Most POWERFUL Women in Indian business

Most powerful women in Indian business

Yet another edition of BT's most powerful women in business, together with the rising stars, the start-up heroines, the microfinance mavens and even the inheritors. The women listed here come from an amazing variety of academic and family backgrounds and have established themselves in an equally diverse range of industries despite the near-crippling drag of home and hearth.

Some were lucky to have been at the right place at the right time; one admits that she is not the sort of mother who packs their child's tiffin in the morning-and another is "quite unashamed" to say that she eased up on her career to be with her children when they needed her most. And look out for the rising star who takes her two-year-old daughter jetsetting as she shuttles between two cities in the US and her Indian headquarters, and for the lady who came back to India to be near her ailing mother-in-law-but succeeded with yet another start-up.
Consider: would this list have been possible 20 years ago? On the other hand, how far is the day when BT will list the 250 most powerful women in Indian business and not just 25? The answer to the first question is a definite no. The answer to the second depends on how India builds its infrastructure. Not the infrastructure of expressways and trans-harbour links, but the infrastructure of child care and crèches, schools that don't burden children with homework, on-call housekeeping services, et al. Today, if the child of a working couple falls ill or is let out from school early, or if the babysitter goes on French leave, who has to miss office? No prizes for guessing the correct answer.
Read the stories of BT's amazing women, and you will discover that there are no intellectual differences between men and women. But how many men with a PhD in theoretical nuclear physics or two post-graduate degrees from Yale and Harvard would choose to work for an MFI? The workplace brings with it another gender inequality: the woman rushing home to help her child with his or her homework cannot go out bonding or networking.
So, here's to a growing list of women achievers. May their tribe grow, may the list get longer and may they never have to tell our readers the best way to deal with a glass ceiling.
The top 25
They span generations and are there in every field, from tractors to television, from biscuits to banking, from HR to hospitals. Denied entry into a male bastion, they create another industry (as Kiran Mazumdar-Shaw of Biocon did). They love their saris and their cooking, but also frame the laws that govern the world of alpha-male stockbrokers. They are the most powerful women in the corporate world.

In pics: 25 best women of India Inc.

Amrita Patel64, Chairman, NDDBPower to me means: Maintaining the highest standards of integrity at all times.My favourite life-after-work activity: I am actively involved in two movements—ecological security and rural healthcare.The best way to deal with a glass ceiling: Fortunately, I have not had to fight the glass ceiling. Hard work, commitment and caring in word and deed helps people overcome obstacles.Mantra for maintaining work-life balance: Meditation.
I am not a businesswoman,” says Amrita Patel, Chairman of National Dairy Development Board, the world’s largest dairy development programme, which involves over 12.4 million farmer families, 117,000 co-operative societies and procures 21.5 million litres of milk every day. “I’m in the business of putting other women into business and enabling them to earn a daily income,” says Patel, chairman since 1998. “We must ensure that we do not become importers,” she adds. Patel is behind a National Dairy Plan that looks at demand and supply up to 2021.
Amrita Patel, Chairman, National Dairy Development Board. Power to Amrita means maintaining the highest standards of integrity at all times. (Read more about Amrita)

Ashu Suyash, Country Head & Managing Director for India at Fidelity International. Power to Ashu means the ability to influence and bring about change. (Read Ashu's biggest turning point in career)

Chanda Kochhar, Joint MD, ICICI Bank. Power to Chanda means the ability to impact the lives of common people. (Read how Chanda Kochhar deals with a glass ceiling)

Chitra Ramakrishna, Deputy Managing Director, NSE. Power to Chitra means shunning media glare and letting her actions speak for her work. (Read about Chitra's most memorable experience at workplace)

Ela R. Bhatt, Founder, Self-employed Women’s Association. As a founder of SEWA, Ela is part of the top 25 powerful women in Indian business list because of the worldwide impact that her work has had on not only the disadvantaged workers but also on government policies. (Read Ela R. Bhatt)

more rankings @:
http://businesstoday.digitaltoday.in/index.php?option=com_content&Itemid=1&task=view&id=7741&sectionid=22&issueid=40&page=archieve

http://businesstoday.digitaltoday.in/index.php?option=com_registration&exist=yes&task=homegallery&assignedid=61&thumbid=61&issueid=40
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On the power track In pics: The rising stars
For women, by women In pics: Women in MFIs
Doing their own thing In pics: Six start-up women
The thought leaders In pics: Top women thinkers
Papa don't preach In pic: The inheritors
The power list in retrospectFrom BT archives
2007: Vinita Bali remains at top
2006: Magic at Britannia
2004: Arnavaj 'Anu' Aga remains at top
2003: India Inc's Ms Conscience
Nothing is impossible
For women, by women
Top start-up women

