prowess in solar panels and lithium-ion batteries, which are expected to be in stronger demand as the popularity of green vehicles grows. The Osaka-based maker of Viera plasma panel TVs, has made being environmentally-friendly a major theme in its growth strategy, hoping to become “the No. 1 green innovation company in the electronics industry” by 2018. Source: Tech News - Livemint.com | 31 May 2010 | 12:28 am Panasonic aims to be Japan No. 1 in solar businessTokyo: Panasonic Corp. is banking on the solar-panel business that it gained by acquiring domestic rival Sanyo, aiming for top market share of at least 35% in Japan by 2012. New solar generation products, being offered in Japan starting next month, combine Sanyo Electric Co.’s solar technology with Panasonic’s sales networks in appliances and housing, said Panasonic executive vice president Toshihiro Sakamoto. Panasonic will be able to provide overall energy-saving systems for homes that will include rechargeable batteries, heating and air conditioning, security systems and net-linking gadgets besides solar panels, which will all be hooked up to each other, he said. Homes will be able to save on utility costs by selling surplus power from solar power generation systems, and using water heaters at night when utility rates are cheaper, he said. “You will be living with virtually zero carbon-dioxide emissions through creating, saving, storing and managing energy,” Sakamoto said in Tokyo. Panasonic took over Sanyo in December and gained its solar-panel business as well as other businesses such as home appliances and batteries. Although overlap in consumer electronics in the two companies is being eliminated, Panasonic has much to gain from Sanyo’s technological prowess in solar panels and lithium-ion batteries, which are expected to be in stronger demand as the popularity of green vehicles grows. The Osaka-based maker of Viera plasma panel TVs, has made being environmentally-friendly a major theme in its growth strategy, hoping to become “the No. 1 green innovation company in the electronics industry” by 2018. Source: LatestNews-Home - Livemint.com | 31 May 2010 | 12:28 am India grows 8.6% in fourth quarterThe Indian economy grew by 8.6 per cent during the quarter ended March 31 while the gross domestic product for entire 2009-10 rose at a rate of 7.4 per cent, according to official data released on Monday.Source: India Business News | Business News - Times of India | 31 May 2010 | 12:15 am Gold vulnerable to downside riskAlthough European debt crisis and several other risk factors facing the global economy are far from adequately addressed, commodity prices have begun to rebound after a period of steep decline following loss of confidence and panicSource: Business Line - Home Page | 31 May 2010 | 12:00 am Devas gets preferential allocation of ISRO's spectrumAt a time when telecom operators are aggressively bidding in crores of rupees for acquiring spectrum, a little-known company in Bangalore, Devas Multimedia Pvt Ltd, has got preferential allocation of air waves controlled by the Indian SpaceSource: Business Line - Home Page | 31 May 2010 | 12:00 am Henkel India: BuyInvestors with medium-term perspective can consider buying the stock of Henkel India (RsSource: Business Line - Home Page | 31 May 2010 | 12:00 am Many companies fail test on minimum public holdingAs many as 180 listed companies may have to tap investors for a cumulative sum of nearly Rs 2 lakh crore if the Ministry of Finance proposal to increase public holding in listed stocks to 25 per cent is to be implemented. This is higher than theSource: Business Line - Home Page | 31 May 2010 | 12:00 am Day Trading GuideInitiate fresh long position if the stock surges above Rs 876 with rigidSource: Business Line - Home Page | 31 May 2010 | 12:00 am Essar to buy Avaya's 59% in AGC Networks for Rs 206 crEssar Group has agreed to buy 59.13 per cent stake in AGC Networks, a Mumbai-based communications software provider for $44.5 million (Rs 206.19 crore) at Rs 245 a share, the company said onSource: Business Line - Home Page | 31 May 2010 | 12:00 am Select stocks may remain in focusDespite recovery last week, the Dalal Street key indices are not decisively out of the volatile zone. Heightened atmosphere of risk aversion has shown signs ofSource: Business Line - Home Page | 31 May 2010 | 12:00 am The Googleplex: A melting pot of creativity“What's next from Google? It's hard to say. We don't talk much about what lies ahead, because we believe one of our chief competitive advantages isSource: Business Line - Home Page | 31 May 2010 | 12:00 am 3G winners may go for overseas borrowingsIn a bid to suitably manage the break-even point, telecom companies, which were successful in bidding for spectrum to provide third generation (3G) mobile services, are expected to replace short-term rupee loans from banks with long-term,Source: Business Line - Home Page | 31 May 2010 | 12:00 am Prices, the rulers, and the ruledAt a press conference marking the first anniversary of the second term of the UPA Government, the Prime Minister, Dr Manmohan Singh termed inflation a matter of concern, but was also confident that it would climb down to around 5-6 per cent bySource: Business Line - Home Page | 31 May 2010 | 12:00 am Ahmedabad Stock Exchange turns 116, may hum with life againIt is India's second oldest stock exchange after Bombay Stock Exchange, though there has been no trading here for the past six years.Source: Daily News & Analysis: Money News | 30 May 2010 | 11:55 pm Asian shares mostly higher despite Spain downgradeBangkok: Asian stock markets were mostly higher Monday as investors shrugged off more sobering news about Europe’s shaky finances amid new signs Asia’s economies are continuing to recover. Oil, meanwhile, rose above $74 a barrel, and the dollar gained against the yen and weakened against the euro. On Friday, the Dow Jones industrials shed 1.2% to 10,136.63 after Fitch Ratings gave Spain the second downgrade of its credit rating in a month. The rating agency’s action gave investors another reminder of the long-term economic problems still facing debt-laden European countries. The news, however, did not come as a shock to investors in Asia, where expectations of a downgrade of Spain had been circulating for some time. Markets in Asia were mixed in early trade and then mostly headed higher. “Asians were prepared for the downgrade for Spain,” said Francis Lun, general manager of Fulbright Securities Ltd. in Hong Kong. “So Asian markets are quite stable today. Even Bangkok is up.” Jackson Wong, investment manager at Tanrich Securities in Hong Kong, also said he viewed Asia as stabilizing, despite some investor nervousness. “The momentum is still on the positive side,” Wong said. Japan’s Nikkei 225 stock average was up 45.13 points, or 0.5%, to 9,806.24 amid news that industrial production in the world’s No. 2 economy