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 (24 Sep 2009)

Date: 24 September 2009

Thought for the day

“There is no limit to what one can achieve when sufficient mental effort is applied.”

–Vera Peiffer

GENERAL

1)INDIA on Wednesday successfully launched the Oceansat-2, to study oceans and climate, and six small European satellites. The PSLV-C14 flight placed Oceansat-2, a remote sensing satellite of the Indian Space Research Organisation in its desired orbit after a nearly 20-minute journey from the Satish Dhawan Space Centre.
 
Indian Express

ECONOMY

2)THE World Bank on Wednesday sanctioned four loans aggregating $4.3 billion to support India’s economic recovery by strengthening its state-run banks and funding infrastructure projects. The bank said the loans would support the country’s economic stimulus measures by channeling resources into infrastructure, power and irrigation sectors.

ET

CORPORATE / INDUSTRY

 3)India’s exploration and production major Oil and Natural Gas Corp (ONGC) plans to infuse over Rs 50,000 crore in developing new oil and gas fields and increase output from existing ones, chairman R S Sharma announced at its annual general meeting on Wednes- day. Of this, over Rs 16,000 crore will be invested in improving output from seven fields.

FE

4)Steel and mining company Adhunik Metaliks is planning to foray into the power sector by setting up 3,480-Mw generation capacity before 2015 with an investment of close to Rs 17,000 crore.

BS

MONEY / BANKING

 5)The rupee fell marginally against the dollar on Wednesday, tracking the fall in the equity markets. It opened stronger at 47.85 and touched an intra-day low of 48.10/12. It recovered to close at 48, against the previous close of 47.95/96.

BL

6)To strengthen its capital base and gear up for initial public offerings(IPO), Punjab & Sind Bank has asked for Rs 500 to 700 crore capital infusion from the Centre.

FE

 INSURANCE

 7)Aegon Religare Life Insurance Company Ltd has launched a unit- linked insurance plan with promises of highest internal rate of return(IRR) to the policy-holders. “The policy, Invest Maximiser, offers the lowest premium allocation charges at 5 per cent for the first year and 2 per cent from the second to fourth year, while nothing will be charged from fifth year onwards,” Mr Rajiv Jamkhedkar, Chief Executive Offier, Aegon Religare Life Insurance, told news persons in Hyderabad. Giving an example, he said, “If a customer gets 10 per cent as average returns, 8.60 will be IRR after deducting all costs/charges.” The policy, which was fully compliant with the new IRDA guidelines on ULIPs charges, had done Rs 1 crore of business after its soft launch four days ago, he added.

BL

MARKETS

 8)Indian promoters are making the best of the current rally in the Indian stock market. After Reliance Industries Ltd raised money through sale of shares of its treasury stock, it is the turn of Suzlon Energy, Jaiprakash Associates and Cipla promoters to raise money via equity sale to institutional investors. Treasury share sale is the flavour of the season for Indian corporates. Analysts had been talking of more companies raising money from the market thanks to increased fund flows into the Indian markets. With promoters raising money through stake sale, their stocks have started tumbling, one of the reasons for the markets closing in the red today. The BSE Sensex was down 166.93 points(.99%) to 16,719.50 on Thursday. Nifty was down 1% and closed at 4,969.95.

FE

9)The National Stock Exchange(NSE)on Wednesday announced a further reduction in transaction charges for trading members having operations in semi-urban and rural areas. The exchange, which recently reduced transaction charges by about 10% in the cash and futures segment, has decided to waive transaction charges equivalent to the annual VSAT(very small aperture terminal) charges levied by the exchange. Annual VSAT charges are Rs 1 lakh. NSE VSATs- numbering around 2900 – are those provided by the exchange.

ET

RIGHTS ISSUE

10)Fortis Healthcare has received approval from the Securities and Exchange Board of India(Sebi) for its plans to raise funds by way of issue of equity shares with warrants on a rights basis at a price of Rs 110 per equity share(comprising Rs 10 as the face value and Rs 100 towards the premium), amounting to Rs 997 crore (excluding the value of warrants). The shareholders of the company shall be entitled to subscribe to two right shares for every five equity shares held.

FE

MUTUAL FUNDS

11)Assets under management(AUM) of major mutual fund houses in India have grown at a compounded annual growth rate of almost 29.2% in the past four years (between August 31, 2006, and August 31, 2009).

FE

12)THE Securities and Exchange Board of India is trying to ensure that mutual fund investors get the best deal from distributors. The regulator, in a circular on Wednesday, amending the code of conduct for mutual fund intermediaries, directed distributors to disclose to clients all information involving commissions received for competing schemes of various mutual funds, of which the scheme was recommended.

ET

13)After a series of bad news such as entry load ban, mutual funds may finally get some good news from the market regulator. The Securities and Exchange Board of India(Sebi) is now planning to enable investors to buy and sell mutual fund units through stock exchanges.

BS

14)Many mutual fund houses are planning to launch gold exchange traded funds(ETFs) to cash in on the buzz around gold. At least four fund houses are planning to launch gold funds or gold ETFs. HDFC Mutual Fund and ICICI Prudential filed draft offer documents with SEBI in September. Religare Mutual Fund is expecting SEBI approval for its gold ETF. Principal PNB Mutual Fund is planning to apply to SEBI for a gold ETF to be launched in three months, said Mr Sudipto Roy, Business Head of Principal AMC.

