THE FINANCIAL EXPRESS - 1st October

Submitted by:
Vivek Kropha
Vikas Yadav
Vipin Arora
Sec I

Ayodhya idol site Rams Birthplace –HC
Lucknow bench of Allahabad High court said that the spot where the makeshift temple exists is the birthplace of Lord Ram and belongs to Hindus.
High Court ruled that the disputed site be divided into three parts to be given to parties representing Ramlalla virajman, Nirmohi Akhara and Sunni Waqf Board.
One of the parties Sunni waqf board said that three way division of the land was not acceptable and would appeal to the Supreme court against the verdict.

Vedanta’s Wait for Cairn could get longer
Cairn Energy Plc’s proposed Majority stake sale to Vedanta resources may get delayed to get the government approval.
The Petroleum ministry is looking into every detail of $9.6 Billion Deal that involves the country’s largest on land oil field.
ONGC has participatory interest in the oil fields reached Solicitor general whose opinion is awaited by the Ministry.
Cairn hopes the deal will be final by the year end but government may take longer.

Kingfisher to float $250 m GDRs
Kingfisher Airlines will finalise its debt restructuring plan in a month and also plans to raise $250 m via global depository receipts GDRs.
The company is planning to clear off its debt including two year moratorium within a period of nine years through its restructuring plan.
The restructuring plan is being done through SBI capital market.
About 30% of the total debt will be converted into capital under the restructuring plan.

Mercedes Benz set to make its Chakan plant hub for buses
Mercedes Benz India said that it plans to make the Chakan plant a hub for buses not only in the Indian market but also in the Export market.
It is also expanding its portfolio from Luxury buses to city buses just to meet demands and hopes to enter the mid priced bus segment in near future.
Mercedes will be launching its city buses in India in the second half of 2011.


Sensex closes above 20,000
Soaring FII’s lifted the BSE higher for the seventh quarter in a row, its longest winning run in last 20 years.
The sensex gained 13.4% in the month and notched a 11.7 % gain in the September.
BSE sensex climbed 0,57% or 112.78 points to 20,069.12.

Banks hike Base rate, loans likely to become more expensive
Commercials Banks including Punjab national bank, IDBI bank, Allahabad bank and Axis bank hiked their Base rates on Thursday as a wake of increase in repo rates and borrowing costs by the RBI in order to tackle the rising inflation as a result of this loans are set to be expensive.
PNB, IDBI Bank, Allahabad Bank hike base rate to 8.5 %.
Axis Bank hiked its base rate 25 bps to 7.75%.
Standard chartered bank raises base rate to 7.5%.
Kotak Mahindra bank increases base rate to 7.5% from 7.25%.
SBI and Union Bank to wait till the end of the year to review their Base rates.

VW Brands compete against each other as ford and GM Shrink
Volkswagen’s goals to surpass Toyota in worldwide sales and profitability by increasing the number of models and building cars under the shared underbodies are creating competition among its own brands.
It is encouraging customers to opt for cheaper Skoda and Seat Models rather than expensive VWs brands.
VWs strategy has contributed to the losses of US carmakers GM and Ford who are now taking the opposite route by shredding their Product lines and divesting.

SEBI meets custodians of securities to list FIIs skipped broad-based norms
The securities and exchange board of India (SEBI) on Thursday met custodians to compile the list of FIIs and their sub-accounts which have not complied with the regulators broad-based criteria regulating to their investors.
The Regulator said that those entities that do not broaden their investor base would not be permitted to take fresh positions in the Indian market from Oct 1.

Mukesh retains No.1 billionaire slot, Anil slips to 6th.
According to Forbes India magazine the ranks of India’s billionaires grew by a third in 2010.
Mukesh Ambani, Relaince Industries Chief, remained the richest Indian according to Forbes list with a fortune of $27 billion.
London based Steel tycoon Lakshmi Mittal stayed at the no. 2 slot.
Anil Ambani saw the biggest reduction in wealth among Indians worth $10 billion dropping to 6th slot from no. 3 last year