Headlines (20-11-2009)

Date: 20 November 2009
 
Thought for the day
 
“You’ve got to get up every morning with determination if you are going to go to bed with satisfaction.”
 
 –George Horace Loriman
 
 GENERAL
 
 1)Notwithstanding the continuing rise of crude oil prices in the international market that have touched the highest mark this year, the Petroleum and Natural Gas Ministry on Thursday ruled out any immediate plans to raise petrol and diesel prices.
 
Hindu

ECONOMY
 
2)THE annual inflation for food items inched up to 14.6% for the week ended November 7 on account of dearer pulses, vegetables, cereals and diary products, a release by the commerce ministry on Thursday showed. Annual inflation for food items was at 10% in corresponding week last year. The government has shifted to a system of reporting the wholesale price index for only food and fuel categories. The entire WPI will now be released only once a month.

ET

3)With a staggering wealth of $32 billion(about Rs 1.5 lakh crore), industrialist Mukesh Ambani is the richest Indian, followed by steel tycoon Lakshmi Mittal and Anil Ambani, business magazine Forbes said on Thursday in its annual rich list for the country.

FE

CORPORATE / INDUSTRY
 
4)RELIANCE Industries may be the biggest corporate brand in India, but Bharti Airtel is the strongest. The country’s largest mobile operator is the only corporate brand to be awarded the AAA rating, or “extremely strong”, in Brand Finance’s Brand Power Rating(BPR). BPR reflects a brand’s strength in the marketplace compared to its competitors and how effectively a company converts this into business results, while brand value is the proportion of a company’s overall value directly attributable to the use of its trademark. Airtel has managed to improve its brand strength in spite of increasing competition at the marketplace, from AA+.

ET

5)SUZLON Energy, the world’s third-largest maker of wind turbines, said late Thursday that it has sold a 35% stake in subsidiary, Hansen Transmission, for $370 million(or Rs 1,720 crore at current exchange rates), as part of its efforts to reduce debt.

ET

6)Pollution control equipment maker Thermax today said it has bagged an order worth Rs 477.77 crore from an Orissa-based company for construction of a captive power plant. According to the contract, the company would be providing various systems, including air pollution control, water treatment and effluent treatment units for the power plant, Thermax said in a filing to the BSE.

BL

7)JSW Steel on Thursday announced a strategic alliance with Japan’s second-largest steelmaker JFE Steel Corporation, but the markets were disappointed that the pact does not immediately involve the acquisition of an equity stake in the Indian company.

ET

8)McNally Bharat Engineering Company today said it has bagged an order worth Rs 306.45 crore for engineering related works at Rourkela Steel plant. The company received the order for various works including design and erection of ‘New Coal Handling Plant’ at Rourkela Steel Plant, McNally Bharat said in a filing to the BSE.

BL

MONEY & BANKING
 
9)THE rupee weakened on Thursday tracking largely weaker Asian currencies, with a steady dollar against majors also hurting sentiment. The dollar hovered near the year’s lows against a basket of currencies on Thursday after slipping the previous day as economic indicators and a Fed official reinforced the view that US rate hikes are far away. The rupee ended at 46.69 against the dollar, weaker than its Wednesday’s close of 46.20.

ET

10)A day after the Government asked state-owned banks to look at creating a few big banks through mergers and acquisitions, Canara Bank said on Thursday that it was scouting for domestic acquisition opportunities.

BL

11)Even as the days of cheaper rates are numbered, banks are trying to woo their customers for used cars with lower interest rates. HDFC Bank on Thursday slashed its interest rates on used cars from 15 to 13.5%. The move is expected to induce other banks to revisit their rates in this segment.

FE
 
MARKETS
 
12)The domestic equity bourses fell on concerns that the government might take steps to curb capital inflow if foreign investment surge prompts overseas investors to book profits. The 30 share Sensex of the BSE lost 213.13 points or 1.25% to end the day at 16,785.65 points. The broader S&P CNX Nifty of the NSE ended the trading session at 4,989, losing 1.30% or 65.70.

FE

13)The Power Finance Corp stock gained 3.2 per cent to Rs 253.80 after the company announced that it entered a joint venture agreement with NTPC, Power Grid Corporation of India and Rural Electrification Corporation for formation of a public limited company.

BS

14)The Amrit Banaspati stock gained 20 per cent upper limit of circuit filter closed at an all-time high of Rs 92.85 on hopes that the government might re-impose custom duty on edible oils.

BS
 
COMMODITIES
 
15)Agri-commodity exchange NCDEX on Thursday launched futures trading in platinum in an endeavour to widen its presence in the metal segment. A total of four contracts in platinum were offered for trading on Thursday, of which the first contract will expire next month, while the rest three in March.

ET

16)Gold and silver retreated from record highs on the bullion market on Thursday on reduced off-take. Silver ready (.999 fineness) dropped by Rs 265 a kg to Rs 28,695. Standard gold(99.5 purity) dropped Rs 15 for 10 gm to Rs 17,190. Pure gold(99.9 purity) fell Rs 20 for 10 gm to Rs 17,280.

BL

17)SOYABEAN prices have jumped up to 20% in major spot markets in a month as traders and farmers are not offloading the commodity anticipating a further rise in rates.

ET
 
COMMUNICATIONS
 
18)THE largest telecom operator in India Bharti Airtel has slipped to third positions in terms of monthly additions, according to figures released by Auspi and COAI. Bharti Airtel in October added about 2.7 million new users, lower than 2.9 million added by Vodafone Essar and over 3.8 million added by Tata Teleservices.

ET
 
BUSINESS PROCESS OUTSOURCING
 
19)Indian BPO firms are now looking beyond Mexico in Latin America to set up their near-shore delivery centres. Countries such as Costa Rica and Nicarague, among others, have emerged as new destinations for the Indian vendors to serve clients in North America.

