Rahul Chomal
Section - E
PM TONRISES CHINA GROWING POK FOOTPRINT IN TALK WITH WEN
Prime minister manmohan singh likely to take strong exception to beijing growing in nfluence pak occupied kashmir in talk with his chines counterpart wen jiabao in hanoi later this week .the to leader will meet on sideline of eastasia summit on last leg of singh s three nation visit that began today.
OBAMA COMING OFFICAL STRUGGLE TO NARROW DISTANCE
According to reliable sources the letter was carried by us under secretary of state of the state of political affair willim burns last week and personally handed over to the prime minister office .while detail are not known sources said that us presiadent has expressed hope that concern of its nucler industry arising out of idian nuclear liablity legislation would be addressed soon in order to commerce commercial negotition.
RETURNING FROM FUNCTION FETING CWG SILVER ARCHERY COACH DIES IN ACCIDENT.
Chif minister k Rosaiah who had met lenin at function on Saturday night said news of mishap left him speechless we have lost young and dedicated spotsmen who was the guiding light for many archers in the state.
NAXAL ABDUCTION BLOWS A PREFECT IB COVER.
BUSINESS
INVESTING ‘EPRO’ MONEY IN EQUITY MARKET RULEOUT
Sensing unstable retumn from capital market the central provid fund commissioner has ruled out any possiablities of investing the EPRO money in equity in the future .we will not take the risk of investment in equity in capital market as it always gives unstable return to investor.
COAL IPO GETS 17 LAKHS RETAIL APPLICATION.
The priamry market has seen good retail participation after a long time .around 17 lakhs retail investor applied for the mega public issue of coal india leading to oversubsription of 2.31 times in retail quota .this means retail investor have put in bid for 45.86 crore share worth Rs11,235.
GE GETS RPOWER ORDER FOR AP PLANT.
Reliance power has placed the main plant equiptment order for its 2400mw gas based samalkot expension power project in andra pradesh with GE.the project is expected to commence generation by march 2012 under 11th 5year plan .
SPORTS
RAINA IN THE NEWS FOR DIFFERENT REASON
London baseed Sunday times clamed that ICC is probing why the bcci is quit on a report from sri lanka cricket that raina was seen in the company of awomen link to assosiate of bookies during the tour of the island nation in july- august.BCCI has clarified that there no such repot from SLC.the claim is made by the media is totly base less.
INDIAN RECORD ARE RARE SERIES WIN WITH AUSSIES.
Due to the rain the match was stop and India has won the series by 1-0 .the first match was also stop due to the rain .and the second match india was won by 5 wicket.
NZ ANNOUNCE TEST SQUARD .
Rookie batsmen kanewilliamson and pacer hamish bennett were the new faces in new zealand 15 member test squard for the series against INDIA.
CLARK WEIGHT IPL OPTION .
Michael clark desire to improve his 20-20 skill has got him thinking about taking part in IPL its important for me to play as much as 20-20 cricket as I can but I also got to sum up my body and my life when its come to chossinging between having 6 week at home for break or goining for play IPL.
Tuesday, October 26, 2010
25th October - THE ECONOMIC TIMES
Ravish Choudhary
Ritu Choudhary
Ridhima Khanna
section-E
1) Bihar polls phase2: Maoist raid polling centre.
2) Voting begans in Bihar for second phase.
3) ATS name top RSS leader in Ajmer blast.
4) Orissa to move SC over Khandadhar mines
5) DGCA launches probe into GOair flight diversion.
6) Quaeda ‘American Spokesman’ urges attack in west.
7) Typhoon ‘Megi ‘ hits china 2,70,000 people evacuated.
8) Honda recalls 5,28,000 cars due to cylinder snag.
9) Curfew lifted from all parts of Kashmir Valley.
10)Poor gets less food from Sonia Gandhi’s NAC.
11)BM Munjal family retains to rights to Hero Group
13) ADAG to invest Rs 75000 crore in Madhya Pradesh in 5 years
INDUSTRY NEWS
ADAG to invest Rs 75000 crore in Madhya Pradesh in 5 years:-
The Reliance-ADAG is planning to invest over Rs 75,000 crore in power,coal and mining project in Madhya Pradesh in five years group chairman Anil Ambani said at the Global Investors Summit 2010 at khajuraho.company is also planning to do a mega investments that includes India’s largest private-sector coal mines with a capacity to produce 25 million tonnes a year and a cement plant that initially will produce 10 million tones a year.currently company holds domestic mines which have over 2 billion tonnes of coal reserves which can support upto 25,000 MW of electricity generation capacity.There are also other project which they are planning to set up.As Anil Ambani said”with expected industrialization in MP that would employ over 1,00,000 people will need better infrastructure and needs to focus on good road network”.