rose for a second straight month in April, propelled by robust growth in China and the rest of Asia. South Korea’s Kospi rose 0.8% to 1,635.66 and Taiwan’s benchmark added 0.7% to 7,349.65. Australia’s S&P/ASX 200 fell 0.3% to 4,447.9 and Hong Kong’s Hang Seng was little changed at 19,763.98. In Seoul, Ssangyong Motor Co. surged more than 14% after several companies, including India’s Mahindra & Mahindra Ltd., expressed interest in buying the troubled SUV maker. Still, concerns about a possible slowdown in global demand hit big commodity names. Japanese trading house Mitsubishi Corp. lost 0.6 percent and Australian miner BHP Billiton Ltd. fell 1.2%. Japanese exporters gained as the yen weakened. Canon Inc. rose 1.2%, and Nissan Motor Co. advanced 1.1%. The S&P 500 index fell 1.2% in New York on Friday, while the Nasdaq composite index dropped 0.9%. Charles Plosser, president of the Federal Reserve Bank of Philadelphia, said Monday that the outlook for the United States was still good and that he does not expect a double dip recession. “Our growth prospects remain positive,” he told reporters in Seoul, where he was participating in a conference sponsored by South Korea’s central bank. “But obviously, the financial turmoil in Europe raises some clouds on the horizon that we have to be cautious about.” US financial markets will be closed Monday for Memorial Day. In currencies, the dollar rose to 91.54 yen from ¥91.02 late Friday. The euro rose to $1.2318 from $1.2272, a bump upward that may stem from the overselling of euros last week. Crude oil for July delivery was up 55 cents at $74.52 in electronic trading on the New York Mercantile Exchange. Source: LatestNews-Home - Livemint.com | 30 May 2010 | 11:54 pm Economy grows as expected; Pranab ups FY11 hopesThe economy grew at its fastest pace in six months in the quarter through March 2010, fuelled mainly by government and consumer spending, which is expescted to allow policymakers to focus on anchoring inflation that is hovering near 10 per cent.Source: HindustanTimes.com - Top Business News Headlines | 30 May 2010 | 11:51 pm Oil above $74 in thin trade after 14% loss in MaySingapore: Oil prices rose above $74 a barrel in thin trade on Monday as worries about euro zone economic stability fuelled the worst monthly loss for the commodity since December 2008. US crude for July delivery rose 34 cents to $74.31 by 10:13am, after settling down 58 cents on Friday, when a downgrade of Spain’s credit ratings and disappointing US economic data fuelled investor caution about riskier assets like oil. Front-month crude fell $12.18, or 14.1 percent, in the month of May, the biggest monthly percentage loss since December, 2008, when prices fell 18.1%. London Brent crude rose 39 cents to $74.41 a barrel. Front-month Brent crude was down $13.42, or 15.4 percent for the month, the biggest monthly percentage decline since November, 2008. Trading was curtailed on Monday with markets in the US and UK closed on Monday for public holidays. Chinese Premier Wen Jiabao warned on Monday that global economic growth remained vulnerable to sovereign debt risks and the possibility of a second downturn, while saying China’s growth remains on track. Fitch Ratings downgraded Spain’s sovereign credit rating by one notch on Friday, saying the country’s economic recovery would be “more muted” than government forecasts due to austerity measures. “It’s not a shocking thing any more. People get a pretty good idea because in general the feeling is that even the $1-trillion rescue package is not going to solve the problem. It’s just confirming what they already know,” said Clarence Chu, a trader at Hudson Capital in Singapore. “We expect the market to be very quiet with very low volume, unless there is some breaking news,” Chu said.“The oil prices usually move in a tight range during long holidays.” The euro stabilised against the dollar on Monday but remained under downward pressure from the Spain credit downgrade. A Reuters survey on Friday showed that Organization of Petroleum Exporting Countries, or Opec oil supplies to the market rose in May to the highest in 17 months, suggesting a price slide has yet to spur closer adherence to agreed output targets. Nawal al-Fuzaia, Kuwait’s national representative to Opec said crude oil prices could fall to $60 a barrel due to global economic instability. In a sign of bearish sentiment for oil prices, money managers cut net crude oil long positions on the New York Mercantile Exchange by 12,558 positions in the week to 25 May, Commodity Futures Trading Commission data showed on Friday. Commodities in May had their steepest monthly decline in 18 months, with a key sector index down more than 8 percent as the European crisis roiled energy, metals and agricultural markets, the Reuters-Jefferies CRB index showed. Traders are keeping an eye on forecasts for the Atlantic hurricane season that have revived concerns of disruption to supplies in the Gulf of Mexico, where BP was trying to plug a gushing oil well. Agatha, the first named storm of the 2010 Pacific hurricane season, slammed into the Guatemalan coast near the border with Mexico on Saturday, killing at least 96 people in Central America. Investors are also looking ahead to demand figures as the US driving season, when motor fuel demand reaches its annual peak, started at the weekend and runs until Labor Day in early September. Source: Home - Livemint.com | 30 May 2010 | 11:27 pm Oil above $74 in thin trade after 14 pc loss in MayOil prices rose above $74 a barrel in thin trade on Monday as worries about euro zone economic stability fuelled the worst monthly loss for the commodity since December 2008.Source: HindustanTimes.com - Top Business News Headlines | 30 May 2010 | 11:20 pm A spring apart In a quartz watch, the energy from a battery is used to vibrate a quartz crystal. This vibration is measured and used to tell the time. In a more traditional mechanical watch, a series of springs, gears and an escapement mechanism is used to transfer the energy of wound springs into a vibration of the balance wheel, which is then measured to produce time intervals. Simply put, the hairspring, at the heart of a mechanical watch, functions like a quartz crystal. And it has remained at the heart of a timepiece since 1675, when Christian Huygens invented the hairspring. While several inventors have worked on refining this hairspring— even a Nobel Prize has been awarded for work in the field—the basic principle of the mechanical watch has remained the same for centuries. But this year at BaselWorld 2010, Tag Heuer introduced the new Pendulum concept that for the first time poses a serious challenge to the presence of a hairspring in a mechanical watch. Jack Heuer, scion of the Heuer family and honorary president of Tag Heuer, said in an interview with Mint that the Pendulum was the first time since Huygens that anyone had