Akshaya Tritiya - the Golden Day for Gold Business

Akshaya Tritiya is considered as asupicious day in India. Most of the people buy the yellow metal - Gold on this day. Despite the high price of the gold, there were reports of good sale of gold in India.

It has been tradition in India and this day is considers a the golden day for the people associated with gold business. It was expected that due to the high gold price, people might be interested. But the speculation were proved wrong.

The demand for the gold on Akshaya Tritiya rose in the north Indian cities including metros of Delhi and Mumbai. The gold market was down for long time and India did not import gold for last two months. But the festival of Akshaya Tritiya brought cheers to the gold market in India. It is speculated that the demand of gold would continue for few days.

Rupees is at 50.26 against US dollar

The value of rupees ended at 50.26 against US dollar. On the first day week, the market was seen in little volatile and proved mixed bag for most of the indices. The value of rupees against the US dollar was ended at 49.81 on Friday.

The strong dollar in the beginning of the week at the stock market might disappointed the domestic players. But the BSE sensex ended in green signal at 11371 points. This was just 42 points lead on Monday.

It is expected that the market would do well in the coming days of the week. There would be good option for the investors as the market in seen in green in the first day. While it was day for many of companies those ended at high note.

Honda's small car Jazz to hit Indian market by June

Honda Siel Cars (HSCI) to launch its small car Jazz by June in India. The small car Jazz would cost around Rs. 5.5 lakh and the company aims to have good business from India car market.

Indian car market seems to be in boom after the launch of small and cheapest car - Nano by Tata motors. Honda's Jazz the small car will have 1.2 litre engine and developed exclusively for Indian market.

Jazz also called Fit in certain markets, is the only small car in Honda's global portfolio. Indian can get the small car from Honda by June this year. The media reports quote that Honda could also launch a diesel variant of Jazz in the next few years.

Inflation rises to 0.26 per cent from 0.18 per cent

The inflation in India rises to 0.26 per cent for the weekended on April 11. For the two consecutive week the inflation rate recorded a fall. The rise in inflation is would be a good sign for the economy as its values around zero for around a month.

Despite fall in the inflation rate there is no major fall in the wholesale price index in India. The fall in marginal and the concern of the people about the market price they have been paying for the essential goods.

Considering the lower inflation rate in India, the Reserve Bank of India has been approaching banks to lower interest rates. The big question is that the government has pumped huge money into the system through various stimulus packages and the velocity of the money supply might be a concern in future.

If the inflation rises further and the supply of money in the system need to be checked. While the government would exercise various fiscal measures to check the inflation and its impact on the economy.

Meltdown losses of '$4 trillion'

The credit crunch could reach to the loss of around $ 4 trillion warns the International Monetary Fund (IMF), according media reports. IMF says that banks may need $1.7 trillion in additional capital to check the impact of the credit crunch.

The impact of the credit crunch is clearly visible on all the major economies of the world. Governments have came up with many stimulus packages for their economy in order to check the impact of global slowdown.

Many sectors have suffered huge loss due to the global slowdown. The job market is also affected as the companies started implementing cost cut measures. The impact even seen in the companies jobs and outsourcing.

The Banking sector is one of the worse hit sectors. Credit crunch impact was high on banking sector. Banks might need more and more bail out packages to protect themselves from the credit crunch. Hope the impact of the credit crunch will be checked in near future. This is can only be the speculation they have but reality of the credit crunch yet to witness.

India likely to import 30 tonnes of gold in April

India is likely to import 30 tonnes of gold in the month of April 2009, last year the government had imported 24 tonnes of gold. It is expected that due to the rise in the sales and demand for the gold in the country there would rise in the import of the gold.

India did not import the gold in last two months due the high price of the precious metal. But there is fall in the price of gold in India. Akshaya Tritiya is ahead and the gold traders would be optimistic about good sales.

In India - Akshaya Tritiya is considered as auspicious day for purchasing gold. Gold prices was today ruling at Rs 14,350 per 10 grams in the spot market, down 10.5 per cent from the peak of Rs 16,035 on February 20.

