Ruia Group to bid for south Korean SsangYong Motor

City-based Ruia Group Sunday said it will make a bid to buy out troubled South Korean SsangYong Motor Company.

'Ruia Group is indeed bidding for SsangYong. This has been decided in a meeting today (Sunday) presided by Pawan Kumar Ruia, chairman, Ruia Group,' the Group said in a statement.

The Ruia Group and Mahindra & Mahindra are the two Indian corporations among the six suitors shortlisted to bid for the bankrupt South Korean firm SsangYong Motor.

The last date for bid submission is August 10.

Mahindra & Mahindra Saturday said the board had approved the company's plan to submit a binding bid for a majority stake in Ssangyong.

The Ruia Group chairman Thursday had hinted at the possiblity of the group bidding for Ssangyong, saying it is 'evaluating' the car-maker, whose present market cap is $400 million.

Indian automotive makers are looking for a presence overseas, where car prices and profit margins are said to be higher.

Ssangyong, which has about two percent of the South Korean market, exports to Russia, Europe, China, Middle-East, Africa, North and South America and the Asia-Pacific.

The other firms are in the race are South Korea's private equity fund Seoul Invest, Daewoo Bus and Renault-Samsung.

In December 2009, the Seoul Central District Court had approved the debt-ridden SsangYong's restructuring plan.

Media reports say SsangYong has run up a debt of $1 billion. The majority shareholder Chinese carmaker Shanghai Automotive Industry Corp (SAIC) had lost management control when SsangYong filed for bankruptcy.

Indian credit terms 'good': Bangladesh

Bangladesh finance minister AMA Muhith on Sunday described as "good" the terms of the $1 billion credit India has offered as the two neighbours reviewed the growing economic and security cooperation during finance minister Pranab Mukherjee's visit here.

Muhith rejected opposition criticism that the Indian terms were higher than the World Bank and the Asian Development Bank, saying in the past Bangladesh had paid as high as five per cent for foreign loans for 15 years.

The loan agreement between India's Exim Bank and Bangladesh's Economic Relations Division was signed on Saturday in the presence of Mukherjee.

Muhith said the interest rate is 1.75 per cent and commitment charge is 0.5 per cent and wondered how the opposition could make such an allegation. "This is utterly false," The Daily Star quoted him as saying.

The opposition Bangladesh Nationalist Party had said the government was getting the loan from India with an interest rate seven times higher than that from any multinational bank or donor agency.

The loan is the biggest ever credit package by India to any nation. It is also the single largest loan to Bangladesh from any nation, development bank or donor agency.

The credit will finance 14 development projects of Bangladesh. The projects mostly relate to development of railways and other communication infrastructure in Bangladesh, particularly to facilitate transshipment of Indian goods to its northeastern region through Bangladesh.

During Sheikh Hasina's visit to New Delhi in January this year, Bangladesh had agreed to allow India using the Chittagong port, while Delhi had agreed on giving transit facilities to Bhutan and Nepal for increasing connectivity, trade and investment.

Mukherjee said India would earmark the non-tariff barriers and remove the obstruction for Bangladeshi products to access the Indian market.

Muhith said border markets will start functioning soon.

Mukherjee's visit was the first visit by a key Indian leader since Sheikh Hasina's trip to New Delhi. He met Prime Minister Sheikh Hasina and discussed a wide of range of bilateral issues.

These included a quick implementation of the joint declaration of the two countries on Dahagram and Angarpota enclaves, food procurement, and increasing regional connectivity involving Nepal and Bhutan, The Daily Star quoted Abul Kalam Azad, the premier's press secretary, as saying.

Mukherjee also held talks with foreign minister Dipu Moni and reviewed the implementation of the agreements reached between the two countries.

Pilots deserting Mallya's Kingfisher Airlines

Vijay Mallya`s Kingfisher Airlines is facing trouble as more than 150 of its pilots have bid adieu to Kingfisher in the past one and half years, citing various reasons.