thought of an alternative for the hairspring. “It is still early days, and we are still testing the concept, but it is truly a revolution. And a great way to celebrate 150 years of Tag Heuer.” The Pendulum replaces the oscillating hairspring with an oscillating magnetic field. Using four magnets, and specially-shaped parts, the Pendulum uses a combination of attracting and repelling magnetic fields to simulate the functioning of a hairspring. This concept also helps avoid some of the weaknesses of hairspring-enabled systems, especially sensitivity to gravity, thermal variations and irregularities in spring structures. However, the Pendulum is still a concept in an early stage of development. Heuer explained: “While we have proven that this concept will work, we still have some challenges. The most important is a magnetic assembly that will be stable across a variety of temperatures.” At BaselWorld, Tag Heuer showcased the TAG Heuer Grand Carrera Pendulum Concept, a watch assembled with the new system. However, when collectors and connoisseurs are finally able to buy watches with Pendulums, the pieces will not be available in large numbers. “The idea is not to replace the hairspring in all watches. But to produce an engineering marvel, in limited numbers, for enthusiasts,” Heuer explained. Source: LatestNews-Home - Livemint.com | 30 May 2010 | 11:08 pm Sunrise storyFor approximately the first seven decades in the history of watchmaking exhibitions in Basel, the event was not even open to watchmakers from outside Europe. And two decades since the first “international” exhibition, Basel 86, the stars at the event continue to be watchmakers with centuries-old Swiss traditions. Watchmakers such as Breguet, Ulysse Nardin and Longines can trace their origins back to the early 1800s and beyond. And between them, these traditional watchmakers account for many inventions and innovations in mechanical watchmaking. Yet at BaselWorld 2010, two Japanese watchmakers not only found themselves among the legends in Hall 1.0, reserved for only the biggest names in the business, but they also announced several high-quality products.  Get set go: Seiko’s new Sportura with skeleton style dial. In addition to the new Quartz Astron, Seiko announced several new models in the Ananta, Sportura, Velatura and Premier lines. A key innovation for this year was a watch with an electrophoretic display that uses the same technology as popular e-book readers. Seiko’s key innovation here has been to make the screen consume just 1% of the power of comparable screens in use today. A prototype of the watch was presented in Basel. Across the hall, Citizen also shone with two conceptual timepieces that used the company’s signature Eco-Drive technology to stunning effect.  Illusion: Citizen’s Eco-Drive LOOP has a second hand that wraps around the face. Eco-Drive is Citizen’s popular technology that power watches based on any light source, anywhere. Over the years Citizen has been able to build the Eco-Drive system into almost every part of the watch face. At Basel this year, Citizen showcased the Eco-Drive LOOP and the Eco-Drive EYES. The LOOP ingeniously combines the Eco-Drive technology with inventive design to create a face that floats and a second hand that loops entirely around the face from the front to the back of the watch. The stylistic element of the EYES concept is the play of light and shadow through the watch. Visual texture is achieved through the use of a layered, pure white dial. And the Eco-Drive cell is built into the outer edge of the dial. In addition to these concepts, Citizen also announced that the Eco-Drive DOME concept unveiled last year would go into limited production of only 500 pieces. Both Japanese watchmakers impressed at BaselWorld 2010 with concept devices and line extensions. - Source: LatestNews-Home - Livemint.com | 30 May 2010 | 10:54 pm Markets open up on hopes of strong dataMumbai: Indian shares opened up on Monday as investors put euro-zone worries behind them and looked ahead to a stronger economic data. The Indian economy is expected to have grown 8.7% in the March quarter from a year earlier, its strongest since December 2007, a Reuters forecast showed. The data is expected around 11:00am. By 9:06am, the 30-share BSE index was trading up 0.16% at 16,890.22 points, with 16 components gaining. The 50-share NSE index was down 0.15% at 5,058.65. Source: Home - Livemint.com | 30 May 2010 | 10:43 pm Monsoon seen in Kerala in 24 hrs: met officeThe monsoon rains may hit Kerala within 24 hours, the Meteorological Department said in its latest forecast on Monday.Source: HindustanTimes.com - Top Business News Headlines | 30 May 2010 | 10:17 pm Oil edges up as dollar weakensOil prices edged higher in Asian trade today as the dollar weakened against the euro, spurring investor demand for crude futures, analysts said.Source: HindustanTimes.com - Top Business News Headlines | 30 May 2010 | 10:03 pm BSE Sensex opens up on hopes of strong dataThe BSE Sensex opened up today as investors put euro-zone worries behind them and looked ahead to a stronger economic data.Source: HindustanTimes.com - Top Business News Headlines | 30 May 2010 | 9:59 pm Nikkei edges lower, but shrugs off SpainJapan's Nikkei average slipped 0.2 per cent on Monday, as trading firms lost ground after commodities prices fell following a downgrade in Spain's credit rating that reinforced worries about euro zone debt issues. Source: HindustanTimes.com - Top Business News Headlines | 30 May 2010 | 9:45 pm Tirumala visit: Anil stays at Mukesh's guest houseIn a sign that recent truce reached between two Ambani brothers is working, ADAG chairman Anil Ambani rested in a guest house owned by elder brother Mukesh Ambani at Tirumala on Sunday.Source: India Business News | Business News - Times of India | 30 May 2010 | 2:07 pm StanChart IDR priced at Rs 104UK-based Standard Chartered fixed its issue price for Indian Depository Receipts at Rs 104 per unit. This is around 6.5% discount to the last closing price of the underlying share on London Stock Exchange.Source: India Business News | Business News - Times of India | 30 May 2010 | 2:05 pm Hot wheels hit supply woesDespite new launches in the last one year or so, buyers still have to wait for months to get delivery of cars and bikes. Unable to cope up with the demand surge, cos are looking to ramp up production.Source: India Business News | Business News - Times of India | 30 May 2010 | 1:47 pm Nacil strategy group to discuss labour unrestNew Delhi: Air India’s newly constituted strategy group will meet on Monday to discuss a turnaround strategy for the beleaguered national carrier and take stock of the labour unrest that hit its operations last week. But employees and aviation experts warn the sacking and suspension of technical staff in the wake of the unrest could undermine any future strategy the National Aviation Co. of