Submitted By-
Deeksha ray
Dheeraj kumar
Sec-E
• At 99.5, Sachin Tendulkar's 2010 average matches Don'
• HC holds key to survival of BJP govt in Karnataka
• Jagan Mohan Reddy pays Rs 84cr as advance tax
• Tata Motors plans small car to take on AltO
• Sweat equity fight may end Kochi IPL dreams
• Prestige to raise Rs 216 cr from anchor investors.
• Microsoft launches nine Windows 7 phones
• India wins first Games track & field gold since 1958
• 3 share Nobel in economics for job market analysiS
SENSEX NIFTY
20167.52-172.37 6068.60-67.25
INR-USD GOLD (Rs/10g.)
44.40-0.64 19680.0011.00
Sport News
DELHI 2010 XIX COMMONWEALTH GAMES
NATION GOLD SILVER BRONZE TOTAL
AUS 64 40 39 143
IND 30 23 28 81
ENG 27 49 35 111
Australia off to a brisk start
Australian openers Shane Watson and Simon Katich gave a brisk start to their second innings on the fourth day of the second and final Test against India.
Sachin Tendulkar hits sixth double ton
Batting genius Sachin Tendulkar completed his sixth Test double hundred, adding to the mountain of runs he has accumulated in his over two-decade career.
Heena, Anu win 31st gold for India
Heena Sidhu and Anu Raj Singh won the 31st gold for India in the 19th Commonwealth Games by winning the 10 m air pistol pairs women's event.
India wins 1st athletics gold since Singh
India equalled its highest CWG gold tally when Krishna Poonia led a podium sweep in women's discus as it ended a 52-yr-old wait for gold in athletics.
Sachin's 2010 average matches Don's
Sachin posted his sixth century in a calendar year, the most by any Indian ever. And it took his aggregate for the year so far to 1194 runs at an average of 99.5.
Bussiness News
Sensex plunges 225 points on IIP data
The Sensex dropped by about 225 points in the morning trade today on funds selling, influenced by poor industrial production figures and weak Asian cues.
BlackBerry stand-off may resume in Jan`
The future of the service remains precarious till its manufacturer Research In Motion is able to offer the home ministry a permanent solution.
Rupee slips by 10 paise against dollar`
The Indian rupee depreciated by 10 paise to Rs 44.52 a dollar in the early trade today, weighed down by dollar's gain over.
Nifty holds 6050; capital goods, metals down
ET BureauBenchmark continued to reel under selling pressure as sentiments turned bearish after lower than expected IIP for August was announced.
Coal India IPO likely to offer retail discount: Sources
Coal India is likely to offer a 5 per cent discount on the final IPO price to retail investors and employees of the world's largest coal miner.
Sparsh founders may offer Rs 80/share for delisting
Founders of Sparsh BPO Services Ltd may offer to buy back shares from the public at 80 rupees each as part of its plan to delist its share
WORLD NEWS
Goal is to nurture many more for London 2012: Lakshmi Mittal
With players from the Mittal Champions Trust bagging 12 medals including five Gold in the Commonwealth Games so far, billionaire India-born businessman Lakshmi Mittal said the goal is to "prepare" and "nurture" many more such sportspersons for London Olympics.
Three scholars get Eco Nobel
Americans Peter Diamond and Dale Mortensen and Christopher Pissarides, a British and Cypriot citizen, won the 2010 Nobel economics prize on Monday for developing theories that help explain how economic policies can affect unemployment.
Mukherjee hopeful of UN seat
Union Finance Minister Pranab Mukherjee today expressed hope that India will be given a permanent place in the UN Security Council whenever the much-debated and awaited reforms of the international body and its expansion take place.
Pak against terror: Musharraf
The former Pakistan president in an interview to the ABC news said that the Pakistan Army wants to defeat al Qaida and the Taliban.
