| News Central |
Nov 20, 2009 |
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THE ECONOMIC TIMES
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Unisys to bid for unique ID project
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Unisys to bid for unique ID projectUnisys, one of the biggest government solution providers in the US, is in talks with top tech firms including TCS, Wipro & Tech Mahindra. Top acquisitions in BPO space
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Executives in slump turn businessmen in boom time
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Executives in slump turn businessmen in boom timeEmboldened by easing credit flow, a raft of senior officials straddling across sectors are leaving their jobs to branch out on their own. Fall in love with your job | Job Switch
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US to audit more firms for hiring illegal immigrants
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US to audit more firms for hiring illegal immigrantsThe first audit conducted by ICE covered 654 companies and resulted in the filing of formal notices to seek a fine from 61. Forex Converter | NRI investments in India
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TRAI fixes Rs 19 as fee to change mobile operators
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TRAI fixes Rs 19 as fee to change mobile operatorsGovernment has fixed the deadline of December 31, 2009, by which operators should ready their networks for porting of numbers in metros.
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Investors ask Goldman to be less greedy
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Investors ask Goldman to be less greedyBig shareholders at Goldman Sachs have asked the US bank, on track to deliver $20 billion in bonuses, to pass more profit to investors. More on Financial crisis
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Dollar, commodities trades under threat
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Dollar, commodities trades under threatThe dollar has hit a 15-month low against a basket of major currencies, fuelling gains in dollar-priced commodities. Why currency keeps fluctuating | All about Re
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ICICI Bank, HUL among world's best firms for leaders
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ICICI Bank, HUL among world's best firms for leadersFortune said the list has been compiled by ranking the most successful businesses that are the best at developing employee talent. Top 10 richest in India | Gen Y CEOs
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Government to amend new sugarcane price rule
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Government to amend new sugarcane price ruleRailways Minister Mamata Banerjee said the government would delete the contentious part of the new cane pricing rule. Top 10 challenges for India
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Gold surges to Rs 17,500 per 10 gm
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Gold surges to Rs 17,500 per 10 gmSilver coins also rose to an all-time high of Rs 34,200 for buying and Rs 34,300 for selling of 100 pieces, recording a significant rise of Rs 200. How to invest in gold
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Airtel cuts mobile roaming charges, signals tariff war
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Airtel cuts mobile roaming charges, signals tariff warBharti Airtel launched yet another new billing plan on Friday, slashing mobile roaming rates by nearly 60 per cent. Top 10 valuable brands | Airtel, strongest brand
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Gold buy to contain Rupee volatility
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The recent mega gold purchase by the Reserve Bank was to smoothen the exchange rate volatility arising from the changes in the valuation of US dollar, the Lok Sabha was informed today.
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‘Earnings upgrades to drive up mkt’
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Indian equities are expected to move higher over the next 12 months, as surprises in companies’ growth could trigger earnings upgrades, said HSBC.
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MFs keep off T-bills, turn to CPs
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Fixed income fund managers are increasingly shunning treasury bills (T-bills), in favour of longer-duration money market interments like commercial papers (CPs) and bank certificates of deposit (CDs), in the hope of capturing better yields.
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Gold at record high above $1,150
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Gold prices scaled historic heights above $1,150 per ounce this week, buoyed by the weak greenback and recent central bank purchases of the precious metal, analysts said.
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Galleon sells stake in Edelweiss
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US-based hedge fund Galleon has sold its entire holdings in leading investment banking and broking firm Edelweiss Capital through the open market route on Friday.
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Sensex jumps 236 pts on global cues
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Domestic shares climbed 1.4% on Friday and helped stretch weekly run of gains to three in a row, after higher European markets lifted investor confidence from an early slide.
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Govt decides against rice imports
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The Indian government said on Friday that it will not import rice for now.
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Forex reserves rise by $962 mn
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Foreign exchange reserves rose $962 million during the week ended November 13 as the central bank bought the dollars that came in as portfolio investments by foreign institutional investors.
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'Indian economy to grow 8% next fiscal'
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The Indian economy is likely to grow by eight per cent in the next fiscal, propelled by domestic demand, financial services firm Nomura has said.
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Focus on inclusive growth at 9 pc: PM
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Manmohan Singh today said his agenda for the next few years is to bring India's economy back to 9 per cent growth rate and ensure the benefits of development reach everyone.
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Not looking at tax on inflows: Ahluwalia
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India is not considering imposing a tax to curb capital inflows, and wants the inflows to rise a little more, the deputy chairman of the government's planning commission said on Friday.
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Enterprise software market to grow
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The enterprise software market in India is expected to grow by a sharp 10.1% this calendar, which will improve further to 11.8% in 2010, a recent report by technology research firm Gartner says.
