| |
Infosys
Chief in World Economic Forum's Board
|
| |
|
Infosys
Technologies CEO Nandan Nilekani on Sunday
became one of the youngest entrepreneurs
to join 20 global leaders at the prestigious
World Economic Forum (WEF) foundation
board. Nilekani was responsible for inspiring
business and public confidence through
an exemplary standard of governance. Individuals
with unique leadership experience -- from
business, politics, academia and civil
society -- participate for three-years
in the board's activities. The board's
role includes managing the statutes of
WEF and its institutions, appointing new
members, reviewing fund applications,
determining and monitoring the execution
of the WEF strategies and defining the
roles of the Managing Board and Committees,
including the Mission Compliance Committee
which reviews policies, strategies and
activities in light of the Forum's mission.
The other members of the Board include
Rajat Gupta, Senior Partner, Worldwide,
McKinsey & Company, Michell Dell, Chairman
of Dell and Peter Sutherland, Chairman
of Goldman Sachs International.
Courtesy:
The Pioneer, January 30, 2006
Back
to Index
|
| |
Mittal
Steel Makes Daring Bid For Arcelor
|
| |
|
The
world's largest steel producer, Mittal
Steel, owned by non resident Indian steel
tycoon Lakshmi Mittal, made a daring $
23 billion offer on Friday to take over
its rival, Arcelor, that would create
the first over 100 million tonne steel
company. London-based Mr. Mittal told
a hurriedly convened news conference that
the proposed merger of the world's first
and second largest steel groups would
create a $ 40 billion company making more
than 100 million tonnes of steel a year.
Mr. Mittal said his company, which first
approached Arcelor on January 13 for the
merger bid without response, was offering
$ 22.7 billion [18.6 billion euros]to
the shareholders of the Luxembourg-based
firm. This will be worth 28.21 euros a
share, a 27 per cent premium to Arcelor's
closing price on Thursday. Arcelor shares
went up 40 per cent to a high of 31.29
euros, more than 10 per cent above Mr.
Mittal's offer price. Under the offer,
Arcelor shareholders will get four Mittal
Steel shares and 35.25 euros for every
five Arcelor shares, Mr. Mittal Steel
said in a press release. The Mittal family,
headed by Lakshmi Mittal, the world's
third richest man, would have a 51 per
cent stake in the combined business. "We
believe the offer for Arcelor provides
a very attractive premium and has been
structured so that Arcelor shareholders
have the opportunity to participate in
the exciting growth potential of the combined
company, whilst also receiving a generous
cash element," Mr. Mittal said. Mr. Mittal
said "the last ten years have seen a major
shift towards consolidation of the steel
industry, helping to create sustainable
value for all stakeholders. Both Mittal
Steel and Arcelor have been at the forefront
of this consolidation and share a similar
vision for the future of our industry.
This combination accelerates this process
and leaves us uniquely positioned to benefit
from the opportunities created." A statement
issued by Mittal steel said the combined
company would be one of the five largest
producers of iron ore worldwide and also
have direct ownership of DRI plants, coal
mines, coke production and certain infrastructure
assets. The group would have the opportunity
to expand its mining operations in order
to reduce the dependency on third-party
supplies of iron ore and coal. By 2010,
the combined group aims to be about 50
per cent self-sufficient in iron ore.
It said the financial resources of the
enlarged company would provide the flexibility
for the Group to pursue both internal
and external growth opportunities. "Mittal
Steel is committed to maintaining an investment
grade rating," it said.