BL
 
INFORMATION TECHNOLOGY
 
20)FOR India’s top tech firms seeking to take the inorganic growth route in the US and European markets, successful acquisitions are becoming harder to come by as potential targets demand high valuations. Cultural barriers in several countries also act as a bottleneck.

ET

21)Notwithstanding the speculation that continues over the stake sale of the Patni brothers(who hold 48.3 per cent) and General Atlantic (which holds 18 per cent) which its management consistently denies, Patni Computer Systems says it hopes to become the first company in the country to host all its information technology services on the cloud (a metaphor for the internet).

BS

INTERNATIONAL
 
22)Oil traded near $80 a barrel in New York after rising yesterday as a government report showed US crude and fuel supplies dropped along with refinery production and imports. Oil reached a one- week high of $80.33 on Wednesday after the Energy Department said crude inventories declined 887,000 barrels to 336.8 million last week.

ET

23)JP Morgan Chase & Co, the second-largest US bank, agreed to buy the half of Cazenove it didn’t already own for 1 billion pounds ($1.7 billion), sealing the takeover of a 190-year-old British brokerage whose clients include the Queen of England.

FE

FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.
Karvy Consultants Ltd www.karvy.com
 www.khojhyderabad.com
 www.indiacorporateadvisor.com
 www.karvycomtrade.com (Commodities)
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

Headlines (19-11-2009)

Date: 19 November 2009
 
Thought for the day
 
“We generally change ourselves for one of two reasons: inspiration or desperation.”

 – Jim Rohn
 
GENERAL
 
1)The US and other advanced countries may be dithering in the fight against climate change but India is ready to launch its Solar Mission under the National Action Plan on Climate Change, with plans to generate 1,000 mega watts of power by 2013.

TOI

ECONOMY
 
2)THE Ministry of Corporate Affairs is all set to introduce a governance code for unlisted companies on the lines of the one for listed firms to encourage more companies to list on the stock exchanges. Elaborate disclosures and compliance with governance code is seen as one big reason why many companies do not want to raise public funds and list on exchanges.

ET
 
CORPORATE / INDUSTRY
 
3)Karvy Financial Services Ltd(KFSL), part of Karvy Group, an inte- grated financial services group, is planning to raise Rs 150 crore of debt and Rs 50 crore of equity during the current financial year. While the equity portion will come from the parent company, the debt is likely to be arranged through mutual fund companies and banks. According to Amit Saxena, chief operating officer of KFSL, the company obtained its licence in April 2009 and started its operations with equity capital of Rs 50 crore. “We started doing securities finance and so far have disbursed about Rs 25 crore. Our plan is to have a book size of Rs 250 crore by the end of the current financial year and take it up to Rs 4,500 crore by the end of the fifth year. The money being planned to be raised would be used to cater to the disbursement targets for the year,” he said, adding “We are already talking to various mutual fund companies and banks to raise the debt portion of Rs 150 crore.

FE

4)JSW Steel is close to signing a strategic alliance with a European steel company that could involve the foreign firm picking up a minority stake and offering technology to help India’s third largest steel maker to make speciality steel products, two people close to the matter said.

ET

5)Prism Cement on Wednesday said it would merge H&R Johnson(India) and RMC Readymix(India) with itself. The shareholers of the company at their meeting held on Tuesday approved in the scheme of amalgamation, Prism Cement said in a filing to the BSE.

FE

6)Infrastructure company Pratibha Industries on Wednesday said it has bagged an order worth Rs 294.30 crore from UP Jal Nigam. The company has secured the contract of Meerut Water Supply Project from UP Jal Nigam, Meerut, Pratibha Industries said in a filing to the BSE.

BL
 
MONEY & BANKING
 
7)The rupee ended up against the dollar after a day of lacklustre trades because banks sold the greenback noting its fall against the euro, dealers said. Exporters’ dollar sales also aided the Indian unit. The Indian unit closed at 46.21 to a dollar compared with 46.30 on Tuesday.

BL

8)THE government asked the country’s largest public sector banks to look out for mergers and acquisitions opportunities, setting in motion the process of consolidation in public-sector dominated banking industry. In a meeting with the heads of the country’s largest public sector banks on Wednesday, the government asked them to start identifying strategic fits for themselves after considering geographical and business synergy.

ET

INSURANCE
 
9)Insurance Regulatory & Development Authority(Irda) is considering allowing life insurers to invest part of policyholders’ money in equity derivatives, a move that would allow these firms to hedge the risks emanating from cash markets
 
MARKETS
 
10)The country’s equity indices snapped its winning rally and ended the day below the dotted line following weak cues from the Asian markets and selling in the oil & gas and banking stocks. Dealers in the market said that markets are going through the pause mode as there is no fresh trigger. The 30-share Sensex of the Bombay Stock Exchange lost 51.87 points or 0.30% to end the day at 16,998.78 points. The broader S&P CNX Nifty of the National Stock Exchange lost 0.15% to close the day at 5054.70.

FE

11)SHIPPING stocks Essar Shipping, Mercator Lines and GE Shipping rose sharply on Wednesday, as the Baltic Dry Freight Index touched a 14-month high of 4,381. Essar Shipping rose 12% to close at Rs 70.45, Mercator gained 8% to close at Rs 61.90, Shipping Corporation climbed 3% to Rs 150.30, While trading in Great Eastern Shipping was frozen at the upper end of the 5% intraday circuit filter. Analysts said increased port congestion, strong iron ore and coal imports into China are some of the reasons that contributed to the surge in dry bulk rates over the past two weeks.

ET

12)The Infosys stock gained 2 per cent to Rs 2,433.60, an all-time high. In last six trading days the stock appreciated 10 per cent, after the company signed an agreement to acquire all of the out- standing interests of McCamish Systems LLC for around $38 million.

BS

13)There is no consensus among market participants on extension of market hours, something recently permitted by Securities and Exchange Board of India, said Mr Ravi Narain, Managing Director of NSE.

