Archive for the ‘india’ Category

Airtel to launch DTH for cars

Saturday, April 18th, 2009

With the start of general elections as a source of revenue Bharti Airtel’s direct-to-home arm is ready to launch its mobile DTH units for cars.

The company that launched its DTH operations in October last year is in talks with various automobile companies to install their mobile DTH units.

DTH in cars works with the help of a special auto-tracking antenna that is mounted on the roof of the car. The antenna tracks the company’s satellite placed in orbit at 36,000 km, from where signals will be fed to the set top box placed near the television set inside the car. This will enable seamless transmission of satellite channels in the vehicle.

N Arjun, executive director of DTH Services of Bharti Airtel Ltd says, “We have a product for SUVs, trains and buses. The cost of installations is high. That is why we are talking about higher-end side of the market, like SUVs and trains.”

Not revealing the cost of Bharti Airtel’s mobile DTH unit, N Arjun said, “We are in talks with a host of companies for these products, but haven’t commercially launched it right now.”

This service was launched by Essel Group’s Dish TV in 2007, which has found a few hundred takers for this service. A company spokesperson said, “Election is a major puller for this service. Politicians and other interested parties need information round the clock so this keeps them connected to the news all the time. This service is substantially present in the metros.” The installation of a DTH unit in a vehicle costs upwards of Rs 150,000.

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The story behind CBI’s Satyam investigation

Thursday, April 9th, 2009

A voluminous 65,000 page chargesheet in the Satyam case was produced in the CBI court in Hyderabad on Tuesday and it was filed in a record 45 days since the CBI took over the case from the CID.

The chargesheet also consists of 1532 documents as evidence with 433 witness statements.

Sources say that CBI could meet the deadline due to the presence of the multidisciplinary team which examined the various parts of the case.

So while SEBI focussed on the capital markets and the issue of insider trading amounting to Rs 700 crore, SFIO focussed on inflation of accounts and the fraudulent methods used by the management.

More than 7000 fake invoices were recovered and evidence of loans arranged for the Raju’s family through 327 companies were also gathered.

So what did it take to come out with such a voluminous chargesheet within 90 days?

The core investigating team comprised of 11 officers from CBI, 14 officers who formed the multidisciplinary team, 10 junior officers worked on gathering the evidence and and 4 public prosecutors to help with the legal issues.

And ever since the scam broke out, these officers have worked for 16 hours a day sacrificing their weekly offs and public holidays.

But there were a few surprises too in the chargesheet. Contrary to common belief, there was no mention of siphoning of funds to the Maytas companies owned by the promoter family something that the Raju family has been maintaining since the fraud came to light on January 7.

“We have filed the chargesheet and the investigations are going on. But as and when facts come out we would file supplementary chargesheets,” said VV Laxminarayana, DIG, CBI.

With the chargesheet done, the next task before the agency would be to ensure strict sentences against the accused.

While there is no evidence of siphoning of funds which could have invited a more harsh sentence for Satyam’s former chairman Raju, CBI maintains that the charge under section 467 of the IPC dealing with forgery of valuable securities alone could give Raju life in prison while the other charges could give him a measly 2-7 years in jail once the charges are proved in court.

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Satyam episode a blot on corporate India, says PM

Sunday, January 18th, 2009

MUMBAI: The Prime Minister Dr Manmohan Singh on Saturday said that the Satyam issue is a blot on corporate India and corporates must look in to a

ccounting practices. The PM was speaking at the ET Awards in Mumbai.

The PM said that it is a testing time for the country and the government has taken steps to combat slowdown. “Global financial markets have high risks, there will be a recovery to economic potential,” Dr Singh added.

He reiterated that the rate of inflation has eased and is expected to decline further. This gives flexibility for conduct of monetary policy.

The PM said, “Fiscal deficit will be much higher than before, it cannot be tolerated indefinitely. Growth rate will slow, but still much more than that in other economies.”

On terrorism the PM said, “This award function was postponed due to the ghastly attack in Mumbai last November and we will ensure these attacks do not happen again. No country can tolerate such kind of attack.”

Dr Singh came down heavily on Pakistan and expected it to take action against the terrorists. “I feel the pain and suffering of Mumbai, this was an attack on our nationhood. Pak must ensure these attacks don’t happen again.”

He said that the Mumbai attack revealed shortfalls in the system.

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India to have near 0% inflation in H2 of ’09

Wednesday, November 5th, 2008

The country is likely to have near zero inflation in certain periods of second half of 2009 on account of economic slowdown and falling commodity prices, says a report by broking house Edelweiss Securities.

Inflation stood at 10.68 for the week ended October 18. “Given the possibility of a further strong softening in commodity prices amidst a marked global slowdown, domestic inflation can be zero or near zero during H2 CY’09,” Edelweiss analyst Siddhartha Sanyal in his research report.

The US and the UK have already reported contraction in output and most emerging economies are also likely to be hit in CY09, the report said, adding that the slowdown is likely to soften overall price levels in most economies.

Slowing global industrial production will further weaken the base metal prices, especially after the decline in demand from China. Economic slowdown is expected to significantly cut down energy demand, the report noted.

A softened crude price will mean lower prices of various chemicals, fertilisers, etc. Accordingly, recession accompanied by deflation is a strong possibility in case of several industrial economies, it said.

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RBI cuts rates to induce Rs 85,000 cr; signals interest cut

Sunday, November 2nd, 2008

In a major move to inject an additional estimated Rs 85,000 crore into the system, Reserve Bank of India today cut key deposit requirements for banks by 1 per cent and its short-term lending rate by 0.5 per cent, a decision that may help soften general interest rates.

The decisions to cut the Cash Reserve Ratio and Statutory Liquidity Ratio by one per cent each and Repo Rate by 0.50 per cent come a week after the busy season credit policy review by RBI in which it had given an assurance of more measures to boost economic growth.

“Global financial conditions continue to remain uncertain and unsettled and early signs of a global recession are becoming evident. These developments are being reflected in sharp declines in stock markets across the world and heightened volatility in currency movement.

“International money markets are yet to regain calm and confidence and return to normal functioning,” a statement from the Bank said, announcing the decisions, while adding it will continue to closely monitor development in global and domestic financial markets and take swift and effective action as appropriate. With today’s measures, the RBI has pumped in about Rs 270,000 crore in the system since October, but industry leaders and bankers feel that more is needed to effectively bring down the commercial lending rates.

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Insurance: India Inc hails FDI hike decision

Saturday, November 1st, 2008

The government’s decision to table a bill in Parliament to hike FDI cap in private insurance firms was hailed by industry chambers and insurers as a move to bring in much needed capital in the sector.”The insurance sector being a capital intensive sector requires huge investments over a prolonged period of time, and therefore, there is constant need for capital infusion.

“A hike in the sectoral FDI cap to 49 per cent would further grow the insurance sector and bring in much needed FDI to the country,” MetLife India Insurance’s managing director Rajesh Relan said in a statement.

The Confederation of Indian Industries, termed the bill as a much-awaited one, and said, that this bill “would further help in development of the insurance sector”.

The industry body, which had played an active role in preparing the draft bill, hoped that it would find a quick and easy passage in Parliament.

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