Is Mumbai ready to be a global financial hub or not? This question will be answered by the Union Cabinet shortly.

There are a number of recommendations to enable Mumbai join the league of London, New York and Singapore as one of the premier IFCs of the world, from the high-powered expert committee (HPEC) on making Mumbai an international financial centre (IFC). The report submitted to the FM (finance minister) on Tuesday will be out before the Cabinet shortly.

According to HPEC, the Indian purchases of international financial services (IFS) touched $13 billion in 2005 and are expected to be in the range of $50-70 billion by 2015. Therefore, it has been stated that “if the country does not proceed on establishment of an IFC, the revenues will go to other IFCs”.

State Bank of India (SBI) will not increase interest rates for a range of existing home and education loan customers’.

Even as the shift may be partially influenced by the earlier finance ministry recommendation that banks should not rush through rate increases.

The banks’ asset liability committee (Alco) that gathered on late Thursday evening, has suggested to the bank panel that the standard prime-lending rate (PLR) may be hiked up by 50-75 basis points. At this time, the bank’s PLR is 12.25%.

With RBI rates increase, car loan providers have raised interest rates by 75 to 100 basis points. The enhancement would mean a monthly increase of Rs 50 for a five-year loan having a daily rest basis.

ICICI Bank’s direct selling agents (DSAs) said they have accepted an official report from the bank on the cost increase effective from Monday. Rack rates are inclusive of DSA commissions.

The officials stated, “We used to lend at rack rates of 15% per annum, we are now been told that the new rates will be 16% effective from Monday.”

HDFC Bank has opened 19 branches in a day in Delhi and the National Capital Region (NCR), outdoing its own record of 14 branches in a day in October 2005.

With the launch of 19 branches on Saturday (June 2), the total number of branches in Delhi and NCR has gone up to 116 and to 270 in North India. As on March 31, 2007 the bank had a network of 684 branches and 1,605 ATMs in 316 towns and cities.

HDFC Bank was established in August 1994 as HDFC Bank Limited. As of December 31, 2006, the bank had a India network of 684 branches in 316 cities in India and over 1663 ATM's. The Bank started its operations as a Scheduled Commercial Bank in January 1995.

The BSE Mid-Cap Index climbed up 33.74 points, or 0.53%, to close the day at 6,373.76. It also touched its lifetime peak of 6,397.15 during the day.

IVRCL Infrastructure (up 1.71% to 367.75), Amtek Auto (up 1.57% to Rs 420.75) and Great Eastern Shipping Company (3.68% to Rs323.65) were the main components contributing to the index's heave.

IVRCL Infrastructure, Divi’s Lab (which was down), Amtek Auto and Great Eastern Shipping Company have weightages of 1.58%, 1.44%, 1.41% and 1.36% respectively, in the BSE Mid-Cap Index.

The BSE Mid-Cap Index has made fresh all-time highs during this intermediate uptrend. It augmented 33.71 points, or 0.53%, to end at 6,417.90. It also hit a record high of 6435.32 during the day.
The components taking the BSE Mid-Cap Index to an upper rank include Entertainment Network, which increased 20% to Rs 506.60, Novartis India gained 14.42% to Rs 398.30, Honeywell Automation boosted 9.81% to Rs 2060, Lakshmi Energy benefited 9.19% and Titan Industries attained 8.78%. But all these stocks have less than 1% weightage each in the BSE Mid-Cap index.
With the second highest weightage of 1.4% in the BSE Mid-Cap index, GE shipping Company cast off 3.45% to Rs 335.90.

The Leader in the private sector lending – HDFC Bank has hiked the interest rates on its NRE deposits W.E.F. from July 1.

Now, the Deposits of 3 to 5 years maturity will earn an interest of 5.45 % as against the earlier 5.29 % while those of 2 to less than 2 years maturity will earn 5.43 % as compared to 5.31 %.

The deposits of maturity between 1 and 2 years will earn 5.42 % rate of interest as against the earlier 5.39 %.

On the back of rise in foreign currency and assets collections, Forex reserves soared up by USD 937 million to USD 213.486 billion on June 29 on week-on-week-basis.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement released on July 6, 2007, foreign currency and assets reached USD 206.114 billion on the back of USD 936 million rise.

The IMF reserve position also came up by USD 1 million to USD 460 million during the same period.

On the other hand, gold reserves and the special drawing rights (SDRs) remained unaltered at USD 6,911 million and USD 1 million correspondingly.

Pune: Yesterday, RBI Governor, Y V Reddy stated that the deceleration in inflation that dangled to a 14-month low of 4.03 per cent for the week ended June 16, and its impact were being studied.

Mr. Reddy made this announcement while addressing the fourth convocation of the National Institute of Banking and Management (NIBM).

For the week ended June 16, inflation dipped to 4.03 per cent from 4.28 per cent in the previous week as necessary food items and some manufactured products turned cheaper. Lower inflation will allay pressure on RBI to further increase interest rates.

New Delhi: Yesterday, the Union Finance Minister, P Chidambaram alleged that it is viable for the country to attain 10 per cent economic growth in the next fiscal.

While addressing the Indian Policy Forum, Mr. Chidambaram said, “Achieving a 10 per cent growth in 2007-08 is tough, but it is possible in 2008-09. That will be a fitting finale for the UPA government's five-year tenure.”

Rahul Mohindar said that ‘Unitech’ has support at Rs 550.

Mr. Mohindar said: “Real estate and infrastructure these are –these are spaces that we linked. On declines we are looking at buying opportunities. We have been commending Unitech for some time, Rs 620-650. Those are the medium term and long term targets respectively. I think the intra-day correction that we have seen today is really an opportunity to buy. There is very big support at about Rs 550 for this stock. So, Unitech would be one, which we will pick in real estate.”

Sachin Chandsarkar, senior dealer, Karvy Stock Broking, said that today stock market rested explosive because of short covering. NSE Nifty arose 50 points to 4,425, where nonstop selling pressure took place. Major performers comprise Titan Industries, Suzlon and Voltas.

Nifty based stocks saw less interest from dealers. There was no effort envisioned in stocks of Reliance Group. Because of good dispatch numbers by cement companies, buying was seen in ACC and Gujarat Ambuja.

As on Jul. 20, 2007, the credit paid out by listed commercial banks developed 23.7% (Rs 3,663.49 billion) on a year-on-year basis that is beneath the increase of aggregate deposits of 24.4%.

In its weekly statistical supplement of Aug. 3, the RBI reported that the total disbursals stood at Rs 19,144.56 billion.

On the other hand, bank credit arose 31.7% in the corresponding period of 2005-2006. Therefore, the development in credit has came down surprisingly for the week ended Jul. 20, 2007, entailing that RBI’s stand of tightening up the monetary policy produced desirable results.

On the back of jump in foreign currency and assets collections, Forex reserves soared up by USD 3.307 billion to USD 225.35 billion as on July 27.

According to RBI’s weekly statistical supplement, foreign currency and assets got to USD 218.096 billion on the back of USD 3.306 billion. In the same period, reserve position in IMF dropped by USD 10 million to USD 455 million.

Sharmila Joshi of Asit C Mehta advocates that IFCI and India Cements are brilliant stocks, and investors can make quick gains once they invest in both at lower levels.

Joshi told, "IFCI and India Cements are buys and one of the reasons why IFCI corrected sharply was the fact that you suddenly had this news item that they would maybe reconsider their stand of selling the stake at all and the whole down turn that one saw was because of that because the results have been strong and the stock has been buzzing on back of this news. If it resurfaces and if gets confirmed then there is a good upside to IFCI."

New Delhi: For the week ended July 28, inflation based on the wholesale price index (WPI) came up to 4.45% from 4.36% in the preceding week on expensive food items and a few man-made products.

During the corresponding week of the last year (2006), the inflation stood at 4.72%.

The costs of food items like fruits and vegetables, mutton, eggs, masur and bajra went up in the week under review. Food products that come under manufactured group like coffee powder, baby food, sooji, maida and flour also became expensive.

The credit paid out by scheduled commercial banks climbed up 23.2% to Rs 3,608.88 billion on yearly basis as on Jul. 27, 2007, which is under the growth of aggregate deposits of 25.7%.

According to the RBI’s weekly statistical supplement of Aug. 10, 2007, the total disbursals stood at Rs 19,172.31 billion in the period under review.

In the corresponding period of 2005-2006, bank credit arose 31.2%. Therefore, the credit growth has decreased amazingly for the week ended Jul. 27, 2007, connoting that RBI’s stand of tightening up the monetary policy produced worthy results.

Mumbai: Indian private sector lender Centurion Bank of Punjab reduced its depository interest rates by 50-150 basis points.

The bank said in a statement that the novel interest rates on deposits will be effective from Monday.

Today, Centurion Bank shares closed the day after making a gain of 2.65 per cent up at Rs 38.75 in a weak Mumbai market.

Anil Manghnani is bullish on Neyveli Lignite and is of the view that investors should accumulate the stock at any fall.

"Neyveli is still interesting; every fall you would see this sharp bounces because of the stock actually broken out on the longer term came after a long time. In this move it is Rs 81 is important if it crosses Rs 81 that’s a trading target then you could rally back to Rs 87, which is a recent top at Rs 93. But again if it comes down, back closer to Rs 70 and Rs 66 levels definitely accumulate the stock at any fall,” Mr. Manghnani stated.

Mumbai: Rupee climbed as Asian stock markets stabilized, regenerating anticipations for foreign capital inflows into local shares.

The partly convertible rupee came up as against its weakest close in over a month on Friday. In late July, it hit a nine-year peak of 40.20.

In the last two sessions, foreigners have purchased $142 million of shares after selling over $600 million so far this month.

On Dollar demand by Indian oil importers, the Indian Rupee closed flat against US currency.

The Indian unit that climbed up to 40.53 in the morning session gave up its advances on intense Dollar demand by Indian oil importers. Furthermore, foreign monetary funds also ramped up Dollar positions today further assisting the US currency in opposition to Rupee.

BRICS Securities has been ordered by SEBI to pay a penalty of Rs 10 Lakhs. SEBI has found BRICS Securities guilty of allowing Manoj Seskaria to trade from their account. Manoj Seskaria was banned from capital markets.

Earlier, SEBI fined ASK Financial Securities for the same reason. SEBI officials stated that no company should deal with Manoj Seskaria and if they find any other Brokerage firm in future, more strict action can be taken against them.

New Delhi: Industry dean Ratan Tata advised that nonattendance of strong unified ideological conception in Parliament would hold back the inspiring growth drive, whilst pressing out worry over large scale economic inequality.

On the occasion of Independence Day, Tata narrated, “In its 60th year, clearly India's time has come.”

"The country is now universally recognised as a nation on the move and takes its place amongst the successful economies of the region" he added.

Chennai: For offering up one-stop answer to business firms for Clean Development Mechanism (CDM) projects and Carbon Credit business, ICICI Bank has signed up a Memorandum of Understanding (MoU) with MITCON Consultancy Services Limited.

According to the company release the novel deal would assist several SME units, who would be capable of availing a full services package through direction from consistent partners with confirmed knowledge in the Carbon Credit business with the backing of ICICI Bank.

Mumbai: Rupee is likely to jump down on Thursday, terrified of capital outflows as regenerated concerns about a worldwide credit squeeze beat Asian stock markets.

Equity inflows have been a key driver for the rupee that hit a nine-year high of 40.20 a dollar in July.

Foreigners have purchased about $9.5 billion of local shares in 2007, appending to $7.9 billion last year, but they have been decompressing this month.

The partly exchangeable rupee dangled to 40.75/76 on Tuesday, its feeblest closing since June 28.

New Delhi: Punjab National Bank (PNB) increased its fixed depository rates in certain time blocks.

The enhancement ranged 25 to 125 basis points in various maturity periods that would be effective from August 16. On domestic term deposits, the rate of interest increased by the bank in January this year.

Punjab National Bank (PNB) was established in 1895 in Lahore by Lala Lajpat Rai. It is the second biggest public sector Indian commercial bank with about 4500 branches and offices all through the country.

New Delhi: Bharti Airtel Lanka Pvt Ltd will invest up to $200 million by 2009 for offering mobile services in Sri Lanka. The recent plan is a part of company’s strategy to amplify its presence beyond India.

The company is all set to instigate both 2G and 3G mobile services in Sri Lanka by the end of the current fiscal.

New Delhi: In a report, global consultancy firm KPMG stated that Indian Banks and some other Asia-Pacific countries should perk up their staff abilities to control money laundering actions as training programmes are fairly unsophisticated and laws outdated.

According to a worldwide study by KPMG Forensic, “Respondents across Asia-Pacific tell us that training in many parts of the region is relatively unsophisticated, reflecting outdated legislation and lack of regulatory pressure.”

The study mentioned that 17 per cent of the responders in the area alleged they give training in anti-money laundering (AML) actions to below 40 per cent of their employees.

Chennai: Sify Limited has incorporated its portal www.sify.com, i-Way cyber café chain and Sify broadband to home services into one sole business entity.

The Industrial Development Bank of India (IDBI) is ready to establish branches at Moscow, Singapore and Bahrain.

Yogesh Agarwal, chairman and managing director of IDBI said, “We have already applied to the regulator in this regard and the work will commence when we get the necessary clearance.”

The bank is looking to raise Rs 300 crore via debt as tier II capital during the current fiscal and has no plans to go via equity route, he added.

The credit paid out by listed commercial banking institutions arose 23.4% (Rs 3,654.48 billion) on a yearly basis on Aug. 3, 2007 that is under the growth of combined bank deposits of 24.3%.

In its weekly statistical supplement of Aug 10, 2007, Reserve bank Of India reported that the total disbursals as on this date stood at Rs 19,301.03 billion.

Bank credit matured 31.1% in the matching phase of 2005-2006. Therefore, the credit growth came down surprisingly for the week ended Aug. 3, 2007, entailing that RBI’s stand of constraining the monetary policy produced desirable solutions.

The fall in the crude oil production and retardation in the productivity of other products backed out the development of six key infrastructure businesses to 5.3% in June 2007 as compared to 7.7% a year ago.

In the April-June quarter (2007), the growth of the six infrastructure industries recorded dim growth at 6.9% from 7.4% in the first quarter of 2006-07.

Amongst the six, crude oil fabrication slumped to 2,774,000 tons in June, 1.8% lower than 2,826,000 tons a year ago.

New Delhi: For the week ended August 4, inflation turned down to 4.05 per cent as against to 4.45 per cent in the last week because of lower prices of poultry chicken, moong, fruits, vegetable and some man-made things.

The wholesale prices-based inflation was 5.08 per cent in the matching week of the last year. During the week, the prices of vegetables, fruits and poultry chicken slumped by five per cent each, whereas those of moong and fish-marine descended by one per cent.

Chandigarh: Realty developer Ansal Housing and Constructions Ltd stated that real estate prices in the metropolitan cities will arise between 10-15 per cent whereas 20-25 per cent in small cities in next 1-2 years.

Ansal Housing auspicated this development regardless of the claims that real estate market in India is heated up.

Anil Manghnani of Modern Shares & Stock Brokers is of the vision that the investors interested in buying Unitech, will buy it between Rs 460 and Rs 439.

Indian stocks turned down for the third day, with the key index witness its most awful weekly loss in the last five months. The declination was backed by worries over the worldwide credit situation. Estimations that the riskiest time is yet to come, pressed capitalists to offload vulnerable assets.

After opening at 14,309.37, the 30-share index continued to trade in a weak zone. Profit booking was seen across board. In the day’s second part, the stock market fought back hard to partly improve from its losses in the intraday trades chaired by European markets. But, it finally closed the day on a pessimistic note.

As on Aug 10, 2007, Forex reserves went down USD 346 million to USD 228.996 billion, mainly on the back of declension in foreign currency and assets accumulations on a weekly basis.

According to the RBI’s weekly statistical supplement released on Aug. 17, 2007 the foreign currency and assets decreased USD 221.653 billion.

The gold reserves and the IMF reserve position remained flat at USD 6,887 million and USD 455 million correspondingly during the same period.

The Finance Ministry has ruled out any financial package to offer help to exporters, who are fighting with lower margins due to fall in value of US dollar against Indian rupee.

"No such proposal is under consideration of the government," Mr. S S Palanimanickam told Rajya Sabha in a written reply.

Rupee has seen a rise in valuations from Rs 45 against US dollar in October 2006 to Rs 40 levels in July this year. There has been a small change in the trend in last week due to Stock Market crash.

Gujarat Heavy Chemicals Limited (GHCL) has announced its plans to enter into the retail sector with launch of a new brand “Grace” in New Delhi by the end of this year. The company has more than 300 retail outlets in United Kingdom. GHCL Chairman Mr. Sanjay Dalmia told reporters that the company has seen a tremendous response in UK and now the company is ready to test the Indian markets. The company will use franchisee system to expand its business all across the country over next three years.

Bangalore: Wipro Infotech is all set to set up its development centre in Egypt to target IT export services for the Middle-East and worldwide markets. The company has signed up a memorandum of understanding (MoU) with Egypt’s Ministry of Communications and Information Technology for setting up the centre in Cairo’s Smart Village.

The company will offer software development, integration and consulting services from this novel centre, which is likely to commence functioning within a month’s time. The centre has the capacity for 200 people, which can be amplified to accommodate to 300 people.

Mumbai: According to an Asia-Pacific broad review commissioned by mobile services vendor Sybase 365 that Indians are most expected to know their accurate bank balance. All at once, Indians are also the most eminent exploiters of balance enquiry services through cell phones and verify their bank balance only when they want to.

