21st Edition (05-11 September2011)

The quickest way to acquire self confidence is try to do exactly what you are afraid to do

INDIA CAN CREATE LEADERS FOR THE WORLD, SAYS ICICI BANK CEO

INSIDE THIS ISSUE:

CORPORATE watch ECONOMY watch INDUSTRY watch FACT OF WEEK INTERVIEW ZARGONOMICS COLUMNIST ENTREPRENEUR

The sheer scale of the Indian market and its demands on leaders make Indian corporate leaders ideal to take on global challenges, said Ms Chanda Kochhar, Managing Director and CEO, ICICI Bank Ltd. She was delivering the inaugural address at the fourth HR Summit on the theme Leadership in Action' in Mumbai on Friday, organised by the Confederation of Indian Industry (CII). India offers a unique learning ground for young leaders. It exposes them to a huge scale of operations. Also, the Indian market puts a huge demand on affordable innovation. As we see more globalisation, India can create leaders for the world, she said. According to her, ideal leaders should not be typified as growth leaders' or change leaders', and rather be dynamic in tune with organisational needs. She said, A leader should be one who can deliver what an organisation needs at a particular point in time. They should be able to identify what the organisation needs at that point, and get their teams to deliver on that.'
Grooming Talent, Leaders

Responding a question on attrition at the lower rungs of organisations, Ms Kochhar cited how ICICI had approached the issue. Training fresh graduates on the job only to lose them out in one or two years has been addressed - and minimised - she explained. She said, Rather than invest in fresh graduates and train them, we decided to groom talent for the sector itself (banking, insurance, etc.) with partners like NIIT. Some of them will come to us; some will go to other companies. The view is to create a ready talent pool for the industry at large.Ms Leena Nair, Chairperson CII (Maharashtra), and Executive Director - HR, Hindustan Unilever Ltd, in her welcome address said that leadership is context based.

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CORPORATE WATCH
HINDUSTAN UNILIVER TO HIRE OVER 1,000 PEOPLE ANNUALLY FOR NEXT 2-3 YEARS
Leading FMCG major Hindustan Unilever (HUL) will hire about 1,050 people each year for the next twothree years. According to the company's Executive Director Human Resources Leena Nair, HUL routinely recruit about 40-50 management trainees from management schools and technical schools for their managerial ranks, those are the numbers that will continue for the next two-three years. They recruit 7001,000 people in factories and the people who sell for them and that are the same number that will stay. There was no change in their hiring strategy and the company might hire 20 of the managerial rank recruits in sales and marketing and the rest distributed across all functions. Also, there is no change in the pay package from them this year.

HONDA TO RECALL OVER 72,000 CITY SEDANS

Japanese auto major Honda will recall 72,115 units of its mid-sized Sedan City in India to replace defective power window switches as part of a global exercise. The company, which is present in India through a joint venture with the Siel Group Honda Siels Cars India stated that the recall would cover the second generation City, manufactured from 2005 to 2007. HSCI is carrying out the part replacement as part of a global exercise by Honda Motor Company to ensure stringent quality standards for its products. The replacement would be carried out free of cost and the owners will be contacted to carry out the exercise smoothly. Although no incident has been reported in India, HSCI is extending the same exercise to the previously sold Honda City manufactured in 2005 to 2007. Earlier, HSCI had announced a similar recall in January last year for 8,532 units of the City, manufactured in 2007.The company, at present, sells the third generation of the City, which is not affected by the recall exercise. Honda Motor Co is recalling 9.36 laky cars, including hatchback Jazz, City and sports utility vehicle CR-V, globally due to defective power window switches. HSCI, however, said the global recall does not impact the Jazz and CR-V sold in India.

BIOCON TO INVEST $161 MN IN MALAYSIA

Bangalore-based Biocon will set up a bio-pharmaceutical manufacturing and research and development facility in Bio-XCell, a custom-built biotechnology park and ecosystem in Iskandar Malaysia, Johor. The company will invest $161 million (Malaysian Ringgit 500) in the first phase, the largest for the Malaysian healthcare biotechnology sector so far, a company statement said. The new facility will become operational by 2014. The project will also focus on research and development and production of other biopharmaceutical products at a later phase.

GOOGLE ACQUIRES ZAVE NETWORKS

Internet titan Google has bought digital coupons and incentives platform, Zave Networks for an undisclosed amount. Zave Networks is Googles 19th buyout this year. Google has acquired over 100 firms in the last decade, starting with Deja, a company in the Usenet space that was later integrated with Google Groups. This roughly translates into purchase of 10 companies every year, on average, by Google. The search engine giant said it would buy Motorola Mobility, the mobile phones division of Motorola Inc, for $12.5 billion in cash. Zave Networks, a company founded in 2006.

ICICI BANK LAUNCHES EMV STANDARD CARDS

ICICI Bank is going into EMV (Euro pay, MasterCard, Visa) Standard chip cards with the launch of the ICICI Bank Coral Credit Card. The card provides additional security to cardholders against possible misuse in the form of counterfeiting and skimming on account of the embedded microchip that contains card member information in an encrypted format. The Coral Card also offers rewards on all purchases, powered by the multi-partner loyalty programme, PAYBACK. The Coral Credit Card is part of the Gemstone Collection of ICICI Bank Credit Cards. It offers cash rewards on all retail purchases. Cardholders also have a choice to redeem the PAYBACK points as cash credited into their credit card account at the rate of Rs 0.25 per PAYBACK point or into gifts.

MRUTI SUZUKI WONT TOLERATE INDISCIPLINE

The management at Maruti Suzuki India Ltd. won't "accept any indiscipline" in the company, Suzuki Motor Corp.'s chairman stated. Labour issues that have disrupted output at India's biggest car maker by sales. On 5th September, Suzuki's India unit halted production at its north India Manesar plant after it asked 950 workers belonging to a union not recognized by the company to sign a "good conduct bond" before they could enter the factory. The move came after it discovered "serious and deliberate" quality problems in cars made at the plant. The halt led to a production loss of about 2,400 cars. The company also suspended and dismissed 21 employees. Earlier last week, Maruti Chairman R.C. Bhargava said workers who refused to sign the good conduct bond wouldn't be allowed to work. The company has employed 1,000 workers and supervisors to start production at its plants. Maruti on 9th September produced 250 cars from its Manesar plant, way lower than its usual target of about 1,000.