Polaris Q4 net up 50% at Rs 32 cr, declares 25 pc dividend

Chennai-based company and IT services provider Polaris Software on Monday reported a 50 per cent growth in its profit after tax (PAT) at Rs 32.11 crore for the fourth quarter ended March 2009, according to media reports.

The company said that it expects earning of 15 rupees a share for the year to March 2010. The earning per share reportedly was at 13.25 rupees in the just ended fiscal 2008-09. The total income rose 18 per cent to Rs 337.25 crore in the fourth quarter, from Rs 286.16 crore in the same period last fiscal.

Shares of Polaris were trading at Rs 64.30, up 6.46 per cent in the late afternoon trade on the BSE.

Shikha Sharma new MD, CEO Axis Bank

Private sector lender, Axis Bank has confirmed the appointment of Shikha Sharma as the Managing Director (MD) and CEO of the bank, following a board meeting on Monday, according to media reports.

Axis Bank's current chairman and CEO P J Nayak reportedly did not agree to the board's decision and told the directors he would leave the bank forthwith.

Oracle to buy Sun Microsystems for $7.4bn

The world's number two software company, Oracle Corporation, today agreed to buy hardware company provider Sun Microsystems Inc for $7.4 billion, or $9.50 a share, in cash, pushing the software company into high-end computing system, according to media reports.

There will be impact of the deal on existing units of both companies in India. However, the official have not commented on the impact of the deal on Indian units of the both companies. IBM reportedly abandoned the bit to by Sun and the Oracle has finalized the deal to purchase.

Oracle is one of the largest multinational employers in India with more than 25,000 employees. Sun Microsystem has 1,200 people in India.

Navaratna Companies in India

Indian economy has witnessed a sea change in the industrialization. The successful Central Public Sector Enterprises of India define the success story of Indian industrialization. Since the post independence era, the industrialization in India got rapid expansion due to various industrial policies and Five Yea Plans by the government of India.

Various measures and industrial polices have resulted growth and expansion of industrialization in India. The success story of India rapid industrialization is incomplete with out the Navartna companies.

‘Navratna’ literally means ‘nine jewels’. The Government had identified nine Public Sector Enterprises (PSEs) in July 1997 that had comparative advantages and potential to emerge as global giants as Navratnas. Over the years, many more CPSEs were conferred Navratna status as they fulfilled the required criteria.


Navratna Central Public Sector Enterprises of India are:

1. Bharat Electronics Limited
2. Bharat Heavy Electricals Limited
3. Bharat Petroleum Corporation Limited
4. Coal India Limited
5. GAIL (India) Limited
6. Hindustan Aeronautics Limited
7. Hindustan Petroleum Corporation Limited
8. Indian Oil Corporation Limited
9. Mahanagar Telephone Nigam Limited
10. National Aluminium Company Limited
11. NMDC Limited
12. NTPC Limited
13. Oil & Natural Gas Corporation Limited
14. Power Finance Corporation Limited
15. Power Grid Corporation of India Limited
16. Rural Electrification Corporation Limited
17. Shipping Corporation of India Limited
18. Steel Authority of India Limited

Tech Mahindra raises Rs.600 crore to fund Satyam acquisition

IT major Tech Mahindra on Saturday informed that it raised Rs. 600 crore through debt instrument. The company needs to pay R s 1756 crore for acquiring 31 per cent stake in Satyam Computer Services, according to media reports.

The stake of 31 per cent to be submitted on April 21. Under the share subscription agreement signed by the winning bidder and the board, Tech Mahindra will have to deposit the bid amount in an escrow account by April 21.

Tech Mahindra to pay Rs 1,756-cr before deadline

The Company Law Board of Satyam Computers on Thursday approved the takeover by Tech Mahindra, according to media reports.

Tech Mahindra is expected to pay Rs 1,756 crore before the deadline of April 21 for acquiring 31 per cent stake in Satyam Computer. The company has raised Rs 875 crore from the debt market and has Rs 700 crore on its balance sheets. The rest of the amount needed, said sources, would be raised from internal resources.

