Indices soar to day's high in late trade; Sensex up 383 points
Sensex ends 383 pts up on all-round buying
Indices ended at the day's high cheering crude oil's slide to a three-month low of $118 a barrel, easing inflation expectations. Interest rate sensitive sectors like banking, realty and auto stocks spearheaded the rally on speculation that US Federal Reserve will increase interest rates in its policy meet later today. Midcaps and smallcaps were also in demand.
Bombay Stock Exchange's Sensex ended 2.63 per cent or 383 points higher at 14,961.07. The index touched a high of 14,986.63 and low of 14,529.21. National Stock Exchange's Nifty rose 2.45 per cent or 107 points to 4502.85 after swinging in a range of 4515.15 and low of 4376.00.
BSE Midcap and Smallcap indices were up 1.76 per cent or 1.26 per cent respectively. Biggest Sensex gainers were Maruti Suzuki (7.84%), ICICI Bank (7.78%), Grasim Industries (7.58%), DLF (7.48%), Jaiprakash Associates (7.08%) and HDFC Bank (6.46%). Sterlite Industries (-6.72%), Tata Steel (2.59%) and Ranbaxy Laboratories (2.09%) were the losers. Market breadth on BSE showed 1761 advances and 931 declines, while on NSE, there were 863 gainers and 402 losers.
------------------------------------------
Oil falls below $119
NTPC eyes Indonesian mine
NTPC forays into renewable power
BHEL bags first order to supply 800 MW boilers
Reliance Communications to float $500-million tender for 3G rollout
RBI wants VC investment restricted to select sectors
Source: ET, SIfy
This blog is for providing daily news of Corporate Indian Stories, Corporate Results, Equities, MFs, Banking,Insurance, Brokerages Informations, World Business, Venture Capital, Angel Investors, BSchools, MBAs,Jobs, Politics & something Interesting.Our team will be grateful to the owners of various Indian/world/govt sites to refer their sites to get INFORMATION without objection.Request viewers to make verification about the information. Blog is not responsible for any faulty information.
05 August 2008
10 emerging careers
10 emerging careers
While the world cries slowdown and news of companies downsizing makes headlines, crystal ball gazing on emerging careers might not be the order of the day.
But such is the Indian growth story that apart from expansion in the sunrise sectors, entirely new opportunities that never existed will also open up for jobseekers.
"According to the International Business Report, 2008, by consultancy firm Grant Thornton International, India alone will make up 30 per cent of the worldwide net increase in employment with 142 million new jobs by 2020," says Sampath Shetty, vice president, permanent staffing, TeamLease Services, a staffing solutions company.
OLM spoke to a host of experts to find out what specific functional area in each of the emerging sectors would be most in demand and why.
Retail
Growth stimulus: "The vast middle class, strong income growth, favourable demographic patterns and organised retailing growth estimated at 40 per cent compounded annual growth rate (CAGR) over the next few years are some of the factors that will drive the retail boom," says Rajeev Gaur, COO, TimesJobs.com, an online jobs database.
Requirements: "The need would be around 15,000-20,000 people in each of these retail chains. So, in all, the requirements would touch 80,000-85,000 every year in the next three to four years, of which frontline sales staff will be 80-85 per cent," says Vishal Chhiber, head, HR of Kelly Services India, an HR solutions firm.
The remaining jobs, says Nihar Ranjan Ghosh, senior VP HR, Spencer's Retail, "will be in retail-specific areas like visual merchandising, plannogramming (the science of maximising space efficiency in the store) and supply chain management. Retail management graduates and general MBAs will be wanted.
Real Estate/ Infrastructure
Growth stimulus: Growth in infrastructure and real estate developments with gradual opening up of FDI in certain sub-sectors will be the main reasons for the boom. "The percentage of middle class people in metros and Tier-2 cities who are buying their own property has increased from about 35 per cent in 2003 to 60 per cent today," says Prodito Sen, VP marketing and corporate affairs, Alpha G: Corp Development, a real estate developer.
Requirements: "This will recreate a need for civil engineers, a tribe we forgot during the IT boom," says Shabbir Merchant, chief value creator, Valulead Consulting, a leadership development firm. "The requirement is for 1.5 lakh engineers if the land bank we have is to be translated into construction," says Chhiber. Infrastructure projects would need more such engineers.
