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Top cues: Asian shares fall steeply on Spanish banks instability

Google and Facebook have the same number of users. However, Google's net profit and revenue is 10 times that Facebook. Yet, at over $ 100bn, the stock market is giving a market value to Facebook that is only half of Google.

German finance minister Wolfgang Schaeuble
German finance minister Wolfgang Schaeuble

Asian shares fell steeply on Friday after more signs emerged of growing instability among Spanish banks and political turmoil in Greece, with the latest sluggish economic data from the United States adding to the list of risks for investors. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.6 percent, after snapping a four-day losing streak on Thursday. Japan's Nikkei stock average opened down 1.7 percent. Global stocks fell for a fifth day, and the Standard & Poor's 500 index closed at a four-month low on Thursday. US data showed manufacturing in the mid-Atlantic states unexpectedly contracted in May, and new claims for jobless benefits last week held at levels suggesting slow growth in hiring.

Godrej Consumer could acquire to enter new product categories

Godrej Consumer Products will consider acquisition opportunities to get into new segments,
such as oral care, as it believes that getting into new verticals through normal route would be tough, according to company Chairman Adi Godrej. "..if you ask me would we go into a business like oral care? Organically, it is unlikely, but if we have good acquisition opportunities, we would look at it," Godrej said in an analyst call.

Collection of indirect taxes rose 10.4% to Rs 33,045 crore


The collection of indirect taxes rose 10.4% to Rs 33,045 crore in the first month of the current fiscal on the back of increase in excise duty and service tax rates. The indirect tax -- excise duty, customs and service tax -- collection was Rs 29,936 crore in April 2011. "At this pace of growth, we will be able to achieve the
Budget target of Rs 5.05 lakh crore for the current fiscal," Central Board of Excise and Customs (CBEC) Chairman S K Goel said. He added that the April tax collection would have been about 22 per cent had the government not slashed excise duty and customs on petroleum products in June 2011 to cushion
impact of the hike in prices of diesel, kerosene and LPG.

Government proposes to spend Rs 73,793 cr on major ports by 2017

The government today said it has proposed an investment of Rs 73,793 crore for development
of various projects in the port sector in the ongoing 12th Five Year Plan (2012-17). The statement said that the capacity of major ports by the end of March, 2012 was 689.83 million tonnes per annum (MTPA).

DLF in advance stage of talks to sell stake in Amanresorts

Realty giant DLF, which plans to raise up to Rs 2,500 crore by selling its stake in luxury
hospitality chain Amanresorts, is in advanced stage of talks with few interested buyers and a deal could be closed soon. DLF had acquired a controlling stake in Amanresorts for USD 400 million (Rs 2,000 crore in 2007. It has now 100 per cent stake in the hospitality chain that has about 25 resorts across the world.

JSW Steel promoter pledges 59.8 lakh shares

JSW Steel said on one its promoters, JSW Investments, pledged 59.8 lakh shares of the
company. Post pledging, holding of JSW Investments in the company came down to 1.16 per cent, the steel firm said in a BSE filing. Shares were pledged in favour of L&T Finance. Before pledging, the promoter held 85.8 lakh shares in the company, it added.

Power companies hurt by order cancellations

Cancellation of equipment orders by power companies in the wake of weak market sentiments in the sector is impacting the profitability of domestic manufacturers. In the current shrunk domestic power market scenario, few orders have been finalised during 2011-12 by power utilities and developers, Minister for Heavy Industries and Public Enterprises Praful Patel said in a written reply to the Lok Sabha. Certain power companies, including Pipavav Energy and Ideal Energy Projects, which placed total orders worth Rs 4,408 crore with state-run BHEL, cancelled their power equipment orders on account of land acquisition and environmental clearance issues, the details tabled in the House said.