Date: 03 August2009
Thought for the day
“Having a positive mental attitude is asking how something can be done rather than saying it can’t be done.”
1)In a first initiative of its kind in the country, scientists would start issuing forecasts for surface currents of the Indian Ocean from next year. The government has identified the Hyderabad based Indian National Centre for Ocean Information Services (INCOIS), which runs the tsunami warning system, for the purpose. A knowledge of surface ocean currents is essential for shipping, fishery and related sectors, and accurate information could help reduce fuel costs.
2)Coming as a shot in the arm for Indian businesses, 19-member business delegation during their visit to Syria and Jordan earlier this month has been able to chart new business ties with the two countries. They have successfully raised new business orders in excess of $50 million and have evaluated other business offers which if materialize, would substantially raise the figures.
CORPORATE / INDUSTRY
3)Anil Dhirubhai Ambani Group-led Reliance Infrastructure Ltd’s order-book position is all set to cross the Rs 50,000 crore mark, a top company official said. This includes EPC, ownership and preferred bidders projects, the official said.
4)THE Rs 5,000-crore skincare market in India will soon have a new player vying for a slice of the pie. Baby care specialist Johnson & Johnson (J&J) is scheduled to launch its specialised skincare brand Neutrogena in India. The launch of Neutrogena sometime in the month of August comes after the company first tested Indian waters with the Clean & Clear range.
MONEY & BANKING
5)Leading public-sector lender Bank of India(BoI) has slashed its deposit rates by 0.25-0.5% across various tenures effective from Monday. The bank has reduced interest rates for deposits of one year to less than two years and two years and above maturity to 6.5% compared to 6.75% earlier, a BoI press release said.
6)Syndicate Bank has registered a near three-fold jump in net profit to Rs 261.58 crore during the quarter-ended June 2009, as against Rs 87.89 crore in the corresponding period last year due to a steep increase in other income.
7)Hit by rising bad loans, private-sector lender, Kotak Mahindra Bank has decided to go ahead with its strategy of reducing unsecured loans in the months ahead but has ruled out the possibility of winding up the portfolio completely.
8)With the primary market for equity issuance reviving after a hiatus of almost a year-and-a-half, domestic banks are keenly eyeing listing gains from the initial public offers(IPOs) of Adani Power Ltd and NHPC Ltd
9)THE insurance regulator will have a special arrangement of three days to clear unit-linked insurance plans(Ulips) that have to be reworked because of new norms that put a cap on the fee investors have to pay. The Insurance Regulatory and Development Authority (Irda) has estimated that over half of the existing Ulip schemes will have to be restructured and it wants to ensure that there is no break in sales.
10)Indian stock indices, which touched year-high on last Friday, might look for the cues at the global markets in the coming days. With corporate earnings season coming to end, there are no major triggers which can boost the sentiments of the domestic markets. Last week, the 30-share Sensex of Bombay Stock Exchange (BSE) gained 1.89%
and S&P CNX Nifty of National Stock Exchange (NSE) added 1.49%, following better than expected corporate earnings coupled with positive cues from the global markets and continous foreign funds inflows. On Friday, last trading day of the previous week, Sensex closed higher by 282.35 points or 1.83% to 15,670.31 points while Nifty was
up by 65 points or 1.42% to close the day at 4,636.45 points.
11)The country’s top-10 valued firms added over Rs 41,000 crore to their market capitalisation during the month ended July 31, with state-run ONGC contributing most to the kitty. ONGC added Rs 23,934 crore to its valuation taking its total market cap to Rs 2,49,071 crore at the end of trade in the just ended month.
12)Sajjan Jindal-owned JSW Energy may go for an IPO to raise funds for its ambitious plans to step up power generation capacity to 12,000 mw from the present 800 mw. “We may look at the IPO it if the market stabilises,” JSW group chief financial officer MVS Seshagiri Rao said. However, a company source said that the company had already started “working on the initial public offering”. Adani Power was the first from the energy sector to hit the market after the unprecedented financial meltdown that
crippled economies across the globe. The Rs 3,000 crore issue was over-subscribed over 21 times. NHPC’s IPO is scheduled to hit the market on August 7. The state-owned firm plans to raise up to Rs 6,039 crore
13)Several fund houses have declared dividends for various schemes, setting July 31 as record date. Sahara Mutual Fund announced 40 per cent dividend under Sahara Banking & Financial Services Fund, which is an open-ended sectoral growth scheme that aims to provide long-term capital appreciation through investment in equities and
equities related securities of companies engaged in banking and financial services, either whole or in part.
14)With reports of less output in jeera(cummin seed) producing countries such as Syria, Turkey and Iran, price of this key ingredient has started rising in Unjha, the hub of country’s jeera trade, during the last few weeks.
15)Guar futures prices are expected to remain higher in the short term due to a sharp decline in the acreage under guar in the major producing states, mainly Rajasthan, amid lower stocks.
16)The price of maize is expected to gain when the Kharif arrivals hit the market in November-December due to continuing demand from poultry industry while groundnut is likely to loose its charm due to fall in prices of domestic oilseeds on the back of increased edible oil imports. The price of another premium oilseed, gingelly, will also stay flat owing to lower export demand.
17)THE commercial property market, that had seen one of the biggest falls till May, is slowly reviving as higher government incomes and an improving economy are prompting customers to invest in such asset classes. Developers who had slashed prices of their commercial projects by 40-50% due to slow demand say there are now more enquiries from retail investors, while institutional buyers have closed some deals. Many developers, instead of trying to sell off properties are signing rental deals with customers and institutional customers. In one recent deal, global consultant KPMG signed a deal with Lodha Developers for renting out a 130,000-sqft property at Mahalaxmi in central Mumbai, for a monthly rental of Rs 160 per sqft. This is one of the biggest deals in the commercial property market this year, not just for us but also for the sector,” said Lodha Developers director Abhisheck Lodha.
18)The overall supply of affordable housing projects in metros, tier II and tier-III cities is expected to increase by 25% in the next six months as top builders are now planning to double the number of units and offer to home buyers.
19)Unitech, India’s second largest listed real-estate company, is planning its third round of qualified institutional placement(QIP) for about Rs 1,000 crore. But unlike the first two issues. The proceeds from the new round of fund raising will be used for fresh investment instead of retiring its debts, a reflection of growing confidence in the real estate sector.
20)TECH firms TCS and Wipro, as well as several others, are vying for a Rs 2,500-crore outsourcing contract from the Indian Railways, as the world’s biggest civilian employer plans to procure a human resource management system(HRMS) and other modules for integrating and automating the functions of payroll, accounting and pension. With around 1.6 million emplyees, Indian Railways aims to have a centralised system for managing its staff better. The organisation plans to spend around $1.5 billion over next two to three years on technology.
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