TODAY’S NEWS HEADLINES (MARCH 7, 2011)

Date: 07 March 2011

Thought for the day

“He who rejects change is the architect of decay.” – Harold Wilson

GENERAL

1)India successfully flight-tested an indigenously built interceptor missile from Wheeler Island off the Orissa coast on Sunday, joining the US, Russia and Israel in an elite group of countries to have accomplished the mission. TOI

ECONOMY

2)Consumers might be spared an increase in diesel prices for the time being. The reason: An already high inflation makes such a move risky in view of the forth-coming state elections. The elections will be over in mid-May. BS

CORPORATE / INDUSTRY

3)The private healthcare firm of billionaire brothers Malvinder and Shivinder Singh, Fortis Global Healthcare, has acquired a 28.6% stake in Lanka Hospitals Corporation, a Colombo Stock Exchange-listed healthcare firm for Sri Lankan Rs 397 crore or about Rs 160 crore. ET

4)Infra major L&T, which is in the process of achieving financial closure for its recently bagged Hyderabad Metro-rail project, will be raising Rs 11,400 crore debt from a consortium of 10 banks led by State Bank of India, said sources close to the development. FE

5)Oil and Natural Gas Corp (ONGC), India’s most-profitable firm, will lose the coveted Navaratna status and the accompanying financial autonomy in its rush to the Rs 11,500 crore share sale scheduled for next month. BS

6)The world’s first facility to manufacture carbon foam batteries will be set up at Bavla near Ahmedabad. Firefly Energy India is planning to build a plant to produce carbon foam batteries at an investment of Rs 125 crore, the company’s chairman Mukesh Bhandari said. ET

7)Pharma major Dr Reddy’s Laboratories aims to earn revenue of $1 billion per year from branded generics for the next three years, said K Anji Reddy, its founder-chairman. The second largest Indian drugmaker sold generics to the tune of 4600 million globally in nine months of this fiscal ended December 31. ET

MONEY & BANKING

8)New rules are underway for the estimated $1-trillion wealth management industry and banking regulator RBI and capital market watchdog Sebi may be made jointly responsible for implementing these regulations and keeping a watch for any violations. ET

9)The government will infuse Rs 4,376 crore as equity capital in PSU lenders Bank of Baroda and Union Bank of India as part of a recapitalisation package to shore up their equity capital. ET

INSURANCE

10)Term insurance products are back in favour with insurers. The cost of term plans has come down by 40-50 per cent over the past year. A year before, a term plan insurance for a cover of Rs 50 lakh for a person aged 25-30 years attracted a premium of Rs 12,000. The average cost of such a plan is now Rs 6,500-7,000. A term insurance policy provides a stated benefit only upon the holder’s death, provided the death occurs within the policy period. There will be no stated benefits if the policy holder outlives the policy period. BS

MARKETS

11)After the handsome gains of the previous week, the stock market is unlikely to see much upside movement, as investors may book profits on worries over steaming global crude oil prices, say experts. The BSE benchmark Sensex had surged 785.54 points, or 4.43 per cent, to 18,486.45 during the last seven days, spurred by strong growth data for auto sales, exports, infrastructure industries and easing food inflation. “Not much of an upside in the stock market next week. Investors will remain cautious and more or less prefer staying on sidelines. The market will also see some correction,” Karvy Stock Broking VP Ambareesh Baliga said. BS

12)The combined market capitalisation (m-cap) of nine of the countries’ top 10 firms increased by Rs 69,054.86 crore in the past week, with state-owned coal entity Coal India (CIL) stealing the show. CIL, the biggest gainer among the top 10 firms, saw its valuation swelling by Rs 20,875.57 crore to Rs 2,05,250.12 crore last week. ET

13)Egyptian stocks listed overseas are trading at the lowest levels since before the protests that toppled Hosni Mubarak as the Cairo exchange’s continued closure threatens to deepen losses for investors the bourse is under pressure to protect. BS

MERGERS & ACQUISITIONS

14)Corporate groups worried over the impending competition regulation on mergers and acquisitions (M&As) can breathe easy. Under the new norms notified by the corporate affairs ministry last week, if a corporate group has less than 50% voting rights in the target company, the group’s size as measured in terms of turnover or assets – won’t be reckoned to determine if the transaction requires approval of Competi tion Commission of India(CCI). Also, a group’s size won’t include that of companies in which it has less than 50% voting rights, when it comes to regulatory clearance. FE

