30 November 2008

Business Today (Dec 14) articles

Cover Story
Fighting the bad times
K. R. Balasubramanyam and Kushan Mitra
Vijay Mallya’s aviation business has landed in a sea of red. Mallya has a survival plan, but he may need to look at drastic options to stay afloat. K. R. Balasubramanyam and Kushan Mitra go into the details.
‘‘We can wipe out our losses in three years”
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Reporter's Diary
The ground reality
BT reporters go incognito across five cities to find out what’s the best deal your money can buy against a developer’s listed price.

Policy Watch
The fight gets real
Puja Mehra
The global crisis has spilled from the international financial system into the real sector. Here’s what the UPA government’s game plan for dealing with it is looking like at the moment.

People
Walking the talk with Obama
Named one of the most powerful women in the world, Nancy M. Barry, 59, the Founder and President of Enterprise Solutions to Poverty and former President of the New York-based Women’s World Banking, is no stranger to the limelight.

Special
Messiah or merchant?
E Kumar Sharma
Vikram Akula has revolutionised Indian microfinance by building SKS—one of the biggest brands in rural India. His critics feel that he has ignored the very people he should be helping.
Poverty's new saviour
“India needs game changers In microfinance
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60 MINUTES
'New house numbers in the US have fallen to lowest since WW II'
United Technologies (UTC), the $54.8-billion (Rs 2,74,000 crore) diversified industrial conglomerate, and its 51-year-old President and CEO Louis R. ChĂȘnevert, are no strangers to India.

Money
Coping with an uncertain market
Manu Kaushik
The market meltdown has cleaned up nearly 60 per cent of investor wealth. How are investors trying to cope with their losses? We take a look.
The art of living frugally

Trends
Time for a price cut?
Virendra Verma
Despite a call from the FM, industry leaders say cutting production is a better way to deal with recession.
‘‘Firms in UK and China are looking for investment opportunities”
Ecomomy watch
Ranked
Market meltdown continues
‘‘India remains a robust market’’
Instan tip
Numbers of note
‘Impossible to be risk proof’
The generosity index
The sWaP phone
Heathrow-on-sea
The fight gets real
To be precise
Passports get smart
China’s 10-point bailout
Banking on a change
A spirited upswing

Noted
Ranked
Reliance Industries (RIL) Chairman Mukesh Ambani, with a net worth of $20.8 billion, is the richest Indian in the world. Ambani has displaced Lakshmi Mittal, according to a list of the nation’s 40 richest people compiled by the Forbes.

Source:Business Today.
http://businesstoday.digitaltoday.in

Terror Face on Mumbai

TERROR HITS MUMBAI

Pix: What remains of the Taj Terror toll 195
Why did NSG take 10 hours to arrive?
Pix: The face that launched a thousand demons

Target: 5000 lives Salute our Heroes
Bush offers full supportA commando's account
Pix: When terror snuffed out two bravehearts

Dawood provided logistics Zardari, team meet
CWC sidesteps Patil 22 bodies found at Taj
‘Shouldn't Narendrabhai have waited?’

Many bodies still unidentified Many Questions
Operation Cyclone 2 3 4 5 6 More
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'He was a brave officer' Pix: Nariman House
Terrorists will not check in as guests'
Obama backs India

Mumbai terrorWe salute our heroesCommandos speakInside the TajLatest at the TajTaj burnsModi lashes at PM & PakThe CrossfireCrowd cheers NSGThe terror planRemembering our Heroes
----------------------------------------
Mumbai locals helped us, terrorist tells cops
Shivraj Patil offered to resign at CWC meeting
Sabina, we will miss you. Pay your tribute

Now, arrested terrorist Ajmal says 'kill me'
Ajmal Kasab was arrested by D B Marg Police, his companion Abu Ismail was killed.

Pay tributes to bravehearts The Terrorists Pak Connection Places targeted
Creation of NSG-like force may require Rs 10,000 cr
It’s the last & final wake-up call

The attitude of tolerance will cost the country heavily, says Gautam Adani, Chairman of Adani Group.
India Inc affected Cos to hold meets at own premises
Institutional responses inadequate Tourism industry shaken

Mumbai attackers were 'well-trained, financed and prepared' (1123hrs)
Mystery woman had accompanied terrorists at Cama (1036hrs)
Terror attacks: 5-star hotels change, perhaps forever (0756hrs)
Nariman House is in danger of crumbling down: Police (0928hrs)

ET updates:http://economictimes.indiatimes.com/etupdatelist/2160130.cms

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Source:All leading web links..

India's GDP grows 7.6 % in Q2

India's GDP grows 7.6 % in Q2

Dispelling fears of a major slowdown, the Indian economy grew by 7.6 per cent in the second quarter of current fiscal due to decent performance by the construction and services sectors, though the growth is moderate compared with 9.3 per cent in the year-ago period.For the first half of this fiscal, the economy, measured as gross domestic product, rose by 7.8 per cent compared with 9.3 per cent a year ago, an official release said on Friday.

The government has been projecting the economy to grow between 7-8 per cent this fiscal, while Reserve Bank of India's [Get Quote] projection ranges from 7.5-8 per cent.

While agriculture and allied sectors growth slipped to 2.7 per cent in the second quarter from 4.7 per cent a year ago, mining and quarrying could post a growth of 3.9 per cent compared with 5.5 per cent.

Manufacturing sector, however, show a marked deceleration recording a growth of five per cent, down from a high of 9.2 per cent in the second quarter of previous fiscal.Electricity generation and related sectors, too, recorded a modest growth of 3.6 per cent compared with 6.9 per cent in the year-ago period.

Among those sectors which performed well, construction sector grew by 9.7 per cent in the second quarter, even though it was down from 11.8 per cent in the corresponding period last fiscal.

In services group, trade, hotels, transport and communication rose at the rate of 10.8 per cent, marginally down from 11 per cent in the second quarter last fiscal.Even the financial and related sectors recorded a growth of 9.2 per cent, compared with 12.4 per cent, while growth in the community, social and personal services remained more or less at the same level.

India adviser: GDP growth along expected lines
GDP springs a surprise in 2nd quarter, grows 7.6%
INSTANT VIEW - India's Sept qtr GDP up 7.6 pct y/y - Yahoo! India News
India's July-Sept GDP up 7.6 pct from year earlier - Forbes.com
The Hindu : Business : GDP growth rate slips to 7.6% in second quarter
Deccan Herald - GDP logs modest 7.6% growth in H1 of 2008

India's economic growth falls further to 7.6 percent- Indicators ...
Q2 GDP growth of 7.6% shows resilience of Indian economy: CII
GDP grows 7.6 % in Q2
India's July-Sept GDP up 7.6 pct from year earlier Business News ...


