Global Business |Update|
(A weekly
update on Global Business )
Skyline Business School
Hauz Khas Enclave, New Delhi 110 016
Tel: 2686 4848, 2686 6968
Issue 9
1Global Business Update
(19th Nov’08---25th Nov’08)
Contents
Global Corporate
1 Honda Swindon closing for 50 days
2 Peugeot Citroen cuts 2,700 jobs
3 Toyota upbeat about latest model
4 Gap profits higher than expected
5 Citigroup plunges on uncertainty
6 Italian telecoms talks collapse
7 Honeywell appoints Anil Gupta as India president
8 Honda to hike car prices by up to Rs
1.5 lakh from January
Global Outsourcing
9 India's Infosys brushes off Obama outsourcing worries
10 Mitsubishi Motors Has Extended Its Strategic Outsourcing Contract With IBM
11 Diebold Enhances Total Outsourcing Solution With Security Offerings
12 Fluor Extends Strategic Outsourcing Contract With IBM
13 Meltdown boosts legal outsourcing
14 Patent Services Outsourcing to India Hits $46 Million
15 Outsourcing made easy with DMC Software Solutions
16 IBM Awarded $873M Outsourcing Contract From State Of Georgia
17 SME
entrepreneurs turn to outsourcing
Global Economy
18 Oil prices seen steady below $50
19 Eurozone business activity falls
20 Retail sales bring scant comfort
21 IMF approves $2.1bn Iceland loan
22 Economy boost may mean pain later
23 EU reaches deal on farm reforms
24 EU warns
against car subsidy race
Global Markets
25 CSE index slides 100
points
26 Wall Street falls on Citi job cut news
27 Rupee at all time low of 50.50 vs dollar
28 Gold rises above Rs 12,000
29 Oil eases below USD 50 per barrel
30 Nikkei pressured by Asian stock falls
Global Corporate
1 Honda Swindon closing for 50 days
Honda has announced plans to cut production at its plant in
Swindon, which will close for 50 days next year. Honda said it plans to make
61,000 fewer vehicles in Japan and Europe as it struggles to cope with slowing
global demand. It will make 21,000 fewer vehicles at the Wiltshire plant, home
to the popular Civic model. The 50-day shutdown will mean the Swindon plant
will close for the whole of February and March 2009. The company said that
there are "no plans for redundancies" at the Swindon plant. This is unexpected
bad news, said Jim D'Avilia, labour union Unite's regional officer. The union,
staff and the company need to work together to minimise any financial hardship
and to find ways to protect pay and long-term job security, he added. The car
maker had already announced plans to stop production at the plant for 13 days
during the two months. The extension of this period means that no vehicles
will be produced in Swindon during February and March.
21st November 2008,
www.bbc.co.uk
2 Peugeot Citroen cuts 2,700 jobs
French car company Peugeot Citroen has announced plans to shed
2,700 jobs because of falling demand in Europe. It predicts sales volumes will
fall by at least 10% in 2009, following a 17% drop in the last quarter of this
year. The company said the job cuts would affect assembly-line workers,
managers and office staff. In October this year, Peugeot Citroen cut its
profit forecast for 2008 and started "massive" production cuts in the wake of
a global downturn. The carmaker also plans to move 900 workers from its French
factory in Rennes to other sites, under a plan which is to be presented to its
works council on 2 December. Peugeot Citroen human resources director Jean-Luc
Vergne said urgent action was needed in order to protect the future of 200,000
employees. The group's sales fell 5.2% in the third quarter.
20th November 2008,
www.bbc.co.uk
3 Toyota upbeat about latest model
Japanese car firm Toyota has unveiled its new Avensis model only
two months after the night shift making the Auris was temporarily suspended.
The third generation of the Avensis will be built at Burnaston, Derbyshire
which employs more than 4,000 people.Toyota UK corporate affairs director
Clive Bridge said the challenging economic climate was the best time to bring
out a new model. When times are difficult you want your best product on show,
he said. At the beginning of November, Toyota shocked analysts by announcing
much lower than expected quarterly profits and slashing its earnings forecast
for 2008. Net profits fell by 69% in the three months to September as the
company was hit hard by a slowdown in consumer spending in the US.
