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Find out: When should you start saving for your child?Our focus today is on investing for your child. When is a good time to start saving for your child? What are the best investment instruments for securing your childs financial future? In an exclusive interview with CNBCTV18, TR Ramachandran, CEO and MD, Aviva India and Financial Planner, Gaurav Mashruwala, discuss.Source: Moneycontrol Top Headlines | 17 Jul 2010 | 6:43 am Is Africa the next frontier for Indian business?From an Indian standpoint, share of Africa in Indian cross border mergers was just 34% in 2005, 2006 and 2007. It rose to 7% in 2008 and to 11% in 2009. Is Africa the next frontier for Indian business? Experts discuss.Source: Moneycontrol Top Headlines | 17 Jul 2010 | 5:11 am Markets ruled firm on FII buying last week; Sensex up 122 pts - Economic Times
Source: Business - Google News | 17 Jul 2010 | 3:49 am Canara Bank Q1 net profit up 82 pc - Economic Times
Source: Business - Google News | 17 Jul 2010 | 3:43 am Bharti adds 3 mn mobile users in JuneBharti Airtel, India's top mobile operator, signed up 3 million mobile subscribers in June, taking its total to 136.6 million subscribers, data from an industry body showed on Friday.Source: HindustanTimes.com - Top Business News Headlines | 17 Jul 2010 | 3:41 am Essar mulling IPO of Vodafone Essar stake - sourcesMUMBAI (Reuters) - Indian steel-to-shipping conglomerate Essar Group has been in talks with banks to explore options, including an initial public offering, for its stake in telecoms firm Vadafone Essar, according to three people familiar with the matter.Source: Reuters: Money News | 17 Jul 2010 | 3:40 am Dow Chemicals in Olympic deal; sees $1 billion potentialDow Chemical Co is hoping it can bring in more than $1 billion of revenue in the next 10 years by supplying material to build game facilities and bolstering its brand.Source: Daily News & Analysis: Money News | 17 Jul 2010 | 3:14 am Apple CEO on antenna problem: ‘We aren’t perfect’Cupertino: A perfect iPhone? There’s no app for that. Apple Inc. will give free protective cases to buyers of its latest iPhone to prevent reception problems that occur when people cover a certain spot on the phone with a bare hand. CEO Steve Jobs apologized Friday to people who are less than satisfied with the iPhone 4, even as he denied it has an antenna problem that needs fixing. “We’re not perfect,” Jobs said at a news conference. “Phones aren’t perfect.” The more than 3 million people who have already bought an iPhone 4 can go to Apple’s website starting late next week and sign up for a free case, he said. Apple can’t make enough of its $29 “Bumper” cases for everyone, so the company will let people chose from several case styles. New buyers through 30 September will also be eligible. Apple will send refunds to people who already bought a Bumper. Jobs, expressing irritation with the critical coverage of the phone’s reception problems, echoed an earlier statement from Apple that no cell phone gets perfect reception. He played a video showing competing phones, including a BlackBerry from Research in Motion Ltd., losing signal strength when held in certain ways. He talked for 45 minutes and took 45 minutes of questions with Apple’s chief operating officer, Tim Cook, and Bob Mansfield, a senior Apple executive in charge of hardware engineering. Countering Jobs criticism of Blackberry’s signal strength, Mike Lazaridis, president and co-chief executive officer, RIM and Jim Balsillie, co-chief executive officer, RIM said: “Apple’s attempt to draw RIM into Apple’s self-made debacle is unacceptable. Apple’s claims about RIM products appear to be deliberate attempts to distort the public’s understanding of an antenna design issue and to deflect attention from Apple’s difficult situation. RIM is a global leader in antenna design and has been successfully designing industry-leading wireless data products with efficient and effective radio performance for over 20 years. “During that time, RIM has avoided designs like the one Apple used in the iPhone 4 and instead has used innovative designs, which reduce the risk for dropped calls, especially in areas of lower coverage. One thing is for certain, RIM’s customers don’t need to use a case for their BlackBerry smartphone to maintain proper connectivity. Apple clearly made certain design decisions and it should take responsibility for these decisions rather than trying to draw RIM and others into a situation that relates specifically to Apple.” Phones usually have an antenna inside the body. In designing the iPhone 4, Apple took a gamble on a new design, using parts of the phone’s outer casing as the antenna. That saved space inside the tightly packed body of the phone, but meant that covering a spot on the lower left edge blocked the wireless signal. Consumer Reports magazine said covering the spot with a case or even a piece of duct tape alleviates the problem. It refused to give the iPhone 4 its “recommended” stamp of approval for that reason, and on Monday it urged Apple to compensate buyers and fix the problem. The company had been criticized about spotty iPhone service in the US on AT&T Inc.’s network even before the newest model came out. On Friday, in the company’s first remarks following the magazine’s report, Jobs said Apple was “stunned and upset and embarrassed.” Jobs said the iPhone 4’s antenna issue isn’t widespread, with just over five out of every 1,000 complaining to Apple’s warranty service and less than 2% returning the device. Jobs also said that while the iPhone 4 is dropping calls slightly more frequently than its predecessor, the iPhone 3GS, it’s “less than one additional dropped call per 100.” “We’re not feeling right now that we have a giant problem we need to fix,” Jobs said. “This has been blown so out of proportion that it’s incredible.” Analysts have criticized Apple’s responses to reports of reception problems as dismissive, and cautioned that the company shouldn’t come across as arrogant. A curt note attributed to Jobs told one early iPhone buyer to either hold the phone a different way or buy a case. Apple has also said the main problem is actually with software, not antenna design. Apple said it recently discovered that iPhones display more cell phone signal “bars” than they should, leaving people who believed they had a strong signal frustrated by dropped calls. Apple issued a software update Thursday that it said would make the number of bars shown on the phone’s face more accurate. But Consumer Reports painted the problem as much broader. On Friday, the magazine said the free cases were “a good first step toward Apple identifying and finding a solution for the signal-loss problem of the iPhone 4.” No phone owner wants a gadget that doesn’t work. But many people who have bought an iPhone 4 or are considering one seem willing to forgive the antenna problem because they like its other features so much. “It’s not really my concern because I hardly make calls,” said Ross Beck, a 22-year-old student in Seattle. “Honestly, it doesn’t faze me. I know Apple and I know they fix their mistakes.” Helen Ferszt walked out of Apple’s flagship store in New York City on Thursday after ordering the iPhone 4, her third model, despite having heard of the reception problems. “I love the iPhone,” said the 78-year-old psychotherapist from New York. But she added that Apple needs to do better than giving away a free case. “No, I want it to be fixed,” she said. “They can’t just hang us out to dry.” Jobs apologized Friday to buyers who had less-than-perfect experiences with the new device. “We’re going to do whatever it takes to make them happy and if we can’t make them happy we’re going to give them a full refund and say we’re really sorry we inconvenienced you, and we’re going to do better next time,” he said. The refund applies even for those who have long-term contracts with AT&T Inc., the iPhone’s exclusive US wireless carrier. Apple shares slipped $1.55, less than 1%, to close Friday at $249.90. Source: Home - Livemint.com | 17 Jul 2010 | 3:06 am Apple CEO on antenna problem: ‘We aren’t perfect’Cupertino: A perfect iPhone? There’s no app for that. Apple Inc. will give free protective cases to buyers of its latest iPhone to prevent reception problems that occur when people cover a certain spot on the phone with a bare hand. CEO Steve Jobs apologized Friday to people who are less than satisfied with the iPhone 4, even as he denied it has an antenna problem that needs fixing. “We’re not perfect,” Jobs said at a news conference. “Phones aren’t perfect.” The more than 3 million people who have already bought an iPhone 4 can go to Apple’s website starting late next week and sign up for a free case, he said. Apple can’t make enough of its $29 “Bumper” cases for everyone, so the company will let people chose from several case styles. New buyers through 30 September will also be eligible. Apple will send refunds to people who already bought a Bumper. Jobs, expressing irritation with the critical coverage of the phone’s reception problems, echoed an earlier statement from Apple that no cell phone gets perfect reception. He played a video showing competing phones, including a BlackBerry from Research in Motion Ltd., losing signal strength when held in certain ways. He talked for 45 minutes and took 45 minutes of questions with Apple’s chief operating officer, Tim Cook, and Bob Mansfield, a senior Apple executive in charge of hardware engineering. Countering Jobs criticism of Blackberry’s signal strength, Mike Lazaridis, president and co-chief executive officer, RIM and Jim Balsillie, co-chief executive officer, RIM said: “Apple’s attempt to draw RIM into Apple’s self-made debacle is unacceptable. Apple’s claims about RIM products appear to be deliberate attempts to distort the public’s understanding of an antenna design issue and to deflect attention from Apple’s difficult situation. RIM is a global leader in antenna design and has been successfully designing industry-leading wireless data products with efficient and effective radio performance for over 20 years. “During that time, RIM has avoided designs like the one Apple used in the iPhone 4 and instead has used innovative designs, which reduce the risk for dropped calls, especially in areas of lower coverage. One thing is for certain, RIM’s customers don’t need to use a case for their BlackBerry smartphone to maintain proper connectivity. Apple clearly made certain design decisions and it should take responsibility for these decisions rather than trying to draw RIM and others into a situation that relates specifically to Apple.” Phones usually have an antenna inside the body. In designing the iPhone 4, Apple took a gamble on a new design, using parts of the phone’s outer casing as the antenna. That saved space inside the tightly packed body of the phone, but meant that covering a spot on the lower left edge blocked the wireless signal. Consumer Reports magazine said covering the spot with a case or even a piece of duct tape alleviates the problem. It refused to give the iPhone 4 its “recommended” stamp of approval for that reason, and on Monday it urged Apple to compensate buyers and fix the problem. The company had been criticized about spotty iPhone service in the US on AT&T Inc.’s network even before the newest model came out. On Friday, in the company’s first remarks following the magazine’s report, Jobs