28 August 2008


GENERAL

1)Jharkhand Mukti Morcha (JMM) president Shibu Soren was on Wednesday sworn in as the sixth Chief Minister of the State that was formed eight years ago. Mr.Soren(64) was sworn in along with 11 ministers at the historic Morahbadi ground. This is the third government in the State in three years of tenure of the present House that ends in March 2010.
 
Hindu

CORPORATE / INDUSTRY

2)MAHINDRA & Mahindra is sniffing around for deals but this time it’s in the two-wheeler segment. The utility and tractor major, which recently picked up Kinetic’s two-wheeler business for Rs 120 crore, is reportedly in talks with Italian motorcycle and scooter maker Malaguti Moto for a possible takeover.

ET

MONEY & BANKING

3)The rupee gained by around 10 paise against the greenback due to dollar selling by banks. The domestic currency opened at 43.70/72 and weakened to touch an intra-day low 43.90/91. It recovered to close at 43.76, against the previous close of 43.85/86.

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4)Banks, which had taken membership to trade in currency futures on the National Stock Exchange, are trying to complete all formalities before the launch on Friday. State Bank of India, ICICI Bank, Axis Bank and Union Bank have already taken membership to trade on NSE, the first exchange to launch currency derivatives.

BS

MARKETS
 
5)BENCHMARK indices shed more than 1% on Wednesday, a day ahead of the derivative contracts expiry, as it is widely felt that most traders holding long positions are not keen to roll them forward to the next series. Lack of positive triggers – both at the local and international level-is keeping bulls on the backfoot, say brokers. Adding to the gloomy outlook, the 50-share Nifty slipped below the psychological 4,300-mark to close at 4,292.10, down 45 points over its earlier close. The 30-share Sensex fell 185.43 points to end the day at 14,296.79, down 1.3% over its previous close. Equities started off on a firm note, but were unable to hold on to their initial gains due to the indifferent trend in key Asian markets.

ET

6)Morgan Stanley hopes to invest up to a quarter($ 1 billion) of its $4 billion global infrastructure fund in emerging economies such as China and India, according to senior executive. Gautam Bhandari, who was named as the head of Morgan Stanley Infrastructure in India, West Asia and sub-Saharan Africa on Tuesday, said he saw opportunities in Indian transport, energy and telecom infrastructure.

BS

7)More relief may be around the corner for companies making public issues. After unveiling the twin measures of easing the pricing norms for qualified institutional placements(QIPs) and collapsing the rights issue timelines, market regulator Sebi is considering lowering the market capitalisation threshold for fast-track issuances by companies to make such issues easier to execute.

FE

8)AFTER a gap of six years, Indian Oil Corporation(IOC) has tapped the bond market to raise term money at a fixed rate of 11% for 10 years and 11.15% for three years. Sources said that IOC had last raised money from the bond market in 2002. The issue size is Rs 300 crore but the company can accept higher subscription under the greenshoe option.

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RIGHTS ISSUE

9)Travel and financial services provider Thomas Cook India today said it will raise up to Rs 200 crore through issue of equity shares to its existing shareholders on rights basis for meeting the various corporate expenditures of the company.

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MUTUAL FUNDS

10)The Sebi Mutual Fund Advisory Committee met for the first time since its formation last week, to put reforms in the mutual fund industry on track. The committee discussed various issues related to the MF industry, including variable distribution commissions and a transparent fee system for financial planners. The panel also discussed the progress of the move to stop the nexus between fund houses and large companies and HNIs in liquid-plus funds.

FE

11)THE promise of steady returns amid an overall climate of uncertainty is drawing hordes of investors towards fixed maturity plans(FMPs) offered by mutual fund houses. With rising interest rates, FMPs are clearly the flavour of the season. These schemes have made an unprecedented collections this season, which according to some fund managers, is in excess of over a lakh crore rupees.

