Live Chart 18

Opinion divided over Obama endorsing India's bid in UNSC

2010-11-10T06:50:00.001-08:00

The announcement by US President Barack Obama that his Administration endorses India's bid for a permanent seat at UN Security Council is more of "symbolic" in nature and lacks "substance", American experts have said.

But senior Administration officials quickly dismissed such line of thought stressing that any announcement by the US in this regard carried a lot of weight at the international level and it would be incorrect to say that Obama's statement is symbolic in nature.

At the same time it is conceded that there is long way to go before India gets its rightful place at the UN Security Council, given the current political set up, the divergence of views among the community of nations and lack of a strong consensus in this issue at the world body.

"I can say today, in the years ahead, I look forward to a reformed United Nations Security Council that includes India as a permanent member," Obama said in his address to the joint session of the Parliament amidst thunderous applause.

With this the US has become the fourth country, after Britain, France and Russia to endorse India for the UN Security Council.

"This is not the most important issue in the world right now, more symbolic than anything, but symbols seem to be very important for MEA and the Indian media class," said Stephen P Cohen, Senior Fellow, Foreign Policy Studies, Brookings Institute, and a noted scholar on South Asia.

Obama's announcement did not surprise Cohen.

"The problem was not US support, but opposition to India in particular by others, and the whole problem of UN reform," Cohen said.

Echoed Robert Hathaway of the Woodrow Wilson Center, a major Washington-based think tank.

"Many Indians will regard the President's pledge to support India's bid for a permanent UNSC seat as the highpoint of the visit. But since no one believes Indian membership in the Security Council is imminent, in some ways this was merely a symbolic step, albeit a truly important one," said Hathaway, Director, Asia Program at the Woodrow Wilson International Center for Scholars.

Beyond deepening the US-India strategic partnership launched by the Bush administration, the Obama announcement may help break the logjam that has kept the UNSC's permanent membership mired in the world of 1945, said Stewart Patrick of the Council on Foreign Affairs.

He urged the Obama Administration to follow its endorsement with an initiative to gradually expand the UNSC based on clear criteria for permanent membership.

G20 draft vows move to market fx rates - report

2010-11-10T06:14:00.001-08:00

SEOUL - A draft of a Group of 20 communiqué statement says its members will move towards more market-determined exchange rates, closely echoing the wording of a statement issued by G20 ministers late last month, Dow Jones Newswires reported on Wednesday.Full Story

Sensex to touch 20K-21K by March 2011: Veda Investments

2010-07-08T21:13:00.001-07:00

India's outperformance is on account of its economy, said Vikas Pershad of Veda Investments in an exclusive interview to CNBC-TV18. He sees the Sensex at 20,000-21,000 levels by March 2011.

Yesterday was a strong day for markets on account of the helpful global cues. The Nifty closed below the 5,300 mark. Metals, banks, and oil and gas sector led the upmove.

Nifty above 5300 on global cues.

2010-07-08T21:09:00.001-07:00

Bharti most active

HCL Infosystems spurts on overseas acquisition

2010-07-08T21:07:00.001-07:00

HCL Infosystems jumped 5.36% to Rs 118.90 at 09:06 IST on BSE after the company acquired a 60% stake in NTS Group, a leading IT services and solutions provider based in Dubai, involving an investment of about $6.5 million.

UK's Brown wants investigation into Goldman Sachs

2010-04-18T06:28:00.001-07:00

LONDON - Prime Minister Gordon Brown said on Sunday he wanted Britain's financial watchdog to investigate U.S. bank Goldman Sachs after it was charged with fraud by U.S. regulators.

Brown, who is fighting an election campaign, piled pressure on Wall Street's most powerful bank, accusing it of "moral bankruptcy" over reported plans to pay big bonuses.

Goldman Sachs was charged with fraud by the U.S. Securities and Exchange Commission (SEC) on Friday over its marketing of a subprime mortgage product. Goldman has called the U.S. lawsuit "completely unfounded" and has vowed to defend itself.

"I want a special investigation done into the entanglement of Goldman Sachs and the companies there with other banks and what happened," Brown told BBC television.

"There are hundreds of millions of pounds have been traded here and it looks as if people were misled about what happened. I want the Financial Services Authority (FSA) to investigate it immediately," he said.

"I know that the banks themselves will be considering legal action," Brown said, apparently referring to European banks that lost money on the product marketed by Goldman Sachs.

"We will work with the Securities and Exchange Commission in the United States," he said.

A spokeswoman for the FSA declined comment. "We would never confirm or deny we are investigating anybody," she said.

Sensex to trade between 15000-21000: Ramesh Damani

2010-04-11T14:31:00.000-07:00

The Sensex crossed the psychological 18,000 mark in early trade yesterday giving a fillip to market sentiment, however, market veteran and Member of the Bombay Stock Exchange Ramesh Damani feared this bullishness might not be good for the market. He, in fact, would be surprised if the markets made a new high at all in 2010. “The Sensex will trade between the 15,000-21,000 range,” he said, adding that the low volatility period is seen continuing for the next six months.

Speaking specifically on stocks and sectors, Damani said there was disparity between real estate prices and stock prices. However, he saw value in those stocks. He is also bullish on generic pharma companies and would buy Indian or global airline stocks at dips.

Govt seeks to cut stake in State Bank to 51 pct

2010-03-09T09:55:00.001-08:00

NEW DELHI - The government is seeking legislative approval to sell down its stake in top lender State Bank of India (SBI) to 51 percent, which could raise about $2.5 billion, a quarter of what the bank needs to grow over the next five years.

On Monday, Finance Minister Pranab Mukherjee introduced a bill in the Lok Sabha seeking approval for cutting the government's stake in SBI, and for the bank to raise capital by issuing shares or through a rights issue.

"This is an operational matter to see that SBI does not face capital constraints as the economy grows over 8 percent, resulting in lending growth rates rising at 25 percent or above," Ananda Bhowmick, an analyst at Fitch Ratings, said.

SBI has said it plans to raise $4.3 billion through a rights issue in 2010/11, half of its requirement to sustain growth over the next five years with Asia's third largest economy poised to expand at 8 to 9 percent in coming years.

The government, which owns 59.41 percent of SBI, can bring its holding down to 55 percent under current rules. Selling the stake all the way down to 51 percent would generate $2.5 billion at SBI's current market price.

Shares in SBI extended gains to 3.3 percent after the news, before closing 1.2 percent higher at 2,070.25 rupees, outpacing the broader market's 0.64 percent rise and a tad over the 1.1 percent uptick in the sector index.

SBI raised $4 billion in 2008 through a rights issue with the government issuing bonds to the bank in lieu of cash. With a 16-year high fiscal deficit that India is committed to cut, a repeat of this move is unlikely, analysts said.

The government has said it plans to bring down its holdings in banks but would keep majority control, a plan that has faced political and union opposition.

Source

FII inflow crosses Rs 9000 crore in calendar year 2010

2010-03-09T09:51:00.001-08:00

Inflow of Rs 2259.50 crore on 8 March 2010

Foreign institutional investors (FIIs) bought shares worth a net Rs 2259.50 crore on Monday, 8 March 2010, higher than Rs 1879.10 crore on Friday, 5 March 2010.

FII inflow of Rs 2259.50 crore on 8 March 2010 was a result of gross purchases Rs 4461.30 crore and gross sales Rs 2201.80 crore. There was an inflow of Rs 1090.60 crore into secondary equity markets which was a result of gross purchases Rs 3275.60 crore and gross sales Rs 2185 crore. The BSE Sensex rose 108.11 points or 0.64% to 17,102.60 on that day.

There was an inflow of Rs 1168.90 crore in the category 'primary market & others', which was a result of gross purchases Rs 1185.70 crore and gross sales Rs 16.80 crore.

FII inflow in March 2010 totaled Rs 8473.20 crore (till 8 March 2010). FII had bought equities worth Rs 2311 crore in February 2010. FII inflow in the calendar year 2010 totaled Rs 9189.60 crore (till 8 March 2010).

