Date: 04 August2009
Thought for the day
“If you don’t see yourself as a winner, then you cannot perform as a winner.”
1)In a step forward, the Solar Mission under the National Action Plan on Climate Change got an in-principle nod from the PM with an ambitious target of 20,000 mw solar power by 2020 being accepted. In a meeting that lasted over two hours, the Climate Change Council headed by the PM suggested several changes and alterations to the mission details which will now be incorporated in the final document.
CORPORATE / INDUSTRY
2)Driving on the back of new models, passenger car manufacturers like Hyundai Motor India Ltd(HMIL), Tata Motors, Mahindra and Mahindra(M&M) and Fiat India witnessed a high double-digit growth in July sales.
3)LARSEN & Toubro on Monday got contracts worth Rs 5,300 crore ($1.1 billion) to build offshore platforms for ONGC, signalling a return of large orders from hydro-carbon companies and also setting the stage for similar contracts from power companies.
MONEY & BANKING
4)The rupee gained by around 30 paise against the dollar on Monday, as the pound and the euro registered gains against the greenback. The domestic currency opened at 47.82 and weakened to touch an intra-day low of 47.93. It strengthened to close at its day’s high of 47.63, as against the previous close of 47.94/95.
5)Private sector banks which have cut down their credit exposure continue to outperform state-owned banks in terms of bad loans exposure. A comparison between 14 private sector banks operating in the country and 25 state-owned banks shows the former have better numbers in terms of net non-performing assets(NNPA) growth during April-June 2009.
6)ICICI Prudential Life Insurance Company has been awarded the 1st runner in the best defect elimination in service & transaction category at the 10th Asian Six Sigma Excellence Award 2009, held at Singapore, recently.
7)The country’s equity indices, despite volatility during the first hours of the trading session, managed to close the day with huge gains. Strong cues from the Asian and European markets coupled with positive corporate results and encouraging economic data from across the globe, boosted the sentiments of the domestic markets. The 30-share Sensex of the Bombay Stock Exchange(BSE) added 253.92 points, or 1.62%, to close the day at 15,924.23 points. The broader S&P CNX Nifty of the National Stock Exchange (NSE) gained 74.95 points, or 1.62%, to end the day at 4,711.40 points.
8)Bajaj Auto shares rose 6.52 per cent to Rs 1,304.5 on the proposed increase in its motorcycle production. Bajaj’s plan to raise domestic motorcycle production by about 25 per cent in August 2009 came as a response to stronger demand in the segment.
9)The Hindalco Industries scrip surged 8 per cent to close the day at Rs 108.2 on plans to issue GDR. Volatility in the domestic market has made Hindalco cut the size of its $500 million QIP and go in for a GDR issue.
10)CENTRAL government enterprise National Hydroelectric Power (NHPC) will raise Rs 6,000 crore from the initial public offer (IPO), which will hit the market on August 7. “Rs 4,000 crore will be used to finance the under construction projects of the company while Rs 2,000 will be given to the government of India,” NHPC’s director (project) JK Sharma said. For its IPO, NHPC has fixed the price band between Rs 30-36 per equity share.
11)Power utility firm Adani Power Ltd has fixed the issue price of its initial public offer(IPO) at the upper end of the price band at Rs 100 per equity share. The price band was between Rs 90 and Rs 100 per equity share. The Rs 3,000-crore issue, which was the largest offering in the last 18 months, received an overwhelming response from investors. It was subscribed 21.64 times, setting the tone for a revival in the primary market.
12)HDFC Mutual Fund, the second largest mutual fund (by asset size), has registered the highest-growth among the top players who have reported their assets under management(AUMs) for July. Reliance Mutual Fund, the largest mutual fund by asset size, has reported an almost flat growth in its asset base, according to the data released by AMFI. HDFC reported a 6.6-per cent rise in its asset base, ICICI Mutual Fund up by 4.5 per cent, UTI Mutual Fund fell marginally by 1.06 per cent, while Birla Sun Life Mutual Fund was up by 1.8 per cent, according to the AMFI data. The benchmark index, Sensex, was up by more than 8 per cent during July. Of the 32 fund houses that have released their AUMs, nine registered a decline in their asset base, while the rest recorded an increase.
