Nifty has support at 2830-2850: Reliance Money

According to Reliance Money's Morning Notes, as for today's trade indices continue to see strong hurdle around levels of 3000 with support around levels of 2830-2850 range.

Reliance Money's Morning Notes:

Last hour of value buying helped indices to recover most of the early losses. Both volumes and market breadth remained in favor of BULLS. As for today's trade indices continue to see strong hurdle around levels of 3000 with support around levels of 2830-2850 range. Being last session of the week, we may observe a secular trend through the session. Global indices may hold important key in deciding further course of action.

Six-seven percent growth would be very good for India: RBI

Even a six to seven percent growth would be "very good" for Indian economy, a top central bank official said here Thursday amid fears of the global economic crisis impacing the country.

"Even six percent growth rate or seven percent growth rate is very good, growing on top of three years' nine-percent growth," Reserve Bank of India (RBI) deputy governor Usha Thorat said during a conference organised by the Indian Chamber of Commerce.

India's gross domestic product (GDP) grew by nine percent in 2007-08.

"We still have very high investment rates and high savings rates, therefore, other things remaining same, we should grow at six percent," she said.

While noting that foreign investment has played a major role in the growth story so far, Thorat added: "By and large our growth has been financed by our own domestic savings."

She said the country still have a steady investment rate and the basic growth impetus of the economy cannot be stalled.

Talking about exporters and the worldwide lending scenario, Thorat said: "In a condition where the global credit market has tightened, the entire burden comes on the domestic banks to lend to the domestic industry, which was earlier borrowing from abroad.

"We don't have a dearth of capital, manpower and skill, so therefore, I think we have a potential to harness," she said.

Regarding the cost of funds she said it couldn't come down overnight but it will happen over a period of time.

"There is not much headroom in the fiscal policy," she added.

"Our financial system is in good condition. People have confidence in the financial and banking system," she said.

No cap on number of 3G operators in a service area: Raja

With the state-run Mahanagar Telephone Nigam Ltd (MTNL) Thursday launching the third generation (3G) mobile services called 'Jadu' in Delhi, the government said there would be no restriction on the number of operators/providers in a service area.

“The policy of 'no cap' on number of service providers in a service area has been adopted, as per the recommendations of TRAI (Telecom Regulatory Authority of India),” Communications and IT Minister A. Raja told reporters after the Prime Minister Manmohan Singh launched the 3G services.

“New licenses have been granted under this policy, which will bring much desired enhanced competition in the sector, with its consequential benefits like faster growth, lower tariffs, bridging the digital divide between rural and urban areas,” Raja said.

Talking about the revenues generated through licensing fees and sale of spectrum, Raja said: "After migrating to revenue sharing regime, this sector has contributed Rs.500 billion (Rs.50,000 crore) through licence fee, entry fee and spectrum charges till the end of last financial year."

"During this financial year alone, it is expected that about Rs.160 billion (Rs.16,000 crore) will be collected from the licence fee and the spectrum charges,” he added.

The minister also said mobile number portability (MNP) would be implemented in metros and category A circle by the middle of 2009 and the entire country by end of next year.

MNP will enable mobile users to retain their telephone numbers when changing from one network to another.

“This will promote competition among service providers,” he added.

Raja said the TRAI has been requested to re-look into the mobile termination charges as the cost per line has substantially been reduced due to technological advancement and increase in traffic.

This exercise is expected to further reduce the tariff, he said.

Samsung slashes prices of LCD TVs, refrigerators

Samsung India, one of the leading fast moving, consumer durables companies in the country, Thursday slashed prices of its liquid crystal display (LCD) televisions and refrigerators in an attempt to pass on the benefit of the excise duty cut announced by the government Sunday.

The 52-inch LCD model will now be cheaper by as much as Rs.10,000, a company statement said.

The new price range for the company's LCD TVs will be Rs.59,000-Rs.129,000.

Earlier there were reports that consumer durables companies were reluctant to cut prices even after a four percent cut in the central value-added tax (Cenvat), as input costs were high due to rupee appreciation.

Samsung has four series of LCD televisions available in the Indian market.

The company also announced an average price drop of two percent for its direct-cool and frost-free refrigerators, which will translate into a reduction of Rs.50 to Rs.250 for consumers.

Prices of semi-automatic and fully automatic washing machines were also dropped by about 1.5 percent, the statement added.