BL

IPO
 
14)THE Securities and Exchange Board of India(Sebi) plans to reduce the time taken to process initial public offers(IPO) applications to seven days from the existing 20 days.

ET

15)Cox & Kings (India) Ltd’s initial public offer of a little over 15.7 million shares received about 9.5 million bids, or 60 per cent of the issue size, on the first day, a statement from the BSE said.

BL

COMMODITIES
 
16)Gold futures have extended record highs above $1,150 an ounce Wednesday as the dollar dips and the metal’s alternative currency sheen brightens.

BL

17)Copper hit a 14-month high on Wednesday as the dollar fell and equity markets bounced back, while rising inventories remained to limit gains. By 1152 GMT, copper for three month delivery on the London Metal Exchange traded at $6,970 a tonne from $6,826 at the close on Tuesday.

BS

18)Gold and silver prices hit yet another peak on the bullion market on Wednesday sparked by hectic buying in view of rising trend in overseas markets. Standard gold(99.5 purity) soared by Rs 190 per 10 gm to Rs 17,205 from yesterday’s closing level of Rs 17,015. Pure gold(99.9 purity) also shot up by Rs 195 per 10g to Rs 17,300. Silver ready(.999 fineness) strengthened by Rs 560 a kg to Rs 28,960.

BL
 
REAL ESTATE
 
19)Mumbai-based realty firm Lodha Developers, which plans to hit the capital market with its IPO early next year, will invest Rs 6,000 crore in the next three years on construction of its existing projects.

FE

BUSINESS PROCESS OUTSOURCING
 
20)Nasscom’s Data Security Council of India(DSCI) on Tuesday said that almost a quarter of 2.3 million Indian IT-ITeS workforce has been registered under the National Skills Registry(NSR). “We have registered almost 6 lakh IT-ITeS employees under the national database. We plan to cover the entire IT work- force under the database in 12-18 months,” DSCI CEO Kamlesh Bajaj told ET.

ET

21)FOUR Soft, which provides software solutions for the transport and logistics segments, hopes to become a $100-million company in the next three years. The $30-million company, as part of its growth plans, is looking at foraying into the BPO space and tapping newer markets through inorganic expansion by next year.

ET

INFORMATION TECHNOLOGY
 
22)NASSCOM, the trade association for India’s $60-billion IT industry, plans to seek government help to ensure technology transfer from global defence majors for execution of offset contracts by Indian companies. IT companies are one of the beneficiaries of the multi-billion-dollar defence and aerospace contracts that are to be finalised over the next 12 months.

ET

23)GLOBAL HR experts abhor the idea of taking work home. But local HR managers have turned the debate on its head: they now prod employees to carry their office home. A raft of technology firms such as Hewlett-Packard, Nokia Siemens Networks, Dell, Cisco and IBM reckon that letting employees work from home not only saves office expenses, but also helps ramp up productivity by saving precious time wasted in India’s labyrinthine peak-hour traffic.

ET

24)In less than a month since its launch on October 22, over 2,000 Indian companies are in the process of installing Microsoft’s latest operating system Windows 7. The companies include major IT companies like Infosys, Wipro, NIIT, car companies like Maruti, even the Bangalore international airport, Manipal University, besides many small-and medium-sized businesses.

BS

FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.
Karvy Consultants Ltd www.karvy.com
 www.khojhyderabad.com
 www.indiacorporateadvisor.com
 www.karvycomtrade.com (Commodities)
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

Headlines (13-11-2009)

Date: 13 November 2009

Thought for the day

“Small differences in your performance can lead to large differences in your results.”

–Brian Tracy

GENERAL

1)Australian Prime Minister Kevin Rudd on Thursday said he was disgusted by attacks against Indian students in his country and promised the culprits will face the “full force of Australian law enforcement”. Rudd is in New Delhi on a two-day visit to discuss a range of issues.

Indian Express

ECONOMY

 2)INDUSTRIAL output grew by a surprisingly strong 9.1% in September from a year ago, reinforcing optimism that economic recovery is on track and imparting urgency to the debate over the timing of the withdrawal of stimulus measures that were put in place to counter the slowdown.

ET

CORPORATE / INDUSTRY

3)ADITYA Birla Group may scale up its equity stake in Grasim Industries next financial year to ring-fence the viscose staple fibre maker and the holding company of the group’s cement entity Ultra- Tech Cement from any hostile take-over attempt, two persons close to the matter said.

ET

4)Engineering giant Larsen and Toubro(L&T) is selling one-third of its 6.9 per cent stake in Mahindra Satyam, formerly Satyam Computer Services. The transaction is expected to fetch Rs 304 crore for the company, said banking sources close to the development.

BS

MONEY & BANKING

5)The rupee on Thursday lost a hefty 35 paise to close at 46.65/66 against the dollar on renewed demand for the US currency amid fears of more capital outflows.

BL

6)THE Indian diaspora has made a comeback in a big way to park its savings with local banks. Emigrants have more than doubled the money parked with various Indian banks during April-September ’09. Indian banks have mobilised $2.7 billion during April-September09 from non-resident Indians (NRIs) against inflows worth $1.1 bn in the year-ago period, Reserve Bank of India’s(RBI) latest data re- leased on Thursday show.

ET

MARKETS

7)A sell-off in banks and metals, as well as weak regional markets, dragged shares lower on Thursday, despite monthly industrial out- put data showing signs that the economy is recovering. The BSE’s 30-stock Sensitive Index lost 153.57 points, or 0.9 per cent, to end at 16,696.03 in choppy trade. It swung between 16,605.01 and 16,896.62 during the session. On the National Stock Exchange, the 50-stock S&P CNX Nifty fell 51.30 points, or 1.0 per cent, to 4,952.65.

BL
 
IPO

8)At least 16 real estate firms are set to come up with their initial public offerings(IPO) to raise Rs 9,000 crore in the next three months. “Going by the DRHPs(Draft Red Herring Prospectus) submitted by the 16 real estate companies, they are planning to raise at least Rs 9,000 crore. This is going to be raised in the next three months,” Knight Frank India Chairman Pranay Vakil said on the sidelines of a Ficci-organised summit.

