Business

Mumbai, July 13: The Sensex continued to trade in the negative terrain after hitting a low of 13,219.99. Real estate, metal, automobile and power stocks saw the brunt of profit booking while consumer durables stocks were hammered very badly.

BSE Midcap and Smallcap index lost 3.50% and 3.93% respectively.

Among the sectoral indices, BSE Consumer durables declined 6.42%, followed by realty sector, which lost 5.18%, Metal and Auto fell more than 3% each, Power and Capital goods lost more than 2%.

Bangalore, July 13 : The employment and business outlook indicates signs of revival with the net employment outlook index at 46 percent and the net business outlook index at 26 percent for the coming quarter from July to September 2009.

The net employment index is 22 percent up while the net business index indicates an increase of 26 percent compared to the previous quarter. The net business index was negative last quarter according to The Employment Outlook Report for July-September 2009 drafted by TeamLease Services, a leading staffing company.

Bangalore, July 13: The employment and business outlook indicates signs of revival with the net employment outlook index at 46 percent and the net business outlook index at 26 percent for the coming quarter from July to September 2009.

The net employment index is 22 percent up while the net business index indicates an increase of 26 percent compared to the previous quarter. The net business index was negative last quarter according to The Employment Outlook Report for July-September 2009 drafted by TeamLease Services, a leading staffing company.

Mumbai, July 13: Employee co-operation, initiative, innovation and empowerment are the critical pillars that support and strengthen the organisational edifice. Successful organisations grow fast and stand tall through the creation and proper maintenance of a high performance workplace.

Most organisations have some organisational structure, but often neglect — through ignorance — these very pillars.

Mumbai, July 13: The markets witnessed a marginal uptick in turnover as the Multi Commodity Exchange (MCX) recorded a 2% increase in turnover on a week-on-week basis. The market wide open interest rallied 3%. The volume gainers were copper, crude oil, gasoline, gold, natural gas, platinum, potato and refined soya oil. Open interest gainers were chana, copper, crude oil, gold, mentha oil, natural gas, nickel, platinum and refined soya oil. There was a bias towards profit-taking at higher levels in industrials and energy counters as the economic recovery is expected to be a long-drawn affair.

New Delhi, July 13: Reserve Bank of India governor D Subbarao said the dollar will continue to be the global reserve currency for now, amid calls for debates to replace the US unit.

“At this time I’m not sure if there is a currency that can replace the dollar,” Subbarao said in the interview with Central Banking Publications, London.

Mumbai, July 13: Stocks opened sharply lower on Monday dragged down by a major sell off across the board. Metals and realty stocks were the worst hit. Pick
Bombay Stock Exchange’s Sensex was at 13289, lower by 215 points while National Stock Exchange’s Nifty dipped 61 points to 3942.65.

Beijing, July 12: China has for the first time overtaken the United States as the world’s largest auto market with sales of locally-made vehicles surging 17.7 percent to 6.1 million units in the first six months this year.

Sales of China’s domestically made automobiles topped 1.14 million units in June, up 36.5 percent over the figure a year earlier, the fourth month in a row surpassing the 1.1 million units mark, the China Association of Automobile Manufacturers (CAAM) said.

Mumbai,July 12: Indicating that the government has not dropped the idea of deregulating petroleum prices, Union Petroleum Minister Murli Deora on Sunday observed that deregulation need to have a human face.

He also pointed out the government has been making periodic changes in petroleum prices depending upon international prices and “it is as good as deregulation.”
Responding to a query on whether the government has dropped plans for deregulation of petroleum prices, he said, “deregulation need to have a human face.”

He, however, did not eloborate.

Jangipur (West Bengal), July 12: The State Bank of India Sunday came forward for the preservation of the historic Hazarduari palace, a 19th century edifice built by the Nawabs of Bengal in Murshidabad district.

The bank’s cheque of Rs.7.5 million was handed over by Minority Affairs Minister Salman Khurshid to the Archaeological Society of India (ASI) for giving a facelift to the three-storey structure on the bank of the Bhagirathi river.

Mumbai, July 12: Union Petroleum Minister Murli Deora on Sunday reiterated that the KG gas belongs to the government and not to either of the Ambani brothers who are battling out in the court.

Speaking to reporters on the sidelines of an event here, Deora said he would not like to say much on the dispute over KG gas as the matter is to be heard in the court.

He said he would like to reiterate that, “government has so much stake in it. Gas does not belong to either Mukesh or Anil Ambani. Gas belongs to government,” he said.

—Agencies

New Delhi, July 12: Expanding its global network, Kingfisher Airlines yesterday announced the launch of flights on eight international routes before the year end.

It also announced suspension of its services on Bangalore-London and Bangalore-Colombo routes from September 15, while launching two new flights on Mumbai-Singapore and Mumbai-Hong Kong sectors from the next day.

Kolkata, July 11: State-run IDBI Bank is expecting a loan disbursement growth of 18 per cent and deposit growth of 20 per cent this fiscal, considerably lower than that achieved in the last financial year, a top bank official said here on Friday.

In 2008-09, its loan portfolio grew at 26 per cent and deposit at 56 per cent.

“The economy is not doing too well, so we can’t expect the same growth to take place this year,” IDBI Chairman and Managing Director Yogesh Agarwal told reporters on the sidelines of the ongoing Banking Conclave.

New Delhi, July 11: Vijay Mallya-promoted Kingfisher Airlines is set to expand its global network with the launch of flights on eight international routes this year.

