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Breaking News! Prime Minister Dr. Manmohan Singh addressed the nation from the ramparts of historic Red Fort in Delhi on the occasion of 64th Independence Day, which is also the 63rd Anniversary of India’s Independence.

The Prime Minister touched Economy, which remains a big concern for the poor and middle class in the wake of rising food prices and drought-like situation in many parts of the country last year.

Dr. Singh said that India has successfully withstood the global economic slowdown. “Despite many problems, the rate of our economic growth has been better than most other countries in the world. This shows the strength of our economy”, he said.

“Today, India stands among the fastest growing economies of the world. As the world’s largest democracy, we have become an example for many other countries to emulate. Our citizens have the right to make their voice heard. Our country is viewed with respect all over the world. Our views command attention in international fora”, he further said.

“All of you have contributed to India’s success. The hard work of our workers, our artisans, our farmers has brought our country to where it stands today. I specially salute our soldiers whose bravery ensures the safety of our borders. I pay tribute to all those martyrs who have sacrificed their lives for our country”, added the PM.

Dr. Singh offered his deep condolence to the families of people, who died in Ladakh due to cloud burst and floods. “In this hour of grief, the whole country stands with the people of Ladakh”, he said.

He also talked about peace and development and expressed confidence that all problems in the country could be solved through democratic means. He talked about the 100 days of employment through the Mahatma Gandhi National Rural Employment Guarantee Act, RTI and 50% reservation for women in local bodies.

Dr. Singh said that his government has taken initiative for reservation for women in Parliament and State legislatures. He also urged people to practice tolerance and generosity. “We must respect our traditions and become modern and progressive in our outlook”, he said.

Speaking about agriculture and farmers, he said the government has increased public investment in agriculture. He took a dig at the BJP-led NDA rule, saying the state of Indian agriculture in the preceding 7-8 years was not satisfactory, when his government came to power in 2004.

“I am happy that the growth rate of our agriculture has increased substantially in the last few years. But we are still far from achieving our goal. We need to work harder so that we can increase the agricultural growth rate to 4 per cent per annum”, he said.

The Prime Minister talked about agricultural development, technological advance, ground water harvest and green revolution. He expressed confidence that India will soon become self-sufficient in foodgrains production and the people will get foodgrains and vegetables at a lower price.

He also assured people that the government is making all efforts to contain inflation and price rise. Dr. Singh also tried to justify the fuel price hike, saying it had become a necessity in the wake of a rise in global prices.

“It had become necessary therefore to increase the prices of petroleum products. If this had not been done, it would not have been possible for our budget to bear the burden of subsidy and our programmes for education, health and employment of the poor would have been adversely affected”, he said.

“The government is committed towards the welfare of poor, women, Scheduled Castes, Scheduled Tribes, Minorities and other Backward Castes”, he said. He stressed on the need for strengthening democracy, secularism, health and education.

The Prime Minister said that infrastructure development holds the key for the country’s growth and development. And, special emphasis will be give to enhance India’s power, roads, transports, ports and airports.
He asked the Naxalites (Maoists) to give up arms and return to the negotiating table. He also urged them to return to the mainstream and help in nation-building. “The Naxal problem has been a big challenge. The Centre will cooperate the states to meet this challenge”, he said.

“We all need to rise above our personal and political interests to meet this challenge”, he further added. The government will formulate comprehensive schemes for the development of neglected naxal-hit areas, he assured.

Dr. Singh expressed concerns over the ongoing issues in the North East. “I would like to convey to all political parties and groups of the North East that disputes in the name of State or tribe can only harm all of us. Discussion and dialogue are the only options to resolve complex issues”, he said.

The PM asked people, groups and other organisations in Jammu & Kashmir to talk to the government rather than indulging in violence. He expressed deep regret and anguish over the loss of lives in the valley.

Dr. Singh talked about the forthcoming Commonwealth Games 2010. “The Commonwealth Games will start in Delhi after about one and a half months. This will be a proud moment for the whole country and especially for Delhi. I am convinced that all our countrymen will treat the Games as a national festival and will leave no stone unturned to make them a success. The successful organization of Commonwealth Games would be another signal to the world that India is rapidly marching ahead with confidence”, he said.

“Our future is bright. The day when our dreams will come true is not far off. Let us all resolve on this anniversary of our independence that we will keep the flag of our nation flying high. Let us march ahead together on the path of progress and prosperity”, he signed off with saying “Jai Hind” thrice.

