Headlines (20-11-2009)

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

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

ET

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

FE

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

ET

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

ET

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

BL

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

ET

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

BL

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

ET

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

BL

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

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

FE

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

BS

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

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

ET

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

BL

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

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

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

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

ET

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

BS

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

ET

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

FE

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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

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The Times of India www.timesofindia.com
The Hindu www.hindu.com
Deccan Chronicle www.deccan.com
The New Indian Express www.newindpress.com

Headlines (16-11-2009)

Date: 16 November 2009

 Thought for the day

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

 –George Bernard Shaw

GENERAL

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

Indian Express

ECONOMY

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

BL

CORPORATE / INDUSTRY

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

ET

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

ET

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

BS

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

ET

MONEY & BANKING

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

BL

INSURANCE

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

FE

MARKETS

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

FE

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

BL

IPO

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

BS

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

ET

MUTUAL FUNDS

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

FE

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

BL

COMMODITIES

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

FE

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

BL

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

FE

COMMUNICATIONS

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

ET

INFORMATION TECHNOLOGY

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

ET

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

BS

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

BS

INTERNATIONAL

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

BS

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Economic Times www.economictimes.com
The Financial Express www.financialexpress.com
Business Line www.businessline.in
Business Standard www.business-standard.com
The Times of India www.timesofindia.com
The Hindu www.hindu.com
Deccan Chronicle www.deccan.com
The New Indian Express www.newindpress.com

Headlines (12-11-2009)

Date: 12 November 2009

 Thought for the day

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

— Hubert Humphrey

GENERAL

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

TOI

ECONOMY

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

 Indian Express

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

BL

CORPORATE / INDUSTRY

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

ET

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

BS

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

ET

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

BL

MONEY & BANKING

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

BL

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

BS

MARKETS

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

FE

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

ET

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

DC

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

ET

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

ET

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

ET

MUTUAL FUNDS

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

FE

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

FE

COMMODITIES

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

BS

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

FE

REAL ESTATE

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

ET

COMMUNICATIONS

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

ET

INFORMATION TECHNOLOGY

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

BL

INTERNATIONAL

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

FE

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 www.khojhyderabad.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 (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 (10-11-2009)

Date: 10 November 2009

 Thought for the day

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

–Helen Keller

GENERAL

 1)To check educational malpractices, the Centre would soon make it mandatory to have website for every educational institutions where its infrastructure facilities and faculty will have to be spelt out. Participating in the World Economic Forum’s India Economic Summit, Union Minister for Human Resources Development Kapil Sibal enlisted the reforms agenda of the government in education sector and announced that his ministry was looking at having all legislative reforms for the sector in place by the next Budget session of Parliament.

 Indian Express

CORPORATE / INDUSTRY

 2)Larsen & Toubro(L&T) said it has bagged order worth Rs 1,635 crore from Madhya Pradesh Power Generating Company Ltd(MPPGCL) for engineering related works at Shree Singaji(Malwa) thermal power plant.

 FE

MONEY & BANKING

3)The rupee gained by about 35 paise against the dollar on positive equity markets and general dollar weakness. The rupee opened with a gain at 46.62 and closed at 46.46, against the previous close of 46.81.

BL

4)BIG lenders have seen a surge in retail loan offtake over the seven months of this fiscal. Rising wages coupled with pent-up demand for new homes and cars have given the desired shot in the arm to retail lending by banks across the country. For some like HDFC Bank and Axis Bank, October has been the best ever month in terms of retail assets growth. Others such as ICICI Bank and Bank of Baroda have also witnessed a significant improvement in credit offtake on the back of rising home and auto loans, said bankers.

ET

5)Foreign institutional investor T Rowe Price is set to acquire 19.5% stake in UTI Asset Management Company as well as UTI Trustee. Three shareholders of UTI Asset management Company and UTI Trustee Company – State Bank of India(SBI), Punjab National Bank(PNB) and Bank of Baroda(BoB) – on Monday informed the stock exchanges that each of them would divest 6.5% in both the entities to T Rowe Price.

FE

MARKETS

 6)The country’s equity indices managed to close Monday with huge gains, continuing the winning streak for the fourth trading session following positive cues from the global markets coupled with buying in the benchmark heavyweights. The 30-share Sensex of the Bombay Stock Exchange (BSE) added 340.44 points or 2.11% to close the day at 16,498.72 points. The broader S&P CNX Nifty of the National Stock Exchange (NSE) gained 102.25 points or 2.13% to end the day at 4,898.40 points.