Maruti plans to add 1,500 service outlets by 2015:-
The country’s largest car maker Maruti Suzuki India is planning to increase its service centre by massive 1500 outlets by 2015 in line with its expansion of production capacityto over 17 lakh units annually.this give employment upto 22,000 people.Currently company holds 2,784 points and they are planning to increase it by 50 percent.MSI planning to invest 1,925 crore to set third plant which will increase 2.5 lakh units at Manesar facility.MSI Executive Officer(Service) Pankaj Narula said “We expect service load at our network multiply manifold,as Maruti Suzuki will going to scale up its capacity upto 1.7 million units in coming years”. As per the company's network expansion plan, MSI will add the new outlets in over 1,300 cities and small towns with an aim to provide car servicing facility for every 25 km across the country.
Sesa Goa plans Rs 30k-cr foray into steel space:-
Vedanta group Sesa Goa is planning an investment over Rs 30,000 crores in the steel space in Orissa and Jharkhand and they are trying to rope up global company to run the ventures , As the company spokesperson said.The estimated investment in Orissa project could be 25,000 crore, while the Jharkhand venture will cost upto 7,500 crores.the company had already written to the Orissa government for transferring an MoU signed with Vedanta Group firm Sterlite industries to there name as anything in iron ore and steel place in the group will have to be undertaken by Sesa goa.Due to delays in regulatory processes for allocation of captive iron ores mines,companies mainly global one are finding
Difficult so they are looking at forging alliance with domestic firms to run steel plants.Sesa Goa Managing Director PK Mukherjee said such partnerships are relevant as the iron ore mining company don’t have expertise in steel making so they have to go for technical partnerships in steel making.
Hero Electric to expand in North America, Europe:-
Electronic two-wheeler maker company Hero Electronic is trying to expand its presence in global market. currently they are selling 30,000 units and they are looking after technology transfer to increase product enhancement.they already had starting exporting to some parts of North America through small no of distributors.As the company estimates of selling 1.1 lakh electric two wheelers and looking on to maintain an over 35 percent of market share.The company is also talks in with several state governments to get subsidy and VAT exemption on electric vechiles.
ECONOMY
RBI mulls changes in regulations for foreign banks:-
The reserve bank of India is considering to change the rules that governed the overseas player’s banking operations in the country.As per the new regulation Central Bank can ask the foreign banks to incooperate all their branches as their subsidiaries in India so that all of them will follow the rules governing regulatory oversight.The incooperation of foreign banks would help them to define as Indian subsidiaries of foreign institutions that are controlled and managed by overseas entities. RBI has so far found favourable response from the foreign banks and their only concern was regarding any possible tax implications arising out of the change of their existing branches into new structure because in ICICI and HDFC bank 74 percent of the equity being held by foreigners.
India should focus on reining-in inflation: Economist:-
Prime Minister Manmohan Singh is confident of a double digit GDP growth in the coming years, a leading economist said that india should focus on reducing the inflation by rolling back its monetary policies. According to Derek Scissiors ,USA’S Research fellow of the Research Foundation he said Government should not be obsessed by the 10 percent or double digit growth. A 8 percent growth is fine,its fast enough for a growing economy like India.According to him”To acheve lower rates the Government should not be borrowing much money.there was one time drop in the fiscal deficit because of the telecom auction.But in the long-term,india does not need a deficit.It is growing quite well”.
Exporters remain confident on demand pick-up in US, EU: Ficci:-
According to Ficci survey the demand has improved in the traditional markets of US and EUROPE ,exporter’s confidence has already increased for the coming six months,because overall export conditions are much better compared to the situation six months back.The survey also revealed that the importers of gems and jewellery , handicrafts and textiles in US and EU are stocking up in the expectation of better demand in their markets in the wake of upcoming festive season.The survey conducted during September and October 2010,is based on the responses 0f 254 exporting companies with a wide geographical and sectoral spread.
MARKET NEWS
Indian ADRs shed $4.82 billion; Wipro, HDFC Bank top lose:-
Indian stock trading in American bourses collectively witnessed the loss of nearly $5 billion in valuation last week,with IT major Wipro and private sector lender HDFC BANK accounting for most of the losses. ADR’s are bought and sold on American markets just like stocks and are issued by bank or brokerage firm.The total 15 entities listed as American Depository Receipts (ADRs) together lost $4.82 billion market capitalization (m-cap).The biggest gainers were TATA motors and Dr Reddy’s Laboratories
SEBI to empower retail investors in takeovers, IPOs:-
Market regulators SEBI are going to decide giving more powers to the retail investors at the time of initial public offers as also the take over of the listed companies,by allowing them a larger pie when companies go public and when companies are acquired.These steps are being taking account the public comments for the draft guidelines floated by the regulators on these issues. At the same time SEBI is also considering to enhance the purchasing power of retail investors in IPO’s. However, there have been concerns that the current rules do not allow all the retail investors to exit the company along with the promoters who are selling out to new owners. The new code proposes that minority shareholders also get the same price as a substantial shareholder and provide a level playing field to all stakeholders, whether they are promoters or small investors.
