Headlines (06-11-2009)

Date: 06 November 2009

Thought for the day

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

—Orison Swett Marden

 GENERAL

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

Hindu

ECONOMY

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

ET

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

BS

CORPORATE / INDUSTRY

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

FE

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

BS

MONEY & BANKING

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

BL

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

FE

INSURANCE

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

BL

PENSION

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

BS

MARKETS

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

FE

IPO

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

ET

MUTUAL FUNDS

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

ET

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

ET

COMMODITIES

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

FE

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

FE

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

BL

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

BS

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

BS

REAL ESTATE

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

FE

COMMUNICATIONS

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

BS

 INTERNATIONAL

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

ET

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

ET

 FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.

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

Headlines (03 Nov 2009)

Date: 03 November 2009

 Thought for the day

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

 –Mary Baker Eddy

GENERAL

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

Indian Express

ECONOMY

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

ET

 CORPORATE / INDUSTRY

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

BS

INSURANCE

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

ET

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

BL

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

FE

PENSION

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

FE

 MARKETS

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

FE

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

ET

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

ET

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

BS

IPO

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

ET

RIGHTS ISSUE

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

BS

COMMODITIES

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

ET

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

DC

COMMUNICATIONS

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

FE

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

ET

INFORMATION TECHNOLOGY

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

BL

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

ET

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

ET

 INTERNATIONAL

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

FE

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

FE

FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.

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

Headlines (26-10-2009)

Date: 26 October 2009

 Thought for the day

“Never promise more than you can perform.”

–Publilius Syrus

GENERAL

1)Seeking to put behind the recent irritants in bilateral ties, India and China have reaffirmed the need to maintain peace and tranquility on border and agreed to resolve all issues in the spirit of strategic and cooperative partnership.

TOI

ECONOMY

2)The Prime Minister, Dr Manmohan Singh, today said the global economy was not fully out of trouble and ruled out any premature withdrawal of stimulus packages announced by the Government to boost the industry.

BL

3)Adding shine to the momentum of economic recovery, the CII business confidence index(CII-BCI) has predicted a return to better business conditions than what was before the downturn. The index for the period between October 2009 and March 2010 surged by a robust 7.4 points to 66.1 points, against a mere 2.4 point increase during the first half of the fiscal.

 

BS

CORPORATE / INDUSTRY

4)THE Rs 3,866-crore pharma major Lupin will go in for overseas acquisitions within six to nine months. Company sources told ET: “Lupin is negotiating with a few companies in Gulf, Mexico, Brazil and Argentina, as it intends to increase its footprint in newer markets. The acquisition would be of companies involved in pharma marketing or those who have a mix of marketing and manufacturing base.”

ET

5)AIR TRAVEL and hotel bookings for the year-end holiday season have picked up, providing further proof that economy is looking up. While international carriers have advance bookings for nearly half of their seats for the December-January period, hotels have seen 3-5% rise in occupancy in October in some key cities after many months of decline.

 

ET

MONEY & BANKING

 6)The Reserve Bank of India(RBI), which will unveil its mid-term re- view of the monetary policy on Tuesday, is expected to push banks for expanding credit. For, bank credit growth fell to a 12-year low of 10.8% as on October 9, from 29.5% in the same period last year, according to RBI’s latest weekly statistical supplement released on October 23.

FE

PENSION

 7)In a bid to expand the reach of the New Pension Scheme(NPS) for private citizens, which has only managed 2,300 subscribers since its launch five months ago, the Pension Fund Regulatory and Development Authority(PFRDA) has invited fresh applications from financial services providers for becoming the scheme’s Points of Presence(PoPs).

 FE

MARKETS

8)The country’s equity indices are set to take cues from two major events in the coming week – the Reserve Bank of India’s(RBI) monetary policy on October 27(Tuesday) and the expiry of futures & options(F&O) series for October also due in the coming week. However, domestic markets are likely to witness intense volatility in the coming days as it was seen last week, say dealers.

FE

9)With the Securities and Exchange Board of India(Sebi) allowing the extension of trading time by two-and-a-half hours, stock brokerage companies fear loss in productivity. However, they expect a rise in volumes simultaneously, at virtually no big rise in costs. At present, trading hours are from 9:55 am to 3:30 pm. Sebi has allowed exchanges to start trading by 9 am and continue up to 5 pm. Most of the brokers have welcomed Sebi’s move, as it may result in higher volumes.

 

BS

IPO

10)NEARLY half a dozen textile firms are lining up to raise money through initial public offerings at a time when the Indian textile industry is battling a slump in exports, cut-throat competition and currency volatility. Companies such as Ankita Knitwear, Sai Silks Kalamandir, Emmbi Polyarns, Cantabil Retail and Mandhana Industries have sought the approval of market regulator Sebi for launching initial public offerings(IPOs).

ET

11)Edible oil and poultry products maker Tara Health Foods has sought approval from the capital market regulator Sebi, for an initial public offer(IPO) of one crore shares.

 

ET

12)Lavasa Corporation, a subsidiary of Mumbai-based Hindustan Construction Company, plans to raise around Rs 2,000 crore through an initial public offering(IPO) during the second half of next year.