Even though some new have joined, the current shortage in the airlines is estimated to be 35, forcing the airline to ground some of its aircrafts. Amid all the turbulence, a huge shuffle and reshuffle has been noticed. The troubledairlines cancel leaves of flight commanders, and put senior executives from the operations department on flying duty.

In the same period, Kingfisher`s rival, Jet Airways, lost 35 pilots.

In response to an e-mail query, a Kingfisher spokesman wrote: "We are not in the business of answering speculative questions. The assumptions and consequent questions do not merit reply. All our flights are operating on schedule."

Kingfisher, part of the UB Group -- the world`s second largest spirits maker by volume, has 618 pilots. Kingfisher`s Airbus A320 fleet, which constitutes about a third of its 66-plane fleet, has been the worst hit by the pilot shortage.

"The airline is facing a shortage of at least 35 pilots in the Airbus A320 fleet," a Kingfisher executive said on the condition of anonymity. Another said the airline had told the pilots they should go on leave only if absolutely necessary. It has put at least 12 senior executives from the operations department on the flying roster to bridge the gap in the cockpit.

In other airlines, senior executives from the operations department are required to fly only once a month to retain their flying licence.

Another Kingfisher executive said the airline had been forced to ground some of its aircraft owing to the pilot shortage. "About 12 of our aircraft are grounded at the moment. Some due to spare parts shortage, but a few because they do not have pilots to operate them," the executive said.

Kingfisher was under a debt of Rs7,413 crore as of December 2009. The merchant banking arm of State Bank of India (SBI) is preparing a debt-recast plan for the airline. SBI had earlier rejected a proposal to recastKingfisher`s Rs2,099-crore short-term debt.

Kingfisher, which operates more than 375 flights a day to 71 destinations in India and abroad, had reported net loss of Rs1,647.2 crore in the financial year ended March 2009. It reported a net loss of Rs187 crore in the first quarter of the current financial year.

The airline has hired Seabury Aviation & Aerospace, a US-based company, to advise on sustaining its long-term profitability by strengthening the operational and financial performance

Murty's son to tie knot with TVS heiress

A big event is going to take place as two business family descendants will be two hearts and one soul very soon. Infosys mentor NR Narayana Murthy's son Rohan is all set to marry Lakshmi Venu, only daughter of TVS Motors chairman Venu Srinivsan. Rohan.

Rohan is a Microsoft fellow, who is doing his PhD in computer science from Harvard University, and has an engineering degree from Cornell University.

He earlier did his schooling at Bishop Cotton Boys' School in Bangalore. Lakshmi, who studied economics at Yale Univeristy, later got a PhD in manufacturing management from Warwick Univesity in the UK. In Chennai her alma mater was in Shishya.

Lakshmi is mandated to steer strategy at both Sundaram Clayton (an auto component maker) and TVS Motor (India's third largest two-wheeler company).

Said Narayana Murthy, who is on a visit to Mantralaya, home of the revered saint Sri Raghavendra Swami, "We are very happy. Lakshmi is such a wonderful person." He said that the marriage date was left to the couple. "I don't want to get into the details. It is left to the couple.

They are both mature, intelligent people and will decide these things on their own." Rohan is currently in Chennai meeting members of Lakshmi's family.

RK Malhotra is new Director (R&D), IndianOil

Dr. R.K Malhotra has taken over as Director (Research & Development), IndianOil today. Prior to his elevation to the Board, Dr. Malhotra was Executive Director of IndianOil's world-class Research andDevelopment Centre at Faridabad.

Dr. Malhotra's appointment as the head of R&D comes at a time when IndianOil is pressing the pedal on research in new areas such as second and third generation bio-fuels, coal/residue/biomass gasification, Hydrogen, bio-technology, nanotechnology, and petrochemicals.

A Mechanical Engineer from IT, BHU and Ph.D (Energy Studies) from IIT Delhi, Dr. Malhotra has been with IndianOil for over three decades gaining expertise in all aspects of petroleum research anddevelopment, and is considered a national expert in fuel quality and alternative sources.

