Please find below the names of the Winners for this week.
Best Newspaper Summary Prize
It was difficult to decide as many group submitted very good summary. So, we are giving Best Newspaper Summary Prize to 2 groups combinedly
1) Section E : Group 3 - Ankit, Ankush Kapoor and Anup Kalita (Cash Prize of Rs 750 for group)
2) Section I : Group 4 - Areeba Wazahat, Anusuya and Arunabh (Cash Prize of Rs 750 for group)
Best Blogger Prize
1) Section I : Vasundhra Tyagi (Cash Prize of Rs 500)
Friday, October 1, 2010
Economic Times - 1st October
SUBMITTED BY:
ANKIT ANKUSH KAPOOR
ANUP KALITA
SECTION: E
THE MOST AWAITED JUDGEMENT ::: THE AYODHYA VERDICT
The Allahabad High Court has ruled that the disputed land should be divided in three ways .The land has been divided between the Hindus and the Muslims in following ways:--
• One- third for the Waqf Board
• One-third for the Lord Ram’s idol (the portion allotted is below the central dome)
• The remaining to the Nirmohi Akhara
ITS IMPACT
THE Sunni Waqf Board doesn’t agree with this decision and it will appeal against it in the apex court as 90 days time is given to appeal as a matter of right .
ITS COMMENT
This verdict may not be the last word yet ,but it has managed to calm frayed nerves and bring a sense of relief .Most political parties said there were no Winners ,no losers…..it’s not a victory for anyone….
CORPORATE NEWS
• Mukesh to open Reliance chronicles
He is known to be a man of few words,but now he put his thoughts and business philosophy into words..The book authored by him is expected to hit the shelves early next fiscal.
• Sterlite moves apex court against HC order
Sterlite industries moved the Supreme Court against the Madras High Court order that directed the company to shut down its copper smelting plant at Tuticorin for not complying with the environmental norms.
It has claimed that the high court did not give it a proper hearing and ignored its submissions.
• Hindustan Motors draws up turnaround blueprint
This company is struggling with losses which wiped out more than half its net worth and is in talks with overseas car makers to take up contract manufacturing at its Chennai plant.
• JP Morgan PE to invest 160 crore in Mumbai Realty Project
JP Morgan’s PE arm will get around 26% stake in the project and the deal is likely to fetch 24-25% internal rate of return annually.
• Kingfisher will finalise debt rejig in a month
Vijay Mallya –led Kingfisher Airlines is expected to finalise the restructuring of its Rs.6000 crore debt in a month.
BUSINESS AND IT
• STANDARD CHARTERED Private Equity Ltd. is in talks to buy 49% stake in security services provider CHECKMATE Services.
• M HA has recently gave clean chit to RIM’S(Research In Motion)Interception Solution for Messaging Service.
• BS TRANSCOMM plans to provide green power solutions for telecom tower companies with solar and wind power solutions along with its existing fuel management solutions.
-- BS TRANSCOMM is an INFRASTRUCTURE and MANAGED SERVICES provider.
• Raghu Pillai will join the Future Group as Value Head.
Also, he has quit Mukesh Ambani’s Reliance Retail as president and CEO a couple of months ago.
• MAHINDRA and MAHINDRA has entered the motorcycle segment with the launch of two models –STALLIO and MOJO
• TATAS will spread RS.1.5 crore net for its premium car ARIA
ECONOMY ,FINANCE & MARKETS
• The government has cut interest subsidy by 50 bps offered to banks for providing short –term loans to farmers at low rates This move will affect the profitability of the lenders after a recent increase in deposits rates.
• Supreme Court has ruled that the banks are free to transfer their debts including non performing assets to other lenders which High Court Gujrat and apex court had prohibited earlier.
• Food inflation for the third successive week rose to 16.44% for the week ended September 19.
• Overall,inflation in primary articles rose to 18.31% from 16.80%
• Fiscal deficit falls 17% to Rs.1.5 crore in april-august
• India gives $500 million credit to Mozambique
Mozambique President—Armando Guebuza
• The US economy grew at 1.7% annual rate in the second quarter .GDP was forcast to grow at 1.6% annual pace .