BS

9)LEADING multi-system operator Hathway Cable & Datacom is readying for a listing on local bourses through an initial public offering (IPO). The Rajan Reheja group-owned company plans to raise Rs 600-625 crore through an issue of 27.75 million(2.775 crore) shares, including fresh infusion of two crore shares and sale of 70 lakh share sale by promoters and investors. The public offer is likely to hit the market by the middle of next month.

ET

MUTUAL FUNDS

10)Fixed income funds saw the largest net inflows among all fund categories in October. Apart from gold exchange-traded funds, no other category saw net inflows in the month, according to data from the Amfi. Fixed income funds saw inflows of Rs 1,51,271 crore, pushing the total net inflows of domestic mutual funds to Rs 1,41,291 crore. In October last year, the fixed income category had witnessed net outflows of Rs 52,820 crore.

BS

11)Reliance Mutual Fund has been awarded with the ‘Asia Risk Award’ by Asia Risk magazine for being the first Indian asset management company to implement an enterprise-wide risk management system. “Reliance’s focus on careful risk management has yielded stellar results in 2009, and it is gradually emerging as one of the Asian heavyweights from the nascent, but fast-growing Indian asset management market,” Reliance MF said in a statement.

FE

COMMODITIES

12)Gold prices hit record high on Thursday on investors buying the metal as an alternative to the weakening dollar, but edged off the peak as the US currency bounced back from lows in European trade. Spot gold rallied to a record $1,122.85 an ounce in Asian trade. Its strength helped lift other precious metals, with paladium, platinum and rhodium all reaching their highest in more than a year as speculative money poured into the market.

BS

13)Gold prices today crossed the crucial Rs 17,000 per 10 gm level in the bullion market in New Delhi, buttressed by frantic buying by jewellers for the ongoing marriage season amid a firming global trend.

BS

14)India’s turmeric futures retreated after hitting new highs on Thurs- day on profit-taking prompted by higher margin imposed by exchange, analysts said. The National Commodity and Derivatives Exchange has imposed an additional special margin of 10% on the long side of all turmeric contracts from Monday. The benchmark December turmeric on NCDEX hit a high of Rs 12,375 per 100 kg in early trade on modest spot demand, dwindling stocks and concerns rains may damage crop, analysts said.

FE

REAL ESTATE

15)Driven by price corrections, softening of interest rates and im- proved liquidity, the real estate industry is on the path of recovery on the back of improved demand in the residential segment. “After a rough phase that lasted for over a year, the Indian real estate industry is on the path of recovery. The residential real estate segment, which is leading the recovery, has witnessed a revival in demand, primarily due to improved affordability,” a Ficci-Ernst & Young report said. The two-pronged strategy of the developers- improving balance sheets and focusing on developing self-funded projects – are now bearing results and helping in the recovery of the industry with a revival of demand in the residential sub-segment.

BS

16)Real estate prices, including residential and commercial, are likely to go up 15-20% in the next quarter, across Indian cities, say top builders and international property consultants. The reasons they cite are hike in land cost, infrastructure cost and a rise in demand for homes by 10% to 15% across Indian cities. Industry experts believe that the rise in real estate prices will come at a time when the Reserve Bank of India(RBI) is likely to hike interest rates on home loans by 25 to 50 basis points in the next quarter.

FE

17)The competition has started becoming intense in the real estate market with top builders witnessing actual sales conversion of residential apartments in the metro cities during the first seven months of the current financial year. Enthused by the response, builders are charting fresh strategies to increase the number of residential projects.

FE

18)Mahindra Lifespace Developers Ltd(MLDL), the real-estate and infrastructure development arm of the Mahindra group, on Thursday announced the launch of ‘Aqualily’ – a premium residential gated- community being developed within Mahindra World City, an integrated business city near Chennai. The Rs 400-crore project is being developed by Mahindra Residential Developers Ltd, a subsidiary of MLDL in joint venture with Arch Capital, an Ayala group company.

FE

COMMUNICATIONS

19)IF A Department of Telecom(DoT) directive does take its course, mass disconnections will occur in the country on December 1 as the nation attempts to quell a Chinese threat, of the mobile handset variety. The Indian Cellular Association(ICA), apex body of the range of mobile industry players barring the mobile operators, esti- mates that as many as 25 million handsets, a good number of them of Chinese make, will face disconnection that day for not having the required international mobile equipment identity(IMEI) number.

ET

BUSINESS PROCESS OUTSOURCING

20)INDIA’S second biggest software exporter Infosys Technologies on Thursday acquired US-based back-office firm McCamish Systems for around $38 million to tap into the over $5-billion insurance services market in the country.

ET

INFORMATION TECHNOLOGY

21)INFOSYS Technologies has established a separate subsidiary in the US for serving government and healthcare customers locally and cope with American laws that prohibit offshoring of sensitive citizen data, a top company official told financial analysts last month. With America poised to spend over $100 billion on modernisation of the country’s healthcare and other government systems, tech firms including Tata Consultancy Services(TCS), Infosys and Wipro are attempting to expand their local operations for addressing this lucrative opportunity.

ET

 22)US computer giant Hewlett-Packard announced on Wednesday that it has agreed to buy networking company 3Com for $2.7 billion, a move it hopes will help them further expand in the growing Chinese market.

BL

FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.

 Karvy Consultants Ltd www.karvy.com
 www.khojhyderabad.com
 www.indiacorporateadvisor.com
 www.karvycomtrade.com (Commodities)
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

Headlines (10-11-2009)

Date: 10 November 2009

 Thought for the day

“We can do anything we want to do if we stick to it long enough.”

–Helen Keller

GENERAL

 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.

 Indian Express

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.

 FE

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.

BL

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.

ET

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.

FE

MARKETS

 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.

FE

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.

BL

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.