HP CEO resigns amid harassment claims

Mark Hurd, chief executive of computer giant Hewlett Packard (HP), has stepped down following an investigation into charges of sexual harassment, the company announced on Friday.

HP said the investigation determined there was no violation of HP's sexual harassment policy but did find violations of HP's Standards of Business Conduct.

According to a company statement, the investigation revolved around sexual harassment allegations made by an outside contractor with HP. It said that Hurd "with the board of directors" had decided to resign immediately, a signal that the chief executive who had revitalised HP since taking over in 2005 was forced to fall on his sword.

"As the investigation progressed, I realized there were instances in which I did not live up to the standards and principles of trust, respect and integrity that I have espoused at HP and which have guided me throughout my career," said Hurd. "After a number of discussions with members of the board, I will move aside, and the board will search for new leadership."

Chief financial officer Cathie Lesjak, 51, will take over as interim chief executive while the company searches for a permanent replacement, HP said.

DLF subsidiaries under govt scanner

The Competition Commission of India has received complaints against four subsidiaries of realty major DLF for alleged misuse of their position to block competition in the market, Corporate Affairs Minister Salman Khurshid said on Thursday.

The competition watchdog has received complaints against four subsidiaries of DLF - DLF New Gurgaon Homes Developers, DLF Home Developers Ltd and Others, DLF Limited and Others, and DLF New Gurgaon, Khurshid said.

In a written reply to a question in the Lok Sabha, he said the ministry was concerned about the malpractices in the real estate sector and would take appropriate action against the companies that indulge in fraud or malpractices.

"The ministry is taking action against the developers in the realty sector which are registered under Companies Act 1956," Khurshid added.

He said in case the practices followed by the real estate developers were anti-competitive or in the nature of abuse of dominance, the commission initiates action under the provisions of the Competition Act, 2002.

Ratan Tata - Businessman of the Decade

Ratan Tata is the "personification of honesty, integrity and inspiring leadership", is how Maharashtra Governor K Sankaranarayanan described the industrialist while conferring him with the Businessman of the Decade Award.

After giving the award on behalf of the Federation of Indo-Israeli Chambers of Commerce here Friday night, Sankaranarayanan praised Tata for putting the nation first and upholding ethics and trusteeship in busineses. He also said the Tata Group touched the life of every Indian in some way.

"The Tatas freshen our mornings with their tea, they bring taste to our food with their salt. It would not be an exaggeration to say that the Tata Group touches the life of every Indian in one way or the other," the governor said.

Lauding the efforts of the Federation of Indo-Israel Chambers of Commerce for promoting closer business-to-business ties between India and Israel, Sankaranarayanan said relations between the two countries had witnessed a rapid growth across a broad spectrum since diplomatic ties between the two countries were established in 1992.

The governor felt that India and Israel should increase their cooperation in areas like science and technology, tourism, agriculture and water management.

After the felicitation, Tata said he was rather embarrassed to hear words of praise showered on him by speaker after speaker.

Accepting the honour, he said he foresees tremendous opportunities for cooperation between India and Israel, especially in agriculture and high technology.

The other speakers included Israeli Ambassador Mark Sofer, Israeli Consul-General in Mumbai Orna Sagiv, tennis ace Leander Paes, Archbishop of Mumbai Cardinal Oswald Gracias and federation president Gul Kripalani.

Nooyi and Pandit can head Tata group

With Noel Tata, Chennai born boss of Pepsico Indra Nooyi is also emerging as the possible would be boss of 71 billion dollar Tata group once Ratan Tata demits his corner office of Bombay house as a Chairman of India’s most diversified group.

It is learn that she is a close friend of Ratan Tata and there is a possibility that Ratan Tata would support her candidature for the top job. However, two other NRI Ceos heading very prestigious groups are also said to be in the race for the coveted post.

