Monday, January 31, 2011

Aditya Birla buys US co for $875m

MUMBAI: Kumar Mangalam Birla-led Aditya Birla Group has acquired Atlanta-based Columbian Chemicals Company from One Equity Partners, the merchant banking arm of JP Morgan Chase, for $875 million (about Rs 4,016 crore), catapulting the Indian major into the largest global producer of carbon black by volume.

This is Aditya Birla Group's second largest overseas buy after the $6-billion acquisition of Canada-based aluminum company Novelis in 2007. The deal, which gives the group's carbon black business a truly global presence, is also the largest cross-border transaction to have kicked in this calendar year. To be completed by mid-2011, the deal would bolster AV Birla Group's combined carbon black capacity to 2 million tonne, toppling Cabot from its dominant position (1.9 million tonne). Post acquisition, the turnover of the group's carbon black business will go up from $900 million to $ 2billion. With Aditya Birla Group adding 2.50 lakh tonne capacity, it is expected to widen the gap with its closest rival. The deal is valued 6 times the EBIDTA of $140 million. . Carbon black is a fine powder used in the rubber industry for tyres and as pigments for paints and inks. The The

For the cement-to-telecom Aditya Birla Group, the Columbian acquisition is part of its larger vision to attain dominance in each of the business the conglomerate is present in. The Novelis purchase propelled group company, Hindalco as the world's largest aluminum rolling company. At the same time, UltraTech Cement is the largest cement maker in the country. "The deal is in line with our vision to be among the top three players in a given business. The acquisition of Columbian Chemicals is a perfect fit for Birla Carbon. Their assets and the expertise of the team will provide a stronger platform for higher growth and ongoing success,'' said group chairman Kumar Mangalam Birla, at a press conference. TOI had reported about the deal in its edition dated January 21.

Columbian Chemicals operates 11 plants in nine countries, while Birla Carbon's operations are spread across four countries with six units. The group's carbon black business operates under different companies. In Thailand, it is under Thai Carbon Black, while in Egypt it is under Alexandria Carbon Company. In China, it operates through Liaoning Birla Carbon Company, while in India it operates as a division (Hi-Tech Carbon) under Aditya Birla Nuvo.

The group has routed the purchase of Columbian Chemicals through three companies-Alexandria Carbon Black (41%), Thai Carbon Black (41%) and SKI Investment (28%), a special purpose vehicle for carbon black. The deal is completely funded through debt taken from five foreign banks-ANZ, BankAm, HSBC, RBS and StanChart. "We have taken a fresh debt. The loan has been taken on a tenure of 5-7 years and will be repaid from the cash flows among the three companies or refinanced at a later date,'' D Muthukumaran, head, group corporate finance, AV Birla group, told TOI. The urgency with which the group has pursued the globalization agenda for carbon black stems from the keenness of global tyre companies that the group establishes a presence in markets like North America and Europe. With the automobile market growing at a rapid pace, there is good demand being generated for tyres as well. Globally, 70% of the carbon black produced is used in the manufacture of tyres. Nearly 60% of this is consumed by the three leading tyre makers-Bridgestone, Goodyear and Michelin. The AV Birla group, which is among the strategic suppliers to the tyre companies, will get a further boost in its preferred supplier status from the acquisition of Columbian Chemicals.

"Most of the large tyre companies have operations in North America and European markets. They would prefer any supplier to supply them in those markets. Earlier, some of our competitors had that advantage. We didn't have it. We were earlier a regional supplier and this deal makes us a truly global supplier to the tyre companies,'' said Santrupt Misra, CEO, Birla Carbon and director, HR, AV Birla group.

As for the tyre industry, there is a growing concern for safety which have added to the demand for better quality products. This aspect seems to have gone in AV Birla group's favour.

toi

SBI's 2kcr bond issue likely by Feb

MUMBAI: The State Bank of India is likely to hit the market with a Rs 2000-crore retail bond issue in February. Although the bank is yet to finalize the pricing of the bonds, merchant bankers are speculating of a yield in the region of 9.5-10%.

SBI's previous Rs 1000-crore bond issue in October 2010 was oversubscribed 20 times because of the attractive yields the bank had offered on its bonds. The bank had offered investors the choice of 9.25% on a 10-year bond and 9.5% on a 15-year bond. There was also a step up option whereby the bank would pay half a percentage point more if it did not exercise its call option at the end of 10 years.

The main attraction of the bond, besides its pricing, is the liquidity. Since the securities are listed in the stock exchange they can be immediately traded after allotment. With the bond price jumping up 5% on listing, some investors managed to sell their bonds for a decent profit. Despite the increase in interest rates since the issue, the earlier bonds continue to trade at a premium. The 10-year bond with a face value of Rs 10,000 is currently traded at Rs 10,265 while the 15-year bond is trading at Rs 10,495.

Senior officials at SBI said that neither the pricing nor the tenure of the bonds has been finalized and the board would approve the final issue. At the time of the October issue, fixed deposits yielded less than 9%. Since then there have been two rounds of deposit rate hikes by banks.

The first round took place around end-December while the second round is currently taking place following the 25 basis point rate hike by Reserve Bank of India on January 25.

TOI

Rupee falls by 21 paise to 2-month low

MUMBAI: The Indian rupee fell by 21 paise to a two-month low of Rs 45.97 per US dollar in early trade on Monday, weighed down by the gains registered by the greenback against other major currencies.

Dealers said the rupee weakness was due to the dollar gains against other Asian currencies, coupled with a weak opening in the domestic stock market.

The rupee had depreciated by 19 paise against the US currency to close at Rs 45.76/77 in the previous session on Friday amid sluggish domestic equities and fresh dollar demand from importers.

TOI

Sensex pares some intra-day losses

MUMBAI: A benchmark index for Indian equities markets Monday pared some of its intra-day lows in the afternoon, moving up from its intra-day lows although weakness persisted across the breadth of the market amid negative cues from Asia.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,226.21 points, was ruling at 18,277.89 points, down 118.08 points or 0.64 percent from its previous close at 18,395.97 points.

It had slipped more than 357 points to 18,038.48 points in the morning session.

The 50-scrip S&P CNX Nifty of the National Stock Exchange too was in the red, trading 0.39 percent down at 5,490.65 points.

Broader markets were ruling lower as well with the BSE midcap index down 0.99 percent and the BSE smallcap index 1.26 percent lower.

IT, telecom and realty stocks were among top losers, while capital goods and energy scrips saw gains.

The market breadth was negative, with 958 stocks advancing compared to 1,800 scrips on the decline, while 106 stocks remained unchanged.

Among gainers on the Sensex were ONGC, Hindalco Industries, BHEL and M&M, while the losers included TCS, HDFC, Bharti Airtel and ITC.

Other Asian stock markets were mostly trading in the red as political turmoil in Egypt led to traders dumping riskier assets and crude oil prices rose to nearly $100 a barrel on fears that oil supplies through the Suez canal could get disrupted.

The Japanese Nikkei closed 1.18 percent lower at 10,237.92 points, while Hong Kong's Hang Seng was ruling 0.62 percent down at 23,470.9 points.

However, the Chinese Shanghai Composite index was ruling 1.35 percent higher at 2,789.82 points.

TOI

Pakistan has 110 N-weapons, edges ahead of India: US Report

WASHINGTON: Pakistan has doubled its nuclear arms stockpile to 110 warheads, developing new weapons to deliver them and significantly accelerating production of uranium and plutonium for bombs to edge ahead of India.

Islamabad's nuclear weapons stockpile now totals more than 110 deployed weapons in a sharp jump from an estimated 30-80 weapons fours years ago, 'Washington Post' has reported.

"Pakistan has expanded its nuclear weapons production capability rapidly", the Post quoted David Albright president of the Institute for Science and International Security as saying.

Albright said that based on accelerated production of plutonium and highly enriched uranium, Pakistan may now have an arsenal of up to 110 weapons.

The non-government US analyst said that while continuing to produce weapons-grade uranium at two sites, Islamabad has sharply increased its production of plutonium, enabling it to make lighter warheads for more mobile delivery system.

Pakistan has developed a new missile Shaheen II, with a range of 1,500 miles which is about to go into operation deployment. The country has also developed nuclear capable land and air launched cruise missiles, the Institute said in a new report.

"The Pakistanis have significantly accelerated production of uranium and plutonium for bombs and developed new weapons to deliver them. After years of approximate weapons parity, experts said, Pakistan has now edged ahead of India, its nuclear-armed rival", Washington Post said.

The paper said while Pakistan has produced more nuclear-armed weapons, India is believed to have larger existing stockpiles of such fissile material for future weapons.

Dubbing Pakistan as one of the world's most unstable region, Post said an escalation of nuclear arms race in South Asia possess a dilemma for Obama Administration.

It said in politically fragile Pakistan, the Administration is caught between fears of proliferation or possible terrorist attempts to seize nuclear materials and Pakistani suspicions that the US aims to control or limit its weapons programme and favours India.

Quoting Pakistan's Defense attache at its embassy in Washington, Post said the number of Pakistani nuclear weapons are heavily deployed near its border with India.

The paper said that in December 2008, Peter Lavoie, US national intelligence officer for South Asia, told NATO officials that "despite pending economic catastrophe, Pakistan is producing nuclear weapons at a faster rate than in any other country in the world".

PTI

With eye on polls, PMK set to join Cong-DMK alliance

NEW DELHI/CHENNAI: Tamil Nadu chief minister and DMK president M Karunanidhi on Sunday confirmed that the PMK would be back in the DMK fold for the assembly elections slated for May. Karunanidhi, who left for Delhi on Sunday on a three-day visit, said: "The PMK, VCK (Viduthalai Chiruthaigal Katchi) and the Muslim League will be part of the alliance." With Karunanidhi's affirmation, it is now official that the PMK will be a part of the DMK-Congress alliance.

The PMK is yet to confirm its tie-up with the DMK though there have been indications that the two parties were getting back together after a two-year estrangement. They had jointly contested the previous assembly elections before splitting up in 2008 over anti-DMK remarks by a senior PMK leader, Kaduvetti J Guru.

With the CM revealing the broad contours of the DMK-led alliance, it is now evident that the rest of the parties including the Left and MDMK would rally around the AIADMK. The Jayalalitha-led formation is also expected to include Vijayakanth's DMDK while the VCK would be on the DMK's side.

Karunanidhi, who is confined to a wheel-chair, took a flight from Chennai on Sunday afternoon, accompanied by his daughter and Rajya Sabha MP Kanimozhi, grand nephew and Union textile minister Dayanidhi Maran and some senior colleagues. He said he would be discussing electoral issues and constituencies to be apportioned to Congress with AICC president Sonia Gandhi. His meetings with both Prime Minister Manmohan Singh and Sonia Gandhi are scheduled for Monday.

Seat-sharing talks is the main agenda of discussions with the Congress president.