Bank of America to slash more than 30,000 jobs

 Bank of America Corp, the third-largest US bank, has announced to slash between 30,000 to 35,000 jobs over the next three years because of the weak economic environment and its acquisition of Merrill Lynch.

The final number of jobs to be cut is to be determined early next year, said the Charlotte, North Carolina-based bank, which will be the country's largest financial services firm when the deal with Merrill Lynch closes over the next few weeks.

"The reductions are designed to eliminate redundancies created as a result of the merger with Merrill Lynch and to reflect the current recessionary environment," a statement from the bank said Thursday.

The cuts will be made in both companies. As of September, Bank of America had 247,000 employees, while Merrill Lynch - the world's largest securities brokerage - had 60,900 employees at the end of the third quarter.

As the US grapples with the worst financial crisis since the Great Depression, Bank of America becomes the latest firm to announce a massive job cut. Citigroup has already said it would eliminate 53,000 jobs in the new year.

Google 'hero' Nishar to join LinkedIn

Dipchand Nishar, an Indian American engineer who helped Google start its mobile business, is joining the social networking group LinkedIn to help it develop new products and strategies.

An alumnus of the Indian Institute of Technology (IIT) at Kharagpur and the University of Illinois, Nishar was instrumental in developing Google's backend infrastructure and was also overseeing the Asia Pacific market.

“The kinds of things LinkedIn is doing are truly shaping the way professionals work,” said 40-year-old Nishar, whose colleagues at Google have often described him as an “unsung hero” of the company.

He said he wanted to leave Google because he wanted to move on from the role of building “impactful products” to an “impactful company”. He will be vice president of products at LinkedIn.

The Wall Street Journal also prominently covered his new appointment.

“We wanted to find someone who knows how to build a large organisation, but also has an entrepreneurial background,” said Kay Luo, a spokesperson for the company, adding: “Deep fills that role.”

Prior to Google, Nishar worked for Siebel System, which he joined after he sold Pataki Networks, a web-based software integration services company, which he had founded. He was also associated with the Boston Consulting Group.

“We are grateful for Deep's contributions over the last five and a half years, and wish him well in his new job,” said Jane Penner, a spokeswoman at Google.

Backed by companies like Goldman Sachs, LinkedIn, which recently raised over $75 million in fresh funding, is adding some 500,000 new members to its social networking site every week.

It has some 30 million users who use it to connect with friends, classmates, business associates and colleagues.

Markets open lower as US auto bailout fails

Investors woke up to a weak stock market as sentiments plummeted with a failed bailout of the US auto industry and a key Indian market opening with a loss of 294.84 points or 3.06 percent one hour into trading.

The failed bailout will affect a lot of Indian auto ancillary companies who were involved in exports to the Big Three US auto companies.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) stood at 9,350.62 points against the previous close of 9,645.46 points.

The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE) also fell with a fall of 86.6 points or 2.97 points and was ruling around 2833.55 points.

Key benchmark indices saw a slide with almost all the BSE sectoral indices showing a negative trend.

US markets also fell with a key index of the New York Stock Exchange (NYSE) finishing 126.34 points lower or 2.24 percent. The Nasdaq index closed 3.68 percent lower than its previous close.

The Nikkei, a key index of the Tokyo Stock Exchange, was ruling 5.37 percent lower than Thursday's close while the Hang Seng of the Hong Kong Stock Exchange fell by 6.9 percent over its previous close.

Canadians fear rise of India, China

A majority of Canadians see the rise of Brazil, Russia, India and China (BRIC) as a potential threat to their economy, says a survey.

The survey - commissioned by UPS Canada to know how Canadians viewed globalization - shows the country's strongest regional economies are most fearful of the rise of these four nations.

However, Canadians still maintain that their country will continue to play a significant role in the global marketplace.

Canadians in the better-performing central provinces of Alberta, Saskatchewan and Manitoba are more worried about the rise of BRIC nations, with 73 per cent citing these emerging economies as a threat to their economy.

In the province of British Columbia, which is hosting the 2010 Winter Olympics, 70 per cent viewed BRIC economies as a competitive threat. But Canadians in have-not provinces touching the Atlantic were less worried, with only 53 percent expressing concern over the rise of BRIC nations.

``What we're seeing is a split between the have and have-not provinces in terms of their level of insecurity when it comes to the BRIC nations,'' said UPS president Mike Tierney.

