Tata Motors-owned Jaguar has unveiled a electric concept car

Tata Motors-owned Jaguar has unveiled a electric concept car that may run 900 km to some charge having a top speed of 320 km each hour.

Christened C-X75, it's been designed to celebrate 75 many years of the organization, says Ian Callum, design director of Jaguar Cars.

Callum asserted he was very "excited concerning the car and loved its design.

He explained the idea car had everything a Jaguar ought to be.

The vehicle which may be placed on display in the prestigious Los Angles Auto Show beginning tomorrow has established waves within the last couple of days after being exhibited in certain areas of this town of Hollywood

Stocks to watch

GlaxoSmithKline Consumer Healthcare will invest more than 2.7 billion rupees in its Indian operations GSLM.BO over the next three years, the Economic Times reported on Wednesday, citing the U.S.-based company's international president.

"GSK will be a significant investor in India for the foreseeable future," the newspaper quoted Ian C. McPherson as saying in an interview.

"We will invest in excess of 270 crore rupees in India over the next three years on capacity expansion at our three company-owned plants (in Sonepat, Nabha and Rajamundhry) and infrastructure development."

Investments are being made in research and development, global manufacturing and supply and mergers and acquisitions, the report said citing McPherson.

Naveen Jindal-led Jindal Power has achieved the financial closure for its 2400 mw power project at Raigarh, Chhattisgarh, according to a report.

The report stated that the company is planning to raise Rs 100.57bn as long-term loan with a repayment period of 14 years for the project.

The estimated cost of the proposed power project is Rs 134.10bn and the balance fund requirement of Rs 33.53bn will be met through internal funds, report adds.


Energy giant Reliance Industries will be watched after a top official said the company is unable to hit peak gas production at its D6 block, off India's east coast, due to customers not buying allocated volumes and a lack of pipeline infrastructure.

Export-led software outsourcing firms such as Infosys
Technologies (INFY.BO), Tata Consultancy Services (TCS.BO) and
Wipro (WIPR.BO) will be in focus tracking the rupee, which is
expected to edge higher. [INR/]

New directors to join FMC

After functioning under a manpower shortage for two years, the regulator of the commodity futures market has selected seven candidates from the public sector to fill up nine important posts in the 'Forward Markets Commission (FMC)' During this period, cumulative turnover of the market has risen by more than 90% to Rs 73.5 lakh crore.

The candidates will be deputed to the FMC as directors, whose tasks include recognition and upgradation of exchanges, monitoring trade data from exchanges, inspection and audit of exchanges, their members and other intermediaries, market research, price analysis, conducting surveys, and maintaining and developing a database.

Out of 12 directors, FMC currently has only three. The shortage of key staff is delaying the passage of important measures to regulate the markets more effectively. For example, an important measure that FMC wanted exchanges to implement six months ago was issued early this month when the bourses were directed to levy a uniform instead of variable penalty on brokers for the same offence. The new structure, which will come into effect from April 1, ensures that bourses don’t discriminate among their members by treating some too lightly or harshly.

“We would have liked to see the latest measure having been implemented six months ago by the exchanges, but we were stymied by a shortage of staff,” said BC Khatua, chairman, FMC.

The other problem that the regulator faces is an inability to offer market level salaries to attract specialised talent. Unlike other regulators such as Sebi or RBI, FMC is not financially autonomous and so cannot collect fees from exchange members. The penalties it collects go to the government. This makes the commission dependent on government departments which depute their staff to FMC. PSU officials who come on deputation have no specialised knowledge of commodities and have to be trained by the commission. Many a time these officers are prematurely reverted to their parent departments on grounds of staff shortage. Thus the FMC loses its trained manpower after investing time and resources on training them.

“A year ago, I had eight directors. Of these six went away, leaving me with just two directors. One of the current directors was promoted internally and that filled three posts,” said Mr Khatua.

The ability to attract talent will become possible only if an act providing financial autonomy to the FMC is passed by Parliament. The FCRA (Amendment) Regulation Bill, which has been hanging fire for many years, is presently lying with the FMC’s parent ministry, the consumer affairs ministry. Being a money bill, this will have to be passed first by the Lok Sabha and then the Rajya Sabha.