ITC REACHES OUT TO CONSUMER WITH POP-UPS

After testing the waters in food and agriculture products retailing, ITC has now begun a new marketing initiative mobile pop-up' stores in a bid to reach consumers right at their doorsteps. It has launched about 50 such pop-ups in Hyderabad vans which will visit neighbourhoods - to sell vegetables and other food products for half-a-day on an appointed day. The company representatives have drawn up a timetable after discussing the timings with residents' associations. Besides giving consumers direct reach, the model would also help reduce the expenditure on infrastructure and other overheads. The company would replicate this model in other cities, along with the flagship Choupal Fresh outlets after reviewing the feedback. At present, ITC runs four Fresh stores in Hyderabad. In the first phase, they have opened Choupal Fresh stores in Hyderabad, Pune and Chandigarh and will be expanding to other cities as well.

FIAT TATA CARS NOT TO BE SOLD UNDER SAME ROOF

Fiat India will no longer sell its cars under the same roof as joint venture partner Tata Motors and will set up its own showrooms in around 20 cities across India in the next one-and-a-half years. The same dealers that were engaged by the Tata-Fiat joint venture will now open separate showrooms for Tata and Fiatbrand cars. Fiat cars will now be sold separately and independently. In one-and-a-half to two years' time, Fiat's independent showrooms would be present in 20 cities. Also, they are opening two Fiat cafes, one each in Delhi and Pune, for promoting the brand by bringing 'Italian-ness'. As part of a 50:50 joint venture agreement signed in 2007, the two companies had agreed to a joint distribution network and back-end support system, besides co-manufacturing of products at Fiat's Ranjangaon facility, near Pune. The relationship had come into question as Fiat cars were unable to attract sales. In an interview published in a report by market research firm JD Power, Tata Group Chief Ratan Tata had said the joint venture has not been as active as planned and the association needed to be critically examined to optimise its potential. In August, just 1,069 Fiat cars were sold in the country, whereas 16,829 Tata cars were bought by consumers.

NOKIA SIEMENS APPOINTS SANDEEP GIROTRA HEAD OF INDIA BUSINESS

Telecom equipment maker Nokia Siemens Networks (NSN) stated Girotra will lead its business in India. Girotra, who is responsible for a number of key customer accounts in India as a sub-region head at present, will be based in Gurgaon and his appointment is effective from October 1, 2011.Ashish Chowdhary, head of customer operations east and a member of the company's executive board, has been acting as head for its India business since January, 2011. The India region forms part of NSN customer operations east along with its business in Asia Pacific, China, Japan and the Middle East. NSN employs 15,000 people in India, regarding it as a priority market as well as a global innovation hub and delivery base.

GODREJ CONSUMER ACQUIRE 51% STAKE IN AFRICAN HAIR CARE COMPANY DARLING GROUP
Godrej Consumer Products completed the acquisition of a 51% stake in African hair care company Darling Group Holdings. The Company made the announcement in a filing to the Bombay Stock Exchange (BSE). Darling Group Holdings operates in 14 countries across Africa, selling hair extension products under brand names like 'Darling' and 'Amigos'. In June this year, Godrej Consumer Products Ltd (GCPL) had announced the acquisition of a 51% stake in Darling Group Holdings for an undisclosed amount. The company had said the acquisition would help scale up its operations in the region and would strengthen its position in the hair care market. The company strongly believes that the Darling Group enables them to take their presence in Africa to the next level and also believe the strong share positions that the group brands enjoy will further accelerate their trajectory of sustainable profitable growth in the region. Shares of GCPL were trading at Rs 425 on the BSE, up 0.13% from their previous close.

SUZUKI CUTS TIES WITH VOLKSWAGEN

Suzuki Motor Corp. said on Monday it will abort its alliance with Volkswagen AG, ending a partnership that never worked and eventually escalated into a public feud. Suzukis board of directors decided to dissolve its partnership and cross-shareholding relationship with the German automaker because of concerns that it would lose autonomy, it said in a statement. Volkswagen owns a 20 per cent stake in Suzuki. The two automakers announced a promising partnership in 2009, establishing one of the worlds biggest auto alliances. They said they would work together on product development, production and sales, with a focus on hybrid and electric cars.Suzuki hoped to gain access to new technology to stay competitive. But the two companies could not agree on projects or how the partnership would function on the ground. Suzuki cited the comment in Mondays statement. It also said it could never gain the sort of access it wanted to Volkswagens technology. The frustration appears to be mutual. Last week, Volkswagen accused Suzuki of violating the terms of its partnership by deciding to buy diesel engines from rival Fiat SpA. It gave Suzuki several weeks to address the issue.

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ECONOMY WATCH
PLANNING COMMISSION WANTS INDIA TO SET UP $10BN WEALTH FUND
The Planning Commission wants India to set up a sovereign wealth fund with an initial corpus of USD 10 billion, mainly to invest in energy and mining assets abroad. Sovereign Wealth Fund is a governmentowned corpus where money is pooled in from state resources to invest in overseas assets. India has been mulling to set up its own fund in order to acquire strategic overseas assets in mining and energy segments to meet its future needs. Countries like China and Singapore have already set up their sovereign wealth funds. Even China has acquired significant asset in foreign land through investment from its USD 400 billion fund in the recent past. Growth in the second half of the year would be crucial to attain 8% economic expansion in the current financial year. The central bank has raised key policy rates 11 times in last oneyear-and-a-half years to rein in rising inflation. However, Finance Minister Pranab Mukherjee recently said that the central bank should give a pause to such liquidity squeeze in the wake up a global economic turmoil. About the fiscal deficit target.

INDIA'S GDP TO GROW 8.1% IN 2011, SECOND TO CHINA

The Indian economy is likely to expand by 8.1% in 2011, the fastest growth rate in the world after China, UN agency said on Sep 6. In its global release of Trade and Development Report 2011, the United Nations Conference on Trade and Development (UNCTAD) said the India economy will grow by 8.1% in 2011, against to 8.6% in 2010, despite slowdown in developed nations and many other countries. According to UNCTAD, only China will surpass India. The East Asian giant is likely to register a growth of 9.4% in 2011 compared to 10.3% in 2010. The government expects the Indian economy to grow by around 8.5% in 2011-12, while the RBI has projected the GDP growth of 8% this fiscal. The World Bank had in June said India's economy would expand by 8% in 2011-12, while the Asian Development Bank projected a growth of 8.2% during the current financial year. The 27-nations' European Union is, however, expected to grow by 1.9% in 2011 compared to 1.8% in 2010. Among other BRICS nations, Brazil's annual growth is likely to fall to 4% this year from 7.5% last year, while Russia's economy is projected to expand by 4.4% and 4% last year.

