Headlines (06 October 2009)


Date: 06 October 2009

Thought for the day

 “One who fears failure limits his activities. Failure is only the opportunity more intelligently to begin again.”

–Henry Ford

GENERAL

1)India now ranks 134th in the list of 182 countries ranked by the United Nations for quality of life its citizens enjoy. This is the same ranking as in 2008. The Human Development Index(HDI), on which India scored 0.612 this time compared to 0.604 last time, takes into account measures like life expectancy, literacy, school enrolment and GDP per capita.
 
Indian Express

CORPORATE / INDUSTRY

2)BEML Ltd, the public sector heavy equipment major, which is putting up a greenfield plant at Palakkad, Kerala, expects the upcoming unit to give the company a leg-up in the lucrative spare parts business. At Palakkad, the company intends to produce spares for both metro rail and aerospace industries.

BL

3)Consumer durables company Videocon Industries today said it has signed a Letter of Intent with Finnish contract manufacturing firm Elcoteq, aimed at buying stake in the foreign firm. The Finland- based company makes gadgets such as mobile phones and set- top boxes for Sony Ericsson, Philips and Cisco.

BL

MONEY / BANKING

 4)The rupee gained by about 25 paise to touch a two-month high,  despite weak domestic equity markets and the dollar strengthening against other major currencies. Strong capital inflows related to QIP issues were the reasons for the rupee gaining, said a forex dealer with a public sector bank. The rupee opened stronger at 47.65 and closed at 47.52, against Thursday’s close of 47.74.

BL

5)Oriental Bank of Commerce is planning to set up over 100 branches across the country to take the branch network to 1,500 with a total business mix of over Rs 2 lakh crore by March 2010.

FE

MARKETS

6)Indian equity indices snapped their winning streak and closed the day in red following weak cues from the global markets and profit- booking in the benchmark heavyweight during the trading session. The 30-share Sensex of BSE lost 268.14 points or 1.56% to close the day below the 17K mark at 16,866.41 points. The broader S&P CNX Nifty  of National Stock Exchange (NSE) was down by 80.20 points(1.58%) to end the day at 5,003.20 points. “Markets are likely to go down on the back of negative cues from the Asian and European markets. Domestic markets are likely to remain volatile due to lack of any major cues in the market,” said Ambareesh Baliga, vice-president  at Karvy Stock Broking Ltd.

FE

7)The Bombay Stock Exchange on Monday said stocks of 16 companies, including Adlabs Films, Gammon India and Kesoram Industries, will be included in the midcap index with effect from October 12. However, the scrips of Ballarpur Industries, JSW Steel and Koutons Retail India would be excluded from the mid-cap index with effect from  the same date.

FE

8)Matching an earlier move by its rival, the National Stock Exchange (NSE), the Bombay Stock Exchange(BSE) today announced a cut in transaction fee in the cash segment of the market from October 7. The NSE had announced similar cut from October 1. From October 7, the cost of transaction in BSE’s cash segment will be Rs 3.25 per lakh, compared to Rs 3.50 that the exchange charges now. This is in line with what NSE charges.

BS

IPO

9)The mad rush of 2006 may still be a distant memory, but India Inc is trying hard to make up for lost time as far as raising money from the capital market is concerned. Last month saw 30 companies filing their draft red herring prospectuses(DRHPs) with the market regulator for initial public offers(IPOs), a sharp increase from six in August and three in July this year. The Securities and Exchange Board of India received eight filings in September last year, the month the Lehman Brothers meltdown brought the world economy to its knees. Prime Database Managing Director Prithvi Haldea says this year, the September rush is even greater than earlier years because companies are returning to the primary  market after a year’s gap.

BS

10)AIM-listed integrated studio operator Eros International Plc is planning to list its wholly-owned Indian subsidiary on the Bombay Stock Exchange in the current financial year.

FE

MUTUAL FUNDS

 11)Mutual fund companies, witnessing a good inflow into gold ex- change traded funds (ETFs) thanks to the festival season, are hopeful of mopping up fresh investments if there is a correction in gold  prices.

BL

12)ING Mutual Fund today declared a 20% dividend under its open- ended equity scheme ING CUB Fund. The record date for dividend of this scheme is October 9, the company said in a statement.

