India Business Insight articles from February 2009

India Business Insight archives from February 2009

NEW NORMS TO PREVENT BACKDOOR ENTRY OF FDI INTO RESTRICTED SECTORS (and also guarantee transparency in downstream investment).
February 28, 2009... The Government of India has announced new norms on foreign investments. The new guidelines ensure that the foreign investors do not gain entry into prohibited sectors like multi-brand retail and atomic energy and indirectly exceed the ceiling...

CENTRE SIGNS AGREEMENT WITH RBI TO AMEND MSS SCHEME (securities issued under the said funds will now form part of the normal market borrowing of the Government).
February 28, 2009... The Government of India has entered into an agreement with Reserve Bank of India to receive Rs45,000 crore market stabilisation (MSS) funds in instalments by 31 mar 2009. The securities issued under the said funds will now form part of...

ONGC MULLS PUBLIC ISSUE FOR Rs12,440-CRORE PLANT (by Aug 2010).
February 28, 2009... Oil and Natural Gas Corporation (ONGC) is planning to issue 25 percent of the equity shares of its special purpose vehicle ONGC Petro-Additions Ltd OPAL) by way of initial public offer (IPO). OPAL is establishing a Rs12,440-crore...

ONGC RESUMES SUPPLY FROM BASSEIN FIELD AFTER A FIVE-DAY CLOSURE (on 27 Feb 2009).
February 28, 2009... Oil and Natural Gas corporation Ltd (ONGC) has resumed the normal gas supplies from its Bassein field on 27 Feb 2009. It had closed the field on 22 Feb 2009 to hook it up to a new platform. ONGC could resume the supplies within 5 days of...

SEVEN SITES IDENTIFIED FOR NUCLEAR PARKS (to house the nuclear reactors bought from the US).
February 28, 2009... The Government of India has announced that it has identified seven sites for locating nuclear parks. The Government will house the nuclear reactors bought from the US in one or more of the sites identified. It has signed two joint venture...

HEXAWARE CLARIFIES ON JOB FRONT (says it is yet to arrive at any conclusions about job losses).
February 28, 2009... Hexaware Technologies Ltd has clarified that it is conducting an utilisation exercise across various functionalities and hierarchies. The company is yet to arrive at any conclusions about job losses. The company has 5,600 employees in...

YOS LAUNCHES HEALTH SMART CARD (which stores critical health information including blood group and health problems).
February 28, 2009... Yos Technologies Pvt Ltd has introduced a health and emergency smart card for the benefit of patients in emergencies. The pocket- sizes card will store critical health information including blood group and health problems. During an emergency...

ALCATEL-LUCENT UNDER I-T DEPT SCANNER FOR TAX EVASION (the department starts a survey of the Gurgaon offices of the company).
February 28, 2009... The Income Tax department, Government of India, has started a survey of the Gurgaon offices of Alcatel-Lucent for suspected evasion of tax on their income from India. The department is assessing the company's income, taxes paid and the tax...

ONGC AWARDS INDIA'S LARGEST ETHYLENE PROJECT CONTRACT TO SAMSUNG (consortium that includes Linde of Germany).
February 28, 2009... ONGC Petro addition Ltd (OpaL), a subsidiary of Oil and Natural Gas Corporation, has awarded a contract worth $1.43 billion to a consortium of companies comprising of Samsung Engineering of South Korea and Linde of Germany. Samsung...

NISSAN AND RENAULT DELAY INDIA PROJECTS (due to the economic slowdown).
February 28, 2009... The alliance of Nissan Motor Company and Renault has decided to delay its proposed vehicle manufacturing projects in India due to the economic slowdown. The Rs4,500-crore car project at Chennai, which was scheduled to work in two shifts, will...

RURAL YOUTHS BENEFIT FROM ICECD PROJECT (that offers credit support and training in enterprise management).
February 28, 2009... The International Centre for Entrepreneurship & Career Development (ICECD) completed a project under the Commonwealth Youth Credit Initiative pilot project. The ICECD project provided financial assistance of Rs1.53 crore to slum dwellers,...