Courtesy:
The Hindu, January 28, 2006
Back
to Index
|
| |
India
will be World's Third Largest Economy
in 2006
|
| |
|
India
will surpass Japan as the world's third
largest economy in 2006 as measured in
Purchasing Power Parity (PPP), according
to a forecast by a US professional services
firm.India's economy, measured in PPP
terms, will eclipse the $4 trillion mark
in 2006, making it equal to or greater
than Japan's. Only the United States and
China will possess larger economies, according
to Keystone India's chief economist William
T Wilson. "The results of liberalising
strategic sectors such as telecom, banking,
aviation and real estate are now beginning
to show. "After growing at 8.5 per cent
and 6.9 per cent in 2003 and 2004 respectively,
India's economy is expected to grow 7.8
per cent in 2005-2006 then decelerate
modestly to 7 per cent in 2006-2007. "Depending
upon the direction of energy prices, inflation
is expected to run in the 5-5.5 per cent
range for 2006," said Wilson. Faster growth
is expected to boost salaries by an inflation-adjusted
7 per cent this year, fueling robust consumer
spending. The mobile telecom market in
India, the fastest growing in the world,
is growing at over two million subscribers
per month, the chief economist at the
Chicago-based firm said.
Courtesy:
The Hindustan Times, January 25, 2006
Back
to Index
|
| |
Monster
Mall Coming up in Mumbai
|
| |
|
Mumbai
is set to become home to the biggest mall
in India. The 2 million sq ft project
that will be christened Market City will
come up at the Mukand factory complex
in LBS Marg, Kurla, sources said. A consortium
of developers had bought the 25-acre property
for Rs 221 crore last December. The £200
million project - including 350 retail
units, a one-acre artificial lake that
will serve as a recreation area and a
car park that can accommodate 3,000 cars
- would be completed in two years. British
architectural firm Benoy - which built
the famous Bullring and Bluewater shopping
centres in Birmingham and Kent (seen in
Kabhi Khushi Kabhi Gham) - has won the
contract to design this mother of all
malls. "We have been closely observing
the growth of the Indian retail sector
and we think this is the right time for
us to venture into the market. It's going
to be a world-class destination with retail
space, offices, hotel and a multiplex.
We have also designed a unique leisure
area for people, something which will
be entirely new for the city," said Benoy
chairman Graham Cartledge. With this,
Benoy has also become the first British
firm to win a retail design project in
India. Not just India, the mega project
will also exceed any retail complex in
the UK, where Bluewater is the largest
at 1.6 million sq ft.
Courtesy:
Hindustan Times, January 25, 2006
Back
to Index
|
| |
Project
INVITE Launched by IBM India, BITES
|
| |
|
IBM
India and the Board for IT Education (BITES)
on Tuesday launched 'Project INVITE',
an initiative aimed at fuelling growth
of IT at grassroot level. The project
INVITE (Initiative to Nurture a Vibrant
IT Ecosystem) aims at significantly contributing
to capacity building efforts in Karnataka
by enhancing the local talent pool and
leveraging the ecosystem to fuel the growth
of IT at the grassroot level, a release
said. The department of IT, Biotechnology
and Science and Technology, Government
of Karnataka are among those who will
participate in the project. The project
complements the IBM academic initiative
programme to help universities train students
on open source, open standards based technologies
and IBM technologies for a more competitive
workforce. The major objectives of the
project are building a repository of e-governance
prototype and make it freely available
to government agencies, solution providers
and academia, it said. It also aims at
involving students and faculty for creating
proto-type solutions for local e-governance
needs at various levels, including creating
agriculture market yard management system,
school administrative software and online
pathology reports for the state health
department. "Through INVITE, students
would be empowered to implement IT solutions
at the grassroot level and also impart
training to stakeholders, fulfulling the
true objective of e-governance", according
to Shankarallinge Gowda, Secretary to
government, Department of IT, Biotechnology
and Science and Technology, government
of India.
Courtesy: Hindustan
Times, January 24, 2006
Back
to Index
|
| |
Simplex
Bags The 'Best Managed Corporate' Award
by Asia Money
|
| |
|
Simplex
Infrastructure said on Monday that it
has bagged the 'Best Managed Corporate'
in India award given away by 'Asia Money',
the Asian Edition of 'Euro Money'- an
international financial monthly. The award
has been given to the company for its
constant endeavour to become an integrated
infrastructure solution provider, the
company said in a statement. Asia Monthly
is a one-point source of practical financial
intelligence for executives working in
finance, treasury and banking.