13)Uncertainty over the monsoon outlook has boosted trading volumes in agri-futures, which substantially increased by 62.48% to Rs 42,211 crore during the first fortnight of July, compared with Rs 25,979 crore in the same period last year.
14)Buoyed by agri-futures, the turnover of 22 commodity exchanges has increased by 34.19% to Rs 18,15,807 crore till July 15 in the current fiscal, compared with Rs 13,53,173 crore in the same period a year ago, commodity market regulator FMC said.
15)Copper prices soared to 10-month high on Monday as investors piled in on expectations of rising demand after robust manufacturing data from China, the world’s largest consumer of industrial metals. Aluminium touched $1,930 a tonne, the highest since the middle of November, while zinc, lead and nickel hit $8,825, 1,932 and $18,650 a tonne respectively to their highest level since last September. Tin jumped 8 per cent to $14,800 a tonne on market concern about the scale of long positions for september.
Three-month copper on the London Metal Exchange hit $5,947.75 a tonne, the highest since early October last year.
16)The National Commodity and Derivatives Exchange Limited(NCDEX), the country’s second largest commodities futures trading platform, is working to get all commodities traded at NCDEX to the spot market in phases, according to its managing director R Ramaseshan.
17)Soybean breached the upper circuit on the National Commodity & Derivatives Exchange(NCDEX) today following firm international guidance and fresh festival buying by traders and speculators amid concern that the government may impose Customs duty on crude edible oil which will result in the commodity becoming costlier.
18)Gold prices on Monday fell by Rs 60 at Rs 15,030 per 10 gram in the bullion market in New Delhi on stockists selling at existing higher levels, while silver ruled flat in limited deals. Standard gold and ornaments declined by Rs 60 each to Rs 15,030 and Rs 14,880 per 10 gram, respectively and sovereign held steady at Rs 12,475 per piece of eight gram. Silver ready ruled flat at Rs 22,800 per kg, but weekly based delivery rose by Rs 170 to Rs 22,670 per kg.
19)The creation of the world’s third largest telecom entity – $23 billion in value, 200 million-plus subscribers – has got delayed. Bharti Airtel and South Africa’s MTN on Monday said the negotiations between the two will continue through this month for a cash-cum share swap deal.
20)BHARAT Sanchar Nigam(BSNL) has been making operating losses in the past two years, only managing to stay in the black because of interest income from its accumulated cash reserves – its misfortune almost entirely attributed by company insiders and experts to rampant political interference.
21)At a time when revenues from application development and maintenance are shrinking, Indian tech firms are seeing newer opportunities emerge from engineering services outsourcing (ESO) market, estimated to be worth around $1.8 billion today and expected to reach $50 billion by 2020 for the country.
22)HCL Technologies on Monday announced that it had completed the acquisition of a 35,000 sq ft data centre from a Fortune 500 organisation in New Jersey. The new data centre would help HCL expand its delivery footprint in the US.
23)OIL rose more than $2 to hit a one-month high near $72 on Monday as positive Chinese economic data and firmer equities bolstered hopes of economic recovery and higher energy demand. US crude rose as much as $2.37 to hit $71.82 a barrel, the highest since July 1. By 1351 GMT, it was trading $1.73 higher at $71.18. Brent crude gained $1.46 to $73.16.
24)AUSTRALIA and New Zealand Banking Group will likely clinch a deal this week to buy some Asian assets from British lender Royal Bank of Scotland for about $775 million, a source briefed on the situation told Reuters on Monday. The deal would mark ANZ’s biggest overseas purchase, cement its position as a regional bank and would be a key step in Australia’s fourth biggest bank’s goal to generate a fifth of its revenue from Asia by 2012.
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