said Apple was “stunned and upset and embarrassed.” Jobs said the iPhone 4’s antenna issue isn’t widespread, with just over five out of every 1,000 complaining to Apple’s warranty service and less than 2% returning the device. Jobs also said that while the iPhone 4 is dropping calls slightly more frequently than its predecessor, the iPhone 3GS, it’s “less than one additional dropped call per 100.” “We’re not feeling right now that we have a giant problem we need to fix,” Jobs said. “This has been blown so out of proportion that it’s incredible.” Analysts have criticized Apple’s responses to reports of reception problems as dismissive, and cautioned that the company shouldn’t come across as arrogant. A curt note attributed to Jobs told one early iPhone buyer to either hold the phone a different way or buy a case. Apple has also said the main problem is actually with software, not antenna design. Apple said it recently discovered that iPhones display more cell phone signal “bars” than they should, leaving people who believed they had a strong signal frustrated by dropped calls. Apple issued a software update Thursday that it said would make the number of bars shown on the phone’s face more accurate. But Consumer Reports painted the problem as much broader. On Friday, the magazine said the free cases were “a good first step toward Apple identifying and finding a solution for the signal-loss problem of the iPhone 4.” No phone owner wants a gadget that doesn’t work. But many people who have bought an iPhone 4 or are considering one seem willing to forgive the antenna problem because they like its other features so much. “It’s not really my concern because I hardly make calls,” said Ross Beck, a 22-year-old student in Seattle. “Honestly, it doesn’t faze me. I know Apple and I know they fix their mistakes.” Helen Ferszt walked out of Apple’s flagship store in New York City on Thursday after ordering the iPhone 4, her third model, despite having heard of the reception problems. “I love the iPhone,” said the 78-year-old psychotherapist from New York. But she added that Apple needs to do better than giving away a free case. “No, I want it to be fixed,” she said. “They can’t just hang us out to dry.” Jobs apologized Friday to buyers who had less-than-perfect experiences with the new device. “We’re going to do whatever it takes to make them happy and if we can’t make them happy we’re going to give them a full refund and say we’re really sorry we inconvenienced you, and we’re going to do better next time,” he said. The refund applies even for those who have long-term contracts with AT&T Inc., the iPhone’s exclusive US wireless carrier. Apple shares slipped $1.55, less than 1%, to close Friday at $249.90. Source: LatestNews-Home - Livemint.com | 17 Jul 2010 | 3:06 am Apple CEO on antenna problem: ‘We aren’t perfect’Cupertino: A perfect iPhone? There’s no app for that. Apple Inc. will give free protective cases to buyers of its latest iPhone to prevent reception problems that occur when people cover a certain spot on the phone with a bare hand. CEO Steve Jobs apologized Friday to people who are less than satisfied with the iPhone 4, even as he denied it has an antenna problem that needs fixing. “We’re not perfect,” Jobs said at a news conference. “Phones aren’t perfect.” The more than 3 million people who have already bought an iPhone 4 can go to Apple’s website starting late next week and sign up for a free case, he said. Apple can’t make enough of its $29 “Bumper” cases for everyone, so the company will let people chose from several case styles. New buyers through 30 September will also be eligible. Apple will send refunds to people who already bought a Bumper. Jobs, expressing irritation with the critical coverage of the phone’s reception problems, echoed an earlier statement from Apple that no cell phone gets perfect reception. He played a video showing competing phones, including a BlackBerry from Research in Motion Ltd., losing signal strength when held in certain ways. He talked for 45 minutes and took 45 minutes of questions with Apple’s chief operating officer, Tim Cook, and Bob Mansfield, a senior Apple executive in charge of hardware engineering. Countering Jobs criticism of Blackberry’s signal strength, Mike Lazaridis, president and co-chief executive officer, RIM and Jim Balsillie, co-chief executive officer, RIM said: “Apple’s attempt to draw RIM into Apple’s self-made debacle is unacceptable. Apple’s claims about RIM products appear to be deliberate attempts to distort the public’s understanding of an antenna design issue and to deflect attention from Apple’s difficult situation. RIM is a global leader in antenna design and has been successfully designing industry-leading wireless data products with efficient and effective radio performance for over 20 years. “During that time, RIM has avoided designs like the one Apple used in the iPhone 4 and instead has used innovative designs, which reduce the risk for dropped calls, especially in areas of lower coverage. One thing is for certain, RIM’s customers don’t need to use a case for their BlackBerry smartphone to maintain proper connectivity. Apple clearly made certain design decisions and it should take responsibility for these decisions rather than trying to draw RIM and others into a situation that relates specifically to Apple.” Phones usually have an antenna inside the body. In designing the iPhone 4, Apple took a gamble on a new design, using parts of the phone’s outer casing as the antenna. That saved space inside the tightly packed body of the phone, but meant that covering a spot on the lower left edge blocked the wireless signal. Consumer Reports magazine said covering the spot with a case or even a piece of duct tape alleviates the problem. It refused to give the iPhone 4 its “recommended” stamp of approval for that reason, and on Monday it urged Apple to compensate buyers and fix the problem. The company had been criticized about spotty iPhone service in the US on AT&T Inc.’s network even before the newest model came out. On Friday, in the company’s first remarks following the magazine’s report, Jobs said Apple was “stunned and upset and embarrassed.” Jobs said the iPhone 4’s antenna issue isn’t widespread, with just over five out of every 1,000 complaining to Apple’s warranty service and less than 2% returning the device. Jobs also said that while the iPhone 4 is dropping calls slightly more frequently than its predecessor, the iPhone 3GS, it’s “less than one additional dropped call per 100.” “We’re not feeling right now that we have a giant problem we need to fix,” Jobs said. “This has been blown so out of proportion that it’s incredible.” Analysts have criticized Apple’s responses to reports of reception problems as dismissive, and cautioned that the company shouldn’t come across as arrogant. A curt note attributed to Jobs told one early iPhone buyer to either hold the phone a different way or buy a case. Apple has also said the main problem is actually with software, not antenna design. Apple said it recently discovered that iPhones display more cell phone signal “bars” than they should, leaving people who believed they had a strong signal frustrated by dropped calls. Apple issued a software update Thursday that it said would make the number of bars shown on the phone’s face more accurate. But Consumer Reports painted the problem as much broader. On Friday, the magazine said the free cases were “a good first step toward Apple identifying and finding a solution for the signal-loss problem of the iPhone 4.” No phone owner wants a gadget that doesn’t work. But many people who have bought an iPhone 4 or are considering one seem willing to forgive the antenna problem because they like its other features so much. “It’s not really my concern because I hardly make calls,” said Ross Beck, a 22-year-old student in Seattle. “Honestly, it doesn’t faze me. I know Apple and I know they fix their mistakes.” Helen Ferszt walked out of Apple’s flagship store in New York City on Thursday after ordering the iPhone 4, her third model, despite having heard of the reception problems. “I love the iPhone,” said the 78-year-old psychotherapist from New York. But she added that Apple needs to do better than giving away a free case. “No, I want it to be fixed,” she said. “They can’t just hang us out to dry.” Jobs apologized Friday to buyers who had less-than-perfect experiences with the new device. “We’re going to do whatever it takes to make them happy and if we can’t make them happy we’re going to give them a full refund and say we’re really sorry we inconvenienced you, and we’re going to do better next time,” he said. The refund applies even for those who have long-term contracts with AT&T Inc., the iPhone’s exclusive US wireless carrier. Apple shares slipped $1.55, less than 1%, to close Friday at $249.90. Source: Tech News - Livemint.com | 17 Jul 2010 | 3:06 am Zain Saudi Q2 loss lowest since operations lauchedRIYADH (Reuters) - Zain Saudi Arabia, the kingdom's newest mobile phone operator, posted its lowest quarterly loss since it started operations two years ago after revenues doubled on higher customers.Source: Reuters: Money News | 17 Jul 2010 | 2:49 am UK govt may cut BBC licence fee in austerity driveLONDON (Reuters) - The television licence fee levied by British state broadcaster the BBC could be cut as part of the British government's austerity drive, Culture Minister Jeremy Hunt said.Source: Reuters: Money News | 17 Jul 2010 | 2:13 am Move to simpler gadgets weigh on Best BuyCHICAGO (Reuters) - A shift in consumer preferences to smaller, easier-to-use technology is hurting big retailers like Best Buy, who have seen sales fall as demand drops for their big display items.Source: Reuters: Money News | 17 Jul 2010 | 2:00 am Wall Street wrap for 16 July 2010Bank of America reported profits of $3.1 billion, falling 3.1% from a year ago, revenues also saw a fall of 11%, leading investors to sell the stock on Friday. Bank of America shares plummeted 8.8%, closing at $14.02. Citigroup reported second-quarter profits dropped 37%, beating analysts’ estimates. Profits were $2.7 billion, down from $4.28 billion a year earlier. Shares for the day fell 5.8% to $3.91. And General Electric announced earnings rose 16%. Profits soared 93%, and it was the first time profits were made since the financial crisis began. But weaker revenues, falling 2%, missed expectations. As of Thursday, the stock was up 23% for the year. At the closing bell on Friday, shares had lowered by 4.85% to $14.51. And Apple’s CEO Steve Jobs finally addressed the reception issue that consumers of the iPhone 4 have been complaining about and that Consumer Reports, an organization that rates products, didn’t recommend because of the problem. Jobs said the company would hand out free cases to those who own an iPhone 4, which seems to fix the reception problem. The stock closed at $249.96, down 0.6% for the day. What this finally meant for markets – all 3 major indices fell sharply for the day, wiping out the week’s gains. Europe also ended the day in the red. In Asia, Japan’s Nikkei fell about 3% while Hong Kong’s Hang Seng and Shanghai Composite ended relatively flat. In commodities, US light crude oil for August delivery fell 83 cents to $75.79 a barrel, while gold for August delivery dropped $17.10 to $1,191.20 an ounce. In bonds, the yield on the 10-year note was lower, to 2.94% from 2.98% on Thursday, as treasury prices rose. Source: LatestNews-Home - Livemint.com | 17 Jul 2010 | 1:44 am BP's oil cap holding amid tense wait for test results - Hindustan Times