Source:Business Today

Best Companies to work for in India: BT Survey

Best Companies to work for in India

This is the best time to alert readers about the 'Best companies to work for'—together with each company’s responses to many questions: Does it plan any pay cuts? Does it plan to increase headcount by March 2009? Did its headcount in December 2008 increase over the figure for 2007?
Microsoft India: Staying on top
iGate Global Solutions: The rise of the underdog
HCL Infosystems: Idea factory
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List of best companies to work for
1. Microsoft India: Staying on top
2. iGate Global Solutions: The rise of the underdog
3. HCL Infosystems: Idea factory
4. HSBC: Nursery for talent
5. Marriott Hotels India: Caring family
6. Godrej Consumer Products: Loving the learning
7. Max New York Life: Nurturing talent
8. Ashok Leyland: No to generation gap
9. Eli Lily: Fighting fit
10. Canon India: Aim, focus, shoot
Also read
The other good employers
Managing human capital through tough times
How we found ‘The best employers

http://businesstoday.digitaltoday.in/index.php?option=com_content&Itemid=1&task=view&id=9488&sectionid=22&issueid=47&latn=2
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Other Articles from Business Today
Noted
Stimulus package II
Another stimulus from the government, which doesn’t seem enough.

Special
India Inc.’s New Year resolutions
There’s no quick-fix turnaround to be expected in the year ahead. BT presents 10 resolutions for 2009 to help India Inc.

Money
The charge machine
Nitya Varadarajan
Banks have hiked various charges and, in some cases, introduced new ones like counting charges on a large cash deposit or withdrawal. Here’s what you should know.

Trends
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Virendra Verma & Rachna Monga
Investor activism more than independent directors can keep managements in check.
Instan tip
Numbers of note
The cost of safety goes up
The money makers
Not game yet
Recycle your mobile
Boomtime for Indian MFIs
Tech savvy Kerala
Vrooming ahead
To be precise
Stimulus package II
Recognised
Gadgets, gizmos & girls
Business Today -E&Y Deal watch

Source:Business Today

Text of Mr Ramalinga Raju’s Statement

Text of Mr Ramalinga Raju’s Statement!
http://www.zeenews.com/business/ice-economy/2009-01-07/496774news.html

To the Board of Directors Satyam Computer Services Ltd. From B. Ramalinga Raju Chairman, Satyam Computer Services Ltd. January 7, 2009 Dear Board Members, It is with deep regret, and tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice: 1. The balance sheet carries of September 30, 2008 a. Inflated (non-existent) cash and bank balances of Rs 5,040 crore (as against Rs 5,361 crore reflected in the books) b. An accrued interest of Rs 376 crore which is non-existent c. An understated liability of Rs 1,230 crore on account of funds arranged by me. d. An overstated debtors position of Rs 490 crore (as against Rs 2,651 reflected in the books) 2. For the September quarter (Q2) we reported a revenue of Rs 2,700 crore and an operating margin of Rs 649 crore (24 per cent of revenues) as against the actual revenues of Rs 2,112 crore and an actual operating margin of Rs 61 crore (3 per cent of reve nues). This has resulted in artificial cash and bank balances going up by Rs 588 crore in Q2 alone. The gap in the balance sheet has arisen purely on account of inflated profits over a period of last several years (limited only to Satyam standalone, books of subsidiaries reflecting true performance). What started as a marginal gap between actual opera ting profit and the one reflected in the books of accounts continued to grow over the years.

It has attained unmanageable proportions as the size of company operations grew significantly (annualised revenue run rate of Rs 11,276 crore in the September q uarter, 2008 and official reserves of Rs 8,392 crore). The differential in the real profits and the one reflected in the books was further accentuated by the fact that the company had to carry additional resources and assets to justify higher level of operations - thereby significantly increasing the costs. Every attempt made to eliminate the gap failed. As the promoters held a small percentage of equity, the concern was that poor performance would result in take-over, thereby exposing the gap. It was like riding a tiger, not knowing how to get off withou t being eaten. The aborted Maytas acquisition deal was the last attempt to fill the fictitious assets with real ones. Maytas' investors were convinced that this is a good divestment opportunity and strategic fit. Once Satyam's problem was solved, it was hoped that Ma ytas' payments can be delayed. But that was not to be. What followed in the last several days is common knowledge.