Source:Rediff,All websources.

16 November 2008

G20 Summit: The Group of Twenty

G20 Summit: The Group of Twenty

World leaders agree to step up financial oversightG20 leaders vowed to toughen oversight, but stopped short of calling for a global super-regulator on hedge funds.
UN welcomes G-20 declaration IMF welcomes G20 plan
G20 follow-up key to resolve crisis G20 leaders' speak

WASHINGTON: Leaders of the world's 20 largest economies vowed on Saturday to toughen oversight of the troubled financial system, but stopped short of calling for a global super-regulator or new restrictions on hedge funds. At an economic summit hosted by soon-to-depart US President George W Bush, officials faulted regulators and policymakers for not tackling financial problems and agreed on a foundation for reform.

Rich and developing nations alike, many having recently bailed out their banking sectors, blamed credit rating agencies, complex derivatives, banks, accounting standards, executive compensation and regulators. Leaders agreed that "colleges" of international supervisors were needed for all major global financial institutions, such as Swiss-based UBS AG or Goldman Sachs. Financial industry experts said it was significant that the 20 largest economies met to discuss financial markets. However, they called the G20 statement vague and broad.

"In terms of the substance, it's remarkably bland," said Edwin Truman, senior fellow at the Peterson Institute for International Economics, a think tank in Washington, DC. "Even the description of supervisory colleges for large complex institutions is pretty vague," Truman said. "It's not much more than what goes on today." Some financial industry reforms are already in motion. The US and the European securities regulators are taking steps to ensure that rating agencies such as Standard & Poor's, Moody's Investors Service and Fitch Ratings, avoid conflicts of interest, provide greater disclosure and differentiate ratings for complex products, such as mortgage-backed securities.

The US and the EU accounting rule makers have also begun working on standardizing global accounting rules and addressing weaknesses in accounting and disclosures for off-balance sheet items. Regulators are already working on central clearing of credit default swaps, sophisticated instruments blamed for exacerbating the credit crisis. The swaps are used to insure against risk that a borrower will default on debt and are often speculatively traded.

CEO PAY RECOMMENDATIONS "Credit default swaps should be processed through central clearing houses," Bush said in a statement after the summit. His comments were a marked departure from the Bush administration's pro-business policies centered on the premise that free markets should police themselves. On corporate executive pay, the group of 20 leaders told their finance ministers to come up with recommendations on compensation practices and said pay incentives should discourage excessive risk-taking. Leaders said the Financial Stability Forum -- an advisory body of rich nations' central banks, regulators and finance ministries -- should expand to include emerging economies. They agreed to assess the best practices of hedge funds and how they could be used to help fix the financial problems. Secretive hedge funds have been a big source of funding for mortgage securities but also criticized for exacerbating the situation by short-selling stocks of troubled banks. Canada's finance minister, Jim Flaherty, expressed disappointment that the G20 didn't directly subject hedge funds to capitalization rules. "Our view is all significant pools of capital that are leveraged need to be subject to capitalization rules in particular," Flaherty said. Leaders poured cold water on the idea of an international super-regulator and said regulation is a national responsibility, an idea applauded by the financial services industry.

"Each country should set up their own regime to deal with systemic risk. Each country has their own customs; creating one global regulator would be extremely difficult," said Scott Talbott, senior vice president at the Financial Services Roundtable, which represents the biggest US banks, insurers and investment services companies. The United States and other nations are taking major steps to restore bank capital, which has shrunk due to enormous write downs of soured mortgages, with some depositors fleeing amid consumer worries about the safety of their money. One summit recommendation was to harmonize measurements of capital at financial institutions and maintain enough capital to "sustain confidence." They also called on international standard-setters to strengthen capital requirements for banks' structured credit and securitization activities. Leaders will meet again by April 30 to review the implementation of the principles and decisions they agreed upon.

Source:ET

14 November 2008

Corporate Headlines

Stocks end 151 points lower
Rupee off 2-week lows
'India may face a slowdown in FDI'
FX reserves at $251.364 bn on Nov 7
Oil slips below $58 despite stock rally
Citi lowers India growth forecast
D&B expects RBI to cut rates by 0.50%

'Accumulate' Reliance Petro: Analysts
Religare Hichens sees Rs 1,229 on Titan

Recession spreads ahead of G20 summitThe worst financial crisis in 80 years has weakened the world's major economies and euro zone economy had shrunk by 0.2%.
Sun to cut up to 6K jobs Brazil's Sao Paulo loses 10K jobs
US teetering on $14 trillion debt Oct budget deficit at $237 bn
More >>

RIL-RNRL case: Govt says it will finalise gas price
DoCoMo makes Rs 949 cr open offer for 20% in TTML
Sun Microsystems to cut up to 6,000 jobs
Investing in realty a good hedge against inflation
No Indian company in world's 100 most accountable

Earnings of Sensex cos grow by 10.1% in Q2
MetLife plans expansion; to hire 33,000
TTML open offer at Rs 24.70 a share
RCom adds 1.76 mn mobile users in Oct
Shree Renuka Sugars Q4 net jump two folds

Source:ET,BS,BL etc

Indian tricolour finally lands on the moon

Indian tricolour finally lands on the moon

The Indian tricolour marked its presence on the moon tonight (at 8.31 pm IST) after having flown 3,86,000 km from the earth. The timing of


this proud moment has been specially designed to coincide with Children's Day. The United States, the former Soviet Union and the European Space Agency comprising 17 countries already have their flags on the moon. The Indian tricolour is painted on all sides of the 29-kg Moon Impact Probe which is attached to the main orbiting spacecraft, Chandrayaan-1, which was launched on October 22. The inclusion of the MIP as part of the Chandrayaan mission came at the suggestion of former President A P J Abdul Kalam, a former rocket scientist, during the International Lunar Exploration Working Group conference held at Udaipur in November 2004. The Indian tricolour has been hoisted on Mount Everest and Antarctica. And now it is on the moon though it was not hoisted. The flight of the MIP on Friday is expected to be a forerunner to the second Indian moon mission, Chandrayaan-2, which will carry a Russian rover and alander slated for lift-off between 2010 and 2012. The crash landing of MIP will help in assessing future soft-landing technologies.