According to Dairymaid Mallon, senior manger, product marketing, Sybase 365 that among Indians, 49% of responders to the analysis claim to dynamically utilize their mobile phones to verify their bank balance as compared to the matching figures of 13% for Australia and 9% for China.

SEBI has directed the National Securities Depository Ltd to initiate a central record-keeping agency (CRA) under the novel pension plan for employees working in governmental institutions.

The recent plan will permit pension regulator, the Pension fund Regulating and Development Authority, to commence funds management by public sector fund managers under the new pension scheme.

Bangalore: Syndicate Bank has signed up a Memorandum of Understanding (MoU) with credit rating agency ‘Fitch’ for evaluating small and medium enterprises (SMEs)/ corporate and non-corporate entities.

According to the bank release, the deal is signed to make use of the services of the bank and Fitch to harmonize and back up small and medium enterprises sector in India, by offering them low-priced, apparent, complete and dependable rating services to heighten credit acceptance and other services.

For the week ended Aug. 11, 2007, India’s wholesale price inflation rate stood at 4.10%, which is higher than 4.05% in the last week. Market approximations for rising prices (inflation) stood at 4.05%.

According to the recent reports, the inflation rate has exceeded the finance minister P. Chidambaram’s goal of 4%.

Mr. Chidambaram said that unless the yield of wheat, rice and pulses augment there will be pressure on the prices of commodities.

In a step to further chill the inflation, wheat will be imported by State Trading Corp. of India (STC) to raise the domesticated stock.

New Delhi: Sunil Kant Munjal, Hero Corporate Services Chairman said instead of being wary of each others development, India and China should fabricate synergies to develop with each other.

“We should not be wary of China's progress, but should build synergies and connectivity, wherein the progress is shared between the two countries,” Mr. Munjal said at industry meeting room PHDCCI's CEO lecture series.

New Delhi: The government is expected to bring in biometric PAN cards shortly to tackle the problem of increasing misuse of Permanent Account Number (PAN) cards.

Finance Minister, P Chidambaram said in Lok Sabha that a combined Working Group in the Finance Ministry has given its statement after getting technical and commercial propositions from top biometric solution providers.

Mumbai: For the second consecutive week, the country’s forex reserves came down by $2.551 billion to $226.445 billion for the week ended August 17, 2007.

This was due both to FII outflows ensuing from the US sub-prime loan crisis, plus the RBI’s latest reductions on external commercial borrowings.

Market players also ascribe the drop in reserves to the reappraisal of other currency assets.

For the week under consideration, the total FII outflow stood at Rs 3,905.70 crore. But, market dealers felt that the outflows would only be a temporary fact and would not have any permanent affect on the market situation.

Steel magnate Lakshmi N Mittal is considering adopting stakes in two more Indian refineries including Bharat Petroleum Corp Ltd’s (BPCL) Bina refinery in Madhya Pradesh and Hindustan Petroleum Corporation Ltd’s (HPCL) refinery in Vishakhapatnam.

According to the industry sources close to the deal said Mr. Mittal is making discussions to get a 20 per cent stake in BPCL’s Rs 9,100 crore, Bina refinery that is expected to be commissioned by 2010-11.

The sources added that he is also talking to HPCL for a stake in its proposed green-field nine million tonne refinery-cum-petrochemical complex at Vishakhapatnam in Andhra Pradesh.

In a bid to offer a quicker and cost-efficient technique of raising capital by listed companies, capital market regulator SEBI has decided to bring out fast-track mechanism that would allow companies to raise funds from the markets in the least possible time.

The planned fast-track system was suggested by the Sebi’s Primary Market Advisory Committee (PMAC), and will be obtainable to companies that are listed on the Bombay Stock Exchange (BSE) or the National Stock Exchange (NSE) for at least 3-years.

Jamsetji Nusserwanji Tata had a dream to make India self dependent by using Science and Technology. He devoted his life to hydro-electric power plans and Iron & Steel Works at Jamshedpur. He believed in offering low cost solutions to clients and to add value to wealth of shareholders. After the acquisition of the Corus group, the company is among the first five steelmakers in the world. Tata has also acquired NatSteel Asia and Millennium Steel Thailand.

According to a survey report, the rising rupee value versus the US dollar and a consequent upsurge in rates of interest has resulted to an unexpected fall in the confidence level of corporate India.

New Delhi: According to Ratan Tata, Tata Sons Chairman, the civil nuclear contract with the United States is the best possible things happed to India eventually and the malfunction of which could be a grave setback for the whole Indian economy.

In an interview, Mr. Rattan also stated that if the agreement breaks down it could have an effect on inflow of foreign direct investments (FDI) to the country.

“I believe it is a serious setback to India. I believe the only people happy to see this not happening are probably Pakistan and China,” He said.

New Delhi: Software maker SAP AG told that it has doubled its number of Indian customers to 2,000 in the last year and reaffirmed it projected to spend $1 billion in the country by next three years.

SAP, the world’s largest business software manufacturer, told India and China would play a vital role in its journey to sign on 100,000 clients by 2010.

Mumbai: The State-run Power Grid Corp of India today announced that it is planning to raise up to Rs 29.84 billion in an initial public offer of 573.9 million shares.

The company stated that the offer, which will open on September 10 and close on September 13, would be priced in the band of Rs 44-52 a share.

The issue would constitute a fresh offer of up to 382.6 million shares and sale of 191.3 million shares by the government.

Coimbatore: SEBI is out to establish a training institute on the outskirts of Mumbai to educate and groom investors and other stakeholders on capital market, says a top official.

Interacting with the members of various associations here last night, SEBI Chairman, M Damodaran articulated that the planned Institute would have six different schools with various topics and train and educate investors on market. He said, “This institute will be the first of its kind in the world, run by a regulator,”

New Delhi: Realty major DLF has acquired 25 acres of land in Hyderabad for Rs 452 crore in an auction sale. The purchased property will be used to build up IT Park in the region.

According to a company representative, DLF is looking for authorization for converting the land into special economic zone (SEZ). The land is in the center of IT passageway of the city. The company has already paid 30% of the amount to the state authority.

Kolkata/Mumbai: On the final day of the demutualization scheme (ended on August 28), the Calcutta Stock Exchange (CSE) has decided to pass around 4% stake to BK and KK Birla groups.

According to CSE functionaries, the CSE accepted excellent reaction from capitalists for its 52% stake. The stock exchange decision maker TK Das narrated, “The issue was oversubscribed by around 28%.” The exchange had raise 52% of its stake on the auction block.

The display boards of Reliance Fresh outlet in Kolkata have been suppressed after a few retail stores were destroyed wantonly, in the city by an associate in the Left Front management, the Forward Bloc.

Hafiz Alam Sairani. Forward Bloc said, “We are not going to shut up and sit back while someone snatches our livelihood from us. We can't afford to see our children go hungry so we will fight back.”

“If Reliance insists on opening shop, the people will protest and as representatives of the people, so will we,” stated Rahul Sinha, BJP.

Global IT solutions major, SAP stated that it had doubled up its Indian customer base from 1,000 in August 2006 to 2,000 now. The growth assumes signification as it took up the company nine years in India to touch the 1,000-customer mark, and only twelve months to twice it.

Mumbai: Back-office Company Firstsource Solutions Ltd has adopted U.S.-based MedAssist, a leading provider of revenue cycle management in the healthcare industry for $330 million.

There would be no alteration in the organization of MedAssist and all 1,400 employees would carry on their existing duties, Firstsource said..

Bangalore: Speedy development in various key segments has coerced the Rs 30,000-crore infrastructure major GMR group to undertake a substantial restructuring programme, which will notice the fundamentally family governance model becoming more professed.

GM Rao, Group chairman will now move from routine functioning to concentrate on the big policy picture, management and the latest IGI Airport. Four key people - two sons, a son-in-law and a close lieutenant - will lead separate business organizations, which will have expert CEOs.

New Delhi: Telecom Regulatory Authority of India (TRAI) has made a few suggestions in its recommendations on licensing program reforms released.

Mumbai: The benchmark Sensex climbed up after gaining more than 200 points on the BSE in early trade on growth of funds buying, actuated by tautening worldwide trend.

In first five minutes of trading, the BSE-share index rise dramatically by 207.77 points at 15, 200.81 on brisk buying by funds in blue chip shares.

Likewise, the wide-base National Stock Exchange’s Nifty also gained 51.05 points to touch 4410.35.

Sun TV arm, South Asia FM (SAFL) has signed up a strategic partnership agreement with Red FM. The financial details of the deal were not disclosed yet.

According to the arrangement plan, SAFL has adopted 48.9% stake in Red FM from the holding companies, but, the Red FM promoters will continue to hold the remaining 51.1% in the company.

Red FM is one of the fastest developing FM Radio companies in India, which operates 3 radio stations in the three metropolitan cities including Kolkata, Delhi and Mumbai. It is the number 2 player in two of the biggest FM radio Indian markets i.e. Mumbai and Delhi.

Mumbai: The Housing Lender HDFC today announced closure of its first sponsored HDFC International Real Estate Fund (HIREF) at $800 million, which would be invested in FDI-compliant Indian real estate plans.

According to a company release, the fund makes HDFC the biggest player in the realty private equity space in India.

One of the prime international realty pools, the nine-year close-ended fund, which was open only to foreign investors had been privately placed and subscribed by 28 investors.

20 Special Economic Zones have been approved by the Board of Approval (BoA) on Thursday. 15 plans have been granted formal approval while 5 have received in-principle nod by the Board. The major SEZ plans which got the green signal included those from Tata Consultancy Services (TCS), Cognizant Technology and Gitanjali Gems.

New Delhi: For the week ended August 18, 2007, inflation based on the wholesale price index (WPI) descended to 3.94 per cent from 4.10 per cent in the previous week. During the last week, the annual inflation stood at 4.10%. Last time, such low levels were seen in April 2006.

It would be the 11th sequential week that inflation rate rested under 5%, the central bank’s mark for the existing fiscal. The central bank held its temporary lending rate steady at the monetary plan evaluation in July, as anticipated, after raising it five folds since mid 2006.

The RBI has also raised the ceiling on market stabilization bonds, used to assimilate funds yielded by its currency intervention, by one-third to Rs 1.5 trillion.

New Delhi: India's economy in the April-June quarter developed faster-than-expected 9.3 per cent from a year earlier, headed by healthy manufacturing and services, but market analysts stated that the speed could tone down in coming months.

The twelve-monthly growth rate for India’s fiscal first three months topped both a medium estimation of 8.9 per cent in a poll and increase of 9.1 per cent in the last quarter.

The securities market lengthened its solid opening gains after the information. The rupee was slight altered changed 41.02 per dollar, and the benchmark 10-year bond edged up 1 basis point to 7.92 percent.

New Delhi: Prime Minister Manmohan Singh advised the textile business industry to look far-off and invest for the approaching two decades and not for the upcoming season.

Asking them to adapt to the altering situation by abbreviating costs and getting competitive, Manmohan guaranteed them that the administration would take all measures to make sure that real productive segments of the economy are not hurt by rupee appreciation.

Vishwas Agarwal, technical analyst said, “Market jumped on Friday under the leadership of Reliance Industries and other frontline stocks. BSE Sensex 15,350 is now important level to maintain for possible new highs. Market is in a very strong zone. Improvement of political situation after the government agreed to Left`s demand will strenghten market further.”

Mr. Agarwal has indicated that there is heavy accumulation in 20 F&O securities and anticipates that these stocks will gain in the coming month. He suggested capitalists to go in for all call options to make big profits with least risk.

New Delhi: Telecom Regulatory Authority of India has permitted Direct-To-Home (DTH) manipulators to make a decision on the channels that they wish to air even within a bouquet, which is provided by broadcasters. At present, DTH operators are left with no option but pay for complete bouquets as broadcasters do not offer channels on a la carte basis.

The new rules released by TRAI ordered that broadcasters permit DTH operators to decide and choose channels on an a la carte basis. Broadcasters have also been mandated to spell out the rates of individual channels and the different bouquets on their internet sites.

According to a survey report, while the country’s Sensex ambits the mystic 15,000 levels with the economic system progressing speedily in the direction of a double-digit growth, Indian industry continues to roll under intense shortage of competent manpower.

According to the examination done by the Federation of Indian Chambers of Commerce and Industry (FICCI), which is based on reaction from 20 industrial spheres, in the biotechnology segment alone the shortage of doctorate and post doctorate researchers is a huge 80 percent.

Likewise, the food processing business faces massive shortage of electricians, agricultural researchers, refrigeration mechanics, together with scarcity of certificate holders and people skilled in short-run courses.

New Delhi: After being dented poorly by the rupee admiration, the country’s export growth may be on a recovery path. In July 2007, exports arose 18.52% as compared to 14.05% in June, clocking a marginal betterment. But, it is significantly lower than 40.67% recorded in July 2006. In rupee terms, exports managed an advancement of only 3.10% on admiration of the Indian Rupee especially against the greenback.

The rupee has ascended about 10% since late 2006, affecting income and profitability of export-oriented segments including textiles and IT.

New Delhi: To escalate its presence in the fast- developing wind power segment, India’s Kalyani Group has adopted Germany’s wind turbine manufacturer RSB Consult GmbH for an undisclosed amount.

RSB is a well-established design and consulting firm with experience in the wind industry and clients all through the world.

Mumbai: Dragged down by growing oil costs and import payments by refiners, the Indian rupee could relieve today.

US crude traded above $74 per barrel, heading toward an all-time high of $78.77 hit in early August. Oil is India's biggest import.

The rupee closed at 40.885/895 a dollar on Monday, slightly below its last closure of 40.875/885.

Data on Monday depicted that India’s trade deficit in July extended by a quarter from a year earlier, as a speedily rising financial system took up imports.

The gas pricing issue under the New Exploration Licensing Policy (NELP) that is being mooted by an Empowered Group of Ministers (EGoM), seems to have started an argumentation on a need to have gas usage, valuation and bidding plans prepared to shun differences. The issue gains weight as it would directly effect Reliance Industries Ltd’s (RIL) gas pricing from its eastern offshore field.

Mumbai: The rupee climbed up against the dollar today, buoyed up by stronger Wall Street and benefits in other Asian equity markets, which gave traders hope of an increase in foreign investments into the aggressive financial system.

Market traders also anticipate dollar supplies from three centres including Delhi, Chennai and Kolkata that were closed on Tuesday for a local holiday.

At 9:40 a.m., the partly convertible rupee stood at 40.93/94 a dollar, rising from its last closure of 40.9775/9875.

Ahmedabad: Hutch has crossed the 50 lakh subscriber mark in Gujarat. Now it plans to invest around Rs 1,000 crore in the State during the existing fiscal (2007), as part of its growth plans.

Last year, the cellular services supplier invested Rs 330 crore in the state that contributes one-seventh of the total earnings of the company in India.

Direct tax collection registered increase of 42% for the five-month period ended August 2007.
Net tax collection was Rs 610.30 billion, which was up from Rs 429.80 billion in the corresponding period last fiscal.

Corporate tax filed expansion of 49.49% at Rs 337.66 billion, up from Rs 225.87 billion, during the last fiscal.

Personal income tax comprising FBT, STT and BCTT arose 33.76% at Rs 272.06 billion, against Rs 203.40 billion in 2006.

The development in Securities Transaction Tax (STT) stood at 35.16% and Banking Cash Transaction Tax (BCTT) was 79.73%.

New Delhi: After the entry of various luxury car manufacturers such as BMW and Volkswagen, Swedish car major Volvo Car Corporation forayed into the Indian car market with six variants of its two flagship products, the S80 sedan and SUV XC90, at starting prices of Rs. 38 lakh and Rs. 52 lakh correspondingly.

The company has launched two petrol (3.2 litre and 4.4 litre) and one diesel (2.5 litre) versions of both models.

Paul de Voijs, Managing Director, Volvo Car India said, “India is an exciting market and the luxury car segment is growing exponentially here. Now is the perfect moment for us to enter the market.”

New Delhi: Auto market head Maruti Suzuki thinks that the Rs 1-lakh car projected by Tata Motors is more a threat to two-wheeler makers than car manufacturers.

While addressing stockholders at its yearly general meeting, the company emphasized that a broader product range and new investments will push Maruti’s enlargement in Indian market.

Mumbai: The rupee inched towards a nine-year high today, as dealers purchased the local unit on expectations for capitalists flows into the securities market, though worries about the fallout from the U.S. mortgage market restricted advancements.

At 9:45 a.m., the rupee stood at 40.69/70 a dollar, mounting from its previous close of 40.79/80. It beat a nine-year record of 40.20 in July.

Mumbai: Planning to provide mobile telephony services from 21 centres, Essar Group has filed for a pan-India licence under BPL Mobile, which would permit it to offer up 2G services in the state.

The group has applied for the license through shippingstop.com, a wholly-owned subsidiary of BPL Mobile. BPL Mobile presently offers GSM services in Mumbai, and has more than 1.1 million subscribers.

New Delhi/Chennai: The Fortis group is all set to grab 48% stake in Chennai-based Malar Hospital for about Rs 42 crore. This marks the group’s initial entry into South Indian market.

In north region, Fortis already has a network of 12 hospitals and 16 satellite and heart command centres.

On the back of increase in foreign currency and assets collections, forex reserves have declined $2 million to $228,847 million as on Aug. 31, 2007.

According to the Reserve Bank of India (RBI) weekly statistical supplement released on Sept.7, 2007, foreign currency and assets came up to USD 4 million on the back of USD 221,509 million increase.

