24th October - THE FINANCIAL EXPRESS

Priyanka Mittal
Rahul Balachandran
Qumar Luqman
Section - I

TOP NEWS:
1.IT hiring rises to pre-crisis levels, attrition comes down: The just-concluded earnings season of the country’s top four IT firms reveals that the recruitment levels in the $60-billion IT industry has returned to its October-December 2007 peak. Infosys Technologies, the country’s second largest IT exporter, added 7,646 employees during the July-September quarter, TCS added 10,717 employees compared to 7,522 in October-December 2007,the highest and Wipro Technologies at 2,975 during the quarter was relatively lower compared to its peers, the company surpassed net additions of 2,389 made during October-December 2007.
2. AP govt to act tough against erring MFIs: Microfinance institutions in Andhra Pradesh have come under the scanner after the state government said over 20 suicides reported in the last few weeks were a fallout of high interest rates and coercive methods of recovery followed by microfinance institutions that lend to women self-help groups (SHGs).Andhra Pradesh Chief Minister K Rosaiah directed District collectors in the state to act tough against microfinance institutions (MFIs) that fleece poor borrowers, particularly in rural areas. He claimed that MFIs charged exorbitant rates of interest and adopted illegal means to recover dues from borrowers.
3. Government for sops to few export sectors: The government will review in December performance of the country's export and consider giving support to the sectors which remain under pressure. Commerce and Industry Minister Anand Sharma expressed hope that the export target of USD 200 billion for the current fiscal would be met. During April-August this fiscal, exports posted a growth rate of 28.6 per cent to USD 85.27 billion on a year-on-year basis.
4. Sensex up by 41 %: Despite high volatility the BSE benchmark Sensex managed to end in positive terrain after two-week losing string, in view of good Q2 results from key corporates, excellent response from Coal India IPO, sustained buying by foreign funds and fall in food inflation.
5. NAC suggests food security net for 75% population :The National Advisory Council (NAC) headed by ruling Congress Party chief Sonia Gandhi suggested widening subsidies to 75 percent of the billion-plus population to Prime Minister Manmohan Singh who is struggling with stubbornly high food prices that threaten to erode the Congress' political support,

MARKETS

1. Indian ADRs shed $4.82 billion: 15 Indian entities listed as American Depository Receipts (ADRs) together lost USD 4.82 billion from their market capitalization (m-cap). Among the 15 Indian entities listed on the New York Stock Exchange and Nasdaq, only four of them -- including auto giant Tata Motors and drug-maker Dr Reddy's Laboratories – saw gains in their market capitalization.
2 SEBI TO CRACK DOWN ON OVER PRICED IPOs : Market watchdog SEBI is mulling over ways to rein in erring merchant bankers regarding overpricing of IPOs and hyping public issues through misleading advertisements and media reports outside the regulatory ambit. The regulator is actively considering bringing out soon a discussion paper on the matter, wherein it would seek public comments on draft regulations to curb the menace of overpricing and hyping public offers, sources close to the development said.
3. SHARE PLEDGING PICKS UP IN Q2: India Inc is on a pledging spree. An analysis of recent disclosures to stock exchanges for the quarter ended September 2010 reveals that promoters of 101 out of 1,620 companies had pledged more shares over the June quarter. The value of the pledged shares increased 8% during the quarter to Rs 1,57,000 crore.
4. SKS MICROFINANCE SHARES TANK 5PC: Shares of SKS Microfinance, the only listed microfinance entity in the country, took a sharp hit and plunged by 5.11 per cent to touch a month's low of Rs 1,050 on the BSE in the noon trade.

COMPANIES
1. NSC aims Rs 600 cr revenue in 2010-11: Buoyed by increase in seed production, state-run National Seeds Corporation aims to achieve a turnover of Rs 600 crore in 2010-11, over 27 per cent higher than that in the previous fiscal. Roongta said that seed production is also expected to rise by 20 per cent to 18 lakh quintals in 2010-11 fiscal against 15 lakh quintals in the last fiscal.
2. Top 6 companies add rs 34.546 crores in m cap: The combined market capitalization (m-cap) of six of the top-10 companies went up by Rs 34,546 crore in the past week, with the maximum gain being registered by software giant Tata Consultancy Services. India's largest software exporter Tata Consultancy Services (TCS), enlarged its m-cap to Rs 2,03,56,837 crore and emerged as the best performer in the list of the top-10 companies as per their market valuations.
3. Reddy’s net up by 32%: Pharma major Dr Reddy's Laboratories has reported a net profit of Rs 290 crore for the second quarter ended September 30, up by 32 per cent over the same period last year.
4. PIRAMAL HEALTH CARE TO BUY BACK SHARES: Piramal Healthcare, which in May sold its domestic formulations business to US-based Abbott Laboratories for Rs 17,000 crore, said on Friday it will reward its shareholders through a share buyback. The company would buy back up to 4.18 crore shares of face value Rs 2 each (representing 20% of the total number of shares), from its shareholders through the tender offer route

ECONOMY
1. India’s IMF notches up 3 ranks: India will improve its rank by three notches to the 8th position in IMF, as the group of 20 nations (G-20) decided to increase the quota of emerging markets in the multi-lateral lending agency by over six per cent.
2.FDI investments plunge by 60%: Foreign direct investment in August dipped by about 60 per cent to USD 1.33 bn, the lowest in this fiscal, industry department data released today showed as compared to during the first five months of 2010-11, the inflows declined by 35 per cent to USD 8.88 billion compared to USD 13.76 billion in the same period last year.
3. Govt for SOPS to few export houses: The government will review in December performance of the country's export and consider giving support to the sectors which remain under pressure,

WORLD NEWS
1. CHINA concerned over parts of WTO ruling: China expresses concern over some views and rulings made by the (WTO) expert panel. China brought the case to the WTO in 2008, challenging the United States for placing punitive duties on goods from China including pipes, tubes and tyres.
2. UK Court backs heiress, upholds pre- nup: Britain's Supreme Court on Wednesday ruled in favour of a German heiress, seeking to protect her considerable fortune from her ex-husband — a decision that gives new strength to pre-nuptial agreements in England. The ruling marks a potential turning point in the legal battle over pre-nuptial agreements in England, where courts have generally refused to recognize them as valid, binding agreements.
SPORTS
1. Congress govt gave Emaar- Mgf rs 760 cr
In the run-up to the Commonwealth Games, the Centre had cleared a bailout package of Rs 760 crore to real estate major Emaar-MGF for completion of the Games Village project. The construction of Games Village was going on at a snail's pace and the builder was facing a financial crunch due to various reasons. So, a bailout package was necessary to complete the project in time