Ambanis up on Forbes richest CEOs list

Ambanis up on Forbes' richest CEOs list

They have lost more than $13 billion from their combined wealth, but still the two Ambani brothers have moved higher on Forbes' latest list of the world's ten richest CEOs, while Sunil Mittal has joined the league and Lakshmi Mittal has slipped two places.
Legendary American investor Warren Buffett has retained his top position on the annual list, but Indian-born steel tycoon Lakshmi Mittal has been toppled from his last year's second position by software major Oracle chief Larry Ellison.
Mittal has moved down to fourth position, while Mukesh Ambani, the elder of the two warring brothers, has jumped three positions to grab third rank this year.
The younger Ambani, Anil, has also moved up one place to sixth rank on this year's 'Forbes list of ten wealthiest CEOs'.
While another Indian business chief, Azim Premji, has moved out of the top-ten list, compatriot Sunil Mittal of Bharti Airtel [Get Quote] has joined the league at ninth position.
IT major Wipro [Get Quote] Chairman Premji was ranked ninth on the previous year's list. The total number of Indians on the list has remained unchanged at four on this year's list.

"Being a CEO isn't what it used to be. Crackdowns on corporate frills like private jets and over-the-top offices have become the norm, taking some of the fun -- but none of the stress -- out of running billion-dollar businesses," Forbes said.
"While some chief executives' jobs may be in peril, these 10 have stuck it out long enough to partake in what's left of the global economy. These have made our annual list of the world's wealthiest CEOs," it added.
About India's presence on the list, Forbes said there are four Indians on its list this year: "two industrialists, Mukesh Ambani and Lakshmi Mittal; and two telecom tycoons, Anil Ambani and Sunil Mittal."
"(The) Ambani brothers owe their hefty fortunes, in part, to inheritance. Following their father's death in 2002, they took over his industrial empire . . . and attempted to run it together.
"The collaboration soon soured. After coming to blows over who ran the company, the two reached a bitter compromise, deciding that they and the company would best be served by spinning off and divvying up its various businesses.
"Today Mukesh runs petrochemicals giant Reliance Industries Ltd [Get Quote], while Anil oversees an array of companies including Reliance Communications [Get Quote], a phone and Internet outfit with 60 million customers," it added.
The magazine said that its list of the world's wealthiest CEOs was based on analysis of their financial stakes in firms controlled by them, as on January 23.

Buffett has been ranked first with $35.9 billion worth of shareholding, it said, adding that "there are not many people who can lose $25 billion in four months and still top the list of the world's wealthiest CEOs."
Oracle's Ellison has been ranked second with $19.7 billion, followed by Mukesh Ambani ($16.8 billion), Lakshmi Mittal ($13.2 billion), luxury goods major LVMH's Bernard Arnault ($12.2 billion), Anil Ambani ($nine billion), Arabian bank Mashreq's Abdul Aziz Al Ghurair ($7 billion), and Microsoft's Steve Ballmer ($7 billion).
Sunil Mittal ($6.9 billion) and Japanese fashion retail major Fast Retailing's Tadashi Yanai ($6 billion) follow.
"We estimated ownership by sifting through each company's most recent financial filings and, where information was not readily available, talking to industry sources," Forbes said, adding that both CEOs and managing directors of public companies across the world were considered for the list.
About Mukesh Ambani, the report said he made it to third position despite a 62 per cent plunge in the shares of his group's flagship firm RIL since January last year.
On Lakshmi Mittal, it said that the 58-year-old has consistently ranked among the top five wealthiest people in the world, but his public holdings of ArcelorMittal took a dive in the second half of 2008, falling 73 per cent since June.
About Anil Ambani, the report said that "in the four years since a spat with older brother Mukesh led to the break-up of their family's assets, Anil, the younger of the two, has grown his telecom, energy and infrastructure businesses apace--only to see his shares decimated by the global economic slowdown."

Source:Rediff.com

Top 20 Best Companies to Work For

Top 20 Best Companies to Work For

You would still expect Google or Microsoft to be the best technology company to work for. But wait a minute, you have a surprise coming. These super dads have been displaced by storage and data management services provider NetApp. NetApp (Previous rank: 14) has been ranked as the best tech company by Fortune in its annual list of '100 Best Companies to Work For'. Google, in fact, has dropped to No 4 this year. The company had topped the list for the past two years. If it is "employee enthusiasm for the legendary egalitarian culture," then, according to Fortune, NetApp takes the cake after six years on the list. Here is a list of how companies are ranked by Fortune according to the satisfaction levels of the employees working with them.

