Mumbai: The optimistic undertone in castor seed futures is hoped to continue as the arrivals likely to shrink further in the coming days. Castor seed is sown in July and August and harvested in January. The inflow into Gujarat spot markets has fell to 30,000 bags (of 75 kg each) during the week from 80,000 bags. Prices of castor seed in the spot markets are on the increase amidst strong export demand and are quoted at about Rs 570 for a 20 kg bag. Export price of castor seed oil meal is quoted at $150 a tonne. India is one of largest exporters of castor seed and its derivatives like oil and oil meal. The weakness in barley futures is hoped to remain in the short term. The steady decline in open interest and low volumes amidst softening prices indicate that the market is in overbought position.
Monday, June 30, 2008
Increases Coonoor Tea Rates For Demand - June 30,2008
Coonoor: Despite a immense offer of 13.82 lakh kgs the highest for any single auction in more than two years prices increased Rs 2 a kg on the average at Sale No: 26 of the auctions of Coonoor Tea Trade Association (CTTA) on June 27 because demand was adequate to absorb the volume. Exporters said that Pakistan found it advantageous to acquire here in the context of tight supplies and high prices at Kenya's Mombassa auctions where it is used to pick up the bulk of its requirements. CIS bought blacker smaller sorts paying Rs 50. Internal purchasing was generally strong. Western Indian buyers operated actively on the bright liquoring teas.
Whole leaf orthodox grades were dearer by Rs 3-4 a kg. Brokens and fannings got Rs 2 more. High-priced CTC teas were up by Rs 1-2. Primary orthodox dusts got Rs 3-5 more. Its BOPF grade got Rs 110 a kg, the highest price for any CTC tea from bought-leaf sector at the auction. Darmona was the only factory to remain in Rs 100 and plus category. Homedale Estate received Rs 97, Hittakkal Estate and Shanthi Supreme Rs 90 each, Professor Rs 87, Vigneshwar Estate, Ella Estate and Kannavarai Estate Rs 86 each, Highfield Estate Special, Aroma Estate and Green View Estate Rs 85 each, Deepika Supreme and Sree Tea Supreme Rs 84 each, UPASI Rs 83, Garswood Estate Rs 82, Selva Ganapathy Supreme Rs 80.
Whole leaf orthodox grades were dearer by Rs 3-4 a kg. Brokens and fannings got Rs 2 more. High-priced CTC teas were up by Rs 1-2. Primary orthodox dusts got Rs 3-5 more. Its BOPF grade got Rs 110 a kg, the highest price for any CTC tea from bought-leaf sector at the auction. Darmona was the only factory to remain in Rs 100 and plus category. Homedale Estate received Rs 97, Hittakkal Estate and Shanthi Supreme Rs 90 each, Professor Rs 87, Vigneshwar Estate, Ella Estate and Kannavarai Estate Rs 86 each, Highfield Estate Special, Aroma Estate and Green View Estate Rs 85 each, Deepika Supreme and Sree Tea Supreme Rs 84 each, UPASI Rs 83, Garswood Estate Rs 82, Selva Ganapathy Supreme Rs 80.
Relinquish Its Qatar Block To ONGC Videsh - June 30,2008
ONGC Videsh Ltd (OVL) has decided to surrender the Najwat Najem oil block in Qatar. OVL has communicated to the Qatari authorities and has informed its board on the decision to relinquish the asset after it discovered that the reserves in the block are low and not commercially viable. The OVL has also decided to release the rig purchased for undertaking drilling activity in the block. OVL, the overseas investment arm of ONGC, had inked an appraisal, development and production sharing agreement (ADPSA) with the Government of Qatar on March 2, 2005 for appraisal of the Najwat Najem oil structure. The block is the first overseas project executed by OVL wherein the company has both 100 per cent ownership and is the sole operator.
The first assessment well in the Najwat Najem structure was spudded in July 2007. OVL had firmed up two locations for evaluating the structure and assessing and proving its commerciality. While the first well spud showed oil and gas, the second well showed encounter of gas. The ADPSA comprised an initial two-year appraisal phase followed by a development phase. The minimum work committed during the appraisal phase is reprocessing and interpretation of seismic data, drilling of two appraisal wells and an integrated multidisciplinary study to assess the potential of the area.
The first assessment well in the Najwat Najem structure was spudded in July 2007. OVL had firmed up two locations for evaluating the structure and assessing and proving its commerciality. While the first well spud showed oil and gas, the second well showed encounter of gas. The ADPSA comprised an initial two-year appraisal phase followed by a development phase. The minimum work committed during the appraisal phase is reprocessing and interpretation of seismic data, drilling of two appraisal wells and an integrated multidisciplinary study to assess the potential of the area.
