Naina singh
Neha Yadav
Neeraj Chopra
Group- 14 (Section - F)
Microfinance Institutions Network(MFIN) are ready to cut lending rates provided banks lower interest
MFIN's CEO Mr Alok Prasad said that 12-13% interest on loans taken from banks is too costly for them & its a challenge for them to bring it down. He emphasize that there should be a partnership approach for promoting access to credit to people & it can be achieved if MFIs can cut lending rates from 24-27% to 23-24% & they are ready for it provided banks bring down their lending rate to 10-11%.
MFI argued that since their employees have to go door to doorin rural areas to reach to the customers therefore their average operating costs are high. So if one add loan loss of 1-2% & reasonable rate of return then the interest rates comes out to be 25% per year.
Centre is planning to give Rs 10000 cr to oil marketing firms as apart of fuel losses
The three companies IndianOil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation have run up losses of around Rs 31000 crore in the April- September period of which a third(i.e 10330 crores) will be borne by the Oil and Natural Gas Corporation with some help from Oil India & GAIL. Centre is planning to give Rs 10000 crore as an adhoc package.
This means that these three companies would have to take the hit for the balance of some Rs 10000 crores.
GAIL loses Kakinada,Bhilwada pipeline project to GSPC
GAIL has lost the bid to built 1545 Km Kakinada-Bijapur-Bhilwada gas pipeline to a consortium of public sector companies led by the Gujarat State Petroleum Corporation(GSPC)
Nippon Steel to make auto pipes at Rajasthan plant
Japanese steelmaker Nippon Steel announced that they will invest Rs 164 crores in an automotive steel pipe plant in Rajasthan.They selected Neemrana Industrial Park for it and production is expected to start by 2012. Investment for this project will be routed throgh Siam Nippon Steel Pipe Co, Nippon Steel's Thai unit.
This is the third time in last year that Japanese steelmaker has targeted the Indian auto market. JFE recently picked up a 14.98% stake in JSW to produce auto-grade steel while Sumitomo metals signed in a deal with Bhushan Steel.
Cyprus realty major Leptos woos Indian investments
Leptos Group a local property developer with an estimated net worth of 1.5 billion euros would like to have participation from India in the implimentation of Neopolis Smart EcoCity. It is a 2 billion euro project and funding for the first phase of it has already been finalised.
Basel Committee announces progress in reforms programme
The Basel committee on Banking supervision met in Seoul on Tuesday to finalise its reforms programme for ensuring systematic stability of the global financial architecture.
Basel committee and president of Neitherlands Bank, Mr Nout Wellink said that the committee will address the identified weaknesses of the pre-crisis banking sector, thus delivering on G-20 mandate given at the Pittsburg summit to develop a more resilient banking sector.
The firm specific and broader systemic risks have been reffered to as “BASEL III”.
Their agenda includes higher quality of capital to ensure that banks can better absorb the types of losses, better coverage of risk,internationally harmonised leverage ratio to constrain excessive risk taking.
Sesa Goa pins hopes on Court ruling on iron ore export ban
Sesa Goa a Vedanta Group company expects the Karnataka High Court to give its verdict on the State Government ban on iron ore exports by the end of this month.The Court has been hearing abatch of petitions field by nine mining companies led by Sesa Goa. Restrictions on transportation of ore imposed by Goa Government and issue of overloading trucks have also hit the company.
Wednesday, October 20, 2010
20th October - THE MINT
Nitika Balaggan
Pallavi Srivastava
Pavneet Kaur
Group-14 (Section - H)
SENSEX 19,983.13 decline 185.76
NIFTY 6027.30 decline 48.65
DOLLAR Rs 44.35 decline Rs 0.01
GOLD Rs19,735 increase Rs 60
OIL $83.12 Decline $0.68.
