25th October - THE MINT

Rajesh Pedhadiy
Rashmi Kumari
Rishabh Pathania
Section -H

General News
Ø National Bank for agriculture and rural development (NABARD) objects to proposal on business houses taking over regional rural banks (RRBs)
· NABARD chairman : U.C.Sarangi
· RRBs playing major role in rural finance.
· Several business housing including, LIC Housing finance ltd., Shriram transport finance co. ltd., L&T finance ltd., Bajaj finserv ltd., Birla capital and finance services ltd., Tata capital ltd., Reliance capital ltd. Have interested in setting up banks.

Ø DIPP May not press for change in FDI policy in pharma sector:
· DIPP fears the prices of critical drugs may rise due to acquisition of Indian firms by foreign pharmas.
· India allows 100% FDI in the pharma sector.



BFL: strong traction across businesses
· Bharat forge ltd. Is a firm auto business by diversification into critical areas such as oil and gas, power, aerospace and railways have resulted in 38% of the firm’s revenue coming from non auto segments.
· BFL shares trading at 380rs. Have outperformance the nifty mid cap index since April 2010. But positive into valuation for now, as its estimated 2012 earnings are discounted almost 22 times
SME TRACKER:
· MSME sector still unwelcome by banks
· Landers’ forum set up to encourage responsible microfinance
· FICCI, Scottish business chambers tie-up to focus on SMES
· Power soft global solution launches new cost-effective RFID solution for SMEs

Corporate news
Ø Air India express to get a new name, shift base to Kerala.
Air India COO shift to Thiruvananthapuram will help streamline ops; rebranding consultant to be appointed.
Air India plans to rebrand its International Low-cost subsidiary Air India Express and move the latter’s headquarters from Mumbai to Thiruvananthapuram.
· The move is part of the national flag carrier’s effort to restructure operational and marketing strategies after the airlines were accumulating heavy debts.
As per the Experts view Rebranding should be accompanied by substantive changes in the way Air India functions.

Ø Sesa Goa plans Rs. 30,000 cr. Steel venture
Vedanta group firm SESA Goa Ltd. Is planning to invest more than Rs. 30,000 Cr. in the steel sector in Orissa and Jharkhand, and may rope in an overseas firm to jointly run the ventures.
· Orissa Venture could be of RS. 25,000 Cr.
· Jharkhand Venture could cost upto Rs.7500 Cr.

Ø ADOBE Tweaks expansion of Noida Campus
· After waiting almost 4 years to secure vacant lands next to it existing campus in sec. 25-A of Noida, the Indian arm of US based software firm ADOBE SYSTEMS INC. has given up plans to expand at the site.
· The company has earmarked around $100 million for expansion in Noida and Bangalore, which together make for ADOBE SYSTEMS’ largest R&D centre outside the US.
· And Out of $100 million earmarked around $50 million will go into the new Noida Campus and rest will be used for Bangalore campus.

Ø India all set to seal N-Deal with Japan.

India is ready to seal a Civilian Nuclear Deal with Japan, and boost the trade tries between both countries.
Indian Prime Minister was confident that they will be able to conclude an agreement which will be a win-win proposition for both the countries.

Ø Fertilizer dept seeks debt waiver for closed units.
In an attempt to start the process of reviving eight closed fertilizer units, the ministry of chemicals and fertilizers will soon request the finance ministry to waive their debt.
The units owe 14,500 crore in principal and interest to the central government and some other public sector units.



THE WALL STREET JOURNAL
Ø Democratic attacks on Outsourcing alienate voters tied to India
Democratic attacks on employment outsourcing in this year’s campaigns are alienating a once-stalwart source of the parties funding, Indian-Americans, who believe India is sharing blame unfairly for the decline of U.S. manufacturing jobs. Democrats also sending millions to Indian American candidates who they feel more fairly represent their interests. There are currently no Indian-Americans in Congress.
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