Source: Business - Google News | 17 Jul 2010 | 1:37 am Rallis India's Q1 net profit up 58 pc at Rs 14.8 croreTata Group's fertiliser manufacturing arm, Rallis India, today posted a net profit of Rs 14.8-crore, up 58 per cent, in the first quarter of FY 11.Source: HindustanTimes.com - Top Business News Headlines | 17 Jul 2010 | 1:09 am Gods can't trade in shares: CourtA Mumbai court has ruled that deities cannot deal in stocks and shares, reports said today, after an application for trading accounts to be set up in their names.Source: HindustanTimes.com - Top Business News Headlines | 17 Jul 2010 | 12:43 am US files suit over racial discrimination against Indians - NDTV.com
Source: Business - Google News | 17 Jul 2010 | 12:34 am Govt won't allow cartels: MinisterThe Steel Minister, Mr Virbhadra Singh, said that his Ministry will not allow any form of “cartelisation” in the industry, even as the SAIL Chairman, Mr C. S. Verma said that steel prices have bottomed out and could firm up in theSource: Business Line - Home Page | 17 Jul 2010 | 12:00 am Punjab Alkalies up on divestment moveThe Punjab Alkalies and Chemicals (PACL) share clocked its 52-week high at Rs 46.85 on the BSE on Friday but closed at Rs 40.55, still up 3.84 per cent from its previous day's close on disinvestmentSource: Business Line - Home Page | 17 Jul 2010 | 12:00 am Economy to grow 9% in first quarter: BasuThe Indian economy will grow around 9 per cent in the first quarter this fiscal, Dr Kaushik Basu, Chief Economic Advisor to the Finance Ministry, hasSource: Business Line - Home Page | 17 Jul 2010 | 12:00 am Maharashtra, AP help increase kharif acreageExcellent monsoon rains in Maharashtra have given a huge boost to sowing of all major kharif crops in his homeSource: Business Line - Home Page | 17 Jul 2010 | 12:00 am Tax havens turn a big draw for investments from IndiaOutbound foreign direct investment by Indian companies in tax havens such as the British Virgin Islands and the Channel Islands has seen a quantum jump in FY2010 compared with the previous financialSource: Business Line - Home Page | 17 Jul 2010 | 12:00 am MNCs look to bag Indian cement cosThe cement industry, which has seen some recent acquisitions by global players despite oversupply fears, could see the momentum continue in the comingSource: Business Line - Home Page | 17 Jul 2010 | 12:00 am SEBI powers: Judge recuses from hearing Price Waterhouse pleaMr Justice D. D. Sinha of the Bombay High Court, one of the judges on the Division Bench hearing audit firm Price Waterhouse's petition against Securities and Exchange Board of India, recused himself from hearing the case on Friday, withoutSource: Business Line - Home Page | 17 Jul 2010 | 12:00 am Doing it the Punj Lloyd wayIf there is one technique in the book that the energetic Chairman of Punj Lloyd, Atul Punj, has used to very good effect, it'sSource: Business Line - Home Page | 17 Jul 2010 | 12:00 am Diesel cheaper by Rs 2.50/litre in Delhi on VAT-cutHeeding the exhortation by the Centre to reduce State-level taxes on petro products so as to cushion the impact of the price revision, the Delhi Government has cut the sales tax/value-added tax (VAT) rate on diesel to 12.5 per cent from 20 perSource: Business Line - Home Page | 17 Jul 2010 | 12:00 am La Nina to bring rains, and a colder winterA monsoon-friendly La Nina condition has established rather quickly in the east equatorial Pacific Ocean in June itself, according to JapaneseSource: Business Line - Home Page | 17 Jul 2010 | 12:00 am Greece cbanker sees lenders passing stress testsATHENS (Reuters) - Greece's central bank chief said he expected the country's lenders to smoothly pass European Union stress tests to be published next week.Source: Reuters: Money News | 16 Jul 2010 | 10:28 pm New rupee symbol on computers may be in 3 months - Times of India
Source: Business - Google News | 16 Jul 2010 | 9:45 pm U.S. money transfer firms explore new routes in AsiaBANGALORE (Reuters) - Asia, with its large migrant population, promises a huge growth market for U.S. payment service firms, but for pure-play companies like Western Union and MoneyGram International, that's not the end.Source: Reuters: Money News | 16 Jul 2010 | 9:21 pm Nano drive gets costlier by Rs 6000 - Economic Times
Source: Business - Google News | 16 Jul 2010 | 8:08 pm Apple's fix for iPhone 4 antenna angst: free cases or a full refund - Washington Post
Source: Business - Google News | 16 Jul 2010 | 7:44 pm BP Gulf well cap works so far, Obama cautiousHOUSTON/WASHINGTON, July 16 (Reuters) - BP Plc's stricken Gulf of Mexico oil well showed no signs of leaking on Friday after a new cap stopped the flowing crude, but President Barack Obama warned that more needed to be done before it was fixed.Source: Reuters: Money News | 16 Jul 2010 | 7:18 pm Defiant Jobs stands by iPhone 4, dishes out casesCUPERTINO, Calif. (Reuters) - A defiant Steve Jobs on Friday rejected any suggestion the iPhone 4's design was flawed, but offered consumers free phone cases to address reception complaints that have hurt Apple Inc's image and shares.Source: Reuters: Money News | 16 Jul 2010 | 5:43 pm Diesel to become cheaper in Delhi from July 20 - The Hindu
Source: Business - Google News | 16 Jul 2010 | 4:21 pm Corporate bond issuances up 33% in April-JuneRate-hike concerns lead to firms front-loading their borrowing programmes.Source: Daily News & Analysis: Money News | 16 Jul 2010 | 4:21 pm Builders are facing a dilemma over 1% VATRecently I have booked a flat with a builder. Whether VAT will be payable by me?Source: Daily News & Analysis: Money News | 16 Jul 2010 | 4:19 pm TCS looks to generous variable pay to keep staff - Economic Times
Source: Business - Google News | 16 Jul 2010 | 3:58 pm Irda norms fan insurers' thirst for fundsThey need to maintain capital adequacy and also cover losses on Ulip portfolios.Source: Daily News & Analysis: Money News | 16 Jul 2010 | 3:45 pm Everonn to sell stake to SKIL via pref offerThe stake acquisition would also mark the entry of SKIL, an infrastructure player known for its special economic zone plans near Mumbai, into education.Source: Daily News & Analysis: Money News | 16 Jul 2010 | 3:45 pm Despite FDA vote, the word's caution on AvandiaIt's important to put the safety of the patients before any opinion is shared arbitrarily.Source: Daily News & Analysis: Money News | 16 Jul 2010 | 3:42 pm Fall in Baltic Freight not seen hitting shippersAccording to a Crisil report, the drastic fall in dry bulk spot freight rates will have a limited impact on the profitability of shipping companies as they have low exposure to dry bulk fleet.Source: Daily News & Analysis: Money News | 16 Jul 2010 | 3:41 pm Ciba shineThe company, which took over Ciba group companies effective February 2010 in order to expand its presence in the specialty chemicals business, saw net sales grow 72.65% to Rs 659.84 crore on a year-on-year basis.Source: Daily News & Analysis: Money News | 16 Jul 2010 | 3:34 pm ABB sticks with offer for Indian unit stake buySwiss engineering group ABB said it would not raise a Rs 900 (USD 19.31) a share offer for an increased stake in its Indian subsidiary, part of its plan to boost market share in the fastgrowing market.Source: Moneycontrol Top Headlines | 16 Jul 2010 | 3:31 pm AIG to pay $725 mln to settle fraud caseNEW YORK (Reuters) - American International Group Inc agreed to pay $725 million to settle a long-running securities fraud lawsuit led by three Ohio public pension funds, in one of the largest class action settlements in U.S. history.Source: Reuters: Money News | 16 Jul 2010 | 3:27 pm A professional degree no guarantee for plump jobA survey covering 200 engineering colleges and 200 MBA institutes beyond the top 100 shows that, on an average, only 15-20% engineering students, and about only 30-40% management students get placed.Source: Daily News & Analysis: Money News | 16 Jul 2010 | 3:25 pm Commercial realty launches at a lowBig-ticket leasing would happen by end of the year but price recovery not expected.Source: Daily News & Analysis: Money News | 16 Jul 2010 | 3:23 pm Vaseline Facebook app to lighten skin called unfairAn application for skincare brand Vaseline on Facebook that lightens the skin tone of profile pictures has been labelled unfair in India, one of the largest markets for skinlightening products.Source: Moneycontrol Top Headlines | 16 Jul 2010 | 2:57 pm Tata Motors raises Nano prices by 34%Tata Motors said on Friday its Nano cars will be priced 3% to 4% higher due to a steep increase in input costs.Source: Moneycontrol Top Headlines | 16 Jul 2010 | 2:51 pm Carbon trading a front for money-laundering: expertsOrganised crime gangs are using carbon emissions trading schemes as fronts for money-laundering,experts warned on Friday.Source: HindustanTimes.com - Top Business News Headlines | 16 Jul 2010 | 2:49 pm Economy will return to a high growth trajectory in FY11: Basu - Economic Times
Source: Business - Google News | 16 Jul 2010 | 1:33 pm Shapoorji Pallonji likely to make infrastructure cos publicShapoorji Palonji may look at bringing Group\'s infrastructure companies to market in order to fund large infrastructure projects, said Joint MD of the company Shapoor Mistry, in a rare interview with CNBCTV18s Sajeet Manghat.Source: Moneycontrol Top Headlines | 16 Jul 2010 | 1:11 pm Infosys shuts Thailand outsourcing centreInfosys Technologies Ltd, India\'s No. 2 software services exporter, has shut a small outsourcing facility in Bangkok, one of the three it had bought from Royal Philips Electronics, its CEO said on Friday.Source: Moneycontrol Top Headlines | 16 Jul 2010 | 12:57 pm Into the lightAs the government begins to implement the latest piece in its raft of rights-based legislation, the Right to Education Act, Mint travelled to Uttar Pradesh to take a look at how the state with one of the lowest literacy rates in India is coping in the wake of the new law, which promises every 6- to 14-year-old in India the right to quality education. We visited three schools in and around Lucknow, each catering to a different problem demographic: children of the rural poor, inner-city migrants and girls. The full story will appear in Thursday’s Mint as part of The India Agenda series. Kasturba Gandhi Balika Vidyalaya Mal In Mal village, an hour’s drive north of Lucknow, Kasturba Gandhi Balika Vidyalaya (KGBV) has been the recipient of free solar-powered lamps, provided under a Unicef/Ikea scheme, for each of its students. It is one of 454 such schools in Uttar Pradesh run by the government, targeting rural blocks where female literacy is below the national average of 46%. Click here To view a slideshow of three schools in and around Lucknow, each catering to a different problem demographic One hundred girls in classes VI, VII and VIII live in simple dormitories over the schoolrooms. When we arrive, on the eve of the exam season, the girls are revising lessons in matching tartan skirts and white shirts. After a blistering day, the light begins to fade—the girls study on. Eventually, as the shadows in the corners give up their implicit blues and pinks, each girl takes her own brightly coloured plastic Ikea lamp and switches it on over her textbook, reading on into the dark. Three-quarters of the pupils at Mal are from minorities