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New takeover code may lead to lower MAs: Cyril ShroffCyril Shroff, Managing Partner at Amarchand Mangaldas said going forward there will be issues of financing a 100% open offer. However, he believed, fundamentally, the Takeover law changes are positive. This may allow more forms of instruments for acquisition,\" he said.Source: Moneycontrol Top Headlines | 19 Jul 2010 | 8:07 am Compact Disc expects Rs 300 crore revenue in FY11Compact Disc India Ltd said on Monday it expects to generate revenue of over Rs 300 crore in 2010/11.Source: Moneycontrol Top Headlines | 19 Jul 2010 | 8:04 am ICICI Sec IPO not in the offing right now: Chanda KochharA tax on Indian banks is not required, said Chanda Kochhar, MD and CEO, ICICI Bank. She was replying to questions on whether India should levy a similar charge on banks like that proposed in the US and Europe.Source: Moneycontrol Top Headlines | 19 Jul 2010 | 7:59 am Vardhaman Textiles to spin off steel bizVardhaman Textiles Ltd said on Monday it will spin off its steel business and merge it with its unit, Vardhaman Special Steels Ltd.Source: Moneycontrol Top Headlines | 19 Jul 2010 | 7:34 am Takeover panel recommendations: Experts decipher fineprintIn an interview with CNBCTV18, Amrish Shah, National LeaderTransaction Tax, EY; Sandeep Parekh, Founder, FinSec Law Advisors and Vivek Gupta, BMR Advisors discuss the pros and cons of the market regulators report.Source: Moneycontrol Top Headlines | 19 Jul 2010 | 7:29 am SKIL Infra Everonn deal likely to fall through: SourcesThe SKIL Infrastructure and Everonn deal is likely to fall through, inform sources. SKIL was looking to acquire major stake in Chennai based Everonn; a company that sells information and communication technology (ICT) products to government and private schools.Source: Moneycontrol Top Headlines | 19 Jul 2010 | 7:23 am Moody\'s downgrades Ireland from Aa1 to Aa2Rating agency Moody\'s today downgraded Ireland from Aa1 to Aa2 on grounds that Ireland\'s debt level justified the Aa2 rating.Source: Moneycontrol Top Headlines | 19 Jul 2010 | 6:59 am Now, download and use the new Rupee symbolThe Govt may take 3 more months before it start using the New Rupee Symbol in official documents, including the currency note. But you don\'t have to wait that long.Source: Moneycontrol Top Headlines | 19 Jul 2010 | 6:05 am Philips raises margin target as Q2 beats forecastDutch electronics group Philips hiked its 2010 margin target on Monday after emerging market growth drove higherthanexpected sales and profit growth despite fears that a recovery was losing steam.Source: Moneycontrol Top Headlines | 19 Jul 2010 | 6:00 am Sun Pharma says US court denies motion on ProtonixSun Pharmaceutical said a US court had denied its motion to reverse a jury verdict of infringement against the Indian firm on Pfizer\'s Protonix acid reflux drug patent that the jury had said was valid.Source: Moneycontrol Top Headlines | 19 Jul 2010 | 5:16 am Base metals recover on firming global trend - Business Standard
Source: Business - Google News | 19 Jul 2010 | 4:07 am Nifty hovers near 5400; capital goods, metals up - Economic Times
Source: Business - Google News | 19 Jul 2010 | 4:01 am HDFC Bank Q1 net profit up 33 83 at Rs 811 cr - Moneycontrol.com
Source: Business - Google News | 19 Jul 2010 | 3:59 am Airbus, Boeing to bare teeth at FarnboroughThe airshow that hosts the massive aviation and arms carnival every other year will see the two aerospace giants hog most deals for their aircrafts.Source: Daily News & Analysis: Money News | 19 Jul 2010 | 3:44 am How to download the Rupee symbol - NDTV.com
Source: Business - Google News | 19 Jul 2010 | 3:43 am Sebi panel recommends raising open offer trigger to 25 pcRecommending sweeping changes in the Takeover Code, a Sebi panel on Monday suggested hiking open offer trigger to 25 per cent from the current 15 per cent and raising the offer size to 100 per cent of the equity in the target company. Source: HindustanTimes.com - Top Business News Headlines | 19 Jul 2010 | 3:34 am Major train mishaps in India since 2000A chronology of major train accidents since 2000 3 Decemebr 2000: 46 killed and over 130 injured as the Howrah-Amritsar Mail rams into a derailed goods train between Sarai Banjara and Sadhugarh in Punjab. 22 June 2001: 40 people killed when the Mangalore-Chennai Mail fell into Kadalundi river near Kozhikode in Kerala. 5 January 2002: 21 killed and 41 injured when Secundarabad-Manmad express train rammed into a stationary goods train at Ghatnandur station in Maharashtra. 23 March 2002: Seven injured when 13 bogies of Lokmanya Tilak Superfast Express from Patna to Mumbai derailed near Narsinghpur in Madhya Pradesh. 12 May 2002: 12 killed when the New Delhi-Patna Shramjeevi Express derails in Jaunpur in Uttar Pradesh. 4 June 2002: 34 killed when the Kasgunj Express rams into a bus at a rail crossing. 9 September 2002: 100 passengers were killed and 150 hurt when a bogie of Howrah-Delhi Rajdhani Express plunged into Dhave river in Bihar’s Aurangabad district. 10 September 2002: One hundred and twenty are killed when the Kolkata-New Delhi Rajdhani Express derails over a bridge in Bihar. 15 May 2003: Thirty eight people killed and 13 injured when three coaches of Amritsar-bound Frontier Mail caught fire. 22 June 2003: 53 were killed and 25 injured when Karwar-Mumbai Central Holiday Special train derailed after crossing Vaibhavwadi Station in Sindhudurg district in Maharashtra. 2 July 2003: A train engine and two adjoining coaches fell off a bridge in Warangal, killing 18 people. 27 February 2004: 30 people killed when Guwahati-bound Kanchenjunga Express rammed into a truck at an unmanned level-crossing in West Bengal’s Dinajpur district. 15 December 2004: 34 persons, including 11 women, died and about 50 injured when Ahmedabad-bound Jammu Tawi Express collided head-on with a local train about 40 km from Jalandhar in Punjab. 18 August 2006: Two carriages caught fire on Chennai-Hyderabad Express near Secundrabad railway station. 9 November 2006: About 40 died and 15 injured in a West Bengal rail accident. 1 December 2006: A portion of 150-year-old bridge being dismantled collapsed over a passing train in Bihar’s Bhagalpur district, killing 35 and injuring 17. 14 November 2009: The Delhi-bound Mandore Express derailed with some portion of the track piercing its AC compartment, leaving seven passengers dead and over 60 injured in in Bassi town near Jaipur. 21 October 2009: 22 people were killed and 26 injured when the Goa Express rammed the Mewar Express at Banjana on the Mathura-Vrindavan section of the Northern Railway in Uttar Pradesh. 19 July 2010: Over 50 passengers were killed and over 150 injured when the speeding Sealdah-bound Uttarbanga Express rammed into the rear of the Vanachal Express pulling out of the Sainthia station in Birbhum district in West Bengal. Source: Home - Livemint.com | 19 Jul 2010 | 3:33 am L&T General Insurance says gets license to start bizMUMBAI (Reuters) - L&T General Insurance Company Ltd, an arm of engineering and construction firm Laresn & Toubro Ltd, has receieved a license to commence its business from insurance sector regulator, it said on Monday.Source: Reuters: Money News | 19 Jul 2010 | 3:28 am Sugarmakers Q3 net seen falling; outlook weakMUMBAI (Reuters) - Indian sugarmakers, saddled with high-cost inventory, are likely to post a steep fall in third-quarter earnings and analysts said profit growth was unlikely going forward unless government deregulates the sector.Source: Reuters: Money News | 19 Jul 2010 | 3:19 am Expect demand growth to sustain: Escorts - Moneycontrol.com
