Date: 12 August 2009
Thought for the day
“Have great hopes and dare to go all out for them. Have great dreams and dare to live them. Have tremendous expectations and believe in them.”
–Norman Vincent Peale
1)Prime Minister Manmohan Singh on Tuesday reconstituted his Economic Advisory Council(PMEAC) bringing back veteran economist C Rangarajan as its head and inducting two new members.
2)THE economy will grow by more than 6% and there is no need to press the panic button despite a fear of drought and the decline in the sowing of the kharif crop such as rice, finance minister Pranab Mukherjee said on Tuesday.
3)India is turning into a fast-growing custom manufacturing outsourcing destination for pharmaceuticals with a 43 per cent growth that is thrice the global rate, according to a study by Ernst & Young and the Organisation of Pharmaceutical Producers in India.
4)India has weathered the global economic downturn and is emerging as a globally competitive manufacturing hub for small, fuel efficient cars, a senior Indian official said on Monday night.
CORPORATE / INDUSTRY
5)THE take-over battle for the US copper mining firm Asarco is expected to be over by this month after both the bidders – Sterlite Industries and Grupo Mexico – revised their offers. India’s largest copper maker Sterlite Industries on Tuesday announced that it had revised its bid for the acquisition of the assets of ailing Asarco to cash payment of $1.58 billion and deferred payment of $208 million through participatory notes.
6)Chennai-based Consolidated Constructions Consortium Ltd (CCCL) has bagged an order worth Rs 431 crore from public sector company Oil and Natural Gas Corporation(ONGC). The order is to construct the corporation’s corporate office Rajiv Gandhi Urja Bhavan at Vasant Kunj in New Delhi.
MONEY & BANKING
7)The rupee fell marginally by 14 paise against the dollar on Tuesday, in a range-bound market. The domestic currency opened at 48 and strengthened to touch an intraday high of 47.81. It weakened to close at 47.96/97, as against the previous close of 47.82.
8)Existing comprehensive health insurance policies will also cover hospitalisation expenses of patients affected by swine flu, insurance company officials said. Some insurers have already received claims for hospital expenses, though the number is not very large.
9)Indian equity indices closed the day with marginal gains after witnessing huge volatility throughout the trading session. The 30-share Sensex of the BSE added 64.82 points, or 0.43% to close the day at 15,074.59 points. The broader S&P CNX Nifty of the National Stock Exchange(NSE) was up by 33.70 points, or 0.76%, to end the day at 4,471.35 points. Dealers in the markets say, buying was seen in auto and realty stocks coupled with positive cues from the Asian markets, boosted the sentiments of the markets.
10)With the Indian stock market showing signs of revival, the combined valuation of all the listed firms is expected to touch $1.9 trillion this year, surpassing the 2008 levels, a report by global consultancy Celent says. According to the report, the market continues to hold promise as the economy is expected to grow above 5% even in the global economic downturn.
11)Japanese corporates and retail investors see India as a major investment destination and already up to $1 billion has reached Indian equity markets. “The Japanese retail investment has touched $1 billion and they are mostly through mutual funds,” Mizuho’s deputy president Yukata Endo told reporters.
12)A CLUTCH of IPOs, including Asia’s third biggest by state-run NHPC, has propelled India to the sixth position in the list of most active nations in the global space of initial public offerings this year. Though there has been a drastic fall, both in terms of IPO volume and value so far this year compared to last year, experts say the lull in the primary market is finally over and the markets are showing some signs of recovery.
13)Fixed Maturity Plans(FMPs) seem to be generating some amount of interest among mutual fund investors once again. These plans were the target of investors’ ire during the later part of 2008. With equity markets moving up sharply over the last few months, lots of investors are unwilling to take higher risks. Experts say there will be more investor interest in FMPs if interest rates move up from here.
MERGER & ACQUISITIONS
14)The Companies Act Amendment Bill, which was tabled in Parliament in the Budget session that adjourned last week, has proposed to allow Indian companies to merge with overseas companies, a move that would introduce greater flexibility in cross-border merger and acquisition(M&As).
15)Copper rose to near 10-month high on Tuesday on Chinese data that showed demand for the metal remained strong and economic recovery was on a solid footing. By 0905 GMT copper for three-month delivery on the London Metal Exchange rose to $6,177 a tonne from $6,135 at the close on Monday and compared with a session high of $6,184.75.
16)Gold prices fell for a fifth straight day in New York, extending the metals longest slide since March. Gold futures for December delivery fell $1.50, or 0.2 per cent, to $945.50 an ounce at 11:16 a.m. on the New York Mercantile Exchange, after gaining as much as 0.5 per cent.
17)IN ITS most ambitious bid ever to house 6 crore slum dwellers and realise the vision of a slum-free India, the government is rol- ling out a massive plan to build 50 lakh dwelling units in five years across 400 towns and cities. The programme could free up thousands of acres of valuable government land across the country and generate crores worth of business for real estate developers.
18)After a virtual-freefall trigered by the global meltdown, the prices in the residential market in Delhi NCR, Chennai and Kolkata appear to have ‘stabilised’ in July. The average capital values in these markets remained more or less unchanged in July compared to April, according to data complied by Cushman & Wakefield.
19)PROMOTERS’ equity holding in top six real estate companies fell between 4% and 31% over one year period ended June 30,2009 on account of state sale by them, sale of pledged shares by lenders and issue of fresh shares to institutional investors.
20)INDIA’S largest telco by both customers and revenues, Bharti Airtel will soon outsource the management and maintenance of its 80,000 km-plus of inter-city optic fibre cable networks in a deal that is estimated to be worth $500 million over a five-year period, two executives familiar with the development told ET.
21)In a significant deal in the domestic IT space, which is currently abuzz with several big ticket IT projects from the public sector and government agencies, the country’s top software outsourcing firms – TCS, Wipro Technologies, L&T Infotech and Siemens Information Systems Ltd(SISL), have been shortlisted by the Indian Army for its Computerised Inventory Control Project(CICP) in the second round of bidding.
22)Crude oil fell below $70 a barrel in New York U.S. equities dropped and the dollar strengthened for a sixth day. Crude oil for September delivery fell $1.25, or 1.8 per cent, to $69.35 a barrel at 10:49 a.m. on the New York Mercantile Exchange.
23)The US banks, which have cut thousands of jobs during the two- year-old financial crisis, are suddenly racing to fill empty seats to make the most of soaring stock markets and narrowing credit spreads.
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Karvy Consultants Ltd www.karvy.com
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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