Submitted By
Anjali Pathak
sec f
GR3
1.Top producer, globally
Coal India is the largest coal mining in the world because of its 431 million tonnes of production of coal around 90% of its production originates from open cast mines it makes India lowest cost coal producer in the World. NTPC is the single largest customer of coal India with 26.7% of sales. CIL planning to increase its production to 486 million tonnes. According to SRK mining coal India has a reserve base of 18.8 billion tonnes and access to total resources of 64.2 billion tonnes
2.Tata Motors complete share sale issue
Tata motors has successfully completed its issues of shares of $750 million taking up the balance of $200 million. The issues wad subscribed 3.4 times. The board of directors had decided to issues and allot 3,21,65,000 differential voting rights share at a price of Rs 764 each and 8,320,300ordinary share at Rs 1,074 per share a total issue size of Rs 3,315 crore pursuant to a qualified institutional placement. Citigroup global market India and credit suisse securities were the book running lead manager for the issue.
3.Dabur completes acquisition of turkey co.
Dubai based subsidiary of Dabur India Ltd completed the acquisition of turkey's leading personal care product company, Hobi Kozmetik. Dabur has acquired 100% in three Hobi group firms. By this acquisition Dabur has consolidated its position as leading player in the global personal care market this acquisition will offer Dabur entry into turkey and add a host of popular international brand to its portfolio.
4.Skoda launches new Fabia range at lower piece
Skoda has launches new segment of hatchback Fabia with lower price now the petrol version costs Rs 4.19 lakh against Rs 5.01 lakh while the top-end diesel car cost Rs 6.49 lakh(Rs7.87 lakh) company expects to sell 14000 units annually and trying to increase market share in hatchback segment from 3% to 7%. It pitched against Maruti swift, Hyundai i20 etc. This segment has an estimated sales of 4.5 lakh units a year. Skoda will launch its Yeti utility sports vehicle within a month.
5.1-Day audit training at ICAI
Southern India Charted Accounting Students Association (SICASA) of the institute of charted accountants of India Ernakulam branch organised a one day audit training programme at ICAI bhawan Mr Vikas a CA from Bangalore inaugurated the seminar. The chairman Mr. Saji Mathew of SICASA and vice chairman of the Ernakulam branch presided over the function. The seminar was on the various fact of auditing.
6.Volvo's new compact SUV by Nov
Volvo auto India said that it will launch the new Volvo XC60 SUV by November. The Swedish car maker which was recently sold to Chinese company Geely by US auto giant Ford hopes to expand its presence in the compact luxury SUV segment and enhance the brand establishment reputation for safety. Mr Paul de Voijis, Managing Director, Volvo Auto, said The XC60 will not only redefine our technological DNA but also form an integral part of our volume expansion strategy for India.
7.NTPC Haryana unit goes on stream
A 500 MW unit of NTPC Ltd joint venture project in Haryana has been successfully synchronised with the grid. The first unit of the Indira Gandhi Super Thermal power Project at Jhajjar. A joint venture of NTPC, Haryana Power corporation Ltd, and Delhi's Indraprastha Power generation company has been successfully synchronised.
Wednesday, October 13, 2010
The Mint - 13th October
Submitted By
Deepak Rawat &
Chiranjeev Brahma
IIP (Index of Industrial Production) falls to 15 month Low of 5.6%
Page 1 Mint
• Drops from 15.2% during July’10, although is was revised from 13.2% on account of some correction
• This slowdown in growth suggests moderation of growth trajectory with the Reuters poll of analysts forecasted to be around 9.65%
Consequences
o This volatility will make it difficult for the policy makers (RBI) to assess economic conditions
o Stock market fell after the release of the data of IIP
Related story – on page 30,
• Slowdown sharp in sectors like manufacturing, especially machine and equipment grew by only .4%. Machine and equipment have a high weightage of 9.6 in the index and hence its growth value is important
• Electricity grew by only 1%
• Mining did better at 7% but still short of 11% last year
However it must be underlined here that the robust performance from late 2008 till August 2010 is attributed to the
• Low base rate adopted then
• Government had pumped monetary stimulus since late 2008
Hence money/ credit was cheap and there was no uncertainty, and hence the growth in the IIP
Related article pg 18
RBI doesn’t think the data is greatly reliable since it had shown a lot of fluctuations and hence expert think that a rate hike in light of the new data is unlikely.
Wall Stree to apy out record $144 billion
Topping its last year’s record of $139 billion, the public held securities and investment service firms such as banks, money management firms would pay out $144 billion as compensation and benefits (pay packages). This a 4% increase from last year.
Some more points:
• Revenue to rise 3% from $433 to $448 billion
• 32% of the revenue would be compensation
• Estimated profit for 2010 is $61.3 billion compared to $82 billion in 2006
These huge packages are due to the high focus on retailing top talent in the Wall Street.
CIL – set to take Indian in to the IPO big league
CIL – the largest coal reserve owner in the world plans to raise Rs. 15500 cr in its IPO, which is even larger Reliance Power’s RS. 11700 cr IPO in 2008. This will be the largest IPO by the government.
Some points
- Shares prices at Rs. 225 -245
- Rs 15470 cr is more than 1/3rd of the target of Rs . 400000 disinvestment by the government
- It’s about 1/20th of Brazils Petroleo Brasiliero’s IPO of $70 billion.
Maran raises stake in Spice Jet
On tuesdy, Kalanithi Maran and KAL airways acquired additional 7.42% stake in Spicejet increasing their stake to 53% from 45.46%.
The shares were bought at discount of 38.5% to market rates.
On Tuesday they bought 28.5 million shares at Rs. 47.25 and a week before they had bought 19 million at the same price.
IIMs to raise funds in Yale University Style
Elite IIMs which largely depend on government support may seem soon raise funds from the Alumni. The committee has suggested an initial plan for the 4 oldest IIMs, namely Ahmedabad, Kolkata, Bangalore and Lakhnow to raise Rs. 400 cr.
Some Important News
- India is looking to build capitive fertilizer capacity oversees
- 59 government department score an average 85% in the first ever evaluation
- Google pushes Android in India
Corporate News
- Suzlon Energy Ltd. India’s biggest wind turbine manufacturer plans to raise $1.1 billion by selling shares and debts to help fund expansion and repay loan.
- Atul auto limited aims to expand by earmarking Rs. 100Cr for expansion
- PNB expects Kazakh Bank buy by March
- Dena Bank raises deposit rates by .25 to .5 percentage points
- Volvo to launch SUV in India next month
CWG
- India beats England in Hockey semi-final
- India wins women’s relay gold
- Currently India is positioned 2nd with 32 gold, 25 silver and 32 bronze ahead of England.
Market
- Sensex falls in weak industrial production
- Sensex opened 20203.34 dipping by 136.55
- Nifty opened lower by 44.95 at 6090.90
- Rupee gained 26 paise against the dollar and valued at Rs. 44.66
- Gold gained by Rs. 50 to be at Rs, 19590
- Top gainers – BSE – 7 Seas Techno ---- NSE – DPSC
Losers BSE – Gallant ISPAT----- NSE – Cantabil Retail
Deepak Rawat &
Chiranjeev Brahma
IIP (Index of Industrial Production) falls to 15 month Low of 5.6%
Page 1 Mint
• Drops from 15.2% during July’10, although is was revised from 13.2% on account of some correction
• This slowdown in growth suggests moderation of growth trajectory with the Reuters poll of analysts forecasted to be around 9.65%
Consequences
o This volatility will make it difficult for the policy makers (RBI) to assess economic conditions
o Stock market fell after the release of the data of IIP
Related story – on page 30,
• Slowdown sharp in sectors like manufacturing, especially machine and equipment grew by only .4%. Machine and equipment have a high weightage of 9.6 in the index and hence its growth value is important
• Electricity grew by only 1%
• Mining did better at 7% but still short of 11% last year
However it must be underlined here that the robust performance from late 2008 till August 2010 is attributed to the
• Low base rate adopted then
• Government had pumped monetary stimulus since late 2008
Hence money/ credit was cheap and there was no uncertainty, and hence the growth in the IIP
Related article pg 18
RBI doesn’t think the data is greatly reliable since it had shown a lot of fluctuations and hence expert think that a rate hike in light of the new data is unlikely.