Chandrayaan project director Mylaswamy Annadurai explained to TOI on Friday that at about 8 pm on Friday, a command will be flashed to the MIP from Isro's telemetry, tracking and command network (Istrac) at Bangalore for it to detach from the orbiter. "The MIP will separate and with its three instruments, zoom towards the lunar south pole at a velocity of 1.5km per second," he said. "At Istrac's mission control room, we will immediately come to know that the MIP has separated from the orbiter. The MIP's flight path will first take it over the Malapert crater for about nine seconds and then crashland near the Shackleton Crater about 25 minutes after its detachment from the orbiter. Malapert Crater is not far from the Shackleton crater," he added. Annadurai said that after this, the orbiter will fly in the opposite side and thus data will not be immediately available. "The downloading of data from the MIP to the orbiting Chandrayaan and then to the ground station will start once the spacecraft comes over the north pole of the moon. It will take a couple of hours for the data from the MIP to be downloaded and processed," Annadurai said. He said that once the MIP crashlands on the moon, its own survivability and that of the three instruments will be in question. The probe uses solid propellants. "India's physical presence on the moon with the tricolour will be assured," he said.

-----------------------------------------
ISRO to launch Chandrayaan-II by 2012


Source:ET

Stocks end 151 points lower

Stocks end 151 points lower

Volatility was at its peak Friday as gloomy global economic outlook eclipsed the euphoria over a rally in overseas markets and cool-off in domestic inflation. Equity benchmarks opened on a firm footing but lost ground after the first half-hour of trade. After see-sawing through the day, key indices finally surrendered to losses. “Global worries continue to haunt market sentiment. Even though inflation eased to single digit, it failed to cheer investors. Given the current pessimistic scenario, it looks like the market is not willing to accept any positive news,” said Ajay Parmar, head of research at Emkay Global Financial Services. More so, investors were unwilling to take any bets ahead of the crucial G-20 summit underway in Washington. The G20 summit of industrialised and emerging economies will explore ways to deal with the world's biggest financial crisis. “Investors are not at all confident of carrying positions overnight, which is why there is unwinding happening at higher levels,” Parmar added.

Bombay Stock Exchange's Sensex ended 1.58 per cent or 150.91 points lower at 9,385.42. The index fell to a low of 9,267.49 from a high of 9,836.11. National Stock Exchange's Nifty slipped 1.34 per cent or 38.1 points to 2810.35. The index swung in a range of 2778.80 and 2938.80.

BSE Midcap and Smallcap indices were down 1.99 per cent and 1.27 per cent respectively. Biggest losers in the Sensex pack were ACC (-8.95%), Tata Motors (8.49%), Tata Steel (-6.4%), HDFC (4.86%), Jaiprakash Associates (-4.67%) and Larsen & Toubro (-4.36%). Reliance Industries, the heaviest among Sensex stocks, fell for the fourth straight day, losing 1.17 per cent at Rs 1,148.55. Intra-day, the stock fell to a low of Rs 1088.65. In the last four days, RIL has declined by 5.69 per cent. Bharti Airtel (2.99%), Reliance Communications (1.88%), Tata Power (2.02%), HDFC Bank (0.37%) and Hindustan Unilever (0.3%) ended with decent gains. Market breadth remained negative with 1594 declines against 924 advances on BSE. Adding to the gloom, investors were worried about the state of the country's economy after economists lowered their forecasts for India. Many now expect growth to slow to 7 per cent or less in the year to March 2009, sharply slower than 9 per cent and higher growth clocked up in the past three fiscal years. Elsewhere, the Euro zone slipped into recession, third-quarter data confirmed. The quarterly decline was prompted mainly by a technical recession in the Euro zone's biggest economy, Germany, and the third-biggest, Italy. However, the second-biggest, France defied market expectations of a similar fate, growing by 0.1 per cent in the third quarter.


Source:ET

13 November 2008

Inflation falls to 8.98%

Inflation falls to 8.98%

India's wholesale price index rose 8.98% in the 12 months to November 1, sharply below the previous week's annual rise of 10.72 percent, government data showed on Thursday. Inflation slipped to single digit after 21 weeks. ( Watch ) The fall was mainly on account of a 3.4 per cent dip in fuel and power prices. Aviation turbine fuel prices dipped by 18 per cent, while naphtha prices fell by 33 per cent. Earlier a Reuters poll showed that the inflation rate was expected to have eased to around 10.4 per cent in early November. The median forecast of 11 economists was for a 10.37 per cent rise in the wholesale price index in the 12 months to November 1, compared with 10.72 per cent a week earlier. Inflation, which was 9.32 per cent on May 31, had surged into double digits in the first week of June after a hike in retail fuel prices.

Last week's marginal increase in the wholesale price index (WPI)-based inflation was mainly due to upward movement of prices in primary articles, which has a weightage of 22% in the index. Despite the marginal increase, however, economists expect the downward movement in inflation to continue. Their expectations are rooted in the prices of primary articles dropping after kharif produce enters the market. They also do not expect the liquidity infusion and the cut in interest rates to have any impact on inflation in short term.


Inflation falls to 8.98% for week ended November 1
13 Nov 2008, 1234 hrs IST, Economictimes.com and Agencies
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NEW DELHI: India's wholesale price index rose 8.98% in the 12 months to November 1, sharply below the previous week's annual rise of 10.72 percent,


government data showed on Thursday. Inflation slipped to single digit after 21 weeks. ( Watch ) The fall was mainly on account of a 3.4 per cent dip in fuel and power prices. Aviation turbine fuel prices dipped by 18 per cent, while naphtha prices fell by 33 per cent. Earlier a Reuters poll showed that the inflation rate was expected to have eased to around 10.4 per cent in early November. The median forecast of 11 economists was for a 10.37 per cent rise in the wholesale price index in the 12 months to November 1, compared with 10.72 per cent a week earlier. Inflation, which was 9.32 per cent on May 31, had surged into double digits in the first week of June after a hike in retail fuel prices. Last week's marginal increase in the wholesale price index (WPI)-based inflation was mainly due to upward movement of prices in primary articles, which has a weightage of 22% in the index. Despite the marginal increase, however, economists expect the downward movement in inflation to continue. Their expectations are rooted in the prices of primary articles dropping after kharif produce enters the market. They also do not expect the liquidity infusion and the cut in interest rates to have any impact on inflation in short term.
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Oil plunges to 22-month low of $55 a barrel"Inflation is expected to come down further due to the lower fuel and steel prices, largely all commodity prices were lower in that week," said Anjali Verma, economist with MF Global. Data released on Wednesday showed industrial production recovered in September from its slowest pace in a decade as consumers spent for the festival season. But analysts said the rebound would be short-lived after the global credit crisis turned on India in October, paralysing money markets and pushing up firms' borrowing costs. Industrial production rose 4.8 per cent in September from a year earlier, well above August's 1.4 per cent. In early August, the inflation rate had hit 12.91 per cent, the highest reading since annual numbers in the current data series became available in April 1995.