Courtesy:
The Hindustan Times, January 23, 2006
Back
to Index
|
| |
BHEL
to Set up 500 MW Plant in Sudan; Exim
Bank Gives $350 mn
|
| |
|
In
the second largest investment after ONGC
Videsh Ltd's one billion dollar plans
in Sudan, India on Monday signed an agreement
with the African nation for a $350 million
Line of Credit for setting up a 500 MW
power project by state-run Bharat Heavy
Electricals Ltd. The total project cost
of about $500 million is being shared
by the two countries, with the Exim Bank
of India giving a credit line of $350
million. In addition, the two countries
also signed another loan agreement of
$41.9 million for Singa-Gedarif transmission
line and sub-station. BHEL will set up
the project on turnkey basis with crude
oil-fired boilers. The contracts for equipments
would be placed within a month, BHEL Chairman
and Managing Director AK Puri said. The
government of Sudan plans to expand the
project to 3,000 MW to meet the country's
fast growing electricity needs. This would
open up more opportunities for BHEL, Sudan
government officials said, adding they
were keen that Indian companies set up
manufacturing base there to tap the African
and Middle-east market. After OVL's investment
in exploration blocks, this project would
be the second largest investment by Indian
companies in that country. OVL is also
understood to be eyeing additional oil
blocks and an oil refinery. Other than
equity participation in three exploration
blocks, ONGC has also completed a 741
km long oil pipeline in Sudan.
Courtesy:
The Hindustan Times, January 23, 2006
Back
to Index
|
| |
India
to be Beacon of Light For 'Developing
World'
|
| |
|
India
and China will emerge as two economic
powers that differ greatly economically
and politically in the next two decades
and New Delhi will become the "beacon
of light for the developing world", according
to a report. "India has been much more
efficient than China at using capital.
China has invested twice as much as India
over ten years and yet only achieved an
average growth rate that is about 50 per
cent higher than India's," the 'Shell
Global Scenario' report by the leading
energy company, Royal Dutch Shell, stated.
The report highlighted India's young population,
vibrant entrepreneurial spirit and strong
institutions as its drivers of growth.
"An India that is far more prosperous
and equitable in 2025 than it is today
must be one in which both the manufacturing
and especially the agriculture sector
have modernised." The report which viewed
India's economic development favourably,
stressed that India's complex democracy
and the social factors revolving around
its ethnic and religious diversity might
hinder and slow down the implementation
of a country-wide economic reform policy
and lead to economic disparities between
various states. "With the liberalisation
of the Indian economy, certain western
and southern states with a better geographical
location and social harmony have grown
much faster than hinterland states in
North India." The report, which has drawn
its analysis based on its 'jet stream'
concept of long term predetermined trends,
uncertainties and forces, defined India's
international aspirations as "soft and
pragmatic approach; on the international
stage through her economic, democratic
and cultural achievements and on the regional
stage to be a military power to maintain
a balance vis-a- vis China". Projecting
that India could sustain a growth rate
of seven per cent till 2025, the report
cautioned, "Unless economic policies and
aspirations of the downtrodden groups
were aligned economic growth would never
reach the heights achieved by China."
Courtesy:
The Indian Express, January 20, 2006
Back
to Index
|
| |
'India's
Global Trade to Rise'
|
| |
|
India's
global trade engagements will reach $500
bn in the next three years, up from the
current figure of $350 billion, Commerce
and Industry Minister Kamal Nath said
here Wednesday. "Regional trade agreements
will contribute substantially to India's
enhanced trade engagements," Kamal Nath
told the Partnership Summit organised
by the Confederation of Indian Industry
(CII). "India has also formed a joint
study group with Japan to exploit the
scope of trade agreements with that country
and we are scouting for opportunities
in the European Union." Kamal Nath said
there would be a spate of foreign direct
investments after the central government
notified the Special Economic Zone (SEZ)
Act passed by parliament recently. He
said investors were willing to set up
product specific SEZs in industries like
IT, gems and jewellery, and textiles.