Tech Mahindra will also have to deposit the requisite escrow amount for the 20 % open offer in a separate account on or before April 21. The aggregate amount for 51 % stake in Satyam is Rs 2,889 crore. It has to deposit Rs 1,133 crore in escrow account for the open offer.

Arcelor-Mittal to delay India steel projects

Arcelor-Mittal to delay their proposed steel projects in Orissa, Jharkhand by two years, according to media reports. The Indian head of Arcelor- Mittal told media over this on Wednesday.

The company is proposed to set up steel units in these states and those projects estimated at $ 20-25 billion. It is the impact of the global slowdown on the projects in India.

The group, led by India-born, London-based L.N. Mittal, had earlier proposed the groundbreaking for the two projects, each with the overall capacity of 12 million tonnes of steel per annum, by end-2009 and production by 2014, the media reports quote.

Tech Mahindra raises Rs 875 cr debt to fund Satyam acquisition

Tech Mahindra Ltd, the highest bidder for Satyam Computer Services, has raised Rs 875 crore from debt securities to help fund the acquisition of the beleaguered IT firm, according to media reports.

The company has raised Rs 600 crore through sale of bonds. Tech Mahindra, which has to arrange Rs 2,990 crore to fund the deal, has already Rs 700 crore cash available on its balance sheet. Tech Mahindra’s acquisition is the second source of Satyam’s survivability.

Polaris to invest Rs 100 crore in new facility

Chennai-based Polaris Software Lab, a financial technology company, is planning to strengthen its insurance portfolio business by introducing new solutions, according to media reports.

Polaris Software Lab will set up a centre of excellence for insurance near Chennai with an investment of around Rs 100 crore. The centre will develop new solutions and provide service to company’s insurance clients.

The CEO of Polaris, Arun Jain said that the company has invested Rs 400 crore over last year to develop financial technology products. Jain laid foundation stone for the new centre at Navalur in Tamil Nadu. The new centre of the company is located at a distance of 25 km from Chennai.

SBI extends special home, car loans till September

The country’s largest lender, State Bank of India,(SBI) has extended the deadline for applying special home loans and car loans at 8% rates to September 30, according to media reports.

The deadline for special scheme which was announced in February would have closed on April-end. SBI has extended the term till September and more and people can approach the bank of the home loan and car loans.

The bank has sanctioned home loans valued at Rs 2,360 crore within past couple of months under the special scheme and disbursal comprise 70% of that amount. The bank has also financed 20,000 cars in this period.

RCom buys back FCCBs worth Rs 252.6 mn

Reliance Communications has repurchased 50, Zero Coupon Foreign Currency Convertible Bonds (FCCBs) each of USD 100,000, according to media reports. The FCCBs aggregating Rs 256.6 million approx at a discount. The bonds are expected to be extinguished on April 15, 2009.

Reliance Communications offers a reliable, high-capacity, integrated (both wireless and wireline) and convergent (voice, data and video) digital network. It offers a range of services spanning the entire infocomm (information and communication) value chain, including infrastructure and services for enterprises as well as individuals, applications, and consulting.

MRF reports 4.68% growth in profit

MRF Ltd the leading tyre maker of India has declared 4.68 per cent growth in profit after tax of Rs. 65.62 cror for the quarter ended on March 31, according to media reports.

The firm had reported PAT of Rs. 65.62 crore in the March quarter in FY'O8, said company in the communique to BSE. The total income rose 15.72 per cent to Rs 1,405.82 crore for the quarter ending March 2009, from Rs 1,214.83 crore in the corresponding period a year ago.

For the six months ended March 31, 2009, MRF reported a 7.41 per cent decline in PAT at Rs 30.39 crore. It had a PAT of Rs 117.37 crore in the year-ago period.