Top Stories
Job rider likely for PSU investment
Although the India has impressive growth but job creation has not kept pace. New employment policy aims to accelerate job growth in organized sector. “The main objective of the policy is to make employment the focus area in all economic activities.”- Prabhat Chaturvedi (secretary, ministry of labor and employment)
According to National Sample Survey Office in 2004-05 around 8.2% Indians were unemployed. Now 47 million numbers of jobs are there in organized sector and the number of people who will enter job market between 2011 and 2016 is 63.5 million.
Come back of Vijay Sheth to build new offshore services empire
Sheth, 56 who created great Offshore as a division of Great Eastern Shipping Co. Ltd. His three companies are Great Energy Pvt. Ltd, Great Drilling Pvt. Ltd, and Great Towing Ltd. His shares went down and he suffered loss and finally in 2009 he is attempting a comeback by building a new empire from the ground up. Sheth will offer services mainly to oil and exploration co’s such as Reliance Industries Ltd. and ONGC Ltd.
ICICI will lay off some Bank of Rajasthan (BoR) staff after five years
ICICI Bank Ltd. have 4000 employees of BoR, according to the contract their terms will end at the end of 5 years but now ICICI has decided to retire them at age of 60. So many BoR employers are facing job security problem.
No Compromise On Terrified
Nirupama Rao said “India is willing to share the fruits of economic growth with its neighbors in south Asia. But it will not compromise on its fight against the terrorism”.
HDFC bank’s profit becomes 33% in 2nd quarter
Corporate news
IBM, HP chasing for each of the server clients
As the market in India recovers from slump in the last fiscal, IBM and HP coming out from the slump in 2009-10 are chasing each other’s customers and those of other companies. Thus the server market in India recovering from a slump.
Air Passenger traffic up 11.58% in Sep this year
DGCA released the data stating passenger growth rate to 11.58% as compared with the figures of last year. Among the gainers, Jet Airways, Kingfisher Airlines Ltd, Spicejet raised their market share for 3 to 5% and also the occupancy of almost all the leading airways company had fallen down to 3 to 5% except Kingfisher whose occupancy rate had risen from 75.2% to 85.9% this year
Market & Finance
Problem in implementation of smart order’s system
A smart order routing (SOR) a mechanism that helps investors to get the best price for their transactions across exchange. Its implementation is going to be delay because National Stock Exchange has recently introduced fresh conditions and policies. BSE wants to implement this facility since it believes that this system will help in increase in market share.
· The Bombay Stock Exchange’s sensitive index fell 185.76 or 0.9%, to 19,983.13
· 8% drop in GSM net additions; subscriber base up at 478 million.
THE WALL STREET JOURNAL
· Taliban influences grows in North
· Ray Ossie The executive of Microsoft corporations planning to leave Microsoft after the co founder Bill Gates.
Pallavi Srivastava
Pavneet Kaur
Group-14 (Section - H)
SENSEX 19,983.13 decline 185.76
NIFTY 6027.30 decline 48.65
DOLLAR Rs 44.35 decline Rs 0.01
GOLD Rs19,735 increase Rs 60
OIL $83.12 Decline $0.68.
Top Stories
Job rider likely for PSU investment
Although the India has impressive growth but job creation has not kept pace. New employment policy aims to accelerate job growth in organized sector. “The main objective of the policy is to make employment the focus area in all economic activities.”- Prabhat Chaturvedi (secretary, ministry of labor and employment)
According to National Sample Survey Office in 2004-05 around 8.2% Indians were unemployed. Now 47 million numbers of jobs are there in organized sector and the number of people who will enter job market between 2011 and 2016 is 63.5 million.
Come back of Vijay Sheth to build new offshore services empire
Sheth, 56 who created great Offshore as a division of Great Eastern Shipping Co. Ltd. His three companies are Great Energy Pvt. Ltd, Great Drilling Pvt. Ltd, and Great Towing Ltd. His shares went down and he suffered loss and finally in 2009 he is attempting a comeback by building a new empire from the ground up. Sheth will offer services mainly to oil and exploration co’s such as Reliance Industries Ltd. and ONGC Ltd.
