Home > News

India ‘not worried’ about ENR curb

 Featured, Markets  No Responses »
Jul 142009
 

welcome-to-the-unofficial-2004-g8India is not unduly worried over the decision of the G-8 group of industrialised nations to impose curbs on full nuclear cooperation on certain countries and feels it shouldn’t affect any of the existing agreements it has on civil nuclear cooperation.

New Delhi feels that G-8 attempts to restrict enrichment and reprocessing (ENR) go back to 2004 and were not specifically directed at India. Hence, the decision is not new.

At last week’s G-8 summit in Italy, the US persuaded world’s richest nations to ban the transfer of enrichment and reprocessing items to countries that have not signed the Nuclear Non-Proliferation Treaty including India.

The nuclear issue is likely to figure during talks Prime Minister Manmohan Singh, who arrived here on a two-day visit, with French President Nicolas Sarkozy on Tuesday.

New Delhi also holds that the G-8 view does not have the approval of the 45-member Nuclear Suppliers Group which had extended last year a clean waiver to India without conditions to do nuclear commerce.

As far as India is concerned, the NSG waiver was an unanimous decision to which the G-8 countries were a party and that is the agreement that it intends to go by.

India feels that the NSG will have to get back to it if the grouping feels the need to look for any changes.

New Delhi looks the G-8 view as individual decision by certain countries. The practical effect on India it is argued, is so far zero since New Delhi does not need enrichment and reprocessing technologies.

Even so, New Delhi would not like to see any dilution of India’s eligibility for full civil nuclear cooperation.

India would like to study the G-8 document in detail.

Informed sources pointed out that the G-8 decision was for all ENR transfers and not directed only against India. New Delhi shares the G-8 concern to the extent that everyone should not have free access to sensitive technologies.

If this is easily available all over the world it could spell danger if it gets into wrong hands.

India feels that the G-8 decision does not affect the sale of nuclear reactors and fuel or hamper in any way its right to reprocess spent fuel on the basis of bilateral agreements with individual countries.
News beuro,

US President Barack Obama to visit India next year

 Featured, Markets  No Responses »
Jul 102009
 

barack-obama-capitolPrime Minister Manmohan Singh will go to the US later this year while US President Barack Obama will visit India next year.
The invitations were exchanged and accepted by the two leaders at a brief “pull-aside” meeting during the G8-G5 summit meeting in this quake-hit Italian town Thursday, Indian Foreign Secretary Shivshankar Menon said here.

No dates have been finalised for both visits.

No bilateral meeting between Obama and Manmohan Singh took place during the three-day (July 8-10) summit here.

“The leaders discussed how bilateral talks could be taken to an enhanced level of cooperation,” Menon said.

US Secretary of State Hillary Clinton is scheduled to visit India later this month. This will be her first visit to India after becoming secretary of state.
News beuro,

Jaiprakash Hydropower surges 6% on merger plan

 Featured, Markets  No Responses »
Jun 252009
 

share-marketsJaiprakash Hydro Power has surged on news of a proposed merger with Jaiprakash Power Venture (JPVL), a wholly-owned subsidiary of Jaiprakash Associates.

Jaiprakash Power Ventures to merge with group company
Jaiprakash Associates offers Rs 200 cr discount in ESOP plan
Jaiprakash Associates FY09 net at Rs 420.25 cr
C&C bags two orders worth Rs 375 cr
JAL gets HC nod for merger of group firms with itself
Jaiprakash Associates announces 63.13% higher turnover for Q4FY09

Govt hikes sugarcane support price to Rs 107.76 a quintal
Jaiprakash Hydropower surges 6% on merger plan
Inflation rises marginally to 1.14 %

The stock opened up 2.5% at Rs 89. It surged 8.5% to a high of Rs 94 and is now trading 6.5% higher at Rs 92. The stock has advanced 44% in the past month. Over 6.12 million shares have been traded on the BSE so far.

The merger would help JPVL raise funds through equity routes. After the merger, the company plans to divest 15-20% stake for Rs 3,000-4,000 crore.

Meanwhile, Jaiprakash Associates, the parent company of JPVL, touched a high of Rs 221, up around 4%. It is now trading 2.5% higher at Rs 219. Over 2 million shares have changed hands at the counter so far.
News beuro,

