20 December 2007

Tatas, worlds 3rd most transparent co : Rediff.com

Tatas, world's 3rd most transparent co

Tata Group, easily India's most respected business house, has been named the world's third most accountable and transparent company by Britain's One World Trust although US hotel chain Orient-Express has not found it worthy of an alliance.According to Rob Lloyd, the report's lead author, the assessment is a measure of the extent to which organisations have the policies and systems in place to enhance consistent and coherent accountability to the people they affect."The report ranked GE and GlaxoSmithKline [Get Quote] number one and two most transparent and accountable companies.Tata Group, was however, considered ahead of Coca-Cola, Petrobras, HSBC Holdings, PriceWaterCooopers International and Google, when measured on the parameters of transparency and accountable leadership among global companies.

More on the above @ Tatas, world's 3rd most transparent co


Other Rediff stories:

Business highlights 2007
Sebi gives nod for short selling
Orient Express: Tatas seek apology
Careers: Are you ready for the 21st century?

MCA: Opening doors for a global career in IT
Sabarimala, Kumbh: World's top holy spots
Career change: Why they chose to do an MBA



Source: http://www.rediff.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

Sarin, Nooyi among worlds 20 best biz leaders : Sify

Sarin, Nooyi among world's best biz leaders

Reaffirming the now unmistakable presence of Indians in the World Inc, two multinationals PepsiCo and Vodafone, which are headed by people of Indian origin, have found a place in a list of the world's 20 best companies for leaders.

While Chennai-born Indra Nooyi is the Chairman and CEO of soft drink major PepsiCo, Arun Sarin, who hails from Madhya Pradesh, is the CEO of the world's second largest mobile operator Vodafone.

Vodafone debuted at 20th rank in this year's list, prepared by consulting firm Hay Group and Chief Executive Magazine. PepsiCo is down to 7th position from its third rank last year.
In the 2006 list, Citigroup, now headed by another Indian origin banker Vikram Pandit, was ranked at fourth. However, it does not find a place in this year's list. Nagpur-born Pandit was named as the CEO of Citigroup earlier this month, after his predecessor Charles Price stepped down last month.

American conglomerate General Electric (GE) has topped the list for the second year in a row, while Procter & Gamble has retained its second position this year.

Check out our Yearender Special

The maximum number of companies are from the US (11), while eight are from Europe and one from Asia. There is not a single Indian company on the list. The annual survey considered a total 790 companies, that included 47.1 per cent headquartered in Europe, 31.2 per cent in North America, 15 per cent in Asia-Pacific, and the rest in Middle-East, Africa and South and Central America.

GE and P&G are followed by Johnson and Johnson, Unilever and Coca-Cola in the top five. Others are Siemens (6), L'Oreal (8), Toyota (9), HP (10), GlaxoSmithKline (11), Novartis (12), Pfizer (13), HSBC (14), 3M Co (15), Eli Lily (16), BASF (17), McDonald's (18) and Amgen (19).


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Indias richie rich : Sify.com

India’s richie rich!

India Inc has a new breed of billionaires this year. Find out the new faces and how they made it to the elite list.

Soaring stock markets and skyrocketing property prices are paving way for a new breed of Indians - the billionaire businessmen! The country is the home of about 54 billionaires as on date (as per Forbes.com), whose collective networth has doubled compared to last year and has touched $351 billion.This is second highest number in Asia after China. It's not just the game of Ambanis any more. New entrants like K.P Singh, GautamAdani and others have also joined the richie rich league, thanks to the soaring Sensex!

Here's a compilation of the country's richest men.

Links: Start and elite list.



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Sensex ends 71 pts up : Sify Finance

Sensex ends 71 pts up
Sensex gains 71 pts amid FII pullout
Sensex ends up 71pts; IFCI drops 23%

NSE 5766.50 15.35
BSE 19162.57 70.61


Information technology stocks opened on a bright note and stayed firm right till the end even as stocks from other sectors had a choppy outing as investors appeared highly reluctant to carry home positions ahead of a long weekend. The somewhat subdued trend in global markets also appeared to have forced the participants on to a slightly defensive approach today.