or disadvantaged castes, and there are eligibility criteria for entrance: dropouts, girls who have never been schooled, girls who work at home or on farms. Some of the girls are so far below the national standard for their age that they are offered bridge courses of intensive tuition for three-six months before they start. Warden Juhi Kishore says the school has been transformational in a block that was the most backward in Lucknow district. “The girls are totally different after they have been here,” she says, “they become broad-minded, they see more aspects to every problem, and most of them now want to become teachers.” Chandganj Primary School Lucknow At the Chandganj school, examinations are in progress for students from classes I-V. Chandganj is a small school with 132 students and caters mainly to the children of Lucknow’s migrant workers. Headmistress Maya Dixit and her two colleagues explain the problems of working in an inner-city school where attendance is sporadic and parents are apt to pull their children out at any moment. The enrolment procedure takes time and adequate funding and materials for new students are often delayed. At schools such as Chandganj, teachers fight a constant battle to keep children in class, arguing with parents who want to pull out their children and take them back to villages at harvest time. With 48 children in class I and just 11 in class V, the dropout rate is worrying. “We had 250 kids in the school when they built the flyover in 2001,” says Dixit, “the migrant labour makes a big difference.” Paharpur Village School Paharpur Anil Kumar Shukle’s job as headmaster of the Paharpur village school entails a lot more than teaching. Born in the village and an ex-pupil of the school, Shukle says he makes it his morning duty to ensure every child in the village turns up for lessons. His colleague Madhu Ram, one of four members of the staff, describes giving chase to truants, following them into the fields to bring them back. The children arrive, some having walked for up to 2km without even a pair of shoes. There are four buildings in the complex: two primaries, a girls’ school and a boys’ upper primary. Each year, 60 students clear class VIII. Sitting at a wooden table on the veranda, Shukle eats unripe mangoes with salt and discusses the problem of finding teachers willing to travel to this remote location, an hour and a half away from Lucknow. Still, he says that when he was a boy, barely any village children got an education. Now, the school is open regularly and plans to expand to class XII. Text by Cordelia Jenkins Source: LatestNews-Home - Livemint.com | 16 Jul 2010 | 12:50 pm Michael Susan Dell Foundation: Focusing on poor childrenIt is a foundation thats been setup by one of the successful IT entrepreneurs in the world. It is a foundation that focuses on children living in urban poverty in India. It is the Michael and Susan Dell Foundation.Source: Moneycontrol Top Headlines | 16 Jul 2010 | 12:45 pm Pallonji group to set up real estate fundConstruction major Shapoorji Pallonji & Co will set up a real estate fund in the next one year. The fund will focus on investments in the domestic market, according to Shapoor Mistry, chairman of Eureka Forbes, a part of the Shapoorji Pallonji group.Source: Business Standard | Front Page Headlines | 16 Jul 2010 | 12:41 pm Delhi, Goa cut fuel rates as Centre fights inflationThe Congress-led government, which is under pressure on rising inflation and an increase in fuel prices, has swung into damage control.Source: Business Standard | Front Page Headlines | 16 Jul 2010 | 12:40 pm India sees three brand launches a day,but only 5% surviveIts a deluge in the marketplace. India saw 1,500 brand launches in the past 18 months, which work out to three a day.Source: Business Standard | Front Page Headlines | 16 Jul 2010 | 12:38 pm FinMin supports plan panel on road bid normsSays changes in guidelines will usher in a tighter regime for highway projects.Source: Business Standard | Front Page Headlines | 16 Jul 2010 | 12:38 pm European shares fall as economic jitters persistLondon: European shares fell on Friday, after downbeat US economic data and disappointing results at Citigroup, Bank of America and General Electric heightened concerns over the pace of economic recovery. The pan-European FTSEurofirst 300 index of top shares closed 2% lower at 1,012.94 points, ending the week at its lowest level since 7 July. The FTSEurofirst 300 shed 0.6% this week, as falls in the last two sessions eclipsed gains made earlier in the week, although the index is still up 2% so far this month. US companies Citigroup, GE and Bank of America reported better than expected quarterly earnings, but revenues fell from a year earlier. The two banks also reported lower investment banking profits. Adding to concerns for recovery in the world’s largest economy, data showed US consumer prices fell for a third straight month in June while an indicator of consumer sentiment tumbled to an 11-month low in July. “The central issue is which factors have the stronger effect on equity markets: the positive reports on earnings or the burden due to weaker leading indicators? We think that the negative effects from weaker economic indicators will dominate,” said Tammo Greetfeld, equity strategist at UniCredit in Munich. Banks were among the decliners, with Barclays, BNP Paribas and Deutsche Bank down 3.1% to 5.2%. In a closely watched move for the banking sector, European governments have agreed details of the criteria for judging whether their banks have passed the stress tests conducted on the region’s banks, EU sources said. The results are set to be published on 23 July. Jean-Claude Juncker, the chairman of euro zone finance ministers, said on Friday he was not expecting “any big catastrophes”. Across Europe, Britain’s FTSE 100, Germany’s DAX and France’s CAC 40 lost 1% to 2.3%. BP supports On the upside, heavyweight oil major BP rose 1.3%, on hopes that it has at last capped the ruptured subsea well that has been spewing oil into the Gulf of Mexico for the past three months and can now begin the clean-up. Among other decliners, Roche fell 4.2 after US Food and Drug Administration briefing documents sparked concern the Swiss drugmaker’s cancer treatment Avastin may be no longer be used to treat breast cancer in the United States. Finnish utility Fortum’s shed 5.5% as its second-quarter profits lagged forecasts due to a sluggish recovery in industrial power demand. The focus for next week is expected to remain on US corporate earnings, with Goldman Sachs and Morgan Stanley due to report on Tuesday and Wednesday respectively. Source: LatestNews-Home - Livemint.com | 16 Jul 2010 | 12:33 pm Wall Street slides as consumer data, revenues disappointNew York: US stock indexes fell as much as 2.4% on Friday after consumer sentiment fell to an 11-month low and consumer prices fell, while GE and two big US banking companies missed quarterly revenue expectations. The Thomson Reuters/University of Michigan survey of consumers showed US consumer sentiment fell far more than expected to 66.5 — its lowest level in 11 months — in a preliminary July reading — down sharply from 76.0, June’s final number. Earlier, the US Labor Department reported the US Consumer Price Index dipped 0.1% in June, which was weaker than the forecast for no change, and marked a third straight month of decline. General Electric Co, Bank of America Corp and Citigroup Inc on Friday joined the list of major companies that beat Wall Street’s expectations, along with Alcoa and Intel earlier this week, but shares of GE and both banks sold off after they reported a drop in quarterly revenues from a year ago. Bank of America and Citigroup also reported lower earnings compared with a year ago. GE’s stock fell 3.5% to $14.71, while Bank of America slid 7.7% to $14.20 and Citigroup lost 3.9% to $4.00. “The most important thing about second-quarter earnings is guidance, so investors are looking for revenue growth,” said Scott Marcouiller, senior equity market strategist at Wells Fargo Advisors in St. Louis. This week, investors are trading more on economic data after disappointing revenue results from major companies placed a dampener on an otherwise positive start to earnings season that began with strong results from Alcoa Inc, Intel Corp and CSX Corp. Michael Sheldon, chief market strategist for RDM Financial in Westport, Connecticut, said “the first week of earnings has been fairly positive, but investors will increasingly focus on economic data like today’s consumer” sentiment report “to determine what the outlook for the economy is in the back half of 2010.” The Dow Jones industrial average was down 202.61 points, or 1.96%, at 10,156.70. The Standard & Poor’s 500 Index was down 24.66 points, or 2.25%, at 1,071.82. The Nasdaq Composite Index was down 54.29 points, or 2.41%, at 2,194.79. The S&P 500 has risen seven out of the past eight sessions. This week’s strong start to the earnings season had led to optimism about a positive round of results to give the stock market some momentum through the third quarter. Among the missteps, though, was Google Inc’s second-quarter earnings per share, excluding items, which missed Wall Street’s expectations for the first time in two years. The stock was down 5.2% at $468.21. A positive note came from Goldman Sachs Group Inc, whose shares climbed 2.1% to $148.20 a day after the Wall Street firm settled a US civil fraud case with the Securities and Exchange Commission. But the overall banking sector was in a funk, with the KBW Banking Index down 4.5%, a day after the US Congress approved the broadest overhaul of financial rules since the Great Depression and sent it to US President Barack Obama to sign into law. In the energy sector, US-listed shares of BP Plc fell 3.4% to $37.59 despite reports that a new cap on BP’s stricken oil well in the Gulf of Mexico showed no sign of leaking on Friday. The decline in BP’s stock was in sync with a drop in August US crude oil futures, which fell 82 cents, or 1.1%, to $75.80 a barrel in midday trading. The weak US consumer sentiment and CPI data were taken as signs of sluggish demand, energy traders said. Source: LatestNews-Home - Livemint.com | 16 Jul 2010 | 12:26 pm Corporate News | L&T quoted 12% gap funding for Hyderabad Metro projectHyderabad: Engineering firm Larsen and Toubro Ltd (L&T) emerged the winner for developing the Hyderabad Metro rail after it sought the lowest funding from the state government for the Rs12,312-crore project. While the government had offered a viability gap funding (VGF) of Rs4,853 crore, or 40% of project cost, L&T sought Rs1,458 crore, or 12% of the cost, Hyderabad Metro Rail Ltd (HMRL), the nodal agency for the project, said in a statement on Friday. Viability gap funding is the money offered by the state government to make up for the shortfall between the cost of an infrastructure project and the money private investors are willing to spend. A consortium of Transstroy Corp. of Russia, CR 18 of China and Bharat Earth Movers Ltd (BEML) had sought a VGF of Rs2,200 crore, or 18% of the project cost. The Reliance-Anil Dhirubhai Ambani group (R-ADAG) sought a VGF of Rs2,991 crore, or 25% of the project cost, HMRL said. The Andhra Pradesh government had called fresh bids for the project last July after it scrapped the award of the project to a consortium led by Maytas Infra Ltd as it had failed to arrange the funds for it