Paisawaisa - Press Release and News Highlights

Asian markets update!!

Tue, 23 Mar 2010 09:43:34 UTC

Asian markets trading on a positive note

When reports last arrived, Asian markets were trading on a high note.

The Straits Times was up by 15 points, trading at 2904.

The Hang Seng was up by 194 points, trading at 21128.

Meanwhile, the Nikkei was down by 30 points, trading at 10795.

Last but not the least, the Shanghai Composite was up by 4 points, trading at 3079.

Indian ADRs update!!

Tue, 23 Mar 2010 09:43:17 UTC

Green end for Indian ADRs on Monday

Monday saw a great ending for Indian ADRs on Monday morning.

In the Banking space, the HDFC Bank (1.77%) and the ICICI Bank (0.88%) closed up.

In the Telecom space, the Tata Communication (2.03%) and the MTNL (4.46%), also ended up.

In the IT space, Satyam Computers (1.14%), Patni Computers (2.94%), Wipro (0.77%) and Infosys (1.47%), all closed up.

Speaking of other industries, Tata Motors (0.72%), Sterlite Industries (1.35%) and Dr. Reddy's Labs (0.6%), finished the day on a positive note.

Excellent start for Indian indices on Tuesday morning

Tue, 23 Mar 2010 09:27:56 UTC

The market started the day on a flat-positive note on Tuesday morning. Thanks to positive global cues, both, the Sensex and the Nifty recovered thereafter and posted positive readings.

The Sensex is trading at 17501, up by 91 points. On the other hand, the Nifty is up by 28 points, trading at 5233. Speaking of the second-rung stock segment, both the CNX Midcap and the BSE Smallcap was up by 0.7 percent and 0.6 percent, respectively.

Earlier, the US markets closed the day on a high.

Future Group brings 'Sach' toothpaste

Mon, 22 Mar 2010 05:48:26 UTC

Kishore Biyani-promoted Future Group announced that it has forayed into the toothpaste category under the 'Sach' brand and will launch more products under the same label by the end of 2010. The Sach brand of toothpastes will be co-created by cricket giant Sachin Tendulkar and the group told that it is aiming to achieve at least 25 percent of its in-store toothpaste sales from the private brand within six months.

Future Group Head (Private Brands) Devender Chawla told that six months ago, the company has launched the Sach brand with its toothpaste range. Now, they have completed the basic oral care category with the launch of the toothpastes.

He told that the company will now increase the product portfolio of the Sach brand. Chawla added that over the next 8-9 months, it will launch another 2-3 products under the brand and working on it and some final announcement will be made later. Tendulkar, who is also a director in the group's subsidiary – Future Consumer Products- will be the co-creator of the toothpastes range.

He added that Tendulkar has been associated with Sach since the beginning and ever product in the brand will feature his contribution. Toothpaste is a difficult product segment where many brands have failed over the years and want to do it differently. The Sach toothbrushes currently make up around 25 percent of all toothbrush sales in Future Group stores and Chawla told that the firm is looking at a similar figure for the paste products also.

Chawla explained that the attempt is to achieve a 25 percent share of total in-store sales through the private brand within six months. It will involve a lot of visual merchandising and other promotional activities. Future Group Chief Kishore Biyani had last year told that pushing up the private brands and labels will be one of the main strategies for the diversified conglomerate in times to come.

DLF's Rs.4 crore luxury flats set cash registers ringing !

Mon, 22 Mar 2010 05:38:21 UTC

India's biggest realtor, DLF has offered Rs.4 crore luxurious flats in the country's capital, Delhi. The real estate player has sold three-fourths of its upscale flats in Central Delhi within two days of launch which shows that demand for such properties is alive and well despite the drift towards affordable housing.

DLF had launched the third and final phase of 150 flats- each measuring 3,000 sq ft or more-of Capital Greens near Moti Nagar. A DLF spokesperson confirmed the sale. He told that the company has received an overwhelming response.

The rush for DLF flats is further evidence that the Indian realty sector's recovery is real and gathering pace after the sharp spurt in demand for affordable houses in recent months. Besides DLF, developers such as Ansal API, Orbit and Uppal are developing high-end apartments across India. Delhi-based Ansal is looking to launch upscale properties in Lucknow later this year. The prices will be in the range of Rs.5-10 crore for villas of 4,000-5,000 sq ft.

Orbit Corporation's boutique homes in Mumbai will be sold for nearly 50,000 a sq ft while the Uppals are developing boutique luxury housing projects in the capital in areas such as Vasant Kunj and Shanti Niketan where the rates would be around Rs.40,000 a sq. ft.

As per analysts, the economy is well kept and the job market ticking again, consumers are regaining the confidence to invest in swank projects despite the RBI's surprise interest rate hike last Friday. In suburbs and extended suburbs, prices are more a function of location, supply and job creation. No market illustrates this facet than Delhi where the property market has long been beset by a space crunch. He added that the stellar response for DLF flats should come as now surprise.

After the latest round, the Capital Greens project's total sale value has shot up to around Rs.3,600 crore. In the first phase, DLF sold 1,450 flats for Rs.1,300 crore; in the second, it sold 1,250 flats for Rs.1,700 crore and in the last, 300 flats were sold for Rs.600 crore. The company bought the 38-acre plot in 2007 for Rs.1,650 crore. Even DLF, a name typically bracketed with luxury housing, veered towards affordable properties after the market got hammered by the slowdown as buyers kept away and lending dried up. But a return to upscale properties may be in order with residential prices in metros such as Delhi and Mumbai expected to firm up further in the next few months due to a paucity of supply.

Monday: A let-down for Indian indices

Mon, 22 Mar 2010 05:11:28 UTC

Negative domestic cues played a spoilsport as both, the Sensex and the Nifty closed down on a disappointing note.

The Sensex ended the day at 17410, down by 168 points. On the other hand, the Nifty finished the day down by 58 points, at 5205. Meanwhile, speaking of the second-rung stock segment, both the CNX Midcap and the BSE Smallcap closed down by 0.9 percent each, respectively.