Karnataka drama shifts to Delhi, CM to meet President
After the controversial trust vote in Karnataka Assembly, the action is set to shift to the national capital with B S Yeddyurappa scheduled to meet the President with his supporting MLAs in a bid to prove his majority.
At Rs 84 crore, Jagan Mohan sets pace with advance tax payment
Though the persistent belligerence of Congress MP Jagan Mohan Reddy has often embarrassed the Congress high command since his father and former Andhra Pradesh chief minister Y S R Reddy's death last year, not much is known about his personal wealth. It is a significant jump, considering Jagan Mohan had paid a paltry Rs 2.92 lakh tax for the financial year 2008-09, and Rs 6.72 crore for 2009-10. His growth in the half-yearly tax outgo has been more than 1,100% as compared to what he had paid for the same period in 2009. Individuals pay advance income tax twice a year.
Top IT firms to hire 90,000 this year
According to software industry lobby Nasscom, India's top IT firms, including Tata Consultancy Services, Infosys and Wipro , are set to hire nearly 90,000 this year, compared with only around 20,000 last year. For the first time since the global economic crisis forced IT companies to freeze hiring and shed jobs in December 2008, employment in the sector is now looking up.
2008, even a 15% attrition rate was conservative in an industry where some firms struggled to keep it below 20-30%. However, with lar GE customers like JPMorgan, Citibank and GE sending more projects to India and with firms such as IBM and Accenture under pressure to hire more in low-cost locations like India, the war for retaining and hiring talent is back.
"Some of them are also expecting attrition, and hence a preventive measure. All major companies like TCS, Infosys, and Cognizant have exceeded their expected earnings levels," he added. He expects the renewed hiring momentum to continue for another year.
MphasiS, which declared a manpower base of 38,275 in its last quarterly results when it added 1,156 employees, says there are currently more than 2,000 vacant positions within the company.
Microsoft unveils 9 Windows 7 phones
Microsoft Corp unveiled a new line of phones running its Windows software, as it attempts to pull back marketshare from Apple Inc's iPhone and Google Inc's Android system in the fast-growing market for multi-featured "smartphones."
The new phones, initially available on AT&T Inc's network in the United States, are much closer in look and feel to Apple's iPhone, with colorful touchscreens and "tiles" for easy access to email, the Web, music and other applications.
"I've been looking forward to this day for some time," said Microsoft Chief Executive Steve Ballmer, showing off nine phone models at a launch event in New York.
The first phone from AT&T, priced at $200, will be available on November 8, said Ralph de la Vega, CEO of AT&T Mobility and Consumer Markets. .
Gartner expects almost 270 million smartphones to be sold around the world this year, up 56 per cent from last year. In comparison, Gartner expects only a 19 per cent increase in worldwide PC sales to 368 million units this year.
Tuesday, October 12, 2010
Financial Express Summary - 12th October
Submitted by: Group No.6
Section I
Danish Raj Manuja
Deepak Sah
Chandra Prakash
NO PRIORITY SECTOR RELIEF LIKELY
RBI could nudge big foreign banks on to subsidiary route
RBI may ask foreign banks which have attained a particular size, to convert into fully owned subsidiaries rather than operating as branches. However it may not be mandatory for the banks to comply with it.
It is unlikely that it will provide any relief to them in priority sector requirements.
The RBI seeks to implement these guidelines to exercise greater control over the banks; their global and domestic operations.
Kochi IPL franchise grapples with stake holding tug-of-war
Due to irregularities in the shareholding pattern the leading teams of Rajasthan Royals and Kings XI Punjab have been ousted from Indian Premier League.
To resolve the fight between the promoters on the issue of shareholding the Kochi team needs to convert sweat equity into direct equity and register itself under the Companies Act.
The time line decided by the BCCI for implementation for the above mentioned measures is 10 days.
Trio shares Nobel for Economics
Peter Diamond, Peter Diamond, Dale Mortensen and Christopher Pissarides were honored with the 10 million Swedish kronor worth Nobel Prize.
