Gujarat CM Narendra Modi has been chosen as the fDi Personality of the Year for 2009

Narendra Modi,The Chief Minister of Gujarat has been chosen as The Asian Winner of the fDi Personality of the Year awards for 2009 by fDi Magazine, a premier publication and a leading title for the business of globalization.The fDi Personality of the Year awards recognise the political and business leaders around the world who have been the most proactive, dynamic and innovative in securing foreign investment and improving the business environments of their jurisdictions.

Shri Narendra Modi, the Chief Minister of Gujarat now in his third term is better known for his progressive skills in attracting domestic and international investment and for creating a conducive business enviornment for global investors. Last year, Gujarat attracted $2.8bn in FDI, 10.3% of all foreign investment inflows into the country and an increase of 57% on the previous year. His tenure as chief minister has been widely lauded in the Indian media, as Gujarat has seen economic growth of about 10%, year-in year-out, the fastest rate of any state in India.
Sparta Ventures headquartered in Mumbai is the India Partner to fDi and is a investment promotion enterprise engaged in promoting Special Economic zones and State Governments in India attract global investors and subsequent Foreign Direct Investment. Sparta’s Managing Partner Kavan Bhandary said on the occasion “The world today has fully understood the echoes sounded by the Indian business fraternity on Narendra Modi’s leadership skills and his role in the transformation of Gujarat as India’s most progressive and prosperous investment destinations. Political will and his ambitious plans for all round development has bought him global appreciation and international accolades like this one”,he added.

The other regional winners are

GLOBAL WINNER – MIDDLE EAST,Qasim Al Fahadawi ,Governor of Al Anbar province, Iraq
AFRICA: Babatunde Raji Fashola, GOVERNOR OF LAGOS STATE, NIGERIA
EUROPE: Connie Hedegaard, ENERGY MINISTER, DENMARK
LATIN AMERICA: Ivonne Ortega Pacheco,GOVERNOR OF YUCATÁN STATE, MEXICO
NORTH AMERICA: Bobby Jindal, GOVERNOR OF LOUISIANA, US

Equities climbed 0.4 per cent on Monday, as a spate of strong corporate results across the world over the past few weeks and encouraging data boosted hopes for an economic recovery and lifted markets in Asia.
Top telecoms firm Bharti Airtel rose 0.5 per cent to Rs 412.50 after the firm extended exclusive merger talks with South Africa’s MTN by a month to Aug. 31. A posible deal would create the world’s third-largest mobile operator.

Energy giant Reliance Industries, which has the most weight in the main index, was another major gainer, climbing 1.3 per cent to Rs 1,983.

Engineering and construction firm Larsen & Toubro advanced 0.5 per cent to Rs 1,514.80 after it won two contracts from state-run Oil & Natural Gas Corp totaling over Rs 53 billion ($1.1 billion).

But trading was choppy as investors looked to take profits after the market rose to its highest close in 13 months in the previous session.

Growth in India’s manufacturing activity held steady in July amid robust local demand and a slight rebound in exports, but intense competition curbed companies’ pricing power even as raw material costs jumped, a survey showed.

By 11:31 a.m., the 30-share BSE index was up 0.4 per cent at 15,730.11 points, with 20 stocks advancing. Trading was choppy, with the market falling 0.2 per cent at one stage after rising to a 13-month high of 15,767.34.

The benchmark has jumped 16 per cent over the past three weeks, riding a global equities rally and as a majority of the companies in the index reported better-than-expected quarterly earnings.

“Investors have seen most of the quarterly reports and are now digesting these results and taking positions accordingly,” Avinash Gupta, assistant vice president of equity research at Bonanza Portfolio, said.

“But they are more in a hurry to exit if they get the chance than those looking to enter the market now.”

The main index has leapt 95 per cent from a 2009 low in early March, and is up 62 per cent — the third-best performance among major indices tracked by Reuters — this year after slumping by more than half in 2008.

This has sparked concerns about pricey stocks, with the 30 shares in the BSE index trading at around 17.5 times one-year forward earnings — lower than stocks in the main indexes in Shanghai and Hong Kong, but well above levels in Brazil, Russia, South Korea and Indonesia.

Though companies reported strong earnings, revenue remained subdued amid weak demand and analysts cautioned that inflationary pressures in the coming quarters could erode cost benefits that have aided earnings.