Wall Stree to apy out record $144 billion
Topping its last year’s record of $139 billion, the public held securities and investment service firms such as banks, money management firms would pay out $144 billion as compensation and benefits (pay packages). This a 4% increase from last year.
Some more points:
• Revenue to rise 3% from $433 to $448 billion
• 32% of the revenue would be compensation
• Estimated profit for 2010 is $61.3 billion compared to $82 billion in 2006
These huge packages are due to the high focus on retailing top talent in the Wall Street.
CIL – set to take Indian in to the IPO big league
CIL – the largest coal reserve owner in the world plans to raise Rs. 15500 cr in its IPO, which is even larger Reliance Power’s RS. 11700 cr IPO in 2008. This will be the largest IPO by the government.
Some points
- Shares prices at Rs. 225 -245
- Rs 15470 cr is more than 1/3rd of the target of Rs . 400000 disinvestment by the government
- It’s about 1/20th of Brazils Petroleo Brasiliero’s IPO of $70 billion.
Maran raises stake in Spice Jet
On tuesdy, Kalanithi Maran and KAL airways acquired additional 7.42% stake in Spicejet increasing their stake to 53% from 45.46%.
The shares were bought at discount of 38.5% to market rates.
On Tuesday they bought 28.5 million shares at Rs. 47.25 and a week before they had bought 19 million at the same price.
IIMs to raise funds in Yale University Style
Elite IIMs which largely depend on government support may seem soon raise funds from the Alumni. The committee has suggested an initial plan for the 4 oldest IIMs, namely Ahmedabad, Kolkata, Bangalore and Lakhnow to raise Rs. 400 cr.
Some Important News
- India is looking to build capitive fertilizer capacity oversees
- 59 government department score an average 85% in the first ever evaluation
- Google pushes Android in India
Corporate News
- Suzlon Energy Ltd. India’s biggest wind turbine manufacturer plans to raise $1.1 billion by selling shares and debts to help fund expansion and repay loan.
- Atul auto limited aims to expand by earmarking Rs. 100Cr for expansion
- PNB expects Kazakh Bank buy by March
- Dena Bank raises deposit rates by .25 to .5 percentage points
- Volvo to launch SUV in India next month
CWG
- India beats England in Hockey semi-final
- India wins women’s relay gold
- Currently India is positioned 2nd with 32 gold, 25 silver and 32 bronze ahead of England.
Market
- Sensex falls in weak industrial production
- Sensex opened 20203.34 dipping by 136.55
- Nifty opened lower by 44.95 at 6090.90
- Rupee gained 26 paise against the dollar and valued at Rs. 44.66
- Gold gained by Rs. 50 to be at Rs, 19590
- Top gainers – BSE – 7 Seas Techno ---- NSE – DPSC
Losers BSE – Gallant ISPAT----- NSE – Cantabil Retail
Business Line - 13th October
Business line: news analysis
Submitted by Group 7 (SECTION: F):
DEEPAK BARNWAL
CHETAN DHINGRA
BHANUPRIYA
FRONT PAGE
• Coal India, a PSU major, is coming out with IPO offer priced between Rs. 225 and Rs. 245, thus mopping up amount of around Rs. 15000 crore. With this the government is going to meet a third of the disinvestment target of Rs. 40000 crore during the current fiscal year. The government is divesting 10 percent stake through this IPO. There is a generous offer of discount of 5 percent for retail investors and the employees of coal India. The issue will close on October 20 for institutional buyers and October 21 for retail and non- institutional buyers.
• The index for industrial production (IIP) which was registering a growth rate of 10.6 percent during the month of august 2009- 2010 dropped down to 5.57 percent during the corresponding month of the current fiscal year. There was a decline of production of basic goods and consumer non-durables but growth of consumer durables. There was a significant drop in the production of capital goods, bringing down the index. The finance minister showed disappointment at the decline of index but hoped that the index will show the sign of growth again as the demand for the industrial goods increases.
CORPORATE
• The European Union under FTA is asking for the elimination of the import duties on the fully built units which currently attract 100 percent duty including the 60 percent custom duty. The EU countries specifically France, Germany, Italy are pushing for the duty cut to propel the sale of cars in the growing market like India as there is stagnation in the demand in the European countries. But the society of Indian automobile manufacturers (SIAM) is opposing these proposals arguing that these duty cuts will slow down the investments in this sector as the import will turn more viable.
• Eli Lilly, a global pharma company, has sued Dr. Reddy’s laboratory for patent infringement on its abbreviated new drug application (ANDA) in USA court. This law suit is filed to prevent Reddy’s laboratory from coming out with the generic version of the patented drug GEMZER. The patent is going to expire in November 2012. Eli Lilly is also fighting a case against sun pharma for the same drug.
• Renault, a UK based car maker, has made a long term goal to develop an India centric car by 2014-15. The cars are going to be designed and developed by the Indian R&D centre based in Chennai. This is a vault face from the Mahindra- Renault venture where getting a car in the mid size segment didn’t yield fruitfully.
• The acquisition of the local drug companies by MNCs has created furore within the establishment as making these drugs available to the common people at affordable rate. The sharpest difference in the opinion is about the use of the compulsory licensing of these drugs if manufactured under the generic licensing. The department of industrial policy and promotion is handling all the queries regarding overtake of local drug companies and how to provide drugs at affordable rates.
ECONOMY
• Mr. Rajan Bharti Mittal, president of FICCI, is leading the Indian business delegations of 181 members to Africa to ink deals in the tune of $ 1 billion at the Kenyan capital Nairobi. The focus sectors are IT/ ITes, telecom, healthcare, banking, power, construction, minerals roads etc. The companies are going to network with the players in African countries under two days events of “Namaskar Africa”.
• The secretary general of FICCI, Mr. Amit Mitra, has called upon the industry minister, Mr. Anand Sharma, to take up the case of total market access for the Indian pharma companies and drugs that are approved by US FDA. This is to tackle the problem of anti-counterfeit drugs legislation in Kenya and other African countries.
MARKETING
• The acquisition of three Hobi group firms by Dubai based subsidiary of Dabur India Ltd. Has consolidated its position as a leading player in the global personal care market. This is going to consolidate its presence in West Asia and North Africa region.
• Mr. V. D. Wadhwa, MD of timex group, stated that the company is going to exit the lower end models and will focus on the fashion category watches costing more than Rs. 1000 as the watches are coming out of the old time and becoming the fashion statement among the youth.
• The nascent industry of ready to eat oats is going to see more fire in the coming days with the launching of new products in this category by companies like Marico. There are already oats based products are available offered by Pepsi (Quaker oats) and Kellogg’s (ready-to-eat oats).
• Coca cola India has launched new campaign showcasing the emotions and desires of youth to remain close to their roots even when they venture out for the search for better opportunities. Company is also giving them a chance to win a trip back home during Diwali.
MONEY/ BANKING/ IT
• The domestic currency, which opened at 44.54, closed at 44.67 loosing 26 paisa during intraday trading.
• The bond prices trading flat during the first half has gained momentum due to the stable interest rate as the IIP index showed lower demand. But the higher inflation may cause the selloff in the short run.