FE

COMMODITIES

 13)In a move that could debar rural farmers from futures trading plat- forms, the Forward Markets Commission (FMC), the commodity  derivatives market regulator, has levied a penalty of 0.5 per cent on cash transactions over Rs 20,000. The penalty is effective immediately. The FMC, in a circular to the commodity exchanges, has asked members not to accept cash from clients, either against obligations or as margin money, for trading in commodity derivatives.

BS

14)Gold prices on Monday declined by Rs 50 to Rs 15,800 per 10  gram in the bullion market as retailers and stockists refrained from buying the metal at higher levels. Silver, however, gained Rs 50 to Rs 26,100 a kg on buying by industrial units.

BS

15)Pepper futures on Monday shot up on bullish reports that the production in Karnataka and Kerala would be down as also in Vietnam and Indonesia due to heavy rains, floods and earthquake.

BL

REAL ESTATE

 16)HDFC Asset Management Company(AMC) has picked up a 10%  stake in Bangalore-headquartered real estate firm Nitesh Estates for Rs 100 crore, said banking sources privy to the development.  The transaction comes at a time when Nitesh Estates is working  towards an initial public offering in the last quarter of the current fiscal.

ET

17)Milestone Real Estate Fund said it has invested Rs 110 crore into a residential project in Kolkata. Jointly developed by Milestone & Godrej Properties, this 3-million square feet project aims to  bring a prestigious residential complex to Kolkata, a company re- lease said.

FE

COMMUNICATIONS

 18)A consortium comprising India’s telecom PSUs BSNL and MTNL, among others, today said it had started negotiations for acquiring control of Kuwait’s biggest phone company Zain Telecom that has presence in 24 countries.

BS

19)THE Telecom Regulatory Authority of India(Trai) plans to ask all mobile service providers to bill customers per seconds of actual usage, in a landmark move that will benefit 450 million customers at the cost of telcos that could face a 15% fall in revenues.

ET

20)Reliance Communications has launched a new tariff plan for its GSM and CDMA customers where all calls will cost 50 paise a minute. The ‘Simply Reliance Plan’ will be available from Tuesday for pre- paid and post-paid users. This single rate of 50 paise a minute applies to all local and STD calls, to any mobile CDMA or GSM or landline from anywhere in India.

BL

BUSINESS PROCESS OUTSOURCING

 21)ADITYA Birla Minacs, among India’s top 10 BPO firms, has snapped up a Rs 600-crore fresh outsourcing deal from Ideal Cellular,  strengthening its presence in the domestic market. The deal, spread over five years, is perhaps one of the largest BPO contracts in the domestic market in recent times.

ET

INFORMATION TECHNOLOGY

 22)With green shoots emerging in the global economy, and top Indian information technology(IT) companies like Tata Consultancy Services (TCS), Infosys Technologies, Wipro and HCL Technologies bagging large deals over the last three months, analysts expect the Q2(July- September 2009) results to be better than the last few quarters.

BS

23)CLOSE on the heels of clinching an IT outsourcing deal with  Etisalat DB, the Indian arm of Emirates Telecom, Tech Mahindra is learnt to have won another deal for a greenfield IT implementation for a telecom major in the Middle East. The IT firm has won a  deal with Saudi Telecom, which is rolling out GSM services in  Bahrain, said a person familiar with the development.

ET

24)Hospital chain, Fortis Healthcare on Monday announced a five- year outsourcing deal estimated to be over $15 million with IT  major HCL Infosystems for implementing software solutions at all its facilities.

FE

INTERNATIONAL

 25)Oil eased below $70 a barrel on Monday, extending the previous session’s losses, pressured by concern over the pace of US econo- my recovery and any revival in energy demand.

BS

26)Norway’s Telenor and Russian partner Alfa Group have agreed to  merge their Russian and Ukrainian holdings into a New York listed mobile operator worth over $23 billion, ending one of the longest ever Russian corporate wars.

BS

FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.

 Karvy Consultants Ltd www.karvy.com
 www.khojhyderabad.com
 www.indiacorporateadvisor.com
 www.karvycomtrade.com (Commodities)
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

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