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 (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

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 (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

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 (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

 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 (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

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