India Ltd-run airline formulates. In March, the carrier had formed audit, finance, strategy and human resource panels headed by its new independent board members—including Anand Mahindra, vice-chairman and managing director of the Mahindra Group; former Indian Air Force chief Fali H. Major; Ambuja Realty Group chairman Harshavardhan Neotia; and Amit Mitra, secretary-general of the Federation of Indian Chambers of Commerce and Industry. Monday’s meeting is likely to be attended by senior civil aviation ministry and Air India officials. It will also discuss flight schedules for the next year, two airline officials said on condition of anonymity. In the past fortnight, the airline has seen a crash that killed 158 passengers and crew in Mangalore and a strike by engineers and ground staff. The strike was in response to Air India ordering its staff not to speak to the media after an engineer openly raised the issue of safety. Since then, the airline has terminated 58 staffers and suspended 24, including 15 engineers. It has also derecognized two powerful unions—the All India Aircraft Engineers Association (AIAEA) and the Air Corporation Employees Union (Aceu). Air India has 31,000 employees, with another 10,000 working on contract. It is saddled with debt and accumulated losses. A Rs1,200 crore equity infusion by the government for the ongoing fiscal depends on how it meets cost cutting targets. An Air India official said those who have been sacked could stir up trouble; their offices have been sealed and their airport passes revoked. Ending the spate of sackings “will be very much on our minds” in Monday’s meeting, said the official, who didn’t want to be named. Another airline official said a demoralized workforce was a cause for concern, particularly because the focus should have been on safety issues after the Mangalore crash. Aviation experts said while termination of ground staff was understandable, sacking technically qualified engineers en masse could cause long-term harm to the carrier. “Engineers are highly paid, highly skilled and often in short supply. It’s not like cabin crew where they can be trained in a matter of weeks to do a job. If Air India were to take such action, it would not go down well with remaining staff or indeed other workers. If engineers aren’t safe from the axe, just who is?” asked Saj Ahmad, a London-based aerospace analyst. “Airlines may outsource or even spin off engineering capability, but it’s not been a common trait to fire, en masse, engineers.” Former chairman P.C. Sen said Air India should have tried talking to its staff instead of sacking them summarily. “If you consider the events of the last few years, to my mind the...strike is the reaction of a workforce that is extremely demoralized and angry, and wishes to use any opportunity to strike back at the management. It needs to be recalled that whereas Indian Airlines’ unions were on strike at least once a year, every year prior to 1994, from 1994 to 1998, there were no strikes, and not even ‘Go Slows’,” said Sen. Indian Airlines and Air India have been merged. “Well-run organizations all over the world are placing very high premiums on HRD (human resource development) and interaction with employees. This is what has been missing in Air India,” Sen said. That may require giving employees a greater say in decision-making, said Shashank Nigam, a Singapore-based aviation analyst. “Employees should be involved in turning around the company. It’s their company after all, many of them have been working there for generations,” he said. “At the same time, employees must understand that they must take the bitter pill if the airline health is to improve. They can’t take the airline for granted and believe that it can never shut down.” tarun.s@livemint.com Source: Home - Livemint.com | 30 May 2010 | 1:45 pm Not auctioning 2G spectrum costs govt over Rs 1 lakh crVarious figures for the loss to the exchequer due to 2G spectrum not being auctioned have been tossed about, ranging from Rs 20,000 crore to Rs 50,000.Source: India Business News | Business News - Times of India | 30 May 2010 | 1:40 pm Essar to buy Avaya's stake in AGC NetworksDiversified conglomerate Essar group on Sunday announced acquisition of AGC Networks (formerly Avaya Globalconnect) from Avaya, a global leader in enterprise communications systems.Source: India Business News | Business News - Times of India | 30 May 2010 | 1:38 pm Kingfisher clears 40% dues to HPCLUnder pressure from state-run refiner-marketer HPCL, Kingfisher Airlines has repaid 40% of its overdue fuel bill and has agreed to give bank guarantee as insurance against default on future jet fuel supplies.Source: India Business News | Business News - Times of India | 30 May 2010 | 1:22 pm Cups and BridgesBaselWorld 2010 was an opportunity for one of the youngest “traditional” brands at the exhibition to celebrate two significant achievements. In a hall full of brands that can claim centuries of heritage, Corum is a relative newcomer. Established only in 1955, the brand is best known for two collections: the iconic Admiral’s Cup series of watches inspired by nautical themes, and the Golden Bridges with patented baguette movements inside transparent sapphire crystal casings. Speaking to Mint at Basel, Deepa Chatrath, regional managing director of Corum for South and South-east Asia, said that for both collections and the brand, 2010 is an important year. “Admiral’s Cup celebrates 50 years this year, and Golden Bridges 30. In addition, it is the 55th anniversary of Corum’s founding. It is an important year on many accounts,” she explained.  Icons: The Admiral’s Cup (left) and Golden Bridges are currently the most popular lines for Corum. Images courtesy Corum “This will year will produce between 16,000 and 20,000 pieces. I would think that the number would be closer to 16,000,” Chatrath said. Not only was output pruned, but the brand has now decided to focus on four collections: Admiral’s Cup, Golden Bridges, Romulus and Artisans. Chatrath elaborated: “These four collections represent the DNA of the brand. We’ve let go of everything else. Once again we are focusing on being a brand that stands for good craftsmanship, good materials and good value.” At Basel this year, Corum unveiled three new timepieces, two Bridges and an Admiral’s Cup. The Bridges, a signature Corum design, reduces the movement of a watch into a longitudinal baguette movement, rather than the traditional radial arrangement. This baguette movement is then placed horizontally or vertically with the hands above. What you have is a slim movement suspended in space. This year Corum added the complication of a tourbillon to the elegance of the baguette. With a silicium movement the tourbillon, available in both Golden and Ti-Bridge, is one of the world’s smallest. Also launched was a new Admiral’s Cup diver’s watch, the Deep Hull 48, that combines