There are a total of 1,703 foreign funds registered with the Securities & Exchange Board of India (Sebi).

Techs lead Wall St slightly higher

2010-03-08T13:04:00.001-08:00

NEW YORK - Technology bolstered Wall Street slightly on Monday, as investors bought shares after analysts' comments on BlackBerry maker Research in Motion and Cisco Systems.

Sentiment also got a lift from American International Group Inc's deal to sell its Alico foreign life insurance unit to MetLife Inc for about $15.5 billion.

MetLife's stock rose 4.7 percent to $40.74 and AIG gained 3.6 percent to $29.10.

"The news continues to signal there's more (deals) to come and helps put a floor in the market," said Kurt Brunner, portfolio manager at Swarthmore Group in Philadelphia.

Research in Motion shot up 6.1 percent to $73.75, leading the Nasdaq higher after an analyst upgraded the stock on expectations the company will report strong quarterly results and issue a robust outlook.

Sprint Nextel shares climbed 4.6 percent to $3.43 and led the S&P telecommunications sector's index higher after the company's chief financial officer said he hoped to see revenue declines slowing this year and a turn to revenue growth several quarters ahead.

Shares of Clearwire Corp, which is majority owned by Sprint, jumped 12 percent to $7.58 on Nasdaq.

The market move "is more news-specific today than anything in a broad sense," Brunner said.

Source

Inflation seen moderating - RBI

2010-03-08T13:01:00.001-08:00

BASEL - Inflation in India should moderate in the coming months and the central bank will ensure interest rate levels do not have a negative impact on the competitiveness of the economy, the head of Reserve Bank of India said on Monday.

"I believe that inflation will moderate in the weeks and months ahead," RBI Governor Duvvuri Subbarao told reporters in Basel.

Subbarao declined to comment on possible interest rate moves in the future, but said that the central bank would ensure that their levels would not have any negative impact on the competitiveness of the economy.

Source

Lyondell restructuring plan includes Apollo role

2010-03-08T12:58:00.001-08:00

MUMBAI/NEW YORK - LyondellBasell filed a restructuring plan on Monday, rejecting a takeover bid from Reliance Industries Ltd in favour of commitments from private equity firms, including Apollo Management LP, to help the chemicals maker exit bankruptcy.

Lyondell filed for bankruptcy more than a year ago, hobbled by billions in debt, a sharp increase in oil prices and a decline in demand for its polymers and chemicals due to the global economic crisis.

Since then, LyondellBasell has reached agreement with its creditors to shed billions in debt, issue equity to debtholders and raise about $2 billion to finance its bankruptcy exit.

"We will have a new management team in place, we will have considerably less debt, and we will be adequately capitalized with the equity from the rights offering as well as exit financing," said company spokesman David Harpole. "We will be a much leaner, more efficient company and a stronger competitor in the global chemical and polymers industry."

The company has rejected several offers from Reliance Industries, the most recent of which valued the petrochemicals firm at $14.5 billion, in favour of a plan supported by key creditor groups, said Harpole.

"The amended plan provides superior value, improves the financial stability of the reorganized company and is a confirmable plan," said Harpole.

The company in February reached a $450 million settlement with unsecured creditors over a lawsuit stemming from its 2007 leveraged buyout. The settlement helped clear the way for the company to put the final touches on its reorganization plan.

IOC tenders to buy more crude oil for May

2010-03-08T12:56:00.001-08:00

LONDON- State-owned refiner Indian Oil Corp (IOC) has tendered to buy one or more cargoes of crude oil for loading in May, a tender document showed on Monday.

The tender, issued on Friday, specified up to 88 crudes or combinations of crudes to be offered into the tender, which will close on March 10 and March 11 with validity until March 12. Traders said they expected news of the award on Friday.

Most of the specified crude oil grades were Nigerian or Angolan. In the past IOC has tended to buy large volumes of West African crudes.

Source

Buy Report on ESSAR OIL on 8 March 2010

2010-03-08T07:47:00.001-08:00

Essar Oil can test Rs 190-200, says Dheeraj Dhawan ( Live Chart 18 ).

Buy Essar Oil @ 141-142 - For 2-3 Months ( For 3-6 Months Tgt 230)

Target @ 200 – 210

Stop Loss @ 135 - 127

FII inflow in March 2010 crosses Rs 6200 crore

2010-03-08T07:27:00.001-08:00

Inflow of Rs 1879 crore on 5 March 2010

Foreign institutional investors (FIIs) bought shares worth a net Rs 1879 crore on Friday, 5 March 2010, much higher than Rs 692.20 crore on Thursday, 4 March 2010.

FII inflow of Rs 1879 crore on 5 March 2010 was a result of gross purchases Rs 3462.40 crore and gross sales Rs 1583.40 crore. There was an inflow of Rs 1075.10 crore into secondary equity markets which was a result of grosspurchases Rs 2657.20 crore and gross sales Rs 1582.10 crore. The BSE Sensex rose 22.79 points or 0.13% to 16,994.49 on that day.

There was an inflow of Rs 803.90 crore in the category 'primary market & others', which was a result of grosspurchases Rs 805.20 crore and gross sales Rs 1.30 crore.

FII inflow in March 2010 totaled Rs 6213.80 crore (till 5 March 2010). FII had bought equities worth Rs 2311 crore in February 2010. FII inflow in the calendar year 2010 totaled Rs 6930.10 crore (till 5 March 2010).

There are a total of 1,703 foreign funds registered with the Securities & Exchange Board of India (Sebi).

NMDC $3 bln shr sale priced at 300-350 rupees/shr

2010-03-08T07:21:00.001-08:00

MUMBAI - A share sale to raise about $3 billion in state-run miner NMDC has been priced at 300-350 rupees each, two sources with direct knowledge of the deal said on Monday.

Shares in NMDC, the country's top iron ore exporter, closed down 3.35 percent at 400.60 rupees on Monday, while the Mumbai market rose 0.6 percent.

The government will sell an 8.38 percent stake in NMDC. The sale opens on March 10 and closes on March 12.

Dubai World deal hope lifts markets, divides creditors

2010-03-08T07:15:00.001-08:00

DUBAI - Hopes of progress this week on Dubai World $26 billion debt restructuring lifted stocks and eased fears of default but potential divisions emerged among creditors to the state-owned conglomerate.

Dubai World could put its plan to a creditor coordinating committee that includes HSBC and Standard Chartered in London this week but was being delayed by efforts to value the assets of its Nakheel unit, builder of Dubai's palm-shaped islands, bankers said.

While some of the 97 creditors expect to see the option of full repayment on the table, others are willing to take a "haircut" in order to get some money back fast, bankers said.

"We are not willing to take a big haircut ... in that case we would go back to the committee to see what our options are," said one Gulf-based banker, who asked not to be named. "Full repayment should be an option, timing is less of an issue."

Dubai World shocked global markets in November, when it requested a standstill on its debt repayments and said it would come up with a restructuring plan.

Dubai has said the plan would be "fair" but a plan could propose extending debt maturities and Dow Jones said creditors may get as little as 60 cents on the dollar.

"There are those banks who want to have the money immediately and take a haircut and those who can wait for a longer time," said one banker at an Asian lender which is among the creditors.

"If one of the lenders doesn't accept both options, they can go for a legal case. It's in the interest of the bankers and the company there is some agreement."

Source

Daimler selling up to $429 mln Tata Motors stake - sources

2010-03-08T07:13:00.001-08:00

MUMBAI/FRANKFURT - German carmaker Daimler was selling its entire stake in Tata Motors to raise up to $429 million worth of shares, sources familiar with the matter said on Monday.

Daimler was offering 25.6 million shares in India's largest vehicle maker at 737.4 ($16.2) to 761.3 rupees each, a discount of 4 to 7 percent below the stock's Monday close of 796.75 rupees, sources said.

The shares represent a 5.34 percent stake in the firm.

Daimler owns 5.34 percent of Tata Motors' ordinary shares and 4.71 percent on a fully diluted basis. Media reports in India had earlier speculated that the German carmaker would look to exit its long-held stake in Tata Motors.