Tech Mahindra to acquire 31 per cent stake in Satyam for Rs 1,756

Tech Mahindra to acquire 31 per cent stake in Satyam for Rs 1,756 crore at Rs 58 per share. The bidding process for Satyam has been completed on Monday in Mumbai. The government appointed board of Satyam Computer Services on Monday named Tech Mahindra as the winner of the auction, according to media reports.

In Mumbai Monday, the prime minister expressed satisfaction at the manner in which the whole episode was handled, saying: "I am confident that our regulatory system has the resilience and strength to ensure that no such Satyam's ever take place."

Tech Mahindra, which emerged as the highest bidder for Satyam, will have to work harder in the IT services space to compete with large system integrators as TCS, Wipro, Infosys, Cape Gemini, Accenture, among others.

The completion of the bidding process brought cheers to the 48,000 employees and more than 3,00,000 shareholders. The board of Satyam appointed by the government of India will send the details of the bidding process and outcome to the Company Law Bard (CLB), which will took process further.

Top Ten Indian Companies in Forbes Global 2000 List

Forbes has complied a list of 2000 best companies of the world for the year 2009. Indian companies are also got listed into the mega list of companies. The three Indian companies Reliance Industries Limited, State Bank of India and Oil and Natural Gas Corporation are listed among top 200 companies in the list.

Last year 48 Indian companies were listed in the race for top 2000 global companies and this year 47 Indian companies are listed. This year the impact of the global downturn was high on all the economies of the world. Despite, many companies have managed to secure top ranks in the list.

Here are the top ten Indian companies listed in the Forbes Global 2000 list:

• Reliance Industries Limited (RIL): Mukesh Ambani-promoted RIL has ranked 121 position in the Forbes Global 2000 list. Reliance Industries Limited, is also a Fortune Global 500 company and is the largest private sector company in India.
  

• State Bank of India (SBI): The largest bank of India, SBI has ranked 150 in the top 200 companeis of the Forbes Global 2000 list. The bank has maximum number of ATMs in India. State Bank of India was adjudged the Best Bank of the Year 2008 by London based ‘The Banker’ magazine of Financial Times Group.

• Oil and Natural Gas Corporation (ONGC): ONGC the largest public sector undertaking in India has ranked 152 in the list of Forbes Global 2000. Last year, ONGC was ranked 198th in Forbes Global 2000 list for the year 2008. ONGC ranked 335th position as per Fortune Global 500 list in the year 2008.

• Steel Authority of India (SAIL): SAIL has ranked 582 in the Forbes Global 2000 list. SAIL is the leading steel-making company in India. It is a fully integrated iron and steel maker, producing both basic and special steels for domestic construction, engineering, power, railway, automotive and defence industries and for sale in export markets.

• Reliance Communications: The company has ranked 689 rank in the list of Forbes Global 2000 list for the year 2009. Reliance Communications is the flagship company of the AnilDhirubhai Ambani Group (ADAG) of companies. Listed on the National Stock Exchange and the Bombay Stock Exchange, it is India’s leading integrated telecommunication company with over 71 million customers.

• Larsen & Toubro Limited (L&T): L&T is India's largest engineering and construction conglomerate with additional interests in electrical, electronics and IT. L&T ranked 773 in the Forbes Global 2000 list for the year 2009. A survey conducted by the country’s leading business magazine Business Today and consultancy firm Ernst & Young has given L&T a coveted honour – ‘The Best Managed Company in India’ in 2008.

• Bharat Petroleum Corporation Limited (BPCL): BPCL ranked 795 in the list of Global 2000 companies complied by Forbes for the 2009. BPCL caters to the fuel needs of approx. 8000 Industrial customers spread across all over the country. These include Industries from the Public & Private Sectors, of the core and non-core segments and various Govt. Establishments, such as Defence, Railways, State Trading Corporations, and State Electricity Boards.

• Bharat Heavy Electrical Limited (BHEL): BHEL ranked 796 in the list of Global 2000 companies listed by Forbes for the year 2009. BHEL manufactures over 180 products under 30 major product groups and caters to core sectors of the Indian Economy viz., Power Generation & Transmission, Industry, Transportation, Telecommunication, Renewable Energy, etc.