Source: Business - Google News | 19 Jul 2010 | 3:17 am Electrolux Q2 profits rise, helped by cost savingsStockholm: Swedish appliance maker Electrolux AB on Monday said its net profit rose by 56% in the second quarter despite weaker sales as cost-saving initiatives started to bear fruit. The company, based in Stockholm, said net profit totaled 1.03 billion Swedish kronor ($140 million), up from 658 million kronor in the same period a year ago. Sales fell 1% to 27.3 billion from 27.5 billion a year earlier, weighed down by changes in currency exchange rates. Sales in comparable currencies increased by about 3%. The figures were weaker than analysts had expected and shares fell by 4.9% to 158.8 kronor ($21.6) in early Stockholm trading. Electrolux, which makes refrigerators and vacuum cleaners, said previous restructuring and cost-saving programs, higher sales volumes and product mix improvements had a positive effect on income, while higher raw material costs and increased marketing expenditures weighed on profits. “All business areas show improved profitability. We are selling more advanced products and are step by step improving our position in the important premium segment,” chief executive Hans Straberg said in a statement. He also repeated his forecast that 2010 “could be the year” Electrolux reaches its goal of an operating margin of 6 percent. Electrolux said all its main markets continued to recover during the second quarter. It said the US market rose for the third consecutive quarter following thirteen quarters of decline. In Europe, the overall market stabilized during the period and markets such as Germany, France and Sweden showed positive trends. However, the company said the southern European market weakened “substantially” at the end of the quarter. Source: LatestNews-Home - Livemint.com | 19 Jul 2010 | 3:13 am Vardhaman Textiles to spin off steel bizMumbai: Vardhaman Textiles Ltd said on Monday it will spin off its steel business and merge it with its unit, Vardhaman Special Steels Ltd. Shareholders will get one share of Vardhaman Steel for every five held in Vardhaman Textiles, which makes spun yarn. Vardhaman Textiles plans to list the steel unit on the stock exchanges, it said. SSPA & Co Chartered Accountants were the valuers of the deal while KPMG was the external adviser, it added. Source: LatestNews-Home - Livemint.com | 19 Jul 2010 | 3:11 am Airbus, Boeing to bare teeth at FarnboroughFarnborough, England: Large Boeing jets and short-haul plane orders from Airbus look set to dominate the opening of the Farnborough Airshow on Monday in a test of fledgling economic recovery. Boeing could grab a $5 billion order from Emirates for 20 777 big passenger jets, and aviation industry sources said they expected its European rival Airbus to chalk up sales of its A320 single-aisle aircraft even as the company considers upgrading it. Key plane purchasers this week will also include Air Lease Corp., recently set up by Steve Udvar-Hazy, the founder and former head of AIG unit ILFC, aviation industry sources said. The orders are part of a tentative upswing in civil aircraft demand, driven mainly by emerging markets and low-cost carriers. Commercial sales look more promising given double-digit growth in air traffic. But lingering concerns about the broader economy are keeping many analysts cautious. “The traffic numbers themselves are excellent, but there’s all this uncertainty and doubt about the strength of the recovery in the background,” said Richard Aboulafia of the Virginia-based Teal Group. Farnborough hosts the massive aviation and arms jamboree every other year, rotating with Le Bourget near Paris. For a week the quiet Hampshire town in southern England will be transformed into an armed camp bristling with both the latest smart weapons for arms buyers and shiniest new passenger jets. Probably the star attraction will be the Boeing 787 Dreamliner, a plane now in testing and built from composites. It arrived on Sunday, thrilling crowds of aviation enthusiasts. The aircraft promises greater fuel efficiency and its lightweight materials and innovative design have captured public imagination. But glitches have delayed it more than two years. Airbus will be showing off its A400M military transporter plane and trying to draw a line under its own delays and cost overruns with a marketing ploy over the plane’s name. Pilots nicknamed the plane “Grizzly” when it took off for the first time last December. Workers were seen spraying the paw prints of a grizzly bear over the airfield’s grounds on the eve of the show, as Airbus prepared to baptise the test plane. Britain’s Royal Air Force has so far, however, ignored the name and not decided what to call the plane, leaving marketers with a headache but hoping their name will catch on. Broad battle Marketing stunts are a classic feature of air shows but are just the tip of the iceberg in an increasingly bitter feud between the top plane makers over trade, defence and jet orders. Boeing says a World Trade Organisation report issued last month means European nations must rectify illegal subsidies paid in the form of loans to Airbus for plane development projects. The European Union will launch an appeal against the decision on Thursday, two sources familiar with the case said. The same companies are locked in an ill-tempered contest for a $50 billion deal to supply tankers to the US Air Force and each is likely to press its case to worldwide media at the show. Boeing and Airbus parent EADS also vie alongside other US, Russian and European players for fighter sales. Eurofighter, in which EADS has a stake, will announce plans this week to invest in a new electronic radar to help it bid in a contest for 126 jet sales in India, defence sources said. The race is attracting most of the world’s large defence firms. But a decision on whether to upgrade the most popular ranges of Airbus and Boeing passenger aircraft with new engines, a big gamble for either company, will not be ready for the show. While the two aerospace giants hog most attention, Canada’s Bombardier is likely to announce at least one order for its C-Series plane, designed to chip at Airbus and Boeing. Much of the real business done or prepared at the show will be in invitation-only chalets of defence companies, even though several have reduced their presence to display belt-tightening, and arms makers are bracing for heavy Western defence cuts. Sikorsky, a unit of United Technologies, expects a significant first order this week from a Middle Eastern country for the international version of its Black Hawk helicopter. Source: LatestNews-Home - Livemint.com | 19 Jul 2010 | 3:10 am Lending rates likely to go up after September: ICICI BankNew Delhi: The country’s largest private lender, ICICI Bank, today said it expects lending rates to go up after September as credit offtake is likely to pick up in the second half of the current fiscal. “My belief is the demand for liquidity will increase substantially in the second half of this year,” ICICI Bank CEO and managing director Chanda Kochhar said on the sidelines of a CII function. “So, you would see some gradual increase in interest rate on the lending side over the next one year,” she said. Asked about the initial public offering (IPO) plans of the bank’s subsidiary ICICI Securities, she said, “There is nothing in the offfing. Nothing in this fiscal.” ICICI Securities is ICICI Bank’s broking and advisory unit which has pioneered an online share trading platform in India. On base rate, Kochhar said that it has already been announced and lending rates are getting realligned with base rate. “Immediately you will not see change in effective rate just because of the announcement of base rate,” she said. Speaking about the current liquidity situation, she said, “It is sufficient.” “As I am seeing a lot of economic activity coming back there would be a lot of credit demand in the second half that is when I think some of the excess liquidity that is there will go out,” Kochhar said. On inflation, she said it is something that the economy needs to monitor as it is becoming widespread and is not just food related but has spread to other sectors as well. “My feeling is as (production) capacity gets created in the country and supply improves that is the best way of correcting inflation. So, over a period one would see a very gradual correction of inflation taking place,” she said. Asked about her expectation from the Reserve Bank’s policy review, scheduled for 27 July, she said there is a need to balance between checking inflation and ensuring that growth goes back to the old level of 9%. Source: LatestNews-Home - Livemint.com | 19 Jul 2010 | 3:07 am June exports up 30 pct y/y: trade secretaryNEW DELHI (Reuters) - India's June exports rose an annual 30 percent to $17.75 billion, for the eighth straight month, Trade Secretary Rahul Khullar said on Monday.Source: Reuters: Money News | 19 Jul 2010 | 3:02 am GM breaks ground on China hi-tech car labUS auto giant General Motors broke ground in Shanghai today on a research facility that will develop electric cars, lightweight materials and alternative fuel technology for China and the world.Source: HindustanTimes.com - Top Business News Headlines | 19 Jul 2010 | 3:01 am British PM's visit to U.S clouded by BP worriesLONDON (Reuters) - David Cameron hopes his first trip to Washington as British prime minister will showcase a flourishing friendship with President Barack Obama but it may be overshadowed by U.S. concerns over BP.Source: Reuters: Money News | 19 Jul 2010 | 3:01 am 11 Things to know about TCS earnings - Times of India
Source: Business - Google News | 19 Jul 2010 | 2:56 am Lending rates likely to go up after September: ICICI Bank - The Hindu