"We will attract investment up to Rs.20,000
crores (Rs.200 billion) in various sectors
once this act is notified," he said. "More
than 70 new product-specific SEZs will
come up."
Courtesy:
The Economic Times, January 20, 2006
Back
to Index
|
| |
Software
Exports May Touch Rs 1 Lakh cr
|
| |
|
Computer
software and services, IT enabled services
exports are likely to post a 29% growth
and reach close to Rs 100,000 crore in
the current fiscal, owing to inroads that
Indian companies have made in financial
services outsourcing. The estimate of
Rs 1,00,000 crore is in line with projections.
Courtesy:
www.financialexpress.com, January 20,
2006
Back
to Index
|
| |
Airtel
Launches Services in Leh
|
| |
|
Airtel
today announced the launch of its services
in the high-altitude Leh region of Jammu
and Kashmir, becoming the first private
mobile services provider to install the
highest GSM site in the country. With
this step the the telecom giant has increased
its penetration into the region, Airtel
officials here said. "We are delighted
to bring our services and connect Leh
with the rest of the state," Bharti Televentures
CEO (mobility) J&K circle R V S Bhullar
said after the launch of services. The
installation of India's highest GSM cell
site at Leh is a testament of our commitment
to bring a world-class network to the
people of the border state, he said. The
Airtel GSM site is installed at a height
of 11,801 feet in the district.
Courtesy:
The Economic Times, January 19, 2006
Back
to Index
|
| |
SBI
to Tie up With Credit Lyonnais
|
| |
|
SBI
Capital Markets Ltd., a unit of State
Bank of India is set to enter into an
investment banking tie-up with France's
Credit Lyonnais a source familiar with
the development said on Wednesday. "There's
unlikely to be any equity relationship,
it will be an understanding to pitch for
investment banking deals," the source
said. SBI Capital Markets is likely to
make the announcement later on Wednesday
at a news conference, the source added.
Courtesy:
Sify.com: January 19, 2006
Back
to Index
|
| |
Japanese
Companies Bullish on India: FM
|
| |
|
India
on Wednesday said its strong economic
fundamentals have made it a major global
hub for diverse business interests and
Japanese companies like Kansai Paints
and Daihatsu have prepared heavy investment
plans for the country. "Progressively
strengthening economic fundamentals along
with improved ratings as a business destination
has resulted in India becoming a global
hub for diverse business interests," Finance
Minister P Chidambaram told reporters
at the Japanese Press Club in Tokyo. "I
am glad to say Japanese investors are
not an exception to this trend... We also
understand that leading Japanese companies
like Kansai Paints and Daihatsu are planning
to invest heavily in the coming years
as are Mitsubishi Chemicals, Toyota and
Honda," he said. Right now, Japanese investment
in India is prominent in key sectors like
automobile and electronics, Chidambaram
said and cited the names of Mitsubishi,
Suzuki, Toyota, Sony and National.