• The finance minister Mr. Pranab Mukherjee has launched the takeout finance scheme for India infrastructure finance company (IIFCL). This is a step towards the accelerated flow of fund in the infrastructure sector.
• Insurance regulatory and development authority (IRDA) has no legal right to force the promoters of the insurance companies to dilute their stakes in case of IPOs. IRDA is meddling with insurance companies as various foreign players are the largest share holders of these Indian companies.
• The users of Blackberry can have a sigh of relief as government has extended the date of complying with the security concerns from October 31 to December 31. This decision was taken after the high level meeting between home ministry, RIM (phone maker) and department of telecommunication.
• Nokia, the biggest cell phone maker in India, has launched a new smartphone N8 at price Rs. 26,259.
MARKET WATCH
• The decline in the industrial index and weak global equity market has caused the slide in the share prices to close at lower value base on day-to-day trading. Sensex fall by 136.55 points.
• NSE declined by 44.95 points or 0.7percent.
• Exide industry declared a positive growth of 18% year-on-year and 42% growth in net profit.
• TATA Motors has completed the issue of shares aggregating $ 750 million.
• The close down of Tuticorin unit of Sterlite industry has put pressure on the supply of copper in the domestic market as the London metal exchange is running low on inventories.
• Delhi metro recorded a hike of 44 percent in the last three months due to the common wealth game and being preferred mode of transport.
Submitted by Group 7 (SECTION: F):
DEEPAK BARNWAL
CHETAN DHINGRA
BHANUPRIYA
FRONT PAGE
• Coal India, a PSU major, is coming out with IPO offer priced between Rs. 225 and Rs. 245, thus mopping up amount of around Rs. 15000 crore. With this the government is going to meet a third of the disinvestment target of Rs. 40000 crore during the current fiscal year. The government is divesting 10 percent stake through this IPO. There is a generous offer of discount of 5 percent for retail investors and the employees of coal India. The issue will close on October 20 for institutional buyers and October 21 for retail and non- institutional buyers.
• The index for industrial production (IIP) which was registering a growth rate of 10.6 percent during the month of august 2009- 2010 dropped down to 5.57 percent during the corresponding month of the current fiscal year. There was a decline of production of basic goods and consumer non-durables but growth of consumer durables. There was a significant drop in the production of capital goods, bringing down the index. The finance minister showed disappointment at the decline of index but hoped that the index will show the sign of growth again as the demand for the industrial goods increases.
CORPORATE
• The European Union under FTA is asking for the elimination of the import duties on the fully built units which currently attract 100 percent duty including the 60 percent custom duty. The EU countries specifically France, Germany, Italy are pushing for the duty cut to propel the sale of cars in the growing market like India as there is stagnation in the demand in the European countries. But the society of Indian automobile manufacturers (SIAM) is opposing these proposals arguing that these duty cuts will slow down the investments in this sector as the import will turn more viable.
• Eli Lilly, a global pharma company, has sued Dr. Reddy’s laboratory for patent infringement on its abbreviated new drug application (ANDA) in USA court. This law suit is filed to prevent Reddy’s laboratory from coming out with the generic version of the patented drug GEMZER. The patent is going to expire in November 2012. Eli Lilly is also fighting a case against sun pharma for the same drug.
• Renault, a UK based car maker, has made a long term goal to develop an India centric car by 2014-15. The cars are going to be designed and developed by the Indian R&D centre based in Chennai. This is a vault face from the Mahindra- Renault venture where getting a car in the mid size segment didn’t yield fruitfully.
• The acquisition of the local drug companies by MNCs has created furore within the establishment as making these drugs available to the common people at affordable rate. The sharpest difference in the opinion is about the use of the compulsory licensing of these drugs if manufactured under the generic licensing. The department of industrial policy and promotion is handling all the queries regarding overtake of local drug companies and how to provide drugs at affordable rates.
ECONOMY
• Mr. Rajan Bharti Mittal, president of FICCI, is leading the Indian business delegations of 181 members to Africa to ink deals in the tune of $ 1 billion at the Kenyan capital Nairobi. The focus sectors are IT/ ITes, telecom, healthcare, banking, power, construction, minerals roads etc. The companies are going to network with the players in African countries under two days events of “Namaskar Africa”.
• The secretary general of FICCI, Mr. Amit Mitra, has called upon the industry minister, Mr. Anand Sharma, to take up the case of total market access for the Indian pharma companies and drugs that are approved by US FDA. This is to tackle the problem of anti-counterfeit drugs legislation in Kenya and other African countries.
MARKETING
• The acquisition of three Hobi group firms by Dubai based subsidiary of Dabur India Ltd. Has consolidated its position as a leading player in the global personal care market. This is going to consolidate its presence in West Asia and North Africa region.
• Mr. V. D. Wadhwa, MD of timex group, stated that the company is going to exit the lower end models and will focus on the fashion category watches costing more than Rs. 1000 as the watches are coming out of the old time and becoming the fashion statement among the youth.
• The nascent industry of ready to eat oats is going to see more fire in the coming days with the launching of new products in this category by companies like Marico. There are already oats based products are available offered by Pepsi (Quaker oats) and Kellogg’s (ready-to-eat oats).
• Coca cola India has launched new campaign showcasing the emotions and desires of youth to remain close to their roots even when they venture out for the search for better opportunities. Company is also giving them a chance to win a trip back home during Diwali.
MONEY/ BANKING/ IT
• The domestic currency, which opened at 44.54, closed at 44.67 loosing 26 paisa during intraday trading.
• The bond prices trading flat during the first half has gained momentum due to the stable interest rate as the IIP index showed lower demand. But the higher inflation may cause the selloff in the short run.
• The finance minister Mr. Pranab Mukherjee has launched the takeout finance scheme for India infrastructure finance company (IIFCL). This is a step towards the accelerated flow of fund in the infrastructure sector.
• Insurance regulatory and development authority (IRDA) has no legal right to force the promoters of the insurance companies to dilute their stakes in case of IPOs. IRDA is meddling with insurance companies as various foreign players are the largest share holders of these Indian companies.
• The users of Blackberry can have a sigh of relief as government has extended the date of complying with the security concerns from October 31 to December 31. This decision was taken after the high level meeting between home ministry, RIM (phone maker) and department of telecommunication.
• Nokia, the biggest cell phone maker in India, has launched a new smartphone N8 at price Rs. 26,259.
MARKET WATCH
• The decline in the industrial index and weak global equity market has caused the slide in the share prices to close at lower value base on day-to-day trading. Sensex fall by 136.55 points.
• NSE declined by 44.95 points or 0.7percent.
• Exide industry declared a positive growth of 18% year-on-year and 42% growth in net profit.
• TATA Motors has completed the issue of shares aggregating $ 750 million.
• The close down of Tuticorin unit of Sterlite industry has put pressure on the supply of copper in the domestic market as the London metal exchange is running low on inventories.
• Delhi metro recorded a hike of 44 percent in the last three months due to the common wealth game and being preferred mode of transport.
THE FINANCIAL EXPRESS SUMMARY - 13th October
SUBMITTED BY
DEPENDER DIVYA BANSAL
GAURAV RAI
SECTION-I
IIP growth plummets to 5.57%
IIP grew at 5.57% in August, nearly half of the year ago period slowest rate in 15 months.
Slow growth in manufacturing sector owing to tight interest rates resulted this slowdown in IIP growth.
The negative growth in the production of capital goods is the the most factor.
Finance Minister Pranab Mukharji as well as Finance Secretary Ashok Chawla suggested that one should wait and watch as the steps taken by RBI are appropriate and the current trend is just a cyclic one.
Central bank may hike interest rates
Inflation rate has touched 8.5% in september this year and this might tempt RBI to hike interest rates in 8.50%
WHOLESALE price index for all commodities saw an annual rise of 8.50%
Policymakers see inflation moderating to around 6% by the end of December.