TOI

Justice Shivraj Patil submits 2G report to Kapil Sibal

NEW DELHI: Retired Supreme Court judge Justice Shivraj Patil submitted his report on 2G scam to telecom minister Kapil Sibal on Monday.

The one-man committee was appointed by Kapil Sibal on December 13 to probe the lapses in sale of 2G spectrum and give fearless suggestions to streamline policy regarding sale of spectrum in future.

Justice Patil said he has named officials in the telecom department guilty of malpractice in the sale of spectrum.

Kapil Sibal appreciated the judge for completing the report on time. He said the government will study the report in detail and then take a view on the suggestions given by the retired judge.

Justice Patil further added that there will be difficulties to procure documents and his report sticks to terms of references.

The report is crucial as it would reveal if the claims of former telecom minister A Raja of following all procedures is indeed true.

Raja who had to resign as telecom minister had claimed that everything was done keeping Prime Minister Manmohan Singh in the loop.

TOI

Blackberry Mobile Phone Price

Blackberry Torch 9800 Rs.32614
Blackberry Storm2 9520 Rs.29900
Blackberry Tour 9630 Rs.28000
Blackberry Bold 9780 Rs.26353
Blackberry Bold 9700 Rs.25056
Blackberry Bold 9000 Rs.21750
Blackberry 8820 Rs.20190
Blackberry Curve 3G 9300 Rs.18149
Blackberry Storm 9500 Rs.17000
Blackberry Curve 8900 Rs.17000
Blackberry Pearl 3G 9100 Rs.16750
Blackberry Pearl 3G 9105 Rs.16750
Blackberry 8320 Rs.14741
Blackberry Curve 8310 Rs.14068
Blackberry Curve 8520 Rs.11504
Blackberry Pearl Flip 8220 Rs.11500

Spice Mobile Phone Price

Spice D-1100 Rs.16999
Spice S-1200 Rs.13139
Spice D-1111 Rs.11000
Spice G-6565 Rs.10999
Spice Mi-300 Rs.9990
Spice D88 Rs.9849
Spice S920 Rs.9750
Spice X-1 Rs.8899
Spice D-88n Rs.8600
Spice S-950 Rs.8500
Spice S-930 Rs.7999
Spice S-820 Rs.6599
Spice S-940 Rs.5999
Spice D-6666 Rs.5919
Spice D-5555 Rs.5849
Spice S-6005 Rs.5500
Spice D-88 Gold Rs.5500
Spice QT-95 Rs.5499
Spice S-7000 Rs.5499
Spice QT 65 Rs.4999
Spice QT 68 Rs.4999
Spice M-6000 Rs.4999
Spice QT-66 Rs.4929
Spice S-5110 Rs.4499
Spice S-5420 Rs.4499
Spice M-6 Sports Rs.4499
Spice M-940n Rs.4219
Spice M-6060 Rs.4199
Spice M-940 Gold Rs.4099
Spice QT-56 Rs.3999
Spice C-6600 Rs.3799
Spice QT-60 Rs.3759
Spice M-67 3D Rs.3749
Spice S-707 Rs.3500
Spice M-5252 Rs.3499
Spice D-90 Rs.3499
Spice QT 61 Rs.3399
Spice M-6464 Rs.3319
Spice M-5151 Rs.2999
Spice C-5060 Rs.2999
Spice M-6262 Rs.2899
Spice M-5252n Rs.2799
Spice M-3636 Rs.2799
Spice M 5170 Rs.2799
Spice S-5330 Rs.2799
Spice M-4330 Rs.2799
Spice QT-58 Rs.2699
Spice S-5010 Rs.2600
Spice M-5454 Rs.2589
Spice M-6363 Rs.2559
Spice S-590 Rs.2499
Spice M-5055 Rs.2499
Spice M-5262 Rs.2459
Spice M-5161 Rs.2359
Spice M-5161n Rs.2359
Spice C-5300 Rs.2349
Spice QT-50 Rs.2299
Spice KT-5353 Rs.2299
Spice QT-55 Rs.2299
Spice S-580 Rs.2249
Spice QT-52 Rs.2159
Spice M-4580 Rs.1869
Spice M-4580n Rs.1799
Spice QT-44 Rs.1569
Spice M-4242 Rs.1499

Micromax Mobile Price

Micromax X220 Rs.16669
Micromax MODU-T Rs.9799
Micromax W900 Rs.7619
Micromax Andro Rs.6649
Micromax X500 Rs.5484
Micromax Q66 Rs.5239
Micromax X505 Rs.5039
Micromax Q55 Rs.4769
Micromax Q75 Rs.4679
Micromax X550 Qube Rs.4349
Micromax Q5c Rs.4299
Micromax E360 Rs.4159
Micromax Q7 Rs.4049
Micromax X510 Pike Rs.3899
Micromax C350 Rs.3829
Micromax Q6 Rs.3699
Micromax Q5fb Rs.3699
Micromax Q5 Rs.3650
Micromax GC360 Rs.3599
Micromax Q50 Rs.3399
Micromax GC256 Rs.3199
Micromax X360 Rs.3099
Micromax G4 Rs.2999
Micromax GC275 Rs.2799
Micromax Q2+ Rs.2489
Micromax X330 Rs.2479
Micromax X250 Rs.2475
Micromax X260 Rs.2289
Micromax Q2 Rs.2190
Micromax X225 Rs.2094
Micromax X2i Rs.1999
Micromax X235 Rs.1949
Micromax C2i Rs.1729
Micromax X1i+ Rs.1599
Micromax X118 Rs.1523
Micromax X116 Rs.1475
Micromax Q1 Rs.1435
Micromax X114 Rs.1428
Micromax C112 Rs.1421
Micromax X215 Rs.1329
Micromax X111 Rs.1152
Micromax X100 Rs.980

Motorola Mobile Phone Price

Motorola Milestone Rs.23071
Motorola Backflip Rs.17213
Motorola ZN5 Rs.15754
Motorola Flipout Rs.15095
Motorola Charm Rs.13236
Motorola Quench XT3 Rs.12516
Motorola ROKR E8 Rs.6500
Motorola Kingfisher EX128 Rs.5691
Motorola Starling EX115 Rs.4737
Motorola ZN300 Rs.4623
Motorola W396 Rs.3815
Motorola W388 Rs.2931
Motorola W270 Rs.2700
Motorola WX395 Rs.2430
Motorola W230 Rs.2148
Motorola WX290 Rs.2046
Motorola WX390 Rs.2045
Motorola WX265 Rs.1962
Motorola WX288 Rs.1899
Motorola WX280 Rs.1849
Motorola WX260 Rs.1741
Motorola W181 Rs.1546
Motorola WX180 Rs.1134

Samsung Mobile Phone price

Samsung Galaxy Tab Rs.31200
Samsung Galaxy S Rs.27700
Samsung Wave 2 Rs.17654
Samsung Wave 723 Rs.12499
Samsung Galaxy 3 Rs.11900
Samsung Star Duos Rs.10840
Samsung Galaxy 5 Rs.8945
Samsung Wave 533 Rs.8800
Samsung Wave 525 Rs.7535
Samsung Corby POP Rs.4867
Samsung Ch@t 322 Rs.4442

Sony Ericsson Mobile Phone Price

Sony Ericsson
Sony Ericsson C905 Rs.27067
Sony Ericsson Xperia X10 Rs.26638
Sony Ericsson Idou Rs.25250
Sony Ericsson Xperia X2 Rs.24676
Sony Ericsson W960i Rs.24038
Sony Ericsson Vivaz Pro Rs.21293
Sony Ericsson W980 Rs.20250
Sony Ericsson Vivaz Rs.19608
Sony Ericsson G900 Rs.19412
Sony Ericsson Aino Rs.17780
Sony Ericsson C902 Rs.17507
Sony Ericsson W995 Rs.16949
Sony Ericsson W760i Rs.15386
Sony Ericsson W715 Rs.15000
Sony Ericsson C702 Rs.14641
Sony Ericsson C903 Rs.13868
Sony Ericsson W890i Rs.13790
Sony Ericsson XPERIA X8 Rs.13729
Sony Ericsson Xperia X10 Mini Rs.13214
Sony Ericsson W910i Rs.13176
Sony Ericsson Aspen Rs.12884
Sony Ericsson G700 Rs.12874
Sony Ericsson Xperia X10 Mini Pro Rs.12702
Sony Ericsson Yari Rs.11101
Sony Ericsson Hazel Rs.10826
Sony Ericsson W705 Rs.10739
Sony Ericsson K810i Rs.10708
Sony Ericsson T700 Rs.9781
Sony Ericsson K790i Rs.9730
Sony Ericsson Elm Rs.9392
Sony Ericsson W595 Rs.9163
Sony Ericsson Jalou Rs.8266
Sony Ericsson Zylo Rs.7966
Sony Ericsson W380i Rs.7938
Sony Ericsson C510 Rs.7548
Sony Ericsson W302 Rs.7297
Sony Ericsson K550i Rs.7108
Sony Ericsson G502 Rs.6286
Sony Ericsson S302 Rs.6219
Sony Ericsson Naite Rs.5860
Sony Ericsson Cedar Rs.5458
Sony Ericsson W395 Rs.5455
Sony Ericsson Spiro Rs.4800
Sony Ericsson T303 Rs.4665
Sony Ericsson S312 Rs.4420
Sony Ericsson R306 Radio Rs.3625
Sony Ericsson W205 Rs.3522
Sony Ericsson R300 Radio Rs.3214
Sony Ericsson K330 Rs.3214

Nokia Mobile Phone Price

Model Price
Nokia
Nokia N900 Rs.24463
Nokia N97 Rs.23863
Nokia N8 Rs.23515
Nokia N86 8MP Rs.19054
Nokia N97 Mini Rs.18822
Nokia C7 Rs.18350
Nokia E72 Rs.16663
Nokia X6 16GB Rs.15528
Nokia E75 Rs.14840
Nokia X6 8GB Rs.13839
Nokia 5800 XpressMusic Rs.13518
Nokia N79 Rs.13355
Nokia C6 Rs.12825
Nokia E71 Rs.12802
Nokia E52 Rs.11217
Nokia E5 Rs.10519
Nokia 6208 Classic Rs.9967
Nokia 5320 XpressMusic Rs.9913
Nokia 5530 XpressMusic Rs.9743
Nokia 6700 Slide Rs.9516
Nokia X5-01 Rs.9153
Nokia 3600 Slide Rs.9114
Nokia 7610 Supernova Rs.9041
Nokia 5235 Comes With Music Rs.8546
Nokia E63 Rs.8125
Nokia 5250 Rs.7625
Nokia C5 Rs.7363
Nokia 7310 Supernova Rs.7175
Nokia 5230 Rs.7156
Nokia 3710 Fold Rs.7086
Nokia 3120 Classic Rs.6836
Nokia 3610 Fold Rs.6600
Nokia X3 Rs.6449
Nokia 5233 Rs.6117
Nokia 6303i Classic Rs.6003
Nokia C3 Rs.5800
Nokia 7230 Rs.5706
Nokia X2 Rs.5515
Nokia 7020 Rs.4693
Nokia 5130 XpressMusic Rs.4461
Nokia 7210 Supernova Rs.4166
Nokia 2730 Classic Rs.4047
Nokia 2700 Classic Rs.3575
Nokia 2720 Fold Rs.3050
Nokia 2600 Classic Rs.3016
Nokia 2690 Rs.2590
Nokia 2330 classic Rs.2400
Nokia 2220 Slide Rs.2253
Nokia 2323 classic Rs.2211
Nokia 1650 Rs.1761
Nokia C1-00 Rs.1684
Nokia 5030 XpressRadio Rs.1642
Nokia 1800 Rs.1603
Nokia 1208 Rs.1457
Nokia 1661 Rs.1394
Nokia 1616 Rs.1282
Nokia 1209 Rs.1100
Nokia 1280 Rs.1085
Nokia 1203 Rs.1033
Nokia 1202 Rs.1025

Sunday, January 30, 2011

Sensex plunges by over 300 points in opening trade

STAFF WRITER 9:37 HRS IST

Mumbai, Jan 31 (PTI) The Bombay Stock Exchange benchmark Sensex plummeted by over 300 points in opening trade today as panicky fund managers and retail investors gave into selling pressure for the fourth consecutive session, prompted by weak global cues amid concerns over the unrest in Egypt.