Courtesy:
Rediff.com: January 19, 2006
Back
to Index
|
| |
Export
Growth at 23.5 pc During April-Oct
|
| |
|
FOUR
traditional items - agriculture and allied
products, gems and jewellery, chemicals
and related products and engineering goods
- accounting for close to 58 per cent
of the country's total exports, performed
exceedingly well during the first seven
months of the 2005-06 fiscal to pull the
overall export growth rate to 23.50 per
cent in dollar terms. Disaggregated trade
data based on provisional figures of the
Directorate-General of Commercial Intelligence
& Statistics (DGCI&S) Kolkata and compiled
by the Economic Division of the Department
of Commerce show that agriculture and
allied products with a weight of 7.03
per cent in total exports notched up a
robust 18.17 per cent growth during April-October
2005 at $1,145.39 million, against $973.18
million in the corresponding months of
2004. While gems and jewellery (weight
17.88 per cent) posted a growth of 26.90
per cent at $9,347.51 million during April-October
2005 as against $7,366.03 million in the
corresponding months of 2004, chemicals
and related products (14.66 per cent)
logged a 17.79 per cent growth at $7,663.53
million ($6,506.17 million). Engineering
goods with a weight of 18.06 per cent
in total exports performed well by clocking
up a growth of 25.47 per cent at $9,441.81
million ($7,525.00 million). Another traditional
export item, textiles (weight 14.25 per
cent) which had not been doing well in
the last couple of years, appeared to
have reversed its skidding show by registering
a modest 6.72 per cent growth during the
period under review at $7,448.79 million
($6,979.97 million). Overall, exports
during the first seven months of the current
fiscal at $52,284.12 million against $42,334.29
million in the corresponding months of
the previous fiscal show a growth rate
of 23.50 per cent. Among the top 15 countries
for exports, Singapore logged the highest
growth of 68 per cent during the period
under discussion, followed by Sri Lanka
of 54 per cent, the Netherlands of 53
per cent, and South Africa of 49 per cent
and China of 49 per cent.
Courtesy:
www.thehindubusinessline.com, January
19, 2006
Back
to Index
|
| |
Prudential
is The First Insurer to Get a AAA (Ind)
Rating by Fitch
|
| |
|
ICICI
Prudential Life Insurance, the largest
private sector life insurer has become
the first in India to receive a National
Insurer Financial Strength rating of AAA
(Ind) by Fitch Ratings. The outlook for
the ratings is 'stable'. The rating is
determined after a thorough evaluation
of the company's financial processes,
risk management framework, product mix,
market share, etc. "After a thorough evaluation,
Fitch has assigned us a rating reflecting
the highest creditworthiness," said Shikha
Sharma, CMD, ICICI Prudential Life Insurance.
Over the past five years, it has paid
over 2,100 claims amounting to more than
Rs 26 crore and takes several steps to
assure customers of a quick and smooth
claims process. It has a record of settling
92% of claims received within eight working
days from receiving the last requirement.
The AAA rating also reflects the ongoing
operational and capital support that ICICI
Prudential receives from its shareholders.
Courtesy:
The Financial Express, January 18, 2006
Back
to Index
|
| |
Aurobindo
Pharma Products in WHO List
|
| |
|
Aurobindo
Pharma Ltd on Wednesday announced the
inclusion of two of its anti-retroviral
products, Nevirapine oral suspension 50
mg / 5 ml and Stavudine for oral solution
1 mg / ml, in World Health Organisation's
pre-qualification list. Both these products,
which are used as a part of first line
treatment in pediatric AIDS, have been
included in the prequalification list
for the first time, the pharma major informed
the Stock Exchanges. This inclusion takes
the count of the company's products in
the prequalification list to twelve, it
added. Aurobindo Pharma manufactures and
exports bulk drugs, formulations, and
oral suspensions.
Courtesy:
The Economic Times, January 18, 2006
Back
to Index
|
| |
Gurgaon
Fortune 500 Hotspot
|
| |
|
Gurgaon
has emerged as the favourite destination
for Fortune 500 companies and 20% of these
companies have already set up their operational
bases in this town. According to an Assocham
and Deloitte study on 'Industrial Prospect
of Gurgaon', the number is expected to
double by 2010. Gurgaon will thus have
the potential to employ around 4 lakh
people by 2010 in sectors like ITeS, automobile
manufacturing, banking, textiles, readymade
garments and even petrochemical. In 2005,
six large and medium industrial units
and 556 small-scale industrial units,
involving an investment of Rs 820 crore,
have set up their base in Haryana. The
state has received investment proposals
worth Rs 10,000 crore, including investment
assurance of Rs 2,200 crore from South
Korean and Japanese companies. While Suzuki
is setting up a diesel engine project,
German automaker Volkswagen is considering
an investment to the tune of Rs 1,500
crore. In fact, in the automobile sector,
Harayana produced around 66% of the cars,
60% of the motorcycles and 50% of the
tractors manufactured in India. Some of
the leading Fortune 500 companies which
have a presence in the state include Microsoft,
Alcatel, Wipro, TCS, Flexironics, IBM,
Maruti, Genpact, Amercian Express. The
paper also projects that by 2010, the
state will attract Rs 2,00,000 crore in
investment and generate employment to
10 lakh people in all of Haryana. As on
date, 33% of Haryana which falls in the
National Capital Region (NCR) and 40%
of the NCR which falls in Haryana has
received FDIs worth Rs 1,35,000 crore.
