Date: 02 September 2009
Thought for the day
“Discipline is the foundation upon which all success is built. Lack of discipline inevitably leads to failure.”
— Jim Rohn
1)As part of its efforts to ensure punctuality among government staff, the Union home ministry on Tuesday introduced a biometric identification system in all its offices for around 2,700 of the ministry’s employees.
2)THE Indian economy will clock robust growth from the last quarter of the current fiscal as the impact of truant monsoon rains and the global economic slowdown ebbs away, a meeting of the Planning Commission in the capital chaired by prime minister Manmohan Singh pointed out on Tuesday. After the meeting that assessed the economic situation in the country and the implementation of the integrated energy policy approved last December, Mr Singh said, “The underlying strength of the economy will stand us in good stead as we seek to return to our high growth target over the next two years.”
CORPORATE / INDUSTRY
3)TATA Tea is undergoing a strategic reorganisation of its businesses to emerge as a global beverages leader. Moves are afoot to re- christen the company in the next two to three weeks, merge all its subsidiaries and associates and create a single entity. Not just that, a major acquisition in the US beverages space is also on cards.
4)THE auto industry is enjoying the prefestive sales rush with most companies scaling new heights as demand remained steady in August. Largest car maker Maruti Suzuki and largest bike maker Hero Honda posted significant increase in sales last month – the highest this fiscal. An analyst tracking the industry said sales are likely to remain robust for the remaining part of the year on the back of declining interest on auto loans and improved customer sentiment.
5)Kalpataru Power Transmission has recently secured orders worth approximately Rs 1,400 crore from Maharashtra State Electricity Transmission Co and North East Transmission Co for transmission and substation projects. MSETCL orders are to be executed over a period of next three years.
MONEY & BANKING
6)The rupee was very volatile and weakened to close above the 49 level on Tuesday. It opened higher at 48.74/75 and closed at 49.02/04, against the previous close of 48.83. There was heavy dollar buying towards the end of the trade, said forex dealers.
7)Loan disbursements, which dipped during the nine months ending May 2009, is expected to pick up post-September with an improvement in industrial activities, a top banking industry official said.
8)In a bid to ensure that high networth individuals(HNIs) stayed with them, public sector banks, including State Bank of India(SBI), Union Bank of India, Bank of Baroda(BoB) and Bank of India(BoI), have been climbing on the wealth management bandwagon in recent months.
9)INTERIM pension regulator PFRDA will launch from December this year its savings scheme, which aims to give greater returns on the deposits, and can be withdrawn fully. “We have decided to launch the savings scheme from December 1 this year. Under this scheme, the customers would have be able to withdraw their entire savings,” Pension Fund Regulatory and Development Authority (PFRDA) chairman D Swarup said.
10)Shriram Life Insurance Co Ltd, on Tuesday, announced the launch of the Shriram Pension Plan. The new plan is a unit-linked premium plan with features like ‘Zero Sum Assured’, which means no life cover would be provided, and there would be an ‘Auto Transfer Option’. The plan would also offer a low risk debt linked fund called ‘Secure Plus’ and a Shariah compliant investment fund called the ‘Tyaseer fund’.
11)Equity indices on Tuesday ended in red erasing the day’s gains following weak cues from the European markets and profit-booking by retail investors. The 30-share Sensex of the Bombay Stock Exchange(BSE) lost 115.45 points or 0.74% to end the day at 15,551.19 points. The broader S&P CNX Nifty of the National Stock Exchange (NSE) was down by 36.75 points or 0.79% to close the day at 4,625.35 points.
12)The news of IL&FS taking over the management control of Hyderabad-based infrastructure company Maytas Infra Ltd continues to lift the stock to new highs each passing day since a week. The Mytas stock closed the day at Rs 118.40, a gain of Rs 5.60(4.96 per cent) during the day against the previous close of Rs 112.80. The company had a 52-week high of Rs 539 and a low of Rs 31.40 after the Satyam scam broke out.
13)Pipavav Shipyard, which plans to raise over Rs 550 crore through an initial public offering(IPO), is likely to enter into the capital market by September 16, a source close to the development said.
14)Silver coin prices today jumped by Rs 200 to scale a new peak at Rs 30,600 per 100 pieces on the bullion market in New Delhi, on higher demand in the month of festivities. Silver coins, used for gifting purpose during marriages and as offering to God, remained high in demand, and traded at record levels. Prices shot up by Rs 200 to Rs 30,500 for buying and Rs 30,600 for selling of 100 pieces. Silver prices spurted by Rs 450 to Rs 24,300 a kg on brisk buying by coins makers and stockists to meet demand for the coming festivals and marriage season. However, gold fell by Rs 20 to Rs 15,370 per 10 gm on weak global trend and reduced offtake at higher levels.
15)Pepper futures market bounced back on Tuesday on signs of buying interest from overseas markets. Overseas enquiries were received from the European Union and the US among other and also from the domestic front, market sources told Business Line. Market was steady finding the Indian parity competitive. Vietnam was not offering much. Domestic demand is expected to come in the coming days. There was limited supply. Limited arrivals coupled with firmness in the future market has pushed up spot prices by Rs 100 a quintal to close at Rs 14,200(ungarbled) and Rs 14,700 MG1. September contract moved up by Rs 212 on NCDEX to close at Rs 14,870 a quintal.
16)BANGALORE-based real estate company Nitesh Estates, which is building Ritz Carlton hotel and several residential and commercial buildings, plans to raise Rs 550 crore by listing its shares on the stock markets early next year.
17)A new collaborator would step in to pump in the required funds to complete the works pending at Maytas Hill County, the prestigious residential real estate project of the Maytas Properties, the unlisted company belonging to the family of Satyam Computer Services founder B Ramalinga Raju.
18)In a significant development, the South African government on Monday gave in-principle approval to a $23-billion cash-cum-share swap deal being discussed between Bharti Airtel and South Africa’s MTN. Pretoria’s backing comes as a shot in the arm for the talks, which have been extended until September 30.
19)Tata Teleservices on Tuesday announced a new plan under which its CDMA subscribers will pay only a fixed charge of Re 1 for any local call and Rs 3 for an STD call, irrespective of the duration. The charges are applicable for calls to any mobile or land line number.
BUSINESS PROCESS OUTSOURCING
20)Unitech Wireless, which is preparing to launch mobile services across the country, is close to finalising BPO contracts with Genpact and Intelenet Global Services. Sources familiar with the development said the company is expected to shortly sign contracts with Genpact for the north and Intelenet for the south. Unitech is also in dialogue with the Essar group-promoted Aegis BPO for the East, according to two people with Knowledge of the deal.
21)KARNATAKA extended its lead as the country’s top destination for software exports by registering around 23% annual growth and achiev-ing Rs 74,929 crore worth of IT and ITES exports during year ended March 2009.
22)THE US government incentives likely pushed auto sales to a 20- month high in August, leaving analysts and the industry guessing how hard a landing to expect with the “Cash for Clunkers” programme now exhausted. Automakers could see the US seasonally adjusted rate of sales, a closely watched indicator of demand for big-ticket items, jump to nearly 16 million vehicles in August under the “clunkers” programme, analysts said.
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