Spice Rolls Out Low-cost Sports Phone

Niche phones are not a new phenomenon. There have been gaming phones, messaging phones, camera phones and other such themed phones since time immemorial now. But we never expected an Indian handset maker to launch a sports oriented phone some day. Not that it is such a bad an idea but still..

That brings us to the point of contention here. Spice Mobiles has just announced the launch of its latest mobile phone. Known as the M-6, the phone is probably the first sport themed phone made by an Indian manufacturer. True to its theme, the phone is obviously loaded with sporty content. The device comes with a dedicated Sports Zone that comes with a host of sport centric applications including Ya Sports, Tennis and Yahoo Formula 1.

As for the more phone-like features, here's what we have. The dual SIM device has a front fascia that is adorned with a 2.2 QVGA TFT screen with support for 262k colors. A very basic 1.3 megapixel camera sits at the rear. It supports expandable memory of upto 4 GB. Other features include an MP3 audio player, and support for FM radio with recording. It has also included Stereo Bluetooth, WAP and GPRS. Apart from all these, a 1000mAH battery should provide quite sufficient talktime. The M-6 also supports social networking applications including Facebook, Yahoo and Nimbuzz. Thanks to Opera's tie up with Spice Mobile, Opera Mini 4 is preinstalled on the phone.

The phone is priced at Rs 4,499 which we believe is a decent price to pay for your first sports phone. Also, paying that kinda money for a niche phone sounds preposterous, but niche this is.

Now available: website to ‘jailbreak’ iPhone

Less than a week after the U.S. government said it was no longer illegal to hack your own phone, a new website launched on Monday that allows iPhone owners to “jailbreak” their smartphones online to circumvent restrictions put on the devices by Apple.

Prior to the launch of the website jailbreakme.com users had to download software to their computers and then connect their phones up in a complicated and time-consuming process. However, many iPhone users went through to this trouble to circumvent the tight restrictions on what software can be used on the popular devices.

Jailbroken phones can download any software they want, not just Apps pre-approved by Apple. Some of the most popular applications include MyWi, which turns phones into mobile Wi-Fi hotspots, and IntelliScreen, which lets users put e-mail and calendars on their home screens.

The U.S. government updated its regulations last week to legalise “jailbreaking,” though the activity still violates Apples software license and voids the company’s warranty on the phone.

Early reports said that some users of the site were experiencing difficulties using the videoconferencing feature called Facetime on their hacked phones. The new website does allow users to uninstall the software by using the restore feature available over iTunes, and this seems to fix the problem, according to online reports.

There was no initial reaction from Apple to the new software. But after the government changed the jailbreaking rules last week, the company justified its tight control over the phone’s software.

“Apple’s goal has always been to ensure that our customers have a great experience with their iPhone and we know that jailbreaking can severely degrade the experience,” Apple wrote.

Markets tepid; Bharti Airtel, ICICI Bank gain

The Sensex continues to trade in green as some buying is being witnessed in index heavyweights. At 15.11., the Sensex was trading up 45.37 points or 0.25% at 18,126.58 with 13 components gaining. Meanwhile, the Nifty was trading higher by 6.20 points or 0.11% at 5,437.85 with 20 components gaining.

The 30-share benchmark index, BSE Sensex opened with a gain of 68.69 points or 0.38% at 18,149.90, while the broad based NSE Nifty started with a fall of 62.10 points or 1.14%, at 5,369.55.

Sensex Movers

I C I C I Bank contributed rise of 31.85 points in the Sensex. It was followed by Reliance Industries (27.09 points), Bharti Airtel (15.55 points), Housing Development Finance Corporation (7.66 points) and State Bank Of India (6.16 points).

However, Larsen & Toubro contributed fall of 19.62 points in the Sensex. It was followed by Infosys Technologies (10.68 points), Oil & Natural Gas Corporation (4.45 points), Tata Consultancy Services (4.18 points) and Reliance Communications (4.14 points).

Biggest gainers in the 30-share index were Bharti Airtel (2.91%), ICICI Bank (2.45%), Hero Honda Motors (1.85%), Reliance Industries (1.11%),Housing Development Finance Corporation (0.76%), and State Bank Of India (0.67%).

