Headlines (16-11-2009)

Date: 16 November 2009

 Thought for the day

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

 –George Bernard Shaw

GENERAL

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

Indian Express

ECONOMY

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

BL

CORPORATE / INDUSTRY

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

ET

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

ET

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

BS

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

ET

MONEY & BANKING

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

BL

INSURANCE

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

FE

MARKETS

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

FE

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

BL

IPO

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

BS

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

ET

MUTUAL FUNDS

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

FE

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

BL

COMMODITIES

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

FE

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

BL

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

FE

COMMUNICATIONS

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

ET

INFORMATION TECHNOLOGY

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

ET

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

BS

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

BS

INTERNATIONAL

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

BS

FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.

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

Headlines (13-11-2009)

Date: 13 November 2009

Thought for the day

“Small differences in your performance can lead to large differences in your results.”

–Brian Tracy

GENERAL

1)Australian Prime Minister Kevin Rudd on Thursday said he was disgusted by attacks against Indian students in his country and promised the culprits will face the “full force of Australian law enforcement”. Rudd is in New Delhi on a two-day visit to discuss a range of issues.

Indian Express

ECONOMY

 2)INDUSTRIAL output grew by a surprisingly strong 9.1% in September from a year ago, reinforcing optimism that economic recovery is on track and imparting urgency to the debate over the timing of the withdrawal of stimulus measures that were put in place to counter the slowdown.

ET

CORPORATE / INDUSTRY

3)ADITYA Birla Group may scale up its equity stake in Grasim Industries next financial year to ring-fence the viscose staple fibre maker and the holding company of the group’s cement entity Ultra- Tech Cement from any hostile take-over attempt, two persons close to the matter said.

ET

4)Engineering giant Larsen and Toubro(L&T) is selling one-third of its 6.9 per cent stake in Mahindra Satyam, formerly Satyam Computer Services. The transaction is expected to fetch Rs 304 crore for the company, said banking sources close to the development.

BS

MONEY & BANKING

5)The rupee on Thursday lost a hefty 35 paise to close at 46.65/66 against the dollar on renewed demand for the US currency amid fears of more capital outflows.

BL

6)THE Indian diaspora has made a comeback in a big way to park its savings with local banks. Emigrants have more than doubled the money parked with various Indian banks during April-September ’09. Indian banks have mobilised $2.7 billion during April-September09 from non-resident Indians (NRIs) against inflows worth $1.1 bn in the year-ago period, Reserve Bank of India’s(RBI) latest data re- leased on Thursday show.

ET

MARKETS

7)A sell-off in banks and metals, as well as weak regional markets, dragged shares lower on Thursday, despite monthly industrial out- put data showing signs that the economy is recovering. The BSE’s 30-stock Sensitive Index lost 153.57 points, or 0.9 per cent, to end at 16,696.03 in choppy trade. It swung between 16,605.01 and 16,896.62 during the session. On the National Stock Exchange, the 50-stock S&P CNX Nifty fell 51.30 points, or 1.0 per cent, to 4,952.65.

BL
 
IPO

8)At least 16 real estate firms are set to come up with their initial public offerings(IPO) to raise Rs 9,000 crore in the next three months. “Going by the DRHPs(Draft Red Herring Prospectus) submitted by the 16 real estate companies, they are planning to raise at least Rs 9,000 crore. This is going to be raised in the next three months,” Knight Frank India Chairman Pranay Vakil said on the sidelines of a Ficci-organised summit.

BS

9)LEADING multi-system operator Hathway Cable & Datacom is readying for a listing on local bourses through an initial public offering (IPO). The Rajan Reheja group-owned company plans to raise Rs 600-625 crore through an issue of 27.75 million(2.775 crore) shares, including fresh infusion of two crore shares and sale of 70 lakh share sale by promoters and investors. The public offer is likely to hit the market by the middle of next month.

