Business activities across borders are done through letter of credit. Letter of credit is an instrument issued in the favor of the seller by the buyer bank assuring that payment will be made after certain timer frame depending upon the terms and conditions agreed, it could be either at sight, 30 days from the Bill of Lading or 120 days from the date of bill of lading. Now when the seller receives the letter of credit through bank, seller prepares documents and presents the same to the bank.
The most important element in the same is the bill of exchange which is used to negotiate a letter of credit. Seller discounts that bill of exchange with the bank and gets money. Discounting bill terminology is used for this purpose. Now it is seller’s bank responsibility to send documents and bill of exchange to buyer’s bank for onward forwarding to the buyer for the acceptance and the buyer finally, accepts bill of exchange drawn by the seller on buyer’s bank because he has opened that LC. Buyers bank than get that signed bill of exchange from the buyer as guarantee and release payment to the sellers bank and waits for the time span will buyer will pay the bank against that bill of exchange.
Friday, November 7, 2008
Tuesday, September 9, 2008
Restructuring to unlock value for all shareholders: Vedanta
Vedanta Resources will create three commodity focus groups. The company will demerge alumina, energy business of Sterlite Industries. The company has announced USD 9.8 billion aluminium capex programme and aims to raise aluminium smelting capacity by 2.6 million tonnes per annum by 2012.
Vedanta will also transfer 79.4% stake in Konkola Copper Mines to Sterlite, he added. Sterlite shareholders will get seven shares of Malco for four shares held in Sterlite. On the other hand, Malco shareholders will get one Sterlite share for every 51 held. The scheme will be effective from April 1 2009, he said.
Anil Agarwal, Chairman said that Asarco buy will be closed by year-end. He said, "We are looking to invest Rs 115,000 crore for which we have already invested Rs 40,000 crore. We have Rs 30,000 crore in cash and we are going to invest Rs 75,000 crore further in three years’ time. We will have 1 million tonne of copper, 1 million tonne of zinc and 26 lakh tonne of aluminium. We have also kept a provision to acquire Asarco for USD 2.6 billion.”
Tarun Jain, CFO, Vedanta Resources has said that some part of Bharat Aluminium Company Limited (BALCO) option has been considered by valuers and there are no plans for raising equity in Sterlite Aluminium
Vedanta will also transfer 79.4% stake in Konkola Copper Mines to Sterlite, he added. Sterlite shareholders will get seven shares of Malco for four shares held in Sterlite. On the other hand, Malco shareholders will get one Sterlite share for every 51 held. The scheme will be effective from April 1 2009, he said.
Anil Agarwal, Chairman said that Asarco buy will be closed by year-end. He said, "We are looking to invest Rs 115,000 crore for which we have already invested Rs 40,000 crore. We have Rs 30,000 crore in cash and we are going to invest Rs 75,000 crore further in three years’ time. We will have 1 million tonne of copper, 1 million tonne of zinc and 26 lakh tonne of aluminium. We have also kept a provision to acquire Asarco for USD 2.6 billion.”
Tarun Jain, CFO, Vedanta Resources has said that some part of Bharat Aluminium Company Limited (BALCO) option has been considered by valuers and there are no plans for raising equity in Sterlite Aluminium
Monday, September 8, 2008
Lotus India AMC does not expect mkt rally to last long
Ajay Bagga, CEO, Lotus India AMC, said the underlying economics or fundamentals are still quite rocky. “I don’t expect this rally to last too long. It is a relief rally globally, and could take us higher. The fundamentals need to be worked out and that will take time. The credit and liquidity contraction that is happening can’t be whished away and that will take time to go away.”
Sanjeev Agarwal, Head-Equity, Globe Capital Markets, said this market is working as per technical levels. "We may see little sideways action in coming weeks before the markets actually forms newer lows. We will retain our bearish stance unless the market crosses 4,650. Currently, the market is seeing a bounceback from 3,800. So, one leg down is still left. In the last 10-15 days, there has been a lot of selling by FIIs. After a strong lull, we are seeing renewed vigour coming into selling. The markets are completely in favour of a bearish set up. Right now, one should be very careful about any longs. Safer players may look at buying puts and the more adventurous ones can go for selling Nifty shorts."
Sanjeev Agarwal, Head-Equity, Globe Capital Markets, said this market is working as per technical levels. "We may see little sideways action in coming weeks before the markets actually forms newer lows. We will retain our bearish stance unless the market crosses 4,650. Currently, the market is seeing a bounceback from 3,800. So, one leg down is still left. In the last 10-15 days, there has been a lot of selling by FIIs. After a strong lull, we are seeing renewed vigour coming into selling. The markets are completely in favour of a bearish set up. Right now, one should be very careful about any longs. Safer players may look at buying puts and the more adventurous ones can go for selling Nifty shorts."
Saturday, September 6, 2008
Lenovo launches ThinkPad for SMBs in India
Leading computer manufacturer Lenovo today (September 5) launched a new series of notebook computers from its ThinkPad stable for Small and Medium Business (SMBs). The series includes three new notebooks -- ThinkPad SL 300, SL 400 and SL 500, along with unique software tools and new levels of service and support.
"The SMB segment is one of the fastest growing segments in India and we want to cash in on the opportunity with the ThinkPad SL series. The launch of ThinkPad is an integral part of Lenovo's overall strategy of getting closer to customers in India," Lenovo India Managing Director Amar Babu told reporters.
The notebook also features WiFi, ethernet and optional Bluetooth technologies, Speakers, microphones and an optional webcam, which provide excellent support for internet voice and video conferencing. A study reveals that Indian SMBs spent USD 6.6 billion on information technology in 2007-08, which is around 30 per cent of the total amount spend on IT in India. The SMB PC market is worth 3-million units.
"The SMB segment is one of the fastest growing segments in India and we want to cash in on the opportunity with the ThinkPad SL series. The launch of ThinkPad is an integral part of Lenovo's overall strategy of getting closer to customers in India," Lenovo India Managing Director Amar Babu told reporters.
The notebook also features WiFi, ethernet and optional Bluetooth technologies, Speakers, microphones and an optional webcam, which provide excellent support for internet voice and video conferencing. A study reveals that Indian SMBs spent USD 6.6 billion on information technology in 2007-08, which is around 30 per cent of the total amount spend on IT in India. The SMB PC market is worth 3-million units.
Subbarao takes charge as RBI governor
D Subbarao on Friday (Sept 5) took charge as the governor of Reserve Bank of India (RBI) from Y V Reddy and set for himself the immediate task of containing inflation, which is hovering above the 12 per cent mark despite moderation in the past two weeks.
"The immediate priority for me as the Governor of RBI will be to manage inflation and anchor inflationary expectations," Subbarao said.
He said the priority in short-to-medium term will be to pursue financial sector reforms in the context of financial and price stability.
Inflation eased to 12.34 per cent during the week ended August 23 due to fall in food prices from 12.40 per cent a week earlier.
However, the RBI yesterday indicated that there will be no softening of its hawkish monetary stance to contain inflation as volatile food and energy prices remain a challenge.
"It is critical at the prevailing juncture to demonstrate on a continuing basis a determination to act decisively, effectively and swiftly to curb any signs of adverse developments in regard to inflation expectations," the RBI had said in its report on Currency and Finance.
The RBI has been tightening money supply to contain inflation. It raised short-term lending rate Repo five times and the mandatory requirement for banks to keep cash with the central bank 13 times since January 2007.
Subbarao, who relinquished the post of Finance Secretary, also appreciated the role of Reddy as his predecessor. Reddy had earlier this week said that he will settle down in Hyderabad and may take up the job of teaching.
"The immediate priority for me as the Governor of RBI will be to manage inflation and anchor inflationary expectations," Subbarao said.
He said the priority in short-to-medium term will be to pursue financial sector reforms in the context of financial and price stability.
Inflation eased to 12.34 per cent during the week ended August 23 due to fall in food prices from 12.40 per cent a week earlier.
However, the RBI yesterday indicated that there will be no softening of its hawkish monetary stance to contain inflation as volatile food and energy prices remain a challenge.
"It is critical at the prevailing juncture to demonstrate on a continuing basis a determination to act decisively, effectively and swiftly to curb any signs of adverse developments in regard to inflation expectations," the RBI had said in its report on Currency and Finance.
The RBI has been tightening money supply to contain inflation. It raised short-term lending rate Repo five times and the mandatory requirement for banks to keep cash with the central bank 13 times since January 2007.
Subbarao, who relinquished the post of Finance Secretary, also appreciated the role of Reddy as his predecessor. Reddy had earlier this week said that he will settle down in Hyderabad and may take up the job of teaching.
PM: Inflation a major concern
Prime Minister Manmohan Singh today (September 5) said rising prices have emerged as a major concern for the government and stepping up productivity is the only way to ensure that economic growth is not inflationary.
Government has taken several measures to moderate rising prices and at the same time tried to ensure that inflation control measures did not hurt the growth momentum in the last four years, Singh said after laying the foundation stone for the Rs 1,750-crore expansion and modernisation of the Salem Steel Plant.
"In the Eleventh Five Year Plan period, we expect the economy to grow at around nine per cent. To ensure that growth process is not inflationary, we must step up productivity and increase output," Singh said.
In order to ensure non-inflationary growth, the country must step production in all sectors, he said, adding that India still has a long way to go in creating infrastructure for modernising the country. Congress President and UPA Chairperson Sonia Gandhi, along with several central ministers, was also present on the occasion.
Lauding the role of public sector Steel Authority of India Limited (SAIL) in the country's economic growth, Gandhi said the PSUs would continue to occupy a crucial position in areas like steel, power, gas and telecommunication. The UPA government is committed to empower the PSUs, she added.
Government has taken several measures to moderate rising prices and at the same time tried to ensure that inflation control measures did not hurt the growth momentum in the last four years, Singh said after laying the foundation stone for the Rs 1,750-crore expansion and modernisation of the Salem Steel Plant.
"In the Eleventh Five Year Plan period, we expect the economy to grow at around nine per cent. To ensure that growth process is not inflationary, we must step up productivity and increase output," Singh said.
In order to ensure non-inflationary growth, the country must step production in all sectors, he said, adding that India still has a long way to go in creating infrastructure for modernising the country. Congress President and UPA Chairperson Sonia Gandhi, along with several central ministers, was also present on the occasion.
Lauding the role of public sector Steel Authority of India Limited (SAIL) in the country's economic growth, Gandhi said the PSUs would continue to occupy a crucial position in areas like steel, power, gas and telecommunication. The UPA government is committed to empower the PSUs, she added.
Thursday, July 10, 2008
Inflation & IIP Numbers going to be out Today
Today is a crucial friday, where both Inflation & IIP numbers going to be out.
Where markets can trumble due to large pressure in Inflation & IIP numbers,
"Monsoon situation seems to be as the meteorological dept has predicted. The IMD has forecast normal monsoon. As of now the expectation of the monsoon has been encouraging," said Rakesh Mohan, Deputy Governor, RBI.
IIP numbers can fall to 6.5 & Inflation expected to 11.7%
Thus markets face heavy resistance in near market.
Inflation is troublesome worries which give large amount of resistance in IIP numbers to sustain previous levels..
Thus its been trouble for coming weeks...
Where markets can trumble due to large pressure in Inflation & IIP numbers,
"Monsoon situation seems to be as the meteorological dept has predicted. The IMD has forecast normal monsoon. As of now the expectation of the monsoon has been encouraging," said Rakesh Mohan, Deputy Governor, RBI.
IIP numbers can fall to 6.5 & Inflation expected to 11.7%
Thus markets face heavy resistance in near market.
Inflation is troublesome worries which give large amount of resistance in IIP numbers to sustain previous levels..
Thus its been trouble for coming weeks...
Wednesday, June 25, 2008
Federal Reserve leaves key rate unchanged at 2%
The Federal Reserve, navigating treacherous economic waters, decided to leave a key interest rate unchanged, bringing an end to a string of consecutive rate cuts aimed at keeping the country out of a deep recession.
The central bank announced that it was keeping the federal funds rate, the interest rate that banks charge each
other, at 2 per cent, marking the first time in 10 months that the central bank has failed to reduce interest rates at one of its regular meetings.
The Fed is confronted with the twin perils of a possible recession and rising inflation pressures, stemming from this year's surge in oil and food prices.
In a brief statement explaining the decision, Fed Chairman Ben Bernanke and his colleagues cited both the threats to growth and rising inflation pressures as problems confronting the economy at the moment.
The statement said that the downside risks to growth "appear to have diminished somewhat" while adding that "the
upside risks to inflation and inflation expectations have increased."
The Fed action was approved on a 9-1 vote with Richard Fisher, president of the Fed's regional bank in Dallas casting a dissenting vote. Fisher preferred an immediate increase in interest rates to fight inflation.
The central bank announced that it was keeping the federal funds rate, the interest rate that banks charge each
other, at 2 per cent, marking the first time in 10 months that the central bank has failed to reduce interest rates at one of its regular meetings.
The Fed is confronted with the twin perils of a possible recession and rising inflation pressures, stemming from this year's surge in oil and food prices.
In a brief statement explaining the decision, Fed Chairman Ben Bernanke and his colleagues cited both the threats to growth and rising inflation pressures as problems confronting the economy at the moment.