COMMODITIES

15)Global commodity markets continue to be buffeted by escalating geopolitical tension with crude leading the way for metals and agriculture. Huge volatility is the result. The uncertainty is palpable as risks across markets heighten. External markets are choppy. To be sure, Libyan crude is not available at a time when market fundamentals have been continually tightening and demand growth is robust. WTI closed above $100 a barrel for the first time since September 2008. Brent, on the other hand, is around $115 a barrel. While gold scales new peaks silver is touching multi-decadal highs as investments flow into this well-known safe haven asset. BL

REAL ESTATE

16)The government plans to widen the definition of real estate in its foreign direct investment (FDI) policy to include consultants, advisers, valuers and brokers, a move experts say could restrict entry of foreign players in these specialized services. ET

17)Realty firm Raheja Developers is in advanced stages of negotiations with a Saudi Arab-based developer to form a joint venture for mainly constructing housing properties in the two nations. FE

INFORMATION TECHNOLOGY

18)IT major Cognizant Technology Solutions is planning a major expansion programme in various cities at a budgeted $285 million on the back of a 40% growth rate over last year, a top official said on Sunday. The expansion programme would be in the form of real estate and upgrading and new technology, company president and managing director R Chandrasekaran said. FE

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.
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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 (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 (18-11-2009)

Date: 18 November 2009
 
Thought for the day
 
 “The only way to do great work is to love what you do.”
 
 –Steve Jobs
 
GENERAL

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.

Indian Express

ECONOMY
 
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.

FE

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.

ET

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.

FE

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.
 
ET
 
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.

BL

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.

BL

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.

BL
 
INSURANCE
 
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.

BS
 
MARKETS
 
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.

FE

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.

ET

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.

ET

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.

ET
 
IPO
 
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.

BS

COMMODITIES
 
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.

DC

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.

BL

REAL ESTATE
 
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.”

FE

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.

ET
 
INFORMATION TECHNOLOGY
 
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.

 ET

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.

ET

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.

FE
 
INTERNATIONAL
 
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.
 
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 (16-11-2009)

Date: 16 November 2009

 Thought for the day

“Take care to get what you like or you will be forced to like what you get.”

 –George Bernard Shaw

GENERAL

1)CANADIAN Prime Minister Stephen Harper’s three-day visit to India from Sunday will be dominated by talks over a nuclear deal and new trade pacts in a bid warm a relationship that turned frosty when Ottawa cut off atomic trade after New Delhi’s 1974 nuclear test.

Indian Express

ECONOMY

2)India and the US have agreed to collaborate in encouraging investments and research and development in the solar energy space. Both countries will tap into the large potential of solar energy in India, which is starting the ambitious solar development plan.

BL

CORPORATE / INDUSTRY

3)CAIRN India has successfully drilled and completed its first horizontal oil well at Rajasthan’s Barmer field that will add 11,000 barrels of oil per day(bopd) to the earlier reported production volume of 5991 bopd. The field continues to ramp up production.

ET

4)INDIA Inc is still far off the mark when it comes to innovations and R&D spending. Barely four Indian companies made it to a list of top 1,000 publicly-traded companies in the world which were the biggest spenders on research and development, two fewer than last year. The list, prepared by global management consulting firm Booz & Co., has Tata Motors, BHEL, Dr Reddy’s Lab and Sun Pharma this year. Those from last year’s list which did not make it this time are Ranbaxy Laboratories and Aditya Birla Nuvo Ltd.

ET

5)L&T Heavy Engineering is set to inaugurate a high tech manufacturing facility in Sohar, Oman. The new unit in the SIPC area, Sohar, will augment the existing modular fabrication facility, making it one of the largest integrated manufacturing complexes in the region, catering to the hydrocarbon and power sectors, a company release said.