Kings XI beat CSK in Super Over

Mon, 22 Mar 2010 03:46:09 UTC

Finally, Preity Zinta's got a smile on her face as Kings XI Punjab made a sensational fightback before scripting a dramatic victory over Chennai Super Kings via super over in an Indian Premier League match. After losing the toss, Kings XI made a modest 136 for eight and defeat wrote all their face after the home team was 96 for one by the 14th over.

But after that the visitors made a remarkable fightback to restrict CSK to 136 for seven from the 20 overs to set up IPL 3's first one-over eliminator. In the super over bowl out, CSK made nine runs off the bowling of Juan Theron by losing two of their nominated batsmen- Mathew Hayden (0) and Captain Suresh Raina (8)-while Albie Morkel made one.

Batting second in super over, Kings XI Punjab made 10 for one with Yuvraj Singh hitting a four from the fourth ball of Muttiah Muralidaran to set up the dramatic victory. Mahela Jayawardene got out on the second ball after hitting a six off the first. The third nominated batsmen Irfan Pathan did not face a single ball in the super over. With the win, Kings XI Punjab snapped their three-match losing streak and opened their account-two points from four matches in IPL 3. For CSK, this was their second loss in four matches after their defeat to Deccan Chargers in their first match.

Chasing a modest target of 137, CSK looked set for a thumping win before a dramatic collapse from 96 for one to 136 for seven which led to IPL 3' first tied match at the MA Chidambaram Stadium. Wicketkeeper batsman Parthiv Patel struck a fighting 57 to take CSK to almost to a winning position only to see his team-mates throw away the game.

Parthiv, who struck four fours and two sixes in his 58-ball innings, was the fifth man out in the 18th over, stumped by wicketkeeper Kumar Sangakkara off Piyush Chawla, and his departure gave a turn to the match. Needing 12 runs from two overs and five wickets down, Manpreet Gony was bowled by Juan Theron in the penultimate over CSK needed 10 from the last over.

A four by Albie Morkel from the first ball of the final over bowled by Irfan Pathan tilted the scale in favour of CSK and the score was tied in 19.4 overs. R Aswin could not score from the penultimate ball of CSK innings and he was caught by Mohhammed Kaif off the last ball.

Theron was the most successful Kings XI bowler with 2/17. CSK began sedately but solidly with Matthew Hayden and Parthiv raising 65 runs from 52 balls for the opening wicket
The duo shunned risks and looked content to preserve their wickets while maintaining the required run rate with occasional fours and sixes. They were separated in the ninth over with Hayden, who used his mongoose bat on and off, was bowled by Ramesh Powar for a 24-ball 33 which was laced with four fours and two sixes.

Parthiv continued his watchfulness with aggression and lofted pacer Shalabh Srivastava for a six in the 11th over. He and captain Suresh Raina pushed up the scoring rate a bit with the latter also hoisting a Yuvraj Singh delivery for a six. Three quick wickets in two overs followed which gave Kings XI a ray of hope though with a small total to defend it turned out to be too little too late.

First Raina (15) was run out by Juan Theron who kicked the ball in his follow through to beat the CSK captain in the 13th over. Three balls later in the same over, Theron got Murali Vijay LBW for a duck. Next over, Subramanim Badrinath fell for two from as many balls as CSK were reduced to 102 for four in the 14th over.

Parthiv was the fifth man out in the 18th over after that CSK lost way. Earlier, Muralitharan produced a superb spin bowling show taking three wickets for 16 to restrict Kings XI Punjab to 136 for eight. Muralitharan dismissed visiting captain Kumar Sangakkara, Mahela Jayawardene and Mohammed Kaif as CSK produced a disciplined bowling performance.

Pacers Albie Morkel and Lakshmipathy Balaji also bowled well by taking two and one wicket respectively by conceding 23 and 29 runs from four overs each. For Kings XI, Yuvraj top-scored with a 28-ball 43 which had four fours and two sixes in it while opener Irfan Pathan made 39 from 32 balls.

Asian markets update!!

Mon, 22 Mar 2010 09:33:47 UTC

Asian markets trading on a mixed note

When reports last came, Asian markets were trading on a mixed note.

The Shanghai Composite was trading up by 8 points, at 3076.

The Straits Times was trading down by 16, at 2900.

The Hang Seng was up by 424 points, trading at 20947.

Weak opening for Indian indices

Mon, 22 Mar 2010 09:29:08 UTC

It was a weak start to day's trade proceedings. The Sensex is trading at 17482, down by 96 points. On the other hand, the Nifty is down by 34 points, trading at 5230. Speaking of the second-rung stock segment, both the CNX Midcap and the BSE Smallcap were down by 0.9 percent and 0.8 percent, respectively.

Excellent end to day and week's trade Excellent end to day and week's trade proceedings

Fri, 19 Mar 2010 05:06:51 UTC

After a disappointingly quiet start and mid-day trade session, Indian indices ended Friday on an excellent note, thanks to positive global cues that played a major role in it.

The Sensex finished the day at 17578, up by 59 points. On the other hand, the Nifty closed up by 17 points, trading at 5263. Speaking of the second-rung stock segment, both the CNX Midcap and the BSE Smallcap ended the day up by 1.3 percent and 0.6 percent, respectively.

Indian indices trading flat on Friday post-afternoon trading session

Fri, 19 Mar 2010 02:21:14 UTC

After a quiet start to the day, Indian indices were trading on a flat note when reports last came.

The Sensex is trading at 17529, up by 10 points. On the other hand, the Nifty is up by 1 point, trading at 5247. Speaking of the second-rung stock segment, both the CNX Midcap and the BSE Smallcap were up by 0.1 percent and 0.6 percent, respectively.