On the other hand, I T C (50.50%), Reliance Communications (2.38%), Larsen & Toubro (1.46%), Mahindra & Mahindra (1.11%), Jindal Steel & Power (0.91%), and Reliance Energy (0.85%) were the biggest losers in the Sensex.

Mid & Small-cap Space

The BSE Mid and small caps outperformed their larger counterparts gaining 0.37% and 0.39% respectively.

The major gainers in the BSE Midcap were Allahabad Bank(2.11%), Aban Offshore (1.78%), Allcargo Global Logistics (1.12%), Alstom Projects India (0.52%) and A I A Engineering (0.4%).

The major gainers in the BSE Smallcap were Provogue (India) (2.01%), Abhishek Industries (1.47%), A B G Shipyard (1.03%), Aarti Industries (0.59%) and INEOS ABS (India) (0.25%).

Sectors in Limelight

The Bankex index was at 11,955.45, up by 138.58 points or by 1.17%. The major gainers were Indusind Bank (2.7%), I C I C I Bank (2.45%), IDBI Bank (1.87%), Canara Bank (1.45%) and Bank Of Baroda (1.4%).

The Oil & Gas index was at 10,342.92, up by 77.46 points or by 0.75%. The major gainers were Aban Offshore (1.78%), Bharat Petroleum Corporation (1.34%), Hindustan Petroleum Corporation (1.14%), Indian Oil Corporation (0.84%) and Cairn India (0.56%).

The IPO index was at 2,165.47, up by 14.90 points or by 0.69%. The major gainers were Cox and Kings (India) (7.8%), Godrej Properties (2.07%), D B Corp (1.71%), Goenka Diamond and Jewels (1.11%) and Den Networks (0.24%).

On the other hand, the Capital Goods index was at 14,586.24, down by 103.11 points or by 0.7%. The major losers were Crompton Greaves (1.12%), Gammon India (1.05%), A B B (0.65%), BEML (0.4%) and Jyoti Structures (0.19%).

Market Breadth

Market breadth was negative with 1,488 advances against 1,507 declines.

Value and Volume Toppers

Jubilant FoodWorks topped the value chart on the BSE with a turnover of Rs. 1,725.82 million. It was followed by State Bank Of India (Rs. 1,062.86 million), Aster Silicates (Rs. 888.77 million) and I C I C I Bank (Rs. 864.26 million).

The volume chart was led by Cals Refineries with trades of over 25.11 million shares. It was followed by Aster Silicates (7.29 million), FCS Software Solutions (7.28 million) and Karuturi Global (4.81 million).

Tata Motors to launch new vehicles in India, China

Multinational Tata Motors is planning to introduce new fuel efficient cars and hybrid vehicles in emerging markets and looking at ways to raise sales of luxury brands Jaguar and Land Rover in China and India.

In India, the company plans to launch a new cross-over vehicle, two new passenger vehicles and a new range of heavy trucks, Tata Motors Chairman Ratan Tata said.

"The current range of vehicles has seen resurgence in demand, and the challenge before the company today is to deliver enough vehicles to meet market demand," said Tata in the firm's annual report.

He said China has emerged as the third-largest global market for Land Rover/Range Rover and "studies are underway to consider options to increase market penetration in China, India and other developing markets."

Tata said the company is also considering widening the range of Jaguar cars by introducing a station wagon, a new entry-level Jaguar, and a new roadster.

China's demand for cars has fuelled a rise in bottom lines of many a car maker, as sales grew almost 48 percent in 2009 to 8.4 million vehicles. In India, total passenger car sales increased 24.5 percent to 1.9 million units in the fiscal year ending March.

The company also plans to revamp its entire Range Rover portfolio and promises "the new Range Rover 'EVOQUE' will have be a bold design evolution in sports utility vehicles (SUVs)."

Tata Motors, whose products include the world's cheapest car, Nano, had bought the Britain-based Jaguar and Land Rover brands from Ford in 2008.

Tata Motors posted a 41 percent growth selling 67,799 vehicles in July 2010 as against 48,054 vehicles in the like period of 2009. This includes the company's export products.