FOOD INFLATION DIPS MARGINALLY TO 9.55%

Food inflation dipped marginally to 9.55% for the week ended Aug 27 year-on-year, coming down from the double-digit levels registered the previous week, according to official data released on Thursday. In the week under review, prices of essential food items were still reigning on the higher side. Onions were 42% costlier, vegetable prices rose 22.42%, while fruits became dearer by 16.57%. Food inflation had crept to 10.05% for the week ended Aug 20. The primary articles index, which has a 20.12% weight in the wholesale price index, rose by 13.34% in the week under review as compared to 12.93% in the previous week, according to data released by the commerce and industry ministry. The index for non-food articles rose 19.88% for the week ended Aug 20, while the indices for fuel and power increased 12.55%. As high inflation continues to plague the country, the Reserve Bank of India (RBI) is likely to hike interest rates once again. It has already done so 11 times since January 2010. The headline inflation is still close to double digits, registered at 9.22% in August.

BEHIND THE SELLOFF: US IS STRUGGLING, EUROPE IS WORSE

The latest turmoil in Europe is overshadowing efforts to revive the US economy, indicating that markets will continue to struggle until the debt crisis in Greece and other EU nations is finally resolved. Despite an

oft-stated belief from economists that the problems in Europes peripheral nations wont spread through the worlds economy, investors are acting as if a tipping point is near.

U.S. DEMANDS ACTION FROM EUROPE'S STRONGEST AT G7

The United States pressed Europe's strongest economies on Friday to give "unequivocal" financial support to weaker euro zone states to overcome a debt crisis that threatens the world economy. "It is completely within the capacity of the stronger members of the euro area to absorb these costs," U.S. Treasury Secretary Timothy Geithner said as G7 finance chiefs gathered in Marseille to discuss how to revive a stalling recovery. "Those costs would be much, much greater for them and their economies if they sit here and do nothing, and they recognize that," Geithner said.

SEBI NOTIFIES GUIDELINES ON INFRA DEBT FUND

Market regulator SEBI on Tuesday notified guidelines for launching infrastructure debt fund (IDF) which would invest 90 per cent of its assets in debt securities of the sector companies. Infrastructure debt fund (IDF) scheme, which can be set up by any existing mutual fund, would invest a minimum 90 per cent of scheme assets in the debt securities and should have a minimum of five investors. SEBI said the strategic investor would have to make a firm commitment of Rs 25 crore. The units of infrastructure debt fund schemes shall be listed on the stock exchange.

GOVERNMENT BREATHES EASY AS DIRECT TAX COLLECTIONS RISES 26% TILL AUGUST
The direct tax collections rose 26% in the first five months of the current fiscal, belying fears of a drop in government revenue because of the slowdown. The 2011-12 budget has assumed a 19% increase in direct tax collections. However, net tax collections were down in April-August 2011-12 to Rs 96,738 from Rs 100,113 crore from a year ago because of a 154% increase in tax refunds, data released by finance ministry on Thursday showed. The decline in net collections, the amount Centre gets to keep after giving states' their share, will put pressure on government's finances. The finance ministry has pegged the fiscal deficit for the current year at 4.6% of GDP, but has already exhausted 55% of that limit in the first four months. India's economy expanded only 7.7% in the first quarter, down over a percentage points from 8.8% expansion in the corresponding quarter last year. Huge tax refunds mean that, the advance taxes paid by the corporate sector based on their expectations of growth have to be returned as their expectations didn't materialize".

RBI HAWKISH AHEAD OF REVIEW DESPITE GLOBAL GLOOM

The Reserve Bank of India (RBI) remains bent on fighting domestic inflation despite weakening global conditions, officials with direct knowledge of policymaking said, a week before it is widely expected to raise interest rates once again. The RBI, which has lifted rates 11 times in 18 months, makes its mid-quarter review on September 16. Though senior bank officials are hawkish, RBI Governor Duvvuri Subbarao will not make a final decision before the release of August inflation data on September 14.

NEW LAND BILL TABLED IN PARLIAMENT

The government edged closer to overhauling a century-old land acquisition law on Wednesday by introducing a Bill in the Parliament that aims to placate a rural voter base while also attracting muchneeded infrastructure investment. The current parliamentary session ends on Thursday and the Bill is unlikely to be passed before Parliament reconvenes later this year at the earliest. Compulsory land acquisition for the public good is a contentious issue as India seeks to industrialize, with major factories, housing and transport projects held up by conflicts over land. Across the nation of 1.2 Billion people, rural landowners and poor farmers complain they are not adequately compensated for land, while companies

are wary of making large investments for fear that courts will strip them of their holdings. The law, spearheaded by Congress leader Sonia Gandhi and her son Rahul, is seen as crucial for the centre-left's chances of winning state elections in Uttar Pradesh next summer.

2G SCAM: NGO MOVES SC FOR PROBE AGAINST VIDEOCON

An application was today moved in the Supreme Court seeking to bring Videocon group within the ambit of CBI probe in the 2G scam alleging that one of its companies was a major beneficiary of spectrum allocation during former telecom minister A Raja's tenure. The NGO, Centre For Public Interest Litigation (CPIL), submitted that Datacom, jointly owned by Videocon and HFCL, was at number nine in the list of applicants for spectrum but it became number one when first-cum-first-served policy was "changed" by the Department of Telecom (DoT).

