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Google, others team to invest in India
New York, Feb 20: Google.org, the philanthropic arm of Google Inc., has teamed up with the Soros Economic Development Fund and Omidyar Network to fund a USD 17 million company that will invest in small- and medium-size business in India.
The Small to Medium Enterprise Investment Co. would fill the gap between loans offered by microfinance institutions and those of large commercial banks and private equity funds.
Google.org's Sonal Shah said Indian businesses of small and medium size do not have the same financing opportunities as provided in rich countries.
''Our goal is to increase the flow of capital to SMEs in India. This is an important step in helping to attract commercial capital and reduce dependency on philanthropy or soft capital to fund this industry.''
There is a huge demand for loans targeted at small and medium businesses, said Neal DeLaurentis, vice president of Soros Economic Development Fund.
''Long ignored by commercial capital markets, small and medium businesses are an attractive investment opportunity as well as an engine for economic growth for India.''
Bureau Report
New York, Feb 20: Google.org, the philanthropic arm of Google Inc., has teamed up with the Soros Economic Development Fund and Omidyar Network to fund a USD 17 million company that will invest in small- and medium-size business in India.
The Small to Medium Enterprise Investment Co. would fill the gap between loans offered by microfinance institutions and those of large commercial banks and private equity funds.
Google.org's Sonal Shah said Indian businesses of small and medium size do not have the same financing opportunities as provided in rich countries.
''Our goal is to increase the flow of capital to SMEs in India. This is an important step in helping to attract commercial capital and reduce dependency on philanthropy or soft capital to fund this industry.''
There is a huge demand for loans targeted at small and medium businesses, said Neal DeLaurentis, vice president of Soros Economic Development Fund.
''Long ignored by commercial capital markets, small and medium businesses are an attractive investment opportunity as well as an engine for economic growth for India.''
Bureau Report
Adlabs-Inaudible Sound Bytes
Original scheme of merger and de-merger modified, with Radio Business remaining under Adlabs.
-Give effect only to the amalgamation of EOIL (Entertainment One) with the Applicant Company-Adlabs.
-Demerger of Digital Cinema Business of MADEL (Mukta Adlabs) into the Applicant Company.
-But not to give effect to the demerger of Radio Business of the Applicant Company into RUL from the Scheme.
The Announcement:
Adlabs Films Ltd has informed BSE regarding the Composite Scheme of Amalgamation and Arrangement ("the Scheme" or "this Scheme") between Adlabs and Entertainment One (India) Ltd ("EOIL" or "the Transferor Company") and Reliance Unicom Ltd ("RUL" or "the Resulting Company") and Mukta Adlabs Digital Exhibition Pvt Ltd ("MADEL") and their respective shareholders as under:
1. The Original Scheme provides for the following:
a. The transfer and vesting of Radio Business of the Company into Reliance Unicom Ltd ("RUL") with effect from March 31, 2006.
b. Amalgamation of Entertainment One (India) Ltd ("EOIL") with the Company with effect from April 01, 2005.
c. The transfer and vesting of Digital Cinema Business of Mukta Adlabs Digital Exhibition Pvt Ltd ("MADEL") into the Company with effect from April 01, 2005.
2. The Original Scheme had received the approvals of all the concerned parties viz; Shareholders, Creditors, Stock Exchanges and the Regulatory Authorities viz; the Regional Director and the Official Liquidator. The said Scheme was also sanctioned by the Hon'ble High Court of Judicature at Bombay on September 15, 2006. The certified copy of the order sanctioning the Original Scheme has not yet been filed with the Registrar of Companies.
3. The demerger of Radio Business of the Company necessitates the transfer of licenses for operation of Radio Business in favor of Reliance Unicom Ltd which requires the approval of Ministry of Information and Broadcasting. The Company had made an application for transfer of the said licenses to the Ministry of information and Broadcasting. However, the Company has not received the said approval.