GODAWARI POWER PROJECT WINS CARBON CREDIT ENTITLEMENT (of 1,59,926 certified emission reductions per annum).
February 28, 2009... A captive power project of Godawari Power & Ispat Limited has been registered as Clean Development Mechanism project for entitlement of carbon credits under Kyoto Protocol. The project comprises of a Waste Heat Recovery Boiler unit with a...

GOVERNMENT ALLOWS ROAD BUILDERS HIKE COST UP TO 10-20% (to help builders borrow more funds and step-up road building activity in the country).
February 28, 2009... The Government of India has decided to enhance the estimate of highway projects worth Rs70,000 crore by 10-20 percent. The revised estimate will help builders borrow more funds and step-up road building activity in the country. While the...

PSU INSURERS MULLING COMMON TPA (considering setting up of a common company to process health insurance claims).
February 28, 2009... United India Insurance Company, National Insurance Company and Oriental Insurance Company, the three public sector general insurance companies, are considering a proposal to set up a common third party administrator (TPA) for better customer...

EXIT RUSH HAUNTS MUTUAL FUNDS INVESTING ABROAD (net asset values of most of these funds have declined by over 50 percent from their peak levels).
February 28, 2009... Investing in India-based global mutual funds has become risky following economic downturn across all countries. The net asset values of most of these funds have declined by over 50 percent from their peak levels. The asset under management of...

ICICI BANK'S RUSSIAN INVESTMENTS MAY NOT YIELD FRUIT YET (due to potential mark-to-market losses and some non- performing assets).
February 28, 2009... The investments of ICICI Bank in its Russian subsidiary, ICICI Bank Eurasia, may not bring any yield in the near term, according to an equity report by CLSA. ICICI Bank has an asset worth $584 million. CLSA report said it has not assigned...

OMBUDSMAN TO COME UNDER IRDA PURVIEW SOON (to streamline consumer grievance mechanism).
February 28, 2009... The insurance ombudsman will soon come under the purview of the Insurance Regulatory and Development Authority (IRDA). The ombudsman handles policyholders' complaints. It plays a key role in claims settlement and insurance companies have...

DIAMOND TRADERS EYE EQUITY BUSINESS (following the decline in demand in the key markets like the US and Japan).
February 28, 2009... Several big diamond exporters are planning to diversify into equity trading following the decline in demand in the key markets like the US and Japan. The diamond traders are planning to acquire share-broking card on equity bourses. Some of...

SHIP SCRAP BRINGS STEEL FLOOD (due to economic meltdown and rise in supply of steel scrap prices have come down by 50% to Rs16,000-17,000 per tonne).
February 28, 2009... The shipbreaking activity at Alang in Gujarat has increased because of shrinking export-import business and decline in freight rates. This may cause steep fall in scrap steel prices. Due to economic meltdown and increased supply steel scrap...

INDIA SEES ZERO GOLD IMPORT IN FEB (in contrast India had imported 23 tonnes of gold in Feb 2008).
February 28, 2009... The demand for gold has slumped in the Indian market due to high prices. Gold prices ruled at Rs15,365 per 10 grams in Delhi spot market. Due to lack of demand there was no import of gold during Feb 2009. In contrast India had imported 23...

INDIA INC'S INVESTMENT IN GROUP COMPANIES RISES 60.3% IN 2007- 2008 (investments in group companies have increased to Rs2,02477 crore in 2007-2008 from Rs1,26,289 crore in 2006-2007).
February 28, 2009... An Economic Times survey of 200 large companies in India has found their investments in group companies have increased by 60.3 percent during 2007-2008. Investments in group companies have increased to Rs2,02,477 crore in 2007-2008 from...