I would like the Board to know:
1. That neither myself, nor the Managing Director (including our spouses) sold any shares in the last eight years - excepting for a small proportion declared and sold for philanthropic purposes.

2. That in the last two years a net amount of Rs 1,230 crore was arranged to Satyam (not reflected in the books of Satyam) to keep the operations going by resorting to pledging all the promoter shares and raising funds from known sources by giving all ki nds of assurances (statement enclosed, only to the members of the board), Significant dividend payments, acquisitions, capital expenditure to provide for growth did not help matters. Every attempt was made to keep the wheel moving and to ensure prompt pa yment of salaries to the associates. The last straw was the selling of most of the pledged share by the lenders on account of margin triggers.

3. That neither me, nor the Managing Director took even one rupee/dollar from the company and have not benefited in financial terms on account of the inflated results. 4. None of the board members, past or present, had any knowledge of the situation in which the company is placed. Even business leaders and senior executives in the company, such as, Ram Mynampati, Subu D, T.R. Anand, Keshab Panda, Virender Agarwal, A.S. Murthy, Hari T, S V Krishnan, Vijay Prasad, Manish Mehta, Murli V, Sriram Papani, Kiran Kavale, Joe Lagioia, Ravindra Penumetsa, Jayaraman and Prabhakar Gupta are unaware of the real situation as against the books of accounts. None of my or Managing Director's immediate or extended family members has any idea about these issues.

Having put these facts before you, I leave it to the wisdom of the board to take the matters forward. However, I am also taking the liberty to recommend the following steps: 1. A task force has been formed in the last few days to address the situation arising out of the failed Maytas acquisition attempt. This consists of some of the most accomplished leaders of Satyam: Subu D, T.R. Anand, Keshab Pandaand Virender Agarwal, r epresenting business functions, and A.S. Murthy, Hari T and Murali V representing support functions. I suggest that Ram Mynampati be made the Chairman of this task force to immediately address some of the operational matters on hand. Ram can also act a s an interim CEO reporting to the board. 2. Merrill Lynch can be entrusted with the task of quickly exploring some merger opportunities. 3. You may have a ‘restatement of accounts' prepared by the auditors in light of the facts that I have placed before you. I have promoted and have been associated with Satyam for well over twenty years now. I have seen it grow from few people to 53,000 people, with 185 Fortune 500 companies as customers and operations in 66 countries. Satyam has established an excellent leadership and competency base at all levels. I sincerely apologise to all Satyamites and stakeholders, who have made Satyam a specia l organisation, for the current situation. I am confident they will stand by the company in this hour of crisis. In light of the above, I fervently appeal to the board to hold together to take some important steps. Mr. T.R. Prasad is well placed to mobilise support form the government at this cru cial time. With the hope that members of the task force and the financial advisor, Merrill Lynch (now Bank of America) will stand by the company at this crucial hour, I am marking copies of this statement to them as well. Under the circumstances, I am tendering my resignation as the chairman of Satyam and shall continue in this position only till such time the current board is expanded. My continuance is just to ensure enhancement of the board over the next several days or as early as possible. I am now prepared to subject myself to the laws of the land and face consequences thereof. (B. Ramalinga Raju)

Copies marked to: 1. Chairman SEBI 2. Stock Exchanges

Year End Special

2008 was a shocker of a year for all equity markets across the globe. The total world stock market cap halved from USD 60 trillion to USD 30 trillion. Auto, Pharma and Consumer stocks outperformed in 2008. Realty stocks were the worst performing stocks in 2008.
List of world indices perfromance in the year 2008.