"Other functions like residential and commercial real estate brokers, real estate appraisers, property mangers and real estate consultants would also be in demand," says Anuj Puri, chairman and country head, Jones Lang LaSalle Meghraj, a property advisor and transaction firm.
Healthcare/Pharma
Growth stimulus: Hospital chains are expanding all over India, even in smaller towns.
Requirement: "An acute shortage of doctors is expected over the next few years, especially anaesthetists, radiologists, gynaecologists and surgeons, particularly neurosurgeons. The need would be for 45,000-50,000 doctors for the 50-odd healthcare companies expected to start operations in India," says Chhiber.
"People with a Masters in Hospital Administration (MHA) will be in demand as they are key elements to a hospital's efficiency," says Vishal Bali, CEO, Wockhardt Hospitals Group. A study by consulting firm Technopak says, "Many big hospital projects have either been delayed or stopped because of this manpower shortage."
"With the rule of thumb being four MHA people per hospital, around 2,000 hospital chains will need 8,000 such people over the next five years," adds Bali.
In pharma, demand will be created in research and development (R&D). The requirement would be for 15,000-20,000 scientists every year. "Another area which would see a demand is pharma regulation and documentation officers," says V Suresh, senior vice-president and national head (sales), Naukri.com, an online jobs portal.
Financial services
Growth stimulus: There will be a lot of new entrants and existing players diversifying with new product lines.
Requirements: "A lot of portfolio managers -- not necessarily fund managers, but those who manage portfolios beyond a certain amount -- will be required. They will be working with banks and financial institutions. The requirement will be for 25,000-30,000 every year," says Chhiber.
Suresh adds, "The salaries in private banking would be 200-300 per cent more than in retail or corporate banking."
Judhajit Das, HR chief of ICICI [Get Quote] Prudential Life Insurance, foresees maximum jobs growth in retail financial services, with 80 per cent of them being in sales and distribution. The biggest employers will be the insurance and banking sector," he says.
Gaur has some numbers: "Over 50,000 new jobs are expected to be created in the banking, financial services, and insurance sector in the current year. Banks are expected to hire 15,000-20,000 people in the next one year."
Hospitality/facilities management
Growth stimulus: With hotel rooms being added across the country at a rapid rate to keep up with growing tourist inflow, hi-tech townships being developed and malls and multiplexes coming up at every corner, people will be needed to service and maintain them.
Requirements: "Over 2.5 lakh rooms will be needed in the next five years to meet the demand from both the domestic and international guests. Over the next two or three years, we will need over 1 lakh more rooms. An average of 1.5 service personnel per room will mean an overall shortage of at least 1.5 lakh people across a whole range of hotel-related jobs in India, especially food production, food and beverage services, housekeeping and front office operations," says Satish Jayaram, principal, Institute of Hotel Management, Aurangabad.
According to Chhiber, the manpower growth prediction for facilities management is 20-25 per cent. Ashwin Puri, CEO, Property Zone, a firm that develops and manages shopping centres says, "Technical maintenance people need to understand aspects such as provision of adequate power supply, safety issues, water supply, sanitation, signages, and so on. For soft services, hospitality management experience is preferred." A mall will need five to six such managers.
Consulting services
Growth stimulus: With existing businesses growing more complex and numerous startups on the cards, there will be demand for consultants specializing in human resources (HR) and startups.
"Apart from recruitment specialists, another area of demand in the HR space will be 'employer brand specialists' as organisations move away from a me-too approach and actively seeking differentiation," says Merchant.
Requirements: Considering that with every 50-75 people recruited, one HR job gets created, TimesJobs.com estimates that 28,000 more HR jobs will be created in 2008.
Gautam Ghosh, senior manager, HR consultancy Tvarita Consulting, foresees an explosion in demand for start-up consultants and business strategists as more and more consumer-oriented portals mushroom across the country.
Entertainment
Growth stimulus: There would be about two new TV channels every month and 20-25 new FM channels every year.
Requirements: "About 4,000-5,000 people will be directly employed by TV channels every year," says Chibber.
"In radio, the demand would be for production people, anchors, technical and distribution sales professionals: jobs for 2,500 people in the next two years," he adds.
Information Technology
Growth stimulus: "Despite stagnation in the industry, a lot of project-based or contractual hiring and increasing domestic IT requirements would lead to organic growth," says Chhiber.