• SAIL (Steel Authority Of India)could come out with its Follow On Public Offer as early as December.The company has already shortlisted six bankers including JP Morgan and Deutsche bank for managing the first of phase FPO.
• CHINA said that “a measure passed by the US House of representatives aimed at pushing up the value of the YUAN will hurt the global economy if it becomes law”.
• India two largest banks,State bank of India and Punjab National Bank have raised deposit rates for the second time in the past two months .SBI will offer 7.75% for special 1000-Day Scheme and PNB raises rates by 25 basis points.
• Country Foreign exchange reserves have risen by $3.7 billion during April-June 2010 against an increase of $0.1 billion during the same period a year ago .
• Government holding in IDFC has come down from strategic holding of 26% to 17.90%after capital infusion recently.
• Bharti AXA Life Insurance which is a joint venture between Bharti Enterprises and AXA Asia-Pacific Holdings will infuse Rs.450 crore capital this fiscal and is open to offloading a small portion of its stake to a bank as a part of a distribution tie-up.
• Orissa govt. is set to cancel mining lease of two companies::SN Das Mahapatra Ltd. and Indrani Patnaik Mines (IPML) for indulging in massive illegal mining.
• Nifty trading range is seen at 5750-6300 this September series saw that the market breakout of the confines of a rising channel,which had formed since October last year.
• There is a pleasant surprise for defensive sector—trader and invester carry forward bullish bets in Pharma,Consumer Goods, which are going to perform better than Nifty in October.
• SENSEX : 20069.12
• NIFTY : 6029.95
• NIKKEI : 9369.35
• HANGSENG : 22358.17
ANKIT ANKUSH KAPOOR
ANUP KALITA
SECTION: E
THE MOST AWAITED JUDGEMENT ::: THE AYODHYA VERDICT
The Allahabad High Court has ruled that the disputed land should be divided in three ways .The land has been divided between the Hindus and the Muslims in following ways:--
• One- third for the Waqf Board
• One-third for the Lord Ram’s idol (the portion allotted is below the central dome)
• The remaining to the Nirmohi Akhara
ITS IMPACT
THE Sunni Waqf Board doesn’t agree with this decision and it will appeal against it in the apex court as 90 days time is given to appeal as a matter of right .
ITS COMMENT
This verdict may not be the last word yet ,but it has managed to calm frayed nerves and bring a sense of relief .Most political parties said there were no Winners ,no losers…..it’s not a victory for anyone….
CORPORATE NEWS
• Mukesh to open Reliance chronicles
He is known to be a man of few words,but now he put his thoughts and business philosophy into words..The book authored by him is expected to hit the shelves early next fiscal.
• Sterlite moves apex court against HC order
Sterlite industries moved the Supreme Court against the Madras High Court order that directed the company to shut down its copper smelting plant at Tuticorin for not complying with the environmental norms.
It has claimed that the high court did not give it a proper hearing and ignored its submissions.
• Hindustan Motors draws up turnaround blueprint
This company is struggling with losses which wiped out more than half its net worth and is in talks with overseas car makers to take up contract manufacturing at its Chennai plant.
• JP Morgan PE to invest 160 crore in Mumbai Realty Project
JP Morgan’s PE arm will get around 26% stake in the project and the deal is likely to fetch 24-25% internal rate of return annually.
• Kingfisher will finalise debt rejig in a month
Vijay Mallya –led Kingfisher Airlines is expected to finalise the restructuring of its Rs.6000 crore debt in a month.
BUSINESS AND IT
• STANDARD CHARTERED Private Equity Ltd. is in talks to buy 49% stake in security services provider CHECKMATE Services.
• M HA has recently gave clean chit to RIM’S(Research In Motion)Interception Solution for Messaging Service.
• BS TRANSCOMM plans to provide green power solutions for telecom tower companies with solar and wind power solutions along with its existing fuel management solutions.
-- BS TRANSCOMM is an INFRASTRUCTURE and MANAGED SERVICES provider.
• Raghu Pillai will join the Future Group as Value Head.