New Delhi: Maruti Udyog Ltd is ready to turn into big in the Indonesian small car market.

In the existing fiscal, the company has been capable of capturing around 60 per cent of the small car market in Indonesia with an export order worth 12,000 units, 1,000 units above what the company had told in June.

Helsinki: Wartsila Corporation has planned to invest more than €5 million to establish an assembling plant in India, for making controllable pitch propellers for ships.

While addressing reporters at its headquarters in Helsinki, Ole Johansson, President and CEO, Wartsila Corporation, stated that the new plant would crop up at Wartsila’s constructing unit in Khopoli, near Mumbai.

Bangalore: In order to support its rising customer base in the country, Tata Consultancy Services (TCS) has decided to set up its third development centre in China by the end of this fiscal.

On the sidelines of the Nasscom Quality Summit in Bangalore, Mr, N. Chandrasekaran, company’s COO, said, TCS anticipates scaling up its headcount by five-folds to about 5,000 by next three years (2010).

The company presently controls two development centres in Beijing and HangZhou and serves close to 20 international clients from China. Further, TCS would continue to expand its delivery centres in Mexico and in Eastern Europe.

Kolkata: DaimlerChrysler India managing director and CEO Wilfried G Aulbur, stated that the company will start making its high-tonnage Actros trucks at its subsisting plant at Chikhali, Pune by the end of this current fiscal (2007).

Kolkata: The projected new civil aviation plan, being inspected by a ministers group, is looking to magnetize $150 billion of investment in the aviation segment.

Praful Patel, aviation minister said, “We hope to attract around $150 billion — both in terms of hardware and software. In terms of infrastructure, our target is to have at least 500 airports both big and small, with a total fleet of around 1,000 commercial aircraft in the next five years and around 1,500 aircraft by 2020.”

Kolkata: The public sector steel giant SAIL and the Korean steel major POSCO have formed a combined team to give a concrete shape to their recently declared coalition. Despite allocation of best practices, the grouping could open the prospect of POSCO utilizing SAIL’s immense marketing network through use of the latter’s stockyards crosswise the country.

Mr. S K Roongta, chairman SAIL said, “We have formed a working group which will have four members each from SAIL and POSCO to look into various areas in which the two companies can form alliances.”

Mumbai: After both sides failed to make any decision on Saturday, Bajaj Auto’s administration and its labor union have decided to assemble again next week to talk about closure of the company's Akurdi plant.

Sharad Pawar, Union Agriculture Minister and Ganesh Naik, Maharashtra Labour Minister also attended the conference.

Mumbai: Planning to launch schemes that invest overseas, Mutual funds are likely to get a lot more freedom in terms of investment options and limits. The government and financial sector regulators are working collectively to liberalise the norms that govern mutual funds. Likely to be finalized soon, the proposal envisages giving fund managers a lot more overseas investment options including debt securities not below the investment grade and possibly derivatives.

Kolkata: The open access system on a priority basis is not likely to be facilitated by Power Grid Corp of India Ltd., even if the national grid, which is supposed to supplement the Open Access System, comes up by 2012. The government-owned transmission giant, PowerGrid is not sure whether it can facilitate such schemes at the power situation prevailing then.

Mumbai: In morning trade today, the Indian Rupee value against the US dollar reached a five-week high of 40.55/56 on continued FII inflows buoyed up by cheerful movement in the Asian equity markets.

In fairly active trade at the Interbank Foreign Exchange (forex) market, the local currency resumed strongly at 40.61/62 a dollar from its last closure of 40.67/68 a dollar and afterward climbed up to about five-week high of 40.55/56 a dollar in late morning transactions.

Forex dealers stated that the firm equity markets and imperfect dollar abroad are the key factors for the rupee surge.

Society of Indian Automobile Manufacturers (SAIM) has reported a decline of 5.4% in two wheeler motorcycle sales for the month of August. The markets were under pressure with lower sales for commercial vehicles and three-wheelers as well.

Analysts expect the markets to perform better in the coming quarters. Many companies are ready to launch new technologies. TVS has recently launched a new bike. In the month of August, 5,43,504 motorcycles were sold.

Citibank has joined hands with IndianOil to offer ‘CitiBusiness’ with a target of achieving transactions worth Rs 400 crore by March next year. The reward programme is for small businesses and professionals. IOC and Citibank started their partnership in year 1997 with launch of co-branded fuel credit card. Citibank has over 1 million credit card users presently.

Mumbai: Reliance Industries has decided to build up a pan-Asian polyster business, which will get hitched with the country’s low-priced raw material base with specific production facilities near to key markets.

Reliance will make use of the recently-acquired assets of Hualon that it decided to take over for $225-259 million on Monday, to make polyster fabric and yarn for exportation.

The plants will utilize raw material, such as purified terephthalic acid from Reliance’s plants in Jamnagar and Hazira, thus making a wholly integrated business-chain like the one subsists in India.

New Delhi: Cairn India has received government’s authorization for laying a pipeline from Rajasthan oil fields to the Gujarat coast to evacuate crude oil.
The planned routing of the pipeline will permit Cairn access to the surviving pipeline infrastructure and refinery system with a final coastal delivery point. Armed with the government sanction, the company is ready to pump crude oil from 2009.

New Delhi: To swell its air and ground infrastructure, integrated express courier and package distribution company, Blue Dart Express has decided to invest Rs. 1,000 crore in the next five to eight years. The investment will be funded through internal accruements.

New Delhi: Global telecom networking major, BT is anticipating revenue of $250 mn from its Indian operation by next two years (2009).

Arun Seth, BT India Chairman and Managing Director, said, “Our greatest challenge in India is to ensure that our services and operations exceed customers' satisfaction. Our plans for India are well on track and we are poised to reach the $250 million target revenue from India by 2009.”

Mumbai: The benchmark Sensex stretched its previous day's gain and climbed up by more than 118 points in early trade on the BSE today chasing worldwide movement.

The 30-share index, Sensex, soared up by 118.67 points more than its previous day close to touch an intra-day high of 15,661.44 points in first five minutes of trading.

Likewise, the wide base National Stock Exchange index, Nifty, gained 34.45 points at 4531.50.

Kolkata: Steel Authority of India Ltd (SAIL) is aspiring to raise production capacity to 60 million tons yearly by 2020, when the country’s demand for the alloy is 200 million tons.

S K Roongta, SAIL Chairman, stated, “The demand for steel in the country has been projected at 200 million tons by 2020 and SAIL will maintain its 30 per cent market share.”

On the sidelines of an interactive session with the Merchant’s Chamber of Commerce, Roongta told, “We are now working on a corporate plan for 2020.”

India’s leading private sector shipbuilder, ABG Shipyard Ltd is ready to get hold of the loss-making Western India Shipyard Ltd (WISL), from a group of financial organizations chaired by ICICI Bank Ltd.

WISL is the country’s biggest composite ship and rig repair plant, which is strategically situated at Goa and is geographically best positioned to provide a complete array of ship repair services.

Dhananjay Datar, chief financial officer, ABG Shipyard told that the company would invest Rs25 crore as its direct payment and also help arrange a debt of Rs 120 crore to reconstitute the Rs 250 crore debt of WISL.

ICICI Bank, IDBI Bank, SBI, BoI and Industrial Investment Bank of India possess about 43% of equity in Western India .

New Delhi-based Fortis group is ready to purchase stakes in Chennai-based Malar Hospitals Ltd.

The group has signed up an agreement with the Chennai-based Malar Hospitals promoters’ to buy 28 per cent of the holdings through International Hospital Ltd - a wholly owned subsidiary of Fortis Healthcare Ltd (FHL) - and Oscar Investments Ltd.

Fortis will also make an open public offer to take over 20 per cent stake from the public. The transaction will mount Fortis’ entry into south India.

New Delhi: Close to the heels of retardation in industrial productivity, the country’s core segment growth is decompressing too, posing more queries over the Indian growth story.

The data released by the administration showed that the core sector recorded a growth of just 6.3 per cent in July, as against 10 per cent in the same period of the last year (2006).

All the six core sectors such as steel, power, crude, oil, cement and petroleum refining led to a decline in overall growth. The six core infrastructure spheres contribute 26.7% of the industrial productivity The slowdown in development rate of the key sections reflects the huge fall in industrial productivity: from 13.2% in July 2006 to 7.1% in July 2007.

Mumbai: Key indices rise dramatically in early trade as banking and metal segments moved up. Real estate shares carried on their upward movement and FMCG appealed buying interest. Worldwide indications were also helpful of the uptrend.

The National Stock Exchange’s Nifty stood at 4568.5, higher by 39 points or 0.87 per cent from its last closure. The Bombay Stock Exchange’s Sensex gained 155 points at 15,769.43.

The major Sensex gainers were ICICI Bank (up 1.83%), Grasim Industries (1.4%), Satyam Computer (1.35%), Dr Reddy's Laboratories (1.32%), Reliance Energy (1.29%) and Tata Motors (1.24%).

Hindustan Unilever was down 0.33 per cent. It was the only laggard in the rally.

Welspun India has registered a 22.41 per cent growth in its net earnings, which stood at Rs 92.3 million for the quarter ended June 2007, as against Rs 75.4 million in the same period of the last year (2006).

The company recorded a 33 per cent increase in its net sales at Rs 2,647.42 million for the quarter (June 2007) as compared to Rs 1,988.95 million in 2006.

Total Income was seen at Rs 2,771.28 in the quarter, as against Rs 1,950.72 for the year ago period.

L&T’s Engineering Construction and Contracts (ECC) segment, in association with Outotec GMBH, has bagged an Rs 7,620 million order for construction of a sinter plant, from SAIL.

Sinter plant of 2 X 204 square metre grate area with a total capability of 3.80 million ton annually, would be fulfilled on a turnkey basis, at the IISCO Steel Plant (ISP) of SAIL, at Burnpur, West Bengal. The project is likely to be completed in 30 months.

Mumbai: In the biggest-ever reaction to a public stock bidding, the state-owned Power Grid Corporation of India (PGCIL ) has got subscription of Rs 1,90,000 crore, a slice of which came from provident and retirement funds capitalists who infrequently insert money into equity.

The company will raise about Rs 2,985 crore through the IPO that has been oversubscribed 65 times. Capitalists were offered a price band of Rs 44 to 52 for building the book.

Mumbai: Ajanta Pharmaceuticals has signed an licensing contract with Canada-based Prollenium Medical Technologies to exclusively market the latter’s dermal filler ‘Revanesse’ in the Indian market.

A message from Ajanta Pharmaceuticals said that the Prollenium Technologies has its proficiency in “medical aesthetics.”

The note added that revanesse adds volume and polishes out deficiencies in the skin and also helps protect delicate skin areas from maturating.

Mumbai: Ess Dee Aluminium Ltd has joined the battle to get hold of Canadian Alcan Inc's packaging unit in a transaction projected at $1 billion.

Worldwide miner Rio Tinto Ltd is all set to sell Alcan’s packaging business section when it decided to purchase the Canadian company in a $38.1 billion contract in July.

Other suitors for the unit comprise Essel Propack Ltd and Australia's Amcor Ltd.

Company functionaries at Ess Dee that makes packaging material for drug companies, were not immediately available whilst a representative for Essel Propack declined tp comment on the report.

The Life Insurance Corporation (LIC) declared a bonus of Rs 70 for all lifetime plans in lot of Rs 1,000 assured. The Insurance Corporation also announced 22 per cent growth in valuation surplus. Valuation surplus is calculated as the money left with LIC after deduction of all taxes and costs. This surplus is divided between policy holders and the government. Government will get 5 % of this Rs 15,127 crore.

Forex reserves saw an increase of USD 1.53 billion to reach USD 230.377 billion as on Sep. 7, 2007, mainly on the back of increase in foreign currency and assets collections, week on week basis.

The RBI weekly statistical supplement, released on Sep.14, 2007 showed that foreign currency and assets ascended USD 1.553 billion to USD 223.062 billion.

In contrast, gold reserves and SDRs (special drawing rights) stayed flat at USD 6,881 million and USD 2 million correspondingly.

Mumbai: A senior apex bank representative stated that the monetary policy steps taken by the Central Bank have kept inflation prospect down that contributed to corporate performance.

Rakesh Mohan, RBI Deputy Governor said, “Monetary policy changes... reforms... in terms of instruments and also the use of some pre-emptive monetary policy measures as and when necessary... does seem to indicate that inflation has come down and more importantly, inflation expectations have come down and seem to remain well-anchored.”

At the FICCI-IBA Global Banking Conference, Mr. Mohan said that this has resulted to a large declination in nominal as well as real rates of interest and helped contribute to corporate performance of India Inc.

Kolkata: Bombay Dyeing joint managing director, the flagship company of the Wadia group, Ness Wadia confirmed on Friday that his group would be keen on infrastructure, healthcare and education segments in West Bengal.

Mr Wadia, who was attending the national executive group conference of Federation of Indian Chambers of Commerce & Industry (FICCI) here, actually walked up to chief minister Buddhadeb Bhattacharjee to inform him about his investing plans in the state. The gesture was highly valued.

Mumbai: Satyam Computer Services Ltd is concentrating on mounting its earnings from European as well as Asian markets, and is looking at developing both geographically plus through acquirements. Rising verticals including energy and utilities, retail, media and entertainment and travel, transport & logistics will be its key growth drivers in the worldwide foray.

Shenzhen (China): ZTE is making exploratory survey for Indian partners in order to start research and development in broadband and internet protocol TV (IPTV) products.

The communications equipment provider has already entered in an advanced stage of discussion with a private Indian telecom equipment manufacturer.

During a discussion on the company’s plan for broadband products, Xu Ming, ZTE President (Broadband Products) said, “We are in discussion with an Indian company (telecom equipment manufacturer) to develop ADSL products and undertake R&D.”

Mr. Ming, however, declined to reveal the name of the Indian company citing the privacy clause the negotiating companies have signed early this year.

Chennai: Aming to swell its functioning in India as well as overseas, Ninestars Information Technologies Ltd, a content transformation and e-archival technology and services provider, has planned to invest Rs 60 crore within the next 18 months.

The privately held company works with publishers, broadcasters, content aggregators, media monitoring companies and administration organisations to offer intellectual business development outsourcing services.

To leverage its record for loan syndication and technology, Chennai-based Indian Overseas Bank (IOB) is thinking about a coalition with other banking institutions.

SA Bhat, chairman and managing director, said, “I have approached some banks but it is still in the formation stage. We are looking at banks with a business size of Rs 50,000-1,00,000 crore with reach in states like Gujarat and Maharashtra where we don't have that many branches.”

The Indian Rupee remained firm against the US Dollar on Sep. 14, 2007.

For US Dollar, the RBI’s reference rate on Sep 14 was Rs 40.45, as compared with Rs 40.44 on the previous working day.

In contrast, the Indian currency prized against the Euro on the same day.

The reference rate for Euro stood at Rs 56.09 on September 14, against Rs 56.20 on the previous working day.

The rupee gained 0.35%, as compared to the Great Britain Pound (GBP), and 0.65% against the Japanese Yen.

New Delhi: German multinational Deutsche Bank is looking to expand its footmark across major cities in India.

The bank has applied for authorization with the Reserve Bank of India for opening up five more branches in the country.

According to WTO obligations, RBI permits foreign banking institutions to open maximum of 20 branches a year.

The source said, “The bank has done exceedingly well since its re-entry into India two years back. To provide the much-needed visibility to their banking operations, it has applied for license with the RBI to open five more branches in India.”

Chandigarh: Anticipating 15 per cent growth in auto sales, Honda Siel Cars India stated that it aspires to sell 70,000 cars in the existing fiscal (2007) as against 60,000 cars sold last year in Indian market.

Arvind Bhatnagar, Honda Siel Cars India Ltd, national head (sales) said, “We are expecting 15 per cent growth, matching with the industry growth, in respect of sales in Indian market by selling 70,000 cars this year.”

Honda would also open 18 more sales outlets in various parts of the country in order to step-up its access in the Indian market.

Kolkata: A CIL top functionary stated that the coal ministry has nailed down the new coal distribution plan that would be brought out by next week with a few modifications in the e-auction method.

Partha S Bhattacharya, Coal India Ltd chairman said that the administration is scheduled to reveal the fresh coal sale policy within a week.

This will reinstate e-auction of coal after it was banished since December 2006 accompanying exploitation and emergency of coal for core segments. At present, e-booking is followed up to sell coal in the open market by CIL.

Singur: Nirupam Sen, West Bengal Minister for Commerce and Industry said that Tata Motors is all set to roll out 2.50 lakh units from the small car project by the coming year (2008), and the production capacity is expected to reach 3.50 lakh in the next few years.

Mr. Sen told a CPM public meeting in Singur, “I hope that next year, the first year of its production, 2.50 lakh small cars will roll out of the Tata Motors project here and the figure will reach 3.50 lakh in the coming years.”

Total foreign debt for India increased by 28.5 billion dollars to touch $155 billion during financial year 2006-07. This is an increase of nearly 23 per cent. The US dollar was weak compared to other international currencies and 10 % of rise can be attributed to weak dollar.

The figures stood at 126.5 billion dollars during the last year.

The finance ministry issued the report 'India's External Debt: A Status Report'. As per the report, "Almost 10 per cent of the addition in total external debt ($28.5 billion) during the year was ascribed to a valuation change as a result of the weakening US dollar vis-a-vis other major international currencies."

The finance ministry has announced exemption for exporters from services taxes by ports, railways and road transport. Many exporters have been hit badly due to recent downtrend in US dollar. The rupee value has appreciated recently and has hit the net profits of many companies.