INDIAN VARSITIES FARE BADLY IN 2011 QS RANKINGS

Not a single Indian university has made it to the Top 200 Quacquarelli Symonds (QS) World University Rankings this year. IIT Bombay (187), the only Indian varsity to find itself in the Top 200 in 2010, has dropped 38 places to rank 225. Similarly,IIT Delhi and IIT Madras, which ranked 202 and 262 respectively in 2010, fell to 218 and 281. The rankings by QS, a leading networking organization in higher education, are based on employer reputation, academic reputation and research quality. Moreover, the remaining Indian universities featuring in the rankings including IIT Kanpur, IIT Kharagpur, IIT Roorkee, IIT Guwahati, University of Delhi, University of Calcutta, University of Pune and University of Mumbai do not feature in the Top 300 World University Rankings. However, some Indian varsities have fared well in the QS Asian University Rankings 2011. While the likes of IIT Kanpur (IIT-K), IIT Delhi (IIT-D), IIT Madras (IIT-M), IIT Kharagpur (IIT-KGP) and IIT Roorkee (IIT-R) climbed rankings, IIT Bombay has dropped two places in the annual rankings. At 36th place, IIT Kanpur-which was ranked 37 last year--became the top Indian university in the rankings for the year. Two more Indian universities (IIT-M and IIT-KGP) have made it to the top 50 Asian Universities ranking as compared to 2010. Replaced by IIT-K at number 36, IIT Bombay fell two places to 38, while IIT-D improved its 39th place in 2010 to 37th place in 2011.

GROSS DIRECT TAX COLLECTION UP 26 PERCENT

Gross direct tax collection increased by 25.89 percent at Rs.154,360 crore during the first five months of 2011-12 on the back of healthy growth in revenues from corporate taxes, official data showed on Thursday. However, net collection of direct taxes during April-August period declined to Rs.96,738 crore, from Rs.100,113 crore during the same period last year. Net collection has declined due to 156.04 percent increase in tax refunds, which stood at Rs.57,622 crore in the period under review as against Rs.22,505 crore during the corresponding period last fiscal, according to data released by the ministry of finance. Gross collection of corporate taxes rose by 29.72 percent to Rs.96,597 crore, while the collection from personal income tax increased by 19.91 percent at Rs.57,582 crore. Collection from wealth tax increased by 22.14 percent at Rs.160 crore. However, the collection from securities transaction tax declined by 9.09 percent at Rs.2,021 crore.

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INDUSTRY WATCH
RELIGARE FINVEST LOOKS AT SMEs FOR BUSINESS GROWTH
Religare Finvest Limited (RFL) is aggressively looking at small and medium enterprises for business growth, as the non-banking finance company wants to strengthen its portfolio across the country in the SME segment.RFL has announced plans to raise up to Rs 800 crores through public issue of secured redeemable non-convertible debentures (NCDs) of face value of Rs 1,000 each. The public issue is scheduled to open and close for subscription from Friday September to September 26; with an option for early closure or extension by such period as may be decided by the RFL Board. The NCD applicants will be allocated on first-come-first-serve basis (determined on the basis of date of receipt of each application duly acknowledged by the bankers to the issue). The NCDs are proposed to be listed on BSE. The company has 23,000 SMEs accounts, with its northern region contributing a chunk of its business 40 per cent. This is followed by west, south and east regions. The total loan book for Punjab, Haryana and Himachal is around Rs 578 crore with 3,518 live contracts as on June 30. Also, the average monthly disbursement per month in Punjab, Haryana and Himachal is Rs 50-60 crore.

BATELCO EXPLORES OPTIONS FOR GRWOTH IN INDIAN TELECOM MKT

Bahrain Telecommunications, which holds about 43% stake in Indian telecom player STel, is going to ensure long-term growth of the company's investment in the Indian telecom market. STel is a joint venture between Siva Group (formerly Sterling Infotech Group) and Bahrain Telecommunications Company (Batelco). The Middle East Telecom firm holds 42.7% stake in the joint venture company. Batelco is committed to the Indian telecommunications market and values the opportunities for growth that will be enhanced by future market consolidation in the industry despite some short term challenges. Batelco is looking to sell around 30 per cent its stake in STel. STel provide telecom services in Orissa, Bihar, Himachal Pradesh, North East, Assam and Jammu and Kashmir offering services to over 226 million subscribers.

LENDERS TO GTL INFRASTRUCTURE AGREE TO CLEAR A PROPOSAL TO RESTRUCTURE ITS DEBT

Lenders to GTL Infrastructure, the troubled tower company agreed to clear a proposal to restructure its debt on condition that promoters provide a personal guarantee and infuse fresh equity. Bankers would also evaluate proposals to sell the tower business during the implementation of the corporate debt restructuring package. Restructuring a loan typically involves a reduction in interest rates, an increase in the numbers of years in which it has to be repaid, or both. They have also decided to evaluate the proposal to sell the tower business eventually. There will be a second round of meetings to decide on the equity capital the promoters would have to pump in. ICICI Bank, which holds around 28% stake in GTL Ltd, the parent company, is in talks with investors to find a buyer for the tower business. The panel of bankers is in dialogue with potential investors, including Viom Network and some private equity players.

TAJ EXPANDS FOOTPRINT IN CITY

Vivanta by Taj, the 5-star hospitality brand positioned in the upper-upscale segment and a part of Taj Hotels Resorts & Palaces is all set to open five more properties this year across the country.The hospitality major has already opened two properties this year. While it opened one in Srinagar earlier in the year, it inaugurated the Vivanta by Taj - Yeshwantpur in Bangalore on 8th sept.The third property under the Vivanta brand in the city and also the biggest under the Vivanta yet, with 327 rooms, saw an investment of Rs 230 crore on its construction. The property is a joint development with R N Shetty of the RNS Motors. With the launch of this new hotel, the overall portfolio of Vivanta by Taj Hotels & Resorts goes up to 21.

IRON ORE MINING FIRMS GET Rs 140-CR JOLT

Karnataka finds large-scale violations of state laws in its three districts. Karnataka has imposed Rs 140 crore in penalties on 13 iron ore mining companies in Tumkur for encroaching on government land and dumping mineral waste, thereby causing damage to the environment. We have conducted a suo motu joint survey with the departments of mines and geology, forest and revenue in Tumkur district and found that 13 iron ore mining companies have violated the Karnataka Land Revenue Act, 1964, by dumping mineral waste on government land, C Somashekhar, deputy commissioner of Tumkur, told Business Standard.

TEA OUTPUT IN FIRST SEVEN MONTHS UP 6.37%

India's tea production in the first seven months of current calendar has increased by 6.37 per cent over the same period of last year. Between January and July, production increased to 491.59 million kg (mkg) from 462.16 mkg during Jan-July 2010. This increase of 29.43 mkg marks a growth of 6.37 per cent. The increase would have been more had it not been for a decline of 3.60 mkg in South Indian production. North India posted a gain of 33.03 mkg. North Indian output rose by to 348.14 mkg from 315.11 mkg. Assam continued to dominate India's tea map with a production of 234.32 mkg (last year: 204.50) accounting for 47.67 per cent (44.25 per cent) of the country's overall output. West Bengal's production increased to 110.38 mkg (107.33) of which, the share of Darjeeling tea, hailed to be the tea champagne, was 4.99 mkg (4.20). South India's production dropped to 143.45 mkg from 147.05. Tamil Nadu's output declined to 100.19 mkg from 103.27 mkg. Kerala and Karnataka also posted lower production.