The Sensex, which opened with a positive gap of nearly 120 points at 19,210.22, hit a high of 19,291.14 in intra-day trades and settled at 19,162.57 with a gain of 70.61 points or 0.375. The Nifty ended with a gain of 0.27% or 15.35 points at 5766.50, well down from a high of 5799.50 it had touched in afternoon trade.

While the BSE IT index ended stronger by 3.34%, the Teck index, which has software, media and telecom stocks in its fold, moved up by around 1.5%. The Capital Goods and FMCG indices declined sharply. PSU, Power, Oil & Gas, Bankex, CD and HC indices also ended in the negative territory.

A number of midcap and smallcap stocks went down on sustained selling in afternoon trade.
Satyam Computer Services, which moved up by nearly 6%, was the biggest gainer in the Sensex today. Infosys Technologies, contributing significantly to the market's positive close, gained 3.7%. Tata Consultancy Services surged 2.35% while Wipro, which remained somewhat subdued for a better part of the day, ended with a sharp gain of 1.8%.

Power stock Reliance Energy gained more than 3%. Automobile major Tata Motors rallied 2.9% to Rs 824.80. Mahindra & Mahindra advanced by a little over a percent. Realty stock DLF gained 1.1%.
Bajaj Auto, Bharti Airtel, ONGC, State Bank of India and Reliance Industries finished with modest gains while Hindustan Unilever, Hindalco and Tata Steel edged up marginally.
ACC (down 2.75%), Cipla (down 2%), ITC (down 1.65%), Ranbaxy Laboratories (down 1.65%) and BHEL (down 1.3%) closed with sharp losses. Grasim Industries, HDFC, Reliance Communications and HDFC Bank eased by 0.5% - 1%. Larsen & Toubro, ICICI Bank and Maruti Suzuki also ended weak. Ambuja Cements and NTPC ended almost unchanged from their previous closing levels.
Dr. Reddy's Laboratories, HCL Technologies, Sun Pharmaceuticals, Cairn India, BPCL, SAIL and Tata Power were among the major gainers from the Nifty. GlaxoSmithKline Pharma ended with a sharp loss of 5.6%. VSNL, a big gainer yesterday, lost 4.65% on profit taking. Suzlon Energy, ABB, Zee Entertainment, Hero Honda, GAIL India, Reliance Petroleum and Nalco also closed with sharp losses.

IFCI plunged sharply and ended lower by 23.25% at Rs 76.85 on sustained selling today. The stock got hammered due to the company calling off its stake sale plan after talks with the Sterlite-Morgan Stanley combine ended in disagreements over the price and management control.

IFCI opened at Rs 98 - it remained its high for the day - and hit a low of Rs 71.05 before settling for the day at Rs 76.85 with a big loss. On the National Stock Exchange, the IFCI counter recorded a turnover of Rs 1104.75 crore on a volume of around 143 million shares.
The market breadth, which remained positive till around mid afternoon, turned negative as the session progressed. Out of 2950 stocks traded on BSE today, 1755 stocks closed with losses. 1164 stocks finished on a positive note and 31 stocks ended at their previous closing levels.

Other Sify Stories:

VSNL to link Europe thru TGN cable
Nagarjuna Construction secures Rs 307 cr order
Vodafone ties up with Indian Posts for mobile payment
PSL bags Rs 125 cr worth contract
‘India grows fastest in ECB sales during Q3 2007’

Boeing signs 10-year deal with HAL
Shares of Deccan, UB Holdings surge on merger
IPOs: Flavour of the season for India Inc
Indian viewers need regulation of media content: Dasmunsi
Religare ties up with Bank of Rajasthan

Jaguar-Rover: Another New Year gift for Tatas?
Kingfisher Airlines, Deccan decide to merge



Source: http://www.sify.com/finance . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

