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Don\'t want iron ore ban but export deterrent: Steel SecyOn Tuesday, Reuters reported that the Steel Secretary wants India to impose a ban on iron ore exports to preserve the nonrenewable resource for the local industry. \"It will be good to completely ban iron ore exports as these are nonrenewable resources,\" he said.Source: Moneycontrol Top Headlines | 14 Jul 2010 | 6:20 am SBI unlikely to lend to Fortis for Parkway buy: SourcesState Bank of India is unlikely to lend to Fortis for its Parkway acquisition, reports CNBCTV18, quoting sources.Source: Moneycontrol Top Headlines | 14 Jul 2010 | 5:57 am Tata Steel denies $2bn fund raising reportTata Steel, the world\'s No. 8 steelmaker, on Wednesday denied a media report the company was planning to raise about USD 2 billion through fresh equity over the next quarter to help fund expansion. \"Nothing at this point,\" a Tata Steel spokesman told Reuters when asked about fund raising plans.Source: Moneycontrol Top Headlines | 14 Jul 2010 | 5:53 am Piramal Health sells diagnostic biz to Super Religare LabsPiramal Health has announced the sale of its diagnostics business to Shivinder Singhpromoted, Super Religare Laboratories. The deal is valued at Rs 600 crore. CNBCTV18 had reported on the impeding deal on July 12.Source: Moneycontrol Top Headlines | 14 Jul 2010 | 5:46 am Piramal Healthcare to focus on CRAMS business: IIFLBino Pathiparampil, VicePresident, IIFL said Piramal Healthcare, which has a consolidated debt of Rs 1,300 crore, would now focus on the Contract Research and Manufacturing Services (CRAMS) business.Source: Moneycontrol Top Headlines | 14 Jul 2010 | 5:40 am Aptech may file DRHP for China JV in 12 months: SourcesAptech may file Draft Red Herring Prospectus (DRHP) for its Chinese JV, BJB Career, in 12 months, reports CNBCTV18 quoting sources.Source: Moneycontrol Top Headlines | 14 Jul 2010 | 5:30 am Piramal sells diagnostic unit to SRL for Rs 600 crorePiramal Healthcare Ltd has agreed to sell its diagnostic services unit to Super Religare Laboratories Ltd (SRL) for Rs 600 crore, making the latter country\'s biggest diagnostic services firm.Source: Moneycontrol Top Headlines | 14 Jul 2010 | 4:51 am Tata Steel planning to raise $2bn in equityTata Steel, the world\'s No. 8 steelmaker, plans to raise about USD 2 billion through fresh equity over the next quarter to help fund expansion in India and abroad, the Financial Chronicle said on Wednesday.Source: Moneycontrol Top Headlines | 14 Jul 2010 | 4:48 am Tata Steel planning to raise $2 billion in equity: ReportThe steelmaker had sounded out investment banks to finalise a lead arranger for the offering, the newspaper said, citing bankers familiar with the development.Source: Daily News & Analysis: Money News | 14 Jul 2010 | 3:58 am Coal India shares to be divested by Sept-OctUnion minister of state for Coal, Sriprakash Jaiswal said that one per cent of the shares would be earmarked for CIL employeess.Source: Daily News & Analysis: Money News | 14 Jul 2010 | 3:57 am Exide Ind sets highest capex for FY11 to meet demand - Moneycontrol.com
Source: Business - Google News | 14 Jul 2010 | 3:51 am Clampdown rumoured as China "twitter" sites downAlthough Twitter has been banned for more than a year in China, Chinese Internet companies have been quick to fill the void, providing microblogging services that allow users to post frequent updates and follow other posters.Source: Daily News & Analysis: Money News | 14 Jul 2010 | 3:48 am Arrow approves takeover by Shell-PetroChinaShareholders voted to demerge Arrow's international assets into Dart Energy, a newly listed entity, and to sell the bulk of the company, including the coveted coal-seam gas assets to a consortium of Shell and PetroChina in an agreed deal.Source: Daily News & Analysis: Money News | 14 Jul 2010 | 3:43 am Tata Steel denies $2 billion fund raising reportTata Steel, the world's No. 8 steelmaker, on Wednesday denied a media report the company was planning to raise about $2 billion through fresh equity over the next quarter to help fund expansion.Source: Daily News & Analysis: Money News | 14 Jul 2010 | 3:43 am Piramal sells diagnostic unit to SRL for Rs6 billionPiramal will transfer 107 of its laboratories to the Malvinder Singh-promoted Super Religare Laboratories Ltd.Source: Daily News & Analysis: Money News | 14 Jul 2010 | 3:41 am L&T gets $81 million contract from ONGCConstruction conglomerate Larsen & Toubro said on Wednesday it had won a contract worth Rs3.76 billion ($81 million) to refurbish an offshore rig for state-run explorer Oil and Natural Gas Corp.Source: Daily News & Analysis: Money News | 14 Jul 2010 | 3:39 am World stocks at 3-wk peak as Intel fuels risk rallyLONDON (Reuters) - World stocks hit a three-week high on Wednesday while government bonds fell broadly after Intel's forecast-beating quarterly results raised expectations of strong corporate earnings in the second quarter.Source: Reuters: Money News | 14 Jul 2010 | 3:23 am Oil eases below $77 as supplies weighLondon: Oil eased to below $77 a barrel on Wednesday, falling from a two-week high, as a report showing a surprise increase in US crude inventories countered support from firmer equities. US crude stockpiles rose by 1.7 million barrels, industry group the American Petroleum Institute reported on Tuesday. Analysts had expected stocks to fall by 1.4 million barrels. US crude fell 42 cents to $76.73 a barrel at 0930 GMT. It reached a two-week intraday high of $77.37 on Tuesday. Brent crude was down 27 cents to $76.38. “From a fundamental point of view, another leg down is more likely than a strong price increase,” said Eugen Weinberg, analyst at Commerzbank in Frankfurt. Equities offered some support. World stocks hit a three-week high after Intel’s forecast-beating quarterly results raised expectations of strong earnings in the second quarter. “The oil market is going to be taken for a ride to a large degree by what happens in equity markets,” said Toby Hassall, an analyst at CWA Global Markets in Sydney. Investors often see strength in equity markets as a sign of wider economic health and an indication that future demand for oil and energy will rise. Oil in New York was just below its 200-day moving average at $77.39, a level analysts who study past price moves to predict direction said needed to be breached for prices to rally further. “The line to conquer for the bulls today will be the resistance of the 200-day moving average,” said Olivier Jakob of Petromatrix. “We continue to believe that sustainability above $80 will be difficult until (there is) a true visible change in the fundamental data.” Traders will be looking to the weekly supply report from the US government’s Energy Information Administration due at 1430 GMT to see if the inventory build reported by the API is confirmed. Source: Home - Livemint.com | 14 Jul 2010 | 3:23 am FM sees year-end inflation at 5-6% - Moneycontrol.com
Source: Business - Google News | 14 Jul 2010 | 3:17 am Strike at Nokia's Chennai plant hits production - paperNEW DELHI (Reuters) - Production at Nokia's factory in Chennai has been hit after workers began a strike demanding higher pay, the Business Standard reported on Wednesday.Source: Reuters: Money News | 14 Jul 2010 | 3:15 am ANALYSIS - Sanctions tighten pressure on Iran's oil industryDUBAI (Reuters) - A new round of U.S. and European sanctions targets Iran's dilapidated oil sector from top to bottom, making it even more difficult to maintain output capacity and domestic supplies of fuel.Source: Reuters: Money News | 14 Jul 2010 | 3:13 am Pakistan ISI behind Mumbai attacks: G.K. PillaiNew Delhi: Pakistan’s intelligence agency controlled and coordinated the 2008 Mumbai attacks, a top security official said, in what is the most direct accusation yet of Pakistan by India in the strikes that killed 166 people. Home Secretary G.K. Pillai’s comments to an Indian newspaper published on Wednesday come a day before the foreign ministers of the nuclear-armed rivals meet in Islamabad to repair relations worsened by the attacks. The two sides are trying to revive a peace dialogue crucial not only for improving their ties but also the security outlook in Afghanistan where the two countries vie for influence. India last year linked Pakistan’s Inter Services Intelligence (ISI) with the attacks, saying the perpetrators were “clients and creations” of the agency. But Pillai’s remarks are more direct and could find resonance in the foreign ministers’ meeting. “It was not just a peripheral role,” the Indian Express newspaper quoted Pillai as saying. “They (ISI) were literally controlling and coordinating it from the beginning till the end.” Pillai was not immediately available for comment. India has blamed Pakistan-based Lashkar-e-Taiba (LeT) militants for the Mumbai attacks. It broke off a 4-year-old peace process with Pakistan, saying reviving the dialogue would depend on action against LeT and its chief Hafiz Muhammad Saeed. Pillai said the evidence against the ISI emerged from the interrogation by Indian officials of a Chicago man, David Headley, who pleaded guilty to working with LeT to plan the attacks. “The sense that has come out from Headley’s interrogation is that the ISI has had a much more significant role to play (in the attacks),” said Pillai, the top-ranking official in charge of domestic security. “The same goes for Hafiz Saeed. He was not a peripheral player. He knew everything.” India has handed over to Pakistan several dossiers of evidence, including against Saeed, but Islamabad says there are no grounds to try the LeT chief. Pillai said he was hopeful that Pakistan would share information on steps it has taken against the Mumbai planners. “We have given them a whole series of data and information that we have. We have given them the names, we have given them the descriptions, we have given them what their height is or their complexion is,” he said. “Now it is up to them.” Source: Home - Livemint.com | 14 Jul 2010 | 3:06 am Sensex flat on European cues, holds on to 18K - NDTV.com