Inflation dips to 8.98%
Source:ET

8 stocks you must buy in small quantities today

8 stocks you must buy in small quantities today

The two most respected names of corporate India, Tata and Birla, failed to raise money from the stockmarket through their respective rights issues (a rights issue is when a listed company offers shares to existing shareholders at a price, which is usually less than the market price of the listed stock).
Eventually, underwriters had to buy the majority of shares. Hindalco Industries, an Aditya Birla Group company, saw just half its Rs 5,000-crore rights issue subscribed to. Tata Motors of Tata Group, too, had the same fate.
The reason? Market prices of these stocks fell much below their offer price in the rights issue, removing the investor incentive of buying. Tata Motors and Hindalco are not the only companies to have seen such a battering.
As we go to press, about 380 out of 600 companies with a market cap of over Rs 250 crore (Rs 2.5 billion), have lost more than 50 per cent of their value since January. The Sensex and the Nifty have also lost close to 60 per cent. It is carnage on markets. But, in the rubble, you will find some gleaming diamonds, available at a quarter of what they were worth until a few months ago.
The Indian market has become a victim of a global meltdown. What started as credit crisis in the US has spilled over to the global financial market. Bears are out in full force, with their usual weapon of panic and fear, and have virtually captured every market--from Wall Street to Dalal Street.
If all you saw over the last four years was unbridled enthusiasm, now all you can hear is negativity. The Indian market started witnessing selling pressure from January this year. As the credit crisis started deepening in the West and liquidity became scarce, foreign institutional investors (FIIs) started selling stocks in all the markets, including India.
Anticipation of heavy selling from the FIIs prompted domestic investors to get out. FIIs continue to dump Indian stocks--they have sold stocks worth Rs 52,000 crore, or $12.90 billion, in our markets since January. Apart from the FII play, expectation of slower growth of the economy and corporate earnings, due to deteriorating global outlook and high domestic interest rates, contributed to the market's downfall. Read on. . .

What next? International Monetary Fund (IMF), in its October 2008 report, World Economic Outlook, said that the world economy is entering a major downturn in the face of the most dangerous shock in mature financial markets since the 1930s. It has marked down global growth to 3 per cent for 2009, the slowest since 2002.
The Indian economy is also expected to slow down. The Reserve Bank of India (RBI), in its mid-term review of marcoeconomic and monetary developments, published a professional forecasters' survey, which suggests that the Indian economy will grow at 7.7 per cent in FY09, compared to 9 per cent in FY08. Earnings growth has also started to show a declining trend.
Earnings guidances are being revised downwards, liquidity has become scarce, markets have fallen above 60 per cent, and FIIs continue to sell. In short, the overall condition has turned against equities. So, should you be out of equities?
Outlook Money advised caution when the market was on a dizzying ride--the Sensex was up at around 21,000. Now, as the Sensex crashes to 9044.51, we are breaking out of the pessimistic babble to tell you that this is a good time to start buying stocks.
The current crisis is being termed as once-in-a-lifetime by the Western press. If the crisis is once in lifetime, so are the challenges and opportunities. And as an investor, you should grab the opportunities.
The question you may ask is whether the market will fall further? It surely can. But you need to remember that it's always difficult to catch the bottom. The market may fall further before stabilising, but start buying now. Investors entering at this stage need to hold on to their stocks for the long term.
If you are a short-term investor, stay out of the market at this stage. Buying long-term assets with short-term capital is never a good idea.
Valuations have come down significantly, even for fundamentally sound companies. We are giving you eight such options--take your pick and invest for at least three years. Invest systematically to take advantage of any further price fall.
Methodology: The companies that have been considered for selection are the ones with a market capitalisation of at least Rs 250 crore. Among them, companies with year-on-year (y-o-y) net sales and net profit growth of more than 10 per cent for the last three years and the last two quarters were retained. From this list, only companies that were able to maintain or increase their operating profit margin (OPM) and operating cash flow in the last three years were kept.
The remaining stocks were examined individually based on qualitative and quantitative measures.

Click here to check out the 8 stock picks. . .

Source:Rediff.com

Asia's top 10 shopping destinations

Asia's top 10 shopping destinations

1. Hong Kong
November 7, 2008
F rom posh malls to the biggest hawking zones, from the most expensive stuff to the cheapest, you get it all in Asia. So it's not surprising that Asia is a paradise for shoppers.
Any guesses for the No.1 shopping hotspot in Asia? It's Hong Kong! It is followed by Bangkok and Singapore in the second and third positions among the best shopping destinations.
Hong KongHong Kong is the land of some of the biggest and impressive shopping malls. From posh malls to open air markets and streets lined with hawkers, Hong Kong offers a huge variety for shoppers. Festival Walk, Harbour City, Times Square and The Landmark.
Pacific Place, The Landmark, The Galleria, Prince's Building, Alexandra House and the IFC mall are the main shopping centres. Admiralty is known for luxury goods.
And for those of you looking for some street shopping, two parallel streets called Li Yuen Street East and Li Yuen Street West have clothing, watches, jewellery, luggage, shoes at cheap rates. Hong Kong also has amazing sales during summer (July to September) and winter (late December to February).
Causeway Bay is also popular with local shoppers and tourists. Check out the other shopping hotspots that make it to the top 10 list in a survey by SmartTravelAsia.com.

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2. Bangkok, Thailand
November 7, 2008
Bangkok is the second best shopping destination in Asia. Bangkok is a shopper's haven, a place that offers great discounts.
Towering malls and bustling street markets, Bangkok has great avenues to make your shopping an unforgettable experience. From antiquities, designer jewellery, clothes, CDs, electronic goods, Bangkok has an elaborate fare to attract all types of buyers. Central World Plaza is the biggest mall in Bangkok.
Thailand Emporium is an excellent shopping centre. Siam Discovery, Gaysorn Plaza, Amarin Plaza Bangkok, MBK Shopping Centre, Siam Paragon, Pantip Plaza on Petchaburi Road are some favourites among shoppers.
Chatuchak Weekend Market is the place to go for anything related to computers. Bangkok Patpong Night Market offers a wide range of fake goods such as watches, clothes, bags etc.