The statement issued by Finance Ministry said, "Government has issued a notification providing refund of service tax paid by exporters on four taxable services, which are not in the nature of input services but could be linked to export goods."

The stock market got off to an impulsive beginning this morning with equities fluctuating in a dispirited manner in early trading. With international markets showing up helplessness earlier than the vital US Federal Reserve meeting, member back home remain uninformed about the market direction.

After making its entry with a positive gap of around 43 points at 15,547.07, the Sensex dropped to 15,468.80 within a few minutes as rates of blue chip stocks floated down sharply on selling pressure. But, depending on the strength of some old economy stocks, the indicator got well and touched a high of 15,571.11 in subsequent trade.

New Delhi: Providing ease to exporters affected by the rupee appreciation in the exchange market, the administration declared they would be relieved from the tax on services rendered by road transport, ports and railways.

Up to now, the administration has been collecting 12 per cent service tax together with 3 per cent education cess on services availed.

Exporters already get a refund of service tax paid by them on input services relating to exports. The duty drawback scheme also factors in the service tax paid on input services intended for exporting goods and services.

Mumbai: The owner of the Taj Hotels chain, Indian Hotel Company (IHCL) has purchased a 10 per cent stake in the NYSE-listed Orient-Express Hotels for around Rs 850 crore.

The Tatas owned Hotels (IHCL) made the acquirement through its wholly owned subsidiary Samsara Properties Ltd. Orient-express owns or part-owns and manages 35 hotels in 25 countries across the world, besides running luxury trains and cruises.

A report from IHCL showed that IHCL plans to leverage Orient’s worldwide networks and frame brand equity for both companies.

According to reports, IHCL has also written a letter to Chairman of the Orient Express Board, James B Hurlock, seeking a meeting to talk about a possible grouping with the company.

A new clash among the Patni brothers over the rights of the new capitalist in Patni Computer Systems is delaying the stake sale process in the IT services company. This was one of the major issues keeping back the sale of the Patni brothers’ in the business enterprise, as prospective buyers required management control with clear rights.

Under the existing shareholding system, all three Patni brothers hold up equivalent stakes of about 14%. Ashok and Gajendra Patni are selling part of their stakes, whereas PE firm General Atlantic that owns nearly 16%, is selling its whole stake. The new capitalist taking up their stakes would turn into the separate largest company’s investor.

Mumbai: Maruti Udyog Ltd has got regulatory approval to change its name to Maruti Suzuki India Ltd.

In a filing to the BSE, Maruti Udyog stated that the registrar of companies sanctioned the name change on Monday (September 17).

The company’s directors had okayed ‘Maruti Suzuki India Ltd’ as its new name in July, whereas the stockholders gave their permission at the Annual General Conference on September 6.

Mumbai: Equity shares of Nagreeka Capital & Infrastructure got listed at Rs 114 on the Bombay Stock Exchange (BSE) today.

The scrip opened up at a premium of 20 per cent, at Rs 114 at the stock exchange, as against its base price of Rs 95. It got locked in 20% upper circuit on listing.

Nagreeka Capital is the de-merged investment portfolio division of Kolkata-based textile manufacturer Nagreeka Exports with a total investment of about Rs 52 crore.

The shareowners of Nagreeka Exports got shares of Nagreeka Capital in the ratio of 1:1.

The total paid-up capital of the company stood at Rs 6.31 crore, which include 1.26 crore shares of Rs 5 each.

Promoters own up around 55% in Nagreeka Capital post de-merger.

Mumbai: The Indian currency dropped to a one-week low on Tuesday, weighed down by weaker Asian stock markets and oil prices that lingered near all-time highs.

Volume was unresponsive as market dealers expected the result of a U.S. Fed Reserve meeting where it is widely tipped to lower its federal funds rate by 25 basis points to 5%, but a few market analysts are anticipating a deeper cut.

In early trading, the partially convertible rupee weakened to 40.60/61 per dollar from 40.56/57 at Monday's close. In July, it hit a nine-year high of 40.20.

Vikas Babu, a currency dealer at Andhra Bank, said, “Global indicators such as stocks and oil prices are not looking very positive and the rupee is mirroring that.”

Chennai: Deepak Puri, MD Moser Baer India Ltd, stated that the company is planning to invest Rs 2,000 crore in Tamil Nadu to make photovoltaic films. The project will be licensed in 18 months.

The project will also magnetise major investments by the marketers and product suppliers to the core construction plant that would employ around 4,000 high-end engineers and research workers.

Mr. Puri told ‘Connect 2007’, the ICT event of the Confederation of Indian Industry (CII) organised in association with the Tamil Nadu government and Union information and communication ministry that the company’s overall investment all-through India will reach to around Rs 8,000 crore to Rs 10,000 crore within a few years.
The overall investment

New Delhi: BHEL is in quest of mergers and acquisition (M&A) in order to encourage inorganic expansion and targets earning of Rs 45,000 crore by the next five years (2012).

At the shareholders conference, A K Puri, BHEL Chairman and Managing Director said, the company has drawn what it names “Strategic Plan 2012” to make sure sustainable profitable development over the next five years with the aim of achieving an earning level of Rs 45,000 crore.

Mukesh Ambani ‘s plans for three IT SEZ in Navi Mumbai has been approved while the decision is pending for all proposals for Uttar Pradesh. The Board of Approval (BoA) has given approval to many IT specific Special Economic Zones (SEZs). TCS was among others who benefitted from the decision in the Board Meeting held today.

Mumbai: IDBI Ltd has slashed the rates of interest on fixed home loans by around 100 basis points that will be effective from September 1. But, the floating interest rates remained the same at 11.25%.

The bank has also hiked interest rates on fixed deposits (FDs) for a few maturities.

According to the press release from the bank, for fixed loans, the interest rate for loans up to 3 years has been slashed to 12.5% from 13.5-14%, and for loans up to 5 years, the rate is slashed to 12.75% from 13.75-14.25%.

The other banking institutions that has cut down home loan rates is Bank of Baroda that has contracted the home loan rate up to 50 basis points in August.

Leading hospitality company Hotel Leela Venture is all set to invest around Rs 22 billion in the next three years (2010) to set up five new hotels and a service apartment in Gurgaon near Delhi.

The new hotels will be established in Pune, Hyderabad, Chennai, Delhi and Udaipur.

The company has already expended Rs 11 billion on 86 service apartments that it is projecting to built up in Gurgaon.

Mumbai: The rupee arose in the direction of a nine-year peak today after the US Federal Reserve slashed rates sending securities higher across Asia, but dollar buying by state-run banking institutions and a local company reduced a few gains.

The Fed cut on Tuesday the prime federal funds target rate by 50 basis to 4.75% from 5.25%. It also slashes the discount rate that it charges for direct loans to banks by a half-point to 5.25%.

At the company’s 23rd Annual General Meeting (AGM) held on Aug. 25, the members of India Glycols have sanctioned the announcement of dividend at 30%, or Rs 3 per share of the value of Rs 10 each.

India Glycols has declared a fantastic jump in its net earnings for the quarter ended June 2007. The company’s income climbed 2.97 times to Rs 356.30 million in the quarter from Rs 120.10 million in the corresponding quarter, last year.

The company’s net sales for the quarter arose 6.33% to Rs 2,712.10 million as against the corresponding quarter, a year ago.

Yesterday, the company’s shares rose 3.12% to Rs 235.00. The total volume of shares traded stood at 55,668 at the Bombay Stock Exchange (BSE).

Mumbai: The Reserve Bank of India (RBI) will not go after the US Federal Reserve Board, and may not slash interest rates in a little while.

Market analysts said that the central bank that has been following a compressed money strategy will possibly not play with key policy rates in the coming time.

New Delhi: There could be excellent news for retail capitalists in ONGC stock. The company is planning a stock split besides giving bonus to its shareowners. The company declared a bonus in 2006-07.

In line with the recent share value of ONGC, chairman and managing director RS Sharma stated that the company was aware of the worries of small capitalists and would prize them eventually.

At the company’s AGM, Mr. Sharma told, “We will consider a bonus issue and a share split at an appropriate time.”

On news of the stock split and bonus issue, ONGC scrip earned 6.25% on the National Stock Exchange (NSE). The stock price ascended to Rs 903.8 from its last close of Rs 850.6 on Tuesday.

New Delhi: The country’s production of cotton, soyabean, sugarcane and kharif maize is estimated to scale record highs in the recent fiscal.

As per the Union Agriculture Ministry’s First Advance Estimates of crop productivity, brought out on Wednesday, output of kharif foodgrains in 2007-08 will reach 112.24 million tonnes (mt). This is 1.72 mt more as compared to the last year, though below the record 117 mt level of 2003-04.

In foodgrains, kharif rice production is anticipated at 80.15 mt, the maximum since the 80.52 mt of 2001-02. But output of kharif maize is destined to cross 13 mt, exceeding the earlier record of 12.73 mt accomplished in 2003-04.

After opening positively at 16,341.55, the 30 share index has been fluctuating between the positive and negative in the morning sessions of the trade. Selected stocks from auto and real estate boosted, whereas IT and banking stock declined.

Mumbai: The rupee beefed up past 40 per dollar today for the first time in over 9-years, after lower U.S. rates lightened up the prospect for high-yielding assets like the Indian rupee.

Heavy dollar buyouts by state-owned banking institutions brought down the rupee’s gains, but the market was supported by anticipations for higher capital flows into record-marking securities.

In early trading, the partially convertible rupee stood at 39.99/40.00 a dollar after getting strengthened to as much as 39.88 a level it last dealt in May 1998 before ceasing some of its profits.

Magnum Ventures, New Delhi-based paper maker today got listed at Rs 37 per share on the Bombay Stock Exchange (BSE), with a premium of 23.16% above its issue price of Rs 30 per share.

Within a few minutes of opening, the company’s scrip touched an intra-day high of Rs 66.70 and a low of Rs 36.95, as many as 35.11 lakh shares changed hands on the BSE.

The scrip got listed at Rs 36.60 on the National Stock Exchange (NSE), and touched a high of Rs 66.90 and more than 35.90 lakh shares were traded.

In early trading session, the scrip spared a few gains from its intra-day high and was dealing at Rs 59.35 on BSE and at Rs 58.45 on NSE.

New Delhi: Stating worry over the IT’s dim geographical spreading, Jairam Ramesh, Union Minister of State for Commerce said that IT special economic zones (SEZs) were further growing the digital divide.

While addressing the Executive Board of the National Association of Software and Service Companies (Nasscom), Mr. Ramesh told, “SEZs appear to be increasing the digital divide. I have always felt that the true value of SEZs must be judged by the extent to which they help promote labour-intensive manufacturing.”

Tiruchirapalli: A top company executive said that Polystyrene manufacturer Supreme Petrochemicals Ltd is expecting a turnover of Rs 1,600 crore in the recent fiscal started from July 1, 2007.

R Rangarajan, Chief Executive (Export Marketing), told that the company made revenue of Rs 1,400 crore in the last year, out of which more than 50 per cent was accomplished through exports.

Mukesh Ambanii’s Reliance Industries Limited (RIL), has turned into the first company to achieve a market capitalisation (cap) of Rs 3 trillion after the company’s shares soared up 5.6% on yesterday (September 19).

RIL’s scrip ascended to touch a record high of Rs 2,185, and closed the day after making a profit of Rs 114.50 at Rs 2,172.90 recording a market cap at about Rs 3,028 billion at the end of the trading session.

New Delhi: Oil and Natural Gas Corp (ONGC) on Wednesday said that it will commence production from its ultra deep sea gas discovery in the Krishna-Godavari basin off the east coast by 2012-13.

R.S. Sharma, ONGC Chairman, said, “The company is firming up an appraisal plan for integrated development of the discoveries in shallow to deepwater (northern) part of the KG-DWN-98/2 block along with other fields in adjoining nomination acreages, which is projected to yield 12-15 million cubic meters per day gas by 2012-13.”

Bangalore: Canara Bank has introduced a voice-enabled biometric ATM for the rural segment to have access to banking facilities. The bank has launched a smart card with ATM facility, and a mobile ATM facility at Devanahally, on the outskirts of Bangalore.

Usha Thorat, RBI Deputy Governor inaugurated the technology initiatives in the company of Chairman and MD of Canara Bank, M B N Rao and Regional Director for Karnataka RBI, Devaki Muthukrishnan.

Mr. Rao told that the mobile ATM was planned for offering up ATM facility to the clients in the rural areas, and plans were on to launch nine more such mobile ATMs in the next few months.

Mumbai:
Bulls stepped carefully on yesterday’s trading session after the
previous day’s explosion party. Benchmark indicants attained new peaks
early in the trading session, but capitalists’ eagerness was raged by
rising rupee value.

Mumbai: Bulls stepped carefully on yesterday’s trading session after the previous day’s explosion party. Benchmark indicants attained new peaks early in the trading session, but capitalists’ eagerness was raged by rising rupee value.

Sellers aimed IT services companies whose profits were linked to the dollar potency, hence checking the benefits in the main indices. The reaction was also dragged down by re-emerging of subprime problems in European countries.

Chennai: ASUS has introduced the U1F notebook in the Indian market. U1F is the company’s most recent offering in the ultra-portable notebook sector.

Aimed at the elite technology user, the solid 11.1” projection screen U1F is specially made for experts to stay on the move with style.

The UIF provides a dynamical computing practice with intense speed with the newest Intel® Centrino® Duo mobile technology, Windows® VistaTM operating system and special ASUS designs.

After opening positively at 16,352.32, The BSE benchmark index Sensex slipped into the negative zone in the morning trades because of weak global cues. IT sector continued to trade on really passive note owing to further rupee admiration. Rupee was quoting at 39.87 versus US dollar.

Asian stocks chop down from its eight-week record after Fed Reserve chairman Ben Bernanke expressed worries over the housing downturn situation in the US.

Kolkata: To reposition its brand through technological upgradation, Godrej Appliance, a division of Godrej & Boyce Mfg Co Ltd, has planned Rs 300 crore capital expending in the recent fiscal.

Mumbai: The rupee marched near to a fresh nine-year peak today, hiked up by strong capital inflows, but caution the RBI may interfere checked the rupee’s increase.

In early trading, the partially convertible rupee stood at 39.88/89 per dollar, barely changed from its last close of 39.89/90 and in sights of 39.85 its record since May 1998.

A market dealer said, “These are good levels to take some profits as the rupee has rallied quite a lot this week.”

Mumbai: State-owned oil major BPCL has sought an increase in petrol rates by Rs 4 and diesel by Rs 2 per litre in proportion to the climbing crude oil costs in the worldwide markets.

While addressing the news persons after its 54th AGM on Thursday, Ashok Sinha, BPCL Chairman and Managing Director said, “We are hoping the price of petrol and diesel would be raised by Rs 4 and Rs 2 respectively.”

“The three oil companies are losing Rs 150 crore per day and BPCL's share is 25 per cent of that,” Mr. Sinha commented.

On the Richie Rich list, Anil Ambani regained the No.2 place, a day after DLF boss KP Singh overcame him.

As share prices of the ADAG group companies including Reliance Energy, Reliance Communications, Reliance Capital and RNRL ride at a galloping speed in a late rally, Anil’s net worth ascended by Rs 3,885 crore to Rs 1,13, 738 crore.

RNRL climbed up 35 per cent for the day. KP Singh’s net worth shriveled up slightly to Rs 1,12,148 crore from Rs 1,12,803 crore, a day ago.

DNA Money had carried a news item on KP Singh overcoming Anil Ambani as the second-richest Indian on Friday.

Kolkata: An IIFT functionary said that exporters will be hurt with the continuing rupee appreciation as against the USD dollar as they could soak up the exchange shock only upto Rs 42 per dollar.

Indian Institute of Foreign Trade director K T Chacko, said, “To our understanding exporters can absorb exchange shock upto Rs 42 for a dollar while now has breached the Rs 40 mark.”

Mumbai: A top Government functionary said that the inflation rate based on the wholesale-price-index dropped, and the consumer price index (CPI) would also go down.

Montek Singh Ahluwalia, Deputy Chairman of Planning Commission said, “The wholesale price index (WPI) operates with a two-week lag and the CPI with a three-month lag....CPI will also come down.”

Mr. Ahluwalia said that bringing inflation down was a key sign of macro-economic success and the RBI has done this extremely well.

For the week ended September 8, inflation rate has dangled to 3.32 per cent from 5.22 per cent in the corresponding period of the last year (2006).

Reliance Industries has reported discovery of Oil in a new block in the Krishna Godavari (KG) basin. As per the earlier report which came on Friday, Reliance found oil resources in D4 block, also called KG-DWN-98/1.

Reliance Industries informed that the newly found oil reserve had an initial flow rate (IFR) of 596 barrels per day. Reliance had also found oil in Cauvery basin with IFR of 1000 barrels per day in July this year.

As the demand for coal increases in the country, Coal India Ltd is looking at importing coal to cater the domestic market. As per the industry resources, the rise in demand is due mainly due to coking coal. The country is falling short by 4-5% of the actual demand of coal.

Coal India is looking at Thai, Australian and Indonesian coal fields for importing non-coking coal. Steel companies import coal on their own.

Mumbai: In order to promote its subsisting refineries, Indian Oil Corp. Ltd (IOC) has decided to invest Rs 43,250 crore by 2011-12.

The India’s biggest public sector oil marketer will utilize funds primarily to increase annual refining capacity to around 80 million tonnes by the next five years.

IOC will also establish refineries and petrochemical plants, and explore for acquirements out of the country in the next five years.