in time. C.R. Sukumar ********* Tata Steel sells 27% stake to Southern Steel Berhad Mumbai: Tata Steel Ltd’s Singapore subsidiary NatSteel Holdings Pte. Ltd. on Friday informed the Bombay Stock Exchange that it has sold a 27.03% stake back to promoters Southern Steel Berhad, a Malaysian steel maker for $72 million. The deal, which valued Southern Steel Berhad at $267 million, is part of the company’s strategy of restructuring its portfolio and reconsidering its positions in geographies where it does not have a majority control, the company said. Tata Steel will continue to explore various growth opportunities in its southeast Asian business in future, it added. Tata Steel is trying to reduce its debt-equity ratio from 2.2 to 1.5, says Ravindra Deshpande, an analyst at brokerage Elara Securities Pvt Ltd, adding that it could look at more expansions in India as it has the iron-ore advantage. On Thursday, Tata Steel had raised at least Rs1000 crore by issuing preferential shares and warrants to Tata Sons Ltd. Tata Steel shares on Friday closed 0.41% lower on the Bombay Stock Exchange at Rs509.20 each. The benchmark Sensex closed 0.26% higher at 17,955.82. Harini Subramani Source: LatestNews-Home - Livemint.com | 16 Jul 2010 | 11:53 am Economy and Politics | Modi to have legal representationMumbai: The Board of Control for Cricket in India (BCCI) said on Friday that it will allow suspended Indian Premier League commissioner Lalit Modi to be represented by his legal counsel during the proceedings against him. This was a departure from the BCCI’s rules which require the persons against whom an enquiry is being conducted to be present. However, the exception was made by the disciplinary committee after it agreed with the views expressed by Modi’s counsel Venkatesh Dhond. He said the charges levied against Modi were of a serious nature and complex legal issues were involved, particularly in relation to the interpretation of the contract documents. gouri.s@livemint.com ********* Chandrababu Naidu, TDP leaders arrested Hyderabad: Telugu Desam Party (TPD) chief N. Chandrababu Naidu, 38 lawmakers and several leaders from his party were taken into preventive custody Friday when they attempted to enter Maharashtra to protest against the Balbi irrigation project on the Godavari river. Police officials said the TDP leaders were taken into custody as they violated prohibitory orders. Naidu and his party leaders on a bus tour to Maharashtra to visit the site of the project. TDP, the main opposition party in Andhra Pradesh, claims Maharashtra is building 14 irrigation projects in violation of the Supreme Court’s orders, which would deprive people in the southern state of water from the Godavari river. C. R. Sukumar Source: LatestNews-Home - Livemint.com | 16 Jul 2010 | 11:49 am Cosmetic changes for disputes BillMumbai: The government is likely to press ahead with plans to set up a committee headed by the finance minister to resolve regulatory tussles on hybrid financial instruments, albeit with some changes aimed at placating the opposition to the proposal. A Bill to convert the ordinance issued on the subject may be introduced in the monsoon session of Parliament that begins on 26 July. “There will be minor changes both in terms of scope as well as structure of the committee,” a person familiar with the development said.  Currently, the governor chairs the high-level coordination committee on financial markets that includes the chairmen of Sebi, Irda and PFRDA. The Bill is also expected to clearly specify that the committee will not take up any issue on its own and that the new structure will come into play only when the regulators choose to refer an issue to it. According to the ordinance, the committee would come into the picture “in case of any difference of opinion” among regulators on regulating hybrid instruments when any of them makes “a reference to the joint committee”. The Bill is expected to change this slightly, making it clear that the joint committee will intervene only when all regulators want it to do so. In other words, the panel will not proactively settle any regulatory dispute. The existing system of regulators talking to each other on such issues at a common forum will continue. Another person familiar with the development said the changes to the ordinance will be “cosmetic” and the government will push through the Bill even though RBI has expressed its reservations, fearing loss of autonomy. The Bill is expected to have a smooth passage as the opposition—the Bharatiya Janata Party and the Left—is unlikely to oppose it. “It’s not about price rise, or say, interest rate on small savings. It has nothing to do with the masses. Why would it become a political issue,” asked a senior finance professional in Mumbai, who is closely tracking the issue. All the people quoted in the story declined to be named. The capital market regulator has not formally expressed its reservations, but RBI has made it clear it fears the government’s interference in policy issues. RBI governor D. Subbarao has written a letter to finance minister Pranab Mukherjee on this and met him early this week. The original idea behind the ordinance was to end the turf war between Sebi and Irda on the regulation of unit-linked insurance plans, a hybrid that combines investment in equities and bonds along with an insurance component. Neither RBI nor Sebi were consulted for the plan. RBI has asked the ministry to allow the ordinance to lapse, and if that is not possible, “the portion of the ordinance relating to the RBI Act may be deleted”. The government is unlikely to accept the banking regulator’s request, but it seems to be willing to make small changes. feedback@livemint.com Source: Home - Livemint.com | 16 Jul 2010 | 11:45 am HC boost for innovators, orders overhaul of patent processNew Delhi: In a much-needed relief to innovators, the Delhi high court on Thursday passed a landmark judgement which will bring greater transparency to the process of granting patents and crack down on the practice of filing mischievous pre-grant opposition. Accordingly, the office of the controller of patents has been directed by the court to not only disclose award of patents on a real-time basis, but also electronically circulate patent hearing dates a day before.  At the core of the legal challenge was the existing process, which resulted in a time gap between the grant of a patent and the issue of the certificate. This loophole in the process was at times exploited by rival parties to file a challenge even after the patent had been granted. In some instances, parties also filed multiple challenges under aliases. This has now been declared illegal and will invite a penalty. In his judgement, Muralidhar maintained that once the final order granting the patent is signed by the controller or the assistant controller, it must be immediately placed on the website on the same day so as to eliminate the time gap between the signing of the order and publishing it. This would mean that the patent would come into force on the day on which the order has been signed as opposed to the day when the order is published or the patent certificate is issued. The court has asked the controller to publish a “cause list” of patent matters pending before it, bringing an even more transparent mode of functioning to the department. “The intention of the judge was to protect patenting. It will streamline the patent process and it gives a good warning to those who want to unduly stop patenting,” said noted patent lawyer Pratibha Singh, who represented J. Mitra and Co. Pvt. Ltd, which won the case. “There is a habit of people who were trying to create impediments in the grant of patents. That has stopped,” she added. The court has asked the controller’s office to issue directions to all its officers and also place them on its website so that no orders granting final patents are reopened. “For the first time, any court has interpreted what the date of grant is—this is the most critical part,” said Sagar Chandra, who recognized the verdict as a pioneering judgement, although he was on the losing side, representing Gupte. The facts involve several companies that were filing pre-grant oppositions with the controller for patents to the parties that had applied for them. “This decision brings a great deal of clarity to the patent grant process. It will come as music to the ears of inventors, many of who have been at the receiving end of a grossly inefficient system, whereby patent certificates are issued very late...and in some cases, several years after the patent office has decided to grant the patent in question,” said Shamnad Basheer, professor in IP law at the National University of Juridical Sciences, Kolkata. By imposing a fine of Rs20,000 on each of the opposers, it was also made clear that serial oppositions by parties associated to each other in any way is, apart from being not maintainable in law, an “abuse of the process of law”. “This order will, therefore, bring about a reduction in the number of such serial oppositions, which are now common in almost all pharmaceutical patent cases,” added Basheer. Radhieka Pandeya contributed to this story. nikhil@livemint.com Source: Home - Livemint.com | 16 Jul 2010 | 11:44 am Piramal’s acquisition plan won’t be limited by place, industryMumbai: Armed with a war chest of around $3 billion (around Rs14,000 crore), Ajay Piramal’s acquisition plans won’t be constrained by geography or industry, said a senior company official. The Piramal group that he heads has interests in healthcare, original drug discovery, glass manufacturing, etc. “While as a group we are looking at India, valuations are very attractive in the US and Europe. There are huge opportunities for consolidation there,” said Vijay Shah, managing director of the Rs1,103 crore Piramal Glass Ltd, a group company that was almost dragged down by its acquisition in 2005 of a US firm, Wheaton Glass, in chapter 11 protection, but was smartly turned around in fiscal 2009-10.  