Section -E
Somya Bhattacharya
ONGC Q2 net up 6%, lags estimates-
State-owned Oil and Natural Gas Corp today reported a 6 per cent rise in its net profit to Rs 5,388.77 crore in the quarter ended September 30. ONGC had posted a net profit of Rs 5,089.64 crore in July-September quarter of 2009-10 fiscal, the company said in a statement. Sales rose to Rs 18,238.98 crore in Q2 of current fiscal from Rs 15,134.04 crore a year ago.
Most expensive car India, BUGATTI drives in Veryon at rs 16cr.-
The benchmark for luxury cars in the country just got higher with Volkswagen Group company Bugatti Automobiles today launching its super premium sports car ' Bugatti Veyron 16.4 Grand Sport', with price starting at Rs 16 crore, the most expensive car to hit the Indian roads. "Bugatti has been doing well in America, Europe and the Middle East. Now we see India as an emerging market for us, hence we have decided to bring the car to India," Bugatti Automobiles Sales Market Manager (Middle East, Europe and India) Guy Caquelin told reporters here.
Investor turning to Asia because of higher returns-
Markets run up a bit with regards to expectations. We have seen some profit taking already coming in over a past few sessions. So if the QE2 does not come out as aggressive as we expect, we potentially could see some more profit taking, but then again we have to remember the primary trend. This is QE2, this is another at least a couple of trillions of dollars into the system and that money will find its way into Asia some way or another, and that’s going to be good in a sense for Asian markets, Asian equity markets. So overall it is still a corrective profit taking, but in the medium term, it is positive for markets.
CBA live on TCS banking solutions platform in India-
Tata consultancy services on Thursday said Commonwealth Bank of Australia (CBA) has gone live on its banking solution platform in the country. "CBA was looking for an India ready IT solution that could be delivered quickly in a country where CBA had no existing IT team," Commonwealth Bank CIO International Financial Services David Boyle said in a statement in Mumbai.
G-20 accord needs US policy shift-
In the wake of the subprime crisis, the G20 coordinated its fiscal and monetary actions to avoid an economic catastrophe. It succeeded in averting a possible repeat of the Great Depression.
In recent months, as most people have come to believe that the worst is over, the sense of emergency is gone. Cooperation has given way to bickering. Quarrels have erupted amongst the G20 as to how best to sustain the ongoing recovery. As a result, growth in the advanced economies remains sluggish and is acting as a drag on the global economy.
Over 200 aravalli mines are still functional-
Rajasthan government claims it is sticking to Supreme Court instructions but the ground reality is different. TOI has documents that show that mining in Aravallis has not completely stopped, as claimed by the state mines and geology department affiadvit filed in Supreme Court. A survey by ministry of environment and forest (MoEF), GOI, says over 200 mines are still functional in the Aravallis. It says that although, state government had informed the Supreme Court about 53 leases granted after December 16, 2002. a verification by the MoEF revealed several mines were functioning in the area and their numbers were far more than what government had submiited to the court.
Indian IT exports to be higher than anticipated-
India's IT exports this fiscal would be higher than anticipated, given the strong second quarter numbers posted by some big companies, Infosys technologies CEO S Gopalakrishnan said today. IT exports are estimated to grow between 13 per cent and 15 per cent in 2010-11, up from about five per cent in the previous year, he said.
HDFC standard life hopes to break even in FY12-
Insurer HDFC Standard Life Insurance Company Ltd expects to break-even in the 2011/12 financial year, helped by an increase in premium income and reduction in operating costs, its chief executive said.The joint venture between India's top mortgage lender, HDFC, and Britain's Standard Life, had posted a loss of 2.75 billion rupees ($62 million) in the year ended March 2010, lower than 5.03 billion a year ago and is expected to stay in the red this year.
Friday, October 29, 2010
28th October - Business Line
seema shakhavat
santosh sandeep
Uttarakhand demand fund for border areas
summary-chief minister of uttarakhand Mr. Ramesh Pokhriyal yesterday demanded for the 21,200 Cr. Rs for the development of the uttarakhand . This money is for construction , strengthening of border roads & extension of railway lines in the state. He also demanded for the relief of the flood effected people, for the modernization of police force.
This money is demanded from the central government for the stablishment of the state so, the people those who lost there houses in flood can be shifted to the other place. He also demanded for more hydro power plant in their state .
ONGC appoints auditors to certify oil , gas reserves
summary- Mr. R.S sharma chairman and M.D of the ONGC(oil and natural gas co-corporation )
government share is 74.14% in ONGC , which of the 5% sell of could fetch about 10,790 .
petroleum secretory is S. sundarnathan .
The department of disinvestment will decide on timing and alottin of the issues keeping on in mind issues such as overcrowding the market .
the company gets its reserve audited every five years , but due to planned FPO it is getting a certification in the third year.
Hul's growth strategy will volume driven : CEO
summary- MR. Nitin Paranjpe is the CEO & the M.D of the HUL.
Sustained volume growth for the third consecutive quarter on the back of price cut has helped HUL registering a 32% increasing in net profit atrs 566 Cr. This quarter .
In this company , price increase in last quater on the RIN brand about 7-8 % and also some price increase in the personal wash portfolio.
Tata plans
Titans industries ltd. Plans to open nearly 40 new stores across India in the next 3 years under its titan eye plus brand to market eye product . In the last three years titan eye plus expanded to 42 cities and town across India . Its stores , conpanies retail and design expertise to offer a range of over 1000 stylish product .
santosh sandeep
Uttarakhand demand fund for border areas
summary-chief minister of uttarakhand Mr. Ramesh Pokhriyal yesterday demanded for the 21,200 Cr. Rs for the development of the uttarakhand . This money is for construction , strengthening of border roads & extension of railway lines in the state. He also demanded for the relief of the flood effected people, for the modernization of police force.
This money is demanded from the central government for the stablishment of the state so, the people those who lost there houses in flood can be shifted to the other place. He also demanded for more hydro power plant in their state .
ONGC appoints auditors to certify oil , gas reserves
summary- Mr. R.S sharma chairman and M.D of the ONGC(oil and natural gas co-corporation )
government share is 74.14% in ONGC , which of the 5% sell of could fetch about 10,790 .
petroleum secretory is S. sundarnathan .
The department of disinvestment will decide on timing and alottin of the issues keeping on in mind issues such as overcrowding the market .
the company gets its reserve audited every five years , but due to planned FPO it is getting a certification in the third year.
Hul's growth strategy will volume driven : CEO
summary- MR. Nitin Paranjpe is the CEO & the M.D of the HUL.
Sustained volume growth for the third consecutive quarter on the back of price cut has helped HUL registering a 32% increasing in net profit atrs 566 Cr. This quarter .
In this company , price increase in last quater on the RIN brand about 7-8 % and also some price increase in the personal wash portfolio.
Tata plans
Titans industries ltd. Plans to open nearly 40 new stores across India in the next 3 years under its titan eye plus brand to market eye product . In the last three years titan eye plus expanded to 42 cities and town across India . Its stores , conpanies retail and design expertise to offer a range of over 1000 stylish product .