BS

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.

BS

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.

FE

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.

ET

MUTUAL FUNDS

 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.

ET

COMMODITIES

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.

ET

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.

BS

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.

BS

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.

FE

INFORMATION TECHNOLOGY

 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.

ET

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.

ET

INTERNATIONAL

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.

BS

 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.

FE

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.

BS

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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

Date: 30 October 2009

Thought for the day

“A mind that is stretched by a new experience can never go back to its old dimensions.”

–Oliver Wendell Holmes

GENERAL

1)India is ready to discuss all issues with Pakistan if an atmosphere that is fruitful for negotiations is created, Prime Minister Manmohan Singh said in Srinagar on Thursday. At a press conference, he said there was no precondition for talks, but they cannot make headway unless there was “effective control” of the terror groups operating in that country.

Hindu

ECONOMY

2)The economic recovery in Asia is faster than the rest of the world and is projected to grow by 5.75% during 2010, says the International Monetary Fund(IMF). “The region (Asia) is out pacing other parts of the world, with the “green shoots” of recovery appearing earlier and taking firmer roots than elsewhere,” the IMF said in its regional economic outlook on Thursday.

FE

3)Inflation rose fastest in six months to 1.51% for the week ended October 17 from 1.21% in the previous week. The wholesale price index-based inflation rose despite a high base year inflation rate of 10.82% during the same week last year. Analysts expect it to touch 7% by March 2010.

FE

 CORPORATE / INDUSTRY

 4)RAMKY Enviro Engineers, an arm of the Rs 2,500-crore Ramky group, has acquired Singapore-based Cleantech for Rs 100 crore. The acquisition is expected to help the environmental engineering firm ramp up business in Singapore and South East Asia markets.

ET

MONEY & BANKING

 5)The rupee bounced back from near one-month lows on Thursday, as sentiment was buyoyed by dollar sales from exporters booking pro fits. The rupee closed at 47.21 against dollar, off a low of 47.63 seen in early deals and 0.3% stronger than its previous close of 47.34. The rupee came under pressure earlier on the day owing to the customary month-end dollar demand from refiners.

ET

6)Weighed down by higher provisioning, two public sectors lenders – Bank of India(BoI) and Indian Overseas Bank(IOB) – today posted a drop of over 50 per cent in their net profits for the second quarter ended September 2009. While Punjab National Bank(PNB), Corporation Bank and Vijaya Bank posted a rise in net profit on growth in earnings from interest and fee-income.

BS

7)The Reserve Bank of India(RBI) has approved United Bank of India’s (UBI’s) initial public offering(IPO), which will reduce the government stake in the bank by 16 per cent. The bank would file the offer document for the same by November-end and the issue is likely to hit the market by January, said S C Gupta, chairman and managing director, UBI.

BS

8)THE DBS Group, South East Asia’s largest bank, is set to kick off its retail banking operations in India. However, unlike other foreign banks, which sought to develop their retail base by growing their loan books, DBS will first focus on building its deposits. DBS currently has 10 branches in the country and has applied for more branches.

ET

MARKETS

 9)The BSE Sensex dived 230 points on Thursday as foreign institutional investors continued their selling amid negative global cues and rising inflation concerns. The benchmark index closed at 16,052.70. The broader Nifty closed 1.5 per cent down, at 4,750.55. The Sensex touched an intra-day high of 16,264, but quickly dropped to a low of 15,993.8. FIIs were net sellers on Thursday for Rs 2,546.6 crore, while domestic institutions were net buyers for Rs 977 crore. Retail investors seem to have taken advantage of the situation and bought equity worth Rs 113 crore(on BSE) in the net.

BL

10)In spite of miserable post-listing performance for most initial public offers(IPOs) this year, Thinksoft Global, which got listed on Monday, has surged 120 per cent from its listing price on the Bombay Stock Exchange(BSE). Analysts say the stock has been continously rising since the listing day on the back of extreme speculation.

BS

11)Securities and Exchange Board of India(Sebi) is likely to issue norms on separate stock exchange for small and medium enterprises next month to give them more options to raise funds. At present, around 90% of the 2.61 crore micro, small and medium enterprises depend on either banks or informal sources to finance their business.

FE

IPO / FPO

12)The Centre approved Rural Electrification Corporation’s proposal for a follow-on-public offer(FPO) on Thursday. The issue will constitute 20 per cent of the existing paid-up capital of the company fresh equity of 15 per cent and disinvestment of 5 per cent.

BL

CORPORATE SCORE

 13)Exploration & production major Oil & Natural Gas Corporation’s net profit increased 6% to Rs 5,089.64 crore in the second quarter ended September 30, compared with Rs 4,808.41 crore in the cor- responding period of the previous year. This is ONGC’s first rise in five quarters thanks to an easing of its subsidy-sharing burden.

FE

14)Mahindra & Mahindra(M&M) has posted its highest-ever quarterly profit for the quarter ending September 30,2009. The net profit of the company (standalone) surged 185% to Rs 703 crore compared to Rs 247 crore in the same period last year, beating expectations.

FE

15)Cairn India Ltd has reported a 60 per cent rise in its profit(consolidated) for the second quarter of the current fiscal. This is after two straight quarters of decline. The company reported a profit of Rs 469.5 crore compared with Rs 293.3 crore for the cor- responding quarter of the previous year.

BL

16)Reliance Industries has posted a profit of Rs 3,852 crore for the second quarter ended September 30, a fall of 6.4 per cent from Rs 4,116 crore in the corresponding period last year. For the half- year period, profits were down 8.5 per cent to Rs 7,518 crore(Rs 8,220 crore).

BL

COMMODITIES

 17)Gold prices rose back above $1,030 an ounce in Europe on Thurs- day as the dollar gave up gains against the euro ahead of key US economic growth data due later in the session. Spot gold was bid at $1,034.65 an ounce at 1014 GMT, against $1,026.85 late in New York on Wednesday. Earlier, it touched a three-week low of $1,025.75 an ounce.