A Daimler official declined to comment on the reported share sale and a Tata Motors spokeswoman did not have immediate comment.

Citigroup was handling the share sale in Tata Motors, which makes the world's cheapest car, the Nano, and also owns the UK-based Jaguar and Land Rover luxury brands.

Shares in Tata Motors have risen 19 percent since Feb 26 when the company posted a consolidated net profit for the second straight quarter as sales from its Jaguar and Land Rover unit recovered.

Tata Motors shares ended 0.18 percent higher on Monday before the share sale was revealed. Daimler shares were flat on Monday.

Car sales in India have surged in recent months and jumped by a third in February to a record as buyers rushed to beat a planned increase in taxes. The momentum is expected to continue in March before new emissions rules kick in and push up prices.

Source

Govt seeks to cut stake in State Bank to 51 pct

2010-03-08T07:09:00.001-08:00

The government has said it plans to bring down its holdings in banks but would keep majority control, a plan that has faced political and union opposition.

Lyondell files restructure plan, rejects Reliance bid

2010-03-08T07:04:00.001-08:00

Bankrupt petrochemicals firm LyondellBasell outlined a restructuring plan that it said was a better option than a $14.5 billion bid from Indian energy major Reliance Industries, court documents showed.

Reliance's offer was not sufficiently valuable to abandon the reorganisation plan, Luxembourg-headquartered Lyondell said in a disclosure statement lodged with a U.S. bankruptcy court on Monday.

A person familiar with the matter told Reuters last Tuesday that Lyondell had rejected Reliance's offer.

If the court approves Lyondell's disclosure statement than the plan would be sent to the company's creditors for their approval.

As part of its reorganization plan, Lyondell said it will sell 263.9 million Class B shares, most of which will be sold in a rights offering backstopped by private equity firms Apollo Management, Ares Management and Access.

Apollo can invest up to $1.52 billion, while Ares can invest up to $475.7 million and Access can invest up to $805.9 million, the court documents show.

Apollo will have the right to nominate three initial supervisory board members, while Access and Ares will have the right to nominate one initial supervisory board member, court filings show.

Lyondell will seek to list its shares on the New York Stock Exchange once the reorganization plan becomes effective.

Hearing on the disclosure statement are due on Thursday.

Source

Essar Oil leads gainers in 'A' group

2010-03-08T06:59:00.001-08:00

Lanco Infratech, Aban Offshore, Ambuja Cements and Allahabad Bank are among the other gainers.

Ahluwalia Contracts sees Rs 5-6 billion of orders

2010-03-08T06:57:00.001-08:00

Construction contractor Ahluwalia Contracts India Ltd expects orders worth Rs 5-6 billion in March, a senior company official said on Monday.

"In this month, we will be able to get certain new projects from the government," valued at around Rs 5-6 billion, Sunil Kumar Sachdeva, executive director, told Reuters in an interview.

As on Jan. 31, the diversified construction firm had a pending order book of Rs 33 billion, he added.

Essar to buy US coal firm for $550-600 mn

2010-03-08T06:53:00.001-08:00

The Essar Group is close to buying Trinity Coal, one of the top 10 coal producers in the US, in a deal worth $550-600 million (Rs 2,500-2,735 crore). Trinity is owned by private equity investment firm Denham Capital Management.

Sources with knowledge of the developments said Essar's first major coal mine acquisition abroad would provide coking coal and thermal coal linkages for its steel mills in the US and for a power project under construction in India.

Trinity has mines in Kentucky and West Virginia in the US, with reserves of 200 million tonnes and an annual output of about 7 million tonnes.

Sources said negotiations were at an advanced stage and the deal was likely to be closed within two weeks. An Essar Group spokesperson declined to comment.

Essar has a steel plant at Algoma in Canada [ Images ], acquired in 2007 for $1.63 billion. It also has a steel mill in Minnesota in the US. Essar is expanding capacity at Minnesota Steel in two phases, with a 4.1 million tonnes per annum (mtpa) pellet plant and another 1.5 mtpa steel plant, which is expected to be completed by 2012 and 2015, respectively. It is also planning to expand capacity of Algoma Steel to 5 mtpa from 4 mtpa, said sources.

Essar Power, which is implementing close to 4,650 Mw of power projects, has a 1,200-Mw power project coming up in Gujarat, dependent on imported coal. It is setting up a Rs 4,800-crore (Rs 48 billion) power project at Salaya near Jamnagar in Gujarat and the imported coal-based project is slated for completion by 2011.

All major power producers are scouting for coal mines abroad, mainly in Indonesia, South Africa [ Images ], Australia [ Images] and even in the distant US market.

Leading power sector companies such as Tata Power [ Get Quote ], Reliance [ Get Quote ] Power and GMR Energy have already acquired coal mines in Indonesia.

In August 2007, Tata Power acquired a 30 per cent stake in Indonesian energy giant PT

Bumi Resources by paying close to $1.3 billion. Anil Dhirubhai Ambani [ Images ] Group firm Reliance Power also acquired three coal mines in Indonesia, with plans to spend over $650 million (over Rs 3,000 crore) to develop these.

GMR Energy also acquired 100 per cent ownership interest of Barasentosa Lestari coal mine in Indonesia by investing Rs 400 crore (Rs 4 billion).

In the last two years, almost all power project developers like state-owned National Thermal Power [ Get Quote ] Corporation (NTPC), Essar Power, Adani Power, JSW Energy, Indiabulls [ Get Quote ] Power and Lanco Infratech [ Get Quote ] have been searching for coal mines in Indonesia, to fuel some of their proposed power projects.

The Sajjan Jindal promoted JSW Energy is also planning to invest over Rs 4,500 crore (Rs 45 billion) to acquire coal mines abroad.

In the past, the Essar Group had acquired Dhabi Group's telecom businesses in Uganda and Congo, Warid Telecom Uganda and Warid Congo. It also acquired a 50 per cent stake in Kenya Petroleum Refineries (KPRL) from Shell, BP and Chevron for an undisclosed sum.

What more can India's telecom sector do?

2010-03-08T06:44:00.001-08:00

Telephony today has reached out to 90 per cent of the population and the next step would be to ensure that it reaches the next 10 per cent. Ashok Jhunjhunwala from the Department of Electrical Engineering, India [ Images ]n Institute of Technology, Madras and founder of Tenet Telecom said while speaking at a plenary session on Wireless India at the EmTech 2010 conference at Bengaluru [ Images ].

He further added that affordability and broadband will be the two major factors that will help tap the remaining market.

Speaking on broadband he said that wireless will not be able to compete with it and added that the government needs to look in terms of speed and focus on 4G in the next one year.

The question that now arises is, what more can telephony do? The next big thing in the offing is mobile banking and there is a need to take banks to the rural area. However he felt that the telephony's biggest impact would be on the country's farm sector. The impact, he said, will be large. Today, a farmer may need to communicate with an expert regarding his crop. A call centre could be set up for the farmers and in this way the rest of the market could be tapped.

He further added that voice technology is another aspect that would lead to more demand and adaptability of wireless in the country. This could in fact help break the barrier among the uneducated and illiterate masses of the country.

S Sadagopan of International Institute of Information Technology said that the mobile phone has seen a huge growth in the wireless space. Today we are adding 15 million mobile subscribers every month. The largest contributor to the GDP is telephony and we need to make mobile the primary platform and for this the mindset of the people has to change.

On mobile banking he said that they are trying to change a few things in this department. Today one cannot transfer money unless the account number of the person is known. However in the future we would like to see that money is transferred using the other persons mobile number. We are getting ready for this, he added.

L&T Power plans 5,000 mw capacity by 2015

2010-03-08T06:32:00.001-08:00

MUMBAI - L&T Power Development Ltd, a unit of engineering and construction firm Larsen & Toubro Ltd, plans to install power plants of 5,000- megawatt capacity by 2015, a top official said on Monday.

The installation will need funding of 300 billion rupees, and 70-80 billion rupees of this would be in equity capital, R. Shankar Raman, senior vice president at the parent firm told a media briefing.