28th October - Mint
Shailendra Singh
Sharvan Pandey
section h
AIR INDIA BAIL OUT HITS TURUBULAENCE
1)The cabinate committe on economic affairs (CCEA) said NO to AIR INDIA for second equity infusion of 1200 crore as air india was not able to fullfill specified target.
2)Air india has already receved an equity of 800 crore in last fiscal and 1200 crore.
3)CCEA has stated directly by the time GOM ministers okay this exception they will not fund.
4)There is a fear that GOM may come out with New condition's.
BCCI GIVES KOCHI 30 DAYS TO FIX ISSUES
1)The governing council of IPL gave 30 days to KOCHI franchise.
2)president BCCI said that KOCHI franchise should solve the problem between the two share holders of the team.
3)If they are not able solve the issue then there agreement will be terminated.
4)In the worst case there will be new tender for the team.
INDIA MALAYSIA STEP CLOSE TO ECONOMIC COOPERATION TREATY
1)Commerce minister ANAND SHARMA with his malaysian counter part MUSTAPA MOHAMAD on wednesday in front of there prime ministers.
2)Signed an agreement for the establishment of economic cooperation treaty.
3)This treaty will be signed on 31 january 2011 and will bee in effect from july.
4)India is already in treaty with singapore and south korea.
BJP IN NEW TROUBLE OF INVOLMENT WITH AJMER BLAST
1)Congress led Rajasthan government has placed fresh charges on RSS in regards to Ajmer blast in 2007.
2)RSS which is a partner of BJP is in trouble as Rajasthan ATS has given some of there members name in charge sheet prepared recently.
3)ATS says that they have sufficient amount of evidance against there names.
4)charged persolity like devendra Gupta,lokesh Sharma,chandra shekra lavesays that congress government is making uses of rajasthan ATS.
WAR OF WORD'S BREAK'S OUT BEFORE OBAMA VISIT INDIA!
1)A Weak before OBAMA'S visit to india on 6th of next month.
2)A war of words has started between Indian and US official for the SHARED INTELLEGEANCE INFORMATION on security issues of 26/11 and others .
CRAIN-VEDANTA DEAL HAS JURISDICTION ISSUES : GOVT
Sharvan Pandey
section h
AIR INDIA BAIL OUT HITS TURUBULAENCE
1)The cabinate committe on economic affairs (CCEA) said NO to AIR INDIA for second equity infusion of 1200 crore as air india was not able to fullfill specified target.
2)Air india has already receved an equity of 800 crore in last fiscal and 1200 crore.
3)CCEA has stated directly by the time GOM ministers okay this exception they will not fund.
4)There is a fear that GOM may come out with New condition's.
BCCI GIVES KOCHI 30 DAYS TO FIX ISSUES
1)The governing council of IPL gave 30 days to KOCHI franchise.
2)president BCCI said that KOCHI franchise should solve the problem between the two share holders of the team.
3)If they are not able solve the issue then there agreement will be terminated.
4)In the worst case there will be new tender for the team.
INDIA MALAYSIA STEP CLOSE TO ECONOMIC COOPERATION TREATY
1)Commerce minister ANAND SHARMA with his malaysian counter part MUSTAPA MOHAMAD on wednesday in front of there prime ministers.
2)Signed an agreement for the establishment of economic cooperation treaty.
3)This treaty will be signed on 31 january 2011 and will bee in effect from july.
4)India is already in treaty with singapore and south korea.
BJP IN NEW TROUBLE OF INVOLMENT WITH AJMER BLAST
1)Congress led Rajasthan government has placed fresh charges on RSS in regards to Ajmer blast in 2007.
2)RSS which is a partner of BJP is in trouble as Rajasthan ATS has given some of there members name in charge sheet prepared recently.
3)ATS says that they have sufficient amount of evidance against there names.
4)charged persolity like devendra Gupta,lokesh Sharma,chandra shekra lavesays that congress government is making uses of rajasthan ATS.
WAR OF WORD'S BREAK'S OUT BEFORE OBAMA VISIT INDIA!
1)A Weak before OBAMA'S visit to india on 6th of next month.
2)A war of words has started between Indian and US official for the SHARED INTELLEGEANCE INFORMATION on security issues of 26/11 and others .
CRAIN-VEDANTA DEAL HAS JURISDICTION ISSUES : GOVT
28th October - Business Line
Santosh
Section- F
Money and banking
Union bank net down 40% on higher provision
Non-performing assets of u.b.i has decrease 40% to Rs 303 crore for the quarter ended September 30,2010 from Rs 505 Crore as compare to last quarter ended.NPA Provision increased to Rs 629crore as compare to Rs 102 crore. According to chairman and managing director of u.b.i Mr. M.V NAIR NPA provision was decreased Rs 417 crore due to Farm dept loan debt waiver and relief scheme and Rs 310 crore from some export oriented account.
CASH Recovery
Mr. nair said that he expect cash recovery of Rs 430 crore in second half against Rs 283 crore in the first half and increase NPA'S of Rs 373 crore as against Rs 203 crore.
The bank plan is decreased cost of deposit decreased 5.37%as compare to 6.29%The bank targeting 25% growth in credit and 3.1% Net margin and CASA ratio 33% in current fiscal year.
Corporation bank to offer marriage loan
Corporation bank launched three products-corp shubha vivah,corp ghar shobha and corp sb smile in manglore.
Executive director of bank said corp subh vivah related to marriage.in such se cheme loan paid five to seven years and interest rate of 12%(4.25%above the base rate).age between 25 to 65 years person can take the loan minimum 1,00,000 and max.10,00,000.
In corp ghar sobha scheme person can 10,00,000 for meteo cities and interest rate is 10%.
In corp Sb smile scheme is for made street vendor or hawker.in this scheme initial deposit of Rs 200 when balance touches Rs 6000 the system would automatically transfer in units of Rs 1000 to fixed deposit leaving min.bal.Rs in Sb account. This scheme are launched designed in mind specific needs of target segments.
RBI Tightens salary account opening Rule
RBI has gives order that if employer opening account in bank then bank require one additional proof such is kyc document for identity and address proof beginning required pass port,driving license,pan card , voter I.card and address proof.
IFC,NHB and Rajasthan govt to set up housing finance firm-
IFC ,national housing bank and rajasthan govt. plan to established a housing finance company in the state to provide home loan to low income house hold.
Ifc is the member of world bank group.ifc has own stake and this stake mobilization from stakeholder such as national housing bank,the govt.of rajasthan,and private sector bank will help now company has initial capital of $22million.
MARKETING
HUL GROWTH STRATEGY WILL BE VOLUME-DRIVEN :CEO
HUL cuts the price rate in the third quarter so the volume growth has increased so net profit increased 32% (Rs 566 crore).hul tries to decrease the price of inputs cost inflation through buying efficiency and cost saving pro-gramme .
Titan plans 400 eye plus stores
Chief operating officer Mr.s. Ravi kant said that titan industries plan to open 400 new stores across India in next three years under its titan eye plus brand to market eye care products.
The company mainly focusing on west.in last three years company expanded in business in 42 cities and towns.
Company's retail and design expertise offer a range of over 100 stylish products,with minimum warranty of six months.
COMMODITIES
Crude oil declines in as US supplies increase
The price of crude oil fell in the first time when US excess supply of crude oil and also dollar increase.