RELIANCE MOVES TO MERGE PETROLEUM WITH ITSELF (the combined capacity will go up to 1.24 million barrels a day).
February 28, 2009... Reliance Industries Ltd (RIL) intends to merge Reliance Petroleum Ltd (RPL) with itself. The company holds a stake of 71 percent in RPL. Chevron of the US has a stake of five percent in RPL and has the option to acquire an additional stake of...

SLOWDOWN HURTS Q3 GDP GROWTH (the GDP of India has increased by 5.3 percent in Oct-Dec 2008).
February 28, 2009... The gross domestic product (GDP) of India has increased by 5.3 percent in Oct-Dec 2009 due to slowdown (7.6 percent in Jul-Sep 2008). The growth in agriculture sector has declined by 2.2 percent and that in manufacturing sector has...

RUPEE SLIPS TO RECORD LOW OF 51.15 (due to decline in the supply of dollar).
February 28, 2009... Indian rupee has declined to a record low of 51.15 to the dollar on 27 Feb 2009 due to decline in the supply of dollar. The dollar opened at 50.62/64 and closed at 51.13/15 (50.48 on 26 Feb 2009). The Reserve Bank of India tried to intervene...

L&T APPOINTS INVESTMENT BANKERS FOR SATYAM (the company holds a stake of 12 percent in Satyam).
February 28, 2009... Larsen & Toubro Ltd (L&T) has appointed Citigroup and Nomura as investment bankers to advise on Satyam Computer Services. The company holds a stake of 12 percent in Satyam. The new board of Satyam is preparing the guidelines for inducting...

PGCIL BOARD CLEARS GRID PROJECT (the company intends to invest Rs11,130 crore in grid connector project).
February 28, 2009... The board of Power Grid Corporation of India Ltd (PGCIL) has approved investments in three projects. The company intends to invest Rs11,130 crore in an inter-regional grid connector project. PGCIL will invest Rs276 crore in a transmission...

ABHISHEK INDUSTRIES PAPER PROJECT (the company intends to invest Rs825 crore).
February 28, 2009... Abhishek Industries Ltd intends to implement an integrated pulp and paper project with an investment of Rs825 crore. The company has launched two branded products, Spectra and My Choice. Abhishek Industries has a capacity to produce 1.75 lakh...

GMR GROUP LOOKING AT COASTAL SITES FOR POWER PLANTS (the group has acquired coalfields in Indonesia and South Africa).
February 28, 2009... The GMR Group is looking for coastal sites in Gujarat, Maharashtra, Andhra Pradesh and Orissa to set up power plants. GMR Energy Ltd has acquired a stake of 33.50 percent in Homeland Energy Group Ltd in South Africa. The company has also...

MALVIKA STEEL BEING REBUILT (SAIL had taken over the assets of the company for Rs209 crore).
February 28, 2009... Steel Authority of India Ltd (SAIL) intends to rebuild Malvika Steel Ltd in Uttar Pradesh in the next two years. The company had taken over the assets of Malvika Steel for Rs209 crore. Malvika Steel was part of the Usha Group and had shut...

TATA STEEL CONSOLIDATED Q3 NET PROFIT DOWN 68% (the company has announced a net profit of Rs732 crore for Oct-Dec 2008).
February 28, 2009... Tata Steel has announced a decline of 68 percent in consolidated net profit at Rs732 crore for Oct-Dec 2008 (Rs1,402 crore for Oct- Dec 2007). Its sales have gone up to Rs33,191 crore (Rs31,899 crore). The company has cut down 2,500...

HMSI TO POSITION ITS 100 CC BIKE IN A SPORTY AND PREMIUM CATEGORY (the company intends to invest Rs300 crore in the next three years).
February 28, 2009... Honda Motorcycles and Scooters India (HMSI) intends to position its 100 cc motorcycles in a sporty and premium category. The company has invested Rs900 crore in India and intends to invest Rs300 crore in the next three years. HMSI has...

