Date: 18 November 2009
Thought for the day
“The only way to do great work is to love what you do.”
1)Meeting Prime Minister Manmohan Singh just days after the arrest of Pakistani-American terror suspect Tahawwur Hussain Rana, Canadian Prime Minister Stephen Harper has assured that his country ‘stand firmly with India in dealing with global terrorism.” India and Canada also indicated they would like to sign a civil nuclear agreement. But what they actually signed on Tuesday was an agreement on cooperation in the ‘field of energy’, dealing mostly with renewable sources of energy and oil and gas exploration.
2)With economies reviving from the global meltdown, India is targeting annual foreign direct investments worth $50 billion by 2012. It would double the inflows by 2017. In order to make the investment environment in states more lucrative for prospective overseas investors, the commerce ministry would set up a panel comprising state industrial ministers. The panel would recommend measures to iron out procedural difficulties faced while setting up a business.
CORPORATE / INDUSTRY
3)MUKESH Ambani, chairman of India’s biggest firm, Reliance Indus- tries(RIL), indicated on Tuesday that an overseas acquisition might be on the cards. There has been widespread speculation about a possible buy of Lyondel-Bassel, a bankrupt Rotterdam-based petrochemical company. The company would scale up its current businesses and may acquire new ones, Mr Ambani said. The meeting approved the long- awaited bonus shares and the shareholders were told that their company was poised to grow with increasing oil and gas assets and the financial strengths to expand businesses. RIL fixed November 27 as the record date for distribution of bonus shares.
4)In what could be termed as the fastest turnaround for the hospitality sector, key metros in the country are once again facing a shortage of hotel rooms, compared with a 50% drop in occupancy at its peak last year.
5)GILBARCO Inc, a US-based fuel control service provider, said on Tuesday that it would acquire the petroleum dispensing pump business of L&T, India’s largest engineering and construction firm, as part of a plan to increase its presence in the local metering business.
MONEY & BANKING
6)The rupee depreciated marginally against the dollar on Tuesday, as the greenback strengthened against other major currencies. The domestic currency opened at 46.17 and weakened to touch an intra-day low of 46.36. It ended the day at 46.32, against the previous close of 46.22.
7)UCO Bank expects to receive Rs 750 crore from the Government this month to shore up capital, its Chairman and Managing Director, Mr S K Goel, told NewsWire18.
8)If you are in need of money, now may be the right time to apply for personal loan from a public sector bank(PSB). After keeping purse strings tight for quite some time, banks are now turning positive on personal loans.
9)The economic downturn might have affected the sale of new policies, but it has not prompted individuals from renewing their life covers. According to insurers, renewal premium went up by 18.6 per cent to Rs 62,429 crore during the first half(H1) of the cur- rent financial year, as against Rs 52,606 crore during April- September 2008. The increase was higher in case of unit-linked insurance products(Ulips), which rose by 34 per cent to Rs 25,433 crore during the period as against Rs 19,024 crore a year ago.
10)The 30-share Sensex of the BSE added 18.41 points or 0.11% to end the day at 17,050.65 points. The broader Nifty of the NSE gained 4.20 points or 0.08% to close the day at 5,062.25 points. According to provisional figures furnished by the BSE, foreign institutional investors were net buyers at Rs 463.42 crore. While domestic institutional investor sold stocks worth Rs 235.54 crore.
11)Mutual funds(MFs) and insurance companies are set to lock horns over the next couple of months, as the tax planning season gets underway. Equity linked savings schemes(ELSS) and unit-linked insurance plans(ULIP) will fight it out for a share of funds from people who are looking to reduce their tax liabilities.
12)SHAREHOLDERS can now cast their votes on corporate proposals through the click of a mouse without having to worry whether their response has reached the company or not. CDSL Ventures(CVL), a wholly-owned subsidiary of Central Depository Services(India), on Tuesday launched the e-voting system for listed companies.
13)The Bombay Stock Exchange(BSE)has made certain changes in the settlement period of index-based monthly futures and options(F&O) as well as all weekly options contracts, a move that will improve liquidity in the derivatives segment. “It has been decided to change the expiry of all monthly index futures and options from last Thursday of the month to the third last Thursday of each contract month. “Further, expiry date of all weekly options con- tracts currently available for trading will also be changed to cycle of Friday-Thursday from cycle of Monday-Friday, that is expiry on Thursday instead of Friday,” the bourse said in a statement. This change would take effect for all contracts starting from November 20, 2009.
14)Cox and Kings’ initial public offer(IPO) has got good response with nearly 15 per cent of the IPO being allotted to 6 anchor investors on Tuesday. India Infoline is the Book Running Lead Manager for the issue. Six investors have been allotted 2,744,480 shares.
15)Gold prices on Tuesday surged by Rs 200 and touched an all-time high of Rs 17,300 per 10 gram in the bullion market in New Delhi on frantic buying by jewellers for the ongoing marriage season amid firming global trend. Silver rose by Rs 1,000 to Rs 28,350 per kg.
16)Pepper futures fell on Tuesday on bearish reports from overseas that the US market was covered up to December and the requirements were for January to March. Besides there was a feeling that those holding long positions might liquidate.
17)Selling bungalow-plots at a price of a 3-bedroom-hall-kitchen (BHK) apartment in metros is the new buzz among medium-to-large real estate developers due to rising demand amidst a realty revival. According to Anand Narayanan, residential director, Knight Frank India Private Ltd, “What was once the strong hold of tier-II and tier-III developers, is now attracting a lot of interest from their tier-I counterparts.”
18)THERE is one more addition to the long list of real estate developers jumping into the affordable home space with Bangalore-based Brigade Enterprises announcing the launch of Brigade Value Homes. The company is launching four projects simultaneously – one each in north, south, east and west Bangalore.
19)JAPANESE business conglomerate NTT Group has emerged as a serious contender for acquiring a majority stake in IT firm Patni Computer Systems, two persons familiar with the matter told ET. NTT is the latest to join the race to take control of the Mumbai-based firm. Other companies that have reportedly evinced interest in the bidding process include L&T Infotech and Japanese IT services provider Fujitsu.
20)INDIA’S computer hardware market, which includes servers and desktops, is set to regain double digit growth rates from next year, as customers seek to establish new data centres and invest more in expanding their operations. Top hardware vendors such as IBM, HP and Acer have already started seeing a revival in their sales, and experts forecast the hardware market to rebound by next year.
21)Mahindra Satyam (formerly Satyam Computer Services), which caters to the engineering services market, might look at servicing its new parent firm, Mahindra & Mahindra(M&M), as a client. This comes at a time when M&M is preparing to enter the US market with its market-specific vehicles. Experts said that Mahindra Satyam would come handy for M&M and could become its largest client.
22)Chinese and US regulators are negotiating a pact aimed at encouraging Chinese financial institutions to buy into small and medium-sized banks in the United States, bankers briefed on the plan said on Tuesday.
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