The 30-share barometer fell by 301.70 points, or 1.68 per cent, to 18,094.27 points in the first few minutes of trade today. The Sensex had lost 755 points in the previous three sessions.

Similarly, the wide-based National Stock Exchange Nifty index declined by 79.55 points, or 1.44 per cent, to 5,432.60.

Rupee falls by 21 paise to 2-month low against dollar

STAFF WRITER 9:42 HRS IST

Mumbai, Jan 31 (PTI) The Indian rupee fell by 21 paise to a two-month low of Rs 45.97 per US dollar in early trade today, weighed down by the gains registered by the greenback against other major currencies.

Dealers said the rupee weakness was due to the dollar gains against other Asian currencies, coupled with a weak opening in the domestic stock market.

The rupee had depreciated by 19 paise against the US currency to close at Rs 45.76/77 in the previous session on Friday amid sluggish domestic equities and fresh dollar demand from importers.

Meanwhile, the Bombay Stock Exchange benchmark Sensex plunged by 301.70 points, or 1.68 per cent, to 18,094.27 in opening trade today.

Saturday, January 29, 2011

LinkedIn 's IPO to test appetite for Facebook

NEW YORK/SAN FRANCISCO (Reuters) - LinkedIn Corp announced plans to go public this year in what could be a test of investor appetite for social networking websites ahead of a highly anticipated Facebook offering.

LinkedIn announced its intention to go public on Thursday, setting the stage for the company co-founded in 2002 by ex-PayPal executive Reid Hoffman to become the first social network to plant a flag on Wall Street.

But many investors will be watching LinkedIn 's IPO to gauge the appetite for Facebook , now valued at $50 billion as the world's most dominant social network, and other Internet IPOs.

" Facebook has definitely escalated people's interest in the sector and I think there's a lot of demand (for more Internet IPOs)," said Rory Maher, an analyst with Hudson Square Research.

The number of shares to be offered and the price range have not yet been determined, according to the form S-1 registration statement that LinkedIn filed with the Securities and Exchange Commission.

Investor interest and valuations are surging for privately held Web companies like Facebook , Zynga and Groupon. LinkedIn revealed its plans a day after newly public Internet company Demand Media Inc saw its shares jump roughly 33 percent in their first day of trading.

Just this week, Groupon Chief Executive Andrew Mason said the company was considering an IPO and was in talks with bankers.

Facebook , the world's No. 1 Internet social network, recently raised $1.5 billion in funding in a deal that valued the company at $50 billion.

Facebook said recently it planned to publicly disclose its financial results by April 2012, a regulatory requirement triggered by the company's number of shareholders and a move that some believe could lead to a public offering.

LinkedIn 's net revenue nearly doubled to $161.4 million in the first nine months of 2010, with $1.85 million in profit, according to the filing.

In contrast, Facebook , which has far more users worldwide, had $1.2 billion in revenue in the first nine months of 2010 and $355 million in profit, according to a Goldman Sachs prospectus pitching the company earlier this month to investors.

LinkedIn , which caters to professionals, has 90 million users, compared with the more than 500 million users of Facebook 's mainstream social networking service.

Morgan Stanley, Bank of America and JPMorgan are among the book runners for the LinkedIn offering.

A portion of the shares will be issued and sold by the company, while a separate portion will be sold by certain stockholders of LinkedIn , the filing said. No specific details were disclosed.

LinkedIn 's investors include Greylock Partners, Bessemer Venture Partners, Goldman Sachs and Sequoia Capital, a venture capital firm that has backed Yahoo , Google, Apple Cisco Systems and Oracle.

Karmapa questioned, searches continue at offices of trust

Dharamshala, Jan 29 (PTI) Police today continued searches at the offices of a trust backed by 17th Karmapa Ugyen Trinley Dorje, who was questioned over the seizure of foreign currency valued at Rs 7 crore.

Himachal DGP D S Minhas along with senior police officers inspected the Gyato monastery and the ashram at Sidhbari near here last evening and talked with the Karmapa.

Karmapa was asked about the foreign currency seized and as expected he said it was received through offerings, Minhas told PTI today.

He said the Karmapa was not under arrest or house arrest.

Searches continued at the offices of the Karma Garchen Trust today and so far Rs seven crore in currencies of over two dozen countries, including China, Taiwan, japan, South Korea, the UK, the US, Australia, German, has been seized.

Asked about the seizure, Karma Chunyappa, Deputy General Secretary of the Karmapa, asserted that the financial dealings of the monastery were transparent.

"We have a rich history of public service made possible through financial dealings that are entirely transparent. We will certainly answer all the questions that the press and public have but for now we request you to allow us to concentrate and comply fully with the investigations that are underway," he said.

The DGP said that some documents about land transactions had also been recovered and these were being scrutinised to find out whether there was a nexus between Tibetans and some local people indulging in benami land deals.

All non-agriculturists including bonafide Himachalis were barred from purchasing any land in Himachal without the permission of the government under section 118 of HP tenancy and Land Reforms Act and Tibetans having refugee status were not entitled to buy any land.

However, some Tibetans have acquired properties in Himachal and the High Court had issued notices to Tibetans in this regard.

Meanwhile, Chief Minister Prem Kumar Dhumal today said the Himachal Government would share every information about the Karmapa with the Enforcement Directorate and security agencies.

"Certainly, the government of India must be having more information about Karmapa''s activities and the state government would abide by the direction of the Union Government as the matter is linked to internal security," he told reporters after launching a heli-taxi at Annandale helipad in Shimla. .

Switzerland to share tax information with India:Swiss official

Davos, Jan 29 (PTI) Dismissing the perception that Switzerland is a tax haven, a senior Swiss government official today expressed hope that the revised tax avoidance treaty with India will be ratified during the year, following which Swiss authorities would provide administrative assistance to India to deal with cases of tax evasion.

"We have recently signed an agreement with India, which is now in the Parliament in order to get rectified.

And then, we will concretely take steps against tax evasion and as soon as this agreement is enforced... both sides can also grant administrative assistance (to deal with ) tax evasion," Switzerland Federal Department of Finance State Secretary Miachael Ambuhl said in an interview to private news channel NDTV.

India and Switzerland in August last year signed a revised Double Tax avoidance Agreement (DTAA) that will enable exchange of information on tax evaders, considered a must for getting details on unaccounted funds stashed away by Indians in Swiss banks. The agreement, however, is yet to be ratified by the Switzerland Parliament.

"This perception is wrong. Switzerland is not a tax haven...Switzerland has not given tax refuge to people who want to hide their money," Ambuhl said, adding the agreement hopefully will be ratified this year.

"We want to have confidentiality for the bank clients but we don''t want to protect them from paying taxes. There is no such thing that in Switzerland you can avoid paying your taxes," he added.

He further said that if India authorities would get the information, provided they are able to produce evidence of tax evasion.

"If Indian authorities can show that there is evidence that people have evaded there money, then the answer is ''yes''. If Indian authorities can give evidence that for the person X or Y, there is evidence that they have evaded their taxes in Switzerland, we will grant administrative assistance", he added.

On whether the treaty would bring about substantial change, Ambuhl said, "It will not change everything. We have already got a good legal basis to grant judicial and administrative assistance, but as soon as this commences in force, then it will become even better."

PTI

Friday, January 28, 2011

Sushma Nath set to be first woman finance secy

NEW DELHI: Expenditure secretary Sushma Nath is all set to take over as finance secretary.

Nath, a 1974 Madhya Pradesh cadre Indian Administrative Service officer, will be the first woman to occupy the finance secretary's chair in North Block. Government sources said the notification for the changes in the finance ministry would be announced in the next couple of days.

The low profile Nath is considered to be an efficient officer and is a stickler for rules. She has been officiating as the expenditure secretary since 2008 and is the senior most officer in the finance ministry. She is due to retire on March 31.

The current finance secretary Ashok Chawla retires on January 31.

The changes in the finance ministry take place at a time when finance minister Pranab Mukherjee is drawing up the 2011-12 budget to be presented in Parliament on February 28.

Financial services secretary R Gopalan is likely to take over as the economic affairs secretary. Gopalan, who took over as financial services secretary last year, is a 1976 Tamil Nadu cadre IAS officer.

Read more: Sushma Nath set to be first woman finance secy - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sushma-Nath-set-to-be-first-woman-finance-secy/articleshow/7380312.cms#ixzz1COZTEdk4

U K Sinha set to be next Sebi chief

NEW DELHI/ DAVOS: U K Sinha, UTI Asset Management Company chairman and managing director, is set to be the new chairman of the Securities & Exchange Board of India (Sebi) with Prime Minister Manmohan Singh clearing his appointment. Sources involved with the appointment told TOI that the government would notify his appointment early next week. The present Sebi chairman C B Bhave's three-year term is due to end next month. It is unclear if Sinha will get a three-year term or a five-year term.

Sinha will be the sixth Sebi chairman since the regulatory agency was set up through a law in 1992. The former Indian Administrative Service Officer has been associated with the capital markets sector for a decade now, having first worked as a joint secretary in the finance ministry before moving to take over the reins of UTI.

Apart from dealing with cleaning up the sector in the aftermath of the 2001 stock scam, Sinha was one of the main architects of revamping UTI which went under due to commitment to offer assured return schemes and wrong investment decisions. Apart from the bailout, the government split the erstwhile Unit Trust of India into two entities, one dealing with the assured return schemes while the rest moved to what is now UTI AMC.