the classic 12-sided Admiral’s Cup design with a robust diver’s bezel. At 48mm in diameter, the watch is large, but the titanium body reduces weight. The watch is waterproof to 1,000m and has a special decompression valve to prevent helium accumulation while diving and surfacing. Chatrath said that Corum avoided launching models for the sake of launching them. “Each new piece has to be new in a significant way. We don’t just change colours or make such cosmetic changes and launch watches. The tourbillon and the diver’s watch are substantial changes.” India, which currently accounts for around 22% of regional sales for Corum, continues to be a market the brand is optimistic about. The challenge to growth, Chatrath clarified, was not so much the consumer as much as the supply chain. “The consumer is very evolved. This is not his watch. You grow into wearing a Corum after wearing other brands. What we are focusing on now is training and orienting media and retailers. They need to know what Corum means. Both in terms of our heritage and our recent redirection.” Corum’s latest move to support local retailers has been a stocking point in the country. “Our retailers suffered severe delays importing the timepieces. We’ve now opened a subsidiary that will do this for them. It is a sign of our commitment to India,” Chatrath explained. Source: LatestNews-Home - Livemint.com | 30 May 2010 | 1:19 pm 'Idle capacity in steel may not affect SAIL'Rise in the input costs coupled with huge idle capacity globally may put pressure on profitability of the steel companies in the coming days. But, this scenario is not likely to affect the performance of government-owned steel major SAIL.Source: India Business News | Business News - Times of India | 30 May 2010 | 1:14 pm The biggest worry for indian banks…The Indian banking industry seems to be in pretty good shape. At least that’s what the earnings of listed banks suggest. Barring six, all banks have posted a higher net profit in the fiscal year that ended in March. Collectively, the net profit of 39 listed banks has risen by around 17% to Rs51,020 crore. Operating profit grew by almost an identical margin. Only five banks have shown a drop in operating profit. The four banks that feature in both lists are Dhanalakshmi Bank Ltd, Development Credit Bank Ltd, Indian Overseas Bank and Bank of India. Overall, the Indian banking industry is not only profitable, but also adequately capitalized. In fact, some banks’ capital adequacy ratio—a measure of capital expressed as a percentage of risk-weighted assets—is much above what they are required to maintain. For instance, Federal Bank’s capital adequacy ratio is 17.27% and that of three others—Axis Bank Ltd, Development Credit Bank and Corporation Bank —is at least 15%. Also Read | Tamal Bandyopadhyay’s earlier columns Is there any worry for the Indian banks at this point of time? A central banker tells me the biggest worry is the quality of assets. Both the gross as well as net non-performing assets, or NPAs, of the Indian banking industry are on the rise and things could get out of hand if the banks are not smart enough to take prompt corrective action. How bad is the situation? The gross NPAs of this set of banks have risen by 25.5% to Rs76,000 crore—around 50% more than the collective net profit of these banks. Net NPAs—excluding the loans against which provisions have been made—have risen by around 26% to Rs35,400 crore. Technically, there are three types of bad assets—substandard, doubtful and loss assets. While the loss assets are to be provided for fully, the provisions for substandard and doubtful assets depend on the age of the assets. The Indian central bank wants all banks to provide for 70% of bad assets, irrespective of their age and classification, but most banks are resisting this move. The most critical point to note is that 34 of the 39 listed banks have shown an increase in their gross bad assets in absolute terms. In percentage terms, 24 banks have shown a rise. Similarly, the net NPAs of 30 banks have risen in the past year in absolute terms even though in percentage terms only 24 banks have shown a rise in net NPAs. This is no consolation. In a growing economy, when banks lend money to consumers, bad assets as a percentage of loans always decline. By setting aside more money, banks can also lower the percentage of net NPAs, but an ominous sign is the growth of bad assets in absolute terms. Bank of India’s gross NPAs have almost doubled from Rs2,470 crore to Rs4,883 crore and Indian Overseas Bank’s gross NPAs have grown some 88%, from Rs1,923 crore to Rs3,611 crore. After making hefty provisions, Bank of India’s net NPAs have grown some 251%, from Rs628 crore to Rs2,207 crore. The growth in Punjab National Bank’s net NPAs is even higher—272%—from Rs264 crore to Rs982 crore. Union Bank of India’s net NPAs have almost doubled to Rs965 crore and that of Bank of Maharashtra have grown 144% to Rs662 crore. Overall, State Bank of India has the biggest book of gross and net NPAs—Rs19,535 crore and Rs10,870 crore, respectively, but their growth in percentage term is not that high. Not too long ago, barring a few exceptions, all Indian banks had less than 1% of net NPAs and many of them even had zero net NPAs. They managed this feat by keeping a close eye on the quality of assets and aggressively making provisions. That’s no more that case. There is no zero-net NPA bank in India now. Eighteen of the 39 banks have at least 1% net NPAs, with Development Credit Bank topping the list (3.11%), followed by Indian Overseas Bank (2.52%). When it comes to gross NPAs as a percentage of loans, once again Development Credit Bank is the worst performer (8.69%). Other prominent names in this list are ICICI Bank Ltd (5.06%), Indian Overseas Bank (4.47%), Kotak Mahindra Bank Ltd (3.62%), United Bank of India (3.21%) and State Bank of India (3.05%). Things can get worse this year as many of the loans that were restructured in fiscal 2009 when economic growth slowed and an unprecedented credit crunch hit the financial system in the wake of the collapse of US investment bank Lehman Brothers Holdings Inc. are likely to turn bad. The Reserve Bank of India allowed Indian lenders to restructure those loans where borrowers were hit by the slowdown and could not service debt. That gave a temporary reprieve to the banks as they were not required to classify many such loans as bad assets, but now they are being forced to do so. State Bank of India had restructured around Rs16,800 crore worth of loans and around 10% of such loans have already turned bad. Other banks, too, are feeling the heat. Rising bad assets dent banks’ profitability as they need to set aside more money to cover them. Besides, they do not earn any interest income from the bad assets. By aggressively growing their loan books, banks can always distort the real picture of NPAs (as bad assets