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Inflation may not moderate quickly: RBI
Mumbai, September 9
RBI Governor D Subbarao addresses a press conference in Mumbai on Tuesday. The RBI is all set to continue the war on inflation under the leadership of new Governor D. Subbarao, who took over last week.
RBI Governor D Subbarao addresses a press conference in Mumbai on Tuesday. — PTI photo

Indian connection to American deathcare
Bangalore, September 9
Indian IT services major Infosys Technologies has
stepped in to ensure that ‘deathcare’ in the USA is
carried out more efficiently.

OPEC to keep crude output steady
Oil prices likely to fall further
New Delhi, September 9
It is news that can cheer India and China no end. OPEC powerhouse Saudi Arabia has said it will keep oil production steady for the time being despite falling prices.

40 companies plan N-power plants
New Delhi, September 9
Within days of Nuclear Suppliers Group giving a go-ahead to nuclear trade with India, industry body Assocham yesterday said about 40 companies, including Videocon and Sajjan Jindal Group, were in talks with companies abroad to set up power plants, envisaging an investment of about Rs 2 lakh crore.

Subhiksha to foray into durables
Denies reports of stake sale
New Delhi, September 9
Supermarket chain Subhiksha Retail is foraying into consumer durables retail segment, with plans to invest Rs 600 crore for opening 150 stores by June 2009.

Yamaha to pump in Rs 800 cr
Mumbai, September 9
Japanese motorcycle major, Yamaha Motor Co, has drawn up a Rs 800-crore capex plan and is eyeing a 10 per cent market share in the fast-growing high-end motorcycle market in India, a top company official said.

Vedanta Group announces
restructuring plan

Mumbai, September 9
Aiming to increase its efficiency, NRI Anil Agarwal-
ed Vedanta Resources today announced a plan for
realigning its corporate structure into three commodity
focussed verticals.


A Swiss-made Longines wrist watch, seen front and back, which belonged to Albert Einstein.
A Swiss-made Longines wrist watch, seen front and back, which belonged to Albert Einstein. Seen in this handout picture provided by the Geneva-based auction house Antiquorum, it will be auctioned on October 16 in New York. It said the watch was expected to fetch between $20,000 and $30,000 when it goes under the hammer. — AFP photo

EARLIER STORIES



NextGen Venturi bets big on India
Chandigarh, September 9
The UK-based bluetooth technology organisation, NextGen Venturi, proposes to make India its business hub for its South Asian operations.

Hindujas eye buyouts overseas
Chennai, September 9
As their flagship heavy vehicle manufacturer Ashok Leyland celebrated its diamond jubilee, the Hindujas has announced plans to acquire related businesses in Europe and the Middle East.

S. Majumdar, director (projects), and J. Shreedharan, director (finance), PowerGrid, present a cheque of Rs 7 crore for Prime Minister's Relief Fund to Sushil Kumar Shinde, union minister for power, and Jairam Ramesh, union minister of state for power, in New Delhi on Tuesday.
S. Majumdar, director (projects), and J. Shreedharan, director (finance), PowerGrid, present a cheque of Rs 7 crore for Prime Minister's Relief Fund to Sushil Kumar Shinde, union minister for power, and Jairam Ramesh, union minister of state for power, in New Delhi on Tuesday. A Tribune photo

Wipro software for European TV viewers
Bangalore, September 9
Wipro Technologies today announced that TiVo Inc., a leader in television services for digital video recorders (DVRs), has adopted Wipro’s DVB-T and common interface (CI) software stacks for its solutions targeting Australian and European markets.

Ford adds new features
in Endeavour

New Delhi, September 9
In an apparent effort to boost its sales ahead of the festival season, Ford India, a wholly owned subsidiary of Ford Motor Company, is rolling out its SUV Ford Endeavour with optional features like GPS navigation system besides others.

 





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Inflation may not moderate quickly: RBI
Shiv Kumar
Tribune News Service

Mumbai, September 9
The RBI is all set to continue the war on inflation under the leadership of new Governor D. Subbarao, who took over last week.