 

FE

MERGERS & ACQUISITIONS

13)HEMENDRA Kothari did the Raasi Cements deal, Nimesh Kampani did the Sesa Goa deal. Uday Kotak did the BSE deal. That’s the way mergers and acquisition deals used to be discussed in India till recently. But this is changing. Now it is institutions such as JP Morgan, Stanchart or Deutsche, to consider three banks active in the Indian market, which do deals.

ET

COMMODITIES

14)Turmeric prices in the spot markets have reached record levels in the last few days because of dwindling carryover stocks and increased speculative activities. Traders said prices have more than doubled in a span of just a year also owing to extensive damage to the standing crop. Spot prices at Erode market(the largest wholesale market for turmeric) have increased by Rs 10 per kg in three days after Diwali to touch Rs 95. Karvy Comtrade reports that the bullish trend in turmeric started with the down- fall in production, from 52 lakh bags in 2007-08 to 42 lakh bags this year. As India is the largest producer and exporter of the commodity across the globe, any shortfall here is enough to trigger the sentiments throughout the world, sources said.

 FE

15)The pepper market world over appears to be showing some buoyancy. Prices of all the origins were firmer and there were some buying interest emanating from the major consuming markets.

 

BL

REAL ESTATE

16)Realty firm TDI Infrastructure plans to invest Rs 1,000 crore in the next couple of years to develop affordable housing projects. “We have earmarked Rs 1,000 crore for affordable housing projects. We have already sold 800 independents floors at our township at Kundli(Sonepat) and more such projects are in pipeline,” TDI executive director Kunal Banerjee said.

INFORMATION TECHNOLOGY

17)WITH Microsoft Corp commercially rolling out its latest bet – the much-awaited Windows 7 operating system – leading vendors feel this will trigger a huge revival of the PC market. Small wonder then that Hewlett-Packard(HP), HCL, Samsung, Dell and Acer are gearing up their act around this latest platform.

ET

18)AS India’s top tech firms prepare to bid for projects worth almost Rs 5,000 crore to set up the country’s unique citizen database, Tata Consultancy Services(TCS) plans to bid jointly for this opportunity along with CMC, a government-focussed subsidiary it acquired some eight years ago. The World’s biggest citizen database being set up by the Unique Identification Authority of India(UIDAI) will rely heavily on biometric and fingerprint information of the country’s 1.2 billion citizens, and would seek solution providers who can bring relevant expertise.

 

 ET

19)THE $500-million Indian language translation market is poised for a big growth as more and more multinational companies are setting up shops in the country expecting the sunrise industry to go miles in the next three years. The Asian language translation market revenue accounted for $1,312 million in 2008 and is projected to reach $1,410 million in 2009 and touch $1,516 million in 2010, according to research and consulting firm Common Services Advisory.

 

ET

INTERNATIONAL

20)The economy in the US probably grew in the third quarter at the fastest pace in two years as government stimulus helped bring an end to the worst recession since the 1930s, economists said before reports this week. The world’s largest economy grew at a 3.2 per cent pace from July through September after shrinking the previous four quarters, according to the median estimate of 65 economists surveyed by Bloomberg News. Other reports may show sales of new homes and orders for long-lasting goods increased.

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 (25 Sep 2009)

Date: 25 September 2009

Thought for the day

“A feeling of confidence and personal power comes from facing challenges and overcoming them.”

-—Brian Tracy

 GENERAL

1)Satellite Oceansat-2, launched by PSLV-C14 on Wednesday, is doing “absolutely fine” and the onboard camera, called the ocean colour monitor (OCM), has taken pictures of the Arabian Sea, off the coast of Gujarat’s Kutch region, an Indian Space Research Organisation official said.

Hindu

ECONOMY

 2)Essential prices rose on a yearly basis, fuelling inflation to 0.37 per cent during the second week of September from 0.12 per cent a week ago, when it first made it into positive territory after a gap of 13 weeks.

BS

CORPORATE / INDUSTRY

3)Bharat Heavy Electricals Limited (BHEL) said that it has bagged an order from the Nuclear Power Corporation of India Limited (NPCIL) worth Rs 365 crore. The order is to supply four steam generators for the country’s second 700-MWe nuclear power station, being set up at Rajasthan Atomic Power Project, Kota.

BS

4)Soon after bagging over Rs 5,000 crore worth of orders from the Oil and Natural Gas Corporation(ONGC) for the Mumbai High North (MHN) process platform and living quarter’s project, Larsen & Toubro (L&T) on Thursday said it has received a Rs 2,000-crore order from GMR Energy Limited, a GMR Group company, for setting up a 2×384 mw gas-based power plant at Vemagiri, near Rajamundry in Andhra Pradesh, on a lumpsum turnkey basis.

FE

5)Wockhardt Ltd has bagged an award instituted by the government of India as the recognition for being the pharmaceutical company with the maximum number of patent filings and grants from India. Wockhardt has been granted 70 patents, 15 from the Indian Petent Office and 55 from the American and European patent offices. Wockhardt has a team of over 500 scientists working in its R&D centres.

