27 August 2008


GENERAL

1)As India and the U.S. started redrafting the text of the NSG waiver, Washington has said it was working in a focussed manner to push the process with an aim to concluding the civilian nuclear deal by early next month.

Hindu

CORPORATE / INDUSTRY

2)ONGC Videsh(OVL), the foreign investment arm of the country’s largest exploration company, ONGC, on Tuesday put in a formal bid to acquire UK-based oil firm Imperial Energy at 1,250 pence per share. Imperial Energy, with assets in the Russian Federation and CIS countries, is valued at $2.58 billion at the bid price. The Imperial Energy board has accepted the cash offer and has re- commended the bid to its shareholders.

ET

3)State-owned Bharat Heavy Electricals Ltd(BHEL) announced on Tuesday it had won a contract for export of two gas turbine generating units worth Rs 140 crore in the United Arab Emirates. The order, from International Energy Resources, is for two units of 42 MW each, BHEL said in a statement. With this, BHEL has been able to secure orders for six gas turbine.

BL

4)Cairn India’s Rajasthan fields will pump over 16 per cent more oil at 175,000 barrels per day and will contribute over one-fifth of the country’s current domestic oil output, when it commences production in the second half of 2009.

BS

5)TUBE Investments of India(TII), an arm of the $2.4 billion Murugappa Group, is betting big on high-tech two-wheelers. As part of this plan, the company is planning to launch a two-wheeler run on alter- native fuel by April next year. An e-scooter from its stable under the BSA brand will also hit the market by October this year.

ET

MONEY & BANKING

6)A strong demand for dollars from importers, including the three public sector oil marketing companies, pushed the rupee below the 44- mark after a gap of 17 months. The rupee opened at 43.93 and within minutes breached the 44-mark on bunching of demand for dollars. The currency hit a low of 44.15/17 during the day before ending at 43.85. The rupee strengthened towards the close of trading due to sale of green back by the Reserve Bank of India, according to foreign currency dealers.

BS

7)For the first time, private sector banks have witnessed a decline in fee-based income, while public sector banks improved their per- formance in this segment in Q1. Fee-based income of 26 public sector banks(PSBs) rose by 31.5% to Rs 7,031 crore during Q1 ’08, where- as the fee-based income of 17 private banks decreased by 1.6% during the same period.

FE

INSURANCE

8)INSURANCE companies may soon be allowed to raise capital through several means which are normally used by commercial banks. The government is considering an amendment in the insurance law for allowing insurers to have hybrid capital. This would help the insurers meet their expansion plans while fulfilling solvency norms. The new norms would be applicable for both public and private insurers.

ET

9)Private sector life insurer, Max New York Life Insurance, has unveiled its new brand positioning. The new tagline ‘Karo zyaada ka iraada’ has been coined to represent an ambitious and assertive India that is ready to compete for more, demand more, dream more, and live more to create a better today and brighter tomorrow.

FE

MARKETS

10)After opening on a negative gap on the back of weak global cues, key equity indices remained volatile on Tuesday ahead of the expiry of derivatives contract for the month of August. The 30-share Sensex of the Bombay Stock Exchange(BSE), after toggling in the range of 225 points, ended the day at 14,482.22 points posting a marginal gain of 31.87 points or 0.22%. The wider S&P CNX Nifty of the National Stock Exchange(NSE) ended the day with a gain of 2.15 points or 0.05% to close at 4,337.50 points. Baring metal, realty, oil and gas sectoral indices, other indices ended the day in the positive terrain. Markets will trade in a range at least ahead of the settlement of the August contract, experts said.

FE

11)THE maker of auto-components, Bosch was th highest gainer in the Group A pack, rising 13.61 per cent to close at Rs 4,147.55 on share buyback plans. The company made the announcement after market hours on August 25. The Bangalore-based company’s board will meet on September 2 to consider the matter.

BS

12)The shares of domestic appliance manufacturers, TTK Prestige were locked at the 20 per cent upper circuit to close at Rs 158.55 after the company announced that its board will meet on September 1 to consider delisting of shares from the BSE and NSE.

BS

13)A weakening rupee pushed up information technology (IT) stocks on Tuesday. The BSE IT index closed up 0.86 per cent from its previous close. The IT index has climbed 7.87 per cent from a month ago and 0.08 per cent over the past week.

