Headlines (11-11-2009)

Date: 11 November 2009

Thought for the day

“He who spares the bad injures the good.”

–Publilius Syrus

GENERAL

1)India and Columbia on Tuesday inked a bilateral investment promotion and protection agreement. The agreement was signed by Commerce and Industry Minister Anand Sharma and Minister of Commerce, Industry and Tourism of Columbia Luis Guillermo Plata. After signing of the agreement, both Ministers hoped that the agreement would serve as a catalyst in boosting investment flows between the two countries.

Hindu

ECONOMY

2)FINANCE minister Pranab Mukherjee, who has begun work on the budget for the next fiscal, said on Tuesday that his government will continue with the stimulus sops till developed economies and wealthier nations start growing robustly. The priority will be to invest heavily in boosting farm productivity, which will lead to a sustained growth in domestic demand.

ET

3)Finance Minister Pranab Mukherjee today said India could achieve growth levels of 9-10 per cent in the 2012-13 financial year, and would grow by about 8 per cent in the preceding year. The government expects a 7 per cent growth rate for 2010-11.

BS

CORPORATE / INDUSTRY

4)RELIANCE Industries (RIL), India’s biggest firm by sales and market capitalisation, announced on Tuesday its first oil discovery in the hydrocarbon rich Cambay basin in the country’s west coast without revealing the estimated size of the field. This is RIL’s second major oil find after the offshore MA field in the Krishna Godavari (KG) basin of India’s east coast two years ago, where it is producing around 11,000 barrels per day.

ET

5)Diversified conglomerate Siemens on Tuesday said its energy unit has bagged an order worth Rs 608 crore from Qatar’s General Electri- city & Water Corporation(Kahramma) for constructing high-voltage cables.

FE

6)Alstom Projects India, a subsidiary of French firm Alstom, on Tuesday said it has bagged orders worth Rs 365 crore form Hindalco Industries, for supply and installation of four gas treatment plants in the country.

FE

MONEY & BANKING

 7)The rupee was flat against the dollar on Tuesday, after giving up some of its opening gains, said dealers. The domestic currency opened at 46.41 and weakened to touch an intra-day low of 46.61. It ended the day at 46.48, against the previous close of 46.46.

BL

INSURANCE

 8)Paving the way for guidelines for listing by insurance companies, the Insurance Regulatory and Development Authority (Irda) has set up a committee to finalise the norms.

BS

9)ING Vysya Life Insurance on Tuesday launched ING Flexi Life Plus, a unit-linked investment plan that offers flexibility in premium payments. The product offers flexibility in changing the premium amount as per the revised guidelines of the Insurance Regulatory & Development Authority(Irda), the company said in a statement.

FE

MARKETS

 10)The country’s equity indices ended the day with marginal losses snapping four-day winning streak. Despite domestic market starting the day with positive gap, profit-booking during the second half of the trading session, erased the day’s gains and closed in red. The 30-share Sensex of Bombay Stock Exchange was down by 58.16 points, or 0.35%, and closed at 16,440.56 points. The broader S&P CNX Nifty of National Stock Exchange(NSE) lost 16.70 points, or 0.34%, to end the day at 4,881.70 points.

FE

11)The National Stock Exchange where Goldman Sachs has a stake, and the Bombay Stock Exchange with Singapore Stock Exchange as a stakeholder, are split on extending the trading hours even as initial feedback from members show they are not in favour of it, two people familiar with the matter said.

ET

IPO / FPO

 12)Rural Electrification Corporation (REC) today said it has received approval from the Power Ministry for its proposed follow-on public offer(FPO).

BL

MUTUAL FUNDS

 13)For the first time in one year, the Indian mutual fund industry saw strong inflows in the new schemes with banks and corporate houses parking their money in mutual fund schemes. However outflows from the equity schemes continued in the month of October. According to the data provided by the Association of Mutual Fund in India(Amfi), in the month of October Rs 6,270 crore was were collected from new schemes. Fourteen income schemes raked in Rs 5,741 crore while remaining Rs 529 crore came in the Axis liquid fund.

FE

14)Axis Mutual Fund has launched its first equity fund. Axis Equity Fund, a diversified equity fund benchmarked to the S&P CNX Nifty. “We aim to offer total investment solutions to consumers and not just individual products. Our research has shown that there is a huge demand for simplicity and trust in financial services,”Axis AMC’s managing director & CEO Rajiv Anand said in a statement.

FE

COMMODITIES

15)India’s total commodity futures turnover from three national ex- changes and 18 regional exchanges during April-October period stood at Rs 40.05 lakh crore, up 34.09 per cent from a year ago, according to an official at Forward Markets Commission(FMC).

BS

16)Commodity exchanges NCDEX and NMCE on Tuesday said they have decided not to slash the transaction fee as their business has not been affected despite the fact that rival bourse MCX reduced the charges last week.