Also, he has quit Mukesh Ambani’s Reliance Retail as president and CEO a couple of months ago.
• MAHINDRA and MAHINDRA has entered the motorcycle segment with the launch of two models –STALLIO and MOJO
• TATAS will spread RS.1.5 crore net for its premium car ARIA
ECONOMY ,FINANCE & MARKETS
• The government has cut interest subsidy by 50 bps offered to banks for providing short –term loans to farmers at low rates This move will affect the profitability of the lenders after a recent increase in deposits rates.
• Supreme Court has ruled that the banks are free to transfer their debts including non performing assets to other lenders which High Court Gujrat and apex court had prohibited earlier.
• Food inflation for the third successive week rose to 16.44% for the week ended September 19.
• Overall,inflation in primary articles rose to 18.31% from 16.80%
• Fiscal deficit falls 17% to Rs.1.5 crore in april-august
• India gives $500 million credit to Mozambique
Mozambique President—Armando Guebuza
• The US economy grew at 1.7% annual rate in the second quarter .GDP was forcast to grow at 1.6% annual pace .
• SAIL (Steel Authority Of India)could come out with its Follow On Public Offer as early as December.The company has already shortlisted six bankers including JP Morgan and Deutsche bank for managing the first of phase FPO.
• CHINA said that “a measure passed by the US House of representatives aimed at pushing up the value of the YUAN will hurt the global economy if it becomes law”.
• India two largest banks,State bank of India and Punjab National Bank have raised deposit rates for the second time in the past two months .SBI will offer 7.75% for special 1000-Day Scheme and PNB raises rates by 25 basis points.
• Country Foreign exchange reserves have risen by $3.7 billion during April-June 2010 against an increase of $0.1 billion during the same period a year ago .
• Government holding in IDFC has come down from strategic holding of 26% to 17.90%after capital infusion recently.
• Bharti AXA Life Insurance which is a joint venture between Bharti Enterprises and AXA Asia-Pacific Holdings will infuse Rs.450 crore capital this fiscal and is open to offloading a small portion of its stake to a bank as a part of a distribution tie-up.
• Orissa govt. is set to cancel mining lease of two companies::SN Das Mahapatra Ltd. and Indrani Patnaik Mines (IPML) for indulging in massive illegal mining.
• Nifty trading range is seen at 5750-6300 this September series saw that the market breakout of the confines of a rising channel,which had formed since October last year.
• There is a pleasant surprise for defensive sector—trader and invester carry forward bullish bets in Pharma,Consumer Goods, which are going to perform better than Nifty in October.
• SENSEX : 20069.12
• NIFTY : 6029.95
• NIKKEI : 9369.35
• HANGSENG : 22358.17
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
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
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.
Index:-
Index Current Change
Sensex 20314.86 245.74
NSE Index 6102.65 72.70
World Indices
Nasdaq Comp 2,368.62 7.94
DowJones30 10,788.05 47.23
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.
Index:-
Index Current Change
Sensex 20314.86 245.74
NSE Index 6102.65 72.70
World Indices
Nasdaq Comp 2,368.62 7.94
DowJones30 10,788.05 47.23
BUSINESS STANDARD - 1st October
SUBMITTED BY-
AYAN
CHETAN GANDHI
DEEPAK RAGHAV
EVEN – HANDED JUDGEMENT CALMS NERVES
Hindu mahasabha and sunni central board of wokfs to appeal in supreme court
All hindu personal law board to meet, all india ulema council to wait for outcome
Rashtriya swayam sewak sangh to draw a plans for grand temple at ayodhya site.
Vishwa hindu parishad says it won't escalate mobilization plan for construction of temple.
The verdict, however stayed all ownership claimed for 3 months to unable various parties to appeal in the supreme court. Disputed property should be equally divided among the three parties.
BANKS MAKE LOANS MORE EXPENSIVE
Five banks have increased there benchmark landing rate- or the base rate.
Government own lenders PUNJAB NATIONAL BANK, ALLAHBAD BANK, IDBI BANK have raised there base rate by half a percentage to 8.5%.
private sector AXIS BANK raised its base rate by 25 bps to 7.7% and foreign lendersSTANDARD CHARTED hyked it by 25 bps to 7.75%.
