Date: 25 August 2009
Thought for the day
“Nothing deters a good man from doing what is honourable.”
1)The Prime Minister’s Council on Climate Change on Monday approved “in principle” the National Mission on Enhanced Energy Efficiency. The Mission will enable about Rs 75,000 crore worth transactions in energy efficiency. In doing so, it will, by 2015, help save about five per cent of our annual energy consumption.
CORPORATE / INDUSTRY
2)Engineering and construction major Larsen and Toubro has bagged four orders from Qatar, the UAE and Oman totalling Rs 1,044 crore ($217.45 million) for construction of electrical substations for clients such as the Qatar Petroleum, Qatar General Electricity and Water Corporation(Kahramaa), Dubai Electricity and Water Authority(DEWA) and Oman Electricity and Transmission Company (OETC).
3)APOLLO Hospitals plans to run about 15 hospitals in west Asia and north Africa and a heart hospital in Europe as Indian healthcare chains take baby steps towards lucrative overseas markets. India’s largest hospital chain in in talks with a Dubai-based business conglomerate for setting up hospitals in west Asia and north African countries on a franchisee basis and has offered to run a heart hospital in Europe on contract.
4)Hyderabad-based infrastructure firm IVRCL has bagged orders aggregating to Rs 597 crore to implement government and PSU projects in the transportation, water and power sector, said a company statement.
5)BACKED by an order-book of Rs 2,500 crore, a huge bid-book and growing export markets, saw pipes-maker, Man Industries, is aiming to breach the Rs 2,000 crore turnover mark this fiscal.
MONEY & BANKING
6)The rupee managed to close with gains against the dollar for the fourth straight session on Monday, inching up by 1 paise to 48.61/ 62 against the greenback, as late dollar buying by importers eroded its early lead amid firm stock markets. At the Interbank Foreign Exchange market, the domestic unit resumed sharply higher at 48.40/ 42 a dollar from its last weekend’s close of 48.62/64 and touched a high of 48.39 due to smart rally in stock markets.
7)THE pension regulator has said it may widen the list of assets allowed as eligible equity investments under the New Pension System(NPS) so that when the pension fund corpus grows bigger, the higher flow of money into select stocks does not influence their prices.
8)The New Pension Scheme for private citizens will soon give sub- scribers the option of opening a savings account as well. The tier-II account, expected to start from November this year will allow regular withdrawals, unlike the current system or a tier-I account which is a pension account that permits only 20% of the accumulation to be withdrawn before subscribers reach the age of 60.
9)The domestic equity bourses opened on a high note, tracking solid gains in the Asian markets on the back of robust US home sales data and US Federal Reserves chairman Ben S Bernanke’s comment that the global economy is beginning to emerge from recession. Led by realty, metal, FMCG and capital goods stocks, the 30-share Sensex of the BSE surged 387.92 points, or 2.55%, to close at 15,614.16 points. The broader 50-share Nifty of the National Stock Exchange(NSE) gained 114 points, or 2.52%, to end at 4,637.90 points.
10)The Bombay Stock Exchange (BSE) on Monday launched an index that will track the value of newly listed companies for a period of up to two years after listing. To start with, it will comprise 45 companies that were listed in the past two years.
11)WITH a host of government-owned companies lining up for listing, initial public offer (IPO) financing – an activity that has revived after a span of over 18 months – is expected to pick up steam.
12)The government on Monday fixed a price band of Rs 950-1,050 per share for the initial public offering of Oil India, the second state-run firm to hit the market this year. The price band was fixed by a Group of Ministers headed by Finance Minister Pranab Mukherjee.
13)New Delhi-based Raheja Developers is planning an initial public offering(IPO) within this financial year. The company plans to raise above Rs 1,000 crore, as per sources tracking the development.
14)Copper prices rose to their highest in more than a week, helped by strong investment demand, a rally in global equities and bets the economic crisis is petering out. Lead surged 7 per cent to $1,999.50 a tonne, its highest since late September, amid news China’s Henan province has shut down 240,000 tonnes of annual lead smelting capacity on reports of lead poisoning. London Metal Exchange lead for three months delivery traded at $1,965 a tonne in official rings compared with $1,863 at the close on Friday, while copper traded at $6,361 compared with $6,270.
15)Gold edged higher on Monday as oil prices rose and the dollar pared its earlier gains, but bullion remained range-bound as strong resistance at $960 prevented a more robust rise. Spot gold was at $955.40 per ounce by 1216 GMT against $952.65 an ounce late in New York on Friday.
16)In what could be the largest realty project in north-east, Emaar MGF Land in a joint venture with Windermere would set up a residential complex in Shillong at an initial investment of Rs 400 crore.
17)BHARTI group chairman Sunil Mittal and South Africa telco MTN’s chief executive Phuthuma Nhleko on Monday met India’s finance minister Pranab Mukherjee and corporate affairs minister Salman Khurshid, indicating that the proposed $23-billion merger between Bharti Airtel and Africa’s largest operator remained on track.
18)SISTEMA Shyam TeleServices, which offers CDMA technology- based mobile services in India under the MTS brand, is looking at listing the company on the local bourses next year,its president & CEO Vsevolod Rozanov said.
19)DEPARTMENT of Posts(DoP) is set to spend up to $1 billion on its IT-led business revamp over next three to five years with top tech firms such as IBM, TCS, Infosys and Wipro pursuing several out- sourcing contracts for helping the postal department automate and integrate its business processes with a standard software solution.
20)COGNIZANT Technology Solutions is looking to tap emerging markets such as India, Middle East, Australia, Japan and Latin America as its traditional markets, the US and Europe slowed down last year due to the economic recession.
21)Crude oil traded changed little, after approaching a 10-month high in New York as rising equities bolstered confidence in the economic recovery. Crude oil for October delivery traded at $73.76 a barrel, down 13 cents, in after-hours electronic trading on the New York Mercantile Exchange at 11:03 am London time, after rising as high as $74.71 a barrel.
22)A KEY confidence index released by accountants in UK claims the recession is over, based on the highest ever business confidence among its members this year – the Business Confidence Monitor jumped to 4.8 in June, from -28.2 in March, the highest jump in ever.
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Economic Times www.economictimes.com
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Business Line www.businessline.in
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The Times of India www.timesofindia.com
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Deccan Chronicle www.deccan.com
The New Indian Express www.newindpress.com