FE

17)Gold softened a touch in Europe on Tuesday as the dollar index recovered from the 15-month low it hit in the previous session, but remained near record highs as traders bet the currency’s recovery would be temporary. Spot gold was bid at $1,101.40 an ounce at 1007 GMT, against $1,103.85 late in New York on Monday.

BL

18)THE yellow spice has stolen the glitter from the yellow metal if one looks at the return it generated over a period when the near- continuous upsurge in gold got under way. Between June-end and October-end, four-month gold futures has generated a return of 10%, while that of turmeric has returned nearly 100%. During this period, the price of gold climbed from to Rs 15,915 from Rs 14,451 per 10 gm, while that of turmeric zoomed to Rs 10,476 from Rs 5,246 a quintal(100 kg).

ET

REAL ESTATE

 19)Indiareit Fund Advisors Pvt Ltd, a real estate venture capital fund manager promoted by $1.8-billion Piramal Enterprises, is in talks to pick up stake in a residential project of Pune-based realty major Panchshil.

FE

COMMUNICATIONS

 20)Vodafone’s India revenues have increased by 20.5 per cent during the half year ended September 2009 to 1,485 million pounds from 1,178 million pounds in the first half of last year. However,EBITDA declined 4.4 per centage points owing to declining tariffs and increasing presence in rural areas.

BL

21)After offering seconds-based billing, mobile operators are now looking to introduce location-based tariffs that will enable users get discounts if they make calls from an area where the operator’s network is relatively free.

BL

INFORMATION TECHNOLOGY

 22)With a turnaround in global business sentiment, the Indian IT sector is expected to return to double digit growth by the next financial year, according to the Nasscom President, Mr Som Mittal.

BL

23)KEEPING up with its Open Specification Promise(OSP), Microsoft, the world’s biggest software company, will soon allow users and rivals applications licence-free rights to access its Outlook mail service, using any rival software platform. The move will make it possible for programmers and users to access Microsoft Outlook files through any rival platform including Linux, without having to buy separate licences for the same. Until now, enterprises and users needed to have licensing rights for Microsoft’s software before they could dig into their corporate databases.

ET

24)Ahead of the slight recovery in IT spending, the country’s third largest software exporter, Wipro Technologies, on Tuesday said it is looking for an acquisition in the BPO space, which is likely to be the next engine of growth for the IT industry.

FE

INTERNATIONAL

 25)Oil prices fell on Tuesday to around $79 a barrel as a late season hurricane subsided in the Gulf of Mexico and traders awaited key US inventory data. US crude for December delivery fell 27 cents to $79.16 a barrel by 1032 GMT, after settling up $2 on Monday. London Brent crude was down 23 cents to $77.54.

BL

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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 (06-11-2009)

Date: 06 November 2009

Thought for the day

“There are powers inside of you, which, if you could discover and use, would make of you everything you ever dreamed or imagined you could become.”

—Orison Swett Marden

 GENERAL

1)Faced with delays and escalating costs, the 19the Commonwealth Games, to be held in New Delhi next October, received a major boost on Thursday, with the Union Cabinet deciding to more than double the budget allocation.

Hindu

ECONOMY

2)DISINVESTMENT is back on track. In the first policy decision on the disinvestment front by the current UPA government, the Cabi- net Committee on Economic Affairs(CCEA) decided that all unlisted firms with a three-year track record of net profit and positive net- worth should list on the bourses with the Sebi-stipulated minimum public float of 10%.

ET

3)Food inflation inched up to 13.3 per cent for the week ended October 24 primarily due to the rise in prices of potatoes and onions, compared with 12.85 per cent in the week ended October 17. With this, the government introduced a new system for presenting inflation data of only primary and fuel products on a weekly basis. The overall inflation figures will now be issued in the middle of every month.

BS

CORPORATE / INDUSTRY

 4)GVK Airport Developers Pvt Ltd, a wholly-owned subsidiary of GVK Power and Infrastructure Ltd(GVKPIL), has acquired a 12% stake in Bengaluru International Airport Ltd(BIAL) from Zurich Airport for Rs 484.60 crore. GVK and Zurich Airport will also jointly pursue opportunities for airport development projects in the country.

FE

5)To boost to its consumer care and lighting business, which contributes close to 9 per cent to its top line, Wipro has acquired the business of Yardley in Asia, West Asia, Australasia and certain African markets from UK-based Lornamead Group for $45.5 million (around Rs 210 crore). The transaction is expected to be completed by mid-December and revenue would start flowing from the March quarter.

BS

MONEY & BANKING

 6)The rupee on Thursday recovered its early losses and ended marginally up at 47.02/03 against the US dollar on expectations of more capital inflows into equity and dollar selling by exporters.

