Date: 24 September 2009
Thought for the day
“There is no limit to what one can achieve when sufficient mental effort is applied.”
1)INDIA on Wednesday successfully launched the Oceansat-2, to study oceans and climate, and six small European satellites. The PSLV-C14 flight placed Oceansat-2, a remote sensing satellite of the Indian Space Research Organisation in its desired orbit after a nearly 20-minute journey from the Satish Dhawan Space Centre.
2)THE World Bank on Wednesday sanctioned four loans aggregating $4.3 billion to support India’s economic recovery by strengthening its state-run banks and funding infrastructure projects. The bank said the loans would support the country’s economic stimulus measures by channeling resources into infrastructure, power and irrigation sectors.
CORPORATE / INDUSTRY
3)India’s exploration and production major Oil and Natural Gas Corp (ONGC) plans to infuse over Rs 50,000 crore in developing new oil and gas fields and increase output from existing ones, chairman R S Sharma announced at its annual general meeting on Wednes- day. Of this, over Rs 16,000 crore will be invested in improving output from seven fields.
4)Steel and mining company Adhunik Metaliks is planning to foray into the power sector by setting up 3,480-Mw generation capacity before 2015 with an investment of close to Rs 17,000 crore.
MONEY / BANKING
5)The rupee fell marginally against the dollar on Wednesday, tracking the fall in the equity markets. It opened stronger at 47.85 and touched an intra-day low of 48.10/12. It recovered to close at 48, against the previous close of 47.95/96.
6)To strengthen its capital base and gear up for initial public offerings(IPO), Punjab & Sind Bank has asked for Rs 500 to 700 crore capital infusion from the Centre.
7)Aegon Religare Life Insurance Company Ltd has launched a unit- linked insurance plan with promises of highest internal rate of return(IRR) to the policy-holders. “The policy, Invest Maximiser, offers the lowest premium allocation charges at 5 per cent for the first year and 2 per cent from the second to fourth year, while nothing will be charged from fifth year onwards,” Mr Rajiv Jamkhedkar, Chief Executive Offier, Aegon Religare Life Insurance, told news persons in Hyderabad. Giving an example, he said, “If a customer gets 10 per cent as average returns, 8.60 will be IRR after deducting all costs/charges.” The policy, which was fully compliant with the new IRDA guidelines on ULIPs charges, had done Rs 1 crore of business after its soft launch four days ago, he added.
8)Indian promoters are making the best of the current rally in the Indian stock market. After Reliance Industries Ltd raised money through sale of shares of its treasury stock, it is the turn of Suzlon Energy, Jaiprakash Associates and Cipla promoters to raise money via equity sale to institutional investors. Treasury share sale is the flavour of the season for Indian corporates. Analysts had been talking of more companies raising money from the market thanks to increased fund flows into the Indian markets. With promoters raising money through stake sale, their stocks have started tumbling, one of the reasons for the markets closing in the red today. The BSE Sensex was down 166.93 points(.99%) to 16,719.50 on Thursday. Nifty was down 1% and closed at 4,969.95.
9)The National Stock Exchange(NSE)on Wednesday announced a further reduction in transaction charges for trading members having operations in semi-urban and rural areas. The exchange, which recently reduced transaction charges by about 10% in the cash and futures segment, has decided to waive transaction charges equivalent to the annual VSAT(very small aperture terminal) charges levied by the exchange. Annual VSAT charges are Rs 1 lakh. NSE VSATs- numbering around 2900 – are those provided by the exchange.
10)Fortis Healthcare has received approval from the Securities and Exchange Board of India(Sebi) for its plans to raise funds by way of issue of equity shares with warrants on a rights basis at a price of Rs 110 per equity share(comprising Rs 10 as the face value and Rs 100 towards the premium), amounting to Rs 997 crore (excluding the value of warrants). The shareholders of the company shall be entitled to subscribe to two right shares for every five equity shares held.