19 December 2007

The Economic Times Corporate Stories

http://economictimes.indiatimes.com/

India seeks 10 pc growth but economy not immune: PM
Trust bulls to stay in hunt for small-caps
From grocer, Reliance plans shift to supply
Jyothy Labs shares close at Rs 780
Shyam Telecom surges 10%

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M&As were toast of season for India Inc in 2007
Indian CEOs more hierarchical than Americans: Study
Fitch assigns 'F1(ind)' rating to Omax Autos
Tata Motors to display Rs 1 lakh car next month
Suzlon takes the QIP route to raise Rs 2,183 cr
Agilent bags order from Orchid Chem

RIL, Tata Chem in talks for KG basin gas sale
Gujarat Fluorochem to form JV with Chinese Firm
Shringar Cinemas unit in deal with HDIL
Russia's Sistema to invest $1 bn in Shyam Tele
11th Five Year Plan gets final approval
Australian co may buy controlling stake in Sharepro

Investors hitch a ride with high-flying holding cos
Jyothy Laboratories lists at 30% premium
Vakrangee Softwares gets 25-bn-rupee orders
US stocks rise after ECB move
JM Financial mutual plans 11-stock fund
You can retire in 10 yrs, conditions apply

International Business:


Oracle Q2 profit soars 35%
RBS eyeing stake in Chinese trust co: Report
Lehman sees Japanbs nominal GDP growth to remain subdued FY08
India sees 10% growth by 2012, subprime a risk
Thailand's economy desperately seeking stability
JGBs surge, focus on BOJ's economic assessment

Malaysia's UEM Land in pact with Dubai World unit
Darling plans emergency bank rescue package
Finland's Suomi to sell unit to Vienna Insurance
Viacom, Microsoft sign advertising, content deal
Japanese steel cos bolster defences against takeovers

Morgan Stanley posts first-ever loss
UK works on swift rescue plans for banks in trouble
Fed steps in to protect home loan borrowers

Japan's economy to grow faster next year: Govt
Intuit iPhone-friendly Quicken priced at $3/month
DoCoMo chief meets Apple's Jobs amid iPhone rumours
New oil and gas fields in Asia-Australia's Kipper to start 2011

Nippon Steel, Sumitomo, Kobe to boost capital ties
Norddeutsche 2006/07 profit up, sees weaker 2007/08
CSM sells US QA Products unit to Kerry Group
TomTom shares up on optimism on U.S. market
JP Morgan cuts Goldman Sachs CDS ratings to neutral
Morgan Stanley posts loss, China fund buys stake
Arcelor to boost ore self-sufficiency

Uncertainty, not stagflation is the big risk
IMF chief sees no deep market crisis
German carmakers see red over Europebs new emission norms
Daimler CEO open to takeover-led growth



Source: http://economictimes.indiatimes.com/headlines.cms . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

VC, PE updates from VCCircle.com, Indiape.com

VCCircle.com

Lightspeed To Look At Non-Tech Businesses Too In India
Indiareit Fund Advisors Picks Up A 75% Stake In Hyderabad’s Amsri Group Project
IDG Ventures Invests In 3D Tech Company Incubated At Stanford, IISc
ICICI Venture, CVCI May Reportedly Pull Out Of Dr Reddy’s Perlecan Pharma

IFCI Venture Capital Plans €50 million Fund For Carbon Credit Sector; Needs Partner
Tech VC Firm Techfarm Ventures Buys Out Hyderabad’s IChip Technologies
CVCI’s “Pipeline”: Invests Additional $125 Million In JBF Industries
Boutique I-Banks No More Boutique; Avendus To Enter NBFC Biz

ACK Media Acquires Bangalore’s Quite Men Studios; To Acquire Career, Community Portals
Wadhawan Food Retail Plans IPO In 12 To 18 Months
Shapoorji Pallonji Sells 15% In Real Estate SPV To GIC, CVCI For $290M: Report
Media Focused Fund ComVentures Merges With Velocity Investment Group

