Date: 22 September 2009
Thought for the day
“A man literally is what he thinks; his character is the sum of his thoughts.”
1)TO counter terror threats against the backdrop of the Mumbai attacks, top Army generals have evolved detailed plans to secure the country’s coastline from Gujarat to Orissa and refine the force’s amphibious warfare tactics.
CORPORATE / INDUSTRY
2)US AUTO major Ford is now training its sights on India to offset tough business conditions in other global markets. The lone American automobile company that survived the downturn without a government bailout, Ford Motor Company is planning to integrate car designs globally and develop compact and mid-size cars as part of a strategy to improve profitability and productivity.
3)Bajaj Discover DTS-Si, the new offering in the 100 cc segment from Bajaj Auto, has sold a record 1,00,000 units in the first 50-days of its launch. This is possibly a new volume benchmark for any bike launch in this country, the company said in a press release issued on Monday.
MONEY / BANKING
4)People who borrow money from banks to buy homes at floating rates of interest are set to benefit as banks are expected to change the way they price such loans. RBI is preparing to ban lending below the prime lending rate(PLR), the benchmark rate for all floating rate bank loans.
5)Turnover in currency futures on MCX Stock Exchange(MCX-SX) and the NSE rose sharply last week aided by the substantial jump in gold prices. The trend of sharp depreciation in the value of the dollar against the rupee has also made it attractive for bullion traders to cover their risk in the domestic market. Turnover in the MCX-SX touched a new high of Rs 7,560 crore on Thursday while it was Rs 7,219 crore on the NSE. In fact, the turnover in the exchanges had hovered around the Rs 5,000-crore mark since the beginning of the week. Generally, the exchanges record a turnover of about Rs 4,000 crore.
6)Anil Ambani group firm Reliance Life Insurance is aiming to receive a premium of around Rs 1,000 crore in the next five years from micro insurance space and is planning to introduce new products to cater to the savings needs of this segment.
7)SHARES in India are likely to open weak on Tuesday, following a downtrend in world markets on Monday. Key Asian and European markets clocked losses on concerns that valuations have become expensive after the six-month long rally. Shares in Hong Kong, Taiwan and South Korea ended marginally lower, while most markets in Europe were down around 1% or more.
8)ELECTRONIC debt transactions in India are expected to rise to 80% of the total deals by this year end, taking the country’s debt market at par with that of the US and Japan, a study says. “In spite of being a late starter, India is expected to have around 80% share of debt transactions being conducted electronically by the end of 2009, making it competitive with the US and Japan, the world’s leading global debt markets,” Boston-based Consultancy Celent said in the study.
9)The initial public offer(IPO) of private ship-builder, Pipavav Shipyard has received 1 lakh applications and was subscribed about nine times with almost all the bids coming in at Rs 60-the upper price band of the offer. With the week-end and Id holidays, counting at the banks was still on. The company, which was hoping to raise about Rs 510 crore with issue of over 8.54 crore shares, had came out to the market in a price band of Rs 55-60.
10)Gold dropped below $1,000 an ounce on Monday, its lowest in almost a week, as the dollar rose broadly and investors took a breather ahead of this week’s US Federal Reserve and G20 meeting.
11)DECLINE in flow of supply from farmer’s end has led to a flare- up in cumminseed price. With cuminseed arrival dwindling to 3,000 bags on a daily basis over the past five days at major mandis, the wholesale cuminseed price has increased to touch Rs 11,425 per quintal on Monday as its main terminal market at Unjha in Gujarat.
12)Real estate firm, Samira Habitats, plans to raise Rs 1,200 crore over the next five years to develop residential townships in Panvel, Alibaug and adjoining areas near the metropolis. “We plan to raise around Rs 1,200 crore over the next five years. This will be invested in developing about 150 acres of land for residential projects in Alibaug and for setting up infrastructure to connect the area to Mumbai,” Samira Habitats ED, Mihir Nerurkar, told on Monday.
13)The sales brochure offers you the opportunity to own south Mumbai’s first managed private residences with a “lifestyle elevated up to the sky”. At Rs 28,000 per square foot plus other charges, India- bulls Sky is also promising a 65-storey “marvel with opulent apartments, timeless luxury and impeccable butler service”. Indiabulls Real Estate, which has sold one-third of the apartments since the Lower Parel project was launched in the last one month, now says it will be selective in selling the remaining apartments to create a “classy neighbourhood”. Apartments boasting the tags luxury and super-luxury – the two words forgotten in the real estate world in the last two years – are back with a bang over the last three months. What has brought back buyers this time is the fact that prices are much more reasonable than in 2006-07 when the same kind of apartment would have had an asking price at least 30 per cent higher.
14)South Africa on Monday said it is working closely with India on the proposed deal between telecom companies MTN and Bharti Airtel that requires exemptions on a range of exchange controls regulations.
15)Tata Teleservices(TTSL), which offers both CDMA and GSM services, on Monday claimed to have become the number one mobile player in terms of subscriber addition, with 34.18 lakh new customers joining the operator in August.
16)COMPUTER-maker Dell has struck a deal to acquire technology services provider Perot Systems in a cash transaction valued at about $3.9 billion. The move is a shot in the arm for Dell, giving it a means to diversify beyond its bread-and-butter business of selling hardware, which is now a commodity business with very thin margins – in low single digits. The deal gives Dell a significant leg-up in the services space and provides Perot Systems the headroom to compete with the likes of IBM, Accenture, HP and large Indian technology services players like TCS, Infosys and Wipro.
17)THE $14-billion storage major EMC, which recently announced scaledup India investments, sees an uptick in technology spend but is not predicting any rapid recovery, a key executive told ET in an exclusive conversation. EMC’s executive vice-president and CFO David Goulden thinks global recession is on a retreat which will ease pres- sure on technology firms as clients loosen purse-strings. However, he cautions that “it’ll be slow and steady upturn, and the recovery will create some opportunities in 2010”.
18)INDIA’S financial technology firm, Polaris Software Lab, is planning to expand its footprint in the European markets beyond continental Europe and Sweden could be the base to cater to the large untapped region.
19)Oil prices slipped below $71 a barrel on Monday as high crude stockpiles and weak demand tempered enthusiasm about recent signs of improvement in the world’s largest economy. Benchmark crude for October delivery was down $1.25 at $70.79 a barrel by noon European electronic trading on the New York Mercantile Ex- change.
20)US PRESIDENT Barack Obama said on Sunday he would push world leaders this week for a reshaping of the global economy in response to the deepest financial crisis in decades. In Europe, officials kept up pressure for a deal to curb bankers’ pay and bonuses at a two- day summit of leaders from the Group of 20 countries, which begins 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