http://economictimes.indiatimes.com/articleshowpics/4075785.cms
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World's 10 best companies to work for
Happy employees are motivated employees and a huge contributing factor to any company's success. No wonder then, the top 10 great companies to work for -- as listed by Fortune magazine and the Great Place to Work Institute -- also do well when it comes to profitability.
Note: Market cap as on January 28, 2009
Company: NetApp
Rank: 1
Chairman, CEO: Dan Warmenhoven
Business: Specialises in proprietary network storage and data management.
Reach: Has over 130 offices worldwide, including US, Canada, Europe, South America, Asia, Pacific and Australia.
Market cap: $5.37 billion
Why: Greatplacetowork.com says, 'The essence of what fuels the quality of the workplace at NetApp is the high trust culture. Leaders reach out to employees, sharing information, support and time in a variety of ways. This generosity of spirit is reciprocated many times over, creating within NetApp its own version of a fail-safe networked organisation.'
Image: NetApp Chairman and CEO Dan Warmenhoven Photograph: netapp.com

Company: Edward Jones
Rank: 2
Managing partner: James D Weddle
Business: Offers financial products at an individual investor level. Currently serves more than 7 million clients.
Reach: Over 10,800 offices in the United States, Canada and United Kingdom
2007 revenue: $4.14 billion Total assets: $5,576,196-->
Why: Greatplacetowork.com says, 'Employees receive a whopping 149 hours of training on average a year, more than three times the 100 best average of 45. But Edward Jones doesn't just train people for the job they're doing. The management's philosophy is that employees who are passionate about their jobs will make the company a better place, so managers encourage people to develop skills even when they know the new skills will lead to a different job.'

More@http://specials.rediff.com/money/2009/feb/02slide2-best-companies-to-work-for.htm

Source:ET,Rediff.com

Results:NTPC,SBI,ICICI,Sterlite, Rcom etc

SBI posts 37% rise in net profit

India's largest bank, State Bank of India (SBI) has posted a 37% rise in net profit to Rs 2478 crore from for third quarter of FY09 from Rs
1809 crores. Operating profit for the same quarter was up 22.5% at Rs 4482 crore as against Rs 3660 crore. The net income interest (NII) stood at Rs 5,758 crores ,as against Rs 4256 crore in the same period last year, a rise of 35%. Other income was up 38% to Rs 21,256 crore as against Rs 15,364 crore in the corresponding period last year. The total income rose 38% to stand at Rs 21,255 crores of this treasury gains was Rs 674 crore as against 644 crore in the corresponding period. Net interest margins improved to 3.15% from 3.01%. Bank's advances rose 28.5% to Rs 503,829 crore while deposits rose 36% to Rs 692,922 crore. Bank made a provision of Rs 515 crore for bad loan as against Rs 444 crore last year. Gross NPA rose to Rs 13,314 crore from Rs 11,182 crore while net NPA rose to 6864 crore from Rs 5610 crore. As a percentage to total advances, gross NPAs fell to 2.61% from 2.82% while net NPA was at 1.36% against 1.44%. Capital adequacy stood at 13.72% under Basel II norms. Bank officials said that write-back was to the turn Rs 513 crore. SBI made a provision of Rs 198 crore which is net of write-back. The bank would have book huge treasury gains this quarter as yields on g-sec fell sharply. The appreciation in value of bonds can not be booked profit, but banks can write - back access provisions made earlier. Shares of SBI ended down 4.34% on Friday, markets are closed on Saturday.

NTPC Q3 net jumps 26 pc Country's largest power producer NTPC on Saturday said its net profit rose by 26.4 per cent to Rs 2,250 crore for the quarter ended December. The company had reported a net profit of Rs 1,780 crore in the corresponding period last year, NTPC informed the Bombay Stock Exchange. For the nine-month period ended December, the net profit of the company stood at Rs 6,088 crore against Rs 6,075 crore in the year-ago period. The company recorded net sales of Rs 11,277 crore against Rs 9,331 crore in the same period last year. The company also declared an interim dividend of 28 per cent. Power regulator Central Electricity Regulatory Commission (CERC) recently increased the rate of return on equity from 14 per cent to 15.5 per cent for determining tariff as part of various incentives being offered to invite greater investments. The move would help power generating and transmission companies, including NTPC, and PowerGrid to get higher profitability, and thus, attract increased private investment.

