Date: 10 August 2009
Thought for the day
“Failures do what is tension relieving, while winners do what is goal achieving.”
1)The Indian space Research Organisation (ISRO) is developing a constellation of seven satellites to give a boost to the country’s security apparatus, a top scientist said on Sunday. ISRO chief G Madhavan Nair said the Indian Regional Navigational Satellite System(IRNSS) was being developed ‘considering security-related issues’.
2)The cost advantage is luring many pharma companies to prefer India as the destination for contract research and clinical trials to the developed markets, a joint study by FICCI and E&Y said. The countries ability to offer end-to-end services in clinical research covering trials, data management, biostatistics and central loboratory services makes it a preferred destination for trials and research.
CORPORATE / INDUSTRY
3)The Anil Ambani group’s Reliance Infrastructure and Hyderabad based Lanco Infratech have so far purchased the Request for Qualification(RFQ) applications for taking up the Rs 12,132-crore Hyderabad Metro Rail(HMR) project. Six other infrastructure firms, including GVK, Essar and L&T, have also evinced interest and are having discussions with the officials concerned.
4)INDIA Hospitality, a London-listed firm with interest in the consumer and hospitality space in India, has taken operating control of its Indian subsidiary Mars Restaurants, the hotel and restaurant company that manages Not Just Jazz By The Bay and Pizzeria chains, from high profile restaurateur and current president Sanjay Narang.India Hospitality has also taken operating control of airline catering business SkyGourmet Private and Mars Catering Services from Mr Narang, the company said.
5)National Thermal Power Corporation Ltd(NTPC), country’s largest power utility, is likely to set up power plants in Nigeria and Sri Lanka, a top NTPC official said.
MONEY / BANKING
6)Bank of Baroda (BoB) is planning to revamp its wholly-owned merchant banking subsidiary, BOB Capital Markets, to leverage synergies in areas such as project appraisal, loan syndication, and corporate restructuring.
7)KEY equity benchmarks will continue to consolidate this week as investors cash out of expensive stocks and turn their attention to ‘value’ buys that promise good upsides from the current levels. The Sensex and the Nifty shed 3% week on week due to heavy losses in the last two trading sessions of the week.
8)Riding on superior technology and FII preference, the National Stock Exchange is expected to surpass its older counterpart, the Bombay Stock Exchange, in market capitalisation this year. According to a report by global consultancy Celent, 2009 would be the first year when NSE’s market capitalisation is expected to exceed that of BSE.
IPO & FPO
9)The north-east explorer Oil India Ltd will make its first public offering of shares on September 7. Simultaneously, the government will also dilute 10% of its equity in the firm. The price band is likely to be decided on August 25, according to investment banking sources associated with the stake-sale process.
10)NMDC, India’s biggest mining company, will tap the capital market in two phases. The government will first divest 8.38% of its equity stake through an initial public offer(IPO) in the current financial year, which will be followed by a follow-on offer(FPO) in 2010-11. “The steel ministry has cleared a proposal to divest 8.38% of government equity in NMDC through a public offer,” an official in the ministry said on condition of anonymity.
11)Bombay Stock Exchange Ltd is ready for its IPO, the management of Asia’s oldest bourse told its shareholders during the annual general meeting on Friday. BSE has sought SEBI’s approval for the IPO and is waiting for the guidelines for listing, said a member who attended the annual general meeting.
12)THE securities and exchange Board of India(Sebi) has directed the Association of Mutual Funds in India(Amfi) to ensure that a mutual fund investor wanting to switch distributor is not asked to get a nobjection certificate(NOC) from his existing distributor.
13)Sahara Mutual Fund, part of the Sahara Group with about Rs 237 crore assets under management, is planning to launch a daily systematic investment plan(SIP) for daily wage earners in a month’s time, according to its chief executive officer Naresh Kumar Garg.
14)Morningstar India, a subsidiary of leading US-based fund research firm, has launched a Website for retail investors in the country and plans to introduce additional qualitative research and ratings for
mutual funds in the next six-eight months.
MERGERS & ACQUISITIONS
15)Indian companies have emerged as the most attractive and enthusiastic players in the mergers and acquisitions space, both domestically and globally, though success is more evident within the country, a report said.
16)Silver futures and gold futures on the national commodity exchanges finished higher on the week ended Friday mainly on dollar slide amid better physical demand. On the other hand, crude oil futures gained nearly 6% on continued buying support in the early last week but oil dropped as much as 2.5% on Friday after a report of higher inventory in the US.
17)With supply lines thinning out in most of the origins, the pepper market is expected to rally ahead by almost 30-40% in the long-run, traders said. Major origins have sold or contracted most of the pepper and the demand from industrial buyers in the US and the European Union is likely to help in a short-term surge in prices.
18)Rise in turmeric prices has dragged down arrivals as well as exports in the past four months. “Inadequate rains have created fears of lower yield that pushed up turmeric prices to record levels although the demand was not so high as hyped by media,” said RK Viswanathan, ex-secretary of Erode Turmeric Merchants Association, a top turmeric trader in the country.
19)WITH money from private equity (PE) majors hard to come by for the real estate companies, the qualified insitutional placement (QIP) route and the capital markets have been a shot in the arm. This comes on the back of PE majors being cautious about investing in the real estate sector on account of having taken a hit on their investments in the past.
20)Development of service apartments in major metros is the latest trend in the Rs 10,000-crore real estate sector. Top builders aim at supplying 100% service apartments to attract tourists and business travellers. Currently, the demand for service apartments in India is growing at the rate of 100% yearly.
21)BHARTI Airtel, which had recently announced that it had extended the merger talks with South Africa’s MTN Group, has sought loans worth $2 billion from State Bank of India(SBI), minister of state for finance Namo Narain Meena told Parliament on Friday.
BUSINESS PROCESS OUTSOURCING
22)The domestic business process outsourcing(BPO) industry, which has been recording high growth rates all these days,is facing pricing pressure driven by the twin factors of a slowing economy and the entry of newer players. BPO units clocked revenues of Rs 8,900 crore for FY09, recording an year-on-year(YoY) growth of 41%. This high growth rate had lured newer players, who are also seeing a rampdown in their international business.
23)TWO of the top three Indian tech firms Infosys and Wipro are setting up dedicated practices for serving government customers locally and across the globe, as they seek to address over $100 billion
market for government IT outsourcing, and compete more effectively with local rivals TCS apart from challenging IBM, EDS and others.
24)Mahindra Satyam or the erstwhile Satyam Computer Services has bagged around 30 IT contracts, after it was taken over by telecom solutions company Tech Mahindra in April.
25)Crude oil may reach $95 a barrel by early next year after rising to a seven-week high this week, according to technical analysis by Auerbach Grayson, a brokerage in New York.
26)Increasing evidence that the US economy was crawling out of recession caused speculators to continue building long positions in most commodities such as crude oil, soyabeans and coffee, at the month’s end and moving into August.
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