Requirements: Veerendra Mathur, CEO, Focus Infotech, a strategic IT HR and managed solutions firm, says, "Professionals who have a holistic knowledge and can do multitasking like coding, testing, designing and communicating with clients will be in demand."
"India will need 4.9 lakh professionals in the IT exports market, 11.1 lakh in the domestic IT industry and 20.5 lakh in the ITES-BPO sector by 2012," says Chhiber.
Customer services
Growth stimulus: Companies will put more and more stress on customer service to stay ahead of the competition.
Requirements: According to Chhiber, frontline technicians who have skills required to service and manage customers will be in demand. "About 1.5 lakh trained people every year would be needed," he adds.
Telecom
Growth stimulus: The telecom industry is growing faster in small towns and will also see a lot of organic growth. Jobs will also emerge in telecom when people employed here opt to shift to other emerging sectors.
Requirements: "The employment growth rate in telecom industry is expected to increase by seven per cent to ten per cent every year," says Gaur. "Jobs in demand would be telecom, mechanical, software and telecom test engineers, project managers, network security specialists and operation managers." According to data from FICCI, telecom will see 0.5 million new jobs by 2010 and 1.5 million by 2015.
Ghosh stresses the increasing demand for people who have a blend of two functional skills, like a financial services person with business and marketing skills. "In a dynamic job space in a growing economy," he sums up, "people with the right skill sets will always be sought after."
source: rediff
While the world cries slowdown and news of companies downsizing makes headlines, crystal ball gazing on emerging careers might not be the order of the day.
But such is the Indian growth story that apart from expansion in the sunrise sectors, entirely new opportunities that never existed will also open up for jobseekers.
"According to the International Business Report, 2008, by consultancy firm Grant Thornton International, India alone will make up 30 per cent of the worldwide net increase in employment with 142 million new jobs by 2020," says Sampath Shetty, vice president, permanent staffing, TeamLease Services, a staffing solutions company.
OLM spoke to a host of experts to find out what specific functional area in each of the emerging sectors would be most in demand and why.
Retail
Growth stimulus: "The vast middle class, strong income growth, favourable demographic patterns and organised retailing growth estimated at 40 per cent compounded annual growth rate (CAGR) over the next few years are some of the factors that will drive the retail boom," says Rajeev Gaur, COO, TimesJobs.com, an online jobs database.
Requirements: "The need would be around 15,000-20,000 people in each of these retail chains. So, in all, the requirements would touch 80,000-85,000 every year in the next three to four years, of which frontline sales staff will be 80-85 per cent," says Vishal Chhiber, head, HR of Kelly Services India, an HR solutions firm.
The remaining jobs, says Nihar Ranjan Ghosh, senior VP HR, Spencer's Retail, "will be in retail-specific areas like visual merchandising, plannogramming (the science of maximising space efficiency in the store) and supply chain management. Retail management graduates and general MBAs will be wanted.
Real Estate/ Infrastructure
Growth stimulus: Growth in infrastructure and real estate developments with gradual opening up of FDI in certain sub-sectors will be the main reasons for the boom. "The percentage of middle class people in metros and Tier-2 cities who are buying their own property has increased from about 35 per cent in 2003 to 60 per cent today," says Prodito Sen, VP marketing and corporate affairs, Alpha G: Corp Development, a real estate developer.
Requirements: "This will recreate a need for civil engineers, a tribe we forgot during the IT boom," says Shabbir Merchant, chief value creator, Valulead Consulting, a leadership development firm. "The requirement is for 1.5 lakh engineers if the land bank we have is to be translated into construction," says Chhiber. Infrastructure projects would need more such engineers.
"Other functions like residential and commercial real estate brokers, real estate appraisers, property mangers and real estate consultants would also be in demand," says Anuj Puri, chairman and country head, Jones Lang LaSalle Meghraj, a property advisor and transaction firm.
Healthcare/Pharma
Growth stimulus: Hospital chains are expanding all over India, even in smaller towns.
Requirement: "An acute shortage of doctors is expected over the next few years, especially anaesthetists, radiologists, gynaecologists and surgeons, particularly neurosurgeons. The need would be for 45,000-50,000 doctors for the 50-odd healthcare companies expected to start operations in India," says Chhiber.