ICICI Bank Q3 net profit up 3.4%

Rising NPAs and fall in business affect ICICI Bank's performance

Lower expenses and treasury gains saved the day for ICICI Bank. The bank reported a marginal rise in net profit for the third quarter ended
December 31,2008 at Rs 1272.15 cr as against Rs 1230.21 cr in the corresponding period of the previous quarter. The net profit for the three quarters ended December 31 was flat at Rs 3014.37 cr as against Rs 3007.89 cr. The results are below analyst expectation. The other income of the bank was marginally up at Rs 2514.54 cr as against Rs 2426.59 cr. The bank in a statement said that it has earned a treasury income of Rs. 976 crore in the third quarter, primarily by positioning its treasury strategy to benefit from the decline in yields on government bonds. The interest income of the bank was marginally down to Rs 7836.08 cr from Rs 7911.77 cr. The bank has shown a fall in interest expenses to Rs 5845.67 cr from Rs 5952 cr, while operating expenses saw a fall of 18.49% to Rs 1734.11 cr. The bank in a statement said it has pursued a strategy of lightening the balance sheet and prioritizing capital conservation, liquidity management and risk containment given the challenging economic environment. It has also placed strong emphasis on efficiency improvement and cost rationalization. During the third quarter, it continued with this strategy, while also taking advantage of market opportunities to increase its treasury income. The advances of the bank have seen a marginal fall to Rs 2,12,521 cr as against Rs 2,15,517 cr the previous year. The deposits of the bank have also seen a marginal fall to Rs 2,09,065 cr from Rs 2,29.779 cr the previous fiscal. The bank has seen a rise in non performing assets, which is likely to be on the back of rising bad debts in the retail portfolio. The gross NPAs of the bank have moved up to 4.14% (Rs 8,988 cr) from 2.96% (Rs 6,474.84 cr). The net NPAs of the bank have risen to 2.07% (Rs 4,400.23 cr) from 1.5% (3,227.82 cr). ICICI Bank Canada has posted a net profit of Canadian dollars 32.9 million. After accounting for the gains on buyback of bonds and mark-to-market provisions on the investment portfolio, ICICI Bank UK has posted a net profit of $1.4 million for the three quarters ended December 31. The Bank's capital adequacy ratio at December 31, 2008 on Basel II norms was at 15.6%.

Sterlite Industries Q3 net dips 37 pc at Rs 732 cr

Sterlite Industries on Saturday said that its consolidated net profit in the third quarter of the current fiscal declined 37.76 per cent at
Rs 732.31 crore from the corresponding period a year ago. NRI billionaire Anil Agarwal-led firm had a consolidated net profit of Rs 1,176.64 crore in the third quarter last financial year, Sterlite Industries said in a filing to the Bombay Stock Exchange. Consolidated net income of Vedanta Group firm also fell to Rs 4,445.55 crore in the December quarter of FY 2009, from Rs 5,232.20 crore a year ago. For the nine-month period ended December 31, 2008, the company posted a consolidated net profit of Rs 4,048.51 crore, an 8.67 per cent drop from the same period a last year. It had a consolidated net profit of Rs 4,433.23 crore in the December quarter of last fiscal. On a standalone basis, the copper producer registered a net profit of Rs 204.01 crore in the latest quarter, an 11.62 per cent decline compared with Rs 230.85 crore in the previous year. On Friday, shares of Sterlite Industries closed at Rs 239.45, down 1.68 per cent on the BSE.

RCOM disappoints St, Q3 net rises just 3%

Reliance Communications (RCOM), India’s largest CDMA operator, underperformed market expectations in the December quarter, as profitability
in the wireless and broadband business segments dropped significantly. The R-ADAG company is now planning a sharp cut in capital expenditure. The company posted a 2.7% rise in net profit to Rs 1,410 crore while revenues were up 20% to Rs 5,850 crore for the quarter. The telco added 5.3 million subscribers in the world’s fastest-growing telecom market during the period. ETIG had estimated RCOM’s net profit at Rs 1,669.4 crore on revenues of Rs 5,876.6 crore. RCOM chairman Anil Ambani announced a sharp cut in capex beginning next fiscal. “We will invest in the range of Rs 15,000 crore next fiscal, including Reliance Infratel. Our revised capex expectation for 2008-09 is Rs 25,000,” he said during an analysts conference call after the results. The company’s earlier capex guidance was Rs 30,000 crore for the current fiscal. “Peak capex is behind us and we will continue to go down from here,” he said, adding that capex numbers exclude funds earmarked for 3G (third-generation) spectrum and broadband wireless access (BWA) auctions. “We are on course to deliver free cash flows soon,” he added. Ebitda margins for RCOM’s mobile business reduced sequentially by 1.2% to 37.7%, as average revenue per user (ARPU) per month declined by Rs 20 to Rs 251. The telco’s ARPU during the December quarter is now much lower than rival Bharti Airtel’s Rs 324. Despite attractive tariff schemes and free minutes, RCOM reported a decline in minutes of usage to 410 from 423 per user per month. Even wireless revenue per minute dipped to 61 paise from 64 paise. However, the company said EBITDA margins will be stable in the medium to long term. Ahead of results, the RCOM stock slipped 4.5% to close at Rs 160.15 on Friday in a weak Mumbai market. Mr Ambani said there is a strong demand for NLD bandwidth from enterprise customers. “We are targeting Rs 1,000-crore market share in the next two years out of the total Rs 5,000-crore addressable market,” he said. RCOM’s tower arm Reliance Infratel has commissioned over 50,000 towers till now and is in discussion with operators for infrastructure sharing.

Torrent Power Q3 net up 72 pc at Rs 102 cr

HCL net up 12% at Rs 373 cr24 Jan 2009, 0018 hrs IST
HCL Technologies, one of India’s top five software exporters, warned on Friday its margins could come under pressure as customers faced a choppy economic environment, as it posted a 12.1% rise in third-quarter net profit.

