Business News – Newsletter for November 4, 2010

Sensex trading 377 points higher

MUMBAI – Backed by positive global cues and a stellar listing of Coal India, a benchmark index of Indian equities Thursday zoomed 377 points, with energy and metal stocks leading the rally.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,605.63 points, was ruling at 20,843.21 points, up 377.47 …. Original article  : Sensex trading 377 points higher.

Orchid Pharma to invest Rs.200 crore in niche segment

CHENNAI – City-based Orchid Chemicals and Pharmaceuticals will invest around Rs.200 crore to enter niche segments like immuno suppressants and ophthalmology.

“We are planning to venture into niche segments like immuno suppressants (drugs the prevent immune system’s activity) and ophthalmology. The investment will happen in 2012. For the current year and next we do not … Read more : Orchid Pharma to invest Rs.200 crore in niche segment.

Markets to open for special ‘Muhurat’ trading on Diwali

MUMBAI – The Bombay Stock Exchange (BSE) will hold a special Diwali trading session for an hour from 6 p.m. Friday to pay obeisance to Lakshmi — the Hindu goddess of wealth and prosperity.

The other major bourse, the National Stock Exchange, will hold a similar session, called “Muhurat”, at the same time to …. Original article  : Markets to open for special ‘Muhurat’ trading on Diwali.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 4, 2010 are:

Amount  (face value in ` crore)                      

Item

4 days Reverse Repo Auction (Sale of securities by RBI)

4 days Repo Auction 
(Purchase of …. Original article on Gaea Times at  : Liquidity Adjustment Facility : Auction Results.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.32 and the Reference Rate for Euro is ` 62.59 on November 4, 2010. The corresponding rates for the previous day (November 3, 2010) were ` 44.36 and ` 62.11 respectively. Based on the Reference Rate for [..] Read the original article: here.

Another Himachal dam project caught in logjam

SHIMLA – Another mega hydropower project in Himachal Pradesh has been caught in an administrative logjam after the central environment and forests ministry objected to the transfer of a large chunk of forest land to it.

The ministry is against the diversion of 124.054 hectares of forest land from the Majathal Wildlife Sanctuary in Solan … Original source on Gaea Times at : Another Himachal dam project caught in logjam.

Facebook unveils `social commerce’ strategy

SAN FRANCISCO – Facebook unveiled a plan Wednesday to leverage its dominance of social networks to become the leading supplier of shopping deals to smartphone users and dominate the emerging category of social commerce.

Under the plan, Facebook members who use the company’s location-based Places feature will be alerted to special deals and discounts offered … Original source on Gaea Times at : Facebook unveils `social commerce’ strategy.

India making it easier to do business: World Bank

WASHINGTON – India is one of the 40 most-improved economies which made significant changes in business regulation at a steady pace over the last year to make it easier for firms to operate, according to a new report.

Since 2005, India has implemented 18 business regulation reforms in …. Read the original article  : India making it easier to do business: World Bank.

Obama’s visit acknowledges India’s global role: US scholar

WASHINGTON – US President Barack Obama’s visit to India offers an opportunity to set a new course for the direction of the US-India partnership, acknowledging India’s growing global role, says a US expert.

It should also recognise the changing Asian strategic landscape that makes strong US-Indian partnership imperative for stability and prosperity in the …. Source  : Obama’s visit acknowledges India’s global role: US scholar.

Tokyo stocks surge on Fed’s monetary easing policy

TOKYO – Japanese shares soared more than 2 percent in Thursday morning trading, buoyed by the US Federal Reserve’s decision to further ease monetary policy.

The benchmark Nikkei 225 Stock Average gained 204.94 points, or 2.24 percent, to trade at 9,364.92 while the broader Topix index was up 15.03 points, or 1.87 percent, at …. Original source  : Tokyo stocks surge on Fed’s monetary easing policy.

Sensex rises 173 points in early trade

MUMBAI – A benchmark index of Indian equities Thursday soared in morning trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,605.63 points, was ruling at 20,636.72 points, up 173.1 points or 0.85 percent from its previous close at 20,465.74 points.
At the National Stock Exchange (NSE), the 50-share …. Source  : Sensex rises 173 points in early trade.

Defeated Obama to focus on opening up markets on Asia trip

WASHINGTON – “Humbled” in defeat, US President Barack Obama has vowed to “re-set” the button with American business by focusing his trip to Asia, starting with India, on opening up markets to create more jobs at home.

“As I plan for my trip later this week to Asia, the whole focus is on how are …. Original source  : Defeated Obama to focus on opening up markets on Asia trip.

Money Market Operations as on November 3, 2010

…. Original article  : Money Market Operations as on November 3, 2010.

SAP to pay Oracle $120 mn in settlement

SAN FRANCISCO – German software company SAP has agreed to pay Oracle $120 million in partial settlement of a lawsuit over illegal use of Oracle software, the Financial Times reported Wednesday.

The report said that the payment was in exchange for Oracle agreeing to drop its demand for punitive damages against SAP, though it will … Read : SAP to pay Oracle $120 mn in settlement.

San Francisco bans toys from McDonald’s Happy Meals

SAN FRANCISCO – City officials in San Francisco have voted to ban restaurants from including free toys in unhealthy meals, a tactic that has lured many a toddler to the fat-rich delights of a McDonald’s Happy Meal.

According to the San Francisco Chronicle Wednesday, the city’s Board of Supervisors approved legislation that would allow child-friendly … Read : San Francisco bans toys from McDonald’s Happy Meals.

GM to return to stock market with $2bn profit

NEW YORK – General Motors, the largest US car maker, will be returning to the stock market later this month with the strong wind of profit in its sails, the company indicated Wednesday.

In a preview of its third-quarter results, GM said it expected earnings of $1.9-2.1 billion, which would make it the third quarter …. Original source  : GM to return to stock market with $2bn profit.

US Fed’s new monetary stimulus to revive economy

WASHINGTON – The US Federal Reserve Wednesday said it would restart the monetary printing presses, buying $600 billion in government debt over the next eight months in a bid to revive the stalled US economy.

It marks the US central bank’s first monetary intervention in the economy since an unprecedented buy-up of nearly $2 trillion … Read more >>>.

CESC’s net profit up 23.02 percent in Q2

KOLKATA – Power utility CESC’S net profit for the second quarter of the current (2010-11) fiscal has shot up to Rs.155 crore, registering a growth of 23.02 percent over the corresponding figure a year back.

The company’s profit after tax stood at Rs.126 crore for the quarter ending September last year.
The company’s total income [..] Read the original article: here.

European lawmakers bat for outsourcing to India

BANGALORE – Unlike US President Barack Obama, European lawmakers find outsourcing jobs, products or services to India mutually beneficial, creating a win-win situation.

Outsourcing is now seen more as a partnership than losing jobs. Success of Volkswagen cars in India provides more opportunities for our firms back home in a big way, European parliament member …. Read the original article  : European lawmakers bat for outsourcing to India.

Haldia Energy to raise Rs.1,000 crore

KOLKATA – Haldia Energy Limited, a subsidiary of power utility CESC, will mop up around Rs.1,000 crore by tapping private equity funds by February next year.

Haldia Energy, which will part-finance three power projects in West Bengal, Orissa and Maharashtra, will have a total equity component of Rs.3,000 crore for the projects.
Out of Rs.3,000 …. Original source  : Haldia Energy to raise Rs.1,000 crore.