But the analysts are not so optimistic about a sharp decline in inflation rate in coming months as prices of food and non food items are rising.
RBI has already raised reporate by 125bps and reverse reporate by 175bps in 5 stages between march and September this year.
Not right time to deregulate diesel
As inflation is still high the government has said not to deregularise diesel prices.Finance secretary Ashok Chawla has said at a panel discussion on cnbc tv 18 that it will not be wise or prudent to deregularise the diesel prices.
Government had deregulariosed the prices of petrol in june but dint take any decision to lower down the diesel prices.
In order to calculate inflation government has come out with a new index in which it aws revealed that the rate of price rise declined by 1.3% points to a 7 month low of 8% during that month.
The rate of price rise dipped marginally from 10% in july to 9.5% in august when the old inflation series was released with the new series.
Coal India issue price band set at Rs 225-245
The company will offer 5% discount on the issue price between Rs 225 and Rs 245 per share for its employees and retail investors.
The IPO will be open between October 18 and 21
The government will put on block 631.64 million shares,of which 63.16 million shares will be reserved for employees at 5% discount.
On listing, Coal India could become the second most valuable coal producing company with a market capi talisation of $35 billion compared with $84.7 billion for China Shenhua.
SENSEX - 20687.88
NIFTY- 6233.90
DEPENDER DIVYA BANSAL
GAURAV RAI
SECTION-I
IIP growth plummets to 5.57%
IIP grew at 5.57% in August, nearly half of the year ago period slowest rate in 15 months.
Slow growth in manufacturing sector owing to tight interest rates resulted this slowdown in IIP growth.
The negative growth in the production of capital goods is the the most factor.
Finance Minister Pranab Mukharji as well as Finance Secretary Ashok Chawla suggested that one should wait and watch as the steps taken by RBI are appropriate and the current trend is just a cyclic one.
Central bank may hike interest rates
Inflation rate has touched 8.5% in september this year and this might tempt RBI to hike interest rates in 8.50%
WHOLESALE price index for all commodities saw an annual rise of 8.50%
Policymakers see inflation moderating to around 6% by the end of December.
But the analysts are not so optimistic about a sharp decline in inflation rate in coming months as prices of food and non food items are rising.
RBI has already raised reporate by 125bps and reverse reporate by 175bps in 5 stages between march and September this year.
Not right time to deregulate diesel
As inflation is still high the government has said not to deregularise diesel prices.Finance secretary Ashok Chawla has said at a panel discussion on cnbc tv 18 that it will not be wise or prudent to deregularise the diesel prices.
Government had deregulariosed the prices of petrol in june but dint take any decision to lower down the diesel prices.
In order to calculate inflation government has come out with a new index in which it aws revealed that the rate of price rise declined by 1.3% points to a 7 month low of 8% during that month.
The rate of price rise dipped marginally from 10% in july to 9.5% in august when the old inflation series was released with the new series.
Coal India issue price band set at Rs 225-245
The company will offer 5% discount on the issue price between Rs 225 and Rs 245 per share for its employees and retail investors.
The IPO will be open between October 18 and 21
The government will put on block 631.64 million shares,of which 63.16 million shares will be reserved for employees at 5% discount.
On listing, Coal India could become the second most valuable coal producing company with a market capi talisation of $35 billion compared with $84.7 billion for China Shenhua.
SENSEX - 20687.88
NIFTY- 6233.90
Business Standard - 13th October
Submitted By
Gauri Shankar
Gurleen Kaur
Gajender Singh
FIIs INCREASE STAKE IN OIL MARKETING COMPANIES.
But analysis say these state-run firms are still undervalue.
Foreign institutional investors(FIIs) have raised their stakes in public sector oil marketing companies(OMCs) in the three months ended sept30.
The government decentralled petrol prices and announced plan to decentrall diesel rates as well. The three stak-run omcs-indian oil corporation, bharat petroleum corporation and hindustan petroleum corporation.
According to analysts, the increased FII interest not with standing, OMCs remain undervalued when compare to their global peers. The OMCs which purchase crude oil at market rates are required to sell diesel, kerosene and LPG at government capped prices, resulting in loss.
The companies donot incur any loss on sale of petrol new, as the goverenment decontrolled petrol price on June 25 in accordance with the suggestion made by KIRIT PARIKH GROUP.
INDIAN OIL touched a 52- week high at 458.9 on Sept 21, the day BCPL also reached its high of 814.9 a share.
Though the general market is adding to their interest in these companies, the government's divestment plans for Indian Oil and ONGC also seem to be working in favour of the government owned companies.
So the government also plans to sell 10% stake in IOC and 5% in ONGC.
GOVT ASKS BLACKBERRY TO PROVIDE ACCESS TO SERVICES BY 31st DECEMBER
Government has exteneded the deadline for second time in six weeks, has asked RIM maker of BlackBerry phone to come up with a final solution by 31st December on giving access
to security agencies to the companys popular mesenger and enterprise services.
INDIA ENTERS UNSC AS NON-PERMANENT MEMBER AFTER 19 YRS.
After a gap of 19 yrs , India was today elected to the United Nations Security Council.
India received 187 votes, including Pakistan out of the 191 countries that voted, while one member is abstained from the vote and three votes were polled against India.
Other countries were also elected to the UNSC today are South Africa, Colombia, Germany and Portugal and the new members will take their places from Jan 2011.
Five new countries will be replacing Austria, Japan, Mexico, Turkey and Uganda. Three of the new members are the part of G4( India, Brazil, Japan and Germany) who want to become permanent members India is hoping that change comes in next 2 yrs.
Puri said after voting, “ It is the fact that many of the countries that will be on the council next year are also aspirants for permanent membership”.
He added that we will try and make a use of the time in this 2 yrs and also give our partners a sense of confidence and build trust, so that they feel comfortable with security council BRIC( Brazil, Russia, India and China) could present a united front on several international issues.
STATE FMs TO MEET OVER GST ON OCTOBER 29-30
State finance minister would meet in Goa for two days to firm up thier views on centre's revised draft for implementation of the Goods and Service Tax (GST).
Skoda launches new FABIA at 4.19 lakhs.
skodaAuto launched a new model of its Fabia brand, with a starting price of `4.19 lakh for the base variant in Maharashtra (ex-showroom). The new Fabia has a changed interior and exterior, with added safety features such as air bags as standard. It will be sold with
three engines options - 1.2-litre petrol and diesel and a 1.6-litre petrol.While the 1.2-litre models will have three variants- Classic (base), Ambiente (mid) and Elegance (topend),
the 1.6-model will only have the top-end version, priced at `5.81 lakh. The Czech company, part of the Volkswagen group of Germany, is aiming to more than double sales of the Fabia, which has received dismal response so far. Skoda has been able to sell an average
of 470 units per month of the Fabia in the first six months of the year, far below the average of its competitors. The Maruti Swift sells more than 10,000 units every month.
Skoda aims to push Fabia volumes to 1,160 units with the new model, with an overall target of selling 14,000 units of the car over 12 months
DRUG SEIZURE DISPUTE WITH INDIA NOT RESOLVED: EU
The European commission clarified today that no breakthrough in the on going dispute between India and the European Union (EU) regarding generic drug seizure had been reached.
Govt. Regulators call truce; agree on FSDC structure.
The government and financial sector regulators buried their differences on the proposed Financial Stability& Development Council (FSDC) after Finance Minister Pranab Mukherjee offered the
Reserve Bank of India governor a sweetener.While the finance minister will head the proposed body, the governor will head the only sub-committee under the settlement formula. Earlier, the government had proposed two sub-committees with the one on regulatory coordination chaired by the RBI governor and the other, on financial stability, headed by the finance secretary.The modification in the structure follows opposition from Mint Road. The RBI governor even went public with his concerns. In its response to a consultation paper floated by the finance ministry, RBI had said that the proposed FSDC would “impinge on regulatory autonomy and flexibility” and had made a case for functioning as the systemic regulator.