ET

MUTUAL FUNDS

10)Fixed income funds saw the largest net inflows among all fund categories in October. Apart from gold exchange-traded funds, no other category saw net inflows in the month, according to data from the Amfi. Fixed income funds saw inflows of Rs 1,51,271 crore, pushing the total net inflows of domestic mutual funds to Rs 1,41,291 crore. In October last year, the fixed income category had witnessed net outflows of Rs 52,820 crore.

BS

11)Reliance Mutual Fund has been awarded with the ‘Asia Risk Award’ by Asia Risk magazine for being the first Indian asset management company to implement an enterprise-wide risk management system. “Reliance’s focus on careful risk management has yielded stellar results in 2009, and it is gradually emerging as one of the Asian heavyweights from the nascent, but fast-growing Indian asset management market,” Reliance MF said in a statement.

FE

COMMODITIES

12)Gold prices hit record high on Thursday on investors buying the metal as an alternative to the weakening dollar, but edged off the peak as the US currency bounced back from lows in European trade. Spot gold rallied to a record $1,122.85 an ounce in Asian trade. Its strength helped lift other precious metals, with paladium, platinum and rhodium all reaching their highest in more than a year as speculative money poured into the market.

BS

13)Gold prices today crossed the crucial Rs 17,000 per 10 gm level in the bullion market in New Delhi, buttressed by frantic buying by jewellers for the ongoing marriage season amid a firming global trend.

BS

14)India’s turmeric futures retreated after hitting new highs on Thurs- day on profit-taking prompted by higher margin imposed by exchange, analysts said. The National Commodity and Derivatives Exchange has imposed an additional special margin of 10% on the long side of all turmeric contracts from Monday. The benchmark December turmeric on NCDEX hit a high of Rs 12,375 per 100 kg in early trade on modest spot demand, dwindling stocks and concerns rains may damage crop, analysts said.

FE

REAL ESTATE

15)Driven by price corrections, softening of interest rates and im- proved liquidity, the real estate industry is on the path of recovery on the back of improved demand in the residential segment. “After a rough phase that lasted for over a year, the Indian real estate industry is on the path of recovery. The residential real estate segment, which is leading the recovery, has witnessed a revival in demand, primarily due to improved affordability,” a Ficci-Ernst & Young report said. The two-pronged strategy of the developers- improving balance sheets and focusing on developing self-funded projects – are now bearing results and helping in the recovery of the industry with a revival of demand in the residential sub-segment.

BS

16)Real estate prices, including residential and commercial, are likely to go up 15-20% in the next quarter, across Indian cities, say top builders and international property consultants. The reasons they cite are hike in land cost, infrastructure cost and a rise in demand for homes by 10% to 15% across Indian cities. Industry experts believe that the rise in real estate prices will come at a time when the Reserve Bank of India(RBI) is likely to hike interest rates on home loans by 25 to 50 basis points in the next quarter.

FE

17)The competition has started becoming intense in the real estate market with top builders witnessing actual sales conversion of residential apartments in the metro cities during the first seven months of the current financial year. Enthused by the response, builders are charting fresh strategies to increase the number of residential projects.

FE

18)Mahindra Lifespace Developers Ltd(MLDL), the real-estate and infrastructure development arm of the Mahindra group, on Thursday announced the launch of ‘Aqualily’ – a premium residential gated- community being developed within Mahindra World City, an integrated business city near Chennai. The Rs 400-crore project is being developed by Mahindra Residential Developers Ltd, a subsidiary of MLDL in joint venture with Arch Capital, an Ayala group company.

FE

COMMUNICATIONS

19)IF A Department of Telecom(DoT) directive does take its course, mass disconnections will occur in the country on December 1 as the nation attempts to quell a Chinese threat, of the mobile handset variety. The Indian Cellular Association(ICA), apex body of the range of mobile industry players barring the mobile operators, esti- mates that as many as 25 million handsets, a good number of them of Chinese make, will face disconnection that day for not having the required international mobile equipment identity(IMEI) number.

ET

BUSINESS PROCESS OUTSOURCING

20)INDIA’S second biggest software exporter Infosys Technologies on Thursday acquired US-based back-office firm McCamish Systems for around $38 million to tap into the over $5-billion insurance services market in the country.