Tech Mahindra Q3 net up 12 pc at Rs 222.90 crore 23 Jan 2009, 1646 hrs IST
Software firm Tech Mahindra reported 12% growth in net profit at Rs 222.90 crore for third quarter ended Dec 31, 2008.
IDBI Bank Q3 net up 27% at Rs 223 crore 23 Jan 2009, 1620 hrs IST
IDBI Bank reported a 26.61% growth in net profit at Rs 222.63 crore for the third quarter ended December 31, 2008.
Vijaya Bank posts 23.73% rise in net profit 23 Jan 2009, 1555 hrs IST
Vijaya Bank has posted a 23.73% rise in net profit to Rs 157 crore in the third quarter ending December 09 as against Rs 127crore reported last year in the same period.

Divis Labs net profit was at Rs 79.5 cr

SBI Q3FY09 PAT up 37% to Rs 2478 cr

RNRL Q3 consolidated net profit 24.21 cr

IDBI Bank Q3 net profit at Rs 222.6 cr

Canara Bank Q3 net profit at Rs 701.5 cr

Union Bank of India Q3 net profit at Rs 672 cr

Voltas Q3 PAT at Rs 42.41 cr

3i Infotech Q3 net profit at Rs 27cr

Source:ET,IE etc

Torrent Power Q3 net up 72 pc at Rs 102 cr

The CNBC-TV18 India Business Leader Awards With Photos

The CNBC-TV18 India Business Leader Awards With Photos

The CNBC-TV18 India Business Leader Awards
23rd January 2009, Mumbai /PRNewswire/ — Celebrating visionary leadership, CNBC-TV18 returns with the 4th edition of the India Business Leader Awards and aims to recognize leaders who have made the difference, creating an edge above peers. Winning an IBLA is a defining moment for the leader and the company. The award for corporate excellence is an indication of greater achievements to come over time.
CNBC with the Asia Business Leader Awards, pioneered the business leadership awards to recognize leaders who create and sustain entrepreneurial initiatives, develop best practices and carve out powerful businesses in the global economy. CNBC-TV18 is proud to carry on this tradition in India with the India Business Leader Awards.
This year the jury comprised of Mukesh Ambani, CMD, Reliance Industries Ltd., as chairperson of the Jury, Kumar Mangalam Birla, Chairman, Aditya Birla Group, Deepak Parekh, Chairman, HDFC, R. Seshasayee, Managing Director, Ashok Leyland, Jagdish Khattar, CMD, Carnation Auto India Pvt. Ltd. And Raghav Bahl, MD, Network18.
Dignitaries who were present for the award ceremony included Ashok Chavan, Chief Minister, Maharashtra, Narendra Modi, Chief Minister, Gujarat, Kamal Nath, Union Minister of Commerce and Industries, Mukesh Ambani, Aamir Khan, KM Birla, Atul Punj, S. Ramadorai, Uday Kotak, Ajay Piramal, Naresh Goyal, Chitra Ramakrishnan, Anand G. Mahindra, Sumit Bannerjee, Swati Piramal and Nita Ambani.
The event brought together the most revered names in India's political, economic and social circles on 22nd January 2009 in Taj Lands End, Bandra, Mumbai.

CNBC-TV18 Indian Business Leader Award winners:
First Generation Entrepreneur Of The Year – Atul Punj, Chairman, Punj Lloyd
Most Promising Entrant Into The Big League – Ashwin Dani, MD, Asian Paints
Taking India Abroad! (Brand India) – Naresh Goyal, Chairman, Jet Airways
Social Enterprise Of The Year – Akshay Patra
Outstanding Contribution To The Cause Of Indian Business – Shri Kamalnath, Minister, Commerce & Industry
Lifetime Achievement Award – Keshub Mahindra, Chairman, M & M
CNBC-TV18'S Entertainment Business Leader – Aamir Khan
CNBC-TV18'S Sport Business Leader – Lalit Modi, Chairman, IPL
CNBC-TV18' Outstanding Woman Business Leader – Chitra Ramakrishnan,Deputy MD, NSE
CNBC-TV18'S Outstanding Business Leader – Deepak Parekh, Chairman, HDFC
CNBC-TV18'S Outstanding Company Of The Year – Mukesh Ambani, CMD, RIL
The India Business Leader Of The Year – Uday Kotak, VC & MD, Kotak Mahindra
India Innovator Of The Year – Ajay Piramal, Chairman, Piramal Healthcare
The Corporate Citizen Of The Year – Sumit Banerjee, MD, ACC Ltd
The Talent Management Award – S Ramadorai, MD & CEO, TCS

Source:http://www.prnewswire.com/mnr/cnbctv18-ibla/36775/

Slumdog Millionaire bags 10 Oscar nominations

'Slumdog Millionaire' bags 10 Oscar nominations
Slumdog Millionaire: Movie Review

Inching closer towards an Oscar, composer A R Rahman on Thursday got himself nominated for three Academy awards for his score in British-Indian movie "Slumdog Millionaire", which was in all shortlisted for 10 categories including best film and best director. "Something good is happening and I am really happy about it," was the reaction of Rahman, who became the first Indian to win a triple Oscar nomination. 43-year-old Rahman was nominated for Best Original Score and the numbers 'Jai Ho' and 'O Saya' were shortlisted for the Best Original Song. Close on the heels of the dual-language film winning four Golden Globes, including one for Rahman, earlier this month, Danny Boyle and Simon Beaufoy were shortlisted for best director and best adapted screenplay categories.