"People with a Masters in Hospital Administration (MHA) will be in demand as they are key elements to a hospital's efficiency," says Vishal Bali, CEO, Wockhardt Hospitals Group. A study by consulting firm Technopak says, "Many big hospital projects have either been delayed or stopped because of this manpower shortage."
"With the rule of thumb being four MHA people per hospital, around 2,000 hospital chains will need 8,000 such people over the next five years," adds Bali.
In pharma, demand will be created in research and development (R&D). The requirement would be for 15,000-20,000 scientists every year. "Another area which would see a demand is pharma regulation and documentation officers," says V Suresh, senior vice-president and national head (sales), Naukri.com, an online jobs portal.
Financial services
Growth stimulus: There will be a lot of new entrants and existing players diversifying with new product lines.
Requirements: "A lot of portfolio managers -- not necessarily fund managers, but those who manage portfolios beyond a certain amount -- will be required. They will be working with banks and financial institutions. The requirement will be for 25,000-30,000 every year," says Chhiber.
Suresh adds, "The salaries in private banking would be 200-300 per cent more than in retail or corporate banking."
Judhajit Das, HR chief of ICICI [Get Quote] Prudential Life Insurance, foresees maximum jobs growth in retail financial services, with 80 per cent of them being in sales and distribution. The biggest employers will be the insurance and banking sector," he says.
Gaur has some numbers: "Over 50,000 new jobs are expected to be created in the banking, financial services, and insurance sector in the current year. Banks are expected to hire 15,000-20,000 people in the next one year."
Hospitality/facilities management
Growth stimulus: With hotel rooms being added across the country at a rapid rate to keep up with growing tourist inflow, hi-tech townships being developed and malls and multiplexes coming up at every corner, people will be needed to service and maintain them.
Requirements: "Over 2.5 lakh rooms will be needed in the next five years to meet the demand from both the domestic and international guests. Over the next two or three years, we will need over 1 lakh more rooms. An average of 1.5 service personnel per room will mean an overall shortage of at least 1.5 lakh people across a whole range of hotel-related jobs in India, especially food production, food and beverage services, housekeeping and front office operations," says Satish Jayaram, principal, Institute of Hotel Management, Aurangabad.
According to Chhiber, the manpower growth prediction for facilities management is 20-25 per cent. Ashwin Puri, CEO, Property Zone, a firm that develops and manages shopping centres says, "Technical maintenance people need to understand aspects such as provision of adequate power supply, safety issues, water supply, sanitation, signages, and so on. For soft services, hospitality management experience is preferred." A mall will need five to six such managers.
Consulting services
Growth stimulus: With existing businesses growing more complex and numerous startups on the cards, there will be demand for consultants specializing in human resources (HR) and startups.
"Apart from recruitment specialists, another area of demand in the HR space will be 'employer brand specialists' as organisations move away from a me-too approach and actively seeking differentiation," says Merchant.
Requirements: Considering that with every 50-75 people recruited, one HR job gets created, TimesJobs.com estimates that 28,000 more HR jobs will be created in 2008.
Gautam Ghosh, senior manager, HR consultancy Tvarita Consulting, foresees an explosion in demand for start-up consultants and business strategists as more and more consumer-oriented portals mushroom across the country.
Entertainment
Growth stimulus: There would be about two new TV channels every month and 20-25 new FM channels every year.
Requirements: "About 4,000-5,000 people will be directly employed by TV channels every year," says Chibber.
"In radio, the demand would be for production people, anchors, technical and distribution sales professionals: jobs for 2,500 people in the next two years," he adds.
Information Technology
Growth stimulus: "Despite stagnation in the industry, a lot of project-based or contractual hiring and increasing domestic IT requirements would lead to organic growth," says Chhiber.
Requirements: Veerendra Mathur, CEO, Focus Infotech, a strategic IT HR and managed solutions firm, says, "Professionals who have a holistic knowledge and can do multitasking like coding, testing, designing and communicating with clients will be in demand."
"India will need 4.9 lakh professionals in the IT exports market, 11.1 lakh in the domestic IT industry and 20.5 lakh in the ITES-BPO sector by 2012," says Chhiber.
Customer services
Growth stimulus: Companies will put more and more stress on customer service to stay ahead of the competition.
Requirements: According to Chhiber, frontline technicians who have skills required to service and manage customers will be in demand. "About 1.5 lakh trained people every year would be needed," he adds.