ET

INFORMATION TECHNOLOGY

21)INFOSYS Technologies has established a separate subsidiary in the US for serving government and healthcare customers locally and cope with American laws that prohibit offshoring of sensitive citizen data, a top company official told financial analysts last month. With America poised to spend over $100 billion on modernisation of the country’s healthcare and other government systems, tech firms including Tata Consultancy Services(TCS), Infosys and Wipro are attempting to expand their local operations for addressing this lucrative opportunity.

ET

 22)US computer giant Hewlett-Packard announced on Wednesday that it has agreed to buy networking company 3Com for $2.7 billion, a move it hopes will help them further expand in the growing Chinese market.

BL

FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.

 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 (12-11-2009)

Date: 12 November 2009

 Thought for the day

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

— Hubert Humphrey

GENERAL

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

TOI

ECONOMY

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

 Indian Express

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

BL

CORPORATE / INDUSTRY

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

ET

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

BS

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

ET

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

BL

MONEY & BANKING

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

BL

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

BS

MARKETS

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

FE

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

ET

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

DC

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

ET

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

ET

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

ET

MUTUAL FUNDS

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

FE

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

FE

COMMODITIES

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

BS

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

FE

REAL ESTATE

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

ET

COMMUNICATIONS

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

ET

INFORMATION TECHNOLOGY

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

BL

INTERNATIONAL

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

FE

 FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.

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

Headlines (11-11-2009)

Date: 11 November 2009

Thought for the day

“He who spares the bad injures the good.”

–Publilius Syrus

GENERAL

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

Hindu

ECONOMY

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

ET

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

BS

CORPORATE / INDUSTRY

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

ET

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

FE

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

FE

MONEY & BANKING

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

BL

INSURANCE

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

BS

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

FE

MARKETS

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

FE

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

ET

IPO / FPO

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

BL

MUTUAL FUNDS

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

FE

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

FE

COMMODITIES

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

BS

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

FE

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

BL

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

ET

REAL ESTATE

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

FE

COMMUNICATIONS

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

BL

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

BL

INFORMATION TECHNOLOGY

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

BL

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

ET

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

FE

INTERNATIONAL

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

BL

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

Headlines (06-11-2009)

Date: 06 November 2009

Thought for the day

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

—Orison Swett Marden

 GENERAL

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

Hindu

ECONOMY

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

ET

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

BS

CORPORATE / INDUSTRY

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

FE

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

BS

MONEY & BANKING

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

BL

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

FE

INSURANCE

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

BL

PENSION

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

BS

MARKETS

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

FE

IPO

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

ET

MUTUAL FUNDS

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

ET

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

ET

COMMODITIES

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

FE

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

FE

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

BL

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

BS

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

BS

REAL ESTATE

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

FE

COMMUNICATIONS

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

BS

 INTERNATIONAL

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

ET

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

ET

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

Headlines (04 Nov 2009)

Date: 04 November 2009 Thought for the day

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

 –Anthony Robbins

GENERAL

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

Hindu

ECONOMY

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

ET

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

 CORPORATE / INDUSTRY

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

ET

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

MONEY & BANKING

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

BL

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

ET

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

ET

MARKETS

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

BL

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

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

MUTUAL FUNDS

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

BL

COMMODITIES

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

ET

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

FE

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

FE

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

BL

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

 BS

 COMMUNICATIONS

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

 FE

 INFORMATION TECHNOLOGY

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

 BS

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

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

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

 INTERNATIONAL

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

ET

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

 BS

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KARVY 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 (23 Oct 2009)

Date: 23 October 2009

 Thought for the day

“The greatest thing in life is to keep your mind young.”

-Henry Ford

GENERAL

1)The armed forces are now gearing up to storm the final frontier of space. India’s first dedicated military satellite, a naval communications one, will finally be up and running in the sky  early in 2010.