They have been awarded this for developing a theory that helps explain why many people can remain unemployed despite a large number of job vacancies.
Key commodities cross 2008 peaks on demand, liquidity
Prices of major commodities like gold, iron ore, silver etc. recently crossed their 2008 peak levels.
The major reason sited behind this is the increase in global demand and shortage of supply, and excess availability of liquidity.
Some analysts perceive in the situation a throwback to the per-Lehman days when soaring commodities pushed up inflation across the globe and forced countries to resort to protectionist measures like tariff hikes and export controls.
AGARWAL SAYS RS 355 OFFER LUCRATIVE;ONGC DOESN’T HAVE PRE-EMPTIVE RIGHTS: GAMMELL
Vedanta not to hike Cairn open offer price
Vedanta Resource Chairman Anil Aggarwal has refused to increase the open offer price to minority stake holders of Cairn India claiming that the current offer of Rs. 355 is very lucrative.
Vedanta will buy up to 60% stake from Cairn Energy Plc in Cairn India, and Vedanta subsidiary Sesa Goa filed papers for an open offer for an additional 20% stake. Cairn Energy holds a 62.36% stake in its Indian unit.
Bill Gammell, chief executive officer, Cairn Energy Plc said Oil and Natural Gas Corporation (ONGC) has pre-emptive rights on the asset sale and not on the corporate transaction. ONGC is a 30% partner in Cairn India’s Rajasthan oilfields and has been paying the royalty for it.
The Vedanta group is offering Cairn India’s parent Cairn Energy Rs 405 a share, which includes Rs. 50 as a fee for not competing with it in India, Sri Lanka and Bhutan for the next three years.
Tata Tele to launch 3G services by Diwali
Tata Teleservices (TTSL) will become first private sector telcom company to launch 3G services in india.
Tata Tele's 3G services would be in partnership with Japan's NTT DoCoMo which has 26% stake in the company.
Fiat mulls separate distribution network
Fiat is considering separating its distribution network from Tata Motors.
Fiat will setup its own pan-India distribution network gradually and simultaneously maintain its existing shared dealerships with Tata Motors.
Fiat is unhappy with its sales figures in the past three years of its joint venture with TATA , which have merely reached to the half of its sales targets.
IT cos to hire non-techies for managing infrastructure
IT companies into Remote Infrastructure Management services (RIM) have started employing non-technical professionals.
Companies in the sector remotely monitor and manage an enterprise’s IT infrastructure like desktops, laptops,notebooks,servers, network devices, storage devices , and security devices. Almost all Indian large tier IT services firms now have their feet in RIM which had export revenues of $4.3billionin FY10, a growth of 11% over the previous year.
China ups big banks’ reserve ratio
Central bank to focus on quantitative monetary tools instead of raising interest rates
China’s central bank has raised reserve requirements for six large commercial banks.
This step is taken to drag the excess liquidity from the market which was being caused by stabilizing economy and incoming foreign funds.
The ratio will increase 50 basis points and for a period of two months.
The current level is17% for the biggest banks and 15% for smaller ones.
Greece likely to get more time to repay loan:IMF
Dominique Strauss Kahn,managing director IMF said that The International Monetary Fund is prepared to give Greece more time to repay its loan to the institution if European nations, which provided the bulk of a joint 110 billion euro ($154 billion) package, decide to do so first.
Section I
Danish Raj Manuja
Deepak Sah
Chandra Prakash
NO PRIORITY SECTOR RELIEF LIKELY
RBI could nudge big foreign banks on to subsidiary route
RBI may ask foreign banks which have attained a particular size, to convert into fully owned subsidiaries rather than operating as branches. However it may not be mandatory for the banks to comply with it.
It is unlikely that it will provide any relief to them in priority sector requirements.
The RBI seeks to implement these guidelines to exercise greater control over the banks; their global and domestic operations.