in percentage terms decline) but this does not help in the long run. At least some of the banks now need to focus more on bad loan recovery than on growing assets and the industry needs to be put on high alert. Tamal Bandyopadhyay keeps a close eye on all things banking from his perch as a deputy managing editor of Mint. Please email comments to bankerstrust@livemint.com Source: LatestNews-Home - Livemint.com | 30 May 2010 | 1:12 pm Kaiser, Caldwell acquire stake in BSEDespite Dubai Financial Group calling off its plans to sell stake in the Bombay Stock Exchange (BSE), Toronto-based investment broker Thomas Caldwell and philanthropist George Kaiser have managed to acquire shares in Asias oldest bourse.Source: Business Standard | Front Page Headlines | 30 May 2010 | 12:42 pm ArcelorMittal plans power venture in IndiaArcelorMittal, the worlds biggest steel producer, has planned a foray into power generation in India. This will be the L N Mittal-promoted groups second project in the energy sector; it has 49 per cent equity in HPCL-Mittal Energy Ltd that is implementing a petroleum refinery project in Bhatinda, Punjab.Source: Business Standard | Front Page Headlines | 30 May 2010 | 12:39 pm Ashok Balyan of ONGC is Petronet's CEOPetronet LNG, Indias biggest importer of natural gas in ships, has chosen ONGC director (HR) Ashok Kumar Balyan as its next CEO and managing director. Balyan will take over from Prosad Dasgupta who is moving to another assignment, reportedly at Mittal power.Source: India Business News | Business News - Times of India | 30 May 2010 | 12:23 pm Mukesh Ambani may buy MF firmMumbai: Mukesh Ambani, who controls India’s most valuable company Reliance Industries Ltd (RIL), is in talks to buy a majority stake in JM Financial Asset Management Pvt. Ltd, his first attempt to enter Anil Ambani’s territory since the estranged brothers scrapped a “non-compete” agreement between them a week ago. Negotiations are under way for a deal that values JM Financial Asset Management, the money manager controlled by investment banker Nimesh Kampani, at around 8% of its assets under management, which equals Rs685 crore, said two officials close to the development who didn’t want to be named. If the acquisition goes through at that valuation, it would be one of the biggest in India’s mutual fund industry. JM Financial manages assets worth Rs8,569 crore in a total of 27 investment plans.  Anil Ambani controls Reliance Capital Asset Management Ltd, the country’s largest money manager. The acquisition of JM Financial will give Mukesh Ambani, 53, a direct licence to enter the mutual fund industry, which has Rs7.7 trillion worth of assets under management. “As a policy, we do not comment on speculation,” a spokesperson at Reliance Industries said in response to a query from Mint. Nimesh Kampani’s son Vishal Kampani also termed it “speculation”. “JM Financial mutual fund forms an important part in the JM Financial group portfolio and we remain focused and committed towards growing this business,” he said over the phone. Vishal Kampani, who was holding the position of a director in the asset management firm, resigned from his position on 12 March. On 14 March, the fund house informed investors of his resignation. Bhanu Katoch, chief executive officer of JM Financial Asset Management, also called news of the attempted acquisition speculative in reply to an email from Mint. JM Financial mutual fund, a part of the Nimesh Kampani-controlled JM Financial group, is one of the country’s first asset managers. It started operations in December 1994 with the launch of three funds—JM Liquid Fund (now JM Income Fund), JM Equity Fund and JM Balanced Fund. The non-compete agreement between the Mukesh Ambani company and Reliance Anil Dhirubhai Ambani Group (R-Adag) had restrained the elder brother from venturing into the potentially lucrative financial services space. Reliance Capital, a part of R-Adag, is engaged in asset management, life and general insurance, consumer finance and other capital market-related businesses. Reliance Capital Asset Management is the largest mutual fund in the country with assets worth Rs1.11 trillion. The talks with Mukesh Ambani follow three years after Nimesh Kampani sold his 49% stake in the joint venture investment banking company JM Morgan Stanley Securities Pvt. Ltd to Morgan Stanley for $445 million (Rs2,069.25 crore as of today). “If a partner does not want to be with you, one has to move on,” Nimesh Kampani said then. JM Financial Asset Management is a loss-making entity in the otherwise profitable JM Financial group. Last year, the money manager made a loss of Rs5 crore. Under its star fund manager Sandip Sabharwal, JM Financial Asset Management made most of its investments when the stock market was nearing its peak. Sabharwal, who was known for his aggressive style of investment, has since left the fund. JM Financial has been on the lookout for a buyer for a couple of months now, said one of the two officials mentioned above. JM Financial would help its new owner get a decent headstart in the mutual fund business, given that it has a near-full suite of products besides a licence, althoughit hasn’t invested much inexpanding outside the top eight cities, the person said. People familiar with the situation said JM Financial had earlier talked with the Indiabulls group, which has an asset management licence but has not commenced business for over a year. But Gagan Banga, chief executive officer of India-bulls, denied they had been in talks. “We are assessing the regulatory changes and its impact on the industry. We would wait for things to settle down before taking a call on this,” he said. Valuations typically depend on the portfolio of products held by the asset manager. The higher the equity assets, higher would be the valuation, because companies earn more commission income from the sales and management of equity funds compared with debt funds. Traditionally, such deals have been struck at 3-4% of the assets under management. In January, US-based asset management firm T. Rowe Price Global Investment Services Ltd bought a 26% stake in UTI Asset Management Co. Pvt. Ltd for $140 million, around 3.25% of its average assets under management. Valuation of asset managers plunged after the market decline of 2008. In July 2009, Nomura Asset Management Co. Ltd bought a 35% stake in LIC Mutual Fund Asset Management Co. Ltd at 2.4% of its total assets. In September, the financial services unit of engineering firm Larsen and Toubro Ltd announced plans to buy DBS Cholamandalam Asset Management Ltd for Rs45 crore, valuing the firm at about 1.6% of assets under management. Following the market plunge in 2008, the assets under management of JM Financial had dipped to Rs3,758 crore in March 2009, of which Rs1,480 crore was in equity, before increasing last year when the market recovered. anirudhl.l@livemint.com Satish