JAPANS LEADING AUTO COMPONENTS FIRM KEEN TO INVEST IN HARYANA

Japan's leading auto components company Aisin Seiki has proposed to set up a manufacturing facility at Industrial Model Township at Rohtak in Haryana over an area of 30 acres, with an investment of Rs 406 crore. The company also planned to set up another manufacturing facility for brake parts at an estimated cost of Rs 330 crore for which it would require 20 acres of land. Aisin Seiki Co. Ltd is engaged in manufacture of of automotive parts like drive train, body, brakes, chassis and engine. It is also into lifestyle, energy related and welfare related products. During the India-Japan Global Partnership Summit meeting, the Japanese side expressed keen interest in supporting basic infrastructure of projects in Haryana. Hooda emphasised on developing drinking water projects and public transport system projects in collaboration with Japan. Speaking on the occasion, Haryana's Industries and Commerce Minister Randeep Singh Surjewala called for further strengthening of ties between India and Japan. The event also witnessed signing of MOUs between enterprises based in Haryana and some prominent Japanese companies for technical collaborations.

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FACTS OF THE WEEK

1. Internet titan Google, which is on an acquisition spree, has bought digital coupons and incentives platform Zave Networks for an undisclosed amount. Zave Networks is Google's 19th buyout this year so far. 2. Private sector lender Yes Bank has appointed Asit Oberoi as its senior president and chief operating officer. 3. Steel Authority of India Ltd (SAIL) said its proposed Rs 20,000 crore investment plan for capacity expansion in West Bengal would be completed by June 2012. 4. Encouraged by support from Haryana labour authority and its parent Suzuki Motor Corp in the ongoing tussle with workers at the Manser plant, Maruti Suzuki India is understood to be planning to recruit new permanent employees to replace the existing ones. 5. Google Inc agreed to pay $500 million to settle US allegations that advertising for online Canadian pharmacies on its website allowed illegal imports of prescription drugs. 6. Up 22.62% in August as passenger car sales drop 5.9%, while exports grows by 35%. Even as passenger car sales declined sharply for a second time this year. 7. Honda Motor is recalling almost 347,000 Pilot sport utility vehicles worldwide for a potential problem with the front seat belts. 8. The country's largest state-owned steel company, SAIL, is entering into passenger railway coach manufacturing and is looking at the possibility of entering railway track laying. 9. TATA DOCOMO withdraws its new TV ad in which it has shown a maide finds a cell phone while cleaning home and hides that phone. The Gharkamgar Molkarni Sanghatna, an association of domestic servants, has objected to a TV ad of Tata DoCoMo, saying it depicted their profession in a bad light. 10. ICICI Bank, the country's largest private sector lender, appears to be going slow on its hiring plans for the current financial year, to keep a tight leash on operating expenses. The bank plans to recruit about 5,000-6,000 employees, mostly at the entry level, in the current financial year. 11. Tata Motors Group CEO and Managing Director Carl-Peter Forster had quit due to unavoidable personal reasons'. 12. Following a good response to the petrol versions of its new offerings Etios and Etios Liva, the Japanese carmaker Toyota on Friday introduced the diesel variants of its entry-level sedan and premium hatchback. 13. Motor Corp will abort its alliance with Volkswagen AG, ending a partnership that never worked and eventually escalated into a public feud. 14. Ashok Leyland launches dost. The base model of Dost, the light commercial vehicle (LCV) bearing Ashok Leyland badge, is priced at Rs.3.79 lakh ex-Chennai. Dost with power steering will be available at Rs.3.98 lakh.

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INTERVIEW
INDIA SHOULD PEACEFULLY COMPETE WITH CHINA IN INDIAN OCEAN REGION: ROBERT D KAPLAN

Robert

D Kaplan is simply one of the world's most reputed authorities on geopolitics, defence and foreign policy. As a journalist Kaplan has covered several wars, right from the Iran-Iraq war in the 1980s to the fall of the LTTE in Sri Lanka. He shot into international fame as a political analyst following the publication of The Coming Anarchy, which, first published as an article in the Atlantic Monthly in the 1990s, predicted how various factors such as scarcity, crime, overpopulation and disease could rapidly destroy the social fabric of our planet. In his latest book, Monsoon: The Indian Ocean and the Future of American Power, Kaplan says that the India Ocean region is crucial in deciding the new balance of power. He suggests that not just India, but the US also peacefully compete with China in countries such as Sri Lanka, Nepal, Bangladesh and Myanmar. Kaplan, 59, also talks about travel, his next book and more in an interview with Ullekh NP.

How tough is it for you to merge your two selves, of being a travel writer and an analyst of geopolitics?
I don't like such distinctions or categories. For the past 30 years as a journalist I've sort of merged travel writing with being an analyst. I think that the perceptions and observations you get travelling through countries can help in analysis. So I don't clearly see a distinction. Remember, travel writing is just a means to explain art, history and politics in a more interesting way for the reader.

How do you collate material?

My last book Monsoon: The Indian Ocean and the Future of American Power was a three-year project. I was away from home travelling a total of about nine months a year and the rest was writing. I normally never go away from home for more than a month because I have a family and after a month you have to put all the matter in order, on the page, otherwise you get overwhelmed with all your information... so I need to order my thoughts after about four weeks of travel.

How prone are you to making mistakes?

As I get older I get very nervous about making mistakes. I am always nervous about just getting the wrong point of view or reading the situation wrong ... All you can do is a lot of reading. Travel alone is not enough unless you do a lot of reading in history and politics about the places well. The test of a good piece of travel writing is: is it still relevant years later, in other words five years later, when someone still pick it up?

How do you work towards understanding ground realities in a new place?

I think that understanding ground realities is a matter of not just going to a place and spending time there. It is also a matter of reading not only the history but also philosophy and politics so that you can better understand what is going on, on the ground. When you arrive in a place, the history of that place doesn't begin at that time. It had begun thousands of years before. Unless you have some familiarity with that history, you can't really understand what you're seeing in front of you.

