Breaking News & Stocks

rakeshmalik · #**311** 16th February 2008, 12:36 PM

Tatas announce deal with Sikorsky to build helicopter cabins

New Delhi, Feb 15: In yet another milestone in its entry into the defence sector, the Tatas on Friday announced a tie-up with US helicopter firm Sikorsky to manufacture chopper cabins in India.

The Sikorsky aircraft corp signed an MoU with Tata Advanced Systems (TAS) to manufacture S-92 helicopter cabins in India.

"India represents an expansive rotorcraft market with enormous potential and opportunity," Sikorsky president Jeffrey P Pino said in a statement here.

The companies, however, refused to divulge details regarding the value of the deal.

It said the Tata industries believed that this manufacturing facility for S-92 chopper cabins would offer productivity gains to the US firm while bringing new manufacturing technology to India.

The announcement came a day after Tata industries limited and Boeing company announced their decision to form a joint venture company that will initially have over USD 500 million of defence-related aerospace component work in India for export to Boeing and its global customers.

Sikorsky, based in Stratford, Connecticut, is one of the world leaders in helicopter design, manufacturing and service.

Bureau Report

rakeshmalik · #**312** 16th February 2008, 12:45 PM

Nokia unveils green cell phone

Washington, Feb 15: Cell phone manufacturer Nokia has come up with an environment friendly handset each part of which is made of 100 percent recycled materials.

The company has named its revolutionary handset “ReMade” mobile.

Experts at Nokia say that their new phone has been designed using recycled materials that avoid the need for natural resources, reduce landfill, and allow for more energy efficient production.

They extracted aluminum from cans, plastic from drink bottles, and rubber from old car tyres for making it.

They have even used eco-friendly printed electronics in the phone, reports Environmental News Network.

According to the company, the graphics used on the display save energy without compromising on style.

Nokia says that the idea behind the “remade” concept was to determine if it was possible to create something a device from used matter.

The firm says that this concept is part of its ongoing work looking at how people can be helped in making more sustainable choices.

Such an environment friendly mobile may help inspire and stimulate discussion on how mobile devices might be made in future, says the company.

Bureau Report

rakeshmalik · #**313** 16th February 2008, 12:49 PM

RCom introduces multiplayer mobile games

New Delhi, Feb 15: Seeking to capitalise on the growing mobile value-added services market, second largest private telecom operator Reliance Communications on Thursday introduced multiplayer mobile games for its customers in partnership with Canvasm.

Canvasm technologies, a joint venture between Tech Mahindra and Motorola, is a mobile Value-Added Services (VAS) provider and has a global presence.

"Mobile gaming is definitely a fast growing sector and is expected to catch up with the developed markets. Reliance’s launch of multiplayer mobile games is another step in this direction and we are quite confident that it will generate a huge interest from our mobile customers, especially the gaming audience," Reliance Communications` president (applications, solutions and content group) Mahesh Prasad said.

The MMG would not only allow customers to compete with online mobile and pc gamers playing the same game but would also offer features like lobby chat, messenger chat, game chat, score posting, profile and others.

Jagdish Mitra, CEO, Canvasm Technologies, said mobile gaming has come of age in India with multiplayer games offering immense potential to deliver targeted advertising messages to niche audiences.

mksuvram · #**314** 16th February 2008, 12:49 PM

What about Rural IPOs. Shall i buy.

mksuvram · #**315** 16th February 2008, 12:52 PM

hi, i am new in Stock market. can any one send me details about commodity.
Like process, hold time, total amount, brockarage etc..

rakeshmalik · #**316** 16th February 2008, 12:54 PM

yes surely go on.

rakeshmalik · #**317** 16th February 2008, 12:55 PM

L&T Infotech looking for US buy in manufacturing domain

Mumbai, Feb 15: L&T Infotech, the IT subsidiary of the engineering major L&T, on Thursday said it will acquire a US firm in the manufacturing vertical for about USD 300 million within a year.

L&T Infotech, which aims to be a niche player in the manufacturing domain, said the acquisition would help it to further consolidate its position in the segment, which contributes around 65 percent of its total revenue. The remaining 35 percent comes from engineering, banking and financial segments.

"We have started scouting for a firm in the manufacturing vertical for acquisition. The deal is likely to be signed within a year," Vijay K Magapu, chief executive officer of L&T Infotech said.

Having set a target of recording USD one billion revenue by 2010, L&T Infotech is hopeful of clocking USD 415 million turnover by the end of this fiscal from USD 287 million in the last fiscal, he said.

Going forward, he said, there would hardly be any changes in the ratio. L&T Infotech generates around two-thirds of its revenue from the US and the remaining from other parts of the world, including India.

Domestically, the company would invest around Rs 250 crore to increase the office space, Magapu said, adding that "the expansion would be done in the existing centres."

