Date: 17 September 2009
Thought for the day
“If we wait for the moment when everything, absolutely everything is ready, we shall never begin.”
1)India announced on Wednesday that it has designed a new version of advanced heavy water atomic reactor (AHWR) which will use lesser low enriched uranium along with thorium as fuel and having next generation safety requirements.
2)Planning Commission deputy chairman Montek Singh Ahluwalia on Wednesday said the global economy was stabilising and India would continue to attract capital flows. “I think the world is stabilising. Compared to six months ago, the upside has increased significantly and the downside is not strong anymore. The period when we can say that the crisis is about to end is certainly here,” he said at seminar organised by department of economic affairs and the National Institute of Public Finance & Policy. He said foreign investors would invest in India since the country is under-invested and had high growth potential.
CORPORATE / INDUSTRY
3)RELIANCE Industries on Thursday may raise as much as $880 million or Rs 4,244 crore selling its own shares which were in a trust so far, as the company may be planning to acquire a petroleum asset overseas taking advantage of fallen valuations, a source and a fund manager said preferring anonymity. These transactions are likely to be executed Thursday morning through block deals as the ex- changes open.
4)Orchid Chemicals and Pharmaceuticals Ltd on Wednesday announced that it has received approvals from the US Food and Drug Administration for its anti-infection drug Piperacillin-Tazobactam, in injectable form.
5)Hospitality group Taj Hotels Resorts and Palaces has been ranked at Number 4 in the ‘Green brands survey’ in India. The survey was held to identify the top ‘Green brand’ across seven countries, aGateway Hotels press release said.
6)Petron Engineering Construction on Wednesday said it has bagged an order worth Rs 154.42 crore from Power Generation Infrastructure for construction-related works. The company received a letter of intent for erection and associated works of boiler and auxiliaries, Petron said in a filing to BSE.
MONEY / BANKING
7)THE rupee had its biggest advance in more than six weeks as speculation an economic recovery is gathering pace in the US encouraged investors to add to holdings of emerging-market assets. The rupee climbed 0.9% to close the day at 48.245 per dollar on Wednesday. That is the biggest gain since July 31 and the strongest closing level since August 13.
8)India’s largest mortgage lender HDFC is the sole financial institution from the country to figure among the best in Asia in the annual list of global best banks compiled by Global Finance magazine.
9)Vijaya Bank on Wednesday introduced a special offer for home loan and vehicle loan products, offering reduced interest rates and pro- cessing charges. Under the offer, fresh housing loans up to Rs 30 lakh will attract 8% interest rate per annum for the first year, 9.25% cent for the next two years, 9.5% cent for the fourth and fifth years and thereafter, at BPLR minus 250 bps, subject to a minimum of 10%. Similarly, for fresh housing loans above Rs 30 lakh, the rate offered is 8.5%, 9.75% and 10% respectively. There- after, interest rate charged will be BPLR minus 175 bps, subject to a minimum of 10.5%.
10)Equity benchmarks rose to their highest since May 2008 on Wednesday paced by renewed purchases from foreign institutions to the tune of Rs 1,105 crore. Though analysts feel stocks appear overbought technically, they do not rule out further upsides if the revived appetite of cash-laden foreign investors for Indian equities is any indication. “Now, it would be illogical to look at markets from a valuation perspective..liquidity is the sole driving factor and will remain so,” said a top official at a foreign wealth management firm. BSE’s 30-share Sensex closed at 16,677.04, up 222.59 points or 1.35%. NSE’s 50-share Nifty ended at 4958.40, up 66.30 points or 1.36%.
11)The initial public offering of Pipavav Shipyard was fully subscribed on the first day of its opening on Wednesday. The issue was subscribed 2.67 times according to data on NSE website, with the highest subscription ratio coming from high networth individuals category.
12)Sebi has directed mutual funds to have a systems audit conducted by an independent certified information systems auditor(CISA) qualified or equivalent auditor once in two years. In a circular on Wednesday, the regulator said the systems audit should be comprehensive audit of systems and processes related to examination of integration of front office system with the back office system, fund accounting system for calculation of net asset values, financial accounting and reporting system for the AMC, unit-holder ad- ministration and servicing systems for customer service and funds flow process, among others.