The film also won nominations in cinematography, sound mixing, sound editing and film editing. David Fincher's romantic periodical "The Curious Case of Benjamin Button", starring Brad Pitt, topped this year's race with a whopping 13 nominations. The nominations were announced at the Academy of Motion Picture Arts and Sciences' Samuel Goldwyn Theatre by Oscar-winning actor Forest Whitaker. The winners will be named on February 22 at Hollywood's Kodak Theatre. Only two Indian have won the coveted Oscar till date, Bhanu Athaiya (for costume design in "Gandhi") and Satyajit Ray, who was given an honorary Oscar for his contribution to films. This is also the first time that an Indian has won more than one nomination in Oscars history. Reacting to the nominations, Rahman said, "I did not think it will get there. God has been really kind. And I have to really thank the prayers of all the people and their good wishes. "There is a kind of optimism in the film and so much of positive vibes as you leave the movie hall." In the original score category, Rahman will compete with Alexandre Desplat ("The Curious Case of Benjamin Button"), James Newton Howard ("Defiance"), Danny Elfman ("Milk") and Thomas Newman ("WALL-E"). Rahman will compete with Peter Gabriel and Thomas Newman ("Down to earth" from "WALL-E") in the original song category. Gulzar has penned the lyrics of "Jai Ho" and Mia Arulpragasam "O Saya". Co-director Loveelyn Tandon said "We have proved everyone wrong. It's a crazy feeling beyond words. Ten nominations is something unbelievable." She said all Rahman's work has been awarded and the "world has finally woken up to his talent". The films for the best picture race are "Milk", "Frost/Nixon", "The Curious Case of Benjamin Button" and "The Reader". Those nominated in the best director category along with Boyle are David Fincher ("The Curious Case of Benjamin Button"), Stephen Daldry ("The Reader"), Gus Van Sant ("Milk") and Ron Howard ("Frost/Nixon").


→ Slumdog Rahman rules golden globe
→ Slumdog Millionaire wins 3 at Golden Globes
→ 'Slumdog Millionaire' makes $43 mn to jump back in US Top 10
→ 'Slumdog' to face 'Dark Knight' as Oscar nods are revealed
------------------------------------------------
Slumdog Millionaire: Movie Review
Heath Ledger gets posthumous Oscar nomination
'Benjamin Button' leads Oscars with 13 nominations
Rahman bags 3 Oscar nominations, Slumdog... gets 10

Source:ET,Rediff

Reliance Q3 net falls but beats forecast

India's Reliance Q3 net falls but beats f'cast
Reliance Q3 net falls 8.8 pct, beats f'cast Business News Reuters
Reliance Q3 net falls 8.8%, first drop in 3 years
RIL may lift market on Friday

MUMBAI (Reuters) - India's largest listed company, Reliance Industries Ltd, said its quarterly earnings fell 9.8 percent from a restated year-ago profit, its first drop in three years, but beat forecasts as refining margin eased less than expected.
"This was one of the most challenging quarters for Reliance with volatility in prices and margins," Chairman and Managing Director Mukesh Ambani said in a statement on Thursday.
"Producers and consumers are coming to terms with slower global trade and economic outlook," he said.
Reliance, India's largest petrochemical producer and refiner, is set to get a boost when it starts pumping 30-40 million cubic metres of natural gas a day from its deep-sea fields off India's east coast in the second half of February.
Another driver would be sales from the newly commissioned 580,000 barrels per day refinery which is run by subsidiary Reliance Petroleum.
Reliance Industries said net profit fell to 35.01 billion rupees ($713 million) in its fiscal third quarter ended Dec. 31 from a restated 38.82 billion rupees excluding one-off gains a year earlier.
A Reuters poll had forecast a net profit of 30.98 billion rupees.
Refining margins, a key measure of profitability, dropped to $10 per barrel from $15.4 a barrel a year ago, against market expectations of $9.16 as sluggish demand in the wake of global economic slowdown pushed oil prices sharply lower.
Reliance's refining margins are significantly higher than the Asian benchmark in Dubai as its refinery can process cheaper heavy crude to produce high value products.

rude oil prices plunged more than $100 from its peak of $147 barrel in July, to $44.60 at the end of December.
Reliance's retail fuel pumps in the country are shut as it awaits fair competition. India subsidises state-run oil companies to enable them to sell fuels at heavily discounted, government-set rates but private firms get no such assistance.
Last week, P. Raghavendran, president of the company's refinery business, said Reliance would reopen its fuel pumps "once we see a reasonable period of stability when we don't have to shut down again. It depends on when the government comes out with a clear policy and international prices stabilise".
Rival Oil & Natural Gas Corp is set to report a second consecutive fall in quarterly net profit due to lower crude prices, and its outlook is weighed down by falling output and its costly acquisition of UK-listed Imperial Energy.
Earlier on Thursday, South Korea's top refiner SK Energy posted a weaker-than-expected 45 percent rise in fourth-quarter core profit, on reduced demand for petrochemical products.
Ahead of the results, shares in Reliance, which has a market value of around $36 billion, closed up 1.21 percent at 1,132.95 rupees in a Mumbai market that rose 0.4 percent.
The stock fell 37 percent in the December quarter, more than a 25 percent drop in the benchmark index and 33 percent loss in the sector index.
(For Quotes and Interactive Charts of Reliance Industries click here)

