Date: 17 June 2009
Thought for the day
“A mind focused on doubt and fear cannot focus on the journey to victory.”
1)Unveiling a collective agenda ranging from food security and financial reform to the creation of a “more diversified international monetary system” and a “more democratic and just multi-polar world order,” Brazil, Russia, India and China launched a new strategic vector with the potential decisively to influence global affairs in the years and decades ahead.
2)IN A major relief to the consumer, the government may not increase prices of petrol and diesel until average prices of crude oil for domestic consumption breaches the $70 a barrel mark, a senior government official said. The average price of crude oil in the current quarter is around $57 a barrel, lower than the $70 a barrel benchmark that would trigger the upward price revision.
CORPORATE / INDUSTRY
3)Titan Industries, which sells jewellery and watches among others, has set a goal of crossing the $1-billion turnover in the current fiscal. “Nearly 65% of the target is expected to come from gold ornaments,” Tata group said, highlighting the innovation and innovativeness of the company.
4)IVRCL Infrastructures and Projects Ltd(IVRCL) has announced that the buildings, power and roads divisions of the company has bagged several orders together valued at Rs 432.36 crore, including structural works from the Uranium Corporation of India Ltd(UCIL) for their upcoming project in Andhra Pradesh.
MONEY & BANKING
5)The rupee closed flat against the dollar on Tuesday after recovering most of its losses during the day. The domestic currency opened weaker at 47.90 but recovered to close at 47.73/74, as against the previous close of 47.72.
6)THE country’s fourth largest public sector lender, Canara Bank, on Tuesday said it is willing to acquire a bank in India to increase its size and presence. “Consolidation is the only way to grow and
we are willing to takeover ( a bank),” Canara Bank chairman and managing director A C Mahajan said.
7)The merger of Catholic Syrian Bank with Federal Bank is expected to be through in a month. According to reliable sources close to the deal, the boards of directors of both the banks will meet in a month’s time to give their consent. The acquisition price will be fixed then.
8)In a first of its kind move, India’s largest urban co-operative bank – Saraswat Co-operative Bank – plans to make 50,000 of its depositors into shareholders in the company.
9)With the Insurance Laws(Amendment) Bill awaiting Parliamentary approval, Max India, Analijit Singh’s flagship company, has started discussions on divesting 23 per cent out of its 74 per cent share-holding in Max New York Life Insurance to its foreign partner.
10)The market made a smart recovery during the final hours of the trading and closed the day above the dotted line, after witnessing huge selling pressure and volatility during the intra-day trading. The
30-share Sensex added 82.39 points, or 0.55%, to close the day at 14,957.91 points. The broader Nifty of the NSE gained 33.80 points, or 0.75%, to end the day at 4,517.80 points. Domestic markets
started the day with negative gap, following weak cues from the Asian markets.
11)The wealth management business is back in the limelight after suffering quite badly in the ongoing economic downturn. Now, Indian brokerages are aggressively expanding in the wealth management
space to take advantage of the rising number of high networth individuals (HNIs) and ultra high networth individuals(UHNIs) in the country. Also, the recent turnaround in the stock market is giving confidence to these two categories of investors to invest.
12)ENTRY of new players and inclusion of varied asset classes like commodities, currencies and power beyond the equity is expected to drive the domestic exchanges turnover to $10 trillion by financial year 2014, from the current turnover of $4 trillion. According to IDFC-SSKI research report on domestic bourses titled Indian Exchanges – The Final Countdown’, the growth in the turnover of domestic exchanges would be spearheaded by the nascent but high potential commodity exchanges.
13)Birla Sun Life Mutual fund on Tuesday said it has launched iSIP or Internet-based SIP(systematic investment plan), which will enable investors to start their SIP investments online. Investors can purchases, renew SIP and have the option to cancel it online.