ICICI will lay off some Bank of Rajasthan (BoR) staff after five years
ICICI Bank Ltd. have 4000 employees of BoR, according to the contract their terms will end at the end of 5 years but now ICICI has decided to retire them at age of 60. So many BoR employers are facing job security problem.
No Compromise On Terrified
Nirupama Rao said “India is willing to share the fruits of economic growth with its neighbors in south Asia. But it will not compromise on its fight against the terrorism”.
HDFC bank’s profit becomes 33% in 2nd quarter
Corporate news
IBM, HP chasing for each of the server clients
As the market in India recovers from slump in the last fiscal, IBM and HP coming out from the slump in 2009-10 are chasing each other’s customers and those of other companies. Thus the server market in India recovering from a slump.
Air Passenger traffic up 11.58% in Sep this year
DGCA released the data stating passenger growth rate to 11.58% as compared with the figures of last year. Among the gainers, Jet Airways, Kingfisher Airlines Ltd, Spicejet raised their market share for 3 to 5% and also the occupancy of almost all the leading airways company had fallen down to 3 to 5% except Kingfisher whose occupancy rate had risen from 75.2% to 85.9% this year
Market & Finance
Problem in implementation of smart order’s system
A smart order routing (SOR) a mechanism that helps investors to get the best price for their transactions across exchange. Its implementation is going to be delay because National Stock Exchange has recently introduced fresh conditions and policies. BSE wants to implement this facility since it believes that this system will help in increase in market share.
· The Bombay Stock Exchange’s sensitive index fell 185.76 or 0.9%, to 19,983.13
· 8% drop in GSM net additions; subscriber base up at 478 million.
THE WALL STREET JOURNAL
· Taliban influences grows in North
· Ray Ossie The executive of Microsoft corporations planning to leave Microsoft after the co founder Bill Gates.
20th October - THE ECONOMIC TIMES
MONIKA AGARWAL
MUSKAN DHINGRA
NEEHAR MEHTA
Group - 13 (Section -E)
CORPORATE NEWS
RAVI UPPAL JOINS L&T BOARD
LARSEN AND TOURBO has appointed ravi uppal the head of its power arm director on the board of the parent engineering company.
Investor Jhunjhunwala reaps big with A2Z maintenance
Billionare investor Rakesh jhunjhunwala is set to make killing through his investment in engineering and construction service firms A2Z maintenance which will be going public shortly.The company plan come out with initial public offer of around Rs 1000 crores.
Bird group to invest Rs 2200 in India
Travel and hospitality company bird group on Monday said invest Rs 2200 on developing six luxury hotels
Indian oil hit street in jan Rs 19000 crore offer
IOC will start shortlisting mechant bankers next week for its public issue about Rs 19000 crore largest ever equity offer in the country.
Vodafone leads Rs 300 crore a year CUG deal
Cellular service provider Vodafone –Essar deal is leading the race of prestigious bid to connect 3.75 lakh Gujarat employees in the country largest closer user group(CUG) network.
R-Power among 4 more in list of KG gas recipients
Four power projects including Reliance power 2400 mw samalkot project in Andhra Pradesh and Torrent Power project in Gujarat figure list prepared by power ministry.
BANKING AND FINANCE
SBI First bond sale botched up on regulatory order
The SBI first bond issue were botched up as some investors eager to buy them due to attractive yields.
HDFC beats street with 22% jump in quarter 2 profit
HDFC the largest home loan provider 22% rise in net profit for the 2 quarter of this fiscal .The rise in profit is on account of increase in spread.
Morgan Stanley reduces its overbought rating in Asia
Global investment house Morgan Stanley is reducing major overweight position
on Asia and emerging market equities.Morgan Stanley had upgraded its rating in may this year MSCI EM index – a barometer comprising stocks from different emerging markets- has risen 31.8%.