Source: Business - Google News | 19 Jul 2010 | 2:55 am Over 50 killed as express trains collideSainthia, West Bengal: A speeding express train rammed into the rear of another killing more than 50 people and injuring over 150 at the Sainthia station in Bhirbhum district of West Bengal, apparently after overshooting the signal in the small hours of the day. Driver M.C. Dey and assistant driver N.K. Mandal of the Sealdah-bound Uttarbanga Express, which collided with the Ranchi-bound Vananchal Express, were among the dead. The guard of the Vananchal Express A. Mukherjee also died in the mishap which was so severe that the roof and the sides of one of the compartments mounted the foot overbridge across the platforms in the station, 191 kms from Kolkata, in Eastern Railway. Among the dead were 39 men, eight women and two babies, officials said. West Bengal director general of police Bhupinder Singh said, “The toll has crossed 50 and two or three more bodies might be found, which might take the toll to 55.” Hospital sources in Suri and Sainthia said more than 50 bodies have been recovered, while over 150 passengers, including 35 in a critical condition, were admitted. Though the railways were hesitant to come out with the reason for the accident, the second in two months in West Bengal after the Jyaneshwari Express disaster that claimed 148 lives, an apparent overshooting of the signal by the driver of the Uttarbanga Express could be the reason behind this. The accident occurred at 1:54 am when the New Coochbehar-Sealdah Uttarbanga Express came on the same track and rammed into the Bhagalpur-Ranchi Vananchal Express which was leaving platform number four at Sainthia station. Railway minister Mamata Banerjee seemed to raise doubts whether it was a sheer accident because it happened in West Bengal in two months. “We have so many doubts in our mind. Whatever has happened is not casual,” she told reporters before leaving for the spot. She announced an ex-gratia payment of Rs500,000 each for the kin of the dead, Rs100,000 for grievously injured and Rs25,000 for the other injured. Employment for one of the members of the victims’ families will be given in railways, she said. Eastern Railway sources in Kolkata and Railway Board sources in Delhi said the Uttarbanga Express, which has a scheduled stop at Sainthia, was running at a high speed, overshot the signal and ploughed into the Vananchal Express. The scheduled arrival and departure of Uttarbanga Express at Sainthia was 1.38 am and 1.39 am. It was not clear why the train, which was to halt at the station, was at a high speed. The engine of the Uttarbanga Express, which was to stop at the station, telescoped into the rear of the Vananchal Express. The affected bogies have been detached and the trains left for their destinations. Railways have ordered a probe by the commissioner of railway safety (eastern circle). The hand of Maoists is suspected in the 28 May Jyaneshwari Express disaster following which a number of Maoists have been arrested. Relief trains from Rampurhat, Asansol and Burdwan have left for the accident spot. Union home ministry has despatched five teams of National Disaster Relief Force comprising 140 personnel to assist in the rescue and relief operations. Three teams are already at the spot and the rest two will be reaching soon. Heavy-duty gas cutters were brought from Panagarh to extricate bodies trapped in the mangled coaches of Vananchal Express. “The National Disaster Management forces, including the BSF, and police are extricating bodies from the severely damaged coaches at the Sainthia station,” Bhupinder Singh said. Singh said that there was a scarcity of blood in the Suri and Sainthia hospitals where the injured were taken to. “The police are arranging blood from the Burdwan Medical College and Hospital and are also looking for donors to meet the scarcity of blood,” the DGP said. He said that many of the injured passengers and bodies were yet to be extricated which required heavy duty gas cutters. Source: Home - Livemint.com | 19 Jul 2010 | 2:54 am Global stocks ease, euro steadies from early fallLONDON (Reuters) - Global stocks slipped on Monday and investors briefly shunned the euro after Moody's cut the credit rating of Ireland, slightly unsettling markets already worried about a slowdown in the pace of U.S. economic recovery.Source: Reuters: Money News | 19 Jul 2010 | 2:53 am BP Hopes to Keep Gulf Well Closed, but Seeping Is Detected - New York Times
Source: Business - Google News | 19 Jul 2010 | 2:50 am Electrolux reports 56-percent profit leapElectrolux, the second-biggest global maker of household electrical equipment, reported a 56-percent rise in net profit for the second quarter today.Source: HindustanTimes.com - Top Business News Headlines | 19 Jul 2010 | 2:50 am Pranab says he will be happy with 8.5 pc plus growthRefusing to be swayed by the IMF's growth projection of around 9.5 per cent for 2010, Finance Minister Pranab Mukherjee today said he would be happy if the economy clocks a growth rate of over 8.5 per cent in the current fiscal.Source: HindustanTimes.com - Top Business News Headlines | 19 Jul 2010 | 2:50 am Exports rise 30%, imports up 23% in JuneNew Delhi: India’s June exports rose an annual 30% to $17.75 billion, for the eighth straight month, trade secretary Rahul Khullar said on Monday. Imports for the month rose 23% to $28.3 billion, he said, which would widen the country’s trade deficit to $10.55 billion according to Reuters calculations. The April-June trade deficit stood at $32.2 billion, with exports during the period rising 32% to $50.8 billion. Asia’s third-largest economy is targeting close to 15% export growth in the current fiscal year, following a drop of 4.7% in the 2009-10 fiscal year as the global financial crisis-led slowdown crimped demand. Source: LatestNews-Home - Livemint.com | 19 Jul 2010 | 2:47 am Gold traders snap up bargains to replenish stockMumbai: India gold traders continued to pick bargains on Monday afternoon as prices fell further and as they sought to replenish stocks for festivals starting August, when demand goes up, dealers said. “Good fall has led to good demand... there were deals at all levels be it $1,200/1,190/1,186 (an ounce),” said a dealer with a private bank in Mumbai, which deals in bullion. International gold came under pressure as the euro fell and investors fretted over signs of deflation in the United States and renewed concerns over the eurozone’s debt problems, traders said. International gold was trading $1,191.45/1,912.45 an ounce at 1:07pm, as against the previous close of $1,193.10/1,194.10, extending Friday’s more-than-1 percent fall, when gold hit its lowest level in more than one week. “My order sheet is showing advance orders below $1,185,” said another dealer from a state-run bullion dealing bank. However, a weaker rupee, which makes the dollar-quoted asset expensive, weighed on the sentiment, they added. The Indian rupee slipped to a two-week low, weighed down by choppy stocks and a halt to the euro’s rally against the dollar. India, which accounts for more than 20% of global demand, will celebrate the Hindu festival of Raksha Bandhan on 24 August, and Janmasthami and Ganesh Chaturthi in September. The world’s largest consumer of bullion may import 500-550 tonnes of gold in 2010, up from 480-490 tonnes a year earlier, the head of a trade body said on Thursday. Source: LatestNews-Home - Livemint.com | 19 Jul 2010 | 2:46 am ANALYSIS - Facebook could be social pariah in AsiaSHANGHAI/SEOUL (Reuters) - As Facebook gears up for a major push in Asia, the social networking giant may learn that good friends are hard to find as it faces privacy concerns in Japan and Korea and heavy-handed censors in China.Source: Reuters: Money News | 19 Jul 2010 | 2:38 am Bharti Airtel to launch iPhone 4 in India by Oct - execNEW DELHI (Reuters) - Leading mobile operator, Bharti Airtel, is looking to launch Apple's iPhone 4 in India in September or October, Chief Executive Officer for India and South Asia Sanjay Kapoor said on Monday.Source: Reuters: Money News | 19 Jul 2010 | 2:33 am Takeover panel recommendations: Experts decipher fineprint - Moneycontrol.com