4. In view of the above it is not possible for the Company to give effect to the demerger of the Radio business as provided in the Original Scheme. However, it may be noted that the approval of the Ministry of Information and Broadcasting is necessary only in order to give effect to the demerger of Radio Business into RUL.
As far as the amalgamation of EOIL with the Company and Demerger of Digital Cinema Business are concerned, no further approval by any authority is required.
It is therefore desired to give effect only to the amalgamation of EOIL with the Applicant Company and Demerger of Digital Cinema Business of MADEL into the Applicant Company and not give effect to the demerger of Radio Business of the Applicant Company into RUL from the Scheme.
5. Accordingly, pursuant to provisions of Section 392(1)(b) of the Companies Act, 1956, the Company is seeking the sanction of the Hon'ble Bombay High Court to modify the Scheme. The Company shall inform once the Modified Scheme is sanctioned by the Hon'ble High Court.
6. The Board of Directors of the Company have already approved the proposed amended vide the board resolution dated February 13, 2008.
Original scheme of merger and de-merger modified, with Radio Business remaining under Adlabs.
-Give effect only to the amalgamation of EOIL (Entertainment One) with the Applicant Company-Adlabs.
-Demerger of Digital Cinema Business of MADEL (Mukta Adlabs) into the Applicant Company.
-But not to give effect to the demerger of Radio Business of the Applicant Company into RUL from the Scheme.
The Announcement:
Adlabs Films Ltd has informed BSE regarding the Composite Scheme of Amalgamation and Arrangement ("the Scheme" or "this Scheme") between Adlabs and Entertainment One (India) Ltd ("EOIL" or "the Transferor Company") and Reliance Unicom Ltd ("RUL" or "the Resulting Company") and Mukta Adlabs Digital Exhibition Pvt Ltd ("MADEL") and their respective shareholders as under:
1. The Original Scheme provides for the following:
a. The transfer and vesting of Radio Business of the Company into Reliance Unicom Ltd ("RUL") with effect from March 31, 2006.
b. Amalgamation of Entertainment One (India) Ltd ("EOIL") with the Company with effect from April 01, 2005.
c. The transfer and vesting of Digital Cinema Business of Mukta Adlabs Digital Exhibition Pvt Ltd ("MADEL") into the Company with effect from April 01, 2005.
2. The Original Scheme had received the approvals of all the concerned parties viz; Shareholders, Creditors, Stock Exchanges and the Regulatory Authorities viz; the Regional Director and the Official Liquidator. The said Scheme was also sanctioned by the Hon'ble High Court of Judicature at Bombay on September 15, 2006. The certified copy of the order sanctioning the Original Scheme has not yet been filed with the Registrar of Companies.
3. The demerger of Radio Business of the Company necessitates the transfer of licenses for operation of Radio Business in favor of Reliance Unicom Ltd which requires the approval of Ministry of Information and Broadcasting. The Company had made an application for transfer of the said licenses to the Ministry of information and Broadcasting. However, the Company has not received the said approval.
4. In view of the above it is not possible for the Company to give effect to the demerger of the Radio business as provided in the Original Scheme. However, it may be noted that the approval of the Ministry of Information and Broadcasting is necessary only in order to give effect to the demerger of Radio Business into RUL.
As far as the amalgamation of EOIL with the Company and Demerger of Digital Cinema Business are concerned, no further approval by any authority is required.
It is therefore desired to give effect only to the amalgamation of EOIL with the Applicant Company and Demerger of Digital Cinema Business of MADEL into the Applicant Company and not give effect to the demerger of Radio Business of the Applicant Company into RUL from the Scheme.
5. Accordingly, pursuant to provisions of Section 392(1)(b) of the Companies Act, 1956, the Company is seeking the sanction of the Hon'ble Bombay High Court to modify the Scheme. The Company shall inform once the Modified Scheme is sanctioned by the Hon'ble High Court.
6. The Board of Directors of the Company have already approved the proposed amended vide the board resolution dated February 13, 2008.