BL

 COMMODITIES

 15)Gold held steady on Wednesday, near last week’s 18-month high and supported by dollar weakness, but gains were capped by dis- comfort over the extent of long positioning in futures markets and risk of liquidation. Spot gold stood at $1,013 an ounce by 1012 GMT, compared with $1,013.80 late in New York on Tuesday.

BL

REAL ESTATE

16)PROPERTY firms that cut thousands of jobs during the downturn are now slowly returning to hiring mode. With sales picking up and liquidity situation easing, several property firms including DLF, Uni- tech, Omaxe, HDIL, Lodha, Ansal and Gera Developers, have started hiring as they launch new projects and speed up execution on existing projects.

ET

17)AS talk of a revival in the real estate sector is gaining ground coupled with some big-ticket deals also taking place, large companies with property are looking to make the most of the situation. A handful of corporates, including Hindustan Unilever(HUL), Mafatlal Industries and a private bank have put some of their real estate assets on the block. The total value of their assets could be in excess of Rs 400 crore.

ET

18)BANGALORE-based Century Real Estate has announced its entry into the affordable housing market in Bangalore with the launch of Century Indus, a 14 storied, 800 apartment complex comprising of two and three bedroom apartments.

ET

 COMMUNICATIONS

 19)THE communications ministry expects to garner between Rs 25,000 crore to Rs 35,000 crore from the auction of third generation (3G) spectrum or airwaves which is likely to start this November, telecom minister A Raja said on Wednesday. 3G spectrum is vital for high-end services such as video conferencing and high speed internet on mobiles.

ET

20)TELECOM regulator Trai on Wednesday announced that mobile number portability(MNP), a facility that allows customers to switch their operator but retain their numbers, will kick in from December 31 across the metros and category A circles like Tamil Nadu & Karnataka, while the rest of the country will have access to the facility from March 31,2010.

ET

21)Soon mobile users will be able to get SMS-based services in their own language. For, the 3rd Generation Partnership Project(3GPP), the global standards organisation that defines standards for GSM- based mobile services, has approved a move to include 22 Indian languages in mobile telephony standards in October. This is the first time that a standardisation proposal from India has been accepted by the global body.

BL

 INFORMATION TECHNOLOGY

22)TATA Consultancy Services(TCS) on Wednesday said it has been awarded a state-wide area network (SWAN) project from the government of Andhra Pradesh, which targets to connect the state’s head- quarters with all the 23 district offices in the state to increase efficiency in government functioning.

ET

INTERNATIONAL

23)Crude oil fell below $69 a barrel in New York after a US Energy Department report showed an unexpected increase in stockpiles as refineries idled units for seasonal maintenance and fuel demand dropped.

BL

24)THE European Union unveiled its blueprint for an overhaul of the way banks and financial markets are policed, a central plank in new rules designed to prevent a repeat of the global economic crisis. It plans to create a banking super-watchdog, with power to overrule countries such as Britain, and a pan-European supervisor that would warn of early signs of crisis.

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 (15 Sep 2009)

Date: 15 September 2009

Thought for the day

“Things don’t go wrong and break your heart so you can become bitter and give up. They happen to break you down and build you up so you can be all that you were intended to be.”

–Charlie Jones

GENERAL

1)GIVING a push to the government’s austerity drive, Congress president Sonia Gandhi flew to Mumbai in the economy class of an Air-India flight on Monday, making it clear to all her colleagues in the government and the party that they have to fol- low suit.

Indian Express

ECONOMY

2)A year after the collapse of Lehman Brothers, the government has expressed confidence in the speed of the Indian economy’s recovery, saying it would stabilise by the year end. “I think in the next six months, you will see evidence of the stabilisation,” Planning Com- mission deputy chairman Montek Singh Ahluwalia said on Monday. He said India would remain a preferred destination for foreign investors.

FE

CORPORATE / INDUSTRY

 3)GREEN shoots of recovery seem to be sprouting in the aviation industry. Showing signs of recovery, growth in domestic air traffic returned to post a double digit in August this year, according to official data released by aviation industry regulator Directorate General of Civil Aviation (DGCA) on Monday.

ET

4)Reliance Industries Ltd said the Bombay High Court has approved merger of group firm Reliance Petroleum Ltd with the company. The Bombay High Court has sanctioned the scheme of amalgamation of RPL with Reliance Industries, the Mukesh Ambani-led company said in a filing to the BSE. The High Court of Gujarat has also sanctioned the scheme, it added.

FE

MONEY / BANKING

 5)The rupee fell by around 20 paise against the dollar on Monday tracking the Asian equities. It opened weaker at 48.62 and touched an intra-day low of 48.80. It recovered to close at 48.67, against the previous close of 48.48.

BL

6)Sberbank, Russia’s oldest and largest state-run retail bank, will shortly open its branch in New Delhi as part of its strategy to expand in the emerging markets.

FE

7)United Bank of India is likely to come out with its initial public offering of shares by the first week of January, executive director TN Bhasin said on Monday in Kolkata.

FE

INSURANCE

8)SBI Life Insurance has launched SBI Life Shubh Nivesh, a traditional savings plan with an option of whole life cover. Shubh Nivesh has been designed to meet the savings, protection and income needs of customers having a risk-averse profile.