Source: Business - Google News | 14 Jul 2010 | 3:03 am Exide Ind sets highest capex for FY11 to meet demandKOLKATA (Reuters) - Exide Industries Ltd has lined up 4 billion rupees as capital expenditure in FY11, much higher than what it had spent in previous years to meet demand from a booming auto industry, a top official said.Source: Reuters: Money News | 14 Jul 2010 | 2:54 am Reliance eyes third shale gas deal in US: papersMumbai: Energy major Reliance Industries is close to acquiring a stake in a shale gas asset in North America, which will be its third such buy this year, local newspapers reported on Wednesday. The acquisition of a 50% stake in the asset would be the biggest shale gas deal so far for Reliance, India’s largest listed company, the Hindustan Times said, citing industry sources. Officials at Reliance Industries could not immediately be reached for a comment. The Business Standard said that Reliance’s third shale gas deal would be in line with the company’s last deal to buy a 45% stake in US firm Pioneer’s Eagle Ford shale acreage in south Texas In April, Reliance agreed to pay $1.7 billion to Atlas Energy to form a joint venture and own a 40% stake in Atlas’ Marcellus Shale operations in the eastern United States. Source: LatestNews-Home - Livemint.com | 14 Jul 2010 | 2:49 am Reliance eyes third shale gas deal in US: papersMumbai: Energy major Reliance Industries is close to acquiring a stake in a shale gas asset in North America, which will be its third such buy this year, local newspapers reported on Wednesday. The acquisition of a 50% stake in the asset would be the biggest shale gas deal so far for Reliance, India’s largest listed company, the Hindustan Times said, citing industry sources. Officials at Reliance Industries could not immediately be reached for a comment. The Business Standard said that Reliance’s third shale gas deal would be in line with the company’s last deal to buy a 45% stake in US firm Pioneer’s Eagle Ford shale acreage in south Texas In April, Reliance agreed to pay $1.7 billion to Atlas Energy to form a joint venture and own a 40% stake in Atlas’ Marcellus Shale operations in the eastern United States. Source: Home - Livemint.com | 14 Jul 2010 | 2:49 am European shares rise on bright technology resultsLondon: European shares rose early on Wednesday, up for a seventh session, with investor sentiment boosted by forecast-beating results from US chipmaker Intel which helped technology stocks deliver strong gains. By 0813 GMT the FTSEurofirst 300 was up 0.3% at 1,048.42. It had closed 1.9% higher on Tuesday at a three-week high. Intel, the world’s top micro-chip maker, reported second-quarter earnings that beat analysts’ expectations, allaying fears that companies may be slowing down their spending on technology. Europe’s technology sector advanced 1.8%, with STMicroelectronics, Infineon and ARM Holdings gaining 2.8 to 3.2%. ASML Holdings was the star performer, adding 5.3% after it raised its 2010 sales outlook as robust demand for its chip-making machines drove better-than-expected second-quarter results. “Corporate figures are better than expected, and that’s adding to strength and for now the corporate market has got its tail up,” said Justin Urquhart-Stewart, investment director at Seven Investment Management. Miners firmer The brighter corporate outlook helped boost expectations for demand for metals, which in turn helped lift mining stocks. Rio Tinto, Anglo American and Xstrata added 1 to 1.3%. The Euro STOXX 50, which comprises European blue chips, has gained 5.4% over the last two weeks. BP was a drag on the index, down 0.7%. The troubled oil major said it delayed a critical test to determine if it can close a cap on top of its ruptured well in the Gulf of Mexico. The stock is still up 27% this month, though it is down 38% since the leak started in April. Urquart-Stewart at Seven Investment Management saw gains from equities as vulnerable to a fragile economy. “The concern is later in the year that the outlook will be pretty opaque and forward growth indicators could show there will be a slowdown in growth.” Source: LatestNews-Home - Livemint.com | 14 Jul 2010 | 2:34 am Asia tech shares rally on Intel earningsHong Kong: Shares of Asian chip and PC makers jumped on Wednesday on strong results from global technology bellwether Intel Corp, pointing to potential upside for the sectors in quarterly reports due in coming weeks. Samsung Electronics Co, the world’s top maker of DRAM memory chips, rose 3.5% to a three-week high, while leading contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC) closed up 1.3%. Acer Inc, the world’s No.2 PC brand, closed 6% higher at a two-month high. “Intel has given investors that boost of confidence they need,” said Angela Hsiang, an analyst at KGI Securities in Taipei. “While there are still broad fears about the wider economy, investors were looking for an excuse to buy and Intel provided that.” On Tuesday, after theUS market closed, Intel, the world’s largest chipmaker and a dominant supplier of PC chips, posted margin and revenue forecasts that blew past Wall Street expectations, helping lift its shares 7.1% in extended trade. Dutch chip equipment maker ASML added to the optimism on Wednesday when it raised its full year sales outlook as it sees robust demand for its machines that produce chips for PCs and smartphones. Intel’s outlook helped raise expectations that technology spending could remain strong even as broader fears about the Euro zone, a joblessUS recovery and a cooling of Chinese growth weigh on the sector. “People are beginning to think the second half may not be as bad as they’d feared and this is boosting Toshiba Corp and the technology sector as a whole,” said Takeo Miyamoto, an analyst at Deutsche Bank in Tokyo. Asia’s top technology companies such as TSMC and Samsung Electronics are likely to see revenue grow by about 35% in the second quarter from a year earlier, according to Thomson Reuters data, coming off a weak 2009 that was hard hit by the global financial crisis. Trading volume was strong on most counters. Some 31.9 million Acer shares changed hands in Taipei trade, its highest level in about six weeks. some 663,692 Samsung Electronic shares were traded in Seoul, the highest since early May. Other technology plays also posted strong gains. Within the DRAM sector, Japan’s Elpida Memory Inc rose 3.6%, while South Korea’s Hynix Semiconductor Inc rose 3.4%. Contract chipmakers United Microelectronics Corp (UMC) rose 3.1%. Other PC issues, including Lenovo Group and Asustek Computer Inc also rallied to firmer closes. “The key now is to look at Microsoft Corp and International Business Machines Corp’s (IBM) earnings in the next two weeks,” Hsiang said. “If those come out strong, we’re probably in line for a strong rally.” The second half of the calendar year is usually the stronger season for most technology brands as students prepare to return to school after the summer holidays and ahead of the peak year-end shopping season. Despite the buoyant mood, some analysts warned that the party could be short-lived if oversupply and a faltering economy lead to a weaker pricing environment that could weigh heavily on the company margins and revenue. “I remain more cautious about the third-quarter outlook as chip prices are seen weakening in the second half,” said Han Seung-hoon, an analyst at Korea Investment & Securities. Source: Home - Livemint.com | 14 Jul 2010 | 2:29 am Inflation stays above 10 pct in June, eyes on RBINEW DELHI (Reuters) - India's annual inflation remained above 10 percent for the fifth straight month in June, keeping pressure on the Reserve Bank of India (RBI) to raise interest rates for the second time this month to contain surging prices.Source: Reuters: Money News | 14 Jul 2010 | 2:24 am Rupee largely steady tracking shares; dollar - Economic Times