Speaking to reporters here today, Subbarao said galloping inflation was still the main concern and the apex bank would continue the tight monetary policy started off by his predecessor, Y.V. Reddy.

"To keep India's growth engine on track for sustained economic growth, it is essential that inflation and inflationary expectations are contained," Subbarao said.

Responding to a query, Subbarao said it was too early to say if inflation has peaked though its momentum shows signs of coming down. Inflation, he said, may not moderate quickly.

The RBI Governor added that with not enough flexibility on the supply side, demand management has to be undertaken to curb inflation.

"Dampening demand and anchoring inflation expectations has been the logic behind the RBI's monetary stance," he said. In other words, he said, a slowdown in economic growth should be expected.

Subbarao said exposing the economy to a runaway inflation would have eroded confidence in the economy. This would have had a very serious impact on long-term growth and on the poor.

He said the Indian economy was not slowing down despite some negative indicators. Subbarao said the signs of moderation were only cyclical in nature and India's growth story was still on track.

"Despite the slowdown in advanced economies, global financial turmoil and volatile commodity prices, India's GDP growth in first quarter of 2008-09, on an annualised basis, was 7.9 per cent - among the highest in the world," the RBI chief said.

Subbarao noted that India's growth story from 5 per cent in the 1990s to 9 per cent during this decade was led by rise in private consumption, investment growth and surging exports.

The RBI Governor blamed the surge in inflation on the spurt in growth noticed over the past few years which could be exerting supply-side pressure on the economy.

"It is not surprising that after five years of 9 per cent growth, supply constraints will begin to emerge," Subbarao said.

However, he blamed international factors like rising prices of commodities, crude, metals and food.

"These external pressures are being exacerbated by strong domestic demand pressures," he said.

Replying to a query on what measures the central bank would take in future, Subbarao said these would depend on the impact of the measures already taken by the central bank.

"The RBI would be watching the drivers of demand," Subbarao said. "All I can say is that we will be monitoring the situation closely and continuously," he said.

"Be mindful of the implications of our monetary stance on the growth prospects, and take action as appropriate," Subbarao said in his message to bankers.

The Governor said he was committed to carrying out reforms in the financial sector so that it becomes more competitive and efficient.

He added that the central government and the RBI would be bringing out a comprehensive report on the financial sector so that a roadmap "that responds to our immediate and medium term needs can be drawn up".

The forthcoming October review of the RBI's monetary policy will review the GDP growth forecast for this fiscal. Further opening of the banking sector would also be considered, Subbarao said.

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Indian connection to American deathcare
Shubhadeep Choudhury
Tribune News Service

Bangalore, September 9
Indian IT services major Infosys Technologies has stepped in to ensure that ‘deathcare’ in the USA is carried out more efficiently.

Service Corporation International (SCI), North America’s largest provider of funeral, cemetery and cremation services, teamed up with Infosys to improve its human resource operations and implement a talent management software to streamline the capabilities of its employees.

SCI, headquartered in Houston, which prides itself as North America's leading provider of “deathcare products and services”, has a made a massive fortune out of its business of handling the deads.

SCI owns 1,300 funeral homes and 350 cemeteries in 43 American states, eight Canadian provinces, and Puerto Rico. It has more than 20,000 employees and has a revenue of more than $2 billion.

Infosys has implemented the talent management software (PeopleSoft Enterprise Human Capital Management 9.0) across the SCI network of offices in the USA, Canada and in the territory of Puerto Rico.

The Indian IT company was hired by SCI to provide it with operational consistency across countries and locations.

Following the collaboration, SCI now has enhanced automation as well as increased self-service capabilities delivered on a single platform.

“Based on our implementation methodology, we were able to complete the installation in only 12 months and have the entire company on the new application a few days later. As a result, SCI not only achieved optimised automation immediately but also achieved cost reduction by introduction of increased self- service,” Prasad Thrikutam, senior vice-president and head of energy, utilities and services, Infosys Technologies, said.

