Category Archives: Business

Nissan Re-Launched in India

Nissan introduced a new Datsun in India today, 30 years after shelving the brand that made it easier to win Western recognition of Japanese autos.

The company wants that getting back the brand that built its U.S. business will fuel growth in growing markets with a new generation of car buyers. A five-seat hatchback re-designed Datsun will go for selling in India next season for under 400,000 rupees (about $6,670). It will also be marketed in Philippines and Russian.

The marketing website for the car explains it as the “badge of the risers,” an attraction to first-time auto buyers.
Experienced with profits in recognized markets such as Japan and Europe, most global automakers have their eyes on fast-growing developing countries that also include China, Mexico and Brazil.

India’s population of 1.2 billion is an attraction for automakers hoping to ring up big sales numbers.

Bharti infratel played a key role in snowbound areas for mobile connectivity

Shimla:  Himachal Pradesh has witnessed unprecedented snowfall this winter, with many far-off places remaining cut off from rest of the world for weeks together. The remote areas of the district including Haripurdhar and Nohradhar along with Kinnaur, Lahaul spiti and parts of Pangi and Bharmour in chamba districts and Rohru and Rampur in Shimla and Chauhar valley in Mandi district were the worst affected receiving up to 10 feet snow. Mobile phones however continue to ring in these areas, thanks to leading Infrastructure provider, bharti Infratel’s determined initiative to provide almost uninterrupted power supply to their mobile towers. Heavy road blockades, massive power and water supply disruptions were the norm this winter due to climatic challenges, despite these resources were seen ensuring very less interrupted power supply clearing accumulated snow on the way to remote towers in extreme cold climatic conditions.

          Our teams were mobilized to be on the toes 24X7. Even in case of electricity failures, alternate preventive arrangements undertaken helped the cause of mobile users aided by power extraction from diesel-run generators,” an official said.             This is despite acute diesel shortage and thick blanket of snow on the roads, he added.

           Roshan Sharma of Haripurdhar said the mobile network played a key role in communication during the heavy snow in the area because other modes of communication had blacked out. Pankaj of Ronhat was impressed with the round-the-clock mobile connectivity during this extreme winter unlike earlier times.

         Communicate advisory to inhabitants due to uninterrupted mobile network supply has been fruitful in remote areas, thanks to such IP’s like bharti infratel whose towers house multiple companies antennaes that resulted in mobile antennaes to radiate seamlessly despite massive power supply interruption, said Raman Kumar Bhardwaj of Kotkhai in Shimla district.

MENA region to grow at 5.1 percent in 2012: IMF

Dubai:  Riding on high oil prices and output, the Middle East and North Africa (MENA) region will see an accelerated economic growth of 5.1 percent in 2012 as compared to 3.3 percent in the previous year, the International Monetary Fund (IMF) said Sunday.

Owing to higher oil prices and production, the region’s oil-exporting countries — Algeria, Bahrain, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Saudi Arabia, the United Arab Emirates, and Yemen — are expected to expand by 6.6 percent in 2012 before moderating in 2013, the IMF said.

But faced with a difficult external environment, growth in the roughly defined MENA region’s oil importers – Afghanistan, Djibouti, Egypt, Jordan, Lebanon, Mauritania, Morocco, Pakistan, Sudan, and Tunisia – will be just above two percent in 2012.

“In the Arab countries in transition, continued domestic disruptions are also holding back growth,” the IMF said in its regional economic outlook for the Middle East and Central Asia.

“The biggest challenge facing governments in the Arab countries in transition is how to manage the rising expectations of populations,” Masood Ahmed, director of the IMF’s Middle East and Central Asia Department, said in a statement.

He added that people “are becoming increasingly impatient to see a transition dividend at a time when there are threats to near-term macroeconomic stability and the margin for policy manoeuvre is limited”.

Ahmed said the economic outlook for the Middle East and North Africa region was mixed.

Most of the region’s oil-exporting countries are growing at healthy rates, while the oil importers face subdued economic prospects.

The region’s oil-exporting countries are expected to post solid growth in 2012, largely on account of “Libya’s better-than-expected post-conflict recovery”.

In the countries of the Gulf Cooperation Council (GCC), growth remains robust, supported by expansionary fiscal policies and accommodative monetary conditions.

However, the GCC region growth is expected to slow down from 7.5 percent in 2011 to 3.75 percent in 2013 as oil production reaches a plateau.