ET

MARKETS

9)THE market ended on a weak note in a volatile session as investors booked profit on Monday after last week’s rally that helped the Sensex regain the 16,000 mark. The mood was cautious as investors awaited advance tax figures that corporates are expected to announce in the next few days. Advance tax numbers and July-September earnings will work as triggers for the short term, said brokers. Snapping a six-day winning streak, the BSE 30-share Sensex lost 50 points, or 0.3%, to end at 16214 while NSE’s 50-share Nifty closed 30 points, or 0.4%, down at 4809. The weakness was in line with major global markets.

ET

IPO

10)The government on Monday fixed the IPO price for Oil India at Rs 1,050 a share. The IPO of 11% equity shares of OIL, ended September 10, would fetch the government Rs 4,982 crore.

FE

11)The Naveen Jindal-led Jindal Power Ltd(JPL), part of Jindal Steel and Power Ltd(JSPL), plans to raise Rs 4,000 crore from the primary market to partly fund its 2,400 Mw superthermal power project in Chhattisgarh, two sources said.

BS

12)Thinksoft Global Services, which is into the functional testing of software for BFSI sector, is entering the capital market with a public issue of 3,46,000 equity shares of Rs 10 each. The company will be announcing about its IPO in Mumbai on Tues- day.

FE

BONUS ISSUE

13)Indian Oil Corporation said its board has approved the bonus shares in the ratio of one for one. The board of directors have approved the issue of bonus shares in the ratio of 1:1(one new bonus equity share for every one equity share held), IOC said in a filing to the BSE.

FE

RIGHTS ISSUE

14)Hospital chain Fortis Healthcare’s Rs 1,000-crore rights issue is likely to hit the market by October, with the firm taking fresh steps to realise the plan.

BS

MUTUAL FUNDS

 15)JM Financial Asset Management Company, on Monday said that its Assets Under Management(AUM) has crossed the Rs 10,000-crore milestone on September 11, 2009. It has thereby clocked a growth rate of over 160% since March 2009, a release issued said. The AUM on March 2009 was Rs 3,758-crore of which Rs 1,480-crore was in equity, whereas the AUM as on September 11,2009, stood at Rs 10,041-crore of which over Rs 2,658-crore is in equity, the release said.

ET

16)Srei Infrastructure on Monday said it has got in-principle approval from the Securities & Exchange Board of India(Sebi) to launch its mutual fund business in the country. The company would be incorporating two wholly-owned subsidiaries for carrying out the asset management business.

FE

COMMODITIES

 17)Gold prices fell more than 1 per cent to below $1,000 an ounce in Europe on Monday, giving up the previous session’s gains, as the dollar strengthened in response to a decline in stock markets. Other precious metals tracked gold lower, with silver and platinum both retreating from the multi-month highs they hit on Friday. Spot gold hit $994.50 an ounce at 0912 GMT against $1,004.85 late in New York on Friday.

BL

18)Maize prices were marginally firm by 1% during the last week at Rs 9,350 per tonne on an average against the weekago period on expectations of lower output due to deficient rainfall during kharif sowing period, according to the US Grains Council.

FE

19)The cardamom output may fall 15-20 per cent this season due to delayed monsoon. The plantations in Kerala were devoid of showers during June, resulting in a drought condition that hampered the crop output, farmers from Idukki said.

BS

COMMUNICATIONS

 20)THE $23-billion deal between Bharti and MTN to create a trans-continental mobile behemoth has hit a hurdle as the South African government has sought dual listing for MTN that would allow MTN shares – not depository receipts – to be traded on Indian and South African bourses simultaneously with equal voting rights.

ET

21)SMS, or short message service, will shortly become cheaper for general and commercial users. After giving mobile operators several chances to bring down SMS charges below call tariffs, the Telecom Regulatory Authority of India(Trai) has now decide to intervene and decide on the SMS charges.

FE

22)STATE-owned telecom operator BSNL will award a $2-billion equipment contract to Indian Telephone Industries(ITI), following security agencies’ opposition to giving the deal to build 25 million wireless lines in the west zone to Huawei, the lone shortlisted bidder for this area, said a company official.

ET

INFORMATION TECHNOLOGY

23)Small and medium enterprises(SMEs) have just got a reason to celebrate. The Union Minister for Information Technology and Communications, A Raja, said last week that his ministry had recommended to the Union Cabinet and the Finance Ministry that the tax rebate currently applicable to Software Technology Parks of India (STPI) should be extended beyond 31 March 2010.

BS

INTERNATIONAL

24)OIL eased toward $69 a barrel on Monday, after a decision by a major US commodities exchange to enforce limits on large positions in- creased uncertainty and the dollar strengthened slightly. US crude for October delivery fell 11 cents to $69.18 a barrel by 1401 GMT, off a session low of $68.02. London Brent crude rose 8 cents to $67.77 a barrel.

ET

25)President Barack Obama speaking a year after Lehman Brothers Holdings Inc’s collapse, heads to Wall Street today to outline his plan for unwinding government involvement in the financial sector and to argue that new regime of rules to prevent a market crisis is needed more than ever.

BS

26)Europe’s economy probably returned to growth in the current quarter after governments spent billions of euros to pull the region out of the worst recession in more than six decades, the European Union said.

FE

27)JAPANESE high-tech makers NEC, Hitachi and Casio Computer said Monday that they had agreed to merge their mobile phone businesses in a bid to improve profitability. Together they would have the second biggest slice of the Japanese mobile telephone handset market, ahead of Panasonic but behind Sharp.

ET

FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.