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OPEC to keep crude output steady
Oil prices likely to fall further
Bhagyashree Pande
Tribune News Service

New Delhi, September 9
It is news that can cheer India and China no end. OPEC powerhouse Saudi Arabia has said it will keep oil production steady for the time being despite falling prices.

Steady oil production would mean a further drop in prices of crude oil from the level of $105-110 per barrel that it is trading at the moment, say analysts.

For India, it means a further relief from the price convulsions that were being faced by the domestic oil companies as also for the consumers, who were unsure how high a price they will have to pay for fuel in future, say economists.

In India, domestic retail price of petrol and diesel is pegged at $68 per barrel. Though at present oil companies are making losses, but, the decision of the OPEC will mean that there will be more oil in the market for sale than the actual demand.

This will see a steady decline in oil prices in the coming future, at least till December, when the OPEC countries meet again for a review of production.

Saudi Arabia’s statement is of utmost importance because the country accounts for nearly one-third of OPEC’s output.

Saudi oil minister Ali Al Naimi said in Vienna today that the oil market was fairly balanced and in a healthy position.

However, Iran’s oil minister Gholam Hossein Nozari was of the opinion that the market had a over supply of oil and that there should be cut in production to maintain the price line.

OPEC nations account for two-thirds of the world's known oil reserves, and about 40 per cent of the world's oil production, affording them considerable control over the global market.

Kuwait's oil minister and a member of an OPEC committee, whose recommendations could influence OPEC's final decision about output, said there was no need for OPEC to cut production for the time being.

When asked about whether OPEC countries should stick to quotas instead of over production, he did not reply directly.

But, OPEC president Chakib Khelil warned of looming over supply, saying there was plenty of oil in the market. Khelil made a forecast that daily oil output would exceed demand by between 500,000 and 1.5 million barrels a day by the end of the year or early next year.

Meanwhile, benchmark crude for October delivery rose a modest 11 cents on Monday to settle at $106.34 a barrel on the New York Mercantile Exchange, as Hurricane Ike threatened oil and gas facilities, in and around the Gulf of Mexico.

On Friday, the contract fell by $1.66 to settle at $106.23, a five-month low, strengthening OPEC’s concerns about the rapid erosion of prices.

Still, a major cutback from the 30.5 million barrels being pumped last month by OPEC members is unlikely without Saudi compliance.

Naimi, the Saudi oil minister, has instead talked about a floor of $80 as the red
line for action.

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40 companies plan N-power plants

New Delhi, September 9
Within days of Nuclear Suppliers Group giving a go-ahead to nuclear trade with India, industry body Assocham yesterday said about 40 companies, including Videocon and Sajjan Jindal Group, were in talks with companies abroad to set up power plants, envisaging an investment of about Rs 2 lakh crore.

"We have already asked Prime Minister Manmohan Singh to amend the legislations regarding nuclear power to facilitate the entry of private sector in generation of nuclear power," Venugopal Dhoot, past president of industry chamber Assocham, told reporters here.

Welcoming the clearance given by NSG to India at Vienna, he said 40 companies were in the fray to set up nuclear power plants, which is likely to add 40,000 MW of power in the next 15 years.

The power produced from the nuclear plant will be cheap and will reduce the overall tariffs, Dhoot said. — PTI

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Subhiksha to foray into durables
Denies reports of stake sale

New Delhi, September 9
Supermarket chain Subhiksha Retail is foraying into consumer durables retail segment, with plans to invest Rs 600 crore for opening 150 stores by June 2009.

The company, however, denied reports of any plan by its promoters to exit the business or go for dilution of stake.

"We are planning to diversify our business and enter the consumer durables retail market. Our plan is to set up 150 specialised consumer durables stores across the country with an investment of Rs 600 crore by June 2009," Subhiksha Trading Services managing director R Subramanian told PTI.

He said the consumer durables stores would have a total space of 20 lakh square feet and would be located across 65 cities, including metros and Tier I and II cities.