Any Airline Company In Indian Sub-Continent - June 30,2008
National Aviation Co of India (NACIL), which runs the state-run carrier Air India, will go for a $6.5 billion insurance cover from June 30, the highest insurance coverage by any airline company in Indian sub-continent. All state-owned and private insurance firms are expected to bid for the business while some of them have already started discussions to forge alliances for the year long insurance period that will expire June 30, 2009. The insurance cover will be provided to a fleet of the merged Air India, Air India Express and Alliance Air, which in all are about 140 aircraft, said the official.
The 2007-08 insurance contract for Air India was bagged by a consortium led by the state-run New India Assurance Co Ltd with ICICI''s Lombard General Insurance Co Ltd as co-insurer. The NACIL has already managed to get at least 15 percent discount on existing insurance rates for covering its non-aviation business in 2008-09. ICICI Lombard, scoring over state-run insurance companies and private companies, won the business. The entry of private insurance companies into the aviation market has intensified competition in the business, resulting in lower premium rates. Among the private companies expected to bid for the NACIL tender are Bajaj Allianz, General Insurance Co Ltd, ICICI Lombard, Cholamandalam MS General Insurance Co Ltd and Reliance General Insurance Co Ltd. Four public sector insurance firms, Oriental Insurance Co, New India Assurance Co, United India Insurance Co and National Insurance Co dominate the aircraft insurance business and cover NACIL''s competitors such as Jet Airways (India) Ltd, Kingfisher Airlines Ltd and Deccan Aviation Ltd.
The 2007-08 insurance contract for Air India was bagged by a consortium led by the state-run New India Assurance Co Ltd with ICICI''s Lombard General Insurance Co Ltd as co-insurer. The NACIL has already managed to get at least 15 percent discount on existing insurance rates for covering its non-aviation business in 2008-09. ICICI Lombard, scoring over state-run insurance companies and private companies, won the business. The entry of private insurance companies into the aviation market has intensified competition in the business, resulting in lower premium rates. Among the private companies expected to bid for the NACIL tender are Bajaj Allianz, General Insurance Co Ltd, ICICI Lombard, Cholamandalam MS General Insurance Co Ltd and Reliance General Insurance Co Ltd. Four public sector insurance firms, Oriental Insurance Co, New India Assurance Co, United India Insurance Co and National Insurance Co dominate the aircraft insurance business and cover NACIL''s competitors such as Jet Airways (India) Ltd, Kingfisher Airlines Ltd and Deccan Aviation Ltd.
Contributor For Private Players The Bancassurance Key - June 30,2008
The insurance sector has seen a exceptional growth over the past few years. In 2007-08, growth in premiums was over 40 per cent. Many private players are rising at rates above 70 per cent. Insurance premium collections have reached 4.1 per cent of the GDP. Growth in life insurance premiums still comes primarily via the efforts of individual agents. But another channel that is fast emerging as a substantial source of premium income is bancassurance - especially for private life insurers. Bancassurance currently gives close to 35 per cent of the premium collected by private players. In 2006-07, that figure was about 17 per cent.
Saturday, June 28, 2008
India With Sharif For Peaceful Ties - June 28,2008
LONDON: Pakistan Muslim League-Nawaz (PML-N) chief Nawaz Sharif has said that Pakistan should foster peaceful ties with India on the basis of equity, justice and mutual respect.
Speaking at a two-day Indo-Pakistan conference here, Sharif said, "Pakistan has always viewed relations with India as extremely important, not only for the peace of the region, but also for the world peace."
"Both countries should seriously consider abolishing visas for most categories of visitors allowing frequent exchanges between the people," The Daily Times quoted Sharif, as saying.
Speaking at a two-day Indo-Pakistan conference here, Sharif said, "Pakistan has always viewed relations with India as extremely important, not only for the peace of the region, but also for the world peace."
"Both countries should seriously consider abolishing visas for most categories of visitors allowing frequent exchanges between the people," The Daily Times quoted Sharif, as saying.
MSCB Ties-Up With Bajaj Allianz - June 28,2008
MUMBAI: Maharashtra State Co-operative Bank (MSCB), on Friday tied-up with insurance service provider, Bajaj Allianz Life Insurance to provide the latter's life insurance solutions through its 50 branches across the state.
"We are happy to offer our platform to Bajaj to devlop their customer base through our distribution network," MSCB Chairman, Manikrao Patil, told reporters.
The bank had proposals from other insurance players as well, Patil said, adding that "after studying them all, we found Bajaj Allianz the most suitable to do business," Patil said.
Commenting on the tie-up with the bank, Bajaj Allianz's Associate Vice President (Business Procurment), Aniruddha Shanbhag, said that the bank's platform would greatly improve its distributuion strength in Maharashtra and enable the comany penetrate deep into the country, especially the rural and remote areas.