However, till this all-important bill is passed, FMC will have to stay content with regulatory powers devolved to it by its parent ministry.

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source The Economic Times

The US government is preparing to sell its 27% stake in Citigroup

The US government is preparing to sell its 27% stake in Citigroup, in what would be one of the largest share sales in history. Some 7.7 billion shares in the bailed-out bank will be sold in tranches throughout 2010, the US Treasury said.
It will mark another stage in Wall Street's recovery, and could make the US taxpayer $8bn (£5.3bn) in profit. Citigroup, which has posted more than $100bn in write-downs, required three government rescues in 2008 and 2009. At Citigroup's opening share price of $4.39 on Monday, the Treasury's stake would be worth just over $33bn, giving an $8bn profit to the US taxpayer.
CITIGROUP INC. Last updated: 29 Mar 2010, 20:57 UK *Chart shows local time price change % 4.18 -0.13 -3.02 More data on this share price The bank has received a total of $45bn in bail-out money from the Treasury's $700bn Troubled Asset Relief Program (Tarp).
It was the largest amount given to a bank (and was equal to the sum given to Bank of America). Citigroup was given $25bn in return for 7.7 billion in shares, and was loaned another $20bn in two tranches.
This $20bn was repaid in December. The bank, once one of America's most illustrious financial institutions, has seen its share price collapse 90% since late 2006 as fears about its financial health grew. Its shares fell after the Treasury confirmed the sale, falling 4% to $4.11. Before the credit crisis they were worth more than $50.
Morgan Stanley has been chosen to underwrite and advise on the sale, though the US Treasury emphasised that the disposal was subject to market conditions.
A Treasury statement said that it "intends to sell its Citigroup common shares into the market through various means in an orderly and measured fashion". It is thought that the share sales will begin after Citigroup reports its results next month.
Analyst Greg Valliere of Soleil Securities said a profitable exit of the government's stake in Citi would be a "great PR victory for the Obama administration". "There are many skeptics who never thought this day would come," he added.
Taxpayer money Citi follows other Wall Street banks, including Goldman Sachs and Bank of America, who have repaid the government investment. Although the bank rescues now seem likely to be profitable, BBC economics correspondent Andrew Walker says, other financial aid will probably cost the taxpayer money, including the insurer AIG and the carmakers General Motors and Chrysler.
According to the latest official report on the state of Tarp at the end of 2009, 67 recipients had repaid all or part of their bail-out money, totalling more than $165.2bn.
The Treasury had also received by the end of December $16.9bn in additional payments such as interest and dividends on its investments. -0.13 -3.02 More data on this share price The bank has received a total of $45bn in bail-out money from the Treasury's $700bn Troubled Asset Relief Program (Tarp).
It was the largest amount given to a bank (and was equal to the sum given to Bank of America). Citigroup was given $25bn in return for 7.7 billion in shares, and was loaned another $20bn in two tranches.
This $20bn was repaid in December. The bank, once one of America's most illustrious financial institutions, has seen its share price collapse 90% since late 2006 as fears about its financial health grew.
Its shares fell after the Treasury confirmed the sale, falling 4% to $4.11. Before the credit crisis they were worth more than $50. Morgan Stanley has been chosen to underwrite and advise on the sale, though the US Treasury emphasised that the disposal was subject to market conditions. A Treasury statement said that it "intends to sell its Citigroup common shares into the market through various means in an orderly and measured fashion". It is thought that the share sales will begin after Citigroup reports its results next month.
Analyst Greg Valliere of Soleil Securities said a profitable exit of the government's stake in Citi would be a "great PR victory for the Obama administration". "There are many skeptics who never thought this day would come," he added.
Taxpayer money Citi follows other Wall Street banks, including Goldman Sachs and Bank of America, who have repaid the government investment. Although the bank rescues now seem likely to be profitable, BBC economics correspondent Andrew Walker says, other financial aid will probably cost the taxpayer money, including the insurer AIG and the carmakers General Motors and Chrysler.

(This blog provide free 'stock market tips')

According to the latest official report on the state of Tarp at the end of 2009, 67 recipients had repaid all or part of their bail-out money, totalling more than $165.2bn. The Treasury had also received by the end of December $16.9bn in additional payments such as interest and dividends on its investments.

source: BBC news