Reliance Q3 net falls 8.8%, first drop in 3 years
ndia's largest listed company, Reliance Industries Ltd, said its quarterly profit fell 8.8 percent, its first drop in three years, but beat forecasts as refining margins did not fall as much as expected. The petrochemical and refining giant reported a net profit of Rs 3,501 crore ($713 million) for its fiscal third quarter ended December 31, compared with Rs 3,837 crore excluding one-off gains reported a year earlier. A Reuters poll had forecast a net profit of 30.98 billion rupees. The company is set to get an earnings boost when it starts pumping 30-40 million cubic metres of natural gas a day from its deep-sea fields off India's east coast in the second half of February. Ahead of the results, shares in Reliance, which has a market value of around $36 billion, closed up 1.21 percent at Rs 1,132.95 in a Mumbai market that rose 0.4 percent. The stock fell 37 percent in the December quarter, more than a 25 percent drop in the benchmark index and 33 percent loss in the sector index.
Accounting change added over Rs 1k cr to RIL's profit

Other Results:

Cipla Q3 net up 6 per cent at Rs 223 cr
Ranbaxy posts Rs 679.8 crore loss in Q4
Idea Cellular's net rises to Rs 256 crore
Reliance Power post Q3 net profit of Rs 107.07 crore
Idea Cellular Q3 net profit up 20% YoY
Reliance Power post Q3 net profit of Rs 107.07 cr
Kotak Mahindra Bank Q3 net falls 30%

Reliance Q3 net falls 8.8%, first drop in 3 years
Bank of India Q3 revenue up 45.57% y-o-y
Bharti takes Rs 245 cr hit in Q3 PAT on losses in FCCBs
Bharti Airtel Q3 net up 15%
Indian Bank Q3 net up 14.05%

Uco Bank net profit at Rs 172 crore
Wipro posts 18% rise in Q3 net profit
India Infoline Q3 net falls 68%
HDFC Q3 net profit down 16% YoY, share falls 6%
Biocon reports a net profit of Rs 24 crore
RIL Q3 net profit down 9.8% at Rs 3501 cr
Bharti Airtel Q3 net up 15.26% at Rs 1976.4 cr, QoQ

Reliance Infra Q3 net profit at Rs 251.19 cr
Coromandel Fert Q3 cons net profit at Rs 131.2 cr
Praj Industries Q3 net profit at Rs 47.3 cr
Noida Toll Bridge Q2 net profit at Rs 8.4 cr
Gateway Distriparks Q3 net profit at Rs 28.7 cr
Bank of India Q3 net profit at Rs 872.2 cr

SOurce:ET,Indiaearnings.com etc

Barack Obama becomes 44th president and His Speech

Barack Obama becomes 44th president
President Obama's inauguration speech
Full Text: President Obama's Inaugural Address

The following is the full text of U.S. President Barack Obama's inauguration address on Tuesday. Obama, a Democrat, was sworn in on the steps of the Capitol as the 44th U.S. president around noon EST, taking over from President George W. Bush, a Republican.
"My fellow citizens:
I stand here today humbled by the task before us, grateful for the trust you have bestowed, mindful of the sacrifices borne by our ancestors. I thank President Bush for his service to our nation, as well as the generosity and cooperation he has shown throughout this transition.
Forty-four Americans have now taken the presidential oath. The words have been spoken during rising tides of prosperity and the still waters of peace. Yet, every so often the oath is taken amidst gathering clouds and raging storms. At these moments, America has carried on not simply because of the skill or vision of those in high office, but because We the People have remained faithful to the ideals of our forbearers, and true to our founding documents.
So it has been. So it must be with this generation of Americans.
That we are in the midst of crisis is now well understood. Our nation is at war, against a far-reaching network of violence and hatred. Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age. Homes have been lost; jobs shed; businesses shuttered. Our health care is too costly; our schools fail too many; and each day brings further evidence that the ways we use energy strengthen our adversaries and threaten our planet.
These are the indicators of crisis, subject to data and statistics. Less measurable but no less profound is a sapping of confidence across our land - a nagging fear that America's decline is inevitable, and that the next generation must lower its sights.
Today I say to you that the challenges we face are real. They are serious and they are many. They will not be met easily or in a short span of time. But know this, America - they will be met.
On this day, we gather because we have chosen hope over fear, unity of purpose over conflict and discord.
On this day, we come to proclaim an end to the petty grievances and false promises, the recriminations and worn out dogmas, that for far too long have strangled our politics.
We remain a young nation, but in the words of Scripture, the time has come to set aside childish things. The time has come to reaffirm our enduring spirit; to choose our better history; to carry forward that precious gift, that noble idea, passed on from generation to generation: the God-given promise that all are equal, all are free, and all deserve a chance to pursue their full measure of happiness.
In reaffirming the greatness of our nation, we understand that greatness is never a given. It must be earned. Our journey has never been one of short-cuts or settling for less. It has not been the path for the faint-hearted - for those who prefer leisure over work, or seek only the pleasures of riches and fame. Rather, it has been the risk-takers, the doers, the makers of things - some celebrated but more often men and women obscure in their labor, who have carried us up the long, rugged path toward prosperity and freedom.
For us, they packed up their few worldly possessions and traveled across oceans in search of a new life.
For us, they toiled in sweatshops and settled the West; endured the lash of the whip and plowed the hard earth.
For us, they fought and died, in places like Concord and Gettysburg; Normandy and Khe Sahn.
Time and again these men and women struggled and sacrificed and worked till their hands were raw so that we might live a better life. They saw America as bigger than the sum of our individual ambitions; greater than all the differences of birth or wealth or faction. Continued...