BL

7)Though the Reserve Bank of India has announced exit from its year-long accomodative monetary policy, major public and private sector banks seem to be inclined towards continuing their cheaper home loan schemes for some more time.

FE

INSURANCE

8)Aegon Religare Life Insurance launched iTerm, a new term-plan that will be sold exclusively online. “It is the cheapest term plan currently available in the market, making it the most attractive product,” Mr Rajiv Jamkhedkar, CEO, said at the launch. Premiums for iTerm are 50-60 per cent cheaper when compared with the term plans offered by other players, he said.

BL

PENSION

9)The Pension Fund Regulatory Development Authority has increased the maximum age for entering the new pension scheme(NPS) to 60 years from 55 years earlier. The move will provide retirement savings and a regular income flow to non-government employees who are not covered under any pension plan.

BS

MARKETS

10)The country’s equity indices, after witnessing volatility through- out the trading session, ended the day on positive terrain following intense buying in telecom stocks and benchmark heavyweights. The 30-share Sensex of the BSE added 151.77 points or 0.95% to close at 16,063.90 points. The broader Nifty rose 54.75 points or 1.16%. According to provisional figures, foreign institutional investors were net sellers at Rs 126.94 crore while domestic institutional investors bought stocks worth Rs 199.50 crore on Thursday.

FE

IPO

 11)HYDERABAD-BASED power generation company Ind-Barath Power Infra, which recently got $100-million funding from private equity funds Sequoia Capital and Bessermer Venture Partners, is planning to go public soon.

ET

MUTUAL FUNDS

12)SEBI chairman CB Bhave, who played a key role in revolutionising stock trading in the country more than a decade ago as the head of National Securities Depository(NSDL), may be about to trigger another one. This time, in mutual fund (MF) investing. Come March, investors can directly buy or redeem units at the click of a button, bypassing intermediaries.

ET

13)FUND accountants and administrators, who have been providing back-office services to the mutual fund industry for close to a decade now may soon come under the regulatory framework of market regulator the Securities and Exchange Board of India(Sebi).

ET

COMMODITIES

 14)Futures trading in commodities is fast picking up pace, with average daily turnover of the leading commodity exchanges in the last two months has surpassed the cash equity turnover of the National stock Exchange(NSE) and Bombay Stock Exchange(BSE).The average daily turnover in MCX during October stood at Rs 21,000 crore compared with Rs 18,253.15 crore recorded by NSE in its cash equity segment. In fact, on October 8, MCX with a total turnover of Rs 31,067 crore managed to surpass the combined turn- over of BSE and NSE(Rs 27,315 crore) in the cash equity market.

FE

15)Leading commodity exchange MCX on Thursday launched two short- duration futures contracts in maize that will expire in November and December this year. “The commodity market regulator has given per- mission to launch a shorter duration contracts in maize(feed/ industrial grade) for two months,” an official with MCX said.

FE

16)Gold prices retreated on Thursday from the record highs they hit in the previous session as the dollar rose ahead of policy decisions from the UK and the euro zone, which curbed appetite for assets seen as higher risk. The precious metal reached a high of $1,097.25 an ounce on Wednesday after a pledge from the US Federal Reserve to keep interest rates low knocked the dollar. But the currency bounced back, diminishing interest in gold as an alternative asset. Spot gold was bid at $1090.10 an ounce at 1024 GMT, against $1,092.35 late in New York on Wednesday.

BL

17)A sharp fall in stocks across all leading producing countries has strenghthened the bull phase in the international pepper market. Reports emerging from major producing countries puts the total global stock at around 45,000-46,000 tonnes. According to experts, the November to January period is going to be crucial for pepper trade.

BS

 18)Indian Commodity Exchange(ICEX) is likely to launch operations on November 23 with 10 contracts in the farm and non-farm space, a source familiar with the development informed.

BS

REAL ESTATE

 19)Indiareit Fund Advisors Pvt Ltd, a real estate fund manager promoted by the $1.8-billion Piramal Enterprises, is preparing to raise a $500-million offshore fund. Indiareit is wooing London- based private equity and venture capital firm 3i, which manages 11.7 billion euros worth of assets globally, into its new offshore fund, sources close to the development said.

FE

COMMUNICATIONS

 20)In the next few months new operators offering a large number of free short messaging service(SMS) deals to attract mobile subscribers might soon find it difficult to do so. Telecom operators that have contracted bulk deals with companies to send un- solicited messages to operators in other networks might also find it more expensive.

BS

 INTERNATIONAL

 21)WORLD oil prices fell on Thursday as traders took profits from the previous days gains and fretted over the outlook for weak demand, analysts said. New York’s main contract, light sweet crude for deli- very in December sank 45 cents to $79.95 a barrel.