RETRENCHMENTS are taking its toll on the Indian IT industry and the latest to join the list is MphasiS. The IT & BPO services company, which is part of the $22-billion EDS, has reportedly shed around 200 people. According to sources, MphasiS has retrenched 200 employees at its Chennai centre and all this in a span of two days last week.
MphasiS, in response to this development, said in a statement: "The query is speculatory and as per policy, MphasiS, an EDS company, does not respond to rumours and speculation." It further added, "MphasiS continues to hire people to meet business demands. The company has grown from an 11,000-employee organisation in 2006 to over 27,000-strong in 2007 and the trend will be similar in 2008."
It was not clear whether this retrenchment was restricted to the Chennai centre or covered other locations. Sources said the retrenchment was largely centered around the performance issue and it has probably affected those who were on the bench.
The recent cases of retrenchment in IT majors like TCS and IBM have centered around performance issues. However, industry observers feel it is very difficult to pinpoint whether it is performance issue or the weakness in the market which are forcing companies to take this step. At the same time, there has been a lot of flab built into a lot many companies and this could be an opportune time to cut costs as employee compensation accounts for around 40% of a typical IT services company's revenue.
According to reports, EDS' quarterly profit fell 13%, hurt by the loss of key customer Verizon Communications, which decided to handle its own technology work. Sales in the Americas declined 8%, and operating profit in the region tumbled 28%. MphasiS was one of the first Indian IT services companies to be acquired by an MNC IT company. EDS also later merged its India operations with MphasiS.
MphasiS, in response to this development, said in a statement: "The query is speculatory and as per policy, MphasiS, an EDS company, does not respond to rumours and speculation." It further added, "MphasiS continues to hire people to meet business demands. The company has grown from an 11,000-employee organisation in 2006 to over 27,000-strong in 2007 and the trend will be similar in 2008."
It was not clear whether this retrenchment was restricted to the Chennai centre or covered other locations. Sources said the retrenchment was largely centered around the performance issue and it has probably affected those who were on the bench.
The recent cases of retrenchment in IT majors like TCS and IBM have centered around performance issues. However, industry observers feel it is very difficult to pinpoint whether it is performance issue or the weakness in the market which are forcing companies to take this step. At the same time, there has been a lot of flab built into a lot many companies and this could be an opportune time to cut costs as employee compensation accounts for around 40% of a typical IT services company's revenue.
According to reports, EDS' quarterly profit fell 13%, hurt by the loss of key customer Verizon Communications, which decided to handle its own technology work. Sales in the Americas declined 8%, and operating profit in the region tumbled 28%. MphasiS was one of the first Indian IT services companies to be acquired by an MNC IT company. EDS also later merged its India operations with MphasiS.
Pension fund savings may get tax-free
Pradeep Thakur & Sidhartha | TNN
New Delhi: Soon, there could be another reason for you to save for old age. The government may completely exempt investments in pension funds from taxes.
While money parked in pension funds at present entitles investors to a tax rebate at the time of investment and during the period it earns returns, a tax is levied at the time of withdrawal.
As a sweetener aimed at encouraging people to invest and also blunt the Left's opposition to the new pension system, the Pension Fund Regulatory & Development Authority has approached the finance ministry to treat investments in these instruments at par with employees provident fund and public provident fund, which enjoy complete tax waiver.
Sources said that the pension regulator has also pushed for raising the overall investment limit under section 80C of the Income Tax Act beyond the present level of Rs 1.1 lakh.
At present, PFRDA's interest stems from the Rs 3,000 crore that is sitting with the government and could flow into the stock and the debt markets over the next six to eight weeks. The money has been contributed by government employees as part of the contributory system that kicked in for those who joined service from January 1, 2004.
Sources said that with the sixth pay commission's report also expected to be implemented later this year, the government seemed favourably inclined to accept the proposal as it would push up the overall savings rate too. As part of the push to create more jobs, both Prime Minister Manmohan Singh and finance minister P Chidambaram have repeatedly pushed for higher savings rate, estimated at 34.8% at the end of 2006-07, to raise the level of investment in the economy.
