Date: 29 September 2009
1)The world’s major players in nuclear energy have arrived in New Delhi for the first major international conference on Tuesday. The meet will discuss the peaceful use of atomic energy after a gap of over three decades. Prime Minister Manmohan Singh will inaugurate the three-day conference and a major highlight will be the address by International Atomic Energy Agency(IAEA) Director General Mohamed ElBaradei. The audience will comprise executives from the world’s top nuclear companies and chiefs of state nuclear corporations and regulators besides leading scientsts and academicians.
2)India still remains a very attractive destination for investment, according to K P Balraj, Managing Director of Sequoia Capital India, a private equity firm managing funds capitalised at close to $1.8 billion. In an e-mail response to a range of questions, he said, “there has not been much of an effect of the economic slow- down on the venture capital market”. Asserting that there were lot of activities now, he said, “our experience in both in India and globally has been that the best of companies get created in markets like these”. He was happy that India was finally seeing “a seed and angel ecosystem develop”. This trend, he felt, was very good for private equity players and venture capital firms in the long-run.
CORPORATE / INDUSTRY
3)In a boost to the flagging domestic uranium mining effort, ONGC has zeroed in on a location in Assam and has submitted a proposal to Uranium Corporation of India Ltd(UCIL) for jointly exploring the resource. ONGC has an agreement in place with UCIL to pur- sue exploration and exploitation of uranium resources.
BL4)Sakata Inx (India) Ltd, the subsidiary of Sakata Japan, a global player in manufacture of printing inks, is “betting heavily” on the growth of offset inks for the publishing industry, according to V K Seth, Managing Director, Sakata Inx (India).
MONEY / BANKING
5)The Reserve Bank of India is likely to reverse its soft rate regime as early as April next year and increase its key policy rates by 125 basis points each by 2010-end due to rising food prices, global financial major Citigroup has said.
6)If you are a safe and good driver, you do not really reap the benefit in the form of lower insurance costs. At least, not yet, But that may soon change. Today, car insurance has a lot more features, than a year ago, thanks to changes allowed to the policy. ICICI Lombard has started a pilot initiative which will soon help safe drivers get some benefit.
7)Gold exchange traded funds (ETFs) have performed better than the spot gold in the last two months due largely to better returns from other investments and the rupee strengthening against the dollar. The gold ETFs listed on stock exchanges have given an average return of seven per cent between July 22 and September 22, while the spot gold has risen by five per cent in the same period.
8)Gold was steady on Monday after briefly falling below $990 an ounce, as the euro trimmed some losses versus the dollar, but bullion looked vulnerable to a long liquidation after it failed to stay above $1,000 an ounce. Spot gold was at $991 an ounce by 1121 GMT, slightly up from $990.95 an ounce late in New York on Friday, when gold hit a two-week low of $984.70 an ounce.
BL9)Copper hit its lowest level since mid-August on Monday, as rising inventories and a firmer dollar helped haul many industrial metals to multi-month troughs. By 0857 GMT, copper for three month delivery on the London Metal Exchange fell to $5,890 a tonne from $5,990 at the close on Friday. It earlier touched a low of $5,855.25 – a level not seen since Aug.19.
10)Xerox Corp announced on Monday it was buying Affiliated Computer Services in a cash-and-stock deal valued at $6.4 billion that gives the US photocopier company a foothold in a new market. Xerox said it will pay $63.11 per share for the Dallas-based out- sourcing company, a premium of 33 per cent over ACS’s closing price on Friday.
11)The UK software and IT services company, Advanced Computer Soft- ware PLC, on Monday, said it has acquired Indian software developer Oak Labs India Pvt Ltd for an undisclosed sum. The company said the acquisition will be paid for in cash. It will issue 7,61,095 shares of 10 pence each in ACS, which will be issued at 34 pence a share.
BL12)The U.S.-based leading enterprise software company Oracle is aiming at the fast-growing telecom and services sector, besides government departments, to expand its presence and operation in India.
13)New York crude oil rose, reversing an earlier decline of as much as 0.9 per cent. Crude slumped more than 8 per cent last week, the biggest drop since the week ending July 10, as US stockpiles unexpectedly rose. There is quite a bit of spare capacity in the sys- tem, so there is no screaming need for Iran’s oil, said Mr Edward Meir, an analyst with MF Global Ltd. in Darien, Connecticut. It seems the markets are not that unnerved and seem to be implying that the tensions will not be enough to generate any meaningful rally. Crude oil futures for November delivery increased 44 cents, or 0.7 per cent, to $66.46 a barrel at 9:45 a.m on the New York Mercantile Exchange.
BL14)The world’s largest steel maker Arcelor Mittal will focus more on emerging markets, including India, and expects to return to the pre-crisis level by 2012, the company’s chief, Mr Lakshmi N Mittal, has said. “Growth will be a slow, progressive recovery. May be by 2012, we could come back to the pre-crisis level. Growth will only come from emerging markets. That is where we will focus,” Mr Mittal told the Wall Street Journal in an interview.
BL15)Toyota Motor announced on Monday its first year-on-year rise in overseas production in 13 months as Japan’s auto giants slowly get back on track after the worst recession in decades. Toyato’s smaller rival Nissan also saw the first increase in domestic sales since July 2008, while demand for Honda vehicles rose for a second straight month, helped by Government incentives for people to buy new cars.
BL16)Belgian drugs, chemicals and plastics maker Solvay said on Mon- day it would sell its drugs unit to US partner Abbott Laboratories for e4.5 billion ($6.6 billion) in cash and reinvest in chemicals and plastics.
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