TOI

ECONOMY

2)THE annual rate of inflation, as measured by the Wholesale Price Index(WPI), touched a twenty-week high of 1.21% for the week ended October 10, a release by the government on Thursday showed. Inflation was 0.92% the week before. The rapidly increasing inflation should not worry the Reserve Bank of India(RBI) just before the upcoming monetary policy review on October 27. The apex bank has already built-in a year-end 5% inflation in its policy  and is unlikely to tinker with things unless there is some  dramatic change.

ET

3)The Planning Commission expects the economy to stage a full recovery by next fiscal and register a growth of 8%. It also expects last year’s final GDP number to be a tad higher than the revised estimate of 6.7%.

FE

CORPORATE / INDUSTRY

4)THE world’s largest pharma company Pfizer is leaving no stones  unturned to pursue inorganic growth in India. The American giant has sent feelers or directly approached several big and mid-sized pharma companies for a stake buy or business alliance. The Indian companies that have been on the American company’s radar include Zydus Cadila, Emcure, Intas Pharma and Mankind Pharma, but most  of the Indian companies have not reciprocated, people familiar with the matter said.

ET

5)Power transmission company KEC International said it has bagged orders aggregating to Rs 470 crore from West Asia and Africa to design, engineer and supply power distribution equipment. The company has bagged orders from clients in Saudi Arabia and Chad for construction and supply of power distribution equipment.

BS

MONEY & BANKING

6)A strong dollar overseas coupled with weak domestic bourses pulled the rupee down on Thursday to its lowest in two weeks at 46.74/75 against the US dollar, a fall of 26 paise over the previous week.

BL

7)The recovery of Indian economy may be more than expected but the credit offtake situation is heading towards bad to worse with every passing fornight. The loan growth in the banking industry has dipped  10.75% for the year ending October 9,2009, as against 12.62% for year ending 25 September 2009, showed the data released by the Reserve Bank of India(RBI), on Thursday.

FE

8)SPURRED by an over 200% growth in non-interest income, Kolkata- based Allahabad Bank on Thursday reported an eight-fold jump in  net profit at Rs 333.59 crore for the quarter ended September 2009 (second quarter) from a modest Rs 41.68 crore in the earlier cor- responding period.

ET

9)The Credit offtake in banks is likely to gather momentum during the second half of the current fiscal year. It will be much better than what the banking sector witnessed during the first six months of this year, said OP Bhatt, chairman, State Bank of India(SBI).

FE

MARKETS

10)With the country’s equity indices continuing their downward journey for the third consecutive session following weak cues from global  markets, coupled with profit booking, overseas investors have been net sellers during the past two days. However, domestic institutional investors(DIIs), especially insurance companies, see this as a  buying opportunity and, therefore, could arrest a strong downslide. Foreign institutional investors(FIIs) were selling, as valuations had shot up and there would be profit-booking at these levels, feel dealers. The 30-share Sensex of BSE lost 219.43 points or 1.29% to end below the 17,000-mark at 16,789.74 points. The broader Nifty of the NSE tanked 75 points or 1.48% to close the day at 4,988.60 points.

FE

11)Marico Shares rose 3.78 per cent to close the day at Rs 101.65 on hopes of robust sales and earnings in the July-September quarter due to higher volumes and lower raw material costs. The company will declare second-quarter results in October. The stock was the biggest gainer in BSE’s ‘A’ group and closed at an all-time high.

BS

IPO

12)The initial public offering(IPO) of Den Networks, through which the cable company is planning to garner around Rs 400 crore, will hit the market on October 28. Den Networks’ IPO of up to two crore equity shares in a price band of Rs 195-205 will start on October 28 and closes on October 30, 2009, a company release said.

ET

MUTUAL FUNDS

 13)DESPITE a dip in new collections and a lacklustre NFO market, the mutual fund industry is drawing new players. Enam, the investment banking and brokerage group controlled by Vallabh Bhansali  and Nimesh Shah, is planning to set up a fund house. Recently, Enam Asset Management has applied for an AMC licence with capital markets regulator Sebi. With this, Enam joins the queue of as many as 17 AMCs, local as well as foreign, awaiting Sebi’s green signal.