Burrill Raising India Focused Life Sciences Fund Of $150-200M By Q1 ‘08
Pramath Sinha’s 9.9 Mediaworx Acquires Jasubhai Digital Media
Jai Balaji Industries Raises Rs 273 Crore From CVCI, India Equity Partners
Yash Birla Group Mulls IPO For Auto Component Businesses

Merrill Lynch International Buys 12.74% Stake In Resurgere Mines
FXLabs Acquires Sashi Chimala’s Online Gaming Company Knibble.com For $3M
Kubera Invests $17 Million In Ocimum Biosolutions; To Fund Gene Logic Buy
GBN Buys New Vernon’s 10% Stake In Jagran TV For Rs 20 Crore

M&A Round Up: Phoenix Lamps; Aegis BPO; India Glycols
B Seenaiah Raises $38.5M From L&T, IDFC, Lehman, Amansa Capital
Trichy’s Cethar Vessels To Raise $100M From PE Firms
Ford May Choose Tatas As Preferred Bidder For Jaguar, Land Rover

Yatra Capital’s Mid-Sized Property Safari; Latest Is €20M In Batanagar IT Project
ICICI Venture Exits Miditech In Favour Of Turner International
------------------------------------------------------
Indiape.com

India Glycols acquires Shakumbari Sugar
PE funds ready to bite into Monginis Foods
L&T, IDFC, Lehman buy 7% in B Seenaiah
End in sight for private equity's unfettered freedom


Source: http://www.vccircle.com and www.indiape.com thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

Moneycontrol, Myiris Stories

Moneycontrol.com

Mkts may see good rally before Budget: Motilal Oswal
Investors are favourable on textiles, sugar: PINC
SBI MF is wary of aviation, cautious on IT
`Deccan Aviation has target of Rs 350-35...
Lot of action in midcap segment
India Inc raises $2 bn via QIPs last fortnight

GDP growth may go upto 10% in 5 yrs: PM
No RBI rate cut seen in Jan: Goldman Sachs
Earmarked Rs 1k cr for SEZ plans: GMR Infra
Fin, steel, cement stocks to be key wealth creator...
Fed creates new loans to govern subprime lending
Simplex Infrastructures raises Rs 400cr through QIP
GBN approves stock split, stock up
These gems will make your mouth water
-------------------------------------------------------------
Myiris.Com

HCC JV bags Rs 2.97 bn DMRC order
PM says growth rate to rise 10%
L&T secures Rs 2.87 bn order from MMRDA
Jyothy Lab closes with 13.04% premium on NSE

Welspun acquires 76% stake in Portugal-based Sorema
Nicholas Piramal forms JV with ARKRAY, Japan
Shringar Cinemas` arm ties up with HDIL
Gujarat Fluorochemicals board approves stock split
Triveni Engineering to raise Rs 2.5 bn

Vakrangee Softwares bags orders worth Rs 25 bn
Emkay recommends a `BUY` on GMR Infrastructure
RCF plans to develop commercial complex in Mumbai
BPCL likely to tie-up with Nippon Oil
Jindal Power to invest over Rs 50 bn in Chhattisgarh

Power Grid to enter entertainment biz
GTL Infra earmarks USD 600 mn outlay per annum


Source: http://www.moneycontrol.com and www.myiris.com.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

IFCI sale falls through on management control : ET

IFCI sale falls through on management control
IFCI calls off stake sale process
The Economic Times

NEW DELHI: It's official now. The IFCI board on Monday called off the sale of 26% of its equity to its only bidder — Sterlite and Morgan Stanley — over irreconcilable differences regarding the degree of management control. The way forward is still not clear for IFCI, which had planned to rope in a strategic partner to fund its future business. India’s oldest development financial institution is facing a resource crunch.

On the future course of action, Atul Rai, CMD IFCI conceded that there is need for capital for IFCI. “There is no possibility for a re-bid in this format. There has to be a certain time lapse before the system can gear up for a re-bid. This proposition has not made sense to 10 of the best bidders in the world; it will not change substantially very soon.” This comes even as the Wilbur Ross consortium is understood to be making efforts to renegotiate with IFCI to put in a bid. But officials maintain, legally, IFCI cannot entertain any offers from this process.

