1)Plans are afoot to bowl out Melbourne and Eden Garden cricket Stadiums. The world’s largest cricket stadium is all set to come up near Chennai in time for World Cup 2011, which India will co-host with Pakistan, Bangladesh and Sri Lanka.
2)Foreign direct investment (FDI) inflows are likely to expand by 62.8 per cent in 2008-09 to $40 billion, as against $24.57 billion in the last financial year as the services sector is expected to attract a major chunk of foreign investments.
CORPORATE / INDUSTRY
3)Kanoria Chemicals and Industries may set up a separate company for its proposed foray into Mozambique for manufacturing caustic soda and other alkalies, collectively referred to as chloro chemicals or chlor alkalies, Chairman and Managing Director RV Kanoria said today.
MONEY & BANKING
4)The rupee fell by about 35 paise against the dollar, due to heavy buying by corporates and oil companies. All foreign banks were seen buying dollars, said a forex dealer with a private bank. There could also be month-end demand, he added. The rupee opened at 43.45/46 and closed at 43.77/78, against the previous close of 43.42/43.
5)IDBI Bank on Monday hiked interest rates on deposits across various tenures by upto 0.75% with immediate effect. Deposits having a maturity of 1-2 years upto Rs 15 lakh will now carry an interest rate of 10% while those above Rs 15 lakh will attract 10.25% as against 9.5% earlier, the bank said in a statement.
6)SBI Life Insurance has become the first Indian life insurance firm to feature among the world’s top three in the million dollar round table(MDRT), a grouping of the world’s top life insurance advisors. During 2007, the number of SBI Life advisors, or agents, in MDRT more than doubled to 1,662 from 801 in 2006. SBI Life was ranked fifth in the MDRT league in 2006.
7)ICICI Prudential Life has introduced e-portfolio statement for consumers. It will provide consumers with a customised e-statement with their investment details on a monthly basis. The statement will provide the customer a detailed summary of all his ULIP policies with the company. It will also give the policyholder a fund-wise break up of investments in the company’s equity and debt funds.
8)Despite opening the day on optimistic note on the back of positive global cues and easing crude prices, key equity indices ended the day on a flat note. The 30-share Sensex of BSE gained 48.86 points or 0.34% before finally closing the day at 14,450.35 points. While S&P CNX Nifty of NSE added 7.90 points or 0.18% before ending the day at 4,335.35 points.
9)Global rating agency Standard & Poor’s on Monday launched the S&P India Select Index, comprising 60 leading Indian companies across diverse sectors like telecommunications, consumer staples, utilities, financials, energy, materials, industrials, IT and health care. The top 10 holdings by percentage of index weight are Infosys Technologies, Bharti Airtel, ONGC, RCOM, HDFC, RIL, ICICI Bank, Hindustan Lever, Bhel and L&T.
10)FINANCE minister P Chidambaram will have a packed schedule when he visits the financial capital on Friday. To start with, he will inaugurate trading in currency futures on the National Stock Ex- change(NSE). NSE has managed to gain the first mover advantage by being the first exchange to receive the mandatory approval from the Sebi.
11)The Multi-Commodity Exchange(MCX) on Monday received in-principle approval from the market regulator Sebi for launching currency futures through its newly-formed subsidiary MCX Stock Exchange Ltd(MSEL). MSEL will commence enrolment drive for membership from Tuesday as it has already conducted seven road shows.
12)SEBI’s decision to waive entry load for investors approaching mutual fund houses directly instead of going through distributors, has evoked a tepid response so far. Eight months since the waiver has been introduced, most investors prefer to go through distributors while investing in fund schemes. There has been only 1-2% rise in customers approaching AMCs directly for investing in funds, officials at fund houses said.
13)Domestic diversified equity schemes investing in the Indian stock market have outperformed global funds in one-month returns from July 22 to August 22 as Indian indices showed uptrend compared with its global peers.
14)Deutsche Asset Management (India) said on Monday it has extended the closing date of Deutsche Fixed Term Fund-Series 59 till September 4. The two-year close-end fixed income fund was earlier scheduled to close for subscription on August 27.
15)The combined trade of India’s commodity bourses rose 42% to Rs 18.81 lakh crore from April 1 to August 14, versus the same period in 2007, data from the regulator Forward Markets Commission (FMC) showed. The turnover rose 55.5% to Rs 2.27 lakh crore in the fort-night ending August 14 from Rs 1.46 lakh crore, data showed. Active trade was seen in gold, crude oil, silver and copper in the energy metals sector during the fortnight period. Guar seed, rapeseed, soybean, turmeric and jeera saw maximum trade among agriculture commodities.
16)Both the precious metals, silver and gold, receded marginally on the bullion market on Monday, owing to sluggish demand amid rebound in equity market, shifting most of the funds from bullion to stocks. Gold softened by Rs five to Rs 11,910 per 10 gram. In a similar fashion, silver declined by Rs 50 to Rs 20,500 per kg. Gold prices in Hong Kong fell to $820.30 an ounce from Thursday’s close of $822.
17)HYDERABAD-based realty developer Aliens Group is looking at setting up an SEZ near the new international airport in Hyderabad. This would mark the group’s entry into large commercial and mixed space development. As the company is engaged in over four projects in the city, it may also look at spinning off a separate special purpose vehicle(SPV) to raise equity from investors.
18)Provident Housing and Infrastructure Ltd, the wholly-owned subsidiary of Bangalore-based real estate company Puravankara Projects Ltd, is in talks with four overseas private equity funds to raise about Rs 750 crore to acquire land for its affordable housing projects, a source close to the development said.
19)INFOSYS, a declared suitor in the market for a long time now, has finally found a match. The company is set to acquire UK-based Axon Group, a SAP consulting services company listed on the London Stock Exchange, for about $753 million(407.1 millon pounds) in an all-cash deal. This will be the biggest overseas buyout by an Indian IT company, eclipsing cross-town rival Wipro’s $600 million acquisition of Infocrossing last year.
20)HCL Technologies on Monday announced it has signed an agreement to acquire Control Point Solutions, a provider of voice, data and wireless Telecommunications Expense Management (TEM) services, with the enterprise valuation pegged at $20.8 million.
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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