Nissan to manufacture Leaf electric cars from 2013

Fri, 19 Mar 2010 01:46:50 UTC

Nissan Motors announced that it would start manufacturing its zero-emission Leaf electric car at its British plant from 2013. The factory in Sunderland, northeast England, will also make the vehicle's lithium-ion batteries and will be the third earmarked to produce the clean cars after plants in Oppama, Japan and the US state of Tennessee.

The investment of more than 420 million British pounds (468 million euros, 642 million dollars) will help maintain about 2,250 jobs at Nissan and cross its British supply chain. British Business Secretary Peter Mandelson told that this investment is a fantastic vote of confidence in the Sunderland plant and its excellent workforce.

As per the statement, he told that by working together they can achieve its aim of making the UK a world leader in ultra-low carbon vehicles. Initial output will be about 50,000 vehicles a year from early 2013. The leaf is due to go on sale worldwide this year with production beginning in Japan, while the US factory will start making them in 2012. Nissan bills the Leaf electric vehicle (EV) as “the world's first affordable, mass-produced zero emission car”.

The five-seater hatchback has a range of 160 kilometres (100 miles), can be rapid-changed to 80 percent of its battery capacity in 30 minutes, and travels at a top speed of more than 140 kilometres (90 miles) perhour. The Sunderland car plant, Britain's largest, has since 1986 produced 5.6million vehicles, including 338,000 last year, with a workforce of 4,100.

In January, Nissan told that it was shedding 1,200 jobs at the plant as it battled to cope with a downturn in sales caused by the global economic crisis, worsening joblessness in England's worst unemployment blackspot. Nissan told that construction of its battery plant at Sunderland would begin next month. With a capacity of 60,000 units a year, it will start making batteries in 2012 for both Nissan and its French alliance partner Renault.

The investment will be supported by a 20.7 million-pound grant from the British government and a proposed finance package from the European Investment bank of up to 220 million euros. Last December, Nissan and the regional development agency covering northeast England signed an agreement to supply the Leaf within the region from 2011 and to develop a network of electric-charging points.

Under the deal, early EV adopters will be offered a range of incentives, such as a period of free charging and dedicated road lanes. Zero-emission cars are gaining traction as environmentally conscious drivers look for alternatives to petrol cars, whose emission pollute cities and are blamed for being a major contributor to global warming. Although Evs require electricity from polluting power plants, they can also be charged through cleaner renewable energy sources.

Japanese car makers have been world leaders. Mitsubishi Motors last year rolled out the i-MiEV at home, and Fuji Heavy the Subaru Plug-in Stella. Toyata, which has focused on petrol-electric hybrids, has promised to launch its own EV by 2012 and last year started leasing a plug-in electric vehicle, one year earlier than initially planned. The world's biggest automaker, however, has been hit by a global safety recall affecting a range of models including its flagship hybrid, the Prius.

Mercedes Benz rolls out 7-seater SUV

Fri, 19 Mar 2010 11:15:28 UTC

Luxury car maker Mercedes Benz India has launched its new luxury sports utility vehicle (SUV) at the Millennium Motors Showroom in Baner.

While addressing reporters, Wilfried Aulbur, Managing Director and Chief Executive Officer told that luxury SUV sales have doubled since the last year. Thus, they have introduced this car in India. The luxury SUV segment is one of the fastest growing segments for this year and could even overtake the luxury car segment.

The seven-seater SUV features advanced technologies like Blue Efficiency engine that aims at reducing the emission levels. Elaborating on the features of the vehicle, he told that SUV comes with “full-sized third row seats” and has a ground clearance of 307mm. The model also features a host of novel, in-built technology and safety features. The SUV is compliant with the Bharat Stage 4 emission norms and will be launched in two variants in India. The first being the GL-350 CDI Executive version priced at Rs.63.57 lakh and the other GL-350 CDI Luxury being priced at Rs.68.48 lakh (both ex-showroom Mumbai). While as of now, the cars will be imported into India, once the numbers start increasing they will be considering setting up a fulltime manufacturing facility in Pune.

He added that they have priced the SUV aggressively to ensure that they can gain a larger share of the Luxury SUV market in the coming year. They have already had enquirers for this model and will consider introducing newer models in the near future. Aulbur, however, did not divulge more details about the company's India plans.

Vishal Retail denies cooking books: blames printing mistakes

Fri, 19 Mar 2010 10:41:39 UTC

NEW DELHI: Debt-ridden Vishal Retail today denied fudging accounts, blaming it on printing errors by auditors, and said the firm will soon
complete its corporate debt restructuring (CDR) exercise.

Fedders Lloyd Corp bags Rs 257-cr power project

Fri, 19 Mar 2010 10:39:16 UTC

MUMBAI: Fedders Lloyd Corporation today said the company in a consortium with Spain's Cobra Instalaciones has bagged a power distribution project
worth Rs 257 crore from Madhya Pradesh Kshetra Vidyut Vitaran Company.

Review: Toyota's new 2010 Land Cruiser Prado

Fri, 19 Mar 2010 10:22:08 UTC

Toyota's revered Land Cruiser brand of off-road vehicles has been religiously serving for over five decades across various markets. What makes the Land Cruiser series so successful the world over are its supremely engineered mechanicals and its ability to conquer harsh terrain with conviction and of course, Toyota's legendary reliability. But while the big brawny Land Cruiser V8 is an earth-shattering monster, its younger sibling, the Land Cruiser Prado is more of a gentle giant easily tamable for urban use along with being highly competent for some severe offroading.

Asian markets update!!

Fri, 19 Mar 2010 09:24:42 UTC

Asian markets trading on a mixed note

When reports last came, Asian markets were trading on a mixed note.

The Hang Seng was trading on a flat note at 21308.

The Nikkei was trading up by 71 points, at 10815.

The Straits Times was up by 12 points, at 2926.

Last but not the least, the Shanghai Composite was trading on a flat note at 3046.

Indian indices start the day on a quiet positive note

Fri, 19 Mar 2010 09:19:05 UTC

Once again, it was a quiet and positive start to day's trade proceedings for Indian indices.