Source: Business - Google News | 14 Jul 2010 | 2:16 am FMCG Q1 sales to be volume-driven, margins crimpedMumbai: The mid-cap consumer goods firms are expected to see volume growth driving sales in the first quarter of FY11, but margins may be squeezed as stiff competition erodes pricing power and higher input costs hurt. A Reuters poll of brokerages expects Marico to report a sales growth of 10%, Britannia Industries by 14%, Colgate Palmolive by 17%. “We expect top-line growth to be moderate and largely volume-driven. However, that will be limited by the impact of the excise rollback and low consumer spending due to high food inflation,” said Gautam Duggad, an analyst with Prabhudas Lilladher. The government in the 2010 federal budget hiked excise duty for the fast-moving consumer goods (FMCG) sector from 8% to 10%. Food price index rose 12.63% in the year to 26 June, slower than the previous week’s rise of 12.92%. The profit growth at these firms is also likely to be slower due to higher raw material costs, increasing ad spends and as most companies desisted from price increases to retain market share. “Realisations in all the categories of FMCG are going to be flattish or lower on a year-on-year basis because there were very few price increases in this quarter,” said Ashish Upganlawar, an analyst with Sharekhan. In fact, analysts said, some categories like detergents, soaps and shampoos have seen price cuts. Input costs showed a mixed trend with crude derivatives falling by 3-5% while agri-commodities such as barley, copra, tea rose 4-17%, Anand Shah, an analyst with Angel Broking, said in a note. Britannia is expected to see a 3% fall in net profit, Colgate’s net profit is seen rising by 10%, and that of GlaxoSmithKline Consumer by 20%. However, Marico, which did not see any significant rise in raw material costs, is expected to see net profit growing 26%, according to the poll. Analysts expect raw material costs to soften from the second quarter onwards, with a revival of monsoon rains in India. Rainfall was 16% below average in June, but the shortfall narrowed to 10% last week. Godrej stands out Bucking the general trend in the sector, personal care products maker Godrej Consumer Products Ltd is expected to post strong earnings. “We expect consolidated net sales to rise 73% year-on-year as sales numbers include benefits from recent acquisitions,” Motilal Oswal said in a note. Godrej has announced 5 acquisitions across personal care, household care and haircare since March in a bid to expand in Asia, Africa and Latin America, and all these deals were expected to be earnings accretive in FY11. According to the Reuters poll, Godrej is expected to see a nearly 40% rise in quarterly profit while sales are seen rising 61%. However, the standalone numbers of the firm don’t match up to its consolidated performance, analysts said. “Standalone numbers we are not expecting very good growth because soaps and haircolour did not too well last quarter and will not do too well this quarter as well,” said Sharekhan’s Upganlawar. “7-8% topline growth and margins will be higher by 20% because they are covered for palm oil and other raw materials,” he added. Source: LatestNews-Home - Livemint.com | 14 Jul 2010 | 2:14 am FMCG Q1 sales to be volume-driven, margins crimpedMumbai: The mid-cap consumer goods firms are expected to see volume growth driving sales in the first quarter of FY11, but margins may be squeezed as stiff competition erodes pricing power and higher input costs hurt. A Reuters poll of brokerages expects Marico to report a sales growth of 10%, Britannia Industries by 14%, Colgate Palmolive by 17%. “We expect top-line growth to be moderate and largely volume-driven. However, that will be limited by the impact of the excise rollback and low consumer spending due to high food inflation,” said Gautam Duggad, an analyst with Prabhudas Lilladher. The government in the 2010 federal budget hiked excise duty for the fast-moving consumer goods (FMCG) sector from 8% to 10%. Food price index rose 12.63% in the year to 26 June, slower than the previous week’s rise of 12.92%. The profit growth at these firms is also likely to be slower due to higher raw material costs, increasing ad spends and as most companies desisted from price increases to retain market share. “Realisations in all the categories of FMCG are going to be flattish or lower on a year-on-year basis because there were very few price increases in this quarter,” said Ashish Upganlawar, an analyst with Sharekhan. In fact, analysts said, some categories like detergents, soaps and shampoos have seen price cuts. Input costs showed a mixed trend with crude derivatives falling by 3-5% while agri-commodities such as barley, copra, tea rose 4-17%, Anand Shah, an analyst with Angel Broking, said in a note. Britannia is expected to see a 3% fall in net profit, Colgate’s net profit is seen rising by 10%, and that of GlaxoSmithKline Consumer by 20%. However, Marico, which did not see any significant rise in raw material costs, is expected to see net profit growing 26%, according to the poll. Analysts expect raw material costs to soften from the second quarter onwards, with a revival of monsoon rains in India. Rainfall was 16% below average in June, but the shortfall narrowed to 10% last week. Godrej stands out Bucking the general trend in the sector, personal care products maker Godrej Consumer Products Ltd is expected to post strong earnings. “We expect consolidated net sales to rise 73% year-on-year as sales numbers include benefits from recent acquisitions,” Motilal Oswal said in a note. Godrej has announced 5 acquisitions across personal care, household care and haircare since March in a bid to expand in Asia, Africa and Latin America, and all these deals were expected to be earnings accretive in FY11. According to the Reuters poll, Godrej is expected to see a nearly 40% rise in quarterly profit while sales are seen rising 61%. However, the standalone numbers of the firm don’t match up to its consolidated performance, analysts said. “Standalone numbers we are not expecting very good growth because soaps and haircolour did not too well last quarter and will not do too well this quarter as well,” said Sharekhan’s Upganlawar. “7-8% topline growth and margins will be higher by 20% because they are covered for palm oil and other raw materials,” he added. Source: Home - Livemint.com | 14 Jul 2010 | 2:14 am Stability is the most important factor for banks now: FM - Hindustan Times
Source: Business - Google News | 14 Jul 2010 | 2:10 am India’s growth momentum to stay strong in 2010-11: surveyMumbai: India’s economic growth is expected to accelerate in fiscal 2010/11, supported by a double-digit rise in industrial output and robust domestic demand, a Reuters survey shows. The survey of 21 economists showed Asia’s third-biggest economy would grow 8.4% from a year earlier in the 12 months to the end of March 2011 and 8.5% in 2011/12. The economy had expanded 7.4% in 2009/10. The growth momentum should keep inflation pressures strong and lead to a tighter monetary policy in the coming months. The Reserve Bank of India (RBI) has raised its short-term lending rate by a total of 75 basis points in 2010 to 5.5%. “The RBI is raising rates because it is seeing demand pressures in the economy due to higher growth,” said Dharmakirti Joshi, chief economist at credit rating agency CRISIL. “There will be a gradual increase in interest rates. That’s the stance of the RBI and they will continue with it.” A similar poll in April had forecast growth of 8.4% in 2010/11 and 8.6% in 2011/12. Double-digit inflation The poll shows that price pressures would remain strong this year, but moderate next year as the central bank’s expected rate increases begin to take effect and good monsoon rains improve the prospects for farm output. The wholesale price inflation is forecast at a median 8.6% for 2010/11 and moderate to 5.5% in the following year, the poll showed. This compares with 7% and 6% respectively in the previous poll. Annual inflation in June was at 10.55%, slower than analysts’ expectations, driven by high food and fuel prices, data showed on Wednesday. The figure compared with market expectations for a 10.8% rise and was higher than May’s annual rise of 10.16%. The poll also showed that the RBI would raise the repo rate, at which it lends to banks, by another 50 basis points to 6% by the end of December and possibly peak at 6.5% by next June. In early July, the RBI raised the repo and reverse repo rate, at which it absorbs excess cash, by 25 basis points each and a survey after the rate increases showed the bank is likely to raise rates again at its review on 27 July. The rupee is forecast to appreciate about 3% between now and the end of December. It is marginally weaker so far in 2010 after having climbed 4.7% in 2009. Source: LatestNews-Home - Livemint.com | 14 Jul 2010 | 2:06 am Stability is the most important factor for banks now: FMFinance Minister Pranab Mukherjee today said stability is the most important factor for banks in the wake of the global meltdown that has changed the financial architecture altogether.Source: HindustanTimes.com - Top Business News Headlines | 14 Jul 2010 | 2:00 am Pranab sees inflation slowing after harvestNEW DELHI (Reuters) - Inflation will moderate after the summer harvest and expects the fiscal deficit target of 5.5 percent for the year ending March to be achieved, Finance Minister Pranab Mukherjee said on Wednesday.Source: Reuters: Money News | 14 Jul 2010 | 1:56 am POLL - India's growth momentum to stay strong in 2010/11MUMBAI (Reuters) - India's economic growth is expected to accelerate in fiscal 2010/11, supported by a double-digit rise in industrial output and robust domestic demand, a Reuters survey shows.Source: Reuters: Money News | 14 Jul 2010 | 1:40 am India's June inflation rises to 10.55 percentThe recent fuel price hike drove India's annual food inflation further up to 10.55 percent, from 10.16 percent in May, edging the Reserve bank of India closer to another hike in interest rates.Source: HindustanTimes.com - Top Business News Headlines | 14 Jul 2010 | 1:34 am FMCG Q1 sales to be volume-driven, margins crimpedMUMBAI (Reuters) - Indian mid-cap consumer goods firms are expected to see volume growth driving sales in the first quarter of FY11, but margins may be squeezed as stiff competition erodes pricing power and higher input costs hurt.Source: Reuters: Money News | 14 Jul 2010 | 1:27 am Unified command to tackle Naxal menaceNew Delhi: In a fresh strategy to combat the Naxal menace, the Centre on Wednesday asked Chhattisgarh, Jharkhand, Orissa and West Bengal to create a unified command for anti-Maoist operations and to appoint a retired Major General of the Army as its member. The Centre will “request the state governments of Chhattisgarh, Jharkhand, Orissa and West Bengal to create a unified command for anti-Naxal operations and to appoint a retired Major General of the Army as a member of the command”, home minister P. Chidambaram said addressing leaders of seven Naxal-affected states. The meeting chaired by Prime Minister Manmohan Singh is being attended by chief ministers of Bihar, Chhattisgarh, Orissa, Maharashtra and Andhra Pradesh. While Jharkhand is being represented by its governor, West Bengal has sent a senior minister for the meet. Announcing decisions to fight Left-wing extremism, Chidambaram said government will also provide more helicopters to the states for logistic support, troop movement, supplies and evacuation. The government will also fund the establishment and strengthening of 400 police stations in the affected districts at the rate of Rs2 crores per police station on 80:20 basis over a period of two years. Chidambaram in his inaugural speech said these decisions were taken in the light of experience gained in the last six months. Chidambaram said Chhattisgarh, Jharkhand, Orissa and West Bengal will be requested to appoint an officer of the rank of Inspector General of Police (IGP) as IGP (anti-Naxal operations) for each state who will be co-ordinating the anti-Naxal operations with their counterparts in the CRPF which has already appointed officers for similar exclusive anti-Naxal duties. Speaking about development issues in the states affected by Naxal violence, Chidambaram said an empowered group chaired by member-secretary, Planning Commission will modify existing norms and guidelines to implement various development schemes keeping in view local needs and conditions in the districts. He said the state governments will be requested to implement provisions of the Panchayat (Extension to Scheduled) Areas (PESA) Act strictly and vigorously to particularly ensure that rights over minor forest produce are assigned to the gram sabhas and the inter-position of government controlled departments, corporations and cooperatives are removed. The road connectivity in 34 districts most affected by Maoist menace will also be improved. “A number of roads and bridges are proposed to be included, at a cost of Rs950 crore, by the ministry of road transport and highways,” Chidambaram said. The Planning Commission is considering a special development plan for the affected districts, states with emphasis on road connectivity, primary education, primary health care and drinking water. Consultations have been held with the state governments and it is expected that the plan will be placed before the competent authority, shortly, for approval, he said. Coming down heavily on the activities of the CPI (Maoist), Chidambram said, “It (CPI Maoist) has no right to set itself up as judge, jury and executioner. In fact, it has no right to carry arms. It is a banned organisation and functions outside the pale of the law.” Source: Home - Livemint.com | 14 Jul 2010 | 1:22 am Inflation moves higher to 10.55% in JuneIn June, the fuel index rose by 1.7%, due to higher prices of kerosene (9%), electricity (4%), petrol (2%) and Liquefied Petroleum Gas (3%).Source: Daily News & Analysis: Money News | 14 Jul 2010 | 1:21 am Some Toyota crashes fault of drivers: ReportThe Wall Street Journal said some drivers who said their Toyotas or Lexuses surged out of control might have pushed the accelerator when they meant to brake.Source: Daily News & Analysis: Money News | 14 Jul 2010 | 12:47 am Inflation moves higher to 10.55 per cent in JuneWholesale price-based inflation inched higher to 10.55 per cent in June, owing to the pass through effect of the June 25 hike in prices of petroleum products.Source: HindustanTimes.com - Top Business News Headlines | 14 Jul 2010 | 12:46 am Tata Steel denies $2 bln fund raising reportMUMBAI (Reuters) - Tata Steel on Wednesday denied a media report the company was planning to raise about $2 billion through fresh equity over the next quarter to help fund expansion. "Nothing at this point," a spokesman told Reuters when asked about fund raising plans.Source: Reuters: Money News | 14 Jul 2010 | 12:46 am Tata Steel denies $2 bn fund raising reportMumbai: Tata Steel on Wednesday denied a media report the company was planning to raise about $2 billion through fresh equity over the next quarter to help fund expansion. “Nothing at this point,” a spokesman told Reuters when asked about fund raising plans. Citing unnamed bankers, the Financial Chronicle newspaper on Wednesday reported the steelmaker was looking to raise funds either by selling shares to institutions or through an issue of global depositary receipts. The company had sounded out investment banks to finalise a lead arranger for the offering, it said. Tata Steel is the world’s 7th largest steelmaker by output, according to the World Steel Association rankings released on Tuesday, up from the eighth spot. In May, Tata Steel’s finance head, Koushik Chatterjee, had said the company was looking at options to raise equity and was seeking long-term funds for steel projects, mainly to raise capacity in India, where demand is growing in double digits. Subsequently, its board approved issuing up to 15 million shares and 12 million convertible warrants to founder Tata Sons on a preferential basis, with the price to be decided later. Tata Steel, which bought Europe’s second-largest steelmaker Corus in 2007, raised $500 million last July by listing global depositary receipts on the London Stock Exchange to expand in India and in the United Kingdom. The company’s gross debt stood at $12.9 billion at end of last December. Shares in Tata Steel, valued at $9.7 billion by the market, were trading 0.9% higher by 0630 GMT, in a Mumbai market up 0.5%. The stock had risen as much as 2.2% in opening trades. Source: Home - Livemint.com | 14 Jul 2010 | 12:32 am Tata Steel denies $2 bn fund raising reportMumbai: Tata Steel on Wednesday denied a media report the company was planning to raise about $2 billion through fresh equity over the next quarter to help fund expansion. “Nothing at this point,” a spokesman told Reuters when asked about fund raising plans. Citing unnamed bankers, the Financial Chronicle newspaper on Wednesday reported the steelmaker was looking to raise funds either by selling shares to institutions or through an issue of global depositary receipts. The company had sounded out investment banks to finalise a lead arranger for the offering, it said. Tata Steel is the world’s 7th largest steelmaker by output, according to the World Steel Association rankings released on Tuesday, up from the eighth spot. In May, Tata Steel’s finance head, Koushik Chatterjee, had said the company was looking at options to raise equity and was seeking long-term funds for steel projects, mainly to raise capacity in India, where demand is growing in double digits. Subsequently, its board approved issuing up to 15 million shares and 12 million convertible warrants to founder Tata Sons on a preferential basis, with the price to be decided later. Tata Steel, which bought Europe’s second-largest steelmaker Corus in 2007, raised $500 million last July by listing global depositary receipts on the London Stock Exchange to expand in India and in the United Kingdom. The company’s gross debt stood at $12.9 billion at end of last December. Shares in Tata Steel, valued at $9.7 billion by the market, were trading 0.9% higher by 0630 GMT, in a Mumbai market up 0.5%. The stock had risen as much as 2.2% in opening trades. Source: LatestNews-Home - Livemint.com | 14 Jul 2010 | 12:32 am ED to probe money transfer in Satyam scam: Khurshid - Economic Times
Source: Business - Google News | 14 Jul 2010 | 12:28 am Piramal Health sells diagnostic biz to Super Religare Labs - Moneycontrol.com
Source: Business - Google News | 14 Jul 2010 | 12:20 am Delhi IGI's terminal three to become operational today - Economic Times