List of world indices perfromance in the year 2008.
Index
YTD
Shanghai Composite
-65%
Vietnam
-66%
Sensex
-52%
Jakarta Composite
-51%
Hang Seng
-48%
Taiwan
-46%
Nikkei
-42%
Kospi
-41%
Brazil
-41%
CAC
-42%
FTSE 100
-32%
Dow Jones
-35%
S&P 500
-39%

Indian markets: It was the worst yearly performance by Indian markets on record. The Sensex, Nifty ended down nearly 50% while BSE Dollex was down 60%. CNX Midcap was down 60%, BSE small-cap was down 73% and the Nifty Junior was down 64%.
2008 Winners: HUL was the biggets winner with 18% gains, Hero Honda up 16%, GSK Pharma was up 12%, Godrej Cons up 6% and 48 out of 50 Nifty-50 stocks posted negative returns. The best asset class of 2008 was Gold, which is up 30%.
Sector Specific Action: The Worst performing sectors were Realty, Metals and Capital Goods. While the best performing one was the FMCG Index. BSE Realty Index was down 80%. Unitech was down a whopping 90% while DLF was down 72%.
BSE Metal Index was down 74%. Tata Steel was down 77% while Sterlite & Hindalco were down 74% each. SAIL was down 72% as well.
BSE Capital Goods Index was down 65%. ABB was down 70%. Big boys like L&T & BHEL were down 63% & 47% respectively.
BSE Oil & Gas Index was down 55%; Reliance Inds was down 57%. ONGC was down 46% while Mukesh Ambani's Reliance Petroleum was down 60%. BSE Healthcare Index was down 33%; Sun Pharma was down 12% while Cipla was down 13%.
BSE FMCG Index was down 14%. HUL was up 18% while ITC was down 18%. Index losers include Suzlon down 84%, Tata Motors down 78% & Reliance Infra down 73%.
Midcap and Small-cap space: In the Midcap space nearly 50% of NSE listed stocks lost 70% or more in the year 2008. Realty Losers in the Midcap space were Orbit Corp, Jai Corp down 92% each while IVR Prime, Parsvnath and Sobha all were down 90%. Adlabs, Aban, Indiabulls Finance, India Infoline were down 87%.
In the Small-cap, Asian Elec & Prime Securities were down 95% while Pyramid Saimira was down 92%.
Fund Flows: The biggest outflows was seen by FIIs on record. FIIs net outflow at USD 13 billion, which is nearly 20% of inflows seen ever in India. DIIs net inflow was at Rs 72,500 crore, out of which MFs had put in Rs 13,000 crore.
Commodities: CRB Index ends down nearly 40%. It ends down 55% from Year’s high. In Base Metals, Nickel & Lead were down 63% each while Copper and Zinc were down 55% each. Aluminium & Tin were down 37% each.
Currencies: The Japanese Yen gained 24% against the US dollar. Euro depreciated 4.5% against the US dollar. South Korean Won depreciated 30% against the dollar. Indian Rupee depreciated 19% against the US dollar. Thai Baht depreciated 15% against the US dollar. Malaysian ringgit depreciated 5% against the US dollar. New Zealand dollar depreciated 25% against the US dollar. UK pound sterling depreciated 25% against the US dollar.
IPO's in 2008: Only 4 IPOs out of 43 have managed to post positive returns. The best performing IPOs were Vishal Info, Anus Lab, Alkali Metals & Gokul Refoils. However, the worst performing IPOs were Niraj Cement, Porwal Auto, First Winner, Chemcel Biotech, Tulsi.
Mutual Funds Performance: Equity Diversified Funds were down 55%. Over 50% of equity diversified funds were down over 55% YTD. ICICI Pru Dynamic, HDFC 200 are the best performing funds amid top 20 funds via Asset Under Management (AUM). DSPBR Tiger & Tata Infra are the worst performing funds amid top 20 funds via AUM.
Top 3 Worst performing funds are all JM Funds. JM Emerging Leaders down 80%; JM Small and Midcap down 78% & JM Basic down 75%.

------------------------------------
http://www.moneycontrol.com/yearend
See all experts
06:47 - 2008 scorecard of asset classes and what to expect in 2009
2008: Shocking year Biggest FII sell-off Best asset class
2009: Road ahead Global mkts in '08 Year-end special

Indians rush to sell jewellery as prices soar
31 Dec 2008, 1431 hrs IST, REUTERS
Gold futures on MCX rose to their highest in almost three months at Rs 13,790 per 10 grams. Gainers: BSE ( A, B ) NSE Losers: BSE ( A, B ) NSE 52 Week: High, Low
Sensex ends in red; HDFC, ICICI Bank, RIL slip
LIC Housing cuts interest rates on home loans by 75 bps
2008: The Year that Was

Source:ET,MC etc

LIC to invest Rs 1.6 lakh cr in FY 09 in different portfolios

LIC to invest Rs 1.6 lakh cr in FY 09 in different portfolios

LIC to invest Rs 1.6 lakh cr in FY 09 in different portfolios
MUMBAI: Despite seeing a 17-18 per cent decline in its policy sales in FY 09, Life Insurance Corporation of India hopes to enhance its investments across different portfolios to Rs 1.6 lakh-crore by March as compared to Rs 97,000-crore in FY 08.