21st November 2008,
www.bbc.co.uk
4 Gap profits higher than expected
American clothes retailer Gap has defied Wall Street forecasts
and reported higher-than-expected third-quarter net profits. Net income for
the quarter ended 1 November was $246m (£163.7m), or 35 cents per share, up
from $238m reported a year earlier and ahead of expected. Sales fell 8% to
$3.56bn but profits were helped by widespread cost cuts and a reduction in
inventory. Chief executive Glenn Murphy said the fourth quarter would be
challenging. Wall Street had predicted earnings of 34 cents per share on
$3.55bn of sales. Americans are cutting down on non-essential spending as high
fuel, food and mortgage costs eat into their disposable income. Gap, which
also operates Old Navy and Banana Republic, has tried to improve its products
in order to boost revenues and entice customers. The company has cut
packaging, payroll and supply costs in an effort to beat the economic slump
and entice cash-strapped shoppers.
19th November 2008,
www.bbc.co.uk
5 Citigroup plunges on uncertainty
Shares in Citigroup, one of the biggest banks in the US, plunged
on Friday amid uncertainty about the firm's future. The firm's stock rose in
early trading but later tumbled to end the day 20% lower at $3.77 as investors
awaited the outcome of a meeting of board members. The Wall Street Journal
reported that Citigroup was considering selling parts of the firm. There are
also rumours it might merge with another firm. Earlier in the week the firm
announced 52,000 job losses worldwide. These cuts came on top of previously
announced reductions of 23,000 positions. The total of 75,000 job cuts
represents a loss of about 20% of the firm's staff, leaving it with 300,000
jobs worldwide "in the near term". Chief executive Vikram Pandit told
employees on Friday that the firm did not want to change its business model,
Reuters reported, citing two employees. Shares in the firm have fallen sharply
since the start of the year and are trading more than 80% down since January.
23rd November 2008,
www.bbc.co.uk
6 Italian telecoms talks collapse
Hutchison Whampoa subsidiary 3 Italia failed to reach a merger
agreement with Telecom Italia because of disagreements about price, 3 Italia's
chief said. The two firms were in merger talks but disagreed on price and
market competition issues, Vincenzo Novari told newspaper Il Sole 24 Ore. Had
merger talks been successful, 3 Italia would have been broken up, said Il
Sore. 3 Italia could now be sold to a Middle Eastern sovereign fund. It may
remain as an independent entity, or a non-European telecoms operator may buy a
50% stake, Mr Novari said. Mr Novari said the merger with Telecom Italia was
now the "least probable" option.
22nd November 2008,
www.bbc.co.uk
7 Honeywell appoints Anil Gupta as India president
Honeywell on Monday announced the appointment of Anil P. Gupta
as President for Honeywell International India Limited. Anil joins Honeywell
from General Electric where he was Marketing Executive with the Utility Coal &
Gasification segment of GE Energy located at Schenectady, New York, USA. India
is a significant growth pillar for Honeywell, said Shane Tedjarati, President
& CEO, China and India. “Anil’s rich experience in developing and executing
international business strategies, combined with his entrepreneurial spirit
and strong business acumen makes him a great fit for Honeywell. We will look
to Anil to provide direction to Honeywell’s businesses in India and help drive
continued growth in this very important market.
24th November 2008,
www.economictimes.com
8 Honda to hike car prices by up to Rs 1.5 lakh from January
The weak rupee is showing its ugly face. Honda is set to hike
car prices across models by Rs 10,000 to Rs 1.5 lakh from January next year to
factor in increased production cost due to depreciation of the rupee and
expensive raw materials. Jnaneswar Sen, marketing vice-president for Honda
Siel Cars, told TOI that the rupee depreciation has impacted the company’s
production costs, forcing it to go for a price hike despite a slowdown in the
market. Many of the parts are imported and the rupee’s depreciation has made
them expensive. Thus, we will be revising car prices with effect from the
first week of January, Sen said. The highest impact would be on the
sports-utility vehicle CR-V, which is imported to India as a completely-built
unit (CBU). “The price of the CR-V will go up by at least Rs 1.5 lakh,” Sen
said.