New York: While lecturing at the Pravasi Bharatiya Divas, a yearly event organised by the Ministry of Overseas Indian Affairs to bring the Indian Diaspora together, Kamal Nath, minister for commerce and industry said, “The Indian IT business has been pampered for a long time. There is a disconnection between the IT sector and the rest of India.”

While responding a question asked by a delegate at the meeting on how the Indian IT businesses will expand post 2009 when the tax benefits the industry presently enjoys are inhibited.

Mumbai: Hanung Toys & Textiles Ltd has pocketed Rs 200 crore export order for home furnishings from a leading US buyer.

For exporting home furnishing to the extent of around Rs 200 crore, the New Delhi-based company has signed up the export order deal with the company.

New Delhi Television (NDTV) has decided to launch more television channels, both nationally and internationally.
While talking at the launch of ‘MetroNation,’ NDTV’s 5th channel in the country, Prannoy Roy, chairman, stated, “By this year, or financial year end, there will be more channels from NDTV.”

New York: P Chidambaram, Indian finance minister stated that fiscal deficit will be lowered to below 3% by the coming year (2008). This is the gap between the government’s spending and grosses from sources excluding extra borrowing.

New Delhi: Giving careful consideration to the rising crude oil costs, the administration has decided to issue oil bonds up to Rs 24,000 crore in the existing year (2007).

A top oil ministry functionary stated, “The decision in this regard would be taken before October 15 and the payment would be released by November 15.”

Mumbai - The UPA government has announced its plans to help states to setup regulators for the real estate sector. Mr. S. Jaipal Reddy, Urban Development Minister said that the regulation at state level is essential. The real estate sector has seen a decent growth in last 3 years. With the prices of real estate going up all over the country, there is a strong need for regulation in the sector.

New Delhi: In order to tap India’s rustic population, administration and private sector companies will have to concentrate on specialised infrastructure. India’s rustic population accounts for more than $100 billion in consumer spending certainly the largest buyers in the country.

A report prepared by CII and YES Bank reported that diverse population, hapless infrastructure, seasonal demand, multifaceted buying behavior and price predisposition are the main challenges that companies projecting to enter rural retail need to overcome.

Mumbai: The rupee dropped off from nine-and-a-half year peaks on yesterday, driven lower by suspected central bank interference and some short covering by capitalists, even if flows into the stock exchange limited losses.

The partially convertible rupee ended at 39.8450/8500 per dollar, dislocating from its last day close of 39.71/72, when it hit a high of 39.62 in early trade its most accented since April 1998.

Through subscription of preferential warrants allocation, the creators of Arvind Mills Ltd are ready to expand their shareholding in the textiles company by about 13 per cent from the subsisting 33 per cent.

In a statement to the stock markets, the company said that the founders of the company would pay a regular contribution to 50.6 million warrants, transformable into equity within the 18 months at Rs 52 per share.

After opening at 17,152.31 in the early trades, the BSE benchmark index, Sensex continued to trade strong in the afternoon trades. Afterward the index shed the majority of its points in the after hours. Lastly, it regained strength amidst instability and touched a peak of 17,361.47, to close the day on a firm note. Selected stocks from banking, auto, pharma, metal, realty gained ground, whereas IT stock dangled.

Bangalore: United Breweries (UB) is considering to lift around Rs 425 crore through a rights issue for providing financial support to its capacity development and upgradation plans. The final decision in this regard was taken at the company’s board meeting on September 27, 2007.

The two major stockholders chairman Vijay Mallya and UK brewer Scottish & Newcastle will take part in the rights issue compliant with their shareholding patterns.

New Delhi: Ansal Properties & Infrastructure Ltd and Malaysia’s UEM Builders Bhd have signed up a joint venture agreement for carrying out construction activities in India.

Pranav Ansal, director of Ansal Properties said that UEM will hold 60 percent in the venture that will primarily be involved in constructing activities in northern India.

Mr. ansal said that the companies will jointly invest around 1 billion rupees by next two years (2009).

“We get our work done from contractors as we don't build any building. This JV will provide us with better systems and better quality,” Ansal added.

The initial project, in Lucknow, will start immediately, he said.

New Delhi: For the week ended September 15, inflation rate eased further to 3.23 per cent, as compared to 3.32 per cent in the previous week, primarily because of falling pices of fruits and vegetables, milk, pulses and a few manufactured items.

In the corresponding week of the previous year (2006), the wholesale price-based index stood at 5.27 per cent.

Tata Tea has brought out a new campaign, “Jaago Re”, which is aimed at stepping up its consumer base in small towns villages. The campaign will be run across television, cinema houses, print, outdoor and radio.

The company is also thinking over a plan to set up an Internet site (website), Jaagoindia.org, and aspire to alter it into an idea-exchange program for young people.

US telecom major AT&T has applied for a unified access service license (UASL) for all the 22 circles in India. The US Company has a user base of 65.1 million in the US. AT&T filed the application on the last day. Indian Telecom sector has witnessed a tremendous gain in subscriber base in last few years.

New Delhi: The rising rupee has not been capable of getting much luster out of the country’s total export performance with exports recording a 18.91% expansion in August 2007 valued at $12.68 billion as against $10.66 billion of exports in August 2006.

In spite of some setback like textiles and leather, others like engineering, gems & jewellery and petroleum are still adding to the growth. The growth speed, however, is under the 41.4% rate filed in August 2006 as compared to the corresponding months in 2005.

According to FIEO approximations, the drop in exports in labour-intensive segments will result in eight million job losses in the recent year.

A recent study has discovered that India is emerging as a BPO hub. India not only explicates three out of five top known worldwide outsourcing destinations, but also has the maximum number of rising cities in this field.

According to a study by CyberMedia’s Global Services magazine, the top five well-established hubs for outsourcing include Bangalore, India's National Capital Territory, Manila, Mumbai and Dublin.

Telecom Minister Mr. A Raja has informed that government will provide more spectrum by the end of November as many telecom service providers are fighting for licenses. The meeting between Telecom Industry representatives and Telecom Minister ended up in clash between CDMA based and GSM service providers.

Thermax is now aiming at the paper business in Indian as well as south-east Asian markets. In order to fulfill this objective, the Rs 2,210 crore energy and environment company has signed a seven-year technology & licensed manufacturing contract with US-based Georgia Pacific Chemical LLC.

New Delhi: Drug maker Ranbaxy Laboratories has raised its stake in Hyderabad-based Zenotech Laboratories to 45% from the existing 7%, for Rs 214 crore.

Ranbaxy has bought 22% stake from the subsisting promoter and MD of Zenotech, Dr. Jayaram Chigurupati, and the remaining 16% via preferential allotment of shares. Both valued at Rs 160 each share, which will cost Ranbaxy Rs 214 crore. Ranbaxy will raise funds for the buyout through a mix of internal accruals and debt.

New Delhi: To fortify the administration of its beverage alcohol companies, Vijay Mallya -led The UB Group has made changes in key ranks in Whyte & Mackay, United Spirits and United Breweries.

Reliance Power Ltd., a company promoted by Reliance Energy and the Anil Dhirubhai Ambani Group has announced that it had registered a draft prospectus with SEBI for an IPO of 1.3 billion shares.

RPL didn’t spell out an amount it projects to lift from the issue, but merchant bankers had believed Reliance Power intended to raise between $2 billion to $3 billion that would be amongst the largest issues in India. The country’s largest realty developer, DLF Ltd had made the largest issue by number of properties that brought up $2.25 billion.

Mumbai: Indian mobile service provider Reliance Communications has launched its latest mobile phone ‘Classic 732’ at just Rs 999, the lowest in Indian market

A top company functionary stated that ‘Classic’ is India's prime operator-driven handset product brought out by Reliance at an affordable entry level pricing.

Secunderabad-based agriculture inputs manufacturer, Kaveri Seed (KSCL) has got listed at a premium of 20% to the issue price of Rs 170 per share at the National Stock Exchange (NSE). It experienced moderate reaction to its IPO of 4 million shares of par value of 10 each.
The share opened at a premium of Rs 34, at Rs 204 as against its issue price of Rs 170 each share. It touched an intraday high of Rs 234 and an intraday low of Rs 204. It currently trades at Rs 222. The total volume of shares traded is 213,570 at the NSE.

Mumbai: Indian state-run explorer Oil and Natural Gas (ONGC) will expend Rs 5713 crore on the second development phase of a key field off India’s west coast.

In a declaration, the company said that the renovation would aid ONGC’s Mumbai High South field to fabricate 22 million tonnes of incremental oil.

“At current crude prices, the additional produce is valued at 530 billion rupees,” the company said.

The Sensex, which recovered its previous losses after a sharp setback, dropped into the red zone again owing to lack of support at senior levels.

At 11.25 a.m., the Sensex was down with a huge loss of 71.75 points at 17,775.29. The Nifty was also down by about a point at 5209.90.

Mumbai: Indian Rupee remained strong against the US dollar amid weakness in Asian stock markets and intense capital inflows into the country.

The rupee bounced back sharply on yesterday wiping out early losses to end at new 9-1/2 year peak of 39.5750/5850 versus the dollar on healthy capital inflows and solid dollar out of the country, regardless of central bank intervention.

IRB Infrastructure Developers has registered its draft red herring prospectus (DRHP) with the market controller SEBI yesterday for its initial public offering (IPO) of 5,10,57,666 shares of Rs 10 each.

IRB Infrastructure Developers, the holding company of the IRB Group, will invest the net issue earnings in its subsidiary, IDAA, and pay back surviving loans of the company and arms.

Deutsche Bank, Hong Kong branch, Jade Dragon (Mauritius) (a subsidiary of Goldman Sachs) and CPI Ballpark Investments (a subsidiary of Merrill Lynch) owns up 3.85% stake each in the company.

Deutsche Equities India is the book running lead manager and Kotak Mahindra Capital company is the co-book running lead manager to the issue.

Karnataka, which recently granted the Bidadi Knowledge City project on Bangalore’s outer boundaries to real estate firm DLF, will hand over the land in a few months.

The Karnataka’s administration top functionary said that the route of acquiring the land for the project is nearing closing. The project demands 9,187 acres of land. A big part of this is already under the state government whereas the resting share is being purchased.

Bangalore: Helion Ventures Pvt Ltd, India-focused venture fund has declared that it has invested $5.1 million in a Mumbai-based publishing & eLearning company, Hurix Systems Pvt.

Hurix offers various services across corporate learning, publishing, K-12 education, animation & gaming, technology services and products.

Mumbai: Marketing communicating group Euro RSCG Worldwide has stated that opposing to popular idea, styles in India are no longer filtering down from the metros to the townships; it is just the reverse as styles are being shaped in the 'chai tapri' (small tea stalls) of Ludhiana and not in the South Mumbai pubs.

This was exposed in an analysis, 'The Bunty Syndrome', channeled by RSCG across 12 Tier-II cities among the youth aged between 15 to 30.

Kolkata: Videocon group has signed up a memorandum of understanding (MoU) with the West Bengal administration to establish steel and a power plant in the state.

The consumer durables major will invest around Rs 15,000 crore on this new project.

After signing the MoU, Videocon’s Chairman Venugopal Dhoot said that the company’s new steel plant will have an annual capacity of 3 million tonnes whereas the power plant will have capacity of 1,200 megawatts annually.

New Delhi: Tata Motors’ next generation variants of the Indigo, Sumo and Indica will roll out from its Ranjangaon plant that it conjointly runs with Fiat Motor India. The fresh ranges of vehicles are projected to hit the market by the coming year (2008).

On the sidelines of the launch of the new 2.2 litre Safari, Tata Motors passenger car division president Rajiv Dube said, “Our next generation and other future passenger vehicles, which are currently being developed, will be rolled out from the Ranjangaon facility. The new models will come in the higher end and will complement the existing range, though some of the existing trims could be phased out from the market.”

Mumbai: The shares of Power Grid Corp of India Ltd (PGCIL) have made initial entry at Rs 85 today on the Bombay Stock Exchange, up 63.46% from its early price of Rs 52 each share.

In early trading, the shares were dealing at Rs 91 on the BSE with total volume of 43.86 million shares.

The state-run power transmission company has lifted Rs 2,984 crore by the 573.9 million-share issue that consists of a fresh offering of 382.6 million shares and sale of 191.3 million shares by the administration.

Chennai: i-flex Solutions Ltd has today declared that it has acquired 100 per cent stake in Castek Software Inc.

The company’s (i-flex) board has given nod to the acquirement today, and the deal is likely to get closed by March next year (2008).

Headquartered in Toronto, Castek supplies core insurance business processing systems for big and mid sized property and casualty insurers.

i-flex had signed an equity financing deal with Castek in August 2005, which let i-flex to become its major stockholder.

Since then, i-flex has held 59.9% of Castek’s shares on a fully diluted basis.

Kolkata: In order to lessen dependency on lead import, Exide Industries Ltd has decided to enter the lead smelting and recycling business.

In a declaration, lead acid battery major said that it would enter the section through strategic coalitions with local smelters.

The company also told that the board of directors has given its authorization to get hold of a smelter at a cost of upto Rs 25 crore.

New Delhi: Zenith Computers has launched three reasonably-priced ultra-portable laptops that target entry-level customers and pupils.

The three latest additions include the 'Zenith Admiral' with a 14.1-inches WXGA wide TFT display, the 'Zenith Director' with a 15.4-inches wide-screen display and the 'Zenith Presidio' with a 12.1-inches XGA wide-screen display.

The company stated that regardless of the reasonable costs, there has been no compromise on the software package.

The BSE benchmark index, Sensex came back to the positive zone on the back of continued buying interest in heavy weights. Presently, the stock market is trading on a firm note. However many sectors are trading in negative. Banking and Technology Stocks are trading in the negative zone.

For the week ended September 22, India’s wholesale price index based inflation rate reached 3.42% from 3.23% in the previous week. Market estimations for the inflation stood at 3.22% for the said week.

Today, the BSE benchmark opened sturdily at 17,831.68, and soon touched a high of 17,913.36 in the early trades.

Mumbai: The traders said that the suspected RBI interference has blockaded the rupee’s path as it moved in the direction of 9-½ year high today, even though falls into the stock exchange were likely to limit its losses.

In early trading, the partially converted Indian currency stood at 39.515/525 per dollar, off an early high of 39.43, and gentler than yesterday’s closure of 39.49/50. Yesterday, it also hit 39.36, its highest peak since March 1998.

The Indian rupee has ascended 12% up till now in the existing year.

Technologies has signed up a multi-year, multi-regional agreement with Hercules Inc, a top specialty chemicals maker and supplier.

The multi-million dollar order spans end-to-end IT infrastructure management across network, datacenter, IT security, desktop and help desk services.

According to the company’s release, HCL has already finished the first round of transitioning some IT procedures and is presently managing the majority of LIVE operations of Hercules’ IT Infrastructure in the Unites States.

The transition of added infrastructure support in Europe will be finished by November 2007.

Mumbai: To offer vital software for designing of a next-generation dual-mode satellite and GSM mobile phone for Inmarsat, Sasken Communication Technologies today has signed pact with EMS SATCOM, a part of EMS Technologies.

In an official report to the BSE, the company said that this agreement would see the first-ever mixing of Sasken’s complete development solution - the GSM/GPRS protocol and backing up application model into a dual-mode GSM and satellite phone.

New Delhi: Worried over the lethargic demand for fresh vehicles, the finance minister, P. Chidambaram asked the bankers to re-examine the rising interest rates. He told this during a top-level conference with the bankers and leaders of auto industry organised here.

Auto industry bosses including Maruti MD Jagdish Khattar, Tata Motors MD Ravi Kant and Hero Honda MD Pawan Munjal. Representatives from the banking sector included SBI chairman O P Bhatt, Bank of India CMD T S Naraya-naswami, ICICI Bank CEO & MD KV Kamath and Punjab National Bank CMD KC Chakrabarty attended the conference.

New Delhi: State Bank of India (SBI), the country’s biggest lender is thinking over dropping lending rates for some of its loan products in its next asset-liability group conference.

O.P. Bhatt, chairman and managing director of SBI, said, “The next asset-liability committee (ALCO) meeting might consider the current situation and take a call on interest rates.”

Mr. Bhatt was in New Delhi to attend conference called by Finance Minister to talk about how to swell the credit flow to automobile and paper industries.

Mumbai: On first appearance, shares in Power Grid Corp of India (PGCIL) opened 63 percent higher and ascended further on continued buying interest, buoyed up by the power sector’s progression and the company’s shift into telecom and consultancy.

At 12:03 a.m, the state-owned power transmission company’s scrips were trading at Rs 106.80 after opening at 85 rupees, as compared to the issue price of Rs 52.

Two dealers stated that the counter is considering interest from domestic as well as foreign funds desperate to wipe up the shares given the low float.

Mumbai: Life Corporation of India (LIC), the country’s largest insurance service provider is all set to launch its initial heal insurance product by next month (November 2007). On the side lines of a meeting, Mr. D.D. Singh, LIC’s Health Insurance Division’s Executive Director, D.D. Singh, said, “In 15 days, we would file our application before the Insurance Regulatory and Development Authority (IRDA) for necessary approvals.”

For claim processing, the Hyderabad-based health insurance company has joined hands with eight third party administrators, Mr. Singh said.

New Delhi: Liquor tycoon Vijay Mallya has finished the 90 million euro transaction to take over 50 per cent stake in Spyker-Ferrari Formula One, thus making him the team co-owner.

A representative of Mallya said that the transaction was settled this morning after a 30 day long diligence process.

