Date: 10 March 2011
Thought for the day
“Achieving your vision doesn’t mean you’ve reached the end of the line. It simply means that you’ve come to a new starting place.” —Nido Qubein
1)THE Indian Space Research Organisation (ISRO) proposes to launch the latest remote sensing satellite and two others in the second week of April, seeking to replace a crucial component in its fully-assembled launch vehicle by dismantling one section.
2)The net direct tax collection during the period April-February 2011 grew at 20.75% to Rs 3,36,177 crore, up from Rs 2,78,411 crore in the same period last fiscal as revenue collections maintained buyoyancy in most parts of the year with a pick up
in industrial growth and an overall impressive performance of the corporate sector.
CORPORATE / INDUSTRY
3)Reliance Industries’ natural gas output from the KG basin will jump by a quarter next month as more wells in the deep sea field deliver gas, a top official said, helping the shares of the country’s most valuable firm rise to the highest in three months.
4)Car sales in India hit a record monthly high of 1,89,000 units in February as customers advanced purchases in anticipation that the government may hike excise duty in the Budget. Sales were also driven by rising disposable income with the middle class, easy availability of loans, and a pick up in new product launches.
MONEY & BANKING
5)The rupee ended higher by 8 paise to 45.00/01 against the US currency on fresh sale of dollars by banks amid a firm trend in the equity market, despite gains registered by the dollar overseas.
6)State Bank of Bikaner and Jaipur (SBBJ), the largest associate bank of SBI, today said its board has cleared the proposal of raising Rs 780 crore through a rights issue.
7)Dhanlaxmi Bank hiked its base rate to 8.75 per cent from 8.25 per cent and HSBC India to 8.5 per cent from 8 per cent, according to press releases issued by both banks.
8)The BSE Sensex crawled 0.2% higher in choppy trade on Wednesday, helped by small gains in world equities, but concerns over unrest in the Middle East weighed on investor sentiment. Energy giant Reliance Industries led the charge. Reliance Industries, which has the highest weighting on the main index, gained nearly 1% after the upstream regulator said it is likely to raise gas output from its east coast blocks to 67 million metric standard cubic metres a day (mmscmd) by April. The 30-share BSE index gained 0.16%, or 30.30 points, to 18,469.95 points, with 16 of its components advancing. “Steady world markets supported our market today (Wednesday),” said Ambareesh Baliga, vice-president of Karvy Stock Broking. Mr Baliga expects the Nifty to trade in a 5,400-5,600 range
over the next two weeks. The 50-share NSE index, or Nifty, closed 0.2% higher at 5,531 points.
9)In less than a month of taking charge as the chairman of Securities and Exchange Board of India (Sebi), U K Sinha has given mutual fund industry a reason to smile. In a move which has brought clarity to the MF industry, Sebi has allowed the fund houses to use the funds mobilised (load balance) through exit and entry loads before the entry load ban came into existence on August 1, 2009. Chief Executive Officers in the industry, said it was not that industry was not allowed to use the load balance, but due to less clarity on the subject from the regulator, fund houses did not lay hands on the funds collected. The load balance can now be used by the fund houses for marketing and selling expenses including distributor’s and agents’ commissions. However, there is a catch. “Not more than one-third of load balance as on July 31,2009 shall be used in any financial year including the current financial year,” said a Sebi note.
10)EQUITY funds continued to witness inflows for the third consecutive month, while average assets of the fund industry surged by over 2.3% in the month of February. According to the data provided by the Association of Mutual Funds in India(Amfi), Rs 25,757 crore worth of inflows came into the MF industry, out of which equity schemes saw inflows of Rs 2,495 crore and Rs 8,770 crore came into money market schemes.
11)Reliance Mutual Fund on Wednesday said it has so far collected Rs 5 billion ($111 million) from 200,000 investors under its gold fund of funds scheme. The scheme will be open for trading from March 14, the fund house said in a statement.
12)Crude oil dropped for a second day in New York as speculation mounted that OPEC will consider boosting output to compensate for disruptions in Libya and rising US supplies signalled weakening demand. Crude for April delivery decreased as much as 81 cents to $104.21 a barrel in electronic trading on the New York Mercantile Exchange.
13)Gold rose in New York on renewed concern about the debt crisis in the Euro region and inflationary pressures that may curb global growth. Gold for April delivery rose $7.20, or 0.5 per cent, to $1,434.40 an ounce at 7:56 a.m. local time on the COMEX
in New York.
14)CREDAI, the apex industry body for real estate developers, today sought single-window clearance to prevent project delays and to bring down housing prices. Speaking to reporters after being elected as the new Chairman of CREDAI, Parsvnath Developers Chairman Pradeep Jain said the association would take up with the government issues like single-window clearance, tax sops and priority lending to buyers as well as builders in the affordable housing segment.
15)The Confederation of Real Estate Developers’ Associations of India (Credai), Tamil Nadu is organising property fair ‘Fairpro 2011’ from March 11 to 13 in Chennai which will focus on providing home buyers what they carve for.
16)Bangalore-headquartered real estate company Puravankara Projects, is aiming to go aggressive in the affordable housing segment and is looking at investing between Rs 500 crore to Rs 1000 crore in Kerala in all the segments in the next two years, a top official said.
17)Over 3.8 million(38 lakh) mobile phone users have changed their operator using Mobile Number Portability since the facility was launched in the country on January 20. According to numbers released by the Telecom Regulatory Authority of India(TRAI), the maximum porting has happened in Gujarat and Karnataka with as many as 3.65 lakh and 3.18 lakh mobile users respectively shifting their operators. While the telecom regulator did not give out operator specific numbers, Vodafone Essar and Idea Cellular are among the companies that have gained the most.
18)India’s largest mobile operator Bharti Airtel is also on top when it comes to subscriber complaints related to billing, metering and tariff-related issues and activation of value added services without customer consent.
BUSINESS PROCESS OUTSOURCING
19)The frontrunner in the Indian BPO sector, Genpact, has reason to worry. The country’s largest software exporter, Tata Consultancy Services, is fast catching up, with strategic acquisitions, strong patronage by its backbone IT business and big-ticket deals shrinking the BPO revenue gap between the two companies.
20)In a world where every latest electronic gadget has to prepare for a slow death after a newer version is launched. Apple’s launch of its new iPad within a year of the original tablet is forcing even die-hard fans to dispose of their older iPads online while first-time tablet buyers in India are waiting for iPad 2 to arrive later this week.
21)For the third year in a row, Cognizant Technology Solutions has been named to Fortune Magazine’s World’s Most Admired Companies list (of 350 companies). It was ranked third in information technology services category behind IBM and Accenture. The entire list includes 350 companies.
22)Infosys Technologies, hoarder of the biggest cash pile in the country’s computer services industry, is searching for acquisitions to add companies that specialise in providing healthcare and government services.
23)Warner Bros is offering an online rental service on Facebook, giving the studio a new way to distribute films amid concerns by parent Time Warner that Netflix devalues movies and TV shows.