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UID project: Unisys eyes local IT cos
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Unisys, one of the biggest government solution providers in the US, is in talks with top tech firms including TCS, Wipro & Tech Mahindra. Top acquisitions in BPO space
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HCL Tech opens centre in Brazil
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HCL Technologies said it has opened a global IT development centre in Sao Leopoldo, Brazil, to cater to clients across Latin America, North America and Europe.
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Mindtree's ERP for hedge funds
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In what could evolve as an enterprise resource planning (ERP) dashboard for many back office firms, Mindtree, along with hedge funds service provider Butterfield Fulcrum, has developed a new solution.
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Cisco's web security app for iPhone
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Cisco on Friday announced the release of a free iPhone application for anyone who wants to stay on top of the latest trojans, worms, or other threats marauding on the Internet.
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Google to caption Youtube videos
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The technology will also open YouTube videos to a wider foreign market and make them more searchable, which will make it easier for Google to profit from them.
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'Free' gifts to Wall St hit recovery
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Earlier this week, the inspector-general for the Troubled Asset Relief Program, aka, the bank bailout fund, released his report on the 2008 rescue of the American International Group, the insurer.
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'Ferrero, Hershey may break Cadbury'
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Cadbury suitors Ferrero and Hershey would likely break the UK confectioner up into separate businesses if a mooted bid for the company succeeds, an Italian newspaper reported.
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Goldman told to cut bonus pool
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Big shareholders at Goldman Sachs have asked the US bank, on track to deliver $20 billion in bonuses, to pass more profit to investors after it quadrupled quarterly net profit.
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VW board approves Porsche takeover
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Volkswagen said on Friday its supervisory board had cleared the way for its planned takeover of sportscar maker Porsche, as Europe's biggest carmaker ratcheted up the quest to become world number one.
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Philip Morris to pay $300mn to smoker
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A Florida jury on Thursday ordered cigarette maker Philip Morris USA to pay $300 mn in damages to a 61-year-old ex-smoker named Cindy Naugle who is wheelchair-bound by emphysema.
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Chrysler for incentives on '10 models
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Chrysler Group LLC launched a year-end sale for nearly all of its 2010 model year vehicles with zero per cent financing or up to $4,000 cash to draw customers during the typically slower winter months.
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LS adjourned over sugarcane price
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LS was adjourned after opposition members disrupted proceedings.
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Airport security to be revamped
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Airport security can no longer rely just on conventional screening methods.
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Wrong maps from I-T laptops erased
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Lenovo would get the maps deleted from everyone's laptops.
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PM assures Rahul on sugarcane
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PM assured him that the ordinance would be "suitably amended".
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Obama remarks: US makes amends
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US is playing up the importance of India in its scheme of things.
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Headley is half Caucasian
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David Coleman Headley derives the surname from his mother.
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Nifty looks for support at 4900 level
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The inability of the Nifty to open above 5060 on Thursday resulted in a broad-based selloff, highlighted by declining open interest in November futures along with a 25% jump in volumes.
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Companies' share buybacks may hit a wall
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Mkt price of those cos is much higher than the maximum repurchase price. Top 5 picks | Mid-term picks | Nifty: Looking at 4900 level | 'Mkts seen range-bound'
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Promoter entities sell 2.73 cr shares in TCS
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Promoter group entities sold over 2.73 cr shares, representing a 2.03 per cent stake. Gainers: BSE ( A, B ), NSE | Losers: BSE ( A, B ), NSE I Stocks 52 Week: High, Low
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Wait for correction before stepping into the mkt: Capital Portfolio Advisors
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While there are stocks, which are buyable at the current levels but my sense is buying needs to be fine tuned and I do see some kind of weakness that is trapped into the markets, so I would wait for some more correction before stepping into the markets.
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BSE to shift currency, interest rate futures biz to USE
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Asia’s oldest exchange, the Bombay Stock Exchange (BSE), is planning to shift its currency and interest rate futures business to the recently set up stock bourse, the United Stock Exchange (USE).
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BSE, NSE to overhaul client-broker arbitration system
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The arbitration system on the stock exchanges for resolving client-broker disputes is set for an overhaul. Top five Picks I Mid-term Picks I What to watch out for
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Realty focussed PE fund raising skids 61% to $17 bn till May
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Fund raising by real estate sector focussed private equity funds have declined 61 per cent to USD 17 billion till May this year, as investors turned cautious while making new investment commitments.
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Prabhudas Lilladher has a reduce rating on Infosys
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Prabhudas Lilladher has a ‘reduce’ rating on Infosys Technologies as it feels that the outlook for the company and the software industry is quite weak in the near-term.