BL

BUSINESS PROCESS OUTSOURCING

 18)Since selling its captive technology unit to Wipro Technologies last December, Citigroup has expanded its engagement with the Indian vendor by also offering business process outsourcing contracts.

BL

INFORMATION TECHNOLOGY

19)WITH the US economy, the biggest market for India’s over $50 bil- lion outsourcing industry, showing signs of an economic recovery, top honchos at Infosys, Wipro and HCL said their optimism has proven right. The financial results of the country’s top-three software exporters have already shown signs of recovery earlier this month. India’s software exports industry derives more than half of its revenue from the US.

ET

20)MULTINATIONAL outsourcing firms IBM and HP have been shortlisted for around $700 million contract for managing Microsoft’s global network of desktops, servers and other IT infrastructure, as the world’s biggest software maker seeks to lower its operational costs and focus better on its core business.

ET

21)HCL Infosystems on Thursday said it expects corporate spending on computer systems and other related IT products and services to accelerate early next year as the economy has started showing signs of recovery. The company sees large deals flowing in from the banking & financial services, telecom and power sectors in the system integration space in the next 3-4 months.

ET

INTERNATIONAL

22)THE US economy grew in the third quarter for the first time in more than a year, propelled by stimulus-driven gains in consumer spending and home building. The world’s largest economy expanded at a 3.5% pace from July through September, exceeding the median estimate of economists surveyed by Bloomberg News, after shrinking the previous four quarters, figures from the commerce department showed in Washington on Thursday. Household purchases climbed 3.4%, the most in more than two years.

ET

FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.

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 www.khojhyderabad.com
 www.indiacorporateadvisor.com
 www.karvycomtrade.com (Commodities)
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

Headlines (29-10-2009)

Date: 29 October 2009

Thought for the day

“Four things come not back—the spoken word, the sped arrow, the past life, the neglected opportunity.”

 –William Hazlitt.

GENERAL

1)In a span of two years, the Indian Coast Guard would be the among best in the world as there was a plan to induct more men, machine and material to patrol the 7,500-km shoreline, Defence Minister A K Antony said on Wednesday. Underlining that the concept of security underwent a change after the 26/11 Mumbai terror attacks to include threats from the sea, Mr Antony said that in order to  meet the additional responsibility of coastal surveillance given to the Coast Guard, the government had sanctioned 3,000 additional  personnel to make it a potent force to counter terrorism from sea.

Hindu

ECONOMY

2)India has been named among the top ten Asian countries paying importance towards corporate social responsibility (CSR) dis- closure norms, a survey says. According to social enterprise CSR Asia’s Asian Sustainability Ranking(ASR), India was ranked fourth in the list, which was topped by Australia.

BL

3)Growth in key infrastructure sectors slipped in September after a strong showing in August, which could contribute to a possible moderation in the industrial recovery story. The core infrastructure sector growth dropped to 4 per cent in September, way below the upwardly revised annual growth of 7.8 per cent in August, data released by the Ministry of Commerce and Industry showed on Wednesday.

BL

CORPORATE / INDUSTRY

4)THE world’s largest drug company Pfizer has started the second round of due diligence on Wockhardt’s Biotech business, which could result in a potential buyout or a strategic alliance, a person familiar with the matter said. The Indian company has been selling its assets as part of its plan to come out of a financial crisis.

ET

5)Bharat Heavy Electricals Ltd(Bhel) has bagged a Rs 205-crore export order for a gas turbine generating unit from the Sultanate of Oman. The order envisages supply, supervision and commissioning of 126-mw gas turbine generating unit for a power project being set up by Petroleum Development Oman(PDO) at Qarn Alam, nearly 400 km from Muscat, a statement said.

FE

6)India Cements Ltd will invest $20 million (Rs 92 crore) in a coal mine in Indonesia. The company expects to sign the deal with the mine owner within a couple of weeks.

BL

MONEY & BANKING

7)The rupee fell by 44 paise against the dollar as the greenback rallied against other major currencies overseas. Though the rupee had breached the 47-level in day trade on Tuesday, it closed well above the 47 mark on Wednesday. The domestic currency opened at 47.10 and weakened to touch an intra-day low of 47.37. It ended the day at 47.35, against the previous close of 46.91/92.

BL

8)Bank of Baroda’s net profit grew 60 per cent to Rs 634 crore for the quarter ended September 30,2009, from Rs 395 crore in the same period last year. The rise in profits is on account of growth in both interest income and non-interest income.

BL

9)Andhra Bank has reported a 70% growth in its net profit to Rs  273.97 crore during the quarter ended September 2009 from Rs 161.53 crore recorded in the year-ago period. Operating profit during the period stood at Rs 452.80 crore as against Rs 278.42
 crore.

FE

MARKETS

10)The country’s equity indices, after witnessing intense volatility throughout the trading session, ended the day with minimal losses. The 30-share Sensex of the Bombay Stock Exchange(BSE) lost 69.91 points or 0.43% to close the day at 16,283.49 points. The broader S&P CNX Nifty of the National Stock Exchange(NSE) was down by 20.55 points or 0.42% to close at 4,826.15 points.

FE

11)The Securities Appellate Tribunal(SAT) on Wednesday dismissed an appeal filed by Mr Shankar Sharma against a February 2009 SEBI order that barred him from accessing the securities market for a period of one year.

BL

CORPORATE SCORE

12)ACC, the country’s largest cement maker, has posted a robust  increase of 60 per cent in its net profit, at Rs 415.51 crore for  the quarter ended September 30, compared with Rs 260 crore in  the corresponding previous quarter.

BS

13)An increase in exports – mainly of active pharmaceutical ingredients(API) – and foreign exchange gains have helped Cipla, the domestic drug major, post a jump of 82.1 per cent in its net profit for the July-September quarter. The company posted a net profit of Rs 275.7 crore during the quarter, compared to Rs 151.4 crore posted in the corresponding previous year’s quarter, according to the consolidated results announced by the company today.