India Inc watchers say that 53 years old head of Citigroup of America Vikram Pandit too can emerge as the black horse to head the Tata group. Vikram has a formidable reputation as a banker and he has played key role in taking his bank out of storm that had hit the world during economic liberalization.

With Nooyi and Pandit, the name of Anshu Jain is also in race to grab the top honours. An ex student of Delhi’s SriRam college of Commerce Anshu Jain is currently the head of Deutsche Bank’s corporate and investment banking.

He is only 46 years and his grip on financial matters is outstanding. He can be an asset to the group. Veteran business journalist Aroon Kumar says that in the coming weeks and months, the speculations regarding the possible replacement to Ratan Tata would be intensely discussed.

After Ratan Tata, who? New chief expected by March

A day after Tata Group created a five-member selection committee to find a successor for Ratan Tata, RK Krishna Kumar, a director at Tata Sons Ltd, said the successor is likely to be decided by February-March 2011.

Mr Tata, 72, head of the $70 billion salt-to-software group, who has built the world’s cheapest car Nano and taken the group global, will step down in December 2012.

Post the announcement there is intense speculation going on whether despite the attempt to professinoalise the process the search will end with Ratan Tata's cousin: Noel Tata, currently heading Tata International.

But sources within the Tata Group insist that the process will be completely neutral.

Sources say that Noel is not naturally in a line to succeed but added that the candidate must also be seen as willing to 'imbibe Tata ethos'. In the past similar committees have been used by Tata group companies for nominating independent directors or selecting CEOs.

The Board of Tata Sons Ltd on Wednesday formed a selection committee comprising five members, including an external member for eventually deciding on a suitable successor to Ratan N Tata. The composition of the committee is largely in house: members of Sir Dorbaji Tata trust and Sir Ratan Tata Trusts, the holding company of Tata Sons.

But experts say that the Tata's struggles to integrate their overseas expansions, makes the case stronger for an international CEO as the replacement.

Yet the mystique of the Tata surname may be hard to overcome.

Ratan Tata himself is not part of the search panel – he willl advise it from time to time. But he leaves behind a towering legacy: both corporate, and personal, one that will make the search for a successor, not an easy task.

Read more at: http://profit.ndtv.com/news/show/after-ratan-tata-who-new-chief-expected-by-march-87372?cp

Idea issued 3,640 connections to one person

In a major breach of license terms and conditions, Birla group firm Idea Cellular has issued a whopping 3,640 connections to a single person and his company, endangering national security, Parliament was informed on Thursday.

"Yes, Idea Cellular had issued 3,640 post-paid connections to a single person and his company, Limco Sales Corporation of Delhi and as per the report of the Department of Telecom, the bulk connections have been rented out to other customers," Minister of State for Telecom and IT Sachin Pilot said in a written reply to the Rajya Sabha.

He said the Home Ministry has intimated that security agencies face problems in establishing identity of actual users in cases where bulk connections have been activated in the name of a single user/location/organisation, and the numbers have been further distributed/rented for use.

To a query whether this endangers national security,Pilot said "this practice of providing mobile connections to an individual without maintaining his identity particulars has security implications and operational activities of security agencies are hampered due to non-availability of identity of a particular suspected target."

Idea Cellular has over 68 million mobile subscribers and has operations in most of the circles across the country.

Pilot said the license conditions provide that "utmost vigilance should be exercised in providing bulk telephone connections for a single user as well as for a single location."

Provision of 10 or more connections may be taken as bulk for this purpose, he said.

"Special verification of bonafide should be carried out for providing such bulk connections. Information about bulk connections shall be forwarded to respective Vigilance Telecom Monitoring cell of DoT and concerned officials authorised by DoT and security agencies from time to time on monthly basis," he said.

Read more at: http://www.ndtv.com/article/india/idea-issued-3-640-connections-to-one-person-42277?cp

Got Rs 3 crore? Buy James Bond's car in India

Aston Martin, the car that James Bond made famous through many Ian Fleming flicks, will set the roads of India afire by the end of this year, albeit at a hefty price tag of up to Rs 3 crore.