In addition, Sinha has been involved with preparing the roadmap for developing the bond market, something that he would be associated with once he moves across the road from the UTI headquarters in Mumbai's Bandra Kurla Complex to the Sebi head office.

State Bank of India chairman O P Bhatt says it's one area that needs urgent attention. But Bhatt is not alone. In the absence of a well-developed bond market, developers of long-gestation projects have to rely on bank funding, creating pressure on the system. Hero Corporate Services chairman Sunil Munjal adds further techonological development to the list. In addition he says that Sebi should clear the air on entry of new players in the stock exchanges business. The area has become a big controversy, especially in the wake of the Bimal Jalan committee report which among other things has proposed a cap on profits and restrictions on listing. That will be one of the first few things on the table.

Sinha had recently headed a committee which sought to provide greater clarity of portfolio flows and that's something where he will have to advise the government. He will have to act on increasing the reach of equity MFs as they have been relying heavily on debt to shore up their assets under management (AUM).

Read more: U K Sinha set to be next Sebi chief - The Times of India http://timesofindia.indiatimes.com/business/india-business/U-K-Sinha-set-to-be-next-Sebi-chief/articleshow/7382000.cms#ixzz1COZ71800

Sensex drops 289 pts to 5-month low

MUMBAI: Continuing its fall for the third day, the BSE benchmark sensex dropped nearly 289 points to a 5-month low on brisk selling in heavy-weight financial companies, on investor concerns about rising interest rates in view of high inflation and weak global cues.

The Bombay Stock Exchange benchmark index sensex, which had lost 467 points in the last two trading sessions, fell further by 288.46 points to 18,395.97, a level last seen on September 3, 2010, as investors indicated that rising prices and interest rate hikes would crimp company profits.

The index touched the day's low of 18,235.45 Similarly, the broad-based National Stock Exchange index Nifty dipped below the 5,500 level before ending 92.15 points lower at 5,512.15 led by interest-linked stocks like realty, auto, consumer durable as well as the metals sector.

A weak Asian trend and lower opening in Europe further dampened the trading sentiment.

Stock markets have continued to decline since January 25, when the Reserve Bank of India increased interest rates for the seventh time since March and revised upwards its inflation forecast to 7% by the end of this fiscal.

Brokers said that rising input costs were eating into the margins of most consumer companies and raised concerns among investors on their earnings.

The realty sector index suffered the most by losing 4.96% to 2,279.62, followed by consumer durables index by 3.91% to 5,923.17. The auto sector index lost 3.56% to 8,841.90.

The most-heaviest on the Sensex, Reliance Industries fell by 3.02% to Rs 914.50 and second-heaviest Infosys Technologies by 0.68% to Rs 3,173.50. The two carry nearly 23% weightage on the index.

As the selling pressure spilled over a wide-front, smallcap index lost 3.59% to 8,546.29 and midcap index by 2.66% to 6,898.37.

Read more: Sensex drops 289 pts to 5-month low - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-drops-289-pts-to-5-month-low/articleshow/7379044.cms#ixzz1CKTwsbnw

Thursday, January 27, 2011

Rupee falls 13 paise in early trade

MUMBAI: The Indian rupee depreciated by 13 paise against the dollar on Friday, as the American currency strengthened against other major currencies.

The domestic unit in early morning was trading at Rs 45.70 a dollar, 13 paise lower from the yesterday's close at the Interbank Foreign Exchange (Forex) market.

Yesterday, it snapped five-session long losing spree to close 14 paise higher at Rs 45.57/58 a dollar following a heavy dollar sale by exporters and some banks.

Dealers said dollar's gains against other currencies overseas and month-end demand for the American currency weighed on the rupee sentiment.

Meanwhile, the BSE Sensex recovered by 36.44 points at 18,720.87 points in the opening trade

Read more: Rupee falls 13 paise in early trade - The Times of India http://timesofindia.indiatimes.com/business/india-business/Rupee-falls-13-paise-in-early-trade/articleshow/7376901.cms#ixzz1CJZD5e9q

Sensex trades 136 points down

MUMBAI: After opening higher, the BSE benchmark Sensex today slipped by 136 points to trade at 18,548.54 at 1015 hrs with selling pressing emerging in realty, auto and capital goods sector stocks.

Similarly, the broad-based National Stock Exchange index Nifty fell by 47.85 points, or 0.85 per cent, to 5,556.45.

The 30-share index opened the day higher by 36.44 points, or 0.19 per cent, to 18,720.87 points.

Marketmen said a weak trend on Asian bourses dampened the sentiment here and triggered widespread selling. Investors were also concerned over rising food inflation and a hike in key interest rates by the Reserve Bank of India, they added.

Food inflation inched up marginally to 15.57 per cent for the period ended January 15, on account of escalating vegetable prices, particularly, onions.

Read more: Sensex trades 136 points down - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-trades-136-points-down/articleshow/7377123.cms#ixzz1CJZ3Xo68

Sony unveils new handheld to take on DS, smartphones

TOKYO (Reuters) - Sony Corp showcased a new handheld gaming device, the first to feature 3G wireless connectivity, as it battles with Nintendo's best-selling DS and tries to fend off rising competition from smartphones and tablets.

Sony said the new device, which it has codenamed "NGP" for Next Generation Portable, will go on sale around the year-end. It didn't provide any pricing details.

The announcement came the same day Nintendo reported a 46.5 percent fall in quarterly profit as sales of its ageing DS device tumbled ahead of the launch next month of a 3D capable model.

Sony's new device will feature 3G wireless connectivity, the first in a portable games device, and use a 5-inch OLED panel, the company said. That compares with 3.5 inches for a standard smartphone screen.

The device also has a back touch pad in addition to the front touch panel and a motion sensor for more intuitive use, Sony said.

With smartphones and tablets from the likes of Apple Inc eating into the market for portable gaming devices, Sony and Nintendo desperately need a blockbuster product to boost sales and profit.

"The key would be pricing of the device," said Nobuo Kurahashi, an analyst at Mizuho Investors Securities. "If the company prices it cheaper than Nintendo's 3DS (25,000 yen), it would be positive."

Nintendo's DS sold nearly 136 million units up to last September . Sony's PSP has sold some 61 million.

Next week, Sony is expected to post a fall in profits for October-December, hit by its struggling TV busines

SC raps govt for non-action on blackmoney asks to track source

New Delhi, Jan 27 (PTI) Government today found itself on the backfoot in the Supreme Court which asked why action has not been taken against those who have stashed blackmoney in foreign countries and asked it to go after the source of money which may be from arms deals, drug trafficking and smuggling.

The apex court directed the government not to restrict its probe on the aspect of tax evasion only and expand its ambit by tracking the source of money which might have originated from anti-national activities.

"Looking at the issue from taxation point of view is only one aspect. Some names have been given to you in respect of a bank. What steps have you taken? Have you set law in motion. They are Indian people and are amenable to Indian law," a bench comprising Justices B Sudarshan Reddy and S S Nijjar said.

"That is a serious matter which we are concerned about. You know the names, (you know) where the money is lying, still you are talking about double taxation issue," the bench said, asking "What action have you taken against them when you came to know that they have stashed money in foreign bank(LGT Bank in Liechtenstein)."

The court''s remark came after the Solicitor General Gopal Subramanium submitted that the government is taking all actions under Double Taxation Avoidance Agreement (DTAA) against the people who have stashed money in foreign banks.

Asking the government not to restrict its probe only to the tax evasion aspect, the bench said it should track down the sources of blackmoney.

"Why are you looking only at tax evasion issue in this matter when there are more grievous offences associated with such cases. That is the most dangerous part of the story. Have you done anything," the court said.

The government, however, tried to convince the court that it is taking all possible action under international agreements and law against the erring persons and it has no problems in sharing the information with the court.

The solicitor general submitted that many agencies were working on the case and investigations were underway.

The court appeared to be not satisfied with the contention of Subramanium and asked him to file a detailed report by Thursday next on what action the government has taken against people who have parked their black money in foreign land.

"What are the sources of the money? Where has the money come from? It might be because of arms deals, smuggling, narcotics, drug trafficking or something else. These are more serious issues, when you know the name, what action you have taken?," the bench asked.

The court also sought replies from the government, RBI and CVC on a petition seeking direction to the government to ratify UN convention on corruption which would facilitate in bringing back blackmoney from foreign banks. .

Google to hire 6,000 in 2011

BOSTON: Google Inc is all set to go on a hiring spree this year with the company planning to add more than 6000 people around the globe in one of the "biggest" workforce expansions in company history.

In a blog post, Senior Vice President of Engineering and Research Alan Eustace said Google was "looking for top talent -- across the board and around the globe."

The company had added more than 4,500 workers in 2010 primarily in engineering and sales departments.

The workforce expansion set for 2011 and said to he the "biggest hiring year in company history", will be more than the 6,100 workers Google had hired in 2007.

Google plans to hire more than 1,000 workers in Europe alone this year. The company said it will hire "as many smart, creative people as we can to tackle some of the toughest challenges in computer science: like building a web-based operating system from scratch, instantly searching an index of more than 100 million gigabytes and even developing cars that drive themselves."

Eustace said the hiring comes when not just the company's products but also the company "grew" in 2010. Google's operating system Android now runs on over 100 devices with more than 300,000 activations each day, while Chrome has at least 120 million active users, Eustace added.

California-based Google has been trying to keep its employees who are being lured by rivals companies like Facebook and Apple. Last year, Google announced a 10 per cent raise for all its employees. Facebook, which has been giving stiff competition to Google, has about 200 ex-Google workers in its roughly 2,000 workforce.

Google had last week announced major changes in its top management positions with company co-founder Larry Page set to take over as CEO in April from current chief executive Eric Schmidt. As on December 31, 2010 Google had a total workforce of 24,400.

Read more: Google to hire 6,000 in 2011 - The Times of India http://timesofindia.indiatimes.com/tech/news/internet/Google-to-hire-6000-in-2011/articleshow/7370523.cms#ixzz1CFBjrZeK

Food inflation up to 15.57%

NEW DELHI: Snapping the downward trend of two consecutive weeks, food inflation inched up marginally to 15.57% for the period ended January 15, on account of escalating vegetable prices, particularly, onions.

Food inflation for the week ended January 8, was recorded at 15.52%

The uptick in latest food inflation figure is likely to put further pressure on the government grappling with expensive food commodities and a slowing industrial growth that dipped to the 18-month low of 2.7% for November.

The goverment has already adopted measures like export ban on onions to make the kitchen staple more affordable to masses. Further, the RBI in its third quarter monetary policy review on Tuesday hiked key policy rates by 25 basis points to scotch the inflationary pressures.

During the week under review, vegetable prices soared by 67.07% on an annual basis.

Onions went up by a huge 111.58% year-on-year, thus, showing that government initiatives like export ban were not proving sufficiently effective.

On an annual basis, prices of fruits went up by 16.40% while milk became expensive by 12.44% . Prices of egg, meat and fish went up by 13.58% year-on-year.

