Headlines (11-11-2009)

Date: 11 November 2009

Thought for the day

“He who spares the bad injures the good.”

–Publilius Syrus

GENERAL

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

Hindu

ECONOMY

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

ET

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

BS

CORPORATE / INDUSTRY

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

ET

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

FE

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

FE

MONEY & BANKING

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

BL

INSURANCE

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

BS

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

FE

MARKETS

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

FE

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

ET

IPO / FPO

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

BL

MUTUAL FUNDS

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

FE

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

FE

COMMODITIES

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

BS

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

FE

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

BL

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

ET

REAL ESTATE

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

FE

COMMUNICATIONS

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

BL

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

BL

INFORMATION TECHNOLOGY

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

BL

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

ET

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

FE

INTERNATIONAL

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

BL

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Economic Times www.economictimes.com
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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 (10-11-2009)

Date: 10 November 2009

 Thought for the day

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

–Helen Keller

GENERAL

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

 Indian Express

CORPORATE / INDUSTRY

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

 FE

MONEY & BANKING

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

BL

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

ET

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

FE

MARKETS

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

FE

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

BL

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

BS

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

BS

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

FE

IPO / FPO

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

ET

MUTUAL FUNDS

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

ET

COMMODITIES

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

ET

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

BS

BUSINESS PROCESS OUTSOURCING

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

BS

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

FE

INFORMATION TECHNOLOGY

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

ET

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

ET

INTERNATIONAL

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

BS

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

FE

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

BS

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

Headlines (05-11-2009)

Date: 05 November 2009

Thought for the day

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

–Ben Stein

GENERAL

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

Hindu

ECONOMY

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

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

 

ET

CORPORATE / INDUSTRY

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

BS

MONEY & BANKING

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

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

 

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

 

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

 

FE

MARKETS

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

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

 

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

 

ET

IPO / FPO

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

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

 

BS

COMMODITIES

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

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

 

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

 

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

 

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

 

BL

COMMUNICATIONS

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

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

 

FE

INFORMATION TECHNOLOGY

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

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

 

FE

INTERNATIONAL

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

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

 

FE

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

Date: 30 October 2009

Thought for the day

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

–Oliver Wendell Holmes

GENERAL

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

Hindu

ECONOMY

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

FE

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

FE

 CORPORATE / INDUSTRY

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

ET

MONEY & BANKING

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

ET

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

BS

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

BS

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

ET

MARKETS

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

BL

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

BS

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

FE

IPO / FPO

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

BL

CORPORATE SCORE

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

FE

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

FE

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

BL

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

BL

COMMODITIES

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

BL

BUSINESS PROCESS OUTSOURCING

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

BL

INFORMATION TECHNOLOGY

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

ET

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

ET

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

ET

INTERNATIONAL

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

ET

FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.

Karvy Consultants Ltd www.karvy.com
 www.khojhyderabad.com
 www.indiacorporateadvisor.com
 www.karvycomtrade.com (Commodities)
KARVY Global Services Ltd www.KARVYGlobal.com
KARVY Realty (India) Limited www.karvyrealty.com
Economic Times www.economictimes.com
The Financial Express www.financialexpress.com
Business Line www.businessline.in
Business Standard www.business-standard.com
The Times of India www.timesofindia.com
The Hindu www.hindu.com
Deccan Chronicle www.deccan.com
The New Indian Express www.newindpress.com

Headlines (21 Oct 2009)

Date: 21 October 2009

Thought for the day

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

–Jim Rohn

GENERAL

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

 TOI

ECONOMY

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

FE

CORPORATE / INDUSTRY

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

BS

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

BS

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

FE

MONEY & BANKING

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

BL

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

ET

MARKETS

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

FE

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

ET

IPO / FPO

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

ET

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

FE

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

BS

BONUS ISSUE

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

ET

MUTUAL FUNDS

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

FE

COMMODITIES

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

FE

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

BL

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

FE 

REAL ESTATE

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

FE

BUSINESS PROCESS OUTSOURCING

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

ET

INFORMATION TECHNOLOGY

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

FE

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

ET

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

ET

INTERNATIONAL

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

Hindu

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

FE

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

FE

FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.