• Housing Development Finance Corporation Ltd. (HDFC): HDFC ranked 808 in the list of Global 2000 companies complied by Forbes for the year 2009. HDFC was incorporated in 1977 with the primary objective of meeting a social need - that of promoting home ownership by providing long-term finance to households for their housing needs. HDFC was promoted with an initial share capital of Rs. 100 million.

• Tata Consultancy Services (TCS): TCS ranked 834 in the list of Global 2000 companies listed by Forbes for the year 2009. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services delivered through its unique Global Network Delivery Model, recognized as the benchmark of excellence in software development.
  

Tata Steel to begin production in South Africa by 2010

Tata Steel would begin production at Sedibang mine in South Africa from next year, according to media reports. Tata Steel is the sixth largest steel producers in the world.

Tata Steel is focusing on South Africa and Canda, the Sedibang mine in South Africa has reserve of 50 million tonnes of iron ore. Tata Steel managing director B Muthuraman told media that the company would get two million tonnes per annum.

Indian 47 companies in Forbes Global 2000 List

The latest Global 2000 list compiled by Forbes includes 62 countries this year with the most entries from US, followed by 100 firms from Japan, 94 entries from United Kingdom and as many as 94 from China, according to media reports.

India, the second fastest growing economy in the world, is represented by 47 companies in the list this year, while it had 48 firms entries last year.

Indian companies are led by Mukesh Ambani-promoted RIL, State Bank of India, and Oil and Natural Gas Corporation which are among the top 200 companies ranked 121st, 150th and 152nd, respectively, on the list.Other Indian companies on the list include SAIL (582), Reliance Communication (689), Larsen & Toubro (773), BPCL(795), BHEL(796), HDFC (808), TCS(834), Hindalco Industries (848), HDFC Bank (864), DLF (883), Infosys( 891), Punjab National bank (946), ITC (987), Wipro (989), Bank of India (997), HPCL (1,002), GAIL (1,037) and NMDC (1,057).

The list also has Canara Bank (1,059), PGCIL(1,085), Tata Motors (1,157), Bank of Baroda (1,184), Power Finance (1,324), Axis Bank (1,332), Union Bank of India (1,350), Grasim Industries (1,380), Indian Overseas Bank (1,462), Sun Pharma (1,522), M&M (1,529), Allahabad Bank (1,629), Indian Bank (1,659), Syndicate Bank (1,663), I,DBI Bank (1698), Central Bank of India (1,724), JSPL (1,793), NALCO (1,794), OBC (1,869), UCO Bank (1,872) and Hero Honda (1,939).

Aircel to make $5 bn investments in 3 years

Aircel Cellular launched its GSM services in Mumbai on Friday. Malaysian telecom major Maxis Communication s holds 70 per cent stake in Aircel Cellular, according to media reports. Aircel to make $ 5 billion investment in three years in India.

After its successful launch in Mumbai, Aircel may start its operation in Gujarat, Madhya Pradesh, Rajasthan, Punjab and Haryana- by next year. The company will also develop its netowrk in those states.

The company official said that the company has been working over the rapid installation of towers in many areas. The company aims to provide better network and facilities to its customers and has not plans for an "immediate Initial Public Offering.

SBI, IDBI Bank cut deposit rates by 25-50 bps

State Bank of India cut deposit rates by 25 basis points to 50 basis points across maturities, and the cut would be effective from April 13, according to media reports.

SBI has also slashed the rate for its 1000 days to 8.25 per cent from 8.5 per cent. The rate was considered as the peak interest rate provided by SBI to deposits under the scheme.

Similarly, IDBI the another public sector bank of India has also declared cut in the interest rates on deposits by 25 to 50 basis points in some maturities. The cut in IDBI would be effective from April 15. IDBI has also cut its benchmark prime lending rate by 50 basis points to 13 per cent.

Centre may soon ask PSUs to import 10 lakh tonnes of sugar

The Centre may soon ask public sector trading firms -- MMTC, STC and PEC -- along with agri cooperative Nafed to import 10 lakh tonnes of refined sugar at zero duty by August and sell it in open market, according to media reports.