American petroleum institute said inventories of last week were 6.4 million barrels.supply of 1 million barrel oil the dollar climbed to a one week high against euro.The dollar increased 0.6%to $1.3771 per euro,the strongest level since oct 20 before trading at $1.3803 in new york,compared with $1.3859.so in such type ssss
Gold eases towards $1330/oz
Europe announced that the price of gold increased $1300 as the doller firmed versus the euro.
In India,price of gold has increased due to the demand of festival session as dhanteras this is one of the biggest festival for gold selling.
Among other precious metals palladium wast at $ 622.49 an ounce against $620.63,this price highest touches its highest since 2001 at 636.25 an ounce.
Section- F
Money and banking
Union bank net down 40% on higher provision
Non-performing assets of u.b.i has decrease 40% to Rs 303 crore for the quarter ended September 30,2010 from Rs 505 Crore as compare to last quarter ended.NPA Provision increased to Rs 629crore as compare to Rs 102 crore. According to chairman and managing director of u.b.i Mr. M.V NAIR NPA provision was decreased Rs 417 crore due to Farm dept loan debt waiver and relief scheme and Rs 310 crore from some export oriented account.
CASH Recovery
Mr. nair said that he expect cash recovery of Rs 430 crore in second half against Rs 283 crore in the first half and increase NPA'S of Rs 373 crore as against Rs 203 crore.
The bank plan is decreased cost of deposit decreased 5.37%as compare to 6.29%The bank targeting 25% growth in credit and 3.1% Net margin and CASA ratio 33% in current fiscal year.
Corporation bank to offer marriage loan
Corporation bank launched three products-corp shubha vivah,corp ghar shobha and corp sb smile in manglore.
Executive director of bank said corp subh vivah related to marriage.in such se cheme loan paid five to seven years and interest rate of 12%(4.25%above the base rate).age between 25 to 65 years person can take the loan minimum 1,00,000 and max.10,00,000.
In corp ghar sobha scheme person can 10,00,000 for meteo cities and interest rate is 10%.
In corp Sb smile scheme is for made street vendor or hawker.in this scheme initial deposit of Rs 200 when balance touches Rs 6000 the system would automatically transfer in units of Rs 1000 to fixed deposit leaving min.bal.Rs in Sb account. This scheme are launched designed in mind specific needs of target segments.
RBI Tightens salary account opening Rule
RBI has gives order that if employer opening account in bank then bank require one additional proof such is kyc document for identity and address proof beginning required pass port,driving license,pan card , voter I.card and address proof.
IFC,NHB and Rajasthan govt to set up housing finance firm-
IFC ,national housing bank and rajasthan govt. plan to established a housing finance company in the state to provide home loan to low income house hold.
Ifc is the member of world bank group.ifc has own stake and this stake mobilization from stakeholder such as national housing bank,the govt.of rajasthan,and private sector bank will help now company has initial capital of $22million.
MARKETING
HUL GROWTH STRATEGY WILL BE VOLUME-DRIVEN :CEO
HUL cuts the price rate in the third quarter so the volume growth has increased so net profit increased 32% (Rs 566 crore).hul tries to decrease the price of inputs cost inflation through buying efficiency and cost saving pro-gramme .
Titan plans 400 eye plus stores
Chief operating officer Mr.s. Ravi kant said that titan industries plan to open 400 new stores across India in next three years under its titan eye plus brand to market eye care products.
The company mainly focusing on west.in last three years company expanded in business in 42 cities and towns.
Company's retail and design expertise offer a range of over 100 stylish products,with minimum warranty of six months.
COMMODITIES
Crude oil declines in as US supplies increase
The price of crude oil fell in the first time when US excess supply of crude oil and also dollar increase.
American petroleum institute said inventories of last week were 6.4 million barrels.supply of 1 million barrel oil the dollar climbed to a one week high against euro.The dollar increased 0.6%to $1.3771 per euro,the strongest level since oct 20 before trading at $1.3803 in new york,compared with $1.3859.so in such type ssss
Gold eases towards $1330/oz
Europe announced that the price of gold increased $1300 as the doller firmed versus the euro.
In India,price of gold has increased due to the demand of festival session as dhanteras this is one of the biggest festival for gold selling.
Among other precious metals palladium wast at $ 622.49 an ounce against $620.63,this price highest touches its highest since 2001 at 636.25 an ounce.
28th October - Business Line
Seema Shekhawat
Section -F
RBI chief warns of speculative capital flows
Speculative capital flow along with the problem of appereciating currancy as lead to asset price build up in emerging market technology. The ultra loose monatry policy of the central banks of developed countries has lead the situation. They invest for quick returns in the financial market of the developing economy, since aug FII have invested 15 billion dollar into the indian equity market.
2)Two third of states yet to remit pension scheme contributions.
Two third of the state government and a couple of union territories have not remitted the pension contributions of their new employees to bank of India which is the trusty bank for the accumulated money under the new pension scheme.
3)Biocon Ltd. To set up Rs. 715 Crore by similar facility in Malaysia.
The US FDA compliant plant would be operational by 2014 and high yield bio similars and bio pharmaceuticals for the global market. This is the biggest bio-technology investment in Malaysia. The facility with a head-count of 200 would come up at bio-Xcell Biotechnology Park in Iskandar Malaysia, close to Singapore.
4)Indian Hotels to raise Rs 850 Crore through prefferential allotment to TATA Sons.
IHCL that operates Taj Group of hotels and resorts will be raising around Rs. 850 Crore in two tranches through a prefferential allotment of shares to its main promoters – TATA Sons Ltd.
5)Dabur's Consolidated Q2 Net up 15.4% on cost control measures.
Growth in volumes of key categories and cost control measures led to an increase of 15.4%IN Dabur India Ltd. Consolidated net profit for the 2nd quarter ended in September 30 at Rs 160.35 Crores. Despite a significant rise in input cost, Dabur restricted its material inflation through higher buying effeciency and stringent cost saving programme.
6)HCL Infosystem net drops over 19% in Q1
HCL has reported over 19% drop in consolidated net profit for Q1 ended September 2010 on account of slower system integration, business wage hikes, a new investment in building of capacity.
7)sensex falls 216 points – a result dissapoints
strong sales on wednesday, driving the benchmark index to a 1 week low as financials reported by companies including NTPC Ltd and Asian Paints Ltd concern over slowing profit growth.
8)Crude Oil Declines as US supplies increases.
Crude oil fell for the 1st time in 4 days, after US supplies increases and dollar appreciated, curbing the appeal of comodities to investors.
Section -F
RBI chief warns of speculative capital flows
Speculative capital flow along with the problem of appereciating currancy as lead to asset price build up in emerging market technology. The ultra loose monatry policy of the central banks of developed countries has lead the situation. They invest for quick returns in the financial market of the developing economy, since aug FII have invested 15 billion dollar into the indian equity market.
2)Two third of states yet to remit pension scheme contributions.
Two third of the state government and a couple of union territories have not remitted the pension contributions of their new employees to bank of India which is the trusty bank for the accumulated money under the new pension scheme.
3)Biocon Ltd. To set up Rs. 715 Crore by similar facility in Malaysia.