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Fin Crisis: Too late and too little done in US
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A crisis of $240 trillion cannot be stemmed with bailout packages of $1 to $10 trillion. 2008: Year of global financial crisis | Survive credit crisis | Ghosts of 1929
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Weak rupee takes its toll on cos with huge foreign debt
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The falling rupee will severely affect the small companies, whereas the big ones will be impacted moderately. Get rid of Debt | Adopt correct investment strategies
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Wait for more signals before turning positive
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At the recent low of 12514 points, the Sensex has tested the 12800-12000-pts support zone and has since then attempted a corrective rally.
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Six Indian cos among BusinessWeek's top 100 Infotech firms
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BusinessWeek's 'The Infotech 100', has ranked Bharti Airtel at the 21st position followed by Reddington India (55th) and RCom (66th). Successful business formula
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Suzlon sells 35% in Belgian arm Hansen
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Suzlon Energy, the world’s third-largest maker of wind turbines, said late Thursday that it has sold a 35% stake in a subsidiary, Hansen Transmissions, for $370 million (or about Rs 1,720 crore at current exchange rates).
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Bonus share buzz lifts P&G stock
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Share prices of Proctor & Gamble Health and Hygiene rose in a weak market on Thursday. Dealers said speculation of a bonus announcement has been driving activity in these counters.
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FIIs lap up Airtel, RCom despite rating downgrades
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Even as telecom majors face rating downgrades from top broking firms amid price wars and earnings disappointments, foreign funds have been surreptitiously accumulating them of late.
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JSW Steel: Tech tie-up to help boost margins
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JSW Steel has entered into a collaboration agreement with Japan-based JSE Steel in a bid to get access to the latest technology.
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Tatas raise Rs 600 cr from sale of DVRs
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The Tatas have made a killing by selling a significant part of their differential voting rights (DVRs) holdings in Tata Motors over the past few months.
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Institutions upset with KOEL stake sale plan
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Institutional investors are miffed with the announcement by Kirloskar Oil Engines (KOEL) to sell its shareholdings in its six joint ventures to a group company, Kirloskar Systems for Rs 250 crore.
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Managing data
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This refers to your edit ‘A welcome quest’ (ET, Oct 8). It is imperative to have a strong database.
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Right technology
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Apropos of ‘The climate conundrum’ (ET, Oct 9), Mukul Sanwal rightly suggests that developing countries should lead in setting the agenda for global technological cooperation.
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The same mistake
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President Obama is debating with his war council, whether to despatch another 40,000 to 50,000 additional troops to Afghanistan.
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Hike MSP for rice
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This refers to your edit ‘Importing rice’ (ET, Oct 10). It’s a great pity that while our farmers are denied some mark-up price above the MSP, we import costly rice.
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Forex inflows
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This refers to your edit ‘It’s yesterday once more ‘(ET, Oct 09). No doubt our present economic scenario requires huge funds to support economic growth, and minimise the consequences of the expected fiscal deficit of a very high order
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Condemn killings
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People’s Union for Democratic Rights, Delhi (PUDR) unequivocally condemns the gruesome killing of inspector Francis Induwar by the Maoists in Jharkhand.
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Rate cut: Will banks lend more?
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The RBI recently cut interest rates by 50 bps, primarily looking at concerns over lingering global economic slowdown and worsening domestic economic situation.
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Will Slumdog benefit Bollywood?
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Slumdog Millionaire in a curious way, reproduces a similar paradigm of colonial (now neo-colonial) extraction and dismantling, this time not of agriculture, but of culture.
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Mandatory cost audit: Do we need it?
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Recent happenings have shown that a governance structure should also support an organisation’s efforts to improve performance.
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Ban the Big Four accounting firms?
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The multinational accounting firms (MAFs) signified by the Big Four entered through alternative route of consultancy under RBI permissions and gradually exploiting the loopholes in laws, started performing audit and accounting functions.
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Do we need more stimulus packages?
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Does India need another stimulus package, or should the focus be on implementation?
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Will the new FDI norms be onerous?
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Are there still areas left unexplained in the new FDI norms?
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Brad Pitt and Rel Big to produce 'Dark Void'
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Hollywood superstar Brad Pitt's film production company Plan B and Reliance Big Entertainment have signed a deal with video game company Capcom to make a film on computer game 'Dark Void'.
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Roger Moore named 'Person of the Year'
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Former James Bond star, Roger Mooore has been named the 'Person of the Year' by the People for the Ethical Treatment of Animals (PETA) in UK for actor's campaign to ban controversial French delicacy 'foie gras'.
