Buffalo has introduced a tiny USB microSD card reader, having extraordinary 16GB storage space, for the Indian market. The compact and handy device is capable of transferring data from phone to personal computer and vice-versa. The card reader is a diminutive device, available in two color variations, black and white, which is designed to perfectly fit microSD card in USB.

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The Indian government will promote India as an idyllic destination for road and highway construction, by holding road shows worldwide. One such show will be held in Swiss financial centre, Zurich, on Tuesday, by Union Road Transport and Highways Minister Kamal Nath. The show, organized under the "Building India: Road Infrastructure Summit", will be jointly sponsored by the Confederation of Indian Industry (CII), ICICI Bank, J. M.

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Market Round Up - The benchmark indices ended with modest gain after a volatile session snapping a three day losing streak. The Sensex ended up 64 points at 15,074 after swing in the range of 14,864 - 15,218. The Nifty finished 0.7 % higher at 4,471 up 34 points. In the broader markets, the CNX midcap index rose 0.7 % and the BSE smallcap index ended 0.5 % higher. Auto, realty and metal stocks rose today.

Movers & Shakers

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Mundra Port and Special Economic Zone Ltd, India's largest private port and special economic zone, on Monday announced that a consortium led by it has won the bid for the development of coal handling terminal at port of Mormugao, Goa on a design, build, finance, operate and transfer basis.

Mr. Rajeeva Ranjan Sinha, Director, declared that the contract involves development and controlling a berth at Mormugao Port to handle around 6.5 million tonnes of cargo on a yearly basis.

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The government of Andhra Pradesh announced on Monday that it will review Rs 1,590 crore Machilipatnam port project, which is being implemented by Maytas Infra, one of the leading infrastructure development, construction and project company, which is promoted by Mr. B Ramalinga Raju and his family.

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The Society of Indian Automobile Manufacturers (SIAM) issued the automobile sales for the month of July that indicates a rise of 20.8% over the corresponding period of the last year.

The total number of vehicles sold last month was 941,118. This growth comes from record sales of cars and utility vehicles, which rose 29.2%, and two-wheelers, whose sales zoomed by 20.1% last month as compared to the sales in the similar period last fiscal.

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Moser Baer India Limited, the world's second largest maker of Optical Storage media, contested reports that it confronts a tax case totaling to Rs 2,978 crore in the Supreme Court.

According to the company, these reports are totally incorrect and highly damaging for the company's reputation. The Income Tax Department had demanded a total of Rs 2.97 crore as tax.

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Tata Steel is scouting for coking coal and iron ore mines overseas, including in Brazil and Australia, to assure raw material security for its European procedures.

The company announced that they are actively pursuing raw material interests in coking coal and iron ore either in terms of virgin sites with important resource potential or in terms of smaller existing ventures which can be rapidly adjusted to the demands in Europe.

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Coal Minister Mr. Sriprakash Jaiswal announced that India plans to initiate auctioning of coal blocks to industries for their own use in the fiscal 2010, a first step towards reforms in the sector to spur local output and attract investment.

India has 10% of the world's coal reserves, the largest after the US, Russia and China, but its coal imports have increased quickly from almost nothing 5 years ago to a proposed 70 million tonnes in the present financial year.

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The Indian government will hold a road show in Zurich on Tuesday to attract foreign investment for road projects in India.

The show to be organized in association with Confederation of Indian Industry (CII), ICICI Bank, JM Financial Consultants and Swiss-Indian Chamber of Commerce will be inaugurated by Mr. Kamal Nath, Road Transport and Highway Minister.

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The country's net direct tax collection grew 3.27% to Rs 73,990 crore in the first quarter of the current fiscal, as against Rs 71,648 crore in the corresponding quarter of the previous financial year.

According to the finance ministry, corporate taxes rose 2.61% almost to Rs 42,685 crore in the quarter ending June 30, as compared to Rs 41,598 crore in the same period last fiscal.

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According to the figures issued on Monday, auto sales in India grew 24.7% in July 2009 from 185,266 vehicles in the same period last fiscal as stimulus measures, rural demand and lower interest rates gave sales a surprise hike,.

According to the Society of Indian Automobile Manufacturers, sales of cars grew 30.9% to 115,067 units, while commercial vehicle sales reversed their long slide, growing 9.61% to 37,624 vehicles.

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Goldman Sachs, a full-service global investment banking firm, on Monday announced that India's economy will likely to rise to 7.8% in the fiscal 2011, from 6.6% based on an improved investment outlook, improved external environment and recovery in demand.

But the firm kept its growth estimate for the current year at 5.8%, referring a poor monsoon and the follow-on negative affect on rural demand in the near-term.

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The benchmark indices ended lower today for the third consecutive day despite strong gains in other Asian markets. The Sensex fell 150 points to close at 15,009 after hitting an intra‐day low of 14,902. The Nifty shed 43 points to finish at 4,437 after hitting a low of 4,399. The broader indices underperformed the benchmark indices, slipped 1.7‐2%. The markets plunged due to monsoon worries; auto and FMCG stocks were badly hit.

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U.S. stocks fell, led by commodity producers and retailers, after four straight weeks of gains left the Standard & Poor’s 500 Index trading at the highest level relative to earnings since 2004. The S&P 500 was valued at 18.6 times the profits of its companies as of the start of trading, the highest ratio since December 2004. The Standard & Poor’s 500 Index will keep rallying this year as exports to expanding Asian economies help U.S.

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