FE

 MONEY / BANKING

 6)The rupee gained on Thursday tracking the recovery in the domestic equity market and on the back of good dollar inflows. The month- end dollar demand was absorbed by good inflows, said a forex dealer with a public sector bank. “The overall trend of the rupee is to gain against the dollar. Although there is month-end demand from oil companies, there are persistent dollar inflows,” he said. The rupee opened at 48.18 and closed at 47.96, slightly higher than the previous close of 48.

BL

INSURANCE

 7)Assets under management (AUM) of private insurance company ICICI Prudential Life have crossed $10 billion (Rs 47,000 crore), according to the company’s managing director V Vaidyanathan. Of the total assets, the private insurer has parked Rs 30,000 crore in the capital market and the remaining in debt instruments. The company’s assets under management stood at Rs 43,000 crore as on June 30, 2009.

FE

PENSION

 8)The Pension Fund Regulatory & Development Authority has shortlisted Crisil Fund Services as the institutional adviser in framing guide- lines for the pension sector. “Crisil Fund Services would advise us on the technical aspects and provide assistance in framing regulations and rules. We have sent them the letter,” an official with PFRDA said. Besides Crisil, KPMG and PricewaterhouseCoopers were among the other firms in the race to help PFRDA in coming out with the guidelines.

FE

MARKETS

 9)Key equity indices bounced from the day’s lows to close with small gains on Thursday. Dealers attributed the volatility to the derivative contracts expiry, as old positions were squared up and fresh ones created. BSE’s 30-share Sensex closed at 16,781.43, a gain of 61 points over the previous close, after seeing a low of 16,494 earlier in the session. NSE’s 50-share Nifty rose 16.60 points to close at 4986.55. Market breadth continued to be in favour of the bulls, with gainers outnumbering losers 1466 to 1289. Foreign institutional investors continued with their aggressive purchases, net mopping up over Rs 1000 crore worth of shares.

 ET

10)BHARTI Airtel, which has underperformed the benchmark Sen- sex ever since it revived a plan to merge with South Africa’s MTN Group, may surge if the deal falls through, as it would put an end to uncertainty about the future of a combined entity with differing management styles, structures and some imponderables, investment advisors say.

ET

11)DELIVERY-based volumes have seen a substantial improvement in the Bombay Stock Exchange(BSE) in the past few months, reflecting strong buying interest among institutional buyers. The daily average delivery-based volumes on BSE shot up to 42.4% of the total volumes in September, compared to 38.2% in August and 34.8 in July. The current month’s figure is the highest recorded since April last year.

ET

IPO / FPO

 12)Reliance Infratel, a subsidiary of Reliance Communications, filed a Draft Red Herring Prospectus(DRHP) with market regulator Sebi on Thursday for its proposed initial public offering(IPO). The company received shareholders’ approval on Tuesday for an initial share sale of 10 per cent.

BS

13)THE government is considering the proposed public offer of state owned SAIL, proceeds of which will be used to part fund the steel giant’s Rs 70,000 crore expansion project. “The matter of follow- on public offer(FPO) is under the consideration of the ministry of steel,” an official familiar with the matter said.

ET

14)Thinksoft Global, whose Rs 47-crore initial public offering was scheduled to close on Thursday, has extended the IPO till October 1 and reduced offer price as the issue was not fully subscribed. The price band, which was at Rs 120-130, has been revised to Rs 115-125.

BL

MUTUAL FUNDS

 15)In a bid to protect the interests of retail investors, the Securities and Exchange Board of India(Sebi) is planning a clear segregation of retail and institutional schemes. Sources said Sebi might ask fund houses to create separate portfolios and net asset values (NAVs) for retail and institutional schemes.

BS

16)Reliance Mutual Fund on Thursday launched Reliance Fixed Horizon Fund-XIII-Series 4. The new fund offer of the 20-month plan would close on Tuesday, said an official from the fund house. The close- ended income scheme will invest its corpus in central and state government securities and other fixed income instruments maturing in line with the schemes.

BS

 COMMODITIES

 17)Gold ticked higher on Thursday, supported by recent dollar weakness and as risk-averse investors sold equities ahead of the Group of 20 summit meeting. Spot gold stood at $1,013.5 an ounce by 0920 GMT, from $1,007.05 quoted in New York on Wednesday.

BL

COMMUNICATIONS

18)The South-African delegation, comprising top officials from the national treasury and the South African Reserve Bank, met senior officials of Sebi and RBI on Thursday to discuss various possibilities regarding the issue of dual listing and mandatory open offer, which have emerged as a thorn in the proposed $23-billion Bharti- MTN deal. Though nothing was officially disclosed, sources said nothing concrete emerged from the meeting, which lasted for more than two hours.

FE

19)Telecom player Spice Communications on Thursday said it has received the approval from shareholders, secured and unsecured creditors of the company for amalgamation with Idea Cellular. The meeting was held on the directions of the Delhi High Court on September 11 to discuss the scheme of amalgamation, the company said in a filing to the Bombay Stock Exchange.

