21st October - BUSINESS LINE

Nimish Gupta
Nishant Kumar Singh
Pallabi Ghosh
Group - 15 (Section - F)

US DOLLAR: 44.39
Gold Rate(10gms in Rs): 19948
NIFTY:6019.50
SENSEX:19983.08
Top News

Foreign Investors Make Coal India Issue A big Hit

The COAL INDIA intial public offerings has fetched a tremendous response by subscribing 11.8 times as close at the end of Wednesday,where Foreign Investors Institution(FII) applied for shares more than 1.1lakh crore.Between FII have bid for 493 crore shares under the qualified istitutional total bit of 748 which is the biggest hit.

Rupee Stable Despite Huge FII Inflow

Despite heavy FII inflow of over Rs 1 lakh crore in the last few days,rupees has been flat to stable aganist the dollor as dollor has strenghtened in the overseas market.Open Wednesday,rupee ended at 44.34 to a dollar on Friday where it touched at its high of 43.97 to a dollar.This led Reserve Bank Of Indiato buy dollars.

State Bank Raises Base Rate 10 bps at 7.60%

SBI has raised its Base Rate by 10 Basis Points(bps) to 7.60 percent.BY upping its base rate only marginally at a time where other banls like Punjab Bank, Private sector banks like ICIC Bank and AXIS Bank,.raised its rate by 50 basis point or 25 bps,SBI clearly showed that they want to attract more borrowers from other bank into its fold,as say by the analyists.

L&T To Tie Up Rs 12000 Crore For Hyderbad Metro

Being the lowest bidder,L&T won he Hyderbad Metro project in July admist stiff competition from Reliance Infrastructure, Lanco Infratec & Essar.Larsen &Turbo(L&T) plans to achieve financial closure for Rs 12132 crore for Hyderbad Metro Rail Project by March next.

BHEL bags Rs 34-cr solar power contract from Lakshadweep :-
Bharat Heavy Electricals Ltd (BHEL) said on Wednesday it has bagged contracts worth Rs 35 crore to set up grid-interactive solar power plants of 1,100 kW capacity at eight locations in the union territory of Lakshadweep. “Valued at around Rs 35 crore, the order for setting up the solar photovoltaic power plants at eight islands of Lakshadweep, including the capital Kavaratti, has been placed on the company by Lakshadweep Administration,
Thai realtor Pruksa plans to invest Rs 1,000 cr:-
Thai real estate developer Pruksa Global plans to invest Rs 1,000 crore in projects in India and launched its first residential project in the country at Bangalore on Wednesday. The company has incorporated a wholly-owned subsidiary in India, Pruksa India Housing, which announced a 26-acre villa and row house project in Bangalore.“Continuing our growth in Thailand, we want to invest in opportunities in other countries too. And India will be our first country outside Thailand
Revised cost of Tehri hydro project approved :-
The Government has approved the revised cost estimate of the 1,000 MW first stage of the Tehri hydro electric-project in Uttarakhand, implemented by THDC India Ltd. (THDC), at Rs 8,392.45 crore.“The revised cost of Rs 8,392.45 crore includes interest during construction (IDC),” the Home Minister, Mr P. Chidambaram, told reporters here after a meeting of the Cabinet Committee on Economic Affairs, which cleared the proposal on Wednesday
Tata Metaliks yet to firm up coke oven plant investments:-
Tata Metaliks Ltd is yet to firm up the size of investments for the two coke oven plants (capacity 1.2 lakh tonnes each) it proposes to set up at Redi in Maharashtra and Kharagpur in West Bengal.Last week, the company's board approved the proposal for setting up the coke oven plants, along with a proposal for a sinter plant in Kharagpur. The sinter plant of 40 sq.m, it is estimated, will cost Rs 70 crore - Rs 80 crore and will be ready for operation in 18- 24 months, according to company sources.Inquiries reveal that the investment plans for coke ovens will depend on two factors — the technology and the type of venture
India-Japan Trade Pact May Not Be Inked During PM’s Visit
The much awaited comprehensive economic patnership agreement (CEPA) between india and japan is unlikely to be signed during the visit of the prime minister, Dr Manmohan singh, to tokya on 24 oct for a bilateral summit. There will bw a joint declaration during the prime minister’s visit reflecting the negotiations. The CEPA is to boost the bilateral trade in goods and services as well as investments between India and japan.
Kotak Mahindra Bank Net Rises 55%
Kotak Mahindra Bank report a raise of 55% which increased the net profit to Rs 195 crore in the quater ended September 30,2010,as against Rs 126 Crore in the corresponding year due to healthy growth in the net interest income and lower provisioning,
Common Wealth Games Proves A Damp Squib For Hotel Industry
Though india celebrates the sucessful hosting of common wealth games, the hotel industry likes to forget those disastrous 12 days. According to the president of Hotel and Restaurant Association of Northern India(HRANI) the occupency was far below it was expected. It was just 20% in 1,2,3 star hotels nad 50% in well eastablished hotels.Post CWG the hotel industry fears that Gurgaon and Delhi may be over sarturated.
Infosys launches Finacle mobile banking solution:-
Infosys Technologies has launched Finacle mobile banking 2.0 solution that enables retail and corporate consumers to access banking services through mobile SMS, GPRS, 3G and USSD-enabled handsets. The solution supports multi-host, multilingual, multi-channel, multi-currency banking to facilitate interactive financial management encompassing product selection, proximity payments, remote deposit capture, new account opening, ATM/branch locating based on GPS and value added services.The device-agnostic solution supports over 8,000 mobile handsets including basic handsets and smart devices like iPhone, BlackBerry smartphones and iPad.