11)Assets under management(AUM) of major mutual fund houses in India have grown at a compounded annual growth rate of almost 29.2% in the past four years (between August 31, 2006, and August 31, 2009).
12)THE Securities and Exchange Board of India is trying to ensure that mutual fund investors get the best deal from distributors. The regulator, in a circular on Wednesday, amending the code of conduct for mutual fund intermediaries, directed distributors to disclose to clients all information involving commissions received for competing schemes of various mutual funds, of which the scheme was recommended.
13)After a series of bad news such as entry load ban, mutual funds may finally get some good news from the market regulator. The Securities and Exchange Board of India(Sebi) is now planning to enable investors to buy and sell mutual fund units through stock exchanges.
14)Many mutual fund houses are planning to launch gold exchange traded funds(ETFs) to cash in on the buzz around gold. At least four fund houses are planning to launch gold funds or gold ETFs. HDFC Mutual Fund and ICICI Prudential filed draft offer documents with SEBI in September. Religare Mutual Fund is expecting SEBI approval for its gold ETF. Principal PNB Mutual Fund is planning to apply to SEBI for a gold ETF to be launched in three months, said Mr Sudipto Roy, Business Head of Principal AMC.
15)Gold held steady on Wednesday, near last week’s 18-month high and supported by dollar weakness, but gains were capped by dis- comfort over the extent of long positioning in futures markets and risk of liquidation. Spot gold stood at $1,013 an ounce by 1012 GMT, compared with $1,013.80 late in New York on Tuesday.
16)PROPERTY firms that cut thousands of jobs during the downturn are now slowly returning to hiring mode. With sales picking up and liquidity situation easing, several property firms including DLF, Uni- tech, Omaxe, HDIL, Lodha, Ansal and Gera Developers, have started hiring as they launch new projects and speed up execution on existing projects.
17)AS talk of a revival in the real estate sector is gaining ground coupled with some big-ticket deals also taking place, large companies with property are looking to make the most of the situation. A handful of corporates, including Hindustan Unilever(HUL), Mafatlal Industries and a private bank have put some of their real estate assets on the block. The total value of their assets could be in excess of Rs 400 crore.
18)BANGALORE-based Century Real Estate has announced its entry into the affordable housing market in Bangalore with the launch of Century Indus, a 14 storied, 800 apartment complex comprising of two and three bedroom apartments.
19)THE communications ministry expects to garner between Rs 25,000 crore to Rs 35,000 crore from the auction of third generation (3G) spectrum or airwaves which is likely to start this November, telecom minister A Raja said on Wednesday. 3G spectrum is vital for high-end services such as video conferencing and high speed internet on mobiles.
20)TELECOM regulator Trai on Wednesday announced that mobile number portability(MNP), a facility that allows customers to switch their operator but retain their numbers, will kick in from December 31 across the metros and category A circles like Tamil Nadu & Karnataka, while the rest of the country will have access to the facility from March 31,2010.
21)Soon mobile users will be able to get SMS-based services in their own language. For, the 3rd Generation Partnership Project(3GPP), the global standards organisation that defines standards for GSM- based mobile services, has approved a move to include 22 Indian languages in mobile telephony standards in October. This is the first time that a standardisation proposal from India has been accepted by the global body.
22)TATA Consultancy Services(TCS) on Wednesday said it has been awarded a state-wide area network (SWAN) project from the government of Andhra Pradesh, which targets to connect the state’s head- quarters with all the 23 district offices in the state to increase efficiency in government functioning.
23)Crude oil fell below $69 a barrel in New York after a US Energy Department report showed an unexpected increase in stockpiles as refineries idled units for seasonal maintenance and fuel demand dropped.
24)THE European Union unveiled its blueprint for an overhaul of the way banks and financial markets are policed, a central plank in new rules designed to prevent a repeat of the global economic crisis. It plans to create a banking super-watchdog, with power to overrule countries such as Britain, and a pan-European supervisor that would warn of early signs of crisis.
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