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BigB's Corp to focus on quality movies
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Amitabh Bachchan's film production company AB Corp, which was on the brink of bankruptcy some time back, is looking for a revival with upcoming film 'Paa' and Bollywood megastar says that their mantra this time is to "do little but good work".
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China overtaking India in English usage
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India is falling behind China in its attempts to increase the use of English, risking squandering a key economic advantage, a new report says.
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Sachin Tendulkar mounts peak 30K
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After completing 17,000 runs in the 50-over format of the game, Sachin Tendulkar achieved another milestone by completing 30,000 runs in his international career during the first Test against Sri Lanka at Sardar Patel stadium.
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Oprah Winfrey to end talk show in Sep 2011
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Oprah Winfrey, one of the most influential and highly paid women on television, will announce on Friday that she is ending her popular daytime talk show in 2011.
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Sunil Duggal, CEO, Dabur India
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After record growth in the last quarter, the country’s fourth-largest FMCG company, Dabur India, is bracing itself for what could be a testing time for consumer products companies. Sunil Duggal, CEO of the Rs 2,800-crore company, spoke to ET.
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Kumar Mangalam Birla, Chairman, Aditya Birla Group
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KM Birla talks to Enam Securities chief Vallabh Bhansali about a resurgent India and the way ahead for the Birla Group. Top 10 valuable brands | Airtel, strongest brand
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Ravi Narain, MD, NSE
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There are concerns that need to be addressed before extending the timings, says NSE chief Ravi Narain.
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Atul Chaturvedi, Steel Secretary
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Two of the ministry’s bluest-of-blue chips, NMDC and Steel Authority of India (SAIL), are in the disinvestment list. ET caught up with Atul Chaturvedi, who took charge as the steel secretary recently, to get a sense of how the ministry plans to play the role of a facilitator.
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Nilesh Shah, Deputy MD & CIO, ICICI Prudential Asset Mgt
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Corporate India is likely to face strong headwinds over the next 9-12 months, says Nilesh Shah, deputy managing director and chief investment officer (CIO), ICICI Prudential Asset Management.
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Jon Fredrik Baksaas, President and CEO, Telenor
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As Jon Fredrik Baksaas, president and chief executive of Swedish phone firm Telenor prepares to launch Uninor — a joint venture with Unitech, he said India offers ‘the fastest path to profitability’ when compared with Telenor’s other greenfield phone projects.
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RBI sets fresh riders on Essar Tele’s bond issue, wants end-use details
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Reserve
Bank of India has laid fresh conditions to allow Essar Tele’s Rs 4,280
crore bond issue to go through. The central bank has said that Essar will have
to be more specific on the end use of the funds.
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US funds accumulate domestic IT stocks
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Some US-based ‘long-only’ funds have been accumulating shares of top software exporters of late. Brokers said these investors, who are pick-up stocks and sectors with a long-term view.
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Investors flock to Thinksoft for more gains
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In a market where even large-sized IPOs with huge QIB oversubscription got thumbs down from investors in the secondary market, a relatively smaller-sized issue - Thinksoft Global - has given 70% returns to the investors in just a few weeks of the listing.
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Funds lap up shares of PSL, Jindal Saw
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A few fund houses have been accumulating shares of pipe manufacturing companies over the past two weeks.
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Small investors to get five per cent discount on REC issue
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Small investors may get a discount of five per cent in the share offering by Rural Electrification Corporation (REC), an official with the state-run company said, but the share sale will not be conducted through auctions for institutional investors, according to bankers involved in the process.
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Jyothy Labs to ride laundry biz
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Jyothy Laboratories’ stock has outperformed the broader market indices last year. The stock has zoomed 180% over the past one year - twice the rate at which the Sensex moved up and more than three times the rate of increase in the ET FMCG Index.
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New RBI riders on Essar Tele's issue
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Reserve
Bank of India has laid fresh conditions to allow Essar Tele’s Rs 4,280
crore bond issue to go through. The central bank has said that Essar will have
to be more specific on the end use of the funds.
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US funds accumulate domestic IT stocks
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Some US-based ‘long-only’ funds have been accumulating shares of top software exporters of late. Brokers said these investors, who are pick-up stocks and sectors with a long-term view.
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Investors flock to Thinksoft for more gains
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In a market where even large-sized IPOs with huge QIB oversubscription got thumbs down from investors in the secondary market, a relatively smaller-sized issue - Thinksoft Global - has given 70% returns to the investors in just a few weeks of the listing.
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Funds lap up shares of PSL, Jindal Saw
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A few fund houses have been accumulating shares of pipe manufacturing companies over the past two weeks.
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'Uptrend in the bull market coming'
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Deepak Mohoni, Director, trendwatchindia.com spoke to ET NOW on the way the markets are likely to move after the two-day correction.
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