Business Line - 30th September

BY:-
GROUP NUMBER 4
SECTION F
ANKITA RATHORE
APOORVA SHARMA
ANOOP SINGH

1) Mahindra Satyam loss totals Rs8,300cr for FY09,FY10
• Mr. Vineet Nayyar-New Chairman.
• Reported that the company could narrow losses to Rs124.6cr in fiscal 2009-2010 in a way to mark its recovery.
• The new management has put the total impact of Mr. B Ramalinga Raju’s fraud on the company’s profit and loss account at Rs.6763 cr.
• According to the forensic studies,there is an entry of Rs.5,352.80 cr on the revenue front and Rs.899 cr on interest income.
• Mr. Nayyar said that the company was in the process of recovery and now its a debt free company with cash balance of Rs. 2,170 cr.
• The company announced that it would come out with a merger plan after it became current post the announcement of results for first and second quarters of 2010-2011.

2) Punj Lloyd arm partners French nuke engg firm• Mr. Atul Punj,Chairman Punj Lloyd and Mr. Jerome Stubler,Chairman Nuvia Group,a part of French construction and concession company Vinci SA.
• Punj Lloyd group firm PL engg Ltd and the Indian unit of French nuclear engg firm,Nuvia, signed an agreement on Wednesday to form a venture for nuclear engg and support services.
• Proposed venture to have an equal share of both the companies having an equity structure of 50:50.
• Merger to take place to capitalize on an expected surge in demand for nuclear energy related services in India.
• Process to be completed in 120 days.


3) Obama visit to deepen India-US trade ties
• Dr Rahul Khullar,the Commerce Secretary of India and Mr. Francisco Sanchez, the US Under Secretary of Commerce for International Trade.
• US president Mr. Barack Obama to visit India later this year to talk about bilateral trade between India and US.
• According to Mr. Francisco Sanchez speaking at AMCHAM India (American Chamber of Commerce India) meeting the US president to highlight the importance that Washington attaches to its bilateral commercial and trade ties with India.
• AMCHAM India, a forum for US and Indian companies to develop common interest and present their views to the two governments.

4) SBI will decide soon on hiking deposit rates.• SBI to increase its deposit rates after RBI’s verdict that banks have seen a deceleration of deposit growth because of negative real rates which needs to move in the direction of encouraging bank deposits as depositors have various other options now.
• According to Mr. O.P. Bhatt, the SBI chairman the bank will extend the 8% rates on home loans by December which was expected to be increased by September 30th.
• SBI aiming at a credit growth of 20% in FY 2010-11.
• Special products launched for CRPF, SSB, BSF, NSG, ITBP, CISF.

5) Commercial Engineers’s IPO opens today;to raise Rs. 172 cr.• The IPO of Kanpur based Commercial Engineers and Body Builder Company (CEBBCO) going to open on Thursday.
• Company plans to raise approx. Rs. 172 cr. Through the issue for which the IPO’s price band has been fixed at Rs. 125-127 a share and the issue to be closed on October 5.
• The shares will be listed on the BSE and NSE and will result in a 25% dilution of the promoter holding in the company.
• Percentage allotment of shares : 60% to qualified institutional buyers, 30% to retail investors and 10% to HNI.