The UK-based carmaker is understood to be gearing up to launch its vehicles in India, and has tied up with Infinity Cars to open its first showroom in Mumbai.

According to sources close to the development, Aston Martin has signed an agreement with Mumbai-based Infinity Cars, which is also a dealer of BMW, and appointed it as the company's exclusive distributor for the Indian market.

"Infinity will open the booking process for Aston Martin from next week. The cars are likely to be delivered in the next 5-6 months," a source said Aston Martin will initially sell four models - V8 Vantage, DB9, Rapide and DBS-in India and the ex-showroom prices have almost been finalised, sources added.

"While V8 and DB9 will come for Rs 1.35 crore and Rs 1.9 crore, Rapide and DBS will be offered for Rs 2.3 crore and Rs 2.8 crore. Above this, customers have to pay for the insurance and registration charges," sources said.

Aston Martin is primarily a sports cars manufacturer. Established in 1914 by Lionel Martin and Robert Bamford, the company was part of US car giant Ford from 1994 to 2007.

In 2007, a joint venture company, headed by David Richards and co-owned by Investment Dar and Adeem Investment of Kuwait and English businessman John Sinders, acquired Aston Martin from Ford for 479 million pounds.

When asked about its India plans, an Aston Martin spokesperson said: "Aston Martin is currently in discussion with potential dealers in India."

Infinity Cars director Lalit Choudary said: "It is not the right time and pre-mature as we are still finalising the prices and what models to bring in... The picture will be clear in a month's time

Read more at: http://www.ndtv.com/article/india/007-car-aston-martin-to-hit-indian-roads-42279?cp

Bill to protect whistleblowers in Cabinet today

The bill to protect whistleblowers will come up before the Cabinet on Thursday. Whistleblower is a person who raises a concern about wrongdoing occurring in an organization or body of people. Usually this person would be from that same organization.

The revealed misconduct may be classified in many ways, for example, a violation of a law, rule, regulation or a direct threat to public interest, such as fraud, health or safety violations, and corruption.

The bill says that the Chief Vigilance Commissioner (CVC) will be the nodal agency to look into all complaints. He will have the powers of a civil court and it will be his responsibility to protect the identity of the witness. Revealing the identity of a whistle blower can invite up to three years in jail and a fine of up to Rs50,000.

The bill also proposes that no court can interfere in the case and can have any powers on the decision of the CVC.

The number of whistleblowers killed this year alone has gone up to eight. The Congress-ruled Maharashtra tops the list with four killings, followed by the BJP-ruled Gujarat with two.

Sharad Yadav's chopper makes emergency landing

A helicopter that was carrying Sharad Yadav, the President of the Janata Dal (United), had to land minutes after it took off from Patna because of a major technical problem.

Sources say that the tip of the tail rotator blade of the chopper broke mid-air. Along with Yadav, two pilots and three other passengers are safe.

When contacted, state Road Construction Minister Prem Kumar said, "we heard a sound in the tail fan of the wobbling chopper and the pilots soon decided to make an emergency landing."

After a few minutes the helicopter took off, the pilot reported the technical problem to the Air Traffic Control in Patna and landed the helicopter in a field at Jakkanpur. "

Yadav was heading towards Chausa to attend a function for inauguration of a road bridge by Chief Minister Nitish Kumar.

Novel Tata could be the next boss of Tata group

Tata Sons, the promoter of the $71 billion Tata Group, has decided to find a successor to the Group`s present Chairman Ratan Tata. who will retire in December 2012, when he turns 75. Tata Sons has set up a panel to search for a successor to Ratan Tata.

Meanwhile, Noel Naval Tata, 53, could be the next chairman of Tata Group. The half-brother of Ratan Tata has a very strong chance of leading India`s leading Industrial house. Sources in Bombay house, the head office of Tata group in Mumbai, say that finally Novel would become the successor of Ratan Tata once he demits the office in 2012.