ET

12)ICICI Prudential Mutual Fund, the joint venture asset management company, expects its assets under management(AUM) to cross the Rs 1,00,000-crore mark by the end of the current financial year with increased focus on debt funds and the retail market. At the end of 2007-08, the AUM was Rs 60,000 crore.

BS

13)Tarus Mutual Fund, one of the oldest mutual funds in the country, is planning a major comeback. Taurus Mutual has, in its portfolio, the second oldest mutual fund schemes in the private sector that of ‘Taurus Star Share’ which was launched 14 years ago. The oldest scheme being that of Morgan Stanley Growth fund. Mr Waqar Naqvi, who has recently taken over as Chief Executive of Taurus Asset Man- agement Company said earlier the promoters of the company were not all that focussed. “Now, we have set up an ambitious plan. We are expanding the number of offices, employing more people. We will come up with a slew of new products,” he said.

BL

14)Edelweiss Mutual Fund will enter the market with two debt products in September. The fund house said it would be launching a liquid fund and a liquid-plus fund, both open-ended. The schemes will open for subscription from September 1 and closes on September 8. They will re-open on September 11.

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COMMODITIES

15)”The ban on futures trading in four commodities has affected the farmers in discovering price for their products,” said BC Khatua, chairman of Forward Markets Commission. Khatua said, “There is no evidence that the futures trading has escalated prices of commodities,” He said that the FMC has commissioned a study through the Indian Institute of Management(IIM) professionals on futures trading in commodities. The study revealed that the futures trading is no way connected to price escalation.

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16)Gold prices rose in Europe on Wednesday, tracking gains in oil, as the dollar retreated from the six-month high it hit in the previous session. Traders are awaiting a spate of US and European economic data due out later in the day for its impact on the currency markets, and consequently on gold. The US will also release its weekly oil inventory report, which could impact crude. Gold rose to $830.20/ 831.20 an ounce at 0840 GMT from $822.90/824.30 an ounce late in New York on Tuesday.

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17)Pepper futures market after witnessing high volatility on Wednesday closed marginally higher. On NCDEX, September contract moved up by Rs 40 a quintal to close at Rs 14,016, far below the MG 1 spot price of Rs 14,200 a quintal. The rise in other contracts except February was from Rs 24 to Rs 58 a quintal. February dropped by Rs 68 a quintal.

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18)Gold prices on Wednesday rose by Rs 70 to breach the psychological Rs 12,000-level on the bullion market on heavy buying triggered by firm global trends. The precious metal added Rs 70 to close at Rs 12,030 per 10 grams, while silver jumped by Rs 180 to settle at Rs 20,930 per kg on increased demand. Buying activity picked up as gold firmed up in global markets, marketmen said.

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REAL ESTATE

19)GRAPPLING with a slump in the property market, Indian realty players are trying to diversify into new growth areas such as power, telecom, entertainment, aluminium, cement and steel. DLF, Omaxe, Parsvnath, HDIL, Unitech, Akruti City and Mantri Realty have either initiated or announced plans on the new ventures.

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20)ISRAELI real estate developer Elbit Imaging(EI) has signed a joint venture agreement with UK property firm Plaza Centers, a leading emerging markets property firm, to develop the former’s three mix- use real estate projects in India. Plaza has real estate operations in central and eastern Europe and in India.

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INFORMATION TECHNOLOGY

21)BRITISH Telecom (BT) may be contemplating an exit from Tech Mahindra. The largest telecom company in the UK may sell all or part of its 31% stake in the telecom software services company, according to the Financial Times. There is, however, no clarity on whether any transaction is imminent. An industry official familiar with the development said it was premature to talk about BT’s exit.

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INTERNATIONAL

22)OIL prices rose to above $117 a barrel in Asia Wednesday on concerns that tropical storm Gustav may disrupt operations in the Gulf of Mexico, home to a quarter of US crude production. Light, sweet crude for October delivery was up 90 cents at $117.17 a barrel in electronic trading on the New York Mercantile Exchange by mid afternoon in Singapore.

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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

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