Source: Business - Google News | 14 Jul 2010 | 12:14 am Rio Q2 iron ore output dips, flags China fears Sydney: Rio Tinto on Wednesday reported a 2% fall in second-quarter iron ore production from a year ago and raised concern of a possible double-dip recession in OECD countries and a slight slowdown in Chinese growth. The diversified miner, the world’s no.2 producer of the steel making raw material, also said it was running its iron ore mines close to capacity and forecast total 2010 production of 234 million tonnes. “2010 continues to shape up well for Rio Tinto and we are driving our operations at close to capacity,” chief executive Tom Albanese said in the company’s second-quarter production summary. “Markets for most of our products are strong and the overall long-term demand outlook is positive. But in recent weeks, fears about a possible double-dip recession in OECD countries and a slight slowdown in Chinese growth have led to some weakening in sentiment,” Albanese said. Spot iron ore prices IO62-dropped 10% in the second quarter, copper was down 18 percent and aluminium was off 15%. Rio Tinto said mined copper production dropped 19% versus the second quarter of 2009 primarily due to lower ore gradings at its Kennecott Utah Copper mine and Indonesia’s Grasberg mine. It also warned that low snow and rain levels in the Saguenay region of Quebec in the first half were likely to lead to reduced power generation and a need to purchase power or curtail aluminium production. “There’s no major surprises in there,” said Michael Bentley, portfolio manager at Northward Capital, which owns Rio Tinto shares. “In aluminium, I suppose it’s a bit of a concern they’ve got these issues with the power in Canada. But that’s a temporary issue.” The impact of this on earnings before interest, tax depreciation and amortisation (EBITDA) in the second half of 2010 was expected to be about $100 million, the company said. At its 30%-owned Escondida mine in Chile, second-quarter mined copper was 6 percent up from a year ago, thanks to richer ores and an increase in copper in ore stacked for leaching. Escondida’s refined copper production declined by 10%, in part due to maintenance work, according to Rio Tinto. Rio Tinto shares traded 0.8% higher at A$67.11 at 0559 GMT, underperforming the broader market’s 1.6% gain. Source: Home - Livemint.com | 14 Jul 2010 | 12:13 am Rio Q2 iron ore output dips, flags China fears Sydney: Rio Tinto on Wednesday reported a 2% fall in second-quarter iron ore production from a year ago and raised concern of a possible double-dip recession in OECD countries and a slight slowdown in Chinese growth. The diversified miner, the world’s no.2 producer of the steel making raw material, also said it was running its iron ore mines close to capacity and forecast total 2010 production of 234 million tonnes. “2010 continues to shape up well for Rio Tinto and we are driving our operations at close to capacity,” chief executive Tom Albanese said in the company’s second-quarter production summary. “Markets for most of our products are strong and the overall long-term demand outlook is positive. But in recent weeks, fears about a possible double-dip recession in OECD countries and a slight slowdown in Chinese growth have led to some weakening in sentiment,” Albanese said. Spot iron ore prices IO62-dropped 10% in the second quarter, copper was down 18 percent and aluminium was off 15%. Rio Tinto said mined copper production dropped 19% versus the second quarter of 2009 primarily due to lower ore gradings at its Kennecott Utah Copper mine and Indonesia’s Grasberg mine. It also warned that low snow and rain levels in the Saguenay region of Quebec in the first half were likely to lead to reduced power generation and a need to purchase power or curtail aluminium production. “There’s no major surprises in there,” said Michael Bentley, portfolio manager at Northward Capital, which owns Rio Tinto shares. “In aluminium, I suppose it’s a bit of a concern they’ve got these issues with the power in Canada. But that’s a temporary issue.” The impact of this on earnings before interest, tax depreciation and amortisation (EBITDA) in the second half of 2010 was expected to be about $100 million, the company said. At its 30%-owned Escondida mine in Chile, second-quarter mined copper was 6 percent up from a year ago, thanks to richer ores and an increase in copper in ore stacked for leaching. Escondida’s refined copper production declined by 10%, in part due to maintenance work, according to Rio Tinto. Rio Tinto shares traded 0.8% higher at A$67.11 at 0559 GMT, underperforming the broader market’s 1.6% gain. Source: World Business - Livemint.com | 14 Jul 2010 | 12:13 am Rio Q2 iron ore output dips, flags China fears Sydney: Rio Tinto on Wednesday reported a 2% fall in second-quarter iron ore production from a year ago and raised concern of a possible double-dip recession in OECD countries and a slight slowdown in Chinese growth. The diversified miner, the world’s no.2 producer of the steel making raw material, also said it was running its iron ore mines close to capacity and forecast total 2010 production of 234 million tonnes. “2010 continues to shape up well for Rio Tinto and we are driving our operations at close to capacity,” chief executive Tom Albanese said in the company’s second-quarter production summary. “Markets for most of our products are strong and the overall long-term demand outlook is positive. But in recent weeks, fears about a possible double-dip recession in OECD countries and a slight slowdown in Chinese growth have led to some weakening in sentiment,” Albanese said. Spot iron ore prices IO62-dropped 10% in the second quarter, copper was down 18 percent and aluminium was off 15%. Rio Tinto said mined copper production dropped 19% versus the second quarter of 2009 primarily due to lower ore gradings at its Kennecott Utah Copper mine and Indonesia’s Grasberg mine. It also warned that low snow and rain levels in the Saguenay region of Quebec in the first half were likely to lead to reduced power generation and a need to purchase power or curtail aluminium production. “There’s no major surprises in there,” said Michael Bentley, portfolio manager at Northward Capital, which owns Rio Tinto shares. “In aluminium, I suppose it’s a bit of a concern they’ve got these issues with the power in Canada. But that’s a temporary issue.” The impact of this on earnings before interest, tax depreciation and amortisation (EBITDA) in the second half of 2010 was expected to be about $100 million, the company said. At its 30%-owned Escondida mine in Chile, second-quarter mined copper was 6 percent up from a year ago, thanks to richer ores and an increase in copper in ore stacked for leaching. Escondida’s refined copper production declined by 10%, in part due to maintenance work, according to Rio Tinto. Rio Tinto shares traded 0.8% higher at A$67.11 at 0559 GMT, underperforming the broader market’s 1.6% gain. Source: LatestNews-Home - Livemint.com | 14 Jul 2010 | 12:13 am Steel secretary wants minimal iron ore exportNew Delhi: Iron ore exports should be minimal so that the non-renewable raw material can be preserved for the local industry, steel secretary told a television channel on Wednesday. “We don’t have any numbers in mind, but we want minimal exports to be done,” Atul Chaturvedi said on CNBC TV 18, highlighting the need to preserve the raw material to meet the country’s growing steel demand and infrastructure development. On Tuesday, a Press Trust of India report carried in the Business Standard newspaper quoted Chaturvedi as saying a full ban on iron ore exports was needed. Steel industry has frequently lobbied for a ban on iron ore export or at least for further raising the export duty on it so that more of the commodity is available for local use at low prices. Government last raised the export duty on iron ore lumps to 15% in April from 10% earlier. India exports about half of its total iron ore output mainly to China that houses the world’s largest steel industry. In the 2009-10 fiscal year that ended in March, the country produced 226 million tonnes of iron ore, compared with 215 million tonnes in the previous year, the mines ministry data showed. Source: LatestNews-Home - Livemint.com | 14 Jul 2010 | 12:06 am Expert Cheat Sheet: How to crack The Times’ Cryptic Crossword.In the world of obsessive, pedantic, dorkery – a realm in which an argument over whether the word “utilise” has a legitimate place in language is an acceptable way to pass the time whilst waiting for the bus – there is perhaps no greater trump card than the pulling out of a completed copy of The Times cryptic crossword, neatly folded four ways, its little boxes all filled in using (in an ideal world) green ink. The meaning of this gesture is clear to those who care. “I AM AN INTELLECTUAL!” it screams. “BACK OFF! I CAN DO ANAGRAMS IN MY HEAD. AND I FIND PUNS AMUSING.” This post is meant for the few, who have a raging desire to become sages amongst the bimbos – to master the puzzle of champions, and indeed, the champion among puzzles. Here are ten rules to help you on your way to greatness: 1) There are always two ways to solve a clue. The premise of a cryptic clue is that it allows you to reach the same answer by two different routes; that’s the perfect symmetry of the thing. If you can’t get to the answer one way, you have another path open to you. Here’s a simple example: Particular flavouring given a Spanish wine (9) The meaning of the answer to a Times clue is always given in the first or the last couple of words. So, in this case, the answer is going to be either a particular flavouring or the name of a Spanish wine. Or just a wine. If you don’t know any names of wines then you’d be stuck if you were in an ordinary crossword. But not here. The answer is Tarragona. “Tarragon” is the flavouring and given an “a” that makes Tarragona, which you would then discover is a wine-making region in north-eastern Spain. 