22 August 2008

GENERAL

1)The Union Cabinet on Thursday cleared the policy guidelines for the commercial rollout of Internet Protocol TV services, a new cable TV delivery system that would benefit both telecom players and consumers.

Hindu

ECONOMY

2)COSTLIER food items such as fruits, vegetables and milk pushed the wholesale price-based annual inflation to 12.63% for the week ended August 9 from 12.44% in the previous week. The annual rate of inflation stood at 4.24% in the corresponding week year ago.

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CORPORATE / INDUSTRY

3)Mumbai-based drug major Lupin Ltd has acquired over 30 per cent stake in Generic Health Pty Ltd of Australia, one of the top ten generics or off-patent drug suppliers in the Australian market, for an undisclosed amount. The Melbourne-headquartered Generic Health markets generic prescription and over-the-counter(OTC) products in the Australian market, in a partnership model with established global generic drug markers.

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MONEY & BANKING
 
4)On Thursday, the rupee strengthened, snapping a six session slide, as it got a boost from some broad weakness in the dollar, but a 3% drop in the local stock market and higher global oil prices contained gains. It ended at 43.51/52 per dollar, 0.4% stronger than Wednes- day’s close of 43.70/72. It had hit a 17-month low of 43.87 on Wednesday.

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5)For the first time in the Indian financial services sector, a voice-based banking facility has been introduced by Yes Bank in partnership with Cisco Systems. The new facility will enable YES Bank customers to transact round-the-clock banking through their mobile handsets from anywhere in the world, by merely saying ‘voice commands’ stead of keying-in various menu options, when their calls gets connected to the bank’s contact centre based in Gurgaon. The customers will have to key in their customer identification numbers on their mobile hand- sets while availing this facility.

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MARKETS

6)Even as Indian markets showed signs of consolidating, news of rising crude and spiking inflation continued to weigh on the bourses on Thursday. Fears of another monetary measure by the Reserve Bank of India(RBI) to tame inflation overshadowed the overnight gains by US markets. Key equity indices continued to slide after opening in the negative for the entire trading session. The 30-share Sensex of the BSE ended the day with a loss of 434.50 points or 2.96% to settle at 14,243.73 points while the broader S&P CNX Nifty of the National Stock Exchange(NSE) closed the day at 4,283.85 points posting a loss of 131.90 points or 2.99%.

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7)EIH, the flagship company of the Oberoi group, led the group A gainers on the BSE, rising 7.26 per cent to close at Rs 139.60. The share price spurted after 5.80 lakh shares(0.14 per cent of the company’s equity) changed hands in a block deal at Rs 140. Recently, the company announced plans to invest nearly Rs 650 crore to set up hotels in Bangalore and Goa.

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8)Hindustan Zinc, India’s largest zinc producer by volumes, gained 1.91 per cent to close at Rs 566.70 after the company increased the price of zinc by Rs 2,900 a tonne at Rs 84,000, while leaving the lead prices unchanged at Rs 90,400 a tonne.

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9)Mock trade in currency futures, which started on Thursday on the National Stock Exchange, will continue for five days until August 26, including Saturday, the exchange said. “The exchange is also conducting a mock trading session on Saturday. All the trading members of the existing futures and options segment will be able to participate in the mock trading session,” a circular said.

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IPO

10)Registrar and share transfer agents(RTAs) across the country are getting ready to usher in the Application Supported by Blocked Amount (ASBA), an alternative mode of payment for initial public offers(IPOs). The new mechanism, proposed by the Sebi, will shorten the time taken to complete a public issue. Karvy Computershare(KCL) and Intime Spectrum, two of India’s biggest RTAs, have put in place systems that give self-certified syndicate banks(SCSBs) a special access to the RTAs’ network through the website. KCL will give a user identity and a pass- word to each of the banks participating in the ASBA process.

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11)The state-run NHPC’s initial public offering of 167 crore equity shares, the largest in Indian history, is likely to open on October 13. According to the draft schedule drawn for the IPO that may raise around Rs 1,670 crore, the company would list on the Bombay Stock Exchange and National Stock Exchange on November 6. The IPO would be closed on October 17.

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MUTUAL FUNDS

12)ICICI Prudential Asset Management Company has launched the ICICI Prudential S.M.A.R.T(Structured Methodology Aiming at Returns over Tenure) Fund. The new fund offer opened on August 18 and will close on September 19. The close ended fund will aim at providing the investors the opportunity to earn equity market-linked returns.