ET

CORPORATE SCORE

 14)Engineering and construction major Larsen & Toubro(L&T) posted a 26% rise in net profit at Rs 580.40 crore for the second quarter of FY10, compared with Rs 460.26 crore a year earlier. This was aided by exceptional gains of Rs 107.84 crore. The company recorded a lower-than-expected 2.5% increase in total income, at Rs 7,918.84  crore for the quarter, compared with Rs 7,725.07 crore a year earlier.

FE

15)Asian Paints’ net profit grew 108 per cent to Rs 254.32 crore for the quarter ended September 30, against Rs 121.71 crore for the  year-ago period. Total income has increased to Rs 1,472.91 crore from Rs 1,186.09 crore, a growth of 24 per cent.

BL

16)Bangalore-based biotech major Biocon has more than tripled its net profit to Rs 76 crore in the July-September quarter compared with Rs 25 crore in the same period last year. Total revenue during the  period rose 31 per cent to Rs 581 crore, according to the consoli- dated results announced today.

BS

COMMODITIES

 17)Leading commodity exchange MCX has received market regulator FMC’s approval for launching futures trading in imported thermal coal and is likely to commence business next year. The Forward Markets Commission(FMC) has approved imported thermal coal contracts for launch between January and June 2010, an official FMC statement said.

BL

18)Pure gold prices rallied to a historic peak on the bullion market in Mumbai today even as standard gold hit an all-time high figure on persistent buying by stockists. Standard gold(99.5 purity) shot up by Rs 115 for 10 gm to Rs 16,035. Pure gold(99.9 purity) surged to Rs 16,115. Silver ready(.999 fineness) too strengthened by Rs 205 a kg to Rs 27,645.

BL

COMMUNICATIONS

 19)Not content with its joint bid for Kuwait-listed Zain Telecom, state- owned Bharat Sanchar Nigam Ltd(BSNL) and Mahanagar Telephone Nigam Ltd(MTNL) are planning to set up a special purpose vehicle (SPV) with Delhi-based Vavasi group to participate in a joint venture for Russian and western European telecom operations.

BS

INFORMATION TECHNOLOGY

 20)Microsoft Corp on Thursday finally launched the long-awaited operating system(OS) Windows 7. It will replace the failed OS Vista and the earlier version Windows XP, that still dominates most of the one-billion-plus global desktops.

ET

21)INDIAN outsourcing vendors are gearing up for significant business opportunities from the launch of Microsoft’s Windows 7(Win 7) in the areas of IT consulting, systems integration and infrastructure management as their clients look at migrate from their old operating systems(OS) to Win 7. According to industry estimates, an overwhelming 80% of systems still run on Microsoft’s older OS, Windows XP, which was released eight years ago, making a strong case for upgradation.

ET

22)Wipro Ltd has formed a joint venture with Delhi International Air- port (P) Ltd to offer IT services to airports across the country and abroad. Wipro will own 74 per cent stake in the joint venture, Wipro Airport IT Services Ltd, in which DIAL will hold the rest.

BL

INTERNATIONAL

 23)Oil slipped below $81 on Thursday as a stronger dollar encouraged investors to lock into profits from a 12-month high hit the previous day. US crude oil futures fell 68 cents to $80.69 a barrel by 1359 GMT, having dipped as low as $79.90.

BS

24)China’s economy expanded at the fastest pace in a year, as stimulus spending and record lending growth helped the nation lead the world out of recession. GDP rose 8.9% in the third quarter from a year earlier.

FE

FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.

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

Headlines (22-10-2009)

Date: 22 October 2009

 Thought for the day

“No iron chain, or outward force of any kind, can ever compel the soul of a person to believe or to disbelieve.”

-Thomas Carlyle

GENERAL

1)Counting of votes in Assembly elections in Maharashtra, Haryana and Arunachal Pradesh will be taken up on Thursday and the 10-day long suspense over who will form the next government is expected to be over in a few hours later.

