Date: 29 June 2009
Thought for the day
“We must remember that the same level of thinking that brought us to where we are today will not take us where we want to go tomorrow.”
— Anthony Robbins
GENERAL
1)Indian natural stone exporters have mounted a concerted drive to win a share of the booming Russian market of granite and marble. Fifteen Indian companies displayed a variety of stone products
and processing technologies at the 10th international Expostone 2009 held in Moscow on June 23-27. The first big-time Indian participation in the annual Russian stone show offered a welcome contrast to the depressing indifference of Indian business towards Russia.
Hindu
ECONOMY
2)ALLAYING fears that low rainfall in June and forecast of ‘below normal’ monsoon season could impact agriculture production in the country, food and agriculture minister Sharad Pawar on Sunday said Kharif sowing in most states was delayed by just a week and there was no drought-like situation anywhere. He also added the country has adequate stocks of wheat, rice and sugar to meet any exigency.
FE
CORPORATE / INDUSTRY
3)Legendary British automotive brands Jaguar and Land Rover officially hit Indian shores, home to owner Tata Motors, today. The Indian launch follows sliding global demand for the luxury brands thanks to the global economic meltdown. Both brands will launch three models each from an exclusive company-owned showroom in Worli, Mumbai. A senior Land Rover executive said the company has started bookings.
BS
4)Eastern Gases Ltd, a BSE-listed company, plans to invest Rs 200 crore in the next two years for setting up a 100 auto LPG dispensing outlets in eastern and western India. The Kolkata-based firm,
which imports and supplies bulk LPG, propane and butane to industries, will also set up two LPG manufacturing-cum-bottling plants in Rajasthan and Andhra Pradesh.
BS
MONEY & BANKING
5)State Bank of India’s disbursements on home loans under its ‘New happy home loan scheme’ have grown at Rs 1,500 crore monthly. This is about Rs 400 crore more than the monthly average of Rs 1,100 crore it did in the first two months since the scheme was announced.
BL
6)Financial institution IFCI is keen to enter the banking sector and is waiting for an opportunity to take the plunge. “We are obviously well poised (to enter banking sector). We are a 60-year old organisation. We do have capital to take this call,”the IFCI Managing Director and Chief Executive Officer, Mr Atul Kumar Rai, told PTI.
BL
MARKETS
7)INDIAN equity markets, which closed with some smart gains on Friday, might continue it upward rally in the markets ahead of crucial presentation of Union Budget 2009, on July 6. Apart from that, domestic markets are likely to track global cues for the direction in the coming week. Dealers in the markets also added that, investors will be also looking at the annual economic survey which will be presented on July 2, a day ahead of the Rail Budget on July 3. Despite witnessing huge volatility last week domestic markets closed the day above the dotted line. On Friday, last trading day of previous week, the 30-share Sensex of BSE added 419.02 points or 2.92% to close the day at 14,764.64 points. The broader S&P CNX Nifty of National Stock Exchange(NSE) was up by 133.65 points or 3.15% to end the day at 4,375.50 points.
FE
8)Indian stocks have emerged as the best performers among those in the emerging and the developed markets across the globe so far this year,giving investors the highest return of nearly 60 per cent. According to an analysis of MSCI Barra indices, a measure of returns from various stock markets across the world for foreign investors, Indian stocks have outperformed their global peers, in-
cluding in the US, the UK and China in 2009.
BL
9)LONGER trading hours may become the norm for stock market intermediaries sooner than later. Capital markets regulator Sebi is learnt to be thinking of increasing stock exchange trading hours
so that market participants in India are better placed to react to the developments in global markets. If the proposal is approved, the equity market will be open for trading from 9:00 am to 5:00 pm.
ET
COMMODITIES
10)Gold prices are likely to touch fresh high in the second half of the current year on the back of investment demand and over-the-counter market, global metals consultant GFMS said in a report.
“Looking at the second half of 2009, investment demand, and especially its western elements, which includes activity in ETFs, futures and the OTC market, is expected to remain the driving force behind gold price movements,” GFMS executive chairman Philip Klapwijk said in the report.
FE
11)AGRICULTURE futures on major commodities showed a mixed trend this week following the progress of the southwest monsoon,crucial for growth and production of many kharif sown crops. While refined soy-oil, cardamom, chana and potato futures rose over fears that a below normal monsoon in 2009 could limit their output, futures prices of cotton seed and mentha oil dropped.
FE
12)The pepper market in general has been sluggish during the week as the buyers were on a wait-and-watch mode. Because of moderately higher prices at almost all the origins and the economic slowdown in major buying countries on the other, activities were limited.
BL
REAL ESTATE
13)IN a countdown to the forthcoming Union Budget, the Confederation of Real Estate Developers Association of India(CREDAI), the second biggest industry in India and the apex body of the organised real estate developers/builders in India with over 4,000 members, has , in a pre-budget memorandum, put forth twin themes affordable housing and slum redevelopment-to fuel the largest
common Indian dream of owning a house.
FE
14)CONRAD Hotels & Resorts, the luxury arm of Hilton Hotels Corporation, is entering India through a deal with South-based realty major Mantri Developers. A definitive agreement to manage a 250-key luxury hotel in Bangalore was signed between the two partners last week, said a source familiar with the development.
ET
COMMUNICATIONS
15)JP Morgan, BNP Paribas, HSBC and Barclays are in talks with Bharti Airtel to fund part of the $4 billion needed by the Indian telco to complete its $23 billion merger with MTN, Africa’s largest mobile phone operator. The banks are discussing their term sheets with the officials of India’s largest mobile phone company, bankers privy to the development said. The four foreign banks are offering to fund $500 million each.
ET
INFORMATION TECHNOLOGY
16)THE Unique Identification Authority of India(UID), to be headed by Infosys co-founder Nandan Nilekani, is the first in a series of such transformation projects being evaluated by India, as the government plans to spend up to Rs 40,000 crore over next few years on Information Technology(IT).
ET
17)Driven by customer demand, Indian IT firms such as TCS, Infosys, and Patni are enhancing their ‘near-shore’ delivery capabilities in Latin America. This would also help them explore the emerging
markets in the region. Last week, TCS opened its seventh Latam delivery centre at Queretaro, Mexico, where Patni Computers also chose to locate its first centre that was launched on Monday.
BL
INTERNATIONAL
18)THE Dubai developer behind the world’s tallest building plans to merge with three rivals owned by the sheikhdom’s ruler, in a consolidation aimed at better coping with a global meltdown fuelled weakness in the one-time Arab boomtown’s real estate sector. In a statement posted on Sunday on the Dubai Financial Market’s website, Emaar Properties PJSC said its proposed merger with Dubai
Holdings subsidiaries Dubai Properties, Samar Dubai and Tatweer would create a company with an asset base of 194 billion dirhams ($52.8 billion) and a debt of 13.4 billion dirhams, or roughly 7% of the total assets. “The proposed consolidation would create a robust and strategic asset base while joining the strengths” of the various companies, Emaar said.
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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