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 www.khojhyderabad.com
 www.indiacorporateadvisor.com
 www.karvycomtrade.com (Commodities)
KARVY Global Services Ltd www.KARVYGlobal.com
KARVY Realty (India) Limited www.karvyrealty.com
Economic Times www.economictimes.com
The Financial Express www.financialexpress.com
Business Line www.businessline.in
Business Standard www.business-standard.com
The Times of India www.timesofindia.com
The Hindu www.hindu.com
Deccan Chronicle www.deccan.com
The New Indian Express www.newindpress.com

Headlines (08 October 2009)

Date: 08 October 2009

Thought for the day

“One person with a commitment is worth more than 100 people who have only an interest.”

–Mary Crowley

GENERAL

1)Buoyed by the surge in its trade with the United Arab Emirates (UAE), which has touched an astounding $44.5 billion, New Delhi is looking at substantiating its ties with Abu Dhabi to cover areas such as defence and nuclear energy.
 
Hindu

ECONOMY

 2)THE Indian economy would grow at least 7% in the current financial year, according to Suresh Tendulkar, former chairman of the Prime Minister’s Economic Advisory Council (PMEAC). “Clearly, there is a problem about monsoon. But other sectors, services and manufactu- ring, are showing signs of improvement. I think, we should be able to clock at least 7%,” he said on the sidelines of a function hosted by the SME Chamber of India.

ET

CORPORATE / INDUSTRY

 3)THE stage is set for yet another bidding war for ownership of an overseas resource company. Essar Group’s Essar Minerals and the Delhi-based Jindal Steel & Power, are in race to acquire Perth-based coal and coke producer Rocklands Richfield, that will increase their ownership of key resources and lower production costs in their businesses.

ET

4)Government-owned Bharat Heavy Electricals Ltd(BHEL) is looking at Africa for setting up its first manufacturing facility abroad. The company had earlier zeroed in on the UAE, but decided to locate the plant in Africa.

BS

5)Tata Steel has reported a 19% rise in sales in the second quarter ended September 2009, in line with improved steel consumption across the country. One of the country’s largest private steel producers saw sales cross 1,456,000 tonne in the second quarter of 2009-10 compared to 12,20,000 tonne in the previous corresponding period.

ET

 6)APPAREL major Raymond which had recently restructured its 50:50 JV with Belgian denim major UCO NV, due to the global recession, is now seeing a revival of fortunes. The joint venture – Raymond UCO Denim – is hopeful the Christmas-New Year sales will further boost performance.

ET

MONEY & BANKING

 7)The rupee extended its gains for the fourth consecutive trading session, appreciating by 22 paise against the dollar on Wednesday. The domestic currency opened at 46.84 and strengthened to touch an intra-day high of 46.49. It gave up some of its gains to close at 46.66 as against the previous close of 46.88. The rupee had last touched 46.65 levels in the first week of June this year.

BL

8)Credit offtake continues to be a matter of disappointment for the domestic banking industry. There has been a further slackening in the demands of credit growth, according to a data released by the Reserve Bank of India(RBI) on Wednesday. Credit growth has further dipped to 12.62% for the fortnight ending September 25,2009, as against 13.24% recorded on September 11, 2009. At the same time, deposit growth has also witnessed a drop to 19.79% during the period from 20.19% recorded on the previous fortnight.

FE

9)The turnover in the currency futures segment in the MCX’SX touched a record high of Rs 10,798 crore on Wednesday. Currency dealers attributed this sharp spike in volume to high amount of volatility in over-the-counter (OTC) market. On the other hand, the NSE currency futures segment clocked a turnover of Rs 7,985 crore with a total volume of 16.92 lakh contracts.

FE

MARKETS

 10)Equity indices witnessed huge volatility throughout trading session and ended the day on negative terrain, on the back of intense selling in the technology stocks. The 30-share Sensex of the Bombay Stock Exchange lost 151.88 points or 0.90% to close at 16,806.66 points. The Nifty of the National Stock Exchange was down by 41.65 points. or 0.83% and ended the day below the 5,000 mark at 4,985.75 points.

FE

IPO / FPO

 11)NTPC, the country’s largest power producer, is all set to hit the market with its follow on public offer in January 2010. The offer involve government offering 5% of its equity in the company into the market. The move is part of the United Progressive Alliance(UPA) government’s disinvestment programme, under which it intends to sell minority stake in select public sector undertakings.