Though Haryana's contribution to GDP has
increased to 2.98% in 2003-04, it is still
low compared to that of Gujarat and Delhi
which contributed 6.64% and 3.3% respectively
during 2003-04.
Courtesy:
financialexpress.com, January 18, 2006
Back
to Index
|
| |
Ranbaxy
Out to Buy German, Romanian Firms
|
| |
|
After
taking a beating over the last few months,
pharma major Ranbaxy Laboratories is out
to radically alter its image. After the
Atrovastin case loss against Pfizer, it's
now on the prowl again. It is learnt that
Ranbaxy Laboratories is likely to acquire
two European companies - one is based
in Germany and the other in Romania. The
valuation of the German firm is in excess
of $500 million while that of the Romanian
firm is between $110 and $150 million,
say sources. Sources close to the developments
say that Ranbaxy has shown keen interest
in a Germany-based pharma firm Betapharm.
The company is currently owned by 3i,
the leading European venture capitalist
which backed a euro 300 million management
buyout of Betapharm in March 2004. Germany
has one of the highest levels of use for
patent-free drugs in Europe, and this
is scheduled to grow by 10 per cent over
the next five years. Earlier, Ranbaxy
had bid for the US-based generic pharma
firm Alpharma and Ivax Corporation. Ranbaxy
had also bid for Viatris GmbH & Co but
lost out to a Swedish firm recently. Ranbaxy
plans to achieve significant business
in proprietary prescription products by
2012 with a strong presence in developed
markets. It also aspires to be among the
top five generic players with sales of
$5 billion by 2012. In order to achieve
these objectives, the company is actively
looking at inorganic growth, experts feel.
In Romania, the company has shown interest
for two pharma companies Terapia SA and
Sindan. Analysts feel that the acquisition
in the European market would give generic
penetration in Romania. The company received
a major setback in the recent past when
it lost cases in the US and UK. In fact,
Ranbaxy has not won a patent challenge
since August 2001 when it received approval
from a United States' court for its version
of GlaxoSmithKline Plc's Ceftin antibiotic.
Courtesy:
Hindustan Times, January 18, 2006
Back
to Index
|
| |
India
Better Than Best in Industrial Growth
Race
|
| |
|
Despite
a slight slowdown, India boosts one of
the fastest growing industrial production
rates in the world. While the latest release
from the ministry of statistics has shown
industrial production growth to have dipped
a tad to 6.9% in November, this level
is still higher than most of the major
economies like US, UK, Eurozone, Japan,
Brazil, Indonesia and Russia. In fact,
in the April-November FY06 period, industrial
production has recorded an 8.3% growth.
Among the countries being compared, only
China and Argentina seem to have recorded
faster industrial production growth rates
of 16.6%, and 9.6% respectively. On the
global sphere, the US' industrial production
grew only by 2.8%, with the consumer goods
and business equipment sectors recording
declines in the recent period. In fact,
economies like the UK, Eurozone, as an
aggregate, and Indonesia, saw declines
of 2.4%, 0.8%, and 3.4% respectively in
their overall industrial production.
Courtesy:
The Economic Times, January 16, 2006
Back
to Index
|
| |
|
|
| |
|
If
Chinese-Americans can do it, why can't
the Indian Americans? The thought prompted
nine expatriates with deep pockets to
get together, put down $3.5 million and
set up their own bank in New Jersey. The
idea caught on, with more than 125 shareholders
contributing a start-up capital of $12
million through private placement. And
the Indus American Bank, as it is called,
is set for a formal opening later on Sunday.
