1)The US Congress is poised to approve Washington’s landmark nuclear deal with New Delhi just ahead of Prime Minister Manmohan Singh’s visit to the White House on Thursday, paving way for India’s complete re-engagement with the world’s nuclear community and furthering its strategic re-alignment with the United States.
2)Inflation for the week ended September 13 remained unchanged at 12.14%. The wholesale price index(WPI)-based inflation has stabi- lised on a year-on-year basis though it remains well above the 3.5% for the corresponding week last year. Importantly, unlike the last week, there was no spike on a week-on-week basis. This stability in prices, according to economists, suggests that there isn’t much upside to the inflation numbers from here.
CORPORATE / INDUSTRY
3)Vedanta Resources, the Indian mining company controlled by billionaire Anil Agarwal, plans to invest $9.8 billion to become the world’s fifth-largest aluminum producer. The company said today that it will raise annual smelting capacity to almost 2.6 million metric tonnes by 2012.
4)Steel pipemaker Man Industries said on Thursday that it has received orders worth Rs 1,100 crore in the current quarter for spirally welded pipes. The order, to be completed in 9-12 months, including supplying around 225,000 tonnes of pipes to domestic and overseas clients.
5)HYDERABAD-based Maytas Infra is betting on the energy sector. The company is looking at projects in the oil and gas segment to increase its revenues. Currently, the Rs 1,881-crore company gets about 20% of its revenues from the power sector. “In future, we expect the revenue share from this sector to reach about 30%,” said Maytas Infra director and CEO PK Madhav. The company is engaged in other verti- cals such as water, buildings & structures and transportation.
MONEY & BANKING
6)THE rupee has fallen past the 46-mark against the dollar for the second day in a row on Thursday under pressure from heavy monthend dollar demand from importers and oil refiners. In spite of some central bank intervention at lower levels, the rupee ended the day at 46.20/22 against the dollar, weakening from its previous close of 45.95/96.
7)UCO Bank chairman and managing director Subodhkumar Goel has said that his bank will raise Rs 500-600 crore through follow on public issue(FPO) in the third quarter of this fiscal.
8)Deutsche Bank has emerged as the leading investment bank in India leaving behind conventional players such as Merrill Lynch, Lehman Brothers and Goldman Sachs. With a market share of 16.6 per cent in mergers and acquisitions and 14.2 per cent in fund raising through the equity route, the investment banking arm of the German financial behemoth has become the numero uno investment bank in the country.
9)Taking a cue from global markets, the country’s bourses ended in the red. The 30 share BSE Sensex shed 145.34 points, or 1.1%, to 13,547.18. The S&P CNX Nifty Index on the National Stock Exchange fell by 1.2% shedding 50.7 points to close at 4,110.55. Rising uncertainty on the outcome of the US government’s plan to bail out the market and assuage the impact of the credit crisis caused the tremors. Added to this was the statement by Federal Reserve chairman Ben Bernanke who warned of ‘grave threats’ for the US economy.
10)The Securities and Exchange Board of India(Sebi) has expanded the horizon of reforms in the primary capital market by launching a pilot project to apply the Application Supported against Blocked Amount (Asba) system in case of rights issues also. So far, Asba was appli- cable to initial public offerings(IPOs), and that too only for retail in- vestors. In the pilot project, Asba will be applied to rights issues of Tata Motors and Sadhana Nitro Chem, which are opening on September 29.
11)Suzlon Energy Ltd, India’s largest wind energy company, plans to raise up to Rs 1,800 crore through a rights issue of shares. Suzlon’s board will meet on Saturday to consider the proposal, the company informed the BSE.
12)DSP Merrill Lynch Investment Managers(DSPMLIM) has got approval from the Securities and Exchange Board of India(Sebi) to change its name to DSP BlackRock Investment Managers to reflect the change in ownership of the asset management company. The mutual fund will be called DSP BlackRock Mutual Fund.
13)Religare AEGON Asset Management Company on Thursday announced that it has received the final regulatory approval from the Securities and Exchange Board of India(Sebi) to launch mutual fund business in the country. The AMC is looking at launching its first product for the Indian retail investor by November-December this year.
14)Lead metal prices on the Multi-Commodity Exchange of India(MCX) are expected to remain at the stable-to-high level in the short term, chiefly due to declining stockpiles and potential cuts in production by larger smelters. On the London Metal Exchange(LME), the cash price of lead was up nearly 7.4% to trade at $1,921 per tonne on Wednesday, from $1,788 a tonnes quoted on September 11, while the MCX lead November futures were up by 12% to trade at Rs 93.80 per kg on Wednesday, from Rs 83.65 per kg recorded on September 5.
15)Gold prices advanced on the bullion market on Thursday on fresh stockists buying on hopes of good festival demand. Silver continued to rule firm on sustained industrial demand. Standard gold (99.5 purity) rose by Rs 95 for 10 grams to Rs 13,110. Pure gold (99.9 purity) hardened to Rs 13,170 from Rs 13,075.
16)WITH its big-bang listing being put on the backburner, state-owned BSNL is now exploring opportunities in the global markets to expand its operations. This is the first time that BSNL, which so far concen- trated only on the Indian market, has decided to expand overseas.
17)DELL, the world’s second biggest computer maker, expects to grow faster than other companies in the business, Chief Executive Michael Dell told on Thursday. “You will see Dell grow faster than the rest of the industry in Europe and in the world,” Dell said.
18)ORACLE is selling computer hardware for the first time in its 31 year history, signalling an ambition to become more than a one-stop shop for business software. The expansion announced on Wednesday by Chief Executive Larry Ellison calls for Oracle’s sales team to peddle a “database machine” and a smaller storage product, both made by Hewlett-Packard.
19)Oil fell on Thursday, but moved up from session lows in response to hopes of agreement on a proposed $700 billion financial sector bailout plan plus weakness in the dollar. Prices had fallen more than $2 initially, pressured by further evidence of US economic weakness than has begun to impact demand for oil. US crude traded down 30 cents to $105.43 a barrel by 1409 GMT, after a session low of $103.22. London Brent crude fell 26 cents to $102.19.
20)Presidential George W Bush is bringing presidential candidates Barack Obama and John McCain into negotiations on a $700 billion rescue of Wall Street as Democrats and Republicans near agreement on a bailout plan with more protections for U.S. taxpayers.
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