The airline will start flying on the Mumbai-Singapore and Mumbai Hong-Kong routes on September 16, a company spokesperson said on Saturday.

The remaining six routes on which the airline will launch flights are Delhi-London Heathrow, Delhi-Bangkok, Delhi-Dubai, Mumbai-Bangkok, Mumbai-Dubai and Mumbai-Colombo.

Port-of-Spain, July 11: Bank of Baroda has created history by opening two branches in one country in a day, according to M.D. Mallya, global chairman and managing director.

Mallya underscored this point in an address at the opening of the Bank of Baroda’s second branch in Chaguanas, Central Trinidad, Friday. The other one was opened in San Fernando.

Mallya praised the government of Trinidad and Tobago and the central bank for their cooperation in bringing this project to its conclusion.

Mumbai, July 11: The BSE Sensex (^BSESN : 13504.22 -253.24) fell 1.8 percent on Friday and posted its biggest weekly fall in more than eight months as concern about the economy kept investors jittery, but Infosys (INFOSYS.BO : 1726.5 +49.75) bucked the trend and rallied on strong quarterly result.

Infosys Technologies, the country’s No. 2 outsourcer, reported a better-than-expected 17 percent rise in June quarter profit and marginally raised full-year forecast but warned the business environment was still challenging.

New York, July 11: Troubled US carmaker General Motors was given a new lease of life Friday, exiting a 40-day bankruptcy process.
GM signed the deal that would transfer its best assets to a new company majority-owned by the US Treasury. The sale clears GM to leave bankruptcy after becoming the largest US industrial firm ever to seek protection from its creditors.

“It’s an exciting day for General Motors,” chief executive Fritz Henderson said at a press conference at GM’s headquarters in Detroit. “Today marks the beginning of a new company.”

New York, July 11: Shares of Indian IT bellwether Infosys Technologies shot up nearly 4 per cent on the Nasdaq today after the company posted better-than-expected quarterly results. The scrip climbed 3.71 per cent to USD 35.77 in the morning trade on the Nasdaq.

At the current value, the firm has a market capitalisation of about USD 20.49 billion. Infosys reported a 17.28 per cent growth in consolidated net profit at Rs 1,527 crore for the first quarter ended June 30, 2009.

New York, July 11: A new General Motors emerged from bankruptcy protection far more quickly than most industry-watchers had expected as a leaner automaker pledging to win back American consumers and pay back taxpayers.

A whirlwind 40-day bankruptcy for GM concluded with the closing of a deal that sold key operations to a new company that is majority-owned by the U.S. Treasury.

The closing documents were signed early Friday by representatives of the government and GM executives at the law firm of Weil, Gotshal & Manges, GM’s bankruptcy counsel.

New York, July 11: US stocks edged lower Friday on falling oil prices and a worse-than-expected consumer confidence report, ending a rough week on Wall Street. Crude oil has posted its biggest weekly drop since January, falling 0.9 percent Friday to $59.89 per barrel. Chevron led energy firms lower.

The blue-chip Dow Jones Industrial Average was down 36.65 points, or 0.45 percent, to 8,146.52. The broader Standard & Poor’s 500 Index dropped 3.55 points, or 0.4 percent, to 879.13. The technology-heavy Nasdaq Composite Index gained 3.48 points, or 0.2 percent, to 1,756.03.

Mumbai, July 10: A key index of the Indian equities markets closed on a flat note Thursday as investors booked profits towards the closing bell. It closed about 11.69 points in the red.

The 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 13,796.19 points, fell 11.69 points or 0.08 percent to 13,757.46 points.

However, the Nifty of the National Stock Exchange (NSE) closed 0.05 percent higher at 4,080.95 points.

New Delhi, July 10: A member of the ruling Congress today demanded review of the policy of distributing air traffic rights among various Indian air carriers alleging that private airlines were given more profitable routes.

“The bilaterals policy (Bilateral air services agreement) should be reviewed,” Sanjay Nirupam, Congress member from Mumbai North said raising the issue during Zero Hour.

He also demanded speeding up of the re-structuring process of Air India and immediate disbursal of salaries to employees of the national carrier.

Mumbai, July 10: Indian equities markets were sluggish during morning trade Friday, with a key index ruling 23 points below its last closing figure a little before noon.

Around 11.35 p.m., the 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 13,803.12 points, was at 13,733.99 points – 23.47 points or 0.17 percent below Wednesday’s closing figure.

Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE), too, was ruling in the negative terrain, 0.09 percent down at 4,077.35 points.

Mumbai, July 10: IT major Infosys Technlogies on Friday said the number of its employees declined by 945 in the first quarter of this fiscal.

The company had hired close to 3,538 employees in the June quarter, but after taking into account attrition and other factors its total strength has actually lowered.

“During the quarter, Infosys and its subsidiaries added 3,538 employees (gross). The net decline during the quarter was 945,” the company statement said.

As on June 30, 2009, Infosys and its subsidiaries have a total of 1,03,905 employees on board, it added.

Mumbai, July 10: Indian equities markets were sluggish during morning trade Friday, with a key index ruling 23 points below its last closing figure a little before noon.

Around 11.35 p.m., the 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 13,803.12 points, was at 13,733.99 points – 23.47 points or 0.17 percent below Wednesday’s closing figure.

Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE), too, was ruling in the negative terrain, 0.09 percent down at 4,077.35 points.