What are the mistakes that the US and countries such as India have made (and are making) in Sri Lanka?
I think that the US at least has not paid sufficient attention to Sri Lanka. This has opened the doors for Chinese strategic influence. Sri Lanka would be very important in the 21st century because it is very close to the main sea lines of communication at a time in history when 90 percent of all commercial goods travel inter-continentally by sea. And the US has ignored it. We pulled out because of human rights violations some years back and this provided an opening for Beijing. I think it is important that not just India, but the United States also peacefully compete with China in places like Sri Lanka, Nepal, Bangladesh and Burma (Myanmar).

Why is this happening?

I think the US is preoccupied with problems in Afghanistan and upheavals in the Arab world. The US hasn't paid sufficient attention to what I call the Indo-Pacific region, which is emerging as the economic centre of the world and also an area of military purchases... and it is domestic politics in India that control the country's foreign policy on Sri Lanka.

What exactly is this "greater Indian Ocean"?

The "greater Indian Ocean" stretches from the Red Sea to the South China Sea. And it unites one organic region... you have the Persian Gulf, you have problems in Pakistan and you have India, you also have piracy and other problems in Africa and there is the rising competition between China and the US in the region... The Indian Ocean is on the global centre stage.

What does this mean for India and China?

India and China don't have long-standing ancient hostilities. They were separated by the Himalayas. The rivalry between India and China is recent, and it is brought about by the advancement of military technology... so you have Chinese fighter jets in Tibet and you have Indian warships in the South China Sea or Chinese warships in the Indian Ocean. The spheres of influence of both countries overlap and this is leading to rivalries... What India must make sure is the ports that China is building in Pakistan, Burma (Myanmar) and Sri Lanka remain as ports and do not become full-fledged military bases for China.

Can India ever find peace with Pakistan?

Yes. It will be really really hard. But it is possible. It's not that there will ever be some great peace, but you have to keep working with the problem. You have to constantly put in energy into it ... you don't want a terrorist incident to kind of build up into a limited nuclear exchange. And this needs more and constant diplomacy between Islamabad and New Delhi.

What else should they do?

Trade more. There is a lot of economic potential there ... if you had a reasonably good relationship with Pakistan, it will definitely open up the whole of central Asia for trade, which includes that in oil, connecting every plain from the Caspian Sea to the Indian Ocean.

What are the hazards of analysing political disputes of religious-origin in India (like the Gujarat riots)?
It is very difficult. All you can do is come in as an outsider and take a look at things and write in a way others haven't attempted... My interest in (Gujarat chief minister) Narendra Modi is because he is a very interesting politician who perhaps demonstrated the tensions that exist in India... he is an efficient manager who also can stir up a lot of tension.

Has your impression of Modi changed since you wrote a profile of his in the Atlantic Monthly two years ago?
Not really. On one hand I give him credit for running the state of Gujarat much better than many other states in India. On the other, it is political: he showed no open public remorse on the events of 2002 ... what I see now is more of the same. He is a really good manager, can inspire confidence among investors and many CEOs want to invest and build in Gujarat. At the same time I get this very uncomfortable feeling about him, that there is a lot more he could do about what happened in Gujarat in 2002.

You have said that "Monsoon..." is your most optimistic, nuanced work. Why these rays of hope about a region that is incredibly complex?
I think it is an optimistic work because at the end of it the region hopefully will develop into trading system - from the Middle East to China. That brings in the idea of peace for commerce. Despite military build-ups, and not necessarily war, it is emerging as a trading system that existed in the Indian Ocean before the Portuguese came in more than 500 years ago.

Almost two decades after the prediction of The Coming Anarchy, where is the world headed?
I don't think it is settling down for peaceful times ... what I see in the Middle East are what I call the crisis of central authority. Sterile, corrupt national security regimes are being toppled ... but the path to democracy is a tortuous one. There is more instability in the Middle East than we had in the past. I am more hopeful though of Sub-Saharan Africa than in the 1990s when I worked on The Coming Anarchy.

THE DERRICK

ZARGONOMY
Underwriting agreement
Securities-purchase contract between an underwriter or underwriting syndicate and an issuer of bonds or shares.

Premium margin
The amount of money needed to close out an option position. Premium margin is designed to cover the credit risk associated with a position.

Super sinker bond

Bond with long-term coupons but short maturity, usually a home financing bond. Super sinker bonds are sometimes used when some of the mortgages backing the bond get prepaid, and so the bond is likely to be paid off quite soon. The bond holder is uncertain as to when exactly the pay-off may occur, but the annual return on these bonds works out quite high over the short-to-medium-term holding period.

Autocratic leadership
Leader determines policy of the organization, instructs members what to do/make, subjective in approach, aloof and impersonal.

Bumping
The practice of allowing more senior level employees whose positions have been slotted for elimination or downsizing the option of accepting an alternative position within the organization, for which they may be qualified to perform and which is currently occupied by another employee with less seniority.

HR Audit
A method by which human resources effectiveness can be assessed. Can be carried out internally or HR audit systems are available.

KPIs
Knowledge, Skills and Abilities - Key Performance Indicators. Tasks that have been agreed between an employee and line manager/HR with an expectation that they will be completed satisfactorily in the time agreed or as an ongoing task.

Cost Per Rating Point (CPP)

The cost, per 1 percent of a specified audience, of buying advertising space in a given media vehicle.

Pupilometrics
A method of advertising research in which a study is conducted on the relationship between a viewer's pupil dilation and the interest factor of visual stimuli.

