22nd October - BUSINESS STANDARD

Poonam Nautiyal
Pramveer Singh
Priya Pathak
Section - G

COMPANIES.
IRDA SUSPENDS UNIVERSAL POLICES
The insurance Regulatory and Development Authority has suspended sale of universal life Polices. In the draft issued variable insurance product known as Life Insurance Product. Under this policy expenses capped at 25% in first yr and 5% in 2nd year .Agent commission may fall below 5%.
single premium products banned. No top up premium, riders allowed.
RETAIL INVESTORS JOIN THE COAL INDIA PARTY
The last day of issue saw the scramble among the retail investors to participate in the IPO.
Retail portion subscribed 2.32 times till 10am on Thursday .
Issue got subscribed 19.28 times collecting record over 240000 cr.
LIC put in highest bid of 13500cr,CityGroup 9500 cr and SBI subscribed 7500cr.
ADAG also bids per share worth 2000cr.
TATA DOCOMO TO LAUNCH THROUGH DEDICATED STORES
The GSM arm of Tata teleservices ,will setup 4000 exclusive stores for distribution and marketing of
3G product and service to be launch this diwali.
In India about 10% mobile subscribers have 3G enabled handsets. It is expected that half will adopt 3G
technology immediately and 70 to 80% next year.
TCS TOPS EXPECTATIONS WITH 32% RISE IN NET
TCS today beat market expectation with 32.1% rise in september quarter consolidated net profit at Rs 2169cr, driven by growth across regions and sectors.
Revenue rose 24.9% to Rs 9286cr compare to the year ago quarter .The country's largest IT company also crossed the $2 billion mark in revenue.
RECKITT JOINS PARAS RACE FOR A BIGGER PLAY
Reckitt Benckiser has joined the troop of global consumer and farmer companies to bid for Ahmedabad base Paras Pharma the maker of over the counter( OTC) brand like Moov , Dermicool , Livon , Krack and the Set Wet range of grooming product.
Reckitt has the combination of OTC and FMCG product which gel perfectly with Paras.
It's the OTC portfolio that Reckitt is keen to expand in India.
INFOSYS TO INVEST RS 44O CR IN CHINA CAMPUS
Infosys technogies the countries second largest IT service exporter, will invest $100 million on establishing a 20000 seater campus in Shangai.
Infosys currently have about 2850 employees in China and plan to immediately take it to around 4000 said Gopalakrishnan.
ECONOMY
FM MAY TAKE STAND AGAINST PROTECTIONISM AT G-20 MEET
India is not in favour of protectionism. It will take up the issue of protectionist economy activity recently seen in the US and economic stimulus at the G-20 meeting,a finance ministry official said.
G-20 freamwork for strong ,sustainable and balanced groeth,IMF and financial regulatory reforms are some of the areas that will be discussed during the meet.
FINANCE
INDIA TO OPPOSE CAP ON CURRENT ACCOUNT BALANCES
India woud oppose any plans by the group of G-20 to impose caps on individual countries current account balances. India is expected to grow 8.5% in current financial year. Its current account deficit nearly 3% of GDP in june and the worst in three decades is a sign of rampant demand in that vibrant economy.
Country however believes G20 is the right forum for discussion on currency and the imapct of quantitative easing policies in the developed economies.
ALLAHABAD BANK NET RISES 21%
It reported net profit of 402.57 cr. Cost of deposit stood at 5.74% . Net interest income rose by 60.6%.
NPA's from agriculture lending stood at 250 cr. NPA's increased to 0.56 %
GOLD TO HIT $ 1850 BY DECEMBER 2011
Gold prices were likely to hit $1850 an ounce by the end of next year demand from emerging economy and supply side constraints.Any aim to pick up gold in good volume would raise prices steadily to $1450 by mid-next year.Gold has surged over 34 % since oct2009.
OTHERS
Rate of wholesale food inflation declines to 15.53%
Hinduja foundries profit down 55%
Bajaj corp net profit falls to Rs 15.11 cr.
Sibal wants new IIT campuses by 2014
Govt to buy back 12000cr bonds on oct25 to ease liquidity pressure
Nokia to cut 1800 jobs after strong Q3
Mcdonalds profit rises to 10%
Dell plans marketing makeover
Goldman sachs may repay buffett's $5billion stake . It received two years ago from Berkshire hathaway Inc.