ET

22)TOYOTA Motor announced on Thursday a surprise profit last quarter and trimmed its projected red ink for the year, underlining the gradual recovery under way for Japan’s giant automakers. The world’s largest car company attributed the unexpected profit – its first after three losing quarters – to government measures around the world de- signed to boost sales of environmentally friendly cars and other vehicles.

ET

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 www.indiacorporateadvisor.com
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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 (05-11-2009)

Date: 05 November 2009

Thought for the day

“Nothing happens by itself. It all will come your way once you understand that you have to make it come your way, by your own exertions.”

–Ben Stein

GENERAL

1)India and the European Union may ink a civil nuclear cooperation agreement, but a free trade pact will elude both sides at the India-EU summit scheduled here for Thursday.

Hindu

ECONOMY

2)THE government may issue oil bonds to state-owned oil companies IOC, BPCL and HPCL by the end of December 2009 to compensate them for selling petrol, diesel, kerosene and cooking gas below the cost in the first half of 2009-10, an official close to development said.

ET3)THE finance ministry has firmed up the details of its Budget announcement that listed companies will have to achieve at least 25% public holding in a phased manner, opening up the possibility of a plethora of equity offerings from listed companies. Beginning April 1, 2010, those companies falling short of the required 25% minimum would have to divest at least 5% stake within a year and a similar amount in the following year till they reach the threshold prescribed, a finance ministry official told ET.

 

ET

CORPORATE / INDUSTRY

4)Tata Steel Ltd, the world’s eight-largest steel maker, expected its European unit Corus to be operating at full capacity by the end of the financial year in March, a top official said on Wednesday. Corus, Europe’s second-largest steel maker, operated at 80 per cent capacity in October, Vice Chairman B Muthuraman told reporters at an industry conference.

BS

MONEY & BANKING

 5)Karvy Private Wealth, the wealth management arm of the Karvy Group, has named K Ramachandran as head of products & investments. Earlier, Ramachandran had worked for Barclays Wealth India as head of investments & product office. Prior to Barclays, he had worked with BNP Paribas as head of its advisory desk, a company press release said.

FE6)The rupee gained by 35 paise against the dollar on Wednesday buoyed by the rally in the domestic equity markets and the dollar’s weakness against other Asian currencies. The domestic currency opened at 47.17 and strengthened to touch an intra-day high of 46.98. It ended the day at 47.05, against the previous close of 47.40/41.

 

BL7)The public sector banks (PSBs) are giving a tough competition to their private peers, if the second quarter performance of the banks in the current fiscal is anything to go by. The PSBs have showed an increase of 20.1% and 17.5% in their net profit and total income, respectively, as against 17.9% and 3% recorded by the private banks in the second quarter of the fiscal.

 

FE8)State Bank of India on Wednesday said it did not have any immediate plans to revise its home loan rates, including that of the 8% special scheme originally slated to end this week.

 

FE

MARKETS

 9)The domestic equity bourses, led by index heavyweights, snapped its six-day loosing streak to post its highest gain in the last five months with the finance minister saying that the government would not withdraw the stimulus package. The 30-share Sensex of the Bombay Stock Exchange(BSE) registered a solid gain of 507.19 points or 3.29% to end the trading session at 15,912.13 points, completely erasing its loss suffered in the previous trading session. On the other hand the broader 50-share Nifty of the National Stock Exchange(NSE) ended the day at 4,710.80 points, up by 3.22% or 146.90 points.

FE10)THE stock price of Pidilite Industries, the market leader in adhesives and sealants in the country, has moved up 43% since July this year. And if the company’s performance in the latest September quarter is any indicator, the stock has the potential to surge further.

 

ET11)COMPETITION among providers of portfolio management service, or PMS, appears to be intensifying, as they are now focussing on the narrow base of the really wealthy. Even though the rebound in stocks since March presents them with an opportunity to garner a wider client base, PMS providers have become choosy about their client profiles. Many of these money managers to wealthier investors are no longer accepting investments of less than Rs 1 crore in their schemes against a minimum of Rs 10 lakh earlier.

 

ET

IPO / FPO

12)The initial public offer of agro chemical and pharma company Astec LifeSciences got fully subscribed on Wednesday, the final day of issue. The issue received total bids for over 87.61 lakh shares from investors, about 1.17 times more than 75 lakh equities on offer, as per the latest data with NSE.

FE13)The follow-on public offer (FPO) of the power sector financier Rural Electrification Corporation(REC) is likely to hit the market by February next year.

 

BS

COMMODITIES

 14)Gold hit record highs above $1,095 an ounce on Wednesday as dollar weakness added to momentum lent to the market by India’s purchase of 200 tonne of gold from the IMF to push prices through key technical resistance levels.