The insurer has invested Rs 1.02-lakh crore in various segments so far in FY 09 which includes around Rs 29,000-crore investments in equities. “We may invest an additional Rs 40,000-crore in equities by end-fiscal,” LIC's Executive Director, Investment Operations, Mr N Mohan Raj told reporters here on Monday.

LIC has seen a rise in the number of corporates approaching it for debt this year on account of the credit crunch in financial markets, the official said. The corporation has invested Rs 23,190-crore in non-convertible debentures (NCD) so far in this fis cal,” Mr Mohan Raj said, adding,” the corporation is likely to invest another Rs 20,000-crore in NCDs by March.” Similarly, investments in Government securities and project loans as at end-September stood at Rs 36,311-crore and Rs 1,342-crore respectivel y and the company is likely to put in another Rs 18,000-crore in its G-Sec portfolio by end-fiscal, the official said.

Despite adverse market conditions, LIC has not seen any rise in its defaults which presently stands at around 0.5 per cent. The insurance giant's market share in terms of new business premium stands at 55 per cent as at October, while the market share in terms of total premium is close to 78 per cent, the official said.

The insurer has relaxed the claim settlement norms for Mumbai terror attack victims, the official said. - PTI

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Other Articles:

Sensex ends 197 points higher

Banking stocks surge after repo rate cut

Source:BL

Investors Guide from ET

Investor's Guide

Support and resistance: Way to profits?
It’s common knowledge that successful trading is all about buying at a support and selling at a resistance, with appropriate stoplosses. And more often than not, the real challenge is to identify what is a support and what is a resistance. But does identifying the support and the resistance always ensure profits?

TRENDING VS RANGING: Last week, we had given two calls for the Nifty — to go long above 2830 and to go short below 2550. This obviously meant that we expected a stiff resistance at 2830 and a strong support at 2550. So, when the Nifty rallied strongly last Monday, only to find a stonewall at 2830 (the top on Monday was 2832.85) and then collapsed to find the rock of Gibraltar at 2550 (the low on Tuesday was 2570.70), both our calls were vindicated. But what it also meant was that someone going purely by our call missed out on two 200+ point moves on the Nifty. Although it would have ensured that he/she did not make any loses, that’s hardly a consolation. This makes it imperative for us to find out the reasons why we missed out on these moves? And the most logical reason I can think of is that we expected a trending market, while we currently find ourselves in a ranging market. A trending market is one which has a clear trend, while a ranging market gyrates within a range, going nowhere. So, while one should go long above resistances (when the trend is up) and go short below supports (when the trend is down) in a trending market, all one should do in a ranging market is to go long at supports and go short at resistances. For, in a ranging market, more often than not, neither does the support break, nor does the resistance get taken out. And all we can hope for is to skim something out in between the support and the resistance.

THE TRADER’S MATRIX: While it’s very difficult to objectively explain the above logic and differentiate between a trending and ranging market, the adjoining matrix (let’s call it The Trader’s Matrix) tries to simplify matters, irrespective of whether we are in a trend or a range. As is evident, once you know you are in a bear market, you should first sell at a resistance, instead of waiting for the resistance to give way so that you can go long above it.

If one were to draw parallels between this and our last week’s call, once we knew that 2830 is a resistance, we should have first gone for the short trade, with a stop-loss above it and tried to ride it till the support. Had the resistance been taken out, we should have booked losses in the short trade and then thought about going long above it. For, now 2830 would have become a support and as our matrix tells us, in a bear market, one should selectively go long at supports. How should one be selective? Well, that’s what differentiates a great trader from a notso-great one.