On the lookout: Ajay Piramal, chairman of the Piramal group. India Today Global healthcare firm Abbott Laboratories Inc. had acquired the domestic formulations business of Piramal Healthcare Ltd, the Piramal group’s flagship company, for $3.7 billion in May. Earlier this month, Piramal Healthcare sold its diagnostic services business to Super Religare Laboratories Ltd for Rs600 crore. The initial payments from both deals amount to about $3 billion. “Scanning possible acquisitions in high-growth sectors is going on, but nothing is concluded yet,” said Shah, a 22-year veteran of the group. Ranjit Kapadia, vice-president (institutional research) at HDFC Securities Ltd, said the company will likely be looking to strengthen its contract research and manufacturing services business by global acquisitions as several assets in that segment are available at cheap valuation in the recession-hit markets. Earliest this week, Murari Rajan, executive director responsible for mergers and acquisitions and corporate developments at Piramal Healthcare, had told Mint that the group would finalize new investment options in a few weeks’ time, mostly in areas it has retained in its portfolio. “Piramal is keen at acquisition opportunities in areas such as contract manufacturing, hospital supply products and over-the-counter drugs in the healthcare space, and the group is apparently in discussion with several players in these areas on a global basis,” said Muralidharan Nair, partner (health sciences advisory practice) at audit and consulting firm Ernst and Young. He added that the group could look at new areas that can grow even faster, such as “real estate and financial sector, especially insurance sector that is all set for a boom in India”. Shah dismissed as “baseless” market speculation that Piramal Glass is next in line for a possible divestment. This had gathered strength after the promoters sold 1.5 million shares, or a 1.79% stake, on 14 July. “There is no conscious attempt to sell every business of the group,” Shah joked. The company explained in a notice to the exchanges that the transaction was made to comply with capital market regulator Securities and Exchange Board of India’s norms mandating a minimum public shareholding of 25%. Following the sale, Piramal Glass, which makes bottles for global companies such as Procter and Gamble Co., Coty Inc., L’Oreal SA, Givenchy, Elizabeth Arden and Estee Lauder, among others, also stands to become the flagship company of the Piramal group. Shah, however, discounts that possibility, pointing out that the size of the global market it operates in just $2 billion. “The group is sitting on $3 billion and none of the existing businesses can absorb so much cash,” he said. Piramal Glass, which posted annual losses till the 2008-09 fiscal, though, is ideally poised to go global, conceded Shah. By systematically moving some of the key operations to India, Piramal Glass has become the lowest-cost producer in the world. Piramal Glass would have gone bankrupt if it had not been for chairman Piramal, who committed to fund 90% of the Rs185 crore rights issue needed to pare debt, Shah said. That helped narrow the company’s debt-equity gap from 15:1 to 3:1, he added. The US acquisition allowed the company to fulfil its strategy of accessing customers and know-how through such moves. Shah said he moved from Piramal Healthcare because the glass company had the potential to become a global leader. However, the company’s aim of becoming one of the top three speciality glass manufacturers in the world may not be easily achieved. It currently has a 5% global market share, while Saint Gobain and Pochet SA have 21% and 13%, respectively. Piramal Glass is currently ranked ninth in the world by market share in a list of mostly European firms. An analyst affiliated to a domestic brokerage firm, who has interacted with the group, said Piramal Glass is linked to Western economies and if Europe and the US continue to flounder, the Indian firm will be hit as its main markets are there. He declined to be named as he is not authorized to speak to the media. Shah, however, argued that the company will be able to compete strongly because it operates on a low-cost base, compared with its rivals. The strategy at Priamal Glass, he said, has been about changing the product mix and optimizing profit as it deliberately moves to high-margin bottles for cosmetic products. From a 5% return on capital, the business has now moved to 10% and Shah expects it to be closer to 20% in two years. Interest rates on debt from Indian banks for the US acquisition have also been cut from 13% to 7%, a significant cost reduction. satish.j@livemint.com Source: Home - Livemint.com | 16 Jul 2010 | 11:43 am SC priority for crucial green disputesNew Delhi: The Supreme Court has set up a special bench directly under Chief Justice S.H. Kapadia to fast-track decisions on crucial environmental disputes. This has been spun out of the existing Green Bench (also called the Forest Bench). While the special bench under the chief justice will hear important matters such as mining in forests and large development projects, a new bench headed by justice B. Sudershan Reddy will hear all other environment-related matters every Monday. Speaking to a crowded courtroom, Kapadia said the measures were being taken to ensure the speedy disposal of important cases. Once a matter comes before the special bench, which sits every Friday, it will be speedily dealt with. “This is how we have decided to operate,” he said. The court will be listing only three cases every week as it is unlikely that more than one case will be heard at a sitting. There are several pressing cases pending before the erstwhile Green Bench, including matters of mining in Karnataka and Andhra Pradesh involving Obulapuram Mining Co. Pvt. Ltd (which is owned by Karantaka BJP MLA and minister G. Janardhan Reddy), the case involving French cement firm Lafarge SA’s limestone mining operations in Meghalaya (which exports the raw material to Bangladesh), and the case of mining in the Aravalli hills. The first case pending before the bench is the construction of a park in Noida near the Okhla bird sanctuary, which is likely to be heard next Friday. Once the announcement about the division of the Green Bench was made, the court was adjourned within 15 minutes of its sitting, in spite of the presence of several parties that had cases listed for the day. According to environmental lawyer Ritwick Dutta, the hearings before the Green Bench on Friday had become an issue since only two hours had been set aside for several cases. “There’s a very serious backlog of cases. The concern is not about projects being delayed, but in cases where projects get over and (are) done by the time litigation is over. Those who are coming to protect (the) environment should be heard in time,” said Dutta. Environmental author Kanchi Kohli, who works with NGO Kalpavriksh, said that it was an important decision. “However, we do hope that increasing the efficiency is directed in favour of forest conservation and rights of forest dependent communities, rather than expediting clearances and approvals to projects.” Padmaparna Ghosh contributed to this story. nikhil@livemint.com Source: Home - Livemint.com | 16 Jul 2010 | 11:39 am Policymakers see no `catastrophes` in bank testsStress tests on European banks should not reveal any major problems among the big names, top officials said on Friday, saying the financial health check will be transparent and ease worries among investors.Source: Moneycontrol Top Headlines | 16 Jul 2010 | 11:17 am Body of liesIt was while doing a 240kg squat that Praveen Mahadeo Sakpal, then 26, realized he was in trouble. The Central Railway clerk and competitive bodybuilder was used to pushing his impressive muscles for that extra edge which gets the judges’ approval. But that muscle tear in 2002 ended Sakpal’s bodybuilding career.  Pump up: Rajesh Desai, MD of Pro-Fit Functional Fitness Centre in Mumbai, supervises a client’s routine. Kedar Bhat/Mint Sakpal may have been a victim of a professional hazard, but he is also an example of the dangers lurking behind that extra benchpress every person aims for. Fitness experts say a combination of ignorance about training methods, over-exercise, improper diet and the need for quick results leads to injuries and health problems that people do not foresee. While a majority of newly fitness-conscious urban Indians are chasing lower pulse rates, there is a minority that’s pursuing a physique rather than fitness. The consequence of the need to get that six-pack—an annoying and misleading modern synonym for a good body—is also forcing an impatient generation to search for instant results. More workouts, more protein shakes and steroids without the right amount of rest and adequate diet is resulting in hair loss, liver damage and digestive breakdowns, apart from injuries such as lower back disc compression, sacroiliac joint injuries (to the side lower back), spondylitis, shin splits and joint aches. Despite an increasing number of fitness centres and innovations in workouts, fitness experts say young people today are treading a path of aspiration—to build an image through physique, rather than necessarily getting fit. Fuelled often by film stars and glamour, this clamour for the six-pack is backbreaking in more ways than one. “Looking good is a major criterion now,” says Paul Britto, a trainer at Gold’s Gym in Bandra, Mumbai. “You can get fit jogging a mile, but looking good is difficult,” he says, adding that men typically seek bigger biceps and flatter abs, while women are mostly traumatized by their hips, thighs and, of course, waist. Britto should know: The centre he works in is popular among Bandra-residing film actors such as John Abraham and Dino Morea. Actors and models, trainers say, are not the only people chasing that good-looking body, they are also driving dreams among young people. “Whoever comes here has Salman Khan or Bipasha Basu as their idol,” says Rajesh Desai, managing director of Pro-Fit Functional Fitness Centre in Kandivali. “Everyone’s interested in lazy fitness.” This body obsession is a double-edged sword: Sakpal says that if Khan drives a craze for fitness, it’s for the better, but there is a warning. “People see American magazines and want to follow Arnold’s (Schwarzenegger) routine. But it just does not work that way. Movie stars get paid to look the way they do,” says Aijaz Ashai, head of department, advanced physiotherapy and sport rehabilitation, Saifee Hospital, Mumbai. Actor Imran Khan agrees: “It’s an occupational hazard; we are paid for this.” Khan unbuttoned his shirt for photographs and his latest release I Hate Luv Storys, and had to cultivate a certain look that was felt to be necessary for the role. He says Bollywood merely represents a society that’s increasingly “looks conscious”. “If you are in the movie business, for better or worse, the audience expects you to be attractive. It’s not about vanity, it just appears so in the media,” says Khan, whose fitness regime is “functional”. He adds that he might adjust his body to meet the demands of his role but would “not advice others to”. The Bollywood formula can lead to a skewed impression of what a good body is and why actors look the way they do. For instance, Qazi Touqeer, winner of a singing reality competition five years ago, was a “super thin” 50kg then; today, he poses in the mandatory tight T-shirts on tabloid covers ahead of the release of his film Take Off. “You can get rejected because of your looks,” he says. Even if Touqeer and his physio, Dr Ashai, say he has done it the right way, there are several who do not. Leena Mogre, a director at Leena Mogre’s Fitness, Mumbai, talks of this wannabe pressure that drives people to supplements, artificial energizers and overwork, a “vicious cycle” which results in kidney and liver damage and sleep disorders. Mogre gives the examples of women who want to be models: “They become like sticks, thin, with flat stomachs, through dieting. But they are not fit.” “People keep talking about this six-pack but it’s impossible to maintain through the year. Professional bodybuilders have a system for it, a routine; when off-competition, they eat pizzas and ice cream to replenish the body with nutrients denied during competition. If you keep that six-pack routine for 12 months, it’s highly dangerous,” says Mogre. She naturally does not support the short cut to a bigger body. “You see so many of them with big biceps and broad shoulders but then they would not have a butt or the legs.” Experts in the field advise caution—they say a person should go to competent specialists to get their complete workout and diet routines based on their age and fitness levels. Mogre even does a psychological analysis before giving someone a routine. “If you are under stress, we