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Rupee gains on global risk revival; RBI in focus
Windows 8 recasts PC industry: Microsoft
Mukesh Ambani tops
A corporate honcho’s stunning fall from grace
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Cabinet approves 10% stake sale in NMDC: Minister
M&M Q2 net up 22%, beats expectations
Gold demand stays firm on price drop
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Rupee gains on global risk revival; RBI in focus
Mumbai, October 25 Traders are now eyeing the Reserve Bank of India's policy review on Tuesday, which will be key in determining whether the domestic currency can sustain the muted rebound seen this week. "Asian currencies were appreciating and the dollar was getting beaten against other majors, which helped the rupee. But there was persistent demand from oilers," said Vikas Babu Chittiprolu, a senior foreign exchange dealer with Andhra Bank. "Next week the RBI will be watched for direction. A rate cut will surely boost the rupee. I’m expecting a 53.20 to 53.95 range until the policy with FII demand for Asian currencies also likely to help the rupee". The partially convertible rupee closed at 53.56/57 per dollar versus its previous close of 53.74/75. For the week, the unit rose 0.5%, snapping two previous weeks of falls. Forex markets will be closed on Friday for the second time this week due to a banking holiday. Strong dollar demand from oil firms, as is traditional towards the end of the month, prevented further gains in the rupee. Starting Monday, the focus is expected to shift to the central bank's review. Most analysts expect the RBI to keep rates on hold given inflation remains high, but bond markets are cautiously pricing in a surprise easing action. — Reuters |
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Windows 8 recasts PC industry: Microsoft
New York City, October 25 "We've reimagined Windows and we've reimagined the whole PC industry," Ballmer told Reuters Television early on Thursday in New York ahead of a launch event for Windows 8 and the company's new Surface tablet, which goes on sale to the public on Friday. "In addition to notebooks and desktops, we introduce the PC as tablet," said Ballmer. "Work. Play. Tablet. PC. Boom! One product." The world's largest software company is desperate for the new-look, touch-friendly Windows 8 to grip customers' imaginations, as it looks to regain lost ground to Apple Inc and Google Inc in mobile computing and shake up the moribund PC market. Microsoft is doubling down on its bet with its own tablet called the Surface, available only through its own stores and website, which will challenge Apple's iPad head on. "We have a device that's uniquely good at being a tablet and a PC (with) no compromise on either one," said Ballmer. Ballmer, who took over as Microsoft CEO from co-founder Bill Gates in 2000, is taking the company away from its foundations in software to become more of a hardware and services company, like long-time rival Apple. "We're all in on this," Ballmer said, adding that 10,000 applications would be available at launch and Windows 8 devices would be available at a variety of prices. You'll find these things everywhere this holiday season”. — Reuters |
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Mukesh Ambani tops
Forbes list, Sunil Mittal not in top 10
Mumbai, October 25 The fallout from a telecoms scandal that saw 2G licences sold illegally in 2008 has rumbled on through this year as the government has grappled with how to re-auction the airwaves. India's power and coal industries have been plagued by shortages and delays in mining approvals, due in part to greater scrutiny in the aftermath of accusations the government allocated coal blocks to private companies at below-market prices. Savitri Jindal, chairwoman of power and steel conglomerate Jindal Group, saw her wealth fall $1.3 bn in the year as the Jindal Steel & Power subsidiary is alleged to have benefited from those allocations. The firm has denied allegations it was unduly favoured in the allocation process. In the 12 months since Forbes released its 2011 list, India's GDP growth rate has slumped to 5.5% from 8%. Mukesh Ambani was India's richest man for the fifth straight year, with wealth of $21 billion, Forbes said, even as his Reliance Industries Ltd lost about 7 percent of its market value. ArcelorMittal chairman Lakshmi Mittal was ranked second despite losing $3 billion in net worth since last October. The biggest climber in the list was Dilip Shanghvi, chairman of Sun Pharmaceutical, India's biggest drugmaker by market capitalization, who entered the top five for the first time as his company's share price soared. The collective wealth of India's 100 richest rose 3.7% to $250 billion, Forbes said.— Reuters VIJAY Mallya loses billionaire tag