The US FDA compliant plant would be operational by 2014 and high yield bio similars and bio pharmaceuticals for the global market. This is the biggest bio-technology investment in Malaysia. The facility with a head-count of 200 would come up at bio-Xcell Biotechnology Park in Iskandar Malaysia, close to Singapore.
4)Indian Hotels to raise Rs 850 Crore through prefferential allotment to TATA Sons.
IHCL that operates Taj Group of hotels and resorts will be raising around Rs. 850 Crore in two tranches through a prefferential allotment of shares to its main promoters – TATA Sons Ltd.
5)Dabur's Consolidated Q2 Net up 15.4% on cost control measures.
Growth in volumes of key categories and cost control measures led to an increase of 15.4%IN Dabur India Ltd. Consolidated net profit for the 2nd quarter ended in September 30 at Rs 160.35 Crores. Despite a significant rise in input cost, Dabur restricted its material inflation through higher buying effeciency and stringent cost saving programme.
6)HCL Infosystem net drops over 19% in Q1
HCL has reported over 19% drop in consolidated net profit for Q1 ended September 2010 on account of slower system integration, business wage hikes, a new investment in building of capacity.
7)sensex falls 216 points – a result dissapoints
strong sales on wednesday, driving the benchmark index to a 1 week low as financials reported by companies including NTPC Ltd and Asian Paints Ltd concern over slowing profit growth.
8)Crude Oil Declines as US supplies increases.
Crude oil fell for the 1st time in 4 days, after US supplies increases and dollar appreciated, curbing the appeal of comodities to investors.
28th October - Business Line
Seema Shekhawat
Section -F
RBI chief warns of speculative capital flows
Speculative capital flow along with the problem of appereciating currancy as lead to asset price build up in emerging market technology. The ultra loose monatry policy of the central banks of developed countries has lead the situation. They invest for quick returns in the financial market of the developing economy, since aug FII have invested 15 billion dollar into the indian equity market.
2)Two third of states yet to remit pension scheme contributions.
Two third of the state government and a couple of union territories have not remitted the pension contributions of their new employees to bank of India which is the trusty bank for the accumulated money under the new pension scheme.
3)Biocon Ltd. To set up Rs. 715 Crore by similar facility in Malaysia.
The US FDA compliant plant would be operational by 2014 and high yield bio similars and bio pharmaceuticals for the global market. This is the biggest bio-technology investment in Malaysia. The facility with a head-count of 200 would come up at bio-Xcell Biotechnology Park in Iskandar Malaysia, close to Singapore.
4)Indian Hotels to raise Rs 850 Crore through prefferential allotment to TATA Sons.
IHCL that operates Taj Group of hotels and resorts will be raising around Rs. 850 Crore in two tranches through a prefferential allotment of shares to its main promoters – TATA Sons Ltd.
5)Dabur's Consolidated Q2 Net up 15.4% on cost control measures.
Growth in volumes of key categories and cost control measures led to an increase of 15.4%IN Dabur India Ltd. Consolidated net profit for the 2nd quarter ended in September 30 at Rs 160.35 Crores. Despite a significant rise in input cost, Dabur restricted its material inflation through higher buying effeciency and stringent cost saving programme.
6)HCL Infosystem net drops over 19% in Q1
HCL has reported over 19% drop in consolidated net profit for Q1 ended September 2010 on account of slower system integration, business wage hikes, a new investment in building of capacity.
7)sensex falls 216 points – a result dissapoints
strong sales on wednesday, driving the benchmark index to a 1 week low as financials reported by companies including NTPC Ltd and Asian Paints Ltd concern over slowing profit growth.
8)Crude Oil Declines as US supplies increases.
Crude oil fell for the 1st time in 4 days, after US supplies increases and dollar appreciated, curbing the appeal of comodities to investors.
Section -F
RBI chief warns of speculative capital flows
Speculative capital flow along with the problem of appereciating currancy as lead to asset price build up in emerging market technology. The ultra loose monatry policy of the central banks of developed countries has lead the situation. They invest for quick returns in the financial market of the developing economy, since aug FII have invested 15 billion dollar into the indian equity market.
2)Two third of states yet to remit pension scheme contributions.
Two third of the state government and a couple of union territories have not remitted the pension contributions of their new employees to bank of India which is the trusty bank for the accumulated money under the new pension scheme.
3)Biocon Ltd. To set up Rs. 715 Crore by similar facility in Malaysia.
The US FDA compliant plant would be operational by 2014 and high yield bio similars and bio pharmaceuticals for the global market. This is the biggest bio-technology investment in Malaysia. The facility with a head-count of 200 would come up at bio-Xcell Biotechnology Park in Iskandar Malaysia, close to Singapore.
4)Indian Hotels to raise Rs 850 Crore through prefferential allotment to TATA Sons.
IHCL that operates Taj Group of hotels and resorts will be raising around Rs. 850 Crore in two tranches through a prefferential allotment of shares to its main promoters – TATA Sons Ltd.
5)Dabur's Consolidated Q2 Net up 15.4% on cost control measures.
Growth in volumes of key categories and cost control measures led to an increase of 15.4%IN Dabur India Ltd. Consolidated net profit for the 2nd quarter ended in September 30 at Rs 160.35 Crores. Despite a significant rise in input cost, Dabur restricted its material inflation through higher buying effeciency and stringent cost saving programme.
6)HCL Infosystem net drops over 19% in Q1
HCL has reported over 19% drop in consolidated net profit for Q1 ended September 2010 on account of slower system integration, business wage hikes, a new investment in building of capacity.
7)sensex falls 216 points – a result dissapoints
strong sales on wednesday, driving the benchmark index to a 1 week low as financials reported by companies including NTPC Ltd and Asian Paints Ltd concern over slowing profit growth.
8)Crude Oil Declines as US supplies increases.
Crude oil fell for the 1st time in 4 days, after US supplies increases and dollar appreciated, curbing the appeal of comodities to investors.
28th October- Financial Express
sanjay singh rathore
shabnam hazarika
section i
S.B.I branches stop Iran Company’s dollar transaction
•S.B.I has directed its overseas branches to stop transaction with Iran entities.
•The state owned bank pondered on this decision after discovering few cases where Iranian entities attempted to break into the bank’s vulnerable accounts and transfer it to their own personal use.
Corporate& markets
IHCL to allot Rs 850cr shares Tata sons
•Indian hotel company (IHCL) said it will raise around 850cr through preferential allotment to the main promoter Tata sons in the next 18 months.
•The funds have been raised for the main promoter of the company Tata sons
•It will be used to retire debt on its accounts.
Biocon to set up $161m facility in Malaysia
•Biocon is going to invest $161 million in setting up a new manufacturing and research facility in Malaysia.
•Chairperson Kiran Mazumdar Shaw- said the newly build manufacturing plant will concentrate on manufacturing of insulin’s for diabetic treatment as required by its $350m global market deal with Pfizer
•Mazumdar also said that the company will hire locally and taking talent from India.