MSCB has 50 branches and two extension centres spread over 31 districts of the state. With a customer base of around 3-lakh, the bank's total deposits and advances stood at Rs 14,000-crore and 10,000-crore in FY 08, respectively.
"We are happy to offer our platform to Bajaj to devlop their customer base through our distribution network," MSCB Chairman, Manikrao Patil, told reporters.
The bank had proposals from other insurance players as well, Patil said, adding that "after studying them all, we found Bajaj Allianz the most suitable to do business," Patil said.
Commenting on the tie-up with the bank, Bajaj Allianz's Associate Vice President (Business Procurment), Aniruddha Shanbhag, said that the bank's platform would greatly improve its distributuion strength in Maharashtra and enable the comany penetrate deep into the country, especially the rural and remote areas.
MSCB has 50 branches and two extension centres spread over 31 districts of the state. With a customer base of around 3-lakh, the bank's total deposits and advances stood at Rs 14,000-crore and 10,000-crore in FY 08, respectively.
Microsoft's DOS Operating System - June 28,2008
REDMOND: On his final full day at Microsoft Corp., Bill Gates went on stage to reminisce with his longtime friend Steve Ballmer, and neither man could hold back tears as Ballmer handed Gates a large scrapbook as a farewell present.
Gates, who is stepping back to focus on his philanthropy, sat with CEO Ballmer in a Microsoft conference room and meandered through moments in Microsoft's history. They stopped to get in a few good digs at IBM Corp., whose first personal computers were loaded with Microsoft's DOS operating system before IBM adopted its own operating software and their relations strained.
They went off with OS 2, we were left with good old Windows, and sure enough the David versus Goliath story came out with the right ending,'' said Gates, eliciting laughter from the crowd of 830 Microsoft employees.
Gates, who founded Microsoft with Paul Allen in 1975, admitted that Microsoft has faltered along the way, and certainly isn't perfect today.
When we miss a big change, when we don't get great people on it, that is the most dangerous thing for us,'' Gates said. ``It has happened many times. It's OK, but the less the better.
'' Gates, who will remain Microsoft's chairman on a part-time basis, said he would still take on Microsoft projects picked by Ballmer and two other executives who have assumed most of his day-to-day tasks, Craig Mundie and Ray Ozzie.
One of those will be Web search, where Microsoft lags far behind Google Inc. and Yahoo Inc. in market share. With an acquisition of Yahoo now again apparently off the table, Gates threw his weight Friday behind a strategy of assembling a team of smart people and combining Microsoft's own breakthroughs with what competitors are already doing.
Search is the place where people probably really think, will Microsoft ever do anything there? We'll be the very best,'' Gates said. ``That is in full motion.
'' Gates also reinforced his intent to stay out of the company's day-to-day affairs.
I do think with my not being here full time there is some opportunity that people will really step up. There's somewhat of a vacuum created there,'' he said. ``I have got to get out of the way, and let that new thing step in there.
'' The most poignant moments came when Gates dropped out of technology prognostication mode _ the coming switch to using ink, voice and gesture to interact with computers, for example _ and shared candid and sometimes self-effacing banter about his early days with buddy Ballmer.
Freshman year at Harvard, Gates said, ``I was in this dorm up at Radcliffe, where the anti-social math types hung out. I belonged there.
'' He was introduced to fellow freshman Ballmer by a mutual friend. On their first date, they went to the movies to see an unlikely back-to-back showing of ``Singing in the Rain'' and ``A Clockwork Orange.
'' Ballmer, who has famously danced and jumped around stage at conferences, described a similarly silly and uninhibited Gates that evening.
So we come back from the movie, we're kind of dancing, we're both kind of playing Gene Kelly, and some guy wrestles me to the ground in our dorm,'' Ballmer said. It fell to Gates, who hardly qualifies as burly, to fend off the fellow student.
Ballmer also gave Gates grief about leaving for vacation in the middle of Ballmer's job interview, and forgetting to pack a tie for their first meeting with IBM.
Gates, playing up his absent-minded professor side, cracked up the employees in attendance _ they won a seat at the event in a lottery _ when he said Microsoft was so central in his life that he often found himself driving to its campus even when he was supposed to be headed somewhere else, like delivering his kids to school.
When it came time for Ballmer to make his public farewell to Gates, he joked about the inevitable inadequacy of a thank-you gift, and presented him with a large scrapbook embossed with Gates' signature. Then, the tears came.
We've been given an enormous, enormous opportunity. And Bill gave us that opportunity,'' Ballmer said, his face reddening. ``I want to thank Bill for that.
'' As the employees rose to their feet, Gates swiped at tears of his own.