In addition, companies have argued that in the absence of a social security system for people working in the private sector, whose numbers are rising rapidly, there is enough reason to encourage people to save in long-term instruments like pension products which can also be deployed in bonds that mature after 25-30 years. These bonds could be used to finance infrastructure projects.
Pradeep Thakur & Sidhartha | TNN
New Delhi: Soon, there could be another reason for you to save for old age. The government may completely exempt investments in pension funds from taxes.
While money parked in pension funds at present entitles investors to a tax rebate at the time of investment and during the period it earns returns, a tax is levied at the time of withdrawal.
As a sweetener aimed at encouraging people to invest and also blunt the Left's opposition to the new pension system, the Pension Fund Regulatory & Development Authority has approached the finance ministry to treat investments in these instruments at par with employees provident fund and public provident fund, which enjoy complete tax waiver.
Sources said that the pension regulator has also pushed for raising the overall investment limit under section 80C of the Income Tax Act beyond the present level of Rs 1.1 lakh.
At present, PFRDA's interest stems from the Rs 3,000 crore that is sitting with the government and could flow into the stock and the debt markets over the next six to eight weeks. The money has been contributed by government employees as part of the contributory system that kicked in for those who joined service from January 1, 2004.
Sources said that with the sixth pay commission's report also expected to be implemented later this year, the government seemed favourably inclined to accept the proposal as it would push up the overall savings rate too. As part of the push to create more jobs, both Prime Minister Manmohan Singh and finance minister P Chidambaram have repeatedly pushed for higher savings rate, estimated at 34.8% at the end of 2006-07, to raise the level of investment in the economy.
In addition, companies have argued that in the absence of a social security system for people working in the private sector, whose numbers are rising rapidly, there is enough reason to encourage people to save in long-term instruments like pension products which can also be deployed in bonds that mature after 25-30 years. These bonds could be used to finance infrastructure projects.
Make balance payment by Feb 26: RPower
Mumbai, Feb 20: Anil Ambani Group company Reliance Power on Wednesday said it has asked shareholders to make balance payment by February 26 on shares alloted to them in the IPO to be eligible for bonus shares.
"The balance amount was due on allotment and a notice for the same has been sent to shareholders to make the balance payment on or before February 26," Reliance Power said in a filing to the Bombay Stock Exchange.
By issuing the notice, the company has complied with SEBI guidelines, and all shares have been made fully paid up, Reliance Power added.
Reliance Power`s IPO had offered a discount to retail investors, and an option of staggered payment to all segments.
Qualified institutional buyers were allowed to pay only 10 per cent initially, while high net worth individuals and retail investors were permitted to pay only 25 per cent of the total cost as initial payment. The remaining amount was to be paid after allotment of shares.
On February 17, the company had announced it was planning a bonus issue to all shareholders, except promoters, in a bid to compensate them for the losses they suffered on the day of listing of the scrip. The Reliance Power Board is scheduled to meet on February 24 to consider the issue.
According to the filing, in those cases where the balance amount remains unpaid after the stipulated date, "Reliance Power would keep the bonus shares in abeyance and the same shall be given to the respective holders upon receipt of call money".
The record date for the bonus shares shall be fixed in consultation with stock exchanges and in compliance with provisions of the listing agreement, Reliance Power added.
Shares of Reliance Power were trading at Rs 408.50, down 1.16 per cent, on BSE in the morning trade.
Bureau Report
Mumbai, Feb 20: Anil Ambani Group company Reliance Power on Wednesday said it has asked shareholders to make balance payment by February 26 on shares alloted to them in the IPO to be eligible for bonus shares.
"The balance amount was due on allotment and a notice for the same has been sent to shareholders to make the balance payment on or before February 26," Reliance Power said in a filing to the Bombay Stock Exchange.
By issuing the notice, the company has complied with SEBI guidelines, and all shares have been made fully paid up, Reliance Power added.
Reliance Power`s IPO had offered a discount to retail investors, and an option of staggered payment to all segments.