FE

7)Bank stocks on Monday led the upward momentum on Dalal Street. The BSE Bankex gained most among the sector indices by improving 4.8 per cent. Among them, Central Bank of India was the top performer by gaining 15.55 per cent.

BL

8)The SBI stock was the largest gainer among Sensex companies and rose 5.2 per cent to Rs 2,318.55, after the state-run bank entered into an agreement with T Rowe Price under which the bank will sell 6.5 per cent holding each in UTI Asset management Company and UTI Trustee Company.

BS

9)The Thomas Cook India stock jumped 11.87 per cent to Rs 62.20 on reports that company will charter the luxury train – Deccan Odyssey over the next five years from November 18 to cash in on the influx of foreign tourists in India as recovery in the global economy brightens spending prospects. The company will launch “The Indian Maharaja” for foreign tourists covering the cities of Mumbai, Aurangabad, Udaipur, Jaipur, Agra, Ranthambore and Delhi.

BS

10)Markets regulator Sebi has allowed stock exchanges to set up separate trading platforms for small & medium enterprises. “It doesn’t have to be a separate exchange, but a separate trading platform by existing exchanges,” said Sebi chairman CB Bhave, while addressing the media after a board meeting.

FE

IPO / FPO

11)THE Securities and Exchange Board of India on Monday proposed a radical change in the way public offerings are done, spelt out guide- lines to help smaller companies raise capital efficiently, and called for incremental disclosures from listed companies. The regulator has mooted the pure auction method of book-building, in which institutional bidders would be free to bid at any price above the floor price, and allotment would be on a top down basis, starting from the highest bidder. Market watchers say that this form of bidding helps in better price discovery, as opposed to the current format in which the merchant banker sets a price band, and investors have to bid within that range. To begin with, the proposal would be restricted to follow on public offerings(FPOs). Retail and high networth investors, however, will be alloted shares at the floor price.

ET

MUTUAL FUNDS

 12)Reliance Mutual Fund has emerged as the most successful fund house in the country for the quarter ended September 2009, riding on strong performance by both equity and debt-oriented schemes, according to Crisil Fundservices. Crisil’s composite performance rankings (CPR) for the July-September 2009 period saw Reliance MF emerging as the fund house with most number of CPR 1 ranks, repeating its first quarter performance. Crisil CPR is the relative performance ranking of mutual fund schemes within the peer group.

ET

COMMODITIES

13)BUOYED by a new high in the international market, gold prices in Mumbai ruled at Rs 16,705 per 10 grams on Monday. Local prices could have further surged had the dollar not weakened. In global spot markets, price of the yellow metal touched a record $1,109.5 per troy ounce. A weak dollar has pushed up gold prices in the last week’s trades.

ET

14)Copper rallied on Monday on a brighter demand outlook after Codelco, the world’s top copper miner, raised premium charges for Asian customers in 2010. A weaker dollar also boosted industrial metals. Three- month copper futures on the London Metal Exchange traded at $6,602 a tonne by 1054 GMT, from a close of $6,490 on Friday, when soft US job data hurt sentiment.

BS

BUSINESS PROCESS OUTSOURCING

 15)BPO firm Genpact said on Monday it was looking for acquisitions in India and other markets across various verticals but the plans could face hurdles if pricing went up in the near future.

BS

16)ICICI Ventures, Singapore state investor Temasek Holdings and US banking technology group Metavante are considering an exit from the country’s sixth-largest business process outsourcing(BPO) firm, Firstsource.

FE

INFORMATION TECHNOLOGY

 17)THE rapid changes in the global economic order present opportunities as well as challenges for India’s IT-BPO industry and the cur- rent situation could actually see the sector going back to double digit growth rates in 2010, according a study.

ET

18)Sonata Information Technology has said that it has been awarded a project by public sector firm Dredging Corporation of India(DCI) to provide enterprise solution implementation services for its corporate office in Visakhapatnam and dredging project sites.

ET

INTERNATIONAL

19)The US dollar may come under renewed pressure from emerging market currencies and the euro after a meeting of the world’s top finance officials failed to take concrete action on rebalancing global money flows.

BS

 20)Goldman Sachs Group Inc, Morgan Stanley and JP Morgan Chase & Co’s investment bank, survivors of the worst financial crisis since the Great Depression, are set to pay record bonuses this year. The firms the three biggest banks to exit the Troubled Asset Relief Program will hand out $29.7 billion in bonuses, according to analysts’ estimates.

FE

21)Morgan Stanley is looking to sell its 34 per cent stake in investment bank China International Capital, the US bank’s China chief executive said.

BS

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Karvy 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