BS

6)THE Aditya Birla group on Sunday approved a proposal to merge a newly-created cement unit with its existing cement subsidiary UltraTech, thereby consolidating the group’s cement business that currently accounts for a fifth of the Indian cement market. The boards of UltraTech Cement and Samruddhi Cement(a wholly-owned subsidiary of Grasim Industries), unanimously approved the merger of the two companies which would ultimately create an entity with a net worth of Rs 8,404 crore.

ET

MONEY & BANKING

 7)The Oriental Bank of Commerce plans to expand its network by opening around 200 new branches each annually in the next three fiscals. Mr T Y Prabhu, Chairman-cum-Managing Director, on Sun- day said the bank had sought a capital support of Rs 1,000 crore from the government to implement its expansion plan.

BL

INSURANCE

 8)With rampant unhealthy practices plaguing the domestic insurance industry, particularly general insurance, sector regulator Insurance Regulatory & Development Authority(Irda) has now turned the heat on some foreign insurance brokers operating in India.

FE

MARKETS

9)Indian equity indices, which ended last week with huge gains, are likely to remain volatile in the coming days. With no major cues from the domestic markets, local markets will be looking for global cues and foreign inflows for some triggers in the next week.

FE

10)Foreign institutional investors(FIIs) may have continued to pour money into the Indian markets in recent months, but they weren’t uniformly bullish on all stocks or sectors. FIIs have actually trimmed their stakes in half of the BSE Sensex companies in the quarter from June to September 2009. Big names as Bharti Airtel, ONGC, BHEL and ICICI Bank saw a dip in FII ownership over the past quarter. Over 180 companies in the BSE 500 basket also saw a fall in their FII holdings in this period.

BL

IPO

11)Public sector hydropower producer Satluj Jal Vidyut Nigam(SJVN) said on Sunday its proposed initial public offer was likely to come in the next fiscal and the company was in the process of appointing independent directors, a prerequisite for firms planning to hit the market.

BS

12)Lilliput Kidswear plans to raise over Rs 150 crore through an Initial Public Offer (IPO) in the next six months, a top company executive said. Kids apparel maker said it would use the funds to expand its retail network.

ET

MUTUAL FUNDS

13)The Securities & Exchange Board of India(Sebi) may tighten mutual fund(MF) regulations to make these funds more retail investor-friendly. The regulator, which recently announced that recognised stock brokers would be allowed to trade in MF units, is now planning to bolster the 20-25 Rule by taking it to the ‘plans(series) level’. The 20-25 Rule requires each mutual fund scheme to have at least 20 investors, while no single investor can hold more than 25% of assets. Since it is applicable only up to the scheme level at present, many funds are able to skirt the Rule.

FE

14)Religare Mutual Fund said its PSU Equity Fund has received good investor response with the scheme garnering Rs 229 crore, from new fund offer. “The fund has collected over Rs 229 crore, with close to 37,000 applications coming in from over 170 cities and towns across the country,” the Religare Mutual Fund Chief Executive Officer, Mr Saurabh Nanavati, said.

BL

COMMODITIES

15)While gold continues to touch new highs, silver seems to be tired of tagging along with precious yellow metal. After outperforming gold in the initial six months of 2009, silver has taken a back-seat now. Gains in silver have been capped due to movement in base metals and stalled ETF interest. However, a recovery in economic activity is expected to fuel industrial activities, which, in turn, might support silver prices in the coming days, feel analysts. As per data provided by Kotak Commodity, silver(silver fix) has rallied 60% so far this year as against the 27% rally in gold. Copper, on the other hand, has jumped 112% so far this year.

FE

16)The firm/steady trend in all the pepper origins gives the impression that there is likely to be a tight supply position if the prevailing steady prices in all the producing countries are any indication. In the international market prices of all the origins were holding steady to firm. Buyers were on a wait and watch mode. Indian parity on Saturday was at $3,350 a tonne (c&f) and almost competitive with other origins, market sources told Business Line.

BL

17)Maize prices were stable during last week at Rs 9,300 per tonne against the week-ago period as traders waited for the market to take direction, and also on concerns over quality, according to US Grains Council.

FE

COMMUNICATIONS

18)THE process for auctioning third generation(3G) radio frequencies or spectrum that is vital for telecom companies to offer high-end services such as ultra fast internet and data services on the mobile kicks off in Delhi on Monday(November 16), with the pre-bid conference.

