Date: 24 August 2009
Thought for the day
“Over-learning and over-preparing gives you the winning edge in any area.”
1)A scientist of Indian origin has created a new supercomputer, called Cystorm, which can carry out 28.16 trillion calculations per second. Cystorm, a Sun Microsystems machine, was developed by Mr Srinivas Aluru from the Iowa State University. The 3,200 computer processor cores that power Cystorm makes its perform 28.16 trillion calculations per second, which is five times the peak of CyBlue, an IBM Blue Gene/L supercomputer that’s been on campus since early 2006 and uses 2,048 processors to do 5.7 trillion calculations per second.
2)With various segments of the industry showing signs of recovery, a CII-Ascon survey on Sunday said the country’s economic growth could go up to 7% during 2009-10 against 6.7% in the previous fiscal. Projecting a 6.5-7% growth rate for the current fiscal, the survey said, “the corporate results for the first quarter of 2009- 10 showed some incipient signs of stablisation.”
3)Even as the indirect tax kitty during the first four months of this fiscal shrunk by 28 per cent when compared to last year, the Government expects to meet the budgetary target of about Rs 2.7 lakh-crore, reading the signs of revival in economy.
CORPORATE / INDUSTRY
4)In what could be the biggest deal in the healthcare sector, hospital chain Fortis is finalising a pact for buying 10 of Wockhardt’s hospitals in Kolkata, Mumbai and Bangalore for up to Rs 1,200 crore.
5)Despite declining profits in the first four-and-a-half months of 2009-10, corporates are not shying away from declaring hefty interim dividends. In fact, they have paid Rs 2109 crore in the form of interim dividend during 2009-10(April-August).
6)Soaring food prices coupled with weak monsoon has taken toll on biscuit industry, especially the SME units, in the country. The Rs 6,000-crore industry is looming under the escalating prices of major raw materials used in making biscuits.
MONEY & BANKING
7)Having missed the bus to a planned global acquisition in 2008, ICICI Bank on Sunday said it is open for a buyout in India as domestic takeover in the current environment makes better sense than an overseas buy.
8)THE interim pension regulator is working on a separate fund management guideline for corporates, a move that will allow them to enter into agreement with fund managers for managing the pension fund of their employees. “The roadmap on the corpus management would be announced in the next three to four months,” an official of the interim Pension Fund Regulatory and Development Authority (PFRDA) told PTI.
9)With the key US equity indices ending the week posting solid gains on the back of robust home sales data along with improved economic indicators from Germany and France is expected to set positive sentiments in the domestic equity bourses. The 30-share Sensex of the Bombay Stock Exchange(BSE) had ended the week with 1.52% gain on Friday while the broader 50 share Nifty of the National Stock Exchange(NSE) had closed 1.69% up. Experts argue that with news from the global markets turning positive, the Indian market is expected to extend their upward rally. Moreover, with the current month derivatives series set to expire in the coming week, market participants are expecting some amount of short-covering following positive global news flow that could further take the share prices higher.
10)Booking profits from the surge in the markets early this month, overseas investors pulled out a net of over Rs 4,000 crore($82 billion) from Indian stocks over the past two weeks. So far in August, the foreign institutional investors have been net sellers on eight trading sessions, of a total of 15, data available with the Sebi shows.
11)Foreign and domestic institutional investors have told the government that the disinvestment programme will sail through smoothly and there will be enough appetite for good quality government stock, officials said. The government has discussed the disinvestment issue with the heads of global and local financial community last Wednesday. Finance minister Pranab Mukherjee had called the meeting to assess the country’s investment climate. The 2009 Economic Survey has suggested that the government can raise Rs 25,000 crore annually through disinvestment.
12)Reliance Mutual Fund has announced dividends for three mutual fund schemes. While the Reliance Banking Fund holders will receive 20 per cent dividend, the investors of Reliance Pharma Fund will get 15 per cent and its tax saver ELSS Fund has declared a dividend of 15 per cent. “Our aim has always been to maintain positivity of results and ensure that we focus on long term wealth creation for our investors through prudent investment monitoring of trends and higher safety,” Reliance Mutual Fund CEO Sundeep Sikka said.
13)Pepper market is in the grip of a bull run with traders and farmers betting on the market to firm up further on active buying by European buyers, who return from their holidays from the next week. Supply has become very tight with holders of stock waiting for a rally to maximise their gain, traders said. Though pepper prices have already crossed the $3,000 per tonne-mark in most of the origins, actual trade is limited.
14)The Foreign Investment Promotion Board is believed to have cleared Norwegian telecom firm Telenor’s proposal to hike its stake in its joint venture Unitech Wireless, putting an end to a two-month long wait by the telco. Telenor ASA had completed the acquisition of a 67.25% stake in the joint venture with Unitech in March.
15)Mahindra Satyam has recalled around 1,000 of its associates who were sent on half-paid leave, as new orders begin trickling into the firm. The Hyderabad-based IT major expects some more recalls by the end of the six-month sabbatical.
16)Consumer spending in the US probably rose in July at half the pace of the previous month, showing the biggest part of the economy is struggling to rebound, economists said before reports this week. Purchases increased 0.2% after a 0.4% gain in June, according to the median estimate of 61 economists surveyed by Bloomberg News before a commerce department report on August 28. Other figures may show orders for long-lasting goods jumped and sales of new homes improved. The government’s “cash-for-clunkers” plan revived auto sales last month just as Americans cut back on items such as furniture and electronics. Depressed home values and the biggest employment slump since 1930s will prompt households to save more, meaning an economic recovery will be slow, even as housing and manufacturing stabilise.
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