Indian Express

ECONOMY

2)INDIA’S economy is expected to grow at 6.5% in the current fiscal, an improvement over the earlier official estimate of 6% plus growth, as robust industrial growth in the second half of the current fiscal is expected to more than make up for the monsoon-hit farm sector, according to an assessment of the economy released on Tuesday by the country’s premier thinktank – the Prime Minister’s Economic Advisory Council(EAC).

ET

3)Interest rates are likely to remain soft as FM Pranab Mukherjee on Wednesday ruled out any immediate plans to withdraw the fiscal stimulus. Prime Minister Economic Advisory Council(PMEAC) chairman C Rangarajan also indicated that the current easy monetary policy will continue till March 2010.

TOI

4)In a first government-industry synergy of efforts, a high-level trade delegation is making a two-phase visit to Europe, covering five major countries in a move to attract $6 billion of foreign direct investment(FDI) by 2015 into the country’s textile sector.

BL

CORPORATE / INDUSTRY

5)ESS Dee Aluminium, which recently acquired India Foils, is close to making its first major global acquisition in Europe. The deal is likely to be sealed within the next one or two months. As a precursor to the deal, Ess Dee is preparing to get listed on the London Stock Exchange.

ET

6)Pharma group Ind-Swift on Wednesday said it is looking for a string of acquisitions worth Rs 350 crore in Europe, the West Asia and Latin America to strengthen marketing and distribution network in the regions. The group is also looking at acquiring manufacturing assets within India in the range of RS 10-20 crore to overcome capacity constraints.

FE

7)Areva T&D India has been awarded a Rs 900-crore EPC (engineering, procurement and construction) contract by the Maharashtra State Electricity Transmission Company for turnkey design and construction of 36 sub-stations with 132 kv AND 220 kv configurations.

BL

MONEY & BANKING

8)THE rupee fell to its lowest in more than a week on Wednesday, as a fall in local share prices turned sentiment cautious about the direction of fund flows and some banks bought dollars cheaper to arbitrage offshore. The partially convertible rupee ended at 46.485/495 per dollar, off an early low of 46.52, its weakest since October 12 and 0.8% below its Tuesday’s close of 46.11/12.

ET

9)Private sector lender, Yes Bank has reported a net profit of Rs 111.71 crore for the second quarter ended September 30,2009 as against Rs 63.6 crore during the corresponding period last year, showing a growth of 75.6%.

FE

MARKETS

10)Extending the losses for the second day in succession, the Sensex on Wednesday nosedived by over 200 points on profit-selling in banking and auto segments amid weak Asian cues. The Sensex remained weak for most part of the day and closed lower by 213.84 points at 17,009.17. Similarly, National Stock Exchange index Nifty dropped by 50.85 points to 5,063.60. Marketmen said a weak trend in the Asian region influenced trading sentiment.

ET

11)As the markets and the economy have started booming again, foreign investors are back in business. Nowadays, their attention is primarily centering around the Indian exchanges such as the National Stock Exchange(NSE), National Commodity & Derivatives Exchange Ltd(NCDEX) and Multi Commodity Exchange Ltd(MCX).

FE

MUTUAL FUNDS

12)The domestic mutual fund industry has appreciated the Security and Exchange Board of India’s(Sebi’s) move on clearing and settlement of trades in corporate bonds through clearing corporations. Fund houses believe the step will bring transparency in the bond market and enhance liquidity.

BS

CORPORATE SCORE

13)Riding on strong sales during the current festive season coupled with new launches, the country’s largest two-wheeler manufacturer Hero Honda on Wednesday posted its highest-ever net profit, up 95% at Rs 597.14 crore for the quarter ending September 30 against the same period last year. This is the second consecutive quarter when the companies’ sales have crossed the million unit mark. During the quarter, the company’s total revenues recorded a growth of 26.8% at Rs 4059.44 crore against Rs 3202.05 crore in the corresponding period last fiscal.