Cereal prices, too, went up marginally by 0.53%, with rice going up by 2.79%.

However, wheat and pulses became cheaper on annual basis by 5.75% and 14.07%, respectively.

In indication that spike in food commodities was becoming ingrained into the wider economy, in the non-food category, the prices of fibres and minerals were up by 47.23% and 19.52%, respectively.

Fuel and power also became dearer by 10.87% year-on-year.

The headline inflation in December had risen to 8.43%, up from 7.48% in the previous month, mainly driven by costly food items.

At its quarterly review earlier this week, the RBI had revised its headline inflation estimate to 7% by end of March, up from the earlier estimate of 5.5%.

Read more: Food inflation up to 15.57% - The Times of India http://timesofindia.indiatimes.com/business/india-business/Food-inflation-up-to-1557/articleshow/7370679.cms#ixzz1CFBUb07T

Sensex falls 285 pts on rising inflation, rate hike

MUMBAI: The BSE benchmark Sensex fell over 285 points to 18,684.43 amid rising food inflation and fears of further hike in interest rates, as investors adjusted positions on the last day of monthly derivatives contracts.

The Bombay Stock Exchange benchmark index Sensex dropped 285.02 points following reports that the food inflation has moved up marginally to 15.57% for the week ended January 15, from 15.52% in the previous week.

The gauge had lost 182 points in the previous session, after the Reserve Bank of India had increased key rates for the seventh time since last March, revising upwards inflation forecast to 7% for this fiscal end from 5.5%.

Besides, investors and funds unwinding their pending positions on the last day of the current month's settlement in the derivatives segment also effected the trading sentiment.

After a higher opening, the Sensex remained volatile throughout the session, touching a high of 19,086.69 and a low of 18,656.05.

The broad-based National Stock Exchange index Nifty dipped below 5,600 points level before closing 83.10 points down to 5,604.30, with stocks of banking and interest related sectors suffering the most.

Brokers said the initial gains got erased as overseas investors felt that the near-term outlook of the economic growth looked far from promising, and tried to find better prospects elsewhere.

They said further rise in food inflation this week matching with the RBI forecast raised concerns among investors of a further hike in policy rates to tame overall price rise.

In 30 BSE benchmark components, 28 stocks fell, while Tata Consultancy Services and Tata Motors ended with gains. The two most-heaviest, with 23% weightage on the index, fell -- Reliance Industries dropped by Rs 15.55 to Rs 943 and Infosys Technologies by Rs 58.90 to 3,195.20.

With the selling pressure spreading over a wide-front, the midcap index lost 1.88% to 7,087.16 and smallcap index by 1.35% to 8,864.23.

Read more: Sensex falls 285 pts on rising inflation, rate hike - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-falls-285-pts-on-rising-inflation-rate-hike/articleshow/7372261.cms#ixzz1CFBIEebz

Monday, January 24, 2011

Govt to unveil strategy on black money tomorrow

STAFF WRITER 14:57 HRS IST

New Delhi, Jan 24 (PTI) Under attack from the Supreme Court and the Opposition over stashing of large amount of money in Swiss banks and other tax havens, the government will unveil its strategy to deal with the issue tomorrow.

Finance Minister Pranab Mukherjee will announce the measures the UPA government intends to take to bring back the unaccounted money into the country and tighten the regulatory and tax framework to prevent further illegal outflows.

"Finance Minister will hold a press conference on the issues related to black money tomorrow," Finance Ministry spokesman said.

The Supreme Court had pulled up the government for withholding information on black money stashed in foreign banks, saying it is not just limited to tax evasion but a "mind boggling crime" amounting to "theft" and "plunder" of national wealth having security ramifications.

Agra, world's greatest cultural destination: Travel guide

H S Rao

London, Jan 24 (PTI) India is home to three of the world's 50 Greatest Cultural Destinations, including the top one - Agra, where the famous Taj Mahal is located.

According to a special supplement on Greatest Cultural Destinations brought out by The Sunday Telegraph and travel experts Page & Moy, the other two cultural destinations in India are Jaipur in Rajasthan and Lucknow in UP.

Besides Taj Mahal, the other places recommended for visit are the Agra Fort, Fatehpur Sikri, Itimad-ud-Daulah, Vrindavan and Bharatpur Bird Sanctuary.

Jaipur comes 27th and Lucknow 32nd in the list.

Some other greatest cultural destinations listed are: Amsterdam, Angkor Wat, Athens, Bangkok, Barcelona, Beijing, Bukhara, Cairo, Istanbul, Jerusalem, Kyoto Sydney, Tehran, Venice, Vienna and Warsaw.

Banks lead BSE rally on Q3 results

STAFF WRITER 16:37 HRS IST

Mumbai, Jan 24 (PTI) Strong third quarter results posted by top banks SBI and ICICI pushed up the BSE benchmark Sensex by about 144 points to 19,151.28, despite mixed global trends, sustained capital outflows and fears that RBI may hike key rates to tame inflation in monetary policy review tomorrow.

The country's largest public sector lender State Bank of India (SBI) closed 3.66 per cent up and was the top gainer from the Sensex pack, after having posted 14 per cent jump in Q3 net profit, which was above market expectations.

Biggest private sector lender, ICICI Bank, too notched smart gain of 1.69 per cent as its Q3 net profit jumped 30.51 per cent.

As a result, other banking stocks like Yes Bank, BoB, Union Bank, Axis Bank, PNB and Indusind Bank also closed with rise in the range of 2.56 to 5.05 per cent.

Pandit Bhimsen Joshi passes away

PUNE: Legendary vocalist Pandit Bhimsen Joshi, who enthralled generations of connoisseurs with his renditions of Hindustani classical music, passed away at a city hospital on Monday after a prolonged illness.

He was 87. A recipient of Bharat Ratna, the highest civilian award, Joshi had been put on life support system following old age- related ailments leading to kidney and respiratory failure after his admission to hospital on December 31, his family said.

Joshi, the most-celebrated exponent of 'Kirana gharana' of Khansahib Abdul Karim Khan, leaves behind three sons and a daughter.

A pall of gloom descended on the city as the news of his demise spread with people making a beeline to his residence to pay their last respects to the singer who was the most powerful figure on the Hindustani music concert platform of 'khayal gayki'.

Born on February 4, 1922 at Gadag in Dharwad district of Karnataka, Joshi got a boost to his career during a concert in Pune in January 1946 on the occasion of the 60th birthday of his guru Sawai Gandharva.

What distinguished him from the ordinary was his powerful voice, amazing breath control, fine musical sensibility and unwavering grasp of the fundamentals that made him the supreme Hindustani vocalist, representing a subtle fusion of intelligence and passion that imparted life and excitement to his music.

In the forays he made outside the classical fold, Joshi lent is voice as a "dhrupad" singer for a Bengali film based on the life of Tansen and later sang as a playback singer for Marathi film "Gulacha Ganapati", produced and directed by celebrated Marathi humorist "Pu La" Deshpande in addition to Hindi movies "Basant Bahar" and "Bhairavi".

But it was his 'Sant Vani' recitals, which bore the flair of Marathi 'Bhakti Sangeet' that added immensely to his popularity in both Maharashtra and Karnataka which have had a long succession of saint-poets.

He was honoured with the Padma Shri (1972), Sangeet Natak Akademi award for Hindustani vocal music (1975), Padma Bhushan (1985) and Madhya Pradesh government's "Tansen Samman" in 1992. Bharat Ratna was bestowed on him in 2008.

Joshi had undergone a surgery for removal of a brain tumor in 1999 followed by a cervical spine operation in 2005.

The maestro's last surprise public performance that regaled the audience was during 2007 'Sawai Gandharva' annual music festival which he himself had started to commemorate the memory of his guru.

Read more: Pandit Bhimsen Joshi passes away - The Times of India http://timesofindia.indiatimes.com/india/Pandit-Bhimsen-Joshi-passes-away/articleshow/7351463.cms#ixzz1Bx1Mr8Pe

Sunday, January 23, 2011

Bhimsen Joshi: Legend, music maestro and lover of fast cars too

NEW DELHI: India's legendary Hindustani vocalist Bhimsen Joshi , who died in a Pune hospital Monday, had left his home in Dharwad, Karnataka, more than seven decades ago when he was only 11 to search for a guru. But, apart from music, he had another passion -- fast cars.

Pandit Joshi, whose "Mile sur mera tumhara" along with other artists endeared him to the entire nation, was a protagonist of the Kirana gharana and was known for his mellifluous 'khayals' as well as for his popular renditions of devotional 'abhangs and bhajans'. His death at 88 truly marks an end of an era in Indian classical music.

He was conferred the country's highest civilian award Bharat Ratna in 2008.

Born to a Kannada Brahmin family in Gadag town in northern Karnataka, Joshi lost his mother early. He was initiated into classical music by legendary musician Sawai Gandharva, who tutored under one of the founders of the Kirana Gharana (school), Abdul Karim Khan.

The musician's search for a guru is woven around an interesting anecdote. As a child, Joshi heard a recording of Abdul Karim Khan's 'thumri' in raga Jhinjhoti. The devotional song moved him so much that he instantly decided to become a musician. He left Dharwad in 1933 at the age of 11 to Bijapur to find a tutor.

It is said that Joshi went to Bijapur with money lent by co-passengers on train. He went to Pune from Dharwad and later enrolled at the Madhava School of Music at Gwalior.

He was helped by sarod exponent Hafiz Ali Khan. After a brief tenure at Gwalior , he travelled in north India for three years - and hunted for a teacher in New Delhi, Kolkata, Gwalior, Lucknow and Rampur.

Eventually, his father traced him to Jalandhar and brought him back home. He decided to stay on at Dharwad, a classical music hub home to legends like Gangubai Hangal, Mallikarjun Mansur and Basavaraj Rajguru. He was taken in as a pupil by Rambhau Kundgolkar alias Sawai Gandharva, a native of Dharwad to study classical music in the 'guru-shishya' tradition. Gangubai Hangal was a co-student.

After three years of training, he moved to Mumbai in 1943 and debuted with HMV at the age of 22.

The musician had a fetish for driving fast cars - with a dash of recklessness.

Reminisces an old fan: "While at the wheel, he used the same technique as in singing. He ignored the possibility of danger from bad or slippery roads, ditches, pot holes and other obstacles such as oncoming cars and stray cattle. Only luck saved him from a couple of grave accidents. This toned down his recklessness".

However, with years, tight schedules and fame, Bhimsen Joshi, realised that a car after all had limitations. He began to accept numerous invitations to far off places - he would have to be in Kolkata one night, Delhi the next evening, Mumbai the following day and Jalandhar immediately afterwards - and so he had to switch to air travel.

The pilots of Indian Airlines and airport officials came across Pandit Joshi so frequently that he was soon known as the "flying musician of India".