In the domestic market, it logged a 39 percent growth at 63,558 units which includes both passenger and commercial vehicles as against the 45,599 units sold in the same time last year.

The company, in the annual report, also announced that its holding firm Tata Sons' director R.Gopalakrishnan, will be stepping down from the board.

Gopalakrishnan was a director in group companies like Tata Motors and Tata Power and also held the posts of chairman in Tata AutoComp Systems, and vice chairman in Tata Chemicals, among other important positions.

Adani to buy Australian firm’s coal mines

Adani Enterprises on Tuesday said it would buy coal reserves of Australian firm Linc Energy for AUD 500 million, a move aimed at feeding its growing power business in India.

“Adani Enterprises Ltd, through its step down Australian subsidiary, Adani Mining Pty, has concluded a binding agreement with Linc Energy Ltd, to purchase a 100 per cent interest in their Galilee coal tenement in the Galilee Basin, Queensland,” the company said in a filing to the Bombay Stock Exchange.

“The purchase consideration is AUD 500 million plus a royalty payment for a twenty year period linked to production,” it added.

The Galilee tenement has estimated coal reserves of 7.8 billion tonnes, which makes it the largest single tenement in Australia in terms of coal resource, Adani said.

“The purchase has received approval of the Foreign Investment Review Board (FIRB) and the Indicative Approval of the Queensland Government,” it added.

Adani would import the coal produced from the mines to feed its coast-based power projects in India.

Adani Power, a subsidiary of Adani Enterprises, is working on 4,620-MW power project at Mundra in Gujarat.

The group has plans to set up another power project near Mundra with a capacity of 3,300 MW and has proposed a 2,640-MW project at Dahej, in Gujarat.

“The coal from the Galilee basin would support and enable the rapid expansion of the power business of Adani Power Ltd in India while also expanding Adani Enterprises Ltd’s coal business where Adani is already the largest importer of thermal coal in India,” the company said.

The diversified group said it may develop coal terminals at a port near the mines to bring the dry fuel to India.

“While multiple evacuation routes are available to the mined coast, Adani (through subsidiary Mundra Port and SEZ Ltd) has recently been awarded preferred proponent status for the development of Dudgeon Point terminal in Mackay, Queensland...,” Adani said.

It added that this entitles Adani the right, (subject to technical and commercial feasibility) to develop coal terminals of Hay Point and Dairymple Bay Coal Terminal.

In the late afternoon session, shares of the company on the Bombay Stock Exchange were trading at Rs 632 a share, up 3.68 per cent over the previous close.

45 killed in street violence after Karachi official is assassinated

Raza Haider was attending a funeral at a mosque when gunmen on motorcycles killed him and a bodyguard. Dozens of stores and vehicles are set on fire.

The assassination of a prominent lawmaker in Karachi triggered a wave of revenge attacks that had claimed at least 45 lives as of Tuesday and raised fears of a new cycle of reprisal killings in Pakistan's largest city.

So-called targeted killings, often motivated by political feuds and sectarian divisions, have plagued Karachi for years. This year, however, their number has risen sharply, with an estimated 170 people slain in targeted killings and reprisal attacks. Last year, the total was 152, according to government figures.

As in years past, many of the attacks this year have centered on the rivalry between two powerful political parties, the Muttahida Qaumi Movement and the Awami National Party. The MQM party, which dominates government in Karachi, represents descendants of Indian migrants who settled in Pakistan when the country became independent in 1947. The Awami party, a secular movement, represents Karachi's large Pashtun minority.

The violence that swept through Karachi was fueled by the killing of Raza Haider, a senior MQM leader and a member of the Sindh provincial legislature. Haider, 51, was attending a funeral Monday at a mosque in Karachi's Nazimabad neighborhood when gunmen on motorcycles appeared and shot him and his bodyguard dead.

Haider's slaying spurred a wave of reprisal killings that left at least 45 people dead by Tuesday afternoon. Dozens of stores, buses and cars were set ablaze late Monday night as police struggled to stem the violence. At least 93 people were injured.

