BSE Brokers happy with opening time

BSE Brokers
Forum, a prominent stock brokers’ body, on Tuesday, demanded that both the BSE and National Stock Exchange reconsider their decision to commence trading from 9 am. “The BSE Brokers Forum represents both the exchanges to take into consideration the ill-effects of the early opening at 9 am on the market participants and investors at large and appealed to them to reconsider their decision,” the Forum said in a statement.“There is no clear benefit to any of the market participants. This will result in a lot of practical problems in our operations,” said the Forum chairman, Mr Bhanubhai Fozdar.

Montek bats for labour reforms
India needs atleast a double digit growth in the manufacturing sector to grow its economy at a rate of nine per cent. Speaking at the National Conference on Leadership organised by the CII through video conference from New Delhi, the Planning Commission deputy chairman, Dr Montek Singh Ahluwalia, advocated modification in existing labour laws to boost the country’s manufacturing sector. “India can’t expect a nine per cent sustainable growth depending only on the services sector. We need at least 10 to 12 per cent growth in the manufacturing sector. I think the Indian labour laws are unduly restrictive,” he said.

Bharati gets 1cr shares in open offer
Bharati Shipyard on Tuesday become the single largest shareholder of Great Offshore after receiving over one crore shares, about 27.56 per cent, in the open offer it made in a bid to acquire the company. Of this, Bharati will take 20 per cent on a pro-rata basis at Rs 590 per share. After completion of the open offer, Bharati Shipyard, which already holds a 23.9 per cent in GOL will increase its holding to 43.19 per cent in the company. Bharati received 1,02,62,769 shares and 27.56 per cent equity in open offer, a source close to the development said. Great Offshore is a company created through de-merger of the offshore business of Great Eastern Shipping.

Ybrant to offer mobile solutions
Ybrant Digital, a city-based digital marketing company, will foray into mobile-based marketing services to cash in on the higher mobile penetration in India.
The company has tied-up with LiveVana Innovations and Lepton Software to launch a location-based mobile advertising platform for mobile service providers.“With the estimation of mobile marketing in Asia-Pacific region to see an accelerating growth of $7.7 billion (and more than $16 billion globally) by 2011, this partnership is our best opportunity to power Ybrant’s soon-to-come local-search initiative for India,” said Mr Suresh Reddy, the chairman and CEO of Ybrant Digital.