ET

 12)Private sector insurer Reliance Life insurance on Wednesday said it is planning to file draft prospectus for initial public offer with the market regulator Sebi in the last quarter of the current fiscal subject to regulatory approval.

FE

 13)Indiabulls Power, a subsidiary of Indiabulls Real Estate, plans an initial public offering of Rs 1,758 crore which will include a green shoe option of Rs 229 crore. In terms of total shares, this will mean offloading 39.07 crore shares at a price band of Rs 40-45. The green shoe component comprises 5.09 crore shares. The issue will open on October 12 and close on October 15 and is being lead managed by Morgan Stanley India.

BL

BONUS SHARE

14)In a big Diwali gift for its shareholders, the Reliance Industries board today recommended one bonus share for every share held and a dividend of Rs 13 a share. The announcements are subject to share- holders’ approval. The last time India’s largest private sector company gave bonus shares to its shareholders was 12 years ago. This year, 39 companies have so far announced bonus shares. Before RIL, Indian Corporation had announced a 1:1 bonus issue last month.

BS

MUTUAL FUNDS

 15)Fidelity Mutual Fund is launching a new feature Auto Switch for its funds which allows investors to automatically switch in to and switch out of Fidelity’s equity funds based on pre-set entry and exit trigger levels. With the Auto Switch – Entry Facility, investors can invest in any of Fidelity’s fixed income funds and switch in to any Fidelity’s equity funds at pre-set BSE Sensex levels. Conversely, the new facility allows investors to switch in to fixed income funds, the appreciation of their investments in equity funds or the appreciation plus the principal at pre-set NAV levels.
 
Indian Express

COMMODITIES

 16)Gold shot to a record high on Wednesday, topping the previous day’s gains, as dollar weakness and mounting worries about potential inflation enticed more investors toward the precious metal. Spot gold hit a historic $1,048.20 an ounce and was at $1,041.95 an ounce by 1200 GMT, versus $1,040.85 quoted late in New York on Tuesday.

BL

17)Gold prices on Wednesday spurted by Rs 160 per 10 gm on the bullion market in New Delhi, while silver touched one-year high of Rs 27,000 a kg on strong global cues as dollar continued to fall against major currencies, boosting the appeal of the metals as safer investment option.

BS

REAL ESTATE

 18)DELHI-based Ansal Properties and Infrastructure (API) is in talks with at least two private equity firms – Red Fort India Real Estate Fund and Bahrain-based Investate Realty – to raise up to $100 million(Rs 475 crore) through equity stake sales in two projects, two people close to the situation said.

ET

COMMUNICATIONS

19)Barely a week after talks with South Africa’s MTN failed, the country’s largest telecom operator Bharti Airtel on Wednesday said it may bid to acquire Luxembourg-based telecom firm Millicom’s operations in Sri Lanka. “We are considering it… that much I can say,” Bharti Airtel’s CEO Manoj Kohli said on the sidelines of a seminar.

FE

INFORMATION TECHNOLOGY

20)INDIA’S largest software services exporter Tata Consultancy Ser vices(TCS) is evaluating its currency hedging strategy as the rupee has appreciated sharply against the dollar in the past two days, a top company executive said on Wednesday. Domestic IT companies are mostly dependent on export earnings in dollar terms. Any weakness in the US dollar against the rupee leads to an adverse impact on their revenues.

ET

21)IT services firm Mahindra Satyam is stitching a joint-go-to-market strategy with Vision Solutions, a world-wide provider of disaster recovery(DR) and other solutions, to bolster revenues. The company on Wednesday announced that it has entered into a global alliance with Vision Solutions, hoping to tap the multi-million dollar business in disaster recovery other solutions meant to ensure non-stop operations of systems on an IBM platform. The value-added-services will be on offer to Mahindra Satyam’s clients which include Fortune 500 firms to help them save potential business losses of over a million dollars an hour in the event of any major disaster like a Tsunami.

ET

INTERNATIONAL

22)Indian-origin scientist Dr Venkatraman Ramakrishnan shares the Nobel Prize in Chemistry this year with Dr Thomas A. Steitz and Dr Ada E.Yonath, it was announced in Stockholm on Wednesday. The Royal Swedish Academy of Sciences said the Nobel Prize in Chemistry for 2009 awards studies of one of life’s core processes: The ribosome’s translation of DNA information into life. Ribosome produces proteins, which in turn control the chemistry in all living organisms. As ribosomes are crucial to life, they are also a major target for new antibiotics.