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

Headlines (21 Aug 2009)

Date: 21 August 2009

Thought for the day

“Don’t let the mistakes and disappointments of the past control and direct your future.”

 — Zig Ziglar

GENERAL

1)IN a move to help Indians in distress abroad, the government on Thursday decided to set up a special fund in 18 missions to meet emergency expenses on providing food, shelter, legal aid and other welfare activities for them. Indian Express

ECONOMY

 2)INFLATION as measured by the whole sale price index(WPI) extended its longest decline in thirty three years as annual inflation for the week ended August 8 clocked -1.53% as compared to -1.74% in the week before. Economists and policy makers are of opinion that the fall in inflation has bottomed out and the deficient monsoons will push up the food prices.

ET

3)THE finance minister has put his seal of approval on a proposal which could willy-nilly lead to disinvestment in a number of India’s biggest listed public sector companies starting as early as April 2010. Pranab Mukherjee has okayed a plan which will make it compulsory for at least a quarter of the shares in all listed companies to be owned by the public, including investment and financial institutions. Government-owned and private companies in which the founders own more than three-fourths of the shares will be required to increase the public float by 5% annually until at least 25% of the shareholding is in the hands of the public.

ET

CORPORATE / INDUSTRY

 4)Sundram Fasteners Ltd will soon enter the non-automobile segment even while laying thrust on expanding its product portfolio in the auto component business. SFL has been shortlisted by a few players in the aerospace industry, including Airbus Industrie and GE for supplying fasteners.

BL

MONEY & BANKING

5)The rupee was strong against the dollar on Thursday tracking the positive Asian equity indices and the domestic equity index. But persistent dollar buying by importers pulled the rupee down from the day’s highs. The rupee opened higher at 47.78 and touched a high of 48.61. Higher crude price saw importers buying dollars in significant amounts, which pushed the rupee down towards 48.71 by end of trade. The closing level was still higher by 9 paise from Tuesday’s close of 48.80.

INSURANCE

6)RETAIL investors could see a 180-basis point rise in their unit linked insurance plan(Ulip) yields, with the insurance regulator Irda tweaking the proposed cap on charges which insurers collect from investors. The regulator is also set to raise the lock-in period for investments in Ulips to 5 years from 3 years to promote long-term investments, said a senior Irda official. Ulips are akin to mutual funds with an added life cover.

ET

7)The Insurance Regulatory and Development Authority(Irda) has withdrawn mortality charges from the overall cap on the charges levied by unit-linked insurance plans. The regulator also asked life insurers not to levy any charge on customers if they surrender their policies from the fifth year – a move that will put more money in the hands of the investor. While the move will benefit people who wish to take higher life cover in case of Ulips, it could give insurance companies the leeway to increase administration charges.

FE

8)INSURANCE agents will have to disclose the commission they get from insurance companies for selling various policies to the consumers, a member in the high-level panel of financial regulators said. Agents get their commissions from the premium paid by policy holders often without their knowledge. The panel comprises officials from RBI, Irda, Sebi and the finance ministry. The move is expected to reduce the extent of brokers wooing clients away from customer friendly products to those yielding more commission.

ET

9)Kotak Mahindra Old Mutual Life Insurance Ltd has announced the launch of its ‘Kotak Single Invest’ plan, a hassle-free unit linked plan wherein a single premium enables the policyholder to reap the benefits of insurance and investment throughout the policy term.

FE

MARKETS

10)A sharp recovery by over 4.5% in the Chinese Shanghai Composite Index on Thursday buoyed sentiments throughout the Asian equity markets. The 30-share Sensex of the Bombay Stock Exchange(BSE) surged higher by 202.68 points or 1.37% to close the day at 15,012.32 points. Similarly, the broader 50-share Nifty of the National Stock Exchange(NSE) ended the trading session gaining 59.35 points or 1.35% at 4,453.45 points.

FE

11)Non-banking finance arms leading brokerages are seeking to raise short-term funds amounting to around Rs 6,000 crore to finance subscription of IPOs by investors.

BL

12)THE Centre and stock market regulator Sebi have asked states to altogether exempt or rationalise the stamp duty on financial transactions executed in electronic mode, a move that could bring down the transaction costs on the various electronic exchanges in India.

ET

IPO

 13)As many as 700 companies are waiting to tap the primary market, indicating a revival of corporate interest in this segment, according to Mr Prithvi Haldea, chairman and managing director of Prime Database.

BL

14)Sajjan Jindal-led JSW Energy is looking to come out with its initial public offering in the next two months to raise about Rs 3,000 crore for partly funding its expansion plans.

FE

RIGHTS ISSUE

 15)IN a notification aimed at fine-tuning the fund-raising process of companies, market regulator Sebi on Thursday has asked companies to utilise the proceeds from rights issue only after allotment to shareholders. The regulator has also trimmed the period of a rights issue to 15 days from the current 42 days while extending the application supported by blocked amount (ASBA) facility to rights issues.

ET

COMMODITIES

 16)Copper is expected to hit $6,500 a tonne soon and $7,500 a tonne next year and may continue the upward move until 2012, said the London-based leading research firm Gold Field Mineral Services (GFMS). Copper has been at the fore-front of the rally in base metals. The cash quote has more than doubled from the low of $3,051 a tonne to a recent high of $6,419 a tonne. Although prices have slipped 5 per cent since this peak on profit booking, a recovery looms, said the report. Strong Chinese consumption coupled with expectations of a recovery outside the country late in the year are expected to strengthen demand marginally in 2009 as also lower production. As a result, the surplus projected for 2009 has been revised downwards to just 245,000 tonnes from the earlier estimate of 441,000 tonnes.