Joshi's strength was his devotional music which was made of a repertoire of Kannada, Hindi and Marathi 'bhajans' and 'abhangs'. He playbacked for several Hindi movies like "Basant Bahar" (1956) with Manna Dey, "Birbal by Brother" (1973) and "Ankahee" (1985).

Joshi was known for his flexible voice that allowed him to span an enormous range of three octaves. He cornerstone was an ingenuity in approach to his music. He could unfold unknown facets of an ordinary raga and make it sound novel by imbuing it with subtle nuances.

Joshi founded the Sawai Gandharva Music Festival.

His first wife was his cousin, Sunanda Katti. They had four children - two sons and two daughters. Sunanda died in 1992. Joshi then married Vatsala Mudholkar , with whom he had two sons and one daughter.

ET

RBI set to hike rates to curb inflation

MUMBAI: Trying to push up the price of a commodity while increasing its supply might sound an economic impossibility, but that is exactly what the central bank is likely to attempt when it reviews its monetary policy on Tuesday.

Bankers, bond dealers and economists are almost unanimous that a rate hike is likely on January 25. Given the increase in prices, the central bank has to be seen to be doing something to rein in inflation-and when it comes to inflation the only weapon in RBI's armoury is interest rates. "We expect a 25-basis point increase in interest rates," said O P Bhatt, chairman, State Bank of India, stating a view that is echoed by most other bank chairmen.

"The market has widely factored in a 25-bps increase by the RBI. Indeed, the spike in December 2010 wholesale price index inflation to 8.43% and the sharp upward revision of October inflation to 9.12% leave the RBI with little choice but to hike," said Standard Chartered Bank in a report. But there are equally sound reasons for the central bank to increase the supply of funds to the banking sector. The RBI, which is supposed to be the lender of the last resort, is lending around Rs1,00,000 crore to banks daily as a matter of course. The central bank had earlier indicated that a deficit of funds in the banking systems helps it better in controlling prices. However, it also said that a deficit of more than one per cent of bank deposits would be outside its comfort zone. Given that bank deposits are less than Rs 50,000 lakh crore, the current deficit is more than double of RBI's comfort zone limit. SBI, the country's largest bank, has been regularly borrowing from the central bank and most banks are unable to raise enough deposits to meet their lending obligations.

Money market dealers expect that there will be some measures to ease liquidity. However, there is no consensus on what these measures will be. Some expect that the RBI will ease reserve requirements of cash reserve ratio (CRR) and statutory liquidity ratio (SLR). The CRR and SLR refer to the portion of deposits that have to be compulsorily maintained in cash deposits with the RBI and in government bonds respectively. Others expect that the central bank may decide to make more money available to banks by offering to buy bonds from banks that are short of funds.

The RBI needs to keep the liquidity tap flowing also because growth is no longer at the pace it used to be. According to Bhatt, the country's largest bank may not be able to sustain a 20% growth in credit until the end of the financial year. "The surge in credit, which was witnessed in the third quarter, last year, did not happen this year. Also part of the reason for the strong credit growth in the third quarter was strong demand from oil companies because of the increase in oil prices," Bhatt added. He said the RBI will have to balance growth and inflation interests in its monetary policy.

According to Standard Chartered, the RBI will have to extend tactical measures to ease liquidity. This is because the banking system is coming under strain as a large amount of money is being held in currency form and it is uncertain whether the government will release some cash from its surplus through spending.

Read more: RBI set to hike rates to curb inflation - The Times of India http://timesofindia.indiatimes.com/business/india-business/RBI-set-to-hike-rates-to-curb-inflation/articleshow/7349890.cms#ixzz1BvoJFeXL

Sachin in 3-yr 20cr deal with Coke

MUMBAI: Sachin Tendulkar is back batting for a cola brand-this time it's Coca-Cola. He has signed a three-year endorsement deal, estimated to be worth around Rs 20 crore, with Coca-Cola India. The company said in a statement that Sachin will be its "happiness ambassador" and will be part of the cola major's strategic communication initiatives, including its corporate, CSR and brand campaigns.

Sachin was associated with PepsiCo till 2008 when the beverage maker dropped him to lend a young face to the brand. PepsiCo currently has Indian skipper Mahendra Singh Dhoni at the forefront of its communication, along with other younger cricketers as seen in their latest advertising campaign around the world cup.

Talking to TOI, Harish Krishnamachar, senior VP (South Asia) World Sport Group, said, "The focus of this association is going to be to use Sachin for corporate brand and CSR activities of Coke." The firm represents Tendulkar.

Wasim Basir, director, integrated marketing communication, Coca-Cola India, said, "Brand Sachin symbolizes trust, reliability, commitment and endurance and is an embodiment of the country before self virtue. These are attributes that Coca-Cola India closely identifies with and hence this association is a perfect fit."

Read more: Sachin in 3-yr 20cr deal with Coke - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sachin-in-3-yr-20cr-deal-with-Coke/articleshow/7349913.cms#ixzz1BvnRb8Z4

Sensex gains 88 points in opening trade

MUMBAI: The Sensex gained over 88 points in opening trade on the Bombay Stock Exchange (BSE) today, led by encouraging third quarter earnings posted by State Bank of India amid a firming trend on other Asian bourses.

The Sensex, which had lost 39.01 points in the previous session on Friday, rose by 88.16 points to 19,095.69 today, with banking, realty and consumer durables stocks attracting the most interest.

Similarly, the broad-based National Stock Exchange Nifty index moved up by 28 points to 5,724.5 points in the first few minutes of trade.

Funds and retail investors indulged in selective buying after the country's largest lender, State Bank of India, reported a 13.45% rise in consolidated net profit to Rs 3,806.49 crore for the third quarter ended December 31, marketmen said.

Stocks of State Bank of India were trading 2.77% higher at Rs 2,670 in opening trade.

However, despite the Sensex bouncing back from its weak close last week, fears of a rate hike at the Reserve Bank of India's monetary policy review tomorrow cast a shadow over the trading sentiment, limiting the gains, they said.

A firming trend on other Asian bourses in early trade today also influenced the trading sentiment, market analysts added.

In the Asian region, Hong Kong's Hang Seng was up 0.05%, while Japan's Nikkei was up 0.43% in early trade today.

Read more: Sensex gains 88 points in opening trade - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-gains-88-points-in-opening-trade/articleshow/7351993.cms#ixzz1BvnHbCzZ

Friday, January 21, 2011

SBI home loan utsav from today

BANGALORE: State Bank of India (SBI) is organizing a threeday event called SBI Utsav at the bank's local head office on St Mark's Road in Bangalore. The second edition of the loan utsav will be flagged off on Friday. The event is powered by the Times Red Cell.

The bank will showcase a bouquet of home loan products . Around 60 real estate developers /builders and auto dealers will participate in the utsav. The bank is offering a 0.25% concession in interest rate from the fourth year of the home loan if it is availed at the SBI Utsav.

Soundara Kumar, chief general manager (Karnataka) of SBI, said the bank was looking to generate a business of Rs 550-600 crore from the threeday event. "We expect the ticket size of home loans to be in the order of Rs 20-25 lakh. IT professionals and people employed with public sector companies will drive the demand for home loans," she said.

Those buying flats in real estate projects for which SBI has extended loans can avail home loans in four days. The Utsav is open from 4pm to 7pm on Friday and 11am to 7pm on Saturday and Sunday.

Read more: SBI home loan utsav from today - The Times of India http://timesofindia.indiatimes.com/business/india-business/SBI-home-loan-utsav-from-today/articleshow/7331369.cms#ixzz1BevacGoX

Sensex opens 80 points lower on profit booking

MUMBAI: The Bombay Stock Exchange benchmark Sensex fell by nearly 80 points in opening trade today due to profit booking by funds amid weak global cues.

The 30-share barometer, which had gained 68.22 points in the previous session, fell by 79.61 points to 18,966.93 points.

The wide-based National Stock Exchange Nifty index also declined by 24.30 points to 5,687.30 points.

Analysts attributed the decline to profit booking by investors amid a weakening trend in other Asian markets.

Japan's Nikkei was trading 0.87 per cent lower, while Hong Kong's Hang Seng index marginally up by 0.05 per cent in early trade.

In the US, the Dow Jones Industrial Average ended 0.02 points lower yesterday.

Read more: Sensex opens 80 points lower on profit booking - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-opens-80-points-lower-on-profit-booking/articleshow/7331671.cms#ixzz1BevRKHqU

Rupee down by 27 paise against dollar

MUMBAI: The rupee fell sharply by 27 paise to 45.80 against the US currency in late morning trade due to strong dollar demand from banks and importers.

Sustained demand for dollar in view of firm US currency in New York mainly affected the rupee value, a dealer said.

The dollar turned higher in New York yesterday, especially against the Japanese yen and British pound, as positive US economic data trumped optimism about Europe and worries that China, now the world's second-largest economy, might be pushed towards tightening monetary policy.

In active trade at the Interbank Foreign Exchange ( Forex) market, the domestic unit opened lower at 45.63/64 a dollar from its previous close of 45.53/54 and dropped further to 45.80 per dollar before quoting at 45.74/75 per dollar at 1030hrs.

It moved in range of 45.63 per dollar and 45.80 per dollar in morning deals.

Meanwhile, crude oil prices were lower in Asian trade today as unexpected gains in US crude inventories placed a dampener on energy demand, analysts said. New York's main contract, light sweet crude for March delivery, fell three cents to USD 89.56 per barrel.

Read more: Rupee down by 27 paise against dollar - The Times of India http://timesofindia.indiatimes.com/business/india-business/Rupee-down-by-27-paise-against-dollar/articleshow/7332062.cms#ixzz1Bev6WEDw

Thursday, January 20, 2011

150 Rupee Coin and Rs. 10 Polymer Currency Note to be issued by RBI

For the first time in India a currency coin of Rs. 150 is issued by Reserve Bank of India. On the occasion of the 150th anniversary year of Gurudev Rabindranath Tagore, the Government of India has issued this valuable coin.


According to Suresh Shukla-marketing executive of State Bank of India, the Rs 150 is issued under special series of coins.This coin is 40 mm in diameter and it weighs about 35 grams.

Similarly a coin of Rs. 5 is also issued by the RBI for marking Rabindra Nath Tagore’s anniversary year.

More Coins to come:
This year, coin of Rs. 75 will be released by the Government as RBI Completes 75 years of glory. Rs 100 coin in memory of the Commonwealth Games will also be issued.

Rupees 10 Polymer Currency Note:

For the first time, a Rs. 10 Polymer currency note will be issued by the RBI in upcoming months.

Wednesday, January 19, 2011

RBI cuts fee on outstation cheques

NEW DELHI: The RBI has decided to lower the service charge for outstation cheques up to Rs 5,000 but allowed banks to levy a higher fee for cheques above Rs 1 lakh. In a late evening notification on Wednesday, the regulator said the new charges would be applicable from April.