FE

14)INFRASTRUCTURE company Jaiprakash Associates(JAL) on Wednesday reported a more than four-times jump in net profit to Rs 870 crore for the September quarter on treasury share sale, even as it announced that it would issue one bonus equity share for every two shares held in the company. The company grossed a profit of Rs 942 crore on sale of treasury shares which helped the company clock a net profit of Rs 870 crore, as against Rs 203 crore in the year-ago quarter.

ET

COMMODITIES

15)A JUMP in traded values of agri products, energy and base metals helped commodity exchanges in India record a 30% year-on-year growth in turnover at Rs 33.63 lakh crore in the first-half of the fiscal, latest data from market regulator Forward Markets Commission (FMC) on 21 commexes, including three national level bourses, show. The increase in agri traded values, by 61% to Rs 5.26 lakh crore, has enabled exchanges such as National Commodity & Derivatives Ex- change(NCDEX) and Ahmedabad-based National Multi Commodity Exchange(NMCE) increase their average daily turnover. NCDEX’s daily turnover has gone up from Rs 2048 crore in the first half of FY09 to Rs 2621 crore in H1 FY10, while NMCE has witnessed spectacular 518% jump at Rs 1,280.5 crore over the same period. Exchange officials attributed the jump in agri volumes to the re- listing of four commodities – potato, soyaoil, rubber and chana.

ET

16)High prices seem not a deterent for customers when it comes to buying gold, particularly on auspicious occasion such as Diwali and Dhanteras. Despite high prices, gold sales across the country during the Diwali week ended October 18 were marginally higher by six per cent at 56 tonnes against 53 tonnes during the same period a year ago, according to the World Gold Council, an industry association of the world’s leading gold mining companies.

BL

17)The country’s largest commodity exchange, MCX, on Wednesday launched futures contracts in four farm commodities – wheat, chana,guarseed and turmeric. The turmeric contract is available for November delivery, chana for January 2010, guarseed and wheat for February 2010 delivery, the exchange said in a circular.

FE

18)Gold prices firmed up further on the bullion market in Mumbai on renewed stockists demand. Standard gold(99.5 purity) rose by Rs 30 for 10 grams to Rs 15,920. Pure gold(99.9 purity) increased Rs 55 for 10 grams to Rs 16,000. Silver ready(.999 fineness) dropped by Rs 190 a kg to Rs 27,440.

BL

COMMUNICATIONS

19)With an estimated Rs 30,000 crore of revenue at stake to bridge a yawning fiscal deficit, Finance Minister Pranab Mukherjee has categorically told Communications Minister A Raja that auctions for licences for third-generation or 3G telecom services cannot spill over to the next calendar year under any circumstances.

BS

INFORMATION TECHNOLOGY

20)IT services provider Mahindra Satyam, formerly Satyam Computer, has secured contracts valued at Arab Emirates Dirhams 30 million (Rs 37.59 crore) in the Middle East and North Africa(MENA) markets in the second quarter of FY09-10. It expects to double its business in this region in the next 18-24 months, leveraging on the growing demand within the government, banking, telecom and real estate sectors, the company said on Wednesday.

ET

21)Software giant Microsoft will formerly launch its much touted operating system(OS) – Windows 7 – in India today. The company is on a good wicket in the country, say analysts, with a nearly 90 per cent market share comprising XP(primarily) and Vista users.

BS

INTERNATIONAL

22)Crude oil futures rose after a US Government report showed a bigger-than-forecast decline in supplies of gasoline. Crude oil for December delivery rose 52 cents, or 0.7 per cent, to $79.64 a barrel at 10:37 a.m. on the New York Mercantile Exchange.

BL

23)Yahoo Inc beat Wall Street’s profit and sales expectations as spending by advertisers showed signs of life in the third quater and as months of cost-cutting and restructuring boosted the Internet company’s bottom line. Net earnings was $186 million, or 13 cents a share, in the third quarter, up from $54.3 million, or 4 cents per share, in the year-earlier quarter.

FE

FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.

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

Headlines (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.

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