PIRAMAL HEALTHCARE CLOSES THANE PLANT
Piramal group company, would formaly close its vitamin facory in adjoining thane tomorrow.
The 160 employees have opted for voluntary retirement scheme, in reference to an offer for transfer to the companies unit in mahad or hyderabad.
They had taken over the plant in 1996-97 for rochi ltd.
The company will seek clearance for conversion of the land from industrial to residential- cum- commercial use.
FOOD INFLATION AT 16.44%, FEAR OF RATE HIKE LOOMS
The rate of wholesale food inflation rose to 16.44% for the week ended september 18, compare to 15.46% the previous rates mainly due to heavy rainfall and floods in some parts of the country resulting in temporary desruption in supply of essential food items.
CNG PRICE GOES UP IN DELHI
the new prices are Rs. 27.75/kg in delhi and 31/kg noida, greater noida and ghaziabad would be effective from the midnight of september 30- october 1
BARCLAYCARD SIGNS FIVE YEARS OUTSOURCING DEAL WITH FIRSTSOURCE
MUTHOOT FINANCE PLANS Rs.800-CR IPO
Muthoot finance limited plans to raise atleast 800 cr. from initial public offering.
The company will sell 51.5 million shares in an initial public offering, divesting 13.9% stake.
The sale will be managed by ICICI securities ltd, KOTAK MAHINDRA capital co and HDFC bank ltd
AYAN
CHETAN GANDHI
DEEPAK RAGHAV
EVEN – HANDED JUDGEMENT CALMS NERVES
Hindu mahasabha and sunni central board of wokfs to appeal in supreme court
All hindu personal law board to meet, all india ulema council to wait for outcome
Rashtriya swayam sewak sangh to draw a plans for grand temple at ayodhya site.
Vishwa hindu parishad says it won't escalate mobilization plan for construction of temple.
The verdict, however stayed all ownership claimed for 3 months to unable various parties to appeal in the supreme court. Disputed property should be equally divided among the three parties.
BANKS MAKE LOANS MORE EXPENSIVE
Five banks have increased there benchmark landing rate- or the base rate.
Government own lenders PUNJAB NATIONAL BANK, ALLAHBAD BANK, IDBI BANK have raised there base rate by half a percentage to 8.5%.
private sector AXIS BANK raised its base rate by 25 bps to 7.7% and foreign lendersSTANDARD CHARTED hyked it by 25 bps to 7.75%.
PIRAMAL HEALTHCARE CLOSES THANE PLANT
Piramal group company, would formaly close its vitamin facory in adjoining thane tomorrow.
The 160 employees have opted for voluntary retirement scheme, in reference to an offer for transfer to the companies unit in mahad or hyderabad.
They had taken over the plant in 1996-97 for rochi ltd.
The company will seek clearance for conversion of the land from industrial to residential- cum- commercial use.
FOOD INFLATION AT 16.44%, FEAR OF RATE HIKE LOOMS
The rate of wholesale food inflation rose to 16.44% for the week ended september 18, compare to 15.46% the previous rates mainly due to heavy rainfall and floods in some parts of the country resulting in temporary desruption in supply of essential food items.
CNG PRICE GOES UP IN DELHI
the new prices are Rs. 27.75/kg in delhi and 31/kg noida, greater noida and ghaziabad would be effective from the midnight of september 30- october 1
BARCLAYCARD SIGNS FIVE YEARS OUTSOURCING DEAL WITH FIRSTSOURCE
MUTHOOT FINANCE PLANS Rs.800-CR IPO
Muthoot finance limited plans to raise atleast 800 cr. from initial public offering.
The company will sell 51.5 million shares in an initial public offering, divesting 13.9% stake.
The sale will be managed by ICICI securities ltd, KOTAK MAHINDRA capital co and HDFC bank ltd
Financial Express - 1st October
SUbmitted by
Bharat
Atul
Ashish
Banks hike base rate, loans likely to become expensive
Commercial banks, such as, Punjab National Bank, IDBI Bank, Allahabad Bank and Axis Bank have hiked their base rates on Thursday in the wake of increasing borrowing cost. Some of the Banks that have increased the deposit rates on Thursday were State Bank of India, PNB and IDBI Bank.