The consortium headed by Mr Ross comprised of Standard Chartered bank, Goldman Sachs and HDFC, and did not put in its bid after conducting due diligence. Said Mr Rai: “There is disappointment that the entire effort that lasted six months did not translate into a deal. But the board was not agreeable to the conditional offer made by the only bidder. From the perspective of the investor, they had a certain set of conditions and they are answerable to their shareholders, but it could not be accommodated by IFCI since it changed the nature of the transaction.”

While IFCI offered two seats on the eight-member board, the bidder wanted three. Sterlite also wanted to replace the CEO — a non-negotiable condition. Sources said, Sterlite wanted far greater control for the 26% sale in return for paying more than $1 billion, at Rs 110 a share. “Rights of minority shareholders could have been jeopardised in the long term. The exclusivity of control that they sought was unacceptable to the board.

If the board had spelt out these additional conditions in the Request for Proposal (RFP) stage, IFCI could have attracted more bidders at a higher price.” “We have made our best offer for IFCI to achieve the objective, such as making IFCI a world class institution, retaining existing talent, bringing in new talent and more expertise. We respect the government’s decision not to go ahead with the strategic sale,” an official statement from Sterlite said.

A senior government official, however, said there was no direct intervention from the government. “IFCI is a quasi-government institution and government guidelines apply to it. Under the Chief Vigilance Commission’s (CVC) guideline, a single bidder with a conditional offer cannot be appointed as an investor. Several conditions made by Sterlite were non-negotiable.” He also said that government was open to supporting IFCI in future.

The process that was kicked off earlier this year helped boost IFCI’s stock price from Rs 12 in January to Rs 121 earlier this week. The sale was fraught with uncertainties till the last minute with respect to capital structure and regulatory issues, among others. Detractors were crying hoarse on the non-transparency of the process. During the entire course of events, rumours were rife that the sale would never take place. Along the way, IFCI allowed creditor banks to convert their debt worth Rs 1,479 crore into equity. There was no clarity on the status of the government’s loan to IFCI before the bids closed.

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How will IFCI fare once market opens?
Moneycontrol.com

IFCI has said that it has scrapped the entire plan to sell 26% stake. IFCI will not pursue its stake sale talks with any bidders. Atul Rai of IFCI told CNBC-TV18 he was disappointed with the outcome but not surprised. The management of Sterlite said it respects IFCI board decision.CNBC-TV18's Sajeet Manghat analyses the implication of this move on the stock.
According to Manghat, one needs to look at it from two aspects. IFCI converted nearly Rs 1,300 crore of debt, which was held between financial institutions like LIC, GIC and some of the public sector banks into equity. The conversion price was Rs 107 per share, as per the Sebi convergent formula.

Now, post the stake sale being put off, we are going to see a fall in share price tomorrow. Grey market sources said that the stock is quoting somewhere around Rs 75-80, added Manghat.

People are willing to sell at that price but there are no buyers to take that stock at Rs 75-80. But the bigger loss would be for the banks and financial institutions, who will be converting their equity at a higher price of Rs 107 and get stuck with the equity, because the stock price would come down tomorrow, he commented.



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Kingfisher Airlines, Deccan to merge

Kingfisher Airlines, Deccan to merge
Sify.Com

Bangalore: Low-cost carrier Deccan and Vijay Mallya-led Kingfisher Airlines on Wednesday decided to merge and create a single corporate entity to cut down operational costs and accelerate their journey to profitability. The Boards of the two private airlines at a joint meeting unanimously decided after management consulting firm Accenture in its report recommended their merger for greater operational and marketing synergies.
Details of Deccan-Kingfisher merger, valuations and swap ratio will be worked out by accountancy firm KPMG.