Kochi IPL franchise grapples with stake holding tug-of-war
Due to irregularities in the shareholding pattern the leading teams of Rajasthan Royals and Kings XI Punjab have been ousted from Indian Premier League.
To resolve the fight between the promoters on the issue of shareholding the Kochi team needs to convert sweat equity into direct equity and register itself under the Companies Act.
The time line decided by the BCCI for implementation for the above mentioned measures is 10 days.
Trio shares Nobel for Economics
Peter Diamond, Peter Diamond, Dale Mortensen and Christopher Pissarides were honored with the 10 million Swedish kronor worth Nobel Prize.
They have been awarded this for developing a theory that helps explain why many people can remain unemployed despite a large number of job vacancies.
Key commodities cross 2008 peaks on demand, liquidity
Prices of major commodities like gold, iron ore, silver etc. recently crossed their 2008 peak levels.
The major reason sited behind this is the increase in global demand and shortage of supply, and excess availability of liquidity.
Some analysts perceive in the situation a throwback to the per-Lehman days when soaring commodities pushed up inflation across the globe and forced countries to resort to protectionist measures like tariff hikes and export controls.
AGARWAL SAYS RS 355 OFFER LUCRATIVE;ONGC DOESN’T HAVE PRE-EMPTIVE RIGHTS: GAMMELL
Vedanta not to hike Cairn open offer price
Vedanta Resource Chairman Anil Aggarwal has refused to increase the open offer price to minority stake holders of Cairn India claiming that the current offer of Rs. 355 is very lucrative.
Vedanta will buy up to 60% stake from Cairn Energy Plc in Cairn India, and Vedanta subsidiary Sesa Goa filed papers for an open offer for an additional 20% stake. Cairn Energy holds a 62.36% stake in its Indian unit.
Bill Gammell, chief executive officer, Cairn Energy Plc said Oil and Natural Gas Corporation (ONGC) has pre-emptive rights on the asset sale and not on the corporate transaction. ONGC is a 30% partner in Cairn India’s Rajasthan oilfields and has been paying the royalty for it.
The Vedanta group is offering Cairn India’s parent Cairn Energy Rs 405 a share, which includes Rs. 50 as a fee for not competing with it in India, Sri Lanka and Bhutan for the next three years.
Tata Tele to launch 3G services by Diwali
Tata Teleservices (TTSL) will become first private sector telcom company to launch 3G services in india.
Tata Tele's 3G services would be in partnership with Japan's NTT DoCoMo which has 26% stake in the company.
Fiat mulls separate distribution network
Fiat is considering separating its distribution network from Tata Motors.
Fiat will setup its own pan-India distribution network gradually and simultaneously maintain its existing shared dealerships with Tata Motors.
Fiat is unhappy with its sales figures in the past three years of its joint venture with TATA , which have merely reached to the half of its sales targets.
IT cos to hire non-techies for managing infrastructure
IT companies into Remote Infrastructure Management services (RIM) have started employing non-technical professionals.
Companies in the sector remotely monitor and manage an enterprise’s IT infrastructure like desktops, laptops,notebooks,servers, network devices, storage devices , and security devices. Almost all Indian large tier IT services firms now have their feet in RIM which had export revenues of $4.3billionin FY10, a growth of 11% over the previous year.
China ups big banks’ reserve ratio
Central bank to focus on quantitative monetary tools instead of raising interest rates
China’s central bank has raised reserve requirements for six large commercial banks.
This step is taken to drag the excess liquidity from the market which was being caused by stabilizing economy and incoming foreign funds.
The ratio will increase 50 basis points and for a period of two months.
The current level is17% for the biggest banks and 15% for smaller ones.
Greece likely to get more time to repay loan:IMF
Dominique Strauss Kahn,managing director IMF said that The International Monetary Fund is prepared to give Greece more time to repay its loan to the institution if European nations, which provided the bulk of a joint 110 billion euro ($154 billion) package, decide to do so first.