Kalanithi maran buy 2.28% more in Spice jet
Sun TV founder Kalanithi Maran and his unlisted aviation firm, Kal Airways Pvt Ltd , have raised stake in low-cost carrier spice jet after acquiring an additional 9.22 million shares, or 2.28 percent, the airline said in a filing to the BSE on Tuesday.
In June, Maran and Kal Airways had agreed to buy 37.7 percent in the carrier from US investor Wilbur Ross and Royal Holdings Services, held by the Kansagra family, for 7.39 billion rupees at 47.25 rupees a share.
ECONOMY AND FINANCE
FEAR OF IPO BUBBLE GROWS AS HOT MONEY CONTINUES TO FLOOD ASIA
Prasarn Trairatvorakul struggled for balance as the ferry taking him across a Bangkok river pitched in choppy waters. “It’s a bit like the world economy these days,” the Bank of Thailand governor deadpanned as he plopped down on a ferry deck chair. “Very hard to control.” Prasarn would certainly know. Thailand may offer the best example of a curious phenomenon: how the Federal Reserve’s ultralow interest rates are benefiting Asia more than America. Excess central-bank liquidity explains the disconnect. Asia is getting loads of it, US assets are getting little.
GOVERNMENT WON”T SET PRICE OF NATURAL GAS
Clearing air on marketing freedom on natural gas, the government(Oil secretary S Sundareshan) on Monday said companies will continue to have the right to discover the market price of the fuel and government will no way dictate rates.
Emami ok Rs 5000 CRORE fund raising
The board of Emami group has approved a plan to raise up to Rs 5000 crore through debt and equity dilution throwingthrowing open speculations kolkata based company may still consider for paras pharmaceuticals despite higher valuation.
POLITICAL THEATRE
BIHARI ROOTS NO LONGER EMBRASS NRB
One of the talking points in public meetings addressed by bihar chief minister Nitish kumar during assembly poll campaign trail has been restoration of self pride and respect among people of his state during his tenure.
SPLIT VERDICT ON DISQUALIFICATION\
BJP efforts to dispel the impression that its government in Karnataka was living on daily wages suffered setback when 2 judges bench of the high court failed to produce a verdict on the status of 11 disqualified MLA. The issue will now be assessed by a third judge.
SENSEX: 19983.13
NIFTY:6011.11
MUSKAN DHINGRA
NEEHAR MEHTA
Group - 13 (Section -E)
CORPORATE NEWS
RAVI UPPAL JOINS L&T BOARD
LARSEN AND TOURBO has appointed ravi uppal the head of its power arm director on the board of the parent engineering company.
Investor Jhunjhunwala reaps big with A2Z maintenance
Billionare investor Rakesh jhunjhunwala is set to make killing through his investment in engineering and construction service firms A2Z maintenance which will be going public shortly.The company plan come out with initial public offer of around Rs 1000 crores.
Bird group to invest Rs 2200 in India
Travel and hospitality company bird group on Monday said invest Rs 2200 on developing six luxury hotels
Indian oil hit street in jan Rs 19000 crore offer
IOC will start shortlisting mechant bankers next week for its public issue about Rs 19000 crore largest ever equity offer in the country.
Vodafone leads Rs 300 crore a year CUG deal
Cellular service provider Vodafone –Essar deal is leading the race of prestigious bid to connect 3.75 lakh Gujarat employees in the country largest closer user group(CUG) network.
R-Power among 4 more in list of KG gas recipients
Four power projects including Reliance power 2400 mw samalkot project in Andhra Pradesh and Torrent Power project in Gujarat figure list prepared by power ministry.
BANKING AND FINANCE
SBI First bond sale botched up on regulatory order
The SBI first bond issue were botched up as some investors eager to buy them due to attractive yields.