FE

20)After toppling rival Bharti Airtel by adding the highest number of sub- scribers in a month, Tata DoCoMo has said it will keep the momentum going as it takes its GSM service to new cities. The telco added over 3.4 million customers on both GSM and CDMA platforms during August, compared to 2.8 million by Bharti Airtel.

BS

BUSINESS PROCESS OUTSOURCING

21)A year after the Department of Telecommunications (DoT) conditionally relaxed rules on IT-BPO employees working from home, Raman Roy, chairman & managing director of Quatrro BPO Solutions, has started pilot projects in Mumbai and Delhi to explore the possibility of scaling up the model. Quattro is the first BPO to have secured per- mission for this model from DoT.

BS

INFORMATION TECHNOLOGY

 22)TECH Mahindra, IBM and TCS are in the race for a $400-million (Rs 1,800 crore) IT outsourcing contract from Sistema Shyam Tele- services(SSTL), a person familiar with the matter said. Negotiations are on with these companies for a 10-year deal, but the contract will contain a clause that will allow Sistema Shyam to exit after five years, he said, requesting anonymity.

ET

 23)INDIA’S top tech firms, along with multinational rivals, are preparing to bid for a key enterprise resource planning(ERP) project of the United Nations, named ‘Umoja’. Enterprise software maker SAP has already been awarded the contract for the ERP software, and the UN will start inviting bids for system integration and services, estimated to be worth up to $300 million early next year.

ET

24)US-based conglomerate General Electric (GE) has extended its multi-million dollar contract with Mahindra Satyam for three years starting January 1, 2010, giving a boost to the IT firm which has started winning new outsourcing deals. Mahindra Satyam, which also counts Citigroup, GlaxoSmithKline, Cisco Systems and Nissam among its clients, is one of the top three vendors for GE. Its contract with GE has been for over a decade now in specialised areas of development, maintenance, business intelligence and engineering services.

ET

INTERNATIONAL

25)Oil prices dropped more than $2 towards $66 a barrel and were on track to fall nearly 7 per cent this week as a surprise jump in US crude and product stocks stirred doubts that prices may have run ahead of demand fundamentals.

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 (23 Sep 2009)

Date: 23 September 2009

Thought for the day

“No man ever became great or good except through many and great mistakes.”

–William E. Gladstone

GENERAL

1)Prime Minister Manmohan Singh leaves on Wednesday on a four day visit when he will attend the G-20 summit in the US, which will discuss the need to strengthen rules governing financial markets and steps to quicken the global economic recovery from its worst crisis.

Indian Express

ECONOMY

2)THE Asian Development Bank (ADB) has raised its growth forecast for India to 6% in the current fiscal year from its earlier projection of 5%, thanks to increased public spending and improved business confidence, but cautioned against the ballooning fiscal deficit.

ET

3)In a clear affirmation that India Inc is on the mend, advance tax payments by companies have finally clawed out of the red to register a 14.7% growth, amounting to Rs 44,010 crore, in the second quarter of 2009-10. This is a turnaround from the first instalment paid by June, when the tax payment shrunk by 3.7% to Rs 20,728.60 crore.

FE

CORPORATE / INDUSTRY

4)The Hinduja group looks to establish a pan-India footprint in healthcare, and its first steps are to set up a second hospital in Mumbai, besides scaling-up its first, and existing, hospital also in the financial capital.

BL

5)Zandu Pharmaceutical said on Tuesday it had received shareholders’ approval for its merger with Emami and Emami Infrastructure. In a filing to the Bombay Stock Exchange, Zandu Pharmaceutical said that at the court convened meeting of the company’s equity share- holders on September 11, around 99.87 per cent of shareholders voted in favour of the merger.

BS

MONEY / BANKING

6)HOME loan borrowers can now look forward to more transparent pricing from banks as the Banking Codes and Standards Board of India (BCSBI) has directed its member banks to come clear on their lending policies and its other services upfront. Henceforth those who avail floating rate home loans, will have to be informed of the reference rate to which the floating rate is anchored. The bank will also have to disclose on its website changes in such reference rate as and when they take place on a real time basis.

ET

7)AXIS Bank has become the new price warrior in the car loan segment. The third largest private sector bank has slashed interest rates by around 150-200 basis points in the past one month in some of select Southern markets. Axis has in the three southern cities of Hyderabad, Chennai and Bangalore started offering interest rates of 9% across all car models. The bank has also waived processing fees and the rates are valid till the end of the month.

ET

8)Private sector lender Lakshmi Vilas Bank is planning to raise Rs 240 to 300 crore through the issue of shares on rights basis. The board of directors has approved the move, Lakshmi Vilas Bank said in a statement to the BSE today.

FE

INSURANCE

9)Aegon Religare Life Insurance Ltd is planning to launch health insurance product by the end of the current fiscal. The company is also looking at introducing annuity product by early next fiscal.

FE

PENSION

10)The Pension Fund Regulatory and Development Authority(PFRDA) will consider a proposal to manage the pension funds of companies at its board meeting today, extending its role from being manager of individual pension plans.