STREET DIVIDED ON COAL INDIA'S IPO PRICING GOVT'S PRICE BRAND
The wait for Coal India's initial public offer (IPO) pricing is finaly over, as government anounced a price band of Rs 225-245. Last month most expert and analysts had estimated the IPO to be priced in the range of Rs 200-220, but now the final pricing at
Rs225-245 appears to be higher.
Here the issue is aggressively priced. It would have help interacting retail investors if the price had been in the region of Rs 200 a share.
Pricing apart, what places Coal India in a favourable spot is its status of being the worlds largest coal minner and a dominent 81 per cent market share in the country.
Fund raising may hit Rs 4 lakh crore in 2010 :-
Corporate India is set to end the calender year with record fund raising from the primary and secondary
markets.
Indian companies have raised close to the cumulative Rs 3.14 lakh crore raised in 2009.
India Incs highest fund mobilization was in 2007 when it mopped up over Rs 3.20 lakh crore .
With around 3 months to go several large ,small and medium -sized firms are gearing up to raise funds for expansion and capital needs cumulative fund raising likely to touch Rs 4 crore this year. Fund raised by the overseas secondary market in the form of depository receipts, FCCBs ,non convertible and qualified institutional placements .
Certain companies like Reliance inc. ,ADAG group ,Tata group companies as well as GVK,GMR,Suzlon ,Jet airways ,Uninor and other.
In the past 2 to 3 years companies had to postpone their expansion and fund raising activities due to global economic slowdown and uncertainty but now conditions are improving.
The government’s plan to raise $10 billion through disinvestment and beginning to materialise and this will create more capital inflows to markets .
A combination of favorable factors like 9% GDP growth ,a good monsoon that may spur agriculture growth close to 3.8% ,industry growth and service sector growth of 10% continuing favorable policy decision and stress on infrastructure growth.
NPC Shortlists Kazakhstan For N-reactor Experts
State run Nuclear Power Coporation (NPC) which is in the process of increasing generation capacity to 63000MW by 2032 from present level of 4560MW. It has shortlisted Kazakhstan to export reactors in the range of 220MW, 540MW and 700MW capacity.
Kazakhastan has more than 15 percent of global reserve of uranium, a key source of nucleare energy.
Tata Steel Europe shuts down unit
Tata Steel Europe has decided to shut down Tata Steel Living Solutions, located at Shotton, North Wales. The unit was established in 2003 and was making modular buildings for the construction industry. The move has put 180 jobs on the block. The company, in a release, said the company had been in losses since its inception. Tata Steel Building Systems MD Andrew Black said: “It is with great regret that, following a detailed review of the Living Solutions business, we have proposed to withdraw from this business activity.” The company said the continuing weak construction sector,coupled with a few other reasons,led to the decision. Tata Steel Europe
is open to selling off the plant if any seriousbuyers approach it. The operations at Living Solutions are said to
be very small compared to Tata Steel Europe and shutting the business will not have any material effect on the company’s financial well being
Mills new CEOof SpiceJet
Three months after Sanjay Aggarwal resigned as chief executive officer (CEO) of SpiceJet, the airline announced the appointment of Neil Raymond Mills as the CEO. Mills has joined SpiceJet from another low-cost carrier, the Dubai-based Flydubai, where he was the Chief Financial officer. “Most recently, Neil was the part of the start up team for Flydubai and saw the airline grow from a planning stage to nine operating aircraft in 18 months,” said a company statement. Mills was earlier with easy- Jet for 12 years in different roles. During his tenure there, the airline grew from four to 174 aircraft. Sanjay Aggarwal’s 20- month stint as CEO ended in July. He resigned after Sun TV promoter Kalanithi Maran’s Kal Airways Pvt Ltd acquired a 37.7 per cent stake in the airline, making an open offer to buy an additional 20 per cent from shareholders.
Under Aggarwal, the Guagaon- based SpiceJet turned profitable for the first time in its five years of operations, in 2009-10, making a profit of `61 crore. Under Aggarwal, it grew from 94 daily flights to 16 cities with 15 Boeing-737 aircraft to 137 daily flights to 19 cities with 21 Boeing-737 planes. Mills is taking charge at a
time when the airline is expanding domestic as well as international operations. The carrier has ordered 30 Boeing aircraft to be delivered between 2014 and 2018. It has planned to have 50 aircraft by 2014
Google to launch low-cost Android phones in India
In its attempt to become a significant player in India’s huge wireless industry,
Google Inc would reportedly allow several less known Indian handset makers to release low-cost devices that include the technology giant’s Android operating system in the coming months
Android lends functionality to smartphones, including touchscreen capability and a large marketplace of small software “apps,”gained market share quickly this year in developed countries like the US.
Google is banking largely on a crop of inexperienced Indian smartphone manufacturers Micromax Informatics Ltd, Spice Mobility Ltd, and Olive Telecom to makeAndroid phones in the $150 range, and eventually reduce it to a $100 level.
Google joins $5-bn offshore wind grid project
google Inc has thrown its financial clout behind an ambitious $5 billion proposed electric transmission line intended to spark investment in new wind farms off the heavily populated US East Coast.
Japan’s Marubeni Corp and New York investment firm Good Energies are joining in financing the planned 350-mile underwater electric cable, which will be led by transmissionline developer Trans-Elect
Gauri Shankar
Gurleen Kaur
Gajender Singh
FIIs INCREASE STAKE IN OIL MARKETING COMPANIES.
But analysis say these state-run firms are still undervalue.
Foreign institutional investors(FIIs) have raised their stakes in public sector oil marketing companies(OMCs) in the three months ended sept30.
The government decentralled petrol prices and announced plan to decentrall diesel rates as well. The three stak-run omcs-indian oil corporation, bharat petroleum corporation and hindustan petroleum corporation.
According to analysts, the increased FII interest not with standing, OMCs remain undervalued when compare to their global peers. The OMCs which purchase crude oil at market rates are required to sell diesel, kerosene and LPG at government capped prices, resulting in loss.
The companies donot incur any loss on sale of petrol new, as the goverenment decontrolled petrol price on June 25 in accordance with the suggestion made by KIRIT PARIKH GROUP.
INDIAN OIL touched a 52- week high at 458.9 on Sept 21, the day BCPL also reached its high of 814.9 a share.
Though the general market is adding to their interest in these companies, the government's divestment plans for Indian Oil and ONGC also seem to be working in favour of the government owned companies.
So the government also plans to sell 10% stake in IOC and 5% in ONGC.
GOVT ASKS BLACKBERRY TO PROVIDE ACCESS TO SERVICES BY 31st DECEMBER
Government has exteneded the deadline for second time in six weeks, has asked RIM maker of BlackBerry phone to come up with a final solution by 31st December on giving access
to security agencies to the companys popular mesenger and enterprise services.
INDIA ENTERS UNSC AS NON-PERMANENT MEMBER AFTER 19 YRS.
After a gap of 19 yrs , India was today elected to the United Nations Security Council.
India received 187 votes, including Pakistan out of the 191 countries that voted, while one member is abstained from the vote and three votes were polled against India.
Other countries were also elected to the UNSC today are South Africa, Colombia, Germany and Portugal and the new members will take their places from Jan 2011.
Five new countries will be replacing Austria, Japan, Mexico, Turkey and Uganda. Three of the new members are the part of G4( India, Brazil, Japan and Germany) who want to become permanent members India is hoping that change comes in next 2 yrs.