HDFC beats street with 22% jump in quarter 2 profit
HDFC the largest home loan provider 22% rise in net profit for the 2 quarter of this fiscal .The rise in profit is on account of increase in spread.
Morgan Stanley reduces its overbought rating in Asia
Global investment house Morgan Stanley is reducing major overweight position
on Asia and emerging market equities.Morgan Stanley had upgraded its rating in may this year MSCI EM index – a barometer comprising stocks from different emerging markets- has risen 31.8%.
Kalanithi maran buy 2.28% more in Spice jet
Sun TV founder Kalanithi Maran and his unlisted aviation firm, Kal Airways Pvt Ltd , have raised stake in low-cost carrier spice jet after acquiring an additional 9.22 million shares, or 2.28 percent, the airline said in a filing to the BSE on Tuesday.
In June, Maran and Kal Airways had agreed to buy 37.7 percent in the carrier from US investor Wilbur Ross and Royal Holdings Services, held by the Kansagra family, for 7.39 billion rupees at 47.25 rupees a share.
ECONOMY AND FINANCE
FEAR OF IPO BUBBLE GROWS AS HOT MONEY CONTINUES TO FLOOD ASIA
Prasarn Trairatvorakul struggled for balance as the ferry taking him across a Bangkok river pitched in choppy waters. “It’s a bit like the world economy these days,” the Bank of Thailand governor deadpanned as he plopped down on a ferry deck chair. “Very hard to control.” Prasarn would certainly know. Thailand may offer the best example of a curious phenomenon: how the Federal Reserve’s ultralow interest rates are benefiting Asia more than America. Excess central-bank liquidity explains the disconnect. Asia is getting loads of it, US assets are getting little.
GOVERNMENT WON”T SET PRICE OF NATURAL GAS
Clearing air on marketing freedom on natural gas, the government(Oil secretary S Sundareshan) on Monday said companies will continue to have the right to discover the market price of the fuel and government will no way dictate rates.
Emami ok Rs 5000 CRORE fund raising
The board of Emami group has approved a plan to raise up to Rs 5000 crore through debt and equity dilution throwingthrowing open speculations kolkata based company may still consider for paras pharmaceuticals despite higher valuation.
POLITICAL THEATRE
BIHARI ROOTS NO LONGER EMBRASS NRB
One of the talking points in public meetings addressed by bihar chief minister Nitish kumar during assembly poll campaign trail has been restoration of self pride and respect among people of his state during his tenure.
SPLIT VERDICT ON DISQUALIFICATION\
BJP efforts to dispel the impression that its government in Karnataka was living on daily wages suffered setback when 2 judges bench of the high court failed to produce a verdict on the status of 11 disqualified MLA. The issue will now be assessed by a third judge.
SENSEX: 19983.13
NIFTY:6011.11
20th October - BUSINESS STANDARD
NISHTHA SRIVASTAVA
PANKHURI KRISHNA
PALLAVI GOGOI
(SECTION G)
RATES:- DOLLOR Rs 44.35
YEN(100 yen) Rs 54.48
EURO Rs 61.59
GOLD(10 gm ) Rs 19735
DIVERSTMENT MAY NET Rs 59 CRORE
· Government is set to beat its target of Rs 40000 crore from divesting stake in public sector companies
· Stake has increased in this quarter from 2000 crore to 22000 crore in which 15000 is alone contributed by coal India (public sector).
· Government is planning to generate 59000 crore at the end of this financial year with the help of sale and ONGC.
CHINA RATE HIKE TO HIT MARKET , RUPEE.
· Indian stock market is under pressure after china announced a rate hike.
· Chinese central bank announced that it would raise the one year yuan landing rate 5.56 from 5.31%.
VASUDEVA TO HEAD ONGC
· PUBLIC ENTERPRISE SELECTION BOARD(PESP) selected Vasudeva as a managing director of ONGC in the place of R.S. Sharma who retire on January 31st 2011.