BS

MARKETS

11)The country’s equity indices continued their winning rally and ended the day with gains following strong cues from the global markets coupled with hope of a strong quarterly earning season for the second quarter. The 30-share Sensex of the BSE added 145.13 points or 0.87% to end at 16,886.43 points. The broader S&P CNX Nifty of the NSE gained 44.15 points or 0.89% to close at 5,020.20 points. Barring the oil & gas, all the sectors in the BSE sectoral indices ended the day on positive terrain.

FE

12)BENCHMARK Indian indices have outperformed their Asian peers like Shanghai Composite SE(China), KOSPI(South Korea), Strait Times(Singapore) etc. Even when compared with Dow and Nikkei, Sensex has fared better. The gap in valuations has narrowed down with its emerging market peers while widened for developed market counterparts. The trend reflects growing investor confidence, and analysts feel, if sensex continues to outperform Asian peers, it may soon become the biggest index in the continent.

ET

13)Capital market regulator Securities and Exchange Board of India (Sebi) on Tuesday amended the takeover regulations and offered the facility of anchor investors to Indian Depository Receipts issues. This will raise the attractiveness of the issues meant to attract foreign companies to invest in Indian equities market. An anchor investor gives smaller investors confidence that the shares will be actively traded in the market. The board of the regulator also decided that at least 30% of issue size of such issues will be re- served for allocation to retail individual investors, who may other- wise be crowded out.

FE

IPO

14)For the primary markets, the fireworks are expected to begin after Diwali with merchant bankers expecting initial public offerings (IPOs) to raise at least Rs 40,000 crore in the second half of the fiscal.

BS

MUTUAL FUNDS

15)Mutual funds that invest in commodity and energy stocks have trounced the Sensex returns as well as the 70 per cent category average returns of diversified equity funds on a year-to-date basis ending September 18, thanks to the twin benefits of the rally witnessed in the equity markets as well as the commodity rally.

BL

COMMODITIES

16)The National Commodity and Derivatives Exchange Ltd (NCDEX) has extended trading hours from September 22 to October 9 on account of disruption of satellite services due to sun outage, the exchange said. The exchange would be suspending trading in all commodities between 11.25 am and 12.05 pm. The day’s session for agri commodities, except robusta coffee futures, will not be extended, it said in a circular. However, the evening trading session for bullion, metals, crude oil, furnace oil, robusta cherry AB coffee and polymers will end at the usual time of 11.30 pm.

FE

17)Commodity market regulator Forward Markets Commission(FMC) on Tuesday said it is unlikely to ban futures trading in jute as there is no inflationary pressure on prices.

FE

18)Copper rose on Tuesday as dollar weakness boosted industrial metal prices, although concerns about rising London Metal Exchange inventories limited gains. By 0906 GMT, copper for three month delivery on the London Metal Exchange climbed to $6,265 a tonne from $6,190 at the close on Monday.

BL

19)Snapping a four-day fall, gold prices spurted by Rs 115 to Rs 16,060 per ten grams in the national capital today on buying at attractive low levels amid firm global cues. Buying by stockists and jewellery fabricators increased on fears that the metal might become costly due to the approaching festival of Diwali.

BS

REAL ESTATE

20)Property firms are launching new housing projects and raising pitch for their ongoing projects hoping to make decent sales going into the festive season. The mood among builders may be buoyant but few believe price hike is possible as demand is still hesitant and new supplies are hitting the market. The festive season, which usually begins late September with Hindu festival of Navratri and continues up to Christmas holidays, often sees higher sales of property, cars and other durables in India.

ET

21)DLF, the country’s largest property firm, on Tuesday said it sold the entire block of 1,250 apartments in the second phase of its Capital Greens project in Delhi in just two hours of the launch on huge demand.

ET

22)IN yet another big-ticket realty deal in Chennai, India Cements has acquired a commercial space owned by ICICI Bank in the upmarket Santhome High Road, reflecting an uptick in the property market. While both sides are tight-lipped on the deal, sources close to the transaction told ET that the deal value was around Rs 63 crore.

ET

COMMUNICATIONS

23)Reliance Communications, the country’s second largest mobile telephone company, will seek regulatory approval to sell 10% stake in its telecom infrastructure unit Reliance Infratel through an initial public offering (IPO), chairman Anil Ambani said. Addressing the shareholders at RCOM’s annual general meeting on Tuesday in Mumbai, Mr Ambani said. The IPO proceeds would be utilised to fund expansion of the nationwide network of 48,000 towers at Reliance Infratel as demand for leasing networks increases.

ET

24)MAX India founder & Chairman Analjit Singh and former Vodafone Essar MD Asim Ghosh are selling 49% of their total holdings in Vodafone Essar to parent firm Vodafone Group for Rs 863 crore. Mr Singh and Mr Ghosh jointly own 12.26% in Vodafone Essar, the second-largest GSM-based telecom company in India in terms of both subscribers and revenues. Mr Singh will get Rs 533.3 crore for selling a 3.71% stake while Mr Ghosh pockets Rs 329.5 crore for parting with 2.29% stake.