RPL MERGER INEVITABLE AND EXPECTED: EXPERTS (the company is expected to announce a loss in Apr-Jun 2009).
February 28, 2009... Industry experts are of the view that merger of Reliance Petroleum Ltd (RPL) with Reliance Industries Ltd (RIL) is inevitable and expected. RPL is expected to announce a loss in Apr-Jun 2009. The company is likely to register a loss in the...

MAYTAS INFRA: CLB TO APPOINT 4 MORE DIRECTORS INCLUDING CHAIRMAN (the board has reserved its order on the petition of the Government of India).
February 28, 2009... The Company Law Board (CLB) has decided to appoint four more directors on the board of Maytas Infra Ltd. One of the members will be the Chairman of the board. The CLB has reserved its order on the petition of the Government of India. The...

HONDA SIEL TO SELL 55,000 UNITS THIS FISCAL (the company expects to sell 45,000 units of City in 2008- 2009).
February 28, 2009... Honda Siel Cars India Ltd expects to sell 55,000 cars in India in 2008-2009. The company expects to sell 45,000 units of its sedan, City, during the year. Honda Siel has announced a decline of 21 percent in sales at 39,473 units for Apr...

PRODUCT DEVELOPMENT COMPANIES FREEZING SALARIES (Zinnov Consulting has conducted a study of 30 companies in Bangalore, Pune and Chennai).
February 28, 2009... Zinnov Consulting is of the view that 27 percent of software product development companies have frozen salaries across the board. The management consulting firm has conducted a study of 30 companies in Bangalore, Pune and Chennai. The...

VISUAL EFFECTS COMPANY SELECTS HP TOOL (Paprikaas has selected blade server technology of HP).
February 28, 2009... Visual effects company, Paprikaas, has selected blade server technology of Hewlett-Packard (HP). The technology is expected to increase production of computer-generated imagery and bring down costs. Paprikaas has selected HP ProLiant BL460c...

MATRIMONY PORTAL, IDEA IN PACT (to launch customised matrimony services for mobile users).
February 28, 2009... BharatMatrimony.com has entered into a partnership with Idea Cellular to launch customised matrimony services for mobile users. Idea Cellular has over 40 million subscribers and BharatMatrimony has 15 million registered members. ...

TECH MAHINDRA EXPANDS PORTFOLIO (the company intends to focus on six areas).
February 28, 2009... Tech Mahindra Ltd has expanded its portfolio to focus on six areas. The company intends to focus on network services, security services, infrastructure management, value-added services, BPO services and applications. Tech Mahindra has signed...

BSNL'S 3G SERVICES IN 11 CITIES (to provide faster download and better quality of service).
February 28, 2009... Bharat Sanchar Nigam Ltd (BSNL) has launched its third generation (3G) mobile services in 11 cities. The company has launched commercial services in Agra, Ambala, Jalandhar, Jaipur, Dehradoon, Shimla, Lucknow, Ranchi, Durgapur, Haldia and...

HUAWEI, TELSIMA LOWEST BIDDERS FOR BSNL'S URBAN WIMAX PROJECT (Huawei has bagged the contract to set up CSCs in 1,000 blocks).
February 28, 2009... Huawei of China and Telsima of the US have emerged as the lowest bidders for the urban Wimax-based broadband project of Bharat Sanchar Nigam Ltd (BSNL). BSNL had floated tenders for setting up common service centres (CSCs) in rural areas and...

ROBERT BOSCH ENGINEERING OFFERS TO WORK WITH COLLEGES (the company finds it difficult to get outsiders to work in Coimbatore).
February 28, 2009... Robert Bosch Engineering & Business Solutions India has offered to work with colleges to train students to take up jobs. The company is of the view that only 25 percent of the students passing out of engineering colleges are suitable for...

MPHASIS POSTS 270% RISE IN Q1 NET (the company has announced a net profit of Rs210 crore for Nov 2008-Jan 2009).
February 28, 2009... MphasiS Ltd has announced a growth of 270.4 percent in net profit at Rs210 crore for Nov 2008-Jan 2009 (Rs56.7 crore for Nov 2007- Jan 2008). Its revenues have gone up to Rs977.3 crore (Rs618.3 crore). The company has added nine new...