The Sensex is trading at 17544, up by 25 points. On the other hand, the Nifty is up by 7 points , trading at 5253. Speaking of the second-rung stock segment, both the CNX Midcap and the BSE Smallcap were up by 0.28 percent and 0.46 percent, respectively.

Positive end to sluggish day's trade proceedings

Thu, 18 Mar 2010 05:30:45 UTC

Overall, it turned out to be a sluggish day of trading for Indian indices. Although market ended on a quiet note.

The Sensex closed the day at 17519, up by 29 points. On the other hand, the Nifty finished the day up by 14 points, at 5246. Speaking of the second-rung stock segment, both the CNX Midcap and the BSE Smallcap ended the day up by 0.31 and 0.06 percent, respectively.

Sensex, Nifty trading on a soft note on Thursday post-afternoon trading session

Thu, 18 Mar 2010 02:21:07 UTC

Like morning, Indian indices, when reports last came, were trading on a quiet note. The Sensex is trading at 17473, down by 16 points. On the other hand, the Nifty is down by 4 points, trading at 5228. Speaking of the second-rung stock segment, both the CNX Midcap and the BSE Smallcap were up by 0.07 percent and 0.13 percent, respectively.

Vijender bags gold in Commonwealth Boxing

Thu, 18 Mar 2010 12:45:48 UTC

Indian boxer Vijender Singh (75kg) won his first International Gold medal in two years as Indian pugilists made a clean sweep in the finals to win the overall team title at the fifth Commonwealth Boxing Championships.

With Asian Champion Suranjoy Singh (52kg), South Asian Games gold medalist Amandeep Singh (49kg), Asian silver medalist Jai Bhagwan (60kg) and Paramjeet Samota (+91kg) also triumphing in the finals, it turned out to be an all-win day for the hosts in front of a houseful crowd.

The Gold rush started early for the Indians when Olympian Dinesh Kumar (81kg) got a walkover against Scot Callum Johonson, who was declared medically unfit due to a right wrist injury this morning. Olympic and World Championships bronze medalist Vijender thrashed England's Frank Buglioni 13-3 despite a bloodied nose. The 24-year-old Haryana boxer, who was adjudged the best boxer of the tournament told that bleeding was just not stopping. He was constantly looking at the judges to see what they might do.

He added that a gold medal after two years is obviously very satisfying. Sharp and swift with this movement, Vijender out-witted his rival, who repeatedly tried to hit him on the injured nose. Scoring mostly through straight right punches and left hooks, the Indian was 3-1 up in the opening round and despite being tentative after injuring his nose, Vijender remained ruthless enough to hit some telling jabs on his opponent.

Buglioni ran out of steam in the final three minutes and Vijender even dared him with an open-guard after taking complete control of the bout. National Coach Gurbax Singh Sandhu told that Vijender is very quick on his feet and that helped him remain in control. As far as the bleeding goes, he would say, god protected him today because the blood was just not stopping despite applying ice.

Earlier, the day started-perfectly for the Indians when Samota eked out a hard-fought 7-3 triumph over New Zealand's Joseph Parker. Samota trailed 0-1 in the opening round but came back strongly with a flurry of straight punches to unsettle his rival. The two boxers were tied 3-3 in the second round but the Indian nosed ahead in the final round as Parker began to tire out.

Samota told that he tried to settle down in the first round and though he was trailing. He was confident of coming back and the massive crowd support also helped him. He began to look tired after the second round and that's when he attacked him the most. Next man in was Amandeep and though he faced an aggressive opponent in Kenya's Peter Mungai, the Punjab boxer kept his cool to notch up a 3-0 triumph.

The 23-year old boxer told that it wasn't as tough as he expected and he was happy about that. He got just three points but then his rival didn't get any. For Suranjoy , it was literally a stroll in the park as he out-clashed his Mauritian rival Oliver Lavigi in just 25 seconds to get the gold medal. The diminutive Manipuri was up 1-0 but didn't know which punch of his left his opponent in no condition to fight. The Asian Championship and President's Cup gold medalist told that he just hit three punches and no clue which one of them got him.

In contrast, Jai had to toil hard and the Haryana-lad even ended up with a cut below his right eye after the 6-2 win over Bahamian Valention Knowles. Knowles was the first to score in the most edge-of-the-seat contest of the day and it was only in the second round that Jai began taking control with a slender 3-2 level. The Indian went all out in the final round, forcing Knowles on the defensive. He told that it was difficult to control punches as its rival was moving so much in the ring. But his fitness levels helped him. Jai dedicated his triumph to good friends and his room-partner Vijender for supporting him in his hours of crisis.
Jai told that Vijender supported him through an injury crisis in 2008 and motivated him to continue. So, this win is for him. While India clinched the team title, defending Champion England finished runners-up. India had previously won the team title in 2005 with four gold and three silver medals in Glasgow. In 2007, Indians had fetched a gold, two silver and three bronze medals to finish runners-up in Liverpool.

This time, the hosts had picked a 10-member team for the competition. Of them, Akhil Kumar (56kg), Balwinder Beniwal (64 kg), Dilbagh Singh (69kg) and Manpreet Singh (91kg) had crashed out by the quarter-final stage.

Ad row: Bhagat Singh's kin sues Kings XI

Thu, 18 Mar 2010 10:17:22 UTC

The IPL season I saw a showdown between the Mohali police and Ness Wadia over smoking in the stands, Season II was all about the Slapgate between Harbhajan Singh and S Sreesanth, and now, they are in the news for an ad featuring their team in a Chandigarh newspaper.