FE15)Copper rose 2.6 per cent on Wednesday as the dollar fell ahead of a policy decision by US Federal Reserve later in the day that is also expected to give clues on the state of the world’s largest economy. By 1103 GMT, copper for three-month delivery on the London Metal Exchange rose to $6,595 a tonne from $6,460 at the close on Wednesday and compared with a session high at $6,625.

 

BL16)Continuing its upward trend, turmeric price at Erode market, one of the biggest in the country, soared to a new high of Rs 12,700 per quintal on Wednesday. Nearly 3,000 bags of turmeric arrived at the market for sale but because of the high price very few bags were sold, market sources said.

 

FE17)Shortfall in Chinese chilli crop is likely to add fuel to the domestic markets and help in better exports. Traders said Chilli prices in India are already expected to cross the previous high and touch record levels because of shortfall in production and lower inventory.

 

FE18)Guarseed and gum prices are likely to rule firm until the middle of this month and further movement of the prices in these commodities will depend on the demand-supply situation.

 

BL

COMMUNICATIONS

 19)TOP telecom players such as Bharti Airtel, Vodafone Essar, Reliance Communications and state-run BSNL could benefit from a government move to speed up a relief package that will ease some burden off the sector saddled with shrinking revenues and margins triggered by a raging tariff war. The department of telecom(DoT) will seek a fast-track approval from the finance ministry to slash the annual licence fee by up to a third for telecom operators with large net- work presence.

ET20)Amidst the raging tariff war leading to telecom stocks getting hammered on the bourses, the country’s total subscriber base crossed the 500-million mark in September, 15 month ahead of the targeted schedule of December, 2010.

 

FE

INFORMATION TECHNOLOGY

 21)Europe continued to be muted during the September quarter even as the large Indian IT vendors reported better-than-expected numbers for the period, largely due to the ‘lag effect’ of the global downturn. However, the vendors expect some volume growth from the European market over the next few quarters as the situation is beginning to stablise and client activity has increased. The crisis had hit Europe late and, therefore, recovery is also expected to be late, the IT services companies added.

BL22)L&T Infotech, part of Rs 40,000-crore engineering & construction major Larsen & Toubro(L&T), is in advanced talks to acquire a majority shareholding in the country’s sixth-largest software firm, Patni Computer Services.

 

FE

INTERNATIONAL

 23)Crude oil futures extended gains after a US government report showed an unexpected decline in inventories. Supplies dropped 3.94 million barrels to 335.9 million in the week ended October 30, the Energy Department said on Wednesday in a weekly report. Crude oil for December delivery rose $1.08, or 1.4 per cent, to $80.68 a barrel at 10:35 a.m. on the New York Mercantile Ex- change.

BL24)Federal Reserve officials on Thursday may indicate their $1 tril- lion injection into the economy is helping to revive growth without requiring an increase in interest rates from near zero, economists said.

 

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 (04 Nov 2009)

Date: 04 November 2009 Thought for the day

“The words you consistently select will shape your destiny.”

 –Anthony Robbins

GENERAL

1)Over the next four days from Wednesday, the sprawling Infosys campus in Mysore will play host to one of the most sought after shows on the Net. “TED(Technology, Entertainment and Design) talks,” in India for the first time, brings together top achievers from various fields on one stage.

Hindu

ECONOMY

2)The government does not plan to withdraw the series of stimulus it had announced earlier to revive the economy hit hard by the global economic slowdown or impose curbs on the rising capital inflows, finance minister Pranab Mukherjee said. The finance minister also does not see inflation, which rose to 1.51% for the week ending October 17, as a pressing area of concern.

ET

3)THE government on Tuesday said it is looking at bringing down its stake in listed state-run companies to 90% to comply with the capital market regulator Sebi’s requirement that at least 10% of the paid-up capital of listed companies should be with the public.ET

 CORPORATE / INDUSTRY

4)INDIA Hospitality Corporation(IHC), an investment firm listed on London Stock Exchange’s AIM market, is putting together a Rs 1,000 crore fund to chase acquisitions in Indian hospitality sector. The company has plans to raise funds through institutional investors in the overseas market.

ET

5)Larsen & Toubro(L&T) has bagged a Rs 6,897-crore engineer-pro- cure-construct(EPC) order from Maharashtra State Power Generation Company for super-critical boiler turbine generator units. When commissioned, Mahagenco’s 1980-mw project in Koradi, Nagpur, will add close to 50 million units to the national grid everyday.FE

MONEY & BANKING

6)Snapping a two-session rally, the rupee on Tuesday fell sharply by 44 paise at 47.40/41 against the US dollar on signs of increased capital outflows amid weak domestic bourses. Forex dealers said a firm dollar overseas against a basket of currencies also put pres- sure on the local unit.