Business Standard Summary - 12th October
Submitted By
Falak Agarwal
Dhananjay Saraswat
Section : G
Group : 6
Sensex 20339.89
Nifty 6135.85
Gold 19540
(10 gm)
1. FM PROMISES ACTION ON CAPITAL INFLOWS WHEN IT IS NEEDED
• Rising capital inflows posing fresh risks to financial stability is a global concern
• India has not yet reached the alarming level
• Increasing capital inflows is identified as a “policy challenge” that could “pose significant risks to the financial stability” of Asia in meeting of World Bank and International Monetary Fund in Washington,
• India has argued for a 5-6 per cent shift in quota share from advanced economies to developing countries, and Mukherjee had reiterated this position in Washington.
2. THREE SHARE NOBEL FOR LABOUR MARKET THEORY
• Peter A Diamond, Dale Mortensen and Christopher Pissarides shared the 2010 Nobel Prize in Economic Sciences for research into the difficulties of matching supply and demand, particularly in the labour market.
3. INDIA SET TO GET SECURITY COUNCIL SEAT AT UN
• As kazakhstan is pulled out from the race for the seat on the security council as a non permanent member so India is all set to get a seat after a gap of 19 years.
• If germany wins one of the seats for the western europe group then all four members of the G4(India, Brazil, Japan and Germany) who wants to become permanent members will be on the council
4. COAL MINISTRY THRETENS TO CANCEL ALLOCATION TO NTPC AND 7 OTHERS
• The coal ministry has made a list of 93 coal blocks where development is not been satisfactory and is currently processing showcause notice to NTPC and seven others
• NTPC has recieved notice for delay in development of three blocks Chattidariatu, Kerandari and Dulanga asking them the reasons for the delay in the devlopment of block and why it should not be taken as vioilation of tearms and condition
5. TWITTER TURNS TO ADS
• Twitter has exploded to 160 million users, from three million, in the last two years — is reminiscent of Google and Facebook in their early days.
• The ad industry was closely watching Twitter to see if it continues the path.
• Another telling sign of Twitter’s newfound interest in pushing its advertising is that although fewer than 20 of the company’s 300 employees work on advertising, that is in contrast to one just three months ago.
6. DOPE SCANDAL HITS GAMES
• Nigerian women’s 100m gold medallist Osayomi Oludamola was found testing positive for a banned stimulant, prompting authorities to suspend her until the result from a second sample is known.
7. PRE-MARKET BIDS FROM OCTOBER 18
• Bids for shares before bourses open to reduce price swings.
• The National Stock Exchange and the Bombay Stock Exchange will introduce a 15-minute session during which buy and sell orders can be placed and matched for benchmark stocks before trading starts at 9.15 am starting on October 18
8. RBI’S‘INTERVENTION’ CAUTION CALMS
• The local currency closed on Monday 44.41 per dollar, compared to 44.44 per dollar on Friday
• This year, foreign institutional investors (FIIs) have so far purchased $21.4 billion of stocks, the highest in any year since such investments were permitted in 1992. FIIs have bought $10.5 billion bonds since January, compared to a total investment of almost $18 billion until now. Adding to the inflows are investments in share sales by local companies.
• Purchase of dollar to prevent the rupee from appreciating would result in adding more rupees to the banking system, thus working almost to the contrary of its policies.
9. Deposit rates may rise 50-100 bps in H2: Crisil
• The rates for short-term bulk deposits, which are more sensitive to liquidity, could see a rise of up to 100 basis points.
• The credit off-take will be substantially higher in the second half of 2010-11 since credit demand in India is by nature back-ended, in the event of the festive and agricultural harvest seasons during this period
• RBI has raised the repo and reverse repo rates by 100 and 150 basis points, respectively, primarily in response to inflationary pressures in the economy. Now the repo rate, or the rate at which RBI lends money to banks, is six per cent while the reverse repo rate, rate at which RBI accepts funds, is five per cent.