"The Board of Tata Sons Ltd has formed a selection committee comprising five members, including an external member for eventually deciding on a suitable successor to Ratan N Tata," Tata Sons, the Group`s holding company, said in a statement.

Tata, 72, is due to retire in December 2012 when he would turn 75.

RIM proposes solutions over BlackBerry issue, but India wants more

Research In Motion has proposed to share with the government some details of its BlackBerry services, but security agencies want full access, a government source said on Wednesday. The government has raised concerns that BlackBerry services could be misused by militants as security agencies cannot access the messages sent
through these services and has asked RIM to offer a solution to address the country's security requirements.

RIM has said that it is impossible for it or any other third party to read encrypted data sent via its enterprise offering and that the company cannot accommodate any request for a copy of a customer's encryption key.

After several meetings with government officials, the company has proposed that it could share the IP address of BlackBerry Enterprise Servers (BES) and the PIN and IMEI numbers of BlackBerry mobiles, a senior government official familiar with the discussions said, but added these were not sufficient.

"Those details do not give us access to encrypted services and is unaccpetable," the official, who did not want to be named as the matter is not yet public, told Reuters.

"We should be able to have full access to meet our security concerns," the official said.

Another government source had told Reuters on Tuesday that talks between RIM and officials from the telecommunications ministry were still on and expected that they would be able to find a solution by the end of August.

"There should be a possibility of lawful interception and the service provider should give us that access. Until that is met, our security concerns shall remain," U K Bansal, internal security chief, told Reuters.

He said RIM was still discussing possible solutions with the telecommunications ministry, which would send it to the home (interior) ministry for clearance when it was ready.

Bansal had earlier said RIM had assured the government that they would be addressing the country's concerns.

The Economic Times on Wednesday reported that India's security establishment had taken a hard-line view of RIM's stance and that the solutions offered by RIM were being tested by the security agencies.

The data security prized by corporate BlackBerry users is a headache for governments intent on monitoring chatter.

India's concerns over BlackBerry services dates back to 2008 when the issue was sorted out after a series of meetings between the company and the state, before resurfacing again recently.

Saudi Arabia and the United Arab Emirates are the latest countries to fret about BlackBerries and the national security concerns raised by their inability to monitor traffic on them.

Saudi Arabia on Tuesday ordered at least one Research In Motion's BlackBerry smartphone service to be blocked.

Air India scraps deal with Australian firm

Air India has cancelled its controversial USD 1.6 million deal with an Australian firm to revitalise its brand identity for the upcoming Commonwealth Games.

An Air India spokeman said,"Following a review of the brand and identity management plans, the project with Cato Purnell Partners has been annulled."

Sources said the agreement was cancelled last evening after a controversy broke out following a question asked in Rajya Sabha whether the ailing national carrier had entered into such an agreement.

In reply, Civil Aviation Minister Praful Patel had said "Cato Purnell Partners have been appointed by the National Aviation Company of India Ltd (NACIL) to revitalise its brand identity, and the fees payable to them would be around USD 1,612,750 plus taxes".

The Minister had said that the tie-up would help develop an identity and broader visual language that would allow NACIL to be seen as a meaningful partner to the Games.

The consultant, he said, would also help the national carrier develop a migration strategy and design, and revitalise the Air India brand.

In reply to another question, Patel had said Air India has suffered losses of Rs 13,430 crore in the last three years.

The national carrier, which incurred losses of Rs 2,226.16 crore and Rs 5,548.26 crore during financial years 2007-08 and 2008-09, is expected to incur a loss of Rs 5,656.52 crore during 2009-10.

