CASH-STRAPPED BANKS BORROW RECORD Rs. 1.31 L cr:
Banks borrowed the highest ever from the RBI on Friday to tide over cash crunch, which forced the central bank to resort to temporary liquidity-easing measures to calm the penic triggered by lower government spending & customer withdrawal ahead of diwali.
Faced with an unprecedented demand for funds, RBI opened a second window during the day under the liquidity adjustment facility, or LAF, through which it either absorbs excess liquidity or injects funds to each shortage. In normal times, that happens once a day.
INDIA AND CHINA CAN PROSPER TOGETHER :( SAYS BY WEN):
Prime Minister Dr. Manmohan Singh and Chinese leader wen Jiabao met on Friday regarding the byletral issues. This meeting took place against the backdrop of growing strain in ties over beijing bellicosity over the boundry issue regarding issue;its increased meddling in pakistan occupied kashmir and the row over stapled visas to jammu kashmir residents moreover they both talk about cooperate each other and work together for the development of the world without hurting each other. -
ICICI Q2 NET UP 19% on BoR BUY:
ICICI bank, the nation’s second largest lender repoted quaterly net profit rose 18.9% boosted by the acquisition of bank of rajasthan & lower provisioning for bad loans.
India & South Korea have reached an agreement on civil nuclear co-operation. It marks the entry of the first Asian Player into the Indian civil nuclear market. Our National security advisor Shivshankar Menon told reporte that the next of the agreement has been finalised. The Korean Leadership has supported India’s efforts at NSG 2008. Korean companies are keep to compete with firm such as France’s Areva. Koreans have made major investment in the sector in UAE.
Raju the founder of satyam accused in the scandal of 14000crore 2years back .few month ago he got bail from andhra pradesh high court .but supreme court cancelled his bail and other four who r involve in the scandal on 26 october 2010 of as per the order supreme court he has surrender by 10 november 2010.
TATA MAY USE SINGUR LAND FOR OTHER PROJECTS:
TATA’s small car project Nano could not roll out from singur in West Wengal has told the suprem court that the land allocated for the small car project belongs to it. This type of land the company could use other purpose. The company has spent crores of rupees for the infrastructure. The company has lost Rs 500 crore and the company has the valid lease and we are loosing money. So the land could be used for some other purpose, said Tata’s counsel.
HIGHER AUTO SALES LIFT MAHINDRA Q2 PROFIT:
India’s largest utility vehicle maker Mahindra & Mahindra, on Friday reported a 7.8% quarterly net profit, driven by higher sales in the fast growing auto market. India’s auto sector has been growing at 25-30%. The company reported net profit of Rs 758 crore for the second quarter ended September compaired with Rs 702 crore in the year ago period. Total income for the quarter was higher by 20% to Rs 434 crore. He shares of Mahindra & Mahindra 0.1% to close atRs 733.7 on the Bombay Stock Exchange. Mahindra & Mahindra also on Friday got approval from South Korea’s anti-trust regulator to bye Ssangyong Motor Co. as it seeks to expand its footprint in the overseas market. Te company has signed an agreement in August to bye the troubled Korean automaker.
HERO HONDA Q2 NET SKIDS 15%:
Hero Honda posted a 15% drop in profits in the second quarter ended September, the steepest decline in three years, because of spiralling input costs.The company whose promoter s said to be close to going their separate ways, warned that it expect rising raw material cost to continue impacting futur eprofits. The company’s share fell 2.2% to Rs 1865 at the close of trading on the Bombay Stock Exchange though the Q2 results had no impactas they were announced after trading hours.
HIGHER SALES PUSH ITC NET UP 23%:
Multi business conglomerate ITC ltd. On Friday reported a 23.5% year on year growth in net profit for second quarter ended September 30, 2010, to Rs 1246.74 crore. Net sales during the period under review reported a 16.3% YoY growth at Rs 5061.2 crore driven by robust performance of its branded packages foods, agri and cigarettes business.
WIPRO TECH, ENW IN DEAL:
Wipro Technologies, the global consulting, system integration and outsoursing of arm of wipro, Friday said it has entered into 5 year strategic partnership with electricity North West The partnership is deliver end to end searvice framework. This collaboration will achieve the critical task of separation of IT operations from electricity North West current service arranrement, Bangalore-headquartered Wipro said in a statement.
NESTLE BEATS St FORECAST:
NESTLE the world largest food copmpany beats street spectations to post a 19.6% increase in his net profitfor the 3rd quarter ended September, riding on higher sales and tight cost control. The company’s performance in the quarter despite continuous cost pressures is the result of focused execution of our aligned strategy, said by the Nestle India CMD. Nestle reported net profit of Rs 218.6 crore for the quarter ended September 30, its net sales were up25.7% year on year at Rs 1637.3 crore. The company announced its second dividend of rs 27 per equity share on Friday.
LINK SUBSIDY TO CRUDE PRICE, SAYS ONGC:
ONGC has suggested that subsidy burden should be clearly linked to crude oil rates. It has proposed that ifcruid oil prices are between $60 and $70 a barrel, the company should pay 20% of its incremental price towards fuel subsidy. The percentage should increase to 40% , if crude oil price range between $70 and $80, and 60% when the are hovering at $89-90 a barrel. It is imposible to calculate the exact cost of producing one litre of any fuel.
STOCK MARKET:
Sensex- 20032.34 (0.46% ↑)
Nifty- 6017.70 (0.50% ↑)
Nikkei- 9202.45 (1.75% ↓)
Hang Seng- 23096.32 (0.49% ↓)
Gold- (Rs 140 ↑)
Silver- (Rs 215 ↑)
SUBMITTED BY
SEC- E
GROUP NO. 24
UMESH CHANDRA JAISWAL
TARUN
TANIMA KAPOOR
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