BL

7)INDIA’s largest bank, State Bank of India, which launched a special home loan scheme in February this year to woo home buyers by offering the lowest rates in the industry will soon decide on whether to extend the scheme beyond November 7 when it is set to expire. As part of the scheme, which received a good response, the bank offered a fixed rate of 8% for loans up to Rs 5 lakh for five years, while loans up to Rs 50 lakh were priced at 8% for the first year, 8.5% for the second and third year and in subsequent years it would be linked to the prime lending rate.

ET

8)THE board of directors of State Bank of Mysore(SBM) has approved a rights issues which would raise Rs 600 crore(including premium). “The aim of the issue is to bolster our capital base and help in the growth of the bank,” a senior official of the bank told  ET.

ET

MARKETS

9)Domestic stocks slipped for the sixth consecutive day on Tuesday as global cues remained negative. Opening after an extended weekend, the Sensex dived 491 points to a two-month low of 15,404.8 points, while the Nifty fell 3.14 per cent to 4,563.9 points. The Sensex in the last six trading sessions has fallen 1404 points or 8.35 per cent.

BL

10)The Bharti Airtel stock jumped almost 3 per cent to Rs 299.95 in falling markets after SingTel said it had agreed to increase its effective stake in the company to 31.95 per cent from 30.43 per cent.BS

11)THE Securities and Exchange Board of India(Sebi) is considering a flexible tenure for stock lending and borrowing(SLB) contracts. At present, the tenure for a SLB contract is 30 days, which means that the investor who has borrowed shares will have to return them to the lender on the thirtieth day from the transaction. If the fixed tenure is done away with, lenders and borrowers can decide on the date of repayment, among themselves. ET

MUTUAL FUNDS

12)Assets under management of mutual funds rose marginally in October, partly on the back of inflows enjoyed by selected funds and lower redemptions, said fund managers. The industry AUM amounted to Rs 7,51,477 crore as on end of October, against Rs 7,42,910 crore in end-September. Five fund houses are yet to report AUMs.

BL

COMMODITIES

13)A WEAK currency and RBI’s 200-tonne gold purchase from the International Monetary Fund thrust local spot and futures prices of the yellow metal to a record high on Tuesday. Gold of 99.5% purity in Mumbai was trading at a record high of Rs 16,280 per 10 gm at the time of writing while gold for delivery in December on local bourse MCX was at a lifetime high of Rs 16,321 per 10 gm despite overseas gold trading $10 lower from its all-time high of $1,072 an ounce in mid-October. “Rupee weakness has led to prices touching record highs,” said Suresh Hundia, president of Bombay Bullion Association. “Internationally, the price is ruling below the all-time high so that shows its rupee costing which is behind the rise.”

ET

14)The Multi Commodity Exchange on Tuesday launched futures contracts in two agricultural commodities – mentha oil and almond – to be expired in January 2010. The January 2010 contract of mental oil opened at Rs 543 per kg and was trading at Rs 539 per kg at 1130 hrs. The almond contract could not attract much trade in early trading hours, the exchange data showed. 

FE

15)Maize futures swifted 2.42% on Tuesday on increased buying by traders, inspired by low arrivals and better demand in spot markets. Marketmen said fall in supply from growing regions and better off- take by stockists in the markets, directed the trading sentiments here in futures prices of maize. At the NCDEX counter, current November month delivery contract for maize prices shot up by 2.42% at Rs 1,014 per quintal, with an open interest in 4,150 lots. 

FE

16)Pepper futures shot up on good buying support and amid reports of tight supply position. Operators bought pepper from the spot market and sold in the futures market. The operators were said to be buyers for MG 1 exchange delivered at warehouses at October price. 

BL

 17)Concerned with the 45 per cent increase in turmeric prices in just a month, commodity market regulator FMC has asked ex- changes to take measures to arrest the volatilty in futures rates.

 BS

 COMMUNICATIONS

 18)The tariff war in the telecom sector has intensified with Reliance Communications(RComm) coming up with two variants of pricing for short and long duration calls. Rcomm said it would offer 1 paise/ second single call rate for short duration callers, while for sub- scribers making long duration calls, the rate will be Re 1 for 3 minutes. The company will offer 50p/minute tariff rate for those with standard call duration. The rates will come into effect from November 5, 2009, under its Simply Reliance brand.

 FE

 INFORMATION TECHNOLOGY

 19)India’s largest information technology services provider, Tata Consultancy Services(TCS), has been chosen strategic IT partner by the City Council of Cardiff in Britain for 15 years. The contract value is close to 150 million pounds(around Rs 1,160 crore) said analysts. The other contenders were IBM and BT Global Services.