BS

COMMODITIES

14)The failure of Kharif crops might lead to a “bullish” situation for the prices of pulses. “My gut feeling is that it will be bullish with regard to pulses, while there is no cause for concern over the overall food situation,” Mr B C Khatua, Chairman of Forward Markets Commission(FMC) said.

BL

15)Gold prices held near $1,035 an ounce in Europe on Wednesday,  little changed from the previous session, as the dollar steadied against the euro after hitting a two-week high earlier this week.

BL

COMMUNICATIONS

 16)THE next two months will see top executives of the world’s largest telecom equipment vendors such as Ericsson, Nokia Siemens Networks (NSN), Alcatel-Lucent, Huawei and ZTE descending on India, with an eye to several billion dollars worth of business deals coming up for grabs in the next six months.

ET

17)Intel, the world’s largest chipmaker, is understood to be in talks with leading Indian telecom companies like Tata Communications(formerly VSNL), Bharti Airtel and Reliance Communications that could bid for broadband wireless access(BWA) spectrum to be auctioned by the government in January 2010.

BS

BUSINESS PROCESS OUTSOURCING

 18)The coming months could see a spate of mergers & acquisitions in the Indian business process outsourcing (BPO) space, with several private equity funds looking at exercising the exit option. Investment banking officials said PE firms generally invest for 5-7 years and then cash out. In some of their current investments, the normal investment cycle is either over or coming to an end. Last year, several funds had to postpone their exit because of the global meltdown. Sources said several PE funds have opened channels with top IT firms, exploring the exit options. Companies that could be interested in buying the stakes could be top-tier IT services firms, like Infosys Technologies or Wipro, who want to strengthen their BPO portfolio. Other PE funds that want to enter or increase their exposure in the Indian BPO space could also be potential buyers.

FE

INFORMATION TECHNOLOGY

19)IF you crack open the Microsoft global management kernel, the DNA will reveal a distinctly Indian trail. Some of the key businesses within Microsoft are being run by talent from India and atleast half-a-dozen of them are part of the top 25 in the 90,000-employee company, the world’s largest software maker.

ET

20)INDIA’S top outsourcing companies are now exploring acquisition opportunities in the Latin American countries, as more customers demand nearshore delivery capabilities for physical proximity and ease of managing an outsourcing relationship.

ET

21)HCL Technologies, ranked among the country’s top five software services firms, on Wednesday reported a 10% decline in its net profit at Rs 320.1 crore for the quarter ended September 30 compared to the year-ago period. Forex losses, which were almost half of the company’s net profit, pulled down HCL Tech’s profitability vis-a-vis its peers like Infosys Technologies, Wipro and TCS, which have reported positive numbers.

FE

INTERNATIONAL

 22)Crude futures fell below $78 a barrel Wednesday after key US inventory data showed a rise in gasoline stocks after analysts had expected a decline. Light, sweet crude for December delivery recently traded $1.70, or 2.1 per cent, lower at $77.85 a barrel on the New York Mercantile Exchange.

BL

23)GLOBAL consumer confidence is rebounding and in the United States has risen for the first time since 2007, amid signs the world economy is picking up although spending is still restrained, a survey showed on Wednesday. Confidence was highest in India, followed by Indonesia and Norway, and was weakest in Japan, Latvia, Portugal and South Korea,  although in Korea it had improved markedly, according to a quarterly survey by The Nielsen Company, conducted between Sept.28 and October 16.

ET

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 Karvy Consultants Ltd www.karvy.com
 www.khojhyderabad.com
 www.indiacorporateadvisor.com
 www.karvycomtrade.com (Commodities)
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

Headlines (21 Oct 2009)

Date: 21 October 2009

Thought for the day

“If you care at all, you’ll get some results. If you care enough, you’ll get incredible results.

–Jim Rohn

GENERAL

1)The Obama administration has given a thumbs-up to India’s develop- mental work in Afghanistan, rejecting Islamabad’s complaints that New Delhi’s activities there were detrimental to Pakistan’s security.

 TOI

ECONOMY

2)The Prime Minister’s Economic Advisory Council expects industrial output to grow in double digits through the remainder of 2009-10, implied by its projection of an 8.5% growth in the index of indus- trial production(IIP) for the year. The EAC, chaired by C Rangarajan, will release its economic outlook for 2009-10 on Wednesday.

FE

CORPORATE / INDUSTRY

 3)Tata Motors, India’s largest automobile producer by sales, has bought the remaining stake of 79 per cent in Hispano Carrocera SA, Spain’s largest bus and coach bodies manufacturer, for an undisclosed sum.

BS

4)India’s largest dockyard, Pipavav Shipyard, has signed a contract with ONGC for construction and supply of 12 offshore supply vessels at an aggregate value of about Rs 513.83 crore($111.849 million).

BS

5)Hindustan Construction Company(HCC) on Tuesday said it has bagged an order worth Rs 167.67 crore from Gujarat Water Infra- structure for water supply related works.

FE

MONEY & BANKING

 6)The rupee appreciated by 19 paise against the dollar on Tuesday, buoyed by the greenback’s weakness internationally. The rupee opened at 46.08 and strengthened to touch an intra-day high of
 45.94. It weakened to close at 46.11, against the previous close of 46.30.

BL

7)HOME loan borrowers can now look forward to a fairer deal from banks. A panel constituted by Reserve Bank of India has proposed a transparent pricing structure for floating rate loans where banks cannot manipulate the rate. Unlike the past, when banks passed on the benefit of falling rates only to new customers, the new structure envisages a system where the benchmark rates are automatically revised when a bank’s cost of funds come down.