BL
 
COMMODITIES

13)After grabbing a lead position in the futures trading of metals, bullions and energy, commodity exchange MCX is eyeing a major chunk of the agri market with the launch of three more farm products within a month. “We will be launching futures trading in red arecanut, garlic and jute sacking within a month. We have already got permission from the regulator Forward Markets Commission,” Multi-Commodity Exchange of India senior VP Sanjit Prasad said.

ET

14)Gold prices were almost flat at Rs 11,910 per 10 gram, lower by Rs 10 on the bullion market on Thursday on restricted purchases by retail investors. However, silver fell down by Rs 640 to Rs 20,650 per kg on reduced offtake by industrial units and retail customers.

DC

REAL ESTATE

15)Property companies are expediting projects, or cutting down on the time required to complete a project, by nearly 20 per cent in an attempt to lower overhead charges and realise value quickly to overcome a liquidity crunch. Housing project that used to take 36 months earlier are now being finished in around 30 months by boosting efficiencies and using modern technology. Commercial project developers are going one step ahead and completing them in 17 months instead of 24 months earlier.

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16)German real estate fund MPC Synergy has picked up equity in various special purpose vehicles (SPVs) floated by real estate developer Phoenix Mills for Rs 1,300 crore. The deal is the second largest foreign direct investment(FDI) in the Indian real estate market. The transaction is taking place at a time when many real estate and private equity funds have either put their plans on hold in the Indian market or are trying to sell the investments. MPC Synergy is a joint venture between German-based MPC Capital and Synergy Asset Management based in Switzerland.

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17)PBEL India, a consortium of property developers, is planning to invest around Rs 1,500 crore in Chennai to develop residential and commercial space. The project will take off in December. The consortium, a joint venture between Israel-based Property and Building Corporation(PBC), Electra Real Estate(ERE) and Indian developer INCOR, has also launched the first phase of its flagship project – PBEL City – in Hyderabad. The entire project will require an investment of Rs 1,000 crore and will be ready in three years.

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18)A 995-sq ft apartment in Bangalore for Rs 19 lakh! This is the price at which Golden Gate Properties is offering two-bedroom apartments at ‘The Commune’, its affordable residential project in Bangalore. “The project aims to fill the need-gap that has risen in the market owing to spiralling real estate costs,” said Mr K Pratap, Managing Director, Golden Gate Properties.

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19)Capital Land Assets(CLA), a group company of the Rs 5,000-crore Alliance Group, announced the launch of twin residential projects in Mysore on Thursday. The projects, Palm Springs and Palm Country, would be high-end villa and plotted ones respectively spread over 45 acres. The company, which has invested about Rs 55 crore so far, expects revenues of Rs 200 crore from these projects.

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BUSINESS PROCESS OUTSOURCING

20)THE ripples of the subprime fiasco are being felt in many ways. The business process outsourcing arm of Countrywide Financial in India, CFC India Services, is merging with Bank of America’s non-banking subsidiary, Continuum Solutions, as part of BankAm’s $2.5-billion global takeover of the loss-making Countrywide.

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INFORMATION TECHNOLOGY

21)Hyderabad-based technology solutions provider Infotech Enterprises Limited (IEL) has launched its engineering services in Japan. The company is also exploring the possibilities of launching its other services in the Japanese market.

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INTERNATIONAL

22)Oil prices jumped back above $120 on Thursday as traders tracked geopolitical tensions between the US and Russia, a weak dollar and a large drop in US motor fuel reserves. New York’s main contract, light sweet crude for delivery in October, hit a two-week high of $120.89 per barrel.

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FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.

Karvy Consultants Ltd www.karvy.com
 www.khojhyderabad.com
 www.indiacorporateadvisor.com
 www.karvycomtrade.com (Commodities)
KARVY Global Services Ltd www.KARVYGlobal.com
KARVY Realty (India) Limited www.karvyrealty.com
Economic Times www.economictimes.com
The Financial Express www.financialexpress.com
Business Line www.businessline.in
Business Standard www.business-standard.com
The Times of India www.timesofindia.com
The Hindu www.hindu.com
Deccan Chronicle www.deccan.com
The New Indian Express www.newindpress.com