Currency volatility may hit IT cos' profits in coming quarters:-
The current fluctuations are likely to dent the profit margins of Indians software exporters in the coming quarters.The country’s top three players-Tata Consultancy,Infosys Technologies and Wipro were affected by this.Some analysts said however that currency fluctuations would remain until there is significant recovery in the global economy.Basically companies are facing uncertainties related to economic situation,currency and labour market.
Reliance MF to continue investing in PSU IPOs:
Country’s top fund house Reliance Mutual Fund today said that it is eyeing on the government’s disinvestment plan and would like to have a share in the state –owned majors like Indian Oil and Ongc,which are slated to go public over next few months. The fund has also participated in the just concluded Rs 15,400 crore initial public offering (IPO) by Coal India Ltd, the largest share sale issue so far in the country.According to the company there is enough appetite in the market to absorb these public issues institutional investor’s are willing to investment in the India growth story. Currently Reliance Mutual fund have presence in 270 cities which will increase to 600 cities and about 1,000 towns in the coming years and will also hire large number of people to manage them. At the end of September, RMF had an average assets under management of Rs 1.07 lakh crore and an investor count of over 72 lakh folios, as per the data available with the Association of Mutual Funds in India.
BANKING NEWS
1.Credit cards get ready for a makeover with lights and buttons:
Plastic card may eventually be obsolete but for now the black magnetic strips
On back of credit and debit cards is set to get a makeover
2.Axis Mf launches new exchange traded gold fund:
Axis gold etf, focused on gold –related investement and derivatives.THE fund
Will allocate a maximum of 100 percent of its corpus for investment in gold ,
Including derivatives.It might also invest up to 10 per cent of its corpus in
money market instruments
3.RESULTS,economic condition will dictate market movements:
The stock markets have had a dream run and appreciated by almost 20 percent
over the last couple of months.Some sectors have outperformed the markets
and yielded goods returns over the period.
AUTOMOBILES NEWS
1.GOVT TO SOON NOTIFY FUEL EFFCIENCY STANDARDS
After wrangling between the power and transport ministries,the government
has now decided to notify fuel efficiency standards for auto makers
under the ENERGY CONSERVATION ACT which will come into force
from January next year.
2.ASIA LEADING GLOBAL RECOVERY BUT IT IS TIME TO TIGHTEN
MONETARY POLICY,SAYS IMF
The report says ASIA has reached the threshold to normalize policy stances
across the region.THE IMF cautions that inflationary pressure are emerging.
3.TATA MOTARS REPORTS RS 2,571-CRORE NET PROFIT IN FY
2009-10.
THE company posted net profit of RS 2571 crore for the year as compare to a
loss of RS 2505 crore last year,fuelled by rising sales,new products and
improved profitability at JAGUAR and LAND ROVER UNITS.CONSOLIDATED
revenues in the same period grew 31% to RS 92,519 CRORE.
ENERGY RELATED NEWS
1.INDIA READY TO SEAL NUCLEAR DEAL,BOOST TRADE WITH
JAPAN
TOKYO:INDIA is ready to seal a civilian nuclear deal and boost trade ties with
Japan,Prime Minister Manmohan Singh said,as New Delhi looks to prove its
Friendship in the wake of Tokyo’s bitter territorial spat with Beijing.
2.COST OF ENERGY IMPORTS TO UK TRADE BALANCE:
This is about the impact that peak oil (1999) and gas (2000) in the UK NORTH
SEA would have on UK trade balances.In the space of a decade ,the UK has
Gone from oil and gas exporter to importer.
Ritu Choudhary
Ridhima Khanna
section-E
1) Bihar polls phase2: Maoist raid polling centre.
2) Voting begans in Bihar for second phase.
3) ATS name top RSS leader in Ajmer blast.
4) Orissa to move SC over Khandadhar mines
5) DGCA launches probe into GOair flight diversion.
6) Quaeda ‘American Spokesman’ urges attack in west.
7) Typhoon ‘Megi ‘ hits china 2,70,000 people evacuated.
8) Honda recalls 5,28,000 cars due to cylinder snag.
9) Curfew lifted from all parts of Kashmir Valley.
10)Poor gets less food from Sonia Gandhi’s NAC.
11)BM Munjal family retains to rights to Hero Group
13) ADAG to invest Rs 75000 crore in Madhya Pradesh in 5 years
INDUSTRY NEWS
ADAG to invest Rs 75000 crore in Madhya Pradesh in 5 years:-
The Reliance-ADAG is planning to invest over Rs 75,000 crore in power,coal and mining project in Madhya Pradesh in five years group chairman Anil Ambani said at the Global Investors Summit 2010 at khajuraho.company is also planning to do a mega investments that includes India’s largest private-sector coal mines with a capacity to produce 25 million tonnes a year and a cement plant that initially will produce 10 million tones a year.currently company holds domestic mines which have over 2 billion tonnes of coal reserves which can support upto 25,000 MW of electricity generation capacity.There are also other project which they are planning to set up.As Anil Ambani said”with expected industrialization in MP that would employ over 1,00,000 people will need better infrastructure and needs to focus on good road network”.