Puri said after voting, “ It is the fact that many of the countries that will be on the council next year are also aspirants for permanent membership”.
He added that we will try and make a use of the time in this 2 yrs and also give our partners a sense of confidence and build trust, so that they feel comfortable with security council BRIC( Brazil, Russia, India and China) could present a united front on several international issues.
STATE FMs TO MEET OVER GST ON OCTOBER 29-30
State finance minister would meet in Goa for two days to firm up thier views on centre's revised draft for implementation of the Goods and Service Tax (GST).
Skoda launches new FABIA at 4.19 lakhs.
skodaAuto launched a new model of its Fabia brand, with a starting price of `4.19 lakh for the base variant in Maharashtra (ex-showroom). The new Fabia has a changed interior and exterior, with added safety features such as air bags as standard. It will be sold with
three engines options - 1.2-litre petrol and diesel and a 1.6-litre petrol.While the 1.2-litre models will have three variants- Classic (base), Ambiente (mid) and Elegance (topend),
the 1.6-model will only have the top-end version, priced at `5.81 lakh. The Czech company, part of the Volkswagen group of Germany, is aiming to more than double sales of the Fabia, which has received dismal response so far. Skoda has been able to sell an average
of 470 units per month of the Fabia in the first six months of the year, far below the average of its competitors. The Maruti Swift sells more than 10,000 units every month.
Skoda aims to push Fabia volumes to 1,160 units with the new model, with an overall target of selling 14,000 units of the car over 12 months
DRUG SEIZURE DISPUTE WITH INDIA NOT RESOLVED: EU
The European commission clarified today that no breakthrough in the on going dispute between India and the European Union (EU) regarding generic drug seizure had been reached.
Govt. Regulators call truce; agree on FSDC structure.
The government and financial sector regulators buried their differences on the proposed Financial Stability& Development Council (FSDC) after Finance Minister Pranab Mukherjee offered the
Reserve Bank of India governor a sweetener.While the finance minister will head the proposed body, the governor will head the only sub-committee under the settlement formula. Earlier, the government had proposed two sub-committees with the one on regulatory coordination chaired by the RBI governor and the other, on financial stability, headed by the finance secretary.The modification in the structure follows opposition from Mint Road. The RBI governor even went public with his concerns. In its response to a consultation paper floated by the finance ministry, RBI had said that the proposed FSDC would “impinge on regulatory autonomy and flexibility” and had made a case for functioning as the systemic regulator.
STREET DIVIDED ON COAL INDIA'S IPO PRICING GOVT'S PRICE BRAND
The wait for Coal India's initial public offer (IPO) pricing is finaly over, as government anounced a price band of Rs 225-245. Last month most expert and analysts had estimated the IPO to be priced in the range of Rs 200-220, but now the final pricing at
Rs225-245 appears to be higher.
Here the issue is aggressively priced. It would have help interacting retail investors if the price had been in the region of Rs 200 a share.
Pricing apart, what places Coal India in a favourable spot is its status of being the worlds largest coal minner and a dominent 81 per cent market share in the country.
Fund raising may hit Rs 4 lakh crore in 2010 :-
Corporate India is set to end the calender year with record fund raising from the primary and secondary
markets.
Indian companies have raised close to the cumulative Rs 3.14 lakh crore raised in 2009.
India Incs highest fund mobilization was in 2007 when it mopped up over Rs 3.20 lakh crore .
With around 3 months to go several large ,small and medium -sized firms are gearing up to raise funds for expansion and capital needs cumulative fund raising likely to touch Rs 4 crore this year. Fund raised by the overseas secondary market in the form of depository receipts, FCCBs ,non convertible and qualified institutional placements .
Certain companies like Reliance inc. ,ADAG group ,Tata group companies as well as GVK,GMR,Suzlon ,Jet airways ,Uninor and other.
In the past 2 to 3 years companies had to postpone their expansion and fund raising activities due to global economic slowdown and uncertainty but now conditions are improving.
The government’s plan to raise $10 billion through disinvestment and beginning to materialise and this will create more capital inflows to markets .
A combination of favorable factors like 9% GDP growth ,a good monsoon that may spur agriculture growth close to 3.8% ,industry growth and service sector growth of 10% continuing favorable policy decision and stress on infrastructure growth.
NPC Shortlists Kazakhstan For N-reactor Experts
State run Nuclear Power Coporation (NPC) which is in the process of increasing generation capacity to 63000MW by 2032 from present level of 4560MW. It has shortlisted Kazakhstan to export reactors in the range of 220MW, 540MW and 700MW capacity.
Kazakhastan has more than 15 percent of global reserve of uranium, a key source of nucleare energy.
Tata Steel Europe shuts down unit
Tata Steel Europe has decided to shut down Tata Steel Living Solutions, located at Shotton, North Wales. The unit was established in 2003 and was making modular buildings for the construction industry. The move has put 180 jobs on the block. The company, in a release, said the company had been in losses since its inception. Tata Steel Building Systems MD Andrew Black said: “It is with great regret that, following a detailed review of the Living Solutions business, we have proposed to withdraw from this business activity.” The company said the continuing weak construction sector,coupled with a few other reasons,led to the decision. Tata Steel Europe
is open to selling off the plant if any seriousbuyers approach it. The operations at Living Solutions are said to
be very small compared to Tata Steel Europe and shutting the business will not have any material effect on the company’s financial well being
Mills new CEOof SpiceJet
Three months after Sanjay Aggarwal resigned as chief executive officer (CEO) of SpiceJet, the airline announced the appointment of Neil Raymond Mills as the CEO. Mills has joined SpiceJet from another low-cost carrier, the Dubai-based Flydubai, where he was the Chief Financial officer. “Most recently, Neil was the part of the start up team for Flydubai and saw the airline grow from a planning stage to nine operating aircraft in 18 months,” said a company statement. Mills was earlier with easy- Jet for 12 years in different roles. During his tenure there, the airline grew from four to 174 aircraft. Sanjay Aggarwal’s 20- month stint as CEO ended in July. He resigned after Sun TV promoter Kalanithi Maran’s Kal Airways Pvt Ltd acquired a 37.7 per cent stake in the airline, making an open offer to buy an additional 20 per cent from shareholders.
Under Aggarwal, the Guagaon- based SpiceJet turned profitable for the first time in its five years of operations, in 2009-10, making a profit of `61 crore. Under Aggarwal, it grew from 94 daily flights to 16 cities with 15 Boeing-737 aircraft to 137 daily flights to 19 cities with 21 Boeing-737 planes. Mills is taking charge at a
time when the airline is expanding domestic as well as international operations. The carrier has ordered 30 Boeing aircraft to be delivered between 2014 and 2018. It has planned to have 50 aircraft by 2014
Google to launch low-cost Android phones in India
In its attempt to become a significant player in India’s huge wireless industry,
Google Inc would reportedly allow several less known Indian handset makers to release low-cost devices that include the technology giant’s Android operating system in the coming months
Android lends functionality to smartphones, including touchscreen capability and a large marketplace of small software “apps,”gained market share quickly this year in developed countries like the US.
Google is banking largely on a crop of inexperienced Indian smartphone manufacturers Micromax Informatics Ltd, Spice Mobility Ltd, and Olive Telecom to makeAndroid phones in the $150 range, and eventually reduce it to a $100 level.
Google joins $5-bn offshore wind grid project
google Inc has thrown its financial clout behind an ambitious $5 billion proposed electric transmission line intended to spark investment in new wind farms off the heavily populated US East Coast.
