FInancial Express - 30th September

Submitted by
Areeba Wazahat
Sec-I
Group 4

NEWS:
1).SATYAM MERGER TO START IN MID-NOV . LOSS AT Rs 125 CRORE.
- The Board of directors has announced that merger process will begin in mid-Nov.
- Due to the extent of fraud many exceptional items have been included like fraud restatement expenses,lawyer payments amounting to Rs 417 crore in FY 10.
- Loan balance of the company as of Mar 31,2010 was Rs 42 crore
- Margins have improved to 8.33% from 3.42%.
- Net worth improved to Rs 1800 Crore from negative net worth of rs 8080 crore at the time of merger.
- It has added 44 new clients including GE, CISCO, GLAXOSMITHKLINE.
2).UID BRINGS IDENTITY ,HOPE FOR MAHAVILLAGE
- World's first identification project which uses biometric data had begun by PM being awarding the first identifaction number to Sudashiv Sonawane of Tembhli village.
- It could help the poor to avail the benefits of govt. welfare programes ,open a bank account.
3).CORE SECTOR GROWTH SLOWS ; DOWN TO 3.7% IN AUGUST.

CORPOPRATES & MARKETS:-

1).US ELECTRONIC GIANT TYCO'S ENERGY BUSINESS GOT INTEGRATED WITH
RAYCHEM RPG INDIA.
- India would be exposed to global market more in Power sector.
- Co. wants to double its profit and turnover in three years
- Mkt share is over 40% in America,mexico and Brazil making it a significant player.
2).SENSEX CLOSES 148 PTS DPWN.
3).KOUTONS SCRIP FALLS ON FUND WOES.
- The shares of Koutons Retail India tumbled by nearly 20% on BSE because of Co.s tight financial situation.
- ICRA has suspended Koutons rating because of default in loan repayment
4).ETISALAT BIDS TO BUY 46% IN ZAIN
- Emirates TelecommunicationsCorp has offered to buy 46% of Kuwait's Zain.
- It had offered 1.7 dinars per share for the stake
ECONOMY:-

1).TALKS ARE ON WITH SBI FOR $11 bn INFRA FUND : MONTEK
- This effort is a part of country's plan to propel economic growth to a sustained avg. annual rate of 10%.
- SBI has been approached by govt. for a $11 bn fund to raise finances, to build roads, ports and powerplants

2).MoEF HEARING ON VEDANTA'S ORISSA ALUMINA PLANT TODAY

3).FOREIGN INVESTORS WARY OF INFRASTRUCTURE RISK.
- Infrastructure is key to realising India's potential but hesistant overseas invst have slowed dev. In the sector.
- New Delhi is keen to increase foreign invst in projects as it targets a doubling in infrastructure spnding to $ 1 trillion in the 5 yrs starting 2012.
- Lack of attractive opportunity and early stage often deter foreign investors.
- FDI fell by 25%.

MONEY AND BANKING:-

1).RUPEE RISES TO FOUR_MONTH HIGH ON RECORD FII INFLOWS
- Currency is at 44.95 compared with 45.16 close of tuesday.
- It is because of overseas investors who pumped record funds into local shares this year to benefit from the nation's relatively fast economic growth.
- Currency gained 4.9%in Sep.
2).APRIL-JUNE BoP
- Economists poll forecasts current account gap of $12.4 bn.
- Current account deficit in Apr-Jun would have expanded sharply because of larger trade deficit and slower portfolio investment.
- In Jan-Mar, it was $13 bn.
- Apr-Jun trade deficit was $32.3 bn
3).RBI – INDUSTRY MEETING O TAKE UP BANKING LICENSE NORMS ON OCT 7
4).JP MORGAN EYES TRIPLING PVT, BANK ASETS IN ASIA.
- This unit manages money for wealthy clients and employs 400 people in Asia,intends to increase its no. of client advisor in the region by 40%.
- It aims to generate about half of its non-US business from Asia.