THE DERRICK

COLUMNIST
Bluetooth Marketing: The next big thing in the marketing arena Mass demand has been created almost entirely through the development of advertising. -Calvin Coolidge

Lets look into a scenario where you enter into a huge shopping mall sprawled across
multi levels and while crossing a shop you receive a message on your mobile phone asking you to shop and win prizes since you are the chosen customer out of the pool of people moving around in the shopping mall. Dont you think this is a great way of attracting consumers and promoting the brands? It has started happening in the malls around us and also soon in other realms of product and services promotion. Bluetooth is a open wireless technology standard for exchanging data over short distances from fixed and mobile devices, creating personal area networks (PANs) with high levels of security. This technology was created by Ericsson1 in 1994; it was originally conceived as a wireless alternative to RS-232 data cables. It can connect several devices, overcoming problems of synchronization. Most of us today know about the Bluetooth technology which has become synonymous with mobile2 technology. Its actually everywhere, while you are in office, parks, trains, amongst friends, at a coffee outlet or even at bus stops. Whenever you turn on your Bluetooth enabled device you can detect atleast few of similar devices around you. You may not know who the owners of these devices are but you can surely connect with that person after requesting to do so. The key features of Bluetooth technology are robustness, low power, and low cost. The Bluetooth specification defines a uniform structure for a wide range of devices to connect and communicate with each other. Marketing of variety of products using technology has been a very old idea. With the advent of internet as a connecting medium brand managers have used it extensively to reach the masses. Similarly now is the time of Bluetooth technology which can be used as the latest marketing tool to broadcast ads to the consumers. The best locations of the Bluetooth system hotspot are airports, public utility vehicles like bus stops and train stations, shopping malls, colleges and other frequently crowded areas. Using Bluetooth technology, an advertiser is free to send his advertisements and promotional campaigns to all proximate mobile users with Bluetooth feature enabled in their phones. Recipients of such messages can respond by accepting the file transfer in their phones. Otherwise, they are also free to reject any incoming ads, as their prerogative. In any way, consumers privacy and security are still held intact since no information from the users device is transferred to the hotspot device. This we can predominantly call as a form of viral marketing. Bluetooth marketing can also be called as proximity marketing since it is based on the fact that Bluetooth only work within a short range henceforth as soon as some Bluetooth enabled device comes in the proximity of the range of the transmitting device it would automatically connect with the device. Hence, it is called as proximity sensing. Many of the companies in other developed nations have already started to encash on the power of Bluetooth marketing. In 1997 Nissan in Japan used the Bluetooth technology to promote its new car. Proximity marketing

technology company Vodera and specialist media firm Infocus Media have been chosen by Nissan to undertake a major campaign to promote the car makers new Qashqai model. HSBC is also using Bluetooth for consumers who pass by some of their London branches. The bank is using a Bluetooth server at both its Canary Wharf and Regent Street branches to send the messages. If passer- by have the Bluetooth mode of their mobile phone switched on, they can be discovered by the banks server. They can then be sent a message asking them if they want further information to be sent on an offer. The messages can also be sent to people inside the branches. Bluetooth has a standard range of around 10 metres, but this can be boosted with additional technology. Many other companies in FMCG sector such as Coca-Cola and Pepsico have also adopted this technology fast for the same purpose as the Bank and the car manufacturer did but in a very different style. Pepsi launched its Bluetooth advertising campaign in US with the help of Infocus Media. According to Infocus Media the campaign, which is reportedly the USs first multi-network, multi-city Bluetooth marketing campaign, ran for two months in outdoor advertising locations, delivering viral video clips. Locations included bus shelters in Washington DC, Denver, Los Angeles and Orange County and pay phone kiosks in Philadelphia and Pittsburgh. The Bluetooth users can download Pepsi Smash videos through 700,000 bluetooth enabled phone kiosks in US. Another great example is of Chevrolet Spark LPG car which was able to market its car through Bluetooth zone created in the Forum Mall in Bangalore. The initiative was handled by TeliBrahma Convergent Communications. "The strategy is to make Chevy talk to customers and provide them an opportunity to potential customers to get closer to the Chevy, "Chevrolet Spark, which costs just around $5,800 and has proven that it's a great value for money car for both families and the young working crowd. We targeted men between 25-32 since they form a great base for compact car segment in India said Suresh Narasimha, CEO of TeliBrahma Convergent Communications, Bangalore, India. Kropex4 and TeliBrahma used posters, banners all around the mall and stickers on the car to educate consumers about the activity. The customers had to switch on their mobile Bluetooth and accept messages from "BluFi@forum" to participate in the campaign. Consumers in the mall could download wallpapers, car details, specifications in animated format and details about Kropex dealerships selling General Motors vehicles. Consumers strolling in other parts of the mall who had activated the Bluetooth feature on their handset received a message about the car prompting them to check it out i n the exhibition area. According to TeliBrahma this was the first campaign of its kind, and consumers started to spread the word virally among their peer groups, within few days the information spread so fast that on weekends where without the Bluetooth marketing the information exchange was only limited to 1,000-2,000 downloads is now around 10,500 downloads. Not only companies are creating awareness through proximity marketing but also events like Wimbledon are using this technology to its fullest advantage. The recent Wimbledon Tournament at London was fully Bluetooth enabled for the passer bys and the audiences to view live scores instantly. This whole
Fig.1 The wallpaper of Chevy Spark operation was backed up by IBMs scoring server which provided instant LPG which was downloadable update to the Bluetooth server which would then send signals across to all the through Bluetooth. Bluetooth adapters to broadcast the information to all devices in the proximity.

Another practical model of the use of Bluetooth technology in Bluetooth enabled wireless printer. The small,

handheld device can receive information over Bluetooth connectivity with mobile phones and other Bluetooth enabled devices to give instant printouts. Already TeleBrahma have sold 280 such devices to Bangalore Police for providing ticket print out solutions through Blackberry mobile phones available with the police in Bangalore.

Bluecasting The process of broadcasting information through Bluetooth is also known as bluecasting. Few of the drawbacks of Bluetooth technology which is hindering its usage at all times are firstly, the power consumption is very high which results in draining of the battery of the handheld device in a very short time. Hardly a fully charged mobile phone can utilize Bluetooth transmission for 1-1.5 hours. Companies across the world are heavily researching over this point to make Ultra low power Bluetooth, which could change the way Bluetooth is used today. It could be embedded into wristwatches which run on very low power batteries. Secondly, the issue of security is another concern. Many analysts claim Bluetooth to be vulnerable to virus attacks. But, if we see it in other way, Bluetooth is also one of the safest ways of data transfer because any information or file transferred over the Bluetooth requires the users authentication. Thirdly, the speed of transfer is also a big issue since presently the data transfer speed over Bluetooth is very low i.e. only 1MB per second at the maximum. Bluetooth 2.1 version gives a better ability to pair with other Bluetooth enabled devices. Whereas, the latest development in this field is Bluetooth 3.0 is all about high speeds. It is assumed that Bluetooth 3.0 can provide a data transfer speed of 130 times of what current Bluetooth devices provide. Bluetooth 2.0 was about enhanced data rates, 2.1 is about pairing Bluetooth devices better. But 3.0 is about high speed, it could even transmit 130 times higher than current data rates, says Uma Seetharaman, Senior Operations Manager, Motorola Software Group. (Author is currently serving as an Assistant Professor in Lovely Professional University. Phagwara, Punjab. Had worked with banking industry for two and half years before joining academics; He is also an alumni of IBS Hyderabad).