``With Brazil giving Saskatchewan's agriculture industry a run for its money and China's booming manufacturing sector hurting Canadian exports, it stands to reason that those with the strongest economies and most opportunity appear to be the most fearful of the economic damage that could be caused by the emergence of the BRIC nations,'' he said.

To overcome competition from BRIC nations, he said, Canadians should leverage opportunities in the global market and invest in new technologies and innovations, rather than restricting to regional trade in North America.

Tierney said, ``Part of the reason the BRIC nations have seen such an exponential surge in their middle classes is the heightened use by entrepreneurs in those countries of opportunities outside of their comfort zone, and they've been quite successful in doing so.''

``By mimicking that spirit of ambition, Canadian businesses could stunt the inevitable intrusion into the Canadian market by these new players,'' he said.

3G: The Untold Story and What it means to a Mobile User

Today (Dec 11, 2008) is a big day. Third generation or 3G mobile networks are finally here, for MTNL users in parts of Delhi and NCR. Mumbai will follow as soon as the pilots in Delhi are successful.

India has been making do with ancient mobile technology for long now. The current Second generation or 2G networks were designed to carry only voice, which does not require high data transfer speeds. With the advent of new technologies -- video streaming, mobile TV and mobile gaming, higher transfer speeds were necessary.

State-owned MTNL and BSNL have a head start over private players when it comes to 3G. As MTNL and BSNL get ready, most private players will be in a position to offer 3G services only towards the end of second quarter of 2009. MTNL is already tying up with service providers to enable different 3G services.

If you've ever used data on our standard networks before, you'll be well aware of the real-world download speed of about 5kbps on a good signal strength and low GSM traffic. That is barely enough to check email, surf a few websites and download a few small files.

With 3G speeds, however, the story is different.

Data transfer speeds in a 3G network are much faster. Simply put, compared to existing networks, you'll get about ten times higher speeds while surfing the internet on your mobile phone. This opens the door to a richer mobile internet experience - like you have on a broadband connected PC at home. But remember the speed can also vary depending on whether the device is stationary, moving slowly (like a person walking with a phone) or moving fast (like in a moving vehicle).

So what do you need to enjoy 3G?

Well, firstly, you need a 3G-enabled mobile phone. There are many in the market, starting from as low as Rs.8,000 (like the Nokia N70). Most new phones in the market are already 3G-ready. Then you need a 3G subscription from a mobile service provider. Once started, you will get access to bandwidth intensive applications and services that were until now only available for fixed line broadband internet connections. Video conferencing with other 3G users, live TV services, broadband internet (on mobile and for laptops) while on the move, real-time multiplayer gaming on mobile phones and video messaging are just some of the services that can be offered.

For rural India, there is another, bigger reason to celebrate. 3G technology especially heralds benefits to rural or hard-to-reach areas. This can increase broadband internet penetration without the need for expensive cabling.

Downsides? Service providers have spent a lot on buying and setting up the infrastructure. Plus for 3G, the cell towers need to be closer to each other, needing more to cover a city. So all the early adopters will be paying a high premium to use the services and even after that, it's not going to be cheap. Final rates depend on the operator of course, and call rates should remain roughly the same. Analysts suggest that data plans will start at Rs.599 (limited data) and go up to Rs.2,000 for unlimited data plans.

(11.12.08/Hitesh Raj Bhagat is a technology analyst with CyberMedia's Living Digital monthly. He can be reached at hiteshb@cybermedia.co.in)

MTNL 3G Jadoo Mobile Services

India leaps into 3G Mobile arena with the soft launch of 3G enabled Mobile services by Mahanagar Telephone Nigam Limited (MTNL) for its Delhi Network. MTNL is the first Mobile operator in India to launch 3G services named “MTNL 3G Jadoo”.
Initially, the coverage for 3G services would have core of Delhi covering Connaught Place, Sanchar Bhawan, Rajaji Marg, India Gate, Pragati Maidan, Delhi Gate and Minto Road. The commercial tariff would be announced and registration shall start after the commercial launch a couple of months’ later.

3G Mobile services would enable MTNL Dolphin/ Trump subscribers to enjoy:

* Video Telephony – Customers can watch and talk simultaneously through Video Call.
* High speed internet for smart-phones and Laptop from 256 Kbps to 2 Mbps.
* A multitude of data related VAS services like
o Mobile TV
o Location surveillance
o Streaming Video on Demand
o Gaming etc.