The statement said that the downside risks to growth "appear to have diminished somewhat" while adding that "the
upside risks to inflation and inflation expectations have increased."
The Fed action was approved on a 9-1 vote with Richard Fisher, president of the Fed's regional bank in Dallas casting a dissenting vote. Fisher preferred an immediate increase in interest rates to fight inflation.
Tuesday, June 24, 2008
NDTV REPORT SAYS RBI hikes key rates by 50 bps; loans may become dearer
Challenged by unrelenting inflationary pressures, Reserve Bank on Tuesday announced stringent measures of hiking mandatory cash reserve of the banks and its short-term lending rate to them to suck up an estimated Rs 20,000 crore.
According to analysts the move could make loans dearer for housing, car and personal expenses as also to the industry.
Announcement of hiking cash reserve ratio by 50 basis points and the short-term lending (repo) rate by a similar margin comes close on the heels of RBI Governor Y V Reddy discussing with Prime Minister Manmohan Singh and Finance Minister P Chidambaram the prevailing inflation scenario.Reflecting the Finance Ministry's view that monetary policy would be the first line of defence against inflation that has surged to a 13-year high of 11.05 per cent, the RBI after intense consultation today pronounced the new measures, part of which would be effected in installments.Inflationary pressures
In a precursor to raising the CRR from 8.25 per cent to 8.75 per cent in two installments beginning July 5 and the repo rate from 8.0 per cent to 8.5 per cent with immediate effect, Reddy had said on Monday that the apex bank would do every thing to ease the inflationary pressures.Expressing concern over rising inflation, RBI said, "Besides oil prices there are some underlying inflationary pressures impacting inflation in India."The Reserve Bank said the move is "somewhat painful" but timely contraction of money supply has to be viewed in the context of new reality of high and volatile energy prices, which is not a temporary phenomenon any longer.India's growth momentum
Justifying the move, the central bank said, "It is important to ensure that generalised instability does not develop and erodes the hard earned gains in terms of both outcomes and positive sentiments on India's growth momentum."
RBI's decision will have an impact on interest rates on various loans as is evident from bankers' reactions. Commenting on the impact of RBI's step, PNB Chairman K C Chakrabarty said prime lending rate could go up by 50 basis points. "All the loans linked to PLR like consumer loans, home loans, personal loans are bound to go up. At the same time, deposit rates would also be increased."HDFC Managing Director Keki Mistry said," if the cost of funding goes up, we will pass on costs to our borrowers." However, IBA Chairman MBN Rao said banks would wait for sometime before increasing home loans.Quantum of rate increase by banks
According to United Bank CMD P K Gupta, banks may have to go in for a hike in interest rates even before the monetary policy, scheduled for next month. However, the quantum of increase will be decided after assessing the situation and the need of the individual bank.
UCO Bank CMD S K Goel said it does not mean increase in rates across the board. "We can adjust our short-term loans by half a per cent."
According to Indian Bank Chairman M S Sundara Rajan, "We have to look at the PLR next. The bank is likely to take a decision on first week of July. Accordingly, deposit rates would also be hiked."Industry chambers fear RBI's step may also harm India's economic growth, particularly manufacturing sector. Ficci said the move would affect the manufacturing sector, which is already facing slackening due to high interest rates. This would also affect overall rate of growth of the economy.
Assocham President Sachin Jindal said despite India Inc asking RBI not to raise the repo and CRR, the apex bank has done it, giving adequate hints interest rates would increase.
Measures seem to have been taken to contain pressures on inflation but India has no option but live with it, he said.Announcing the decision, RBI said, "At this juncture, the overriding priority for monetary policy is to eschew any further intensification of inflationary pressures and to firmly anchor inflation expectations."Managing aggregate demand
RBI further said moderating and managing aggregate demand is a critical element of this approach, so that pressures on prices are not intensified.
The central bank also pointed out that fiscal pressures are emerging due to the possibility of enhanced subsidies on account of food, fertiliser and fuel oil as well as for financing deferred liabilities relating to farm loan waivers.
These have implications for additional pressures on aggregate demand and potential spillover in external sector.
RBI had earlier raised short-term lending rate by 25 basis points to 8 per cent on June 11. This is the second move to tighten money supply ahead of RBI's quarterly review of the monetary policy, scheduled for July 29.
According to analysts the move could make loans dearer for housing, car and personal expenses as also to the industry.
Announcement of hiking cash reserve ratio by 50 basis points and the short-term lending (repo) rate by a similar margin comes close on the heels of RBI Governor Y V Reddy discussing with Prime Minister Manmohan Singh and Finance Minister P Chidambaram the prevailing inflation scenario.Reflecting the Finance Ministry's view that monetary policy would be the first line of defence against inflation that has surged to a 13-year high of 11.05 per cent, the RBI after intense consultation today pronounced the new measures, part of which would be effected in installments.Inflationary pressures
In a precursor to raising the CRR from 8.25 per cent to 8.75 per cent in two installments beginning July 5 and the repo rate from 8.0 per cent to 8.5 per cent with immediate effect, Reddy had said on Monday that the apex bank would do every thing to ease the inflationary pressures.Expressing concern over rising inflation, RBI said, "Besides oil prices there are some underlying inflationary pressures impacting inflation in India."The Reserve Bank said the move is "somewhat painful" but timely contraction of money supply has to be viewed in the context of new reality of high and volatile energy prices, which is not a temporary phenomenon any longer.India's growth momentum
Justifying the move, the central bank said, "It is important to ensure that generalised instability does not develop and erodes the hard earned gains in terms of both outcomes and positive sentiments on India's growth momentum."
RBI's decision will have an impact on interest rates on various loans as is evident from bankers' reactions. Commenting on the impact of RBI's step, PNB Chairman K C Chakrabarty said prime lending rate could go up by 50 basis points. "All the loans linked to PLR like consumer loans, home loans, personal loans are bound to go up. At the same time, deposit rates would also be increased."HDFC Managing Director Keki Mistry said," if the cost of funding goes up, we will pass on costs to our borrowers." However, IBA Chairman MBN Rao said banks would wait for sometime before increasing home loans.Quantum of rate increase by banks
According to United Bank CMD P K Gupta, banks may have to go in for a hike in interest rates even before the monetary policy, scheduled for next month. However, the quantum of increase will be decided after assessing the situation and the need of the individual bank.
UCO Bank CMD S K Goel said it does not mean increase in rates across the board. "We can adjust our short-term loans by half a per cent."
According to Indian Bank Chairman M S Sundara Rajan, "We have to look at the PLR next. The bank is likely to take a decision on first week of July. Accordingly, deposit rates would also be hiked."Industry chambers fear RBI's step may also harm India's economic growth, particularly manufacturing sector. Ficci said the move would affect the manufacturing sector, which is already facing slackening due to high interest rates. This would also affect overall rate of growth of the economy.
Assocham President Sachin Jindal said despite India Inc asking RBI not to raise the repo and CRR, the apex bank has done it, giving adequate hints interest rates would increase.
Measures seem to have been taken to contain pressures on inflation but India has no option but live with it, he said.Announcing the decision, RBI said, "At this juncture, the overriding priority for monetary policy is to eschew any further intensification of inflationary pressures and to firmly anchor inflation expectations."Managing aggregate demand
RBI further said moderating and managing aggregate demand is a critical element of this approach, so that pressures on prices are not intensified.
The central bank also pointed out that fiscal pressures are emerging due to the possibility of enhanced subsidies on account of food, fertiliser and fuel oil as well as for financing deferred liabilities relating to farm loan waivers.
These have implications for additional pressures on aggregate demand and potential spillover in external sector.
RBI had earlier raised short-term lending rate by 25 basis points to 8 per cent on June 11. This is the second move to tighten money supply ahead of RBI's quarterly review of the monetary policy, scheduled for July 29.
CRR - REPO HIKED BY RBI DUE TO CONTROL INFLATION
RBI moves strongly to fight against rising inflation. It has hiked the Cash Reserve Ratio, or CRR, which is the portion of deposits that banks need to keep as cash with the central bank, by a steep 50 basis points.This hike will take effect in two stages. First, a 25 basis point hike on July 5, and another 25 basis point hike on July 19. By July 19, CRR will stand at 8.75%.
It has also hiked the repo rate by 50 basis points, which will be effective immediately.
The central bank said there has been a turnaround in production of durables. "Consumption demand seems to be reviving."
The rise in non-oil imports reflects domestic demand pressure, it said. "Aggregate demand pressures are strongly in evidence. The priority now is to eschew the build-up in inflation pressures."
Monday, June 23, 2008
Advance tax figures signal India Inc is in good health
After a string of bad news on the economic front starting with spiraling fuel prices to a double digit rate of inflation, finally there seems to be something for the Finance Minister P Chidambaram to cheer about.
The advance tax payments for the first quarter of 2008-09 are up 27 per cent to Rs 20,700 crore in spite of interest rate pressure.
The banking sector is doing well with ICICI Bank paying in Rs 340 crore and SBI's advance tax increasing 31.8 per cent to Rs 663 crore.
With crude prices reaching for the sky, the upstream oil companies are cashing in with ONGC paying the highest advance tax at Rs 1342 crore and GAIL paying Rs 335 crore.
But all is not well in India Inc just as ONGC is raking in the moolah those who depend on coal and oil are a worried lot.
"No doubt that high oil prices will hit the growth. It is hard to ascertain how much but some sectors will be hit harder," said Prasad Menon, MD, Tata Power.
The metal and mining companies have also put up a good show like Tata Steel which has benefited from a price hike at Corus paying Rs 356 crore in taxes and the National Mineral Development Corporation posting a figure of Rs 400 crore.
But with the Sensex losing over 10 per cent this quarter, the market watchers say the going will get tougher.
All eyes are now focused on the quarterly earnings season, which will send out a clearer signal on the health of corporate India.
The advance tax payments for the first quarter of 2008-09 are up 27 per cent to Rs 20,700 crore in spite of interest rate pressure.
The banking sector is doing well with ICICI Bank paying in Rs 340 crore and SBI's advance tax increasing 31.8 per cent to Rs 663 crore.
With crude prices reaching for the sky, the upstream oil companies are cashing in with ONGC paying the highest advance tax at Rs 1342 crore and GAIL paying Rs 335 crore.
But all is not well in India Inc just as ONGC is raking in the moolah those who depend on coal and oil are a worried lot.
"No doubt that high oil prices will hit the growth. It is hard to ascertain how much but some sectors will be hit harder," said Prasad Menon, MD, Tata Power.
The metal and mining companies have also put up a good show like Tata Steel which has benefited from a price hike at Corus paying Rs 356 crore in taxes and the National Mineral Development Corporation posting a figure of Rs 400 crore.
But with the Sensex losing over 10 per cent this quarter, the market watchers say the going will get tougher.
All eyes are now focused on the quarterly earnings season, which will send out a clearer signal on the health of corporate India.
Inflation to dent hiring prospects in India
Surging inflation is expected to dent the hiring prospects in India, the country rated as the most optimistic nation for employment globally, industry experts say.
"Due to rising inflation there would be negative impact on financial sector, manufacturing sector and the overall job market," global staffing services firm Manpower India Managing Director Naresh Malhan said.
Moreover, any hike in salaries would not be that much beneficial for employees as the increase would largely be eroded by the rising prices of commonly used items, experts say.
"The country is projected to witness an average increase in salary bills of around 12-13 per cent," global HR services firm HayGroup's Practice Leader Mark Thompson said, adding "if inflation is taken into account, this still represents quite a reduction in the cost of labour in real terms compared to last year."
The wholesale price-based inflation spurted to 11.05 per cent for the week ended June 7. Inflation has risen rapidly by 441 basis points since January 2008.
Manpower in its latest employment outlook survey had rated India as the most optimistic nation for hiring in the world.
Thompson added "high oil prices are here to stay, there will be a big impact on economic growth throughout the world at least until we can adjust to the new regime and adapt to using less oil-based products."
Industry experts believe high crude oil prices and rising inflation levels would reduce growth rates in the country and therefore would lead to less hiring than would otherwise be the case.
The continuous rise in inflation has forced the banks to increase interest rates which analyst feel could further add to cost factor. Most of the banks have the prime lending rates pegged at around 13 per cent.
After peaking at $139.89 per barrel level, oil prices at the New York Mercantile Exchange eased somewhat and were hovering around $134 a barrel.
The global economic slowdown had also a negative impact on hiring prospects. But experts term it as a lesser evil when compared with crude oil prices and inflation.
Though the US is a significant trading partner of India, much of the growth in the country comes from the home market, and this will continue to grow. Furthermore, during recession, the field of business process outsourcing, will be a more compelling for US companies to reduce their costs by exporting work to the sub continent.
Hence, concerns regarding US recession might not be all that bad for India, as economists hold the view that any slowdown in the US economy would reduce India's growth by no more than 1 per cent.
"Due to rising inflation there would be negative impact on financial sector, manufacturing sector and the overall job market," global staffing services firm Manpower India Managing Director Naresh Malhan said.
Moreover, any hike in salaries would not be that much beneficial for employees as the increase would largely be eroded by the rising prices of commonly used items, experts say.