'China faces the 'greatest bubble' in history'

Thu, 18 Mar 2010 10:13:56 UTC

HONG KONG: China is in the midst of “the greatest bubble in history,” said James Rickards, former general counsel of hedge fund Long-Term
Capital Management. The Chinese central bank’s balance sheet resembles that of a hedge fund buying dollars and short-selling the yuan, said Rickards, now the senior managing director for market intelligence at consulting firm Omnis

Birla Power to invest Rs 5,000 cr in thermal & solar power projects

Thu, 18 Mar 2010 10:11:43 UTC

MUMBAI: Birla Power Solutions will invest nearly Rs 5,000 crore to set up thermal and solar power projects in the next three years, according to
chairman Yash Birla. Mr Birla on Wednesday said his group has floated a special purpose vehicle (SPV) — Birla Urja — to run the power business. Birla Power holds a 51% stake in the SPV, while the balance is with group companies.

BMW to launch X1 soon in India

Thu, 18 Mar 2010 10:09:46 UTC

There is a good news for the luxurious car lovers as their wait for the latest BMW X1 model will soon be over. To retain its leadership position in the luxury car segment, BMW will launch its latest X1 series and new 5 series models in the current calendar year.

While addressing Press Conference in Munich, BMW India's President Peter Kronschnabl told that the new 5 series in completely knocked down (CKD) version will be available for Indian customers by July 2010. X1 will be on roads by December 2010.

BMW had launched these high-end models in the Feb end of 2009 in European markets. While these models are likely to drive global revenue growth for BMW, the Munich-based luxury car maker also expects them to fuel its growth story in India. Mr.Kronschnabl told that though bookings haven't been started, but they are getting phenomenal response from the customer survey in India for both the models.

India is fast becoming a key market for BMW which suffered decline in sales during 2009 due to global economic crisis. The company sold 3,697 units in India in 2009, 38% more than the year ago. Globally, its sales volume eroded by 10.4% to 1.28 million vehicles in 2009. BMW's share in India's luxury car segment has increased from mere 9% three years ago to 41% in 2009.

X1 will be produced at BMW's Chennai plant. The company will invest 30% more in this facility from its current investment of Rs.110 crore to accommodate production of the new model. It will also add 30% more staff to its current headcount of 200.

Mr.Kronschnabl also told that BMW is actively seeking to increase its foothold in the used car segment. It will start selling pre-owned cars from April 2010. It will set up its first showroom for used cars in Chennai and then in Gurgaon in the second half of the year. The used car business is likely to contribute over 30% to BMW's future volumes in India. In well-established markets globally, the used car business grows in tandem with the new car sales.

He added that In India, there is a good scope for this segment to grow. To support its operations, the company will pump close to $50 million to strengthen its car finance division. The division currently provides retail and commercial finance and car insurance services. BMW Financial Services has already applied for NBFC license in India.

Asian markets update!!

Thu, 18 Mar 2010 09:38:18 UTC

Asian markets trading on a firm note

When reports last came, Asian markets were trading on a firm note.

The Hang Seng was up by 45 points, trading at 21430.

The Nikkei was down by 14 points, trading at 10833.

The Straits times was down by meagre 5 points, trading at 2914.

Last but not the least, the Shanghai Composite was up by 6 points, trading at 3057.

Indian indices off to a quiet start for the day

Thu, 18 Mar 2010 09:29:00 UTC

Once again, Indian indices made a quiet start to the day's trade proceedings. The Sensex is trading at 17473, down by 17 points. On the other hand, the Nifty is down by meagre 3 points, trading at 5228. Speaking of the second-rung stock segment, both the CNX Midcap and the BSE Smallcap were up by 0.3 percent, respectively.

Meanwhile, earlier US markets ended the day on a 17-month high.

Indian indices finishes Wednesday on a positive note

Wed, 17 Mar 2010 05:01:05 UTC

Thanks to positive global cues, Indian indices ended the day on a good note but not before clocking gains.

The Sensex finished the day at 17490, up by 107 points. On the other hand, the Nifty finished the day up by 34 points, trading at 5231. Speaking of the second-rung stock segment, both the CNX Midcap by 0.70 percent while the BSE Smallcap closed down by 0.14 percent.

Renault contemplating extension of its tie-up with M&M

Wed, 17 Mar 2010 04:26:15 UTC

French auto major Renault told that it not going to end tie-up with Mahindra & Mahindra over their joint venture that sells Logan, stressing that the car will continue to run over the Indian roads. The company also informed that it will announce details of reworked pact with M&M by April.

Mahindra Renault Pvt. Ltd is the joint venture in which the French automaker holds 49 percent, has been struggling to sell Logan with sales declining to just 4,981 units in April-February 2009-10, down 60.03 per cent from the year-ago period. While M&M wants to utilize the specifications of Logan to make it smaller in order to qualify for excise benefits on small cars, Renault has been against it thereby putting strain on their partnership.

Renault Chairman and Chief Executive Officer Carlos Ghosn told that his company is discussing with M&M how to reposition the car and how to simplify the organization and it looks like they need to be more nimble and little fast with the market. He told that so far the conclusion has not been drawn. On the poor sales performance of Logan, Ghosn told that the company is not at all very satisfied with the evolution of sales of Logan and they have shared it with M&M. He, however, repeated that despite the differences with M&M, the Logan will stay in Indian market.

Ghosn added that consumers will enjoy the product and continue to enjoy the services around the product and this is something they agree without any doubt with its partners. They will continue to work to make Logan competitive. When asked about the small car, Renault told that it will announce the plans later.

CSK gets better of KKR

Wed, 17 Mar 2010 04:03:43 UTC

After the defeat in opening match, Chennai Super Kings made a comeback with a win over the current league-topper Kolkata Knight Riders. Pacer Justin Kemp took three wickets for 12 to score a 55-run victory in the Indian Premier League.

Kemp bowled a tight line and length in his three overs and he was ably supported by his pace colleague Lakshmipathy Balaji who took two wickets by conceding just nine runs from his 2.2 overs as CSK shot out the home team for just 109 in 19.2 overs in chase of 165. Earlier, electing to bat, CSK rode on a late blitzkrieg by captain Mahendra Singh Dhoni, who plundered an unbeaten 66 from 33 balls, and Subramaniam Badrinath (43 not out off 33 balls) to post 164 for three after a slow start.