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3. Singapore
November 7, 2008
It's a delight to shop in the lively city of Singapore . With designer boutiques, local and international department stores, speciality shops and bargain counters, cafes and restaurants, shopping is truly a pleasure here.
With over 250 malls, the shopping avenues in Singapore are endless. Orchard Road is a favourite among shoppers with malls selling clothes, shoes, electronics goods, furniture, rugs, cosmetics.
Kampong Glam & Arab Street, Bugis, Geylang Serai, Marina Bay, Little India, North Bridge Road, Raffles Place Riverside are must-visits. The Riverside area by River Valley Road houses the newest and oldest shops in Singapore. Raffles Place and Shenton Way are crowded shopping areas for a variety of stuff.
Also look out for unique arts, antiques, handicrafts and carpets. Singapore organizes a mid-year sale, which is the best time to go for shopping.

For more ranks, visit:http://specials.rediff.com/money/2008/nov/07sd3.htm

Source:Rediff

Mukesh Ambani pips Mittal in Forbes India Rich list

Mukesh Ambani pips Mittal in Forbes India Rich list

Reliance Industries' Mukesh Ambani has overtaken NRI steel tycoon Lakshmi Mittal as the richest Indian in the world, with a net worth of $20.8 billion, Forbes said in its annual rich list for the country. Mittal, who has moved to second position with a net worth of $20.5 billion (rpt) $20.5 billion, is followed by Mukesh's younger brother Anil Ambani, whose wealth stood at $12.5 billion. Telecom czar Sunil Mittal and realtor K P Singh are ranked fourth and fifth with net worth of $7.9 billion and $7.8 billion, respectively.

The magazine said that the combined net worth of India's 40 richest has declined by 60 per cent due to weak stock markets amid depreciating rupee against the greenback. Their total wealth is now $139 billion, down from $351 billion just a year ago, according to Forbes India Rich List. "These are painful times for India's tycoons. The country's once soaring stock market fell 48 per cent the past year, the rupee depreciated 24 per cent against the dollar, and GDP growth is expected to slow by at least a percentage point, in part owing to double-digit inflation," Forbes Asia said in a statement.

While all 40 tycoons listed last year were billionaires, only 27 have 10-figure net worths now. A net worth of 760 million dollar was needed to make to the list this year, 840 million dollar less than last year.

The Ruia brothers were ranked at sixth position with a net worth of $7.6 billion, followed by Wipro Chairman Aziz Premji, worth $7 billion. The magazine states that the combined net worth of brothers Malvinder and Shivinder Singh increased by $550 million, thereby grabbing 13th place on the list. Their combined net worth stood at $2.8 billion after they sold their stake in Ranbaxy Laboratories to Daiichi Sankyo. The list says the major loser was property tycoon Ramesh Chandra, whose net worth dropped by 91 per cent to $1 billion. Among the new entrants in the list are retailer Micky Jagtiani at 16th position with a net worth of $2 billion, followed by Divi's Laboratories' founder Murali Divi at 36th place with a net worth of $870 million. Also Akruti City's Hemant Shah stood at 37th place with a wealth of $830 million.

Source:ET

12 November 2008

IIP grows 4.8% in September

IIP grows 4.8% in September

The index of industrial production (IIP) rose by 4.8 per cent in September 2008 as against 7 per cent during the corresponding period last year.

The manufacturing sector grew by 4.8 per cent as against 7.4 per cent last year. Electricity sector growth remained almost the same at 4.4 per cent as against 4.5 per cent in September 2007. The mining sector improved its performance by indicating 5.7 per cent growth as against 4.9 per cent.
Terming the IIP figures encouraging, Finance Minister P Chidambaram said the growth in consumer goods has been a satisfactory 5.6 per cent as against -0.2 per cent in September 2007.
"The growth in the capital goods sector has been an impressive 18.8 per cent as against 20.9 per cent in September 2007. After the poor results reported for the month of August 2008, the quick estimates of IIP for the month of September 2008 are more encouraging. I say this even while I maintain that data collection must be improved and made more relevant, contemporary and universal," Chidambaram said.
The cumulative increase in industrial production during April-September 2008 period was 4.9 per cent as against 9.5 per cent during the corresponding period last year.
The IIP rose by 1.3 per cent in August 2008 as against 10.9 per cent during the corresponding period last year
-------------------------------------------------
IIP in September at 4.8% against 1.4% in Aug
Industrial growth slips in Sept; but ‘encouraging’


Source:ET,BS,BL etc

Global woes drown better IIP nos, Sensex loses 303 pts

Global woes drown better IIP nos, Sensex loses 303 pts Sensex ends 303 pts down after a choppy ride