BL

23)Oil prices rose for the third straight day on Wednesday, to about $71 a barrel, after an industry report showed a drawdown in US crude inventories and gave support to the view that demand was recovering.

BS

24)Mammoth IPOs by the Brazilian unit of Spanish bank Banco Santander and the US risk specialist Verisk Analytics Inc raised nearly $10 billion on Tuesday, almost twice the amount raised by US-listed IPOs in 2009. Banco Santander (Brasil) SA raised $8.05 billion, after selling 600 million units for 23.5 reais each, within the estimated range.

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 (05 October 2009)

Date: 05 October 2009

 Thought for the day

“If you wait for opportunities to occur, you will be one of the crowd.”

–Edward deBono

GENERAL

1)India and the U.S. may clinch the much-awaited “arrangements and procedures” agreement on reprocessing the spent nuclear fuel of American origin at a meeting in Vienna soon. Officials of the nuclear establishments of the two countries are expected to hold talks in the next fortnight.

Hindu

ECONOMY

2)IMF on Sunday asked most Asian countries to continue with monetary and fiscal stimuli till signs of economic recovery are clear. The advice by a key IMF official came even as he said global economy is beginning to pull out of recession and Asian giants, India and China, are leading the recovery of developing nations.

FE

3)India has crossed the $100-billion milestone in foreign direct investment(FDI) through equity since 2000 up to July this year testifying the country’s increasing profile as a safe and sound investment destination in the midst of the global financial crisis.

FE

4)Pushed by higher food prices, wholesale price inflation is rising at a faster pace than expected and could be more than 7 per cent by the end of the current financial year, say experts.

BS

CORPORATE / INDUSTRY

 5)THE country’s largest auto maker, Tata Motors, on Sunday said it expects to clock a double digit growth in sales in the commercial vehicle(CV) segment this fiscal on the back of reviving market demand. The company hopes to benefit from orders for delivery  of 5,000 buses to various state and local transport bodies under Jawaharlal Nehru National Urban Renewal Mission(JNNURM).

ET

6)THE state-owned Tamil Nadu Newsprint and Papers(TNPL), which celebrated its silver jubilee on Saturday, is on an expansion mode. Speaking on the occasion, Tamil Nadu deputy chief minister MK  Stalin announced a Rs 612-crore mill development plan at Kagithapuram in Karur district.

ET

MONEY / BANKING

 7)IN AN attempt to improve sagging credit demand banks are rolling out festival schemes on home loans ahead of Diwali. The deals  include teaser rates for the initial years with some lenders giving an option to shift to either fixed or floating rates in subsequent years.

ET

8)State Bank of India is set to raise up to $1 billion(about Rs 4,700 crore) from the international market this month by issuing five-year maturity bonds. This will fill up the immediate fund-requirement of the bank to fuel its expansion plans in key overseas markets, primarily setting up of around 40 new offices, and expanding the lending book.

BL

INSURANCE

 9)PRIVATE insurer ICICI Prudential has pipped SBI Life to regain the top position among private players garnering new businesses worth Rs 1,725 crore in the first five months of the current  financial year. SBI Life, promoted by the country’s largest lender, State Bank of India, earned first year premium worth Rs  1,704 crore in the April-August period while ICICI Prudential collected Rs 1,725 crore in the same period, according to an  IRDA data.

ET

MARKETS

10)Dalal Street is likely to witness some uncertainty this week, as investors are expected to trade cautiously at higher levels and take guidance from IT major Infosys Technologies, which is scheduled to announce its second quarter results this Friday.

BS

11)Country’s eight of the top-10 firms together added over Rs 53,000 crore to their market capitalisation last week, while two state-run firms – NTPC and NMDC – saw an erosion in their valuation. State-run trading firm MMTC gained the most and climbed to third slot from fourth.

BS

IPO / FPO

12)Drug maker Glenmark Generics, a subsidiary of Glenmark Pharmaceuticals, expects to raise up to Rs 570 crore through its initial public offer(IPO) for funding loans and general corporate purposes. The company, which filed the draft red herring prospectus(DRHP) with market regulator Sebi on September 30, is mulling a pre-IPO placement worth Rs 100 crore.