A group, headed by the UB Group Chairman Vijay Mallya and Dutch industrialist Michiel Mol, had signed up in-principle contract last month to buy Spyker-Ferrari Formula One from Dutch sports car manufacturer ‘Spyker.’

Mumbai: The India’s largest airline by marketshare, Jet Airways will get 20 more Boeing 737-800 aircraft to its fleet due to increase in air traffic.

In a communiqué to the Bombay Stock Exchange, the company said that the orders have been placed with Boeing for the aircraft that will be delivered between October 2012 and December 2014.

The planes can be used on domestic plus international routes to south-east Asia and the Middle East.

New Delhi: In a bid to grant relief to the exporting group that has been making loud demands for assistance against the intense growth in the Indian currency versus the U.S. dollar, the Centre expanded the span of service tax refund to exporters and also extended the number of spheres entitled for inferior interest rates on pre-shipment and post-shipment credit.

Alongside, exporters will be capable of earning interest on their foreign currency accounts that will go a long way in justifying their severities exhaling from the rupee admiration.

New Delhi: The Finance minister P Chidambaram has launched the National Investment Fund (NIF) on Saturday, after two years since authorization of its establishment.

The NIF has got its initial funding of Rs 994.82 crore from earnings of sales of administration’s 5% stake in Power Grid Corporation of India Ltd (PGCIL) that got listed on Friday. Mr. Chidambaram handed over cheques to the CEOs of the three asset management companies (AMCs) including the UTI Asset Management Company Pvt. Ltd., the SBI Funds Management Pvt. Ltd. and the LIC Mutual Fund Asset Management Company Ltd.

Mumbai – Bharti Airtel Ltd, the India's mobile service giant, is reportedly having talks to sell out around 10 % of its mobile telecoms tower company for about $1.1 billion.

According to the reports, the company, based in New Delhi, is having talks with Singapore's state-owned Temasek Holdings and Warburg Pincus to sell up the share in Bharti Infratel.

Earlier this year, Bharti decided to transfer its mobile towers to a separate wholly owned unit.

Bharti reported that it has been planning to double the number of towers to 80,000 by March 2008, as it has been expanding coverage into rural areas.

New Delhi: A batch of foreign investors has reportedly purchased a 49% stake in Global Assets Holding Corporation (GHC). According to the reports, the foreign investors, including Singapore's SC Bank private equity fund, Mauritius’s Technology Infrastructure, Park Holding Finance Corporation from Virgin Islands and others, have paid Rs 560 crore to buy the state in the holding company of leading network services company GTL Ltd and telecom tower player GTL Infrastructure Ltd.

GHC has established itself as an MVP in the telecom infrastructure and networking services space. It holds 30% stake in the India Wireless Technology Ltd, and wholly owns Global InnovSource Solutions.

The stock markets seem to be in correction mode with more than 400 points lost at 14.18 p.m. IST. BSE was down by 407 points and was at 17366.20 levels. NSE Nifty was down by 145 points at 5040 at 14.20 p.m.

Political issues between Congress and Left is one of the major reasons for today’s downfall in markets. Market analysts feel that valuations were bit over stretched and the stocks may see some amount of correction. The markets have gone up very fast in past few trading sessions and a correction will be healthy sign.

New Delhi: Sony India is eyeing big for its recently introduced Bravia LCD televisions series to drive sales in the coming festive season.

The company has also decided to spend around Rs 30 crore in advertising and other promotional activities for the range.

Masaru Tamagawa, Managing Director, Sony India, said, “We are focusing a lot on LCD televisions right now, to drive our sales for the upcoming festive season. In fact, even going by the industry statistics, Plasma and colour television sales have been dipping, whereas the LCD market is soaring.”

New Delhi: Vodafone is ready to invest around $2 billion on a yearly basis for increasing and fortifying its Indian network.

Expressing that Vodafone is also keen on sharing its substructure with its rivals rather than producing them on its own, Vodafone Chief Executive Officer Arun Sarin said that since the company’s debut into India market, its capital expenditure had increased twofold.

Mumbai: A top RBI representative has stated that Indian economic system is vulnerable to instability produced by return inflows and fluctuations in oil costs but establishment of Stabilization Fund may not be the accurate step under the recent situations.

Dr. Y. V. Reddy (Yaga Venugopal Reddy), Reserve Bank Governor told that several specialized persons have indicated that India should think about establishing a wealth fund on the lines of either a Stabilization Fund or a Sovereign Wealth Funds (SWF).

Mumbai: Housing Development Finance Corporation (HDFC) has bought an extra 10 per cent stake in HDFC Asset Management Company (AMC) for a consideration of Rs 181.81 crore.

The India’s second biggest private sector lender has took over 24,90,939 equity shares of Rs 10 each of HDFC AMC, symbolizing 9.9% of its paid-up equity capital, from Standard Life Investments.

Accompanying the fresh acquirement, the corporation’s shareholding in HDFC AMC would swell to 60 per cent, whereas Standard Life Investments would hold the remaining 40 per cent.

It is yet another success for the stock markets as Sensex hit the 18,000 mark today.

This came in as a blow after the news that UPA, Left to assemble again on US Nuke contract on October 22. Sensex gained more than 650 points and Nifty surged nearly 200 points.

The benchmark indices have exceeded the broader markets.

In spite of all the political turmoil, stock markets seem to be ignoring it and were attaining new histories.

In afternonn trading (3.29 hrs), the Sensex was trading 645.06 points up at 18136.45, and the Nifty gained 196.95 points at 5282.05.

Mumbai: Larsen and Toubro has received a contract worth Rs 693 crore from Indian Oil Corporation (IOC) for providing recovery units for the sulphur plant.

According to the agreement, L&T would supply 300 tons per day sulphur recovery units together with services including amine regeneration unit sour water stripper & tail gas treatment unit for better sulphur recovery up to 99.9%.

This would facilitate IOC in the production of low sulphur clean fuels to meet up regulatory requirements.

The order consists of engineering procurement, residual process design, supply, transportation, storage and others for the said project.

Chennai: Bank of India has informed the Bombay Stock Exchange (BSE) about its private placement made in order to lift capital.

The instrument known as Innovative Perpetual Debt Instruments - Series 3, has a credit rating of AA+(stable) from Crisil and LAA (Positive) from ICRA and the quantity is Rs 155 crore.

The issue opened on October 3 and ended on October 4. The deemed date of allocation is October 11.

The face value per bond is Rs 10 lakh and the coupon rate, 10.40 per cent annually for 10 years and 10.90 per cent yearly after 10 years (if call option not exercised).

The put option is zero and call option after 10 years.

Calcutta: The PSU major MMTC Ltd has decided to branch out into retail and special economic zones (SEZs).

The multi-commodity trading company will create separate companies for all these business sections. It is already in search of private associates.

The company has drifted expressions of interest to pick a business partner for its retail venture, and three companies are desperate to collaborate. MMTC will have a 26 per cent stake in the entity.

MMTC representatives didn’t provide the further details, but it is learnt that Mukesh Ambani’s Reliance Retail is in the fight.

The Centre government has announced a minimum support price (MSP) of Rs 1000 per quintal for the 2007-08 wheat crop to be marketed from April.

The Cabinet Committee on Economic Affairs has also declared a Rs 50 per quintal bonus, in addition to the MSP on the existing year’s paddy crop. The pronouncement comes together with a decision to ban export of all non-basmati rice “immediately”.

The minimal support price of Rs 1,000 per quintal for the wheat to be soughed from November exercises Rs 150 more than the effectual procurement rate of Rs 850 per quintal paid during last fiscal (2006-07).

New Delhi: Reliance Energy, a consortium headed by Anil Ambani group firm, has gained a Rs 6,000 crore agreement from the Andhra Pradesh government for building up a 100-storey trade tower and business centre in Manchirevula in Ranga Reddy region, in the outer edge of Hyderabad

The sources said that the group has got a letter of award from Andhra Pradesh Industrial Infrastructure Corporation (APIIC) for the project that involves development of more than 77 acres of land.

“The trade tower would be the tallest building in India,” the source added.

New Delhi: A recent OECD survey has unveiled that the objective to arrive at 10% GDP growth by next four years (2011) is well within India’s reach, if it keeps following an aggressive reformation plan, comprising privatisation, opening up of financial and retail sections and labour reforms.

In its initial investigation on the Indian economic system, the Paris-based Organisation for Economic Co-operation and Development (OECD) discovered red tape, overstretched substructure, prohibition on FDI in certain sectors and the state governments’ poor reaction to reforms as major impediments, which could delay overall development.

The 30-share benchmark index today opened up strongly after making a profit of 193 points at 18,473.43. The Sensex carried on its hopeful drive, as it appended over 350 points in the opening sessions of trade.

Asian stocks today continued to add gains on relieving worries that the world’s largest economic system is pointing towards a slump.

In early trading (10.13 a.m), BSE Sensex was trading at 18,646.18, up 365.97 points, where NSE Nifty was trading at 5434.55, up 107.3 points.

Sugar stocks were in the public interest in the opening session. The BSE Midcap ascended 1.91% while BSE Smallcap arose 1.68%.

The capital markets regulator, Securities and Exchange Board of India (SEBI) is all set to ease rules for qualified institutional placements (QIPs) in order to help companies circulating resources professionally and in a gainful manner.

At a conference on Monday, the SEBI’s primary market advisory group has approved a package of proposals to alleviate issuances of QIPs.

Sebi Chairman M Damodaran said that the fresh rules are likely to come into effect by the end of this month after the panel formally okays the pans,.

Mumbai: The Indian currency made a late recovery to close a little bit stronger on yesterday as tension about the possibility of untimely elections alleviated and a zooming stock market brought up anticipations of huge foreign inflows.

The partially convertible rupee ended at 39.44/45 per dollar, rising from a low of 39.56, and a shade higher than its last day’s closure of 39.455/460.

Last week, the rupee hit a record high of 39.36 last week, which was its strongest since March 1998.

Mumbai: Larsen & Toubro, engineering and construction major has received an order worth about $60 million from a Saudi Arabian firm, Methanol Chemical Company (CHEMANOL) for establishing high-tech plants.

The company said that the Engineering and Procurement (E&P) order comprises establishing high-technology based Methyl Amines and Dimethyl Formamide plants.

UK-based Davy Process Technology has offered the process technology for the 50,000 MTPA Methyl Amines and 60,000 MTPA Dimethyl Formamide plants integrating advance design elements and elaborate environment control measures.

Global Solutions has declared results for the second quarter ended September 30, 2007.

For the second quarter ended September 2007, the company has reported a 127 per cent increase in its net profit (Rs 22.9 crore), as against the corresponding period of the last fiscal (2006-07).

The earnings for the second quarter stood at Rs 200.8 crore as compared to Rs 202.6 crore in the same quarter of the last fiscal.

The company’s earning per share (EPS) arose to Rs 7.25 from Rs 3.26 in the same quarter previous year.

Mumbai: More than 20,000 people assembled at Azad Maidan on yesterday to protest against the entry of business organizations and foreign chains including Wal-Mart into the Indian retail business segment.

The protesters, who were also calling for the effectuation of labour laws in Special Economic Zones (SEZs), belonged to varied groupings comprising retail merchants, wholesale traders, hawkers and Mathadi laborers.

They are opposing the changes to the Agricultural Produce Marketing Committee Act, which permits businesses to purchase products from growers and sell them straightly to the users.

Mumbai: Succumbing in the direction of the structured retail prospect, Mahindra Group has declared its plans to set up a chain of multiple-format lifestyle stores crosswise the nation.

Mahindra Intertrade, a group company, which has already got permission to distribute kids’ attire and toys of companies including Walt Disney, Mattel, Lego and Nicklodeon, will primarily build up a retail business plan.

This section will be diverted within a year time, into a separate company called as ‘Mahindra Retail’.

In the domestic market, the passenger car sales during September increased 11.67% to 1,05,822 units from 94,757 units in the same month of the previous year (2006).

The monthly sales figures published by Society of Automobile Manufacturers (SIAM) showed a decline in motorcycles sales in the domestic market during September. The sales turned down 18.40% to 5,48,816 units, as against 6,72,570 units in the same period of the last year.

The overall two-wheelers sales in September 2007 rejected 13.17% at 6,79,766 units as compared to 7,82,930 units in the year-ago period.

New Delhi, Oct.11 : Economic growth in India and Brazil should be with social inclusion, said Roberto Mangabeira Unger, Minister for Strategic Planning, Brazil at a session on ‘India and Brazil: organised by Confederation of Indian Industry (CII) here on Tuesday.

Brazil is constructing an alternative model of development towards a collaborative relationship with India said the Minister. “These alternatives do not suppress opportunities for entrepreneurs but create new opportunities. Ideas about economic growth and social securities in India and Brazil presently exclude the majority of people”, he said.

Indian pharmaceutical giant ‘Lupin’ has bought major stake in Kyowa Pharmaceutical Industry (Kyowa), one of the top 10 generic pharmaceutical companies in Japan. The financal details of the deal were not disclosed yet.
Lupin has acquired 80 per cent stake in Kyowa. It had entered into a strategic coalition with Kyowa two years back with an objective to market finished preparations in Japanese market.

Kyowa is a privately-held company owned by the Sugiura family. It recorded sales revenue of Rs 247 crore for year ended March 2007.

Infosys Technologies has declared the results for the second quarter ended September 30, 2007.

The Indian software giant has posted a 18.4 per cent jump in its net profit, which stood at Rs 1,100 crore for the three months period ended September 30, 2007 as against Rs 929 crore in the corresponding period during last fiscal.

The company has achieved this growth despite the strong rupee admiration against the dollar.

The company’s sales arose 19 per cent to Rs 41.06 billion from Rs 34.51 billion.

Mumbai: Fiat Group Automobiles and Tata Motors have entered into a definitive agreement for building up engines, passenger cars and transmission with a total investment of E650 million for the Indian as well as overseas markets.

The company functionaries said that around 20-25% has been brought in out the total investment that will contain an equal ratio of debt and equity, and the remaining sum will be invested in a phased manner. The JV name is likely to be declared by October end.

With the debut of its 8Mbps Broadband service, Airtel has turn into the primary service source in the country to exhibit such high-velocity Broadband, particularly when subsisting Broadband velocities are not above 256 KBps to 4Mbps.

With 8Mbps, Airtel Broadband customers will now be able to browse multiple windows even as they download heavy files, view streaming videos, enjoy online gaming, chat, email, and so on. Airtel claims customers will no longer need to wait for videos to get buffered while watching streaming videos.

New Delhi: Allaying the hearsay regarding increase in the kerosene and domestic Liquefied Petroleum Gas (LPG) costs, together with that of petrol and diesel in the recent year (2007), the Union Government on Thursday has sanctioned a financial package, comprising issuing of Rs. 23,457-crore worth oil bonds and branching out the funding plan on LPG and kerosene for the next three years.

Mumbai: Gitanjali Gems Ltd, integrated diamond and jewellery maker and retailer, is thinking about getting hold of a U.S.-based jewelry retailer for about USD 100 million.

The sources said that the due diligence process is almost finish, and the company is plowing ahead with the contract.

It is one of the top jewelry retailers with more than 100 sales outlets throughout the United States. The deal is expected to be finished in two months.

Bangalore: Under the banner of Joint Forum of BSNL Associations and Unions of Executives and Non-Executives, the BSNL staff has staged a protestation in the city for their various demands.

The associates stated that the promises made by the Communication Minister, when BSNL workers have resorted to a countrywide strike on July 11, were not followed up completely.

In spite of repeated supplications by the BSNL’s staff, share in GSM mobile connections has not improved, while private players have been offering megs of connections each month.

Mumbai: Koutons Retail India has listed on the NSE with public issue shares today, October 12, 2007.

Koutons Retail India got listed at Rs 510 on the National Stock Exchange, with a premium of 23 per cent to the issue price of Rs 415 per share.

In early trading (9:56 am), the stock gained 46.50 per cent at Rs 608. The total volume stood at 1.5 lakh shares. It touched an intraday high of Rs 620 and an intraday low of Rs 502.50.

The scrip opened at Rs 515 on BSE. In few minutes, it reached Rs 610, up 47 per cent to the issue price. It also touched a peak of Rs 649.

Thanks to continued buying interest in heavyweight stocks including Reliance Industries (up 3%), ONGC (up 4.1%) and Tata Steel (up 4.35%), the Sensex has break off its lower levels this morning.

BHEL (1.6%), Hindalco (2.1%), Mahindra & Mahindra (0.85%), ACC (0.6%) and Reliance Energy (0.55%) have also recorded superior gains.

SBI, Bajaj Auto, Grasim Industries and Tata Motors were trading around their last closing levels.

Mumbai: HDFC Bank has declared results for its second quarter ended September 30, 2007.

On the back of higher interest rates, the bank recorded a 40.1% increase in its quarterly net profit, which stood at Rs 368.48 crore as compared to Rs 262.94 crore in the same period of the last year.

With this recent advancement in net profit, the net profit for the first six months of the existing fiscal (2007-08) ascended 37.3% to Rs 689.71 crore from Rs 502.24 crore.

New Delhi: Finance minister P Chidambaram has sounded out that the solid increase in the Sensex to record peaks has troubled him sometimes.

Mr. Chidambaram also showed worry over the rupee’s growth, and said, “the rupee rise is not in our comfort zone.”

At a meeting with media-persons in New Delhi, Chidambaram said, “The steep rise in Sensex sometimes surprises me, sometimes worries me. I do not think fundamentals change so rapidly day-to-day. Our assessment tells us Sensex is driven by copious flow of funds from a number of sources abroad.”