13)Mirae Asset Global Investments (India) has launched its first pure China Fund, Mirae Asset China Advantage Fund(MACAF). An open- ended fund of funds scheme, it will invest predominantly in Mirae Asset China Leader Equity Fund, a SICAV fund domiciled in Luxembourg.
14)Turnover on the Multi Commodity Exchange of India Ltd. and its rivals expanded 31% in the April-August period, led by a surge in trading of farm goods. Commodities worth 27.3 trillion rupees ($559 billion) were traded in the five-month period, compared with 20.8 trillion rupees a year earlier, the Forward Markets Commission, which regulates the country’s 21 commodity exchanges, said in a statement on its website.
15)Copper climbed 1.6 per cent on Wednesday, as upbeat comments from the US Federal Reserve Chairman Ben Bernanke on the economy and strong US retail and manufacturing data lifted sentiment. Stock markets and other commodity prices including gold climbed after Bernanke said the worst US recession since the Great Depression was probably over. The dollar fell against a basket of currencies, also supporting metal prices. Copper for three months delivery on the London Metal Exchange rose to $6,324 a tonne by 0932 GMT, versus $6,210 a tonne at the close on Tuesday.
16)GOLD prices in Mumbai hit a new high on Wednesday, tracking the movement of overseas gold, which was catapulted to an 18-month high at the time of writing by a weak dollar. As the US currency slipped, investors pumped money into gold and stocks on hopes of a global economic recovery. In the international market, gold was at $1019.17 an ounce(31.13 gms). In India, gold of 995 purity, which is primarily used to make ornaments, surged to Rs 15,980 per 10 gm, up Rs 195 from Tuesday’s close, while 999 purity shot to Rs 16,060 per 10 gm, up Rs 200 from its previous close.
17)Ireland-based Euro 2.2 billion business conglomerate Quinn group has launched Q-City, a commercial building located at Gachibowli in Hyderabad. Built at a cost of a little over $100 million(about Rs 500 crore), Q-City is spread across 6 acre with a built-up area of 1.2 million sft. This is the first project in India from Quinn Property, a division of Quinn group specialising in the development and management of commercial real estate for lease.
18)THE country’s crowded telecom market is set to see more action, with Unitech Wireless readying the nationwide rollout of its services under ‘UniNor’ brand by the year-end. For Telenor, which owns 49% stake in Unitech Wireless, this is the first greenfield ventures where the Norwegian communications company is not using its own brand, said an industry executive privy to the branding decision. Telenor is awaiting cabinet approval to raise its stake in the venture to 67.25%. By calling the telecom operations UniNor, the venture is eyeing branding synergies with Uni Home, the affordable housing project of venture partner Unitech, the country second largest real estate firm by market value. Unitech recently launched the affordable housing project in 10 cities.
19)IT services providers Wipro, TCS and HCL have emerged as market leaders in R&D space from a total of 40 companies from India, China and Eastern Europe, according to ranking published by a management consulting firm on Wednesday. Indian Express
20)LEADING IT multinational IBM, which has three large telecom out- sourcing contracts, is inking an estimated $200m outsourcing contract with Datacom Solutions, a Videocon Group led telecom operator. The multinational firm won the contract against its global rival Hewlett Packard and telecom software firm, Tech Mahindra, according to three officials familiar with the deal.
21)Oil fell nearly 1 per cent towards $70 on Wednesday, giving up some of the previous day’s gains of 3 per cent, as a higher-than- expected rise in oil product stocks outweighed news signalling a US economic recovery.
22)SALES at US retailers surged in August by the most in three years, led by a jump in auto purchases, as consumers took advantage of the government’s “cash-for-clunkers” programme. The 2.7% increase exceeded the median forecast of economists surveyed by Bloomberg News and followed a 0.2% drop in July, Commerce Department figures showed in Washington on Tuesday.
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