 BS

 20)INDIA’S top tech firms Tata Consultancy Services(TCS) and Wipro and others are pursuing Target Corp’s captive technology centre for a potential acquisition which could come bundled with a long- term outsourcing contract worth $300-400 million. America’s second biggest discount retailer Target has around 1,500 staff employed at its Bangalore centre for software development and maintenance.ET

21)COGNIZANT reported the best sequential revenue increase in its history during the quarter ended September and provided better forecast than larger Indian peers, helped by higher investments in sales efforts and new businesses from top customers, including JP Morgan and UBS. During one of the toughest periods that the global outsourcing industry has witnessed, Cognizant grew its net profit by 36%, ahead of rivals TCS, Infosys and Wipro, and also revised its revenue forecast for the year by around 15.5% to $3.255 billion. During quarter ended June this year, Cognizant had forecast 11.5% growth.ET

22)Mahindra Satyam on Tuesday bagged an IT outsourcing contract from Swedish defence and aerospace firm, SaaB, to develop its operations for the global defense and homeland security market in India. The deal value is estimated at $300 million. ET

 INTERNATIONAL

23)WARREN Buffett’s Berkshire Hathaway agreed to buy railroad Burlington Northern Santa in the company’s biggest takeover. Buffett’s firm will pay $26 billion, or $100 a share in cash and stock, for the 77.4% of the railroad it doesn’t already own.

ET

 24)Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc will receive 31.3 billion pounds ($51 billion) in a second bailout from the UK taxpayer as the two banks agreed to cap bonuses.

 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 (03 Nov 2009)

Date: 03 November 2009

 Thought for the day

“The devotion of thought to an honest achievement makes the achievement possible.”

 –Mary Baker Eddy

GENERAL

1)ARMY Chief General Deepak Kapoor is preparing to leave for Israel next week on a four-day trip that will see the two sides expanding their military cooperation and a new framework of cooperation on counter-terrorism is on the cards.

Indian Express

ECONOMY

 2)India’s economic growth rate is expected to accelerate to 8% in the next fiscal from 6.3% projected for the current financial year, the Planning Commission has said. The commission in its recent assessment of the economy also expects economic growth to go up to 9% in 2011-12, and further to 10% in 2014-15. These assumptions were made by the Planning Commission while projecting the state of government finances before the Eleventh Finance Com- mission recently.

ET

 CORPORATE / INDUSTRY

 3)Sales of cars and utility vehicles showed an upward trend again in October as the festive frenzy continued to drive consumers to showrooms, pushing retail sales and clearing the inventory stock pile of vehicles swiftly. Market leader Maruti Suzuki and Hyundai Motors, which led the growth charts during October, stated that sales during the traditionally auspicious days around Diwali were the best ever in their history.

BS

INSURANCE

 4)CONSUMERS buying pure-life insurance products will have to continue paying commission to sellers of these policies, but those investing in Unit Linked Insurance Plans(ULIPs) are set to be spared of this burden after April 2011. The move will help improve returns to investors in ULIPs, curb mis-selling and help raise insurance penetration by having a modest commission on pure insurance products, creating incentives for sellers.

ET

5)You can pay lower premium by buying two health insurance policies instead of one, for the same sum assured. General insurance companies are offering top-ups to the existing health insurance policies. Top- ups are useful when a customer wants to get a high sum insured which is not easily available in the market.

BL

6)Icra has reconfirmed its iAAA rating to United India Insurance (UIIC) this year too, indicating highest claim paying ability as- signed. This rating indicates fundamentally strong position of the company and that its prospect of meeting policy holder obligations is the best. The rating takes into account the company’s established market position in the domestic general insurance industry, sovereign ownership, strong financial position supported by healthy capitalisation levels and strong investment portfolio, said release from UIIC.

FE

PENSION

 7)National Aluminium Company(Nalco) Ltd has become the first public sector unit to move its employees’ retirement funds to the New Pension Scheme(NPS). The Board of the Pension Fund Regulatory and Development Authority(PFRDA) has cleared the modalities for Nalco to contribute 6% of workers’ basic pay into the NPS, starting this month.

FE

 MARKETS

 8)The recent rally in the stock markets has made the government richer by Rs 5 lakh crore(84.6%) on its holdings in 49 listed public sector undertakings(excluding banks and finance companies), all in a space of one year. This has happened on the back of growing market confidence in PSU stocks and the prospects of a global financial recovery.

FE

9)INDIAN Hotels has beaten the Sensex by a fair margin in the past six months. The company’s stock has given around 37% returns in the period, while the Sensex has managed around 30%. Even on a three-month basis, the company has beaten the Sensex. It posted returns of close to 11% while the Sensex managed returns of just 8%. The hospitality industry appears to be on a revival course with the impact of the global slowdown and terrorists attacks in Mumbai now fading.