Its first power plant of 1,400-megawatt in the north Indian state of Punjab is expected to start by January 2014, even as it sets up two more units of 1,600 megawatt each, said the parent firm's senior executive vice president, A.K. Chaatwani.

One of the 1,600-megawatt units is coming up in Chhattisgarh, while the location for the other unit is yet to be decided, he added.

L&T Power Development has already invested 5 billion rupees for the Punjab unit and expects to pump in 20 billion rupees more in the next two years, Raman added.

Right now we are focusing on generation, then we will focus on transmission," Chaatwani said.

The company will need 25-million tonnes of coal per year to fire its 5,000 megawatt capacity and a fifth of this is likely sourced from abroad, he added.

More Headlines

2010-03-07T06:31:00.001-08:00

SUN TV launches FM station at Gangtok (sikkim)

New base rates for banks effective from 1 July 2010

Finmin: borrowing won't crowd out pvt sector

2010-03-07T06:15:00.001-08:00

MUMBAI - India's record market borrowing in the fiscal year 2010/11 will not crowd out private borrowers, the finance minister said on Saturday.

"Last year, in co-operation with the Reserve Bank the borrowing was arranged in such a manner that the private sector did not feel any difficulty in raising their legitimate credit requirement... this year too reserve bank governor has assured that it will be worked out in such a manner that the private sectors are not elbowed out of the market for their credit requirement," Pranab Mukherjee told reporters.

India has budgeted it will borrow 4.57 trillion rupees in the fiscal year starting April 1, higher than 4.51 trillion it borrowed in the current fiscal.

The Finance Minister was in Mumbai at an event to mark the seventy fifth anniversary of the Indian central bank.

Source

NMDC to double iron ore output to 50 mn tonnes by 2015

2010-03-07T06:08:00.001-08:00

State-owned NMDC plans to ramp up its iron ore production from 28 million tonnes to 50 million tonnes per annum by 2015.

"We are contemplating production of 43 million tonnes from Bailadila sector in Chhatisgarh, while 7 million tonnes per annum would come from Donimalai sector in Karnataka. We are also looking to increase the evacuation of ore from Bailadila sector by commission a uniflow system in collaboration with railways," said NMDC joint general manager (commercial) C Hanumantha Rao.

Bailadial sector already has 8mtpa-slurry pipeline in place constructed by Essar steel and connects it to its pelletization plant at Visakhapatnam in Andhra Pradesh. The company is also looking to cut down on its exports.

"In 1960, our exports were to the tune of 6 million tonne per annum. Now it has come down to 2 million tonne per annum, which is less than the total production of 28 million tonne per annum. We have long term contracts with Japanese and South Korean steel plants, are likely to end by 2011. We may cut down more on exports after that period," Rao said.

The central government expects the production of steel to go up by 160 million tonne by 2015. "The government wants to supply majority of iron ore to domestic steel plants to fuel the production," he said.

The company has also signed up an MoU with SAIL to develop limestone mine in Himachal Pradesh. "The mine will be developed with a capacity of 3 mtpa at a project of Rs 274 crore," Rao said.

Adani Power shortlisted for 1,000-MW plant in Kosovo

2010-03-07T06:05:00.001-08:00

"We are one of the four bidders shortlisted for the 1,000-MW power plant in Kosovo," Gautam Adani CMD Adani Group told PTI.

The government of Kosovo has asked the shortlisted bidders to submit detailed project proposals. Tenders will be published in April this year and final bidder will be selected in July, he said.

The other three bidders are US-based AES with Turkey's Demir Export, Turkey's Park Holding and a consortium of US-UK Contour Global with Greece?s public power company.

The plant will be based near Pristina, the capital city of the young nation having population of two million people.

Kosovo, which suffers from chronic electricity shortages, holds Europe's third largest reserves of lignite, estimated at more than 10 billion tonnes.

APL has been active on various power projects in Gujarat, Maharashtra, Rajasthan and Madhya Pradesh with more than 11,000 MW of total capacity, which are at different stages of planning and implementation.

"We don't want to limit our growth to domestic market only. We want to explore opportunities in power sector overseas," Adani said.

APL is setting up two power plants in Gujarat -- one in Mundra with 4,620 MW capacity and another in Dahej with 2,640 MW capacity. It is also building one 3,300-MW plant at Tiroda in Maharashtra and 1,320-MW plant at Kawai in Rajasthan. Last month, it had announced to set up another 1,320 MW coal fired power plant at Chaunsara village in Chhindwara district in Madhya Pradesh.

APL is a subsidiary of $5 bn Adani group with diverse interests in global trading, development and operation of ports, oil refining, logistics, gas distribution and power generation, transmission and trading.

Lyondell setback unlikely to faze Mukesh Ambani

2010-03-07T05:58:00.001-08:00

MUMBAI (Reuters) - Mukesh Ambani, India's richest man, is faced with a prospect he has only rarely encountered: not getting what he wants.

After months in pursuit of LyondellBasell, Ambani's Reliance Industries appears set to fall short in a takeover bid valuing the petrochemicals group at $14.5 billion. Instead, Luxembourg-based Lyondell is poised to file a reorganisation plan that may lead it out of bankruptcy.

Ambani, whose net worth was estimated at $32 billion by Forbes in November, is likely to treat this as a small setback in his quest to build a presence outside India, where his conglomerate is the biggest listed company and his family stands alongside the Tata clan at the pinnacle of the corporate elite.

Mukesh Ambani, 52, is the eldest son of Reliance's late founder Dhirubhai, a school teacher's son whose rise from Gujarat inspired a Bollywood film.

Media-shy, Mukesh Ambani nonetheless makes headlines for his ongoing feud with billionaire brother Anil, as well as the 27-story $1 billion home he is building that towers over an old-money neighbourhood in South Mumbai.

But it is his stewardship of Reliance, which is engaged in petrochemicals, refining, oil and gas exploration, and textiles, where Ambani has made his mark, and he is expected to continue looking overseas after raising a warchest by selling $2 billion in company stock.

Despite his public reticence, Ambani clearly thinks big.

In late 2008, he commissioned a new 580,000 barrel per day (bpd) refinery next to Reliance's 660,000 bpd facility in Gujarat, creating the world's single-largest refining complex.

Full Story (Link)

No chemistry for Reliance at LyondellBasell

2010-03-07T05:51:00.001-08:00

LONDON/DALLAS - There's no sign of chemistry between Reliance Industries and LyondellBasell. The Indian oil and petrochemicals group has already increased its offer for the bankrupt U.S. chemicals group. It could afford to go higher.

Some creditors would be tempted by a $15.5 billion offer. But there's no certainty despite the high price. Reliance, which is known for not over-paying, should take its experiment elsewhere.

At the current offer price of $14.5 billion, Reliance -- controlled by Mukesh Ambani -- is already valuing Lyondell at a hefty 10 times 2010 forecast EBITDA. Dow Chemical, one of few reasonable benchmarks, trades on a multiple of just over eight times. Admittedly Lyondell's earnings are at the bottom of the cycle, but a multiple of between 5.5 and six times would be more normal.

Lyondell's own adviser, Evercore, has put a $13.5 billion to $15.5 billion enterprise value range on the company. The company's creditors appear to have rejected Reliance's latest offer in favour of seeing through the ongoing Chapter 11 process, which promises to reward them with equity in Lyondell and see its debts cut from $20 billion to just above $5 billion.

More of the creditors might go for a Reliance bid at the top of Evercore's range. But much depends on private equity group Apollo, Lyondell's biggest creditor. The investment firm might bite -- but equally it might fancy its chances trying to orchestrate a post-bankruptcy merger of Lyondell with Hexion, the chemicals group it owns. With merger synergies, there might be a case for putting an even higher price tag on Lyondell.

Also, some of Lyondell's jewels could be sold when it emerges from bankruptcy. Several parts -- including its licensing and catalyst business or its refining joint ventures in the Middle East -- could command juicier multiples than the group as a whole. That's another possible reason for Lyondell's creditors to hold out for more.