prescribe kickboxing,” she gives an example. “When you are doing squats, you are adding a pressure that’s eight times your body weight,” says Dr Ashai. “If you use a 10kg weight, the stress is multiplied a hundred times. So you have to be sure your muscles are capable of handling this.” There is unanimity on one point, though—if you get fit, you will naturally look good. Source: LatestNews-Home - Livemint.com | 16 Jul 2010 | 11:06 am The rainbow manHe moves effortlessly from treetops in 18th century China to ranches in Wyoming. Taiwanese-American film-maker Ang Lee’s Crouching Tiger, Hidden Dragon (2000) became the highest grossing foreign film in several countries at the time of its release. His childhood dream of making a Chinese wuxia (martial arts and chivalry) film earned him a Best Picture nomination at the Academy Awards. Five years later, Lee won the Best Director at the Academy Awards for Brokeback Mountain, a heart-wrenching film that explores the relationship of two ranch hands. The film won 71 awards in all, including the Golden Globe, the Directors Guild and the Bafta. But that’s not why we love Lee. He is a prolific multitasker— directing, writing, acting, editing, producing. He is also a genre-hopping wonderman. He has tried everything, from period dramas such as Jane Austen’s Sense and Sensibility (1995)—which marked his entry into Hollywood—to American Civil War dramas such as Ride with the Devil (1999). Next week, the first leg of a travelling Ang Lee retrospective will screen five films in Delhi: Fine Line (1984), Pushing Hands (1992), The Wedding Banquet (1993), Eat Drink Man Woman (1994), Crouching Tiger, Hidden Dragon (2000). Together, these films trace Lee’s journey, starting from his days at New York University’s Tisch School of the Arts. The Ang Lee retrospective will run from 23-25 July at Siri Fort Auditorium, New Delhi. Entry is free. The festival will then travel to Pune and Kolkata. For details, log on to www.indianauteur.com —Anindita Ghose Source: LatestNews-Home - Livemint.com | 16 Jul 2010 | 11:04 am In search of the next big thing in the IT businessIf there is one thing that the results of Infosys Technologies Ltd and Tata Consultancy Services Ltd show, it is that there is still not much clarity on the next big thing in the Indian IT services business in terms of business models. That should worry companies in a business that has evolved considerably in the past two and half decades. For much of the 1980s and even some part of the 1990s, IT services was synonymous with body-shopping. The benefit offered by companies in the business to their customers, most of whom were in the US, was easy staffing at low cost. The first big revolution in the way the business was done came sometime in the mid-1990s when Indian companies started talking about the global delivery model, where they could service customers without having to ship people (or at least too many people) to faraway destinations. The second big revolution followed almost immediately—the realization that this kind of offshoring, as people began to call it, could be done not just with IT applications but also with other processes. The result was the birth of the business process outsourcing, or back-office services, industry. Since then, alas, there hasn’t been much happening in the business by way of radical changes though, I’m sure, the companies themselves would like to look at things differently. This hasn’t been for want of trying. For some time, companies flirted with consulting and claimed that clients would pay them on the basis of results. Several Indian IT services firms have consulting arms but these aren’t very significant in terms of the revenue they contribute. A few companies believed something called platforms was the next big revolution in business model. This essentially meant acquiring the capability to offer a certain line of service, building a process around it, and then selling the service to multiple clients. This too hasn’t turned out to be what it promised to be. This could explain why all reporting and analysis of Indian IT services firms continues to talk of the same things: headcount, hiring patterns, billing rates, attrition, split between on-site and offshore business, and costs. I decided to do a bit of reporting for Acute Angle and called up three reasonably senior executives in three Indian IT services firms. The first insisted that consulting would be the next big thing and that everyone was being hasty in writing it off. The second claimed that the whole platforms thing had been misunderstood and that the model still rocked. He also referred vaguely to something called the non-linear growth model but declined to give details. Maybe his company will surprise me soon. The third, whom I know best, said he had no idea at all. If that’s indeed the case then the numbers-heavy and short-term way in which analysts look at IT companies may well be the best approach to understand their business. Interestingly, Indian IT’s mid-life crisis, if it can be called that (the better companies continue to do well and remain profitable) comes at a time when the world is looking for a new driver to stimulate the economy. For much of the 1990s and 2000s, this was simply the productivity gains that companies achieved by investing in information technology (some of these investments found their way to India, too, to IT services firms here). The popular consensus now is that the era of productivity gains (or at the least, easy and generous productivity gains) is over. Maybe when there is some clarity on the identity of this factor X, we will know what the next big thing for Indian IT is. Until then, constant reader, your guess is as good as anyone else’s. Write to acuteangle@livemint.com Source: LatestNews-Home - Livemint.com | 16 Jul 2010 | 11:01 am Tata hikes Nano price, to begin second phase of deliveryMumbai: Tata Motors Ltd, the country’s third-largest carmaker by volume, will begin the second phase of deliveries for its ultra small car Nano on 17 July, but with a higher price tag. It is increasing the price of the Rs1 lakh car—acclaimed for being the world’s cheapest car—by 3% to 4%, the company said in a statement on Friday. The hike will apply even to those who had booked the car at its launch more than a year ago. Currently, the cheapest of Nano’s three variants costs Rs1.53 lakh in Mumbai, including taxes. The new batch of deliveries has been made possible by its factory in Sanand in Gujarat, which has an annual capacity for 250,000 cars and became operational ahead of schedule, the company said. Tata Motors launched the Nano on 23 March 2009 and received bookings for 260,000 cars. But because of production constraints, it decided to accept bookings and make deliveries of the cars in two phases. It chose its first 100,000 customers through a computerized draw of lots for who would get the car at an ex-showroom price of Rs1 lakh. The rest were given the choice of retaining or cancelling their bookings. Tata Motors did not disclose the number of cancellations. The company has, between July 2009 and June 2010, delivered at least 45,000 cars and is now contacting so-called retainees, or those who retained their bookings, about the impending deliveries. This is the final step before the company opens up sales of the Nano, it said. There were 55,000 retainees at the end of 2009. The company has been paying an interest of 8.5% to such customers on their deposits, and will continue to do so until their cars are delivered. Following the price hike, however, retainees will have to pay an additional 3% to 4%, depending on which variant they purchase. shally.s@livemint.com Source: Home - Livemint.com | 16 Jul 2010 | 10:23 am Current order book around Rs 14cr: Hilton Metal ForgingIn an interview with CNBCTV18, Yuvraj Malhotra, CMD, Hilton Metal Forging, speaks about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 16 Jul 2010 | 10:04 am Chinese growth’s global impactThe recent slowdown in the Chinese economy has sparked a big debate about its impact on the rest of the world. The slowing of its economy may be good for China, but will it lead to a double dip in the fragile economies of the West? What will happen to commodity prices? These questions underline the importance of China’s rapid economic growth to the rest of the world. At the outset, it’s best to clear up some myths. As the authors put it, “While China’s share in world trade has increased dramatically in recent decades it is still small compared with the US. The size of China’s GDP at current exchange rates is only one-fifth that of the US and that of its private consumption is only around one-eighth that of the US (IMF, 2009). Moreover, China accounts for only 3% of world imports of consumer goods and for only 4% of world import growth. China could not, therefore, replace the US as a ‘global consumer’ in the short run.” That said, China does have a major impact on commodity prices, its surpluses reinvested in US government paper have helped to keep interest rates low in the US, and its exports are a source of envy to competitors and have kept prices low across the world. Also, its importance is growing rapidly. China’s share in total merchandise trade with India, for example, has increased from 0.1% in 1990 to 11.5% in 2008. So what impact does Chinese growth have on the rest of the world? The authors find that in the short term a 1 percentage point shock to China’s GDP growth is followed by a cumulative response in other countries’ GDP growth of 0.4 percentage points over five years. Around 60% of the impact of China’s growth seems to be transmitted through trade channels. And in the longer term, “panel regressions based on the last two decades also suggest a positive spillover impact of China’s growth, with a 1 percentage point increase in China’s growth being correlated with an average of 0.5 percentage point increase in the growth of other countries. Moreover, while China’s spillovers initially only mattered for neighbouring countries, the importance of distance has diminished over time.” Financial Innovation, the Discovery of Risk, and the US Credit Crisis By Emine Boz and Enrique G. Mendoza, IMF working paper This paper points out that financial innovation was a big reason for the crisis and argues that booms and busts are an integral part of financial innovation. That’s because financial innovation underrates risk, because agents start without a sufficiently long time series of data to correctly evaluate the riskiness of the new financial environment. This in turn leads to higher asset prices, which breeds optimism as people feel wealthier and borrow against the inflated value of these assets. This increases leverage in the system. According to the authors then, excess optimism is natural during periods of financial innovation. What policy measures are therefore called for? The researchers say that close supervision of financial intermediaries in the early stages of financial innovation is critical. For example, capital requirements can be used to limit overborrowing. But perhaps their most important conclusion is that the proposed tighter regulations imply a shock to financial innovation, which will force agents to “evaluate the riskiness of the new financial environment with subjective beliefs based on imperfect information. Thus, the risk exists that a few years of slow credit growth and poor performance in asset markets can lead to the