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Buy ICICI BANK Research Report August 2010
ICICI Bank reported PAT of INR 10.3 bn (17% growth), ahead of our estimates= of INR 9.5 bn, aided by lower credit cost and marginally higher NII (owing to improvement in international margins by 20bps). Key highlights of the quarter were: (1) significant decline in retail NPL formation at less than INR 2 bn from the average FY10 run-rate of INR 7 bn; (2) improvement in provisioning coverage by 530b= ps to 65%, closer to the 70% goalpost (earlier than the March 2011 deadline); (3) sequential pick in loan book by 2% (unlike trends witnessed in earlier years; loan book declines in Q1 due to rundown of priority sector loans), led by corporate and international book. Overall opex continued to decline, albeit at a slower pace of 4% Y-o-Y; however staff expenses grew 23%, led by salary increments and bonus provisions. Story on improving liabilities franchise continues with 6% Q-o-Q increase in saving bank balances, resulting in CASA ratio sustaining at high levels of 42%. Significant decline in slippages continues; provisioning to follow suit Key highlight of the result was substantial decline in retail NPL formation, to less than INR 2 bn, from average quarterly run-rate of INR 7 bn a few quarters b= ack. Though GNPLs rose 5% Q-o-Q (as there were no sell-down or write-off during the quarter), NNPLs came down 10% due to higher provisioning, thereby improving provisioning coverage by 530bps Q-o-Q. We believe that with furth= er run-down of the unsecured portfolio, slippage levels will trend down to low= 1.2% (annualized from current levels of 1.8%) sooner than expected – a big posit= ive. Provision has trended down to INR 8 bn from the quarter run-rate of INR 11 = bn in FY10. Slower NPL formation, coupled with achievement of the 70% target, will lead to credit cost falling to ~1.2% by FY12 (from our earlier expectation of 1.4%) from 2% in FY10 – key rationale for upward revision in FY11 and FY12 EPS by 5% and 2%, respectively. Restructured assets came off by INR 15.7 bn Q-o-Q to INR 37.4 bn, due to significant upgrades (gross addition of INR 2 bn). Outlook and valuations: Re-rating in progress; maintain =91BUY=92 With all the 4Cs of strategy in place, we expect ICICI Bank to return to th= e growth phase with a more robust business model. On the back of improving core performance and lower credit cost, we expect ~30% CAGR in profits over FY10-12 and ROA to improve to 1.6% by FY12 from 1.2% – a key trigger for re-rating. Core ROE is set to improve to 15% by FY12. Our SOTP fair value f= or the stock stands at INR 1,143/share (subsidiary valuation of INR 288/share)= . The stock is currently trading at 1.5x FY12 (adj. book), and we maintain = =91BUY/ =91Sector Outperformer=92 on it.

Reliance ADAG , Universal Studios Joint Venture for Theme Park in India

Reliance ADA Group is in talks with Universal Studios to build a $1.5 billion, 400-acre theme park and resort in India, the Wall Street Journal reported on Thursday, citing a person familiar with the matter.

Reliance’s Big Entertainment unit and Universal, a unit of General Electric’s NBC Universal could reach a deal this year, although one person familiar with the matter warned the talks were at an early stage and could break down, the newspaper reported.

Reliance ADA is controlled by billionaire Anil Ambani. The newspaper cited a source as saying that Reliance ADA would have full ownership of the venture but would pay Universal royalties and fees for using content linked to popular movies like Jaws, E.T, Spider-Man and the Harry Potter franchise.

The park will look like Universal’s parks in Los Angeles. Universal declined comment and officials for Reliance were not available.

The main cities being considered for the park are New Delhi and Mumbai, according to the report.

Economictimes reporting

Infotel Broadband Services has raised $500 million from a Royal Bank of Scotland and other banks.

The issue was completed by June end, the bankers said. “The cheque has already been presented to RIL,” said a banker, who was one of the three people. The tenure of the loan is six years.

Mukesh Ambani-led Reliance recently bought 95% in Infotel Broadband for `4,800 crore, in addition to paying `12,848 crore for 20 MHz of spectrum in all 22 service areas in India. The company is the only telecom player to win all-India, high-speed data spectrum among bidders for third generation, or 3G, and broadband wireless access spectrum sold at government auctions.

The funds were raised at an interest rate of 250-300 basis points over the London interbank offered rate (Libor) that is the benchmark lending rate in Europe. One-year Libor at the moment is at 1.03-1.04%.

The money will be used for network rollout to start services, the second banker said. Infotel is expected to use data technology in its rollout, which may take around eight months after the company receives spectrum. A spokesman for Reliance Industries declined to comment.

Khaitan & Co were the legal consultants for Reliance Industries in the deal. It was handled by one of its partners, Shishir Mehta.