GOAFEST TO DEFINE AD INDUSTRY ROLE IN MANAGING SLOWDOWN (the number of entries are likely to decline).
February 28, 2009... The Advertising Agencies Association of India (AAAI) and Ad-Club Mumbai expect the Goafest to define the role of ad industry in managing slowdown. The annual advertising festival is expected to be a celebration of creativity and knowledge...

SPLASH DECIDES TO RIDE ON LIFESTYLE CHAIN TO CUT COSTS (the company has opened its second standalone store in Bangalore).
February 28, 2009... Splash is planning to open smaller boutique stores in the Lifestyle chain of stores due to the slowdown. The fashion apparel retail chain is part of the Landmark Group of Dubai. Splash has opened its second standalone store in Bangalore...

PEPSI PLANS MIRINDA DRIVE IN TN THIS SUMMER (the State accounts for 25 percent of the consumption in India).
February 28, 2009... PepsiCo India is planning to launch a promotion scheme in Tamil Nadu (TN) to increase the sale of Mirinda during the summer of 2009. The State accounts for 25 percent of the consumption of Mirinda in India. The company has a market share...

GOVERNMENT HIKES AD RATES FOR MEDIA BY 10% (the Government has exempted the commission of 15 percent to DAVP).
February 28, 2009... The Government of India has increased advertisement rate to the media by 10 percent. The Government has exempted the commission of 15 percent to the Directorate of Advertising and Visual Publicity (DAVP). The incentives are available till 30...

PROVOGUE DEFERS PLANS TO EXPAND OVERSEAS (the company intends to expand its operations in India).
February 28, 2009... Provogue India Ltd has decided to defer its plans to expand its operations to Singapore, Thailand and Dubai. The company has deferred the plans till Sep 2009 due to the global slowdown. Provogue intends to expand its operations in India.

MUTED CREDIT OFFTAKE ADDS TO LIQUIDITY OVERHANG (most corporates cutting down on fresh credit offtake).
February 28, 2009... Most banks in India are witnessing very low credit-deposit ratio on an incremental basis and this has worsened the liquidity overhang in the banking system. Bankers say that most corporates are reducing their borrowings and cutting down on...

FOREX RESERVES DECLINE BY $165 MILLION (India's reserves at $249.527 billion for week ended 20 Feb 2009).
February 28, 2009... India's foreign exchange reserves declined by $165 million to touch $249.527 billion for the week ended 20 Feb 2009. Data released by the Reserve Bank of India shows that the country's foreign currency assets fell by $156 million to end...

BONDS CLIMB ON RATE CUT HOPES (yield on benchmark 2018 paper down 17 basis points).
February 28, 2009... Bond prices increased for the second day, pushing benchmark yields to a two-week low, in the Mumbai bond market on 27 Feb 2009. The slowing pace of economic growth has led to speculation that the Reserve Bank of India would further cut...

CALL RATE UNCHANGED (rates close unchanged at 4-4.10 percent levels).
February 28, 2009... Call rates closed at 4-4.10 percent in the overnight call money market at Mumbai on 27 Feb 2009, unchanged from its previous closing levels. The Reserve Bank of India received one bid for Rs1,200 crore in the first three-day repo auction and...

HDFC STANDARD LIFE TO GROW HEALTH PORTFOLIO (it presently offers one health plan called Critic Care).
February 28, 2009... HDFC Standard Life Insurance expects its health portfolio to contribute to about a third of its total premium income by 2010- 2011. The private sector life insurer has so far generated premium income of Rs1,661.5 crore up to Dec 2008. ...