The market ended the way it had opened this morning - on a negative note - but there were a few smart rallies from lower levels during the course of the session today. While the first rebound happened on the back of some strong buying in IT and telecom stocks, the second rally was triggered by better than expected IIP numbers for the month of September. IT, power, capital goods stocks spearheaded the rally this time.
Why are the markets so volatile? Arun Kejriwal replies
However, both these rallies fizzled out soon as investors remained concerned about the consequences of a deep and prolonged global recession and chose to lighten commitments at higher levels. The market saw yet another recovery after that fall, but went down with great force in mid afternoon trade. Though it never really recovered from that setback thereafter, the market did trim down its loss to an extent thanks to some strong buying at lower levels in a few front line stocks.
Global meltdown and stock market
The Sensex, which crashed to a low of 9376.73 from its early afternoon high of 9928.60, ended the session at 9536.33 with a huge loss of 303.36 points or 3.08%. The Nifty closed with a loss of 90.20 points or 3.07% at 2848.45, over 50 points off a day's low of 2794.95. It touched a high of 2975.20 in early afternoon trade today.
Stockometer
Realty stocks went down sharply on sustained selling pressure. Mirroring the sharp fall in prices of key stocks in the sector, the BSE Realty index ended lower by as much as 7.34%. The Bankex fell 4.38% today. BSE Metal (down 3.67%), CG (down 3.63%), Power (down 3.03%), Oil & Gas (down 2.96%), Auto (down 2.59%), PSU (down 2.33%), FMCG (down 2.26%) and CD (down 2.25%) also ended sharply lower. The Healthcare and Teck indices eased by around 1.4% while the IT index, which suffered the least damage, closed with a marginal loss.
Top gainers
IT majors Tata Consultancy Services (1.05%) and Infosys Technologies (0.3%) were the only gainers from the Sensex. Among Nifty stocks, BPCL (3.05%), Tata Communications (2.35%) and Punjab National Bank (2.05%) closed with impressive gains. Hero Honda and HCL Technologies also ended on a positive note.
Worst losers
Jaiprakash Associates drifted down by over 9%. DLF lost 8.6%. ICICI Bank closed with a sharp loss of 8.35%. Reliance Infrastructure slipped by around 6.5%. Hindalco eased by 5.75% to Rs 56.55. Hindustan Unilever, Sterlite Industries, Mahindra & Mahindra, Larsen & Toubro, Bharti Airtel, State Bank of India, Reliance Industries, Tata Motors, ONGC and Tata Steel ended lower by 3% - 5%.
ACC, Tata Power, Ranbaxy Laboratories, BHEL, Maruti Suzuki, Reliance Communications, Satyam Computer Services, HDFC Bank, HDFC and ITC lost 1% - 3%. Grasim Industries and NTPC closed with modest losses while Wipro ended with a slender loss.
SAIL, Zee Entertainment, ABB, Reliance Power, Power Grid Corporation, Cairn India, Suzlon Energy, Idea Cellular, Unitech, GAIL India, Cipla, Reliance Petroleum and Nalco were among the major losers in the Nifty index.
Realty stocks India Bulls Real Estate, Anant Raj Industries, Penland, Ansal Infrastructure, HDIL, Sobha Developers, Parsvnath Developers, Orbit Corporation and Omaxe ended with sharp losses today.
Bank stocks Axis Bank, Yes Bank, IndusInd Bank, Kotak Bank, Federal Bank, Allahabad Bank, IDBI Bank and J&K Bank declined sharply on selling pressure.
Thermax, Crompton Greaves, Reliance Industrial Infrastructure, Gammon India, Jyoti Structure, Usha Martin, Alstom Projects, Elecon Engineering, Bharat Bijli, Kalpataru Power Transmission, Areva, Praj Industries, Bharat Earth Movers, Havells India, Punj Lloyd and SKF India were among the prominent losers in the capital goods index.
Tata Teleservices, Max India, Hindustan Petroleum Corporation, Glenmark Pharmaceuticals, Indian Oil Corporation, Phoenix Mills, Indian Hotels, Nagarjuna Construction Company, Sesa Goa, Colgate Palmolive, OnMobile Global, MphasiS and Tata Chemicals posted smart gains.
As several midcap and smallcap stocks also declined sharply today, the market breadth was very weak. Out of 2595 stocks traded on BSE, 1701 stocks closed in the negative territory. 818 stocks posted gains and 76 stocks ended flat.
The volume on the bourses were on the higher side today. On the National Stock Exchange, the turnover, at Rs 10,200.74 crore, was far higher than a turnover of Rs 8,821.63 crore the exchange had recorded in the previous session.


Source:SIfy,ET

10 November 2008

Sensex vaults 572 pts

Sensex vaults 572 pts

The market opened with big positive gap on strong global sentiment, gained in strength as the session progressed and signed off on a buoyant note today. The bulls proved so relentless that the market never lost its momentum till the very end.

Global meltdown and stock market

As the market had one of its best sessions in recent weeks, the Sensex romped home with a huge gain of 571.87 points or 5.74% today. The barometer, which opened with a positive gap of around 190 points at 10,154.56 and hit a high of 10,570.58 in intra-day trades, settled at 10,536.16. The National Stock Exchange's 50 stock Nifty index closed at 3148.25, a few points down from a high of 3161.25, netting a big gain of 175.25 points or 5.89%.

Stockometer
The massive revival package announced by the Chinese government buoyed up Asian markets, which in turn set a strong platform for the bulls to go on a buying spree today. And things only got better in afternoon trade as the firm start on the European bourses kept the mood upbeat.
Top gainers
International Monetary Fund and some leading rating agencies have forecast a lower growth for the economy in fiscal 2009. However, shrugging off inhibition, participants formed a beeline for stocks cutting across sectors, and, for a change, refrained from lightening commitments even at higher levels.
Worst losers
Metal stocks were on song today. Power, capital goods, oil and bank stocks had a nice ride up the charts. Information technology and realty stocks lost their way after a bright start but bounced back strongly in afternoon trade to end on a high note.

Pharma, consumer durables, telecom and auto stocks also recorded handsome gains. FMCG stocks remained subdued right through the session. Besides a host of large cap stocks, several midcap and smallcap stocks too recorded impressive gains today.

Buying was so widespread that only two stocks, ITC (down 1.35%) and Maruti Suzuki (down 0.25%), among the Sensex components failed to end on a positive note today. Among Nifty stocks, BPCL, Suzlon Energy and Tata Communications closed on a negative note.

Sterlite Industries, Tata Steel and Hindalco, the metal stocks in the Sensex, ended with handsome gains. While Sterlite Industries and Tata Steel closed stronger by 13.45% and 12.85% respectively, Hindalco moved up by 10.5%.

Tata Power vaulted nearly 12% to Rs 825.05. Reliance Infrastructure (10.95%), Jaiprakash Associates (10.25%), ICICI Bank (9.25%), Bharti Airtel (9.15%), ONGC (8.65%), BHEL (7.7%), NTPC (7.3%) and index heavyweight Reliance Industries (7%) ended with big gains.
Tata Motors, Satyam Computer Services, DLF, Ranbaxy Laboratories and Infosys Technologies gained 6% - 7%. Larsen & Toubro, (5.95%), Grasim Industries (5.85%), HDFC (4.35%), Mahindra & Mahindra (4.3%), State Bank of India (4.2%), ACC (3.95%), Tata Consultancy Services (3.85%), Wipro (3.5%) and Reliance Communications (3.2%) also finished with strong gains. HDFC Bank and Hindustan Unilever closed with modest gains.

