28th October- Economic Times

smit desai
soumya
srinivas rao


Sensex today opens at 20005.37(dips 216 pts.)
Nifty today opens at 6012.65(down 1.14%)
Sebi allows bourses to shift to European-style options trade:-
Securities and Exchange board of India (sebi) has allowed domestic exchanges to introduce European style stock Options, a move that is expected to boost volumes in these contracts. In previous Indian Exchanges are in American style which can be exercise during anytime of the contract tenure but in these European style a buyer can exercise only on the expiry day. Exercise means terminating a contract.
Accounting Fraud drags TRF 20% down:-
SHARES of TRF — a Tata-promoted manufacturer of material-handling equipment — crashed 20% on Wednesday, after the management told analysts at a conference call that it had to write off . 46 crore because of an accounting fraud in one of its divisions. An email sent to the company spokesperson did not elicit any response.
According to analyst, the company said that an extensive investigation had been done and corrective measures taken to prevent recurrence of such incidents.
“The officials responsible for this have been suspended and figures have been restated after taking corrective measures,” said the analyst. TRF, formerly known as Tata-Robins-Fraser provides material handling equipment and processing systems. It also undertakes projects for power and steel plants, ports, fertilizers and mining sectors.
Pharma co.’s sales catch flu as H1n1 fears ebb:-
As the rate of swine flu is decreasing the companies which had produced lot of drugs are not able to sale off them, so they are looking for government tenders.
Warehouse projects a non-starter in UP:-
In UP, 57 warehouses with a total capacity of 26.81 lakh tonne have to be allotted. But only 35 tender documents have been sold till now. Apprehensive of a poor response, the authorities have now extended the last date of tender submission till November 16. “Minimum 2 acre land is needed to build a 5,000-tonne warehouse, which will entail an investment of Rs 1.5 crore and above. That is not a business proposition many would jump at,” said a UP State Warehousing Corporation official. The corporation is the nodal agency acting on behalf of FCI for executing the project in the state.
UN sanctions on Iran may hit tea exporters:-
THE United Nations sanctions against Iran may impact tea exports to the Middle-East Asian country where demand for India’s high-end orthodox tea is increasing.
Following the sanction, Indian exporters are facing problems in opening letters of credit for their shipments. A letter of credit is a bank document that assures sellers that a trading partner will pay for imported goods. It is used frequently in international trade. At the moment, Iranian traders cannot get letters of credit while European insurers are banned from insuring cargo entering Iran. Even most banks in the United Arab Emirates, an important trading partner for Iran, have stopped money transfers after the latest round of sanctions against the Islamic republic.
Eggs may cost more on rising feed prices:-
Egg prices in the wholesale Delhi market were ruling at Rs 2.70 per egg with retail price varying from Rs 3-4 per egg. However, broiler prices have come down from Rs 80 to Rs 45, owing to an increase in production this year. “The age-old myth of eating eggs during winter to stay warm is ensuring a great demand in the coming months. Wholesale egg prices, in a few days, will touch Rs 3 an egg. The November-January period is the season when the demand increases,” said M Batliwala, general manager, National Egg Coordination Committee (NECC).
Mahindra-navistar ready to hit roads:-
After initial hiccups, Mahindra-Navistar joint venture is getting its act together by stepping up investments in innovation, product launches and services. Rakesh Kalra, managing director of the JV in an exclusive interview with Lijee Philip talks, among other things, about how the company is betting on 25 and 31 tonne trucks, to be launched in the country this festive season, to take on competition in the high-end commercial vehicle market.
Add digital sign to sms, phone:-
SOON, you may be able to digitally sign emails and SMS’s sent from your mobile phone. The government is drafting a plan to allow proxy SIM cards carrying digital certificates to be used in mobile phones, which can make emails and SMS’s sent from a mobile phone secure.
Wiki eager to move across population:-
Founder Jimmy Wales To Be In India Next Week To Increase Awareness About Online Encyclopedia. WIKIPEDIA founder Jimmy Wales, who will be in India next week to drum up awareness about the online encyclopedia and increase Indian language contributions, says he's a pathological optimist. The Wikipedia project has not only built the largest online encyclopedia, but a resource that is free, collaborative and credible. In an era where integrity of information is often in doubt, it has successfully leveraged the internet's positives and cancelled out its negatives.
"We've come a long way and are quite successful in maintaining its high quality but we have a lot of work to do, especially in this part of the world," Mr. Wales told ET in an interview from Hong Kong, before travelling to India. "I did have great hopes for Wikipedia but it has exceeded even my expectations," he admitted. Wikipedia's annual budget is a shoestring $20.4 million, despite having increased over the years since it started in 2001.
Reva plans china entry to cash in on green car drive:-
The world's largest electric car-marker, Reva motors plans to enter china in the hope of cashing in on rising demand for eco-friendly cars as government push to stricter emission norms globally.
kochi IPL gets month's breather
kochi IPL team gets one month time to solve the conflicts of the ownership or not to participate in the coming IPL season.
InfoTech
Indian it industry to raise outsourcing issue with Obama
The Indian IT industry will raise issues related to outsourcing and immigration with US President Barack Obama during his visit to India next month, Infosys Technologies' chief executive S. Gopalakrishnan said on Tuesday. Admitting that the new US immigration policy was worrying the Indian IT industry, Gopalakrishnan said though the US Border Security Bill had nothing to do with immigration, it has had an impact on the cost of IT services firms. In light of the uncertainty at the macro level and higher unemployment rate in the US, the top official said technology spending in the US in 2011 was going to be similar or slightly better than in 2010.