The cabinet approved the import of the sugar. It is believed that the finance ministry would notify the decision next week. In order to send the proposal to the cabinet, the ministry had already took the approval of the Election Commission.

The Finance Ministry will also notify the decision next week after approval of the Election Commission, the media reports quote.

Tata Nano Goes on Sale

The peoples' car - Nano's booking started at various centres across the country. The car Nano was launched in Mumbai on March 23. The Tata Motors officials have been accepting applications over the booking for Nano car.

The company officials said over the next 17 days, prospective buyers can buy application forms for Rs.300 each and apply with an upfront payment of around Rs.95,000 - or Rs.2,999, if they wish to get it financed, according media reports.

Tata Motors Finance said today that it is also offering 100 per cent loan amount for the booking at an interest rate of 12 per cent to 13 per cent with a three-year tenure.

inflation fell to 0.26 per cent

The inflation fell to 0.26 per cent for the week end March 28, last week the inflation was at 0.31 per cent for the week end March 21. There was little surge in the inflation last week and this week the inflation fell to three -decade low of 0.26 per cent.

The price of food items rose by up to 17 per cent and people has been bearing the costs. There is no major decline in the wholesale price index. The wholesale price-base inflation declined by 0.05 per cent for the week ended March 28.

Edible items like salt, sugar, milk, cereals, pulses, manufactured food products, spices and fruits were selling at higher rates for the week under review than a year ago.

Idea launches GSM mobile services in Orissa

IDEA Cellular, part of the Aditya Birla Group, on Wednesday launched its GSM mobile services in Orissa. Idea will offer world class facilities covering over 2,200 towns and villages in across the nation.

Now Orissa people will have the services provided by the Idea Cellular. The company Idea would introduce its complete range of affordable and innovative mobile telephony products and services for over 39 million people in the state.

The Chief Marketing Officer Pradeep Shrivastava told media that IDEA would invest Rs 1,000 crore in the next three years in Orissa. The operator now covers over 80 per cent of the telephony potential of the country and is the third largest private GSM player with over 41 million subscribers across 15 telecom circles.

CBI files charge sheet against 9 in Satyam case

The CBI on Tuesday filed a voluminous charge sheet against nine accused in Satyam Computer Scam including the former chairman B. Ramalinga Raju, his brother B. Rama Raju and Chief Financial Officer Srinivas Vadlamani, according to media reports.

Cases under Section 120 (b), read with Sections 420, 419, 467, 468, 471, 477 (a) and 201 of IPC dealing with criminal conspiracy, cheating, forgery of valuable security, forgery for cheating, falsification of accounts and causing disappearance of evidence for cheating, were filed against the accused.

HCL signs 6 years deal with Xerox

Information technology services provider HCL Technologies has announced of singing a six-year, multi-regional data centre services and transformation deal with printing major Xerox Corporation on Monday.

The contract includes mid-range services, business continuity and disaster recovery for Xerox’s information management operations. While HCL didn't disclose the deal size, it's learnt that the contract is worth about $100 million.

Despite the global slowdown the company got the big deal. The company got four big deals since January. The company has signed deals with Xerox, Nokia, Reader’s Digest Association (RDA) and National Insurance Company.

Airtel launches 16 Mbps wireline broadband

Bharti Airtel has launched 16 Mbps wireline broadband in New Delhi, Chennai and Bangalore. Bharti Aitel is one of the leading telecom service provider in the country and now started the bradband powered by its ‘carrier ethernet network’.

The service will be extended to Hyderabad, Pune, Mumbai and Kolkata, as the company has been working over the extension of the project. Speaking on the launching of the service, Barti Airtel's Joint President (Telemedia Services) K. Srinivas told media that the company would offer the wireline broadband to around 70 per cent of the households in these three cities.

The company was planning to extend the service to other cities like Hyderabad, Pune, Mumbai and Kolkata in future, he added. The company is offering various packages including - 'Speed Combo 2999' and Speed Combo 4999.