Reliance, though, needs to be cautious. Cash isn't a problem -- the company has raised around $2 billion from its own shareholders and has some $7 billion in treasury stock it could use. Reliance can also call on banks for funding. But Ambani, India's richest man, is known for making opportunistic purchases at bargain prices. That chance appears to have passed at Lyondell. He should move on.

Source Link

China says only socialism can "save" Tibet

2010-03-07T05:41:00.001-08:00

BEIJING - The new Chinese-appointed governor of Tibet said on Sunday that only socialism can "save" the remote region and guarantee its development, and lampooned the Dalai Lama's indecision on his succession.

China has defended its iron-fisted rule in Tibet, saying not only did it free a million Tibetan serfs but it also poured billions of dollars into the Himalayan region for development.

Padma Choling, an ethnic Tibetan appointed governor in January, blamed Tibet's problems on exiled spiritual leader and Nobel Peace Prize winner the Dalai Lama, a man reviled by Beijing as a "separatist" and instigator of anti-Chinese violence.

"The main source of instability in Tibet is the Dalai Lama, and it is also he who causes trouble for Tibet's economic development and socio-economic progress," Padma Choling told reporters on the sidelines of the annual meeting of parliament.

"But I have to say, we are not the least bit scared ... as all the peoples of Tibet have already clearly realised that only the Chinese Communist Party and socialism can save Tibet, and only then can Tibet develop," he said in impeccable Chinese.

Protests led by Buddhist monks against Chinese rule in March 2008 gave way to torrid violence, with rioters torching shops and turning on residents, especially Han Chinese, who many Tibetans see as intruders threatening their culture.

At least 19 people died in the 2008 unrest, which sparked waves of protests across Tibetan areas. Pro-Tibet groups overseas say more than 200 people were killed in a subsequent crackdown.

The Dalai Lama, who fled into exile in India in 1959 after an abortive uprising, denies China's charges against him, and says he only seeks more meaningful autonomy for Tibet.

(ReutersSource)

HDFC ERGO has been rated iAAA by ICRA

2010-03-07T05:37:00.001-08:00

HDFC ERGO, which is amongst the top five private general insurer in the country, has been rated iAAA by ICRA (an associate of Moody's Investors Service) indicating highest claim paying ability. This rating denotes company's fundamentally strong position & prospect of meeting policyholder obligations.

HDFC ERGO has become the 3rd private general insurer to have acquired this rating. Speaking on this occasion, Ritesh Kumar, Managing Director & CEO of the company said, "The rating reaffirms HDFC ERGO's foundation, strong parentage & the robust security that it offers to its customers. An insurance company's core product is claims servicing and this milestone is another step show-casing our unceasing commitment towards our customers."

HCC bags Rs 300 cr order from Hindalco

2010-03-04T07:19:00.001-08:00

Hindustan Construction Company (HCC) today said it has bagged two orders worth Rs 299.36 crore from Hindalco Industries for various infrastructure related works at Aditya Aluminium Smelter Project in Orissa.

The company has bagged a contract worth Rs 100.36 crore for design, engineering, procurement and fabrication works at Aditya Aluminium Smelter Project, HCC said in a filing to Bombay Stock Exchange.

The project is to be completed in 19 months, the filing said.

The second order worth Rs 199 crore involves complete civil and structural work involving site grading, civil and architectural work at the same site, it added.

The second project would be completed in 15 months, the company added.
Shares of HCC today closed at Rs 142.65 on BSE, up 1.42 per cent from its previous close.

Have you looked at ARSS Infra and if you were allotted shares, would you book profits at 780-790?

2010-03-04T07:11:00.001-08:00

Jagdish Malkani, Country Head, TAIB India in an interview with ET NOW said ARSS railway projects is very well positioned in Orissa in that geography. People are sitting on heady gains, so profit-booking seems imminent.

It is definitely a very good longer-term story unfolding. They are talking about the Rs. 100 EPS in FY11. It is into roads and railways but I would imagine the way the other railway stocks tanked after the recent railway budget.

I imagine even ARSS railway projects should have been a bit affected, so yeah in spite of the seeming low PE ratio, etc. and it is very well positioned in Orissa in that geography but having said all that, that's built into the price, the IPO price was around 450 or so, so people are sitting on heady gains, yeah, so to answer your question, yes, I would book profits.

Dubai's Istithmar loses prime U.S. property

2010-03-04T07:03:00.001-08:00

Dubai World's overseas investment arm has lost its second prime New York property after defaulting on payments to Danske Bank, an executive at the lender said, raising questions over the future of its remaining U.S. assets.

Istithmar World, whose parent company shocked global markets in November by demanding a standstill on $22 billion in debt, bought the former Knickerbocker Hotel in Times Square for $300 million in June 2006, when it was on the acquisition trail.

Danske Bank has now taken over the property and hired Jones Lang LaSalle to market it, Henrik Hoffmann, executive vice president for group credits at Danske Bank told Reuters on Thursday.

The building is the latest property Istithmar has given up in Manhattan since LEM Mezzanine bought the W New York Union Square hotel from Istithmar in December for $2 million in a New York foreclosure sale. Istithmar had bought the hotel for $282 million in 2006, the midst of an oil and property boom that saw Dubai embark on ambitious development projects.

Set up in 2003, private equity firm Istithmar spearheaded Dubai's aggressive overseas expansion strategy, including the purchase of luxury U.S. retailer Barney's New York and a stake in Standard Chartered.

Hoffmann said Danske, Denmark's largest bank, had taken over Istithmar's mortgage from Lehman Brothers after its collapse in Sept 2008.

"I don't think it's a Dubai World issue," said Saud Masud, head of research and senior real estate analyst for the Middle East at UBS. "Dubai World has to focus a lot more on its domestic challenges rather than internationally. They can't put out all their fires."

A spokeswoman for Dubai World declined to comment

BIG AMBITIONS

Just weeks before the collapse of Lehman, Istithmar set up offices in New York to target investment opportunities in a bid to become a "global investment firm from the Gulf region."

At the time, it claimed to have $12 billion of assets under management.

"It's not necessarily correct that this is in foreclosure ... (the property) is up for sale but this is a co-operative deal with the borrower," said one source close to the matter. The source said the sale was part of Istithmar's property restructuring programme.

Istithmar's U.S. property portfolio includes the W Washington DC and Mandarin Oriental New York, but its prize asset is Barneys.

Supermarket mogul Ron Burkle and his investment vehicle Yucaipa Cos has proposed taking a controlling stake in Barneys in exchange for a $50 million cash infusion, a source told the Wall Street Journal in January.

Istithmar hired restructuring advisory firm Perella Weinberg, in which it has a stake, last year to help it look at options to shore up Barneys financial position.

Dubai World is seeking to offload assets as part of a restructuring plan, but has said Istithmar and its assets would not be included.

Istithmar sold its entire holding in Indian budget airline SpiceJet this year for $35.23 million. It also plans to sell port and shipping agent Inchcape Shipping Services (ISS) for up to $700 million.

Inflation at 15%

2010-03-04T06:59:00.001-08:00

Food inflation added anxiety

The WPI for primary articles the week ended 20 February 2010 declined by 0.3 % to 283.7 from 284.5 last weekThe annual rate of inflation, calculated on point to point basis, stood at 15.00 % for the week ended 20 February 2010 compared 5.65 % during the corresponding week ended 21 February 2009.

The index for 'Food Articles' group declined by 0.4 % to 285.0 from 286.2 for the previous week due to lower prices of fruits & vegetables, gram and barley (3% each), condiments &spices (2%) and tea, wheat, eggs and arhar (1% each). However, the prices of fish-marine (3%) and fishinland and milk (1% each) moved up.

The index for 'Non-Food Articles' group rose by 0.1 % to 256.2 from 256.0 for the previous week due to higher prices of raw jute and raw rubber (4% each). However, the prices of castor seed, mesta and groundnut seed (1% each) declined.