"The country is projected to witness an average increase in salary bills of around 12-13 per cent," global HR services firm HayGroup's Practice Leader Mark Thompson said, adding "if inflation is taken into account, this still represents quite a reduction in the cost of labour in real terms compared to last year."
The wholesale price-based inflation spurted to 11.05 per cent for the week ended June 7. Inflation has risen rapidly by 441 basis points since January 2008.
Manpower in its latest employment outlook survey had rated India as the most optimistic nation for hiring in the world.
Thompson added "high oil prices are here to stay, there will be a big impact on economic growth throughout the world at least until we can adjust to the new regime and adapt to using less oil-based products."
Industry experts believe high crude oil prices and rising inflation levels would reduce growth rates in the country and therefore would lead to less hiring than would otherwise be the case.
The continuous rise in inflation has forced the banks to increase interest rates which analyst feel could further add to cost factor. Most of the banks have the prime lending rates pegged at around 13 per cent.
After peaking at $139.89 per barrel level, oil prices at the New York Mercantile Exchange eased somewhat and were hovering around $134 a barrel.
The global economic slowdown had also a negative impact on hiring prospects. But experts term it as a lesser evil when compared with crude oil prices and inflation.
Though the US is a significant trading partner of India, much of the growth in the country comes from the home market, and this will continue to grow. Furthermore, during recession, the field of business process outsourcing, will be a more compelling for US companies to reduce their costs by exporting work to the sub continent.
Hence, concerns regarding US recession might not be all that bad for India, as economists hold the view that any slowdown in the US economy would reduce India's growth by no more than 1 per cent.
Nifty ends below 4300; CG, power, realty, midcaps worst hit
Markets remained under black clouds; Sensex, Nifty and rate sensitive sectors' indices got beaten down severely. Bears have attacked on capital goods, metal, power, realty, auto, and select oil, pharma and banking stocks. Midcap and small cap stocks were real culprits of the day, which worsened markets breadth in today's session.
Markets had opened sharply lower and witnessed heavy selling pressure since then. In the afternoon session, it shown major recovery of 350 points in Sensex and 100 points in Nifty, but could not able to sustain that for long and again slipped into deep red.
Fall in US markets on Friday was one of the reasons. There is a possibility of rate hike by RBI following higher inflation numbers of 11.05% touched in last week; especially CRR and repo rate. Banks are also likely to raise lending rates. Experts believe that economic growth may see some slowdown and expect rate hike of 50 bps in CRR and 25 bps in repo rate. They also expect that companies may witneses some margin pressure in near term due to risen commodities prices and inflation likely to remain around 11% for few weeks.
The Sensex has recovered nearly 130 points from day's low of 14,163.45 and closed at 14,293.32, down 277.97 points or 1.91%. The Nifty has broken another psychological mark and slipped below 4300 level. It has recovered nearly 41 points from day's low of 4225.50 and ended at 4266.40, down 81.15 points or 1.87%.
Amongst frontliners, Jaiprakash Associates was down -7.95%, Hindalco -7.83%, Unitech -7.20%, Tata Communication -6.80%, L&T -6.53% and Maruti Suzuki -5.43% while ONGC jumped 2.36%, HDFC 1.42%, Wipro 1.14%, Infosys 1.09% and HCL Tech 1.60%.
Today is the day of midcaps and small cap stocks, due to which markets breadth remained very weak through the day. About 512 shares have advanced while 2334 shares declined. Nearly 281 shares remained unchanged. Midcap Index lost 3.60% or 217.20 points to settle at 5,815.23. Small Cap Index plunged 3.53% or 261.36 points at 7,136.30.
Amongst midcap stocks, SREI Infra, UB Holdings, Prakash Ind, Akruti City, HEG, Anant Raj Ind, Sobha Developer, Alstom Projects, Wockhardt, National Fert and Essar Shipping fell over 8%.
In the small cap segment, Apar Ind, Kolte-Patil, Arihant Found, HTMT Global Sol, C and C Const, Welspun India, Lok Housing, Swaraj Mazda, Panchmahal Stee, McDowell Holdg, Sunil HitechEng and English Ind Cla have plunged over 9%.
Capital Goods Index fell 5.29% or 602.78 points at 10,797.01 led by selling in Alstom Projects, Walchandnagar, Greaves Cotton, Punj Lloyd, L&T and BHEL.
Metal stocks like Hindalco, Hind Zinc, NALCO, Jindal Steel, SAIL, Sterlite Ind and Tata Steel have lost shine. Index slid by 671.73 points or 4.62% at 13,856.33.
Power Index slipped 101.86 points or 4.01% at 2,437.98 due to selling in Reliance Power, Suzlon Energy, GVK Power, Tata Power, GMR Infra, Reliance Infra and Torrent Power.
Real estate stocks have tumbled like a pack of card, which includes Akruti City, Anant Raj Ind, Sobha Developers, Unitech, HDIL, Omaxe and DLF. Index fell 195.89 points or 3.64% at 5,187.92.
Pharma Index lost 105.16 points or 2.43% at 4,220.24 on the back of selling in Wockhardt, Ranbaxy Labs, Matrix Labs, Aurobindo Pharma, Pfizer, Sun Pharma and Dr Reddy's Labs.
Bankex also got hammered a lot, crashed by 174.20 points or 2.56% at 6,630.58. Selling pressure has seen in Bank of India, IOB, Allahabad Bank, Bank of Baroda, Kotak Mahindra, Union Bank, SBI, PNB and ICICI Bank.
Oil & Gas Index fell 2.63% or 247.79 points at 9,172.10 due to selling in Essar Oil, Reliance Ind, Petronet LNG, IOC, HPCL and GAIL. Reliance Industries was the main dragger, slipped below Rs 2000 and hit a low of 1,984.05. The stock lost 3.55% or Rs 74.4 to close at 2,022.20. However, ONGC, Cairn India and BPCL were gainers.
FMCG stocks like United Breweries, Dabur India, United Spirits, Godrej Consumer, Britannia and ITC have ended in red. Index plunged 1.41% at 2,202.65.
However, only BSE IT Index gained 0.68% to end at 4,233.42 due to buying in HCL Tech, Wipro, Patni Computer, Infosys, Satyam and Tech Mahindra.
Total turnover traded by the markets stood at Rs 83165.66 crore. This includes Rs 11229.27 crore from NSE Cash segment, Rs 66917.33 crore from NSE F&O and the balance Rs 5019.06 crore from BSE cash segment.
Most active counters on the bourses were Reliance Industries, L&T, Ranbaxy Labs, Bharti Airtel and Reliance Petroleum.
On the global front, Asian markets ended in negative terrain following weak US cues. Nikkei was down -0.6%, Shanghai Composite -2.5%, Hang Seng -0.13%, Kospi -0.89%, Straits Times -0.75% and Taiwan Weighted -0.33%. European markets were trading marginally in green, at the time of writing market report. FTSE 100 was up 0.53%, CAC 0.3% and DAX 0.4%.
Markets Snapshot Markets slide on back of weak global cues from US market, rising crude prices Nifty closes below 4,300 for 1st time since Aug 24, '07 Sensex ends down 278 pts at 14293.3; recovers nearly 130 pts from days low Nifty ends down 81 pts at 4266.4; recovers nearly 40 pts from days low Nifty takes support at 4225; faces resistance at 4320 during the day Sell-off witnessed in broader marets; CNX Midcap Index down 4%, BSE Small-cap Index down 3.5% RIL ends down down 3.5% at 2025.7; slips below 2000 during the day Cap Goods under pressure; index down 5.3%; L&T down 6.5%, ABB down 4%, BHEL down 3.2% Index losers; HIndalco down 8%, Unitech down 7.2%, Tata Comm down 6.8%, Suzlon down 6.5% Index gainers; ONGC, HDFC up nearly 2%, HCL Tech up 1.5%, Wipro, Infy, Satyam up nearly 1% Losers; GHCL down 10%, BOI down 9.3%, Rel Cap down 9%, Ibulls Fin down 8%, JP Associates down 7.5% NSE Advanve Decline at 1:10 Total market turnover at Rs 83165 cr Vs Rs 85088 cr on Friday F&O turnover at Rs 66917 cr Vs Rs 58533 cr on Friday
Nifty ends below 4300; CG, power, realty, midcaps worst hit
Markets remained under black clouds; Sensex, Nifty and rate sensitive sectors' indices got beaten down severely. Bears have attacked on capital goods, metal, power, realty, auto, and select oil, pharma and banking stocks. Midcap and small cap stocks were real culprits of the day, which worsened markets breadth in today's session.
Markets had opened sharply lower and witnessed heavy selling pressure since then. In the afternoon session, it shown major recovery of 350 points in Sensex and 100 points in Nifty, but could not able to sustain that for long and again slipped into deep red.
Fall in US markets on Friday was one of the reasons. There is a possibility of rate hike by RBI following higher inflation numbers of 11.05% touched in last week; especially CRR and repo rate. Banks are also likely to raise lending rates. Experts believe that economic growth may see some slowdown and expect rate hike of 50 bps in CRR and 25 bps in repo rate. They also expect that companies may witneses some margin pressure in near term due to risen commodities prices and inflation likely to remain around 11% for few weeks.
The Sensex has recovered nearly 130 points from day's low of 14,163.45 and closed at 14,293.32, down 277.97 points or 1.91%. The Nifty has broken another psychological mark and slipped below 4300 level. It has recovered nearly 41 points from day's low of 4225.50 and ended at 4266.40, down 81.15 points or 1.87%.
Amongst frontliners, Jaiprakash Associates was down -7.95%, Hindalco -7.83%, Unitech -7.20%, Tata Communication -6.80%, L&T -6.53% and Maruti Suzuki -5.43% while ONGC jumped 2.36%, HDFC 1.42%, Wipro 1.14%, Infosys 1.09% and HCL Tech 1.60%.
Today is the day of midcaps and small cap stocks, due to which markets breadth remained very weak through the day. About 512 shares have advanced while 2334 shares declined. Nearly 281 shares remained unchanged. Midcap Index lost 3.60% or 217.20 points to settle at 5,815.23. Small Cap Index plunged 3.53% or 261.36 points at 7,136.30.
Amongst midcap stocks, SREI Infra, UB Holdings, Prakash Ind, Akruti City, HEG, Anant Raj Ind, Sobha Developer, Alstom Projects, Wockhardt, National Fert and Essar Shipping fell over 8%.
In the small cap segment, Apar Ind, Kolte-Patil, Arihant Found, HTMT Global Sol, C and C Const, Welspun India, Lok Housing, Swaraj Mazda, Panchmahal Stee, McDowell Holdg, Sunil HitechEng and English Ind Cla have plunged over 9%.
Capital Goods Index fell 5.29% or 602.78 points at 10,797.01 led by selling in Alstom Projects, Walchandnagar, Greaves Cotton, Punj Lloyd, L&T and BHEL.
Metal stocks like Hindalco, Hind Zinc, NALCO, Jindal Steel, SAIL, Sterlite Ind and Tata Steel have lost shine. Index slid by 671.73 points or 4.62% at 13,856.33.
Power Index slipped 101.86 points or 4.01% at 2,437.98 due to selling in Reliance Power, Suzlon Energy, GVK Power, Tata Power, GMR Infra, Reliance Infra and Torrent Power.
Real estate stocks have tumbled like a pack of card, which includes Akruti City, Anant Raj Ind, Sobha Developers, Unitech, HDIL, Omaxe and DLF. Index fell 195.89 points or 3.64% at 5,187.92.
Pharma Index lost 105.16 points or 2.43% at 4,220.24 on the back of selling in Wockhardt, Ranbaxy Labs, Matrix Labs, Aurobindo Pharma, Pfizer, Sun Pharma and Dr Reddy's Labs.
Bankex also got hammered a lot, crashed by 174.20 points or 2.56% at 6,630.58. Selling pressure has seen in Bank of India, IOB, Allahabad Bank, Bank of Baroda, Kotak Mahindra, Union Bank, SBI, PNB and ICICI Bank.
Oil & Gas Index fell 2.63% or 247.79 points at 9,172.10 due to selling in Essar Oil, Reliance Ind, Petronet LNG, IOC, HPCL and GAIL. Reliance Industries was the main dragger, slipped below Rs 2000 and hit a low of 1,984.05. The stock lost 3.55% or Rs 74.4 to close at 2,022.20. However, ONGC, Cairn India and BPCL were gainers.
FMCG stocks like United Breweries, Dabur India, United Spirits, Godrej Consumer, Britannia and ITC have ended in red. Index plunged 1.41% at 2,202.65.
However, only BSE IT Index gained 0.68% to end at 4,233.42 due to buying in HCL Tech, Wipro, Patni Computer, Infosys, Satyam and Tech Mahindra.
Total turnover traded by the markets stood at Rs 83165.66 crore. This includes Rs 11229.27 crore from NSE Cash segment, Rs 66917.33 crore from NSE F&O and the balance Rs 5019.06 crore from BSE cash segment.
Most active counters on the bourses were Reliance Industries, L&T, Ranbaxy Labs, Bharti Airtel and Reliance Petroleum.
On the global front, Asian markets ended in negative terrain following weak US cues. Nikkei was down -0.6%, Shanghai Composite -2.5%, Hang Seng -0.13%, Kospi -0.89%, Straits Times -0.75% and Taiwan Weighted -0.33%. European markets were trading marginally in green, at the time of writing market report. FTSE 100 was up 0.53%, CAC 0.3% and DAX 0.4%.