Nifty stocks Nalco, Cairn India and Unitech surged 11% - 12%. Idea Cellular, ABB, Siemens, Ambuja Cements and Cipla gained 7.5% - 10%. SAIL, Reliance Power, Sun Pharmaceuticals, Reliance Petroleum, HCL Technologies, Power Grid Corporation, Zee Entertainment, Punjab National Bank and GAIL India ended with sharp gains. Hero Honda edged up marginally.
Deccan Chronicle Holdings, Bombay Dyeing, NMDC, Praj Industries, GMR Infrastructure, Jindal Steel, GVK Power, Hindustan Zinc, Century Textiles, Torrent Power, Pantaloon Retail, Tata Teleservices, Chambal Fertilizers, Glenmark Pharma, IVRCL Infrastructure, Bharat Forge, Aurobindo Pharma, Arvind Mills, Everonn Systems, Varun Shipping, Simplex Infrastructure, Hindustan Oil Exploration, FSL, Aptech, UTV Software, LIC Housing Finance, Patel Engineering, Alstom Projects, KEC International, Phoenix Mills and KLG Systems were some of the big gainers today.

The market breadth was pretty strong today. Out of 2622 stocks traded on BSE, 1694 stocks closed on a positive note. 855 stocks posted losses and 73 stocks ended flat.
-------------------------------------------------
Sensex ends up 5% on China plan

Equities surged on Monday to close sharply higher after China announced a financial package of 4 trillion yuan or $586 billion to tackle the menace of recession and boost growth. This had a positive impact on Asian stock markets. Shanghai Composite, Hang Seng and Nikkei zoomed on expectations that the move may lessen the global slowdown pressure. Indian equities too opened higher in line with Asian peers led by gains in shares of metal, power and capital goods stocks. Positive opening of European stocks took the market to higher levels.

Bombay Stock Exchange’s Sensex closed at 10,536.16, up 571.87 points or 5.74 per cent. The 30-share index touched an intra-day high of 10570.58 and low of 10095.90. National Stock Exchange’s Nifty ended at 3148.25, up 5.89 per cent or 175.25 points. The broader index hit a high of 3161.25 after opening at 2973.30.

All the sectoral indices ended with significant gains. BSE Metal Index surged 10.92 per cent, BSE Power Index climbed 7.84 per cent, BSE Oil&gas Index moved 6.11 per cent higher. However, second rung stocks underperformed the benchmarks. BSE Midcap Index closed 3.57 per cent up and BSE Smallcap Index ended 2.25 per cent higher. Sterlite Industries, up 13.43 per cent, was the standout performer in Monday’s trade. Tata Steel (12.81%), Tata Power (11.89%), Reliance Infrastructure (10.93%), Hindalco Industries (10.5%) and Bharti Airtel (9.13%) were the other gainers in the 30-share index. “There has been a sharp fall in stock prices of most metal companies and the market capitalisation of a stock like Sterlite Industries has fallen so sharply that the sum-of-parts valuation makes the scrip very attractive. It could be attractive opportunity for long-term investors to accumulate the stock at current levels,” a senior analyst of a foreign brokerage said. ITC (-1.37%) and Maruti Suzuki (-0.27%) ended with marginal losses. Market breadth was extremely positive with 1,696 advances against 853 declines on BSE. In Europe FTSE 100 was up 3.46 per cent, CAC 40 jumped 3.65 per cent and DAX moved 3.74 per cent higher. US markets are also likely to open higher. Dow Jones futures were up 2.09 per cent, S&P 500 stocks futures moved 2.45 per cent up and Nasdaq futures inched 2.46 per cent higher. However, Sarvendra Srivastava, head of technical research, Sharekhan, had a word of caution. “We are expecting some correction from 10,600-10,700 levels. Though the medium-term trend is up, in the short-term we may retrace to 10,000 as a test of strength,” he said.

-----------------------------------------
Glenmark Pharma
Sensex up 571 pts, closes at 10,536.16
BSE Bulk Deals to Watch - Nov 10 2008
NSE Bulk Deals to Watch - Nov 10 2008
RIL, metal shares lead a near 6% Sensex surge
Post Session Commentary - Nov 10 2008
Unabated rally
Daily Call - Nov 10 2008
Pre Session Commentary - Nov 10 2008
Market may rise on positive global cues
Trading Calls - Nov 10 2008
Daily News Roundup - Nov 10 2008
Smart start…keep learning!
Morning Note - Nov 10 2008
SGX Nifty Update - Nov 10 2008
Weekly Technicals - Nov 10 2008
YES Bank

---------------------------------------
Other Headlines


When are buyback offers a good 'buy' signal?Share buyback is in news again after many well-known companies purchased their shares from the open market.
Meltdown resulted in hypertension Investment strategies
How hedge funds mitigate risk Stick to fundamentals

Women power
Led by Indra Nooyi, three Indians have made their way into The Wall Street Journal's global list of 50 women to watch for this year
Six hot stocks
Nifty retreats from 3100; Sterlite Industries lead
Sensex firm; Sterlite Ind, Tata Steel surge

Fannie reports $29 bn loss in Q3
Stan Chart buys Lehman unit in Brazil
Three Indians among WSJ top 50 women to watch
Car sales down 6.59% in Oct, bike sales fall 18.17%

Metal stocks surge on China stimulus package; Sterlite shines
Sensex firm; Sterlite Ind, Tata Steel surge
Equities move higher; Sensex up 450 pts
China stimulus boosts equities; Sensex ends up 5%

INVESTORS GUIDE
India Inc's Q2 results confirm investors' worst fears
Banking most cyclical and risk prone sectors
Right time to invest in stocks?
Tata Tea: Growth strategy
Deriavatives diary, swimming both ways


Sun Pharmaceutical ranks among best-performing pharma cos
Sterlite Industries, attractive bet for long-term investors
Great Offshore: Corporate Round-up
BSE sensitive index in the week gone by

Car sales down 6.59%; bike sales fall 18.17%
L&T consortium wins Mumbai mono-rail contract
Banco Santander to raise €7.19 bn through rights issue
Sensex ends 572 points up

'Growth will not be below 8% in worst-case scenario'
Growth to slow to 7-7.5% next fiscal: PM...



