Indian Economy-News & Updates

[AnGrz_Z_K_Jailer]

Govt asks US regulator to go easy on born-again Satyam


23 Jan 2010, 0032 hrs IST, ET

NEW DELHI: The government wants the US Securities Exchange Commission (SEC) to keep in mind the interest of the investors of scam-hit Satyam
Computer Services (now Mahindra Satyam) before imposing any regulatory curbs against the firm.

Minister for corporate affairs Salman Khurshid said that while the SEC is yet to take a final view on the issue, the Indian government has voiced its concern before the US regulator. “Any more action will further hurt the shareholders (of Mahindra Satyam). We hope and expect that the American authorities (the US SEC) will appreciate this concern,” said Mr Khurshid.

The minister also said that the government has established the accountability of the erstwhile Satyam management and has also been able to safeguard the interests of the stakeholders to a large extent. “As far as we are concerned, we have communicated (to US SEC). The best that could be done has been done for the company,” Mr Khurshid said.

Satyam Computer Services, now Mahindra Satyam after its takeover by Tech Mahindra, can face punitive action in the US as the company’s ADS (American Depository Shares) were listed and traded on American bourses. In the US, the securities laws allow fraud-hit investors to get compensation from the errant parties. The SEC can also enforce action and get damages and compensation for the investors.

The regulatory action being considered follows last year’s admission by then Satyam chairman B Ramalinga Raju of a financial fraud in his company worth over Rs 7,000 crore. The New York Stock Exchange (NYSE) halted trading in Satyam after the stock plunged by over 90% to $0.85 in pre-market trade. The company is also contesting about a dozen class action suits in various US courts, which could entail a heavy penalty on the company.

source : Govt asks US regulator to go easy on born-again Satyam- Software-Infotech-The Economic Times

 

[AnGrz_Z_K_Jailer]

Indian investments created 4000 jobs in UK in '09: British Prince


22 Jan 2010, 2054 hrs IST, PTI

MUMBAI: Investments by Indian firms have helped to create 4,000 jobs in the UK last year and both nations need to co-operate more to facilitate Tips to avoid getting fired

business growth, a senior member of the British Royal family on Friday said.

"The UK's bilateral trade with India is worth over 12 -billion Pounds and has seen a double-digit growth in the last year...last year alone, almost 4,000 new jobs were created in the UK through Indian investment," Prince Michael of Kent today said at the Global Economic Summit here.

Prince Michael, who is on a three-day visit to Mumbai to attend the summit, said that limited long-term finance, a shallow bond market and constraints on external commercial borrowing still pave roadblocks to small business expansion in India.

Both countries need to work closer to set up small businesses by facilitating investments through appropriate financing vehicles and venture capital route besides reducing red-tape, Prince Michael said.

"We must work together to encourage more small business set-ups in India and the UK through appropriate financing vehicles and venture capital and reduced red tape, boosting two-way trade and investment," he said.

Stressing the importance of a strong SME sector in an emerging economy like India, Prince Michael said that SME trade bodies in India must work with the Government to promote faster financial reform to remove obstacles to the free movement of capital.

Also, efforts should be made to attract investments from sectors such as mutual and pension funds and overseas infrastructural funds, he said.

On Wednesday, Prince Michael had pledged a donation of $1,00,000 in rebuilding a part of Nariman House, one of the sites attacked by terrorists on November 26, 2008.

source : Indian investments created 4000 jobs in UK in '09: British Prince - Jobs-News By Industry-News-The Economic Times

 

[AnGrz_Z_K_Jailer]

ITC Q3 net up 27% at Rs 1,144 cr


23 Jan 2010, 0000 hrs IST, ET Bureau

KOLKATA: Tobacco-to-hotels major ITC on Friday reported a 26.7% yoy growth in net profit for the third-quarter ended December 31, 2009, to Rs
1,144.2 crore compared to Rs 903.2 crore in the same period last year.

Net sales during the period grew 18.2% to Rs 4,531.9 crore as against Rs 3,833.3 crore. Pre-tax profit, at Rs 1,701 crore in the the quarter, was higher by 27.8% driven by growth in non-cigarette FMCG, agri and paperboard & packaging businesses.

In a statement issued after the board meeting, ITC said that “improved product mix, smart sourcing in the face of commodity inflation and intensive cost management actions also contributed to the sizeable growth in the company’s bottomline. While the FMCG and paperboard & packaging segments grew in net revenues led by growth in volumes, revenue growth in the agri business was driven by both volume and improved realisations.”

“Performance of the hotels business improved sequentially, though it is still caught in the throes of a weak recovery momentum,” the official communique stated. Earnings per share for the quarter stood at Rs 3.02.

Though the company’s cigarette business was adversely hit because of severe taxation, investments in products, innovation — coupled with consumer centricity — contemporary packaging styles and use of state-of-the-art manufacturing technology have enabled the business to deliver superior value through its brand portfolio of well crafted blends.