ET

INFORMATION TECHNOLOGY

19)INDIAN IT majors may see a 10-15% fall in billing rates from their European customers as offshore outsourcing is likely to be- come costlier by 25% following an European Union move to impose value-added tax (VAT) for services delivered from non-EU locations. British Petroleum and ABN Amro will have to bring down billing rates for Indian tech firms including TCS, Infosys and Wipro by at least 10-15%, according to experts.

ET

20)Information technology services firm 3i Infotech plans to offshore some of its work as well as implement a four-day work week for its US employees, in order to cut costs, a top company official has said.

BS

21)HCL Security, subsidiary of HCL Infosystems, is a fairly new entrant in the homeland security market, dominated by the likes of Accenture, IBM, SAB, Lockheed Martin, Bosch and Honeywell. But it is confident on making a mark.

BS

INTERNATIONAL

 22)Hitachi Ltd, Japan’s biggest electronics firm by revenues, plans to raise up to 400 billion yen($4.5 billion) by issuing new shares and convertible bonds to shore up its battered capital base, two sources familiar with the matter said. The sources, who asked not to be identified ahead of an official announcement anticipated as early as Monday, said Hitachi plans to sell about 300 billion yen worth of shares and another 100 billion yen in convertible bonds. The public share offering would be its first in 27 years.

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

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.

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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 (12-11-2009)

Date: 12 November 2009

 Thought for the day

“The test we must set for ourselves is not to march alone but to march in such a way that others wish to join us.”

— Hubert Humphrey

GENERAL

1)Indian-Americans won one of their highest-ever appointments in the US government when president Barack Obama on Tuesday nominated Dr Rajiv Shah as administrator of the United States Agency for International Development.

TOI

ECONOMY

2)The Government is likey to release the first ever comprehensive monthly inflation data on November 14, taking into account price variation in manufacturing products. At a meeting on Wednesday it was also decided that monthly WPI, figure should be released on every 14th, of a month, in the future as well, a Commerce and Industry ministry official said.

 Indian Express

3)The country’s merchandise exports shrank to $12.5 billion – down by 11.4 per cent, for the thirteenth month in a row in October due to sagging overseas demand on the back of the economic slowdown in the developed world.

BL

CORPORATE / INDUSTRY

 4)FLUSH with funds, Indian sugar companies are now acquiring a global footprint. The country’s largest refiner, Shree Renuka Sugars (SRSL), has bought distressed Brazilian sugar and ethanol producer Vale Do Ivai(VDI) in a deal worth $82 million. This is the first time an Indian sugar company has bought a company overseas and could well pave the way for such acquisitions by SRSL in Brazil, the world’s biggest producer and exporter of sugar and ethanol.

ET

5)BHEL said it has bagged a Rs 91-crore order from UK-based Power Engineers Contracting company to supply a gas turbine generating unit for its Nasiryah power project in Iraq.

BS

6)Hyderabad-based Infrastructure firm Nagarjuna Constructions has secured five orders aggregating Rs 722 crore. The company bagged contracts from Bangalore Water Supply & Sewerage Board, water resources department, among others.

ET

7)As countries face shortages in the supply of drugs to treat In- fluenza A (H1N1) or swine flu, drug-maker Cipla has indicated that it is ready to step-up its generic supplies of Oseltamivir and Zanamivir to India and other countries such as the US.

BL

MONEY & BANKING

 8)The rupee on Wednesday surged by 20 paise to nearly three-week high of 46.30/31 against the US currency with dollar plunging to 15-month low against its European rivals in overseas markets.

BL

9)The largest-ever consolidation exercise in the Indian banking space may be initiated by mid-size public sector banks which have a government holding of 55 percent or less and do not have the headroom to raise more capital. These include Oriental Bank of Commerce, Dena Bank, Andhra Bank, Bank of Baroda and Vijaya Bank.

BS

MARKETS

10)The country’s equity indices surged on Wednesday following strong cues from the Asian markets and buying in the metal and IT stocks and ended the day with huge gains. The MSCI Emerging Markets Index added 1.1% by noon in London, boosting its six-day increase to 7.9% and the 30-share Sensex of Bombay Stock Exchange(BSE) added 409.04 points or 2.49% to end the day at 16,849.60 points. The broader S&P CNX Nifty of National Stock Exchange(NSE) gained 122.25 points or 2.50% to close the day above 5,000 mark at 5,003.95 points.