14)International Multi Commodity Exchange(IMCX), the new commodity bourse expected to go live in August, has asked the regulator Forward Markets Commission(FMC) to consider extended trading hours for products such as gold, silver, crude oil, etc and allow delivery of copper. Local commexes close at 11:30 PM in summer and 11:55 PM in winter even though electronic trading in precious metal and energy continues round-the-clock in bourses such as Nymex and its division Comex, on
which gold and silver are traded. This puts the Indian trader at a disadvantage to his overseas counterpart, as he loses out in the events of volatility in international markets after local bourses close.
15)Gold rose the most in more than a week as oil rallied and the dollar weakened, increasing demand for the metal as an alternative investment. Silver, platinum and palladium also gained. Gold futures for August delivery rose $10.50, or 1.1 per cent, to $938 an ounce at 11:08 a.m, on the New York Mercantile Exchange’s Comex division.
16)THOUGH turmeric futures on the National Commodity & Derivatives Exchange(NCDEX) hit 2% lower circuit on Tuesday, price outlook may remain firm over the next few days on poor advancement of monsoon in south.
17)Property prices in Noida have skyrocketed about 200 times in the past two decades, reveals an RTI reply. Residential plots in all sectors of Noida, which were available at a price of Rs 175 per square metre in 1980, have now spiralled to Rs 39,600 per square metre in some sectors of the township, said the reply. The highest surge has come in sectors 14, 14A, 15A, 17 and 44, the reply said. As per official records, residential land in other sectors is available in the range of Rs 14,400 per square metre and Rs 27,600 per square metre.
18)UNITECH Ltd, India’s second-largest listed developer, is seeing home sales picking up and is not under pressure for cash after raising about $550 million in the past two and half months, Sanjay Chandra, managing director Unitech said on Tuesday.
19)PRIVATE equity fund Fire Capital is looking at investing $100 million a year for the next three years in the Indian real estate market. The fund will raise the money this year and hopes to make in-
vestments in 2010. “Our investors are willing to invest in projects which are sound, can stand on their own and come at the right valuation,” says Fire Capital chief executive officer Om Chaudhry.
20)SUBSCRIBER numbers in India’s wireless story are losing their relevance today as far as determining the industry position of a service provider. It will be revenues and not subscriber numbers that could decide the pecking order in the world’s fastest-growing telecom market.
This is reflected in the latest revenue figures released by the industry regulator, Trai. Going by this, the top three operators in India are Bharti Airtel, Vodafone Essar and Bharat Sanchar Nigam(BSNL).
21)The country’s second largest realty firm, Unitech, on Tuesday said its telecom venture has earmarked a capital expenditure of Rs 10,000 crore for the next three years to roll out its services across the country.
22)IT services firms are seeing comparable margins for some of their business in the domestic market where billing rates are traditionally lower than that in mature markets. A large number of deals, being fixed-price, gives them room for better cost management.
23)The Rs 3,300-crore Patni Computer Systems is looking at making an acquisition in Australia and establishing a footprint in Singapore. This is in line with its strategy of increasing revenues from ’emerging geographies’ such as Asia-Pacific and Latin America and to insulate itself from the slowdown in demand from the US, Patni’s Chief Executive Officer, Mr Jeya Kumar, told Business Line.
24)Oil rose $2 to above $72 a barrel on Tuesday as the dollar slid and US housing data showed a jump in new construction starts and permits. US crude rose $2.07 cents to $72.69 by 1312 GMT, after trading below $70 when the dollar was stronger.
25)US BUILDERS broke ground on more houses than forecast in May, offering a sign that the industry’s slump, now in its fourth year, may be approaching an end. The 17% increase in housing starts to an annual rate of 532,000 followed a 454,000 pace the prior month, the Commerce Department said on Tuesday in Washington. Building permits, an indicator of future construction, also rose more than estimated.
26)THE Bank of Japan forecast on Tuesday that the world’s second largest economy may stop shrinking later this year, and investors signaled that recession in Germany was nearing its low point. Japan’s central bank sounded slightly more optimistic after keeping interest rates unchanged, although its outlook was hedged with caution.
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