Oil prices are expected to remain above $100 per barrel in 2012-13. As a result, the oil exporters’ combined current account surplus is likely to remain near a record high of about $400 billion in 2012.

“This has helped governments to respond to growing social demands by increasing expenditure on wages and salaries, which rose dramatically in most oil exporters in recent years,” Ahmed said.

“The main issue facing Middle East oil exporters is how to take advantage of their current positive position to strengthen their resilience against oil price declines and diversify their economies to boost private-sector job creation.

“Fiscal policy could gradually shift to bolstering national savings, and countries could ease the pace of government spending, especially on expenditures that are hard to reverse – like public sector hiring,” he said.

IANS

Tata Steel unveils new product targeted at SMEs

New Delhi:  Tata Steel Monday unveiled a new brand of its hot rolled products called “Tata Astrum” to meet demands in small and medium enterprises (SMEs).

This is the first time that the company has made a foray into branding of hot rolled products in the SME segment.

“With the launch of Tata Astrum, Tata Steel is offering convenience to its customers through consistent availability of ready-to-use quality hot rolled products,” T. V. Narendran, vice president, safety and flat products, Tata Steel, said at a press conference here.

Narendran said the company target to sell over one million tonnes of the new brand product in 2013-14 and increase it to two million tonnes in the next year.

In 2013-14, Tata Steel targets nearly Rs.4,000 crore revenue from this segment.

Tata Astrum hot rolled coils and sheets will be produced from two of Tata Steel’s mills at Jamshedpur and will be available in the 1.6 mm to 16 mm thickness range.

Customers will be served through Tata Steel’s authorised distributors. A total of 42 such distributors have been appointed across the country, Narendran said.

Each distributor will have a tie-up with service centres that will be certified by Tata Steel for quality products. The material will be supplied to customers in processed form out of the service centres, he said.

The new product range will be used in automotive, earth moving equipment, railways, fabrication, construction and industrial machinery segments.

The size of the domestic market for hot rolled products in the SME segment is pegged at 6 million tonnes per annum. Tata Astrum hopes to garner a market share of 17-18 per cent in this segment in 2013-014.

This is expected to generate revenue of approximately Rs.4,000 crore for the company.

IANS

Sensex up 56 points; auto, consumer durables stocks rally

Mumbai:  A benchmark index of Indian equities markets Thursday closed 56 points higher as automobiles, consumer durables and metals stocks gained.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,487.90 points, closed at 18,561.70 points, 56.32 points up from its previous day’s close at 18,505.38 points.

The Sensex touched a high of 18,589.13 points and a low of 18,445.18 in intra-day trade. The BSE midcap index was up by 55.81 points and the smallcap index, too, ended higher by 52.30 points.

On the sectoral front, the BSE consumer durables index was up by 386.14 points, followed by automobile index, up 226.37 points, metals index, up 82.71 points, and bank index, up 47.05 points.

The major Sensex gainers were Tata Motors, up by 4.89 percent at Rs.267.10; Bharti Airtel, up by 4.41 percent at Rs.280.85; Cipla, up by 3.12 percent at Rs.374.85; Wipro, up by 3.02 percent at Rs.361.40; and Bajaj Auto, up by 1.71 percent at Rs.1,845.05.

The main losers included Hindustan Unilever, down 1.84 percent at Rs.537.40; ONGC, down 1.34 percent at Rs.264.70; ITC, down 1.26 percent at Rs.279.25; Gail India, down 0.90 percent at Rs.345.65; and HDFC Bank, down 0.89 percent at Rs.628.90.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange (NSE) closed 25.35 points or 0.45 percent up at 5,645.05 points.

Among other Asian markets, Japan’s Nikkei was up by 0.21 percent. Hong Kong’s Hang Seng closed 0.83 percent higher, and Shanghai’s Composite Index ended trading 1.72 percent up.

At closing bell here, trading was mixed in European markets. London’s FTSE 100 was trading 0.51 percent down, while the German DAX and France’s CAC were 0.53 and 0.55 percent up, respectively.

IANS

Sensex closes flat ahead of RBI credit policy

Mumbai: A benchmark index of Indian equities markets ended flat Monday a day ahead of the Reserve Bank of India’s policy statement. Capital goods, power and public sector undertaking (PSU) stocks fell the most.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,656.00 points, closed at 18,635.82 points, 10.48 points or 0.06 percent up from its previous day’s close at 18,625.34 points.

Even the announcement by Finance Minister P. Chidambaram about a five-year plan to cut India’s fiscal deficit from an expected 5.3 percent in the current fiscal to three percent by 2017 did little to cheer the markets.