Markets Snapshot Markets slide on back of weak global cues from US market, rising crude prices Nifty closes below 4,300 for 1st time since Aug 24, '07 Sensex ends down 278 pts at 14293.3; recovers nearly 130 pts from days low Nifty ends down 81 pts at 4266.4; recovers nearly 40 pts from days low Nifty takes support at 4225; faces resistance at 4320 during the day Sell-off witnessed in broader marets; CNX Midcap Index down 4%, BSE Small-cap Index down 3.5% RIL ends down down 3.5% at 2025.7; slips below 2000 during the day Cap Goods under pressure; index down 5.3%; L&T down 6.5%, ABB down 4%, BHEL down 3.2% Index losers; HIndalco down 8%, Unitech down 7.2%, Tata Comm down 6.8%, Suzlon down 6.5% Index gainers; ONGC, HDFC up nearly 2%, HCL Tech up 1.5%, Wipro, Infy, Satyam up nearly 1% Losers; GHCL down 10%, BOI down 9.3%, Rel Cap down 9%, Ibulls Fin down 8%, JP Associates down 7.5% NSE Advanve Decline at 1:10 Total market turnover at Rs 83165 cr Vs Rs 85088 cr on Friday F&O turnover at Rs 66917 cr Vs Rs 58533 cr on Friday
Friday, June 20, 2008
Inflation today shot up to a 13-year high of 11.05%
Inflation today shot up to a 13-year high of 11.05 per cent fuelled by rise in prices of petrol, diesel and cooking gas. The rise in petrol, diesel and cooking gas prices announced by the government on June 4 put the pressure on price line pushing the inflation by week ending June 7, up from 8.75 per cent in the preceding week.On a week-to-week basis, petrol prices were up by 11 per cent, while aviation fuel were up 14 per cent. The cooking gas prices were up by 20% and high speed diesel by 10 per cent.Markets TankWithin minutes of the release of the government data, sensitive BSE index of stock markets tanked about 350 points, reflecting the nervousness of the investors about the efficacy of the measures being taken by the Finance Ministry and the Reserve Bank of India.The bankers are now expecting a tightening of monetary policies in the wake of higher inflation numbers. Axis Bank expects further monetary tightening, while UCO Bank sees RBI taking stern measures to cool prices. Some bankers also expect the RBI to act before its before its scheduled July meet on monetary policy. BNP Paribas expects a CRR hike even before the central bank’s July meet. Industry players in the interest-sensitive sectors are also alarmed at the sharp spike in inflation numbers, as the RBI may hike interest rates to cool prices. Leading automaker Maruti described the current situation as “out of control”. Real estate player Omaxe sees growth hit due to higher lending rates.Besides fuel prices, rise in prices of food products particularly edible oil and manufactured goods added to the pressure on price line and woes of the government.But analysts say that the inflation could moderate on a fall in food prices, led by a good monsoon. The inflation could cool to 6-6.5% by year end, Kotak Securities told NDTV. However, it warned that the government may raise fuel prices if global crude remains high.The inflation numbers in our country come in with a lag of around two weeks. The June 5 hike in fuel prices majorly accounted for the sharp rise in inflation numbers as the fuel prices were reflected in the figures for the first time since they were raised.
Sunday, June 15, 2008
ARCELOR - MITTAL
Aditya Mittal, CFO and Member of the Group’s management board, ArcelorMittal said the company is looking for acquisitions in steel and mining. Mittal added that the India plant is on track and will begin operations in 2012. Mittal added that ArcelorMittal is not looking for acquisitions in North Asia.
He is disappointed with the progress on the ONGC JV. According to him, “Steel prices have stabilized and the upmove will depend on demand. Industrial demand has not slowed down and growth continues to be strong. The focus is on organic growth.”
He is disappointed with the progress on the ONGC JV. According to him, “Steel prices have stabilized and the upmove will depend on demand. Industrial demand has not slowed down and growth continues to be strong. The focus is on organic growth.”
RCOM - MTN DEAL
MTN officials some of them are coming to India, to solve the issue of Reliance.
They want to confirm before the acquistion of RCOM,
They are coming here to rectify it & also the process of their acqusition with RCOM.
They want to confirm before the acquistion of RCOM,
They are coming here to rectify it & also the process of their acqusition with RCOM.
LAKSHMI NIWAS MITTAL
Born: June 15, 1950
Achievement: World's largest steel maker and the third richest man in the world.
Lakshmi Mittal has become something of a cult figure in the global steel industry. His company Mittal Steel is the largest steel maker in the world. After the recent merger between Mittal Steel and Arcelor which raged a big debate throughout the Europe, Laxmi Mittal current controls 10% of the total steel production and the combined entity that has come into force post-merger is three times the size of its nearest competitors.
Lakshmi Niwas Mittal was born on June 15, 1950 at Sadulpur, in Churu district of Rajasthan, in a poor family. The extended family of 20 lived on bare concrete floors, slept on rope beds and cooked on an open fire in the brickyard in a house built by his grandfather. Laxmi Mittal belongs to Marwari Aggarwal caste and his grandfather worked for the Tarachand Ghanshyam Das firm, one of the leading Marwari industrial firms of pre-independence India.
The family later on moved to Kolkata where his father Mohan Mittal became a partner in a steel company. Lakshmi Mittal graduated from St. Xaviers in Kolkata with a commerce degree in 1969. He began his career working in the family's steelmaking business in India and in 1976, Lakshmi Mittal founded Mittal Steel Company. He split from his father and two younger brothers in 1994 and took the international arm, with interests in Indonesia and Trinidad and Tobago, while the rest of the family kept the domestic Indian business. In the last few years Mittal Steel has made a number of acquisitions, buying up a network of steel producers in former communist countries including Kazakhstan, Romania and Ukraine, and pushing into the U.S. in 2004 with the $4.5 billion purchase of International Steel Group. Today, Mittal Steel is the only truly global steel producer in the world with operations on 14 countries, spanning 4 continents.
Lakshmi Mittal is also known for his opulence. In 2003, he acquired the Kensington mansion, said to be the world's most expensive home, from Formula One racing's Bernie Ecclestone for £70 million ($128 million). His daughter Vanisha's $50 million wedding bash is touted as the most expensive wedding of the 20th century.
In March 2006, Lakshmi Mittal was listed as the third wealthiest person in the world after Bill Gates and Warren Buffet by Forbes Magazine.
Saturday, June 14, 2008
ANIL D. AMBANI
Anil Ambani:
Born: 4th June 1959
Achievement:
He is the Chairman for ADAG(Anil Dhirubhai Ambani Group) and also chosen as the 'CEO of the Year 2004' in the Platts Global Energy Awards and MTV Youth Icon of the Year' in September 2003
Before splitting of Reliaance group, Anil Ambani held the post of Vice Chairman & M.D. of RIL.
He did bachelors of science from the Mumbai University & MBA, The Wharton School at the University of Pennsylvania.
Anil Ambani joined Reliance in 1983 as Co-Chief Executive Officer. He pioneered India Inc's forays into overseas capital markets with international public offerings of global depository receipts, convertibles and bonds. Starting from 1991, he led Reliance in its efforts to raise, around US$2 billion from overseas financial markets. In January 1997, the 100-year Yankee bond issue was launched under his stewardship
After Reliance group split into Mukesh & Anil Ambani, Anil become the Chairman for all listed Group companies of ADAG, which includes Reliance Communications, Reliance Capital, Reliance Energy, Reliance Natural Resources Limited & Reliance Power.
Anil Ambai was elected as an independent member Rajya Sabha MP in June 2004. But he resigned voluntarily on March 25, 2006.
Anil Ambani has won several awards and honours. Major among these include: 'CEO of the Year 2004' in the Platts Global Energy Awards, 'MTV Youth Icon of the Year' in September 2003, 'The Entrepreneur of the Decade Award' by the Bombay Management Association, and 'Businessman of the Year Award' by leading Business Magazine, Business India in 1997.
Friday, June 13, 2008
Mukesh D. Ambani
Mukesh D. Ambani- Chairman & Managing Director
Shri Mukesh D. Ambani is a Chemical Engineer from the University of Bombay and pursued MBA from Stanford University, USA. He is the son of Shri Dhirubhai H. Ambani, Founder Chairman of the Company. Shri Ambani joined Reliance in 1981 and initiated Reliance’s backward integration from textiles into polyester fibres and further into petrochemicals, petroleum refining and oil and gas exploration and production. In this process, he directed the creation of several new world-class manufacturing facilities involving diverse technologies that have raised Reliance’s petrochemicals manufacturing capacities from less than a million tonnes to about twenty million tonnes per year.
Shri Ambani directed and led the creation of the world’s largest grassroots petroleum refinery at Jamnagar, India, with a current capacity of 660,000 barrels per day (33 million tonnes per year) integrated with petrochemicals, power generation, port and related infrastructure.
Shri Ambani had set up one of the largest and most complex information and communications technology initiative in the world in the form of Reliance Infocomm Limited (now Reliance Communications Limited).
Shri Ambani is also steering Reliance’s initiatives in a world scale, offshore, deep water oil and gas exploration and production program, setting up of a second petroleum refinery at Jamnagar, development of infrastructure facilities and implementation of a pan-India organized retail network spanning multiple formats and supply chain infrastructure.
Shri Ambani’s accolades include:
* Bestowed the US-India Business Council (USIBC) ‘Global Vision’ 2007 Award for Leadership in 2007.
* Invited to be a member of the World Business Council for Sustainable Development (WBCSD). He is the only Indian CEO to be a Council Member of WBCSD.
* Conferred ‘ET Business Leader of the Year’ Award by The Economic Times (India) in the year 2006.
* Conferred the Degree Honoris Causa, Honorary Doctorate by the Maharaja Sayajirao University in 2007.
* Conferred the India Business Leadership Award by CNBC-TV18 in 2007.
* Received the first NDTV-Profit ‘Global Indian Leader Award’ from Hon’ble Prime Minister of India, Shri Manmohan Singh in New Delhi in the year 2006.
* Had the distinction and honour of being the cochair at the World Economic Forum in Davos, Switzerland.
* Ranked 42nd among the ‘World’s Most Respected Business Leaders’ and second among the four Indian CEOs featured in a survey conducted by Pricewaterhouse Coopers and published in Financial Times, London, in November, 2004.
* Conferred the World Communication Award for the ‘Most Influential Person’ in Telecommunications by Total Telecom, in October, 2004.
* Conferred the ‘Asia Society Leadership Award’ by the Asia Society, Washington D.C., USA, in May, 2004.
Shri Ambani is a member of the Prime Minister’s Council on Trade and Industry, Government of India and the Board of Governors of the National Council of Applied Economic Research, New Delhi. He is a member of the Indo-US CEOs Forum, the International Advisory Board of Citigroup, International Advisory Board of the National Board of Kuwait and McKinsey Advisory Council.
He is the Chairman, Board of Governors of the Indian Institute of Management, Bangalore and a member of the Advisory Council of the Indian Institute of Technology, Mumbai. He is also a member of the Advisory Council for the Graduate School of Business of the Stanford University.
Shri Ambani is the Chairman of Reliance Petroleum Limited and Reliance Retail Limited and a Director of Reliance Europe Limited, and Pratham India Education Initiative.
Shri Mukesh D. Ambani is a Chemical Engineer from the University of Bombay and pursued MBA from Stanford University, USA. He is the son of Shri Dhirubhai H. Ambani, Founder Chairman of the Company. Shri Ambani joined Reliance in 1981 and initiated Reliance’s backward integration from textiles into polyester fibres and further into petrochemicals, petroleum refining and oil and gas exploration and production. In this process, he directed the creation of several new world-class manufacturing facilities involving diverse technologies that have raised Reliance’s petrochemicals manufacturing capacities from less than a million tonnes to about twenty million tonnes per year.
Shri Ambani directed and led the creation of the world’s largest grassroots petroleum refinery at Jamnagar, India, with a current capacity of 660,000 barrels per day (33 million tonnes per year) integrated with petrochemicals, power generation, port and related infrastructure.
Shri Ambani had set up one of the largest and most complex information and communications technology initiative in the world in the form of Reliance Infocomm Limited (now Reliance Communications Limited).
Shri Ambani is also steering Reliance’s initiatives in a world scale, offshore, deep water oil and gas exploration and production program, setting up of a second petroleum refinery at Jamnagar, development of infrastructure facilities and implementation of a pan-India organized retail network spanning multiple formats and supply chain infrastructure.
Shri Ambani’s accolades include:
* Bestowed the US-India Business Council (USIBC) ‘Global Vision’ 2007 Award for Leadership in 2007.
* Invited to be a member of the World Business Council for Sustainable Development (WBCSD). He is the only Indian CEO to be a Council Member of WBCSD.
* Conferred ‘ET Business Leader of the Year’ Award by The Economic Times (India) in the year 2006.
* Conferred the Degree Honoris Causa, Honorary Doctorate by the Maharaja Sayajirao University in 2007.
* Conferred the India Business Leadership Award by CNBC-TV18 in 2007.
