http://www.financialexpress.com/index.php Mon, 09 Nov 2009 05 : 46 : 34 +05:30 financialexpress.com http://static.expressindia.com/frontend/fe/images/financial-logo.gif http://www.financialexpress.com/index.php Feed provided by financialexpress.com http://www.financialexpress.com/news/pm-dispels-fears-over-reforms-pace/538924/ With his government better placed than ever to push second-generation economic reforms, Prime Minister Manmohan Singh on Sunday spoke his mind to an industry audience by promising a ‘gradual but steady progress’ in the long-stalled financial sector reforms. He also assured steps to improve futures markets for better price discovery and removal of the institutional impediments to better intermediation. “We need to develop long-term debt markets and to deepen corporate bond markets. This, in turn, calls for strong insurance and pension sub-sectors,” he said, signalling far-reaching reforms in these complementary sectors. http://www.financialexpress.com/news/raja-tweaked-norms-to-help-swan-unitech/538926/ The CBI investigation into the spectrum scam has shown serious irregularities by the Department of Telecommunications in awarding spectrum on a first-come-first-served basis and the needle of suspicion again appears to point towards telecom minister A Raja. http://www.financialexpress.com/news/echo-bubbles-are-hardly-uncommon/538930/ Of late doubts are being expressed by important players on Wall Street that the rising commodity price bubble, especially oil and food items, could derail the growth story in emerging markets by forcing central bankers to hike interest rates ahead of time. http://www.financialexpress.com/news/rs-10cr-ad-campaign-to-expand-nps-reach/538934/ The government is moving fast on pension reforms. While the finance ministry is ready to take the Pension Fund Regulatory and Development Authority (PFRDA) Bill to the Cabinet for approval this week, interim pension regulator PFRDA has drawn up a multi-pronged strategy to expand the reach of the new pension scheme. http://www.financialexpress.com/news/centre-protests-copyright-violation-by-google-books/538935/ Web portal Google Books’ initiative to create a digital library by scanning printed publications has triggered alarm bells in India, forcing the Centre to take up the matter with the US government. http://www.financialexpress.com/news/bajaj-rides-100cc-to-regain-second-spot-in-2wheeler-mkt/538635/ If early numbers are anything to go by, Bajaj Auto’s renewed focus on the entry-level 100-cc bike segment is beginning to pay off. The recently launched 100-cc Discover has not only helped it regain the second position in terms of domestic... http://www.financialexpress.com/news/uno-exits-shriram-trans-fin/538633/ Uno Investments, the investment vehicle of the private equity firm Chrys Capital Mauritius Ltd, has exited the Chennai-based Shriram Transport Finance Company Ltd by selling its remaining 2.13% stake in the open market. http://www.financialexpress.com/news/the-fight-for-sugarcane-price-in-up-takes-a-political-colour/538631/ From being a conflict between growers and millers, the sugarcane impasse in India’s leading cane-growing state, Uttar Pradesh, is slowly turning into a larger political battle. http://www.financialexpress.com/news/music-royalty-row-casts-shadow-over-fmiii-auctions/538630/ At the first event of the Association of Radio Operators for India in New Delhi on Monday, FM radio players are hoping for clarity on a slew of regulatory issues that is holding up the rollout of Phase-III, the most contentious being the dispute over music royalty. http://www.financialexpress.com/news/pe-firms-target-indian-investors-to-raise-funds/538629/ Even as corporate groups and financial institutions in India are floating their own private equity funds, the downturn in the global economy has affected their fundraising plans indefinitely. However, by exploring new sources such as domestic institutions and high networth individuals, a few PE firms have received commitments while a few others remain optimistic about completing fundraising soon. Avendus, the Mumbai-based merchant banking firm, and one of the latest entrants into the PE market, is expected to complete raising Rs 1,000-crore private equity fund next year. http://www.financialexpress.com/news/nath-keen-to-rope-in-llps-for-highways/538280/ Faced with the challenge of awarding road projects worth Rs 1 lakh crore over the coming year, surface transport minister Kamal Nath is exploring a new funding mechanism for the cash-starved highways sector— roping in limited liability partnerships to invest in the sector. http://www.financialexpress.com/news/finmin-3-deficit-only-by-fy15/538277/ The finance ministry has projected that it would be able to wipe out the revenue deficit and rein in the fiscal deficit at 3% of GDP only by 2014-15. http://www.financialexpress.com/news/sbi-reduces-deposit-rates-again/538275/ India's largest bank has begun to shave its high-cost deposits. On Friday, State Bank of India slashed