Mumbai: In a bid to deal with strong rivalry, inadequate market prospect and fast technological changes, the country’s biggest private sector company Reliance Industries Ltd (RIL) has decided to shift its plan of building up businesses from scratch to acquisition-led growth.

The current acquirements made by the company including Malaysian polyester firm Hualon Corporation and Gulf Africa Petroleum Corporation (Gapco) in Africa are also a part of the acquisition-led plan.

Mumbai: The benchmark Sensex has gathered up more than 224 points in early trading on the Bombay Stock Exchange (BSE) today on continued buying action by funds in heavy weight stocks.

The 30-share index, Sensex that broke down a long rally on Friday, has recovered potency and entered an increase of at 18,643.34 in the first five minutes of dealing on heavy purchasing in banking, oils and real estate sector.

In the same way, the wide-based National Stock Exchange’s Nifty has regained by 74.65 points at 5,502.90.

A firm drift in Asian markets also encouraged the market reaction to some level.

3i Infotech Ltd has declared that it has signed an agreement to get hold of J&B Software Inc., USA and its divisions for about US$25.25mn.

J&B Software supplies software products and services with respect to remittance processing to blue chip clients in US. It is a lucrative company with revenues of around US$25mn.

The acquisition will be EPS accretive, 3i Infotech said.

Mumbai: The Indian currency was jammed today between prospects that outsiders would continue to pour funds into the financial system and fears authorities would take steps to limit the local unit’s advancements.

In early trading, the partially convertible rupee stood at 39.315/325 per dollar, within striking distance of a 9-½ year high of 39.27 hit last week after climbing from Friday's closure of 39.36/37.

A senior dealer with a private bank said, “The signals are mixed and the market is a little apprehensive about taking large one-way bets at the moment.”

Mumbai: Saw pipe maker Welspun-Gujarat Stahl Rohren has posted an over two-fold increase in net profit stood at Rs 82.5 crore for the quarter ended September 30, as against Rs 33.5 crore in the same quarter last fiscal.

For the second quarter of the existing fiscal (2007-08), the company’s total income zoomed 37.77% to Rs 929.8 crore from Rs 674.9 crore in the same period of the last year.

Shares of the company were trading at Rs 336.05, up 0.25% in the afternoon trading at the Bombay Stock Exchange (BSE).

Mumbai: Tata Consultancy Services (TCS) has recorded revenue and earnings growth in line with market anticipations for the second quarter ended September 30, 2007 on better pricing, profit limits and continued hiring.

The Software major has declared 22.8 per cent growth in its net earning, which stood at Rs 1,251.60 crore from Rs 1,018.68 crore in the corresponding period of the last year. Revenues for the said period (Q2) climbed 25.4 per cent at Rs. 5,639.73 crore, as against Rs. 4,494.83 crore, last year. The operating profit was at Rs. 1,478.69 crore (Rs. 1,254.36 crore).

New Delhi: IFCI has declared that it will start inviting financial bids within a week’s time and hoped to finish the process of 26 per cent stake sale within this year, subject to regulatory and other authorizations.

While addressing the newspersons after the board meeting, the IFCI CEO and Managing Director, Atul Kumar Rai, said, “We will float request for proposal (RFP) within a week and expect to receive financial bids in two months. We expect to finalise [the] strategic investor in two-and-a-half months from outside.”

Industrial Development Bank of India Ltd (IDBI) has announced results for the second quarter ended September 30, 2007.

The bank has registered a net profit of Rs 155.50 crore for the period, as compared to Rs 139.4 crore in the same period of the last fiscal.

The total income of the banking institution zoomed to Rs 2363.72 crore from Rs 1641.24 crore in Q2FY07.

According to a bank release, “The erstwhile United Western Bank (UWB) was amalgamated with the bank effective October 03, 2006. The results for the quarter and six months ended September 2007 and for the year ended March 2007 include the operations of UWB, and hence are not comparable with the results for the quarter ended September 2006.”

HTC has introduced its newest PDA phone in the Indian market.

The newly launched ‘P3300’ comes loaded with Global Positioning System (GPS) functionality along with other characteristics.

The users would be capable of taking pics outdoors and attach satellite coordinates into the photographs.

The new HTC device weighs just 128 gms, and is approx 16.8 mm thick. It comes with a 2.8-inch QVGA display screen, a phonepad input option, and runs on Windows Mobile 6. It also has 128MB built-in ROM and 64MB RAM.

For GPS functionality, HTC has loaded the device with the MapKing R12 together with SiRF III chipset with 20 parallel channel receiver.

Mumbai: According to the market traders, the rupee edged higher on yesterday but its rise was blocked up by RBI that intervened heavily to keep it off 9-1/2-year peaks.

The partially convertible rupee ended at 39.305/310 per dollar, strengthening from Friday's finish of 39.36/37. Last week, it had hit 39.27 -- its strongest level since March 1998.

A senior dealer with a foreign bank said, “The central bank absorbed everything that came its way today without them we would be at 39.20.”

The dealer computes that the RBI has purchased around $80 million to check the rupee’s increase.

New Delhi: IT services giant, HCL Technologies has filed a fantastic jump of 23.2 percent in the net income for the first quarter ended September 30, 2007, paced by enhanced realisation per employee, more overseas orders and less dependence on the US market.

The company’s first quarter net income stood at Rs 308.4 crore, compared to Rs 250.2 crore in the corresponding quarter during the previous year. The fresh net income represented a drop sequentially, as foreign exchange incomes had boosted net income in the same period, last year.

New Delhi: In a recent report titled “India: Everything to play for”, Global investment bank Lehman Brothers has stated that Indian economic system will develop at 10% over the next ten years, if it carry on with structural reformations including deregulated labour market, liberalise investment rules and keeps government spending under control.

“It has the potential to raise its economic growth rate to 10 percent or so over the next decade. In realising that goal, continued structural reforms and prudent macro policies will be critical,” the report said.

New Delhi: Communications and Information Technology Minister A. Raja said that there will be no changes in the telecom plan to accommodate new players.

The existing standards and suggestions constituted by the Telecom Regulatory Authority of India will be applicable for granting licence to them.

While speaking to mediapersons at the curtain-raiser to ‘India Telecom 2007’ that is to be held in Delhi in December 2007, Mr. Raja said that the subsisting rules would be applied for allocating spectrum to the fresh and subsisting operators.

India’s top software services exporter, TCS said that it would hire 9,000 employees till this October-December quarter.

Mumbai: Aztecsoft Ltd has declared results for the July-Sept quarter.

The Software company has registered a 39.5 percent fall in consolidated net profit for the three months period ended September 30, 2007 chiefly due to the rupee admiration.

Chief Financial Officer V. Sundarajan told, “We took a substantial hit due to the exchange rate as around 85 percent of our revenues are offshore.”

The company has recorded a net profit of Rs 69.3 million on revenues of 620.1 million rupees for the same period.

Kolkata: Mr Nirupam Sen, Industry minister has stated that the West Bengal administration is all set to establish an auto component center at Guptamoni in West Midnapore district.

Stating that the Government was trying to build up infrastructure, Mr. Sen told that the hub would be established on 500 acre.

With the Tatas establishing their small car plant in the State, Mr. Sen declared that the auto sector would see a blast.

He sounded out that the State was getting big investments in the iron and steel division that was pegged at Rs 90,000 crore.

New Delhi: Hero Honda Motors Ltd (HHML) has unveiled ‘Hunk’ in the market, which is its fourth offering in the 150 cc motorcycle segment.

The starting price of this new model is Rs. 55,000 (ex-showroom Delhi).

The previous offerings in the premium sector comprise 150 cc Achiever, 156 cc CBZ Xtreme and 225 cc Karizma.

Currently, the company possesses 15-20% share in the premium bike segment.

Two versions of Hunk, kick-start and self-start, are being presented. Whereas the previous carries a price mark of Rs. 55,000, the later will be available for Rs. 57,000.

Mumbai: SBI Funds Management Pvt Ltd has registered initial documents with India’s market supervisory body in order to launch an equity fund, which would invest in domestic plus foreign stocks and mutual funds.

In its offer document, the fund house stated that SBI Emerging International Opportunities Fund will invest around 65 percent of the assets in equities and abroad mutual funds units, and the remaining in debt and money market instruments.

Indian regulations permit fund companies to invest around $300 million in markets out of the country.

Washington: The International Monetary Fund (IMF) has fairly brought down its projection for Indian economic growth to 8.9 percent in the existing year (2007) from its previous estimation of 9 percent, but said the development could be higher than its estimate if business profits cause still higher investing.

In its World Economic Outlook Report, released previous to Fund-Bank conference from October 20, IMF also anticipated that Indian financial system would develop at 8.4 per cent in the coming year (2008).

The Fund said that the feebler US prospect would beat Asian economic systems, mainly the newly industrialised one.

Mumbai: Broadcasters have bent under advertisers’ pressure, and rolled back their former decision of charging up 25% surcharge on all subsisting ad transactions.

The Indian Broadcasting Foundation (IBF) has declared that the surcharge will not be enforced immediately, and will not have an effect on surviving deals.

A declaration from the foundation stated, “We have no desire to jeopardize or sabotage the marketing plans of the advertiser community, and have decided to unanimously advise all members to roll back the application of the 25% surcharge on existing deals.”

Computer Systems, a mid-sized software services company has signed an agreement with the UK-based The Carphone Warehouse (CPW), which could bring about contracts worth about $200 million by the next five years covering up a broad variety of consultancy, software and maintenance services.

The transaction grades next to similar size deals it received as ABN AMRO’s favored vendor in a $2.2 billion agreement and its actions with General electric (GE).

But, whereas the ABN AMRO agreement is in the traditionally strong area of ADM services, the CPW contract is more in a partnership nature and covers several service lines.

Technical analyst, Ashwani Gujral has suggested investors to buy Neyveli Lignite to achieve a target of Rs 150.

Neyveli lignite is a brilliant stock, and GOM has sanctioned mineral policy and all the stocks are attending gains.

Hyderabad: Infotech Enterprises Ltd has reported a total earnings of Rs 171.99 crore in its second quarter, ended September 30, 2007.

The company recorded a profit of Rs 23 crore for the same period, as against a profit of Rs 17.26 crore for the corresponding quarter last year.

The company posted a total income of Rs 549.26 crore and a profit of Rs 74.41 crore during the last fiscal ended March 31, 2007.

Mumbai: A recent report has discovered that US-based Mylan Inc, Mukesh Ambani’s Reliance Pharmaceuticals and Ranbaxy Laboratories may place a proposal for Shasun Chemicals and Drugs Ltd’s active pharmaceuticals ingredients (API) division.

In the former round, both worldwide and India-centered private equity funds including ChrysCapital have also shown their attention in the bulk drugs dealing worth about Rs 4 billion.

Vimal Kumar, Shasun’s wholetime director said, “There is no truth in this.”

A Ranbaxy spokesman refused to make any statement.

Mumbai: India’s top software services exporter, Tata Consultancy Services has signed up a $1.2 billion deal with Netherlands-based Nielsen Company for IT & operations support globally.

The deal allows TCS share to gain more than 5 percent in today’s trading session.

Under a 10-year agreement, TCS will supply IT and operational processes and help Nielsen incorporate and centralise several systems, technologies and actions on an international scale.

TCS will also take care of some finance and human resource business actions that will be carried on new BPO platforms built up by the company.

Mumbai: Engineering and construction major Larsen and Toubro (L&T) has received four orders valued at Rs 452 crore for projects in Andhra Pradesh.

In a statement to the BSE, the company said that the company has got Rs 226 crore order from NTPC for Simhadri Coal Handling Plant, whereas the other three deals valued at Rs 226 crore were received from Public Health and Municipal Engineering Department of Andhra Pradesh.

L&T said that the NTPC deal would consist of design, engineering, supply and installation of 2 x l600 TPH coal handling facility for Simhadri Super Thermal Power Project (STTP) in Andhra Pradesh, a Stage-II (2x500 MW) plant to be finished in 39 months.

Biocon, Bangalore-based bio-technology company has got nod from the Drug Controller General of India (DGCI) to promote brease cancer drug Abraxane (Nanoparticles based, albumin bound paclitaxel) in the Indian market.

Abraxane has been sanctioned for handling breast cancer, and would facilitate reasonable access of high-class, helpful care therapy to cancer patients in India.

Abraxane, is a product of Abraxis BioScience, Inc. USA.

Recently, Biocon has also declared a licensing contract with the company for the Abraxane’s commercialization in the Indian market.

Hyderabad: SAP AG, an enterprise software maker, is all set to acquire Yasu Technologies, a Hyderabad based privately held company.

Yasu Technologies provides business rules management technology and systems, which assist companies in better managing their assets.

SAP will implant Yasu’s solutions into its technology platform, SAP NetWeaver, for providing business rules infrastructure. The terms of deal aren’t disclosed yet.

According to SAP, this acquisition is a continuing evidence of company’s strategy to use targeted, fill-in acquisitions to complement its broad solution offering and successful organic growth strategy.

New Delhi: The telecommunication department has told that India will stiffen standards for spectrum assignation to wireless telecom operators, and will permit subsisting operators to offer countrywide services on alternate wireless platforms.

The ministry told that there will not be a maximum limit to the number of operators in any of the 23 service areas, which frame the Indian wireless map.

But the allotment of licenses and of range to run mobile networks will be depending on availability, it said.

The conclusions, released in August were in proportion to the telecom regulator suggestions.

Bangalore: The $18 billion Bangalore-based firm, Wipro has recorded a 17 per cent jump in quarterly profit, beating up estimations, as heavy demand for outsourcing counterbalance the force of a firmer rupee and wage increases.

Country’s third-largest software services exporter said that it had not seen any slowdown in IT spending by companies despite the subprime mortgage crisis and fears of an economic downturn in the US, which accounted for 63 per cent of its September quarter revenue.

Mumbai: Yahoo India, online products and services provider, has introduced oneSearch SMS, which is the company’s newest search offering in the mobile space for Indian users to discover any information.

OneSearch SMS will allow the customers to look for information anytime through mobile phones.

It is a free flow research and would offer information across the segments such as news, stocks, weather, sports, education and many others.

Pranesh Anthapur, Yahoo India's Chief Administrative Officer, said, “The pricing would depend on as per the SMS charges by the respective mobile operators.”

Mumbai: The country’s top luxury home furnishing maker, Himatsingka Seide Ltd, has purchased US-based home textile firm DWI Holdings for $30 million, finishing its third overseas purchase in the existing year.

The three attainments will contribute around Rs 1,100 crore per annum to revenues and boost the company’s consolidated revenues to Rs 1,200-1,300 crore, it said.

Dinesh Himatsingka, company’s managing director said, “We have positioned ourselves uniquely by successfully implementing an integrated model. These initiatives have given us critical mass.”

Sydney-based Macquarie Bank has taken over 50 percent stake in Religare Enterprises’ wealth management division.

The bank has purchased the stake at par, but hasn’t revealed the financial details of the deal.

The wealth management company would be named as ‘Religare Macquarie Wealth.’

Both the companies have signed up a JV deal with the objective of offering up advisory-based wealth management solutions to the aggressive high networth investors (HNIs) within India.

Bangalore: Indian users have complained that entry-level mobile handsets are not fun enough.

A study on the India Mobile Handset Usage and Satisfaction 2007 by International Data Corporation (IDC) has revealed that entertainment traits and storage capacity are two parametric quantities on which customer satisfaction has fall significantly.

The study, conducted on 4,760 mobile (GSM and CDMA) handset users in 18 cities, said that total satisfaction grade of mobile phone users has slumped for the first time in three years.

Overall, the partakers observed that cell phones have become easier to use, have enhanced voice clarity and longer battery life.

Mumbai: Ambuja Cements Ltd has turned down 3.86 per cent to Rs 139.60 after Swiss cement manufacturer Holcim has held up the open offer to get hold of a further 20 per cent stake.

DSP Merrill Lynch, manager to the offer, stated that the offer has been held over until further notice.

Holcim that previously holds up 36 per cent in Ambuja Cements, had stated in August 2007 that it projected to pay money for 20 per cent more, or up to 30.66 crore shares from the public stockholders at Rs 154 each, starting October 18.

New Delhi: Moser Baer is ready to raise 100 million dollars for its photo voltaic arm through investments from private equity investors comprising IDFC and GIC special investments.

In a declaration, the optical storage media producer said that the recent move would position the photovoltaic division for a prospective IPO on an international exchange.

It added that the company has got the authorization of its board of directors to lift up 100 million dollar for its wholly-owned photovoltaic arm.

New Delhi: The Finance Minister, P. Chidambaram, has announced that the Securities and Exchange Board of India (SEBI) could, if obligatory, provide over 18 months for foreign institutional investors (FIIs), which have issued Participatory Notes (PNs) based on derivatives to chill out their positionings.

In a televised investor meeting at New York on Thursday, Mr. Chidambaram said, “It is in consultation with them (FIIs), not necessarily consent, we announced that they will have to wind down P-notes issued over derivatives over a period of 18 months. SEBI has reserved the right to extend that (18 months) if necessary.”

The National Aluminum Company Ltd (NALCO) is intending to set up a 0.5 million ton capacity aluminum plant in South Africa. The new plant would use local mineral resources as its raw material.

During his visit to South Africa earlier this week, the Indian Minister of State for Mines, Subbarami Reddy, had the preliminary discussions on the plan with the the Head of Mining and Steel Ministry of South Africa, Sandile Nogxina.

Reddy, who was with Prime Minister Manmohan Singh during his visit to Nigeria and South Africa, revealed NALCO’s intent on establishing the plant to Nogxina.