ET

25)BHARTI Airtel will face a new hurdle at the Securities & Exchange Board of India in its efforts to create the world’s third largest mobile phone company with South Africa’s MTN Group, as a new rule will make the deal more expensive for MTN.

ET

INFORMATION TECHNOLOGY

26)PATNI Computer Systems, which battles with bigger Indian tech peers for large outsourcing contracts, has identified two acquisitions targests – one each in the US and continental Europe – and plans to close at least one transaction by November this year. People familiar with Patni’s acquisition plans said the company wants to cross the $1 billion mark in revenues through inorganic growth and compete more effectively with TCS, Infosys and Wipro for large multi-year outsourcing contracts.

ET

INTERNATIONAL

27)Crude oil rose for the first time in four days before a report forecast to show US crude supplies contracting, while a weaker dollar boosted the investment appeal of commodities. Crude oil for October delivery rose as much as $1.18, or 1.7 per cent, to $70.89 a barrel in electronic trading on the New York Mercantile Exchange, and traded at $70.68 at 1:08 pm London time.

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 (02 Sep 2009)

Date: 02 September 2009

 Thought for the day

“Discipline is the foundation upon which all success is built. Lack of discipline inevitably leads to failure.”

 — Jim Rohn

GENERAL

1)As part of its efforts to ensure punctuality among government staff, the Union home ministry on Tuesday introduced a biometric identification system in all its offices for around 2,700 of the ministry’s employees.

TOI

ECONOMY

2)THE Indian economy will clock robust growth from the last quarter of the current fiscal as the impact of truant monsoon rains and the global economic slowdown ebbs away, a meeting of the Planning Commission in the capital chaired by prime minister Manmohan Singh pointed out on Tuesday. After the meeting that assessed the economic situation in the country and the implementation of the integrated energy policy approved last December, Mr Singh said, “The underlying strength of the economy will stand us in good stead as we seek to return to our high growth target over the next two years.”

CORPORATE / INDUSTRY

3)TATA Tea is undergoing a strategic reorganisation of its businesses to emerge as a global beverages leader. Moves are afoot to re- christen the company in the next two to three weeks, merge all its subsidiaries and associates and create a single entity. Not just that, a major acquisition in the US beverages space is also on cards.

ET

4)THE auto industry is enjoying the prefestive sales rush with most companies scaling new heights as demand remained steady in August. Largest car maker Maruti Suzuki and largest bike maker Hero Honda posted significant increase in sales last month – the highest this fiscal. An analyst tracking the industry said sales are likely to remain robust for the remaining part of the year on the back of declining interest on auto loans and improved customer sentiment.

ET

5)Kalpataru Power Transmission has recently secured orders worth approximately Rs 1,400 crore from Maharashtra State Electricity Transmission Co and North East Transmission Co for transmission and substation projects. MSETCL orders are to be executed over a period of next three years.

FE

MONEY & BANKING

6)The rupee was very volatile and weakened to close above the 49 level on Tuesday. It opened higher at 48.74/75 and closed at 49.02/04, against the previous close of 48.83. There was heavy dollar buying towards the end of the trade, said forex dealers.

BL

7)Loan disbursements, which dipped during the nine months ending May 2009, is expected to pick up post-September with an improvement in industrial activities, a top banking industry official said.

FE

8)In a bid to ensure that high networth individuals(HNIs) stayed with them, public sector banks, including State Bank of India(SBI), Union Bank of India, Bank of Baroda(BoB) and Bank of India(BoI), have been climbing on the wealth management bandwagon in recent months.

BS

PENSION

 9)INTERIM pension regulator PFRDA will launch from December this year its savings scheme, which aims to give greater returns on the deposits, and can be withdrawn fully. “We have decided to launch the savings scheme from December 1 this year. Under this scheme, the customers would have be able to withdraw their entire savings,” Pension Fund Regulatory and Development Authority (PFRDA) chairman D Swarup said.

ET

10)Shriram Life Insurance Co Ltd, on Tuesday, announced the launch of the Shriram Pension Plan. The new plan is a unit-linked premium plan with features like ‘Zero Sum Assured’, which means no life cover would be provided, and there would be an ‘Auto Transfer Option’. The plan would also offer a low risk debt linked fund called ‘Secure Plus’ and a Shariah compliant investment fund called the ‘Tyaseer fund’.

BL

MARKETS

 11)Equity indices on Tuesday ended in red erasing the day’s gains following weak cues from the European markets and profit-booking by retail investors. The 30-share Sensex of the Bombay Stock Exchange(BSE) lost 115.45 points or 0.74% to end the day at 15,551.19 points. The broader S&P CNX Nifty of the National Stock Exchange (NSE) was down by 36.75 points or 0.79% to close the day at 4,625.35 points.

FE

12)The news of IL&FS taking over the management control of Hyderabad-based infrastructure company Maytas Infra Ltd continues to lift the stock to new highs each passing day since a week. The Mytas stock closed the day at Rs 118.40, a gain of Rs 5.60(4.96 per cent) during the day against the previous close of Rs 112.80. The company had a 52-week high of Rs 539 and a low of Rs 31.40 after the Satyam scam broke out.