2) There are no wasted words. The advantage of being on the Times crossword here is that there are no wasted words to worry about. Another, less worthy, crossword might have said A particular flavouring is given a Spanish wine (9). Then we’d be all at sea with an extra “a” and “is” to account for. Remember, if a word in the clue cannot be built into the answer, then the answer is wrong. Once you’ve learned the rules of the Times cryptic, much of the mystery is stripped away and you’ll realise it’s really quite a methodical process. 3. The anagram: In an anagram clue there is always a word signalling that you should “mix it up”. These signals tend to be words like: “about”, “shift”, “revised”, “exploding”, “crazy”, “disordered”. Look out for these and then work out what needs to be anagrammed. The rest of the clue is the answer. For example: Slab transported in e.g. post van (6-5). Here, “transported” is the word telling you to mix it up. And the answer is 11 letters long, so we know that “in e.g. post van” are the letters that need rearranging and that “slab” is the answer to the clue: Paving Stone. 4. The combo: These are very common; part anagram, part word substitution. This is one of my favourite examples: Poor Jack glum about serious disease (4,3) So, we know the answer either means “poor” or “serious disease” or “disease”. The word “poor” suggests an anagram. But “Jack” and “glum” together are too many letters and that leaves the “about” hanging. BUT if you anagram Jack and find a word meaning “glum” to go “about” it (sad, blue, low), you end up with Lock Jaw, which I once had, and can assure you is a very serious disease. 5. The written-in: There’s always one clue in the puzzle in which the answer is literally written into the clue- usually spanning two or three words. Here’s a goody: Local cut taxes, partly, in Asian city (8) The Asian city is Calcutta and if you look closely at lo(cal-cut-ta)xes, you’ll se it. Again, note that there are NO extra words, “partly in” tells us the clue is partly in the other words. 6. The “funny” pun. My least favourite type of clue, but a hugely important one as it ups the nerd factor of the puzzle by about 45 percent. “Funny” pun clues are denoted by exclamation marks or question marks. (Usually you should ignore all punctuation in Times clues. It is only there to deceive and confuse you.) This example has both exclamation and question marks, just to give you a hint of how comedic it is likely to be. Look for foamy water, as you might say? It’ll come with this! (8) The answer is Seaquake. Oh HA! Ha ha ha! It’s a wonderful pun you see? Look for foamy water? Seek wake? Seaquake? Wonderful. 7. The “sounds-like.” These are clues in which there is a signal word telling you that the clue sounds like the answer. Signal words are often to do with hearing, like ear, heard, listen etc. E.g. Was aware of broadcast novel (3) Here the signal word is “broadcast”. The answer is New because it sounds like “was aware of” (knew) and means “novel”. 8. The acronym: This is when you take letters from each word of the clue to make the answer. Often signalled by words like “initially” or “firstly”. 9. The take-away: Simple but effective. You work out the clue, take a letter or two away and end up with the answer. I.e. Treacherous person losing wife’s support (5) Here you are looking for a word for a treacherous person with a “w” in it, because you are a seasoned crossword-completer and you know that “losing wife” tells you to remove a “w”. So “snake” won’t do, but “weasel” will. Take away “w” and you have “easel” – the support. 10. The visual gag: This is the most rare but the best of all crossword clues. Unlike the “funny” puns this is pure comedy gold. Real ROFL stuff. Like the “sounds-like” you need a signal word, in this case: sees, spies, looks etc. Take this gem: Islander witnesses gay kiss (7). Now you probably wouldn’t know that a Manxman is a male native of the Isle of Man in the Irish sea. But a gay kiss being a kiss between two men (or women but the Times is old skool in this respect) would give you the all-important MAN X MAN. A hop skip and a jump to Wikipedia for confirmation and there you are, completed Times crossword in your hand, self-satisfied smirk on your face, and the envy (or object of ridicule) of all your peers. Source: LatestNews-Home - Livemint.com | 14 Jul 2010 | 12:06 am June inflation at 10.55%; rate action seenNew Delhi: India’s annual headline inflation remained above 10% for the fifth straight month in June, keeping pressure on the Reserve Bank of India (RBI) to raise rates for the second time this month to contain prices. Wholesale prices rose 10.55% from a year earlier, data released on Wednesday showed, marginally below the median forecast for a 10.8% rise and compared with May’s pace of 10.16%. The annual reading for April was revised up to 11.23% from 9.59% reported earlier. “Though this number is below bond market expectation, but I don’t think this changes the big picture,” said Hitendra Dave, head of global markets at HSBC Bank in Mumbai. “I expect the RBI to continue with its calibrated exit stance as RBI is following the non-food manufacturing inflation closely.” Most economists polled by Reuters last week expect the RBI to raise key interest rates by a further 25 basis points (bps) at a policy review on 27 July as it struggles to contain inflationary pressures. The RBI surprised markets earlier this month by lifting policy rates by a quarter point, its third hike so far this year. India’s 10 year benchmark bond yield fell 2 basis points after June inflation data came in slightly lower than market expectations. At 11:34 a.m., the yield on the benchmark 10-year bond fell to 7.61% from 7.63% before the data. It had closed at 7.62% on Tuesday. The data showed annual food inflation eased to 14.60% in June from 16.49% in the prior month. Policymakers hope that good monsoon rains will produce a strong harvest that should cool soaring food prices later this year. Government data on Monday showed revived monsoon rains had accelerated the planting of rice, oilseeds and cotton last week. The government, under pressure to find a solution to persistently high inflation, is hoping that an easing in food inflation will curb headline inflation as well. But New Delhi’s decision last month to increase fuel prices, which is expected to push up headline inflation by around one percentage point, may offset any relief on the food inflation front. Fuel inflation in June went up to 14.32% from 13.05% in April, reflecting the early impact of higher domestic fuel prices. The higher fuel prices came into effect on 26 June, so their full impact will only be reflected in data for July. A rise in fuel prices runs the risk of stoking manufacturing inflation, which stood at 6.66% in June, as companies may look to pass on increases in their input costs. The RBI early this month said inflation at the retail level remained elevated, an assessment backed by a 13.91% annual rise in the Consumer Price Index (CPI) in May. Although CPI is not India’s main inflation gauge, it does have a bearing on the WPI. Since the government uses it for wage adjustments, any uptick in the CPI has the potential of stoking inflation. The RBI has forecast headline inflation would ease to 5.5% by the end of the fiscal year in March 2011, although RBI governor Duvvuri Subbarao said the bank would revisit that forecast at its 27 July quarterly review of monetary policy. Source: Home - Livemint.com | 14 Jul 2010 | 12:05 am Infosys Q1 net dips 2.4% on rising staff costs, tax outgoRising staff costs and higher tax expense overturned street expectations of a better performance from Infosys Technologies during the first quarter of the currentSource: Business Line - Home Page | 14 Jul 2010 | 12:00 am DoT plans Rs 2,000-cr goodies for panchayatsIn a bid to woo villagers to supporting the broadband infrastructure roll-out in the rural areas, the Department of Telecom proposes to offer a slew of freebies at the panchayatSource: Business Line - Home Page | 14 Jul 2010 | 12:00 am Shipping stocks may be in rough weather as Baltic index crashesThe Baltic Dry Index, the global benchmark for freight rates of bulk carriers, fell nearly 57 per cent or 2,419 points since the past one month to touch to 1,790 points onSource: Business Line - Home Page | 14 Jul 2010 | 12:00 am Essar arm to buy Navabharat PowerEssar Power, a subsidiary of the London Stock