This is the journey we continue today. We remain the most prosperous, powerful nation on Earth. Our workers are no less productive than when this crisis began. Our minds are no less inventive, our goods and services no less needed than they were last week or last month or last year. Our capacity remains undiminished. But our time of standing pat, of protecting narrow interests and putting off unpleasant decisions - that time has surely passed. Starting today, we must pick ourselves up, dust ourselves off, and begin again the work of remaking America.
For everywhere we look, there is work to be done. The state of the economy calls for action, bold and swift, and we will act - not only to create new jobs, but to lay a new foundation for growth. We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together. We will restore science to its rightful place, and wield technology's wonders to raise health care's quality and lower its cost. We will harness the sun and the winds and the soil to fuel our cars and run our factories. And we will transform our schools and colleges and universities to meet the demands of a new age. All this we can do. And all this we will do.
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Full coverage of the 56th presidential inauguration.
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Source:All websites.

ET Awards - Economic Times(ET) Awards - Full Coverage

Profiles of winners ET Awards: Profiles of winners Pics Video Full Coverage

Company of the year: Tata Steel The award seeks to recognise a company that has consistently set clear performance benchmarks for the rest of the industry and strived to become a world leader. Congratulate Tata Steel

Lifetime Achievement Award winner: Ashok Ganguly The award seeks to salute individuals who have conquered the peaks of corporate achievements and set examples for the current generation of India Inc leaders. Congratulate Ashok Ganguly

Business Leader of the year: A M Naik The award seeks to honour a leader who has clearly demonstrated a strategic direction for success, and pursued a vision. Congratulate A M Naik

Policy Change Agent of the Year: E Sreedharan The award seeks to honour the relentless pursuit of a work culture that demands and forces legislative & regulatory reforms. Congratulate E Sreedharan

Businesswoman of the year: Shikha Sharma The award seeks to honour a professional who has displayed exceptional leadership qualities and is a role model for others. Congratulate Shikha Sharma

Global Indian: Arun Sarin The award seeks to honour Indians who have set standards in excellence on a global platform and have emerged role models for people of Indian origin world over. Congratulate Arun Sarin

Entrepreneur of the year: Dilip Shanghvi The award seeks to recognise the ability of a business leader to enter the big league and take on the best in the world. Congratulate Dilip Shanghvi

Business Reformer of the year: Kamal Nath The award seeks to recognise efforts in taking reforms ahead and creating an environment friendly to private investment. Congratulate Kamal Nath

Emerging Company of the year: Welspun Gujarat Stahl Rohren The award seeks to recognise the capacity to take calculated risks, show explosive growth potential and discover a business model that others would want to emulate. Congratulate Welspun Gujarat Stahl Rohren

Corporate Citizen: Dr Reddy's Foundation The award seeks to honour the contribution to public good through commitment to critical social causes that influence the lives and livelihood of thousands of needy Indians. Congratulate Dr Reddy's Foundation

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ET Awards: Satyam episode a blot on India’s image, says PM
Vote of thanks by Gautam Singhania, CMD, Raymond
Welcome address by Mr Vineet Jain, MD, BCCL at The ET Awards for Corporate Excellence
Shikha Sharma dedicates award to family
Arun Sarin dedicates award to co-workers
B Muthuraman, Tata Steel, Company of the Year

Karambir Kang, Special Awards-Corporate Citizen on behalf of Taj employees
PRS Oberoi, Special Award-Corporate Citizen on behalf of Trident and Oberoi employees
Sreedharan, Policy Change Agent of the Year
Karambir Kang: Special Awards-Corporate Citizen on behalf of Taj employees
Kamal Nath dedicates ET Award to PM's leadership
Satyam case an aberration: Sunil Mittal

