19th October - BUSINESS STANDARD

Nidhi Mishra
Namrata Medhi
Neeraj Kumar Singh
Section - G

DEUTSCHE POSTBANK ARM FOR SALE
1) The Indian piece, known as deutsche postbank home finance ltd (DPHF) has been identified as a non – crore assets is therefore being sold
2) Tata, L&T finance, India bulls & religare have evinced interest in the asset
3) At 0.77% the company clame to have reported one of the lowest gross non performing asset in the industry last fiscal
4) DPHF’s net worth is estimated at rs 500 crore
COAL INDIA’S IPO SUBSCRIBED 34%
1) The much awaited initial public offer (IPO) of coal india limited open for subscription today and was subscribed 34 % on the first day
2) The portion reserved for institutional investors has been subscribed 63% with bids received
For 178.06 million shares , of which FIIs accounted for 155.54 million shares in domestic institutions , excluding mutual funds put in bids for 22.45 million shares .
3) Mean while , the retail segment has been subscribed 10%,while that reserved for high net worth individuals has been subscribed 18%

L&T NET PROFIT RISES BY 32% AT RS 765 CRORE
1) Engineering major Larsen and turbo today posted a 32% growth in net profit at 765 crore for the second quarter compare to Rs 580 crore in the corresponding quarter last year. Its net sales grew 18% to Rs 9260 crore from Rs 7866 in the same quarter last year. The company operating margins for the quarter stood at 10.8% as compared to 10.6 %
2) After excluding the reversal of provision made for Satyam, that accounts to Rs. 71 Crore, the net profit of the company grew by 22 % on a year –on –year basis.
3) L&T which has filed a draft red herring prospectus for its financial services business with the regulator, said it plans to go an IPO before the end of its calendar year
DTH FIRMS SMARTLY PROJECT LOW PRICE
1) Dish TV launched its Diwali offer STB at Rs 990 (Rs. 200 for installation) and recharge voucher worth Rs 990 free.
2) The company introduced 4 new packages on Monday ,with a movie –on –demand pack ,a recharge voucher priced at Rs 360 each, an a-la-carte voucher at Rs. 225 and an upgrade voucher Rs 45
3) Subscribers are forced to pay for content that they don’t watch or often do not understand.
BJP DEMANDS JOINT PARLIAMENTARY PROBE INTO CWG MESS
1) BJP has demanded a joint parliamentary committee to look into the alleged corruption charges in organizing the event
2) Party president Mr. Nitin gadkari had asked senior leaders for a plan on how the corruption issue could be raised in the parliament.
3) The BJP would not accept any action by the government because all the three agencies –the delhi government ,organizing committee and union government – where equally guilty of corruption
BP TO NET $1.8 BILLION FROM ASSET SALES
1) BP PLC agreed to sell assets in Venezuela & Vietnam to Russian oil venture TNK-BP for $1.8 billion as it raises money to help pay for the gulf of Mexico oil spill.
2) Bp, which own the TNK venture 50-50 with a group of Russian billionaires, will book the cash in full, London, based spokesman Mark Salt said.
3) BP has sold this year two more than $11 billion. It sold $7 billion of fields in the U.S, Canada & Egypt to Apache Corp.

CITI $ 2.2 BILLIONS Q3 PROFIT FUELS SECTOR CONFIDENCE

1) Citigroup Inc. reported its third straight quarterly profit, beating forecast & boosting optimism that the banking sector is on track to recover even amid a tepid economic expansion
2) The gain in Citigroup shares helped fuel a broader rally in bank shares & lift U.S stock indexes.
3) Citigroup the third largest U.S bank by assets, also said it is looking at the home loans it bundled into bonds & sold to investors to make sure the paper work is in order.
HDFC NET UP 22%

1) Housing development finance corporation(HDFC), India’s biggest non-bank mortgage lender, has posted a net profit of Rs. 807.54 Crore in the quarter ended September, a 22% rise over Rs. 663.94 Crore in the corresponding period last year
2) The annual growth in the loan book, inclusive of loan sold, was 24%.
3) Net interest margin-the difference between the yield on loans & the cost of fund-was about 4.3% against 4% in the previous quarter.
4) For the second quarter, HDFC’s total assets stood at Rs. 126356 Crore, against Rs. 104545 Crore last year, thus registering 21% growth.

OBAMA VISIT TO HERALD A NEW RELATIONSHIP: SUMMERS

1) Just before U.S president Barack Obama’s maiden state visit to India, his top economic advisor, Lawrence H Summers, today said that the visit would be the “longest” & a different kind of a trip.
2) The Indian-U.S relationship would be more significant than befor in the coming century
3) The dates of Obama’s trip have not been announced yet, he is expected to be in India from November 5-9. Making his longest overseas stay in a country as a president of U.S.A.
4) Accompanied by the first lady, Michelle Obama, this would be her first visit to India.