BL

IPO

 13)Pipavav Shipyard, which plans to raise over Rs 550 crore through an initial public offering(IPO), is likely to enter into the capital market by September 16, a source close to the development said.

BS

COMMODITIES

 14)Silver coin prices today jumped by Rs 200 to scale a new peak at Rs 30,600 per 100 pieces on the bullion market in New Delhi, on higher demand in the month of festivities. Silver coins, used for gifting purpose during marriages and as offering to God, remained high in demand, and traded at record levels. Prices shot up by Rs 200 to Rs 30,500 for buying and Rs 30,600 for selling of 100 pieces. Silver prices spurted by Rs 450 to Rs 24,300 a kg on brisk buying by coins makers and stockists to meet demand for the coming festivals and marriage season. However, gold fell by Rs 20 to Rs 15,370 per 10 gm on weak global trend and reduced offtake at higher levels.

BS

15)Pepper futures market bounced back on Tuesday on signs of buying interest from overseas markets. Overseas enquiries were received from the European Union and the US among other and also from the domestic front, market sources told Business Line. Market was steady finding the Indian parity competitive. Vietnam was not offering much. Domestic demand is expected to come in the coming days. There was limited supply. Limited arrivals coupled with firmness in the future market has pushed up spot prices by Rs 100 a quintal to close at Rs 14,200(ungarbled) and Rs 14,700 MG1. September contract moved up by Rs 212 on NCDEX to close at Rs 14,870 a quintal.

BL

REAL ESTATE

 16)BANGALORE-based real estate company Nitesh Estates, which is building Ritz Carlton hotel and several residential and commercial buildings, plans to raise Rs 550 crore by listing its shares on the stock markets early next year.

ET

17)A new collaborator would step in to pump in the required funds to complete the works pending at Maytas Hill County, the prestigious residential real estate project of the Maytas Properties, the unlisted company belonging to the family of Satyam Computer Services founder B Ramalinga Raju.

BS

COMMUNICATIONS

 18)In a significant development, the South African government on Monday gave in-principle approval to a $23-billion cash-cum-share swap deal being discussed between Bharti Airtel and South Africa’s MTN. Pretoria’s backing comes as a shot in the arm for the talks, which have been extended until September 30.

FE

19)Tata Teleservices on Tuesday announced a new plan under which its CDMA subscribers will pay only a fixed charge of Re 1 for any local call and Rs 3 for an STD call, irrespective of the duration. The charges are applicable for calls to any mobile or land line number.

BS

BUSINESS PROCESS OUTSOURCING

 20)Unitech Wireless, which is preparing to launch mobile services across the country, is close to finalising BPO contracts with Genpact and Intelenet Global Services. Sources familiar with the development said the company is expected to shortly sign contracts with Genpact for the north and Intelenet for the south. Unitech is also in dialogue with the Essar group-promoted Aegis BPO for the East, according to two people with Knowledge of the deal.

ET

INFORMATION TECHNOLOGY

21)KARNATAKA extended its lead as the country’s top destination for software exports by registering around 23% annual growth and achiev-ing Rs 74,929 crore worth of IT and ITES exports during year ended March 2009.

ET

INTERNATIONAL

22)THE US government incentives likely pushed auto sales to a 20- month high in August, leaving analysts and the industry guessing how hard a landing to expect with the “Cash for Clunkers” programme now exhausted. Automakers could see the US seasonally adjusted rate of sales, a closely watched indicator of demand for big-ticket items, jump to nearly 16 million vehicles in August under the “clunkers” programme, analysts said.

ET

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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 (25 Aug 2009)

Date: 25 August 2009

 Thought for the day

“Nothing deters a good man from doing what is honourable.”

–Seneca

GENERAL

1)The Prime Minister’s Council on Climate Change on Monday approved “in principle” the National Mission on Enhanced Energy Efficiency. The Mission will enable about Rs 75,000 crore worth transactions in energy efficiency. In doing so, it will, by 2015, help save about five per cent of our annual energy consumption.

Hindu

CORPORATE / INDUSTRY

 2)Engineering and construction major Larsen and Toubro has bagged four orders from Qatar, the UAE and Oman totalling Rs 1,044 crore ($217.45 million) for construction of electrical substations for clients such as the Qatar Petroleum, Qatar General Electricity and Water Corporation(Kahramaa), Dubai Electricity and Water Authority(DEWA) and Oman Electricity and Transmission Company (OETC).

BL

3)APOLLO Hospitals plans to run about 15 hospitals in west Asia and north Africa and a heart hospital in Europe as Indian healthcare chains take baby steps towards lucrative overseas markets. India’s largest hospital chain in in talks with a Dubai-based business conglomerate for setting up hospitals in west Asia and north African countries on a franchisee basis and has offered to run a heart hospital in Europe on contract.

ET

4)Hyderabad-based infrastructure firm IVRCL has bagged orders aggregating to Rs 597 crore to implement government and PSU projects in the transportation, water and power sector, said a company statement.