the interest rates on deposits of various maturities, including both short term and medium term in a range of 25 to 50 basis points, effective from November 9. http://www.financialexpress.com/news/department-of-disinvestment-to-have-a-greater-say-in-process/538273/ To translate the Manmohan Singh administration’s disinvestment policy announced on Thursday into action, the Centre will set up a core group of secretaries to chalk out the procedures to be followed for stake sales in... http://www.financialexpress.com/news/small-ports-govt-mulls-oversight/538272/ All of India’s 187 non-major ports--including a clutch of them with capacities larger than some of the 12 notified major ports—could soon be brought under the jurisdiction of Tariff Authority for Major Ports. The move would reduce the ability of a number of these smaller ports to attract cargo from major ports, as Tamp regulation would divest them of the freedom to fix competitive tariffs. Currently, Tamp regulates tariffs of only major ports. States like Gujarat, which have built sizeable port capacities and privatised operations to a large extent, would be hit by the move. http://www.financialexpress.com/news/cbi-now-probes-procedural-lapse-by-telecom-dept/537846/ In a move that could spell more trouble for communications and IT minister A Raja, investigating agency CBI has begun inquiring into what might have led the department of telecommunications to disregard then law minister HR Bhardwaj’s opinion on the procedure for granting new telecom licences and, instead, directly approach then solicitor-general Goolam Vahanvati for his views. http://www.financialexpress.com/news/soaring-microfinance-lures-pe-investors/537843/ The microfinance sector, which has doubled its outreach every year over the last five years, is seeing bigger private equity investments, as risk-wary investors rely more on rural demand than export-oriented markets. http://www.financialexpress.com/news/centre-to-consider-49-stake-for-foreign-airlines/537839/ In what could breathe life into the loss-ridden aviation industry, the government will shortly consider a proposal to allow foreign airlines pick up to 49% equity in Indian carriers. This is despite stiff opposition from the country’s largest private airline, Jet Airways. http://www.financialexpress.com/news/wipro-buys-yardleys-asia-biz/537834/ Wipro Consumer Care and Lighting has signed an agreement with UK’s Lornamead group to acquire the Yardley business in Asia, Middle East, Australasia and certain African markets for $45.5 million. Lornam-ead, founded by London-settled Jatanias of Indian origin, would retain the Yardley business in Europe and America. http://www.financialexpress.com/news/govt-unveils-disinvestment-policy/537830/ Prime Minister Manmohan Singh put UPA-II’s reform train back on track on Thursday. The government’s disinvestment policy announced on Thursday shies away from strategic sale of public sector units, but is the largest-ever plan to unlock the value of companies for investors, especially retail. It also holds the promise of improving PSUs’ governance standards while raising resources to contain the Centre’s huge fiscal deficit. The stake sale proceeds, which could touch Rs 25,000 crore annually... http://www.financialexpress.com/news/cbi-to-quiz-exsecys-telecom-panel-member/537355/ There could be trouble ahead for communications and IT minister A Raja, with the CBI deciding to widen the scope of its enquiry into the spectrum scam, by seeking details from former DoT secretaries DS Mathur and Siddhartha Behura and Telecom Commission member Manju Madhavan. http://www.financialexpress.com/news/credit-growth-still-slow-but-bankers-see-revival/537352/ One month into the fiscal’s second half and the slow credit off-take in the banking sector appears to belie early signs of economic recovery. Off-take of bank credit grew below 10% up to October 23--the sharpest slowing in its expansion in 12 years. http://www.financialexpress.com/news/valuation-drop-global-telcos-eye-manda-route/537351/ The month-long battering that stocks of telecom companies have taken on the bourses has resulted in a huge dent in their market capitalisations, making mergers and acquisitions in this space more affordable today than one year ago. http://www.financialexpress.com/news/ntpc-delays-compound-power-woes/537348/ Many key projects of public sector NTPC Ltd is running behind schedule. http://www.financialexpress.com/news/landt-info-in-talks-to-buy-patni/537343/ LandT Infotech, part of Rs 40,000-crore engineering and construction major Larsen and Toubro, is in advanced talks to acquire a majority shareholding in the country’s sixth-largest software firm, Patni Computer Services. According to sources close to the development, LandT has already completed due diligence and contours of the deal are being worked out. “LandT Infotech has been in talks with Patni for some time now. We have already completed due diligence,” confirmed a senior LandT source, who did not wish to be named.