BANKS TOLD TO PASS ON BENEFITS OF REPO CUTS TO BORROWERS (banks to record 22-26 percent credit growth in 2008-2009).
February 28, 2009... Dr D Subbarao, Governor, Reserve Bank of India, has asked banks to pass on to consumers the full benefit of the recent cuts in repo rates. He has directed banks to ensure that customers do not face any inconvenience. Banks have been asked to...

AVOID MIS-SELLING OF POLICIES, INSURANCE COS TOLD (more than one lakh complaints related to mis-selling).
February 28, 2009... J Hari Narayan, Chairman, Insurance Regulatory and Development Authority, says that insurance companies should provide proper understanding of a product at the time of selling a policy to avoid mis-selling. He says that mis-selling is a major...

UTI STARTS SIP, DIVIDEND PAYOUT FACILITY IN SPREAD FUND (minimum investment is Rs500 under monthly investment option).
February 28, 2009... UTI Mutual Fund has rolled out a systematic investment plan along with a dividend payout facility in UTI Spread Fund with effect from 16 Feb 2009. The SIP is offered for monthly and quarterly investment and the minimum investment per...

HSBC GLOBAL UPS STAKE IN UNITED SPIRITS (it now holds 5.03 percent stake in the spirits firm).
February 28, 2009... HSBC Global Investment Funds Ltd has increased its holding in United Spirits Ltd from 4.78 percent to 5.03 percent. HSBC Global purchased 2,45,000 equity shares of United Spirits in the open market on 26 Feb 2009 and now holds over five...

DELAY IN IMPLEMENTING SEBI RULE ON UNBUNDLING OF PMS POOL ACCOUNTS (deadline for compliance already extended to Feb 2009).
February 28, 2009... The Securities and Exchange Board of India had directed portfolio management service managers to handle individual investor accounts separately against the current practice of operating the funds in pooled accounts, but this change is not...

STUDY POSER ON CORPORATE ACCOUNTS (companies depressing adjustments to show more profits).
February 28, 2009... A recent study of 2,637 non-financial companies for the period between 2003-2004 and 2007-2008 has raised suspicions that companies have been depressing adjustments such as interest payables, interest income, other expenses and income to show...

GMR HOLDINGS HIKES STAKE IN GMR INFRA TO 74.25% (promoter group picks up shares worth Rs5.55 crore from open market).
February 28, 2009... GMR Holdings has increased its stake holding in GMR Infrastructure to 74.25 percent following purchases of Rs5.55 crore worth of shares from the open market. A filing with the Bombay Stock Exchange indicates that GMR Holdings has purchased...

KERALA TO WITHDRAW THERMAL POWER SURCHARGE (state had imposed a surcharge of 50 paise per unit).
February 28, 2009... The Government of Kerala has decided to withdraw the surcharge being levied on thermal power in the state following the decline in fuel prices. The surcharge on thermal power had been imposed in the state a few months back following severe...

ONLINE ADVERTISING SET TO GROW 300%: E&Y (online video advertising has 85 percent brand recall).
February 28, 2009... Ernst & Young has projected that online video advertising in India is set to grow by 300 percent in 2009. The online advertising industry grew by 45 percent to Rs363 crore in 2008. The Ernst & Young report states that online video...

FLYING FROM MUMBAI TO COST MORE FROM APRIL 1 (levy to be imposed for a period of four years).
February 28, 2009... Mumbai International Airport Ltd is set to levy a development fee of Rs100 per ticket on domestic passengers and Rs600 on international passengers with effect from 1 Apr 2009. The company has been permitted to impose the levy for a period of...

EMAMI TO INVEST Rs2,200 CRORE IN BENGAL PAPER PLANT (unit to have a capacity of 2,00,00 tonnes per annum).
February 28, 2009... The Emami Group has announced plans to invest Rs2,200 crore for setting up a writing and printing paper production facility at Kultikri in West Midnapore district of West Bengal. Emami Paper Mills Ltd will develop the paper manufacturing...

