There was a surprise in the person of A R Rahman (although this paper had predicted this) to give a ``jai ho`` to US-India ties; more than a one third of the 320 guests were Indians or Indian-Americans; and then, there were the settings (an exotic and tastefully plush shamiana with many Indian motifs) and the menu, which wasn’t exactly daal-chawal, but certainly had Indian elements to it. ...

There were plenty of `desi` touches to the Obamas’ glittering state banquet for Prime Minister Manmohan Singh and his wife Gursharan PM Manmohan Singh with US President Obama at the White House. Kaur from the time the US President toasted them before a 320-strong power elite with ``Aap ka swagat hain`` (we welcome you). Heck, someone joked, at this rate he might be addressing our Parliament in Hindi when he visits in 2010. ...

What is next call after result ? buy this level or buy on dips ? what is fundamental value after full result ? pls comment on this stock for next call....

its surprising the arm after disconnecting from one industry will make both the ind profitable ,i mean after disconnection mahindra forge will be high profitable and similsrly ahmed nagar when it goes to amtek,then its better to have ahmednagar than mahindra is nt...

as per i priviosely(23-Nov-09 19:33 ) tell you boaders nifty close at 5k today. if nifty break 4930 in next two trading session, than you see 4800 on nifty very soon. regards rmamber: Posted by: dipakgod on (23-Nov-09 19:33 ) Addressed to chief_kamani, emmawatsan, karshin, gandabaccha, patience, Nodick, ramsfm, rohitjust4u, rudra_sinha i think today, nifty complete this end of nifty fake out rally, 5120-5150 is higher high range for nifty, if it will not cross tomorrow than, a short term down trend will start in this weekend, should go to blow 5K level. 8 replies to this message Reply to this post | Rate message | Click if Offensive Posted by: patience on (23-Nov-09 19:55 ) Dear Dipak I think it would be FOOLISH to say the rally ends here, as long as people believe this then rally will not end. Its in a range now 4500-5200, so we are testing the upper band. We held on to the lower band of 4500 and now test of upper band. Regards Patience... 1 replies to this message Reply to this post | Rate message | Click if Offensive Posted by: dipakgod on (23-Nov-09 20:03 ) r u wait for buy somthing for upper band? 1 replies to this message Reply to this post | Rate message | Click if Offensive Posted by: patience on (23-Nov-09 20:11 ) Yes Dipak i am waiting for UPPER BAND to buy some PUTS. ;-) Regards Patience... 1 replies to this message Reply to this post | Rate message | Click if Offensive Posted by: dipakgod on (23-Nov-09 20:20 ) i m also waiting for short more nifty. 1 replies to this message Reply to this post | Rate message | Click if Offensive Posted by: patience on (23-Nov-09 21:20 ) :-) Good luck Regards Patience... 1 replies to this message Reply to this post | Rate message | Click if Offensive Posted by: rohitjust4u on (23-Nov-09 21:21 ) dipak sir, you are right. Reply to this post | Rate message | Click if Offensive ...

Telecom sector r most effewctive sectors for buying but in some companies. In private sector Airtel, Rcom and Tata only the companies which can stay for long term becuase:- 1. a Increse Spectrum charges 2.Cut termination charges 3.Pay per second plan is huge bomb on their revenues 4.Number portability 5.Established govt. brands mtnl, bsnl 6.Tata, Rcom and Airtel have capability to bear losses atleast one yr and new companies may not stay for long term in this sector Investment in these companies with a view for 3 yrs can ive higher return. Please give ur views also....

Tommorow Opening Analysis. If Nifty Close below 5000. Then tommorow opening will be in red or negative. Or If mkt close above 5000 then tommorow opening will be in green Or positive. Considering 7 lac shares r join 5200 call december option. and 2.5 lakh reduce from 4800put december option. Now I m waiting for ur views. Please share ur views also. Thankyou....

The National Stock Exchange said it is proposing to introduce a new mutual fund service system (MFSS), which will enable its members to use the existing infrastructure for transaction in MF schemes.

The NSE proposes to introduce new MFSS for facilitating transaction in MF schemes through the stock exchange infrastructure, the NSE said in a circular, adding the new MFSS will commence from November 30.

Market regulator SEBI, in a recent circular, gave its approval for facilitating transactions in MF schemes through the stock exchange infrastructure.

"The infrastructure that already exists for the secondary market transactions through the stock exchanges with its reach to over 1,500 towns and cities, through over two lakh stock exchange terminals can be used for facilitating transactions in mutual fund schemes," SEBI had said.

The stock exchange mechanism would also extend the present convenience available to secondary market investors to mutual fund investors, the market regulator had said.