Qualified institutional buyers were allowed to pay only 10 per cent initially, while high net worth individuals and retail investors were permitted to pay only 25 per cent of the total cost as initial payment. The remaining amount was to be paid after allotment of shares.
On February 17, the company had announced it was planning a bonus issue to all shareholders, except promoters, in a bid to compensate them for the losses they suffered on the day of listing of the scrip. The Reliance Power Board is scheduled to meet on February 24 to consider the issue.
According to the filing, in those cases where the balance amount remains unpaid after the stipulated date, "Reliance Power would keep the bonus shares in abeyance and the same shall be given to the respective holders upon receipt of call money".
The record date for the bonus shares shall be fixed in consultation with stock exchanges and in compliance with provisions of the listing agreement, Reliance Power added.
Shares of Reliance Power were trading at Rs 408.50, down 1.16 per cent, on BSE in the morning trade.
Bureau Report
Is Microsoft taking aim at *****`s board of directors
San Francisco, Feb 20: Microsoft is crafting a plan to oust *****`s board of directors after it rejected the software giant`s unsolicited USD 44.6 billion takeover offer, according to a us media report.
In what could be negotiation through the media or a sign that Microsoft plans to take ***** by force, the New York Times yesterday quoted people close to the matter as saying Microsoft is taking aim at the Internet giant`s board.
If ***** does not swiftly enter into takeover talks, Microsoft will try to nominate replacements for *****`s board of directors, all 10 of which are up for re-election in at *****`s annual meeting in June, the newspaper reported.
Microsoft declined to comment on the report.
*****`s rejection last week of the Microsoft buyout offer sets the stage for the us software giant to up the ante or attempt a coup by ousting the internet firm`s board of directors.
*****`s board of directors spurned Microsoft`s takeover bid on February 11, saying it "significantly undervalues" the firm.
Microsoft called the board`s action "unfortunate" and urged ***** to reconsider its blockbuster bid to combine the two tech titans and said it offers "superior value" to ***** shareholders.
Microsoft calls its bid "full and fair" and says it "reserves the right to pursue all necessary steps" to consummate a deal.
On February 01, Microsoft unveiled what it called "a generous" offer to take over *****, in an effort to merge the world`s biggest software company with a major internet player to take on search and advertising juggernaut Google.
Microsoft proposed USD 31 per share, a 62 percent premium above *****`s closing price a day earlier.
Bureau Report
San Francisco, Feb 20: Microsoft is crafting a plan to oust *****`s board of directors after it rejected the software giant`s unsolicited USD 44.6 billion takeover offer, according to a us media report.
In what could be negotiation through the media or a sign that Microsoft plans to take ***** by force, the New York Times yesterday quoted people close to the matter as saying Microsoft is taking aim at the Internet giant`s board.
If ***** does not swiftly enter into takeover talks, Microsoft will try to nominate replacements for *****`s board of directors, all 10 of which are up for re-election in at *****`s annual meeting in June, the newspaper reported.
Microsoft declined to comment on the report.
*****`s rejection last week of the Microsoft buyout offer sets the stage for the us software giant to up the ante or attempt a coup by ousting the internet firm`s board of directors.
*****`s board of directors spurned Microsoft`s takeover bid on February 11, saying it "significantly undervalues" the firm.
Microsoft called the board`s action "unfortunate" and urged ***** to reconsider its blockbuster bid to combine the two tech titans and said it offers "superior value" to ***** shareholders.
Microsoft calls its bid "full and fair" and says it "reserves the right to pursue all necessary steps" to consummate a deal.
On February 01, Microsoft unveiled what it called "a generous" offer to take over *****, in an effort to merge the world`s biggest software company with a major internet player to take on search and advertising juggernaut Google.
Microsoft proposed USD 31 per share, a 62 percent premium above *****`s closing price a day earlier.
Bureau Report
BSE SENSEX ON WEDNESDAY FEB 20, 1.00 PM
At 1.00 PM, the BSE Sensex was down by 369.49 points, or -2.04 % at 17706.17 points.It opened with a downward gap of 84.37 points at 17991.29, touched an intraday high of 17991.29 & low of 17596.45.