Chasing a challenging total, the Kolkata batsmen competed in gifting away wickets as their top half were back in the pavillion by the ninth over at team score of 55. None of the KKR top order batsmen made any significant contribution with Wriddhiman Saha top-scoring with a 13-ball 22. Spinner Murali Kartik was the next highest scorer with 21. Laxmi Ratan Shukla contributed 19 while captain Sourav Ganguly made 11. With today's loss, KKR's two-game winning streak was snapped.

The Kolkata outfit made a disastrous start in their run chase with opener Brad Hodge falling for a duck in the second ball of the innings with R Ashwin taking a fine catch after the Australian tried to pull an Albie Morkel short ball. Seven balls later, last match half centurion Manoj Tiwary perished to a Manpreet Gony incoming delivery and the KKR batsman found his middle stump cart wheeling for eight.

Wriddhiman Saha looked good in his brief innings of 22 from 13 balls studded with five fours. Having hit Balaji for a four, Saha's inexperience was exposed when the former India pacer gate-crashed his defence to uproot the middle stump.

Owais Shah (5) followed suit and captain Ganguly (11) too joined him in the pavillion as the former India skipper was caught at the mid-on off Kemp. KKR were 55 for five then and never recovered from there.

KKR found the going tough at their home ground with wickets continued to fall as Balaji and Kemp were on a roll. Kemp got his second scalp in the form of Angelo Mathews (6) and followed it up with that of Rohan Gavaskar (2) as KKR almost gave up the fight.

Laxmi Ratan Shukla (19) and Shane Bond (1) departed in consecutive overs as KKR were 84 for nine in 14.1 over and an eerie silence engulfed the packed Eden Gardens.
Kartik briefly put up resistance with a 20-ball 21 before he was the last man out.

Earlier, Dhoni and Badrinath amassed 109 runs in 65 balls in their unbroken fourth wicket. Dhoni hit six fours and three sixes in his explosive knock while Badrinath hit three fours and a six as KKR conceded 58 runs in the last five overs.

The Knight Riders had a disciplined start with their new recruit Shane Bond bowling a tidy fast bowling spell with the new ball as he began his IPL stint conceding just one run from his first over. On the other end, Ishant Sharma tested Murali Vijay who had a couple of lucky boundaries but it was Bond who gave the former Australian opener Matthew Hayden some anxious time.

Preferring not to use his mongoose bat, Hayden batted with the conventional willow and took seven balls to open his account. The pressure created by Bond, who had a tidy two over spell giving away just seven runs, was enough to panic Hayden who played on to his stumps in Ishant's first ball of the second over.

Ganguly then brought in his leading wicket taker Angelo Mathews and Laxmi Ratan Shukla, a move that saw the run-rate of Dhoni's team coming down to 4.40 at the end of five overs.
After Hayden's fall at 16 in the fourth over, Suresh Raina had a tentative start but soon came into his act with Vijay as the duo managed to take the run-rate to six.

But with Ganguly smartly rotating his bowlers, KKR got their second breakthrough in the ninth over. He brought Laxmi Ratan Shukla from the pavilion end gave and KKR got second breakthrough with Vijay inside-edging a full length delivery.

Another bowling change in the form of off-spinner Brad Hodge yielded another wicket as CSK were reduced to 55 for three in 9.1 overs. Raina fell in the off-spinner's first ball as he found his leg-stump knocked off.

Dhoni started cautiously but opened up only in the 15th over when he smashed Angelo Mathews for a six over long-on to see the run-rate creep above six. He and S Badrinath hit some lusty blows as they put on 83 runs from the last six overs to take the score past 160.

Dhoni completed his half-century in 28 balls, scoring 17 from Bond's last over and CSK's 19th over. Ishant, Shukla and Hodge took one wicket each conceding 38, 37 and four runs while Bond returned wicketless conceding 33 runs from his four overs.

Indian indices treading on green turf on Wednesday post-afternoon trading session

Wed, 17 Mar 2010 02:28:07 UTC

When reports last came, Indian indices were trading on a strong note. The Sensex is trading at 17510, up by 127 points. On the other hand, the Nifty is up by 41 points, trading at 5239. Speaking of the second-rung stock segment, both the CNX Midcap and the BSE Smallcap were up by 0.76 percent and 0.14 percent, respectively.

Jackson estate in record deal worth up to $250 mn

Wed, 17 Mar 2010 09:56:22 UTC

LOS ANGELES: The estate of Michael Jackson has landed the late King of Pop the biggest recording deal in history: a $200 million guaranteed
contract with Sony Music Entertainment for 10 projects over seven years, according to a person familiar with the deal.

M&E industry to reach Rs 1.09 lk cr by 2014: FICCI-KPMG

Wed, 17 Mar 2010 09:50:04 UTC

NEW DELHI: The Indian Media and Entertainment (M&E) industry is poised to touch Rs 1.09 lakh crore by 2014, driven by economic recovery, expected rise in advertising spends and increasing media penetration, a study today said.

Asian markets update!!

Wed, 17 Mar 2010 09:41:05 UTC

Asian markets trading on a higher note

When reports last came Asian markets were trading on a higher note.

Following the positive US cues, Asian markets were trading on a higher note.

The Nikkei 225 Average was trading at 10796, up by 74 points.

The Straits Times was trading at 2901, up by 5 points.
The Shanghai Composite was trading at 3003, up by 10 points.

Last but not the least, the Hang Seng was trading at 21175, up by 152 points.

Idea in soup over 'paperless' ad

Wed, 17 Mar 2010 09:35:24 UTC

NEW DELHI: Mobile services operator Idea Cellular’s ‘use mobiles, save the planet’ campaign, starring Abhishek Bachchan, has landed in a controversy, with the Indian Paper Manufacturers’ Association (IPMA) dragging Idea Cellular to the Advertising Standards Council of India (ASCI).

Indian ADRs update!!