THE RANGED WEEK: As is evident in the chart, the Nifty is now stuck in a range of 200-300 points, with a very strong resistance around 2840-2850. Even last week, the Nifty gyrated vigorously within this range, only to end the week with marginal losses. If any one needs further proof of this tough ranging market, all one needs to do is to take a look at the Nifty’s 20 day moving average (DMA). In about a month’s time, the Nifty has had three false breakouts above its 20 DMA (on November 4, November 10 and December 4). The fact that on each of these three occasions, the very next day has seen the Nifty plunge below it — the simplest of its trend indicators — reflects just one thing: that in the absolute near term, the Nifty has NO TREND. However, even within this tight range, bears are proving to be much smarter than bulls. So, while Monday’s losses saw a massive short build-up , reflected by Nifty December futures adding over 13 lakh shares on Monday, Tuesday’s and Wednesday’s marginal losses saw them covering their positions. This is clearly evident by the fact that on Tuesday and Wednesday, Nifty December futures cumulatively shed close to 11 lakh shares in open interest. So, most bears who had jumped in on Monday, actually got out with marginal profits. However, a majority of the bulls, who jumped in during Thursday’s 5% gains (Nifty December futures added over 20 lakh shares on Thursday), chickened out following Friday’s losses (they shed over 11 lakh shares on Friday). That a majority of these would have gotten out with substantial losses is not too difficult to imagine. FRESH TRADE: Having concluded that we are stuck in a range, the trading calls for this week are typically that of a ranging market. Short around the upper end around 2830-2850 and go long at dips around 2550-2600 , with about a 30-point stop loss in each case. In case 2850 or 2550 are taken out, assume we are back in a trend and just follow it, i.e. go long in case of a break-out and go short in case of a break-down .

-------------------------------------------
Other Articles on Investment:
Market unfazed
Corporate round-up
Jhunjhunwala Vanaspati: Attractive investment bet
R Sridhar: Going full throttle

L&T & BHEL attractive bets for investors
Consider stocks within metal pipe sector
Are Nifty stocks interesting bets?
How to cash in on intra-day volatility
http://www.business-standard.com/india/news/volume-expansions-needed-for-breakout/07/00/50754/on

Source:ET,BS

Govt announces package to boost economy & Highlights

Govt unveils package to boost economy
Govt announces stimulus package to boost economy

The government today announced major tax cuts across the board to boost demand and allocated additional funds and incentives for exports, housing, textile and infrastructure to stimulate the economy, hit by the global financial crisis. "The government has been concerned about the impact of global financial crisis on the Indian economy and a number of steps have been taken to deal with this problem," an official statement said. The package, coming on the back of fresh monetary measures announced by the RBI yesterday, includes a four per cent cut in ad-valoram duty across the board, to boost additional spending, besides enhanced credit for exporters, along with a Rs 10,000 crore mop up for India Infrastructure Finance Company. Import duty on Naptha for use in power sector as well as export duty on iron ore to be eliminated. "In order to provide a contra-cyclical stimulus via plan expenditure, the government has decided to seek authorisation for additional plan expenditure of up to Rs 20,000 crore in the current year," the statement said, adding the total spending programme in the four months ending March was expected to be Rs 300,000 crore. As part of efforts to boost the housing sector, the public sector banks would shortly announce a package for home loan borrowers in two categories -- up to Rs five lakh and between Rs 5-20 lakh, the statement said, adding that additional measures would be taken, as necessary, to promote an accelerated growth trajectory.

As a special gesture for the automobile sector, government departments would be allowed to take up replacement of vehicles within the allowed budget. Attaching special significance to infrastructure development, the government authorised India Infrastructure Finance Co Ltd (IIFCL) to raise Rs 10,000 crore through tax- free bonds by March 2009 and said it would be permitted to raise further resources. "In particular, these initiatives would support a PPP (Public-Private Partnership) programme of Rs 100,000 crore in the highways sector," it said. Paying special attention to exports, the government decided to provide an interest subvention of two per cent up to March 2009 for pre and post-shipment export credit for labour-intensive exports like textiles, leather, marine products and SME sector. The concession is subject to a minimum rate of interest. Besides, it would provide an additional Rs Rs 1,100 crore for full refund of terminal excise duty/CST and another Rs 350 crore for export incentive schemes and a back-up guarantee of Rs 350 crore to ECGC (Export Credit Guarantee Corporation) for providing guarantee for exports to difficult markets and products. To boost collateral free lending to Micro and Small enterprises that are facing a credit crunch, the government doubled the current guarantee cover for loans to up to Rs one crore from the existing limit of Rs 50 lakh. Besides, the lock in period for loans covered under the existing credit guarantee scheme will be reduced from 24 to 18 months, to encourage banks to cover more loans under the guarantee scheme. These announcements for the MSE sector comes a day after RBI announced a refinance facility of Rs 7,000 crore for Small Industries Development Bank of India to facilitate the flow of credit to such industries. As part of the stimulus package, textile sector, the largest provider of employment, would get an additional Rs 1,400 crore towards the entire backlog of Technology Upgradation Fund. The statement also said that all items of handicrafts will be included under Vishesh Krishi and Gram Udyog Yojana. Among other initiatives, the government has decided to completely lift import duty on Naphtha for use in the power sector while export duty on iron ore fines will be eliminated.