World oil demand to shrink for first time in 25 years

As the world economy slides deeper into recession, global oil demand will shrink in 2008 for the first time in 25 years, the International Energy Agency (IEA) said Thursday.

"Global oil demand has been revised down in both 2008 and 2009, given a much starker contraction in the OECD than expected, and early signs of weakness in non-OECD countries, notably in Asia," the IEA said in its Monthly Oil Report, issued in Paris.

World oil demand is forecast to average 85.8 million barrels per day (mb/d) in 2008, the IEA said. This is 0.2 percent, or 0.2 mb/d less than in 2007.

"The global demand contraction expected in 2008 will be the first since 1983," the IEA said.

Global oil demand is expected to rise slightly next year, to 86.3 mb/d, or 0.5 percent more than in 2008, the IEA said. However, this still represents a significant downward revision from the agency's last prognosis, in November.

The decline in oil demand has been especially marked in North America, particularly in the US.

Oil product demand in North America plunged by 8.3 percent year-on-year in October, the tenth consecutive monthly decline, the agency said.

"This demand weakness continued to be mostly centred in the United States (minus 9.4 percent year-on-year)," the IEA said.

The agency said the "extremely gloomy picture of oil demand" in the United States was caused by "a financial crisis, high oil prices, devastating hurricanes and, to cap it all, an officially recognised economic recession."

MTNL launches 3G services in Delhi

Ushering in a new era in the Indian telecom sector, Prime Minister Manmohan Singh Thursday launched the state-run Mahanagar Telephone Nigam Ltd's (MTNL) third generation (3G) mobile service 'Jaadu' here.

Communications and IT Minister A. Raja, who was also present on the occasion, made a video call, demonstrating the capabilities of 3G services.

Launching the services, the prime minister said: “I congratulate MTNL and the communications minister for launching the 3G service.”

“Competition has to be the major propeller of the Indian economy and it has to be a sustainable one,” he said while demonstrating the mobile TV facility available with 3G services.

“However, effective objective and impartial regulations have to be an integral part of all these processes for investors to invest further,” he added.

Added Raja: “BSNL (Bharat Sanchar Nigam Ltd) and MTNL have already been allotted 3G and broadband wireless access spectrum with a view to ensuring early rollout of 3G and Wi-max services in the country."

While MTNL has rolled out its 3G services only in Delhi Thursday, BSNL will launch its services in Chennai next month.

Talking about the revenues generated through licensing fees and sale of spectrum, Raja said: "After migrating to revenue sharing regime, this sector has contributed Rs.500 billion (Rs.50,000 crore) through licence fee, entry fee and spectrum charges till the end of last financial year."

"During this financial year alone, it is expected that about Rs.160 billion (Rs.16,000 crore) will be collected from the licence fee and the spectrum charges,” he added.

The minister also said mobile number portability (MNP) would be implemented in metros and category A circle by the middle of 2009 and the entire country by end of next year.

MNP will enable mobile users to retain their telephone numbers when changing from one network to another.

“This will promote competition among service providers,” he added.

Indo-Asian News Service

Audi Inaugurates New Exclusive Showroom in Ahmedabad

Audi, the German luxury car manufacturer, today announced the opening of a new exclusive showroom in Ahmedabad.

'Audi Ahmedabad' will be the first in the state of Gujarat and the third showroom in the western region.

'Audi Ahmedabad' showroom is spread over an area of 5,000 square feet, will display six cars and will have a total strength of 12 employees, extensively trained by Audi. The exclusive Audi workshop is specially built to service all Audi models with the latest and most advanced equipment brought in directly from Germany.

Managing Director of Audi India, Mr. Benoit Tiers, expressed: "Audi Ahmedabad will be the first showroom for our customers in the state of Gujarat where they can see and feel the Audi exclusivity, sophistication and progressiveness. Our brand essence "Vorsprung durch Technik" is not only valid for our products but also for Audi Service standards which can be experienced at Audi Ahmedabad."

Built in accordance with the latest international standards of Audi Corporate Identity 'Audi Ahmedabad' will give its customers the progressive Audi brand experience. For the showroom opening the exclusive super sports car Audi R8 will be on display.

The Audi R8 that has won several awards in Germany and Europe, along with the double victory at the famous 2008 World Car of the Year awards, winning both the 'World Performance Car" and "World Design Car of the Year' awards, was launched in India in November 2008.