The existing MF scheme, introduced in December 2000, will be substituted with the new MFSS, the exchange added

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The government today said that Rs 10,000 crore will be transfered to NHAI for road projects from the borrowing approval of Rs 30,000 crore given to infrastructure refinance company IIFCL.

This is in addition to the ambitious plan to award road projects worth Rs 2,00,000 crore in the next two years on public-private partnership basis, the Rajya Sabha was told.

"Out of the borrowing approval of Rs 30,000 crore earlier provided to IIFCL, Rs 10,000 crore under the fiscal stimulus package will be transferred to NHAI, as per its borrowing requirement," Road Transport and Highways Minister Kamal Nath told the Upper House in a written reply.

India Infrastructure Finance Company Ltd (IIFCL) was allowed to raise Rs 10,000 crore of tax-free bonds in the first stimulus package announced in December 2008, and Rs 30,000 crore in the second stimulus package declared on January 2, 2009

While announcing the second stimulus package, Planning Commission Deputy Chairman Montek Singh Ahluwalia had said," Expansion of infrastructure investments in PPP area is a very important part of the effort to mark the counter-cyclical thrusts at a point when there is a bit of global slowdown."

He had said the package to IIFCL would lay the foundation for broader investment revival and for broader growth.

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...

The Nifty closed above 5,100 and November and December futures closed at a premium to the spot, indicting fresh upside tomorrow, the last day of expiry of this month’s series.

The index is set to cross a new high in a day or two as long positions in November series have been considerably high despite the fact that only a day is left for expiry of the November series. Also, the Nifty December series closed at 12 points premium to the spot and added 4.91 million shares in open interest, suggesting long build-up.

Interestingly, despite a day left for expiry of the current series, open interest in 5,200 put options of the November series has increased by almost 50 per cent, mostly through sell-side trades. This means a few traders expect the index to break the October high of 5,181 tomorrow itself.

According to technical analyst Gautam Shah at JM Financial, the set-up is now ripe for markets to complete the V-shaped recovery by testing the highs of October 2009 in the next few days. A short knee-jerk reaction from those levels is a possibility before the indices head towards the medium-term target and the supply zone of 5,270-5,300.

The rollover in Nifty December futures were at 63.4 per cent compared to 63.6 per cent in the November series at the same time last month. In absolute terms, the rollovers were higher at 22.04 million shares compared to 20.23 million shares at the same time last month. The rollovers in the December series are mostly through buy-side trades and hence we may see the index moving above the October high of 5,181 on Friday.

The rollovers in key index stocks such as HDFC Bank, ICICI Bank, Infosys Technologies, Tata Motors and Tata Steel were considerably higher than in the previous months despite most of these stocks having gained 10-15 per cent in a month, indicating long build-up. The rollover in Reliance Industries was at 400,000 shares. Bharti Airtel and Reliance Communication saw unwinding of long positions due to valuation concerns

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India’s second-largest real estate company Unitech will raise 0 million through foreign currency convertible bonds (FCCBs). The company has sought approval from the Department of Industrial Policy and Planning (DIPP) and the Reserve Bank of India to raise the fund through convertible instruments.

The company has assured the government that the fund will be used for an integrated township and not for repaying existing debts. “The company will ring fence the fund raised through this route for a dedicated project (integrated township) through an escrow account,” a senior company official requesting anonymity said.

The company spokesperson refused to comment on the issue. The FCCBs are raised from foreign institutional investors and banks. The holders of FCCBs have the option to either redeem the bonds after the maturity period or convert them into equity at a pre-determined price.

Until then, the bonds carry a nominal rate of interest.

In January 2009, as part of the second stimulus package, the government allowed real estate companies to mop up funds through external commercial borrowings (ECBs) for integrated township project. But no realty company had approached the government so far seeking permission to raise fund through this route.

One of the key reasons why Unitech is looking overseas to raise money is to bring down the overall cost of debt, which is around 13%, said a company official on the condition of anonymity.

In case approval is granted, this will be the first case in which a real estate company is being allowed to raise funds through FCCBs. In May 2007, the government had barred real estate company from raising ECBs, even for setting up integrated townships.

As per a senior government official, the DIPP has approved the proposal and sent it for approval of Department of Economic Affairs in the finance ministry. The company has also approached RBI seeking exemption of three-year lock-in, since it is a convertible instrument and should be treated as debt till time of conversion, said a senior executive involved in the process.

Currently, under the government`s ECB norms that also govern FCCBs, there`s a three-year lock-in before which one cannot redeem the bonds.

According to a company official, Unitech has said the fund should be treated as pure debt till it is converted into equity. It has also given a commitment that at the time of conversion, the allotment of share will be made only to those overseas portfolio investors which are registered with the Securities and Exchange Board of India (SEBI).

