Date: 29 October 2009
Thought for the day
“Four things come not back—the spoken word, the sped arrow, the past life, the neglected opportunity.”
1)In a span of two years, the Indian Coast Guard would be the among best in the world as there was a plan to induct more men, machine and material to patrol the 7,500-km shoreline, Defence Minister A K Antony said on Wednesday. Underlining that the concept of security underwent a change after the 26/11 Mumbai terror attacks to include threats from the sea, Mr Antony said that in order to meet the additional responsibility of coastal surveillance given to the Coast Guard, the government had sanctioned 3,000 additional personnel to make it a potent force to counter terrorism from sea.
2)India has been named among the top ten Asian countries paying importance towards corporate social responsibility (CSR) dis- closure norms, a survey says. According to social enterprise CSR Asia’s Asian Sustainability Ranking(ASR), India was ranked fourth in the list, which was topped by Australia.
3)Growth in key infrastructure sectors slipped in September after a strong showing in August, which could contribute to a possible moderation in the industrial recovery story. The core infrastructure sector growth dropped to 4 per cent in September, way below the upwardly revised annual growth of 7.8 per cent in August, data released by the Ministry of Commerce and Industry showed on Wednesday.
CORPORATE / INDUSTRY
4)THE world’s largest drug company Pfizer has started the second round of due diligence on Wockhardt’s Biotech business, which could result in a potential buyout or a strategic alliance, a person familiar with the matter said. The Indian company has been selling its assets as part of its plan to come out of a financial crisis.
5)Bharat Heavy Electricals Ltd(Bhel) has bagged a Rs 205-crore export order for a gas turbine generating unit from the Sultanate of Oman. The order envisages supply, supervision and commissioning of 126-mw gas turbine generating unit for a power project being set up by Petroleum Development Oman(PDO) at Qarn Alam, nearly 400 km from Muscat, a statement said.
6)India Cements Ltd will invest $20 million (Rs 92 crore) in a coal mine in Indonesia. The company expects to sign the deal with the mine owner within a couple of weeks.
MONEY & BANKING
7)The rupee fell by 44 paise against the dollar as the greenback rallied against other major currencies overseas. Though the rupee had breached the 47-level in day trade on Tuesday, it closed well above the 47 mark on Wednesday. The domestic currency opened at 47.10 and weakened to touch an intra-day low of 47.37. It ended the day at 47.35, against the previous close of 46.91/92.
8)Bank of Baroda’s net profit grew 60 per cent to Rs 634 crore for the quarter ended September 30,2009, from Rs 395 crore in the same period last year. The rise in profits is on account of growth in both interest income and non-interest income.
9)Andhra Bank has reported a 70% growth in its net profit to Rs 273.97 crore during the quarter ended September 2009 from Rs 161.53 crore recorded in the year-ago period. Operating profit during the period stood at Rs 452.80 crore as against Rs 278.42
10)The country’s equity indices, after witnessing intense volatility throughout the trading session, ended the day with minimal losses. The 30-share Sensex of the Bombay Stock Exchange(BSE) lost 69.91 points or 0.43% to close the day at 16,283.49 points. The broader S&P CNX Nifty of the National Stock Exchange(NSE) was down by 20.55 points or 0.42% to close at 4,826.15 points.
11)The Securities Appellate Tribunal(SAT) on Wednesday dismissed an appeal filed by Mr Shankar Sharma against a February 2009 SEBI order that barred him from accessing the securities market for a period of one year.
12)ACC, the country’s largest cement maker, has posted a robust increase of 60 per cent in its net profit, at Rs 415.51 crore for the quarter ended September 30, compared with Rs 260 crore in the corresponding previous quarter.
13)An increase in exports – mainly of active pharmaceutical ingredients(API) – and foreign exchange gains have helped Cipla, the domestic drug major, post a jump of 82.1 per cent in its net profit for the July-September quarter. The company posted a net profit of Rs 275.7 crore during the quarter, compared to Rs 151.4 crore posted in the corresponding previous year’s quarter, according to the consolidated results announced by the company today.
14)The failure of Kharif crops might lead to a “bullish” situation for the prices of pulses. “My gut feeling is that it will be bullish with regard to pulses, while there is no cause for concern over the overall food situation,” Mr B C Khatua, Chairman of Forward Markets Commission(FMC) said.
15)Gold prices held near $1,035 an ounce in Europe on Wednesday, little changed from the previous session, as the dollar steadied against the euro after hitting a two-week high earlier this week.
16)THE next two months will see top executives of the world’s largest telecom equipment vendors such as Ericsson, Nokia Siemens Networks (NSN), Alcatel-Lucent, Huawei and ZTE descending on India, with an eye to several billion dollars worth of business deals coming up for grabs in the next six months.
17)Intel, the world’s largest chipmaker, is understood to be in talks with leading Indian telecom companies like Tata Communications(formerly VSNL), Bharti Airtel and Reliance Communications that could bid for broadband wireless access(BWA) spectrum to be auctioned by the government in January 2010.
BUSINESS PROCESS OUTSOURCING
18)The coming months could see a spate of mergers & acquisitions in the Indian business process outsourcing (BPO) space, with several private equity funds looking at exercising the exit option. Investment banking officials said PE firms generally invest for 5-7 years and then cash out. In some of their current investments, the normal investment cycle is either over or coming to an end. Last year, several funds had to postpone their exit because of the global meltdown. Sources said several PE funds have opened channels with top IT firms, exploring the exit options. Companies that could be interested in buying the stakes could be top-tier IT services firms, like Infosys Technologies or Wipro, who want to strengthen their BPO portfolio. Other PE funds that want to enter or increase their exposure in the Indian BPO space could also be potential buyers.
19)IF you crack open the Microsoft global management kernel, the DNA will reveal a distinctly Indian trail. Some of the key businesses within Microsoft are being run by talent from India and atleast half-a-dozen of them are part of the top 25 in the 90,000-employee company, the world’s largest software maker.
20)INDIA’S top outsourcing companies are now exploring acquisition opportunities in the Latin American countries, as more customers demand nearshore delivery capabilities for physical proximity and ease of managing an outsourcing relationship.
21)HCL Technologies, ranked among the country’s top five software services firms, on Wednesday reported a 10% decline in its net profit at Rs 320.1 crore for the quarter ended September 30 compared to the year-ago period. Forex losses, which were almost half of the company’s net profit, pulled down HCL Tech’s profitability vis-a-vis its peers like Infosys Technologies, Wipro and TCS, which have reported positive numbers.
22)Crude futures fell below $78 a barrel Wednesday after key US inventory data showed a rise in gasoline stocks after analysts had expected a decline. Light, sweet crude for December delivery recently traded $1.70, or 2.1 per cent, lower at $77.85 a barrel on the New York Mercantile Exchange.
23)GLOBAL consumer confidence is rebounding and in the United States has risen for the first time since 2007, amid signs the world economy is picking up although spending is still restrained, a survey showed on Wednesday. Confidence was highest in India, followed by Indonesia and Norway, and was weakest in Japan, Latvia, Portugal and South Korea, although in Korea it had improved markedly, according to a quarterly survey by The Nielsen Company, conducted between Sept.28 and October 16.
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Economic Times www.economictimes.com
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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