Source: Business - Google News | 19 Jul 2010 | 2:13 am Basmati planting to rise in flood-hit areasChandigarh: India’s top grain-producers Punjab and Haryana will raise planting of basmati rice as floods have washed away the recently sown regular grades, farmers and trade officials said on Monday. Basmati rice can be planted late, but yields are much lower than regular grades, with farmers also having to face fluctuating market prices, unlike common rice grades that official agencies buy at fixed, attractive rates. “Paddy output will certainly drop this year. However, farmers have started sowing basmati varieties now and its (basmati) acreage will surely increase,” BS Duggal, additional director with the state farm department, told Reuters. Floods in two districts of Haryana and parts of neighbouring Punjab after heavy rains in early July had swamped paddy fields in the region, even though rainfall in most parts of India has been below normal this year. The weather office last week said monsoon rains, which irrigate 60% of the country’s farms, were 24% below normal in the week to 14 July. Duggal said the government was advising farmers to sow basmati grades in nurseries and transplant them in early August. “Earlier, we were expecting around 50% of the total area under rice to be covered by basmati this year in Haryana. But now, basmati acreage is bound to rise beyond 65% of total area under rice.” Farmers in the two states said they have already started cultivating basmati rice varieties. “Most of the rice crop was damaged in the floods. Now with no time left to sow the normal paddy varieties, I’m planting basmati in my fields,” said Tek Chand Sonthi, a farmer in Kurukshetra in Haryana. Vijay Setia, president of the All India Rice Exporters Association, said he expected a rise in basmati acreage. In neighbouring Punjab, where only small parts are flooded, basmati’s share in rice cultivation is expected to rise to up to 28% from 25^ estimated earlier, said PS Rangi, marketing consultant of Punjab State Farmers Commission (PSFC). In 2009, basmati acreage in Haryana was around 550,000 hectares out of 1.2 million hectares where rice was planted, while in Punjab, it stood at 511,000 hectares of the 2.82 million hectares of total rice cultivation. Source: LatestNews-Home - Livemint.com | 19 Jul 2010 | 1:55 am Railways divert, cancel trains after accident in SainthiaNew Delhi: Railways today cancelled three trains from Howrah and diverted as many in view of the train accident in Sainthia, which has claimed 60 lives. The cancelled trains include the Howrah-Amritsar and Howrah-Rampurhat-Howrah passenger, according to the Eastern Railway. The Malda Town-Howrah Intercity Express, Sealdah- Rampurhat Intercity Express and Howrah-Rampurhat Shahid Express have been cancelled. Trains which were diverted through alternative routes include Kolkata-Balurghat express, Ranchi-Guwahati express, Alipur Dwar-Sealdah and Secunderabad-Guwahati express trains. The Kanchenjunga Express, Ganadevata Express, Darjeeling Mail, Padatik Express, Jamalpur Express, Kanchankanya Express, Gaya-Howrah Express, Varanasi Express and Saraighat Express were being diverted via Nalhati and Azimganj, it said. On the other hand, Howrah-Bhopal was rescheduled to leave Howrah at 3.30 pm instead of 1.25 pm. Railways have opened 14 helplines at different stations, including Howrah, Sainthia, Sealdah, Barddhaman, Maldah, Jamalpur and Dhanabd in Eastern Railway section. This apart, helpline numbers have also been opened at Ranchi, Hatia, Katihar and New Jalpaiguri. 60 people were killed and over 90 passengers injured when the Uttarbanga Express in high speed tore through the rear of Vananchal Express this morning at Sainthia station in Bhirbhum district of West Bengal, after it apparently overshot the signal in the small hours of the day. Source: LatestNews-Home - Livemint.com | 19 Jul 2010 | 1:49 am American International Group says ex-Prudential Plc CEO Mark Tucker to head AIAAIG said in a statement on Monday that it would also seek to list AIA shares on the Hong Kong stock exchange.Source: Daily News & Analysis: Money News | 19 Jul 2010 | 1:20 am Govt may reduce import duty on natural rubberNew Delhi: The government on Monday said it is considering cutting import duty on natural rubber, a long pending demand of tyre manufacturers. “Yes, I have seen requests ... we are thinking about it,” commerce secretary Rahul Khullar said when asked whether the government is considering the industry’s proposal to reduce import duty on natural rubber. At present, customs duty on natural rubber, the main raw-material for tyres, is 20%, whereas the customs duty on tyres (the finished product) is 10%. The tyre industry has been demanding a reduction in import duty on natural rubber from the current 20% to 7.5% in view of high domestic prices, which have been ruling in the range of Rs170-180 a kg. In the global market, prices of natural rubber (RSS-3 variety) are ruling at Rs153.73 per kg. According to the Rubber Board, consumption of the commodity has been increasing on account of rising production of tyres. The production of truck and bus tyres increased by 15% and 21% respectively during 2009-10 over the year-ago period. According to the board, imports of natural rubber was estimated to fall to 70,000 tonnes in the current financial year from 1.7 lakh tonnes in the previous fiscal. Last month, imports declined by more than half at 9,255 tonnes due to higher global prices. In 2010-11, the consumption of the commodity was estimated at 9.78 lakh tonnes and production at 8.93 lakh tonnes. India, after China, is the second largest consumer of natural rubber. Source: LatestNews-Home - Livemint.com | 19 Jul 2010 | 1:15 am Retail banks making less from customers: StudyOf the 46 executives interviewed for the study, more than half said customer loyalty had decreased. Most expected the lack of customer loyalty to continue in the long term.Source: Daily News & Analysis: Money News | 19 Jul 2010 | 1:07 am Centre to takeover BMHT, Ahmadi’s resignation acceptedNew Delhi: The Supreme Court on Monday accepted the resignation of former chief justice of India AM Ahmadi as the chairman of the Bhopal Memorial Hospital Trust (BMHT) and allowed the Centre to takeover its management. A bench comprising Chief Justice SH Kapadia and justices KS Radhakrishnan and Swatanter Kumar allowed the Centre to take steps to wind up the Trust and run the hospital looking after the victims of the 1984 gas tragedy. The bench accepted the letter written by Justice Ahmadi on 20 June 2009 expressing his desire to be relieved as the chairman of the hospital. It appreciated the “good service” rendered by Justice Ahmadi in running the trust for the last 12 years. Attorney general GE Vahanvati conveyed the decision of the Centre to take over the management of the hospital. Justice Ahmadi, who was part of the SC benches that had taken decisions on the Bhopal gas tragedy case, including the dilution of harsher penal charges in 1996, had written to the then CJI KG Balakrishnan seeking to be relieved from the chairmanship of the BMHT. Justice Ahmadi was appointed as the chairman of the BMHT on 15 May 1998. Following a Supreme Court order, the accused company Union Carbide had set up a trust in London on March 1992 and Ian Percival was appointed as its sole trustee. However, after the death of Percival, Bhopal Memorial Hospital Trust was constituted. The then Madhya Pradesh government leased out land to the trust to set up super-speciality centres to treat the victims. Around 32 health centres including six hospitals were constructed by the trust. Source: Home - Livemint.com | 19 Jul 2010 | 1:00 am Oil steadies at $76, investors mulls economic dataPerth: Oil prices steadied near $76 a barrel on Monday, pausing from the previous session’s decline, as investors weighed the sharp drop in US consumer sentiment against early signs of improved underlying oil demand. Analysts said the marginal slide in oil prices shows that crude was receiving ample support above $74 a barrel, thanks to bullish inventory reports that showed large drawdowns in US crude stocks over the past three weeks. US crude for August delivery slipped 5 cents to $75.96 a barrel by 0455 GMT. The contract settled down 61 cents at $76.01 a barrel on Friday, closing the week 8 cents lower than the previous week. London Brent crude retreated 3 cents to $75.34. “The price decline looked mild considering the 2.5% slide in the Dow. The consumer sentiment report would have put the oil longs on the back foot,” said Mark Pervan, chief of commodities research at Australia & New Zealand Bank. “The stickier oil price move may be reflecting bullish inventory reports over the past three weeks showing larger than expected declines in US crude supplies and a pickup in underlying demand.” Oil prices had initially risen by as much as $2 last week, supported by strength in U.S. corporate earnings, a fall in US crude stockpiles and an upward revision in global oil demand forecast by the International Energy Agency. But investors who believed the world economy is on shaky ground got more ammunition for their arguments on Friday after US data showed consumer prices fell for the third straight month in June while consumer sentiment dropped to a near one-year low. News that the IMF and European Union has suspended a review of Hungary’s funding programme at the weekend has also ignited fresh euro zone jitters, as the country will not have access to remaining funds in its $25.1 billion loan package set up in 2008 until the review is concluded. In the euro zone, analysts at Informa Global Markets said uncertainty over Hungary’s funding programme has prompted a steep rise in the country’s funding costs ahead of Friday’s banks stress test results. Asian stocks fell on Monday, while the US dollar index rose 0.21% against a basket of currencies as investors wound back on riskier assets. The Japanese market was shut on Monday for a holiday. After poor economic data and an unexpected downturn in sentiment on quarterly earnings, Wall Street will face a tough time battling back from the latest sell-off this week, analysts said. Separately, Chinese firefighters extinguished a blaze