"These stores would also come up under the existing brand name of Subhiksha," he added. The company has presently 1,580 supermarket stores under the Subhiksha Retail brand, in more than 100 cities.

"We are also increasing the number of our general supermarkets to 2,200 by end of the current fiscal," he said. — PTI

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Yamaha to pump in Rs 800 cr

Mumbai, September 9
Japanese motorcycle major, Yamaha Motor Co, has drawn up a Rs 800-crore capex plan and is eyeing a 10 per cent market share in the fast-growing high-end motorcycle market in India, a top company official said.

"We will invest Rs 800 crore in India and double capacity to 8,00,000 motorcycles and strengthen our dealers network," Yamaha Motor India (YMI) CEO and managing director, Tsutomu Mabuchi, told reporters here yesterday.

The company plans to introduce more high-end motorcycles in India to capitalise on the country's rapidly growing market.

It is eyeing a 10 per cent market share by FY 10 from the present 2.6 per cent, Mabuchi said while inaugurating its first new-age company-owned lifestyle factory shop in Mumbai.

The company is setting up its third unit at Surajpur in Uttar Pradesh, which will
be ready by next year. The company plans to introduce its new models from this
unit. — PTI

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Vedanta Group announces restructuring plan

Mumbai, September 9
Aiming to increase its efficiency, NRI Anil Agarwal-led Vedanta Resources today announced a plan for realigning its corporate structure into three commodity focussed verticals.

The group structure would be simplified into three verticals — copper and zinc-
lead, aluminium and energy, and iron ore, Sterlite Industries informed the Bombay
Stock Exchange.

Under the restructuring scheme, Sterlite would demerge its aluminium and energy businesses to Madras Aluminium Company Ltd (Malco) with effect from April 1, 2009.

Pursuant to the scheme, for every four shares held in Sterlite, the shareholders would get seven equity shares in Malco, Sterlite Industries (SIIL).

Further, for the demerger of Malco's investment into Sterlite, SIIL would issue one share for every 51 equity shares held in Malco.

Besides, the other aluminium business undertakings of the Vedanta Group would also be demerged into Malco which include the Aluminium foils plant at Sanaswadi, 51 pc stake in Balco and 29.5 pc stake in Vedanta Aluminium. — PTI

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NextGen Venturi bets big on India
Ruchika M. Khanna
Tribune News Service

Chandigarh, September 9
The UK-based bluetooth technology organisation, NextGen Venturi, proposes to make India its business hub for its South Asian operations.

The company has just set its base in the Rajiv Gandhi Technology Park here. The company is targeting a turnover of Rs 17 crore in its first year of operations.

Talking to TNS here today, Gaurav Bikram, director, South Asian operations, said the company had recently developed a state-of-the- art product that would connect mobile phone, iPod/MP3 player with car stereo loudspeakers.

“The product design and technology has been developed in the UK, but the mass production will be carried out in India. We have tied up with Deltron, a premium brand in bluetooth testing, for the production. This product will hit the shelves later this month,” he said.

This premium product will be first launched in India, and after capturing the market here, will be imported to China, Hong Kong, Indonesia and Malaysia.

“We are expecting the product to do well here and become the growth driver in the Indian market," said Bikram, adding that they would also be introducing other innovative products under the Venturi brand.

He said the company was driving the evolution of in-car audio with the use of
bluetooth technology.

The company provides bluetooth services to renowned automobile players in the UK and North America, and would also look forward to tie-ups in India.

“The worldwide sales of bluetooth technology was estimated at $ 80 million last year. With India being a hub of both GSM and CDMA technologies, many companies are now marketing the latest music/MP3 mobiles here. We will be developing and distributing devices which promote efforts benefits of converged mobile and music products,” he said.

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Hindujas eye buyouts overseas

Chennai, September 9
As their flagship heavy vehicle manufacturer Ashok Leyland celebrated its diamond jubilee, the Hindujas has announced plans to acquire related businesses in Europe and the Middle East.

The group chairman S.P. Hinduja said here that their objective was to make Ashok Leyland as one of the five top commercial vehicle manufacturers in the world within the next 10 years.

