Financial express Summary - 14th October

Submitted By
Group 8
Imdad Ullah
Harish Joshi
Himanshu Mishra
PSB's to get Rs 8800 crore in 2nd dose of Tier 1 cap
the government will provide the second installment of equity infusion of about Rs 8,800 crore in public sector banks (PSBs)
The next tranche of capital infusion in the banks will be to raise government’s holding in public sector banks to a certain level
As much as Rs 8,789 crore would be part of the second tranche. The banks would be able to utilise this capital to increase their lending power to productive sectors of the economy
CIL plans to Rs 6K-cr foreign buys
Coal India expects a 25%growth in profit this fiscal year
Its chairman Partha Bhattacharyya said they plan to spendaroundRs6,000crore for the overseas buy and are in process of evaluating a couple of proposals for buying stakes in overseas coal companies
Coal India is planning to raise between Rs 13,909 crore andRs15,154crore,in what will be India’s largest initial public offering (IPO).
Sensex posts best gain in 5months on FII inflows
Sensex closed 485 pts higher; FII investments cross $22 bn this year
Due to the continuous inflow of foreign fund Sensex posted its best single-day gain in five months and close 2.4% higher on Wednesday
Indian market is now about 200 points away from breaching its all-time closing high of 20,873 and about 500 points away from its all time high of 21,205
The benchmark has risen 18.5% so far in 2010, propelled by FII inflows.
Sacked Manpreet Badal says he quit on his own as Punjab FM
A day after he was suspended from the Shiromani Akali Dal, Manpreet Badal was on Wednesday removed as the Punjab finance minister.
He was suspended for the acts of indiscipline and opposing the publicly endorsed pro-people policies of the party and the government
A statement issued by the chief minister’s officer here announced that Manpreet was being dropped from thePunjab Cabinet following his suspension from the party’s primary membership
Green energy in focus with $2.3-trn investment plan
India will spend $2.3 trillion to boost its energy sector by 2030
Some of it will be towards energy consumption, but a lot of it will go towards improving energy efficiency and improving the composition of energy
India aims to add about 100 giga watts (gw)of power generation capacity by early 2017, much of it from coal, despite conceding it would miss by 79% an earlier five-year target of adding 78.7 gw by March 2012.
Standard Chartered plans £3.3-bn rights issue
Standard Chartered plans to raise about £3.3billion($5.2billion)in a rights offer
Investors will be offered one new share at 1,280 pence for every eight they already own
Standard Chartered fell 0.8% to 1,894 percent 9:43am in London trading.The stock has gained 20% this year, beating the benchmark FTSE 100 Index’s 5.9%gain.
Standard Chartered's move to boost its balance sheet with a $5.3-billion rights issue adds pressure on other banks, who may have to accept tighter terms in a more crowded market, to follow suit
FX reserves’ surge puts pressure on yuan
China’s forex reserves touch $2.65 trn after record $194-bn rise in July-Sep
Trade surplus dips to 5-mth low at $16.9 bn
Against a background of rising pique in the United States, China has let the yuan climb more quickly in recent weeks, making for total appreciation of 2.4% against the dollar since it was unshackled from a nearly two-year period.