Date: 16 March 2011
Thought for the day
“To realize a dream, you must have a dream to realize.”
—Mark Victor Hansen
1)The Union Cabinet on Tuesday gave its nod for amending the Constitution to introduce a uniform goods and services tax regime across the country by unifying all Central and state levies.
2)The fourth-quarter advance tax payments for the 2010-11 fiscal recorded the highest growth rate since the 2008 global economic downturn triggered by the collapse of Lehman Brothers. By evening of March 15, the last date for advance tax payments, the I-T department has collected more than two-third of the total advance tax payments for the fourth quarter.
CORPORATE / INDUSTRY
3)Maruti Suzuki India Limited (MSIL) today rolled out its 10 millionth car from its facility in Gurgaon to become the first Indian automobile manufacturer to attain the milestone. With this, MSIL joins the ranks of global auto majors such as Toyota Motor Corporation, General Motors, Ford, Volkswagen, Renault and parent Suzuki Motor Corporation who have attained the feat.
4)Siemens Healthcare Diagnostics on Tuesday said it has merged with Siemens (SL). “With effect from March 14 2011, company stands amalgamated with SL and the legal entity of the company stands dissolved without winding up.” Siemens Healthcare Diagnostics said in a filing to the BSE.
MONEY & BANKING
5)Rupee slid for the third time in four days as Japan’s earthquake and nuclear accident prompted investors to favor the relative safety of the dollar over regional assets. The currency dropped 0.3% to 45.245 per dollar at close in Mumbai.
6)Infrastructure Development Finance Company (IDFC) has extended the closing date of its long-term infrastructure bonds by five days to March 21.
7)The government and the Reserve Bank of India(RBI) are set to allow financial conglomerates and large industrial houses to enter the banking industry. About half a dozen fresh banking licences are expected to be given at one go to ensure that new entrants have a level playing field, government sources said.
8)Life insurance policies as a means to save on tax, especially a favourite in the last quarter of the financial year, seem to be losing favour with the salaried class. And banks are ‘gaining’ vis-a-vis insurance companies in luring investors. BL
9)Insurance companies looking to list or offload stakes are likely to benefit from the Reliance Life deal. According to analysts, Monday’s Reliance Life-Nippon deal has raised the benchmark of valuation for insurers. ET
10)Shares slumped to a two-week intraday low on Tuesday, as news of Japan’s deepening nuclear crisis spurred selling across Asia and Europe, but gains in Reliance Industries helped the local market recover some losses. The Sensitive Index fell 271.84 points, or 1.5 per cent, to close at 18,167.64 after moving between 17,920.55 and 18,326.33. On the National Stock Exchange, the 50-stock S&P CNX Nifty fell 81.85 points, or 1.5 per cent, to end at 5,449.65.
11)The market is betting high on cigarette companies after the finance minister proposed to leave the excise duty on tobacco unchanged, sparing the industry from a higher outgo. After the Budget, shares of industry leaders such as ITC, Godfrey Phillips and VST Industries have, in fact, outperformed the broader market, which has been on a roller coaster ride. ET
IPO / FPO
12)PTC India Financial Services’ initial public offering, which is to raise up to Rs 439 crore, will open on Wednesday. A fully-owned subsidiary of power trading firm PTC India, the company has fixed a price band of Rs 26-28 a share for the sale of 15.67 crore shares.
13)Steel Authority of India on Tuesday said it will file the red herring prospectus in May for its forthcoming follow-on public offer, which is expected to hit the market in the first quarter of the next fiscal.
14)Sistema Shyam TeleServices Ltd(SSTL), on Tuesday, said it will appoint investment bankers in the next few months for the company’s proposed initial public offering.
15)Kerala-based Muthoot Finance plans to raise Rs 1,400 crore through an initial public offering. Depending on the market conditions the issue is expected to be launched by end of this month.
16)Gold declined to the lowest level in more than three weeks in New York as some investors sold the metal to raise cash as other commodities and equities dropped. Silver, platinum and Palladium all slid. Gold futures for April delivery slipped as much as $44.20, or 3.1 per cent, to $1,380.70 an ounce, the lowest price since Feb.17, and were at $1,387.70 at 8:46 a.m. on the COMEX in New York.
17)Oil prices dropped sharply today with Brent crude falling below $108 a barrel for the first time in nearly three weeks as a deepening nuclear crisis in Japan heightened risk aversion across financial markets.
18)The recent increase in broker-level open interest (OI) limits by the regulator will help attract more actual users to commodity futures exchanges. Open interest, or outstanding buy or sell positions, has been increased from three times to five times the client limits in select farm and non-farm commodities.
19)Four days into Japan’s biggest crisis since World War II, India’s top tech firms have started bringing back employees and moving work to their centres outside Japan. ET
20)Technology giant IBM said on Tuesday it has emerged as the top player in the Indian external disk storage systems for the year 2010. According to IT research firm IDC, IBM India has aintained its 2010 leadership with a 26.2% market share (in revenue terms) and an over four per cent point lead over its nearest competitor.
21)The country’s largest software firm Tata Consultancy Services on Tuesday said it has bagged a multi-million dollar IT infrastructure deal from Dutch technical consultancy firm Royal Haskoning.
22)IT firm Mahindra Satyam on Tuesday said it has bagged a multi-million dollar, multi-year contract from Aspire Zone, Qatar, one of the leading sports institutes in the world. FE
23)Japan faced a potential catastrophe on Tuesday after a quake crippled nuclear power plant exploded and sent low levels of radiation floating towards Tokyo, prompting some people to flee the capital and others to stock up on essential supplies.