Investments are also being made to enhance quality, productivity and variety. Similarly, focused initiatives are being taken to strengthen the trade and distribution channels.

ITC’s paperboards, speciality papers & packaging business maintained its growth trajectory with net segment revenues increasing by 29%, driven by an enriched mix of valued added products, higher capacity utilisation and lower input costs.

“In the packaging & printing business, commissioning of investments in flexibles and carton lines augmented the company’s capability to deliver value-added packaging to customers in the consumer electronics and FMCG industries. Sales of carton packaging to external customers rose by 47% over the previous year,” the company release said.

While profit from the company’s agri-business improved significantly — primarily because leaf tobacco portfolio’s performance — the company’s hotels business recovered on the back of India’s resilient growth. The business witnessed substantial improvement in both occupancies and average room rates during the quarter.

ITC continued to pursue an aggressive, investment-led growth strategy in line with the longer term potential of the sector and the need for greater room capacities commensurate with India’s economic growth.

The company’s education and stationery products business continued on its impressive growth trajectory at 33%, emerging as the largest player in the notebook segment with a market share of 12%, sales of the branded packaged foods business grew by an impressive 24% during the quarter.

The company’s personal care products extended its line of soaps, shampoos and shower-gels to widen its product portfolio and establish a larger position in this growing market. While celebrity endorsed brand communication has improved brand salience, attractively-crafted schemes are triggering consumer trials.

Source : ITC Q3 net up 27% at Rs 1,144 cr- Earnings-News By Company-News-The Economic Times

 

[white_pawn]

India can become 3rd largest economy by 2012​

NEW DELHI: The US financial crisis may have expedited a shift in global economic power. According to a report by global consultancy firm

PricewaterhouseCoopers (PwC), India could become the world’s third largest economy by purchasing power parity (PPP), overtaking Japan in 2012.

This would be almost 20 years ahead of Goldman Sachs’ projection of 2032 in its BRIC (Brazil, Russia, India, China) report.

India is also expected to grow faster than China after 2020. China, which was projected to become the world’s largest economy by 2041, now looks set to achieve the distinction sometime around 2020, the PwC report said.

‘‘While the exact date is open to doubt, it seems highly likely that, by 2030, China will clearly be the largest economy in the world on PPP,” writes PwC head of macroeconomics John Hawksworth in the report.

India can become 3rd largest economy by 2012: PwC - India Business - Biz - The Times of India

 

[white_pawn]

Its a good news, but am not feeling to excited about the news as we are not concentrating on over all development of the country. For me HDI is one of the important aspect to be a developed country.

 

[FreekiN]

CHINA>EU>USA>INDIA

 

[Lankan Ranger]

CHINA & INDIA - ASIA FIRST

 

[Hulk]

CHINA>EU>USA>INDIA

EU is not a country

 

[amarnath]

NEW DELHI: The US financial crisis may have expedited a shift in global economic power. According to a report by global consultancy firm
PricewaterhouseCoopers (PwC), India could become the world’s third largest economy by purchasing power parity (PPP), overtaking Japan in 2012.

This would be almost 20 years ahead of Goldman Sachs’ projection of 2032 in its BRIC (Brazil, Russia, India, China) report.

India is also expected to grow faster than China after 2020. China, which was projected to become the world’s largest economy by 2041, now looks set to achieve the distinction sometime around 2020, the PwC report said.

‘‘While the exact date is open to doubt, it seems highly likely that, by 2030, China will clearly be the largest economy in the world on PPP,” writes PwC head of macroeconomics John Hawksworth in the report.

India can become 3rd largest economy by 2012: PwC - India Business - Biz - The Times of India

 

[gogbot]

Well its PPP.

but still i guess its good news i suppose.

More growth the Better.

 

[amarnath]

Well its PPP.

but still i guess its good news i suppose.

More growth the Better.

Yes buddy..... Our Manmohan singh jee is all into it, "Singh is king" Indeed

 

[gogbot]

Yes buddy..... Our Manmohan singh jee is all into it, "Singh is king" Indeed

well i cant wait for the Economy to hit the 2 trillion mark. Its gonna happen sometime in this decade. hopefully Sooner rather than latter

That's when the growth rate of 8-10 % will cause massive growth each year.

 

[amarnath]

well i cant wait for the Economy to hit the 2 trillion mark. Its gonna happen sometime in this decade. hopefully Sooner rather than latter

That's when the growth rate of 8-10 % will cause massive growth each year.

yes, yes...... India is doing all that it can.... going smooth, we need to get rid of poverty too...

 

[gogbot]

yes, yes...... India is doing all that it can.... going smooth, we need to get rid of poverty too...

More money, means more more transactions, more transactions means more growth, more growth means more jobs.

more jobs mean people can find a stable source of Income. Then their kids can go to school. and then they can get jobs.

It cant be avoided any longer but there is an Indian dream now.
You get your kids though college and then they get a High paying job, bringing the whole family up in the economic ladder.

interesting times we live in

 

[FreekiN]

EU is not a country

still an economic group