RIL’s re-entry into the sector came after an agreement between Mukesh and his younger brother Anil Ambani to scrap their no-compete agreement. Investors fear it can mean more turmoil for the already beleaguered sector. However, RIL’s strategy will not be to tap the crowded telecom services customers, but customers with broadband connectivity .

There has been a debate regarding the technology the company will use. However, the second banker said Infotel was sticking to its earlier stance of using a technology called Long Term Evolution (LTE) .

“A single 20 MHz TDD spectrum, when used with LTE , has the potential to provide greater capacity when compared with the existing communication infrastructure in the country,” RIL had said in a statement, when it acquired Infotel.

LTE is a technology patented by Qualcomm, like CDMA for cellular telephony, which is what Reliance chose when it started services under Mukesh Ambani. The Indian telephone operator, now known as Reliance Communication and owned by Anil, has since launched parallel services in GSM.

With this technology, RIL will need to deploy fewer base stations, or points from which wireless signal is emitted because a single point covers 50 km on an average. “RIL will save on both tower-leasing costs and electronic-equipment cost,” said a regional telecoms head at an international research firm.

The technology can also be used to share capacity with other operators, which may be one of the objectives, another analyst said.

On Friday, Global Group — the parent of GTL and GTL Infrastructure — and Tulip Telecom announced an investment of `140 crore each for 13% stake each in Qualcomm’s company that won the Broadband Wireless Access (BWA) spectrum in Mumbai and Delhi.

The technology will allow operators to share active infrastructure, like they share passive telecom infrastructure such as towers, said Manoj Tirodkar, chairman of Global Group.

“LTE has components that can be shared by 3G, BWA, and possibly 4G networks,” he said.

However, the Indian government doesn’t allow such sharing as it can involve spectrum trading. After the recent spectrum auction, industry players are expecting a change in policy.

This news is as reported in Economictimes

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Sector Update – IT.PDF IT Sector Update from Prabhudas Lilladher

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Latest trends among Social Networking in India:

1. Orkut – Has lost share
2.Facebook – Quickly coming up

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RIL – Reliance Industries has started building its presence in the U.S. shale gas industry.Its close to announcing a deal to pay $1.35 billion for a stake in a field controlled by Pioneer Natural Resources – Financial Times

Reliance, India’s largest listed company, will buy a 45 percent stake in the Eagle Ford shale gas field in south Texas, the people said, according to the newspaper. The deal would be the second of its kind in recent months for Reliance, which is controlled by the world’s fourth-richest man, Mukesh Ambani.

In April, his energy-based conglomerate agreed to pay $1.7 billion to Atlas Energy to form a joint venture and own a 40 percent stake in Atlas’ Marcellus Shale operations in the eastern United States. A Reliance official declined to comment when reached by Reuters on Tuesday.

Ambani said last week Reliance was looking to build up its presence in the U.S. shale gas business. Reliance is also making a push into the power and telecoms sectors now that it is no longer constrained by a pact that forbade it from competing in industries where Ambani’s long-estranged brother, Anil Ambani, is also present.

arlier this month, two sources familiar with the matter told Reuters that Reliance was in talks to buy a stake in Pioneer’s shale gas assets, and was also in talks with several other firms to acquire similar assets.

Reliance was represented by Barclays and UBS, while Pioneer was advised by Bank of America Merrill Lynch, the Financial Times reported. The newspaper said on its website that the deal would be announced after the close of business in New York on Tuesday.

Apple is supposed to launch it’s new OS Version names iOS4 today. i OS4 is also called OS 4.0

It’s expected that update will be coming today. Last update saw apple servers crashing. So this time it should happen again.

If you people come across download link do post it here. I’m on the look for iPhone 3GS download link. Currently I’m running iPhone 3.1.3 and 5.12.01

And many are on the look out for unlock solution for iPhone 3GS 3.1.3 5.12.01 baseband

This time apple is launching iphone4 unlocked in many countries

Raavan Movie Review

Guys i know everybody are mad like me about raavan movie. Heard from few sites that raavan movie is really gud. Tamil version raavanan is slightly different from hindi version and telegu villian is a dubbing of ravanan.

Im going to watch the movie the very first day. I have booked tickets in sathyam cinemas. and again on 23rd too . Will be watching hindi version sometime later.

Vikram’s performance is much better than abhishek in trailer. lets see the movie and rate them. Vikram has already won national awards for acting in pithamagan. Hope he wins again.

Waiting for your reviews too.

From cinesnacks. This is the only site from which i could get a big decent review.

