20th October - THE ECONOMIC TIMES

MONIKA AGARWAL
MUSKAN DHINGRA
NEEHAR MEHTA
Group - 13 (Section -E)

CORPORATE NEWS

RAVI UPPAL JOINS L&T BOARD
LARSEN AND TOURBO has appointed ravi uppal the head of its power arm director on the board of the parent engineering company.

Investor Jhunjhunwala reaps big with A2Z maintenance
Billionare investor Rakesh jhunjhunwala is set to make killing through his investment in engineering and construction service firms A2Z maintenance which will be going public shortly.The company plan come out with initial public offer of around Rs 1000 crores.

Bird group to invest Rs 2200 in India
Travel and hospitality company bird group on Monday said invest Rs 2200 on developing six luxury hotels

Indian oil hit street in jan Rs 19000 crore offer
IOC will start shortlisting mechant bankers next week for its public issue about Rs 19000 crore largest ever equity offer in the country.

Vodafone leads Rs 300 crore a year CUG deal
Cellular service provider Vodafone –Essar deal is leading the race of prestigious bid to connect 3.75 lakh Gujarat employees in the country largest closer user group(CUG) network.

R-Power among 4 more in list of KG gas recipients
Four power projects including Reliance power 2400 mw samalkot project in Andhra Pradesh and Torrent Power project in Gujarat figure list prepared by power ministry.

BANKING AND FINANCE

SBI First bond sale botched up on regulatory order
The SBI first bond issue were botched up as some investors eager to buy them due to attractive yields.

HDFC beats street with 22% jump in quarter 2 profit

HDFC the largest home loan provider 22% rise in net profit for the 2 quarter of this fiscal .The rise in profit is on account of increase in spread.

Morgan Stanley reduces its overbought rating in Asia

Global investment house Morgan Stanley is reducing major overweight position
on Asia and emerging market equities.Morgan Stanley had upgraded its rating in may this year MSCI EM index – a barometer comprising stocks from different emerging markets- has risen 31.8%.

Kalanithi maran buy 2.28% more in Spice jet
Sun TV founder Kalanithi Maran and his unlisted aviation firm, Kal Airways Pvt Ltd , have raised stake in low-cost carrier spice jet after acquiring an additional 9.22 million shares, or 2.28 percent, the airline said in a filing to the BSE on Tuesday.
In June, Maran and Kal Airways had agreed to buy 37.7 percent in the carrier from US investor Wilbur Ross and Royal Holdings Services, held by the Kansagra family, for 7.39 billion rupees at 47.25 rupees a share.



ECONOMY AND FINANCE

FEAR OF IPO BUBBLE GROWS AS HOT MONEY CONTINUES TO FLOOD ASIA
Prasarn Trairatvorakul struggled for balance as the ferry taking him across a Bangkok river pitched in choppy waters. “It’s a bit like the world economy these days,” the Bank of Thailand governor deadpanned as he plopped down on a ferry deck chair. “Very hard to control.” Prasarn would certainly know. Thailand may offer the best example of a curious phenomenon: how the Federal Reserve’s ultralow interest rates are benefiting Asia more than America. Excess central-bank liquidity explains the disconnect. Asia is getting loads of it, US assets are getting little.

GOVERNMENT WON”T SET PRICE OF NATURAL GAS
Clearing air on marketing freedom on natural gas, the government(Oil secretary S Sundareshan) on Monday said companies will continue to have the right to discover the market price of the fuel and government will no way dictate rates.

Emami ok Rs 5000 CRORE fund raising

The board of Emami group has approved a plan to raise up to Rs 5000 crore through debt and equity dilution throwingthrowing open speculations kolkata based company may still consider for paras pharmaceuticals despite higher valuation.

POLITICAL THEATRE

BIHARI ROOTS NO LONGER EMBRASS NRB

One of the talking points in public meetings addressed by bihar chief minister Nitish kumar during assembly poll campaign trail has been restoration of self pride and respect among people of his state during his tenure.

SPLIT VERDICT ON DISQUALIFICATION\

BJP efforts to dispel the impression that its government in Karnataka was living on daily wages suffered setback when 2 judges bench of the high court failed to produce a verdict on the status of 11 disqualified MLA. The issue will now be assessed by a third judge.

SENSEX: 19983.13

NIFTY:6011.11