The Indian economy to grow at 6.8 % :citi

 Featured, Markets  No Responses »
Jun 252009
 

industrialThe stock market recovery fuelled by perceived green shoots and risk-seeking liquidity got a boost with the promise of political stability, but this run could be close to losing steam.
The comments of economists and analysts at Citi show that they expect the Indian economy to grow at 6.8 per cent this year but see moderate improvement in earnings.
Aditya Narain, managing director and head of research at Citi India, said, “The sweet spot has already been captured by the Indian markets. Our index target is 14,000, which is perceived on 15-16 times earnings multiple. On the corporate side, we have moved from negative growth expectations to positive.”
Markus Rosgen, MD & head of regional Strategy at Citi Investment Research, said Indian corporates are not seeing the same green shoots as analysts are.
While a stable political environment and some perk up in capital investment bode well for India, the team at Citi believes overhyped expectations from the government, delayed monsoons and a strong dollar could prove to be the wildcards.
“Expect the dollar to strengthen in next few months and fund flows are always impacted when this happens,” Rosgen added.
Rohini Malkani, economist at Citi India, said that monsoons have been delayed and this could be a dampener.
Although positive on the banking, telecom and pharma space in India, strategists at Citi echo the sentiments of several global economists who divine a U shaped recovery, not a V shaped one as some hope for. And India can’t remain isolated from the world winds so a return to 21,000 by yearend seems like a Christmas wish right now.
News beuro,

India again demands expansion of UN Security Council

 Featured, Markets  No Responses »
Jun 232009
 

usstockIndia has reiterated its demand for “real reform” of the UN Security Council with expansion in both permanent and non-permanent
membership of the world body’s top decision making organ.

Noting that the overwhelming majority of member states has unambiguously sought “real reform” in two rounds of negotiations, India’s Permanent Representative Hardeep Singh Puri Monday hoped the third round of negotiations will be focused and action oriented.

In his intervention during an informal plenary meeting on the issue, he again spoke of the “inevitability of reform, and the futility of arresting the movement of history.”

“Let me reiterate that attempts to merely make cosmetic changes, limit our efforts to actions that we know will not succeed, or block progress altogether through procedural manoeuvrings, are doomed to fail against the inevitability of a reform that is long overdue,” Puri said.

“I urge those that seek to follow this unenlightened path to rise above their own self-interest and insecurities and join the overwhelming majority in the greater good for all of humanity,” he added.

Predicated on the logical and principled position that there can be no discrimination within the same category of members of the Security Council, India’s national position has been and remains that veto should be extended to new permanent members, Puri said.

However, taking into account concerns voiced by a large majority over the use of the veto, India had accepted that new permanent members should not exercise the right of veto until the question of the extension of the right of veto to new permanent members had been decided upon through a review, he said.

In order to improve and strengthen the relationship between the Security Council and the UN General Assembly, the Security Council must reflect contemporary realities, particularly in its permanent membership, Puri said.

“Only then can we address the problems of credibility and legitimacy of the UNSC, and ensure its accountability to the membership at large,” he said.

“This reflection of contemporary realities is certainly not feasible without an expansion in both the permanent and non-permanent categories, and addressing the under-representation of developing countries,” Puri said.
News beuro,

copper futures are expected to open down

 Featured, Markets  No Responses »
Jun 232009
 

copper-etnIndia’s copper futures are expected to open down on Monday on worries Chinese restocking could soon ease with a record level of imports
in May, probably the peak for the year, analysts said.

China, the world’s largest consumer of the red metal, saw imports of refined copper hit a record 337,230 tonnes in May, up from a previous record of 317,947 tonnes in April and 258 percent higher than a year earlier. Analysts said Chinese copper imports will weaken in the coming months on low demand.

Copper prices have risen around 59 percent in London and over 60 percent in Shanghai so far this year, largely supported by demand from China. The benchmark June copper on the Multi Commodity Exchange of India (MCX) on Saturday ended down 0.35 percent at 238.9 rupees.

It may open around 238-237 rupees per kg, one analyst said. June zinc ended down 0.40 percent at 74.1 rupees and lead for June delivery ended down 0.88 percent at 79.2 rupees per kg.
News beuro,

tata infosys reliance are in worlds top 50

 Featured  1 Response »
Apr 112009
 

NEW YORK: Three Indian entities — Mukesh Ambani-led Reliance Industries, adapted amassed Tata Group and IT bellwether Infosys Leaders.
images2The alliance of avant-garde firms additionally appearance NRI Lakshmi Mittal-led world’s better animate ambassador ArcelorMittal.

Among the 50 companies, Tata Group ranks 13th, Reliance Industries 15th and Infosys 26th.

Tata Group and Reliance Industries accept been ranked advanced of American automated amassed General Electric (17), German car architect BMW (20), Japanese auto close Honda Motor (22) and telecom above AT&T (23), amid others.

However, while the Tata Group slipped in baronial from the sixth abode in 2008, Reliance Industries has bigger its antecedent year’s rank 19. Infosys was not in the account in 2008.

BusinessWeek has placed ArcelorMittal at the 35th spot. Amid the top five, Apple is followed by Internet chase behemothic Google at the additional position. Both companies accept retained their corresponding ranks from aftermost year.

Japanese auto maker Toyota Motor,computer application above Microsoft and Japan’s Nintendo are at the third, fourth and fifth positions, respectively.

infosys fired 2100 employees

 Markets  No Responses »
Apr 112009
 

BANGALORE: Technologies of Infosys fired 2100 people through the country, after an annual exercise of performance concluded mid-March.
images1TV Mohandas Feeds, head of the company of the ‘s hour, indicated that based on the sack, 2100 employees had left Infosys. Tolerance for non-fulfilment is gone down to zero, with Pai known as.