Wed, 17 Mar 2010 09:32:18 UTC

Indian ADRs close higher on Tuesday

Tuesday turned out to be a fairly good day for Indian ADRs.

In the Telecom space, MTNL (1.56%) and Tata Communication (1.05%), closed up.

In the Banking space, both, the ICICI Bank (2.55%) and the HDFC Bank (0.56%), finished the day on a positive note.

In the IT space, Infosys (1.03%), Patni Computers (0.39%), and Wipro (0.47%) also ended the day up. Meanwhile, Satyam Computers remained unchanged.

In other sectors, Sterlite Industries (2.22%), Dr. Reddy's Labs (0.37%) and Tata Motors (1.87%) also ended the day on a green note.

Early morning flying start for Sensex, Nifty

Wed, 17 Mar 2010 09:19:20 UTC

Unlike Monday morning, Indian indices opened on a positive note and is looking very much on the right track for the day.

The Sensex is trading at 17485, up by 102 points. On the other hand, the Nifty is up by 30 points, trading at 5228. Speaking of the second-rung stock segment, both the CNX Midcap and the BSE Smallcap were up by 0.8 percent and 0.5 percent, respectively.

Earlier, US markets ended the day on a higher note.

Indian indices trading on a strong note on Tuesday afternoon

Tue, 16 Mar 2010 02:27:53 UTC

On Tuesday afternoon, Indian indices were trading on a strong note when reports last came.

The Sensex is trading at 17291, up by 126 points. On the other hand, the Nifty is up by 38 points, trading at 5167. Speaking of the second-rung stock segment, both the CNX Midcap and the BSE Smallcap were up by 0.53 percent and 1.08 percent, respectively.

Indian indices update!!

Tue, 16 Mar 2010 09:36:12 UTC

Indian ADRs close mixed on Monday

Monday turned out to be a bag of mixed emotions for Indian ADRs space. Except the IT pack, rest others ended in red.

In the Banking space, the HDFC Bank (-0.91%) and the ICICI Bank (-2.15%), both closed down.

In the Telecom space, Tata Communication (-0.56%) and MTNL (-0.31%), also closed down.

In the IT space, Infosys (0.66%), Satyam Computers (0.19%), Wipro (1.57%) and Patni Computers (0.92%), all gained.

Last but not the least, speaking of other sectors, Sterlite Industries (-0.61%) and Tata Motors (0.11%) ended the day in red. Meanwhile, Dr. Reddy's Labs (2.02%) closed up.

Asian markets update!!

Tue, 16 Mar 2010 09:22:32 UTC

Asian markets trading with modest gains

When the reports last came, most of the Asian markets had bounced back after going through an initial low phase.

The Nikkei 225 Average was up by 24 points, trading at 2670.

The Straits Times was trading up by 8 points, at 2882.

The Shanghai Composite was trading up by 7 points, at 2984.

Last but not the least, the Hang Seng was up by 57 points, trading at 21136.

Quiet start for Indian indices on Tuesday morning

Tue, 16 Mar 2010 09:16:19 UTC

It was another quiet start to the day for Indian indices. Tuesday morning saw market trading on a slightly positive note due to similar global cues.

The Sensex is trading at 17191, up by 26 points. On the other hand, the Nifty is up by 11 points, trading at 5140. Speaking of the second-rung stock segment, both the CNX Midcap and the BSE Smallcap were up by 0.3 percent and 0.4 percent, respectively.

Meanwhile, the US markets finished the day with meagre gains.

Knight Riders beat Royal Challengers Bangalore

Mon, 15 Mar 2010 06:27:33 UTC

Shahrukh Khan owned Kolkata Knight Riders has showcased an all-rounder performance to score a convincing seven-wicket victory over Bangalore Royal Challengers in the Indian Premier League at the Eden Gardens.

After restricting Royal Challengers to 135 for seven, Knight Riders reached the target with four balls to spare, with openers Manoj Tiwari (50) and Brad Hodge (50) sharing a 101-run stand. It has been a promising start for the Knight Riders, who finished at the bottom of the table last year. They have now beaten defending Champions Deccan Chargers and runners-up Royal Challengers in successive matches.

In their first match against Deccan Chargers in Mumbai, Knight Riders had to fight back to win a close encounter. But in front of the huge local support, Knight Riders were clinical in their performance in last match. Knight Riders captain Sourav Ganguly's decision to put the opposition to bat was backed by the bowlers as they never allowed a partnership to flourish.

Sri Lankan Angelo Mathews took four wickets, giving away just 19 runs while left-arm spinner Murali Kartik took two for 22. Jacques Kallis, opening the batting for Royal Challengers, made an unbeaten 65 off 52 balls with even fours and a six. But with no support from the other end, they were quickly reduced to 35 for four. Rahul Dravid (21) and Robin Uthappa (20) gave Kallis company for some time but both gave their wickets to Mathews.

Knight Riders made a good start to the chase with Hodge and Tiwary taking it away from the Royal Challengers. The two combined to score 101 off 11.4 overs before Ganguly struck a 22-ball 23. Tiwary took the attack to the opposition, hitting six fours and two sixes. Hodge played the role of a second fiddle, taking 45 balls for his half century that came with seven fours. Though the match was stretched till the last over, the Knight Riders were in no real danger and comfortably crossed the victory line.

TCS signs 5-year deal with Malaysia Airlines

Mon, 15 Mar 2010 05:38:23 UTC

NEW DELHI: The country's largest software exporter Tata Consultancy Services (TCS) today inked a five-year deal with Malaysia Airlines (MA) for
an undisclosed amount.

Bentley introduces new model Mulsanne at priced Rs.2.9 crore

Mon, 15 Mar 2010 05:34:37 UTC

UK based Carmaker Bentley has launched its grand tourer Mulsanne in India. Company is also planning to launch two more models in the country. The Mulsanne is priced at a whopping Rs.2.9 crore.