For more news, analysis click here>>

Liquor barron Mallya's UB Group had earlier this year acquired 46 per cent stake in Deccan Aviation Ltd, becoming its single largest shareholder. Air Deccan will continue to be listed incorporating the businesses of both Kingfisher Airlines and Deccan itself but the listed entity's name will be changed to Kingfisher Airlines," UB Group Chairman Vijay Mallya said on Wednesday night. He said details of the merger, valuations and swap ratio would be done by KPMG, while Dalal & Shah were appointed to "very quickly" come up with valuations and recommend merger structure.

The listed entity (which would be Kingfisher) would offer low fare service under the Deccan brand and premium services under Kingfisher brand. "Hopefully, at the start of next year (April 2008), we should have one listed entity." Mallya said the charter business of Kingfisher and Deccan would be independent in a separate entity.

Mallya would be the chairman and CEO of the merged entity, while executive chairman of Deccan, Captain G R Gopinath would be the vice-chairman. UB Holdings held a 46 per cent stake in Deccan prior to the merger decision, and Mallya said the merged entity would be majority-owned by UB Holdings. Gopinath said Accenture was commissioned to come up with a comprehensive report on what needs to be done to get the operational and marketing synergies, bring down the cost of two airlines and give strategic and tactical inputs.

Mallya said the report highlighted how the two airlines can save a lot of money, bring down the cost of operation and accelerate the route to profitability by merging into a single entity.
"It (Deccan and Kingfisher) will be one company, and eligible to fly (internationally) in 2008," Mallya said. He said one of the key elements of the Accenture report is route rationalisation between the two airlines. "It's not going to one (airline) at the cost of another," he said.

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Kingfisher, Deccan agree to talk merger
The Economic Times

BANGALORE: The consolidation momentum in the Indian aviation sector has started rolling again with Deccan Aviation and Kingfisher deciding on an “in-principle” merger talks. This decision has wide ranging ramifications not just for the airlines but also for the entire industry. The move ends a long speculation of a possible merger after UB emerged as the single largest shareholder in Deccan Aviation. UB Holdings, the parent of Kingfisher, which holds 46% stake in Deccan Aviation, might float a new company to operate the merged entity. Emerging from the Deccan Aviation AGM here on Wednesday, UB Group chairman Vijay Mallya said there was “in-principle” agreement on the merger.

He was hopeful of pushing the matter through at the ensuing Deccan Aviation board meeting. It is learnt that Accenture, which was roped to suggest ways of maximising synergies between the carriers, also suggested a merger. The merged entity is likely to see the Mallya-led UB Holdings having a clear majority interest with the absolute quantum to be decided on swap ratio. Though the caveat being that both Deccan Aviation and Kingfisher would operate as separate brands in the skies. Captain Gopinath very categorically remarked that there would not be a single airline brand as both had different value proposition. UB Group CFO Ravi Nedungadi hinted at the possibility of a reverse merger for taking the listed Deccan into the privately-held Kingfisher.
“There is a possibility of forming a separate entity under UB Holdings to manage the merged operations...UB group has enough experience in handling merger situations”. Mr Nedungadi said the combined entity will have accumulated losses of around Rs 2,000 crore, with Kingfisher and Deccan contributing Rs 1,200 crore and Rs 800 crore, respectively.

“Losses of airlines are available for future set-offs against profits,” he added, while claiming that both airlines were expected to break even next financial year. The modalities of the merger are likely to be worked out by a financial consultant to be appointed by the two carriers. The merged entity will have an operating fleet of 75 aircraft with a marketshare of around 30%, placing it ahead of Jet-Jetlite combine and Indian. The merger could also smoothen the process for Kingfisher to start its international operations to the US and the UK by mid next year, as Deccan Aviation would complete five years of service, complying with the regulatory requirement. The Deccan Aviation scrip closed the day at Rs 295.45 on NSE, showing a fall of 6.44% while UB Holdings gained 1.4% to close at Rs 1,084 on the BSE.


Source: http://www.theeconomictimes.com and www.sify.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.