Falak Agarwal
Dhananjay Saraswat
Section : G
Group : 6
Sensex 20339.89
Nifty 6135.85
Gold 19540
(10 gm)
1. FM PROMISES ACTION ON CAPITAL INFLOWS WHEN IT IS NEEDED
• Rising capital inflows posing fresh risks to financial stability is a global concern
• India has not yet reached the alarming level
• Increasing capital inflows is identified as a “policy challenge” that could “pose significant risks to the financial stability” of Asia in meeting of World Bank and International Monetary Fund in Washington,
• India has argued for a 5-6 per cent shift in quota share from advanced economies to developing countries, and Mukherjee had reiterated this position in Washington.
2. THREE SHARE NOBEL FOR LABOUR MARKET THEORY
• Peter A Diamond, Dale Mortensen and Christopher Pissarides shared the 2010 Nobel Prize in Economic Sciences for research into the difficulties of matching supply and demand, particularly in the labour market.
3. INDIA SET TO GET SECURITY COUNCIL SEAT AT UN
• As kazakhstan is pulled out from the race for the seat on the security council as a non permanent member so India is all set to get a seat after a gap of 19 years.
• If germany wins one of the seats for the western europe group then all four members of the G4(India, Brazil, Japan and Germany) who wants to become permanent members will be on the council
4. COAL MINISTRY THRETENS TO CANCEL ALLOCATION TO NTPC AND 7 OTHERS
• The coal ministry has made a list of 93 coal blocks where development is not been satisfactory and is currently processing showcause notice to NTPC and seven others
• NTPC has recieved notice for delay in development of three blocks Chattidariatu, Kerandari and Dulanga asking them the reasons for the delay in the devlopment of block and why it should not be taken as vioilation of tearms and condition
5. TWITTER TURNS TO ADS
• Twitter has exploded to 160 million users, from three million, in the last two years — is reminiscent of Google and Facebook in their early days.
• The ad industry was closely watching Twitter to see if it continues the path.
• Another telling sign of Twitter’s newfound interest in pushing its advertising is that although fewer than 20 of the company’s 300 employees work on advertising, that is in contrast to one just three months ago.
6. DOPE SCANDAL HITS GAMES
• Nigerian women’s 100m gold medallist Osayomi Oludamola was found testing positive for a banned stimulant, prompting authorities to suspend her until the result from a second sample is known.
7. PRE-MARKET BIDS FROM OCTOBER 18
• Bids for shares before bourses open to reduce price swings.
• The National Stock Exchange and the Bombay Stock Exchange will introduce a 15-minute session during which buy and sell orders can be placed and matched for benchmark stocks before trading starts at 9.15 am starting on October 18
8. RBI’S‘INTERVENTION’ CAUTION CALMS
• The local currency closed on Monday 44.41 per dollar, compared to 44.44 per dollar on Friday
• This year, foreign institutional investors (FIIs) have so far purchased $21.4 billion of stocks, the highest in any year since such investments were permitted in 1992. FIIs have bought $10.5 billion bonds since January, compared to a total investment of almost $18 billion until now. Adding to the inflows are investments in share sales by local companies.
• Purchase of dollar to prevent the rupee from appreciating would result in adding more rupees to the banking system, thus working almost to the contrary of its policies.
9. Deposit rates may rise 50-100 bps in H2: Crisil
• The rates for short-term bulk deposits, which are more sensitive to liquidity, could see a rise of up to 100 basis points.
• The credit off-take will be substantially higher in the second half of 2010-11 since credit demand in India is by nature back-ended, in the event of the festive and agricultural harvest seasons during this period
• RBI has raised the repo and reverse repo rates by 100 and 150 basis points, respectively, primarily in response to inflationary pressures in the economy. Now the repo rate, or the rate at which RBI lends money to banks, is six per cent while the reverse repo rate, rate at which RBI accepts funds, is five per cent.