Dr A S Ganguly - acceptance speech
Manufacturing is key to India's growth: Kamal Nath
PM's speech at the ET Awards
Satyam scam isolated, not a slur on corporate India: Kamal Nath
ET Awards: Satyam episode a blot on corporate India, says PM

Vote of thanks by Gautam Singhania, CMD, Raymond
Welcome address by Mr Vineet Jain, MD, BCCL at The ET Awards for Corporate Excellence
Shikha Sharma dedicates award to family
Arun Sarin dedicates award to co-workers
B Muthuraman, Tata Steel, Company of the Year
AM Naik, Larsen & Toubro, Business Leader of the Year


Pics Video Full Coverage

Source:Economic Times

The world biggest corporate frauds ever

The world's biggest corporate frauds ever
Satyam
B Ramalinga Raju’s startling admission of padding profits and cooking up bank balances at Satyam Computer has erupted into what can be described as India’s biggest corporate fraud to date. However, this is only a part of the big horror show.Fraud, in fact, is not a new phenomenon in the world of business – whether Indian or global. From Enron to WorldCom to Tyco, corporate fraud continues to plague businesses and hurt consumer trust. This is one show which just goes on and on, and refuses to end.We look at some of the biggest corporate frauds ever:

Enron
As a result of the massive fraud at Enron, an energy company based in Houston, Texas, shareholders lost tens of billions of dollars. Many Enron executives, Enron’s accounting firm and certain bank officials were indicted. >Andrew Fastow, Enron's former finance chief, testified that many of the banks' transactions were contrived, deceptive deals done solely to create the false appearance of profits and cash flow. Kenneth Lay, the founder of Enron whose spectacular implosion in 2001 lead to one of the biggest fraud cases in history, was convicted of fraud for duping investors over the health of Enron’s finances before it plummeted into bankruptcy. Prosecutors accused Lay of pocketing over 40 million pound of investors' money, and Lay was charged with 11 counts of securities fraud.

WorldCom
Financial executives at WorldCom exercised various methods of hiding expenses for a period of more than two years between 2000 and 2002. They delayed reporting some expenses and misrepresented others to give investors the appearance of growth during secretly hard times. In June 2002, Securities and Exchange Commission (SEC) lawyers filed civil fraud charges against WorldCom for what would later be estimated at over $9 billion worth of accounting errors. WorldCom’s Chapter 11 filing later on was the largest bankruptcy filing in American history, and the SEC accused the company of misrepresenting earnings to the tune of $11 billion. Investors lost $200 billion as a direct result of the bankruptcy. WorldCom’s rise and fall epitomizes the corruption of the telecom sector during the boom.

Cendant
Walter Forbes, the former chairman of Cendant, masterminded an accounting fraud that was considered at the time it was discovered - 1998 - to be the largest on record. Investors lost $19 billion when Cendant’s stock fell after the disclosure. This fraud was later eclipsed by the scandals at Enron and WorldCom.The Cendant case also resulted in a record payment for settling a lawsuit brought by shareholders who had lost money in a fraud. Cendant paid $2.85 billion to settle, and its auditor, Ernst & Young, paid $335 million.

Daewoo Group
Kim Woo-chong, the founder and former chairman of defunct conglomerate Daewoo Group, was in May 2006 sentenced to 10 years in prison on charges of embezzlement and accounting fraud. The Seoul Central District Court also ordered Kim, 69, to pay back more 21 trillion Korean won ($22 billion), according to press reports. Kim was charged about a year ago with accounting fraud, illegal financing and diverting funds out of the country. The court found Kim guilty of 20 trillion won of accounting fraud, 9.8 trillion won of illegal financing and sending 19 trillion won out of the country illegally. He was also convicted of embezzling $100 million. At the time of its downfall, Daewoo Motor was the biggest corporate failure in South Korean history.

Tyco
In 2002, three former top Tyco International executives were indicted on fraud charges. Former CEO L. Dennis Kozlowski, former CFO Mark Schwartz, and former legal counsel Mark Belnick allegedly issued themselves low or no interest loans, which they then forgave through an unauthorized bonus program. They were accused of concealing their illegal actions by keeping them out of the accounting books and away from the eyes of shareholders and Board members. Tyco later on replaced its CEO and most of its Board in an attempt to purge the company of fraud and restore its reputation. It agreed to pay almost $3 billion to settle class-action suits brought by investors. It had also earlier paid $50 million to settle a suit brought by the SEC.

Parmalat
massive financial scandal involving Italy’s largest food company Parmalat underscored the fact that corporate fraud was not just an American problem. With the disappearance of about $10 billion in declared assets, the scandal was one of the largest in corporate history. Parmalat collapsed in December 2003 under 14 billion euros ($27 billion) of debt, after uncovering a 4 billion euro hole in its accounts. Some dubbed the episode ‘Europe's Enron’. It is currently estimated that at least $17 billion of Parmalat funds have simply disappeared and cannot be accounted for.

more@http://economictimes.indiatimes.com/quickiearticleshow/msid-3974228.cms
Satyam scam India's top 5 accounting scandals

Source:ET