Telecom
Growth stimulus: The telecom industry is growing faster in small towns and will also see a lot of organic growth. Jobs will also emerge in telecom when people employed here opt to shift to other emerging sectors.
Requirements: "The employment growth rate in telecom industry is expected to increase by seven per cent to ten per cent every year," says Gaur. "Jobs in demand would be telecom, mechanical, software and telecom test engineers, project managers, network security specialists and operation managers." According to data from FICCI, telecom will see 0.5 million new jobs by 2010 and 1.5 million by 2015.
Ghosh stresses the increasing demand for people who have a blend of two functional skills, like a financial services person with business and marketing skills. "In a dynamic job space in a growing economy," he sums up, "people with the right skill sets will always be sought after."
source: rediff
Stock Analysis from deadpresident
Stock Report and Annual Reports
Reliance Industries - 2007-2008 Annual Report
Eveninger - Aug 4 2008
HCL Tech, DLF, Shriram Transport, Lanco Infratech, India Banking, India Automobiles, Larsen and Tourbo, Jindal SAW
Reliance Petroleum 2007-2008 Annual Report
India Model Portfolio - Aug 2008
Sun TV / India Insurance Sector
Weekly Trace and Track - Aug 4 2008
Weekly Technicals - Aug 4 2008
Hotel Leelaventures, Nagarjuna Constructions, IVRCL, Madhucon Projects, AIA Engineering, Suzlon Energy, Voltamp Transformers, PVR, HT Media
Tata Motors - 2007-2008 Annual Report
IDFC - 2007-2008 Annual Report
For more Annual REPORTS - CLICK HERE
Container Corporation
Television Eighteen
Exide Industries
Bharti Airtel
Most Popular Pages - Aug 2 2008
Top Picks - Aug 2008
IPCA Labs / DLF Ltd /Merck
DIC India / Bata India
Source: Deadpresident blog
Reliance Industries - 2007-2008 Annual Report
Eveninger - Aug 4 2008
HCL Tech, DLF, Shriram Transport, Lanco Infratech, India Banking, India Automobiles, Larsen and Tourbo, Jindal SAW
Reliance Petroleum 2007-2008 Annual Report
India Model Portfolio - Aug 2008
Sun TV / India Insurance Sector
Weekly Trace and Track - Aug 4 2008
Weekly Technicals - Aug 4 2008
Hotel Leelaventures, Nagarjuna Constructions, IVRCL, Madhucon Projects, AIA Engineering, Suzlon Energy, Voltamp Transformers, PVR, HT Media
Tata Motors - 2007-2008 Annual Report
IDFC - 2007-2008 Annual Report
For more Annual REPORTS - CLICK HERE
Container Corporation
Television Eighteen
Exide Industries
Bharti Airtel
Most Popular Pages - Aug 2 2008
Top Picks - Aug 2008
IPCA Labs / DLF Ltd /Merck
DIC India / Bata India
Source: Deadpresident blog
Oil slip below $120, India in top 15 automakers
Oil slips below $120
Oil prices tumbled on Monday as signs of increased Opec output and the threat to demand from an economic slowdown trumped concern about Tropical Storm Edouard and Iran’s nuclear dispute with the West. “Crude futures are down despite a brewing storm and that shows you how momentum has shifted in this market,” said Phil Flynn, analyst at Alaron Trading in Chicago. US crude for September delivery was down $4.13, or 3.3%, at $120.97 a barrel on the Comex division of New York Mercantile Exchange at 22:30 pm IST, trading from $119.50 to $126.35. Prices fell below $120 for the first time since May 6, when the intraday low was $119.33. Nymex crude took out the 10-day moving average at $124.91 and support charted at $120 on Monday. US crude hit its record $147.27 on July 11. In London, September Brent crude was down $3.62, or 2.9% at $120.56 a barrel, trading from $118.80 to $125.30. Opec supply rose for a third straight month in July, according to a news agency survey. US consumer incomes rose at the lowest rate in over a year during June, the government reported on Monday, and inflation showed signs of accelerating. Tropical Storm Edouard moved across the northern Gulf of Mexico on Monday and has a 20% chance of hitting the Texas-Louisiana coast as a hurricane, the US National Hurricane Center said. Edouard shut down the Louisiana Offshore Oil Port, partially closed the Houston Ship Channel, and shut a small amount of output. Marathon shut its Texas City, Texas, refinery ahead of the storm. Iran faces more punitive measures, including sanctions, if it does not respond positively to an offer by major powers to rein in its nuclear program in exchange for incentives, the US State Department said on Monday. Iran and the representative of six world powers talked by telephone on Monday without resolving the dispute over Tehran’s nuclear program. “Despite all these bullish inferences a lower market must mean that participants have an infinitely greater concern about a deteriorating global economy,” Mike Fitzpatrick, vice-president at MF Global said in a note.