According to the revised schedule, in case of outstation cheques up to Rs 5,000, the service charge has been halved to Rs 25. For amounts between Rs 5,001 and Rs 10,000, the levy has been retained at Rs 50. For cheques between Rs 10,001 and Rs 1 lakh, the charge remains unchanged at Rs 100. The service charges have to include all charges such as those for postal, courier and handling, though service tax is outside the ambit. For cheques above Rs 1 lakh, banks would be free to levy any fee as part of RBI's move towards providing greater freedom.

At present, banks can charge up to Rs 150 per cheque. The same dispensation has been put in place in case of cheques covered under speed clearing. In case of local clearing, processing charges have been raised by 50 paise per cheque.

RBI said the measures are expected to hasten the migration of transactions to electronic mode. At the same time, it noted that the levies should be "reasonable and computed on a cost-plus-basis and not as an arbitrary percentage of the value of the instrument. The service charges-structure should not be open ended and should clearly specify the maximum charges that would be levied on customers including charges if any, payable to other banks.

Read more: RBI cuts fee on outstation cheques - The Times of India http://timesofindia.indiatimes.com/business/india-business/RBI-cuts-fee-on-outstation-cheques/articleshow/7322693.cms#ixzz1BYOwvhNO

Mobile Number Portability (MNP) kicks off from today

Many must have felt exasperated with their current mobile phone operators as far as their service standards and responsiveness is concerned. But there is no need to feel dejected, as a new solution is at hand now.


It is called the Mobile Number Portability (MNP). The new system will comes into force across India from today, offering relief to hundreds of thousands of telecom subscribers who are not happy with their incumbent operators. The MNP scheme was first launched in Haryana in November.


MNP allows a subscriber to switch to another telecom service provider without going through the hassle of changing the number, and updating the near and dear ones about the same. Both prepaid and postpaid subscribers can avail of the MNP facility. The only hitch is one can change one's mobile phone operator under the MNP only within one's service area.


There are currently more than 700 million mobile users in India.


How to use MNP:

The subscriber needs to send a SMS to 1900.


He/she will receive a unique porting code from the current service provider.


Then one needs to fill the application and mention the new service provider one would like to switch to.


The new service provider will collect information about the subscriber from the current operator.


The whole process takes about seven days. In case of Jammu & Kashmir, Assam and North East service areas, this is 15 days.


As a transformation charge for the new operator the subscriber has to pay the amount of Rs. 19.

Mobile number portability: Switch tele operator!

New Delhi, Jan 20: Are you not happy with your mobile operator's schemes, services and flexibilities? Don't be irritated. Now, here comes your solutions. Choose your favourable mobile operator and say good bye to the old one.

Here is the good news for all mobiles users. The much awaited Mobile Number Portability (MNP) will be operational in India from Thursday, Jan 20. The MNP scheme was launched first in Haryana in Nov 2010 and now all set to be implemented in all around the nation.


What is Mobile Number Portability:

It's a new development in Mobile Communication Technology. In India there are more than 700 million mobile users. In this service the mobile user can switch to other service provider without changing the mobile numbers. Both prepaid and postpaid tele-users have the facility to switch to other favourable tele-operators.

How to switch - Rules:

* The subscriber, who likes to avail this service, need to send a SMS from his mobile to 1900.
* Once the customer sends SMS, he will be receiving a unique porting code from the current service provider.
* Then he need to fill the application in a particular format and mention the new service provider, the customer would like to subscribe for.
* The new service provider will collect the information about the user from the current operator. A time period of seven days will be taken for the complete transfer of mobile number to the network of the new mobile operator.
* As a transformation charge for the new operator the subscriber has to pay the amount of Rs 19.


Exception: The time period of transferring the MNP in Jammu and Kashmir, Assam and North East service areas will be 15 days but not 7 days.

Restrictions and limitations:

* The only restriction is that you can change your operator without changing your number only within your current service area.
* Suppose a subscriber, who is using a Mumbai number, can not switch to an operator in Bangalore. The subscriber can only change his/her operator within Mumbai only.


Portability: 1 in 6 wants to change service provider

More than one out of six mobile phone subscribers (17.6%) want to switch over to another telecom company. Given India’s mobile subscriber base of more than 700 million, it could mean that up to 120 million people want to switch. As number portability comes into effect on Thursday, a Hindustan Times-MaRS survey — the first ever on number portability — across eight Indian cities covering 4,564 subscribers between December 15, 2010 and January 15, 2011 shows that Airtel and Vodafone Essar will gain the most.

One out of three consumers who are considering switching want to sign up with Airtel, and one out of five who want to change will go to Vodafone Essar. But only half the subscribers who want to switch are dissatisfied with the service they get. http://www.hindustantimes.com/Images/HTPopups/200111/20_01_pg1b.jpg

The other half just wants a new service provider.

The survey shows that women make more loyal subscribers — 18.8% want to change compared to 14.3% men.

HT

Mobile number portability a reality from today

After years of delays, mobile number portability (MNP) will finally be available all over India from January 20. Telecom Minister Kapil Sibal said, "We're very happy that we are going to launch it nationally. It's a great step forward for the consumer. It enhances his choice."

Dump your phone company. Move to a better one. But keep your present number. 700 million Indians use cell phones. With mobile number portability finally kicking, many customers, especially pre-paid ones, might abandon ship and firms might offer better service.

Mobile number portability a reality from today

To shift, send an SMS from your phone to 1900. Your present company will reply with a unique porting code. Use that code while filling out a detailed form for the company you want to shift to. Within 48 hours, that company will take over all your cell services. The fees, about Rs 19.

Your cell number will be switched off for only one hour. All bills after that, are paid to your new company. You'll be stuck with them for at least 50 days before you can shift again, so choose with care.

While you can shift from a GSM service to CDMA or vice versa, you cannot shift from one state to another. If you do, roaming kicks in, just like it does right now.

Rajan Mathews, Director General, Cellular Operators Association of India, COAI: You can use number portability for any post-paid as well as prepaid number. In case of a post-paid number, there shouldn't be any dues. For a prepaid number, carry forward of any balance to the new service provider is not permitted.

When you port your number, you also need to change your SIM. Apart from retaining the same number, the process is same as acquiring a new connection. MNP might be kicking off all over India now, but in Haryana it was launched on November 25 and 80000 people have already opted for it.

So will MNP be a game changer? Not that much, since lots of people now also have an option of buying a dual sim phone. But, if Haryana is any indication MNP seems to have a bright future.

Sensex opens lower 154 points on weak global cues

STAFF WRITER 9:26 HRS IST

Mumbai, Jan 20 (PTI) The Bombay Stock Exchange benchmark Sensex fell by 154 points in early trade today on sustained selling by funds and retail investors in tandem with weak Asian markets.

The 30-share barometer, which lost 113.73 points in the previous session, fell further by 154.10 points to 18,824.22 points.

The wide-based National Stock Exchange index Nifty declined by 46.65 points to 5,644.40 points.

Brokers said continued offloading of positions by funds and retail investors in line with weakening Asian trend following overnight losses on the US market on disappointing earnings mainly pulled down the Sensex.

In other Asian markets, Japan's Nikkei fell by 1.13 per cent while Hong Kong's Hang Seng index was down by 0.82 per cent.

The US Dow Jones Industrial Average ended 0.11 per cent lower yesterday.

Rupee gains 7 paise against dollar

MUMBAI: The rupee strengthened by 7 paise to Rs 45.35 a dollar in early trade today on weakness in the US currency against major world currencies.

Dealers said a higher opening in the stock markets also aided the rupee sentiment.

The rupee ended 10 paise higher at Rs 45.42/43 a dollar in the previous session following smart rally in equities and a sluggish dollar overseas.

Meanwhile, the Bombay Stock Exchange benchmark Sensex rose by 75.39 points, or 0.39%, to 19,167.06 points in the opening trade on Wednesday.

Read more: Rupee gains 7 paise against dollar - The Times of India http://timesofindia.indiatimes.com/business/india-business/Rupee-gains-7-paise-against-dollar/articleshow/7317175.cms#ixzz1BTTfyVRt

Sensex trades in tight range, broader markets gain

MUMBAI: A benchmark index for an Indian equities market Wednesday was trading in a tight range even as broader markets saw moderate buying activity.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,153.31 points, was ruling at 19,138.42 points - up 46.37 points or 0.24% from its previous close at 19,092.05 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange too was ruling tightly bound at 5,737.3 points, 13.25 points or 0.23% higher.

Broader markets were in the green with the BSE midcap index up 0.76% and the BSE smallcap index up 0.75%.

Metal stocks continued to rise. PSU and oil and gas scrips too were among major gainers, while capital goods and IT scrips fell on profit booking.

The market breadth was positive, with 1,747 stocks advancing compared to 955 scrips on the decline, while 105 stocks remained unchanged.

Among gainers on the Sensex were Sterlite Industries, Reliance Infra, Hindalco Industries and M&M, while the losers included L&T, Infosys, HDFC Bank and SBI.

After two days of weakness, most other Asian stock markets rose Wednesday amid strong earnings reports from companies in the US.

The Chinese Shanghai Composite index moved up 1.63% at 2,753.05 points, while Hong Kong's Hang Seng gained 0.92% to rule at 24,376.4 points.

The Japanese Nikkei closed 0.36% up at 10,557.1 points.

Read more: Sensex trades in tight range, broader markets gain - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-trades-in-tight-range-broader-markets-gain/articleshow/7318444.cms#ixzz1BTTU2X9d

SC pulls up govt on black money issue

NEW DELHI: The Supreme Court on Wednesday chided the government for restricting names of those with black money stashed abroad to Liechtenstein Bank account details disclosed by Germany.

It said the government was wrong in treating black money as a tax issue when it was simple and pure theft of the Indian economy. The court said information from banks in all countries was needed. ( Read: Ex-Swiss banker gives secret documents of super rich to WikiLeaks )

Criticizing the government for not making public all the names on the list, the apex court said plunder of the nation had taken place. ( Read: Indian names in Swiss bank disclosure to WikiLeaks )

"It is a pure and simple theft of the national money. We are talking about mind-boggling crime. We are not on the niceties of various treaties," remarked a bench comprising justices B Sudershan Reddy and S S Nijjar, while hearing a petition by former law minister Ram Jethmalani and others for retrieving Indian black money stashed in foreign banks.

The remark by the bench came when Solicitor general Gopal Subramanium was explaining various steps taken by the government under the Double Taxation Avoidance Act.

The court was unhappy that the government filed an affidavit restricting information relating to the money amounting to Rs 43 crore deposited by 26 persons in Liechtenstein Bank in Germany.

"This is all the information you have or you have something more?," the bench asked.

The apex court said since it was dealing with a serious issue in a public interest litigation, it would not hesitate to expand the scope of the petition.

Meanwhile the government said it was ready to share information with the Supreme Court but not make it public since it was in the process of getting more details of foreign accounts of Indians from other countries under the DTAA regime.