According to Chris Buxton, Regional Director ( the Middle East, Africa and India) Bentley, global production of the car will begin in the year and It hopes to deliver Mulsanne to Indian customers by October or November. The super luxury car maker will produce 600 units annually for the global demand, although it is not decided how many will be assigned for India.

Generally, super-luxury handcrafted car makers assign a specific numbers of cars to each region due to limited capacity. Mulsanne will be available in 625 colours and trims and can be personalized as per customer choice. Each car takes 660 hours to be built compared with 5-6 hours for a normal car.

The luxury car maker is powered by 6.8 litre twin-turbo V8 engine. It includes features like iPod, MP3 connectivity, Bluetooth and a SIM card reader. Besides, Mulsanne, the company also plans to introduce the GTC Supersport, which was launched at the Geneva Auto Expo recently. Talking about the growth of the super luxury segment, Mr. Buxton told that in 2008-09, the segment saw a downturn but they expect it to show growth this year. On an average, company sell about 25-50 cars depending on the economic climate but volumes increasing in India.

Chris Buxton added that company has debuted this year in the Indian market for Bentley car connoisseurs. India has a very strong and vibrant economy. They are very hopeful about the future prospects of its business here. Mulsanne is a super luxury car which is customized according to the user's needs. The car has a 6.8-litre twin turbo V8 engine, which can produce 512bhp with 1,200 Nm torque.

According to Buxton, it takes almost 650 hours to make a Bentley super-luxury car and it is “truly handmade”. Bentley has already unveiled this model in the global market. He mentioned that US is its biggest market and have already unveiled its new model there and in Europe. After here, it will unveil it in few more Asian countries, including China. Buxton added that Bentley had sold around 5000 cars globally last year.

He told that its sales in India is between 25 and 30 cars only. But there is a huge potential and they expect its sales to go-up. The China market is almost 10 times bigger for Bentley than India.

Indian indices close Monday on a flat note

Mon, 15 Mar 2010 05:03:40 UTC

Negative global cues played a spoilsport, causing market to end the day on a flat note.

The Sensex ended the day at 17165, down by 1 points. On the other hand, the Nifty closed the down by 8 points, trading at 5129. Speaking of the second-rung stock segment, both the CNX Midcap and the BSE Smallcap finished the day down by 0.43 percent and 0.83 percent, respectively.

Indian indices walking on tight rope

Mon, 15 Mar 2010 02:40:03 UTC

Indian indices are trading on a flat note when reports last came. The Sensex is trading at 17190, up by 23 points. On the other hand, the Nifty is down by meagre 1 point, trading at 5135. Speaking of the second-rung stock segment, both the CNX Midcap and the BSE Smallcap were down by 0.54 percent and 0.59 percent, respectively.

Dream on cricket bed Linens from Kurl-on Ltd

Mon, 15 Mar 2010 10:46:55 UTC

Revamp your bedroom with the new range of cricket bed linens

Mumbai, 15th March, 2010: The most popular sport in India is undoubtedly cricket; call it religion, love or life. The Gentleman's game is a binding factor and a passion amongst Indians. To commemorate this fervour, Kurl-on brings cricket enthusiasts its new range of bed linens that compliments the cricket mania in India.

The new Kurl-on collection exhibits the essence of cricket and is characterised by very unique and distinctive designs adding the sporty look to the collection. The designs comprise of cricket accessories like bats, balls, stumps, gloves etc. The collection will be available at all Kurl-on outlets.

The ‘Cricket Series’ bed linens will be available with all Kurl-on dealers and at exclusive outlets in six different colours and designs at Rs. 1450 for a double bed sheet. During this IPL season, Kurl-on offers its customers two pillow covers and two cushion covers in the same pack without any extra charges.

Speaking at the launch Mr. G. Sivaram, Director (Marketing & Sales) Kurlon Ltd, said, “Indian Cricket is at an all time high with the IPL Season 3 coming back into the country. We saw this as an opportunity and introduced the Cricket series which brings together a blend of the world’s finest material combined with the culture and ethos of the cricket aficionado. I am sure that cricket fans in India would love the unique collection from Kurl-on. We will continue to bring fresh, new concepts and designs for our customers making their homes look more beautiful".

Kurl-on has been at the forefront of experimentation by offering new products to its consumers each time. They have a tried and tested track record of creating new market segments (kids, lifestyle, healthcare, teens etc) in various product categories in the Home furnishing segment, living up to their innovative and pioneering image.

Every little boy to a grand pa in India eats, breaths and speaks cricket. Even the female audience are great followers of the game. So, why not sleep on Cricket linens? Kurl-on’s latest range of bed sheets for Cricket lovers allows you to embrace cricket while you are asleep. You can drape your bed with cool and funky prints of cricketing symbols.

Tatas may invest Rs 13,000 cr on wind, solar power by 2017

Mon, 15 Mar 2010 10:09:09 UTC

NEW DELHI: Aiming to produce 25 per cent power from green sources by 2017, Tata Power plans to increase its wind and solar energy generation
capacity to 2,000 MW and 250 MW respectively, which could entail an investment of over Rs 13,000 crore.

Asian markets update!!

Mon, 15 Mar 2010 09:31:29 UTC

Asian markets trading on a low note

When reports last came, most of the Asian markets were trading on low note.

The Hang Seng was down by 139 points, at 21071.

The Shanghai Composite was trading at 2992, down by 20 points.

The Straits Times was trading at 2883, down by meagre 2 points.

Last but not the least, the Nikkei 225 was trading at 10733, down by 18 points.

Indian indices off to a quiet start on Monday morning

Mon, 15 Mar 2010 09:25:28 UTC

It was a quiet start to day's (and week's) trade proceedings on Monday morning. The Sensex is trading at 17122, down by 44 points. On the other hand, the Nifty is down by 16 points, trading at 5121. Speaking of the second-rung stock segment, the CNX Midcap was down by 0.3 percent while the BSE Smallcap was up by 0.1 percent.

Earlier, US markets closed flat on Friday.