According to SS Ranjan, CFO, State Bank of India, the cost of deposits have gone up to absorb the cost and this will be there for a while.
The Reserve Bank of India has raised the repo rate by a quarter percentage point and the borrowing rates by half a percentage point to control the rising inflation.
The hike in the base rate of the banks is unlikely to have any immediate effect on the existing bank borrowers.
• Punjab National Bank, IDBI and Allahabad Bank have hiked base rate to 8.5%.
• Axis Bank hikes base rate by 25basis point to 7.75%.
• SBI to wait till mid-November before increasing the base rate.
Sense and Sensex (The Financial Express – Editorial)
The sensex vaulted to 20,349.74, its best level since 15th Jan 2008, as stocks cutting across sector rallied sharply this morning. How the economy reacts to yesterday’s judgment on the verdict of the Ram Janambhoomi/Babri Masjid will depend needless to say, On Whether there is a law and order problem in the days and weeks to come.
The Markets remains high up in positive territory with the bulls continuing to hold on the back of the strong cues from Asian Market and on expectations of buoyant results from India Inc of the July.
Top Gainers – Tata Motors, Mahindra and Mahindra are up by 2.5 and 3% respectively. Bajaj Auto has gained over 2.5%. TVS Motor’s Trading up by 3.3%.
MasterCard Buys Into ElectraCard (Quick View)
Mastercard has acquired a 12.5% stake in Indian software-services provider Electracard. This buyout’s main focus is in expanding processing services and software services for debit and credit cards users. It will help MasterCard expand its reach in Asia, the Middle East and Africa.
VW brands compete against each other as Ford,GM shrink
Volkswagen’s goal to surpass Toyota Motor’s in its sales and profitability by turning out more models, which is stoking unwanted competition among its own brands. VW’s strategy is to build a wide range of models in the existing brand lines at a cheaper rates but at the same time using the same engines and components. VW, is undergoing a merger with Porsche as it is seeking to overtake Toyota by 2018by expanding it sales and profit and line-up 200 models under its Nine brands.
Volkswagen is losing 500 million euros ($681 million) in every year as customer are going towards Skoda and Seat models according to Ferdinand Dudenhoeffer. Ford, the second biggest US carmaker is also trimming its product to as few as 20 models CEO Alan Mulally said this week. Ford sold Volvo Cars in August after the previously divesting Jaguar, Land Rover and Austin Martin.
Sensex closes above 20,000
Surging foreign portfolio investment lifted BSE Sensex higher for 7th quarter. Sensex gained 13.4% in the quarter & 11.7% in September foreign funds have poured in $5.3 billions in equities market this month. Even Mahindra Satyam did well after it was hit by India’s corporate fraud .SBI rose 1.2%, ICICI & HDFC Banks by 0.8% and 1.5% respectively.
Ayodhya Idol site Ram’s Birthplace: HC
The ayodhya verdicts proceedings were carried out on 20 September 2010 and the judges came up with the solution of dividing the land into 3 parts or in three ways among Muslims, Hindus and Nirmohi Akhara. Justice khan, Justice Agrawal and Justice Sharma came up with this decision in lucknow bench of the allahbad high court on Thursday. This order may not be the last word since an appeal may be filed in the supreme court.
The order was delivered after 4 pm on Thursday. The verdict was delivered to the media and lawyers in the tight security .The briefings of the press were arranged in the district collectorate opposite the court premises and the summary of the judgment was soon uploaded on the courts website.
Sunni central board of waqfs which is one of the parties to the case said that the three way division of land was not acceptable and it would move the Supreme Court against the verdict.
Bharat
Atul
Ashish
Banks hike base rate, loans likely to become expensive
Commercial banks, such as, Punjab National Bank, IDBI Bank, Allahabad Bank and Axis Bank have hiked their base rates on Thursday in the wake of increasing borrowing cost. Some of the Banks that have increased the deposit rates on Thursday were State Bank of India, PNB and IDBI Bank.