Exchange-listed Essar Energy, will acquire Navabharat Power PvtSource: Business Line - Home Page | 14 Jul 2010 | 12:00 am On a slow pitch for cricketers, Dhoni hits it bigAlthough the Indian cricket captain Mahendra Singh Dhoni has signed a whopping Rs 210-crore endorsement deal with a talent management company, the endorsements on offer for Indian cricketers might not be as rosy as itSource: Business Line - Home Page | 14 Jul 2010 | 12:00 am Jaiprakash Power Ventures (Rs 73.85): BuyWe recommend a buy in the stock of Jaiprakash Power Ventures from a short-term trading perspective. It is seen from the charts that the stock was on an intermediate-term downtrend from its June 2009 peak of Rs 103 until it found support around RsSource: Business Line - Home Page | 14 Jul 2010 | 12:00 am Corus' Teesside plant: Another group walks out of talksA potentially-promising buyer of Teesside Cast Products, the mothballed Corus Steel plant in Northern England, says it is walking away from talks with the TataSource: Business Line - Home Page | 14 Jul 2010 | 12:00 am Day Trading GuideExperiencing selling interest at higher levels, the stock tumbled 3.4 per cent on Tuesday. We recommend a sell with stiff stop-loss at Rs 2,817Source: Business Line - Home Page | 14 Jul 2010 | 12:00 am Banks may post strong net interest income numbers in Q1The June quarter financials for banks are likely to be similar to that of the March period. Strong net interest income (NII) growth, falling treasury income, and marginal slippages in the asset quality may continue. Also, with the SeptemberSource: Business Line - Home Page | 14 Jul 2010 | 12:00 am Choose ‘your time' for LPG cylinder deliveryYou can now stop worrying about who will receive your LPG cylinder when you are not atSource: Business Line - Home Page | 14 Jul 2010 | 12:00 am Sponsors hail World Cup successParis: Adidas is world champion, but Nike scored the tournament’s winning goal: for the World Cup’s official suppliers and sponsors, the planet’s most-watched sporting event is an unmitigated success. Adidas, which supplies the Spanish team’s kit, congratulated itself on the “rojas” 1-0 victory against the Netherlands in Sunday’s final, which saw its trademark three stripes march to the top of the podium. “Adidas is world champion,” a brand spokeswoman said. “The outcome is absolutely positive.” The German group, also official partner of world football governing body Fifa, is eyeing sales of €1.5 billion this year, with the Jubulani competition football its hottest product, she said. The company has also sold 1.2 million Germany shirts, over a million Mexico, Argentina and South Africa shirts and around a million Spain shirts. Nike, which supplies the Dutch team, put the emphasis on the fact that “the winning goal was scored by a Nike boot” in the final’s 116th minute by Andres Iniesta. “On the pitch, there were more Nike boots than of other brands,” or 47% Nike and 32% Adidas, said Charles Brooks, spokesman for the US sportswear giant. “The competition has been an immense success” for Nike, said Brooks, with a 39% rise in football-related sales in the first quarter of 2010 compared to the same period last year. German brand Puma, the World Cup’s third-biggest supplier, also hailed its success. “We are very happy, the World Cup’s outcome is very positive for us,” said Ulf Santjer, Puma’s head of communication. “We not only established but even strengthened our number three position” in the football market, he said. With seven national teams contracted to Puma, including semi-finalists Uruguay, the brand took part in 26 out of 64 matches, spending around 39 hours in front of the cameras and hundreds of millions of viewers around the world. Puma is also the number one sponsor of African teams, and the success of quarter-finalists Ghana shows “that African football is now top level,” said Santjer. Sponsorship success is not limited to shirts and boots, with Japanese electronics giant and Fifa official partner Sony hailing “a real success”. “Not only because of the brand’s presence as an official partner, but also because for the first time we could show 3-D pictures” around the world, said a spokesman in Tokyo. “That has had a bigger than expected impact on sales of 3-D televisions,” the unnamed spokesman said, declining to provide a figure. “For Sony, such an event is also beneficial for our music and video game activities.” Little-known Chinese solar panel manufacturers Yingli Solar hailed the competition’s ability to strengthen its brand. Jason Liu, vice-president in charge of marketing, said that “the impact has been very good... the reaction from our clients, people in the industry, from the general public, has been very good.” Other sponsors such as German car parts maker Continental say it’s too early to assess the impact of involvement with the competition, which can cost tens of millions of euros. The World Cup is “a very interesting communication platform for us” said a Continental spokesman, adding “we’ll also be on board for the next competition in Brazil”. Source: LatestNews-Home - Livemint.com | 13 Jul 2010 | 11:57 pm Clampdown rumoured as China twitter-like sites downShanghai: Chinese social networking websites that provide Twitter-like services have suddenly reverted to testing mode and access has been spotty amid reports of a government clampdown. Although Twitter has been banned for more than a year in China, Chinese internet companies have been quick to fill the void, providing microblogging services that allow users to post frequent updates and follow other posters. On Wednesday, NetEase.com Inc’s microblog was inaccessible. A notice said the site had been down since 7 p.m. on Tuesday and was under maintenance. Sohu.com Inc’s microblog was also shut down for more than a day earlier in the week and all Chinese “twitters” now display the notice “in testing mode”. Company sources told Reuters that the developments were the result of tightened government controls over the new services. “Nobody will publicly announce the reason, but it is as obvious as a fly on a bald head,” one source said, declining to be named because of the sensitivity of the matter. The Shanghai-based Oriental Morning Post cited unnamed “industry sources” as saying that the websites were under pressure from Chinese censors. News content on Chinese internet websites is under intense government censorship, and online news editors with major Internet portals often receive dictats from the government on what can and cannot be published. But the new microblogs of Internet portals, with less government censorship, have proved to be freer for carrying news and comments. Nevertheless, in July 2009 Fanfou.com, a budding replica of Twitter, was shut down by the government amid a major campaign to tighten Internet controls. Beijing has been trying to tighten controls on the country’s booming Internet industry, the world’s largest by users, since the second half of last year, introducing new regulations concerning online gaming, online mapping and e-commerce. Sina Corp, China’s largest internet portal, launched a microblog in August last year. Yet, earlier this week, the company put an “in testing mode” notice on the website. “We are constantly upgrading the site. Even though we launched in August last year it is still in testing mode,” said Sina spokesman Liu Qi. Sina and NetEase both denied government intervention and said the notices and sporadic site access were due to upgrading of features. “NetEase’s micro-blog is very popular and growing fast, so we had to perform maintenance to upgrade features,” said NetEase spokesman Liu Youcai. Sohu could not be reached for comment. Source: LatestNews-Home - Livemint.com | 13 Jul 2010 | 11:56 pm Clampdown rumoured as China twitter-like sites downShanghai: Chinese social networking websites that provide Twitter-like services have suddenly reverted to testing mode and access has been spotty amid reports of a government clampdown. Although Twitter has been banned for more than a year in China, Chinese internet companies have been quick to fill the void, providing microblogging services that allow users to post frequent updates and follow other posters. On Wednesday, NetEase.com Inc’s microblog was inaccessible. A notice said the site had been down since 7 p.m. on Tuesday and was under maintenance. Sohu.com Inc’s microblog was also shut down for more than a day earlier in the week and all Chinese “twitters” now display the notice “in testing mode”. Company sources told Reuters that the developments were the result of tightened government controls over the new services. “Nobody will publicly announce the reason, but it is as obvious as a fly on a bald head,” one source said, declining to be named because of the sensitivity of the matter. The Shanghai-based Oriental Morning Post cited unnamed “industry sources” as saying that the websites were under pressure from Chinese censors. News content on Chinese internet websites is under intense government censorship, and online news editors with major Internet portals often receive dictats from the government on what can and cannot be published. But the new microblogs of Internet portals, with less