The Mint - 1st October

Submitted By:-
Antara Dutta
Anurag Chauhan
Anurag Maskara

Top Stories:-

Ayodhya verdict: a win-win-win solution
The verdict given by the Lucknow bench of the Allahabad high court came out as a win win situation for both the parties. The court ruled that the land will be divided between the Hindus & the Muslims. Hindus will be getting two-third of the land & the rest to the Muslims. The court ruled that the two communities will be free to build a religious structure on their respective portions of land for worship.

Sebi bars 197 FIIs, 342 sub-accounts from market
Securities and Exchange Board of India (Sebi) on Thursday declared 197 foreign institutional investors (FIIs) and 342 sub-accounts as non-compliant entities.

Few which are banned from taking the fresh positions in the market are ABN AMRO Bank, Standard Chartered and Bank of New York. Sebi had asked all FIIs, structured as MCV, to have at least 20 individual investors, if they are maintaining a segregated portfolio for each class of shares, by 30 September.

Mahindra enters motorcycle market with two models
Mahindra & Mahindra entered into the motorcycle market by unveiling two models—the 106cc Stallio and the 300cc Mojo.

TCS seals $50 mn deal with Australian energy supplier AGL
Tata Consultancy Services has signed a deal of $ 50 million deal with Australia-based energy supplier AGL. TCS had inked a $16 million outsourcing contract with the electricity provider in 2007 to work on multiple SAP projects and other programs that involved advanced metering, gas trading and pricing engines.

Food price inflation surges to 16.4%
The food price index in the week ended 18 September rise 16.44%, compared with 15.46% in the previous week, on higher prices of pulses, onions and vegetables.

UID Programme will take a few years to show greater impact
UID is a way of creating & retaining Identity. The first UID was issued in Maharashtra on Wednesday; the Govt. intends to issue UID numbers to 600 million people by 2014, but its impact will take a few years to show.

Glenmark Pharma cans listing plans for generics subsidiary
Glenmark Pharmaceuticals Ltd’s plans for listing its wholly owned subsidiary, Glenmark Generics Ltd (GGL), have been put on hold indefinitely. The listing was a crucial part of the company’s plan to lower debt on its balance sheet.
That seems to imply that the company was not getting the desired valuation for GGL. The company was created as a 100% subsidiary, by spinning off the generics business of Glenmark, leaving it with the speciality pharmaceuticals and research facilities.

Maruti posts highest ever monthly sales in September
India’s largest carmaker, Maruti Suzuki India, recordes monthly sales of more than 100,000 vehicles for September, driven by strong consumer demand and cheap finance deals.
Sales jumped 29.65% to 108,006 vehicles in September from 83,306 units in the same month a year earlier.

Pay more for bank loans from today
Companies and individual consumers will have to pay more for bank loans after the Indian central bank raised its policy rates. At least five banks—Punjab National Bank (PNB), IDBI Bank Ltd, Axis Bank Ltd, Kotak Mahindra Bank Ltd and Standard Chartered Bank—had raised their minimum lending rate, or base rate.
The new rates will take effect from 1 October. Banks are also raising their deposit rates. PNB and IDBI Bank raised their base rate by 50 basis points (bps) each while Kotak Mahindra, Axis Bank and Standard Chartered raised their rate by 25 bps.
The Reserve Bank of India on 16 September raised the rate at which it lends to banks by 0.25% to 6% and the rate at which it borrows from them by 0.50% to 5% to tame inflation.

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