John contributed to this story. Source: Home - Livemint.com | 30 May 2010 | 12:05 pm Telcos to recoup 3G bid money in 5-6 years: Analysys MasonNew Delhi: The winners of the recently concluded auction for spectrum to provide so-called third generation, or 3G, mobile phone services may be able to recoup the investment within the next five-six years, according to calculations done by consulting firm Analysys Mason. The spectrum that the telcos won in the auction is valid for 20 years. The calculations take into account the existing user base at the existing average revenue per user (Arpu) levels and do not account for subscribers who would be added in the future. India has been adding 15-20 million subscribers every month, making it the world’s fastest growing wireless market. The winning firms have to pay the money that they have bid for the spectrum on Monday, making the government richer by Rs67,710 crore. Bharti Airtel Ltd, India’s biggest telecom company, won 3G spectrum in 13 telecom circles, or operating areas, bidding Rs12,300 crore, the most any company will have to pay. The circles account for 68% of its total mobile revenue and 65% of its subscriber base. Reliance Communications Ltd (RCom) won spectrum in 13 circles, bidding around Rs8,600 crore. The circles where RCom has won account for 55% of its total mobile revenue and 49% of its total subscriber base. Idea Cellular Ltd has won spectrum in 11 circles, bidding around Rs5,770 crore. The circles where Idea has won account for 80% of its total mobile revenue and 45% of its total subscriber base “The carriers will require between 61-118 months to break even in Delhi and Mumbai, based on their subscriber market share and, hence, high-end subscribers,” said Kunal Bajaj, director at Analysys Mason. “The break-even in categories A, B and C circles would be between 23-68, 12-52 and 11-55 months, respectively, with revenue enhancement of only 20%, 10% and 5% for category A, B and C, respectively.”  Demand anticipation: Cellphone users in New Delhi. Telecom firms have bid a total of Rs67,710 crore for 3G spectrum in the auction. Hemant Mishra/Mint For the telcos, 3G is important due to its potential to help them retain and attract high-end subscribers who make up around 8-15% of the total subscriber base. High-end subscribers constitute around 25-30% of revenue and 45-50% of the profit margins, making them very valuable to a telecom firm, especially at a time when a tariff war is squeezing margins. Analysys Mason estimates that 15% of total subscribers in Delhi or Mumbai give the operators Arpu of at least Rs1,000. This figure for category A, B and C circles is approximately 10%, 8% and 5%, respectively (Arpu higher than Rs700, Rs600 and Rs500, respectively). It is expected that carriers will be able to generate an additional 50% Arpu from these targeted high-end subscribers through modem-based high-speed wireless data services and adoption of multimedia-based value-added services, or VAS. The calculations assumes a conservative migration of user base to 3G of fewer than 30 million subscribers across India. “The return on investment in the telecom industry is typically much longer,” Bajaj said. “They will pay the cost of the C category circle within the first year, while for B circles it may take around two-three years. For metros, it would take four-five years, while for category A circles, they will be able to pay off the money within three-four years,” Bajaj said. A company executive from one of the larger telcos that won spectrum, however, disagrees with the calculations saying that it would take up to 10 years to recoup the investment. The executive didn’t want to be named. “The calculations are a bit bullish, but they can be done easily,” a Mumbai-based analyst working with a multinational brokerage firm said. “How the money from 3G services comes in has to be seen at the ground level as well as the conversion of the existing subscriber base, which could take up to 18 months in metros.” “The one difference between roll-out of 2G (second-generation telephony) and 3G will be that for the latter, it will be simultaneous in metros and lower category C circles. In 2G, the roll-out first took place in metros and then, much later, reached the C-circles. VAS revenues in the non-metros is much higher than in the metros,” the analyst added. shauvik.g@livemint.com Source: Home - Livemint.com | 30 May 2010 | 11:43 am M&M dealers double as farm advisersNew Delhi: Automotive firm Mahindra and Mahindra Ltd (M&M) is turning its dealerships across the country into farming advice centres in a bid to build its brand in the farming community and boost tractor sales. “Our dealer mandate has been extended beyond just selling and servicing tractors,” said Sanjeev Goyle, senior vice-president of marketing at M&M, which became the first firm to sell more than 100,000 tractors in a year last fiscal. Known as Mahindra Samriddhi Centres, the dealers have set up small farms to demonstrate the best farming techniques. The centres also conduct tests on soil samples for a fee of Rs50 and advise the cultivators on what nutrients to add to their soil. Eighty centres have come up already, and the company plans to raise their number to 250 by the end of next year. It has also set up a website in several regional languages to provide information on diverse topics such as use of fertilizers, location of cold storages and mechanization centres. “Mahindra is the first tractor company to start these rural brand-building initiatives,” said Priya Monga, business head, RC&M Pvt. Ltd, an experiential marketing company that has worked on several rural marketing campaigns. “It’s highly possible that its competitors would follow suit.” Goyle said, “We are leaders but we also need to be thought leaders in the industry.” India’s tractor industry grew 40% last year to 400,000 units. M&M, India’s largest tractor firm along with Punjab Tractors Ltd, which it acquired in 2007, has a 42% market share. It sold 160,000 units last fiscal. Punjab Tractors, which still sells under the Swaraj brand, makes up 12% of sales. M&M is silent about sales targets this fiscal. In the past, other automotive manufacturers selling in rural India have also undertaken brand-building exercises. Maruti Suzuki India Ltd and Hero Honda Motors Ltd have dedicated rural marketing teams that also work on brand-building. Sugar maker DCM Shriram Consolidated Ltd has set up supermarkets that help extend its brand in rural India. A good monsoon this year, which Goyle describes as “a catalyst” for purchases, will help M&M increase its sales. Increased infrastructure spending and higher procurement prices for farmers could also boost sales. Tractors are also rented out to contractors to be used for haulage and transport activities. With 80-85% of tractors being sold on credit, easier credit availability will also add to sales. samar.s@livemint.com