The market breadth was extremely negative on BSE: 661 scrips had advanced, 1928 declined, while 52 remain unchanged.
The equity shares of Shriram EPC Ltd. got listed on the BSE, in the B1 Group at Rs.290.00, as against the IPO price of Rs.300 .
The BSE mid cap Index was lower by 93.18 points, or -1.21 % at 7592.15 . The BSE small cap Index was down by 142.21 points, or -1.45 % at 9653.33 .
The BSE-100 Index (down 202.41 points, or -2.11 % at 9409.44), BSE-200 Index (down 45.48 points, or -2.01 % at 2218.73), BSE-500 Index (down 141.03 points, or -1.95 % at 7097.92).
Top gainers of Sensex were Satyam Comp.(up 1.71% at Rs 428.80), TCS(up 0.95% at 883.20), Infosys(up 0.81% at 1569.35), Wipro(up 0.78% at 416.00), Bajaj Auto(up 0.30% at 2329.60).
Major losers of Sensex were BHEL(down -4.37% at Rs 2127.90), Tata Motor(down -4.21% at 706.80), Hind.Unil.(down -3.69% at 212.95), ICICI Bank(down -3.51% at 1175.00), Tata Steel(down -3.27% at 786.00)
Top gainers from BSE-500 were Guj.NRE Cok(up 9.46% at Rs 148.75), Hexaware Tech(up 9.40% at 73.30), Guj.State Fert(up 6.91% at 263.00), All Cargo Global(up 6.35% at 760.00).
Top losers from BSE 500 were Indusind Bank(down -6.30% at Rs 93.75), Indian Bank(down -6.08% at 219.35), Bajaj Auto Fin.(down -5.73% at 408.00), National Alum.(down -5.56% at 381.10).
BSE IT Index (up 0.69% at 3876.17) was top gainer in all sectors index. Led by Rolta India (up 3.09% at Rs 305.40), Mphasis (up 1.91% at Rs 235.00).
BSE Bank Index (down -2.83% at 10653.83) was top loser in all sectors index. Led by Canara Bank (down -4.27% at Rs 293.95), Bank Of India (down -4.22% at Rs 359.00).
BSE Capital Goods Index (down -2.73% at 15944.99), Led by Praj Indust. (down -3.20% at Rs 180.00), Punj Lloyd (down -2.51% at Rs 367.60).
BSE Realty Index (down -2.57% at 9811.80), Led by Peninsula Land (down -4.26% at Rs 89.80), Indiabulls Real (down -3.18% at Rs 603.70).
BSE Power Index (down -2.35% at 3623.16), Led by BHEL (down -4.37% at Rs 2127.90), ABB (down -3.93% at Rs 1257.00).
BSE FMCG Index (down -2.15% at 2220.59), Led by Hind.Unil. (down -3.69% at Rs 212.95), Britannia (down -2.77% at Rs 1390.00).
BSE Auto Index (down -1.96% at 4771.10), Led by Bharat Forge (down -4.37% at Rs 287.00), Tata Motor (down -4.21% at Rs 706.80).
BSE Oil & Gas Index (down -1.96% at 10912.40), Led by Hind.Petro (down -5.05% at Rs 295.90), BPCL (down -4.28% at Rs 432.00).
BSE Metal Index (down -1.86% at 15908.34), Led by National Alum. (down -5.56% at Rs 381.10), Shree Precoated (down -4.65% at Rs 237.75).
BSE Health Care Index (down -1.40% at 3674.91), Led by Sun Pharma (down -4.51% at Rs 1069.90), Orchid Chem. (down -4.19% at Rs 244.95).
--------------------------------------------------------------------------------
At 1.00 PM, the BSE Sensex was down by 369.49 points, or -2.04 % at 17706.17 points.It opened with a downward gap of 84.37 points at 17991.29, touched an intraday high of 17991.29 & low of 17596.45.