But a rush of liquidity pouring into equity markets after governments across the globe pushed stimulus measures to boost flagging economic growth will limit any correction, traders said.

Non-ferrous metals firm Sterlite Industries gained 2.6 per cent to Rs 661.80 as copper prices hit a 10-month high on Monday.

However, consumer-goods firm Hindustan Unilever fell 2.4 per cent to Rs 284.35, while private-sector lender HDFC Bank slid 1.6 per cent to Rs 1,476 on Monday.

In the broader market, gainers led losers 1,329 to 967 on relatively moderate volume of 140.8 million shares.

The 50-share NSE index was up 0.4 per cent at 4,656.40.

Most Asian shares were higher on Monday, with MSCI’s measure of Asian markets other than Japan rising 0.8 per cent. Japan’s Nikkei was flat after closing at a 10-month high in the previous session.

Brokerage CLSA’s China purchasing managers index rose to a one-year high of 52.8 in July, confirming official PMI data over the weekend that indicated an expansion in manufacturing, while US gross domestic product numbers on Friday showed the world’s largest economy shrank by less than expected in the second quarter.

Engineering major Larsen & Toubro (L&T) today said it had played a critical role in building India’s first indigenous nuclear-powered submarine, INS Arihant, which was launched today.

Based on the design provided by the Navy and Defence Research and Development Organisation (DRDO), L&T’s submarine design centre carried out detailed engineering, using the latest 3D modelling and product data management software, said a press release. “We feel very proud to have contributed significantly to realising India’s dream of an indigenous nuclear submarine. Over the last four decades, L&T has played a crucial pioneering role in building India’s strategic sectors by successfully executing several technology-intensive and challenging projects,” said L&T Chairman and MD A M Naik.

Building the first nuclear submarine was the latest milestone in L&T’s association with the Indian Navy and the DRDO. The company was looking forward to building more submarines and warships, Naik added. In May, the company had entered into an agreement to float a joint venture with EADS Defence and Security, Europe’s largest defence equipment maker, to tap the Rs 50,000-crore Indian defence market.

Born: July 29, 1904
Died: on November 29, 1993
Achievements: He had the honor of being India’s first pilot; was Chairman of Tata & Sons for 50 years; launched Air India International as India’s first international airline; received Bharat Ratna in 1992.

JRD Tata was one of the most enterprising Indian entrepreneurs. He was a pioneer aviator and built one of the largest industrial houses of India.

JRD Tata was born on July 29, 1904 in Paris. His mother was a French, while his father was Parsi. JRD’s full name was Jehangir Ratanji Dadabhoy Tata and he was popularly known as Jeh to his friends. JRD’s father Ratanji Dadabhoy Tata and Sri Jamsetji Tata shared their greatness from the same great-great-grandfather, Ervad Jamsheed Tata, a priest of Navsari.

JRD Tata was the second of four children. He was educated in France, Japan and England before being drafted into the French army for a mandatory one-year period. JRD wanted to extend his service in the forces but destiny had something else in store for him. By leaving the French army JRD’s life was saved because shortly thereafter, the regiment in which he served was totally wiped out during an expedition in Morocco.

MUMBAI, India – Indian outsourcing bellwether Infosys Technologies Ltd. reported a slight rise in quarterly profit and warned of a steep drop in revenue as its global clients struggle to cope with the economic slowdown.
Infosys, India’s second largest outsourcing firm, earned $313.0 million in net income for the quarter ended June 30 based on international accounting standards, a rise of 1.6 percent from a year earlier, it said Friday.

Revenues for the period fell 2.9 percent to $1.12 billion, but still beat analyst expectations.
The company said revenues would decline by 7.1 percent to 8.7 percent, to between $1.11 billion and $1.13 billion, in the current quarter.
Revenues for the fiscal year, which ends in March, will be $4.45 billion to $4.52 billion, the company predicted – a decline of 3.1 percent to 4.6 percent, but slightly more optimistic than its April forecast.
We’ve had a good quarter, chief executive S. Gopalakrishnan told The Associated Press by phone. Medium to long term I’m very optimistic that this is still a growth industry.
In the short term, things are going to be challenging, volatile, and unpredictable. That’s why we are cautious, he said.