ET

5)BACKED by an order-book of Rs 2,500 crore, a huge bid-book and growing export markets, saw pipes-maker, Man Industries, is aiming to breach the Rs 2,000 crore turnover mark this fiscal.

ET

MONEY & BANKING

 6)The rupee managed to close with gains against the dollar for the fourth straight session on Monday, inching up by 1 paise to 48.61/ 62 against the greenback, as late dollar buying by importers eroded its early lead amid firm stock markets. At the Interbank Foreign Exchange market, the domestic unit resumed sharply higher at 48.40/ 42 a dollar from its last weekend’s close of 48.62/64 and touched a high of 48.39 due to smart rally in stock markets.

BL

PENSION

7)THE pension regulator has said it may widen the list of assets allowed as eligible equity investments under the New Pension System(NPS) so that when the pension fund corpus grows bigger, the higher flow of money into select stocks does not influence their prices.

ET

8)The New Pension Scheme for private citizens will soon give sub- scribers the option of opening a savings account as well. The tier-II account, expected to start from November this year will allow regular withdrawals, unlike the current system or a tier-I account which is a pension account that permits only 20% of the accumulation to be withdrawn before subscribers reach the age of 60.

FE

MARKETS

9)The domestic equity bourses opened on a high note, tracking solid gains in the Asian markets on the back of robust US home sales data and US Federal Reserves chairman Ben S Bernanke’s comment that the global economy is beginning to emerge from recession. Led by realty, metal, FMCG and capital goods stocks, the 30-share Sensex of the BSE surged 387.92 points, or 2.55%, to close at 15,614.16 points. The broader 50-share Nifty of the National Stock Exchange(NSE) gained 114 points, or 2.52%, to end at 4,637.90 points.

FE

10)The Bombay Stock Exchange (BSE) on Monday launched an index that will track the value of newly listed companies for a period of up to two years after listing. To start with, it will comprise 45 companies that were listed in the past two years.

FE

IPO

11)WITH a host of government-owned companies lining up for listing, initial public offer (IPO) financing – an activity that has revived after a span of over 18 months – is expected to pick up steam.

ET

12)The government on Monday fixed a price band of Rs 950-1,050 per share for the initial public offering of Oil India, the second state-run firm to hit the market this year. The price band was fixed by a Group of Ministers headed by Finance Minister Pranab Mukherjee.

ET

13)New Delhi-based Raheja Developers is planning an initial public offering(IPO) within this financial year. The company plans to raise above Rs 1,000 crore, as per sources tracking the development.

FE

 COMMODITIES

 14)Copper prices rose to their highest in more than a week, helped by strong investment demand, a rally in global equities and bets the economic crisis is petering out. Lead surged 7 per cent to $1,999.50 a tonne, its highest since late September, amid news China’s Henan province has shut down 240,000 tonnes of annual lead smelting capacity on reports of lead poisoning. London Metal Exchange lead for three months delivery traded at $1,965 a tonne in official rings compared with $1,863 at the close on Friday, while copper traded at $6,361 compared with $6,270.

BS

 15)Gold edged higher on Monday as oil prices rose and the dollar pared its earlier gains, but bullion remained range-bound as strong resistance at $960 prevented a more robust rise. Spot gold was at $955.40 per ounce by 1216 GMT against $952.65 an ounce late in New York on Friday.

BL

REAL ESTATE

16)In what could be the largest realty project in north-east, Emaar MGF Land in a joint venture with Windermere would set up a residential complex in Shillong at an initial investment of Rs 400 crore.

FE

COMMUNICATIONS

17)BHARTI group chairman Sunil Mittal and South Africa telco MTN’s chief executive Phuthuma Nhleko on Monday met India’s finance minister Pranab Mukherjee and corporate affairs minister Salman Khurshid, indicating that the proposed $23-billion merger between Bharti Airtel and Africa’s largest operator remained on track.

ET

18)SISTEMA Shyam TeleServices, which offers CDMA technology- based mobile services in India under the MTS brand, is looking at listing the company on the local bourses next year,its president & CEO Vsevolod Rozanov said.

ET

INFORMATION TECHNOLOGY

19)DEPARTMENT of Posts(DoP) is set to spend up to $1 billion on its IT-led business revamp over next three to five years with top tech firms such as IBM, TCS, Infosys and Wipro pursuing several out- sourcing contracts for helping the postal department automate and integrate its business processes with a standard software solution.

ET

20)COGNIZANT Technology Solutions is looking to tap emerging markets such as India, Middle East, Australia, Japan and Latin America as its traditional markets, the US and Europe slowed down last year due to the economic recession.

ET

INTERNATIONAL

21)Crude oil traded changed little, after approaching a 10-month high in New York as rising equities bolstered confidence in the economic recovery. Crude oil for October delivery traded at $73.76 a barrel, down 13 cents, in after-hours electronic trading on the New York Mercantile Exchange at 11:03 am London time, after rising as high as $74.71 a barrel.

BS

22)A KEY confidence index released by accountants in UK claims the recession is over, based on the highest ever business confidence among its members this year – the Business Confidence Monitor jumped to 4.8 in June, from -28.2 in March, the highest jump in ever.

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