L Mittal, M Ambani among 'Most Powerful Billionaires'
Steel Czar Lakshimi Mittal figures in Forbes list of billionaires
WASHINGTON: India-born steel czar Lakshimi Mittal and head of India's largest company Mukesh Ambani figure among Forbes list of "World's Most Powerful Billionaires" who wield a staggering authority and influence far beyond their riches.
Ranking third on the global list compiled by US business magazine is Lakshimi Mittal who "controls 10 percent of the world's steel production through his company ArcelorMittal" despite his fortune falling $24.5 billion between March and November 2008.
"Born in India but lives in London, where his political clout often incites controversy," it said noting "In 2002, then British Prime Minister Tony Blair reportedly wrote a letter to the Romanian prime minister hinting a sale of the country's steel company to Mittal would facilitate its entrance into the European Union."
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Mukesh Ambani, figures seventh on Forbes list of billionaires
Figuring seventh on the list is Mukesh Ambani, who heads "petrochemicals giant Reliance Industries, Indian's largest company by market cap." Forbes noted he produces oil, gas, petrochemicals and textiles and is personally funding construction of a 27-story home in Mumbai that could cost $2 billion.
Giving the rationale behind the list, Forbes noted last March, there were 1,125 billionaires in the world, each wielding tremendous wealth and weight over the markets and industries in which they operate.
"But few plutocrats possess the money, economic dominance and political clout to touch-or the potential to touch-all of us," it said compiling its list with a formula based on the size and scope of the industries billionaires control, the political influence they exert and the fortunes they hold.
More@
http://economictimes.indiatimes.com/quickiearticleshow/4128467.cms
Source:ET
14 February 2009
13 February 2009
BUDGET 2009: Coverage,Previews, Wishlists
For BUDGET News, Please Visit
Govt eye polls in mini budget
The coalition government will put rescuing flagging growth and stemming job losses at the centre of a mini budget as it aims to woo voters ahead of general elections.
- Sops in interim budget?
- Steps to support labour-intensive sectors
- 16% hike in gross budgetary support: UPA
- Govt hints at stimulus in vote-on-account More >>
- Don't time market based on budget
Market men are advising investors not to invest hastily ahead of the interim budget. The vote on account would seek to strike a balance between politics, economics
STPIs, 100% EOUs may enjoy tax holiday for 3 years
12 Feb 2009, 0103 hrs IST
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SOurce:ET
Hope BUDGET will be beneficial for 'Aam Aadmi'
Railway Budget: Lalu announces 2% cut in AC rail fares
Railway Budget: Lalu announces 2% cut in AC rail fares
AC, Mail, Express fares cut by 2%Railway Minister Lalu Yadav on Friday announced fare cut in AC and mail express trains by 2%. He also announced the introduction of 43 new trains and kept freight rates unchanged.
Lalu basks in glory of Railway safety
Lalu said the Railways will invest Rs 230K cr in the eleventh plan. Upgradation plan includes renewal of 2,941 km railway tracks that will require about 339,228 tonnes of steel and renewal of sleeper sheets along 2,382 km of railway lines.
Source:ET
AC, Mail, Express fares cut by 2%
13 Feb 2009, 1252 hrs IST
Lalu basks in glory of Railway safety- 43 new trains introduced
- Now, book waitlisted e-tickets too
- Wagon makers receives shot-in-arm from Lalu
- Rail budget eyes polls: BJP
- New Trains introduced for FY-10
- Extension of Trains
- Increase in train frequency
- New line Surveys
Railways at a glance
Rly to invest Rs 230K cr in 11th planLalu said the Railways will invest Rs 230K cr in the eleventh plan. Upgradation plan includes renewal of 2,941 km railway tracks that will require about 339,228 tonnes of steel and renewal of sleeper sheets along 2,382 km of railway lines.
Source:ET
04 February 2009
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
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
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
---------------------------------------------
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
24 January 2009
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
3i Infotech Q3 net profit at Rs 27cr
Source:ET,IE etc
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/
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/
23 January 2009
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
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
22 January 2009
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
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
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