government censorship, have proved to be freer for carrying news and comments. Nevertheless, in July 2009 Fanfou.com, a budding replica of Twitter, was shut down by the government amid a major campaign to tighten Internet controls. Beijing has been trying to tighten controls on the country’s booming Internet industry, the world’s largest by users, since the second half of last year, introducing new regulations concerning online gaming, online mapping and e-commerce. Sina Corp, China’s largest internet portal, launched a microblog in August last year. Yet, earlier this week, the company put an “in testing mode” notice on the website. “We are constantly upgrading the site. Even though we launched in August last year it is still in testing mode,” said Sina spokesman Liu Qi. Sina and NetEase both denied government intervention and said the notices and sporadic site access were due to upgrading of features. “NetEase’s micro-blog is very popular and growing fast, so we had to perform maintenance to upgrade features,” said NetEase spokesman Liu Youcai. Sohu could not be reached for comment. Source: Tech News - Livemint.com | 13 Jul 2010 | 11:56 pm Piramal sells diagnostic unit to SRL for 6 bln rupeesMUMBAI (Reuters) - Drugmaker Piramal Healthcare Ltd said it will sell its diagnostic services unit to Super Religare Laboratories Ltd (SRL) for 6 billion rupees to focus on fewer and larger businesses left in its basket.Source: Reuters: Money News | 13 Jul 2010 | 11:53 pm Markets near 2-year high; HDFC upMumbai: Markets rallied to their highest in nearly two-and-a-half years on Wednesday, with mortgage lender Housing Development Finance Corp leading the gains ahead of its quarterly result. Earnings optimism after upbeat results from Intel Corp has underpinned world markets, but traders said investors needed to be choosy after a sharp rally in the domestic market. “We have significantly outperformed the world markets so far this year. It is time to be little cautious and more disciplined in stock picking now,” said Rajen Shah, chief investment officer of Angel Broking. By 11:18 a.m., the 30-share BSE index was trading up 0.53% at 18,081.93.63, with 26 of its components gaining. It had risen to 18,167.22 early, its highest level since February 2008. The benchmark is up 3.5% so far this year, outperforming the broader MSCI’s measure of Asian markets other than Japan which has dipped 5.3%. Investors have gone significantly overweight Indian equities for the first time in over a year as a shaky global outlook lures cash to domestic demand plays, a BofA Merrill Lynch survey showed on Tuesday. Foreign funds have pumped $8 billion into Indian stocks so far in 2010, after a record $17.5 billion investment in 2009. Lenders advanced ahead of June inflation data which was due by 0630 GMT. HDFC, the country’s biggest home loan financier, was trading 2.2% higher at Rs3,130.90. Top lender State Bank of India was up 1.7% while leading private sector rivals ICICI Ban and HDFC Bank climbed 0.6% and 1.9% respectively. Export-focused outsourcers fell for a second day after Infosys Technologies posted disappointing results and said a weak European economy could curb new orders. Shares in Infosys, which had shed 3.4% in their worst fall in more than a year on Tuesday, dropped 0.4%. Wipro was down 0.1% and the sector index dropped 0.2%. Sector leader Tata Consultancy Services, which reports earnings on Thursday, bucked the trend and rose 0.7%. Energy major Reliance Industries, which has the highest weight on the Sensex, climbed 0.4% to Rs1,078.50 on newspaper reports it was close to acquiring a stake in a shale gas asset in North America. In the broader market, gainers led losers in the ratio of 1.6:1 on volume of 204 million shares. The 50-share NSE index was up 0.5% at 5,427.40. Source: Home - Livemint.com | 13 Jul 2010 | 11:51 pm Factbox: Japan ruling party's possible coalition partnersThe DPJ still controls the powerful lower house. But policymaking will be complicated since it needs help from other parties to push bills in the upper chamber as it struggles to end decades of stagnation in the world's No 2 economy and curb debt.Source: Daily News & Analysis: Money News | 13 Jul 2010 | 11:35 pm Yamaha offers electric scooters for green errandsYamaha is targeting fashionable green-minded consumers with a new electric scooter designed for short city commutes. The 240,000 yen ($2,700) "smart minimal commuter" EC-03, shown to reporters today, is zero-emission and super-quiet, making it convenient for late-night city driving, according to Japanese motorcycle maker Yamaha Motor Co.Source: HindustanTimes.com - Top Business News Headlines | 13 Jul 2010 | 11:33 pm Toshiba says to operate new chip plant with SanDiskYokkaichi: Toshiba Corp, Japan’s biggest chipmaker, said on Wednesday it would form a new partnership with SanDisk Corp to operate its latest NAND flash memory plant in Yokkaichi, western Japan. SanDisk, the world’s top maker of flash memory cards, is a production partner at Toshiba’s existing plants. It said it would provide half of the investment cost for production equipment and would take half the output. Toshiba, the world’s second-biggest NAND chip maker after Samsung Electronics, said construction of the new plant, called Fab 5, would be completed in early 2011 and the initial manufacturing process would use 20-29 nanometre circuitry. A nanometre is one-billionth of a metre. Smaller circuitry allows chipmakers to pack more power onto smaller chips and lower per-chip costs. With the new plant, Toshiba and SanDisk aim to boost their competitiveness when they see strong demand for NAND flash memories that are used in devices such as smartphones and tablet PCs. Source: World Business - Livemint.com | 13 Jul 2010 | 10:41 pm Insurers, healthcare industry agree on gradation of hospitals - Times of India
Source: Business - Google News | 13 Jul 2010 | 6:21 pm Get LPG cylinder at your time and day - Times of India
Source: Business - Google News | 13 Jul 2010 | 4:43 pm SRL close to acquiring Piramal DiagnosticsSuper Religare Laboratories (SRL), the countrys largest diagnostic lab network, promoted by the Singh brothers, Malvinder and Shivinder, is close to acquiring Piramal Healthcares diagnostic chain, Piramal Diagnostics, for about Rs 600 crore. An official announcement is expected in a day or two.Source: Business Standard | Front Page Headlines | 13 Jul 2010 | 1:40 pm NMDC iron ore mine resumes output after attackIndia\'s largest iron ore miner, staterun NMDC Ltd, resumed production on Tuesday in central Chhattisgarh state after an eighthour stoppage due to an attack by Maoist rebels, a company official said.Source: Moneycontrol Top Headlines | 13 Jul 2010 | 1:08 pm Sun TV, Network18 float Sun18 for distributionNetwork18 group and Sun TV Network on Tuesday announced a strategic tieup to launch a new satellite television distrubution arm named \'Sun18\'.Source: Moneycontrol Top Headlines | 13 Jul 2010 | 1:00 pm Finance minister balm for wary regulatorsSays Ordinance wont interfere with autonomy.Source: Business Standard | Front Page Headlines | 13 Jul 2010 | 12:52 pm NASA, Microsoft join hands to offer 3-D maps of MarsLondon: You no longer need to be an astronaut to explore Mars, as software giant Microsoft and NASA have joined hands to allow people to take a close look of the Red planet sitting at their homes. What all one needs to enjoy this experience is a computer with Internet connection to download an interactive map of Mars. Computer engineers at Microsoft spent three years crunching data from high resolution images produced by NASA space mission to make the map. After downloading the software, visitors will be able to swoop in and explore a 3-D rendering of the mountains and valleys that cover the surface of Mars. Viewers can also take exclusive interactive tours and hear directly with NASA scientists, while exploring the planet, the Daily Mail reported. Dan Fay, director of Microsoft Research’s Earth, Energy and Environment Effort said, “We were able to take the imagery from NASA, combine it with their elevation models and lay those onto the surface of the globe of Mars. “Now users of the WorldWide Telescope can zoom down and actually experience the surface-level detail of Mars.” “They can pan back and see the height of the craters or the depth of the canyons. The new Mars experience allows people to feel as though they’re actually there.” Viewers can even swoop in and explore Victoria Crater and Olympus Mons — a low valley and the highest peak in our solar system, said the official, who worked closely with Michael Broxton of the NASA Ames Research Centre’s Intelligent Robotics Group (IRG). Broxton leads a team in the IRG informally called the Mapmakers, which applies computer vision and image processing to problems of cartography. Over the years, the Mapmakers have taken satellite images from Mars, the moon and elsewhere, and turned them into useful maps. Broxton said, “We wanted to make it easier for people everywhere, as well as scientists, to access these unique and valuable images.” Source: Tech News - Livemint.com | 13 Jul 2010 | 8:18 am
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