24th November 2008,
www.economictimes.com
Global Outsourcing
9 India's Infosys brushes off Obama outsourcing worries
Infosys Technologies, India's second-largest software firm, brushed off
concerns Monday that the election of Barack Obama as US president could mean a
drop in outsourcing work. During his campaign, Obama said he would offer
incentives to companies that created jobs at home and halt tax breaks to those
that ship work abroad. However, Kris Gopalkrishnan chief executive officer of
Infosys, considered an industry bellwether, said similar promises were heard
during previous presidential campaigns and nothing had come of them. During
the past decade, firms outsourced software development, technical help and
other services have benefitted India which has a huge pool of talented
English-speaking graduates. Gopalkrishnan said there were signs from some
clients that they might decrease their outsourcing budgets but there are also
indications from some clients that they may increase their allocations
offshore. The flagship outsourcing sector, which generates 40 billion dollars
in annual export revenues, traditionally views bad economic times as offering
potential as Western firms cut costs by moving work to cheaper destinations.
The sector has said it expects a similar outcome this time.
19th November 2008,
www.tutorial-reports.com
10 Mitsubishi Motors Has Extended Its Strategic Outsourcing Contract With IBM
IBM today announced that Mitsubishi Motors Corporation (MMC) has
extended its strategic outsourcing contract with IBM Japan for an additional
five years. The entire operation and maintenance of the company's information
system will be entrusted to IBM Japan. The agreement was signed in September
2008 and will be in effect until September 2013. In addition to the management
of existing IT infrastructure, application operation and maintenance, and
end-user support services, the new contract will include assistance of
application planning.
19th November 2008,
www.tutorial-reports.com
11 Diebold Enhances Total Outsourcing Solution With Security Offerings
Driving innovation to help strengthen the financial services
industry, Diebold, delayed quote dataAdd to portfolio is enhancing and
broadening its outsourcing solution through the addition of security-related
solutions and consulting. Outsourcing with Diebold can help deliver cost
savings, streamline operations and increase the return on investment at the
self-service channel. With the addition of security, Diebold now can enable
financial institutions to take advantage of a true end-to-end solution under
an operating model that allows for the addition of new security solutions with
continually updated technology, without the traditional upfront expense. This
allows financial institutions to rely on a professional outsourcing alliance
with Diebold as an integral component of their security strategies.
20th November 2008,
www.marketwatch.com
12 Fluor Extends Strategic Outsourcing Contract With IBM
IBM today announced that it has signed a three-year,
approximately $130 million contract extension with Fluor Corporation for
information technology (IT) outsourcing services. As part of the agreement,
IBM will continue providing help desk, data center and server services,
network management, desk side support, SAP hosting, IT security and disaster
recovery services. IBM's global delivery network and resources will provide
services to Fluor's 74 country locations around the world with centers in
Canada, the United States, India and Poland providing primary support. "Fluor
has experienced tremendous growth over the last several years and with our
flexible, resilient, and secure IT infrastructure, we have been able to
rapidly scale and support this development around the globe," said Ray
Barnard, Fluor Corporation's Chief Information Officer. "Our relationship with
IBM has been a valued asset to our business and we look forward to continuing
our partnership.
20th November 2008,
www.marketwatch.com
13 Meltdown boosts legal outsourcing
The global meltdown has turned a boon for legal services
industry in the city. With many companies in the US and Europe trying to cut
costs, they are searching for cheap and good quality legal aid through legal
process outsourcing companies (LPOs). Around 100 LPOs have come up in the city
in the last one year, a CEO of an LPO told TOI. Interestingly, around 70 per
cent of them mushroomed in the past five months of the global crisis. Further,
the growth of the industry under the prevailing circumstances is expected to
be between 50 and 100 per cent. There is tremendous growth in the market
because the industry is more stable with clients from the US and UK thinking
that LPOs are a good option to reduce costs and get good quality legal
services, Quislex (LPO), CEO, Ram Vasudevan told TOI. Companies save 50 to 75
per cent of their costs on legal services once their work is outsourced.
21st November 2008,
www.tutorial-reports.com
14 Patent Services Outsourcing to India Hits $46 Million
Revenue from patent work performed by legal professionals in
India was about $46 million last year and may more than quadruple to an
estimated $206 million by the end of 2012, according to a report released this
week by an Irish market research group. The Indian patent services industry
has grown significantly in the past three to four years to include about 50
vendors with 1,500 professionals, according to a release about the new report.
The vendors have grown in number with the increased outsourcing of patent work
by U.S. and European law firms and companies. The area lends itself to such
overseas outsourcing because it typically entails "manpower intensive and
process-driven services," the release said. The report estimates that the
industry could ultimately grow to become a $2.2 billion market by building on
work from existing clients and, perhaps, partly by gaining future business
from patent offices themselves.