· He was selected on the basis as he has deployed innovative approach and new technology to the ageing.
AGIES TO BE LARGEST INDIAN EMPLOYER IN US
· A Mumbai headquarter BPO is set to become Indian employer in US.
· out of the 5000 Costarica have 500 hundred and rest are in US.
INDINBULLES FREEZES RETAIL EXPENSION PLANS
· the LN mittal backed Indiabulls groups has put its retail planes on the backburner focusing instead of its core business of financial services and real state.
· The 3$ billion Indiabull groups has stock broking non banking, non banking real state, real state and retail ventures.
· It has planes to open stores in Mumbai and delhi among other places.
ECONOMY
· September direct tax mop-up clients 26.12%
· Stands at 81647Rs crores fastest monthly growth this year.
· The growth came on account of the second installment paid by the government tax payer and first installment of advance income tax paid by non-corporate tax payer.
MONEY AND MARKET
SENSEX DORPS 0.9%
· Sensex fell 0.9 % on Tuesday in choppy trade as a 3.5 billion dollar IPO by coal INDIA.
· Coal India’s IPO the country’s largest ever drew strong investor interest was covered on the second day.
· Leading outsourcer TCS dropped 1.2% and 3.1% respectively while Wipro shed 0.8%.
FINANCE
· HDFC bank net profit up 33%
· HDFC bank reported a net profit of 912.1 crore for the quarter ended September, a 32.7% increase from 687.46 crores an year ago.
· Noninterest income decline 9% decline on year on year basis to Rs 96070 crore from 1053.54 crore.
VISA GETS RBI PERMISSION FOR FUND REMITTANCE
· The RBI permission makes VISA the only electronic card payment technology company in india to support over 40 banks including ICICI, cenera bank including HDFC bank, enabling their card holders the facility of receiving remittance on their VISA debits and prepaid cards.
COMODITIES
SPONGE IRON PRICES LIKELY TO RISE 10% IN NOVEMBER
· Increase is due to demand for long steel from infrastructure company.
· At present premium sponge iron costs Rs 18000 a tone.
· It rose sharply by Rs 1000 to 1200 a tone in the first week.
BRIEF NEWS:-
· New 2 G guidelines are expects to be submitting to the department of telecom.
· 75 thousand tourists came during common wealth games.
· Cannon eye $ 1 billion turn over in India.
· Opto circuits to buy US firm.
PANKHURI KRISHNA
PALLAVI GOGOI
(SECTION G)
RATES:- DOLLOR Rs 44.35
YEN(100 yen) Rs 54.48
EURO Rs 61.59
GOLD(10 gm ) Rs 19735
DIVERSTMENT MAY NET Rs 59 CRORE
· Government is set to beat its target of Rs 40000 crore from divesting stake in public sector companies
· Stake has increased in this quarter from 2000 crore to 22000 crore in which 15000 is alone contributed by coal India (public sector).
· Government is planning to generate 59000 crore at the end of this financial year with the help of sale and ONGC.
CHINA RATE HIKE TO HIT MARKET , RUPEE.
· Indian stock market is under pressure after china announced a rate hike.
· Chinese central bank announced that it would raise the one year yuan landing rate 5.56 from 5.31%.
VASUDEVA TO HEAD ONGC
· PUBLIC ENTERPRISE SELECTION BOARD(PESP) selected Vasudeva as a managing director of ONGC in the place of R.S. Sharma who retire on January 31st 2011.
· He was selected on the basis as he has deployed innovative approach and new technology to the ageing.
AGIES TO BE LARGEST INDIAN EMPLOYER IN US
· A Mumbai headquarter BPO is set to become Indian employer in US.
· out of the 5000 Costarica have 500 hundred and rest are in US.
INDINBULLES FREEZES RETAIL EXPENSION PLANS
· the LN mittal backed Indiabulls groups has put its retail planes on the backburner focusing instead of its core business of financial services and real state.