* Received the first NDTV-Profit ‘Global Indian Leader Award’ from Hon’ble Prime Minister of India, Shri Manmohan Singh in New Delhi in the year 2006.
* Had the distinction and honour of being the cochair at the World Economic Forum in Davos, Switzerland.
* Ranked 42nd among the ‘World’s Most Respected Business Leaders’ and second among the four Indian CEOs featured in a survey conducted by Pricewaterhouse Coopers and published in Financial Times, London, in November, 2004.
* Conferred the World Communication Award for the ‘Most Influential Person’ in Telecommunications by Total Telecom, in October, 2004.
* Conferred the ‘Asia Society Leadership Award’ by the Asia Society, Washington D.C., USA, in May, 2004.
Shri Ambani is a member of the Prime Minister’s Council on Trade and Industry, Government of India and the Board of Governors of the National Council of Applied Economic Research, New Delhi. He is a member of the Indo-US CEOs Forum, the International Advisory Board of Citigroup, International Advisory Board of the National Board of Kuwait and McKinsey Advisory Council.
He is the Chairman, Board of Governors of the Indian Institute of Management, Bangalore and a member of the Advisory Council of the Indian Institute of Technology, Mumbai. He is also a member of the Advisory Council for the Graduate School of Business of the Stanford University.
Shri Ambani is the Chairman of Reliance Petroleum Limited and Reliance Retail Limited and a Director of Reliance Europe Limited, and Pratham India Education Initiative.
INFLATION - 8.75%
Inflation for the week-ended May 31 is at 8.75% versus 8.24%.
Inflation for the week-ended April 5 has been revised to 7.71% versus 7.14% earlier. The Wholesale Price Index, or WPI, for all commodities is up 0.6% at 231.1. The WPI for manufactured products is up 0.7% while that of primary articles is up 0.9%.
Inflation is at seven year high, which might reach double digit in next few weeks.
Most of the analyst suggest CRR hike is the possible way to curb inflation.
So most of the analyst expects CRR hike might be the next step for RBI to curb inflation.
Petrol price hike also tends to increase inflation for the next data of inflation on June 20th 2008.
So in near term CRR hike will erode inflation.
Most of them suggest within September it might comes to nearby 6%
Inflation is 8.75% for may 31st 2008:
The WPI for manufactured products was up by 0.7 per cent, while for primary articles it was up by 0.9 per cent.
Inflation for the week-ended April 5 has been revised to 7.71% versus 7.14% earlier. The Wholesale Price Index, or WPI, for all commodities is up 0.6% at 231.1. The WPI for manufactured products is up 0.7% while that of primary articles is up 0.9%.
Inflation is at seven year high, which might reach double digit in next few weeks.
Most of the analyst suggest CRR hike is the possible way to curb inflation.
So most of the analyst expects CRR hike might be the next step for RBI to curb inflation.
Petrol price hike also tends to increase inflation for the next data of inflation on June 20th 2008.
So in near term CRR hike will erode inflation.
Most of them suggest within September it might comes to nearby 6%
Inflation is 8.75% for may 31st 2008:
The WPI for manufactured products was up by 0.7 per cent, while for primary articles it was up by 0.9 per cent.
RCOM - RIL
Reliance Industries has objected to the proposed deal of Reliance Communications (RCOM) with South Africa-based MTN.
RIL says it has the first right of refusal on any deal involving Reliance Communications.
Reliance Communications officials said the objection of Reliance will not delay talks with MTN. They added that Reliance's objections are legally and factually untenable.
ADAG group says that RIL move is anti-consumer, anti-investor & also its against the principle of Dhirubhai, Father of them.
Tax consultant Vinay Singh said family agreements are legally enforceable.
ADAG spokesperson said, "RIL's claim is legally and factually untenable, baseless and misconceived."
Asserting that RCOM's negotiations with MTN group for amalgamation were going well and that Mukesh group's "mala fide" attempt would not derail the process, the spokesperson said that ADAG has received this evening from MTN the communication made by RIL, which he dubbed as "an attempt borne out of mounting despair and frustration.
RIL says it has the first right of refusal on any deal involving Reliance Communications.
Reliance Communications officials said the objection of Reliance will not delay talks with MTN. They added that Reliance's objections are legally and factually untenable.
ADAG group says that RIL move is anti-consumer, anti-investor & also its against the principle of Dhirubhai, Father of them.
Tax consultant Vinay Singh said family agreements are legally enforceable.
ADAG spokesperson said, "RIL's claim is legally and factually untenable, baseless and misconceived."
Asserting that RCOM's negotiations with MTN group for amalgamation were going well and that Mukesh group's "mala fide" attempt would not derail the process, the spokesperson said that ADAG has received this evening from MTN the communication made by RIL, which he dubbed as "an attempt borne out of mounting despair and frustration.
Thursday, June 12, 2008
Wipro forays into semiconductor business
IT major Wipro is entering the semiconductor territory, which is largely uncharted especially for a player from its sector.
Sudip Nandy, head of telecom and engineering business wants to carve out a new play for Wipro as a manufacturer.
From television to set top boxes, the company will have it all in its kitty.
It is executing a pilot set-top box project that has been prototyped in North America, part assembled in Netherlands and Japan, manufactured in Korea and being sold in Africa.
The project is a pilot of 200 - 500 set top boxes to start with before it can be scaled up and it has forged partnership with local Korean manufacturers for the same. The projects will be on revenue share model, which means Wipro makes more money if the product sales more and vice versa.
Wipro clearly has big ambitions in semiconductors space. It has now pulled out of its much touted Motorola Joint venture as well and wants to develop mobile equipments on its own.
Sudip Nandy however has a tough job up his sleeves, given the semiconductor space is dominated largely by player like Intel and back home there are 200 chip companies offering niche services. The big daddies like Reliance is also gearing up for this space and Nandy says it is the end to end capability of Wipro from software to products, that will give it the competitive edge.
Sudip Nandy, head of telecom and engineering business wants to carve out a new play for Wipro as a manufacturer.
From television to set top boxes, the company will have it all in its kitty.
It is executing a pilot set-top box project that has been prototyped in North America, part assembled in Netherlands and Japan, manufactured in Korea and being sold in Africa.
The project is a pilot of 200 - 500 set top boxes to start with before it can be scaled up and it has forged partnership with local Korean manufacturers for the same. The projects will be on revenue share model, which means Wipro makes more money if the product sales more and vice versa.
Wipro clearly has big ambitions in semiconductors space. It has now pulled out of its much touted Motorola Joint venture as well and wants to develop mobile equipments on its own.
Sudip Nandy however has a tough job up his sleeves, given the semiconductor space is dominated largely by player like Intel and back home there are 200 chip companies offering niche services. The big daddies like Reliance is also gearing up for this space and Nandy says it is the end to end capability of Wipro from software to products, that will give it the competitive edge.
Lehman - Quarterly Loss tends to replace their COO & CFO.
Lehman appoints there new COO & CFO after they reports loss of $3billion quarterly loss.
Existing chief financial officer, Erin Callan, and Existing chief operating officer, Joseph Gregory; replaced by Herbert "Bart" McDade will take over as president and COO and Ian Lowitt will succeed Callan in the CFO position.
Existing chief financial officer, Erin Callan, and Existing chief operating officer, Joseph Gregory; replaced by Herbert "Bart" McDade will take over as president and COO and Ian Lowitt will succeed Callan in the CFO position.
RELIANCE INDUSTRIES LTD - AGM
Mr. Mukesh Ambani, Chairman & MD of RIL states that refinery in Jamnagar & gas production starts later this year & also he said that they will commence it before what they planned.
“Reliance is creating history. Two major deepwater fields are poised to come on stream with a combined capacity of about 5,50,000 barrels of oil equivalent per day. This is about 40% of India's current indigenous production. At current prices of crude oil of 135 dollars per barrel, they imply a saving of Rs 114000 cr in energy imports by India," said Mukesh Ambani, CMD, Reliance Industries.
Mukesh Ambani states that high crude prices is due to high speculation driven in the global market and he states Reliance Industries hasn't gained from it.
"Our performance stems from integrated nature of our operations. Integration is at the core of our evolution and growth. In addition, gas sales which commence this year with be at a price equivalent of $25.2 per barrel as compared to current market price of $135 per barrel of crude oil,” he added.
Reliance want to build the partnership with global companies for synergies and also to grow bigger in retail business..
“We are growing through partnerships with select world-class players like Marks & Spencer, Pearle and Vornado.These are partnerships that we have announced so far. In a larger context, Reliance Retail has forged partnerships that extend over a wider landscape, one that includes our customers and stakeholders,” he stated.
He also said that the export which have grown at 49% compunded over last 5 yrs. He said that they are pursuing greenfield investment & also acquistion in polyester business.
The new refinery at Jamnagar will add nine lakh tonne per annum to polypropylene capacity, he added.
He also said thet they will remain committed to long-term potential of petroleum retail business and leverage retail opportunity via majority stake in Gulf Africa Petro. There are also eight new discoveries across four offshore basins during the year, he added.
“Reliance is creating history. Two major deepwater fields are poised to come on stream with a combined capacity of about 5,50,000 barrels of oil equivalent per day. This is about 40% of India's current indigenous production. At current prices of crude oil of 135 dollars per barrel, they imply a saving of Rs 114000 cr in energy imports by India," said Mukesh Ambani, CMD, Reliance Industries.
Mukesh Ambani states that high crude prices is due to high speculation driven in the global market and he states Reliance Industries hasn't gained from it.
"Our performance stems from integrated nature of our operations. Integration is at the core of our evolution and growth. In addition, gas sales which commence this year with be at a price equivalent of $25.2 per barrel as compared to current market price of $135 per barrel of crude oil,” he added.
Reliance want to build the partnership with global companies for synergies and also to grow bigger in retail business..
“We are growing through partnerships with select world-class players like Marks & Spencer, Pearle and Vornado.These are partnerships that we have announced so far. In a larger context, Reliance Retail has forged partnerships that extend over a wider landscape, one that includes our customers and stakeholders,” he stated.
He also said that the export which have grown at 49% compunded over last 5 yrs. He said that they are pursuing greenfield investment & also acquistion in polyester business.
The new refinery at Jamnagar will add nine lakh tonne per annum to polypropylene capacity, he added.
He also said thet they will remain committed to long-term potential of petroleum retail business and leverage retail opportunity via majority stake in Gulf Africa Petro. There are also eight new discoveries across four offshore basins during the year, he added.
Index of Industrial Production
April IIP data comes out at 7% vs 11.3% YoY. March IIP revises to 3.9% vs 3% earlier.
April Manufacturing growth came at 7.5% vs 12.4% YoY.
IIP data which is postive sign on numbers but it doesn't seems growth is moving up.
The demand for resources like coal and minerals surged and the sector grew by 8.6 per cent. Consumer goods also grew as Indian bought more television sets and household goods.
April Manufacturing growth came at 7.5% vs 12.4% YoY.
IIP data which is postive sign on numbers but it doesn't seems growth is moving up.
The demand for resources like coal and minerals surged and the sector grew by 8.6 per cent. Consumer goods also grew as Indian bought more television sets and household goods.
Wednesday, June 11, 2008
What the Apple says about iPhone 3G
Apple iPhone 3G
Desktop-class web browsing.
iPhone uses Safari — the most advanced browser on a mobile device — and displays the web the way it was designed to be seen. With support for web standards, SSL, and Cisco IPSec VPN, iPhone delivers secure access to corporate intranets so users can access their company’s resources wherever they are. Web Clips give quick, one-tap access from the Home screen to important websites and web applications. And the fastest available connection to the web is always ensured, whether it’s EDGE, 3G, or Wi-Fi.
Costs $199/-,
Launches on July 11th 2008
P
hone, iPod, Internet & More....
Introducing iPhone 3G. With fast 3G wireless technology, GPS mapping, support for enterprise features like Microsoft Exchange, and the new App Store, iPhone 3G puts even more features at your fingertips. And like the original iPhone, it combines three products in one — a revolutionary phone, a widescreen iPod, and a breakthrough Internet device with rich HTML email and a desktop-class web browser. iPhone 3G. It redefines what a mobile phone can do — again.
hone, iPod, Internet & More....Introducing iPhone 3G. With fast 3G wireless technology, GPS mapping, support for enterprise features like Microsoft Exchange, and the new App Store, iPhone 3G puts even more features at your fingertips. And like the original iPhone, it combines three products in one — a revolutionary phone, a widescreen iPod, and a breakthrough Internet device with rich HTML email and a desktop-class web browser. iPhone 3G. It redefines what a mobile phone can do — again.
Phone:
With iPhone, making a call is as simple as tapping a name or number. All your contacts appear in a list you scroll through with a flick of your finger. And Visual Voicemail plays your messages in any order you want, just like email.
Tap into calls.
Tap any phone number in Contacts, Favorites, an email, an SMS text message — or almost any other application — to make a call. If you have a lot of contacts, use the search feature to quickly find specific names. iPhone also makes it easy to talk to more than one person at the same time. With a tap, you can switch between calls or create a conference call.Make contact.
Building your iPhone address book is simple. Contacts sync via iTunes each time you connect iPhone to your computer. You can even add contact information directly from Maps and SMS messages with just a few taps. Answer in a pinch.