BS

17)Gold held near $945 an ounce in Europe on Thursday, up a touch from the previous session as the dollar’s retreat from early highs against a basket of currencies boosted interest in the metal as an alternative asset. Spot gold was bid at $943.60 an ounce at 1045 GMT, against $941.55 an ounce late in New York on Wednesday.
 

BL

REAL ESTATE

18)INDIA’S largest real estate developer DLF has won the bid to acquire 350-acre land parcel in Gurgaon for Rs 1,703 crore in the first major land deal in one and half years. The Haryana government has issued a letter of acceptance of bid to DLF marking the closure of the land deal, a senior official said.

ET

19)DELHI-BASED realty firm TDI is planning to invest Rs 1,000-crore to build lower-priced homes in the national capital region in the next three years, a senior company executive said. “The demand for homes is coming back slowly,” said TDI managing director Kamal Taneja, adding that the company was focusing on lower price homes to attract buyers. TDI, which has its real estate projects spread over Delhi, Kundli and Panipat in Haryana and Mohali in Punjab, recently launched 350 residential units in Kundli and claims to have sold all of it in just a month. The company is now planning to launch another 350 homes over the weekend in Kundli, around 35 kms from central Delhi.

ET

20)Realty player Omaxe on Thursday said it has received approval from the Mathura Vrindavan Development Authority, Uttar Pradesh, for the construction of township with an investment of Rs 250 crore.

FE

COMMUNICATIONS

21)BHARTI Airtel and MTN on Thursday announced they had extended their exclusive merger talks for the second time until September 30, indicating that both were yet to thrash out several key issues especially the demand from the South African firm’s minority share- holders to sweeten the deal terms.

ET

INFORMATION TECHNOLOGY

22)MID-SIZED software services firm MindTree, which completed 10 years on Tuesday, will come up with newer strategies as it aims to achieve over $1 billion in revenues by March 2014. The company, which counts steel-maker Arcelor Mittal and Swedish truck-maker Volvo among its top customers, will be focussing on areas like energy, defence and healthcare. The firm is also targeting newer geographies like Japan.

ET

23)IT SOLUTIONS provider SoftPro, which had recently acquired the entire stake in South America-based Cura Software, is hoping to garner about $150m in combined revenues in the next five years. To back the growth plans, the company is planning to hire about 100 employees for its new R&D division to be set up in Hyderabad.

ET

INTERNATIONAL

24)Oil prices eased towards $72 a barrel on Thursday, after rising more than 4 per cent in the previous session, as optimism faded about the pace of demand recovery in the world’s top consumer on the United States.

BS

25)Switzerland sold its stake in its largest bank, UBS, at the top end of its price range, a source said on Thursday, making a profit from last year’s rescue deal. The sale of the 9 per cent stake comes a day after Switzerland agreed to reveal the names of thousands of UBS’s rich American clients to Washington, settling a tax-avoidance dispute that dented its prized banking secrecy. The US warned it was now setting its sights on other institutions and individuals involved in hiding assets from the taxman. Swiss authorities said the sale showed UBS had found a solid footing again after becoming one of the biggest victims in the credit crisis, and the markets reacted positively by pushing up its shares.

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 Aug 2009)

Date: 13 August 2009

Thought for the day

“Conviction is worthless unless it is converted into conduct.”

–Thomas Carlyle

GENERAL

1)After the challenging mission to moon, the ISRO on Wednesday said it began preparations for sending a spacecraft to Mars within the next six years. “The government has sanctioned seed money of Rs 10 crore to carry out various studies on experiments to be conducted, route of the mission and other related details necessary to scale the new frontier,” ISRO Chairman G Madhavan Nair said.

Indian Express

ECONOMY

 2)INDIA and the US have started formal talks on a pact on liberalising and protecting bilateral investments. A team of trade officials from the US put in place by the new Barak Obama administration is in New Delhi for the negotiations.

ET

3)INDIA’S industrial output increased by 7.8% in June, the fastest pace since February 2008, in a clear sign that the economy is well on its way to a turnaround. India is expected to grow at 6%-plus in fiscal 2008-09, finance minister Pranab Mukherjee had said on Tuesday, some notches lower than the earlier estimates of about 7% following the weak monsoon. However, economists say that the robust manufacturing growth could offset the impact of weak mon- soon on the overall economic growth, following the data released by the ministry of commerce and industry on Wednesday. High growth in India’s capital goods sector is a sign of turnaround in the economy and the positive trend in industrial output will continue, finance secretary Ashok Chawla said on Wednesday.

ET

CORPORATE / INDUSTRY

 4)Tata Chemicals has decided to significantly increase its equity stake in Rallis India, a crop protection firm, by acquiring the entire shareholding of the promoter group. Tata Chemicals on Wednesday said it intended to buy a 35.8% stake in Rallis India from other promoter firms at a price not exceeding Rs 850 a share.

ET

5)KOLKATA’s leading corporate house, the Rs 2,000-crore Emami Group, is poised to unveil a Rs 5,500-crore investment plan for its flagship Emami and group companies. The move is in sync with their plans to become a Rs 6,000 crore group over the next two years.