Japan’s Marubeni Corp and New York investment firm Good Energies are joining in financing the planned 350-mile underwater electric cable, which will be led by transmissionline developer Trans-Elect
THE ECONOMIC TIMES - 13 OCT
Submitted By
Gaurav Sharma
Harsh Atirek
Durgesh Pandey
Sec E (Grp 7)
Sensex ends 485 points up strong global cues
Indian equities ended with huge gains Wednesday as FIIs returned back as buyers across the board after US Federal Reserve hinted of fresh stimuli to boost the economy. National Stock Exchange’s Nifty ended at 6233.90, up 143 points or 2.35 per cent. The broader index hit a high of 6240.25 and low of 6089.75.
Bombay Stock Exchange’s Sensex closed at 20687.88, up 484.54 points or 2.40 per cent. The index touched a high of 20703.97 and low of 20211.66.
BSE Midcap Index was up 0.99 per cent and BSE Smallcap Index moved 1.06 per cent higher.
Amongst sectoral indices, BSE IT Index was up 3.15 per cent, BSE Capital Goods Index gained 2.68 per cent and BSE Realty Index moved 2.51 per cent higher.
FDI inflows down by about 60 pc in Aug
Reflecting fragile recovery in world's major economies, foreign direct investment into India dipped for the third consecutive month, by about 60 per cent to USD 1.33 billion in August. The FDI inflows in August 2009 were USD 3.26 billion. Contrary to smart recovery in the domestic economy and a rebound in exports, overseas investment show a slackening trend in the current fiscal. For the April-August period of 2010-11, FDI inflows declined by 35 per cent to USD 8.92 billion compared to USD 13.8 billion in the same period last year. Foreign investment in July 2010 was at USD 1.78 billion, a dip of 49 per cent and in June international inflows were at USD 1.38, a dip of 46 per cent over the year ago period.
PMK founder meets Karunanidhi; first meeting in two years : TN
In their first meeting since 2008, Pattali Makkal Katchi Founder S Ramadoss today met Tamil Nadu Chief Minister M Karunanidhi here to discuss the demand for caste enumeration in the state. The meeting, held at the state Secretariat, lasted more than 30 minutes during which the PMK leader submitted a resolution adopted at a meeting of 27 leaders belonging to various communities here on September 18, in support of their demand for caste-wise enumeration in the state.
Punjab finance minister, Manpreet Singh Badal sacked
Punjab Finance Minister Manpreet Singh Badal was on Wednesday dismissed from the ministry by Chief Minister Parkash Singh Badal.
He was dropped from the ministry owing to his recent statements regarding the Rs.700 billion (Rs.70,000 crore) debt on the state.
He had demanded that the ruling Shiromani Akali Dal do away with subsidies and freebies like free power to farmers to wriggle the state out of a debt trap.
India a strong contender for permanent UN membership: Krishna
With India set to become a non-permanent member of the UN Security Council with strong endorsement from 187 countries, the country has now become a "strong contender" for the coveted permanent membership of the world body. At an interaction with editors of TOI, the external affair minister Mr. S.M Krishna said it was gratifying to see that a "large number of nations" supported India - 187 countries out of 192 when it needed only 128 or two-third votes - and wanted to see it occupy the "high table" of the comity of nations.
Govt to provide equity support of Rs 8,700 cr to PSU banks
The Finance Ministry today said it will provide equity support of about Rs 8,700 crore to the public sector banks, a move that will enable lenders to raise funds from the capital market without diluting the government holding to below 51 per cent.
RBI refuses to give optionally convertible papers FDI status
The Reserve Bank of India (RBI) has rejected a proposal of the Department of Industrial Policy and Promotion (DIPP) to allow optionally convertible debentures or preference share as part of foreign direct investment (FDI). Optionally convertible instruments, where pricing is decided on a future date (based on certain milestones), protect investors from upward or downward risk and, therefore, should be treated as debt rather than pure equity
Power finance cos plan to team up for banking foray
STATE-RUN power finance companies are mulling a consortium along with other private sector peers to seek a licence for a bank, which will allow them access to cheaper retail funds.
Rural Electrification Corporation and Power Finance Corporation or PFC, the two state-run power financiers, could come together to float a special purpose vehicle for a foray into commercial banking.
Qatar Telecom eyes higher stake in Philippine telco
Chairman of Qatar Telecom QSC is interested in raising its stake in the Philippines' Liberty Telecoms and is in talks with partner San Miguel Corp to expand the venture. Qtel was committed to its investments in the Southeast Asian country and was seeking to expand its presence in Asia. Qtel holds 32.7 percent of Liberty and San Miguel, one of the Philippines' oldest conglomerates, holds 33 percent. Qtel controls PT Indosat, Indonesia's No 2 mobile provider, and earlier this year said it was looking for acquisitions in Asia and the Middle East.
Africa to play big role in copper market: Rio Tinto
CEO Rio Tinto said Africa has the potential to play a significant part in satisfying what is expected to be strong medium-term growth in global copper demand. "African copper will play a pretty significant part in the global future for the industry," African copper deposits tend to be high grade -- around one-fifth of all global resources with a grade of over 1.0 percent copper are in the region. Rio Tinto owns a 57 percent stake in the Palabora operations in South Africa, which produce around 80,000 tonnes per year of copper.
IIMs to export CAT to foreign business schools
The brutally competitive Common Admission Test is all set for a cross-over. The Indian Institutes of Management , which conduct the entrance exam, have been approached by business schools in Sri Lanka to do a CAT for their candidates as well, a plan that will take off next year. "We refused to conduct the CAT for them this year, but will do so in 2011," confirmed Himanshu Rai, convener of CAT-2010. Apart from Lanka, B-schools in several countries in South-East Asia have shown interest in admitting students through the exam,”
KBC-4 trumps Bigg Boss in first round of TRP wars
In the race of the TRPs, the first episode of KBC-4 has beaten the first Bigg Boss episode hands down. KBC-4 , which opened on Amitabh Bachchan's birthday, garnered an a Map rating of 5, beating the Salman Khan-hosted Bigg Boss that got a rating of 3.6 on its first day of telecast. Bachchan has been able to beat Salman Khan's Bigg Boss in his first episode of KBC-4, but failed to cross any of the phenomenal ratings of his own KBC-1 and KBC-2 or the SRK-hosted KBC.
Mukesh Ambani ready to move into mansion in the sky
Antilia, the luxe 27-storey home of India's richest person Mukesh Ambani in south Mumbai, is ready for housewarming during the ongoing festive season. The building, which stands taller than most buildings in the vicinity and is visible from a distance in every direction, bears the name of a legendary island in the Atlantic Ocean. The palatial building, completed after seven years of labour, has three helipads on the top floor and has been billed as the most opulent home of an individual anywhere in the world.
Indian medal tally boosts Doordarshan income
India's glowing medal tally in the Commonwealth Games is boosting public broadcaster Doordarshan's earnings , "With India's medal tally increasing by the day, viewership has definitely increased. That's why corporates are now keen to book slots for advertisements during the matches.
Nokia launches N8 Smartphone
Mobile handset manufacturer Nokia on Tuesday launched the Nokia N8 smartphone with Ovi services which will enable its users to create content, connect to their favourite social networks and enjoy on-demand web TV programmes. The smartphone, equipped with a 12-megapixel camera, will also enable the customers to make and edit high definition videos. Priced at Rs.26,259, the phone will be available across the country from Oct 13 at Nokia priory stores .
Tech giants Samsung and Apple more friends than rivals
Apple has the iPhone and the iPad, Samsung has several smartphones and its new Galaxy Tab computer. But, analysts say, the tech heavyweight rivals are not so much heading into battle as strolling hand in hand into an ever more profitable future. Samsung is both a provider and a competitor to Apple. But they have very different strategies. Apple is aiming for the high-end market, whereas Samsung is geared more towards the mass market. Apple is dependent upon Samsung to a certain extent for their components but Samsung is clearly benefiting from Apple's innovation.
