Date: 26 August 2009
Thought for the day
“In order for you to do something you’ve never done, you have to be someone you’ve never been.”
1)The Indian Military Band is leaving for Moscow on September 1 to participate in the Kremlin Zoria festival, an international military music event to be staged at the historic Red Square next month, army officials said in New Delhi.
CORPORATE / INDUSTRY
2)Oil exploration service provider Aban Offshore today said it has secured two deals worth Rs 3,371 crore for supplying rigs. The company has signed a contract worth USD 603 million (Rs 2,925 crore) for the deployment of three newly build jack-up rigs(from the deep driller series) in West Asia, aban Offshore said in statement to the BSE.
3)APOLLO Hospitals, the largest healthcare provider in the country, plans to set up three more hospitals abroad, even as Fortis, its closest rival in the domestic market, narrowed the gap by buying 10 hospitals from Wockhardt. With Wockhardt’s ten hospitals in its kitty, Fortis seems to have made the opening moves in a gambit that could bring it closer to Apollo.
4)Power and automation technology provider ABB on Tuesday said it has bagged an order worth Rs 128.3 crore from state-run Power Grid Corporation of India(PGCIL) for setting up a sub-station in Gujarat.
5)Cairn Energy said its large Indian oilfields would begin producing oil this week, but warned on Tuesday that meeting targets for the next stages of the development was becoming “increasingly challenging”.
6)Bangalore-based GMR Industries Ltd, the agri-business division of GMR Group with main interests in sugar production, is planning to set up an integrated greenfield sugar mill at an investment of Rs 400 crore at Raibag in Belgaum district. This will be its fourth sugar mill after one in Andhra Pradesh and two in Karnataka.
MONEY & BANKING
7)The rupee traded in a range as it tracked the equities market. It opened at 48.80 and closed at 48.76, slightly lower from the previous close of 48.60. There were alternate bouts of buying and selling, said forex dealers.
8)INTEREST rate futures – derivatives that help hedge against interest rate risks, will finally be available from August 31 to all investors. National Stock Exchange has announced the launch of IRFs based on the 10-year government security and has waived transaction charges until Dec 31.
9)The Pension Fund Regulatory and Development Authority(PFRDA) is scouting for institutional advisors to help the regulator in framing guidelines for the pension sector. “They will advise us on the technical aspects and provide assistance in framing rules and regulations,” said an official with the regulator.
10)EQUITY benchmarks extended gains to the fourth straight session on Tuesday, as short-covering, ahead of the August derivative series expiry on Thursday, helped erase early losses and closed higher. The 30-share Sensex ended 60 points or 0.3% higher at 15,688.47. The 50-share Nifty closed 16 points or 0.3% higher at 4,659.35 on Tuesday.
11)The stock of Suven Life Sciences continued to climb on the bourses with higher volumes after the company informed the BSE that it is talking to four “global pharma majors” to outlicense an experimental molecule for treating Alzheimer’s disease and schizophrenia. The stock jumped 20 per cent to end at Rs 31.6 over the previous day. The stock scored handsome gains of 45.29 per cent over a week and 52.66 per cent in a month’s time. It clocked a volume of 38.22 lakh shares against its two-week average of 5.87 lakh shares.
12)Broking firms have renewed their focus on the core business as non-broking income has shrunk and equity brokerage volume has moved closer to peak levels. Aided by increasing stock prices and easing global concerns, domestic equity brokerage volume has grown 66 per cent in the first quarter of 2009-10 on a sequential quarter-on-quarter basis, second only to the highest-ever volume recorded in the third quarter of 2007-08, according to a recent report by ICRA. The turnover in the first quarter of 2009-10 alone equated to 36 percent of the total turnover in 2008-09.
13)JSW Energy plans to hit the capital markets in the third week of October to raise around Rs 3,000 crore by diluting 10 percent equity stake.
14)Great Eastern Energy Corporation Ltd plans to raise around Rs 400 crore through an initial public offering this fiscal to part-fund drilling of nearly 300 wells and distribution of gas for industrial purposes in West Bengal.
15)Globus Spirit, a Delhi-based liquor company, plans to raise nearly Rs 75 crore through an IPO beginning August 31. The price band of the issue is fixed at Rs 90 to Rs 100 per equity share.
16)Inspite of the economic downturn and pessimism in the market, Birla Sun Life MIP II Savings 5 Plan has yielded investors better post-tax returns than bank FDs and post-office deposit schemes. The plan has performed well with the fund generating a CAGR return of 12.5% over a 3-year period against the benchmark Crisil MIP Blended Index returns of 8.4% as on July 31.
17)Gold rose on Tuesday, recovering some of the previous session’s losses, as a dip in risk appetite boosted interest in the metal as an alternative to nominally riskier assets such as equities and industrial commodities. Spot gold was bid at $946.35 an ounce at 1117 GMT, against $941.40 an ounce late in New York on Monday.
18)Due to rising demand from the poultry industry and shortage of supplies, maize prices have increased significantly during last one month. The poultry industry, which depends on maize supply as it is a key ingredient in feed, has been feeling pinch because of spurt in the prices.
BUSINESS PROCESS OUTSOURCING
19)Infosys BPO has entered into an alliance with MortgageFlex Systems to support the latter’s US loan servicing loan modification initiatives, according to a release. There is a growing demand for loan modification requiring technology solutions along with global delivery capability, the release said. Further, with a growing backlog of loans requiring intervention, outsourcing some or all loan modification functions is emerging as a viable option.
20)HCL Technologies held out hopes for a revival in demand for information technology services by early next year while announcing a better-than-expected 110% increase in net profit for the June quarter, helped by income from new deals. The country’s fourth largest software company on Tuesday said it will continue to invest in new deals and acquiring companies to expand its global reach.
21)TECH Mahindra has won around $500 million in an outsourcing contract from new telecom entrant Swan Telecom. Swan’s outsourcing contract had witnessed aggressive bidding from IBM, Wipro and Tech Mahindra – the shortlisted contenders from among seven initial bidders.
22)FEDERAL Reserve chairman Ben S Bernanke, who led the biggest expansion of the central bank’s power in its 95-year history to battle the worst economic slump since the Great Depression, was nominated to a second term on Tuesday by president Barack Obama.
23)CONFIDENCE among US consumers increased in August as consumers became less worried about the outlook for the labour market. The Conference Board’s confidence index rose to 54.1, more than forecast and the first gain in three months, from 47.4 in July, a report from the New York-based group showed on Tuesday. The figure reached a record low of 25.3 in February.
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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