Date: 01 September 2009
Thought for the day
“Courage is not the absence of fear, but rather the judgment that something else is more important than fear.”
1)Assembly elections in Arunachal Pradesh, Haryana and Maharashtra will be held in a single phase on October 13. Counting of votes will take place on October 22, the Election Commission said on Monday. The notification will be issued on September 18.
2)INDIA’S economic growth accelerated for the first time in the last six quarters and clocked a rate of 6.1% for the first three months of the current financial year, a release by the central statistical organisation on Monday showed.
CORPORATE / INDUSTRY
3)VIJAY Mallya-owned Kingfisher Airlines will raise around Rs 1,000 crore by the fourth quarter of this fiscal through a combination of GDR and rights issue, most of which will be employed to retire a part of the airline’s debt.
4)The IL&FS group will take control of infrastructure firm Maytas Infra in line with a Company Law Board directive on Monday. The CLB, based on a Maytas application, has instructed the company to induct IL&FS Financial Services as a promoter and allow it to assume management control, Maytas said in a statement.
5)Crompton Greaves, a leading manufacturer of electrical products, is looking at another acquisition abroad, likely to happen in the next eight months. This is part of its strategy to go into the business of automation of sub-stations.
MONEY & BANKING
6)The rupee depreciated by 18 paise against the dollar on Monday, tracking the negative equity markets around the world. The rupee opened at 48.85 and traded in a narrow range. It ended at 48.83, weaker than Friday’s close of 48.65.
7)The Reserve Bank of India(RBI) on Monday ruled out any more cut in interest rates and said keeping inflationary pressures under check is the key challenge for the bank. It has also maintained its earlier forecast of nearly 6% economic growth in 2009-10.
8)Union Bank of India on Monday said it has fixed home loan rates for three years while reduced auto loans rates by 75-100 bps. The offer is valid from September 1 to October 31. The bank will charge 8.50 per cent for the first three years irrespective of the amount of loan or repayment period.
9)INTEREST rate futures clocked trading volumes of Rs 276 crore in their very first day of trade. Trade in the newly launched derivatives is expected to pick up with regulators and government officials stating that the exchange traded instruments are superior to over-the-counter overnight index swaps. Trading in interest rate futures began on the National Stock Exchange(NSE) on Monday. The contracts are based on 10-year government bonds bearing a notional coupon of 7% per annum, compounded every six months. Close to 15,000 contracts of the two bond futures were traded on Monday – based on the 10-year notional bond maturing in December ’09 and March ’10.
10)Insurance sector regulator Irda on Monday said it is likely to come out with initial public offer(IPO) guidelines by October. “We had two meetings with the Sebi and couple of more is required (to decide on final guideline on IPO), ” Irda chairman J Hari Narayan said at a CII event.
11)The Insurance Regulatory and Development Authority(Irda) is likely to hasten the file and use procedure for unit-linked insurance plans(Ulips). At present, Irda takes 30 days to approve any product. Insurers expect it to come down to three days in case of the existing products.
12)A BRUISING sell-off in China shares on growth concerns in that economy, undermined sentiment across the globe on Monday. The development also overshadowed a better than expected 6.1% growth in India’s GDP for the April-June quarter, dragging down key indices over 1%. Most experts feel that India still ranks among the most attractive investment destinations in the world, from a portfolio manager’s perspective. But a weak trend in global markets could impact absolute returns, though India may outperform most markets in relative terms. The 30-share BSE index ended the day at 15,666.64, down 255.70 points over the previous close. NSE’s 50-share Nifty closed at 4,662.10, down 70.25 points over the previous close. In Asia, China was the worst performer, with the Shanghai Composite Index shedding nearly 7%.
13)BANGALORE-based Avesthagen Limited has revived plans for an IPO. The company, which has four business divisions – biopharmaceuticals, bionutrition, bioagriculture and R&D – is planning to raise approximately Rs 600-700 crore through an issue in the first half of 2010.
14)Tata Mutual Fund on Monday said it has announced a 30% dividend for one of its schemes – Tata Tax Saving Fund. The investors in the fund would receive a 30% dividend, at the rate of Rs 3 per unit on the face value of Rs 10 each, Tata MF said in a statement. Under the said scheme, the unit holders are provided medium to long-term capital gains, along with income tax relief. The scheme came into existence in March 31, 1996, as an open-ended equity linked saving scheme.
15)Gold held near $955 an ounce, mirroring the largely range bound dollar index, with softer oil prices reducing interest in the metal as an inflation hedge. Spot gold was bid at $953.75 an ounce at 0900 GMT, against $954.45 on ounce late in New York on Friday.
16)Cardamom futures prices on Monday rose by 1.18 per cent on the Multi Commodity Exchange as traders continued to enlarge their positions, driven by better demand in spot markets. Restricted arrivals from producing regions also supported the uptrend.
17)Pepper futures market on Monday declined for want of activities as most of the players, mainly sellers, were on a holiday mood on account of Onam, the harvest festival of Kerala.
18)Parsvnath Developers on Monday said it has received approval from the Haryana government for a township project in the state, in which the company would invest about Rs 380 crore. The company “has received the letter of intent for grant of licence from the director, town & country planning, Haryana, for developing approximately 118 acres of integrated township in Sector 33A, Rohtak, Haryana,” Parsvnath said in a statement.
19)Around 27 Indian IT firms, including majors like Tata Consultancy Services(TCS), Infosys Technologies and Wipro Ltd, are understood to have submitted their expressions of interest(EoIs) to develop a technology platform for the Centre’s Crime and Criminal Tracking Networks and Systems(CCTNS) project. In June this year, the Rs 2,000-crore CCTNS project received approval from the Cabinet Committee on Economic Affairs, following which the National Crime Records Bureau(NCRB), which will implement the project, floated the EoIs.
20)Four Soft Ltd, a Hyderabad-based provider of software solutions for the transportation and logistics industry, is exploring acquisition opportunities in Europe and the US, said its chief executive officer, Rajshekhar Roy.
21)Nearly a year after the federal rescue of the nation’s biggest banks, taxpayers have begun seeing profits from the hundreds of billions of dollars in aid that many critics thought might never be seen again. The profits, collected from eight of the biggest banks that have fully repaid their obligations to the government, come to about $4 billion, or the equivalent of about 15 per cent annually, according to calculations compiled for The New York Times.
22)The US economy does not need a second fiscal stimulus package, instead the government should cut spending over the next two years, according to a survey of business economists released on Monday.
23)China’s stocks plunged, with the Shanghai Composite Index falling the most since June 2008 and entering a bear market, on concerns a slowdown in lending growth may derail a recovery in the world’s third-largest economy.
24)Oil fell more than 2 per cent to around $71 a barrel on Monday as a drop in China’s key stock index stoked worries about the pace of economic recovery and a revival in energy demand.
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