Gaurav Sharma
Harsh Atirek
Durgesh Pandey
Sec E (Grp 7)
Sensex ends 485 points up strong global cues
Indian equities ended with huge gains Wednesday as FIIs returned back as buyers across the board after US Federal Reserve hinted of fresh stimuli to boost the economy. National Stock Exchange’s Nifty ended at 6233.90, up 143 points or 2.35 per cent. The broader index hit a high of 6240.25 and low of 6089.75.
Bombay Stock Exchange’s Sensex closed at 20687.88, up 484.54 points or 2.40 per cent. The index touched a high of 20703.97 and low of 20211.66.
BSE Midcap Index was up 0.99 per cent and BSE Smallcap Index moved 1.06 per cent higher.
Amongst sectoral indices, BSE IT Index was up 3.15 per cent, BSE Capital Goods Index gained 2.68 per cent and BSE Realty Index moved 2.51 per cent higher.
FDI inflows down by about 60 pc in Aug
Reflecting fragile recovery in world's major economies, foreign direct investment into India dipped for the third consecutive month, by about 60 per cent to USD 1.33 billion in August. The FDI inflows in August 2009 were USD 3.26 billion. Contrary to smart recovery in the domestic economy and a rebound in exports, overseas investment show a slackening trend in the current fiscal. For the April-August period of 2010-11, FDI inflows declined by 35 per cent to USD 8.92 billion compared to USD 13.8 billion in the same period last year. Foreign investment in July 2010 was at USD 1.78 billion, a dip of 49 per cent and in June international inflows were at USD 1.38, a dip of 46 per cent over the year ago period.
PMK founder meets Karunanidhi; first meeting in two years : TN
In their first meeting since 2008, Pattali Makkal Katchi Founder S Ramadoss today met Tamil Nadu Chief Minister M Karunanidhi here to discuss the demand for caste enumeration in the state. The meeting, held at the state Secretariat, lasted more than 30 minutes during which the PMK leader submitted a resolution adopted at a meeting of 27 leaders belonging to various communities here on September 18, in support of their demand for caste-wise enumeration in the state.
Punjab finance minister, Manpreet Singh Badal sacked
Punjab Finance Minister Manpreet Singh Badal was on Wednesday dismissed from the ministry by Chief Minister Parkash Singh Badal.
He was dropped from the ministry owing to his recent statements regarding the Rs.700 billion (Rs.70,000 crore) debt on the state.
He had demanded that the ruling Shiromani Akali Dal do away with subsidies and freebies like free power to farmers to wriggle the state out of a debt trap.
India a strong contender for permanent UN membership: Krishna
With India set to become a non-permanent member of the UN Security Council with strong endorsement from 187 countries, the country has now become a "strong contender" for the coveted permanent membership of the world body. At an interaction with editors of TOI, the external affair minister Mr. S.M Krishna said it was gratifying to see that a "large number of nations" supported India - 187 countries out of 192 when it needed only 128 or two-third votes - and wanted to see it occupy the "high table" of the comity of nations.
Govt to provide equity support of Rs 8,700 cr to PSU banks
The Finance Ministry today said it will provide equity support of about Rs 8,700 crore to the public sector banks, a move that will enable lenders to raise funds from the capital market without diluting the government holding to below 51 per cent.
RBI refuses to give optionally convertible papers FDI status
The Reserve Bank of India (RBI) has rejected a proposal of the Department of Industrial Policy and Promotion (DIPP) to allow optionally convertible debentures or preference share as part of foreign direct investment (FDI). Optionally convertible instruments, where pricing is decided on a future date (based on certain milestones), protect investors from upward or downward risk and, therefore, should be treated as debt rather than pure equity
Power finance cos plan to team up for banking foray
STATE-RUN power finance companies are mulling a consortium along with other private sector peers to seek a licence for a bank, which will allow them access to cheaper retail funds.
Rural Electrification Corporation and Power Finance Corporation or PFC, the two state-run power financiers, could come together to float a special purpose vehicle for a foray into commercial banking.
Qatar Telecom eyes higher stake in Philippine telco
Chairman of Qatar Telecom QSC is interested in raising its stake in the Philippines' Liberty Telecoms and is in talks with partner San Miguel Corp to expand the venture. Qtel was committed to its investments in the Southeast Asian country and was seeking to expand its presence in Asia. Qtel holds 32.7 percent of Liberty and San Miguel, one of the Philippines' oldest conglomerates, holds 33 percent. Qtel controls PT Indosat, Indonesia's No 2 mobile provider, and earlier this year said it was looking for acquisitions in Asia and the Middle East.
Africa to play big role in copper market: Rio Tinto
CEO Rio Tinto said Africa has the potential to play a significant part in satisfying what is expected to be strong medium-term growth in global copper demand. "African copper will play a pretty significant part in the global future for the industry," African copper deposits tend to be high grade -- around one-fifth of all global resources with a grade of over 1.0 percent copper are in the region. Rio Tinto owns a 57 percent stake in the Palabora operations in South Africa, which produce around 80,000 tonnes per year of copper.
IIMs to export CAT to foreign business schools
The brutally competitive Common Admission Test is all set for a cross-over. The Indian Institutes of Management , which conduct the entrance exam, have been approached by business schools in Sri Lanka to do a CAT for their candidates as well, a plan that will take off next year. "We refused to conduct the CAT for them this year, but will do so in 2011," confirmed Himanshu Rai, convener of CAT-2010. Apart from Lanka, B-schools in several countries in South-East Asia have shown interest in admitting students through the exam,”
KBC-4 trumps Bigg Boss in first round of TRP wars
In the race of the TRPs, the first episode of KBC-4 has beaten the first Bigg Boss episode hands down. KBC-4 , which opened on Amitabh Bachchan's birthday, garnered an a Map rating of 5, beating the Salman Khan-hosted Bigg Boss that got a rating of 3.6 on its first day of telecast. Bachchan has been able to beat Salman Khan's Bigg Boss in his first episode of KBC-4, but failed to cross any of the phenomenal ratings of his own KBC-1 and KBC-2 or the SRK-hosted KBC.
Mukesh Ambani ready to move into mansion in the sky
Antilia, the luxe 27-storey home of India's richest person Mukesh Ambani in south Mumbai, is ready for housewarming during the ongoing festive season. The building, which stands taller than most buildings in the vicinity and is visible from a distance in every direction, bears the name of a legendary island in the Atlantic Ocean. The palatial building, completed after seven years of labour, has three helipads on the top floor and has been billed as the most opulent home of an individual anywhere in the world.
Indian medal tally boosts Doordarshan income
India's glowing medal tally in the Commonwealth Games is boosting public broadcaster Doordarshan's earnings , "With India's medal tally increasing by the day, viewership has definitely increased. That's why corporates are now keen to book slots for advertisements during the matches.
Nokia launches N8 Smartphone
Mobile handset manufacturer Nokia on Tuesday launched the Nokia N8 smartphone with Ovi services which will enable its users to create content, connect to their favourite social networks and enjoy on-demand web TV programmes. The smartphone, equipped with a 12-megapixel camera, will also enable the customers to make and edit high definition videos. Priced at Rs.26,259, the phone will be available across the country from Oct 13 at Nokia priory stores .
Tech giants Samsung and Apple more friends than rivals
Apple has the iPhone and the iPad, Samsung has several smartphones and its new Galaxy Tab computer. But, analysts say, the tech heavyweight rivals are not so much heading into battle as strolling hand in hand into an ever more profitable future. Samsung is both a provider and a competitor to Apple. But they have very different strategies. Apple is aiming for the high-end market, whereas Samsung is geared more towards the mass market. Apple is dependent upon Samsung to a certain extent for their components but Samsung is clearly benefiting from Apple's innovation.
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