Business Line Summary- 12th October
Submitted by:
Ashish Bhola,
Section: F
6 Lakh investors exits Mutual funds Accounts.
• The total number of folios in the industry fell from 4.77 crore to 4.71 crore in September, a depletion of 1.2% according to the data.
• TOTAL COUNT: The mutual funds accounts saw a continuous decrease in last three to four months. July: 1.6 Lakh, August: 49,723, September: 5.8 Lakh. This is due to the stock market levels have consolidated at a high range to 2007 levels.
• TOP FUND HOUSES: Out of the five fund houses Birla Sun Life, ICICI Prudential, UTI and Reliance Capital assets management, HDFC is the only AMC has seen an increase of 40,999 in the month of September.
Microsoft unveils Windows Phone 7.
• Microsoft unveil new line of phones running its windows software on Monday, as it attempts to pull back market share from Apple and Google Android system
• Microsoft Cooperation unveils 9 new phones with the Windows Operating System.
• The windows phone software features a new design, the ability to take and post photos faster and connections to Facebook and Microsoft’s Xbox Live Game Service.
3 win Economics Nobel for ‘search theory’.
• Prof. Peter A. Diamond of the Massachusetts institute of Technology, Prof. Dale T. Mortensen of North Western University and Professor Christopher A. Pissarides of London School of Economics have been awarded the Nobel Prize in economics for 2010 for their work on “Search Theory”.
• Search Theory deals with the insight on optimal choices for labour markets is if employment benefits are too generous, people will delay accepting job offers.
Cairn India open offer price is final
• Cairn India minority shareholders hoping for a revision in the open offer price by Vedanta Group.
• Mr. Anil Agrawal, Chairman, today reiterated that there would be no change in the “lucrative price “that he had offered.
• As a part of acquisition Vedanta Group Company Sesa Goa had in august filed with the securities and exchange Board of India for making an open offer for 20% shares of Cairn India.
• Mr. Agarwal said that Vedanta has nothing to do with issue of royalty, since the company had already spelled out the same in the agreement between Cairn India and ONGC.
Tata Motors drives into crossover segment with Aria
• Tata Motors launched the Aria four-wheel crossover on Monday.
• It’s a seven-seater which combines the features of sedan and sports utility vehicle, has three variants.
• Tata Motors took 5 years the vehicle to develop the vehicle which comes with a global positioning system, climate control and darkness and rain sensing lights.
• Mr. Carl-Peter Forster, MD and CEO, said the new vehicle offers “a lot of soft SUV character”. Aria is designed according to European standards
Tata-DoCoMo to launch 3G services in Diwali
• Tata DoCoMo, the GSM unit of TATA teleservices will launch its Third Generation (3G) mobile services across nine circles starting this Diwali.
• With this customers will have access to high speed internet access and rich multimedia content and applications.
• Circles: The operators has spectrum in Delhi, Mumbai, Gujarat, TamilNadu, Haryana, Kolkata, West Bengal and U,P. Initially 3G will be available only in the top cities.
• Services: 3G mobile services is expected to bring a host of new applications and services like mobile TV, location based services, mobile health and mobile education on handsets.
Shriram Capital to offer home loans to lower income segment
• Shriram capital is looking to enter the home finance business by the next fiscal. This is natural extension for NBFC, which is currently present in commercial vehicles two wheelers, personal and gold loans.
• The company will target the lower income segment for home loans, and the ticket size could vary between Rs. 5lakh and Rs. 15lakh depending on the location.
• Shriram City Union, reported a net profit of Rs.49 crore in the June ended quarter.
• Total assets under management of the NBFC were Rs.5655 crore. It has 650 business outlets.
Crude oil falls towards $ 82
• Crude oil fell, snapping a 3-week rally that took prices to the highest levels since May.