The men behind the venture term it the
first community bank for South Asians
in the US. According to Deepak Khanna,
one of the founders, there are about 100
community banks to cater to Chinese Americans.
"The idea is very compelling to serve
this (South Asian) community, and that
is why we started," he said. Promising
personalised service, the new bank says
it will cater to the community's specific
needs. It says its multilingual staff
can improve the comfort level by conversing
with clients in six different languages:
Hindi, Gujarati, Punjabi, Malayalam and
Sindhi, besides English. Another co-founder
and chairman Anil Bansal talks of other
firsts. The bank, for instance, will have
a home courier service to pick up cheques
and deliver cash to elderly customers.
Courtesy:
Hindustan Times, January 16, 2006
Back
to Index
|
| |
Indian
Mutual Funds Deliver Better Returns Than
US Peers
|
| |
|
It
is not without reason that FIIs are queuing
up to invest in India even at these levels
of bullishness. An ETIG study of US and
Indian equity mutual funds - both operating
in their home markets - reveals that the
performance of Indian funds is far superior
than their US counterparts. While the
total universe of American funds is about
10,000, that of the Indian funds is about
250. The study reveals that in '05, the
weighted average returns generated by
Indian equity mutual funds is a staggering
45% against 8% generated by US domestic
equity funds. Both the US and Indian markets
are in the midst of a bull run. The BSE
500 and sensex have yielded returns of
34% and 41%, respectively, over '05. However,
S&P 500, which along with DJIA is nearing
its all-time high, has moved up by just
3.8% in the same period. Since the expectation
of an average investor from an equity
fund is to outperform the broad-based
market indices, Indian fund managers had
a much tougher task at hand to beat the
soaring numbers. Even with tougher targets,
63% of equity funds operating in the Indian
market were able to beat the BSE 500 index,
comparing favorably with 74% of the US
funds, which bettered the S&P 500 index.
Significantly, Indian funds are generating
superior returns than the US funds. While
Prudential ICICI FMCG fund was the top
performer in India with an annual return
of 92% in '05, Gartmore Global Natural
Resources fund - the chart-topper in the
US markets - delivered an annual return
of 65%. In fact, 10 Indian funds generated
higher returns than any of the US domestic
equity funds. While just 1% of the assets
under management for Indian funds generated
negative returns during last year, around
2% of the overall US equity fund asset
base was in the red. The total asset base
of Indian equity funds is just $16bn (Rs
71,000 crore) compared to the $4,100-bn
base of the US players, but the difference
in growth rates is phenomenal. This has
already resulted in $10.7bn worth of FII
equity inflows coming into the Indian
markets in calendar year '05.
Courtesy:
The Economic Times: January 13, 2006
Back
to Index
|
| |
India
Tops in GM Acreage Growth
|
| |
|
Estimated
area, in India, under Bt cotton cultivation
has increased to 1.3 million hectare in
2005 as against 500,000 hectare in 2004,
according to the annual review report
of the US-based International Service
for the Acquisition of Agri-biotech Application
(ISAAA). This marks an increase of 160
per cent, highest among 21 countries growing
genetically modified (GM) crops. India
has so far approved only one GM crop ie
Bt cotton for commercial cultivation.
India's coverage under Bt cotton in 2005
is a miniscule part of the global area
under GM crops, which is estimated at
90 million hectare. Countries like US,
Argentina, Brazil, Canada, China and Paraguay
have higher area coverage under GM crops.
In US the area coverage is estimated at
49.8 million hectare, in Argentina it
is 17.1 million hectare, in Brazil 9.4
million hectare, in Canada 5.8 million
hectare and in Paraguay it is 1.8 million
hectare. Despite the low area coverage,
India is considered among the 14 'mega
biotech countries'. Out of the 14 'mega
biotech countries', South Africa, Uruguay,
Australia, Mexico, Romania, Phillipines
and Spain have lesser area coverage under
GM crops. Colombia, Iran, Honduras, Portugal,
Germany, France, and Czech Republic which
have less than 0.1 million hectare coverage
are not designated as mega biotech countries.