that raged for over 15 hours after two oil pipelines exploded in the northeast port of Dalian, Xinhua news agency said on Saturday. The fire threatened a tank farm in Dalian, a port which is home to part of China’s strategic petroleum reserves, although it appears to have been contained without spreading to the tanks. In the Gulf of Mexico, engineers monitoring BP Plc’s damaged well detected seepage on the ocean floor that could mean problems with the cap that has stopped oil from gushing into the water, the U.S. government’s top oil spill official said on Sunday. On the weather front, two low pressure systems, one in the northern Gulf of Mexico and one just east of southern Nicaragua in the Caribbean Sea, had a low 10% chance to become the season’s next tropical cyclone during the next 48 hours, the US National Hurricane Center forecast Friday. Source: Home - Livemint.com | 19 Jul 2010 | 12:45 am Sebi panel recommends hiking open offer trigger to 25%Mumbai: Recommending sweeping changes in the takeover code, a Sebi panel on Monday suggested hiking open offer trigger to 25% from the current 15% and raising the offer size to 100% of the equity in the target company. “We have decided to rewrite the entire takeover code ... Recommended hiking open offer trigger to 25% from the current 15%,” Sebi Takeover Regulatory Advisory Committee chairman C Achutan told reporters here. Also Read | Previous stories on takeover code Further, the panel has recommended hiking the open offer size to 100% of the equity. As of now, an open offer for a minimum of 20% in the target company is required to be made by any entity that purchases 15% equity, either from the promoters or from the open market. While an increase in the open offer size could mean larger cash outgo for the acquirers, the step is being considered in larger interest of retail and other public shareholders. The panel report would now be put up on the website of the market regulator for public comments, Sebi chairman CB Bhave said. The panel has also recommended reduction in the time-line of open offer to 57 days. When asked about the recommendations on non-compete fees, Achutan said, “same fees should be available for one and all. One price for all.” In mergers and acquisition deals, a non-compete fee is paid by the acquirer to the promoters of the target company for not entering the same trade, and such payments could be as high as up to 25% of the deal value. As regards voluntary open offer, the panel said the size could range from 10% to 75%. Source: Home - Livemint.com | 19 Jul 2010 | 12:25 am SEBI panel for hiking open offer triggerMUMBAI (Reuters) - The Securities & Exchange Board of India's takeover panel on Monday recommended lifting the mandatory open offer level to 100 percent from 20 percent now, making it easier for minority shareholders to participate in open offers arising from mergers and acquisitions.Source: Reuters: Money News | 19 Jul 2010 | 12:03 am SEBI panel recommends raising open offer trigger to 25%The Securities & Exchange Board of India's takeover panel also recommended raising the minimum open offer size to 100% from 20% currently.Source: Daily News & Analysis: Money News | 19 Jul 2010 | 12:01 am Gold may test support levelsComex gold futures ended sharply lower on Friday as weak US inflation data and fresh outflow from the world's largest gold exchange traded fund prompted market participants to sell the metal. This fall was despite the Euro touching a two-monthSource: Business Line - Home Page | 19 Jul 2010 | 12:00 am We are sure we will create our own niche in the US: MahindraThe market for sub one-tonne trucks is expanding and everyone is benefiting from it, says Mr Vivek Nayer, Senior Vice-President, Marketing (Automotive), Mahindra and Mahindra. In a recent interview with Business Line, he also discusses theSource: Business Line - Home Page | 19 Jul 2010 | 12:00 am Nuclear reactor units perk up on uranium importsNuclear generation in reactor units fuelled by uranium imports from Russia and France are beginning to perk up after a longSource: Business Line - Home Page | 19 Jul 2010 | 12:00 am Q1 sees no FII registrations, but market players unfazedThe number of foreign institutional investors (FIIs) registering with SEBI, which had declined over the last few months, fell to nil in the latest JuneSource: Business Line - Home Page | 19 Jul 2010 | 12:00 am Volatility likely before indices consolidateThe key indices, which have reached the highest points of their current bands, are likely to consolidate at the presentSource: Business Line - Home Page | 19 Jul 2010 | 12:00 am Nifty futures to trade in the USS&P CNX Nifty futures will be traded on the Chicago Mercantile Exchange (CME) from Monday, the National Stock Exchange announced in a newsSource: Business Line - Home Page | 19 Jul 2010 | 12:00 am Public sector banks' home loan growth slower in South last fiscalHousing loan disbursements by public sector banks (PSBs) in the South Zone States/Union Territories grew a robust 30.57 per cent in 2009-10 to Rs 19,277 crore (Rs 14,763 crore inSource: Business Line - Home Page | 19 Jul 2010 | 12:00 am Day Trading GuideInitiate fresh long position only if ICICI Bank climbs above Rs 913 with stiffSource: Business Line - Home Page | 19 Jul 2010 | 12:00 am Post-BP cap: What's in store for big oil cos?At last some good news for BP – the British oil giant is still waiting for the outcome of crucial tests but it looks like the worst may be behind it after it succeeded in capping the well on Thursday, halting the gushing for the first timeSource: Business Line - Home Page | 19 Jul 2010 | 12:00 am Oriental Hotels – BuyInvestors with medium-term perspective can consider buying the stock of Oriental Hotels (Rs 317). After forming a strong base by moving sideways between Rs 140 and Rs 170 between December 2008 and March 2009, the stock began to trendSource: Business Line - Home Page | 19 Jul 2010 | 12:00 am Markets recover on growth recovery hopesMumbai: Indian shares clawed back from a shaky start on Monday as hopes for strong domestic economic growth and earnings helped overcome weak global sentiment caused by subdued US economic data. Reliance Communications rallied as much as 3.9% after Financials Times reported Emirates Telecommunications Corp (Etisalat) was close to buying a 26% stake in the No. 2 Indian telecoms firm. Private-sector lender HDFC Bank was up 0.7% ahead of its quarterly earnings. By 11:03am, the 30-share BSE index was trading up 0.22% at 17,994.71, with 17 of its components gaining. The benchmark had fallen as much as 0.6% in early trade. In comparison, the MSCI’s broader measure of Asian markers other than Japan and world equities were down 1.1% and 0.3% respectively. “India is definitely a better bet versus other investment targets,” said Rajen Shah, chief investment officer at Angel Broking. “The economic growth in our country is robust. Also, we are not so export-dependent as other emerging economies. Earnings optimism is also helping,” he said. The BSE index is up 3% in the year to date. Its emerging market peers China’s Shanghai Composite Index and Brazil’s Bovespa have fallen 25% and 9.1% since the start of 2010. The rise in Indian shares has been powered by foreign portfolio inflows of $8.4 billion so far in 2010, adding to last year’s record purchases of $17.5 billion. Export-driven software majors dropped on concerns disappointing economic data from the United States, their biggest market, could affect outsourcing orders. Sector leader Tata Consultancy Services was down 0.9%, while rivals Infosys Technologies and Wipro shed 0.8% and 0.2% respectively. Energy giant Reliance Industries, which has the highest weight on the Sensex, was up 0.2%. The Daily News & Analysis newspaper reported Reliance was in talks with Texas-based Quicksilver Resources, including for a possible buyout of the US firm that develops shale gas and coal-bed methane. In the broader market, gainers outnumbered losers in a ratio of 1.7:1 on volume of 112 million shares. The 50-share NSE index was up 0.2% at 5,407. STOCKS Steelmaker Tata Steel was up 0.4% at Rs511.40 as UBS upgraded the stock to “buy” from “neutral” over the weekend. Sun Pharmaceutical was down 1.5% at Rs1,713.05 after the drugmaker said a US court had denied its motion to reverse a jury verdict of infringement against the Indian firm on Pfizer’s Protonix acid reflux drug patent that the jury had said was valid. Source: Home - Livemint.com | 18 Jul 2010 | 11:36 pm Reliance Communications rises on Etisalat stake buy reportShares in Reliance Communications rose more than 3% on Monday after a Financial Times report stated Emirates Telecommunications was close to buying 26% stake in the Indian firm.Source: Daily News & Analysis: Money News | 18 Jul 2010 | 11:29 pm Sensex opens lower by 100 pts on profit bookingThe 30-share index, which had gained 46.36 points in the previous session, shed 99.42 points, or 0.55 per cent, to 17,856.40 