Chidambaram’s plan for a reduction in fiscal deficit comes a day after a major cabinet reshuffle meant to boost the government’s performance and a day before the central bank’s half-year policy review.

Chidambaram hoped that the Reserve Bank of India (RBI) would take notice of the efforts meant to contain deficit and cut key lending rates to spur growth.

However, the central bank is not expected to cut rates as high levels of food inflation restrict its options.

Overall food inflation last month stood at 7.86 percent against 9.62 percent in the corresponding period of last year. Inflation of primary articles was 8.77 percent.

The Sensex touched a high of 18,743.41 points and a low of 18,572.02 in intra-day trade. However, BSE midcap index was down by 28.38 points while the smallcap index was lower by 42.62 points.

On the sectoral front, the BSE capital goods index was down by 191.47 points followed by PSU index, down 40.82 points, banks index, down 36.75 points, and metal index, down 21.66 points.

The major Sensex gainers were Wipro, up 2.56 percent at Rs.344.75; Hero MotoCorp, up 1.95 percent at Rs.1,905.60; Tata Power, up 1.82 percent at Rs.106.55; Dr Reddys Lab, up 1.62 percent at Rs.1,696.15; and Reliance Industries Limited (RIL), up 1.53 percent at Rs.811.20.

The main losers included BHEL, down 6.19 percent at Rs.227.25; Sterlite Inds, down 2.28 percent at Rs.98.55; Tata Motors, down 1.80 percent at Rs.256.75; Coal India, down 1.11 percent at Rs.350.95; and Larsen and Toubro (L&T), down 1.08 percent at Rs.1,687.40.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange (NSE) was flat at 1.30 points or 0.02 percent up at 5,665.60 points.

Among other Asian markets too, the trend remained flat — Japan’s Nikkei was down 0.04 percent, while Hong Kong’s Hang Seng ended trading 0.16 percent lower. Shanghai’s Composite Index was down 0.35 points.

At closing bell here, London’s FTSE 100 was down 0.56 percent. German DAX and French CAC 40 were also trading 0.61 and 0.89 percent lower, respectively.

IANS

Sensex closes 135 points down as metals, auto stocks plummet

Mumbai: A benchmark index of Indian equities markets closed 135 points lower in Tuesday’s trade after heavy selling in metals, bank, auto and consumer goods.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,784.75 points, closed at 18,577.70 points, down 135.85 points or 0.73 percent from its previous day’s close at 18,713.55 points.

The Sensex touched a high of 18,801.10 points and a low of 18,549.28 points in intra-day trade.

The BSE midcap index closed 48.06 points down, while the smallcap index ended 29.24 points lower.

On the sectoral front, the BSE metals index was down 200.83 points, followed by the capital goods index, down 168.39 points, bank index, down 108.95 points and auto index, down 94.64 points.

The major Sensex gainers were Maruti Suzuki, up 2.13 percent at Rs.1,366.65, Hero MotoCorp, up 1.70 percent at Rs.1,800.55, Bharti Airtel, up 1.65 percent at Rs.267.65, Sun Pharma, up 0.52 percent at Rs.718.20 and HDFC, up 0.47 percent at Rs.743.30.

Among the losers were Mahindra and Mahindra (M&M), down 3.66 percent at Rs.826.00, Tata Motors, down 2.62 percent at Rs.262.30, Tata Steel, down 2.45 percent at Rs.408.75, Hindalco Inds, down 2.38 percent at Rs.117.10 and Sterlite Inds, down 2.26 percent at Rs.99.50.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange (NSE) was also down 39.25 points or 0.69 percent, at 5,648.00 points.

Among other Asian markets, Japan’s Nikkei was up 1.44 percent, while Hong Kong’s Hang Seng closed 0.28 percent higher. Shanghai’s composite index was up 0.01 percent.

European markets were also up. London’s FTSE 100 index was trading 1.44 percent higher. Germany’s DAX index was up 0.64 percent and so was French CAC 40, up 0.46 percent.
IANS

Sensex down 55 points down as consumer durables, banks stocks plummet

Mumbai:  A benchmark index of Indian equities markets was trading 55.02 points lower in the 12.30 p.m. trade after heavy selling in consumer durables, banks and capital goods stocks.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,690.99 points, was ruling at 18,620.16 points, down 55.02 points or 0.29 percent from its previous day’s close at 18,675.18 points.