The stereo headset that comes with iPhone features a high-performance microphone — fitted with a windscreen for added clarity — that also serves as a Send/End button you pinch to answer or end calls.
Tap any phone number in Contacts, Favorites, an email, an SMS text message — or almost any other application — to make a call. If you have a lot of contacts, use the search feature to quickly find specific names. iPhone also makes it easy to talk to more than one person at the same time. With a tap, you can switch between calls or create a conference call.Make contact.
Building your iPhone address book is simple. Contacts sync via iTunes each time you connect iPhone to your computer. You can even add contact information directly from Maps and SMS messages with just a few taps. Answer in a pinch.
The stereo headset that comes with iPhone features a high-performance microphone — fitted with a windscreen for added clarity — that also serves as a Send/End button you pinch to answer or end calls.
See your voicemail.
Listen to your fourth voicemail message without listening to the three before it. Visual Voicemail shows you a list of all your messages — and who they’re from — so you can play them in any order you please.
Listen to your fourth voicemail message without listening to the three before it. Visual Voicemail shows you a list of all your messages — and who they’re from — so you can play them in any order you please.
Get push contacts for enterprise.
With support for Microsoft Exchange ActiveSync, iPhone gives you push contacts and lets you access your company’s Global Address List.
With support for Microsoft Exchange ActiveSync, iPhone gives you push contacts and lets you access your company’s Global Address List.
The best phone for Business. Ever.
What makes iPhone a great business phone? Simple. The same features that make it a revolutionary mobile device. With iPhone 2.0 software, iPhone does even more for your enterprise. It supports Microsoft Exchange ActiveSync, delivering push email, calendar, and contacts. And it gives mobile users secure access to corporate resources with Cisco IPSec VPN and wireless network services with WPA2 Enterprise and 802.1X authentication.
Best email on a mobile device.
Email on iPhone offers a viewing experience unlike any other mobile device. Its rich HTML format means email looks and acts like email on your computer. With support for Microsoft Word, Excel, and PowerPoint, PDF, JPEG, and now iWork, attachments can be viewed exactly as they were designed to. Users can even zoom in on important information with the tap of a finger. And now that iPhone has built-in support for Microsoft Exchange ActiveSync, users get all the benefits of push email.
Email on iPhone offers a viewing experience unlike any other mobile device. Its rich HTML format means email looks and acts like email on your computer. With support for Microsoft Word, Excel, and PowerPoint, PDF, JPEG, and now iWork, attachments can be viewed exactly as they were designed to. Users can even zoom in on important information with the tap of a finger. And now that iPhone has built-in support for Microsoft Exchange ActiveSync, users get all the benefits of push email.
Up-to-the-minute calendar.
With its Multi-Touch interface, no other mobile calendar application is as intuitive or simple to use. Tap to accept or decline a meeting invitation. Tap again to see who’s attending, check scheduling conflicts, review the agenda, or add alerts. Color coding makes calendar entries easy to organize and view at a glance. And push calendar and integrated support for time zones means users can stay up to date no matter where their business takes them.
With its Multi-Touch interface, no other mobile calendar application is as intuitive or simple to use. Tap to accept or decline a meeting invitation. Tap again to see who’s attending, check scheduling conflicts, review the agenda, or add alerts. Color coding makes calendar entries easy to organize and view at a glance. And push calendar and integrated support for time zones means users can stay up to date no matter where their business takes them.
More powerful contacts.
Finding contacts on iPhone is as simple as scrolling through your contact list or using the search feature. Add or change a contact and it updates everywhere automatically. But what really makes Contacts ideal for business is its seamless integration with features such as Maps, Safari, and SMS. Find customer offices using Maps with GPS. Get directions and call directly from map listings to confirm. Add vCards received via email. Look up contacts faster with search support for companywide Global Address Lists (GAL). And with push contacts on iPhone, contact lists are always up to date.
Finding contacts on iPhone is as simple as scrolling through your contact list or using the search feature. Add or change a contact and it updates everywhere automatically. But what really makes Contacts ideal for business is its seamless integration with features such as Maps, Safari, and SMS. Find customer offices using Maps with GPS. Get directions and call directly from map listings to confirm. Add vCards received via email. Look up contacts faster with search support for companywide Global Address Lists (GAL). And with push contacts on iPhone, contact lists are always up to date.
Desktop-class web browsing.
iPhone uses Safari — the most advanced browser on a mobile device — and displays the web the way it was designed to be seen. With support for web standards, SSL, and Cisco IPSec VPN, iPhone delivers secure access to corporate intranets so users can access their company’s resources wherever they are. Web Clips give quick, one-tap access from the Home screen to important websites and web applications. And the fastest available connection to the web is always ensured, whether it’s EDGE, 3G, or Wi-Fi.
Smarter phone features.
iPhone is a revolutionary phone that also helps manage daily work calls. Visual Voicemail allows users to prioritize which messages to listen to first and fast-track through a message to get to key information. Swapping and merging calls and even initiating conference calls is easy. To add an attendee, just tap a name from a contact list or company GAL.
iPhone is a revolutionary phone that also helps manage daily work calls. Visual Voicemail allows users to prioritize which messages to listen to first and fast-track through a message to get to key information. Swapping and merging calls and even initiating conference calls is easy. To add an attendee, just tap a name from a contact list or company GAL.
More for business.
iPhone has even more great features for business users. Find a customer’s address and get directions with GPS-powered Maps. Send SMS messages to multiple recipients. Get a one-tap weather report before your next business trip. Check stocks at a glance. Write notes to save or email. Even perform complex calculations with the built-in scientific calculator
iPhone has even more great features for business users. Find a customer’s address and get directions with GPS-powered Maps. Send SMS messages to multiple recipients. Get a one-tap weather report before your next business trip. Check stocks at a glance. Write notes to save or email. Even perform complex calculations with the built-in scientific calculator
SMS.
With a chat-style view and an intelligent Multi-Touch keyboard that predicts and suggests words as you type, iPhone texts smarter than any smartphone.
Text like you chat.
SMS messages appear on your iPhone as an ongoing chat, so it’s easy to pick up a conversation where you left off. Scroll through conversations with a flick, or scroll to the top and tap the Call button to talk live.
SMS messages appear on your iPhone as an ongoing chat, so it’s easy to pick up a conversation where you left off. Scroll through conversations with a flick, or scroll to the top and tap the Call button to talk live.
Type right.
Text with speed and accuracy on the predictive Multi-Touch keyboard. As you type, iPhone suggests corrections. It also features a built-in dictionary and even learns words you use often.
Text with speed and accuracy on the predictive Multi-Touch keyboard. As you type, iPhone suggests corrections. It also features a built-in dictionary and even learns words you use often.
Get together.
Save time by sending an SMS message to more than one person at the same time. Add as many recipients as you want.
Save time by sending an SMS message to more than one person at the same time. Add as many recipients as you want.
iPod:
With its beautiful 3.5-inch widescreen display and Multi-Touch controls, iPhone is also one amazing iPod. Browse your music in Cover Flow and watch widescreen video with the touch of a finger.
Touch your music.
Scroll through songs, artists, albums, and playlists with a flick. Browse your music library by album artwork using Cover Flow. Even view song lyrics that you’ve added to your library in iTunes. Get a call while listening to music? A pinch of the microphone on your iPhone headset pauses the tune and answers the call.
Scroll through songs, artists, albums, and playlists with a flick. Browse your music library by album artwork using Cover Flow. Even view song lyrics that you’ve added to your library in iTunes. Get a call while listening to music? A pinch of the microphone on your iPhone headset pauses the tune and answers the call.
Watch in widescreen.
iPhone brings you a video experience unlike any other portable device. Watch TV shows and movies from the iTunes Store on the 3.5-inch widescreen display. Just tap to bring up video controls whenever you need them.
iPhone brings you a video experience unlike any other portable device. Watch TV shows and movies from the iTunes Store on the 3.5-inch widescreen display. Just tap to bring up video controls whenever you need them.
Sync it all.
Audio and video from your iTunes library sync to your iPhone when you connect it to your computer. Choose what you want to sync and iTunes does the rest.
Audio and video from your iTunes library sync to your iPhone when you connect it to your computer. Choose what you want to sync and iTunes does the rest.
3G Speed. Worldwide
3G technology gives iPhone fast access to the Internet and email over cellular networks around the world. iPhone 3G also makes it possible to do more in more places: Surf the web, download email, get directions, and watch video — even while you’re on a call.
How it works.
iPhone 3G uses a technology protocol called HSDPA (High-Speed Downlink Packet Access) to download data fast over UMTS (Universal Mobile Telecommunications System) networks. Email attachments and web pages load twice as fast on 3G networks as on 2G EDGE networks.1 And since iPhone 3G seamlessly switches between EDGE, faster 3G, and even faster Wi-Fi, you always get the best speeds possible.
iPhone 3G uses a technology protocol called HSDPA (High-Speed Downlink Packet Access) to download data fast over UMTS (Universal Mobile Telecommunications System) networks. Email attachments and web pages load twice as fast on 3G networks as on 2G EDGE networks.1 And since iPhone 3G seamlessly switches between EDGE, faster 3G, and even faster Wi-Fi, you always get the best speeds possible.
Talk and browse. At the same time.
iPhone already gives you mobile multitasking. But 3G technology lets you multitask in more places — without connecting via Wi-Fi. Since 3G networks enable simultaneous data and voice, you can talk on the phone while surfing the web, checking email, or using Maps. All from your 3G cellular network.
iPhone already gives you mobile multitasking. But 3G technology lets you multitask in more places — without connecting via Wi-Fi. Since 3G networks enable simultaneous data and voice, you can talk on the phone while surfing the web, checking email, or using Maps. All from your 3G cellular network.
Go anywhere.
iPhone 3G meets worldwide standards for cellular communications, so you can make calls and surf the web from practically anywhere on the planet. And if you’re in an area without a 3G network, iPhone connects you via GSM for calls and EDGE for data.
iPhone 3G meets worldwide standards for cellular communications, so you can make calls and surf the web from practically anywhere on the planet. And if you’re in an area without a 3G network, iPhone connects you via GSM for calls and EDGE for data.
More wireless. Less space.
iPhone 3G delivers UMTS, HSDPA, GSM, Wi-Fi, EDGE, GPS, and Bluetooth 2.0 + EDR in one compact device — using only two antennas. Clever iPhone engineering integrates those antennas into a few unexpected places: the metal ring around the camera, the audio jack, the metal screen bezel, and the iPhone circuitry itself. And intelligent iPhone power management technology gives you up to 5 hours of talk time over 3G networks.2 That’s some of the best in the business.
iPhone 3G delivers UMTS, HSDPA, GSM, Wi-Fi, EDGE, GPS, and Bluetooth 2.0 + EDR in one compact device — using only two antennas. Clever iPhone engineering integrates those antennas into a few unexpected places: the metal ring around the camera, the audio jack, the metal screen bezel, and the iPhone circuitry itself. And intelligent iPhone power management technology gives you up to 5 hours of talk time over 3G networks.2 That’s some of the best in the business.
Multitouch
With its large Multi-Touch display and innovative software, iPhone lets you control everything using only your fingers. Type using the predictive keyboard, glide through albums with Cover Flow, scroll through photos with a flick, or zoom in and out on a section of a web page — all courtesy of Multi-Touch.
How it works.
The Multi-Touch display layers a protective shield over a capacitive panel that senses your touch using electrical fields. It then transmits that information to the LCD screen below it. And the iPhone software enables the flick, tap, and pinch.
The Multi-Touch display layers a protective shield over a capacitive panel that senses your touch using electrical fields. It then transmits that information to the LCD screen below it. And the iPhone software enables the flick, tap, and pinch.
GPS & Beyond
GPS technology and iPhone software come together to create a new dimension in mobile phone mapping. Get a fast fix on your location. Track your progress as you go. Use applications that take advantage of GPS navigation features. All from iPhone 3G.
GPS technology and iPhone software come together to create a new dimension in mobile phone mapping. Get a fast fix on your location. Track your progress as you go. Use applications that take advantage of GPS navigation features. All from iPhone 3G.
How it works.
GPS (Global Positioning System) technology uses information from earth-orbiting satellites to find locations. A receiver estimates the distance to GPS satellites based on the time it takes for signals to reach it, then uses that information to identify its location. But the A-GPS (Assisted GPS) solution on iPhone 3G goes a step further, using a unique approach to find the closest satellites and more quickly identify your position. That gives you a faster fix on your location than with regular GPS.
GPS (Global Positioning System) technology uses information from earth-orbiting satellites to find locations. A receiver estimates the distance to GPS satellites based on the time it takes for signals to reach it, then uses that information to identify its location. But the A-GPS (Assisted GPS) solution on iPhone 3G goes a step further, using a unique approach to find the closest satellites and more quickly identify your position. That gives you a faster fix on your location than with regular GPS.
Get the signal.
In addition to A-GPS, iPhone 3G uses signals from GPS satellites, Wi-Fi hot spots, and cellular towers to get the most accurate location fast. If GPS is available, iPhone displays a blue GPS indicator. But if you’re inside — without a clear line of sight to a GPS satellite — iPhone finds you via Wi-Fi. If you’re not in range of a Wi-Fi hot spot, iPhone finds you using cellular towers. And the size of a location circle tells you how accurately iPhone is able to calculate that location: The smaller the circle, the more accurate the location.