Maruti plans to add 1,500 service outlets by 2015:-
The country’s largest car maker Maruti Suzuki India is planning to increase its service centre by massive 1500 outlets by 2015 in line with its expansion of production capacityto over 17 lakh units annually.this give employment upto 22,000 people.Currently company holds 2,784 points and they are planning to increase it by 50 percent.MSI planning to invest 1,925 crore to set third plant which will increase 2.5 lakh units at Manesar facility.MSI Executive Officer(Service) Pankaj Narula said “We expect service load at our network multiply manifold,as Maruti Suzuki will going to scale up its capacity upto 1.7 million units in coming years”. As per the company's network expansion plan, MSI will add the new outlets in over 1,300 cities and small towns with an aim to provide car servicing facility for every 25 km across the country.
Sesa Goa plans Rs 30k-cr foray into steel space:-
Vedanta group Sesa Goa is planning an investment over Rs 30,000 crores in the steel space in Orissa and Jharkhand and they are trying to rope up global company to run the ventures , As the company spokesperson said.The estimated investment in Orissa project could be 25,000 crore, while the Jharkhand venture will cost upto 7,500 crores.the company had already written to the Orissa government for transferring an MoU signed with Vedanta Group firm Sterlite industries to there name as anything in iron ore and steel place in the group will have to be undertaken by Sesa goa.Due to delays in regulatory processes for allocation of captive iron ores mines,companies mainly global one are finding
Difficult so they are looking at forging alliance with domestic firms to run steel plants.Sesa Goa Managing Director PK Mukherjee said such partnerships are relevant as the iron ore mining company don’t have expertise in steel making so they have to go for technical partnerships in steel making.
Hero Electric to expand in North America, Europe:-
Electronic two-wheeler maker company Hero Electronic is trying to expand its presence in global market. currently they are selling 30,000 units and they are looking after technology transfer to increase product enhancement.they already had starting exporting to some parts of North America through small no of distributors.As the company estimates of selling 1.1 lakh electric two wheelers and looking on to maintain an over 35 percent of market share.The company is also talks in with several state governments to get subsidy and VAT exemption on electric vechiles.
ECONOMY
RBI mulls changes in regulations for foreign banks:-
The reserve bank of India is considering to change the rules that governed the overseas player’s banking operations in the country.As per the new regulation Central Bank can ask the foreign banks to incooperate all their branches as their subsidiaries in India so that all of them will follow the rules governing regulatory oversight.The incooperation of foreign banks would help them to define as Indian subsidiaries of foreign institutions that are controlled and managed by overseas entities. RBI has so far found favourable response from the foreign banks and their only concern was regarding any possible tax implications arising out of the change of their existing branches into new structure because in ICICI and HDFC bank 74 percent of the equity being held by foreigners.
India should focus on reining-in inflation: Economist:-
Prime Minister Manmohan Singh is confident of a double digit GDP growth in the coming years, a leading economist said that india should focus on reducing the inflation by rolling back its monetary policies. According to Derek Scissiors ,USA’S Research fellow of the Research Foundation he said Government should not be obsessed by the 10 percent or double digit growth. A 8 percent growth is fine,its fast enough for a growing economy like India.According to him”To acheve lower rates the Government should not be borrowing much money.there was one time drop in the fiscal deficit because of the telecom auction.But in the long-term,india does not need a deficit.It is growing quite well”.
Exporters remain confident on demand pick-up in US, EU: Ficci:-
According to Ficci survey the demand has improved in the traditional markets of US and EUROPE ,exporter’s confidence has already increased for the coming six months,because overall export conditions are much better compared to the situation six months back.The survey also revealed that the importers of gems and jewellery , handicrafts and textiles in US and EU are stocking up in the expectation of better demand in their markets in the wake of upcoming festive season.The survey conducted during September and October 2010,is based on the responses 0f 254 exporting companies with a wide geographical and sectoral spread.
MARKET NEWS
Indian ADRs shed $4.82 billion; Wipro, HDFC Bank top lose:-
Indian stock trading in American bourses collectively witnessed the loss of nearly $5 billion in valuation last week,with IT major Wipro and private sector lender HDFC BANK accounting for most of the losses. ADR’s are bought and sold on American markets just like stocks and are issued by bank or brokerage firm.The total 15 entities listed as American Depository Receipts (ADRs) together lost $4.82 billion market capitalization (m-cap).The biggest gainers were TATA motors and Dr Reddy’s Laboratories
SEBI to empower retail investors in takeovers, IPOs:-
Market regulators SEBI are going to decide giving more powers to the retail investors at the time of initial public offers as also the take over of the listed companies,by allowing them a larger pie when companies go public and when companies are acquired.These steps are being taking account the public comments for the draft guidelines floated by the regulators on these issues. At the same time SEBI is also considering to enhance the purchasing power of retail investors in IPO’s. However, there have been concerns that the current rules do not allow all the retail investors to exit the company along with the promoters who are selling out to new owners. The new code proposes that minority shareholders also get the same price as a substantial shareholder and provide a level playing field to all stakeholders, whether they are promoters or small investors.