22nd November 2008,
www.tutorial-reports.com
15 Outsourcing made easy with DMC Software Solutions
Well respected Sage, Dell and Microsoft Gold Business Partner,
DMC Software Solutions, is providing businesses with greater options when re-evaluatiing
the importance of the IT department with DMC’s TotalCare and Software as a
Service. When reassessing the importance of their IT departments, businesses
are being provided with greater options by using TotalCare and Software as a
Service programs from the well respected Sage, Dell and Microsoft Gold
Business Partner, DMC Software Solutions. In the current economic climate one
of the questions that will inevitably arise is, should we cut back or freeze
spending? All business aspects should be assessed but with costly ad-hoc
maintenance internal IT resources are usually under close scrutiny. Mike
Ramsay, DMC Software Solutions Managing Director comments, “The IT department
should be at the heart of the company. Without it business processes are
slowed, decisions are hampered and, although initial outlay is cut, emergency
maintenance is costly. In reaction we have developed TotalCare IT support.
22nd November 2008,
www.tutorial-reports.com
16 IBM Awarded $873M Outsourcing Contract From State Of Georgia
International Business Machines said that it received an $873
million contract from the state of Georgia for information technology
outsourcing services. Under the contract, IBM will work with Dell to combine
11 independent IT groups into one and provide various data center services
like mainframe and midrange system management and security services. The
contract runs over eight years and has two one-year extension options.
Printing services under the agreement will be provided by printer and copier
maker Xerox Corp.
23rd November 2008,
www.tutorial-reports.com
17 SME entrepreneurs turn to outsourcing
Michael Oyugi, an event’s organiser in South B estate in
Nairobi, says his business would not have survived were it not for
outsourcing. When he started the business two years ago, he invested over Sh1
million in tents, chairs and tables and for the other services like floral and
transportation, he opted for outsourcing. Reliance on other professionals has
enabled him to cut on costs. He says despite growth he sees no sense in buying
a van for the company just yet. He is not alone: Outsourcing is not only
common in the corporate world, but has started gaining acceptance in the small
and medium enterprise (SME) sector. Some entrepreneurs have embraced the
concept despite the general mentality that subcontracting peripheral
operations is for big organisations. Business development experts say most
SMEs are missing out on the array of benefits that come with outsourcing.
25th November 2008,
www.tutorial-reports.com
Global Economy
18 Oil prices seen steady below $50
Oil prices steadied on Friday after hitting their lowest level
in three-and-a-half years. US sweet crude climbed 51 cents to $49.93 a barrel
after hitting a low of $48.25. London Brent crude gained $1.11 to settle at
$49.19 a barrel. The last time prices were below $50 was in May 2005. Fears
are growing that a recession will hurt demand for fuel. Falling oil prices has
led to speculation that oil cartel Opec could cut output at a meeting next
week.
Members of Opec are to meet
on November 29, after opting to cut output by 1.5 million barrels per day in
October. Fears are growing that a global recession could dampen demand for
oil. On Wednesday, the Federal Reserve said it expected the US economy to
shrink in the first half of next year, adding to fears over lower demand for
fuel.
22nd November 2008,
www.bbc.co.uk
19 Eurozone business activity falls
Business activity in the 15 countries sharing the euro has fallen in November
to a ten-year low, the purchasing managers' index (PMI) has shown. The index,
compiled by research group Markit, dropped to 39.7, from 43.6 in October. The
figure was worse than analysts' forecasts, which put the level for November
above the 42 mark. According to Markit, manufacturing and services in the
eurozone have contracted for six months in a row. Markit said the
deterioration in economic climate was felt by all sectors, with output, new
orders, outstanding business and purchasing activity all falling to record
lows. The companies surveyed by Markit blamed the downturn on falling demand.
They also mentioned unfavourable exchange rates as a factor which was
affecting exports to non-eurozone trading partners.
19th November 2008,
www.bbc.co.uk
20 Retail sales bring scant comfort
Sales on the UK's High Streets fell by a lower-than-expected 0.1% in October,
figures from the Office for National Statistics have shown. The decline was
much less than the 0.9% drop that analysts had predicted after sales fell by
0.4% in September. Retail sales grew at an annual rate of 1.9% compared with
1.7% in September. Many retailers have opted to hold pre-Christmas sales in a
bid to boost spending at what should be their busiest time of year. Food sales
rose 1% in October, but non-food sales fell 1.1%. Sales of household goods
were down 1.5% and clothing sales fell 3.4%. The drop in non-food sales
clearly suggests that discretionary spending is taking a hit, said Vicky
Redwood at Capital Economics. Marks and Spencer is cutting prices in its
clothing and homeware departments by 20% for one day only on Thursday, its
first one-day sale for four years.