Evaluation was led for 60.000 of our employees. At the bottom, approximately 3.5 percent of the people outplaced or left the company. An annual scenario after each evaluation of execution. In fact, normally the lower size is 5, of percent ‘it said. The trainees were not part of this exercise.

The professional reintegration is a new jargon employed by companies, which means personal excessive/nondesired of unloading to another employer. However, outplacing is not a viable option in the current scenario where little work is available on the market.

Infosys currently has a base of the employees of 1.05.000 which includes 45.000 trainees who were not part of this exercise of evaluation. During fine the quad on December 31, the company had a total staff complement of 1.03.078.

There is a Infosys quarter had said that it would engage 26.000 people during 2008-09 tax, more than what he had projected in the beginning of the year. During the third quarters, the company made a rough addition of 5.997 with the clear catch being 2.772.

Infosys made proposals with approximately 20.000 graduates of construction during the current year. The company was vocal about honouring all the proposals which it made with the freshers. Infosys ‘returned for 2008-09 will be on April 15 outside.

FCCB buybacks

 Featured, Markets  No Responses »
Apr 102009
 

When Moser Baer, the world’s second-largest manufacturer of compact discs, bought back foreign currency convertible bonds worth
thumbcmsthe last three months, it had to pay just $12.4 million. Depressed market conditions and a liquidity crisis helped the company make a gain of around $38.6 million, which translates into an extraordinary gain of over Rs 190 crore at the current exchange rates. “We have bought back the FCCBs at a discount of around 75%,” said Yogesh Mathur, chief financial officer of the company.

Apart from bringing down the liabilities on the company’s books, the transaction may also help it bring down mark-to-market losses provided for against the FCCBs. These gains will help the company post better results in the fourth quarter of the fiscal ended March 31.

Ever since the Reserve Bank of India allowed Indian companies to buy back FCCBs in December 2008, a dozen companies have redeemed such bonds worth $340 million at deep discounts to the conversion price. As in the case of Moser Baer, these companies also will earn twin benefits from FCCB buyback. When they pay off a loan at a discount, they earn a substantial one-time gain. Also, they need not carry the mark-to-market losses for the redeemed FCCBs.

rs 31k cr raised by india inc

 Featured, Markets  No Responses »
Apr 102009
 

NEW DELHI: Corporate India mopped up an absorbing Rs 31,069 crore via rights affair in 2008, a two-fold acceleration over the antecedent imagesyear, as fund raising from the debt bazaar and through IPOs broiled up amidst the all-around bread-and-butter crisis.

During the agenda year 2008, funds amounting to Rs 31,069 crore were aloft through rights issue, up two-fold over the aftermost year’s amount of Rs 14,085 crore, as per abstracts aggregate by allowance close SMC Capital.

“With abreast arctic debt bazaar and dehydration up of antecedent accessible offers, firms approved their luck with rights issue, as they were in charge for funds to accommodated their amplification costs,” SMC Basic Equity Head Jagannadham Thunuguntla said.

Some of the big admission rights affair that hit the markets in 2008 accommodate Tata Motors’ over Rs 4,000 crore affair to armamentarium accretion of British covering cast Jagaur Land Rover (JLR) and Rs 5,000 crore Hindalco rights issue.

“The two big issues of aftermost year saw blood-warm acknowledgment from investors with the actual actuality subscribed by the promoters. It acts as an advantage for the companies, as the promoters ample in the actual gap and there is no black aftereffect on the authority of the firm,” Thunuguntla added.

However, in agreement of cardinal of issues, there was a bordering bead with 26 issues hitting the basic bazaar in 2008, adjoin 29 in 2007. Rights affair is an allurement to the absolute shareholders for purchasing shares of the company.

Of the companies which came out with rights offer, best of them had already appear their amplification plans. This shows that alike as cardinal of affair decreased over the aftermost year, the boilerplate affair admeasurement added substantially,” he said.

The boilerplate affair admeasurement in 2008 was at Rs 1,195 crore, while in 2007 it was Rs 486 crore, SMC Capitals abstracts showed.

Meanwhile, so far this year, no aggregation has broke the rights affair advantage as marketmen said they accept taken cues from aftermost year’s abortion of several big issues to accumulate accessible subscription.

“Most of the rights affair which hit the bazaar in mid 2008 has bootless to accomplish acceptable accessible response. These has somewhat annoyed the aplomb of added companies afterward which they adjourned their amplification plans,” Thunuguntla said.

The companies which would tap the rights affair avenue to accession funds in 2009 accommodate Religare (Rs 1,850 crore), Fortis (Rs 1,000 crore), Max India (Rs 650 crore), Alok Industries (Rs 450 crore) and Greenply (Rs 75 crore).

 Older Entries