THE DERRICK

JOB WATCH
NTPC-SAIL Power Company Limited (NSPCL)
NTPC-SAIL Power Company Limited (NSPCL), a premier JV of two Maharatna PSUs, NTPC and SAIL require young and dynamic personnel for appointment to following regular posts primarily for its Bhilai project located in. Chattisgarh state of India. 1. Diploma Trainee: 10 Posts 2. Technician: 16 Posts 3. Assistant (Lab /chemistey): 04 Posts Visit http://www.nspcl.co.in/careers.php for details and application form.

Hemwati Nandan Bahuguna Garhwal University (HNBGU), Srinagar (A central University) Srinagar (Garhwal) Uttarakhand, 246174
Applications are invited on prescribed format for 203 posts for the faculty positions in various disciplines in the University. Visit http://www.hnbgu.ac.in for application form along with detailed information qualification, experience etc. Last date of submitting the filled form is 10/10/2011.

Walk-In Project Linked Person Indian Statistical Institute (ISI) Kolkata - Kolkata

Candidate profile: B.E./B.Tech/MCA / BBA/MBA/B.Com/M.Com /MA/BA Any Graduate For further details please see the advertisement at www.isical.ac.in/jobs.php

THE DERRICK

ENTREPRENEUR
Lakshmi
Narayan Mittal (born 15 June 1950) is an Indian steel magnate. He is the chairman and chief executive officer of ArcelorMittal, the worlds largest steelmaking company. Mittal is the richest man in the United Kingdom, second richest man in Europe and is presently the sixth richest individual in the world with a personal wealth of US$31.1 billion. He is the 44th "most powerful person" of the 68 individuals named in Forbes's Most Powerful People list. His daughter Vanisha Mittal's wedding was the most expensive in the recorded history of the world. Mittal is an independent director of Goldman Sachs, member of the Board of Directors of European Aeronautic Defence and Space Company, World Steel Association, Foreign Investment Council in Kazakhstan, the International Investment Council in South Africa, the Investors' Council to the Cabinet of Ministers of Ukraine, the World Economic Forums International Business Council, the World Steel Association's Executive Committee, the Presidential International Advisory Board of Mozambique and the International Iron and Steel Institutes Executive Committee. He also presently serves as a board council member of the Prime Minister of India's Global Advisory Council of Overseas Indians. and members in the Advisory Board of the Kellogg School of Management, Executive Board at Indian School of Business and St. Xavier's College, Calcutta Alumni Association, London Chapter. In 2006, Financial Times named him "Person of the Year". In 2007, Time magazine included him in their "100 most influential persons in the world. Early life and education Lakshmi Narayan Mittal alias Lakshmi Niwas Mittal was born into a Marwari business family in Churu district of Rajasthan, India. His family moved from (Rajgarh)Sadulpur, Rajasthan to Calcutta in West Bengal. He graduated from St. Xavier's College, Calcutta where he graduated with a Bachelor of Commerce degree in business and accounting with first class. He also studied at Indian Institute of Social Welfare and Business Management- The First B-School of India. He has two siblings (brothers) named Pramod Mittal and Vinod Mittal. His father, Mohan Lal Mittal, ran a steel business, Nippon Denro Ispat. Until the 1990s, the family's main assets in India were a cold-rolling mill for sheet steels in Nagpur and an alloy steels plant near Pune. Today, the family business, including a large integrated steel plant near Mumbai, is run by Lakshmi's brothers, Pramod and Vinod, but Lakshmi has no connection with it. Mittal started his career working in the family's steel making business in India, and in 1976, when the family founded its own steel business, he set out to establish its international division, beginning with the buying of a run-down plant in Indonesia. Shortly afterwards he married Usha, the daughter of a well-to-do moneylender. In 1976, due to differences with his father, mother and brothers,branched out on his the LNM Group, and he has been responsible for the development of its businesses ever since. Mittal Steel is a global steel producer with operations in 14 countries. Mittal pioneered the development of integrated mini-mills and the use of direct reduced iron or "DRI" as a scrap substitute for steelmaking and led the consolidation process of the global steel industry. Mittal Steel is the largest steelmaker in the world, with shipments of 42.1 million tons of steel and profits of over $22 billion in 2004. Philanthropy After witnessing India win only one medal, bronze, in the 2000 Summer Olympics, and one medal, silver, at the 2004 Summer Olympics, Mittal decided to set up Mittal Champions Trust with US$9 million to support 10 Indian athletes with world-beating potential.[14] In 2008, Mittal awarded Abhinav Bindra with Rs.

1.5 Crore (Rs. 15 million), for getting India its first individual Olympic gold medal in shooting. For Comic Relief 2007, he matched the money raised (~1 million) on the celebrity special BBC programme, The Apprentice. ArcelorMittal also has a very active CSR program under which it sets out its path to produce Safe Sustainable Steel. The company also operates the ArcelorMittal Foundation, which provides support to many different community projects around the world in the countries where ArcelorMittal operates.

Awards and honors Awarding Organization

Year of Award or Honor

Name of Award or Honor

2010

"Dostyk" 1 Forbes Lifetime Achievement

Republic of Kazakhstan.

Forbes.

2008

Award
President of India. Padma Vibhushan

2007

2007

Grand Cross of Civil Merit

Government of Spain.

Dwight D. Eisenhower Global 2007 Leadership Award

Business Council for International Understanding.

2007

Fellowship European Businessman of the

King's College London.

Forbes.

2004

Year Entrepreneur of the Year

Wall Street Journal.

2004

8th honorary Willy Korf Steel 2004 Vision Award

American Metal Market and World Steel Dynamics.

1996

Steel Maker of the Year

New Steel.

THE DERRICK

UPCOMING EVENTS
OPEN HOUSE DISCUSSION
Topic- Acquisition of Indian Pharma companies by foreign MNCs. Aspects to be discussed: a) Current scenario of international and Indian Pharma industry b) Should 100% FDI be allowed in the Pharma sector in India or not? c) Effect of rising drug prices on Indian rural population.

Timing- 4-5pm, Wednesday, 14 September 2011 Venue- In front of Block-14

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