The Audi R8 is available along with the entire Audi model range in India consisting of the new Audi A4, Audi A6, Audi A8, Audi Q7 and Audi TT at twelve dealerships across the country: in Ahmedabad, Delhi, Gurgaon, Chandigarh, Mumbai, Pune, Bangalore, Hyderabad, Ludhiana, Chennai, Kochi and Kolkata.

Address of the new exclusive Audi Dealership in Ahmedabad

Audi Ahmedabad
Rudra-Path,
Near Rajpath Club,
S.G. Road,
Ahmedabad 380 054,
Gujarat.
Email: info@audiahmedabad.com
Phone: 0-9998001123

AUDI AG

AUDI AG develops and produces cars for the luxury car segment worldwide. The company achieved its twelfth consecutive record year in 2007, with 964,151 cars sold and a revenue of 33,617 million Euros and profit before tax of 2,915 million Euros, the company attained its best figures ever. Audi produces vehicles in Ingolstadt and Neckarsulm (Germany), Gyor (Hungary), Changchun (China) and Brussels (Belgium). At the end of 2007, production of Audi A6 started in Aurangabad, India. The company is active in more that 100 markets worldwide. AUDI AG's wholly owned subsidiaries include Lamborghini S.p.A in Sant'Agata Bolognese, Italy, and quattro GmbH in Neckarsulm. Audi employs more than 54,000 people worldwide, including 45,000 in Germany. The brand with the four rings invests more than ?2 billion each year in order to sustain the company's technological lead embodied in its "Vorsprung durch Technik" slogan.

Authorized Dealer Showrooms:
Audi Ahmedabad - Rudra-Path, S.G. Road, Ahmedabad
Audi Bangalore - Survey No. 6/1, Beratana Agrahara, 15th KM, Hosur Main Road
Audi Chandigarh - Plot No. 171, Industrial Area, Phase I
Audi Delhi - F 85, Okhla Industrial Area, Phase I
Audi Gurgaon - Orchid Centre, Sector - 54, Golf Course Road
Audi Hyderabad - 8-2-684/A, Road No.12, Banjara Hills
Audi Pune - Pro1 Business Centre, Plot No. 395 + 396, Senapati Bapat Road, Shivajinagar
Audi Mumbai - 81, Dr. Annie Besant Road

India cuts petrol, diesel prices; Petrol Rs. 5 down

India Friday allowed its state-run fuel retailers to cut prices of gasoline and diesel for the first time in 22 months to give a boost to its slowing economy, with cushion coming from the $100 per barrel drop in global crude oil prices.

Companies like Indian Oil Corp were allowed to cut their prices by Rs.5 a litre on gasoline and Rs.2 a litre on diesel. The prices of cooking gas distributed to households under a subsidised system were, however, kept unchanged.

“We are reducing the prices with effect from midnight,” Petroleum Minister Murli Deora told reporters after it was cleared at a meeting chaired by Prime Minister Manmohan Singh.

Indo-Asian News Service

TEZ TV First Flashed News, IBN 7 Gave the First Visual of the Mumbai Terrorist Attack

Esha News Monitoring Services Private Limited with their research and analysis television monitoring team has found out TEZ TV was the first to break the news through ticker at 2202hrs and IBN 7 gave the first visual of the Mumbai Terrorist Attack on the Taj Hotel at 2228 hrs.

Top 5 Channels broadcasting the news flash of Mumbai Terrorists Attacks

Time News Channel

22:02 TEJ TV

22:03 AAJ TAK

22:04 SAHARA SAMAY

22:06 ZEE NEWS

22:06 IBN 7



Top 5 Channels broadcasting the first visuals of Mumbai Terrorists Attacks



Time News Channel Location

22:28 IBN 7 Taj Hotel

22:30 BBC Firing at Oberoi

22:31 AAJ TAK Oberoi

22:32 HEADLINES TODAY Leopold

22:32 IBN LOKMAT CST



Source: Esha News

Esha News has compiled this Television Monitoring Intelligence Report on Mumbai Terrorist Attacks after carefully 24x7 tracking and monitoring of the television coverage across 130 television channels. Television Monitoring Intelligence Report highlights the brand visibility on the numerous television networks.

Facts about Mumbai Terrorist Attack news coverage
2202hrs TEJ TV first to flash the news

2228hrs IBN 7 gave the first visual of Taj under attack

BBC first (International News Broadcast) to telecast the news