points.Source: Daily News & Analysis: Money News | 18 Jul 2010 | 11:22 pm Do more to fight terror, Hillary tells PakistanIslamabad: US Secretary of State Hillary Clinton on Monday called for Pakistan to take “additional steps” to counter terrorism, in an interview with the BBC just after her arrival in Pakistan. “There are still additional steps that we are asking and expecting the Pakistanis to take,” she told the corporation. Clinton noted Washington and Islamabad had “increased our cooperation, deepened our relationship, when it comes to fighting terrorism. “But there is no doubt in anyone’s mind that should an attack against the United States be traced to be Pakistani it would have a very devastating impact on our relationship,” she added. A Pakistani-American arrested over the botched car bombing in New York’s Times Square in May allegedly received explosives training from experts linked to the Pakistani militant group the Tehrik-e-Taliban, in December 2009. The group operates from the tribal zones of Pakistan, considered by Washington to be the global headquarters of the Pakistani Taliban and their allies in Al Qaeda, as well as a base camp for the Afghan Taliban. Clinton said all the groups were linked and called on Pakistan not to distinguish between them. She confirmed Washington planned to formally designate Pakistan’s Haqqani network as a foreign terrorist organisation. The Haqqani network, which is battling coalition troops in Afghanistan and is thought to have close links with Pakistan’s intelligence services. The New York Times reported on Wednesday that US General David Petraeus, recently named head of the coalition, was in favour of the move. Clinton made headlines during her last visit to Pakistan in October 2009 when she suggested that senior officials in Islamabad knew the whereabouts of Al Qaeda leaders hiding since the 11 September 2001 attacks on the US. Source: LatestNews-Home - Livemint.com | 18 Jul 2010 | 11:11 pm Rupee falls to 2-week low; share moves eyedMumbai: The Indian rupee slipped to a two-week low on Monday, weighed down by choppy stocks and a halt to the euro’s rally against the dollar. At 10:32am, the partially convertible rupee was at Rs47.02/03 per dollar after hitting Rs47.10, which was its weakest since 7 July, and 0.5% weaker than Friday’s close on Rs46.80/81. “There is some non-deliverable forward (NDF) related dollar demand. The euro’s weakness and early stock losses are also weighing,” a senior dealer with a private bank said. “We need to see a break above Rs47.20 in order to sustain the current bullishness in the dollar, or else it is seen holding in Rs46.70-47.20 range in the near term,” he added. Most Asian currencies were weaker against the dollar. The index of the dollar against six major currencies was 0.2% higher. The euro pulled back from two-month highs on Monday, as investors booked profits on its rally while lingering concerns about Europe’s sovereign debt problems looked likely to keep a lid on future gains. Dealers said early losses in shares weighed and they would be watched for cues on foreign fund flows. So far in 2010, foreigners have bought a net $8.5 billion worth of shares, in addition to last year’s record $17.5 billion. The main stock index briefly turned positive after after falling as much as 0.55 percent early. “Break above Rs47.40 will set the tone for a larger upmove -- but I wouldn’t subscribe to it right now. We still have some pullback waiting to happen,” said R.K. Gurumurthy, head of treasury at ING Vysya Bank. “Resistances at Rs47.25 and 47.40 should be fairly strong backed by some support at Rs46.70,” he said. One-month offshore non-deliverable forward contracts were quoted at Rs47.24, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were at Rs47.0925 and Rs47.09 respectively, with the total traded volume on the two exchanges at about $950 million. Source: Home - Livemint.com | 18 Jul 2010 | 11:08 pm Etisalat close to buying 26 pct in Reliance Comm - FTMUMBAI (Reuters) - Emirates Telecommunications (Etisalat) is close to buying 26 percent in telecoms firm Reliance Communications, the Financial Times said on Monday, sending Reliance shares up nearly 4 percent.Source: Reuters: Money News | 18 Jul 2010 | 10:45 pm Asia stocks slide as US growth fears escalateSydney: Asian stocks fell on Monday as a sharp drop in US consumer sentiment added to worries that its economic recovery is losing momentum, with the cautious tone also pulling the euro from two-month highs. The MSCI index for Asian stocks outside Japan dropped 1%, its worse daily performance this month, as investors sold riskier assets. Australian stocks fared the worst in the region, shedding 1.6%. The Japanese market was shut on Monday for a holiday. “The key issue driving the market at the moment is slower global growth,” said George Clapham, head of equities at Arnhem Investment Management in Australia. Investors who believed the world economy is on shaky ground got more ammunition for their arguments on Friday after US data showed consumer prices fell for the third straight month in June while consumer sentiment dropped to a near one-year low. Major US stock indexes slumped as much as 3.1% with the gloom spilling over into Asia on Monday. Sub-indices for the MSCI Asia ex-Japan share index showed materials stocks led losses in the region as the weak US data weighed on oil and metals prices. The materials index was down 1.2%. All said, there were a couple of bright spots among Asian markets, helped mainly by corporate takeover activity. Australia’s Healthscope leapt 11% to near three-year highs after the firm recommended a $1.7 billion takeover bid from two private equity firms. Singapore healthcare firm Parkway, the target of a bidding war, was up 0.3%, aided by talk that it may get a sweetened offer from one of its two corporate suitors. Yet, there was no missing the lacklustre tone in the broader market. Oil prices dipped 0.3% to $75.77, while safe-haven gold eased to $1,192.80 an ounce after falling to its lowest in more than a week in the previous session. The euro, which had staged a smart comeback in recent weeks helped largely by a short squeeze, also lost steam on Monday as cautious investors took profits on its recent gains. The euro traded at $1.2893, down from Friday’s $1.2933. But some traders warned it may be too early to believe the euro is on a strong rebound having survived the worse of Europe’s debt crisis. Markets are anxiously awaiting the results of stress tests on European banks due out on Friday. Monday’s drop in the euro benefitted the US dollar, despite concerns about the health of the US economy. The US dollar index against a basket of other major currencies was up 0.2% at 82.643. With the market anxious to know whether the world’s biggest economy is stalling, semiannual testimony by US central bank chief Ben Bernanke on Wednesday will also be closely watched by investors. Source: Home - Livemint.com | 18 Jul 2010 | 10:41 pm LG Elec aims to up 3D notebook shipments by 30%Seoul: South Korea’s LG Electronics Inc said on Monday it aimed to raise shipments of 3D notebook computers by 30% in 2011, as it makes a huge bet on booming sales of 3D products led by televisions. LG, the world’s second-largest maker of TVs, forecast global sales of 3D notebook computers would increase five fold next year to 1.1 million units and jump to 13.8 million units by 2015. “With the availability of more 3D content, consumers are enjoying a new experience, and we think that’ll drive growth of the 3D computer market,” Harrison Park, LG’s mobile communications PC business team leader, told reporters. Interest in 3D has grown fast driven partially by the blockbuster movie “Avatar,” released at the end of 2009, which single-handedly raised awareness to 60% from 40% among US consumers. LG introduced on Monday three models of 3D notebook computers priced at between 1.6 million won ($1,331) and 1.9 million won, a roughly 20% premium to conventional 2D products. With the need to wear glasses to watch 3D content singled out as a major obstacle to the technology’s takeoff, 3D is more likely to succeed on screens watched by a single viewer like computer and cellphone displays, some experts say. LG said earlier this year it was aiming to sell one million 3D televisions this year. Source: Tech News - Livemint.com | 18 Jul 2010 | 10:38 pm Khazanah may up Parkway offer to stare down FortisSINGAPORE/NEW DELHI (Reuters) - Malaysian state investor Khazanah may have to pay more than S$4.00 a share for Singapore's Parkway, or at least 3.1 percent above its share price to ward off rival bidder Fortis Healthcare.Source: Reuters: Money News | 18 Jul 2010 | 9:08 pm Emirates group nears deal with Reliance - Financial Times