· The 3$ billion Indiabull groups has stock broking non banking, non banking real state, real state and retail ventures.
· It has planes to open stores in Mumbai and delhi among other places.
ECONOMY
· September direct tax mop-up clients 26.12%
· Stands at 81647Rs crores fastest monthly growth this year.
· The growth came on account of the second installment paid by the government tax payer and first installment of advance income tax paid by non-corporate tax payer.
MONEY AND MARKET
SENSEX DORPS 0.9%
· Sensex fell 0.9 % on Tuesday in choppy trade as a 3.5 billion dollar IPO by coal INDIA.
· Coal India’s IPO the country’s largest ever drew strong investor interest was covered on the second day.
· Leading outsourcer TCS dropped 1.2% and 3.1% respectively while Wipro shed 0.8%.
FINANCE
· HDFC bank net profit up 33%
· HDFC bank reported a net profit of 912.1 crore for the quarter ended September, a 32.7% increase from 687.46 crores an year ago.
· Noninterest income decline 9% decline on year on year basis to Rs 96070 crore from 1053.54 crore.
VISA GETS RBI PERMISSION FOR FUND REMITTANCE
· The RBI permission makes VISA the only electronic card payment technology company in india to support over 40 banks including ICICI, cenera bank including HDFC bank, enabling their card holders the facility of receiving remittance on their VISA debits and prepaid cards.
COMODITIES
SPONGE IRON PRICES LIKELY TO RISE 10% IN NOVEMBER
· Increase is due to demand for long steel from infrastructure company.
· At present premium sponge iron costs Rs 18000 a tone.
· It rose sharply by Rs 1000 to 1200 a tone in the first week.
BRIEF NEWS:-
· New 2 G guidelines are expects to be submitting to the department of telecom.
· 75 thousand tourists came during common wealth games.
· Cannon eye $ 1 billion turn over in India.
· Opto circuits to buy US firm.
20th October - THE ECONOMIC TIMES
Nishant Kumar
Pankaj Yadav
Pawan Kumar Sharma
Section -E (Group - 4)
Headlines:-
UIDAI shortlist TCS, Wipro, HCL, IBM for It infrastructure contract.
Wipro’s Azim Premji to launch billion-$ endowment trust.
Traders in a mad scramble for coal India, SBI issues.
Real Possibility India will grow faster then China: JP Morgan
China surprise with first rate hike since 2007.
Chechen Parliament comes under attack.
IBM net income up 12% boosted by BRIC sales.
SBI grant highest ever loan 300cr for a dairy firm of Punjab.
Sensex sheds 186 points
News related to:-
InfoTech
UIDAI shortlist TCS, Wipro, HCL, IBM for It infrastructure contract.
The unique identity Authority of India has selected 9 ITS’s company- Accenture, IBM, TCS, Wipro, FCL, HP & others for selecting a managed service provide for the unique id project.
The selected provider has to make 600 million unique id no. by 2014.The firm will be responsible for managing the entire IT of the UIDAI project.
Wipro’s Azim Premji to launch billion-$ endowment trust.
Wipro founder Mr. Azim Premji will launch an endowment trust modeled on the line of world famous Harvard Management Company. The trust having billion-$ capital, will be operational in January next year and could be funded by small chunk of promoter equity in Wipro. The trust will largely focus on leading the education initiatives strongly favored by Mr Premji, according to people close to the development.
Investors
Traders in a mad scramble for coal India, SBI issues.
The mega initial public offering (IPO) is expected to raise 15,000 crore, Coal India 63.16-crore share offering was subscribed 1.71 times on the second day While SBI Rs-1,000-crore bond issue was subscribed 17 times.
In the grey market, Coal India share are trading at rs.280 apiece, or 14% higher then the top & of the Rs.225-245 ranges is set by the Govt.