20th November 2008,
www.bbc.co.uk
21 IMF approves $2.1bn Iceland loan
The International Monetary Fund (IMF) has approved a $2.1bn (£1.4bn) loan for
Iceland, after the country's banking system collapsed in October. The loan is
meant to help the country "restore confidence and stabilise the economy", the
IMF said in a statement. Iceland is the first Western European nation to get
an IMF loan since 1976. Following the IMF announcement, Finland, Sweden,
Norway and Denmark said they would lend Iceland an additional $2.5bn. We
stress that, as outlined in the IMF program, an ambitious multiyear fiscal
consolidation program will help Iceland stabilise the economy, including the
exchange rate, and reduce public debt over the medium-term, finance ministries
from the four countries said in a statement. The contribution from each
country has yet to be decided, but Finnish Finance Ministry spokesman Martti
Hetemaki said Finland would need to borrow funds to provide the loan. The move
comes after Iceland's Prime Minister Geir Haarde told Nordic countries that
Iceland needed about $6bn to handle the meltdown.
20th November 2008,
www.bbc.co.uk
22 Economy boost may mean pain later
The government is preparing to confirm that a huge and unplanned
rise in government borrowing will have to be paid back in the years to come.
It comes as the chancellor is expected to announce spending rises and tax cuts
in his Pre-Budget report on Monday. The chancellor has to tell the country how
far we've gone into the red, said BBC political editor Nick Robinson. BBC
Business Editor Robert Peston said the chancellor will also have to say how
the money will be paid back. Mr Robinson said: "Next week the chancellor has
to tell the country how far we've gone into the red. He's preparing to reveal
that we'll soon be borrowing over £100bn - that's 11 noughts at the end. A
collapse in the tax the government receives from house sales and from the City
of London means we're heading for an annual overdraft worth one twelfth of the
country's annual income - a figure that will raise a few eye brows.
21st November 2008,
www.bbc.co.uk
23 EU reaches deal on farm reforms
EU farm ministers have agreed to reform agricultural policy by shifting more
subsidies away from production and liberalising the dairy market. The deal on
reforming the Common Agricultural Policy came on Thursday after marathon
all-night talks. More subsidies will be transferred to conservation, reducing
the traditional EU incentives for farmers to produce. Milk quotas will be
raised initially, but later scrapped, in the biggest overhaul of farm policy
since 2003. The measures will go into effect during 2009-2013. The changes
build on a major CAP reform enacted in 2003, which broke the link between farm
production and subsidies.
24th November 2008,
www.bbc.co.uk
24 EU warns against car subsidy race
EU Competition Commissioner Neelie Kroes has told France and Germany not to
start a "subsidy race" with the US to save the car industry. She said the
European Union's existing mechanisms could help automakers, hard hit by
falling demand. General Motors has been seeking support from the German
government for its local subsidiary, Adam Opel GmbH. On Thursday the Congress
told US carmakers to present a recovery plan if they want a $25bn (£17bn)
rescue. Poorly-handled subsidies would not solve the car industry's problems,
Neelie Kroes said. However, she added that auto makers could benefit from the
European Union's funds for research and environment. European car makers have
been reportedly seeking loans of up to 40bn euro (£33.6bn) , at preferential
interest rates, to support production.
24th November 2008,
www.bbc.co.uk
Global Markets
25 CSE index slides 100 points
The slide in Calcutta Stock Exchange (CSE) index continued and
there was no sign of any respite on the last trading session of the week. The
benchmark index, CSE-40, slid 100.22 points over the last close. The market on
the previous trading session was down by 74.92 points. The index of the local
bourse opened at 3735.76 points and during the day shed value and closed at
3635.54. The trading volume was higher at Rs 1.50 crore from trading of 16
scrips. Blueprint Securities remained firm at Rs 303.75. Bolton Securities was
at 390.60. Modern Financial Services was at Rs 52.10. Prime Capital Markets
was at Rs 278.80. RGF Capital Markets also stayed firm at Rs 345. Oasis Cine
Communications stayed flat at Rs 288.80.