On Tuesday, dozens of shop owners closed and traffic on many city streets was almost nonexistent, as residents feared another wave of unrest. Pakistani paramilitary forces were deployed throughout the city to maintain calm. The government also shut down Karachi's colleges.

Fueling the cycle of targeted killings that plagues Karachi every year is the nexus between Karachi's organized crime leaders and the city's political heavyweights. The affiliations revolve around rival gangs' never-ending battle for the city's prime real estate, which can generate millions of dollars in profits.

MQM leaders stopped short of blaming Haider's murder on the Awami party, but they accused the ANP of aligning with Karachi's powerful gangs and stoking the city's endless cycle of violence.

"ANP publicly supports the land mafia," said MQM leader Raza Haroon. "We are not saying that ANP is directly involved in the killing of Raza Haider, but they should be investigated. ANP is instigating Pashtuns and fanning ethnic violence."

Amin Khattak, the ANP's provincial general secretary, said MQM's claims about ANP were unfounded. "MQM fears that the demography of Karachi may be changing in favor of ANP and the Pashtun community, and that's why they kill Pashtuns," Khattak said.

Israel backs flotilla probe 'to patch up Turkey ties'

Israel's surprise decision to back a UN probe into its deadly raid on a Gaza-bound aid flotilla was taken in a bid to patch up its ties with Turkey, a senior official said on Tuesday.

UN chief Ban Ki-moon on Monday announced the creation of a four-member panel to investigate the May 31 raid in which nine Turkish activists were killed, and in a surprising U-turn, Israel gave its blessing to the inquiry.

"We have nothing to be afraid of -- the facts are on our side," a senior government official told AFP, speaking on condition of anonymity.

"We also hope that this panel will help us to improve our relations with Turkey... that it will be a turning point in our relations with Turkey," he said.

Israel has for the past two months consistently rejected diplomatic pressure for an independent probe, with the Jewish state setting up two of its own panels to look into the chaotic pre-dawn raid in international waters.

But Israel's government made a strategic about-turn by agreeing, for the first time ever, to cooperate with a United Nations inquiry into an Israeli military operation.

The volte-face followed weeks of contact between Israel and the UN, and came after deliberations by the Forum of Seven top Israeli ministers to ensure that "this was indeed a panel with a balanced and fair written mandate," Prime Minister Benjamin Netanyahu said.

Media reports suggested Israel had come under heavy pressure from Washington to comply with the UN probe -- but the official denied the reports. "Israel took its own decision independently," he insisted.

The UN's Ban first raised the idea of a UN panel just days after the raid, and over the past month Washington has also thrown its weight behind efforts to push Israel into accepting the inquiry, the Haaretz daily reported.

"The Americans argued that Israeli acceptance would prevent further anti-Israeli resolutions at the UN General Assembly or Security Council over the flotilla issue, and may even result in the abolishment of the committee set up by the UN's Human Rights Council in Geneva to investigate the incident," it said.

Last month, the Geneva-based UN Council named its own panel of experts to probe whether the raid breached international law in a move condemned by Israel which would likely jump at the chance to see that probe neutralised.

The decision to cooperate with Ban's probe caused concern in Israel, with some commentators warning it would set a "worrying precedent."

"The government has given in to international pressure and for the first time, a UN commission of inquiry is going to look into the actions of the government and the Israeli army which has created a worrying precedent," political scientist Shlomo Avineri told army radio.

Opposition leader Tzipi Livni took the same view but couched it in slightly stronger terms.

"The government's stuttering has placed Israel in a situation in which we have five investigative committees probing one military operation that was small by any standard," she said, her remarks referring to the two UN panels, two internal Israeli committees and another inquiry by Israel's State Comptroller.

"Now Israel is paying the price... in terms of constraints on the operational capability of the IDF (Israel Defence Forces), which is by far the most worrying thing."

Ban's four-man panel will also include Israeli and Turkish participation and is to begin its deliberations on August 10, the UN said on Monday.

Ankara denounced the May 31 raid as a violation of international law and threatened to completely sever ties with Israel unless the Jewish state complied with an international committee, issued an apology and paid compensation to the victims.