The index for fuel and power this major group declined marginally to 355.4 from 355.5 for the previous week due to lower prices of aviation turbine fuel (3%).The annual rate of inflation, calculated on point to point basis stood at 9.59 % for the week ended 20 February 2010.

Food prices are cyclical in nature. A sharp increase in food prices during the recent period has been a cause of concern. The concentrated pressure on headline inflation arising from high food prices.

Sesa Goa March 2010 futures at discount

2010-03-04T06:52:00.001-08:00

Turnover declines

Nifty March 2010 futures were at 5,079.55, near spot closing of 5,080.25. Turnover in NSE's futures & options (F&O) segment was Rs 63,065.91 crore, lower than Rs 67,620.30 crore on Wednesday, 3 March 2010.

Sesa Goa March 2010 futures were at huge discount at 436.50 compared to the spot closing of 459.60.

Jindal Saw March 2010 futures were at a slight premium at 208.40 compared to the spot closing of 207.50.

Unitech March 2010 futures were near spot price at 78.65 compared to the spot closing of 78.75.

In the cash market, the S&P CNX Nifty fell 7.85 points or 0.15% at 5,080.25.

Hindustan Construction secures contracts worth Rs 299.36 crore

2010-03-04T06:45:00.001-08:00

RBI says raises provisioning for real estate

2010-03-04T06:41:00.001-08:00

MUMBAI – The Reserve Bank of India (RBI) said on Thursday it has raised the provisioning requirement for advances to commercial real estate classified as standard asset to one percent, from 0.40 percent earlier.

Suzlon Energy inches ahead after new order win

2010-03-04T06:24:00.000-08:00

Suzlon Energy rose 0.74% to Rs 74.95 at 12:02 IST on BSE, after the company secured an order from Gujarat State Petronet to set up a 52.5 megawatt wind energy project in Rajkot and Porbandar districts of Gujarat.

The company announced the new order win during trading hours today, 4 March 2010.

Meanwhile, the BSE Sensex was down 59.66 points, or 0.35% to 16,940.35.

On BSE, 29.21 lakh shares were traded in the counter as against an average daily volume of 86.87 lakh shares in the past one quarter.

The stock hit a high of Rs 75.40 and a low of Rs 74.20 so far during the day. The stock had hit a 52-week high of Rs 145.85 on 5 June 2009 and a 52-week low of Rs 33.05 on 12 March 2009.

The large-cap stock had underperformed the market over the past one month till 3 March 2010, declining 3.75% as compared to the Sensex's return of 3.06%. It had also underperformed the market in the past one quarter, falling 7.64% as compared to the Sensex's decline of 1.08%.

The company's equity capital is Rs 311.34. Face value per share is Rs 2.

The financial details of the order were not disclosed. The project is to be executed by July 2010, Suzlon Energy said in a filing with BSE.

Last month, Suzlon Energy's unit REpower won orders in France for supplying 26 wind turbines with a capacity of 52 megawatts.

Suzlon Energy reported a net loss of Rs 285.14 crore in Q3 December 2009, lower than a net loss of Rs 390.93 crore in Q3 December 2008. Net sales fell 50.10% to Rs 748.68 crore in Q3 December 2009 over Q3 December 2008.

Suzlon Energy designs, manufactures, operates, and maintains wind-generating equipment. The company constructs large wind parks.

Promoters have pledged 29.92% of the company's equity capital. The total promoters shareholding in the company is 53.08% (end December 2009).

Suzlon Energy receives 52.5 MW order (Corporate News 4-Mar 12:17)
REpower wins 51 MW order from Akuo Energy (Corporate News 24-Feb 12:47)
Suzlon receives 8.7 MW order (Corporate News 18-Feb 11:25)
REpower wins 52 MW order for projects in Northeastern France (Corporate News 16-Feb 12:05)
New order powers recovery in Suzlon Energy (Hot Pursuit 16-Feb 11:56)
Suzlon Energy (Results - Analysis 8-Feb 11:37)
Suzlon Energy (Analyst Meet / AGM - Conferance Call 2-Feb 11:34)
REpower and RWE Innogy signs contract (Corporate News 1-Feb 15:06)
Suzlon Energy gains on order win (Hot Pursuit 1-Feb 14:29)
Suzlon Energy grants stock options (Corporate News 1-Feb 12:47)

Sonia Gandhi signals support for fuel price hike

2010-03-04T06:09:00.000-08:00

NEW DELHI- Sonia Gandhi, head of the ruling Congress party and India's most powerful politician, backed the finance minister on Thursday, effectively signalling her support for a move to raise taxes on fuel, lawmakers said.

NEWSMAKER - Lyondell setback unlikely to faze Mukesh Ambani

2010-03-04T06:06:00.001-08:00

MUMBAI - Mukesh Ambani, India's richest man, is faced with a prospect he has only rarely encountered: not getting what he wants.

After months in pursuit of LyondellBasell, Ambani's Reliance Industries appears set to fall short in a takeover bid valuing the petrochemicals group at $14.5 billion. Instead, Luxembourg-based Lyondell is poised to file a reorganisation plan that may lead it out of bankruptcy.

Ambani, whose net worth was estimated at $32 billion by Forbes in November, is likely to treat this as a small setback in his quest to build a presence outside India, where his conglomerate is the biggest listed company and his family stands alongside the Tata clan at the pinnacle of the corporate elite.

Mukesh Ambani, 52, is the eldest son of Reliance's late founder Dhirubhai, a school teacher's son whose rise from Gujarat inspired a Bollywood film.

Media-shy, Mukesh Ambani nonetheless makes headlines for his ongoing feud with billionaire brother Anil, as well as the 27-story $1 billion home he is building that towers over an old-money neighbourhood in South Mumbai.

But it is his stewardship of Reliance, which is engaged in petrochemicals, refining, oil and gas exploration, and textiles, where Ambani has made his mark, and he is expected to continue looking overseas after raising a warchest by selling $2 billion in company stock.

Despite his public reticence, Ambani clearly thinks big.

Sesa Goa leads gainers in 'A' group

2010-03-04T06:00:00.000-08:00

Hindustan Zinc, Sintex Industries, Moser Baer India and LIC Housing Finance are among the other gainers.

Buy ACC for target of Rs 890 Report on 10 Feb 2010

2010-02-09T23:15:00.000-08:00

MUMBAI: Religare Securities has advised traders to buy ACC for target of Rs 890.

“Buy ACC with stoploss of Rs 858 for a target of Rs 890,” the report said.

Hindustan Construction builds on new orders

2010-02-09T23:01:00.000-08:00

Hindustan Construction Company gained 2.65% to Rs 135.70 at 11:46 IST on BSE, after the company bagged three contracts worth Rs 2860 crore from the National Highways Authority of India for construction of roads in the state of West Bengal.

Honda India to sell 1.25 mln two-wheelers in 09/10

2010-02-09T22:58:00.000-08:00

MUMBAI - Honda Motorcycle & Scooter India (HMSI), a unit of Japan's Honda Motor Co, expects to sell 1.25 million two-wheelers in the fiscal year ending March 31 and 1.5 million units in 2010/11, it said on Wednesday.

The company expects to sell 220,000 units of its new 110cc motorcycle, CB Twister, which it launched in India late last year, it said in a statement.

FY10 GDP growth at around 7.75 pct - Pranab Mukherjee

2010-02-09T22:55:00.000-08:00

NEW DELHI - The Indian economy could grow at around 7.75 percent in the 2009/10 financial year ending in March, Finance Minister Pranab Mukherjee said on Wednesday.

Govt can attempt stimulus exit in budget - PM adviser

2010-02-09T22:44:00.000-08:00

NEW DELHI - The government could provide a roadmap for exiting from the fiscal stimulus when it presents its budget on Feb. 26, Chairman of the Prime Minister's Economic Advisory Council, C. Rangarajan, said on Wednesday.

"What I am saying is the budget can attempt a roadmap for exit," Rangarajan told reporters.

He also the stimulus exit should be a gradual transition.