Currency volatility may hit IT cos' profits in coming quarters:-
The current fluctuations are likely to dent the profit margins of Indians software exporters in the coming quarters.The country’s top three players-Tata Consultancy,Infosys Technologies and Wipro were affected by this.Some analysts said however that currency fluctuations would remain until there is significant recovery in the global economy.Basically companies are facing uncertainties related to economic situation,currency and labour market.
Reliance MF to continue investing in PSU IPOs:
Country’s top fund house Reliance Mutual Fund today said that it is eyeing on the government’s disinvestment plan and would like to have a share in the state –owned majors like Indian Oil and Ongc,which are slated to go public over next few months. The fund has also participated in the just concluded Rs 15,400 crore initial public offering (IPO) by Coal India Ltd, the largest share sale issue so far in the country.According to the company there is enough appetite in the market to absorb these public issues institutional investor’s are willing to investment in the India growth story. Currently Reliance Mutual fund have presence in 270 cities which will increase to 600 cities and about 1,000 towns in the coming years and will also hire large number of people to manage them. At the end of September, RMF had an average assets under management of Rs 1.07 lakh crore and an investor count of over 72 lakh folios, as per the data available with the Association of Mutual Funds in India.
BANKING NEWS
1.Credit cards get ready for a makeover with lights and buttons:
Plastic card may eventually be obsolete but for now the black magnetic strips
On back of credit and debit cards is set to get a makeover
2.Axis Mf launches new exchange traded gold fund:
Axis gold etf, focused on gold –related investement and derivatives.THE fund
Will allocate a maximum of 100 percent of its corpus for investment in gold ,
Including derivatives.It might also invest up to 10 per cent of its corpus in
money market instruments
3.RESULTS,economic condition will dictate market movements:
The stock markets have had a dream run and appreciated by almost 20 percent
over the last couple of months.Some sectors have outperformed the markets
and yielded goods returns over the period.
AUTOMOBILES NEWS
1.GOVT TO SOON NOTIFY FUEL EFFCIENCY STANDARDS
After wrangling between the power and transport ministries,the government
has now decided to notify fuel efficiency standards for auto makers
under the ENERGY CONSERVATION ACT which will come into force
from January next year.
2.ASIA LEADING GLOBAL RECOVERY BUT IT IS TIME TO TIGHTEN
MONETARY POLICY,SAYS IMF
The report says ASIA has reached the threshold to normalize policy stances
across the region.THE IMF cautions that inflationary pressure are emerging.
3.TATA MOTARS REPORTS RS 2,571-CRORE NET PROFIT IN FY
2009-10.
THE company posted net profit of RS 2571 crore for the year as compare to a
loss of RS 2505 crore last year,fuelled by rising sales,new products and
improved profitability at JAGUAR and LAND ROVER UNITS.CONSOLIDATED
revenues in the same period grew 31% to RS 92,519 CRORE.
ENERGY RELATED NEWS
1.INDIA READY TO SEAL NUCLEAR DEAL,BOOST TRADE WITH
JAPAN
TOKYO:INDIA is ready to seal a civilian nuclear deal and boost trade ties with
Japan,Prime Minister Manmohan Singh said,as New Delhi looks to prove its
Friendship in the wake of Tokyo’s bitter territorial spat with Beijing.
2.COST OF ENERGY IMPORTS TO UK TRADE BALANCE:
This is about the impact that peak oil (1999) and gas (2000) in the UK NORTH
SEA would have on UK trade balances.In the space of a decade ,the UK has
Gone from oil and gas exporter to importer.
25th October - BUSINESS STANDARD
Rima Sharma
Riya Sharma
Rishi Raj Bora
Section - G
India's IMF quota set to rise:
The country will get more voice in decision-making at IMF. Developed nations on Saturday agreed to increase the quota of emerging and developing countries in the International Monetary Fund. The reformist move will improve India’s quota from 2.44 per cent at present to 2.75 per cent, and move it three slots up in IMF from the eleventh position to the eighth position. This will give the country more voice in decision-making at the multilateral institution. Finance Ministers of the G20 nations also agreed to move to an all-elected IMF board, along with a commitment by IMF's members to maintain the board size at 24 chairs, and review its composition every eight years after the completion of the 2014 general review. Apart from India, other BRIC countries are also expected to benefit from the agreement.
Delhi's new terminal still not ready for domestic fliers:
Five months after the world's sixth-largest airport terminal(T3) at New Delhi's Indira Gandhi International Airport was inaugurated,it is all set to miss its deadline to host domestic carriers for the third time.