Meanwhile, the proposed IPO of the company may be deferred, Magapu said declining to give details.

"All the time we said we would do it when the conditions are right and don`t think the time is right now," Magapu said.

The parent company had earlier announced that L&T Infotech would be listed in the second half of next fiscal.

Bureau Report

rakeshmalik · #**318** 16th February 2008, 01:09 PM

R-Power gains over 5%; outperforms Sensex

Mumbai, Feb 14: Reliance Power, the Anil Ambani group's latest entry to bourses, on Thursday clocked a 5.3 per cent rise in its share price, snapping a three-day losing streak and outperforming the market benchmark Sensex in the process.

In a bullish market where the Sensex rose by 817 points or 4.82 per cent, shares of Reliance Power today closed for the first time in a positive territory. After hitting an intra-day peak of Rs 374.80, the stock settled 5.31 per cent up at Rs 370.05 at the BSE.

The stock had debuted on the bourses on Monday when it settled nearly 17 per cent below the issue price of Rs 450. The stock fell further by about five per cent on Tuesday and by about one per cent again yesterday.

However, despite a recovery seen on the counter, today's closing price was still about Rs 80 below the price at which investors were allotted the shares in the country's biggest- ever IPO last month.

The company had scaled a life-time peak of Rs 599.90 on February 11, while it hit a low of Rs 332.50 yesterday at the BSE.

Buying was seen across the reliance pack of shares in today's trade. Among Anil Ambani Group stocks, Reliance Communications rose 9.26 per cent, Reliance Energy gained 9.63 per cent, Reliance Capital appreciated by 9.41 per cent, Reliance Natural Resources Ltd soared 12.91 per cent, while Adlabs Films saw its share price adding 8.58 per cent.

In elder brother Mukesh Ambani-led group, Reliance Industries rose 5.35 per cent, reliance petroleum gained 13.56 per cent, whereas Reliance Industrial Infrastructure Ltd slipped 1.30 per cent.

Bureau Report

rakeshmalik · #**319** 16th February 2008, 02:14 PM

Sharif, Zardari to discuss coalition Lahore, Feb 16: Former premier Nawaz Sharif and PPP co-Chairman Asif Ali Zardari are expected to meet shortly to discuss formation of a coalition government if they emerge victorious in the general election on Monday and possibility of organising joint protests in case the polls are rigged.

At their last meeting on February 12, Zardari and Sharif, the PML-N chief, had said they would form a coalition government if they emerge as the largest groups in the February 18 polls in order to prevent the military from usurping power from elected representatives.

Sources in the PML-N said the two leaders will also discuss the possibility of organising joint protests in case the polls are rigged. They said the meeting would be crucial as the two parties are expected to perform well in the elections to the national and provincial assemblies.

The latest survey by Gallup Pakistan showed that the PPP is expected to bag 35 percent of the votes and the PML-N 25 per cent, giving them a clear lead over the ruling PML-Q which is likely to bag 15 percent of the ballots.

However, observers said the two parties are yet to resolve their differences over several key issues, including the reinstatement of judges who were deposed during last year`s emergency rule. The PML-N has vowed to reinstate the judges while the PPP has only committed itself to the independence of the judiciary.

Despite allegations of rigging from the opposition, President Pervez Musharraf has vowed to hold free and fair polls. He has also warned that there would be "zero tolerance" for protests during and after the elections and said parties should accept the results thrown up by the polls.

PPP leaders have threatened to launch street protests if their party does not win the polls, saying this would be evidence that the general election was rigged.

Bureau Report

rakeshmalik · #**320** 16th February 2008, 02:17 PM

Rupee steady as dealers seek fresh direction

Mumbai, Feb 15: The rupee treaded water on Friday as traders awaited for cues on direction, though concerns about capital outflows amid weak Asian equity markets weighed on sentiment.

At 9:30 am, the rupee was at 39.61/62, unchanged from the previous close.

"Asian stocks have fallen about 1 percent, which is not that much these days, so it hasn't had much of an impact," said a dealer with a foreign bank.

Asian stocks fell after the US Federal Reserve chairman said risks to US economic growth had increased, while global credit concerns resurfaced after a steep ratings downgrade of a US bond insurer.

Indian shares are expected to drop on Friday, in line with the regional trend. On Thursday, the BSE index had climbed 4.8 percent, its largest rise in nearly three weeks.

Shares of state-run oil firms led gains after the government announced it would raise the retail price of fuels. But higher fuel prices have doused hopes for a central bank rate cut in the near term, with inflation already showing signs of rising.

The dollar steadied on Friday after falling the previous day, when a pledge by Fed Chairman Ben Bernanke to act as needed to support economic growth and tackle downside risks fuelled expectations of another cut in rates next month.

Most Asian currencies rallied on Friday as investors bought local assets amid expectations of further US interest rate cuts.

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