Source:Sify,ET,BS,BL etc

09 November 2008

The Global FinCrisis: Article from BT

Cover Story
The global financial crisis
Puja Mehra
The green signal for a $700-billion bailout of US banks wasn’t enough to turn the tide in global financial markets. Even six of the world’s central banks coming together to release hundreds of billions into the system couldn’t stem the panic. It has to get worse before it gets better. Puja Mehra reports.
So, where is the money?
Bear hug
Sense of rumour
-------------------------
Also read:
So, where is the money?
Panic grips Dalal Street
Is something wrong with ICICI Bank?
When bad loans are sown in good times
The Rs 60,000-crore time bomb
When exotic turns toxic
Economy in eclipse
Wall street woes, India’s opportunity
--------------------------------------
Last fortnight, the US financial disaster- as expected-blew into a full-fledged global crisis. First stop: Nearly all of Western Europe. Just like the US legislation for the over $700-billion rescue package, governments and central banks across the Atlantic, too, launched into bailout mode. Next stop: Asia, with some real estate lenders in Japan getting wiped out; and Singapore's economy, which plunged into recession.
The International Monetary Fund (IMF) revised upwards its projection of the losses of the US banking system to $1.4 trillion. At which point, the financial tornado hit the west coast of India. For a whole week, it had Indian stock, currency and money markets in high panic. The Sensex lost nearly 2,000 points in a week, overnight inter-bank lending rates shot up to 22 per cent (from single-digit rates), the rupee slumped to Rs 48.72 to a dollar and scared investors in debt schemes of mutual funds pressed the redemption trigger. Within days, money and confidence in the Indian economy vanished into thin air. The Reserve Bank of India (RBI) stepped in swiftly with liquidity-releasing steps. Finance Minister P. Chidambaram proclaimed the Indian banks' strong credentials and low vulnerability of the system to the growing global financial mess. The Government cancelled its scheduled borrowing for Rs 10,000 crore from the money market. Chidambaram set up a group of who's who from the financial world to suggest, within a week, ways to ease the liquidity crunch. On October 13, Chidambaram guaranteed liquidity yet again before the opening bell at the stock markets.
Finally, sanity returned when the Asian stock markets posted relief rallies. But that may have just been temporary relief. The ghost of Wall Street is still out there. BT takes a look at the toll in India so far and what to expect next.
Worldwide woes
The financial crisis has spread way beyond its epicentre in the US and has engulfed most of Western Europe. Here's a country-by-country status and assessment.

UNITED KINGDOM
Has lined up a $850-billion rescue plan, May nationalise Royal Bank of Scotland
Will recapitalise banks by up to $88 billion. Abbey, Barclays, HSBC, Llyods, Standard Chartered, HBOS and Nationwide Building Society can draw from an aggregate of $44 billion to boost their Tier 1 capital
Bank of England will infuse liquidity of $351 billion through loans
The government will guarantee $439 billion worth of short-and-medium term debt
Britain has seized control of mortgage lender Bradford & Bingley
Earlier this year nationalised Northern Rock
Alarm: The total liabilities of Barclays of £1,300 billion (leverage ratio of over 60), surpass Britain's GDP

BELGIUM
The government took partial control of the struggling Fortis Bank
France, Belgium and Luxembourg stumped up $93 billion to recapitalise Dexia, a French-Belgian lender that ran up huge losses in its US operations
Alarm: Fortis Bank's liabilities are several times larger than the GDP of Belgium (leverage ratio of 33)

ICELAND
The government has nationalised three of Iceland's biggest banks
Accounts in these banks stand frozen

IRELAND
Has guaranteed all bank deposits

SPAIN
Will spend 50 billion euros ($68 billion) to buy bank assets, almost a third of the proposed 2009 central government budget

UNITED STATES
May pick up ownership in failing US banks (Morgan Stanley is reported to be one)
Fed ready to lend directly to stressed companies

GERMANY
Has guaranteed all bank deposits
Has organised a credit lifeline of euros 35 billion for blue-chip commercial real estate lender Hypo Real Estate Holding
Alarm: The total liabilities of Deutsche Bank (leveraging ratio of over 50) amount to 2,000-billion euro, which is more than 80 per cent of the GDP of Germany

JAPAN
Yamato Life Insurance failed with $2.7 billion in debt
The government may revive a bank-rescue law of the 1990s banking crisis
Tokyo may set up a $100-billion fund to prop up smaller lenders
Alarm: Real estate companies are folding up, forcing regional banks to raise reserves against bad loans
SINGAPORE
Eased monetary policy for the first time since 2003 after sinking into its first recession in six years, hit by the meltdown in financial markets
The government revised its 2008 growth forecast to around 3 per cent from an earlier estimate of 4 to 5
ITALY
UniCredit Bank has announced plans to raise its capital ratio by spinning of property assets

-----------------------------------------------
Other BT articles:
Now, get paid to receive SMSes
What is it? A free SMS service from YouMint, started by Ankush Johar, who claims to have pioneered the concept in 2002. Since then, Johar has moved to England and YouMint is his third entrepreneurial venture in the telecom space.

People
In August company
It is an honour from his Alma Mater, but Anand Mahindra, 53, Vice-Chairman & Managing Director of Mahindra & Mahindra, calls it “a recognition of the India growth story, and of Indian entrepreneurialism in general”.

Current
Savvy investor
Rahul Sachitanand
Wipro chief Azim Premji is quietly picking up stakes in companies with strong business models.
Khattar’s second innings
Modi hosts India Inc.
TCS rides to the Citi
Divided we stand
IBM’s discovery of India
Another airport expansion
Opera’s challenge

Money
Avoid your own financial crisis
Manu Kaushik
The global financial crisis has highlighted the ruinous effects of over-spending and over-borrowing. Here’s how to avoid your own financial crisis.
On the right track
Back in business
Fix it right

Trends
Just wondering...
What happened to Dilip Chhabria’s plans of launching a made-in-India sports car? Well, the plan is on track.
The gap Is growing
New launches
“We will dominate the Indian market”
The big fall
Tugging at your heart strings
Instan tip
Now, get paid to receive SMSes
Numbers of note
Ranked
Now, shop online for loans
The 6 most over-hyped gadgets
Out in the open
Economy watch
Talebearer
How times have changed
Reprieve for ad industry
India slips on competitiveness
To be precise
Liberal ECB norms on the cards

Special
Laying down the gauntlet
Rahul Sachitanand & Kushan Mitra
With the Indian IT market expected to grow at an estimated CAGR of 18 per cent over the next five years, foreign IT giants aren't just dominating the market, they're opening up new segments and setting the agenda for some categories. Rahul Sachitanand and Kushan Mitra tell you about the twists and turns.
Re-inventing Indian IT
BPO firms learning tricks
Beyond the obvious

Noted
Ranked
SBI, which has assets of over Rs 7 lakh crore, 57th in the list of the world’s Top 1,000 banks this year, by the UKbased banking publication The Banker. SBI was ranked 70th last year.

Source: BusinessToday