The Sensex touched a high of 18,690.99 points and a low of 18,596.65 points in the intra-day trade.

The BSE midcap index was down 7.87 points. However, smallcap index was up 34.08 points.

On the sectoral front, the BSE consumer durables index was down 62.90 points followed by the banks, down 61.24 points and capital goods, down 50.96 points.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange (NSE) was also down 17.05 points or 0.30 percent, ruling at 5,659.00 points.

Among other Asian markets, Japan’s Nikkei was up 0.51 percent, while Hong Kong’s Hang Seng was trading at 0.01 percent up. However, Shanghai’s composite index was at 0.30 percent lower.

IANS

India’s IT spending to reach $71.5 billion in 2013: Gartner

New Delhi:  Information Technology spending in India is projected to total $71.5 billion in 2013, a 7.7 percent increase from the $66.4 billion forecast for 2012, a global research firm said Wednesday.

The telecom market is the largest user of IT in India. Its IT spending is forecast to reach $47.8 billion in 2013.

The computing hardware market in India is projected to reach $9.5 billion in 2013, and the software spending will total nearly $4.0 billion, said research firm Gartner which delivers technology research to global technology business leaders to make informed decisions on key initiatives.

Software will record the strongest revenue growth at 15 percent, it said.

The telecom segment, which accounts for 67 percent of the Indian ICT market, is set to grow at 7 percent revenue growth in 2013.

“Businesses are increasingly looking to IT to help support the challenges of enhancing customer support, supply chain management, optimizing business processes or helping drive innovation in the business,” said Peter Sondergaard, senior vice president and global head of research at Gartner while providing the latest outlook for the IT industry here.

“India like other emerging markets continues exercising strong momentum despite inflationary pressures and appreciation of local currencies, which are expected in rising economies,” he added.

IANS

Sensex falls 120 points on profit booking

Mumbai:  A benchmark index of Indian equities markets fell 120 points on profit booking Friday, a day after breaching the psychological 19,000-mark. Technology, health care and banking stocks were the worst performers.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,115.89 points, closed at 18,938.46 points, 119.69 points or 0.63 percent down than its previous day’s close at 19,058.15 points.

The Sensex touched a high of 19137.29 points and a low of 18757.34 points in intra-day trade. The BSE midcap index was down 53.12 points, while the smallcap index was lower by 65.16 points.

On the sectoral front, the BSE IT index was down 97.12 points followed by health care index, down 105.83 points, and the banking index, down 145.33 points.

The Sensex Thursday had crossed the 19,000-point mark for the first time in almost 15 months, rising over 200 points, expecting reforms in the pension and insurance business.

The reforms were unveiled late in the day, with the government announcing legislative changes that will allow up to 49 percent foreign equity in pension sector and hike such limit in insurance to 49 percent from the present 26 percent.

However, as per the traders’ point of view, the reforms measures lacked conviction as legislative changes have to be passed by parliament where the government does not have a clear majority. Some of its key allies are also opposed to these reforms.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange (NSE), which plunged 800 points due to a freak trade by a brokerage house, also closed 0.70 percent down at 5746.95 points.

“The market circuit filter got triggered due to entry of 59 erroneous orders which resulted in multiple trades for an aggregate value of over Rs.650 crore. These orders have been entered by a trading member Emkay Global Financial Services on behalf of an institutional client,” NSE said in a statement.

“These non-algo market orders have been entered for an erroneous quantity which resulted in executing trades at multiple price points across the entire order book thereby causing the circuit filter to be triggered. These orders have been identified to a specific dealer terminal,” it added.

The market cut the losses in late trade tracking positive European markets.

Major Sensex gainers were Tata Motors, 2.24 percent at Rs.280.35; Hindustan Unilever, up 1.60 percent at Rs.564.50; Mahindra and Mahindra, up 1.16 percent at Rs.869.05; ONGC, up 1.09 percent at Rs.287.20; and Hindalco Inds, up 0.89 percent at Rs.123.

The main losers were HDFC, down 4.89 percent at Rs.749.65; Sun Pharma, down 2.48 percent at Rs.681.05; Wipro, down 2.41 percent at Rs.373.80; Infosys, down 1.84 percent at Rs.2,527.90; and ICICI Bank, down 1.57 percent at Rs.1,066.65.

Among other Asian markets, Japan’s Nikkei closed 0.44 percent up while Hong Kong’s Hang Seng ended trading 0.50 percent higher. Shanghai’s composite index also closed 1.45 percent high.

IANS