Special news
ONGC gears up for FPO, appoints auditors
•ONGC has appointed consultants to undertake the audit of its oil and gas reserves
•The auditors will asses oil and gas reserves in only 15 out of company’s 150 oil fields
Railways to come with smart cards
•The Indian railways is on the verge of proposing talks with the S.B.I to process a rechargeable smart that can be swapped to board a train for every passenger
•Mamata banerjee railways minister also assured the people the that Indian railway system would be free of accidents within 6months with the introduction of anti-collision devices
Commodities
Pest attack, bad whether likely to prune tea output
•Tea production will be lowered this year to a margin due to pest attacks and erratic weather
•In the north eastern region tea production dropped by 20 million kg
•Exports would be lower as buyers are staying away since exports has come down for the year to Rs 131/kg against Rs 138.21 during January – august 2009
shabnam hazarika
section i
S.B.I branches stop Iran Company’s dollar transaction
•S.B.I has directed its overseas branches to stop transaction with Iran entities.
•The state owned bank pondered on this decision after discovering few cases where Iranian entities attempted to break into the bank’s vulnerable accounts and transfer it to their own personal use.
Corporate& markets
IHCL to allot Rs 850cr shares Tata sons
•Indian hotel company (IHCL) said it will raise around 850cr through preferential allotment to the main promoter Tata sons in the next 18 months.
•The funds have been raised for the main promoter of the company Tata sons
•It will be used to retire debt on its accounts.
Biocon to set up $161m facility in Malaysia
•Biocon is going to invest $161 million in setting up a new manufacturing and research facility in Malaysia.
•Chairperson Kiran Mazumdar Shaw- said the newly build manufacturing plant will concentrate on manufacturing of insulin’s for diabetic treatment as required by its $350m global market deal with Pfizer
•Mazumdar also said that the company will hire locally and taking talent from India.
Special news
ONGC gears up for FPO, appoints auditors
•ONGC has appointed consultants to undertake the audit of its oil and gas reserves
•The auditors will asses oil and gas reserves in only 15 out of company’s 150 oil fields
Railways to come with smart cards
•The Indian railways is on the verge of proposing talks with the S.B.I to process a rechargeable smart that can be swapped to board a train for every passenger
•Mamata banerjee railways minister also assured the people the that Indian railway system would be free of accidents within 6months with the introduction of anti-collision devices
Commodities
Pest attack, bad whether likely to prune tea output
•Tea production will be lowered this year to a margin due to pest attacks and erratic weather
•In the north eastern region tea production dropped by 20 million kg
•Exports would be lower as buyers are staying away since exports has come down for the year to Rs 131/kg against Rs 138.21 during January – august 2009
28th October- Economic Times
smit desai
soumya
srinivas rao
Sensex today opens at 20005.37(dips 216 pts.)
Nifty today opens at 6012.65(down 1.14%)
Sebi allows bourses to shift to European-style options trade:-
Securities and Exchange board of India (sebi) has allowed domestic exchanges to introduce European style stock Options, a move that is expected to boost volumes in these contracts. In previous Indian Exchanges are in American style which can be exercise during anytime of the contract tenure but in these European style a buyer can exercise only on the expiry day. Exercise means terminating a contract.
Accounting Fraud drags TRF 20% down:-
SHARES of TRF — a Tata-promoted manufacturer of material-handling equipment — crashed 20% on Wednesday, after the management told analysts at a conference call that it had to write off . 46 crore because of an accounting fraud in one of its divisions. An email sent to the company spokesperson did not elicit any response.
According to analyst, the company said that an extensive investigation had been done and corrective measures taken to prevent recurrence of such incidents.
“The officials responsible for this have been suspended and figures have been restated after taking corrective measures,” said the analyst. TRF, formerly known as Tata-Robins-Fraser provides material handling equipment and processing systems. It also undertakes projects for power and steel plants, ports, fertilizers and mining sectors.
Pharma co.’s sales catch flu as H1n1 fears ebb:-
As the rate of swine flu is decreasing the companies which had produced lot of drugs are not able to sale off them, so they are looking for government tenders.
Warehouse projects a non-starter in UP:-
In UP, 57 warehouses with a total capacity of 26.81 lakh tonne have to be allotted. But only 35 tender documents have been sold till now. Apprehensive of a poor response, the authorities have now extended the last date of tender submission till November 16. “Minimum 2 acre land is needed to build a 5,000-tonne warehouse, which will entail an investment of Rs 1.5 crore and above. That is not a business proposition many would jump at,” said a UP State Warehousing Corporation official. The corporation is the nodal agency acting on behalf of FCI for executing the project in the state.
UN sanctions on Iran may hit tea exporters:-
THE United Nations sanctions against Iran may impact tea exports to the Middle-East Asian country where demand for India’s high-end orthodox tea is increasing.
Following the sanction, Indian exporters are facing problems in opening letters of credit for their shipments. A letter of credit is a bank document that assures sellers that a trading partner will pay for imported goods. It is used frequently in international trade. At the moment, Iranian traders cannot get letters of credit while European insurers are banned from insuring cargo entering Iran. Even most banks in the United Arab Emirates, an important trading partner for Iran, have stopped money transfers after the latest round of sanctions against the Islamic republic.
Eggs may cost more on rising feed prices:-
Egg prices in the wholesale Delhi market were ruling at Rs 2.70 per egg with retail price varying from Rs 3-4 per egg. However, broiler prices have come down from Rs 80 to Rs 45, owing to an increase in production this year. “The age-old myth of eating eggs during winter to stay warm is ensuring a great demand in the coming months. Wholesale egg prices, in a few days, will touch Rs 3 an egg. The November-January period is the season when the demand increases,” said M Batliwala, general manager, National Egg Coordination Committee (NECC).
Mahindra-navistar ready to hit roads:-
After initial hiccups, Mahindra-Navistar joint venture is getting its act together by stepping up investments in innovation, product launches and services. Rakesh Kalra, managing director of the JV in an exclusive interview with Lijee Philip talks, among other things, about how the company is betting on 25 and 31 tonne trucks, to be launched in the country this festive season, to take on competition in the high-end commercial vehicle market.
Add digital sign to sms, phone:-
SOON, you may be able to digitally sign emails and SMS’s sent from your mobile phone. The government is drafting a plan to allow proxy SIM cards carrying digital certificates to be used in mobile phones, which can make emails and SMS’s sent from a mobile phone secure.
Wiki eager to move across population:-
Founder Jimmy Wales To Be In India Next Week To Increase Awareness About Online Encyclopedia. WIKIPEDIA founder Jimmy Wales, who will be in India next week to drum up awareness about the online encyclopedia and increase Indian language contributions, says he's a pathological optimist. The Wikipedia project has not only built the largest online encyclopedia, but a resource that is free, collaborative and credible. In an era where integrity of information is often in doubt, it has successfully leveraged the internet's positives and cancelled out its negatives.
"We've come a long way and are quite successful in maintaining its high quality but we have a lot of work to do, especially in this part of the world," Mr. Wales told ET in an interview from Hong Kong, before travelling to India. "I did have great hopes for Wikipedia but it has exceeded even my expectations," he admitted. Wikipedia's annual budget is a shoestring $20.4 million, despite having increased over the years since it started in 2001.
Reva plans china entry to cash in on green car drive:-
The world's largest electric car-marker, Reva motors plans to enter china in the hope of cashing in on rising demand for eco-friendly cars as government push to stricter emission norms globally.
kochi IPL gets month's breather
kochi IPL team gets one month time to solve the conflicts of the ownership or not to participate in the coming IPL season.