ET

MONEY & BANKING

6)The rupee fell by around 40 paise against the dollar on Wednesday,and touched 48.50 levels during intra-day trade. The domestic currency opened at 48.09 and weakened to touch an intra-day low of 48.50. It recovered some of its losses to close at 48.35, as against the previous close of 47.96/97.

BL

7)BANKS have posted strong growth in deposits, investments as well as loans in the fortnight ended July 31, after recording a sharp de- cline in business in the first half of the month. According to the latest figures released by the Reserve Bank of India, total loans extended by banks rose to Rs 27,77,567 crore as on July 31, up by Rs 29,472 crore over the previous fortnight’s levels.

ET

8)As part of fund raising programme, the country’s third largest private sector lender, Axis Bank, is planning to raise about Rs 940 crore through preferential allotment of 1.08 crore shares to its promoters by September 24.

FE

MARKETS

 9)The domestic equity bourses recovered sharply from their intra-day lows on the back of better-than-expected industrial production data and a recovery in the European market. The benchmark equity indices, however, ended the day with marginal losses. The 30-share Sensex of the Bombay Stock Exchange(BSE) closed the day at 15,020.16 points, down by 54.43 points, or 0.36%, while the broader 50-share Nifty of the National Stock Exchange (NSE) settled at 4,457.50 points, losing 0.31%, or 13.85 points. Earlier in the day, tracking heavylosses in the Asian markets, the Sensex was down by over 370 points, but soon regained momentum when the government released industrial production data for June.

FE

10)The rapid spread of swine flu has hit share prices of top airline and hospitality companies as market players fear a sharp drop in travel and tourism due to the flu scare. In contrast, shares of top pharmaceutical companies have seen a sharp rise during the period.

BS

11)Drug major Sun Pharmaceutical Industries on Wednesday climbed nearly 4% on the Bombay Stock Exchange(BSE) after it got the US health regulator’s approval for its generic version of Oxaloplatin injections used in the treatment of cancer.

 FE

 IPO

12)NHPC’s IPO for up to $1.25 billion was subscribed 23.53 times by 5 pm on Wednesday, stock exchange data showed, in a response that would embolden the government to hurry up stake sales in more firms.

ET

13)Entertainment World Developers(EWDPL), a partner firm of Phoenic Mills, is planning to float a Rs 500-crore initial public offer (IPO) by the year-end, a top company official said.

BS

RIGHTS ISSUE

14)Adlabs Films Limited (Adlabs), a film and entertainment services company and a member of the Reliance Anil Dhirubhai Ambani Group, announced on Wednesday that the company’s board has approved raising Rs 600 crore($124 million) by way of rights offer of equity shares to the company’s shareholders.

FE

MUTUAL FUNDS

 15)The stock market rally since March has prompted retail investors to commit fresh money to equity funds. Equity funds raked in gross inflows of about Rs 21,720 crore between April and July 2009, al- most 44 per cent higher than levels seen in the same period last year, data from mutual fund body AMFI shows.

BL

16)SBI Fund management will use a speech-enabled interactive voice response(IVR) system from IT services firm Datacraft to allow customers to use their voice to get the latest net asset values of mutual fund schemes.

BS

17)Mutual funds’ exposure to equity of real estate companies has increased significantly in the last two quarters. The MFs investment in real estate stocks rose from Rs 124 crore at the end of March 2009 and Rs 171 crore at the end of December 2008 to nearly Rs 1,113 crore at the end of the first quarter of FY09.

BS

COMMODITIES

 18)Prices of chilli are seen bullish for the next two-three-months on the back of delayed and deficient monsoon in Andhra Pradesh, the country’s largest producer, said traders and analysts. “Chilli prices on National Commodity and Derivatives Exchange (NCDEX) are likely to touch Rs 7,000-7,500 a quintal in next two-three months due to expectation of fall in output this year,” said Chowda Reddy, senior research analyst at Karvy Comtrade.

 BS

19)A SHARP upside in the prices of agri-commodities following production concerns due to low rainfall has boosted volumes on com- modity exchanges. The total value of trade in agri-commodities during the fortnight ended July 31, increased by 24% to Rs 54,019 crore compared with the corresponding fortnight in the previous year, according to data released by commodity markets regulator Forward Markets Commision.

 ET

20)Multi Commodity Exchange(MCX) has imposed an additional five per cent margin on jute futures to check volatility in prices. As a risk management measure, the exchange has decided to levy additional margin on members having open position(both buy and sell side) in all the contracts of raw jute, a MCX statement said. The margin will be effective from August 13, it said.

BS

21)Gold prices today rose by Rs 50 to Rs 15,050 per 10 gm in the bullion market on fresh buying by stockists and jewellery makers to meet the current season festival demand.

BS

REAL ESTATE

22)After testing the project viability of affordable homes in the range of Rs 10-30 lakh in Noida last month, Unitech – the second largest developer of the country – will line up over 4.5 million sq ft (MSF) of residential space on the eve of Independence Day in the same category. Unitech will invest nearly Rs 600 crore in developing these projects and has formed a subsidiary under the brand name Uni Homes for the same. It is set to launch nearly 5,000 affordable housing units in seven cities – Noida, Greater Noida, Chennai, Kolkata, Bhopal, Mohali and Rewari.

BS

INFORMATION TECHNOLOGY

23)Kickstarting its asset sale exercise in India, financially battered American International Group(AIG) has sold its AIG Systems Solutions Pvt Ltd(AIGSS) to MphasiS Ltd on Wedesday. Though the companies have not disclosed the deal value, industry sources estimate it to be between Rs 200 crore and Rs 250 crore. The acquisition, analysts feel, could swell MphasiS annual revenues by Rs 100 crore to Rs 125 crore.