Gates, who is stepping back to focus on his philanthropy, sat with CEO Ballmer in a Microsoft conference room and meandered through moments in Microsoft's history. They stopped to get in a few good digs at IBM Corp., whose first personal computers were loaded with Microsoft's DOS operating system before IBM adopted its own operating software and their relations strained.
They went off with OS 2, we were left with good old Windows, and sure enough the David versus Goliath story came out with the right ending,'' said Gates, eliciting laughter from the crowd of 830 Microsoft employees.
Gates, who founded Microsoft with Paul Allen in 1975, admitted that Microsoft has faltered along the way, and certainly isn't perfect today.
When we miss a big change, when we don't get great people on it, that is the most dangerous thing for us,'' Gates said. ``It has happened many times. It's OK, but the less the better.
'' Gates, who will remain Microsoft's chairman on a part-time basis, said he would still take on Microsoft projects picked by Ballmer and two other executives who have assumed most of his day-to-day tasks, Craig Mundie and Ray Ozzie.
One of those will be Web search, where Microsoft lags far behind Google Inc. and Yahoo Inc. in market share. With an acquisition of Yahoo now again apparently off the table, Gates threw his weight Friday behind a strategy of assembling a team of smart people and combining Microsoft's own breakthroughs with what competitors are already doing.
Search is the place where people probably really think, will Microsoft ever do anything there? We'll be the very best,'' Gates said. ``That is in full motion.
'' Gates also reinforced his intent to stay out of the company's day-to-day affairs.
I do think with my not being here full time there is some opportunity that people will really step up. There's somewhat of a vacuum created there,'' he said. ``I have got to get out of the way, and let that new thing step in there.
'' The most poignant moments came when Gates dropped out of technology prognostication mode _ the coming switch to using ink, voice and gesture to interact with computers, for example _ and shared candid and sometimes self-effacing banter about his early days with buddy Ballmer.
Freshman year at Harvard, Gates said, ``I was in this dorm up at Radcliffe, where the anti-social math types hung out. I belonged there.
'' He was introduced to fellow freshman Ballmer by a mutual friend. On their first date, they went to the movies to see an unlikely back-to-back showing of ``Singing in the Rain'' and ``A Clockwork Orange.
'' Ballmer, who has famously danced and jumped around stage at conferences, described a similarly silly and uninhibited Gates that evening.
So we come back from the movie, we're kind of dancing, we're both kind of playing Gene Kelly, and some guy wrestles me to the ground in our dorm,'' Ballmer said. It fell to Gates, who hardly qualifies as burly, to fend off the fellow student.
Ballmer also gave Gates grief about leaving for vacation in the middle of Ballmer's job interview, and forgetting to pack a tie for their first meeting with IBM.
Gates, playing up his absent-minded professor side, cracked up the employees in attendance _ they won a seat at the event in a lottery _ when he said Microsoft was so central in his life that he often found himself driving to its campus even when he was supposed to be headed somewhere else, like delivering his kids to school.
When it came time for Ballmer to make his public farewell to Gates, he joked about the inevitable inadequacy of a thank-you gift, and presented him with a large scrapbook embossed with Gates' signature. Then, the tears came.
We've been given an enormous, enormous opportunity. And Bill gave us that opportunity,'' Ballmer said, his face reddening. ``I want to thank Bill for that.
'' As the employees rose to their feet, Gates swiped at tears of his own.
Friday, June 27, 2008
The Rural India For Nokia Dials - June 27,2008
To position itself effectively in the rural market, mobile phone maker Nokia plans to offer internet based services, micro-finance, distribution, agricultural services and after sales and support services for the non-urban markets.
The company would also introduce these services in its mid-level mobile devices as well. The Finland-based company is looking at micro finance as a major initiative to increase mobile penetration in India from the current 26 per cent. With its large distribution in the country and nine Indian language support, it is working with a host of content providers and has started programmes for farmers, which include providing solutions from information on market prices for agricultural products to weather updates to financing options.
The company would also introduce these services in its mid-level mobile devices as well. The Finland-based company is looking at micro finance as a major initiative to increase mobile penetration in India from the current 26 per cent. With its large distribution in the country and nine Indian language support, it is working with a host of content providers and has started programmes for farmers, which include providing solutions from information on market prices for agricultural products to weather updates to financing options.
Second R&D Centre Sets Up Exensys Software - June 27,2008
Exensys Software Solutions Ltd has opened its second research and development (R&D) centre in Hi Tech City, Hyderabad. This R&D centre will house 500 engineers working on emerging and cutting edge technologies that will make eXensys the most advanced enterprise product in the world. With the unveil of eXensys 4.0 companies can now transform their businesses to gain greater efficiency, higher profitability and a competitive edge empowering them to face their current and future critical business challenges.
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