International News
China surprises with rate hike since 2007
It raised its benchmark lending and deposit rate from 5.31% to 5.56%. Inflation may climb up to 3.63%.The GDP (Gross domestic product) grew 9.5% in the third quarter.
Chechen Parliament comes under attack.
In a suicide attack on chechenya’s parliament left 7 people dead & 17 wounded.
The attack could have been timed to coincide with a visit to Grozny on Tuesday of Russia’s interior Minister Rashid Nurgaliyev.
Market news
Sensex sheds 186 points
Sensex on Tuesday closed below the psychological 20,000 mark plunging 186 points in the last hour trade. The IPO offering of state-owned coal India ltd. And a slow down in the foreign fund inflows contributed to the sensex’s fall.
- HDFC Bank net rises 32.7 pc on credit demand.
- Bajaj Auto profit up 69 pc, gains market share.
- Mutual funds may shun IPOs.
Sports News
- India’s 2nd ODI today with Australia at Visakhapatnam.
- Kiwi media hits out after Bangladesh whitewash.
- India oil trounce BSF 5-1.
Pankaj Yadav
Pawan Kumar Sharma
Section -E (Group - 4)
Headlines:-
UIDAI shortlist TCS, Wipro, HCL, IBM for It infrastructure contract.
Wipro’s Azim Premji to launch billion-$ endowment trust.
Traders in a mad scramble for coal India, SBI issues.
Real Possibility India will grow faster then China: JP Morgan
China surprise with first rate hike since 2007.
Chechen Parliament comes under attack.
IBM net income up 12% boosted by BRIC sales.
SBI grant highest ever loan 300cr for a dairy firm of Punjab.
Sensex sheds 186 points
News related to:-
InfoTech
UIDAI shortlist TCS, Wipro, HCL, IBM for It infrastructure contract.
The unique identity Authority of India has selected 9 ITS’s company- Accenture, IBM, TCS, Wipro, FCL, HP & others for selecting a managed service provide for the unique id project.
The selected provider has to make 600 million unique id no. by 2014.The firm will be responsible for managing the entire IT of the UIDAI project.
Wipro’s Azim Premji to launch billion-$ endowment trust.
Wipro founder Mr. Azim Premji will launch an endowment trust modeled on the line of world famous Harvard Management Company. The trust having billion-$ capital, will be operational in January next year and could be funded by small chunk of promoter equity in Wipro. The trust will largely focus on leading the education initiatives strongly favored by Mr Premji, according to people close to the development.
Investors
Traders in a mad scramble for coal India, SBI issues.
The mega initial public offering (IPO) is expected to raise 15,000 crore, Coal India 63.16-crore share offering was subscribed 1.71 times on the second day While SBI Rs-1,000-crore bond issue was subscribed 17 times.
In the grey market, Coal India share are trading at rs.280 apiece, or 14% higher then the top & of the Rs.225-245 ranges is set by the Govt.
International News
China surprises with rate hike since 2007
It raised its benchmark lending and deposit rate from 5.31% to 5.56%. Inflation may climb up to 3.63%.The GDP (Gross domestic product) grew 9.5% in the third quarter.
Chechen Parliament comes under attack.
In a suicide attack on chechenya’s parliament left 7 people dead & 17 wounded.
The attack could have been timed to coincide with a visit to Grozny on Tuesday of Russia’s interior Minister Rashid Nurgaliyev.
Market news
Sensex sheds 186 points
Sensex on Tuesday closed below the psychological 20,000 mark plunging 186 points in the last hour trade. The IPO offering of state-owned coal India ltd. And a slow down in the foreign fund inflows contributed to the sensex’s fall.
- HDFC Bank net rises 32.7 pc on credit demand.
- Bajaj Auto profit up 69 pc, gains market share.
- Mutual funds may shun IPOs.
Sports News
- India’s 2nd ODI today with Australia at Visakhapatnam.
- Kiwi media hits out after Bangladesh whitewash.
- India oil trounce BSF 5-1.
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