MMTC, SICAL SIGN PACT FOR IRON ORE LOADING TERMINAL PROJECT (MMTC to hold 26 percent in Sical Iron Ore Terminals).
February 28, 2009... MMTC Ltd, Sical Logistics Ltd and L&T Infrastructure Development Projects Ltd have signed a formal shareholders' agreement for setting up a permanent iron ore loading terminal project at Ennore Port. MMTC Ltd is to hold 26 percent stake in...

KERALA'S IDUKKI TO GET Rs120-CRORE SOP FOR PEPPER REPLANTATION PROGRAMME (project to get 50% subsidy from Central government).
February 28, 2009... The Ministry of Agriculture, Government of India, has approved a Rs240 crore initiative of the Department of Commerce for a pepper replanting and rejuvenation programme in Idukki district of Kerala. The project will receive 50 percent...

EXCESS SUPPLY TURNS THINGS SOUR FOR GRAPE FARMERS (output at 40,000-45,000 tonnes in Maharashtra for 2009).
February 28, 2009... Production of wine grapes in Maharashtra has been estimated at 40,000-45,000 tonnes in 2009 and there are concerns that only about 25,000 tonnes of the output would get crushed. Wine grapes had been in short supply during the 2008 season and...

INDIA CLAIMS TO BE TOP CASHEW EXPORTER (industry has the capacity to process 12 lakh tonnes of raw nuts annually).
February 28, 2009... Indian processors claim that they continue to remain the top exporters of cashew kernel in the world. The Indian cashew industry has the capacity to process about 12 lakh tonnes of raw nuts annually as compared to Vietnam's capacity of...

UP SUGAR MILLS OPERATE BELOW PRODUCTION COSTS (realisations in range of Rs2,100-2,200 per quintal).
February 28, 2009... Sugar mills in Uttar Pradesh are operating below production costs due to high cane prices. The cost of production for mills in the state works out to Rs2,250-2,350 per quintal while realisations are in the range of Rs2,100-2,200 per quintal....

GUJARAT ASSEMBLY PASSES SPECIAL INVESTMENT REGION BILL (state to establish two special investment regions).
February 28, 2009... The Government of Gujarat has passed the Special Investment Region Bill 2009, aimed at facilitating the establishment and regulation of large-size investment regions and industrial areas in the state. The Bill will replace an Ordinance...

'IT SECTOR TO GROW AT 15-20%' (lots of opportunities for software professionals).
February 28, 2009... NR Narayana Murthy, Chief Mentor, Infosys Technologies, says that the IT industry is likely to grow at the rate of 15-20 percent. He was speaking at the Chameli Devi Institute of Technology and Management at Indore. There are 34 engineering...

MCX-SX UNVEILS KANNADA WEB SITE (site offers information on the currency derivatives market).
February 28, 2009... MCX Stock Exchange has rolled out its sixth regional website in Kannada to inform about the benefits of the currency derivatives market. The stock exchange has already launched web sites in Hindi, Gujarati, Marathi, Tamil and Malayalam....

BRAINWORKS PLANS 150 PRE-SCHOOLS (it now operates 14 schools in Mumbai, Pune and Nagpur).
February 28, 2009... Brainworks Star Kids Creative Learning is planning to establish around 150 pre-schools across India in the next two years. The company presently operates 14 schools in Mumbai, Pune and Nagpur and is looking to expand to 100 schools...

CYCLONE RISK PROJECT IN 5 STATES (Andhra Pradesh to be the biggest beneficiary).
February 28, 2009... The National Cyclone Risk Mitigation Project is to be launched in Andhra Pradesh, West Bengal, Orissa, Maharashtra and Gujarat in the next two months at a total cost of Rs2,000 crore. The World Bank aided project will be launched under the...

SOFTWARE PARADIGMS OPENS CENTRE IN MANGALORE (plans to employ around 200 personnel in the next one year).
February 28, 2009... Software Paradigms Infotech Pvt Ltd of Mysore has established its new IT development and business process outsourcing centre in Mangalore. The company has been allotted 40-seat space in the STPI incubation centre in Mangalore. It plans to...