Kotak Life Insurance has outlined plans to concentrate on a richer penetration in Kerala for a larger part of the insurance market.

While addressing the media persons, Pankaj Desai, executive director, sales and distribution, Kotak Life Insurance, told that the company anticipates servicing more clients in every region of Kerala.

Mr. Desai said, “As a step towards this goal, we have launched our fifth branch in Kerala in Thiruvananthapuram, after establishing ourselves in Kochi, Kottayam, Thrissur and Kozhikode. In the near future, we will have branches at Pathanamthitta, Alappuzha and Kannur.”

Bhupendra Sharma, vice president, Hornic Investments, has spoken up that the stock market traded down for the entire week.

At last, Sensex closed with a heavy loss of 438.41 points, at 17,559.98, whereas Nifty lost 135.7 points to end the week at 5,215.30. Purchasing was seen at lower levels, while selling at higher levels.

Mr. Bhupendra said that there are four vital events came up in this month that will have a major impact on the Indian bourses. The four different events include N-deal decision aligned for October 22, P- Notes conference on October 25, Fed meet and RBI’s plan declaration on October 31. In the meantime, the stock market will remain in the trading zone.

The Commerce and Industry Minister, Kamal Nath has announced that the government is ready to offer a sector-specific package for tax and levy reimbursement to exporters hit by admiration in the rupee value.

Preserving his assurance that India will attain export objective of $160 billion in the existing fiscal (2007-08) even with currency related worries, Nath told that his department is making a Cabinet note for increasing refunds coverage to exporters.

Chennai: The India’s largest cement producer has registered a record profit of Rs. 406.05 crore after deducting tax (PAT) on a gross income of Rs. 1,737.42 crore for the first half of the existing fiscal (2007-08).

The recent income was up from Rs. 229.91 crore on gross proceeds of Rs 1,158.75 crore in the same period of the last fiscal (2006-07).

The figures for the first six months also comprise the financial performance of Visaka Cement Industry that was coalesced with ICL wef July 2006.

Hyderabad: In order to serve its clients in a better way, Andhra Bank has chosen Hewlett-Packard (HP) India for carrying out a comprehensive core banking solution (CBS).

In a combined statement, the Indian nationalized commercial banking institution told that the recent proposal will enable it to attain substantial cost advantages and better business results in the vibrant and bloodthirsty banking arena,

According to the deal’s terms and conditions, HP would execute and administer comprehensive core banking solution (CBS) crosswise Andhra Bank divisions within the state.

Suzlon Energy has declared results for the first six months period, ended September 30, 2007.

At the company’s board meeting held on October 23 2007, the company’s directors have given approval to increase its incorporated worldwide manufacturing capabilities for wind turbines and parts thereof by extra 3000 MW to 5700 MW in order to accommodate the rising market share and demand.

The company said, “We have, as on date, an order book position of Rs. 16,328.04 Crores comprising of Rs. 1988.88 Crores of domestic orders and Rs. 14,339.16 Crores of export orders.”

Vishal Retail Ltd has declared that the company has opened four new Showrooms at different localities.

The company has opened a store at Shree Ram Palace, Main Delhi Road, Meerut. This is the company’s second store in Meerut spreading across an area of 3,600 Sq. ft. (Approx).

The company opened a store at Nauchandi Garh Road, Meerut commonly called Dreemz, Opp. Samrat Heavens, Meerut. This is the company’s third store in Meerut covering up an area of 12,000 Sq. ft.

Satyam Computer, the Software major has reported 18.14% rise in profit of Rs 8,062.90 million, for the half year (April-September) ended Sep. 30, 2007, as against Rs 6,824.30 million, for the half year ended Sep. 30, 2006.

Satyam reported that its total Income gained 28.08% to Rs 38,773.70 million, for the first six months ended Sep 30, 2007, from Rs 30,270.80 million for the same period last year.

The company posted a 26.76% increase in its net sales, which stood at Rs 37,073.20 million for the first half from Rs 29,245.70 million for the half year ended Sep. 30, 2006.

New Delhi: India’s subscriber growth rate kept on rising at the same time as the telecommunication industry got involved in spectrum clashes and other technology disputes.

The Telecom Regulatory Authority of India (TRAI) said that the December-2007 goal to achieve 250 million subscribers has been accomplished before the due date.

After this great success, TRAI told that it is not difficult for the industry to achieve the 500 million target, by next three years (2010).

Mumbai: Suven Life Sciences has received patents for three Indian products from the Indian Patent Office (IPO).

The Hyderabad-based pharmaceutical company said that it has received patents for three new chemical entities (NCEs) 208688, 208714 and 209540 for handling troubles that are linked with neuro-degenerative maladies.

The patents granted to the company are valid till 2022.

Indiabulls Financial Services Limited has informed the Exchange that the Company’s Board of Directors was planned to assemble on October 23, 2007 inter alia to mull over the declaration of an interim dividend (if any), on the Equity shares of the Company, for the financial year 2007-08.

In this link, the Company has communicated that no interim dividend on the Equity Shares of the Company had been declared at the said meeting.

New Delhi: The finance ministry has advised the norms for valuing the employee stock option plans (ESOPs) for computing fringe benefit tax (FBT).

The new regulations will be effective from April 1, 2008, and applicable from assessment year 2008-09.

The notice said that the stock options value of the listed companies would be their listing value (the average of opening and closing price) on the day the options were vested with the employee.

The Cellular Operators Association of India (COAI) has taken legal action against the Department of Telecommunications (DoT) for allowing Reliance Communication and other CDMA operators for providing GSM-based cellular services under its subsisting unified access licence.

The case was filed yesterday at the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) that will hear the petition today (Wednesday).

Hyderabad: Satyam Computer, India’s fourth biggest software services exporter has announced 27.92 percent increase in its second quarter net income to 409.09 crore.

Software major has registered an increase of 31.42% in its total income, which stood at Rs 2,142.26 crore in the second quarter, from Rs 1,630.11 crore in the year ago period.

The company’s standalone profit augmented to 417.15 crore in the three months period ended Spetember 13, 2007. It also reported a 25 percent growth in the earning per share (EPS) at Rs 6.12.

The SEBI’s meeting with foreign institutional investors (FIIs) had cleared the fundamental point that the attempts to make out unknown investments via participatory notes (PNs) will carry on till the last dollar that gets in can be lined back.
But by showing fresh FIIs in double pace, SEBI is also trying to turn away an unwinding shock for the stock markets.

M Damodaram, SEBI chairman, said, “We will seek to expedite the process of registration, as well as see what other categories of investors can be included as eligible entities in the registration process.”

Mumbai: Putting an end to conjectures, Reliance Power Limited has made declaration that that its plan to bring on initial public offer (IPO) is firm but was waiting for commendations at the moment.

The Anil Dhirubhai Ambani Group (ADAG), which controls the company has decided to sell 10.1 percent of the company.

According to estimations, India’s largest IPO will be valued at $2.8 billion.

Referring to the rumors that the IPO may be delayed, the ADAG in a declaration said the rumors were part of a misinformation campaign.

Kolkata: ITC Ltd, Indian market leader has entered into an agreement with Nagaland administration and the Spices Board for producing and marketing Naga Chillies through a host of initiatives.

ITC would make plans in order to amend quality and farm efficiency, deployment of customised infrastructure and market growth activities.

The three-sided memorandum of understanding (MoU) was signed in front of Mr. Jairam Ramesh, the Union minister of state for commerce, Mr. YC Deveshwar, ITC chairman.

Reliance Energy is grabbing a lot of attention. It is better to stay with this stock at the moment.

Chennai-based firm, Sun TV Network has announced better-than-expected results for the three months period (second quarter) ended September 30, 2007 with an increase in net profit to Rs 80.16 crore compared to Rs 47.96 crore.

The company owned by Kalanidhi Maran has recorded a total income of Rs 208.76 crore, as against Rs 105.90 crore in the same period, last fiscal.

The Madras High Court had approved the company’s appeal for amalgamation of the previous GTPL and the Satellite Television business of UTPL on March 29, 2007, with an agreed date of April 1, 2006.

Mumbai: Sun Pharmaceutical Industries has got nod from USFDA to promote the generic version of Novartis’s Exelon capsules ‘Rivastigmine Tartrate.’

Rivastigmine Tartrate is used for the treatment of Alzheimer’s and Parkinson’s disease.

Sun gets FDA authorization for 1.5mg, 3mg, 4.5mg and 6mg drug potencies.

The yearly sales of Exelon capsules in the US market would be around $200 million in these strengths.

The BSE benchmark index, Sensex, today opened strongly at 17,910.30 and gained about 900 points during the day, reaching its highest intraday high.

The today’s increase was caused by heavy buying spree witnessed by the market participants in index pivotals.

All the sectors were trading positively.

While commenting on this technical analyst, Vishwas Agarwal, said, “If Sensex maintains 18,350 level then market will be in strong zone. Its next target will be 18,888 and a new 19,150. However if it falls below 18,350 then market once again will be cautious.”

He said that the stock market remained upbeat in the last 2-3 months.

The Hyderabad-based pharmaceutical company, Dr. Reddy’s Laboratories Ltd gets upset from the weak performance shown in second quarter ended September 30, 2007.

The largest Indian drug maker has announced a 4.5 percent fall in its quarterly net profit.  

The company said that the recent drop is much smaller-than-anticipated, and the strong generics sales and a tax benefit will help the company to overcome such fear.

Mumbai: Indiabulls Financial Services (IBFSL) is thinking of establishing a special purpose vehicle (SPV) in cooperation with Metals and Minerals Trading Corporation Ltd (MMTC) for a commodity exchange.

According to the announcement made to the stock exchange, Indiabulls and MMTC would hold 74% and 26% equity respectively in the special purpose vehicle (SPV). Both the firms will jointly invest around Rs 100 crore in the equity capital of the SPV.

But, when contacted, senior trade ministry official said, “We have not received any proposal as yet regarding setting up of a new commodity exchange. We will consider the possibility as and when we receive such intimation to do so.”

Mumbai: State-owned oil and gas major ONGC has decided to invest around Rs 1,22,000 crore to expand its activities in the existing five-year (11th) plan period. This will also include Rs 20,000 crore investment in the country’s east coast.

Director R S Sharma, ONGC Chairman and Managing Director, said, “We have plans to invest Rs 76,000 crore domestically and Rs 46,000 crore overseas during the current five-year plan period ending 2012.”

Hyderabad-based construction company, Maytas Infra has got listed got listed today at a premium of 40.27% to the issue price of Rs 370 at the Bombay Stock Exchange (BSE).
It experienced overwhelming response from investors’ side.
Within minutes of listing the company’s share price reached to a high of Rs 602.55. Around 1.69 million shares were dealing on BSE.

The company’s shares were dealing in the B1 group list of BSE, under the scrip code ‘532907.’

The company brought out the shares at a price of Rs 370 as compared to the price band of Rs 320 to Rs 370 a share with the face value of Rs 10 each.

New Delhi: Telecom Minister A Raja stated that the fresh spectrum allocation norms declared last week were unsettled and the administration will execute the fresh plan only after a scientific appraisal by the Telecom Engineering Centre (TEC).

Mr. Raja said that the subsisting operators, fresh appliers and license holders will not be allotted any spectrum by the administration before submission of the TEC statement.

The TEC, DoT’s technical division will put forward its report on October 30, 2007.

The BSE Sensex today marched further on continued buying action seen in heavyweight securities. The stocks from metal, banking, auto led the progressions, whereas real estate, IT and pharmaceutical stock headed the declinations.

The stock market is waiting for SEBI meeting planned for today to arrange plans in order to test out unregulated entities investing in Indian capital markets, even as 20 such agents offered to invest money through the front door.

Technical Analysts have suggested investors to buy Maytas Infra as it is a good stock to trade.
Maytas Infra has got listed today on BSE at a premium of 40.27% to the issue price of Rs 370. It received brilliant response from investors’ side.

Within minutes of listing the company’s share price reached to a high of Rs 602.55. The company’s shares are dealing in the B1 group list of BSE, under the scrip code ‘532907.’

The company introduced the shares at a price of Rs 370 as compared to the price band of Rs 320 to Rs 370 a share with the face value of Rs 10 each.

Chennai: Life Insurance Corporation of India (LIC) will shortly bring out a health insurance plan for domestic non-life insurers.

While talking to the news persons at the launch of a new product ‘Critical Illness Rider’ for group insurance plans, LIC Chairman, T.S. Vijayan stated that the corp. would introduce the new product by the end of this existing year (2007).

New Delhi: Idea Cellular failed to show upbeat performance in the three months period ended September 30, 2007.

The Aditya Birla Group firm has posted a 29 percent slump in its PAT (profit after tax), which stood at Rs 220 crore compared to Rs 308 crore in the same period last year (2006).

New Delhi: NIIT Technologies has recorded a 28 percent growth in its net profit for the second quarter, on the back of healthy hedging plan and better geography spread.

However, the company said that the rising rupee value was the major cause of worry.

The company’s CEO Arvind Thakur said, “Given the external challenges to industry on the strengthening of rupee, the spread of business coming from different currencies have helped besides sound hedging.”

The stock market stepped into the positive territory on yesterday’s justifications made by SEBI Head M. Damodaran that the SEBI remained firm on its decision of cutting back the unspecified FII inflows into the stock market.

After opening positively, today at 18,823.66, the stock market soon slipped into the negative zone, but it recovered its losses soon. Currently the stock market is dealing confidently.

Today, the Sensex has zoomed past its record peak, due to intense buying, and is now up 458 points at 19,229.

Technical analyst Aswani Gujral is of the view that IDFC has target of Rs 245.

Mr. Gujral told that the investors should purchase IDFC stock on every fall with a stop loss at Rs 170.

Today, the stock is hovering near Rs 190, up (2.7%) on the Bombay Stock Exchange (BSE), which is giving proof that the stock has the capacity to break its earlier records.

Buy the stock and see the difference in the coming days. The IDFC stock will really outperform the market.

Investors are recommended to purchase Parsvnath Dev. For just 2-3 days for good profit.

It is the stock that will perform brilliantly in these days, and this will surely left investors with great profits in the said time (2-3 days).

In afternoon trading today, the stock is dealing at Rs 351.60, up 1.8%. The stock experienced a 52-week high of Rs 359.85 and low of Rs 336.00.

Parsvnath Developers had introduced Parsvnath Royale Villas, limited edition, on October 22, exclusively designed, independent villas that are an integral part of Parsvnath City. Parsvnath City is a self-contained; Mega Township covering up over 110.4 acres of land in Jodhpur.

Europe’s largest publicly traded buyout and venture capital company, 3i Group Plc has purchased 8 percent stake in Adani Power Ltd., for around Rs 900 crore.

Adani Power Ltd is a fully owned arm of Adani Enterprise Ltd and a member of Ahmedabad-based Adani Group.

3i has made the recent buyout in Adani Power through its division ‘3i IIF GP Ltd’ that was constituted in association with India Infrastructure Finance Company Ltd. (IIFCL) last April.

Inflation remained the same at 3.07 per cent for week ended October 13, 2007 regardless of increase in costs of food items and a few manufactured products.

The goods including fruits and vegetables, pulses, egg meat and fish turned costly during the week.

Simultaneously, some manufactured food articles such as flour, maida became inexpensive.

In the same period of the previous year, the wholesale price-based index was 5.46 percent.

The price index stayed under the RBI’s estimation of 5% for this fiscal in the last few weeks, but analysts said that the RBI would not slash the prime interest rates at the plan review on October 30.

Mumbai: Larsen & Toubro Ltd (L&T) has announced
better-than-expected results for the three months period (second
quarter) ended September 30, 2007. The company’s quarterly result has
beaten analysts’ forecasts, and its shares recorded their largest gain
in the last 16 months.

The net profit of India’s largest engineering and construction
company has grown 73 percent to Rs 348 crore in the second quarter from
Rs 201.22 crore for the same quarter reviewed last fiscal.

The company achieved this growth on the back of more orders.

TVS Motor Company has filed a Rs 250 crore defamation suit in the Bombay High Court, against Bajaj Auto Ltd.

The case is related to Bajaj’s allegation that TVS had infringed its patented DTSi (digital twin spark plug ignition) technology for its 125-cc bike `Flame' launched in August 2007.

Bajaj had patented its DTSi technology in 2002.

In a declaration related to this court case, TVS spokesperson stated, “We have gone ahead with a Rs 250 crore suit in the Bombay High Court, and have nothing more to say at this point of time. The suit was filed last week.”

Mumbai: Tata Steel, India’s biggest steel producer has reported a
mild growth of 8.11 percent in its net profit for the three months
period ended September 30, 2007, on the back of advanced metal sales
and forex gains.

The company’s net profit during the second quarter stood at Rs
1,190.83 crore, as against Rs 1,101.49 crore in the same quarter of
last fiscal.

The company has recorded 14.31% increase in its quarterly net sales
to Rs 47,850.90 million from Rs 41,857.50 million in the corresponding
quarter, a year ago.

New Delhi: Jet Airways has decided to introduce new flights to San
Francisco, Washington and Shanghai from New Delhi and Mumbai by
February next year (2008).

The airline also plans to lift around Rs 500 crore through equity dilution.

While addressing a ceremonial occasion to introduce a daily service
between Delhi and New York (JFK Airport) through Brussels, Naresh
Goyal, chairman, Jet stated that in addition to Shanghai and San
Francisco, Jet was also looking for flights to Washington DC in the
coming time.

Jet Airways has not yet settled the date to lift up the equity capital.