Deadline
Reason for deferment
July 31
Erratic power and water supply
Aug 27
Erratic power supply, Commonwealth Games
Oct 30
Power supply, traffic congestion
Analysts said the delay could have cost implications for Delhi International Airport Ltd and these things can only be fixed by making the government agencies more accountable. This delay has impacted the plans of the airport operator to convert the earlier international terminal(T2)into low-cost international terminal.T2 is lying unutilised ever since the international operations were shifted to T3.
CMs want date with Obama; US says no
The queue of Chief Ministers wanting to have exclusive meetings with President Barack Obama is getting longer by the day. Since Obama will stay in Mumbai on his way to Delhi, the Maharashtra Government thought it had an edge over others in organizing such a meeting between CM Ashok Chavan and the visiting President. Over 1,600 US securities personnel will be deployed during Obama's visit. Some of the top officials have already landed and visited several places including the Taj Mahal Hotel which bore the burnt of the terrorist attacks on Mumbai in November 2008.
Number portability put off once again:
Communications Minister A Raja’s promise to let people switch their mobile service operators while retaining their telephone number has got delayed once again — the deadline for the implementation of mobile number portability has been postponed from October 31 to December 20.The official reasons for the delay sound familiar. One, the service operators are not ready, though several of them are working overtime to launch third-generation services by Diwali. Two, the investment proposal of the overseas partner of one of the two companies mandated to implement portability has not yet been cleared by the Foreign Investment Promotion Board (FIPB). Meanwhile, the Department of Telecommunications has asked Syniverse Technologies to get ready for mobile number portability across the country.
5) Lupin, Orchid up on merger buzz:
Share prices of the two drug majors touch 52-week high on BSE(Bombay Stock Exchange), owing to speculation that Lupin wanted to buy- out the Chennai-based Orchid.
BSE/NSE Price
During the week, Lupin's shares rose 3.92 percent, while Orchid went up4.6 percent on the Bombay Stock Exchange. When contacted, both Lupin and Orchid denied any merger plan.
Range trading likely to continue:
It was another volatile week for the markets, although the trading band for the Sensex narrowed to 500-odd points as compared to 765 points in the preceding week. The index, after a high of 20,332, tumbled to a low of 19,823, and settled with a marginal gain of 41 points at 20,166. Among index stocks — Sterlite slumped nearly six per cent to Rs 168. Wipro and HDFC tumbled around five per cent each. Jaiprakash Associates, Tata Steel, DLF and HDFC Bank were the other major losers. TCS zoomed over nine per cent to Rs 1,040. Reliance Industries, Cipla and Hero Honda were the other major gainers. During the same time, we could see a series of lower highs. Next week, the index is likely to face resistance around 20,370-20,500. On the downside, the index is likely to seek support around 19,960-19,840. In case the index breaks below 5,960 on the closing basis, it could drop all the way to 5,820, which is the medium-term (50-day) trend line of the index.
Riya Sharma
Rishi Raj Bora
Section - G
India's IMF quota set to rise:
The country will get more voice in decision-making at IMF. Developed nations on Saturday agreed to increase the quota of emerging and developing countries in the International Monetary Fund. The reformist move will improve India’s quota from 2.44 per cent at present to 2.75 per cent, and move it three slots up in IMF from the eleventh position to the eighth position. This will give the country more voice in decision-making at the multilateral institution. Finance Ministers of the G20 nations also agreed to move to an all-elected IMF board, along with a commitment by IMF's members to maintain the board size at 24 chairs, and review its composition every eight years after the completion of the 2014 general review. Apart from India, other BRIC countries are also expected to benefit from the agreement.
Delhi's new terminal still not ready for domestic fliers:
Five months after the world's sixth-largest airport terminal(T3) at New Delhi's Indira Gandhi International Airport was inaugurated,it is all set to miss its deadline to host domestic carriers for the third time.
Deadline
Reason for deferment
July 31
Erratic power and water supply
Aug 27
Erratic power supply, Commonwealth Games
Oct 30
Power supply, traffic congestion
Analysts said the delay could have cost implications for Delhi International Airport Ltd and these things can only be fixed by making the government agencies more accountable. This delay has impacted the plans of the airport operator to convert the earlier international terminal(T2)into low-cost international terminal.T2 is lying unutilised ever since the international operations were shifted to T3.
CMs want date with Obama; US says no
The queue of Chief Ministers wanting to have exclusive meetings with President Barack Obama is getting longer by the day. Since Obama will stay in Mumbai on his way to Delhi, the Maharashtra Government thought it had an edge over others in organizing such a meeting between CM Ashok Chavan and the visiting President. Over 1,600 US securities personnel will be deployed during Obama's visit. Some of the top officials have already landed and visited several places including the Taj Mahal Hotel which bore the burnt of the terrorist attacks on Mumbai in November 2008.