The market breadth was extremely negative on BSE: 661 scrips had advanced, 1928 declined, while 52 remain unchanged.
The equity shares of Shriram EPC Ltd. got listed on the BSE, in the B1 Group at Rs.290.00, as against the IPO price of Rs.300 .
The BSE mid cap Index was lower by 93.18 points, or -1.21 % at 7592.15 . The BSE small cap Index was down by 142.21 points, or -1.45 % at 9653.33 .
The BSE-100 Index (down 202.41 points, or -2.11 % at 9409.44), BSE-200 Index (down 45.48 points, or -2.01 % at 2218.73), BSE-500 Index (down 141.03 points, or -1.95 % at 7097.92).
Top gainers of Sensex were Satyam Comp.(up 1.71% at Rs 428.80), TCS(up 0.95% at 883.20), Infosys(up 0.81% at 1569.35), Wipro(up 0.78% at 416.00), Bajaj Auto(up 0.30% at 2329.60).
Major losers of Sensex were BHEL(down -4.37% at Rs 2127.90), Tata Motor(down -4.21% at 706.80), Hind.Unil.(down -3.69% at 212.95), ICICI Bank(down -3.51% at 1175.00), Tata Steel(down -3.27% at 786.00)
Top gainers from BSE-500 were Guj.NRE Cok(up 9.46% at Rs 148.75), Hexaware Tech(up 9.40% at 73.30), Guj.State Fert(up 6.91% at 263.00), All Cargo Global(up 6.35% at 760.00).
Top losers from BSE 500 were Indusind Bank(down -6.30% at Rs 93.75), Indian Bank(down -6.08% at 219.35), Bajaj Auto Fin.(down -5.73% at 408.00), National Alum.(down -5.56% at 381.10).
BSE IT Index (up 0.69% at 3876.17) was top gainer in all sectors index. Led by Rolta India (up 3.09% at Rs 305.40), Mphasis (up 1.91% at Rs 235.00).
BSE Bank Index (down -2.83% at 10653.83) was top loser in all sectors index. Led by Canara Bank (down -4.27% at Rs 293.95), Bank Of India (down -4.22% at Rs 359.00).
BSE Capital Goods Index (down -2.73% at 15944.99), Led by Praj Indust. (down -3.20% at Rs 180.00), Punj Lloyd (down -2.51% at Rs 367.60).
BSE Realty Index (down -2.57% at 9811.80), Led by Peninsula Land (down -4.26% at Rs 89.80), Indiabulls Real (down -3.18% at Rs 603.70).
BSE Power Index (down -2.35% at 3623.16), Led by BHEL (down -4.37% at Rs 2127.90), ABB (down -3.93% at Rs 1257.00).
BSE FMCG Index (down -2.15% at 2220.59), Led by Hind.Unil. (down -3.69% at Rs 212.95), Britannia (down -2.77% at Rs 1390.00).
BSE Auto Index (down -1.96% at 4771.10), Led by Bharat Forge (down -4.37% at Rs 287.00), Tata Motor (down -4.21% at Rs 706.80).
BSE Oil & Gas Index (down -1.96% at 10912.40), Led by Hind.Petro (down -5.05% at Rs 295.90), BPCL (down -4.28% at Rs 432.00).
BSE Metal Index (down -1.86% at 15908.34), Led by National Alum. (down -5.56% at Rs 381.10), Shree Precoated (down -4.65% at Rs 237.75).
BSE Health Care Index (down -1.40% at 3674.91), Led by Sun Pharma (down -4.51% at Rs 1069.90), Orchid Chem. (down -4.19% at Rs 244.95).
--------------------------------------------------------------------------------
Indian salaries rose 15.1% in 2007: Survey
Mumbai, Feb 20: Indian salaries rose an average 15.1 percent in 2007 with the highest increase coming from the real estate sector, according to a survey conducted by human resources firm Hewitt Associates.