21st November 2008,
www.financialexpress.com
26 Wall Street falls on Citi job cut news
US stocks slid on Monday as the global economic outlook
worsened, with Japan becoming the latest major economy to slide into recession
and Citigroup revealed plans to slash 15 per cent of its workforce.
Contributing to the dreary economic picture, a Philadelphia Federal Reserve
Bank survey showed private-sector economists believe the US economy fell into
a recession last spring that will last 14 months, with the economy contracting
sharply this quarter. Japan, the world's second-largest economy, reported data
showing that it was in recession, adding to jitters on the deepening global
deterioration. The lack of any concrete stimulus plans over the weekend from a
summit of 20 of the world's largest economies further undermined investor
confidence.
19th November 2008,
www.financialexpress.com
27 Rupee at all time low of 50.50 vs dollar
Extending its losses in sync with the equity markets, the rupee
tumbled by 42 paise against the dollar to 50.44/45, after hitting a new record
low of 50.55 in early trade, strained by unabated capital outflows amid
renewed worries over the US economy. The domestic currency at the Interbank
Foreign Exchange (Forex) market recovered arginally to 50.44/45 a dollar from
early record lows after the central bank intervened in favour of the Indian
unit, dealers said. The rupee today resumed weaker at 50.50/51 a dollar
against its previous close of 50.02/03 despite low global crude oil prices.
Marketmen said sustained capital outflows from sliding equity markets weighed
on the rupee sentiment. They said a fall in global markets, following
indications of protracted recession as the US Federal Reserve slashed its
economic growth forecast for 2009, impacted the market sentiments.
23rd November 2008,
www.bbc.co.uk
28 Gold rises above Rs 12,000
India's December gold futures on the Multi Commodity Exchange of
India Ltd (MCX) hit a key level of 12,000 rupees per 10 grams on Thursday for
the first time in November on weak rupee and firm overseas markets. At 10:54
a.m., December gold was trading at 12,011 rupees per 10 grams, up 72 rupees.
India imports most of its gold. A weak rupee makes imports costlier and pushes
up domestic prices.
23rd November 2008,
www.financialexpress.com
29 Oil eases below USD 50 per barrel
Oil eased below $50 a barrel on Monday, on scepticism that a
further OPEC supply cut would be enough to prop up prices that have been
pressured by weakening global demand as the economy slows. Venezuela said on
Sunday the Organization of the Petroleum Exporting Countries should cut supply
further, and Iran made similar remarks on Monday. OPEC oil ministers meet for
informal talks in Cairo on Nov. 29. The demand scenario suggests we need
another cut. But at the end of the day, there is a certain scepticism in the
marketplace that OPEC is going to deliver at this weekend's meeting, Rob
Laughlin, broker at MF Global, said. US crude fell 24 cents to $49.69 by 0942
GMT, after rising as high as $51.34. The contract dipped to a 3-1/2-year low
of $48.25 on Friday. Brent crude was down 22 cents at $48.97.
24th November 2008,
www.financialexpress.com
30 Nikkei pressured by Asian stock falls
Japan's Nikkei average extended its fall to 1.6 per cent on
Tuesday, dragged down by a slide in Asian shares and worries about a weakening
global economy that battered exporters such as Sony Corp. Bank shares slipped
further on growing worries about the financial sector in the wake of massive
job cuts announced by Citigroup, with Mitsubishi UFJ Financial Group down 5
per cent. But bargain-hunting on dips and talk of buying by public pension
funds as the Nikkei approached the 8,000 level kept shares from sliding across
the board despite more gloomy pronouncements on the economy by policymakers.
Falls in other Asian markets was also pressuring the Nikkei, with the MSCI
index of Asia-Pacific stocks outside Japan .MIAPJ0000PUS down 3.5 per cent as
of 0440 GMT. The benchmark Nikkei .N225 shed 135.47 points to 8,387.11, off
earlier lows, while the broader Topix .TOPX was down 0.9 per cent to 842.62.
23rd November 2008,
www.financialexpress.com
Compiled by:
Himanshu Gupta
BBA (MAHE) L3,S2 - 3rd Year
Skyline Business School
Hauz Khas Enclave, New Delhi 110 016
Tel: 2686 4848, 2686 6968
www.SkylineCollege.com