Liquor baron Vijay Mallya, often referred to as 'King of good times', has lost his billionaire tag as "bad times" in his aviation business have dragged down his networth to below the US $1 billion mark. According to Forbes magazine's India rich list released Thursday, Mallya is now ranked 73rd with a fortune of $800 million (about Rs 4,285 cr), a sharp plunge from 49th place last year with a fortune of $1.1 bn. — PTI |
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A corporate honcho’s stunning fall from grace
New York City, October 25 Gupta, 63, on Wednesday was handed down a two-year prison term by US District Court Judge Jed Rakoff, who also ordered him to pay a US $5 million fine. The rise and fall of 63-year-old Gupta, who went from being one of the most successful India-born businessmen in the US to being called "deceptive and dishonest" after his conviction on insider trading charges, has been the stuff of legends. “Born in Maniktala in Calcutta, Gupta is the son of a freedom fighter-turned-journalist father and school teacher mother. An orphaned Gupta, who came to Harvard Business School on a scholarship after completing his B-Tech in mechanical engineering from IIT Delhi, charted an enviable career graph for himself. Following initial years of struggle after his parents' untimely death, Gupta topped his class at Harvard and applied for a position at McKinsey, but was turned down for lack of business experience. After a professor personally intervened with the then head of McKinsey, Gupta joined its New York office in 1973. In just over 20 years, he rose to the position of global head of the company, becoming the first ever India-born CEO of a US international corporation. Gupta's rise through the ranks of corporate America was stellar with enviable posts like board seats at Goldman Sachs and Procter and Gamble, co-founder of the prestigious Indian School of Business, adviser to the executive leadership of the Bill and Melinda Gates Foundation as also the United Nations dotting his resume. Gupta was also a director of the AMR Corp, the parent company of American Airlines. The Rockefeller Foundation appointed him a trustee; he was named special adviser on management reform to then UN Secretary-General Kofi Annan and additionally served on the UN Commission on the Private Sector & Development and was co-chairman of the UN Association of America. He was hailed as a poster-boy of Indians scaling great heights in corporate echelons abroad and his friends described him as a "first-class guy". However, after a stellar career that was 40 years in the making, it took only one year for Gupta's downfall. He was slapped with insider trading charges on October 26 last year — PTI
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Cabinet approves 10% stake sale in NMDC: Minister
New Delhi, October 25 The government is looking to raise Rs 300 billion selling shares in state-run firms to fund a fiscal gap that is threatening to hit 6 per cent of GDP this fiscal year, which ends in March 2013. — Reuters |
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M&M Q2 net up 22%, beats expectations
Mumbai, October 25 Mahindra, the world's biggest tractor maker by volume, said its domestic tractor sales fell 13.8% in the June-September quarter, hit by cooling economic growth and lacklustre monsoon rains, dragging the company's operating margin down to 11.4% from 12% a year ago. "Tight macroeconomic and political constraints at home and worries about a second global recession have taken a heavy toll on the Indian economy," the firm said in a statement. "The current economic situation is quite challenging." M&M said Thursday net profit for the September quarter was Rs 902 crore ($168 million), against Rs 7.37 crore a year earlier. Net sales rose 33% to Rs 9,659 crore. Analysts, on average, had expected profit of Rs 840 crore on revenue of Rs 9,572 crore, according to Thomson Reuters I/B/E/S. Mahindra, which controls South Korean carmaker Ssangyong Motor, said revenue from automotive sales jumped 58% in the quarter, as surging demand for SUVs helped the company defy the gloom in India's car market. — Reuters
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Gold demand stays firm on price drop
Mumbai, October 25 By 2.37 pm, the most-active gold contract for December delivery on the MCX was up 0.16% at Rs 30,894 per 10 gm. In the previous session, the contract fell to Rs 30,827, the lowest level since October 5. "Demand is very good. Diwali is just around the corner and prices are coming down. People are making purchases," said Chanda Venkatesh, MD of CapsGold, a bullion merchant. — Reuters |
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New York City, October 25
Global shares and commodity markets rose on Thursday, pulling out of their recent slide on the back of encouraging economic data from Britain and China and the US Federal Reserve's latest commitment to support growth.
Sunil Bharti Mittal, chairman of telecoms giant Bharti Airtel Ltd and Gautam Adani, chairman of the power-focused Adani Group, dropped out of Forbes' annual list of the 10 richest Indians, as uncertainty and controversy gripped their industries.