BL

MUTUAL FUNDS

14)The mutual fund industry has proposed that the market regulator allow them to offer insurance cover to investors along with their regular schemes. Association of Mutual Funds of India Chairman A P Kurian said mutual funds should be allowed to sell insurance cover by tying up with insurance companies. According to the proposal, the insurance premium under these schemes would be collected separately.

BS

15)Edelweiss has launched an asset management company(AMC), taking the total tally of mutual fund houses in the country to 35. ASK Group also is setting up an AMC soon, and has applied to the Sebi for the same. The newly-formed Bharti AXA Mutual Fund has launched a liquid fund in the debt segment, and will offer a equity fund in the first week of September. The fund house has a daily systematic investment plan (SIP) in which the investors can park an amount as low as Rs 100 on a day.

FE

16)AIG Mutual Fund on Tuesday launched AIG Quarterly Interval Fund Series-II. The close-ended scheme will remain open for subscriptions until Wednesday. The scheme, which will deploy its entire corpus in debt and money market instruments, will open for fresh purchases and redemption once every quarter.

BS

17)Principal Infrastructure & Services Industries Fund has been renamed Principal Services Industries Fund with immediate effect. The open-ended equity plan will now deploy at least 70 per cent of the corpus in equity and equity-related instruments of firms engaged in the service industry.

BS

COMMODITIES

18)Amid rising business at commodity exchanges, the Forward Markets Commission is hopeful that futures trading in rubber, soya oil, potato and gram (chana) would resume from September. The four month suspension of futures trading in these four commodities imposed in May ends on September 6. “Iam hopeful that suspension on four commodities will not be extended. We have already sent a detailed report to the government explaning the situation,” FMC chairman B C Khatua said.

FE

19)Gold and silver declined further on the bullion market on Tuesday after persistent offerings by stockists. Standard gold(99.5 purity) fell by Rs 95 per ten gm to Rs 11,695 from Rs 11,790 and pure gold (99.9 purity) also slipped by Rs 90 per ten gm to Rs 11,765 from Rs 11,855. Silver ready(.999 fineness) was also quoted lower at Rs 20,865 against Rs 20,995, a loss of Rs 130 per kg.

BL

20)GOLD prices which have fallen sharply in the last few weeks due to a strong dollar, are expected to dip further, offering good buying opportunities. Traders believe that physical demand for gold would continue to be robust due to the upcoming festival season. The pre- sent shortage in supply is expected to lend slight support to the market. However, since currency traders expect the strengthening of the dollar to continue over the next three to four quarters, a rise in gold prices looks very unlikely.

ET

REAL ESTATE
 
21)The largest real estate company by market share DLF Ltd is planning to raise Rs 10,000 crore over the next one year. The share- holders will pass an enabling resolution to this effect in the next annual general meeting which will be held on September 30.

FE

22)INDIA’S retirement homes market is set for its first cross-border play with Brisbane-based Renaissance Retirement Living(RRL) striking an equal joint venture with real estate development manager Asipac Projects to set up nine villages for seniors in the southern and western states. The JV firm, Nuvida Hospitality, will invest $84 million over four years to set up a chain of lifestyle retirement resorts, with the first three projects scheduled to come up in Bangalore, Pune and Hyderabad. Each of these projects will be FDI-compliant with at least a 25-acre campus or a minimum of 50,000 sq metres of development. This is the first international participating in the domestic retirement home segment that is dominated by co- operative efforts.

ET
 
INFORMATION TECHNOLOGY

23)AS Infosys Technologies breaks its shackles of conservatism on acquisitions with a proposed $753-million buyout of the UK’s Axon Group, the development may spur similar deals by the biggies of the Indian IT services industry in the months to come, according to analysts. Though the deal by Infosys is not one of game-changing magnitude, it comes at a time when the Indian IT industry has been concerned about a slowdown in growth.

ET

24)Tata Consultancy Services has bagged a five-year multi-million-dollar contract from Singapore Airlines Cargo. As per the agreement, SIA Cargo has outsourced its cargo revenue accounting processes to TCS.

BL

INTERNATIONAL

25)Crude oil rose on forecasts showing that Hurricane Gustav may enter the Gulf of Mexico. Crude oil for October delivery rose 89 cents, or 0.8 per cent, to $116 a barrel at 9:03 a.m. on the New York Mercantile Exchange.

BS

26)HEWLETT-Packard, the computer and printer maker, said on Tuesday it closed the $13.9 billion purchase of Electronic Data Systems, a deal that HP hopes will help it better compete with IBM. The company said it would further discuss its plans for EDS during a meeting with analysts on September 15.

ET

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

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