1)The entire brains trust of Indian aviation scientists, developers and operators met in New Delhi on Tuesday to initiate an ambitious project to manufacture civil regional aircraft. The mission would be to make a cheap, rugged and easy to maintain 70 to 110-seater civilian aircraft that should start rolling out within a decade.
CORPORATE / INDUSTRY
2)Anil Ambani, chairman, Reliance Natural Resources(RNRL), charted the future plans of the company and announced the company’s foray into the shipping business. Speaking at the 8th annual general meeting of RNRL, he also told shareholders that the company will set up cement plants at various sites, totalling 20 million tones of capacity.
3)Nagarjuna Construction Company Ltd has secured four new orders aggregating Rs 413 crore. The first order, valued at Rs 229 crore, is from Maharashtra State Electricity for supply and commissioning of sub-transmission lines, new substations and other lied works in Osmanabad and Latur divisions. The second order is for design and execution of Eluru Water Supply Scheme(AP) valued at Rs 73 crore. The third(Rs 61 crore) is from the Info Park, Thapasya, Kusummagiri, Kochi for construction of 5.5 lakh sq ft. software development buildings. The fourth order is from the Andhra Pradesh Government for commissioning gravity main under Somasila Drinking Water Supply Scheme at Kadapa-Rajampet Highway, according to a release.
4)Punj Llyod has bagged a contract for engineering, procurement, installation, and commissioning of a 211-km pipeline project from Qatar Petroleum worth $800 million. A release said the company would undertake construction works for the gas stations and necessary infrastructure. According to company Chairman Mr Atul Punj, “This is the fourth EPC contract that we have bagged in Qatar and this demostrates the confi- dence of the clients in the group’s capability in executing large and challenging projects.
MONEY & BANKING
5)The rupee closed about 20 paise lower on strong dollar demand and a weak domestic equity market. The rupee opened at 45.50 and touched a low of 45.94 during day trade. It closed at 45.73, against the previous close of 45.44/45.
6)Newly-appointed Reserve Bank of India(RBI) governor D Subbarao will present his maiden mid-term credit policy review for 2008-09 on October 24. He will meet chief executives of major scheduled commercial banks at 11 am on that day at the RBI headquarters. Analysts are now keeping their fingers crossed on whether Subbarao would go for another rate hike in the forthcoming policy to tame the down double digit inflation.
7)IN TANDEM with global markets, the benchmark Sensex nosedived, over 424 points as investors globally awaited the US government’s proposed $700 billion rescue plan. The Bombay Stock Exchange barometer closed the day at 13,570.31 points, a steep fall of 3.03 per cent over the last close with the IT stocks index, widely anticipated to be one of biggest Indian casualties of the US credit crisis, taking the biggest hit of 5.07 per cent among sectoral indices. The 50-issue Nifty of the National Stock Exchange also dipped 96.15 points, or 2.28 per cent, to 4,126.90 points.
8)The markets timing from September would be modified on both the stock exchanges(SEs) due to sun outage. Due to heavy solar activity, the VSAT services are likely to be disrupted from September 24,2008 to October 08,2008(both days inclusive), according to both the SEs. The trades will start as usual at 9.55 am and halt between 11.25 am to 12.10 pm to resume trades from 12.25 pm till 4.15 pm, when the markets would close for the day.
9)The Securities and Exchange Board of India(Sebi) chairman, C B Bhave, today said that the regulator had no intention of imposing a ban on short selling. Bhave was speaking to a news channel from New York, where he is attending the India Investment Forum. Bhave said regulations on short selling in India were adequate and foreign institutional investors'(FIIs’) withdrawal from the country was mainly due to global conditions.
10)Real estate company Sobha Developers on Tuesday said it will raise up to Rs 350 crore funds through rights issues. The company took a decision in this regard during its meeting held on Monday, a company filing to the BSE said.
11)The National Commodity & Derivatives Exchange(NCDEX) will extend evening trading hours by 25 minutes from November 2008 due to international daylight saving timings, it said in a circular. Trading in bullion, metals, crude, polymers, coffee, carbon credits and furnance oil will continue till 11:55 pm, compared with 11:30 pm earlier, it said on Monday.
12)The prices of jeera (cummin seed) after rising steadily for last four months have declined marginally at the country’s trade centre located at Unjha, Gujarat. This has been attributed to prospects of a good production following the recent rains in parts of Gujarat. According to traders, the price of a 20-kg bag of jeera, which rose from Rs 1,500 in April to Rs 2,450 in July, has marginally declined to around Rs 2,300.
13)Mustard seed futures rose slightly on the NCDEX counter today on expectations that the demand for mustard oil would rise during the festive season amid short supply of the commodity. At 1 pm, the most-active November contract jumped by 0.71 per cent at Rs 588 per 20 kg and January 2009 contract by 0.48 per cent at Rs 568 per 20 kg.
14)Gold and silver prices rallied for the third straight session on the bullion market despite a weak trend overseas. Standard gold(99.5 purity) improved by Rs 240 for 10 gram to Rs 13,035 and pure gold (99.9 purity) shot up to Rs 13,085 for 10 grams from Rs 12,855. Silver ready (.999 fineness) flared up by Rs 550 a kg to Rs 20,840.
15)Real estate companies appear to be eyeing the commercial development on 45,371 sq metres of railway land in Mumbai’s Western Express highway at Bandra-east. The Rail Land Development Authority (RLDA) is executing the project and had recently held the pre-bid meeting.
16)VGN Group, one of Chennai’s leading real estate developers, will be developing mega township and residential projects,comprising 30 million sq ft built up area in and around Chennai with an estimated investment of Rs 11,400 crore over a period of five years. The company has acquired necessary land for these projects, said Pratish Devadoss, managing director, VGN.
17)UAE-based Emirates Telecommunications Corporation(Etisalat) has signed an agreement to acquire 45 per cent stake in India’s Swan Telecom for around $900 million(around Rs 4,410 crore). The deal puts the value of the Indian GSM service provider, which holds telecom licences in 13 circles, at around $2 billion.
18)THE appetite for acquisitions by Indian IT companies remains undiminished with software services majors Tata Consultancy Services(TCS) and Tech Mahindra eyeing the India design services unit of the $31- billion Flextronics, multiple sources said.
19)HCL Technologies a leading IT services provider, has identified 38 companies globally as possible acquisition targets. “We expect to lap up a few companies by 2012 and we are also willing to spend over a billion for a right fit company,” said HCL Technologies CEO Vineet Nayar. The company reckons the move will help it cash in on the new opportunities arising from the global financial meltdown.
20)THE architects of a $700 billion bailout for the US financial system urged lawmakers on Tuesday to move quickly, and the sale of Lehman Brothers’. European arm loomed as the next step in the industry’s dramatic transformation. Federal Reserve chairman Ben Bernanke and Treasury secretary Henry Paulson called for immediate action on a plan for the government to buy up hundreds of billions of dollars of tainted mortgage-related securities, but world markets remained on tenterhooks.
21)Crude oil futures traded lower on Tuesday, as the market cooled down following Monday’s record rally. Light, sweet crude for November delivery traded 78 cents, or 0.7%,lower at $108.59 a barrel on the New York Mercantile Exchange.
FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.
Karvy Consultants Ltd www.karvy.com
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