Will Nano have impact on two wheelers sales in India?

It is all about the peoples' car - Nano. From the beginning to till its launch in Mumbai has been covered by media and highlighted the issue as it was matter of peoples' cheapest car. Finally, the people of India are going to get the world's cheapest car, as it is officially launched in Mumbai by Tata Motors.

The big question mark arises in mind is that - will the Nano car have impact on the two wheelers (motorcycles) sales in India. The question is bit sounds good but alarms the two wheeler makers and dealer s in the country. The launch of Nano is more than threat to sales of two wheelers if the price of the car is compared with the price of two-wheelers in India. But the fact can't be denied that it's just speculation not more than that.

Some experts believe that the popularity of Nano will have impact on the sales of two wheelers in India. People might be interested to have their own car and they need to take little more burden than the purchasing two wheelers.

The booking of Nano will start from April 9 across the nation and the demand for the peoples' car is very high. The low booking price for Nano has been attracting many people to book a car for their family. Moreover, people can cancel the booking. It would be interesting to see how the car - Nano will have impact on the sales of two wheelers in India.

Three Satyam executives arrested, sent to jail

The Central Bureau of Investigation (CBI) has arrested three top executives of Satyam Computer Services Ltd in connection with the Rs.78 billion accounting fraud, according to media reports.

The CBI deposed the three - G. Ramakrishna, vice-president, finance, D. Venkatpati Raju, general manager, finance, and another executive in the finance department, Srisailam, before the court in Hyderabad on Monday.

The court sent them to judicial custody for 15 days. On Sunday the CBI has taken them into custody the Satyam Computer Services Ltd scam case.

Indian textile industry needs attention

Indian textile industry has been worse hit due to the global financial crisis. After China, India ranks second in the textile export. In order to check the impact of the global slowdown on its textile industry, China has been taking various measures.

In India, the scenario is quite different. The government wakes up when the people associated with the industry raise their voice. Coimbatore of Tamil Nadu state is known as the Manchester of India for the textile business and export. The business in the city of Coimbatore has been affected due to the global financial crisis. Businessmen expect relief packages from the government to run the business.

Now, the elections are round the corner and political parties on campaign. The election would prove respite for the hurt textile businessmen if the political leaders will meet their promises. Will that happen? The promises made during election time are just eye-wash, people know it. The industry will get help if the existing government or the forthcoming government will have special packages to protect the interest of the textile businessmen in India.

Govt. is likely to hold meeting with auto industries

In order to check the impact of the global financial crisis on industries the government has slashed the excise tax recently. But the price of cars in India has been rising, according to media reports.

The government of India has reportedly been putting pressure on the auto industries and companies to slash the prices of cars. It is noteworthy that the steel price has been reduced to around Rs 30,000 per tonne and the government has reduced the excise tax by 4 per cent.

Despite that, the auto companies in India have raised the car prices by Rs 3,000 to Rs 50,000. The low cost of raw material should have impact on the prices of the cars. The low cost of low materials might reduce the price of cars. Over this matter the government of India is likly to hold meeting with auto companies very soon.

India Satyam extends deadline for submitting bids

Satyam Computers Ltd has extended the deadline for submitting bids to April 13, according to media reports. The board members of the scam hit Satyam informed to media.

The deadline for submitting the bid was April 9 and now extended to April 13. It is reported that the bidders have been looking more and more information over the scam hit company.

The bidder may file their bidding application after verifying all the data. Larsen & Toubro, Tech Mahindra, WL Ross & Co are the race.

Inflation rises to 0.31 per cent from 0.26 per cent

The inflation rate rises to 0.31 per cent for the week end March 21 from 0.26 per cent in previous week. The inflation rate was 7,85 per cent corresponding week last year.

The inflation rises few points this week but the rate is near to the value of zero for many weeks. Last year the inflation was seen in double digit. Some financial institutes pridict that the inflation rate would rise further.

Earlier it was expected that there my be the situation of deflation in the country. But the recovering inflation from the down trends would indicate towards its reovery.