ET

10)SOON, investors will be able to vote on corporate proposals through the click of a mouse without having to worry whether their response has reached the company or not. An electronic voting platform, set to be unveiled this month by one of the two depositories in the country, will replace the practice of seeking shareholder consent through the postal ballot. However, an official familiar with the depository’s plans on this requested that neither he nor his firm be named. The two depositories in India are National Securities Depository(NSDL) and Central Depository Services(CDSL). The proposed online voting system is aimed at enhancing corporate governance and increasing shareholder participation in listed companies, and is a common feature in advanced countries like the US, Japan and South Korea. Investors, who hold shares in physical as well as in the demat form, will be able to exercise their franchise through this platform.

ET

11)The country’s two prime bourses, the National Stock Exchange(NSE) and the Bombay Stock Exchange(BSE), are likely to extend the trading time by two and half hours from next month and a formal notification to this effect is expected shortly.

BS

IPO

 12)DIAGNOSTIC chain Super Religare Laboratories(formerly SRL Ranbaxy) is reviving plans to dilute 15-20% stake to raise Rs 200 crore through an initial public offer(IPO). It is now back in talks with several potential investors for a pre-IPO deal.

ET

RIGHTS ISSUE

 13)Gulf Oil Corporation Limited (GOCL), a Hinduja Group company, is planning to come out with a 3:1 (three shares for every share held) rights issue in December, this year, to raise Rs 80 crore to support its working capital requirement.

BS

COMMODITIES

 14)PEPPER prices have remained buoyant in the past few days with better support from the domestic market. Despite a slight correction, prices have seen a 7% increase in the last 10 days of October. Buoyant trends are likely to continue in the coming weeks as the market expects to get more orders from the importing countries. The prices, which stood at Rs 137 per kg on October 20, rose to Rs 147 per kg on October 29.

ET

15)Gold is expected to touch Rs 17,000 per 10 gram in December 2009 according to gold experts primarily because of weakening dollar, making it more costly for the Indian gold buyers.

DC

COMMUNICATIONS

 16)The second quarter earnings of companies in the telecom sector mirrored the impact of the intensive tariff war. Both Bharti Airtel and Reliance Communications repoorted profits below expectations. Bharti Airtel reported a decline of 7.8% in net profit at Rs 2,321 crore, against Rs 2,517 crore on a quarter-on quarter(QoQ) basis and up 13% from Rs 2,046 crore on a year-on-year(y-o-y) basis, as per US GAAP. Total revenues slipped 0.97% to Rs 9,845 crore versus Rs 9,941.6 crore QoQ. The second largest domestic telecom company, RComm, followed suit with a 51.7% drop in net profit to Rs 740 crore from Rs 1,531 crore y-o-y. Besides the tariff war, the telcos witnessed an impact of network expansion costs, derivative losses and low- paying users. The mobile industry in India, the world’s fastest- growing market, started witnessing increased competition during the quarter as players started cutting rates to attract subscribers before four new operators – Unitech Wireless, Etisalat DB, Datacom and S-Tel – roll out their operations this year.

FE

17)INDIA’S second biggest phone firm, Reliance Communications (RCOM), said the company is evaluating if it should join rivals Bharti Airtel and Vodafone Essar in offering ‘per second billing’ tariff option to its customers. Last month, RCom joined the ongoing tariff war by announcing its 50 paise-a-minute ‘Simply Reliance’ plan.

ET

INFORMATION TECHNOLOGY

 18)India has become the top offshore destination for European enter- prises traditionally thought to be shy of sending work to the country, a recent report by Forrester Research said. Forrester’s survey of 300 European enterprises shows that more than 60 per cent of firms intend to spend their work to India. This count is more than any other obvious single country or grouping of countries – for example the CIS region or Central Europe, the report said.

BL

19)INDIA’S top enterprises, set to spend over $10 billion on tech-nology services this year, are better than global peers when it comes to using technology to drive innovation and launch disruptive business models, according to an IBM study of over 2,500 companies across the globe. The chief information officers(CIO) at companies such as Maruti Suzuki, Shoppers’ Stop, Reliance Life Insurance, Asian Paints and many others plan to use technology solutions for lowering their operational costs, and also explore newer ways of doing business.

ET

20)WITH larger rivals chasing the lucrative domestic market, mid-tier tech firms such as Patni Computer Systems and Hexaware are attempting to enter the market by bidding jointly with experienced players. India’s government departments and other state-owned firms that are set to spend around $2 billion on IT during next 12 months, Hexaware, Mindtree and Patni are among many mid tier Indian tech firms seeking to explore new business with an experienced partner.

ET

 INTERNATIONAL

 21)Factory activity in the euro zone expanded for the first time in 17 months in October and also picked up in Britain and China, suggesting global economic recovery is underway, surveys showed on Monday.

FE

22)CIT Group Inc, a lender to hundreds of thousands of small and medium-sized businesses, filed for bankruptcy on Sunday, as the global financial crisis left it unable to fund itself and the recession clobbered its loans.

FE

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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

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 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 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