20th October - BUSINESS STANDARD

NISHTHA SRIVASTAVA
PANKHURI KRISHNA
PALLAVI GOGOI
(SECTION G)

RATES:- DOLLOR Rs 44.35
YEN(100 yen) Rs 54.48
EURO Rs 61.59
GOLD(10 gm ) Rs 19735
DIVERSTMENT MAY NET Rs 59 CRORE
· Government is set to beat its target of Rs 40000 crore from divesting stake in public sector companies
· Stake has increased in this quarter from 2000 crore to 22000 crore in which 15000 is alone contributed by coal India (public sector).
· Government is planning to generate 59000 crore at the end of this financial year with the help of sale and ONGC.

CHINA RATE HIKE TO HIT MARKET , RUPEE.
· Indian stock market is under pressure after china announced a rate hike.
· Chinese central bank announced that it would raise the one year yuan landing rate 5.56 from 5.31%.
VASUDEVA TO HEAD ONGC
· PUBLIC ENTERPRISE SELECTION BOARD(PESP) selected Vasudeva as a managing director of ONGC in the place of R.S. Sharma who retire on January 31st 2011.
· He was selected on the basis as he has deployed innovative approach and new technology to the ageing.
AGIES TO BE LARGEST INDIAN EMPLOYER IN US
· A Mumbai headquarter BPO is set to become Indian employer in US.
· out of the 5000 Costarica have 500 hundred and rest are in US.
INDINBULLES FREEZES RETAIL EXPENSION PLANS
· the LN mittal backed Indiabulls groups has put its retail planes on the backburner focusing instead of its core business of financial services and real state.
· The 3$ billion Indiabull groups has stock broking non banking, non banking real state, real state and retail ventures.
· It has planes to open stores in Mumbai and delhi among other places.


ECONOMY

· September direct tax mop-up clients 26.12%
· Stands at 81647Rs crores fastest monthly growth this year.
· The growth came on account of the second installment paid by the government tax payer and first installment of advance income tax paid by non-corporate tax payer.

MONEY AND MARKET
SENSEX DORPS 0.9%
· Sensex fell 0.9 % on Tuesday in choppy trade as a 3.5 billion dollar IPO by coal INDIA.
· Coal India’s IPO the country’s largest ever drew strong investor interest was covered on the second day.
· Leading outsourcer TCS dropped 1.2% and 3.1% respectively while Wipro shed 0.8%.
FINANCE
· HDFC bank net profit up 33%
· HDFC bank reported a net profit of 912.1 crore for the quarter ended September, a 32.7% increase from 687.46 crores an year ago.
· Noninterest income decline 9% decline on year on year basis to Rs 96070 crore from 1053.54 crore.
VISA GETS RBI PERMISSION FOR FUND REMITTANCE
· The RBI permission makes VISA the only electronic card payment technology company in india to support over 40 banks including ICICI, cenera bank including HDFC bank, enabling their card holders the facility of receiving remittance on their VISA debits and prepaid cards.

COMODITIES
SPONGE IRON PRICES LIKELY TO RISE 10% IN NOVEMBER
· Increase is due to demand for long steel from infrastructure company.
· At present premium sponge iron costs Rs 18000 a tone.
· It rose sharply by Rs 1000 to 1200 a tone in the first week.


BRIEF NEWS:-
· New 2 G guidelines are expects to be submitting to the department of telecom.
· 75 thousand tourists came during common wealth games.
· Cannon eye $ 1 billion turn over in India.
· Opto circuits to buy US firm.