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Highlights of package

The following are the highlights of the fiscal stimulus package unveiled by the government Sunday to contain the impact of global financial crisis on the Indian economy:

Plan, non-plan expenditure of Rs.300,000 crore (Rs.3,000 billion/$60 billion) in four months - Parliament nod to be sought for Rs.20,000 crore more toward plan expenditure - Across-the-board cut of four percent in the ad valorem central value-added tax - Interest subvention of two percent on export credit for labour intensive sectors - Additional allocations for export incentive schemes - Full refund of service tax paid by exporters to foreign agents - Incentives for loans on housing for up to Rs.500,000, and up to Rs.2 million - Limits under the credit guarantee scheme for small enterprises doubled - Lock-in period for loans to small firms under credit guarantee scheme reduced - India Infrastructure Finance Co allowed to raise Rs.100 billion through tax-free bonds - Norms for government departments to replace vehicles relaxed - Import duty on naphtha for use by the power sector is being reduced to zero - Export duty on iron ore fines eliminated - Export duty on lumps for steel industry reduced to five percent

------------------------------------------------
India Inc cheers stimulus package
Special package for home loan borrowers up to Rs 20 lakh: Govt
Car prices to go down; cos give thumbs up to stimulus package
Govt cuts taxes to bring down prices
Stimulus package good, not enough: realtors

Stimulus prescribes new cars for bureaucrats
India Inc cheers stimulus package; wants more
Car prices to go down; cos give thumbs up to stimulus
Govt cuts export duty on iron ore

Special package for home loan borrowers
Govt announces package to boost economy


Source:BL,ET,BS etc

8 Indian supercomps in worlds top 500 list

8 Indian supercomps in world's top 500 list

Hewlett Packard (HP), the world’s biggest maker of personal computers, on Friday said that a total of eight entries in the list of top


IT service megavendors I Putting IT to work500 supercomputers are from India and six out of the eight entries are from HP. Among vendors, HP leads the list with a 41.8 % share of the systems, followed by IBM (37%), Dell (4%) and Cray (4%). Supercomputer Eka, a HP-based system with a performance of 132.8 teraflops (floating point operations per second) has been ranked at number 13. Eka belongs to the Tata Group’s Computational Research Laboratories. The rankings are released twice a year by researchers at the Universities of Tennessee and Mannheim, Germany, and at NERSC Lawrence Berkeley National Laboratory. The HP-based Param cluster of the Centre for Development of Advanced Computing has been ranked 68th.

The other supercomputers by HP from India are for an industrial research company (334), a research agency (428), IIT-Madras (436) and Paprikaas Interactive Services (478). The two other supercomputers from India out of the eight in the list include IBM’s eServer Blue Gene Solution for Indian Institute Science ranked at 213 and a supercomputer for Digital Media Company (G) ranked at 481. IBM’s Roadrunner has been ranked as number one in the list. The system, only the second to break the petaflop barrier, posted a top performance of 1.059 petaflops. One petaflop represents one quadrillion floating point operations per second.
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Features

Quickies
Quickies made here
World's 10 best secret dining clubs

Travel Picks: World's 10 best secret dining clubs

Gift guide: Tech gifts for the budget-conscious
"I can has Cheezburger?: A LOLcat Colleckshun" ($8)
Sansa Slotmusic player ($20, cards are $15)
Flexible mini-tripod ($22 to $55)
Music video games ($50 and up)
Roku Netflix Player ($100)


Better rechargeable batteries ($12 and up)
Flickr Pro account ($25 for one year)
Tao Electronics photo key chain ($30 to $50)
SwissFlash 1 GB ($50 and up)
Tech gifts for the budget-conscious

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Best supercars and superbikes in India