ET

13)The government has asked Steel Authority of India(SAIL) to give a specific proposal for its proposed public offering and the PSU’s board would discuss the same at a meeting later this month. Once the specific proposal is submitted it would be taken up with the finance ministry, as the government is likely to divest part of its holding at the time of public offer, a senior government official said.

BS

MUTUAL FUNDS

 14)With ample liquidity in the system, non-banking finance companies (NBFCs) are once again a lucrative investment option for mutual funds. Mutual funds exposure to NBFCs has gone up by over 20  per cent since April, when markets started recovering and fund-raising for companies became easier. NBFCs are one of the  favourite sectors for mutual funds for debt investments.

BS

15)If you had to pick a sector to bet on just after the Lehman  Brothers collapse in September 2008, you might not have chosen  the banking sector. But the domestic funds which invested in this sector have reaped 54-per cent returns over the last one year. The sensex has managed a 31-per cent gain in the same period.  Kotak PSU Exchange Traded Fund, PSU Bank BeEs, Reliance Banking and Sundaram BNP Paribas Financial Service Opportunities notched up returns of over 55 per cent, outperforming the  broader market indices.

BL

COMMODITIES

16)Copper prices hit a two-month low on Friday after weak jobs data from the US eroded confidence in demand prospects and reinforced worries about the pace of economic recovery. Benchmark copper  on LME traded at $5,843 a tonne at 1331 GMT, from $5,985 at the close on Thursday, having earlier hit $5,810, its lowest since August 3.

ET

REAL ESTATE

17)Sahara Group’s realty firm Sahara Prime City, which aims to  raise Rs 3,450 crore from an initial public offer, will utilise Rs 2,668 crore in the next three years to part-fund development of about 19,000 housing units across the country.

BS

18)With “green shoots” becoming a byword for the ‘receding recession’, a new pattern may be emerging in the realty sector of South India – sell-out properties lock, stock and barrel, or reduce financial burden by signing up a joint venture wherever possible. This may lead to consolidation in a sector seen as rather unorganised. The Gujarat-based realtor Radhe Developers (India) Ltd, listed on the BSE, offers one such example. It plans to invest around Rs 175 crore in Kerala and Andhra Pradesh to develop a resort and high-end residential villas, respectively.

BL

COMMUNICATIONS

 19)The collapse of talks between Indian telecom major Bharti and South Africa’s MTN may be a big setback, but come next month and the domestic telecom space would see a lot of activity in terms of mergers and acquisitions (M&A).

FE

20)INDIA’S state-run BSNL and MTNL have expressed interest in acqui- ring a 46% stake in Zain, Kuwait’s biggest phone company. Kharafi Group, one of Zain’s largest shareholders, on Sunday said it agreed to sell the stake, reportedly valued at about $13.7 billion, to a  group of investors that included the Bharat Sanchar Nigam Limited, the Mahanagar Telephone Nigam Limited, India’s Vavasi Group and Malaysian billionaire Syed Mokhtar al-Bukhary.

ET

21)AFTER shying away from the outsourcing model for several years,  state-owned BSNL is now going all out to replicate this business model, which has become the cornerstone behind the strategies employed by private operators like Bharti Airtel. BNSL has now decided to outsource its customer care requirements to private call centres. The telco has already invited bids for setting up and managing its BPO operations that will cover over 17 million customers  across the four Southern states as per a notification on its website.

ET

22)In spite of veering away from the conventional per minute billing to a per-second basis, Tata Teleservices said Tata DoCoMo is  gaining high minutes of usage and average revenue per user(ARPU) as per the industry standards. This GSM brand is also getting  good traction in terms of subscriber base and the company has recently added more than one million subscribers within the first  month of its launch in the Maharashtra and Goa circle.

FE

 INTERNATIONAL

 23)Service industries in the US, the largest share of the economy, probably stabilised in September after contracting for almost a year, economists said before a report this week. The institute for supply management’s index of non-manufacturing businesses, which reflects almost 90% of the economy, rose to 50, according to the median of 64 forecasts in a Bloomberg News survey ahead of figures on Monday. Fifty is the dividing line between expansion and contraction.

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