InfoTech
Indian it industry to raise outsourcing issue with Obama
The Indian IT industry will raise issues related to outsourcing and immigration with US President Barack Obama during his visit to India next month, Infosys Technologies' chief executive S. Gopalakrishnan said on Tuesday. Admitting that the new US immigration policy was worrying the Indian IT industry, Gopalakrishnan said though the US Border Security Bill had nothing to do with immigration, it has had an impact on the cost of IT services firms. In light of the uncertainty at the macro level and higher unemployment rate in the US, the top official said technology spending in the US in 2011 was going to be similar or slightly better than in 2010.
"I expect IT budgets to be flatter or slightly up. Our way of going up the value chain is to take increasing share of the tech spending, as global outsourcing gets larger share of the pie," said Gopalakrishnan.
World's lightest smartphone to hit India via Micromax
The world's lightest smartphone, weighing just 60 grams, is all set to hit the Indian market to make the most of the ongoing festive season.
Israeli entrepreneur Dov Moran's company Modu, which launched tiny smartphone Modu T last week, has announced striking a partnership with India's third largest distribution company Micromax for the venture, business portal Calcalist reported. Micromax will sell the cellular phone as part of a package that includes two "jackets", which are add-on sets for the Modu, at Rs 12,500 ($282). The Modu T is a 3.5 generation smartphone with a 2.2 inch touch screen and has Qualcomm's Brew operating system and an array of Java-based applications, including Snaptu, Facebook, Flickr and media player TuneWiki.
Apple launches online store in China
Apple on Wednesday launched online sales in China and made its App Store available in simplified Chinese, as the US technology giant expands aggressively in the world's largest mobile market.
Apple opened two new retail shops in mainland China last month as it launched the iPhone 4. It now has two shops in Beijing and two more in Shanghai, with a total of 25 outlets expected by the end of next year. The iPhone 4 made its debut in China on September 25, a week after Apple officially launched the iPad in the country, with some customers queuing for several days to get their hands on the computer.
China has at least 420 million web users and is also the world's largest mobile market with more than 833 million subscribers at the end of September, according to official data.
IT sector aims to soften image as Obama visits India
US President Barack Obama's visit to India puts the spotlight on its $60 billion IT sector, which argues it is a creator of jobs in the United States and should not be blamed for high unemployment. Obama is expected to visit Mumbai, India's financial hub and the center of the 2008 militant attacks. U.S. officials say much of the trip's focus will be boosting trade that is expected to double in five years from the current level of $50 billion. But it is a sign of the times that Obama is not expected to visit Bangalore, the country's technology hub. U.S. officials say much of the trip's focus will be boosting trade that is expected to double in five years from the current level of $50 billion. Obama's fellow Democrats are expected to take a drubbing in the Nov. 2 balloting amid unemployment stuck near 10 percent. In California, where the jobless rate tops 12 percent, Democratic Senator Barbara Boxer accuses her Republican rival Carly Fiorina of sending jobs abroad when she was chief of Hewlett-Packard.
India's IT services industry, which generates 70 percent of its revenue from the United States and accounts for 5 percent of India's economy, is a victim of its own success. Before the global economic downturn, the sector was growing by roughly one-third per year as companies across industries shipped commoditized work to India and elsewhere to cut costs.
HDFC Standard Life hopes to break-even in FY12
Insurer HDFC Standard Life Insurance Company Ltd expects to break-even in the 2011/12 financial year. The joint venture between India's top mortgage lender, HDFC, and Britain's Standard Life, had posted a loss of 2.75 billion rupees ($62 million) in the year ended March 2010, lower than 5.03 billion a year ago and is expected to stay in the red this year. HDFC Standard Life could launch an initial public offering in the second half of 2011 if an insurance bill, which proposes raising the foreign holding in insurance firms to 49 per cent from 26 per cent, is approved by the Indian parliament.
Bharati, Aircel keen on Qualcomm BWA biz:-
Bharati Airtel and Aircel cellular are interested in buying the yet to be launched Indian wireless broadband of Qualcomm.
Airtel has 3G spectrum in Delhi, HP, UP, and Rajasthan. They have broadband wireless spectrum in Punjab. Haryana is the only missing link for them in north India.
While coming to Aircel cellular keen on mumbai and Kerala circles.
BSNL to float $3.5-b tender:-
BSNL wants to procure equipment for 40 million GSM lines. BSNL is yet to decide whether it wants a single contract or split the contracts over two year period.
General
cat2010: NO glitches on Day1
Cat 2010 has been started on 27th oct and there is peace while compared to previous year. And the no, of students have been decreased from 2.42lakh to 2.06 lakh.
Barack Obama’s visit to India
Days before US president Barack obama visit to India there were war of words between the two countries US and India about the information on LeT operative David Coleman who was involved in the 26/11 attack. India has asked that they did not provide the information regarding him where as US says that they had provided the complete information.
Karnataka disqualified MLA's
Karnataka’s qualified MLA's files a case in Karnataka High court against the speaker K G Bopaiah saying that he had been given judgment supporting Karnataka's chief minister.
soumya
srinivas rao
Sensex today opens at 20005.37(dips 216 pts.)
Nifty today opens at 6012.65(down 1.14%)
Sebi allows bourses to shift to European-style options trade:-
Securities and Exchange board of India (sebi) has allowed domestic exchanges to introduce European style stock Options, a move that is expected to boost volumes in these contracts. In previous Indian Exchanges are in American style which can be exercise during anytime of the contract tenure but in these European style a buyer can exercise only on the expiry day. Exercise means terminating a contract.
Accounting Fraud drags TRF 20% down:-
SHARES of TRF — a Tata-promoted manufacturer of material-handling equipment — crashed 20% on Wednesday, after the management told analysts at a conference call that it had to write off . 46 crore because of an accounting fraud in one of its divisions. An email sent to the company spokesperson did not elicit any response.
According to analyst, the company said that an extensive investigation had been done and corrective measures taken to prevent recurrence of such incidents.
“The officials responsible for this have been suspended and figures have been restated after taking corrective measures,” said the analyst. TRF, formerly known as Tata-Robins-Fraser provides material handling equipment and processing systems. It also undertakes projects for power and steel plants, ports, fertilizers and mining sectors.
Pharma co.’s sales catch flu as H1n1 fears ebb:-
As the rate of swine flu is decreasing the companies which had produced lot of drugs are not able to sale off them, so they are looking for government tenders.
Warehouse projects a non-starter in UP:-
In UP, 57 warehouses with a total capacity of 26.81 lakh tonne have to be allotted. But only 35 tender documents have been sold till now. Apprehensive of a poor response, the authorities have now extended the last date of tender submission till November 16. “Minimum 2 acre land is needed to build a 5,000-tonne warehouse, which will entail an investment of Rs 1.5 crore and above. That is not a business proposition many would jump at,” said a UP State Warehousing Corporation official. The corporation is the nodal agency acting on behalf of FCI for executing the project in the state.
UN sanctions on Iran may hit tea exporters:-
THE United Nations sanctions against Iran may impact tea exports to the Middle-East Asian country where demand for India’s high-end orthodox tea is increasing.