EVEREADY SEES ALTERNATIVE LIGHTING DRIVING GROWTH THIS YEAR (its Homelite range is based on light emitting diode technology).
February 28, 2009... Eveready Industries expects alternative lighting solutions to drive growth in 2008-2009. The company is planning to launch four products in the alternative lighting space in the next six months ' one in solar lighting, two battery-based...

AMAR CHITRA KATHA, VODAFONE ESSAR TIE UP (Vodafone Live to offer classic comic series).
February 28, 2009... ACK Media has tied up with Vodafone Essar to launch the Amar Chitra Katha classic comic series through a voice portal and Vodafone Live. Subscribers will be able to listen to folk stories such as The Karadi Tales, audio dramas such as Charkha...

ANOTHER JOLT FOR RANBAXY LABS (asked to quarantine all drugs coming into Canada from its drug making facility in Himachal Pradesh).
February 28, 2009... Ranbaxy Laboratories has agreed to a request from the Government of Canada to quarantine all drugs coming into Canada from its drug making facility in Himachal Pradesh. The US FDA has accused Ranbaxy of falsifying data and test results of...

BATA POSTS FLAT NET AT Rs21.11 CRORE (net sales increase by 9.4%).
February 28, 2009... Bata has reported a net profit of Rs21.11 crore in Oct-Dec 2008 (Rs21.09 crore in Oct-Dec 2007). The company's net sales increased by 9.4 percent to Rs255.22 crore (Rs233.22 crore). The company has renegotiated rentals with owners of...

THOMAS COOK INDIA NET FALLS 22 PERCENT (has reported a 30% decline in its corporate travel business).
February 28, 2009... Thomas Cook India has reported a 22 percent decline in net profit at Rs40.5 crore in 2008 (Rs51.9 crore in 2007). The company has reported a 30 percent decline in its corporate travel business. The company's interest payment increased by 12...

GAIL TO PICK UP 19% IN ONGC'S DAHEJ SPV (ONGC is considering selling up to 25% of the equity shares in OPaL).
February 28, 2009... Oil and Natural Gas Corp (ONGC) has planned an initial public offering (IPO) of its subsidiary, which is building the Rs12,440 crore petrochemical plant at Dahej in 2011. The company has agreed to give GAIL India a 19 percent stake in the...

ELECTROSTEEL PLANS Rs100-CRORE BOND SALE TO LIC (LIC's investment panel has sanctioned the amount).
February 28, 2009... Electrosteel Castings plans to sell five-year bonds worth Rs100 crore to Life Insurance Corp of India (LIC). LIC's investment panel has sanctioned the amount to Electrosteel in exchange for bonds.

SONY SELLS 50% OF IPL AIRTIME FOR Rs200 CRORE (has appointed Vodafone and Airtel as the co-presenting sponsors).
February 28, 2009... Set Max, the host broadcaster of Indian Premier League (IPL), has sold over 50 percent of the 45-day tournament's advertisement airtime. The 50 percent sale has already ensured Rs200 crore of advertising revenue from the tournament. The...

TOP INFOSYS EXECS TO BE MOST EFFECTED BY VARIABLE PAY CUT (variable component is as high as 50% of the total pay package of Infosys' senior executives).
February 28, 2009... Infosys Technologies has stated that its senior management personnel would be most affected in case of a variable pay-cut. The variable component is as high as 50 percent of the total pay package of Infosys' senior executives. In the case of...

COMEXES TURNOVER RISES 30% IN FY09 TILL FEB 15 (futures trading in agricultural items declined by 32%).
February 28, 2009... The turnover of the commodity exchanges in India increased by 29.74 percent to Rs43,93,403 crore between 1 Apr 2008 and 15 Feb 2009 (Rs33,86,361 crore between 1 Apr 2007 and 15 Feb 2008). Futures trading in agricultural items declined by 32...