In his recorded speech played before the
media, the ISAAA chair Clive James said
that France and Portugal resumed cultivation
of Bt maize and Czech Republic has approved
Bt maize for the first time. Speaking
from Phillipines, the ISAAA Asia coordinator,
Dr Randy Hautea said that Indonesia and
Bulgaria which suspended GM crop cultivation
in 2004 have now granted permission for
sowing biotech crops.
Courtesy:
The Financial Express: January 13, 2006
Back
to Index
|
| |
BHEL
Bags Top Exporters Award
|
| |
|
Bharat
Heavy Electricals Limited (BHEL) has bagged
the 'All India Trophy for Top Exporters'
for the 15th year in succession. Instituted
by the Engineering Export Promotion Council
(EEPC), the award has been presented for
outstanding export performance by BHEL,
a release said. BHEL has identified overseas
business as a major thrust area and has
booked physical export orders worth nearly
Rs 1,200 crore in the current fiscal.
Its major achievements include a landmark
turnkey contract for two power projects
from Oman. In addition the company has
also made inroads into two new markets
namely Ethiopia and Surinam.
Courtesy:
The Economic Times, January 13, 2006
Back
to Index
|
| |
Bosch
Plans 2nd Centre in India
|
| |
|
Robert
Bosch India Limited, a wholly-owned subsidiary
of the $50 billion privately-held German
industrial group Robert Bosch GmbH, on
Tuesday said, it plans to build a second
development centre in India in line with
the one that was inaugurated on Monday
in Bangalore. The facility is expected
to be ready this year and will be placed
outside Karnataka. Walter Grote, managing
director, Robert Bosch India said that
the second facility is being planned to
"mitigate risks as we feel that all developers
should not be placed at one location".
This will also increase competition within
the organisation, he added. The company,
which develops embedded software for cars
and commercial vehicles, also plans to
ramp up its staff in India from about
2,900 now. "We plan to have an employee
strength of 6,000 in the country by 2010,"
he said. He added that the company will
provide employment to 1,000 engineers,
of which 30 per cent will be freshers.
The company, on Monday, had inaugurated
a new facility in Bangalore, an addition
to the main existing facility, involving
an investment of Rs 85 crore. This has
increased the staff strength in the main
Bangalore facility to 2,200 employees.
Bosch India has three other facilities
in Bangalore. The new additional facility
will be used for both engineering and
non-engineering activities. Grote said
that the company will work more on diesel
fuel injection and entertainment technology
like car radio. The company is also working
on security technologies for automobiles.
Bosch India registered a turnover of Rs
388.5 crore in 2005, up 85 per cent from
its 2004 figures of Rs 210 crore.
Courtesy:
www.business-standard.com, January 12,
2006
Back
to Index
|
| |
China
And India Hold World in Balance: Worldwatch
Report
|
| |
|
The
dramatic rise of China and India presents
one of the ''gravest threats and greatest
opportunities-'' for an ecologically sound
world today, says the Worldwatch Institute
in its state of the World 2006 report.
The choices these countries make in the
next few years will lead the world either
towards a future beset by growing ecological
and political instability-or down a development
path based on efficient technologies and
better stewardship of resources. Presenting
the report here yesterday, Worldwatch
President Christopher Flavin said, China
and India have the leverage to make changes
and find new energy systems. He added
that the choices these two countries make
could have a huge impact on the overall
quality of life for the rest of the world.
''If China and India were to choose to
go in a new direction, their scale, in
terms of economies, technologies, human
ingenuities, are now graduating a large
number of scientists and engineers, truly
could push the world in a new direction.''
He said rising demand for energy, food,
and raw materials by 2.5 billion Chinese
and Indians is already ''having ripple
effects worldwide,'' adding ''meanwhile,
| |