The diamond jubilee of the company was celebrated here on Sunday at a function presided over by the state Governor S.S. Barnala and attended by union finance minister P. Chidambaram.

Chidambaram used the occasion to emphasise that people in India should make greater use of public transport. — PTI

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Wipro software for European TV viewers
Tribune News Service

Bangalore, September 9
Wipro Technologies today announced that TiVo Inc., a leader in television services for digital video recorders (DVRs), has adopted Wipro’s DVB-T and common interface (CI) software stacks for its solutions targeting Australian and European markets.

TiVo has recently launched its HD DVR in Australia with Wipro’s Digital Video Broadcasting Terrestrial (DVB-T) middleware stack.

The solution supports the free-to-air television networks, digital channels available across Australia with most of TiVo’s popular features.

“TiVo continues to expand its global footprint through strategic alliances that bring a DVR solution to international pay TV and broadcasting companies while providing the best television entertainment experience to consumers around the world,” Joshua Danovitz, vice-president and general manager of TiVo Inc, was quoted to have said.

“TiVo has been an innovation leader since inception. It has changed the whole TV viewing experience through innovative DVR solutions over the years. We are excited about Wipro’s multi-country compliant DVB-T stack, along with DVB-CI stack, being adopted by TiVo for DVR solutions,” said Nagamani Murthy, vice-president, mobile consumer electronics & automotive group, Wipro Technologies.

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Ford adds new features in Endeavour
Tribune News Service

New Delhi, September 9
In an apparent effort to boost its sales ahead of the festival season, Ford India, a wholly owned subsidiary of Ford Motor Company, is rolling out its SUV Ford Endeavour with optional features like GPS navigation system besides others.

“Ford India has now further enhanced the Ford Endeavour with Navi gear that includes new high tech GPS navigation system, in-car chiller-cum-warmer and a fifth door convex mirror,” the company said in a statement today.

These additional features are a ‘plug and go’, with installation at a special pricing
of Rs 27,500.

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BRIEFLY

Idea open offer for Spice stake
Mumbai:
Idea Cellular on Tuesday said its open offer for acquiring 20 per cent
equity shares in the B K Modi-led firm Spice Communications will now be open
from September 17. On June 30, Idea Cellular had announced the open offer for
acquiring about 13.79 crore shares in Spice Communications at a price of Rs 77.30
per share. — PTI

BHEL bags Rs 2,200-cr order
New Delhi:
State-run Bharat Heavy Electricals has outbid French equipment maker Alstom by winning a Rs 2,200-crore turnkey contract for setting up a Combined Cycle Power Plant in Tripura. The order for supply and commissioning of two fuel efficient gas turbines has been placed by ONGC Tripura Power Company Ltd (OTPCL), a joint venture of ONGC, IL&FS and the Government of Tripura. — PTI

Rasna eyes US market
New Delhi:
Concentrated drinks maker Rasna, which has entered into instant tea segment, plans to launch its 'Bollywood Chai' in global markets, including the US, the UK, Singapore and Australia. The company plans to launch its branded instant tea in the US by October this year. Rasna CMD Piruz Khambatta said the US would be the first country where the new product would be introduced in October. — PTI

Jet’s Pune-Bangalore flight
New Delhi:
Jet Airways will re-introduce its daily operations on the Pune-Bengaluru-Pune sector from September 11, becoming the only airline to offer its passengers a same day return service between the two cities. With the launch of these new, daily flights, Jet Airways will offer passengers an early morning departure from Pune and arrival in Bengaluru. — UNI

Ultra Motor to invest Rs 150 cr
New Delhi:
UK-based two-wheeler maker Ultra Motor has planned to invest Rs 150 crore in India over the next three years to expand operations and launch new products, including five new e-scooters this fiscal and an electronic bike in two years. The company has also cut the price of its electric scooters by 24 per cent in Delhi following tax benefits offered by the state government for environment friendly electronic vehicles. — PTI

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