In addition to A-GPS, iPhone 3G uses signals from GPS satellites, Wi-Fi hot spots, and cellular towers to get the most accurate location fast. If GPS is available, iPhone displays a blue GPS indicator. But if you’re inside — without a clear line of sight to a GPS satellite — iPhone finds you via Wi-Fi. If you’re not in range of a Wi-Fi hot spot, iPhone finds you using cellular towers. And the size of a location circle tells you how accurately iPhone is able to calculate that location: The smaller the circle, the more accurate the location.
Stay on track.
Maps on iPhone 3G use GPS to help you get from point A to point B. Find a location, get directions, and, if you like, follow your progress along a highlighted route with live GPS tracking.
Maps on iPhone 3G use GPS to help you get from point A to point B. Find a location, get directions, and, if you like, follow your progress along a highlighted route with live GPS tracking.
Get apps that map.
iPhone 3G provides GPS-powered location feeds to built-in applications as well as to applications available on the App Store. Take a photo with the camera, for example, and iPhone can geotag it with GPS location information. That way, when you share photos online, friends and family can see where every snapshot was taken. And you can shop the App Store for GPS-enabled applications such as mobile friend finders or interactive city guides.
iPhone 3G provides GPS-powered location feeds to built-in applications as well as to applications available on the App Store. Take a photo with the camera, for example, and iPhone can geotag it with GPS location information. That way, when you share photos online, friends and family can see where every snapshot was taken. And you can shop the App Store for GPS-enabled applications such as mobile friend finders or interactive city guides.
Save power.
GPS on iPhone is active only when you need it. iPhone powers the GPS unit on and off quickly and automatically, so it won’t adversely affect battery life.
GPS on iPhone is active only when you need it. iPhone powers the GPS unit on and off quickly and automatically, so it won’t adversely affect battery life.
ACCELEROMETER. Made to move.
iPhone responds to motion using a built-in accelerometer. When you rotate iPhone from portrait to landscape, the accelerometer detects the movement and changes the display accordingly. So you immediately see the entire width of a web page, view a photo in its proper aspect ratio, or control a game using only your movements.
How it works.
The accelerometer inside iPhone uses three elements: a silicon mass, a set of silicon springs, and an electrical current. The silicon springs measure the position of the silicon mass using the electrical current. Rotating iPhone causes a fluctuation in the electrical current passing through the silicon springs. The accelerometer registers these fluctuations and tells iPhone to adjust the display accordingly.
The accelerometer inside iPhone uses three elements: a silicon mass, a set of silicon springs, and an electrical current. The silicon springs measure the position of the silicon mass using the electrical current. Rotating iPhone causes a fluctuation in the electrical current passing through the silicon springs. The accelerometer registers these fluctuations and tells iPhone to adjust the display accordingly.
Smart Sensors
Built into iPhone are two small but intelligent sensors that pick up cues from the environment and adjust the screen accordingly. These sensors both work to maximize the battery life and improve your iPhone experience.
Ambient light sensor.
The ambient light sensor in iPhone automatically brightens the display when you’re in sunlight or a bright room and dims it in darker places.
Proximity sensor.
When you lift iPhone to your ear, the proximity sensor immediately turns off the display to save power and prevent inadvertent touches.
When you lift iPhone to your ear, the proximity sensor immediately turns off the display to save power and prevent inadvertent touches.
iTunes
Buy music over the air from the iTunes Wi-Fi Music Store on iPhone. Find a Wi-Fi hot spot and tap the iTunes button. Then take your pick from more than 6 million songs.
Buy on the fly.
Browse New Releases, What’s Hot, and Genres. Take a look at Top Songs and Top Albums. Or find exactly what you’re looking for with a quick search. Play a 30-second preview of any song, then tap once to buy it. Your music starts downloading instantly, and you can keep tabs on its progress by tapping the Downloads button.
Browse New Releases, What’s Hot, and Genres. Take a look at Top Songs and Top Albums. Or find exactly what you’re looking for with a quick search. Play a 30-second preview of any song, then tap once to buy it. Your music starts downloading instantly, and you can keep tabs on its progress by tapping the Downloads button.
Sync it back.
When you connect iPhone to your computer, the music you bought on the go syncs to your iTunes library. If you’ve only partially downloaded a song to iPhone, your computer completes the download automatically.
When you connect iPhone to your computer, the music you bought on the go syncs to your iTunes library. If you’ve only partially downloaded a song to iPhone, your computer completes the download automatically.
Internet:
Safari
iPhone features Safari — the most advanced web browser ever on a portable device. And with 3G and Wi-Fi, you can browse the real Internet really fast. iPhone also syncs your bookmarks from your PC or Mac and has Google and Yahoo! search built in.
Browse anywhere.
Access the web with Safari whether you’re connecting via EDGE, faster 3G, or even faster Wi-Fi. iPhone automatically connects you to the fastest network available.
Access the web with Safari whether you’re connecting via EDGE, faster 3G, or even faster Wi-Fi. iPhone automatically connects you to the fastest network available.
Zoom with a view.
Get a closer look at any web page by zooming in and out with a tap or a pinch. View websites in portrait or landscape mode: Rotate iPhone 90 degrees and the website rotates, too.
Get a closer look at any web page by zooming in and out with a tap or a pinch. View websites in portrait or landscape mode: Rotate iPhone 90 degrees and the website rotates, too.
Clip it.
If you check a website frequently — a favorite newspaper, blog, or sports site — why not create a Home screen icon for it? Make a Web Clip with Safari, and your favorite sites are always just a tap away.
If you check a website frequently — a favorite newspaper, blog, or sports site — why not create a Home screen icon for it? Make a Web Clip with Safari, and your favorite sites are always just a tap away.
Mail
Email on iPhone looks and works just like email on your computer. With support for popular email servers and providers — including MobileMe, Microsoft Exchange, Yahoo! Mail, Google Gmail, and AOL — and most industry-standard IMAP or POP mail systems, iPhone puts email in your pocket.
See it all.
iPhone supports rich HTML email, so images and photos appear alongside text. And you see email attachments in their original format, not as stripped-down versions. Rotate, zoom, and pan in more than a dozen standard file and image formats, including PDF, Microsoft Word, Excel, and PowerPoint; and also view iWork attachments.
iPhone supports rich HTML email, so images and photos appear alongside text. And you see email attachments in their original format, not as stripped-down versions. Rotate, zoom, and pan in more than a dozen standard file and image formats, including PDF, Microsoft Word, Excel, and PowerPoint; and also view iWork attachments.
Send fast.
iPhone recognizes email addresses in different applications. If you run across an email address on a web page or a map listing, for example, just tap it and iPhone opens a new message with the address already in it.
iPhone recognizes email addresses in different applications. If you run across an email address on a web page or a map listing, for example, just tap it and iPhone opens a new message with the address already in it.
Type smart.
The intelligent iPhone keyboard with built-in dictionary predicts and suggests words as you type, making it fast and easy to write email.
The intelligent iPhone keyboard with built-in dictionary predicts and suggests words as you type, making it fast and easy to write email.
Get push email for enterprise.
Receive and respond to work email fast on iPhone. New support for Microsoft Exchange ActiveSync gives you push email that arrives automatically.
Receive and respond to work email fast on iPhone. New support for Microsoft Exchange ActiveSync gives you push email that arrives automatically.
Maps with GPS
Find your location, get directions, and see traffic — all from your phone. Maps on iPhone 3G combines GPS, Wi-Fi, and cell tower location technology with the Multi-Touch interface to create the best mobile map application ever.
Find yourself.
iPhone 3G finds your location via GPS or by triangulating your position using Wi-Fi and cellular towers. It also finds points of interest by keyword: Search for “coffee” and iPhone shows you every cafe nearby
iPhone 3G finds your location via GPS or by triangulating your position using Wi-Fi and cellular towers. It also finds points of interest by keyword: Search for “coffee” and iPhone shows you every cafe nearby
Get directions.
Get directions to wherever from wherever. View turn-by-turn directions or watch your progress with live GPS tracking.
Get directions to wherever from wherever. View turn-by-turn directions or watch your progress with live GPS tracking.
Enjoy the view.
Just like Google Maps on your computer, Maps on iPhone lets you switch between map view, satellite view, and a hybrid view of both. Multi-Touch makes the difference: Tap to zoom, pan, and change your view on the move.
Just like Google Maps on your computer, Maps on iPhone lets you switch between map view, satellite view, and a hybrid view of both. Multi-Touch makes the difference: Tap to zoom, pan, and change your view on the move.
This is all the some of things which they mentioned about iPhone...
iPhone 3G.
iPhone which costs only $199/-, going to lauch on July 11th 2008,It is so useful for the Business people as speedy mail; Innovators as speedy mail, applications, Microsoft Exchange, etc.,; Students as iPod, Application to create something newetc.,; Tourist as guidance of map(GPS)... Not only for them, everyone who are aspiring in their life to get in touch with Apple iPhone,
Iam also so eager to get the Apple in India...
The cost is very low, Compare to other phone & also they doesn't have these all features, Apple iPhone also has very good quality design make..
Which they are going to launch in 2 colours for the preference of us,
Black & then White...
In future they might launch in different colors as per the demand of iPhone.
I believe there will be more colors to come, because there is so much of demand in market before launching itself...
iPHONE
The great news for mobile lover's...
The new iPHONE is going to launch by apple,
which costs only $199*/-.
But there is little bit of confusion to all Indian fans for iPHONE,
whether its going to come in INDIA,
Ofcourse Apple will take steps to launch iPHONE in India as early as possible....
But it takes little time..
This iPhone ...
Twice as fast &
Half the Price
This is 3G iPhone.,,, which is going to come July 11
Features of this iPhone...
* Fast Internet Access via Mobile,
Download Email & Watch video.
* Multiple touch Control, Touch pad.
* Global Postioning System called GPS.
* Wi-Fi Connectivity.
* Accelerometer (When you rotate iPhone from portrait to landscape, the accelerometer detects the movement and changes the display accordingly).
* Sensors which helps you to brighten & darken as per where you are.
If you are using iPhone in sunlight, it brightens automatically to view clearly
and also to save power, when you are speaking with someone it immediately
turn off the power to save it.
Tuesday, June 10, 2008
UNKNOWN FAKE ID'S
I GOT A MAIL FROM SOME UNKNOWN PEOPLE, THEY HAVE SIMILAR ID'S LIKE ICICI BANK WHICH IS FROM CANADA, BUT DONT ACCESS THAT.
IT WILL LEAD TO LOSE UR ALL BANK ACCOUNT MONEY.
I WIL GIVE U THE LINK OF THAT MAIL & ALSO MAIL WHICH I GOT ALSO.
THIS I GOT FROM YAHOO ID OF MINE & I POSTED IN ORKUT TO GET AWARE OF PEOPLE.
THIS IS THE FAKE EMAIL WHICH I GOT IT,
FOLLOWS
Dear ICICI Bank Account Holder,
Due to multiple login attempt error while login in to your online ICICI Bank Account, We believe that someone other than you is trying to access your account
For security reasons,we have temporarily suspend your account and your access to online banking will be restricted if you fail to re-confirm your membership details.
Confirm your ICICI Bank Account now to enjoy the benefits of online banking and finance and to avoid fraudulent activites on your account.
To initiate the verification process:
(CLICK HERE TO PROCEED)
Thank you for your patience. Sincerely, ICICI Online Banking, Customer Service
Licensed financial services provider in terms of the Financial Advisory and Intermediary Services Act and a registered credit provider.
© ICICI Bank Limited ABN 92 055 513 070 AFS Licence No. 240997
Due to multiple login attempt error while login in to your online ICICI Bank Account, We believe that someone other than you is trying to access your account
For security reasons,we have temporarily suspend your account and your access to online banking will be restricted if you fail to re-confirm your membership details.
Confirm your ICICI Bank Account now to enjoy the benefits of online banking and finance and to avoid fraudulent activites on your account.
To initiate the verification process:
(CLICK HERE TO PROCEED)
Thank you for your patience. Sincerely, ICICI Online Banking, Customer Service
Licensed financial services provider in terms of the Financial Advisory and Intermediary Services Act and a registered credit provider.
© ICICI Bank Limited ABN 92 055 513 070 AFS Licence No. 240997
SO I GOT A DOUBT & REQUESTED CUSTOMER CARE,
THEY SEND ME A MAIL,
TAT'S FOLLOWS,
Dear Customer,
Thank you for writing to us and bringing this e-mail to our notice.
We wish to inform you that the e-mail you received is indeed fraudulent and it has not been sent by ICICI Bank.
This is a scam called "phishing" - and it involves Internet fraudsters who send e-mail messages to lure personal information (Internet Banking User id, passwords, credit / debit card numbers, bank account information, or other personal and sensitive information) from unsuspecting victims. Clicking on the link or even pasting it in the address bar of your browser will take you to a fraudulent site.
ICICI Bank will not ask for this information via e-mail or even direct you to a link online. If it happens that you have revealed your account details in response to this e-mail, please call and inform our 24-hour Customer Care immediately. We affirm that we are taking action to deal with the situation.
