Date: 15 September 2009
Thought for the day
“Things don’t go wrong and break your heart so you can become bitter and give up. They happen to break you down and build you up so you can be all that you were intended to be.”
1)GIVING a push to the government’s austerity drive, Congress president Sonia Gandhi flew to Mumbai in the economy class of an Air-India flight on Monday, making it clear to all her colleagues in the government and the party that they have to fol- low suit.
2)A year after the collapse of Lehman Brothers, the government has expressed confidence in the speed of the Indian economy’s recovery, saying it would stabilise by the year end. “I think in the next six months, you will see evidence of the stabilisation,” Planning Com- mission deputy chairman Montek Singh Ahluwalia said on Monday. He said India would remain a preferred destination for foreign investors.
CORPORATE / INDUSTRY
3)GREEN shoots of recovery seem to be sprouting in the aviation industry. Showing signs of recovery, growth in domestic air traffic returned to post a double digit in August this year, according to official data released by aviation industry regulator Directorate General of Civil Aviation (DGCA) on Monday.
4)Reliance Industries Ltd said the Bombay High Court has approved merger of group firm Reliance Petroleum Ltd with the company. The Bombay High Court has sanctioned the scheme of amalgamation of RPL with Reliance Industries, the Mukesh Ambani-led company said in a filing to the BSE. The High Court of Gujarat has also sanctioned the scheme, it added.
MONEY / BANKING
5)The rupee fell by around 20 paise against the dollar on Monday tracking the Asian equities. It opened weaker at 48.62 and touched an intra-day low of 48.80. It recovered to close at 48.67, against the previous close of 48.48.
6)Sberbank, Russia’s oldest and largest state-run retail bank, will shortly open its branch in New Delhi as part of its strategy to expand in the emerging markets.
7)United Bank of India is likely to come out with its initial public offering of shares by the first week of January, executive director TN Bhasin said on Monday in Kolkata.
8)SBI Life Insurance has launched SBI Life Shubh Nivesh, a traditional savings plan with an option of whole life cover. Shubh Nivesh has been designed to meet the savings, protection and income needs of customers having a risk-averse profile.
9)THE market ended on a weak note in a volatile session as investors booked profit on Monday after last week’s rally that helped the Sensex regain the 16,000 mark. The mood was cautious as investors awaited advance tax figures that corporates are expected to announce in the next few days. Advance tax numbers and July-September earnings will work as triggers for the short term, said brokers. Snapping a six-day winning streak, the BSE 30-share Sensex lost 50 points, or 0.3%, to end at 16214 while NSE’s 50-share Nifty closed 30 points, or 0.4%, down at 4809. The weakness was in line with major global markets.
10)The government on Monday fixed the IPO price for Oil India at Rs 1,050 a share. The IPO of 11% equity shares of OIL, ended September 10, would fetch the government Rs 4,982 crore.
11)The Naveen Jindal-led Jindal Power Ltd(JPL), part of Jindal Steel and Power Ltd(JSPL), plans to raise Rs 4,000 crore from the primary market to partly fund its 2,400 Mw superthermal power project in Chhattisgarh, two sources said.
12)Thinksoft Global Services, which is into the functional testing of software for BFSI sector, is entering the capital market with a public issue of 3,46,000 equity shares of Rs 10 each. The company will be announcing about its IPO in Mumbai on Tues- day.
13)Indian Oil Corporation said its board has approved the bonus shares in the ratio of one for one. The board of directors have approved the issue of bonus shares in the ratio of 1:1(one new bonus equity share for every one equity share held), IOC said in a filing to the BSE.
14)Hospital chain Fortis Healthcare’s Rs 1,000-crore rights issue is likely to hit the market by October, with the firm taking fresh steps to realise the plan.
15)JM Financial Asset Management Company, on Monday said that its Assets Under Management(AUM) has crossed the Rs 10,000-crore milestone on September 11, 2009. It has thereby clocked a growth rate of over 160% since March 2009, a release issued said. The AUM on March 2009 was Rs 3,758-crore of which Rs 1,480-crore was in equity, whereas the AUM as on September 11,2009, stood at Rs 10,041-crore of which over Rs 2,658-crore is in equity, the release said.
16)Srei Infrastructure on Monday said it has got in-principle approval from the Securities & Exchange Board of India(Sebi) to launch its mutual fund business in the country. The company would be incorporating two wholly-owned subsidiaries for carrying out the asset management business.
17)Gold prices fell more than 1 per cent to below $1,000 an ounce in Europe on Monday, giving up the previous session’s gains, as the dollar strengthened in response to a decline in stock markets. Other precious metals tracked gold lower, with silver and platinum both retreating from the multi-month highs they hit on Friday. Spot gold hit $994.50 an ounce at 0912 GMT against $1,004.85 late in New York on Friday.
18)Maize prices were marginally firm by 1% during the last week at Rs 9,350 per tonne on an average against the weekago period on expectations of lower output due to deficient rainfall during kharif sowing period, according to the US Grains Council.
19)The cardamom output may fall 15-20 per cent this season due to delayed monsoon. The plantations in Kerala were devoid of showers during June, resulting in a drought condition that hampered the crop output, farmers from Idukki said.
20)THE $23-billion deal between Bharti and MTN to create a trans-continental mobile behemoth has hit a hurdle as the South African government has sought dual listing for MTN that would allow MTN shares – not depository receipts – to be traded on Indian and South African bourses simultaneously with equal voting rights.
21)SMS, or short message service, will shortly become cheaper for general and commercial users. After giving mobile operators several chances to bring down SMS charges below call tariffs, the Telecom Regulatory Authority of India(Trai) has now decide to intervene and decide on the SMS charges.
22)STATE-owned telecom operator BSNL will award a $2-billion equipment contract to Indian Telephone Industries(ITI), following security agencies’ opposition to giving the deal to build 25 million wireless lines in the west zone to Huawei, the lone shortlisted bidder for this area, said a company official.
23)Small and medium enterprises(SMEs) have just got a reason to celebrate. The Union Minister for Information Technology and Communications, A Raja, said last week that his ministry had recommended to the Union Cabinet and the Finance Ministry that the tax rebate currently applicable to Software Technology Parks of India (STPI) should be extended beyond 31 March 2010.
24)OIL eased toward $69 a barrel on Monday, after a decision by a major US commodities exchange to enforce limits on large positions in- creased uncertainty and the dollar strengthened slightly. US crude for October delivery fell 11 cents to $69.18 a barrel by 1401 GMT, off a session low of $68.02. London Brent crude rose 8 cents to $67.77 a barrel.
25)President Barack Obama speaking a year after Lehman Brothers Holdings Inc’s collapse, heads to Wall Street today to outline his plan for unwinding government involvement in the financial sector and to argue that new regime of rules to prevent a market crisis is needed more than ever.
26)Europe’s economy probably returned to growth in the current quarter after governments spent billions of euros to pull the region out of the worst recession in more than six decades, the European Union said.
27)JAPANESE high-tech makers NEC, Hitachi and Casio Computer said Monday that they had agreed to merge their mobile phone businesses in a bid to improve profitability. Together they would have the second biggest slice of the Japanese mobile telephone handset market, ahead of Panasonic but behind Sharp.
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