India in top 15 automakers
With a burgeoning auto industry to boast of, India has made it to the top 15 automakers of the world and occupies the fourth position in the leading developing countries' category of motor vehicle manufacturers, a UNIDO report has said. According to the UNIDO International Yearbook of Industrial Statistics 2008, India ranks 12th in the list of world's top 15 automakers, which is led by Japan followed by the US and Germany. Other countries making it to list are Mexico, France, Korea, UK, Canada, Spain, Iran, Sweden, Brazil, Italy and Indonesia. In the leading developing countries category, India ranks fourth. The list is topped by Mexico, followed by Korea, Iran. Brazil holds the fifth position followed by Indonesia, Turkey, Argentina, Thailand, Singapore, China, China (Taiwan Province), Malaysia, UAE and Columbia. India also figures among the world's top 15 producers of chemicals and chemical products, electrical machinery and apparatus, basic metals (iron and steel, non-ferrous metals), coke, refined petroleum products, nuclear fuel, non-metallic mineral products (glass and glass products, cement, lime and plaster, ceramic products), machinery and equipment, leather, leather products and footwear and textiles, the report said.
The country ranks fifth among the top 15 textile producers in the world. China has captured the top slot followed by the US, Italy, Japan, Mexico, Thailand, Indonesia, Pakistan, Germany, Korea, UK, Brazil, Turkey and Bangladesh. The Yearbook is the 14th issue of UNIDO's annual publication and is based on 2006 data. It follows the International Standard for Industrial Classification that categorises the automobile sector as manufacture of motor vehicles, bodies (coachwork) for motor vehicles, trailers and semi-trailers and manufacture of parts and accessories of motor vehicles and their engines. The main purpose of the Yearbook is to provide statistical indicators to facilitate international comparisons relating to the manufacturing sector. Countries are listed in two categories of industrialised and developing countries in the publication.
------------------------------------------------
Other Top stories:
Govt to set up three more ultra mega power projects
Thermax bags Rs 415 cr order for power plant construction
Torrent Power plans to generate over 8600 MW
Suzlon to raise Rs 5,000 cr for expansion
ADAG ropes in NPCIL's Chaturvedi for N-power project
Adhunik Group to set up 1,000 MW power plant in Jharkhand
Anil Ambani looks to buy-out Newcastle United: Report
How Indian animation industry can be a star
Murdoch to invest $100 mn, launch 6 channels
The world's 10 most expensive streets
China's Sinopec aims to derail ONGC's bid for UK's Imperial Energy
Reliance Communications to float $500-million tender for 3G rollout
Analysts' Picks: HDFC Bank
Analysts' Picks: United Spirits
Analysts' Picks: Adunik Metaliks
Current upmove just a bear market rally, book profits at every rise
Go long in Siemens, Maruti: Religare Securities
Buy Hind Motors: Religare Securities
Buy HDFC Bank for target Rs 1,331: Religare
Analysts' PIcks: ITC
Analysts' Picks: Hindustan Construction
Analysts' Picks
Aviva launches Pension and Money back plan
What will 3G mean for you
Source: ET
Oil prices tumbled on Monday as signs of increased Opec output and the threat to demand from an economic slowdown trumped concern about Tropical Storm Edouard and Iran’s nuclear dispute with the West. “Crude futures are down despite a brewing storm and that shows you how momentum has shifted in this market,” said Phil Flynn, analyst at Alaron Trading in Chicago. US crude for September delivery was down $4.13, or 3.3%, at $120.97 a barrel on the Comex division of New York Mercantile Exchange at 22:30 pm IST, trading from $119.50 to $126.35. Prices fell below $120 for the first time since May 6, when the intraday low was $119.33. Nymex crude took out the 10-day moving average at $124.91 and support charted at $120 on Monday. US crude hit its record $147.27 on July 11. In London, September Brent crude was down $3.62, or 2.9% at $120.56 a barrel, trading from $118.80 to $125.30. Opec supply rose for a third straight month in July, according to a news agency survey. US consumer incomes rose at the lowest rate in over a year during June, the government reported on Monday, and inflation showed signs of accelerating. Tropical Storm Edouard moved across the northern Gulf of Mexico on Monday and has a 20% chance of hitting the Texas-Louisiana coast as a hurricane, the US National Hurricane Center said. Edouard shut down the Louisiana Offshore Oil Port, partially closed the Houston Ship Channel, and shut a small amount of output. Marathon shut its Texas City, Texas, refinery ahead of the storm. Iran faces more punitive measures, including sanctions, if it does not respond positively to an offer by major powers to rein in its nuclear program in exchange for incentives, the US State Department said on Monday. Iran and the representative of six world powers talked by telephone on Monday without resolving the dispute over Tehran’s nuclear program. “Despite all these bullish inferences a lower market must mean that participants have an infinitely greater concern about a deteriorating global economy,” Mike Fitzpatrick, vice-president at MF Global said in a note.