Sensex quiet; TCS, Infy, Rel Comm, BHEL, Wipro up

At 12.52 hrs IST, the Nifty was trading flat with positive bias. It was a quiet session for the markets as Nifty was consolidating around 5450 mark. IT stocks saw significant buying post stellar results from IT major Cognizant. Telecom, capital goods and power stocks also saw decent buying interest. Selling was seen in banks, oil&gas and FMCG stocks. BSE Midcap and Smallcap indices were up 0.13% and 0.57% respectively.

The Sensex was up 39.41 points or 0.22% at 18154.24, and the Nifty was up 7.70 points or 0.14% at 5447.25. About 1622 shares have advanced, 1387 shares declined, and 353 shares were unchanged.

In the largecap space, TCS, Infosys, Reliance Communications, Wipro and BHEL were up 2-3%. On the losing side, PNB, Axis Bank, Sun Pharma, Jaiprakash Associates and ACC were down 1.2-2%.

Index heavyweight Reliance was trading at Rs 1,018.95 down 0.71% from its previous close of Rs 1,026.20. Refinery major HPCL was trading at Rs 439.50 down 0.51% from its previous close of Rs 441.75. Tech major Infosys was trading at Rs 2,855.60 up 2.55% from its previous close of Rs 2,784.55.

Cigarette major ITC was trading at Rs 152.75 down 0.88% from its previous close of Rs 154.10. Hindustan Lever was trading at Rs 254.60 up 0.39% from its previous close of Rs 253.60.

Top gainers on the BSE Midcap: Hathway Cable, Bayer Cropscience, Indiabulls, M&M Financial and Thermax were up 4-5%.

Top losers on the BSE Midcap: Punj Lloyd, MVL, Jubilant Foodworks, KGN Industries and Kansai Nerolac were down 2-4%.

Top gainers on the BSE Smallcap: Talwalkars Fitness, VIP Industries, Ashiana Housing, Kewal Kiran and English Ind Cla were up 9-11%.

Top losers on the BSE Smallcap: Garden Silk Mills, AP Paper Mills, Welspun India, REI Six Ten and Religare Technova were down 3.5-8%.

Markets tepid; Bharti Airtel, ICICI Bank gain

The Sensex continues to trade in green as some buying is being witnessed in index heavyweights. At 15.11., the Sensex was trading up 45.37 points or 0.25% at 18,126.58 with 13 components gaining. Meanwhile, the Nifty was trading higher by 6.20 points or 0.11% at 5,437.85 with 20 components gaining.

The 30-share benchmark index, BSE Sensex opened with a gain of 68.69 points or 0.38% at 18,149.90, while the broad based NSE Nifty started with a fall of 62.10 points or 1.14%, at 5,369.55.

Sensex Movers

I C I C I Bank contributed rise of 31.85 points in the Sensex. It was followed by Reliance Industries (27.09 points), Bharti Airtel (15.55 points), Housing Development Finance Corporation (7.66 points) and State Bank Of India (6.16 points).

However, Larsen & Toubro contributed fall of 19.62 points in the Sensex. It was followed by Infosys Technologies (10.68 points), Oil & Natural Gas Corporation (4.45 points), Tata Consultancy Services (4.18 points) and Reliance Communications (4.14 points).

Biggest gainers in the 30-share index were Bharti Airtel (2.91%), ICICI Bank (2.45%), Hero Honda Motors (1.85%), Reliance Industries (1.11%),Housing Development Finance Corporation (0.76%), and State Bank Of India (0.67%).

On the other hand, I T C (50.50%), Reliance Communications (2.38%), Larsen & Toubro (1.46%), Mahindra & Mahindra (1.11%), Jindal Steel & Power (0.91%), and Reliance Energy (0.85%) were the biggest losers in the Sensex.

Mid & Small-cap Space

The BSE Mid and small caps outperformed their larger counterparts gaining 0.37% and 0.39% respectively.

The major gainers in the BSE Midcap were Allahabad Bank(2.11%), Aban Offshore (1.78%), Allcargo Global Logistics (1.12%), Alstom Projects India (0.52%) and A I A Engineering (0.4%).

