Date: 17 November 2009
Thought for the day
“Nothing happens by itself. It all will come your way once you understand that you have to make it come your way, by your own exertions.”
1)India and Iran on Monday held talks on closer cooperation in energy, transit routes to central Asia and sharing of information on militant activity in the Pakistan-Afghanistan belt. In the first high-level talks after elections in both countries, Prime Minister Manmohan Singh and External Affairs Minister S.M.Krishna, in talks with visiting Iranian Foreign Minister Manouchehr Mottaki, flagged New Delhi’s interest in the Iran-Pakistan-India gas pipeline.
2)STIMULUS packages announced to perk up the economy during the slowdown are unlikely to be withdrawn in the current financial year and the exit when it happens will be gradual, finance minister Pranab Mukherjee said on Monday.
3)The economic think-tanks CMIE and DSP Merrill Lynch on Monday scaled up the GDP growth projections to 6.2% this fiscal on back of the faster-than expected recovery, even as professional fore- casters in an RBI survey scaled it down to 6% from 6.5%.
4)The International Finance Corp(IFC), the world Bank’s private sector lender, was aiming at about $1 billion a year new investments in India over the coming few years, matching the level of recent years, a top executive said.
CORPORATE / INDUSTRY
5)THE Kalyani Group’s flagship company Bharat Forge plans a big foray into the power sector with an investment of up to Rs 50,000 crore and a targeted generation capacity of up to 10,000 mw, over the next 10 years. According to industry sources, the company plans to set up power plants in Gujarat, Maharashtra, coastal Andhra Pradesh and Tamil Nadu.
6)Suzlon Wind Energy Corp, the North American arm of Suzlon Energy, has bagged a 21MW order from Grant County Wind Farm in Minnesota. The company will supply 10 wind turbines of 2.1 MW each, which will provide enough electricity to power 7,000 homes in the area.
MONEY & BANKING
7)The rupee gained marginally against the dollar on Monday, on the back of capital inflows into the country. The domestic currency opened at 46.14 and strengthened to touch an intra-day high of 46. It ended the day at 46.22, against the previous close of 46.30.
8)The government has said that public sector banks have asked for much more capital than it can give. All state-run banks put, including IDBI and State Bank of India’s associates, have sought Rs 40,000 crore from the government to expand credit over the next three years. However, the government can extend support only to the extent of Rs 14,000 crore($3 billion), being provided by the World Bank.
9)ICICI Prudential Life Insurance has launched a unit-linked plan called ‘ICICI Pru Pinnacle’. The long-term wealth creation plan offers customers an advantage of varying exposure to equities along with downside protection, a press release said.
10)Gains in most blue chips, led by banks and autos, as well as positive trading in international markets, helped shares end higher on Monday. The Sensex rose 183.68 points, or 1.1 per cent, to close at 17,032.51. It traded between 16,893.11 and 17,083.20 during the session. On the National Stock Exchange, the 50-stock S&P CNX Nifty gained 59.10 points, or 1.2 per cent, to end at 5,058.05.
11)NET purchases of Indian shares by foreign institutional investors has crossed the $15-billion mark for the current calendear year, and market watchers say a depreciating dollar could drive more money into emerging markets like India in the near term, as global investors try to maximise returns. In 2007, foreign funds had net pumped in $17.65 billion into Indian shares. That figure is unlikely to be surpassed this year, say experts, as most global investors tend to book profits towards the close of the calendar.
12)THE scrip of mid-tier IT company NIIT Technologies has gained 12% in the past one month after its September quarter results. With this, the company has outperformed not only its top-tier peers but also the CNX IT index, which may post a return of just over 8% during the same period. The Sensex and the Nifty lost over 1%.
13)The Maruti Suzuki stock surged 5.45 per cent to Rs 1,560.40 on reports that the demand for passenger cars remains upbeat in the domestic market. The stock has risen 10 per cent in last two trading sessions from a low of Rs 1,424.30 on November 12.
14)Travel and tourism firm Cox & Kings on Monday said it will raise up to Rs 610.39 crore through an initial public offering(IPO) and plans spending about Rs 150 crore of amount on global acquisitions. The company has filed a draft Red Herring Prospectus (DRHP) with market regulator Sebi for offloading 18,496,640 equity shares(diluting 29.40% of the promoters’ stake) at a price band of Rs 316-330. The offer will open for the public subscription between November 18 and 20.
15)Fidelity Mutual Fund on Monday announced the launch of an open- ended, diversified, equity fund that will invest in companies that have more intrinsic value than reflected in their stock prices.
16)Gold touched a fresh high above $1,130 an ounce in Europe on Monday as momentum from recent gains and a slide in the dollar index sparked fund buying of the precious metal. Gains in gold boosted interest in other precious metals, with platinum, palladium and rhodium all hitting their strongest in more than a year. Spot gold reached at peak of $1,132.95 an ounce, and was bid at 1,130.60 an ounce at 1021 GMT, against $1,118.50 late in New York on Friday.
17)Gold futures may breach the psychological Rs 17,000-mark this week on the back of a weaker dollar, enhancing the yellow metal’s appeal as an alternative investment, analysts said. The most-traded December gold contract was trading 0.46% higher at Rs 16,877 per 10 grams after hitting a fresh record high of Rs 16,925 earlier. The contract has struck 12 record highs since February 20, earlier this year, with eight all-time highs this month.
18)Godrej Properties Ltd, the real estate arm of the Godrej group, announced setting up of its first commercial project in the northern region with an estimated investment of Rs 200 crore. “Godrej Eteria, which is coming up in Chandigarh, will be our first ever commercial project in north. It will involve an investment of Rs 200 crore,” company’s executive director Pirojsha Godrej said.
19)US telecom major AT&T and the world’s largest chip maker Intel were among the foreign players that showed interest today in the pre-bid conference for third generation (3G) spectrum, which kick-started the process for the 3G auction in the country. The conference was dominated by existing players, such as Vodafone Essar, Bharti Airtel, Reliance Communications, as well as new players like Uninor, STel and Datacom(which are yet to launch their mobile operations). Several of these companies had already made public their intention of participating in the auction.
20)DELL-Perot Systems, which bundles hardware and software solutions for offering low-cost services to hospitals and other healthcare companies, plans to replicate its American model for gaining more business in India’s $12-billion domestic market. The company, which is already offering its pay-as-per use service to healthcare customers in the US, signed up with Max Healthcare earlier this year bid- ding against domestic rivals TCS and Wipro for Rs 90 cr, 10-year contract. At a time when the US is preparing to spend almost $46b on modernisation of its ageing healthcare systems, and even the Indian government has aggressive IT-enabled programs, tech firms such as TCS, Infosys and Wipro will have to compete against Dell, Perot and IBM.
21)Mahindra Satyam, the information technology outsourcing company has joined the Symbian Foundation, a non-profit organisation that develops and licences its Symbian OS(open source) operating system for data-enabled mobile phones.
22)Sales at US retailers rose more than expected in October as consumers bought more motor vehicles and other goods, but the previous month’s figures were revised sharply downward, a government report showed on Monday.
23)General Motors Co will announce on Monday it plans to start re- paying a $6.7 billion loan to the US Treasury by year-end due to modest operating improvements, a source knowledgeable about the situation said.
24)Japan’s government inched toward agreeing new stimulus measures that could be worth $30 billion on Monday as economic growth is likely to slow next year due to sluggish personal spending and rising inventories.
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