You may continue to transact with ICICI Bank by typing www.icicibank.com in the address bar of your browser window without any apprehension. We reassure you that we use the latest encryption and SSL security devices to make our website safe for use. You can expect nothing less from a technology-intensive bank as ours.
May we request you to forward this mail to others so they too could be made aware of the perils of "phishing".
Please visit the 'Secure Banking' section on our website for "Safety Tips" and more information on a secure online banking experience.
We reiterate that ICICI Bank acts at all times with diligence, in good faith, and without any intent of prejudice to the interests of its customers.
Thank you, again.Sincerely,Rachana Borkar
Customer Service Manager
CONFIDENTIALITY INFORMATION AND DISCLAIMER This e-mail message may contain confidential, proprietary or legally privileged information. It should not be accessed by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender.You will appreciate that e-mail transmission cannot be guaranteed to be secure or error-free as its contents are susceptible to loss, damage, interception, destruction, etc. Before opening any attachments please check them for viruses and defects.The notice appended to the emails is not intended to prejudice the interests of our customers in any manner or to evade responsibility for any act of> done with the endorsement of ICICI Bank.
Thank you for writing to us and bringing this e-mail to our notice.
We wish to inform you that the e-mail you received is indeed fraudulent and it has not been sent by ICICI Bank.
This is a scam called "phishing" - and it involves Internet fraudsters who send e-mail messages to lure personal information (Internet Banking User id, passwords, credit / debit card numbers, bank account information, or other personal and sensitive information) from unsuspecting victims. Clicking on the link or even pasting it in the address bar of your browser will take you to a fraudulent site.
ICICI Bank will not ask for this information via e-mail or even direct you to a link online. If it happens that you have revealed your account details in response to this e-mail, please call and inform our 24-hour Customer Care immediately. We affirm that we are taking action to deal with the situation.
You may continue to transact with ICICI Bank by typing www.icicibank.com in the address bar of your browser window without any apprehension. We reassure you that we use the latest encryption and SSL security devices to make our website safe for use. You can expect nothing less from a technology-intensive bank as ours.
May we request you to forward this mail to others so they too could be made aware of the perils of "phishing".
Please visit the 'Secure Banking' section on our website for "Safety Tips" and more information on a secure online banking experience.
We reiterate that ICICI Bank acts at all times with diligence, in good faith, and without any intent of prejudice to the interests of its customers.
Thank you, again.Sincerely,Rachana Borkar
Customer Service Manager
CONFIDENTIALITY INFORMATION AND DISCLAIMER This e-mail message may contain confidential, proprietary or legally privileged information. It should not be accessed by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender.You will appreciate that e-mail transmission cannot be guaranteed to be secure or error-free as its contents are susceptible to loss, damage, interception, destruction, etc. Before opening any attachments please check them for viruses and defects.The notice appended to the emails is not intended to prejudice the interests of our customers in any manner or to evade responsibility for any act of> done with the endorsement of ICICI Bank.
IF U GOT ANY MAILS REGARDING UR BANK ACCOUNT OR USER NAME, PASSWORD & PERSONAL INFORMATION FORWARD THIS TO ICICI BANK ID TO RECTIFY IT. ID OF ICICI BANK FOLLOWS "headservicequality@icicibank.com"
Thanks & Regards,
Suresh Kumar.B.
Monday, June 9, 2008
RATAN TATA
Ratan N. Tata Promoter, Chairman, Chairman of Executive Committee, Chairman of Committee of Directors, Member of Nomination Committee and Member of Remuneration Committee, Tata Steel Limited
Ratan N. Tata serves as the Chairman of the Board, Member of Group Corporate Centre and Member of Group Executive Board of Tata Group. Mr. Tata was appointed Director-in-charge of National Radio & Electronics Company Ltd. (NELCO) in 1971. He serves as Chairman Emeritus for Nelco Ltd., Tata Motors Ltd., Tata Chemicals Ltd., Tata Power Company Ltd., Tata Iron & Steel Co. Ltd. and Tata Tea Ltd. Mr. Tata joined the Tata Group in 1962. He serves as Chairman of Tata Consultancy Services Ltd. and has been it's Director since May 5, 2004. He has been the Chairman and an Additional Director of Tata Teleservices (Maharashtra) Ltd. since October 18, 2005. He was named Chairman of Tata Industries Ltd. in 1981, he is responsible for transforming Tata Motors Ltd. into a Group strategy think-tank and a promoter of new ventures in high technology businesses. He is expertise in specific functional area are Eminent industrialist with wide business experience across a variety of industries. In 1991, Mr. Tata has been Chairman of Tata Sons Ltd. (the apex holding company of the Tata Group) and serves as its Director. He also holds the Chairmanship of several major Tata companies including Antrix Corp. Ltd., Information Technology Park Ltd., Tata Autocomp Systems Ltd., Tata Engineering, and Indian Hotels Co. Ltd. He served as Chairman and Director of Videsh Sanchar Nigam Ltd. from February 2002 to April 11, 2005. He has been a Director of Indian Hotels Co. Ltd. since January 9, 1984. He has been an Independent Director of Fiat SpA since May 5, 2006. He has been a Director of Tata Motors Ltd. since August 1981. He serves as Non-Executive & Independent Director of Bombay Dyeing & Manufacturing Co. Ltd. He serves as a Director of Tata Tea Ltd. He serves as a Director of Tata Chemicals Ltd., Tata Power Company Ltd. and Tata Iron & Steel Co. Ltd. Besides his Directorships on the boards of various Tata companies. His foreign affiliations include memberships of the international advisory boards of J.P. Morgan Chase, Booz-Allen and Hamilton Inc. and the American International Group. He served as a Director of Haldia Petrochemicals Limited. He serves as a Member of the advisory board of Mitsubishi Corporation, RAND's Center for Asia Pacific Policy and the Programme Board of the Bill & Melinda Gates Foundations' India AIDS Initiative. He serves as a Member of the board of Governors of the East-WestCenter. He served as a Member of Board of Trustees at Ford Foundation. In 1999, he was appointed to serve on the International Investment Council set up by the President of the Republic of South Africa. Mr. Tata has been appointed a Member of the Asia Pacific advisory committee to the board of Directors of the New York Stock Exchange. He serves as a Member of International Advisory Committee of New York Stock Exchange Inc. He serves as a member of the central board of the Reserve Bank of India (RBI) as well as of the Prime Minister's Council on Trade and Industry. He is the Chairman of the Investment Commission set up by the Government of India. He is also a Member of several international boards/committees. One of his achievements include designing and developing India's first indigenous car - the "Indica" which has been recognized as the most improved car in the Industry and has emerged as one of the strongest brands to have been created of late. He was honored by the Government of India with the Padma Bhushan in January 2000 and awarded an Honorary Doctorate degree in Business Administration and Technology from the Ohio State University and the Asian Institute of Technology, Bangkok respectively. Mr. Tata received a Bachelor of Science degree in Architecture and Structural Engineering from Cornell University, Ithaca, New York in 1962, and Completed an Advanced Management Program at the Graduate School of Business Administration, Harvard University from 1974 to 1975.
Sunday, June 8, 2008
A BRIEF BIOGRAPHY OF DHIRUBHAI AMBANI
born in an impoverished village, at 16 he goes off to Aden to learn business. He returns 10 years later and starts a small company. By canny trading around the textile bazaars of Bombay, he corners the market in imported polyester, starts his own factory, outwits sclerotic bureaucrats in New Delhi who are trying to run the economy by regulation, and ultimately ignites the moribund Indian stock market with his vision of turning Reliance into a petrochemical and oil refining empire—a dream he realized not long before he died.
Mohandas Gandhi and Dhirubhai Ambani were the two most famous scions of the Modh Bania, a Hindu commercial caste based in the arid Saurashtra peninsula of India's western Gujarat state.
Each changed India. Ambani's public wore his textiles as durable suits and glittery saris. Indians invested by the millions in his Bombay-listed Reliance Industries, a sprawling conglomerate with $12.3 billion in annual sales that recently became India's first privately owned entrant to the Fortune 500. When Ambani died on July 6 at age 69 after nearly two weeks in a stroke-induced coma, the country's media recounted his rags-to-riches life as an Indian morality play.
Ambani's his great achievement was that he showed Indians what was possible. With no Oxford or Yale degree and no family capital, he achieved what the Elite "brown sahibs" of New Delhi could not: he built an ultramodern, profitable, global enterprise in India itself. What's more, he enlisted four million Indians, a generation weaned on nanny-state socialism, in an adventure in can-do capitalism, convincing them to load up on Reliance stock.
Still, Ambani seems destined to be remembered as a folk hero—an example of what a man from one of India's poor villages can accomplish with non-shrink ambition.
"THINK BIG, THINK FAST, THINK AHEAD. IDEAS ARE NO ONES MONOPOLY"
Dhirubhai H. Ambani
Founder Chairman, Reliance Industries Limited, India
December 28, 1932 - July 6, 2002
Major Group Companies: Reliance Industries Limited, India's largest private sector company.
Birthplace: Chorwad, village in Saurashtra (Gujarat), India
Father's Name: Hirachand Govardhandas Ambani
Mother's Name: Jamunaben Hirachand Ambani
Career:
At the age of 17 went to Aden (now part of Yemen) and worked for A. Besse & Co. Ltd., the sole selling distributor of Shell products.
In the year 1958 returned to Mumbai and started his first company, Reliance Commercial Corporation, a commodity trading and export house.
In the year 1966, as a first step in Reliance's highly successful strategy of backward integration, he started the textile mill in Naroda, Ahmedabad.
In the year 1975, a technical team from the World Bank certified that the Reliance textile plant was "excellent by developed country standards."
In the year 1977, the company went public.
Credited with a number of financial innovations in the Indian capital markets. Today, the Reliance Group has one of the largest family of shareholders in the world. With an investment of over Rs 36,000 crore (US$ 9 billion) in petroleum refining, petrochemicals, power generation, telecommunication services and a port terminal in a three-year time frame, has steered the Reliance Group to its current status as India's leading textiles-petroleum-petrochemicals-power-telecom player.
Achievements: Voted India's 'Top Businessman' in the 'Best of India' poll conducted by Zee News, August 2003.
Petrotech Society conferred posthumously the 'Lifetime Achievement Award' for his outstanding contribution to Downstream Petroleum Industry in India, January 2003.
Rated as one of 'India's Most Admired CEOs' for the fourth consecutive year in the Business Barons - Taylor Nelson Sofres - Mode Survey, July 2002.
Conferred the 'Lifetime Achievement Award' by India HRD Congress, February 2002.
Conferred 'The Economic Times Award for Corporate Excellence for Lifetime Achievement', August 2001.
Felicitated by the Municipal Corporation of Greater Mumbai with a citation at a civic reception, December 2000.
Conferred the 'Man of the Century' award by Chemtech Foundation and Chemical Engineering World in recognition of his outstanding contribution to the growth and development of the chemical industry in India, November 2000.
Conferred the 'Indian Entrepreneur of the 20th Century' award by FICCI (Federation of Indian Chambers of Commerce and Industries), for his meticulous scripting of one of the most remarkable stories of business endeavour of the 20th century, March 2000.
Thrice (in the years 2000, 1998 and 1996) nominated as one of the 'Power 50 - the most powerful people in Asia' by Asiaweek magazine.
Voted as the most admired Indian of the millennium in the field of Business & Economics in 'Legends - A Celebration of Excellence' poll audited by Ernst & Young for Zee Network, January 2000.
Voted as 'Creator of Wealth' of the Century in The Times of India poll, January 2000.
Chosen as one of the three 'makers of equity' by India Today in their special millennium issue entitled '100 People Who Shaped India in the 20th Century', January 2000.
Chosen by the Indian Merchants' Chamber as "An Outstanding Visionary of the 20th Century" in recognition of his unique achievements and contribution in the development of industry and capital markets in India, December 1999.
Voted as 'Indian Businessman of the Century' in Business Barons Global Multimedia Poll, December 1999.
Amongst 'The Power 50 - India's 50 most powerful decision-makers in Politics, Business & Finance', Business Barons, August 1999.
Declared 'Most Admired Indian Business Leader' by The Times of India, Indiatimes.com poll, July 1999.
The only Indian industrialist in 'Business Hall of Fame' in Asiaweek, October 1998.
Awarded the Dean's Medal by The Wharton School, University of Pennsylvania, for setting an outstanding example of leadership, June 1998.
Chosen as 'Star of Asia' by Business Week, USA, June 1998.
Leading business magazine Business Barons placed him in its list of 'India's 25 Most Influential Business and Financial Leaders', June 1998.
Awarded the Companion Membership of the Textile Institute, UK, an award which is limited to 50 living members who have "substantially advanced the general interests of the industries based on fibres", 1994.
Chosen 'Businessman of the Year 1993', Business India, January 1994.
Family: Wife: Kokilaben.
Four children: two sons, Mukesh, who is Chairman & Managing Director and Anil, Vice-Chairman & Managing Director of Reliance Industries and two daughters, Dipti Salgaocar who lives in Goa and Nina Kothari, who resides in Chennai.--%> Four children : two sons Mukesh and Anil, and two daughters, Dipti Salgaocar who lives in Goa and Nina Kothari who resides in Chennai.
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