The major gainers in the BSE Smallcap were Provogue (India) (2.01%), Abhishek Industries (1.47%), A B G Shipyard (1.03%), Aarti Industries (0.59%) and INEOS ABS (India) (0.25%).

Sectors in Limelight

The Bankex index was at 11,955.45, up by 138.58 points or by 1.17%. The major gainers were Indusind Bank (2.7%), I C I C I Bank (2.45%), IDBI Bank (1.87%), Canara Bank (1.45%) and Bank Of Baroda (1.4%).

The Oil & Gas index was at 10,342.92, up by 77.46 points or by 0.75%. The major gainers were Aban Offshore (1.78%), Bharat Petroleum Corporation (1.34%), Hindustan Petroleum Corporation (1.14%), Indian Oil Corporation (0.84%) and Cairn India (0.56%).

The IPO index was at 2,165.47, up by 14.90 points or by 0.69%. The major gainers were Cox and Kings (India) (7.8%), Godrej Properties (2.07%), D B Corp (1.71%), Goenka Diamond and Jewels (1.11%) and Den Networks (0.24%).

On the other hand, the Capital Goods index was at 14,586.24, down by 103.11 points or by 0.7%. The major losers were Crompton Greaves (1.12%), Gammon India (1.05%), A B B (0.65%), BEML (0.4%) and Jyoti Structures (0.19%).

Market Breadth

Market breadth was negative with 1,488 advances against 1,507 declines.

Value and Volume Toppers

Jubilant FoodWorks topped the value chart on the BSE with a turnover of Rs. 1,725.82 million. It was followed by State Bank Of India (Rs. 1,062.86 million), Aster Silicates (Rs. 888.77 million) and I C I C I Bank (Rs. 864.26 million).

The volume chart was led by Cals Refineries with trades of over 25.11 million shares. It was followed by Aster Silicates (7.29 million), FCS Software Solutions (7.28 million) and Karuturi Global (4.81 million).

Tata Motors to launch new vehicles in India, China

Multinational Tata Motors is planning to introduce new fuel efficient cars and hybrid vehicles in emerging markets and looking at ways to raise sales of luxury brands Jaguar and Land Rover in China and India.

In India, the company plans to launch a new cross-over vehicle, two new passenger vehicles and a new range of heavy trucks, Tata Motors Chairman Ratan Tata said.

"The current range of vehicles has seen resurgence in demand, and the challenge before the company today is to deliver enough vehicles to meet market demand," said Tata in the firm's annual report.

He said China has emerged as the third-largest global market for Land Rover/Range Rover and "studies are underway to consider options to increase market penetration in China, India and other developing markets."

Tata said the company is also considering widening the range of Jaguar cars by introducing a station wagon, a new entry-level Jaguar, and a new roadster.

China's demand for cars has fuelled a rise in bottom lines of many a car maker, as sales grew almost 48 percent in 2009 to 8.4 million vehicles. In India, total passenger car sales increased 24.5 percent to 1.9 million units in the fiscal year ending March.

The company also plans to revamp its entire Range Rover portfolio and promises "the new Range Rover 'EVOQUE' will have be a bold design evolution in sports utility vehicles (SUVs)."

Tata Motors, whose products include the world's cheapest car, Nano, had bought the Britain-based Jaguar and Land Rover brands from Ford in 2008.

Tata Motors posted a 41 percent growth selling 67,799 vehicles in July 2010 as against 48,054 vehicles in the like period of 2009. This includes the company's export products.

In the domestic market, it logged a 39 percent growth at 63,558 units which includes both passenger and commercial vehicles as against the 45,599 units sold in the same time last year.

The company, in the annual report, also announced that its holding firm Tata Sons' director R.Gopalakrishnan, will be stepping down from the board.

Gopalakrishnan was a director in group companies like Tata Motors and Tata Power and also held the posts of chairman in Tata AutoComp Systems, and vice chairman in Tata Chemicals, among other important positions.