The momentum is expected to continue in 2008, rising about 15.2 percent, but will temper to stabilise at 9-10 percent by 2012, Hewitt said in a statement released late on Tuesday.
"The struggle for talent and sustainability is large and rapidly growing in India," Hewitt said.
"Employees are increasingly looking for great career opportunities and are actively being pursued by other organisations offering extremely attractive opportunities and packages," the company said.
However, Hewitt forecasts a shortage of people with specialist and technical skills and a lacuna in leadership talent in India.
Real estate saw a 25.2 percent rise in compensation in 2007, topping the traditionally-high paying information technology and outsourcing sectors. Salary rise for employees at junior, senior and middle management levels beat that for the top mangement.
Attrition was at an all-time high, with the insurance industry leading the pack, followed by IT-enabled services and hospitality sectors, Hewitt added.
To stem attrition, companies are increasingly benchmarking salaries to "best-in-class" companies as against the traditional industry standards.
Variable pay, especially for top executives, is being used to counter high employee costs arising due to talent attraction and retention, the survey found.
Bureau Report
Mumbai, Feb 20: Indian salaries rose an average 15.1 percent in 2007 with the highest increase coming from the real estate sector, according to a survey conducted by human resources firm Hewitt Associates.
The momentum is expected to continue in 2008, rising about 15.2 percent, but will temper to stabilise at 9-10 percent by 2012, Hewitt said in a statement released late on Tuesday.
"The struggle for talent and sustainability is large and rapidly growing in India," Hewitt said.
"Employees are increasingly looking for great career opportunities and are actively being pursued by other organisations offering extremely attractive opportunities and packages," the company said.
However, Hewitt forecasts a shortage of people with specialist and technical skills and a lacuna in leadership talent in India.
Real estate saw a 25.2 percent rise in compensation in 2007, topping the traditionally-high paying information technology and outsourcing sectors. Salary rise for employees at junior, senior and middle management levels beat that for the top mangement.
Attrition was at an all-time high, with the insurance industry leading the pack, followed by IT-enabled services and hospitality sectors, Hewitt added.
To stem attrition, companies are increasingly benchmarking salaries to "best-in-class" companies as against the traditional industry standards.
Variable pay, especially for top executives, is being used to counter high employee costs arising due to talent attraction and retention, the survey found.
Bureau Report
Tata, Briley Group in private jets venture
Mumbai, Feb 20: Tata Group's Indian Hotels Co Ltd has bought into Singapore-based Briley Group's BJETS, which will offer fractional ownership in private jets in India and southeast Asia, the two companies said in a statement.
BJETS will start operating flights in May 2008, the companies said late on Tuesday.
The venture has signed an order for 50 jets worth more than USD 600 million, and deliveries would be over five years, beginning in the first quarter of 2008.
The fleet would comprise 20 Cessna jets and 20 Hawker jets, with options for 10 more.
"The partnership comes at an opportune time, as the ASEAN-India Free Trade Agreement is expected to be signed in May this year," the statement said.
BJETS will operate out of Seletar airport in Singapore, while in India it will be based out of the new Hyderabad international airport.
Indian Hotels owns the Taj chain of luxury hotels and resorts in India and overseas.
Bureau Report
Mumbai, Feb 20: Tata Group's Indian Hotels Co Ltd has bought into Singapore-based Briley Group's BJETS, which will offer fractional ownership in private jets in India and southeast Asia, the two companies said in a statement.
BJETS will start operating flights in May 2008, the companies said late on Tuesday.
The venture has signed an order for 50 jets worth more than USD 600 million, and deliveries would be over five years, beginning in the first quarter of 2008.
The fleet would comprise 20 Cessna jets and 20 Hawker jets, with options for 10 more.
"The partnership comes at an opportune time, as the ASEAN-India Free Trade Agreement is expected to be signed in May this year," the statement said.
BJETS will operate out of Seletar airport in Singapore, while in India it will be based out of the new Hyderabad international airport.
Indian Hotels owns the Taj chain of luxury hotels and resorts in India and overseas.
Bureau Report
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