Source: Business - Google News | 18 Jul 2010 | 3:52 pm SAP India sales nearly doubled in MarchThe trend is in line with SAP's stellar performance in India just before it was interrupted by the economic turmoil in 2008.Source: Daily News & Analysis: Money News | 18 Jul 2010 | 3:27 pm Era Infra nears fund tie-up for Rs 1,660 crore road plansEra Infra, the flagship company of the Era Group, is executing projects with Russian firm OJSC-SIBMOST.Source: Daily News & Analysis: Money News | 18 Jul 2010 | 3:26 pm Godrej Properties near redevelopment deal in south MumbaiIts land deal with Jet Airways at Bandra Kurla Complex, which was slated to close on July 15, has now been extended till the end of the month.Source: Daily News & Analysis: Money News | 18 Jul 2010 | 3:22 pm MIT grad gives a new meaning to blowin' hot & coldKranthi Kiran Vistakula's Dhama Innovations sells jackets that allow temperature control.Source: Daily News & Analysis: Money News | 18 Jul 2010 | 3:21 pm New faces, roles for economic think tanksIts a season of change at economic think tanks. In September, Parthasarathi Shome will return to India as chief executive at the Indian Council for Research on International Economic Relations (Icrier), after a 30-month stint with Britains tax collection agency. He will join Icrier full-time from December, charting his agenda for the research agency over a five-month period.Source: Business Standard | Front Page Headlines | 18 Jul 2010 | 1:25 pm Japan Tobacco investment in India JV under scannerThe finance ministry is scrutinising the manner in which the worlds third-largest publicly traded cigarette maker, Japan Tobacco Inc (JT), had brought in foreign investment into its Indian joint venture without raising its equity. The deal bypassed the Foreign Investment Promotion Board (FIPB) and took place even as a ban on new FDI in the sector was being readied.Source: Business Standard | Front Page Headlines | 18 Jul 2010 | 1:23 pm Irda to oppose move on 'super-regulator'Joins RBI, Sebi in trying to protect autonomy of the regulators.Source: Business Standard | Front Page Headlines | 18 Jul 2010 | 1:20 pm ABB is looking at India as a manufacturing hubBangalore: ABB Ltd (India), the local subsidiary of the Swiss-Swedish engineering company, has had a few turbulent quarters recently due to intense competition from Chinese and Korean companies and because it had to exit some businesses. Its foreign parent, ABB Ltd, though, is taking a long-term view of the Indian market, seeking to lift its stake in its Indian arm from 52.1% now to 75%, spending about $965 million (Rs4,516.2 crore). Its open offer, which began earlier this month, is on till 27 July. ABB India’s vice-chairman and managing director, Biplab Majumder, says he is focused on improving operations and is set to commission two new units in Baroda at a total cost of Rs250 crore. The first will focus on manufacturing wind generators and associated electricals for the European market; the second will enhance the firm’s transformer manufacturing capacity to include high voltage systems of 765kV. Majumder, a 33-year veteran at the company, said in an interview the hike in stake holding by the parent firm is a vote of confidence in the India operations. ABB India’s share price has increased around 24% in the past year, ending on Friday at Rs872.55. ABB Ltd, which had revenue of $31.8 billion in 2009, is looking at making India a manufacturing hub to rival China, he said. Edited excerpts: What has been the response to the open offer till now? I can’t comment on that as the process is ongoing. Also, it is just one shareholder seeking to increase stake. However, the fact that they are looking to go up to 75% is a compliment to the work being done by the management team here as the ABB Group feels that India can be used more. If they are investing an additional $1 billion to increase their stake, it gives an indication of what they think of the long-term potential of the Indian market. India already contributes around 6-7% of ABB’s global turnover. Already, we are the largest R&D (research and development) outfit within the group with around 1,000 people. We have an engineering centre for process systems and power automation. Last year, we applied for 12 patents from here. Indian operations are really increasing its footprint within the group and, therefore, I am not surprised that they would (want) to invest more money here... ABB Group, however, is run as a small conglomerate of independent states. So we will continue to have a fair degree of operational freedom to respond to the unique requirements of the Indian market, as long as we adhere to group guidelines. The last couple of quarters have been challenging with growth and profits taking a hit. ABB’s portfolio is very vast and extensive. We sell everything from a(n) electrical switch, which costs Rs50, to a transformer, which costs Rs50 crore. For instance, the Delhi airport’s entire electricals and a lot of equipment in the Bangalore as well as Delhi Metro have been supplied by us. There have been some segments of the business which have been doing well, like projects, process automation, while some others like power products have been impacted due to market pressures. Price levels have come down a bit. ABB has certain cost and quality levels as our norms are the same globally. So we have had some challenges from local players and particularly from Chinese and Korean companies. So we will have to reduce some materials or, as I keep saying, increase the intelligence per kilo (of product equipment weight). In some cases, we go wrong once in a while and the market doesn’t easily forgive. That is what happened in the last few quarters. However, this is a transitional phase. We are a growing company and a few quarters (of setbacks) doesn’t matter really. Look we are a(n) energy starved country with demand exceeding supply by 13%. We need to add 1 lakh MW (100,000MW)..immediately. So for the next two decades, the opportunity for us, the world’s largest player, to grow here is huge. Why did you choose to exit the rural electrification business? It used to constitute close to 10% of revenue. ABB is a very technology-intensive company. The business looked good from far, but was in reality not ABB’s (kind of) business. In the rural electrification business, you put a string, an insulator and a small transformer on the pole and connect to the grid. While the margins were decent, it was not the kind of business we wanted to be in, given all the challenges in managing the environment in terms of contractors, workmen, etc. We couldn’t take control of the safety of people. We had some five to six fatalities in a year. Given ABB’s rigorous standards, we decided we would rather stay away. While revenues and profits were ok, cash flow from that business was also not so good. What about manufacturing? After the hike in stake, would this get a boost? Definitely, yes. ABB is looking at India as a manufacturing hub on the same scale as what China, which is the largest currently, is. In certain product lines, for instance, ABB India already exports to 105 countries. We have eight factories and the number will only go up. Two new factories will be inaugurated shortly by our group CEO. While one of them will manufacture wind generators for Europe, the other will enhance our transformer capacity. For some products, while the R&D (research and development) is done and the design provided from India, they are being manufactured in places like France and Germany and sold globally. India is a very exciting market for ABB. venkatesha.b@livemint.com Source: Home - Livemint.com | 18 Jul 2010 | 12:24 pm Fastest pace in four quartersMumbai: The net profit of 99 companies that have so far reported earnings for the three months ended June grew at the fastest pace in four quarters, reflecting the strength of the domestic economy. While the results have been healthy, analysts say these are early days yet, with only four Nifty firms having declared their results. The Nifty comprises the 50 most liquid stocks traded on the National Stock Exchange. Net profit of these 99 firms grew by an average of 23.20%. Just as in the past quarter, the profit growth has been largely driven by increased sales. At 19.12%, sales growth has been the highest in six quarters. At least two Nifty stocks—Tata Consultancy Services Ltd (TCS) with earnings growth of 22%, and Axis Bank Ltd with a net profit growth of 32%—have beaten expectations. Mortgage lender Housing Development Finance Corp. Ltd reported a 23% earnings increase. Infosys Technologies Ltd’s net profit declined by 2.25%, the only disappointment by a Nifty firm so far. A robust economy is driving consumer demand and corporate profits. With the economy forecast by the International Monetary Fund to expand 9.4% this year, and double-digit growth in factory output at 16.5% in April and 11.51% in May, there are no major downsides on the domestic front except inflation. Foreign institutional investor interest has remained strong over the course of the year with some $7 billion (Rs32,760 crore) of inflows in the first six months. Also See | Rising Numbers (Graphic) But analysts don’t expect any significant re-rating of stocks. Despite the Bombay Stock Exchange benchmark index, the Sensex, touching a two-year high last week, the next breakout will have to come from earnings upgrades, which is unlikely anytime soon, analysts say. The Mint earnings analysis counted net interest income (interest earned on loans minus the cost of deposits) and non-interest income as net sales of banks. For manufacturing and services sector firms, income generated from activities not central to their main business was excluded from profit calculations. The earnings have not come as a surprise to analysts who had modest expectations to start with. Typically, brokerages cover at most 200 of the biggest firms. Of the 99 firms that have declared their earnings, less than 10 are covered by analysts. “Expectations are very moderate”, said Ajay Parmar of Emkay Global Financial Services Ltd. “We expect 12-15 % bottomline growth for Nifty companies”. “It’s still early to say but so far things have gone as per our expectations”, said Raamdeo Agrawal, joint managing director of Motilal Oswal Financial Services Ltd. “The TCS results have been on the dot, but Infosys has disappointed slightly and missed the mark by 4-5%. TCS results could have surprised many because it came just after the Infosys disappointment.” Infosys and TCS are India’s two largest software exporters. There could be some worries for information technology firms. “In IT, both pricing pressure and rising costs have played their part in slowing earnings growth”, said Deepak Jasani, head of retail research at HDFC Securities Ltd. “Volumes, however, look good in IT.” Banks and financial firms are expected to sustain their good run. Oil and gas, capital goods, infrastructure and consumer durables are sectors that analysts predict would do well in the coming quarters. “Axis Bank results were a slight positive surprise”, said Girish Pai, head of research at Centrum Capital Ltd. “But we have to wait and see till Oil and Natural Gas Corp. Ltd (ONGC) and Reliance Industries Ltd (RIL) come out with their results.” The earnings of India’s biggest aluminium maker Hindalco Industries Ltd, largest auto maker Tata Motors Ltd, and Tata Steel Ltd, the biggest producer of the alloy, would “also be important before we can take a call”, he added. RIL and ONGC are two of the largest constituents of the benchmark indices. Together they make up 17.47% of the Sensex and 14.2% of the Nifty. This week, a number of blue chips such as HDFC Bank Ltd, Kotak Mahindra Bank Ltd, Maruti Suzuki India Ltd and Wipro Ltd are expected to declare their earnings. Graphic by Yogesh Kumar/Mint pramit.b@livemint.com Source: Home - Livemint.com | 18 Jul 2010 | 12:16 pm As more Facebook users die, ghosts reach out to reconnectCourtney Purvin got a shock when she visited Facebook last month. The site was suggesting that she get back in touch with an old family friend who played piano at her wedding four years ago. The friend had died in April. “It kind of freaked me out a bit,” she said. “It was like he was coming back from the dead.” Facebook, the world’s biggest social network, knows a lot about its roughly 500 million members. Its software is quick to offer helpful nudges about things such as imminent birthdays and friends you have not contacted in a while. But the company has had trouble automating the task of figuring out when one of its users has died. That can lead to some disturbing or just plain weird moments for Facebook users as the site keeps on shuffling a dead friend through its social algorithms. Facebook says it has been grappling with how to handle the ghosts in its machine but acknowledges that it has not found a good solution. “It’s a very sensitive topic,” said Meredith Chin, a company spokeswoman, “and, of course, seeing deceased friends pop up can be painful.” Given the site’s size, “and people passing away every day, we’re never going to be perfect at catching it”, she added. James E. Katz, a professor of communications at Rutgers University, said the company was experiencing “a coming-of-age problem”. “So many of Facebook’s early users were young, and death was rare and unduly tragic,” Katz said. Now, people over 65 are adopting Facebook at a faster pace than any other age group, with 6.5 million signing up in May alone, three times as many as in May 2009, according to the research firm comScore. People over 65, of course, also have the US’ highest mortality rate, so the problem is only going to get worse. Tamu Townsend, a 37-year-old technical writer in Montreal, said she regularly received prompts to connect with acquaintances and friends who had died. “Sometimes it’s quite comforting when their faces show up,” Townsend said. “But at some point it doesn’t become comforting to see that. The service is telling you to reconnect with someone you can’t. If it’s someone that has passed away recently enough, it smarts.” Purvin, a 36-year-old teacher living in Plano, Texas, said that after she got over the initial jolt of seeing her friend’s face, she was happy for the reminder. “It made me start talking about him and thinking about him, so that was good,” she said. “But it was definitely a little creepy.” Facebook’s approach to the deaths of its users has evolved over time. Early on it would immediately erase the profile of anyone it learnt had died. Chin says Facebook now recognizes the importance of finding an appropriate way to preserve those pages as a place where the mourning process can be shared online. Following the Virginia Tech shootings in 2007, members begged the company to allow them to commemorate the victims. Now member profiles can be “memorialized”, or converted into tribute pages that are stripped of some personal information and no longer appear in search results. Grieving friends can still post messages on those pages. Of course, the company still needs to determine whether a user is, in fact, dead. But with a ratio of roughly 350,000 members to every Facebook employee, the company must find ways to let its members and its computers do much of that work. For a site the size of Facebook, automation is “key to social media success”, said Josh Bernoff, an analyst at Forrester Research and co-author of Groundswell: Winning in a World Transformed by Social Technologies. “The way to make this work in cases where machines can’t make decisions is to tap into the members,” he said, pointing to Facebook’s buttons that allow users to flag material they find inappropriate. “One way to automate the ‘is he dead’ problem is to have a place where people can report it.” To memorialize a profile, a family member or friend must fill out a form on the site and provide proof of the death, like a link to an obituary or news article, which a staff member at Facebook will then review. But this option is not well publicized, so many profiles of dead members never are converted to tribute pages. Those people continue to appear on other members’ pages as friend suggestions, or in features such as the “reconnect” box, which has been spooking the living since it was introduced last October. Chin said Facebook was considering using software that would scan for repeated postings of phrases such as “Rest in peace” or “I miss you” on a person’s page and then dispatch a human to investigate that account. The scanning approach could invite pranks—as the notification form already has. A friend of Simon Thulbourn, a software engineer living in Germany, found an obituary that mentioned someone with a similar name and submitted it to Facebook in October as evidence that Thulbourn was dead. He was soon locked out of his own page. “When I first ‘died’, I went looking around Facebook’s help pages, but alas, they don’t seem to have an ‘I’m not really dead, could I have my account back please?’ section, so I opted for filling in every form on their website,” Thulbourn said by email. When that didn’t work, Thulbourn created a webpage and posted about it on Twitter until news of the mix-up began to spread on technology blogs and the company took notice. He received an apology from Facebook and got his account back. The memorializing process has other quirks. Memorial profiles cannot add new friends, so if parents joined the site after a child died, they would not have permission to see all the messages and photos shared by the child’s friends. These are issues that Facebook no doubt wishes it could avoid entirely. But death, of course, is unavoidable, and so Facebook must find a way to integrate it into the social experience online. “They don’t want to be the bearer of bad tidings, but yet they are the keeper of those living memories,” Katz, the Rutgers professor, said. “That’s a real downer for a company that wants to be known for social connections and good news.” ©2010/THE NEW YORK TIMES feedback@livemint.com Source: Tech News - Livemint.com | 18 Jul 2010 | 10:58 am
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