According to SS Ranjan, CFO, State Bank of India, the cost of deposits have gone up to absorb the cost and this will be there for a while.
The Reserve Bank of India has raised the repo rate by a quarter percentage point and the borrowing rates by half a percentage point to control the rising inflation.
The hike in the base rate of the banks is unlikely to have any immediate effect on the existing bank borrowers.
• Punjab National Bank, IDBI and Allahabad Bank have hiked base rate to 8.5%.
• Axis Bank hikes base rate by 25basis point to 7.75%.
• SBI to wait till mid-November before increasing the base rate.
Sense and Sensex (The Financial Express – Editorial)
The sensex vaulted to 20,349.74, its best level since 15th Jan 2008, as stocks cutting across sector rallied sharply this morning. How the economy reacts to yesterday’s judgment on the verdict of the Ram Janambhoomi/Babri Masjid will depend needless to say, On Whether there is a law and order problem in the days and weeks to come.
The Markets remains high up in positive territory with the bulls continuing to hold on the back of the strong cues from Asian Market and on expectations of buoyant results from India Inc of the July.
Top Gainers – Tata Motors, Mahindra and Mahindra are up by 2.5 and 3% respectively. Bajaj Auto has gained over 2.5%. TVS Motor’s Trading up by 3.3%.
MasterCard Buys Into ElectraCard (Quick View)
Mastercard has acquired a 12.5% stake in Indian software-services provider Electracard. This buyout’s main focus is in expanding processing services and software services for debit and credit cards users. It will help MasterCard expand its reach in Asia, the Middle East and Africa.
VW brands compete against each other as Ford,GM shrink
Volkswagen’s goal to surpass Toyota Motor’s in its sales and profitability by turning out more models, which is stoking unwanted competition among its own brands. VW’s strategy is to build a wide range of models in the existing brand lines at a cheaper rates but at the same time using the same engines and components. VW, is undergoing a merger with Porsche as it is seeking to overtake Toyota by 2018by expanding it sales and profit and line-up 200 models under its Nine brands.
Volkswagen is losing 500 million euros ($681 million) in every year as customer are going towards Skoda and Seat models according to Ferdinand Dudenhoeffer. Ford, the second biggest US carmaker is also trimming its product to as few as 20 models CEO Alan Mulally said this week. Ford sold Volvo Cars in August after the previously divesting Jaguar, Land Rover and Austin Martin.
Sensex closes above 20,000
Surging foreign portfolio investment lifted BSE Sensex higher for 7th quarter. Sensex gained 13.4% in the quarter & 11.7% in September foreign funds have poured in $5.3 billions in equities market this month. Even Mahindra Satyam did well after it was hit by India’s corporate fraud .SBI rose 1.2%, ICICI & HDFC Banks by 0.8% and 1.5% respectively.
Ayodhya Idol site Ram’s Birthplace: HC
The ayodhya verdicts proceedings were carried out on 20 September 2010 and the judges came up with the solution of dividing the land into 3 parts or in three ways among Muslims, Hindus and Nirmohi Akhara. Justice khan, Justice Agrawal and Justice Sharma came up with this decision in lucknow bench of the allahbad high court on Thursday. This order may not be the last word since an appeal may be filed in the supreme court.
The order was delivered after 4 pm on Thursday. The verdict was delivered to the media and lawyers in the tight security .The briefings of the press were arranged in the district collectorate opposite the court premises and the summary of the judgment was soon uploaded on the courts website.
Sunni central board of waqfs which is one of the parties to the case said that the three way division of land was not acceptable and it would move the Supreme Court against the verdict.
The Mint - 29th September
Group member:
Talib Anwer
Tarun Dutta
Tinku Yadav
Tembhli dials ‘Peepli [Live]’ ahead of Aadhaar launch:
Tembhli (Nandurbar), Maharashtra: Ministers, politicians, bureaucrats and the media are all making a beeline for this nondescript village, populated by tribals, in one corner of Maharashtra, much like they do to a fictional village that resembles this one in Peepli [Live], a movie released not so long ago.