Cast: Abhishek Bachchan, Aishwarya Rai, Vikram, Priyamani, Bipasha Basu, Govinda, Ravi Kissen
Direction: Mani Ratnam
Production: Mani Ratnam
Music: A R Rahman

Here comes the biggest release of Indian film industry and it’s really a greatest show as Manirathnam would definitely never let any down now. We have interesting excerpts of review for Manirathnam’s upcoming film ‘Raavan’ slated to hit screens tomorrow. This isn’t a full-fledged review as we don’t want to reveal the complete status and break down your expectation levels.

Firstly, it’s all about Vikram, who just overshadows everyone over the screens in spite of

Abhishek Bacchan donning the lead character. Maybe Aishwarya Rai was good at certain levels and the films that established her in a completely amazing manner were few. You can easily point them out like ‘Iruvar’, ‘Guru’ and ‘Jodha Akbar’. Undoubtedly, the actress sweeps out every films and establishes her in a newer way.

Here goes the complete synopsis of Raavan.

The film revolves around three characters: Beera (Abhishek Bachchan), Ragini (Aishwarya Rai Bachchan) and Dev Pratap Sharma (Vikram).

Despites every conflict of opposition, Dev – a righteous cop and Raghini – a classical dancer get married. Soon they move together to the deep-rooted region of Lal Maati, a rural town in North India. This place has no regards for the police and court law, but in the hands of Beera (Abhishek Bacchan). Being a man with his own principles and handling the issues down his way (partially based on Maoist groups), he has no problems until Dev Pratap Sharma enters his way. On a mission to put an end to Beera’s realms, Dev tears the things down as it leads to unexpected twists with shocking and surprising turns.

Broken down in spirits as his happiness is completely lost through his close blood relation, it’s turn for him to retaliate. It is just as you expected as Beera kidnaps Raghini only to find the justice in his own way.

But then, things are completely gonna be different as the journey that upholds in second hour with more characters involved in this drama will surely entertain you with a different dimension.

We have a small notice for the audiences, who have decided to watch the film. Before watching it, do not expect Manirathnam to go by the customary features.

At the end, there will nothing define as WHO WAS WRONG and WHO WAS RIGHT? It is just as it happened with Akira Kurusowa’s RASHOMON. The ultimate decision about the right judgment lies in the hands of no one, but you. Might be for the situation, there may be few debates popping up sooner after the show is over as few people may advocate for Beera, while others Raghini and Dev.

Unlike other films, it’s best to make few points on the technical aspects. This is outstanding and you could have guessed it just with the list of the technicians. First of all, Manirathnam’s ability to shoot major portion of the film besides, inner and nearby locations of waters has to be appreciation. The backdrops of locations maybe different, but the continuities have been strictly followed as audiences may not feel the difference anywhere.

In fact, the story’s proceedings are mostly happening over there. You would not have found any sequences related to an unexpected character proposing the ladylove in water. Yes, the scene where Abhishek Bachchan expresses his love for Aishwarya between the waters is simply superb and for sure there are possibilities of audiences keeping quiet with shock or may freak out raising for applauses.

For the performance, Abhishek Bachchan is exposed in a completely different manner from Manirathnam’s yesteryear films Yuva and Guru. Try to grasp on his performance of Aishwarya Rai, the victim trying to attack him and yet he reciprocates with a different gesture. But the man who steals the show is South Indian actor Chiyaan Vikram. He is fit and more perfect and this one does not look like debut film in Hindi. He is so well versed with dialogues. His introduction is not as formal as it happens with his previous Tamil films.

When it comes to dialogues, Aishwarya Rai gets more footage just as she emotes well wedged between confusions on finalizing her life’s way.

The supporting actors like Ravi Kissan and Priyamani (one of the important characters in this film) have done the best performances. But some of the conversations pertaining between every character look like a stage play. Vikram’s body language speaks more than his dialogues while yesteryear actor Govinda has got far away from those clownery acts. Every character has its own definitions and conclusions as director Manirathnam does justice to the roles he has designed.

More than songs, the background score by A.R. Rahman will surely receive more welcome as the musician has well performed enhancing the breathtaking shots of Santhosh Sivan. But it’s weird to see that Manirathnam’s ‘GURU’ climax shot of freeze-and-frame is used at more sequence. For exemplification, the ‘KATA KATA’ has similar shot that causes a sort of pain in the neck. It could have been done even without it. Sreekar Prasad’s editing is crisp as before as he doesn’t try anything new. But the best of all picturing is ‘BEHNE DE’ that has everything superb – music, camera, lyrics and performing levels of actors.

There are some emotional criteria involving Abhishek Bachchan and Priyamani and their heart-binding scenes at certain portions will attract the audiences of all centres.

On the whole, Raavan is a great movie at Indian standards that will be regarded as the best flicks of contemporary period.

Verdict: A different and best of Manirathnam’s showpieces