"I expect IT budgets to be flatter or slightly up. Our way of going up the value chain is to take increasing share of the tech spending, as global outsourcing gets larger share of the pie," said Gopalakrishnan.
World's lightest smartphone to hit India via Micromax
The world's lightest smartphone, weighing just 60 grams, is all set to hit the Indian market to make the most of the ongoing festive season.
Israeli entrepreneur Dov Moran's company Modu, which launched tiny smartphone Modu T last week, has announced striking a partnership with India's third largest distribution company Micromax for the venture, business portal Calcalist reported. Micromax will sell the cellular phone as part of a package that includes two "jackets", which are add-on sets for the Modu, at Rs 12,500 ($282). The Modu T is a 3.5 generation smartphone with a 2.2 inch touch screen and has Qualcomm's Brew operating system and an array of Java-based applications, including Snaptu, Facebook, Flickr and media player TuneWiki.

Apple launches online store in China
Apple on Wednesday launched online sales in China and made its App Store available in simplified Chinese, as the US technology giant expands aggressively in the world's largest mobile market.
Apple opened two new retail shops in mainland China last month as it launched the iPhone 4. It now has two shops in Beijing and two more in Shanghai, with a total of 25 outlets expected by the end of next year. The iPhone 4 made its debut in China on September 25, a week after Apple officially launched the iPad in the country, with some customers queuing for several days to get their hands on the computer.
China has at least 420 million web users and is also the world's largest mobile market with more than 833 million subscribers at the end of September, according to official data.
IT sector aims to soften image as Obama visits India
US President Barack Obama's visit to India puts the spotlight on its $60 billion IT sector, which argues it is a creator of jobs in the United States and should not be blamed for high unemployment. Obama is expected to visit Mumbai, India's financial hub and the center of the 2008 militant attacks. U.S. officials say much of the trip's focus will be boosting trade that is expected to double in five years from the current level of $50 billion. But it is a sign of the times that Obama is not expected to visit Bangalore, the country's technology hub. U.S. officials say much of the trip's focus will be boosting trade that is expected to double in five years from the current level of $50 billion. Obama's fellow Democrats are expected to take a drubbing in the Nov. 2 balloting amid unemployment stuck near 10 percent. In California, where the jobless rate tops 12 percent, Democratic Senator Barbara Boxer accuses her Republican rival Carly Fiorina of sending jobs abroad when she was chief of Hewlett-Packard.
India's IT services industry, which generates 70 percent of its revenue from the United States and accounts for 5 percent of India's economy, is a victim of its own success. Before the global economic downturn, the sector was growing by roughly one-third per year as companies across industries shipped commoditized work to India and elsewhere to cut costs.
HDFC Standard Life hopes to break-even in FY12
Insurer HDFC Standard Life Insurance Company Ltd expects to break-even in the 2011/12 financial year. The joint venture between India's top mortgage lender, HDFC, and Britain's Standard Life, had posted a loss of 2.75 billion rupees ($62 million) in the year ended March 2010, lower than 5.03 billion a year ago and is expected to stay in the red this year. HDFC Standard Life could launch an initial public offering in the second half of 2011 if an insurance bill, which proposes raising the foreign holding in insurance firms to 49 per cent from 26 per cent, is approved by the Indian parliament.
Bharati, Aircel keen on Qualcomm BWA biz:-
Bharati Airtel and Aircel cellular are interested in buying the yet to be launched Indian wireless broadband of Qualcomm.
Airtel has 3G spectrum in Delhi, HP, UP, and Rajasthan. They have broadband wireless spectrum in Punjab. Haryana is the only missing link for them in north India.
While coming to Aircel cellular keen on mumbai and Kerala circles.
BSNL to float $3.5-b tender:-
BSNL wants to procure equipment for 40 million GSM lines. BSNL is yet to decide whether it wants a single contract or split the contracts over two year period.
General
cat2010: NO glitches on Day1
Cat 2010 has been started on 27th oct and there is peace while compared to previous year. And the no, of students have been decreased from 2.42lakh to 2.06 lakh.
Barack Obama’s visit to India
Days before US president Barack obama visit to India there were war of words between the two countries US and India about the information on LeT operative David Coleman who was involved in the 26/11 attack. India has asked that they did not provide the information regarding him where as US says that they had provided the complete information.
Karnataka disqualified MLA's
Karnataka’s qualified MLA's files a case in Karnataka High court against the speaker K G Bopaiah saying that he had been given judgment supporting Karnataka's chief minister.