RBI permits corporations to work as rural agents of banks
(RBI) on Tuesday allowed firms to play the role of an intermediary to spread banking in rural areas, in a move aimed at making banking services available to the unbanked.
large and widespread retail outlets” to become BCs, but kept non-banking financial companies (NBFCs) out of it Commission structure, or incentive mechanism, should be devised in a manner that mere increase in the number of clients served or the transaction volume does not drive the commission .
Bindu Ananth, president of IFMR Trust,
Abhishek Sinha, chief executive officer (CEO) of Eko India Financial Services Pvt. Ltd .
Currently, about 36,000 BCs are being employed by banks .
About 50% of India’s population does not have bank accounts. In rural India, the coverage among the adult population is 39% against 60% in urban India.
Only 5.2% of the country’s 650,000 villages have bank branches even though 39.7% of the overall branch network of Indian banks, or 31,727, are in rural India.
Only 34% of people with annual earnings less than Rs. 50,000 in urban India had a bank account in 2007. The comparative figure in rural India is even lower, 26.8%.
central govt. Extant ban on bulk sms and mms increases security in 32 communally sensitive locations countrywide
sc clears way for verdict
the judgement could potentially polarize the country ,and trigger a law ad order problem.
India will grow faster in FY12 on strong demand ,investment:ADB (asian development bank)
ADB said :indian economy growth will grow-
8.5%in 2010-11and 8.7% in 2011-2012
and china economy growth 9.6% to 9.1% in the same period .
Irda may soon allow portability in insurance
Portability will enable policyholders to avail the best of services as per their needs at a given point of time,” Hari Narayan said currently 23 non-life insurers in India .
According to industry estimates, over 80% of the industry’s sales comes from health and motor insurance policies.
Illegal coal mining revenue going to Naxals The Naxal movement has affected coal production of Central Coalfields Ltd in the state of Jharkhand India has a known gross resource base of 264,000 million tonnes (mt), the fourth largest in the world, of which proven reserves are around 101,000 mt.
SCI goes shopping in China for 8 ships worth $557.2 million (around Rs.2,513 crore)
Anil Ambani’s focus shifts: promise to performance
In annual general meetings Anil Ambani focused (AGMs) of three group companies —Reliance Power Ltd (R-Power), Reliance Capital Ltd (R-Cap) and Reliance Communications Ltd (RCom) .
RPG Enterprises eyes buys across sectors
The Rs.17,000 crore group is also looking for land in South-East Asia and Africa to set up rubber and tea plantations.
Local firms grasp share in market as MNCs lose grip
Indian handsets account for 33.2% of the 39 mn mobile phones sold in the country; Nokia losing out, says study .
Air India gets board nod to take 14 aircraft on lease:
Will lease 10 Airbus A320 aircraft and four long-range Airbus A330 aircraft
Air India will also buy Rs.100 crore of enterprise resource planning, or ERP, software from SAP AG to integrate the operations of Air India
Air India will also induct six private sector professionals, including Stefan Sukumar, as chief of training for Air India, and former corporate communications head of Reliance-Anil Dhirubhai Ambani Group Kamaljit Rattan as chief information officer
Srinivasan set to become BCCI president-elect
Board of Control for Cricket in India (BCCI) secretary N. Srinivasan is all set to be elevated as the next president-elect at BCCI’s 81st annual general meeting on Wednesday.
M&M price hike will cover cost pressures only partially:
Rupee falls 0.3%, most in three weeks:
The rupee declined 0.3% to 45.155 per dollar on Tuesday .
Are smart home loan products smart enough?
if you keep Rs.2 lakh in your account, your effective interest on the home loan drops from 9% to 8.53%.
Adhil Shetty, chief executive officer, BankBazaar.com .
the world’s biggest economies are opposed to their governments spending money in stimulus programmes, according to a BBC World Service.