Number portability put off once again:
Communications Minister A Raja’s promise to let people switch their mobile service operators while retaining their telephone number has got delayed once again — the deadline for the implementation of mobile number portability has been postponed from October 31 to December 20.The official reasons for the delay sound familiar. One, the service operators are not ready, though several of them are working overtime to launch third-generation services by Diwali. Two, the investment proposal of the overseas partner of one of the two companies mandated to implement portability has not yet been cleared by the Foreign Investment Promotion Board (FIPB). Meanwhile, the Department of Telecommunications has asked Syniverse Technologies to get ready for mobile number portability across the country.
5) Lupin, Orchid up on merger buzz:
Share prices of the two drug majors touch 52-week high on BSE(Bombay Stock Exchange), owing to speculation that Lupin wanted to buy- out the Chennai-based Orchid.
BSE/NSE Price
During the week, Lupin's shares rose 3.92 percent, while Orchid went up4.6 percent on the Bombay Stock Exchange. When contacted, both Lupin and Orchid denied any merger plan.
Range trading likely to continue:
It was another volatile week for the markets, although the trading band for the Sensex narrowed to 500-odd points as compared to 765 points in the preceding week. The index, after a high of 20,332, tumbled to a low of 19,823, and settled with a marginal gain of 41 points at 20,166. Among index stocks — Sterlite slumped nearly six per cent to Rs 168. Wipro and HDFC tumbled around five per cent each. Jaiprakash Associates, Tata Steel, DLF and HDFC Bank were the other major losers. TCS zoomed over nine per cent to Rs 1,040. Reliance Industries, Cipla and Hero Honda were the other major gainers. During the same time, we could see a series of lower highs. Next week, the index is likely to face resistance around 20,370-20,500. On the downside, the index is likely to seek support around 19,960-19,840. In case the index breaks below 5,960 on the closing basis, it could drop all the way to 5,820, which is the medium-term (50-day) trend line of the index.
25th October - THE MINT
Rajesh Pedhadiy
Rashmi Kumari
Rishabh Pathania
Section -H
General News
Ø National Bank for agriculture and rural development (NABARD) objects to proposal on business houses taking over regional rural banks (RRBs)
· NABARD chairman : U.C.Sarangi
· RRBs playing major role in rural finance.
· Several business housing including, LIC Housing finance ltd., Shriram transport finance co. ltd., L&T finance ltd., Bajaj finserv ltd., Birla capital and finance services ltd., Tata capital ltd., Reliance capital ltd. Have interested in setting up banks.
Ø DIPP May not press for change in FDI policy in pharma sector:
· DIPP fears the prices of critical drugs may rise due to acquisition of Indian firms by foreign pharmas.
· India allows 100% FDI in the pharma sector.
BFL: strong traction across businesses
· Bharat forge ltd. Is a firm auto business by diversification into critical areas such as oil and gas, power, aerospace and railways have resulted in 38% of the firm’s revenue coming from non auto segments.
· BFL shares trading at 380rs. Have outperformance the nifty mid cap index since April 2010. But positive into valuation for now, as its estimated 2012 earnings are discounted almost 22 times
SME TRACKER:
· MSME sector still unwelcome by banks
· Landers’ forum set up to encourage responsible microfinance
· FICCI, Scottish business chambers tie-up to focus on SMES
· Power soft global solution launches new cost-effective RFID solution for SMEs
Corporate news
Ø Air India express to get a new name, shift base to Kerala.
Air India COO shift to Thiruvananthapuram will help streamline ops; rebranding consultant to be appointed.
Air India plans to rebrand its International Low-cost subsidiary Air India Express and move the latter’s headquarters from Mumbai to Thiruvananthapuram.
· The move is part of the national flag carrier’s effort to restructure operational and marketing strategies after the airlines were accumulating heavy debts.
As per the Experts view Rebranding should be accompanied by substantive changes in the way Air India functions.
Ø Sesa Goa plans Rs. 30,000 cr. Steel venture
Vedanta group firm SESA Goa Ltd. Is planning to invest more than Rs. 30,000 Cr. in the steel sector in Orissa and Jharkhand, and may rope in an overseas firm to jointly run the ventures.
· Orissa Venture could be of RS. 25,000 Cr.
· Jharkhand Venture could cost upto Rs.7500 Cr.
Ø ADOBE Tweaks expansion of Noida Campus
· After waiting almost 4 years to secure vacant lands next to it existing campus in sec. 25-A of Noida, the Indian arm of US based software firm ADOBE SYSTEMS INC. has given up plans to expand at the site.
· The company has earmarked around $100 million for expansion in Noida and Bangalore, which together make for ADOBE SYSTEMS’ largest R&D centre outside the US.
· And Out of $100 million earmarked around $50 million will go into the new Noida Campus and rest will be used for Bangalore campus.
Ø India all set to seal N-Deal with Japan.
India is ready to seal a Civilian Nuclear Deal with Japan, and boost the trade tries between both countries.