Maruti sales up 22% in March

The sales of Maruti Suzuki India Ltd has increased by 22 per cent in March 2009, according to media reports. Last year, the company had registered a rise of 15 per cent in its sales in the month of March.

According to a company press release, Maruti Suzuki sold 73,855 vehicles in the domestic market in March 2009 and exported 11,814 units. The company has also plans for the launch of its sixth global car, Ritz, in May this year.

The Ritz will be built on Maruti’s successful Splash platform and will be priced between Rs 4 lakh and Rs 5 lakh, which is just below the Swift’s price tag.

Life insurance industry premium income declines 11 %

The life insurance industry registered 11 per cent fall in the premium income in the 11 months ended 28 February, according to the media reports.

The major players in the life insurance industry in India are Life Insurance Corp. of India Ltd, ICICI Prudential Life Insurance Co. Ltd, Bajaj Allianz Life Insurance Co. Ltd and Aviva Life Insurance Co. India Ltd.

According to the latest data released by the Insurance Regulatory and Development Authority (Irda) the total premium income of Rs36,467 crore has been collected in the eleven months.

The premium income of LIC fell by 28 per cent, the private companies in the industry too suffered loss in their premium income. ICICI Prudential Life Insurance Co. Ltd premium income fell by 19 per cent and premium income of Bajaj Allianz Life Insurance Co. Ltd and Aviva Life Insurance Co. India Ltd fell by 29 per cent and 30 per cent respectively.

Govt appoints two new directors to the board of Maytas board

In a significatnt development to the Maytas issue, the government of India on Thursday has appointed two new directors to the bard of Maytas Infra Ltd, according to media reports.

The company Maytas Infra Ltd is a Hyderabad based company and founded by the former chairman of Satyam Computers Ltd. The government has appointed K Ramalingam and Anil K Agarwal in to the board of Maytas Infra Ltd.

PM Manmohan Singh demands $500bn more for developing world

The Prime Minister of India, Manmohan Singh called for $500 billion fresh funds from International Monetary Fund (IMF) to help the developing countries to check the impact of the global financial crisis, according to media reports.

Manmohan Singh attended a dinner hosted by his British counterpart Gordon Brown on Wednesday, there he expressed his opinion. The Britain Prime Minister hoisted the dinner party for G20 leaders in London.

Prime Minister Manmohan Singh has also expressed his concern over the rise of protectionist sentiment in the industrialised world. The global crisis would be key topic to discuss at the G20 summit of world leaders.

Stimulus packages to boost metal industry by 2009-end

There is global slowdown and the impact of metal industry is visible. Many countries came forward to check the impact of the global financial crisis on many sectors.

Major economies of the world took the measures and declared various stimulus packages past few months. The impact of the stimulus would be seen in future and there are speculations that the pumped extra money into the system would bail out many industries.

According to Deloitte, the global metal industry would benefit from the declared stimulus measures taken the governments world wide. The firm calculates that the impact of stimulus packages can been seen on the global metal industry by the end of this year.

"It was one of the industries hit first by the downturn, but unfortunately will also be one of the last to get out. A jump-start in other sectors such as automotive and construction will need to occur before we see a rebound in the metal industry," Deloitte's Global Manufacturing Industry Group Leader (Process Sector) Claude Martin said on Wednesday.

Maruti to phase out Maruti 800 by 2016

Maruti 800 has been on of the favourite cars in Indian. Maruti Suzuki India, the company has declared to phase out its popular car Maruti 800 by 2015-16, according to media reports.

The company will phase out the Maruti 800 in different cities in India. It could be impact of Nano launch, as it brands as cheapest car and people car India. The company may plan for the alternative to its product after phasing out Maruti 800.

Maruti 800 has sold over 27 lakh units since its launch in 1983 would take a bow along with the company's second oldest model, Omni. It may be speculated that the launch of Nano and its popularity would grow further.

The cheapest car segment in India would bring further changes to auto industry in the country as well as in the world.