Source: Home - Livemint.com | 30 May 2010 | 11:23 am Mobiles, Wi-Fi, Bluetooth: preserving culture, heritage What caught my attention was the use of a simple technology to enhance visitor experience. A counter just inside the Alhambra entrance provides audio guides that look like mobile handsets and cost €6. But observant visitors would see a blue board that reads: Bluetooth Kiosk Alhambra Audio Guide. All I had to do was to switch on the Bluetooth option in my mobile, and I had the entire audio guide in my handset, narrating the fascinating story of Alhambra in an interactive manner. Not only did I manage to save €6, but I was also able to carry back my beautiful memory of Alhambra with me. I wondered how a country like India, with its enormous cultural wealth, could benefit from such innovations. India can turn its cultural heritage into a source of economic strength by using mobile and related applications, as at Alhambra. Technology can enable monuments to improve as revenue earners and this can double the efforts of preservation. There are around 1,200 monuments and heritage buildings in Delhi, down from 1,317 in 1914. The Delhi Archaeological Department, along with the Indian National Trust For Art and Cultural Heritage (INTACH), has identified 250 lesser-known monuments and collected complete information on them—including statistical data, historical facts, maps and photographs. Also Read | E-book reader for Indian languages And 18 of them are being thoroughly documented before the Commonwealth Games begin in October. The Alhambra excitement enthused me to hold a brief talk with the Delhi government’s arts and culture secretary and propose to install Bluetooth kiosks at each of the 250 lesser-known monuments as well as in the 400 villages that Delhi has. My argument: Even uninterested visitors could download informative files about the monuments; this would spread the history, photographs and even anecdotes related to the monuments worldwide and create more awareness about local culture and heritage, that too in digital format. Even as the Delhi government explores the idea, we have planned to create a mobile-enabled wireless mesh in Chanderi, Madhya Pradesh. It will cover 3,000 weaving families in a radius of 5-7km. The ruins of more than 300 monuments are located here. With the help of Internet Society (ISOC), the idea is to create a seamless network of knowledge in Chanderi with hotspots and Bluetooth-enabled points. We have already digitized the information for about 300 monuments and are now recording voiceovers on all of them—including anecdotes narrated in an interactive manner. When tourists visit the sites, they would feel being a part of it and go away with memories to spread around the world. There are two reasons why I am highlighting culture and heritage in this column. One, preservation of art, culture and heritage is one of the prime responsibility of those in the relevant institutions. Two, there is very little visible effort to including new technological tools and platforms like mobile phone applications to preserve, sustain and promote cultural heritage. Indeed, the first move towards this is extremely limited and reflects how far behind we are in using simple mobile and wireless technologies. This will not only spread awareness about the culture and heritage of the country, but also help preserve this culture with the active participation of citizens. India thrives on “innovation by necessity”. An example: I was in Nalgonda in Andhra Pradesh a couple of years ago, participating in a self-help group training programme. I observed that most of the 30-odd women with mobile phones were receiving calls that they wouldn’t attend but leave the phone to ring on low volume. I asked them why, and their reply stunned me. One of them said, “We don’t have to attend the calls; we get (the) message through the number of rings and missed calls... For example, if I receive three missed calls, it means my husband is home; two missed call means (the) kids have arrived home, and so on.” Can you beat that? Osama Manzar is founder and director of Digital Empowerment Foundation and chairman of the mBillionth awards. Mint is a partner of the mBillionth awards. For more details on nominees, nominee profiles and the mBillionth awards, log on to http://blog.livemint.com/mobile-movement Source: Tech News - Livemint.com | 30 May 2010 | 10:21 am E-book reader for Indian languagesNew Delhi: Technology firm Infibeam.com has come out with a home-grown e-book reader called Pi that can read e-books in Hindi, Sanskrit and several other Indian languages. Pi is available at an initial cost of Rs9,999. Users can carry their own library of up to 100 e-books on the device, and increase the number to 3,000 by adding a 4 GB memory card for Rs300-400. Pi allows readers to change the font size, bookmark pages and even search the text. Its eight-level grey scale, with no backlit display, provides a clear reading experience. The device also has an e-book store, a website for customers to purchase digital content, and inDigi, a digital platform for publishers and content providers or digitzation and distribution of content. It can also work on the computer as a programme. Most e-books are international editions priced at Rs500-1,000. “As no domestic digitization of the content is done in our country and (e-books) are provided by the international dealers, the prices of these books remain (the) same as their store prices,” said Sachin Oswal, senior vice-president, Infibeam.com.  Pi also supports a music library and comes with a headphone. Oswal said the firm has sold at least 1,000 units. The technology, he said, has the potential to revolutionize education in India by doing away with textbooks. “Its...battery, that can work for a week, enables about four-five students to share a single Pi. This is particularly effective in rural areas where there is a shortage of resources and electricity,” Oswal said. Mount Carmel in Delhi and a government-run school in Gujarat are already testing it out to see if Pi can replace textbooks. Infibeam is also in talks with the National Council of Educational Research and Training to make textbooks available in digital format. Source: Tech News - Livemint.com | 30 May 2010 | 10:14 am Biocon Foundation: Mending social, eco state of the nationWhile it does seem to sound pretentious, to put it simply Kiran MazumdarShaw, CMD, Biocon believes she has a social responsibility, a responsibility to make a difference to human life.Source: Moneycontrol Top Headlines | 30 May 2010 | 7:30 am Essar Group to buy 59% stake in Avaya for Rs 206crThe Essar Group has agreed to buy 59% stake in global business communications leader AGC Networks for Rs 206.19 crore, as it strives to boost outsourcing services.Source: Moneycontrol Top Headlines | 30 May 2010 | 7:15 am
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