Unitech is on a fund-raising spree this year. It has already raised 0 million, equivalent to Rs 4,000 crore, through two rounds of qualified institutional placements (QIPs). In June, it raised 5 million at Rs 82 per share. Prior to this, in March 2009, the company raised 5 million at Rs 38.50 per share.

Part of these funds have been used to repay its debts. The company had a total debt of over Rs 10,000 crore. After adjusting the debts toward telecom venture, it had a residual debt of Rs 8,600 crore before the QIP placement in March 2009. Its current debt is around Rs 6,300 crore, that means the company has repaid a debt of Rs 2,300 crore and the balance amount was used for implementing projects

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India`s third largest software services exporter Wipro has expanded its presence in China with the opening of second global delivery centre to provide IT & BPO services to its customers. New York-listed Wipro currently has a centre in Shanghai, China.

The new center in Chengdu city will offer secured facilities, labs and infrastructure for customer projects. The facility currently employs over 100 people and the IT major plans to add another 1,000 in the near future.

Inaugurating the centre Ge Honglin, Mayor of Chengdu city said, "Chengdu is a great outsourcing destination and we are happy that Wipro is inaugurating its center here.”

According to company`s press release, the new centre will broaden Wipro`s service capabilities along with its existing presence in Shanghai. This center will extend Wipro’s expansive portfolio of IT service to its customer with an initial focus in the first year on testing and enterprise application services for the manufacturing, banking, financial services & insurance (BFSI) industries. The center would provide multilingual services in English, Chinese and Japanese.

Sambuddha Deb, Executive vice president and Chief Delivery Officer, Wipro Technologies said, "This facility in Chengdu is one of the global strategic centers that we are creating around the world. Our employees here would be trained in Wipro’s quality processes, technologies & the high global delivery standards that Wipro is renowned for

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It`s one Forbes list where none would want to figure, but Ramalinga Raju, the founder-chairman Satyam Computers (now Mahindra Satyam), has
managed the feat of being among the world`s 10 most outrageous CEOs.

Raju has been ranked as the world`s fourth most outrageous CEO in 2009 on the list compiled by the Forbes, known for its rankings of the richest and the most powerful the world over.

Giving Raju company are Sri Lankan-origin American hedge fund manager Raj Rajarathnam (third), former Merrill Lynch CEO John Thain (2nd) and Goldman Sachs` Lloyd Blankfein (1st).

Raju, the only Indian on the list dominated by Americans, owes his place on the list to his disclosure in January about committing the country`s biggest ever corporate fraud.

"In January, B Ramalinga Raju, the founder of Satyam Computer Services, confessed to overstating its profits over several years and creating a fictitious cash balance of more than $1 billion.

"He confessed to inventing more than 10,000 fictional employees to help him steal money from the company, and using his mother`s name to buy land with the proceeds. The police arrested Raju, his co-founder and brother, B Rama Raju, and former CFO Srinivas Vadlamani on charges of cheating, forgery and breach of trust

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Infosys Technologies may hire around 20,000 people at a gross level for the fiscal starting Apr. 1, 2010, reports Business Line.

However, the number of freshers to be hired in 2010-11 would be lower than this year, which saw 16,000 campus recruits.

During 2010-11, the company plans to visit fewer colleges as compared to 600 this year

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Reliance Industries Ltd (RIL) on Wednesday said it was bound by a clause in the memorandum of understanding (MoU) reached between the Ambani brothers — Mukesh and Anil — that talked of a suitable arrangement for supply of gas to Anil-owned Reliance Natural Resources Limited (RNRL).

On the tenth day of arguments, RIL counsel Harish Salve told the court that the family MoU was of valuable guidance to reach a suitable arrangement. He, however, said the MoU itself couldn’t be the suitable arrangement to the extent that it would override even the government policy. Also, he added, the final arrangement was subject to government approval.

When the court was about to rise, RNRL counsel Ram Jethmalani said: “RIL has made a lot of progress from saying MoU was trash to submitting that MoU is a valuable guidance tool.”

But Salve said: “MoU is binding upon the mother and the two brothers, but not upon RIL
"" IF the family MOU is acceptable then Mugesh has to supply GAS to Anil at the agreed cost and if the Govt fixes the rate, the difference of cost has to be bourn by NOT BY RIL,but my Mugesh from his share of the property that devolved by M O U THis will be the natural JUSTICE""

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The crude oil being produced by Cairn India at Barmer, Rajasthan is finding few takers in the domestic market, although the company has had enquiries from South-East Asian refineries.

Cairn India’s CEO, Rahul Dhir, has written to the petroleum ministry seeking unfettered marketing right to sell the Rajasthan crude to domestic and international buyers. He wrote on September 24 that “there is a significant high value demand from refineries in Singapore, Malaysia, Taiwan and Korea, which can absorb large volumes of Rajasthan crude at a fair price.”