Following the sanction, Indian exporters are facing problems in opening letters of credit for their shipments. A letter of credit is a bank document that assures sellers that a trading partner will pay for imported goods. It is used frequently in international trade. At the moment, Iranian traders cannot get letters of credit while European insurers are banned from insuring cargo entering Iran. Even most banks in the United Arab Emirates, an important trading partner for Iran, have stopped money transfers after the latest round of sanctions against the Islamic republic.
Eggs may cost more on rising feed prices:-
Egg prices in the wholesale Delhi market were ruling at Rs 2.70 per egg with retail price varying from Rs 3-4 per egg. However, broiler prices have come down from Rs 80 to Rs 45, owing to an increase in production this year. “The age-old myth of eating eggs during winter to stay warm is ensuring a great demand in the coming months. Wholesale egg prices, in a few days, will touch Rs 3 an egg. The November-January period is the season when the demand increases,” said M Batliwala, general manager, National Egg Coordination Committee (NECC).
Mahindra-navistar ready to hit roads:-
After initial hiccups, Mahindra-Navistar joint venture is getting its act together by stepping up investments in innovation, product launches and services. Rakesh Kalra, managing director of the JV in an exclusive interview with Lijee Philip talks, among other things, about how the company is betting on 25 and 31 tonne trucks, to be launched in the country this festive season, to take on competition in the high-end commercial vehicle market.
Add digital sign to sms, phone:-
SOON, you may be able to digitally sign emails and SMS’s sent from your mobile phone. The government is drafting a plan to allow proxy SIM cards carrying digital certificates to be used in mobile phones, which can make emails and SMS’s sent from a mobile phone secure.
Wiki eager to move across population:-
Founder Jimmy Wales To Be In India Next Week To Increase Awareness About Online Encyclopedia. WIKIPEDIA founder Jimmy Wales, who will be in India next week to drum up awareness about the online encyclopedia and increase Indian language contributions, says he's a pathological optimist. The Wikipedia project has not only built the largest online encyclopedia, but a resource that is free, collaborative and credible. In an era where integrity of information is often in doubt, it has successfully leveraged the internet's positives and cancelled out its negatives.
"We've come a long way and are quite successful in maintaining its high quality but we have a lot of work to do, especially in this part of the world," Mr. Wales told ET in an interview from Hong Kong, before travelling to India. "I did have great hopes for Wikipedia but it has exceeded even my expectations," he admitted. Wikipedia's annual budget is a shoestring $20.4 million, despite having increased over the years since it started in 2001.
Reva plans china entry to cash in on green car drive:-
The world's largest electric car-marker, Reva motors plans to enter china in the hope of cashing in on rising demand for eco-friendly cars as government push to stricter emission norms globally.
kochi IPL gets month's breather
kochi IPL team gets one month time to solve the conflicts of the ownership or not to participate in the coming IPL season.
InfoTech
Indian it industry to raise outsourcing issue with Obama
The Indian IT industry will raise issues related to outsourcing and immigration with US President Barack Obama during his visit to India next month, Infosys Technologies' chief executive S. Gopalakrishnan said on Tuesday. Admitting that the new US immigration policy was worrying the Indian IT industry, Gopalakrishnan said though the US Border Security Bill had nothing to do with immigration, it has had an impact on the cost of IT services firms. In light of the uncertainty at the macro level and higher unemployment rate in the US, the top official said technology spending in the US in 2011 was going to be similar or slightly better than in 2010.
"I expect IT budgets to be flatter or slightly up. Our way of going up the value chain is to take increasing share of the tech spending, as global outsourcing gets larger share of the pie," said Gopalakrishnan.
World's lightest smartphone to hit India via Micromax
The world's lightest smartphone, weighing just 60 grams, is all set to hit the Indian market to make the most of the ongoing festive season.
Israeli entrepreneur Dov Moran's company Modu, which launched tiny smartphone Modu T last week, has announced striking a partnership with India's third largest distribution company Micromax for the venture, business portal Calcalist reported. Micromax will sell the cellular phone as part of a package that includes two "jackets", which are add-on sets for the Modu, at Rs 12,500 ($282). The Modu T is a 3.5 generation smartphone with a 2.2 inch touch screen and has Qualcomm's Brew operating system and an array of Java-based applications, including Snaptu, Facebook, Flickr and media player TuneWiki.
Apple launches online store in China
Apple on Wednesday launched online sales in China and made its App Store available in simplified Chinese, as the US technology giant expands aggressively in the world's largest mobile market.
Apple opened two new retail shops in mainland China last month as it launched the iPhone 4. It now has two shops in Beijing and two more in Shanghai, with a total of 25 outlets expected by the end of next year. The iPhone 4 made its debut in China on September 25, a week after Apple officially launched the iPad in the country, with some customers queuing for several days to get their hands on the computer.
China has at least 420 million web users and is also the world's largest mobile market with more than 833 million subscribers at the end of September, according to official data.
IT sector aims to soften image as Obama visits India
US President Barack Obama's visit to India puts the spotlight on its $60 billion IT sector, which argues it is a creator of jobs in the United States and should not be blamed for high unemployment. Obama is expected to visit Mumbai, India's financial hub and the center of the 2008 militant attacks. U.S. officials say much of the trip's focus will be boosting trade that is expected to double in five years from the current level of $50 billion. But it is a sign of the times that Obama is not expected to visit Bangalore, the country's technology hub. U.S. officials say much of the trip's focus will be boosting trade that is expected to double in five years from the current level of $50 billion. Obama's fellow Democrats are expected to take a drubbing in the Nov. 2 balloting amid unemployment stuck near 10 percent. In California, where the jobless rate tops 12 percent, Democratic Senator Barbara Boxer accuses her Republican rival Carly Fiorina of sending jobs abroad when she was chief of Hewlett-Packard.
India's IT services industry, which generates 70 percent of its revenue from the United States and accounts for 5 percent of India's economy, is a victim of its own success. Before the global economic downturn, the sector was growing by roughly one-third per year as companies across industries shipped commoditized work to India and elsewhere to cut costs.
HDFC Standard Life hopes to break-even in FY12
Insurer HDFC Standard Life Insurance Company Ltd expects to break-even in the 2011/12 financial year. The joint venture between India's top mortgage lender, HDFC, and Britain's Standard Life, had posted a loss of 2.75 billion rupees ($62 million) in the year ended March 2010, lower than 5.03 billion a year ago and is expected to stay in the red this year. HDFC Standard Life could launch an initial public offering in the second half of 2011 if an insurance bill, which proposes raising the foreign holding in insurance firms to 49 per cent from 26 per cent, is approved by the Indian parliament.
Bharati, Aircel keen on Qualcomm BWA biz:-
Bharati Airtel and Aircel cellular are interested in buying the yet to be launched Indian wireless broadband of Qualcomm.
Airtel has 3G spectrum in Delhi, HP, UP, and Rajasthan. They have broadband wireless spectrum in Punjab. Haryana is the only missing link for them in north India.
While coming to Aircel cellular keen on mumbai and Kerala circles.
BSNL to float $3.5-b tender:-
BSNL wants to procure equipment for 40 million GSM lines. BSNL is yet to decide whether it wants a single contract or split the contracts over two year period.
