Date: 10 November 2009
Thought for the day
“We can do anything we want to do if we stick to it long enough.”
1)To check educational malpractices, the Centre would soon make it mandatory to have website for every educational institutions where its infrastructure facilities and faculty will have to be spelt out. Participating in the World Economic Forum’s India Economic Summit, Union Minister for Human Resources Development Kapil Sibal enlisted the reforms agenda of the government in education sector and announced that his ministry was looking at having all legislative reforms for the sector in place by the next Budget session of Parliament.
CORPORATE / INDUSTRY
2)Larsen & Toubro(L&T) said it has bagged order worth Rs 1,635 crore from Madhya Pradesh Power Generating Company Ltd(MPPGCL) for engineering related works at Shree Singaji(Malwa) thermal power plant.
MONEY & BANKING
3)The rupee gained by about 35 paise against the dollar on positive equity markets and general dollar weakness. The rupee opened with a gain at 46.62 and closed at 46.46, against the previous close of 46.81.
4)BIG lenders have seen a surge in retail loan offtake over the seven months of this fiscal. Rising wages coupled with pent-up demand for new homes and cars have given the desired shot in the arm to retail lending by banks across the country. For some like HDFC Bank and Axis Bank, October has been the best ever month in terms of retail assets growth. Others such as ICICI Bank and Bank of Baroda have also witnessed a significant improvement in credit offtake on the back of rising home and auto loans, said bankers.
5)Foreign institutional investor T Rowe Price is set to acquire 19.5% stake in UTI Asset Management Company as well as UTI Trustee. Three shareholders of UTI Asset management Company and UTI Trustee Company – State Bank of India(SBI), Punjab National Bank(PNB) and Bank of Baroda(BoB) – on Monday informed the stock exchanges that each of them would divest 6.5% in both the entities to T Rowe Price.
6)The country’s equity indices managed to close Monday with huge gains, continuing the winning streak for the fourth trading session following positive cues from the global markets coupled with buying in the benchmark heavyweights. The 30-share Sensex of the Bombay Stock Exchange (BSE) added 340.44 points or 2.11% to close the day at 16,498.72 points. The broader S&P CNX Nifty of the National Stock Exchange (NSE) gained 102.25 points or 2.13% to end the day at 4,898.40 points.
7)Bank stocks on Monday led the upward momentum on Dalal Street. The BSE Bankex gained most among the sector indices by improving 4.8 per cent. Among them, Central Bank of India was the top performer by gaining 15.55 per cent.
8)The SBI stock was the largest gainer among Sensex companies and rose 5.2 per cent to Rs 2,318.55, after the state-run bank entered into an agreement with T Rowe Price under which the bank will sell 6.5 per cent holding each in UTI Asset management Company and UTI Trustee Company.
9)The Thomas Cook India stock jumped 11.87 per cent to Rs 62.20 on reports that company will charter the luxury train – Deccan Odyssey over the next five years from November 18 to cash in on the influx of foreign tourists in India as recovery in the global economy brightens spending prospects. The company will launch “The Indian Maharaja” for foreign tourists covering the cities of Mumbai, Aurangabad, Udaipur, Jaipur, Agra, Ranthambore and Delhi.
10)Markets regulator Sebi has allowed stock exchanges to set up separate trading platforms for small & medium enterprises. “It doesn’t have to be a separate exchange, but a separate trading platform by existing exchanges,” said Sebi chairman CB Bhave, while addressing the media after a board meeting.
IPO / FPO
11)THE Securities and Exchange Board of India on Monday proposed a radical change in the way public offerings are done, spelt out guide- lines to help smaller companies raise capital efficiently, and called for incremental disclosures from listed companies. The regulator has mooted the pure auction method of book-building, in which institutional bidders would be free to bid at any price above the floor price, and allotment would be on a top down basis, starting from the highest bidder. Market watchers say that this form of bidding helps in better price discovery, as opposed to the current format in which the merchant banker sets a price band, and investors have to bid within that range. To begin with, the proposal would be restricted to follow on public offerings(FPOs). Retail and high networth investors, however, will be alloted shares at the floor price.
12)Reliance Mutual Fund has emerged as the most successful fund house in the country for the quarter ended September 2009, riding on strong performance by both equity and debt-oriented schemes, according to Crisil Fundservices. Crisil’s composite performance rankings (CPR) for the July-September 2009 period saw Reliance MF emerging as the fund house with most number of CPR 1 ranks, repeating its first quarter performance. Crisil CPR is the relative performance ranking of mutual fund schemes within the peer group.
13)BUOYED by a new high in the international market, gold prices in Mumbai ruled at Rs 16,705 per 10 grams on Monday. Local prices could have further surged had the dollar not weakened. In global spot markets, price of the yellow metal touched a record $1,109.5 per troy ounce. A weak dollar has pushed up gold prices in the last week’s trades.
14)Copper rallied on Monday on a brighter demand outlook after Codelco, the world’s top copper miner, raised premium charges for Asian customers in 2010. A weaker dollar also boosted industrial metals. Three- month copper futures on the London Metal Exchange traded at $6,602 a tonne by 1054 GMT, from a close of $6,490 on Friday, when soft US job data hurt sentiment.
BUSINESS PROCESS OUTSOURCING
15)BPO firm Genpact said on Monday it was looking for acquisitions in India and other markets across various verticals but the plans could face hurdles if pricing went up in the near future.
16)ICICI Ventures, Singapore state investor Temasek Holdings and US banking technology group Metavante are considering an exit from the country’s sixth-largest business process outsourcing(BPO) firm, Firstsource.
17)THE rapid changes in the global economic order present opportunities as well as challenges for India’s IT-BPO industry and the cur- rent situation could actually see the sector going back to double digit growth rates in 2010, according a study.
18)Sonata Information Technology has said that it has been awarded a project by public sector firm Dredging Corporation of India(DCI) to provide enterprise solution implementation services for its corporate office in Visakhapatnam and dredging project sites.
19)The US dollar may come under renewed pressure from emerging market currencies and the euro after a meeting of the world’s top finance officials failed to take concrete action on rebalancing global money flows.
20)Goldman Sachs Group Inc, Morgan Stanley and JP Morgan Chase & Co’s investment bank, survivors of the worst financial crisis since the Great Depression, are set to pay record bonuses this year. The firms the three biggest banks to exit the Troubled Asset Relief Program will hand out $29.7 billion in bonuses, according to analysts’ estimates.
21)Morgan Stanley is looking to sell its 34 per cent stake in investment bank China International Capital, the US bank’s China chief executive said.
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