Most PSU oil firms — IOC, HPCL, BPCL and MRPL — expressed inability to accept the produce, as their refineries are not capable of processing the crude due to its waxiness.

And for those which can do so, find the distance from Rajasthan a constraint.

“Processing of Cairn’s crude can be done at refineries having coker units,” commented a senior IOC official. “As we have limited refineries with cokers, a cost of anywhere between Rs 300 crore to Rs 2,000 crore would be required to upgrade our refineries.”

The petroleum ministry has permitted Cairn India to sell its crude to private refiners like RIL and Essar Oil. It has also said that “the matter (of permitting exports) may be taken up with the ministry of commerce, should the contingency arise,” in a communication dated October 8 to the CEOs of oil PSUs, a copy of which is available with the Hindustan Times.

If this happens, it will be for the first time that crude oil produced in India is exported.

A Cairn official confirmed that the company has been given permission to sell crude to private refiners, but refused to comment on the exports issue.

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...

Dear,
Mugesh`s lawyer reply is very silly,he says that MOU is not placed with RIL`s board or directors,it is irrelavant and the MOU is between the heirs of Ambanis and Mugesh is binding to supply at the agreed rate for 17 years to RNRL,
which is the share of Anil;and the expenses on that counter is to be bourn by Mugesh from his share

Ultimately Anil will WIN
with regards
rvk41 ...

Suven Life Sciences, a leading biopharmaceutical company today announced that it has secured two US patents on new chemical entities (NCEs).

The US patent office has issued two patents: US 7507835 and 7388024 corresponding to two NCEs for the treatment of disorders associated with Neurodegenerative diseases and these patents are valid until 2022 and 2044 respectively.

The granted claims of the patents include the class of selective 5-HT compounds discovered by Suven and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer`s disease, Attention deficient hyperactivity disorder (ADHD), Huntington`s disease, Parkinson and Schizophrenia .

With these new patents, Suven has total of four granted US patents on NCEs. These granted patents are exclusive intellectual property of Suven and are achieved through the internal discovery research efforts. Products out of these inventions may be out-licensed at various phases of clinical development like at phase-I or phase-II.

``We are very pleased by the grant of these patents to Suven by US Patent office for our pipeline of molecules in CNS arena that are being developed for cognitive disorders which has an estimated USD 20 billion market potential globally``, said Venkat Jasti, chief executive officer (CEO) of Suven.

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...

The government on Wednesday initiated radical tax reforms through a draft code that aims at moderating income tax rates, abolishing Securities Transaction Tax and increasing deduction for savings up to Rs3 lakh.

Releasing the Direct Taxes Code that will ultimately replace the over four-decades old Income Tax Act and bring all other direct taxes like wealth tax under its purview, Union finance minister Pranab Mukherjee on Wednesday said if reasonable level of discussion happens on the code, a bill could be placed in the winter session of Parliament.

The code proposes to exempt the general tax payer from paying income tax if his income is Rs1,60,000 in a year. He would pay just 10% up to Rs10 lakh, 20% beyond that and Rs25 lakh and 30% beyond Rs25 lakh.

Currently, the general income tax payer does not pay tax till Rs1,60,000 of income in a year. However, he pays 10% tax on income between Rs1,60,000 and Rs3, 20% between Rs3 lakh and Rs5 lakh and 30% beyond Rs5 lakh.

“We expect to have better compliance and better collection of taxes,” Mukherjee said.

While the code proposes abolition of the controversial STT, it also suggests reintroduction of tax on long term capital gains on securities trading.

Union home minister P Chidambaram, who during his tenure in the finance ministry had initiated work on the Code, said that this was a brand new Code written from scratch.

“There is no point looking at this with reference to the 1961 (I.T.) Act. Hours of work have gone into it preparing it... you will be doing a dis-service if you look at it from the present income tax law,” he said.

The present tax laws were only a feast to lawyers and the best way to read the provisions of the Code would be to study the relevant chapter before going into the provisions, Chidambaram said.

The attempt, Mukherjee said, “is to simplify the language to enable better comprehension and remove ambiguity to foster voluntary compliance”.

The thrust of the code, would be to “improve efficiency and equity of our tax system by eliminating distortions in the tax structure, introducing moderate levels of taxation and expanding the tax base,” he said.

The new code is based on well accepted principles of taxation and best international practices, the finance minister said, adding, “it will eventually pave the way for a single unified tax reporting system”.

It would also meet the aspirations of “our young and professionally mobile population,” he added.

The process to frame the new code began with Mukherjee’s predecessor P Chidambaram announcing the intention to come out with a new law in the 2005-06 Budget speech.

Chidambaram said, “by the time the code becomes law, it may be 2011 -- the golden jubilee of the old law.”

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