FE

11)THE stock of Engineers India has gained over 24% in the past week on the BSE. The scrip ended over 2% higher at close on Wednesday at Rs 1,428.25. Brokers say the stock is being driven by speculation that the company may announce a bonus issue of shares shortly.

ET

12)Entertainment firm Pyramid Saimira Theatre on Wednesday nose- dived nearly ten per cent to hit the lower circuit on the BSE, a day after the market regulator, Sebi, banned the entity from dealing in the stock markets for seven years.

DC

13)OVER 60% of trading members are against the extension of trading hours and of those who want market hours extended, a majority are in favour of the market opening at 9.55 am and closing at 5 pm. Around 47% of the members have also said that they would prefer to have pre-opening/post-closing sessions within normal markets hours.

ET

14)Market regulator Securities and Exchange Board of India’s (Sebi) latest decision to mandate disclosure of balance sheets by companies on a half-yearly basis is being viewed as a precursor for listed entities to mandatorily disclose their cash flow statements, a person familiar with the development told ET.

ET

15)THE Bombay Stock Exchange, which is also Asia’s oldest stock exchange, is likely to launch a derivative product next month. Un- like the existing derivative products, which expire on the last Thurs- day of every month, the expiry of this derivative product will in the middle of the month.

ET

MUTUAL FUNDS

16)After the 2008 debacle, the mutual funds industry seems to have cleaned up its debt portfolio drastically and is simultaneously looking to remain cautious ahead. According to a study carried out by rating agency Crisil, the quality of portfolio of debt-based mutual funds has improved significantly. The industry had witnessed heavy redemption pressure, starting October 2008 when most of the debt funds saw a pullout tothe liquidity crisis and many funds were in a fix due to asset and liability mismatches. The Reserve Bank of India had to intervene and ask banks to step up their lending to the sector.

FE

17)The Association of Mutual Funds in India(Amfi) is contemplating creation of two platforms for online mutual fund transactions in India by March, its chairman A P Kurian said.

FE

COMMODITIES

18)Gold rose by 1 per cent to an all-time high of Rs 16,790 per 10 gm in Mumbai’s Zaveri Bazar on Wednesday, on developments abroad where the precious metal breached the $1,117.33 an ounce mark. Gold prices have been continously rising amid speculation that US policies will weaken the dollar, thereby, boosting the metal’s appeal as an alternative investment avenue. The metal also gets favourable policies from global economies – India bought 200 tonnes of gold, Sri Lanka announced diversification of its reserve in favour of the yellow metal and Vietnam allowed import after 18 months of suspension.

BS

19)Prices of turmeric, a must spice for any Indian curry, have soared by 70% to Rs 12,800 per quintal, proving in a way that steps taken by commodity markets regulator FMC and exchanges to curb speculations have not helped much.

FE

REAL ESTATE

20)THE founding family of India’s largest real estate company has reached a deal with DE Shaw to buy out the hedge fund’s stake in DLF Asset(DAL), an important step presaging transactions that could lead to a Singapore listing for the DLF affiliate in the first quarter of 2010. DE Shaw will get a little less than $500 million from KP Singh and his family and privately-held DAL will most likely become a majority-owned subsidiary of listed property developer DLF, two persons directly involved in the transaction said.

ET

COMMUNICATIONS

 21)BHARTI Airtel, the nation’s biggest mobile phone company, lost the place of pride, at least temporarily, in Singapore Telecommunications’ bouquet of investments as Indonesia’s Telkomsel surpassed the Indian company in profit contribution to the island nation’s telephone company, filings show.

ET

INFORMATION TECHNOLOGY

22)The concept of a ‘virtual bench’ for non-billable employees may soon be a thing of the past at mid-size Indian IT companies, thanks to the gradual improvement in demand for software solutions.

BL

INTERNATIONAL

23)China’s industrial production and trade surplus climbed in October, indicating a strengthening recovery in the world’s third-largest economy that’s likely to amplify calls to let the yuan appreciate.

FE

 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