RIL submits interest in Canadian firm: Sources

2010-02-07T05:23:00.000-08:00

Energy major Reliance Industries Ltd (RIL) has submitted a USD 2 billion expression of interest for private Canadian firm Value Creation Inc, CNBC-TV18 reported on Friday quoting sources.
The promoters of the Canadian firm, which holds oil sands assets, are looking to raise funds to settle with lenders.
An RIL spokesperson said, reacting to the news, said, "RIL is reviewing a number of global opportunities for growth in its core business. The difficult operating environment of the past year has made available several interesting opportunities, where an investment by a strategic operator of industrial assets can add substantial value."

Mahindra Satyam gets contracts in South America

2010-02-07T05:12:00.000-08:00

IT services firm Mahindra Satyam said on Friday it had won two multi-million dollar contracts in South America to deploy enterprise business systems technology.
The company said the contracts would be executed by its Brazilian unit, but did not disclose further details.
Mahindra Satyam said it saw immense opportunities in the Latin American market, and would increase headcount in the Brazil unit to 100 within six months.

Software industry cuts 2010/11 export forecast

2010-02-07T05:01:00.000-08:00

The sector's growth has not been cranked-up enough by the recovering economy, NASSCOM said.

Tata Steel shines as sales rise in January 2010

2010-02-07T04:56:00.000-08:00

Tata Steel gained 1.32% to Rs 557.70 at 12:21 IST on BSE, after steel sales from the company's Indian operations rose 9% to 5.56 lakh tonnes in January 2010 over January 2009.

FY10 growth to be around 7.75 pct - Mukherjee

2010-01-13T00:34:00.000-08:00

NEW DELHI - The Indian economy is expected to grow by around 7.75 percent in the fiscal year to March 2010, but food price inflation is a major concern, the finance minister said on Wednesday.

Google may quit China

2010-01-13T00:27:00.000-08:00

Google Inc may pull out of China because of censorship and cyber attacks on rights activists

Finmin says economy to grow at around 7.75 pct in FY10, high food inflation is a major area of concern

2010-01-13T00:26:00.000-08:00

Oil min says to discuss fuel pricing on Wednesday

2010-01-13T00:23:00.000-08:00

NEW DELHI - Oil ministry will discuss pricing of key oil products at a meeting with Prime Minister Manmohan Singh later on Wednesday, Oil Minister Murli Deora told reporters.

Slump in ADR weighs on HDFC Bank

2010-01-13T00:22:00.000-08:00

HDFC Bank lost 1.39% to Rs 1675 at 12:54 IST on BSE, after the bank's American depository receipt, or ADR, tumbled 5.17% to $128.12 on the New York Stock Exchange on Tuesday, 12 January 2010.

Deepak Nitrate spurts to year's high on new product launch

2010-01-13T00:16:00.000-08:00

Deepak Nitrite jumped 15.49% to Rs 158.40 at 12:13 IST on BSE, after the company launched new products in fuel additives space

GTL Infrastructure rings on buzz it is buying Aircel's tower biz

2009-12-23T21:39:00.000-08:00

GTL Infrastructure rose 2.62% to Rs 37.15 at 10:55 IST on reports the firm is buying Aircel's telecom tower business for Rs 4000 crore in an all-cash deal.

Sterlite Industries tracks rally in ADR

2009-12-23T21:35:00.000-08:00

Sterlite Industries India rose 1.84% to Rs 862.80 at 10:01 IST after the firm's American depository receipt, or ADR jumped 5.63% to $18.19 on the New York Stock Exchange on Wednesday, 23 December 2009.

INTERVIEW - Copenhagen blame game not helpful - U.N. climate chief

2009-12-23T21:27:00.000-08:00

LONDON - Countries should stop blaming each other for the weak outcome of the Copenhagen climate talks and sit down together to move the process forward, the U.N.'s top climate change official said on Wednesday.

It is still possible to reach a legally binding global treaty, and bickering among countries like China and Britain is unproductive, Yvo de Boer, the head of the UN's climate change secretariat, told Reuters.

Rate talk swirls around RBI, finmin meet

2009-12-19T01:10:00.000-08:00

NEW DELHI- A meeting of India's central bank Governor Duvvuri Subbarao with Finance Minister Pranab Mukherjee fuelled speculation on Friday that the bank may tighten monetary policy earlier than expected to stem rising prices.

The Congress-led government is under pressure to tackle spiralling food prices, an issue which can carry a high political cost in a country with millions on marginal incomes, and which has sparked protests and walkouts in parliament.

Tata says need level playing 3G field

2009-12-19T01:07:00.000-08:00

MUMBAI - Ratan Tata, chairman of conglomerate Tata group, has urged the government to allocate spectrum simultaneously to all winners of a forthcoming third-generation wireless auction, the Economic Times said on Saturday.

Buy Report on 14 December 2009

2009-12-14T06:32:00.001-08:00

Buy Alstom Projects; target of Rs 685: RR Financial

Tata Steel says fund raising report incorrect

2009-12-14T06:27:00.000-08:00

MUMBAI - Tata Steel denied a newspaper report it was in talks to raise 50 billion rupees ($1.1 billion) in equity and an equal amount in debt, saying its board had not passed any such resolution.

Abu Dhabi throws Dubai $10 bln lifeline

2009-12-14T06:24:00.000-08:00

DUBAI - Abu Dhabi threw its flashy but debt-laden neighbour Dubai a $10 billion lifeline on Monday to head off a bond default, cheering Gulf and global markets but raising questions about the undisclosed terms.

India hopeful of y/y rise in Nov exports - trade min

2009-12-14T06:18:00.000-08:00

NEW DELHI - India's exports have stabilised and would hopefully rise in November after 13 straight months of decline, the trade minister said on Monday.

D-Day nears for Dubai's $3.5 bln debt hurdle

2009-12-13T11:16:00.000-08:00

DUBAI - Heavy rain pounded Dubai on Sunday adding to the gloom of the emirate's debt woes a day before the deadline of the $3.52 billion bond by state-owned developer Nakheel, with no word on how it will be handled.

Dubai's stock market did soar for a second consecutive session on Sunday as traders reacted to a surge in Nakheel's bond price last week on mounting speculation it will repay.

White House economists see jobs growth by spring

2009-12-13T11:12:00.000-08:00

WASHINGTON - Senior White House economists on Sunday predicted the U.S. economy will start creating jobs by spring and said that boosting employment will be at the top of President Barack Obama's agenda next year.

Environment ministers try to unlock climate deal

2009-12-13T11:05:00.000-08:00

COPENHAGEN - Environment ministers tried to overcome rifts between rich and developing nations in Copenhagen on Sunday just days before a deadline for reaching a global pact on tackling climate change.

Yvo de Boer, head of the U.N. Climate Change Secretariat, highlighting a spat between top greenhouse gas emitters China and the United States, said he hoped all nations would seek to raise their offers in the talks.

Hike in promoter stake lifts Rajratan Global Wire

2009-12-09T21:58:00.000-08:00

Rajratan Global Wire was locked at 5% upper limit at Rs 104.50 at 10:56 IST on BSE, after the company said promoters of the company hiked stake in the firm.

Micro Inks hits the roof on parent's delisting offer

2009-12-09T21:50:00.000-08:00

Micro Inks jumped 20% to Rs 629.55 at 10:22 IST on BSE after the company's parent said it plans to delist the shares from the stock exchanges to integrate global operations.

Govt needs to spend more on farm technology - PM

2009-12-09T21:48:00.000-08:00

NEW DELHI - Prime Minister Manmohan Singh said on Thursday the country needs to boost investment in agricultural technology to improve farm output.

Japan machinery orders fall but worst may be over

2009-12-09T21:41:00.000-08:00

TOKYO - Japan's core machinery orders fell in October, but the drop was small compared to a large rise the previous month and analysts said the worst may be over for capital spending, which has been a drag on the economic recovery.