build-up of pessimistic expectations that will hamper the recovery of financial markets.” Write to simplyeconomics@livemint.com Source: Home - Livemint.com | 16 Jul 2010 | 9:30 am Ircon to build rail line, communication system in Sri LankaColombo: India has bagged a $86.5 million contract to build a railway line and telecommunication system in Sri Lanka. The contract for reconstruction of northern railway line and telecommunication system has been awarded to Indian Railway Construction International Ltd, or Ircon, at a total amount of $86.5 million, an official statement said. The northern railway line was destroyed during the decades-long ethnic conflict in the island nation, which ended last year in May with the defeat of the LTTE. The Sri Lankan government has also decided to ink a contract with China National Machinery Import and Export Corp (CM)l to develop the Matara-Beliatta railway line at a cost of $290 million. The contract will also include signalling, telecommunication and ticketing systems and the maintenance of these systems. It was not immediately known when the projects would be completed. Talks are also underway for Ircon to construct the line from Omanthai to Pallai while the Peoples Republic of China is proposed to be awarded the contract for construction of the rail line from Pallai to Kankesanthurai in Jaffna peninsula. Source: World Business - Livemint.com | 16 Jul 2010 | 7:48 am Gold dips on reduced offtake, silver easesMumbai: Gold prices declined further at the bullion market here on Friday due to reduced seasonal offtake as well as lower stockists buying amidst bearish European cues. Silver, also eased on mild stockists offering. Standard gold (99.5 purity) dropped by Rs45 per ten grams to finish at Rs18,395 from the Thursday’s closing level of Rs18,440. Pure gold (99.9 purity) fell by Rs40 per ten grams to end at Rs18,485 as against Rs18,525 on Thursday. Silver ready (.999 fineness) moved down by Rs25 per kilo to settle at Rs29,675 from Rs29,700 previously. In Europe, spot gold was bid at $1,205.55 an ounce in early trade as against $1,207.75 late in New York on Thursday. US gold futures for August delivery were down $2.40 to $1,205.90. Spot silver was bid at $18.24 an ounce against $18.26. Source: Home - Livemint.com | 16 Jul 2010 | 7:38 am Rupee drops on NDF unwinding; defence demandMumbai: The rupee weakened on Friday as dollar demand for defence purchases and some unwinding of short euro-asia positions in the non-deliverable forwards market weighed. The partially convertible rupee closed at 46.80/81 per dollar, off the day’s low of 46.8350 but still 0.4% weaker than its previous closing of 46.60/61. The unit dropped 0.3% on the week. “The dollar-rupee was very rangebound today. There was some defence related dollar purchases in the morning, looks like there was a bit of dollar selling towards the end with forward premiums also coming off the day’s highs,” said Nitesh Kumar, an inter-bank dealer with Development Credit Bank in Mumbai. The onshore dollar premiums had edged higher earlier in the day as liquidity in the banking system continued to stay tight, while traders also braced for a possible rate hike at the upcoming Reserve Bank of India (RBI) monetary policy review on 27 July. The one-year onshore dollar premium rose to as much as 160.75 points before closing at around 155.75 points. It had closed on Thursday at 154.25 points. Mild gains in the stock market prevented the unit from slipping sharply, dealers said. Indian shares rose for the second week and closed 0.3% higher, propped up by gains in Tata Consultancy Services as brokerages cheered the top outsourcer’s forecast-beating quarterly earnings by raising their target prices. Foreign fund flows into and out of the stock market have a influence on the rupee’s fortunes. So far in 2010, foreign investors have purchased a net $8.4 billion worth of shares, adding to last year’s record $17.5 billion inflows. Dealer said there was some contract settlement due in the non-deliverable forwards market which caused the sell-off in the spot rupee as traders unwound their short Euro/Asia positions that had been built earlier. One-month offshore non-deliverable forward contracts were quoted at 46.99, weaker than the onshore spot rate, suggesting a bearish near-term outlook. Traders said the dollar’s losses against majors failed to lift up the rupee, but was critical in averting a further sell-off. The dollar’s index against six major units was down 0.3%. The euro touched a fresh two-month high versus a broadly weaker dollar on Friday as rising European money market rates continued to underpin the shared currency, bringing large option barriers into play. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX closed at 46.8450 and 46.84 respectively, with the total traded volume on the two exchanges at about $3.6 billion. Source: Home - Livemint.com | 16 Jul 2010 | 7:03 am Tata Motors raises Nano prices by 3-4 pctMUMBAI (Reuters) - Tata Motors said on Friday its Nano cars will be priced 3 to 4 percent higher due to a steep increase in input costs.Source: Reuters: Money News | 16 Jul 2010 | 6:39 am Markets rise for second week; TCS soarsMumbai: Indian shares rose for the second week and closed 0.3% higher on Friday, propped up by gains in Tata Consultancy Services as brokerages cheered the top outsourcer’s forecast-beating quarterly earnings by raising their target prices. JPMorgan, BNP Paribas, Macquarie, HSBC, RBS Equities and Kotak raised their target price for TCS, indicating their optimism about the outlook despite woes in Europe, a key market. TCS rose as much as 6.9% to Rs838.30, and was the top gainer in the main index. “We believe TCS’s broadbased 8-plus% volume growth, similar to Infosys, indicates strong demand momentum,” RBS analysts Pankaj Kapoor and Srinivas Seshadri said in a note. “The stock could see a dual uplift near term from earnings upgrades and valuation rerating closer to Infosys.” The 30-share BSE index rose 0.26% or 46.36 points to 17,955,92, taking gains for the week to 0.7%. Seventeen of its components closed in the green. The 50-share NSE index rose 0.3% to 5,393.90 points. India’s benchmark index is up 2.8% so far this year, helped by foreign fund inflows of $8.4 billion. It had witnessed a spectacular 81% rally in 2009, after foreigners pumped in a record $17.5 billion. So far in 2010, the index has outperformed its peers such as China’s Shanghai Composite Index and Brazil’s Bovespa, which have declined 26% and 7.4% respectively. After market hours on Thursday, TCS said its June-quarter net profit rose 21% to Rs1,840 crore ($395 million) from Rs1,520 crore a year ago, under US accounting standards. TCS closed 6.2% higher, its highest single-day gain in a year. The cheer for the sector leader also pulled up rivals. Infosys Technologies, which had reported a rare drop in quarterly net profit on Tuesday, gained 0.7% while third-ranked Wipro, which details its earnings next week, rose 0.1%. “The market is likely to fare decent in near term,” said Gajendra Napal, CEO of Unicon Financial. Key companies’ earnings, including HDFC Bank and Wipro, will set the market’s direction next week. “Whenever we saw a sharp decline in the market in recent times, it was always on low volumes,” Nagpal said. “This only hints that investors are staying on the sidelines when they are cautious. They are definitely not in a hurry to sell.” Some market participants however, were cautious. “We are now concerned about the slowing down effects of Chinese economy and fears of a double-dip recession in the U.S.,” said Ambareesh Baliga, vice-president of Karvy Stock Broking. “On the domestic front, industrial output and inflation are worries.” Lenders closed mixed. While inflationary concerns weighed on the outlook for interest rates, there were expectations built that robust economic growh will fuel loan demand. Top private lender ICICI Bank rose 2.3% while its smaller rival HDFC Bank dropped 1.2%. Leading lender State Bank of India firmed 0.1%. Advancing shares led declining ones in a ratio of 1.2:1 in the broader market in a volume of 355 million shares. Elsewhere, Japan’s Nikkei shed 2.9% while MSCI’s measure of Asian shares other than Japan shed 0.3%. By 4:12pm, the FTSEurofirst 300 index of top European shares rose 0.4%. STOCKS Private-sector lender Axis Bank hit a record high at 1,367 rupees, after it said on Thursday its April-June net profit rose 32%. The stock closed 1.1% higher at Rs1,359.10. Technofab Engineering debuted on the BSE at Rs272, up 13.3% versus its issue price of Rs240. The shares rose further and closed at Rs295.65. Source: Home - Livemint.com | 16 Jul 2010 | 5:28 am Smartphones boost Sony Ericsson Q2, keeps outlookStockholm: Mobile phone maker Sony Ericsson posted a second consecutive quarterly profit on Friday as sales of more expensive smartphones ramped up but it stuck to its view of only slight market growth this year. After a dismal 2009, when consumers cut back on gadgets like new phones, the outlook for the industry has improved in recent months. However, competition in the key smartphone segment is tough and the global economic recovery remains fragile. Nokia, the world’s biggest handset maker, issued a profit warning in June saying its smartphones were struggling against Apple’s iPhone. Sony Ericsson, owned jointly by Ericsson and Sony Corp., has been slashing costs and revamping its portfolio to feature more phones with PC-like functions and links to social networking sites. The smartphone strategy seems to have worked with the average selling price of Sony Ericsson’s handsets soaring in the second quarter to €160 against a forecast of €134. This helped push second-quarter pretax profit to €31 million ($39.73 million) versus a forecast profit of €16.5 million in a Reuters poll. The company lost €283 million in the same quarter in 2009. “It was a good report, better (than expected) on sales, margin and EBIT,” said Per Lindtorp, an analyst at Erik Penser. “At the same time, Sony Ericsson is in a turn-around situation when things can change quickly. But it looks very strong and the product portfolio is good.” Smartphones The world’s fifth biggest handset maker launched the Xperia X10 and Vivaz smartphones in the first quarter and the Xperia X10 mini and Xperia X10 mini pro started shipping at the end of the second quarter. Chief Executive Bert Nordberg said Sony Ericsson’s new portfolio offerings had been well received by operators and the company was now well positioned for long term growth. However, competition in the smartphone segment — which thrived even during the downturn — is cut-throat. Nokia is struggling to compete with Apple’s iPhone and a fall in the price of smartphones in general. BlackBerry maker Research in Motion has already reported disappointing quarterly shipments. With the market outlook cloudy, Sony Ericsson stuck by a more bearish forecast than analysts and its competitors. “Sony Ericsson maintains a forecast of slight growth in units in the global handset market in 2010,” the company said in a statement. Earlier this month, analysts forecast global handset sales volumes would rise 11.6% this year, helped by increasing smartphone sales. In April, growth was seen at 10.8% for 2010. Nokia expects industry mobile device volumes to be up approximately 10% in 2010 versus 2009. Source: Tech News - Livemint.com | 16 Jul 2010 | 5:00 am
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