Lamborghini Gallardo
Porsche 911 Turbo
Bentley Continental GT
Supercars and superbikes

Ducati 1098R
Suzuki Hayabusa
Yamaha MT-01

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The Top 10 Women in Entertainment


Nina Tassler
Mary Parent
Bonnie Hammer
Nancy Tellem
Anne Sweeney

Dana Walden
Judy McGrath
Stacey Snider
Amy Pascal
Oprah Winfrey
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Tech gifts for the budget-conscious

'I can has Cheezburger?: A LOLcat Colleckshun'
Sansa Slotmusic player
Flexible mini-tripod
Music video games
Tech gifts for the budget-conscious

Better rechargeable batteries
Flickr Pro account
Tao Electronics photo key chain
SwissFlash 1 GB
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Technology Pioneers 2009
TraceTracker Innovation ASA
Tideway Systems
Slide, Inc.
Nivio
Mojix, Inc.
JiGrahak Mobility Solution Pvt. Ltd.
Etsy Inc.
Advanced Track & Trace

Ubiquisys Ltd
SpinVox Ltd
Qifang Inc
MPedigree
Mint.com
GameForge
Brightcove Inc.
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Bollywood and Terrorism

Moonam Mura
Keerthi Chakra
Jalsa
TELUGU: Manoharam
Theeviravaathi
Roja
Naseem
Maachis
Pukar
Black Friday
Bollywood and Terrorism

Daivanamthil
MALAYALAM: Baba Kalyani
Khadgam
Kannathil Muthamittal
TAMIL: Kuruthipunal
Drohkaal
Bombay
Dil Se
Mumbai Meri Jaan
HINDI: A Wednesday
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World Movies And Terrorism
Paradise Now
Four Days in September
Germany in Autumn
The Discreet Charm of the Bourgeoisie(1972)/The Phantom of Liberty (1974)/That Obscure Object of Desire (1977)
The Battle of Algiers

Good Morning, Night
First Name, Carmen
Nada France
La Chinoise

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SOurce:ET

RBI cuts repo, reverse repo rates by 100 bps

RBI cuts repo, reverse repo rates by 100 bps
Markets may get a boost from RBI measures: Analysts

The Reserve Bank
of India on Saturday cut the repo rate - the rate at which RBI lends to banks - by 100 basis points to 6.5 per cent from 7.5 per cent and reverse repo - the rate at which banks park excess funds with RBI - by 100 basis points to 5 per cent from 6 per cent, effective from December 8.

However it has kept cash reserve ration (CRR) - the proportion of deposits banks must keep with the central bank - unchanged at 5.5 per cent. The 6.5 per cent repo rate is the lowest rate in 2-1/2 years, while the 5 per cent reverse repo rate is its lowest in more than three years.

The RBI has taken the steps to boost growth and shore up investor confidence amid signs of economic slowdown and in the wake of deadly attacks in Mumbai. "Industrial activity, particularly in the manufacturing and infrastructure sectors, is decelerating," RBI Governor Duvvuri Subbarao told a news conference. Subbarao said the central bank would closely monitor developments in global and domestic financial markets and would take swift and effective action as appropriate.

"The Reserve Bank's policy endeavour will be to minimise the negative impact of the crisis and to ensure an orderly adjustment," he said. The main lending rate has now been cut by 250 basis points since October 20, when the central bank made its first rate reduction in more than four years to shield the economy from the global financial crisis. Saturday's decision was the first change in the reverse repo rate since July 2006.

The cash reserve ratio, the proportion of deposits banks must keep with the central bank, was left unchanged at 5.5 per cent. Expectations of rate reductions have mounted ever since last week's attacks in Mumbai in which gunmen brought the business district to a standstill as they holed up in two luxury hotels and a Jewish centre, killing 171 people. The benchmark 10-year bond yield fell 8 basis points to 6.76 per cent on Friday ahead of the central bank's decision, which had been well flagged by government officials, and the rupee gained against the dollar. The government is also expected to announce fiscal measures to give impetus to the economy, which data show may be decelerating more rapidly than anticipated from an annual rate of 9 per cent in the fiscal year which ended last March. The exact timing of the government's expected steps is not known.

RBI cuts key rates by 100 basis points
RBI measures - Highlights
ICICI home loans of Rs 20-lakh and below cheaper by 1.5%


Source:ET,BL etc