FE

24)Etisalat DB Telecom India, in which the UAE-based Etisalat holds a 45 per cent stake, is close to signing a Rs 1,500 crore out- sourcing deal with IT major Wipro Technologies. If the deal goes through, this would be the second largest deal for Wipro in the telecom space.

BS

25)IT is a second coming for IT firm Mastek in the Asian region. The Mumbai-based firm, which burnt its fingers during the Asian crisis in the last decade, is now tapping the region again. The firm has launched an insurance product specifically targeted at the Asian market called Elixir Asia, and also intends grow its Asian business from 5% of revenues to 20% of revenues in the next five years. The Asian business was a significant contributor to Mastek’s revenues in the late nineties.

ET

INTERNATIONAL

26)Oil reversed early losses on Wednesday to edge back towards $70 a barrel, after initially falling to the lowest price in August so far on concerns about the strength of demand ahead of weekly US inventory data.

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 (12 SEPTEMBER 2008)

GENERAL

1)With the Nuclear Suppliers Group (NSG) approving the exemption for India, the government said it had started dialogue with overseas companies for setting up nuclear power plants. “In view of the public in- terest in developments relating to our civil nuclear initiative, I can inform you that following the NSG statement, which enables civil nu- clear cooperation by NSG members with India, the government is taking steps to realise commercial cooperation with foreign partners in the field,” External Affairs Ministry spokesman Navtej Sarna said in a statement.

Hindu
 
ECONOMY

2)INFLATION continued it’s downward movement and slipped to 12.1% for the week ended August 30 from 12.34% in the week before that. This is the third successive week inflation has declined. But it still remains way above the 3.2% level a year ago and more than double the 5.5% target set by RBI. With crude prices continuing to drop and effects of the monetary tightening measure setting in, economists are expecting inflation to stabilise around these levels before starting the southward journey.

ET

CORPORATE / INDUSTRY

3)The public sector oil company Hindustan Petroleum Corporation Ltd has marked its entry into the ethanol business by tying up with Shree Renuka Sugars Ltd to set up an integrated sugar mill in Maharashtra. The two companies on Thursday informed the stock ex- changes that they have signed an agreement to promote a joint venture company for the sugar mill with associated facilities for producing ethanol.

BL

4)Indian Hotels Company Ltd(IHCL), that runs Taj Hotels, Resorts and Palaces, launched its third brand, The Gateway Hotel(upscale brand), on Thursday in addition to the already existing brands including Taj(luxury) and Ginger (economy). The group will be soon launching a fourth brand as well.

FE

5)Avesthagen, a knowledge-based life sciences company, is betting big on the bio-similar segment. The company has 11 bio-similars in the pipeline and plans to launch the first product by 2009. The Bangalore-based company expects this segment to contribute about 50% of its revenues by 2014. It is also in talks with various companies in Europe for possible partnerships to market these products.

ET

6)GMR Energy – a subsidiary of GMR Infrastructure Ltd – hopes to invest up to Rs 10,000 crore over the next five-seven years to set up 2,000-3,000 MWe nuclear power capacity in the country. “We are looking for partners for setting up nuclear plants. We are in talks with equipment and fuel suppliers in France, US and Korea. In next 6-12 months time our plans will be firmed up,” Mr Avinash R Shah, Executive Vice-President of GMR Energy, told reporters on the sidelines of an industry conference on Thursday.

BL

MONEY & BANKING
 
7)The rupee continued its downward against the dollar on Thursday, tracking global currencies which weakened against the dollar. Dollar-buying by foreign banks to gain arbitrage in the non deliverable forward(NDF) market also weakened the rupee, said dealers. The rupee opened lower at 45.30/32 and fell to a two-year low of 45.57. It strengthened slightly to 45.41/42, as public sector bank sold dollars. The rupee finally ended trade at 45.56/57, against the previous close of 45.10/11.

BL

8)The Reserve Bank of India(RBI) on Thursday in its approach paper on the website has suggested that no charges to be levied for inward RTGS/NEFT/ECS transactions. The central bank has asked for public comments on the issue of charges to be levied by banks for outstation cheque collection and electronic payment products.

FE

INSURANCE

9)HIDDEN charges in unit linked insurance plans will soon be history. The charge structure under Ulips is set to become more transparent with the regulator pushing the industry into a uniform nomenclature on charges. The Life Insurance Council – an industry association has taken up the issue of introducing a standard nomenclature for all charges across life insurance firms.

ET

10)Aviva Life Insurance Company India said on Thursday its founders have infused fresh capital to the extent of Rs 344 crore to boost its future growth plans. With this infusion, the firm’s total capital base has gone up to Rs 1,348 crore, it said in a statement.

BS

MARKETS

11)BEARS tightened their stranglehold on Thursday, with benchmark indices extending their losses for the third successive session. There could be some breather for the bulls on Friday, as inflation continued to show signs of easing. Still, bulls will be fighting with their backs to the wall, given the sustained weakness in the rupee and the nervous mood in world markets. The 30-share Sensex shed 338.32 points to close at 14,324.29, down 2.3%. With this, the index has shed around 600 points in the last three sessions. The broader 50-share Nifty ended below the psychological 4300 mark, down 109.95 points to close at 4,290.30.