India in top 15 automakers
With a burgeoning auto industry to boast of, India has made it to the top 15 automakers of the world and occupies the fourth position in the leading developing countries' category of motor vehicle manufacturers, a UNIDO report has said. According to the UNIDO International Yearbook of Industrial Statistics 2008, India ranks 12th in the list of world's top 15 automakers, which is led by Japan followed by the US and Germany. Other countries making it to list are Mexico, France, Korea, UK, Canada, Spain, Iran, Sweden, Brazil, Italy and Indonesia. In the leading developing countries category, India ranks fourth. The list is topped by Mexico, followed by Korea, Iran. Brazil holds the fifth position followed by Indonesia, Turkey, Argentina, Thailand, Singapore, China, China (Taiwan Province), Malaysia, UAE and Columbia. India also figures among the world's top 15 producers of chemicals and chemical products, electrical machinery and apparatus, basic metals (iron and steel, non-ferrous metals), coke, refined petroleum products, nuclear fuel, non-metallic mineral products (glass and glass products, cement, lime and plaster, ceramic products), machinery and equipment, leather, leather products and footwear and textiles, the report said.
The country ranks fifth among the top 15 textile producers in the world. China has captured the top slot followed by the US, Italy, Japan, Mexico, Thailand, Indonesia, Pakistan, Germany, Korea, UK, Brazil, Turkey and Bangladesh. The Yearbook is the 14th issue of UNIDO's annual publication and is based on 2006 data. It follows the International Standard for Industrial Classification that categorises the automobile sector as manufacture of motor vehicles, bodies (coachwork) for motor vehicles, trailers and semi-trailers and manufacture of parts and accessories of motor vehicles and their engines. The main purpose of the Yearbook is to provide statistical indicators to facilitate international comparisons relating to the manufacturing sector. Countries are listed in two categories of industrialised and developing countries in the publication.
------------------------------------------------
Other Top stories:
Govt to set up three more ultra mega power projects
Thermax bags Rs 415 cr order for power plant construction
Torrent Power plans to generate over 8600 MW
Suzlon to raise Rs 5,000 cr for expansion
ADAG ropes in NPCIL's Chaturvedi for N-power project
Adhunik Group to set up 1,000 MW power plant in Jharkhand
Anil Ambani looks to buy-out Newcastle United: Report
How Indian animation industry can be a star
Murdoch to invest $100 mn, launch 6 channels
The world's 10 most expensive streets
China's Sinopec aims to derail ONGC's bid for UK's Imperial Energy
Reliance Communications to float $500-million tender for 3G rollout
Analysts' Picks: HDFC Bank
Analysts' Picks: United Spirits
Analysts' Picks: Adunik Metaliks
Current upmove just a bear market rally, book profits at every rise
Go long in Siemens, Maruti: Religare Securities
Buy Hind Motors: Religare Securities
Buy HDFC Bank for target Rs 1,331: Religare
Analysts' PIcks: ITC
Analysts' Picks: Hindustan Construction
Analysts' Picks
Aviva launches Pension and Money back plan
What will 3G mean for you
Source: ET
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