Date: 04 September 2009
Thought for the day
“Excellence is not a destination; it is a continuous journey that never ends.”
1)Congress on Thursday hailed Y S Rajasekhara Reddy, who was killed in a chopper crash, as a “man of vision and courage” and attributed Congress’s revival in Andhra Pradesh to the leadership of the departed leader. Prime Minister Manmohan Singh, party chief Sonia Gandhi and general secretary Rahul Gandhi will reach Hyderabad on Friday to pay homage to YSR and meet members of this family.
2)ANNUAL inflation measured by the wholesale price index(WPI) registered its lowest fall in the last three months, with inflationary pressures starting to build up in the economy. Inflation for the week ended August 22 moved up to -0.21% from -0.95% recorded in the week before, data released by the commerce ministry on Thursday showed.
3)THE government has cleared eight FDI proposals which are likely to bring in Rs 1.31 crore into the country. The largest FDI of Rs 1.28 crore will be brought in by US-based information technology firm Tecnotree Convergence.
CORPORATE / INDUSTRY
4)THE Brij Mohan Khaitan group-controlled McLeod Russel India(MRIL), the largest integrated tea conglomerate in the world, has announced plans to buy some 75% stake in Olyana Holdings, an American company. This is the group’s second overseas acquisition of a tea plantation, after it took over Phu Ben Tea Company of Vietnam last October.
5)HEALTH and skin care products maker Johnson & Johnson on Thursday announced the launch of its global beauty care brand ‘Neutrogena’ in the domestic market with an aim to be one of the top five companies in India.
6)MOSER Baer India said it has bagged an engineering, procurement & construction (EPC) contract from Mahagenco, the Maharashtra government led power generation company, to develop solar power project for it in Chandrapur, Maharashtra.
MONEY & BANKING
7)THE rupee ended stronger by five paise at 48.91/92 against the US currency amid weak equity markets. At the interbank foreign exchange market, domestic unit opened remarkably higher at 48.82/84 a dollar and firmed up further to 48.80.
8)Standard Chartered aims to add at least $500 million in client assets at its Indian wealth arm by the end of 2010, taking the total under management at the unit to more than $2 billion, a senior executive said.
9)INSURANCE regulator Irda has instructed general insurers to give a 15-day free-look period for health insurance policies with a duration of three years to the insured. “All health insurance policies having a duration of three or more years will have a pro- vision that on the first inception of the policy, the insured has a period of 15 days from the receipt of the documents to review the terms and conditions of the policy,” the Insurance Regulatory and Development Authority(Irda) said in a circular. Within these 15 days, a policy-holder can return the policy, stating the reasons for his objection, if he disagrees to any of the terms or conditions, the regulator said.
10)Shares ended lower for a fourth straight session on Thursday as investors ignored positive cues from most Asian markets and pared positions. The Sensex closed down 69.13 points, or 0.5 percent, at 15,398.33, after volatile trading between 15,356.72 and 15,598.18. Asian shares ended mostly higher with some markets pepping up after a lacklustre start as Chinese stocks posted their biggest percentage gain since March.
11)SUB-brokers in the stock market are likely to be exempted from the requirement of registering with the capital market regulator before starting their operations as per a proposal under consideration of the Finance Ministry and the Securities and Exchange Board of India(Sebi).
12)IL&FS Investment Managers on Thursday said it has received shareholders’ approval for sub-division of shares in the ratio of 1:5. Company’s shareholders have given their approval for the stock- split of face value of Rs 10 a piece into five shares of Rs 2 each, the company said in a filing to the BSE.
13)Tired of filling several application forms to invest in different mutual fund schemes? Wait till March 2010, and you’ll just click this cumbersome process away. The advisory committee of the Association of Mutual Funds in India(Amfi) has finalised a proposal containing recommendations for a common platform to provide easy access to investors and distributors to reduce costs, improve efficiency and save time. To begin with, investors will have to register with a designated agency that will give them unique identification numbers, which could be their permanent accont numbers, and passwords. Through this, they can log on to a website, trans- act and access information, including the value of all their mutual fund investments.
14)UTI Mutual Fund on Thursday declared a dividend of Re 1 a unit under its UTI Leadership Equity Fund. The record date for the dividend is September 8, the fund house said in a statement.
15)India’s monsoon rains were near normal for the third successive week in the seven days to September 2, official sources said, likely helping boost depleted reserviors levels and providing a last lift for the soybean crop.
16)GOLD prices on Thursday surged to a seven-month high to Rs 15,700 per 10 gram, close to its record high levels in February, in the national capital on brisk buying by traders for the festival season, and firm cues from global markets amid falling stocks. The precious metal spurted by Rs 270 at Rs 15,700 per 10 gram, a level last seen on February 18, just Rs 50 less than the record level seen on the next day.
17)Indian spot sugar prices jumped over 4% to a fresh record peak on Thursday buoyed by good retail demand and a delay in announcing non-levy sugar quota for September, traders said. Depleting stockpile and firmness in overseas markets also bolstered sentiments, they said.
18)The three national commodity exchanges recorded a staggering performance in August despite uncertainty over recovery in global economies forced participants to play safe and hold back their investment and trading plans. The three exchanges including the Multi Commodity Exchange(MCX), the National Commodity & Derivatives Exchange(NCDEX) and the National Multi-Commodity Exchange(NMCE) that represents over 95 per cent of the country’s future trade, witnessed 45.40 percent rise in turnover at Rs 6,17,484.83 crore in August 2009 as com- pared to Rs 4,24,666.28 crore in the corresponding month last year.
19)Housing prices, which have cooled down from their peak, are expected to rise by 15 per cent in the next one year on back of an increased demand, a report by investment banker JP Morgan on the realty sector has said.
20)THE Rs 15,000-crore Ahmedabad-Gandhinagar realty market, a significant portion of the Rs 40,000-crore state’s real estate, will soon get to choose from 500 new projects, worth Rs 2,500 to Rs 3,000 crore. The projects by developers, state as well as national players, will be showcased at the annual Gujarat Institute of Housing & Estate Developers'(GIHED) 3-day property show that begins on September 11 in Ahmedabad. The number of projects has increased from 300 to 500 this year, said GIHED past president Jaxay Shah.
21)SIGNS of recovery in the US and the European economies makes Nasscom hopeful of seeing double-digit growth in the country’s IT exports sector. “We feel that IT software and service exports will attain growth in double digit in next financial year on the back of revival of economies of US and Europe which were hit by meltdown, ” Nasscom chairman Pramod Bhasin told reporters on the sidelines of an event.
22)IT bigwigs HCL, Genpact, TCS are mapping Chandigarh and adjoining Tier-II and Tier-III cities for expansion. With Infosys, Wipro and Tech Mahindra already entrenched in the Rajiv Gandhi Chandigarh Technology Park, the city is fast becoming a preferred choice for IT companies.
23)INDIA’S largest IT employer Tata Consultancy Services, that is eyeing the $10-billion revenue mark in the years to come, said it will hire 25,000 people globally this year, 90% of which will be in India.
24)Crude oil retreated after more Americans than anticipated filed claims for jobless benefits last week, spurring scepticism about the strength of the recovery from the country’s worst recession since the 1930s. Crude oil for October delivery declined 5 cents to $68 a barrel at 10:20 a.m. on the New York Mercantile Exchange.
25)THE global recession is coming to an end faster than thought just a few months ago and may already be over, according to forecasts published by the Organisation for Economic Co-operation and Development on Thursday.
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