Companies have forecast a gain in core orders this quarter, the first in seven quarters, but capital expenditure is expected to grow only very slowly as companies are still saddled with excess capacity.
By Tetsushi Kajimoto

Toyota to unveil new compact car concept next month

2009-12-09T21:37:00.000-08:00

TOKYO - Toyota Motor Corp said on Thursday it would unveil a concept model of the long-awaited compact car code-named EFC (Entry Family Car), in India next month.

The car, under development for production and sale in India and Brazil for starters, will debut at the Delhi auto show on Jan. 5, the world's biggest automaker said in a statement.

Western India Shipyard sets sail on new order win

2009-12-09T21:33:00.000-08:00

Western India Shipyard was locked 5% at upper circuit at Rs 11.19 at 10:23 IST on BSE, after the company bagged an order worth Rs 5 crore for the repair of a deep water oil rig named JUR Noble Ed Holt.

Mahindra Satyam gallops after settling lawsuit with Upaid

2009-12-09T21:29:00.000-08:00

Mahindra Satyam jumped 6.04% to Rs 108.85 at 10:12 IST after the company agreed to pay $70 million to UK-based mobile payment services firm Upaid in an out-of-court settlement to end a long-winding legal tangle.

Bonus record date powers Diamond Power Infrastructure

2009-12-08T22:26:00.000-08:00

Diamond Power Infrastructure rose 1.54% to Rs 171.90 at 11:19 IST on BSE, after the company fixed 17 December 2009 as the record date for a 1:3 bonus issue.

New order win energises Suzlon Energy

2009-12-08T22:13:00.000-08:00

Suzlon Energy rose 1.12% to Rs 85.95 at 11:08 IST after the company won a 31.5 megwatt capacity order from Rajasthan State Mines and Minerals.

Jet Airways slips on profit booking after soaring 33% in four days

2009-12-03T21:36:00.000-08:00

Jet Airways India fell 3.28% to Rs 578.55 at 10:35 IST on profit booking after the stock spurted 33.40% in the preceding four trading sessions.

DUBAI WORLD - Reuter

2009-12-03T20:51:00.000-08:00

FITCH: BANK OF BARODA'S DUBAI WORLD EXPOSURE POSES NO RATING IMPLICATION

Rolta India hardens on overseas tie-up

2009-12-03T20:46:00.000-08:00

Rolta India rose 1.01% to Rs 184.50 at 9:55 IST on BSE, after the company signed a pact with French firm Infoterra France for pixel factory, a image processing technology.

Infosys among 3 IT vendors picked by Wal-Mart - paper

2009-12-03T20:41:00.000-08:00

MUMBAI- Wal-Mart Stores Inc, the world's largest retailer, has picked three IT vendors including India's Infosys Technologies for multi-year contracts worth over $600 million, the Business Standard said on Friday.

Chambal Fertilizers gains as promoter hikes stake

2009-12-02T01:50:00.000-08:00

Chambal Fertilizers & Chemicals gained 1.07% to Rs 56.90 at 14:45 IST on BSE, after one of the promoter group companies hiked its stake in the firm.

Tata Elxsi soars on rosy outlook

2009-12-02T01:39:00.000-08:00

Tata Elxsi was locked at upper limit of 20% at Rs 203.60 after the firm's managing director Madhukar Dev told the media that the company's revenue is expected to touch $300-$400 million from its global operations in three years.

Dubai World - News

2009-12-02T01:26:00.001-08:00

Dubai debt insurance costs ease further; 5-years CDS quoted at 453 BPS Vs 460 BPS Tuesday close - CMA

Dubai World News

2009-12-02T01:20:00.001-08:00

Dubai World Lenders’ Committee to meet with Conglomerate next week – Bank Executive

Lenders form committee of four UK banks, Two UAE Banks – Bank executive

Texmaco speeds up as promoter revokes pledged shares

2009-12-01T22:40:00.000-08:00

Texmaco rose 1.33% to Rs 129.50 at 11:35 IST on BSE, after one of the promoter group companies revoked the entire shares which it had pledged earlier.

Buy Alembic with target of Rs 45.50: Gujral

2009-12-01T22:28:00.001-08:00

Buy Alembic with a target of Rs 45.50, says Technical Analyst, Ashwani Gujral.

Gujral told CNBC-TV18, "One can buy Alembic with a target of Rs 45.50."

Fedders Lloyd along with JV partner secures order worth Rs 1.2 bn

2009-12-01T22:17:00.001-08:00

Fedders Lloyd Corporation announced that the it has been awarded contract of approx. Rs 1.2 billion for the ``supply, installation, testing, commissioning and maintenance of high voltage distribution systems (HVDS) in various districts of Madhya Pradesh, against ADB`` in JV with Cobra Instalaciones Y Servicios Spain from Madhya Pradesh Poorv Kshetra Vidyut Vitaran, Jabalpur (MPPKVV).

The company started trading in AC units and subsequently commenced the manufacturing of AC units in India.

Its products include windows and split AC, packaged/ductable AC, water cooler, roof mounted package AC unit for railway coaches, military graded window/split/slip on models for mobile vehicles of defense, milk and vegetable chilling units for milk and vegetable shops, bus AC, transport refrigeration, walk in cold rooms, cold storage, and chillers for process cooling.

Shares of the company gained Rs 3.5, or 4.99%, to trade at Rs 73.65. The total volume of shares traded was 12,073 at the BSE (11.03 a.m., Wednesday).

Metal shares track rally in metal prices on LME

2009-12-01T22:03:00.001-08:00

Shares of 13 metal companies rose by 0.49% to 1.48% after LMEX, a gauge of six metals traded on the London Metal Exchange, rose 1.93% to 3,220.10 on Tuesday, 1 December 2009.

Shree Cement strikes all-time high on rise in cement sales

2009-12-01T21:42:00.000-08:00

Shree Cement gained 1.26% to Rs 1830 at 10:36 IST on BSE, after the company's cement shipments rose 15.28% to 7.09 lakh tonnes in November 2009 over November 2008.

Govt draws up 25 state firms for divestment - NEWS P

2009-12-01T21:36:00.000-08:00

NEW DELHI - The government has drawn up 25 state firms for stake sales, the Financial Express newspaper reported on Wednesday.

These include Nuclear Power Corporation of India, National Bank for Agriculture and Rural Development, Exim Bank of India, Punjab & Sind Bank, Indian Railways Finance Corporation and National Housing Bank, the paper said, quoting unnamed sources.

Surge in cement shipments strengthens Jaiprakash Associates

2009-12-01T21:32:00.000-08:00

Jaiprakash Associates rose 2.03% to Rs 233.75 at 10:36 IST after cement sales jumped 48.77% to 1.03 million tonnes in November 2008 over November 2008.

BSE - Sensex hits one-month high; breadth strong

2009-12-01T21:29:00.001-08:00

Key benchmark indices opened on a firm note, extending two-day gains, on positive global cues. The Sensex hit its highest level in more than a month. The MSCI Asia Pacific Index hit a six-week high today while the Dow Jones industrial average advanced to its highest close in 14 months on Tuesday as worries over Dubai World's debt problems receded. The BSE 30-share Sensex was up 62.17 points or 0.36%, off 69.24 points from the day's high but up 33.95 points from the day's low

Gammon India builds on new order win

2009-12-01T21:21:00.000-08:00

Gammon India gained 3.83% to Rs 248 at 10:19 IST on BSE, after a consortium of the company bagged an order worth Rs 309.46 crore.

Tata Motors hogs limelight after robust November sales

2009-12-01T21:18:00.000-08:00

Tata Motors rose 2.32% to Rs 717 at 10:07 IST after total vehicle sales jumped 65.49% to 54,108 units in November 2009 over November 2008.

ACC inches ahead

2009-12-01T21:11:00.000-08:00

ACC rose 0.54% to Rs 812 at 9:55 IST on BSE, after the company's cement shipments increased 2.69% to 19.47 million tonnes during the period January-November 2009 over January-November 2008.

Valecha Engineering speeds up on fund raising plan

2009-11-29T22:22:00.000-08:00

Valecha Engineering jumped 4.89% to Rs 110.40 at 11:52 IST on BSE, after the company's board approved raising funds upto $20 million.