A Congress spokesperson said the government was doing everything possible to bring back the black money stashed abroad. ( Read: Declare names of Swiss bank account holders: BJP )

On Tuesday, senior BJP leader L K Advani referring to the issue had said he had great hope that the Supreme Court would act on the issue of black money stashed in foreign banks as people like Ram Jethmalani and K P S Gill have taken up the matter. ( Read: BJP, Congress spar over black money issue )

"Eminent people like Ram Jethmalani, Subash Kashyap and K P S Gill have approached the court on the issue. I have a great hope in the Supreme Court," Advani had said.

"An international organisation has said that more than Rs 20 lakh crore of Indian money is stashed is foreign banks. If it is brought back, it will satisfy infrastructure needs of the country," Advani said. ( Read: Black money trail: 'India drained off Rs 20 lakh crore during 1948-2008' )

Read more: SC pulls up govt on black money issue - The Times of India http://timesofindia.indiatimes.com/india/SC-pulls-up-govt-on-black-money-issue/articleshow/7317956.cms#ixzz1BTNHnyri

Tuesday, January 18, 2011

Micromax gets SEBI approval for IPO

MUMBAI: Market regulator SEBI has given nod to homegrown mobile handset maker Micromax to sell 10 per cent stake through an initial public offer.

According to SEBI data, the company had filed draft red herring prospectus on September 29 last year and was given the market regulator's approval on January 14 this year.

The company will be offering 2.15 crore shares and it may consider a discount of 10 per cent on the IPO issue price for retail investors.

The Delhi-based mobile handset maker may also consider participation by anchor investors.

The firm is raising funds for establishment of a new handset manufacturing plant, enhancement of the Micromax brand and investment in acquisitions and other strategic initiatives, and for general corporate purposes, it said in DRHP.

JM Financial , Citigroup , Edelweiss and Nomura are the book running lead managers for the issue.

The company at present exports handsets to countries like Nepal, Sri Lanka, Bangladesh and the Middle East countries. It is eyeing a revenue of Rs 2,500 crore this fiscal, as it expands its operations globally and strengthens its product portfolio.

ET

Sensex ends above 19000; TCS, Sterlite, Sun Pharma up

MUMBAI: The BSE benchmark index Sensex rose for the second day today gaining 210 points on buying by funds in fundamentally strong scrips, especially software and metal stocks, after impressive corporate earnings amid a firming global trend.

The Bombay Stock Exchange benchmark Sensex spurted by 209.80 points to close at 19,092.05 points.

The broad-based National Stock Exchange index Nifty shot up by 69.30 points to 5,724.05 points.

Market sentiment improved after software major TCS reported nearly 30 per cent rise in the third quarter net profit, brokers said.

The metal sector stocks were second in a row in pushing up the market following a recent hike in steel prices and a rising base-metal prices in overseas markets.

Besides, a better trend in emerging markets, which rose for the first time in four days as technology companies gained on speculation demand for software services will be sustained, was another boosting factor.

The IT sector index gained the most rising by 2.60 per cent to 6,720.76 as the segment major TCS rose by Rs 62.40 to Rs 1,200.55, Infosys by Rs 50.20 to Rs 3,318.15 and Wipro by Rs 13 to Rs 479.15.

The metal sector index rose by 2.31 per cent to 16,528.72 points as shares of Tata Steel , JSW Steel , Sterlite Industries and Hindalco recorded handsome gains.

As the buying activity spilled over a wide-front, the midcap index rose by 0.45 per cent to 7,155.35 and small cap index by 0.28 per cent to 8,893.27 points.

ET

Sensex ends above 19000; TCS, Sterlite, Sun Pharma up

MUMBAI: The BSE benchmark index Sensex rose for the second day today gaining 210 points on buying by funds in fundamentally strong scrips, especially software and metal stocks, after impressive corporate earnings amid a firming global trend.

The Bombay Stock Exchange benchmark Sensex spurted by 209.80 points to close at 19,092.05 points.

The broad-based National Stock Exchange index Nifty shot up by 69.30 points to 5,724.05 points.

Market sentiment improved after software major TCS reported nearly 30 per cent rise in the third quarter net profit, brokers said.

The metal sector stocks were second in a row in pushing up the market following a recent hike in steel prices and a rising base-metal prices in overseas markets.

Besides, a better trend in emerging markets, which rose for the first time in four days as technology companies gained on speculation demand for software services will be sustained, was another boosting factor.

The IT sector index gained the most rising by 2.60 per cent to 6,720.76 as the segment major TCS rose by Rs 62.40 to Rs 1,200.55, Infosys by Rs 50.20 to Rs 3,318.15 and Wipro by Rs 13 to Rs 479.15.

The metal sector index rose by 2.31 per cent to 16,528.72 points as shares of Tata Steel , JSW Steel , Sterlite Industries and Hindalco recorded handsome gains.

As the buying activity spilled over a wide-front, the midcap index rose by 0.45 per cent to 7,155.35 and small cap index by 0.28 per cent to 8,893.27 points.

ET

Bhimsen Joshi's condition improves

PUNE: Health condition of legendary vocalist Pandit Bhimsen Joshi has shown marginal improvement in the last 24 hours.

"His respiratory status is marginally better following which the ventilator support has been slightly reduced," said physician Atul Joshi of Sahyadri Hospital where the 89-year-old kirana gharana maestro was admitted on December 31.

There is no further deterioration in his health. "He is showing spontaneous movement of right side limbs. He is maintaining the blood pressure without medication. He continues to remain drowsy but has occasional blinking of eyes. We continue to put in our best efforts for his recovery," Joshi said.

Shriniwas Joshi urged people not to crowd the hospital. "Admirers and well-wishers of Panditji have been crowding the hospital. I just want to make an earnest appeal to everyone not to do so, as this results in inconvenience to other patients in the hospital. Panditji is critical but stable. So please pray for his recovery," he said.

Read more: Bhimsen Joshi's condition improves - The Times of India http://timesofindia.indiatimes.com/city/pune/Bhimsen-Joshis-condition-improves/articleshow/7307619.cms#ixzz1BNtiTAhM

Rupee up by 4 paise against dollar in early trade

MUMBAI: The rupee strengthened by 4 paise to Rs 45.48 against the US dollar in early trade at the Interbank Foreign Exchange today.

Dealers said a firm opening in the equity markets supported the rupee sentiment. Besides, dollar weakness against other Asian currencies and the euro overseas also supported the rupee.

The Bombay Stock Exchange benchmark Sensex rose by 152.11 points to 19,034.36 in early trade.

The rupee had ended at a seven-week low of 45.52/53 a dollar in the previous session.

Read more: Rupee up by 4 paise against dollar in early trade - The Times of India http://timesofindia.indiatimes.com/business/india-business/Rupee-up-by-4-paise-against-dollar-in-early-trade/articleshow/7309527.cms#ixzz1BNtOcTth

Sensex rises in noon trade

MUMBAI: A benchmark index of Indian equities markets Tuesday rose in noon trade, helped by strong earnings reported by corporates. Gainers in front-line stocks were led by IT and telecom firms.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,983.2 points, was ruling at 19,008.28 points -- up 126.03 points or 0.67% from its previous close at 18,882.25 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange too was in the green, trading 36.55 points or 0.65% higher at 5,691.3 points.

Broader markets were, however, trading dull, with the BSE midcap index ruling 0.24% up and the BSE smallcap index trading 0.34% higher.

Realty, power and energy stocks saw some selling, while gains were seen in IT and telecom scrips.

The market breadth was positive, with 1,431 stocks advancing compared to 1,133 scrips on the decline, while 107 stocks remained unchanged.

Among gainers on the Sensex were TCS, Wipro, Cipla and Tata Motors, while the losers included Tata Power, Reliance Infra, Jindal Steel and DLF.

Most other Asian stock markets were ruling higher Tuesday, except the Chinese stocks markets which continued to loose after the Chinese central bank's latest move to tighten monetary policy cast a gloom on trading.

The Chinese Shanghai Composite index shed 0.44% to trade at 2,694.68 points, while Hong Kong's Hang Seng was ruling 0.75% higher at 24,339.27 points.

The Japanese Nikkei closed flat at 10,518.98 points.

TOI

Foreign investment in China hits record in 2010

BEIJING: Foreign direct investment in China hit a record $105.7 billion last year, the government said Tuesday, highlighting growing confidence in the economy even as Beijing seeks to rein in growth.

Investment by overseas companies rose 17.4 percent year-on-year, with more than a fifth of the money flowing into the red-hot property sector, commerce ministry spokesman Yao Jian told a regular briefing.

China attracted $14.03 billion in foreign direct investment (FDI) in December alone, up 15.6 percent from a year earlier, Yao added.

"The improvement in the investment environment has become a new driving force of China's FDI," Yao told reporters.

Blistering growth in the world's second-largest economy and expectations for a stronger currency have attracted a growing number of foreign investors to China, hoping to get a better return on their money, analysts said.

"The strong full-year FDI figures show that the world is still largely sold on the China growth story, viewing China as a high-growth, high-returns location," said Alistair Thornton, an analyst at IHS Global Insight.

"Tepid growth prospects in the eurozone and United States have only served to heighten this."

The data were released ahead of key figures due later this week that are expected to show the Chinese economy expanded by a rapid 10 percent in 2010.

Beijing, alarmed by soaring food and property prices, has been trying to reduce the volume of money flowing into the economy as inflation continues to soar -- in November, it rose at the fastest pace in two years.

The large amount of foreign funds into the real estate market -- 22.7 percent of total FDI -- will likely be a "concern" for Beijing, Thornton said.

FDI slowed sharply in August, rising just 1.4 percent year-on-year compared with 29.2 percent in July and 39.6 percent in June.

But in September it picked up again, increasing 6.1 percent year-on-year, while in October it rose 7.9 percent and then leapt 38.17 percent in November.

The data include investment by overseas companies in industries such as manufacturing, real estate, services and agriculture but exclude money put into banks and other financial institutions.

China's investment abroad in non-financial sectors also hit a record in 2010, rising 36.3 percent on year to $59 billion as the country pumped more money into overseas energy, mining and agricultural projects.

Despite the sharp increase, Yao said China wanted even greater access to foreign markets and highlighted the recent obstacles encountered by Chinese firms when trying to invest in the US steel, manufacturing and telecom sectors.

"China is improving our investment environment and legal system. We hope relevant countries will further open their markets and areas available for foreign investment," he said.

Overseas investment through mergers and acquisitions totalled $23.8 billion, accounting for 40.3 percent of the total.

At the end of 2010, the country's accumulated overseas investment in non-financial sectors stood at $258.8 billion, Yao said.

Read more: Foreign investment in China hits record in 2010 - The Times of India http://timesofindia.indiatimes.com/business/international-business/Foreign-investment-in-China-hits-record-in-2010/articleshow/7310358.cms#ixzz1BNswp9l9