Talib Anwer
Tarun Dutta
Tinku Yadav
Tembhli dials ‘Peepli [Live]’ ahead of Aadhaar launch:
Tembhli (Nandurbar), Maharashtra: Ministers, politicians, bureaucrats and the media are all making a beeline for this nondescript village, populated by tribals, in one corner of Maharashtra, much like they do to a fictional village that resembles this one in Peepli [Live], a movie released not so long ago.
RBI permits corporations to work as rural agents of banks
(RBI) on Tuesday allowed firms to play the role of an intermediary to spread banking in rural areas, in a move aimed at making banking services available to the unbanked.
large and widespread retail outlets” to become BCs, but kept non-banking financial companies (NBFCs) out of it Commission structure, or incentive mechanism, should be devised in a manner that mere increase in the number of clients served or the transaction volume does not drive the commission .
Bindu Ananth, president of IFMR Trust,
Abhishek Sinha, chief executive officer (CEO) of Eko India Financial Services Pvt. Ltd .
Currently, about 36,000 BCs are being employed by banks .
About 50% of India’s population does not have bank accounts. In rural India, the coverage among the adult population is 39% against 60% in urban India.
Only 5.2% of the country’s 650,000 villages have bank branches even though 39.7% of the overall branch network of Indian banks, or 31,727, are in rural India.
Only 34% of people with annual earnings less than Rs. 50,000 in urban India had a bank account in 2007. The comparative figure in rural India is even lower, 26.8%.
central govt. Extant ban on bulk sms and mms increases security in 32 communally sensitive locations countrywide
sc clears way for verdict
the judgement could potentially polarize the country ,and trigger a law ad order problem.
India will grow faster in FY12 on strong demand ,investment:ADB (asian development bank)
ADB said :indian economy growth will grow-
8.5%in 2010-11and 8.7% in 2011-2012
and china economy growth 9.6% to 9.1% in the same period .
Irda may soon allow portability in insurance
Portability will enable policyholders to avail the best of services as per their needs at a given point of time,” Hari Narayan said currently 23 non-life insurers in India .
According to industry estimates, over 80% of the industry’s sales comes from health and motor insurance policies.
Illegal coal mining revenue going to Naxals The Naxal movement has affected coal production of Central Coalfields Ltd in the state of Jharkhand India has a known gross resource base of 264,000 million tonnes (mt), the fourth largest in the world, of which proven reserves are around 101,000 mt.
SCI goes shopping in China for 8 ships worth $557.2 million (around Rs.2,513 crore)
Anil Ambani’s focus shifts: promise to performance
In annual general meetings Anil Ambani focused (AGMs) of three group companies —Reliance Power Ltd (R-Power), Reliance Capital Ltd (R-Cap) and Reliance Communications Ltd (RCom) .
RPG Enterprises eyes buys across sectors
The Rs.17,000 crore group is also looking for land in South-East Asia and Africa to set up rubber and tea plantations.
Local firms grasp share in market as MNCs lose grip
Indian handsets account for 33.2% of the 39 mn mobile phones sold in the country; Nokia losing out, says study .
Air India gets board nod to take 14 aircraft on lease:
Will lease 10 Airbus A320 aircraft and four long-range Airbus A330 aircraft
Air India will also buy Rs.100 crore of enterprise resource planning, or ERP, software from SAP AG to integrate the operations of Air India
Air India will also induct six private sector professionals, including Stefan Sukumar, as chief of training for Air India, and former corporate communications head of Reliance-Anil Dhirubhai Ambani Group Kamaljit Rattan as chief information officer
Srinivasan set to become BCCI president-elect
Board of Control for Cricket in India (BCCI) secretary N. Srinivasan is all set to be elevated as the next president-elect at BCCI’s 81st annual general meeting on Wednesday.
M&M price hike will cover cost pressures only partially:
Rupee falls 0.3%, most in three weeks:
The rupee declined 0.3% to 45.155 per dollar on Tuesday .
Are smart home loan products smart enough?
if you keep Rs.2 lakh in your account, your effective interest on the home loan drops from 9% to 8.53%.
Adhil Shetty, chief executive officer, BankBazaar.com .
the world’s biggest economies are opposed to their governments spending money in stimulus programmes, according to a BBC World Service.
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