ET

12)THE insurance industry emerged as the largest investor in the stock market during 2007-08, surpassing FIIs, riding on the huge popularity of unit-linked insurance products(ULIPs), according to the Life Insurance Council, an apex organisation of all life insurance companies in India. The council in a briefing to the media on Thursday said, the net investment by life insurance companies in equity markets during 2007-08 was Rs 55,000 crore, against an investment of Rs 53,400 crore by FIIs.

ET

13)Too much of paperwork in terms of agreements with clients to avail the direct market access facility (DMA) may well slow down the pace of algorithm trading in India, say institutional investors. Algorithm or program trading, is the backbone of DMA that will help players capitalise on the available arbitrage or hedging opportunities. FIIs who were given the green light by Sebi in April this year to avail DMA facility, are finding the going slow, due to the time taken to get their end clients to sign up on additional agreements. Apart from this, FIIs also need additional approval from the exchange for the algorithm they will use for trading.

ET

IPO

14)The public issue of 20 Microns that closed on Thursday was subscribed 4.29 times, according to NSE. The issue received bids for 1.87-crore shares as against 43.51-lakh shares-on offer in the price band of Rs 50-55. The retail category has been subscribed more than 10 times with bids received for 1.53-crore shares.

ET

RIGHTS ISSUE

15)SEBI has proposed that in a rights share issue, the registrar will credit the rights entitlement (RE) in the given ratio into the demat accounts of eligible shareholders. Following this, the rights issue would open for subscription and renunciation/trading of RE electroni- cally through the stock-exchange platform. This proposal is part of a paper on the proposed procedure for rights issue for electronic trading of rights entitlement, issued by the regulator on Thursday. Rights entitlement would be given a separate ISIN for it to trade on the exchange.

ET

COMMODITIES

16)Turmeric arrivals in Nizamabad spot market dropped by 16.8 percent to 50,317 tonnes in first eight months of 2008 compared to the same period a year ago, an official said on Thursday. Nizamabad is the main spot market for the commodity in the southern state of Andhra Pradesh, India’s biggest producer.

BS

17)Gold prices touched nearly eight months low by falling Rs 295 per 10 gm in New Delhi on Thursday on panic selling sparked by reports of the precious metal tumbling in the overseas markets. In the Delhi bullion market, gold fell by Rs 295 to trade at Rs 11,350 per 10 gm in evening trading, a level last seen on January 21. Silver followed the same sentiments and fell to record a loss of Rs 550 at Rs 18,000 per kg.

FE

18)Pepper futures market continued its downward trend on Thursday also on bearish activities and on reports of prices easing in other origins – Vietnam and Brazil. September contract dropped by Rs 133 a quintal to Rs 12,526. October and November fell by Rs 139 and Rs 155 a quintal to Rs 12,775 and Rs 13,001 respectively on NCDEX. All the three contracts fell to below the spot price of Rs 13,400 a quintal for MG 1.

BL

REAL ESTATE

19)THERE’S good news for people of Indian origin(PIO). The government plans to allow PIOs to buy property in India without the mandatory RBI approval and without the hassles of producing a valid visa. The current Foreign Exchange Management Act(Fema) guidelines are being amended to remove a ‘gender bias’ whereby non-residents whose mothers or grandmothers were Indian citizens will be allowed to buy real estate in the country. The existing rules permit only those PIOs, whose fa- thers or grandfathers were Indian citizens, to buy property in India. The proposal, mooted by the ministry of overseas Indian affairs, seeks to make buying of real estate by overseas Indians hassle-free and comes as a breather for real estate firms, which can now expect more buyers from abroad at a time when domestic demand is ebbing.

ET

20)DHFL Venture Capital, the asset management arm of Dewan Housing Finance Corporation (DHFL), is raising $250 million for its second international realty fund. The fund will close in two tranches, with the first tranche of $100 million expected to close in two months. However, the company has not set any time-frame for raising the entire corpus of the fund.

BS

COMMUNICATIONS

21)Bharti Airtel on Thursday launched an ‘innovation fund’ for telecommunication start-ups in the country, which is a first of its kind from any telecom company not only in the country but even globally. The initial corpus of the fund is Rs 200 crore and the fund isn’t a separate structure fund, meaning it’s not a venture capital fund.

FE

INFORMATION TECHNOLOGY

22)The sharp decline in oil prices and the easing inflationary pressures have raised hopes of the Indian IT industry to look for better prospects in the second-half of the current fiscal. “The price of crude oil has come down and it would have a tremendous impact in creating new growth impulse,” said Mr. T V Mohandas Pai, head of education and research and member of the board, Infosys Technologies Ltd.

BL

23)INFOSYS Technologies on Thursday said that it would aggressively pursue large IT outsourcing deals in India, especially from the government sector, as the company tries to derisk its “global deli- very model,” which relies heavily on overseas markets. The multi- year deals would typically be worth between Rs 500 crore and Rs 1,500 crore each and involve strategic outsourcing HR Binod, Senior VP and head of Infosys’ India Business Unit said.

ET

INTERNATIONAL

24)Brent crude oil declined below $100 a barrel even as hurricane Ike headed across the Gulf of Mexico for the refineries along the Texas coast. Brent crude for October settlement declined $1.17, or 1.2 per cent, to $97.80 a barrel on London’s ICE Futures Europe exchange. Prices touched $97.58 on Thursday, the lowest since March 5.

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