• Oil dropped as the $ rebounded from an 8 month low against the Euro and if 15 year low versus the yen.
Ashish Bhola,
Section: F
6 Lakh investors exits Mutual funds Accounts.
• The total number of folios in the industry fell from 4.77 crore to 4.71 crore in September, a depletion of 1.2% according to the data.
• TOTAL COUNT: The mutual funds accounts saw a continuous decrease in last three to four months. July: 1.6 Lakh, August: 49,723, September: 5.8 Lakh. This is due to the stock market levels have consolidated at a high range to 2007 levels.
• TOP FUND HOUSES: Out of the five fund houses Birla Sun Life, ICICI Prudential, UTI and Reliance Capital assets management, HDFC is the only AMC has seen an increase of 40,999 in the month of September.
Microsoft unveils Windows Phone 7.
• Microsoft unveil new line of phones running its windows software on Monday, as it attempts to pull back market share from Apple and Google Android system
• Microsoft Cooperation unveils 9 new phones with the Windows Operating System.
• The windows phone software features a new design, the ability to take and post photos faster and connections to Facebook and Microsoft’s Xbox Live Game Service.
3 win Economics Nobel for ‘search theory’.
• Prof. Peter A. Diamond of the Massachusetts institute of Technology, Prof. Dale T. Mortensen of North Western University and Professor Christopher A. Pissarides of London School of Economics have been awarded the Nobel Prize in economics for 2010 for their work on “Search Theory”.
• Search Theory deals with the insight on optimal choices for labour markets is if employment benefits are too generous, people will delay accepting job offers.
Cairn India open offer price is final
• Cairn India minority shareholders hoping for a revision in the open offer price by Vedanta Group.
• Mr. Anil Agrawal, Chairman, today reiterated that there would be no change in the “lucrative price “that he had offered.
• As a part of acquisition Vedanta Group Company Sesa Goa had in august filed with the securities and exchange Board of India for making an open offer for 20% shares of Cairn India.
• Mr. Agarwal said that Vedanta has nothing to do with issue of royalty, since the company had already spelled out the same in the agreement between Cairn India and ONGC.
Tata Motors drives into crossover segment with Aria
• Tata Motors launched the Aria four-wheel crossover on Monday.
• It’s a seven-seater which combines the features of sedan and sports utility vehicle, has three variants.
• Tata Motors took 5 years the vehicle to develop the vehicle which comes with a global positioning system, climate control and darkness and rain sensing lights.
• Mr. Carl-Peter Forster, MD and CEO, said the new vehicle offers “a lot of soft SUV character”. Aria is designed according to European standards
Tata-DoCoMo to launch 3G services in Diwali
• Tata DoCoMo, the GSM unit of TATA teleservices will launch its Third Generation (3G) mobile services across nine circles starting this Diwali.
• With this customers will have access to high speed internet access and rich multimedia content and applications.
• Circles: The operators has spectrum in Delhi, Mumbai, Gujarat, TamilNadu, Haryana, Kolkata, West Bengal and U,P. Initially 3G will be available only in the top cities.
• Services: 3G mobile services is expected to bring a host of new applications and services like mobile TV, location based services, mobile health and mobile education on handsets.
Shriram Capital to offer home loans to lower income segment
• Shriram capital is looking to enter the home finance business by the next fiscal. This is natural extension for NBFC, which is currently present in commercial vehicles two wheelers, personal and gold loans.
• The company will target the lower income segment for home loans, and the ticket size could vary between Rs. 5lakh and Rs. 15lakh depending on the location.
• Shriram City Union, reported a net profit of Rs.49 crore in the June ended quarter.
• Total assets under management of the NBFC were Rs.5655 crore. It has 650 business outlets.
Crude oil falls towards $ 82
• Crude oil fell, snapping a 3-week rally that took prices to the highest levels since May.
• Oil dropped as the $ rebounded from an 8 month low against the Euro and if 15 year low versus the yen.
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