Indian Prime Minister was confident that they will be able to conclude an agreement which will be a win-win proposition for both the countries.
Ø Fertilizer dept seeks debt waiver for closed units.
In an attempt to start the process of reviving eight closed fertilizer units, the ministry of chemicals and fertilizers will soon request the finance ministry to waive their debt.
The units owe 14,500 crore in principal and interest to the central government and some other public sector units.
THE WALL STREET JOURNAL
Ø Democratic attacks on Outsourcing alienate voters tied to India
Democratic attacks on employment outsourcing in this year’s campaigns are alienating a once-stalwart source of the parties funding, Indian-Americans, who believe India is sharing blame unfairly for the decline of U.S. manufacturing jobs. Democrats also sending millions to Indian American candidates who they feel more fairly represent their interests. There are currently no Indian-Americans in Congress.
More from THE WALL STREET JOURNAL
Ø Silicon Valley 3.0: Tech’s new wave
Ø ASX, Singapore Exchange in merger talks
Rashmi Kumari
Rishabh Pathania
Section -H
General News
Ø National Bank for agriculture and rural development (NABARD) objects to proposal on business houses taking over regional rural banks (RRBs)
· NABARD chairman : U.C.Sarangi
· RRBs playing major role in rural finance.
· Several business housing including, LIC Housing finance ltd., Shriram transport finance co. ltd., L&T finance ltd., Bajaj finserv ltd., Birla capital and finance services ltd., Tata capital ltd., Reliance capital ltd. Have interested in setting up banks.
Ø DIPP May not press for change in FDI policy in pharma sector:
· DIPP fears the prices of critical drugs may rise due to acquisition of Indian firms by foreign pharmas.
· India allows 100% FDI in the pharma sector.
BFL: strong traction across businesses
· Bharat forge ltd. Is a firm auto business by diversification into critical areas such as oil and gas, power, aerospace and railways have resulted in 38% of the firm’s revenue coming from non auto segments.
· BFL shares trading at 380rs. Have outperformance the nifty mid cap index since April 2010. But positive into valuation for now, as its estimated 2012 earnings are discounted almost 22 times
SME TRACKER:
· MSME sector still unwelcome by banks
· Landers’ forum set up to encourage responsible microfinance
· FICCI, Scottish business chambers tie-up to focus on SMES
· Power soft global solution launches new cost-effective RFID solution for SMEs
Corporate news
Ø Air India express to get a new name, shift base to Kerala.
Air India COO shift to Thiruvananthapuram will help streamline ops; rebranding consultant to be appointed.
Air India plans to rebrand its International Low-cost subsidiary Air India Express and move the latter’s headquarters from Mumbai to Thiruvananthapuram.
· The move is part of the national flag carrier’s effort to restructure operational and marketing strategies after the airlines were accumulating heavy debts.
As per the Experts view Rebranding should be accompanied by substantive changes in the way Air India functions.
Ø Sesa Goa plans Rs. 30,000 cr. Steel venture
Vedanta group firm SESA Goa Ltd. Is planning to invest more than Rs. 30,000 Cr. in the steel sector in Orissa and Jharkhand, and may rope in an overseas firm to jointly run the ventures.
· Orissa Venture could be of RS. 25,000 Cr.
· Jharkhand Venture could cost upto Rs.7500 Cr.
Ø ADOBE Tweaks expansion of Noida Campus
· After waiting almost 4 years to secure vacant lands next to it existing campus in sec. 25-A of Noida, the Indian arm of US based software firm ADOBE SYSTEMS INC. has given up plans to expand at the site.
· The company has earmarked around $100 million for expansion in Noida and Bangalore, which together make for ADOBE SYSTEMS’ largest R&D centre outside the US.
· And Out of $100 million earmarked around $50 million will go into the new Noida Campus and rest will be used for Bangalore campus.
Ø India all set to seal N-Deal with Japan.
India is ready to seal a Civilian Nuclear Deal with Japan, and boost the trade tries between both countries.
Indian Prime Minister was confident that they will be able to conclude an agreement which will be a win-win proposition for both the countries.
Ø Fertilizer dept seeks debt waiver for closed units.
In an attempt to start the process of reviving eight closed fertilizer units, the ministry of chemicals and fertilizers will soon request the finance ministry to waive their debt.
The units owe 14,500 crore in principal and interest to the central government and some other public sector units.
THE WALL STREET JOURNAL
Ø Democratic attacks on Outsourcing alienate voters tied to India
Democratic attacks on employment outsourcing in this year’s campaigns are alienating a once-stalwart source of the parties funding, Indian-Americans, who believe India is sharing blame unfairly for the decline of U.S. manufacturing jobs. Democrats also sending millions to Indian American candidates who they feel more fairly represent their interests. There are currently no Indian-Americans in Congress.
More from THE WALL STREET JOURNAL
Ø Silicon Valley 3.0: Tech’s new wave
Ø ASX, Singapore Exchange in merger talks
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