Date: 27 August 2009
Thought for the day
“The only way things are going to change for you is when you change.”
1)India and China have agreed to set up a joint expert working group on the environment, which will explore how the two countries can combat global warming through reforestation. China adds an estimated four million hectares of forest cover every year, while India adds around one million hectares.
CORPORATE / INDUSTRY
2)MAX India chairman Analjit Singh has joined hands with PRS Oberoi group flagship EIH Ltd to set up a 100-bed five-star hotel in Dehradun under the Trident brand, triggering talks that the billionaire businessman had larger plans for the hospital sector.
3)Earth moving equipment major BEML Ltd said it has bagged export orders worth $44 million(nearly Rs 215 crore) from two Indonesian coal mining companies for the supply of 127 mining equipment.
4)Motherson Sumi Systems(MSSL), the flagship company for the Samvardhana Motherson Group, has bagged a contract worth 500 million euro(Rs 4,000 crore) from a group of German car makers to supply rear-view mirrors for six years.
MONEY & BANKING
5)The rupee weakened for the third day on Wednesday on speculation that the importers bought foreign currency to meet month-end payments. The currency dropped as refiners such as Indian Oil Corporation may have stepped up dollar purchases to pay for crude oil importers after the price of the commodity gained 4 per cent this month. The rupee lost 0.4 per cent to 48.935 per dollar close in Mumbai, according to data compiled by Bloomberg.
6)Close on the heels of NSE, Bombay Stock Exchange will also be launching interest rae futures(IRF) in the next 8 to 10 weeks, the BSE said on Wednesday. BSE received capital market regulator SEBI’s approvals for launching IRF with immediate effect on Tues- day.
7)The proposals of politically-exposed persons should be approved by the insurance companies only after vetting of the contract by the senior management staff, the Insurance Regulatory and Development Authority (IRDA) has said.
8)MetLife India Insurance Company Ltd(MetLife) today announced its foray into monthly income plan segment through the launch of a new product ‘Met Monthly Income Plan’. This plan provides guaranteed monthly regular income chosen at inception of the policy for 15 years after the end of the premium payment term.
9)Shares ended higher for a fifth straight session on Wednesday, helped by short covering ahead of Thursday’s derivatives contract expiry and positive cues from Asian markets. Chinese shares led most Asian markets higher on Wednesday, with stocks in Shanghai rebounding on strong earnings reports from Air China and China Life Insurance Co. The Sensex ended up 81.38 points, or 0.5 percent, at 15,769.85 after trading range-bound between 15,695.94 and 15,831.49 in the session. On the NSE, the 50-stock S&P CNX Nifty rose 21.50 points, or 0.5 per cent, to close at 4,680.85.
10)Stocks of some of the exporting companies improved a little on expectation of announcement on relief measures in the foreign trade policy, scheduled to be declared on Thursday. The Commerce Ministry is reportedly considering additional sops to exporters to help them tide over the demand contraction in the US, Europe and Japan.
11)Even while equity indices remained flat on Wednesday, the stock of Aban Offshore, India’s largest oilrig company headquartered in Chennai, zoomed 26.92% or Rs 325.90 on the Bombay Stock Exchange (BSE). The company’s stock closed at Rs 1,536.35 after signing contracts in the Middle East and Latin America.
12)Pyramid Saimira Theatre Limited, an end-to-end entertainment company, has decided to list two of its important subsidiaries – production and content distribution – to raise funds for its future growth.
13)Kishore Chhabria’s Allied Blenders & Distillers (ABD) will finally go ahead with its IPO to raise about Rs 250 crore for funding its expansion plan which includes setting up of distilleries and launch of new brands.
14)Educomp Solutions Ltd board has approved a 5-for-1 stock split to improve liquidity, the education software firm said on Wednesday. Shares in Educomp were up 3.8 per cent at 4,293 rupees by 1.10 pm in a Mumbai market that was up 0.62 per cent.
15)In a bid to compensate the distributors following market regulator Securities and Exchange Board of India’s(Sebi’s) ban on entry load, some mutual funds have decided to make at least 50 basis points (bps) upfront payment to them. A few others are going up to even 100 bps.
16)Copper rose on Wednesday as economic and demand hopes fuelled investor buying, but analysts say prices have climbed above levels supported by fundamentals. Other industrial metals followed including lead, which surged to a 1-year high of $2,110 a tonne on worries about supplies from China, after a spate of smelter closures because of pollution. Three-month copper on the London Metal Exchange was trading at $6,378 a tonne at 0948 GMT from $6,311 on Tuesday.
17)Gold rose towards $950 an ounce in Europe on Wednesday as the dollar weakened against the euro, boosting interest in the precious metal as an alternative asset, and oil prices recovered early losses.
18)The Indian realty sector may witness better investor interest in land acquisitions during Q3FY10 comprising up to 20% of the foreign direct investment(FDI), according to industry experts. In comparison, Q3FY09 witnessed 12% of FDI being invested in land acquisition, thanks to the global meltdown during Q3 and Q4 of FY09. Currently, residential real estate constitutes 80% of the Rs 10,000 crore overall realty market.
19)DELHI-based privately held realty firm BPTP, which shot into limelight last year after winning the bid for the country’s largest ever land deal in Noida and slid into a financial mess thereafter, says it has seen off the financial troubles but remains cautious on growth. The company intends to raise funds through an initial public offer(IPO), but has not decided on the timing or the amount to be raised, a senior executive said. “We are out of this mess (Noida land deal). Home sales have picked up and we have received bookings for around 5,500 houses,” said BPTP director Sudhanshu Tripathi, explaining how things were improving at the firm.
20)Telecom major Bharti Airtel on Wednesday announced the launch of its m-Commerce service ‘mChek on Airtel. It will allow its subscribers to pay their Airtel mobile and fixedline bills on the voice platform.
BUSINESS PROCESS OUTSOURCING
21)IT biggies Infosys Technologies, Tata Consultancy Services(TCS) and Wipro are not keen on picking up Warburg Pincus’ stake in Mumbai-based BPO firm WNS Global Services on account of high valuations and the lack of a strategic fit with their existing businesses, according to multiple sources tracking the development. This has substantially reduced the level of interest in one of the biggest BPO opportunities in recent times. Warburg’s decision to exit its 50% stake in WNS had generated a lot of interest from private equity funds and players from the IT and BPO sector.
22)The BPO arm of Mahindra Satyam seems to be on a hiring spree with plans to recruit additional 300 persons by next month, even as the parent is rationalising its headcount. The company recently bagged a major contract from a domestic client for providing it back office support and also hired 700 people last month.
23)INDIA’S top three software exporters TCS, Infosys Technologies and Wipro along with MNC rival IBM on Wednesday announced that they have won new outsourcing contracts from British Petroleum (BP) to be delivered over next five years. The deal is valued at around $1.5 billion.
24)Infosys Technologies, India’s second biggest software exporter, said on Wednesday that its indigenous wireless sensors have been implemented among six of its retail customers in the US, Europe and India. The sensors are part of an integrated retail solution Shopping Trip 360, which focuses on a wireless network of sensors and mobile data links. The technology will give retailers and packaged goods suppliers highly detailed information about the customer behaviours.
25)The employment dynamics in the United States are finally changing and for good more than half of the country’s employers are planning to hire in the next 12 months, a survey has said. Technology, customer services and sales are the top three areas which have a bullish perspective in these tough times as employers in this segment would be the first ones to add jobs once the economy recovers.
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