ET

MARKETS

8)The Indian equity indices, after witnessing intense volatility throughout the trading session, ended the day on a negative terrain because of profit booking. The 30-share Sensex of the BSE lost 103 points or 0.59% to end the day at 17,223.01 points. The broader S&P CNX Nifty of the National Stock Exchange(NSE) was down by 27.35 points or 0.53% to close at 5,114.45 points. Dealers in the market said despite the fall in the market, foreign institutional investors continued to buy and were net buyers at Rs 275.89 crore, while domestic investors were sellers.

FE

9)Industry body Assocham has projected that the key index of Bombay Stock Exchange is likely to touch the 20,000 mark by January 2010, on the back of rising business confidence of investors and FIIs in India. The Chamber said that the National Stock Exchange may also touch the 6,000 mark by that time next year.

ET

IPO / FPO

10)THE government plans to give small investors a 5% discount when it sells shares in three state-run companies, hoping to lure individual investors who have shown lukewarm interest in two previous public issues by government firms. Retail investors in the follow-on public offers of Rural Electrification Corporation and NTPC and the initial public offer of Satluj Jal Vidut Nigam(SJVNL) due in the coming weeks will likely be alloted shares at a discount, two officials in the finance ministry said.

ET

11)Disinvestment in steel giant SAIL seems to be the next in stake sale in PSUs, with the government considering a two-phase follow- on-public offer of the navratna firm, which will fetch the Centre over Rs 8,000 crore at current share prices.

FE

 12)Leading retail chain, The Loot India Pvt Ltd, plans to raise Rs 100 crore through an IPO, likely to be launched in the next calendar year, a top company official said.

BS

BONUS ISSUE

13)Just days after petrochemical giant Reliance Industries (RIL) declared a surprise bonus issue, state-run refiner Indian Oil Corporation(IOC) said it will give one free share for every scrip held by its shareholders. IOC will dole out the bonus shares after a gap of six years. The late time the company had declared a bonus issue was in 2003. The company has fixed October 30 as the record date for the purpose of ascertaining the eligibility of shareholders for issuing the bonus shares.

ET

MUTUAL FUNDS

 14)Companies have pulled out Rs 1.44 lakh crore from the mutual funds in September, signifying an investment pick-up in the economy. The withdrawals were mostly in income and money market schemes, where corporates typically park their surplus cash.

FE

COMMODITIES

 15)Commodity market regulator FMC has said that exchanges are free to fix the transaction fees, provided these do not breach the pre- scribed minimum of Re 1 and maximum of Rs 4 for a business of Rs 1,00,000.

FE

16)Gold held above $1,060 an ounce in Europe on Tuesday as persistent weakness in the dollar fuelled buying of the precious metals as an alternative asset. Platinum and palladium reached their highest in more than a year, buoyed by gold and supply concerns.

BL

17)Pepper market is seen easing with all producing countries except India showing willingness to sell at lower levels, traders said. while stocks of pepper in India are almost exhausted, other producers like Vietnam, Brazil and Indonesia have a adequate inventories and are willing to sell them at lower rates.

FE 

REAL ESTATE

 18)With the real estate market gaining momentum, top builders feel this Diwali has been far better and rewarding for them, compared to the previous one. Navin Raheja, managing director Raheja Developers, says, “We have achieved more than what we had envisaged this Diwali. We had launched a project called Raheja Shillas in Gurgaon, thinking that it will take around two months to sell approximately 70% to 80% of the project. But, with the realty market showing positive signs of revival, we sold the project in only 10 days.”

FE

BUSINESS PROCESS OUTSOURCING

19)ETISALAT DB Telecom, a new entrant in the Indian telecom space yet to launch services, has awarded an end-to-end outsourcing con- tract to three BPO service providers – Tech Mahindra, Aegis and Con- flux, the company announced on Tuesday. The deal, spanning over 5 years, is valued at over Rs 750 crore. Etisalat DB is a joint venture between UAE’s Etisalat group and India’s Dynamic Balwas Group with Etisalat holding 45% in the venture.

ET

INFORMATION TECHNOLOGY

 20)The worst is over for the IT industry, which is expected to in- crease spending by 3.3% in 2010, said research firm Gartner. World- wide IT spending is expected to decline 5.2% in 2009, but is fore- cast to grow by 3.3% to $3.3 trillion in 2010. However, returning to 2008 revenue levels will take longer, predicted the firm.

FE

21)IT Major Tech Mahindra on Tuesday met expectations with a 21% sequential rise in net profit in the September quarter and also announced that it had reached an in-principle agreement with its largest client British Telecom(BT) to protect its future revenues. The country’s fifth largest IT exporter’s net profit rose to Rs 169 crore in the September quarter from Rs 132 crore in the June quarter, while revenues rose 2.6% to Rs 1,141.8 crore.

ET

22)MAHINDRA Satyam, formerly Satyam Computers, has initiated talks with the NYSE for seeking more time to furnish its accounts after the bourse cautioned that it reserves the right to de-list the scandal-hit IT firm if circumstances so warrant.

ET

INTERNATIONAL

23)The price of oil hit $80 for the first time in a year on Tuesday, thanks to growing optimism surrounding global economic recovery, before pulling back on profit-taking traders said. New York’s main contract, light, sweet crude for delivery in November, reached $80.05 a barrel, the highest point since October 14,2008. It later stood at $79.20, down 32 cents compared with Monday’s close.

Hindu

24)Morgan Stanley agreed on Monday to sell its mutual fund business to Invesco Ltd for $1.5 billion, as the Wall Street bank restructures its money-losing asset management division. Under the deal for the retail asset management business, which includes mutual fund subsidiary Van Kampen Investments, Morgan Stanley will get $500 million in cash and a 9.4% stake in Invesco, an independent investment management company.

FE

25)Technology giant Apple has reported a whopping 47% jump net profit at $1.67 billion for the fourth quarter, its “most profitable quarter ever”, driven by record sales of smartphone iphone and Mac Computers.

FE

FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.

Karvy Consultants Ltd www.karvy.com
 www.khojhyderabad.com
 www.indiacorporateadvisor.com
 www.karvycomtrade.com (Commodities)
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