General
cat2010: NO glitches on Day1
Cat 2010 has been started on 27th oct and there is peace while compared to previous year. And the no, of students have been decreased from 2.42lakh to 2.06 lakh.
Barack Obama’s visit to India
Days before US president Barack obama visit to India there were war of words between the two countries US and India about the information on LeT operative David Coleman who was involved in the 26/11 attack. India has asked that they did not provide the information regarding him where as US says that they had provided the complete information.
Karnataka disqualified MLA's
Karnataka’s qualified MLA's files a case in Karnataka High court against the speaker K G Bopaiah saying that he had been given judgment supporting Karnataka's chief minister.
28th October -Business standard
Section-G
Sweta Chhapolia
Sneha Singh
SENSEX: 20005.37
NIFTY: 6012.65
$:44.46, RUPEE: 44.44
GOLD (Rs/gm):19445
SILVER (Rs/Kg):35605
MAJOR HEADLINES:
• Pawar plays the grain game
• AI finalises low cost domestic flight plan
• Vallarpadam shipping hub still not ready for full launch
• Kochi IPL team gets 30 days breather
• Beware of the cost intervention says Subbarao
• CARIN-VEDANTA has jurisdiction issues-says Govt.
• Iron ore booking clamps hit railways receipt
• Sugarcane decontrol talks next month
• PM seeks growth over wealth creation
• Home ministry disappointed with US intelligence sharing
COMPANIES:
1-Kochi IPL team get 30 days time-
BCCI today gave a 30-day window to the owners to sort out differences and work out a shareholding
Structure
2-Vallarpadam shipping hub still not ready for full launch
The latest deadline for the two-decade-old proposal for a trans-shipment hub at the Vallarpadam Island near Kochi is January
It appears that work is unlikely to be over by then and it will take several more months to become fully operational
The proposed International Container Transhipments Terminal (ICTT) would have a capacity of three million TEUs, a measure used in contained shipping. It would be India’s first
3-INDIAN HOTELS TO RAISE 850 CR FROM TATA SONS
IHCL, the Tata group firm which owns the Taj chain of hotels, on Wednesday posted a net loss of rupees 6.30cr for the second quarter ended September 30
They will raise money by issuing shares and warrants to the promoter company, Tata Sons.
The IHCL board today approved the issuance of 36 million equity shares of face value of Re 1 in this financial year to Tata Sons
4-JSW steel seeks 1,100 acres more for Bellary expansion-
JSW Group operates a 6.8 million tonne per annum steel plant at Toranagallu in Bellary district of Karnataka.
It has sought 1,100 acres of land more from the Karnataka government to expand its steel mill capacity.
This would see an investment of Rs 10,000 crore
The government is ready to give them additional land, but subject to scrutiny by the land audit committee.
5-UNINOR’s revenue doubles in Q3 TO rupees 162 crore-
Uninor’s average revenue/day also increased by 8% on a quarter on quarter basis to 98.4 crore.
However average revenue/day was lower to industry average of 150 crore
6- TATAs step into shoe retail, plan 6 stores by next month-
Within 3 months of Noel Tata taking over as managing director of Tata International, export arm of the Tata Group, it announced today a foray into footwear retailing.
The chain is looking at opening 300 stores in the next 5 years.
The store sizes range from 2,000 to 4,500 sq ft.
ECONOMY
1-PM seeks growth for wealth creation-These are the key features to the growth;
Rapid economic growth that will create wealth for our people and also generate surpluses to fund our ambitious social development programmes
Growth that creates employment and development that is socially and regionally balanced and inclusive
Build a modern, knowledge and science-based economy
Development to be sustainable.
Cooperative relationship with our neighbours and other partners.
Finally, ‘’India seeks to realise its development ambitions within the framework of a plural and secular democracy, where each citizen should have equal opportunity for economic, social and cultural advancement.”
2- High crude oil prices may delay diesel de-control-
Diesel decontrol is unlikely to happen in the near future, given the high crude oil prices.
This could lead to rise in retail prices that will push up the already high inflation rate.
Diesel price deregulation will mean an increase in prices.
MARKETS
1-SEBI steps in to improve liquidity in stock groups –
It has allowed stock exchanges the flexibility to offer either European-style or American-style contracts.
At present, only American-style contracts are allowed in stock options.
Sebi’s circular, issued on Wednesday, says after opting for a particular style, a stock exchange shall offer options contracts of the same style on all eligible stocks.
A European option can be squared off only on the day of expiry or maturity.
If a stock exchange wants to switch back to American-style contracts, it can do so after Sebi’s approval.
2-Downtrend could last for 1-4 weeks-
The market is in an intermediate downtrend it could mark time through the settlement session.
We’ve seen declining tops, but support at 5,975 has held after being tested thrice.
On the upside, there’s strong resistance in the 6,075-6,150 range.
INTERNATIONAL
US feed looks set for new round of monetary easing
ORACLE CEO claims he can prove software theft by HP CEO
GLAXCO to pay $750 million over defective drugs.
OPINIONS
1. CURRENCY WARS AND INDIAN POLICY
A Piece of My Mind – Shankar Acharya
Brazil's foreign minister stated on 27th September that the "international currency war has erupted"
The three major issues surrounding these issues are
1) Influx pegging of Chinese Yuan to US Dollars
2) Loose monetary policy followed after the global crisis by major industrial countries
3) Policy rate zero, cheapening of the currency involved
Moreover there is spill over impact of many emerging economies due to flood of international liquidity flowing
-Efforts at modernising global trade imbalances must involve a central role in yuan appreciation
-With EME currency appreciated, international competitiveness has weakened. Counter measures saw Brazil doubling tax on debt inflows.
-India with all official pronouncement favouring” inclusive growth” hasn’t done much, as the exchange rate policy has lead to job losses.
Moreover sharply appreciated rupee has also weakened the viability of the Balance of Payment.
REMEDIES
RBI should intervene in Forex market to counter the excess capital inflow
One should also deploy tool for capital account management to contain surging flows
Govt should also try to impose temporary taxes as imposed by Brazil
Lastly they should also support the recent proposal for the numerical caps of 4 percent G.D.P and hope for a realistic enforcement mechanism to take place.
2. Time to Press Pause
It’s the wait and watch period for the R.B.I
The whole sale price inflation and food price inflation etc remain stubbornly high
Lightening of R.B.I'S monetary policy needs to be imperative
However core inflation and domestic commodity price has softened. Domestic growth is on the phase of consolidation
R.B.I'S rate hikes and tight security has lead to banks push up deposits rates thus it’s the time to wait and watch .this pause will not compromise R.B.I'S position as the inflation fighter
3. THE POWER OF DIGITAL WALLET
A BOOK REVIEW OF SAM PITRODA AND MEHUL DESAI'S
“THE MARCH OF MOBILE MONEY”
Harper Collin India- 248 pages
Technology has transformed multiple dimensions
The author states the introduction of mobile money or “digital wallet” replacing conventional wallet the book raises issues of improved productivity and efficiency of the digital wallet.
It is estimated that mobile money would gain more prominence in Asia cause of the highest existing mobile users.
Micro transaction on mobile would also be environment friendly.
Moreover the future banks would be borderless, have reduced cost of transactions, transparency, and there would be promotion of handling of multiple currencies across borders
Thus the book was both timely and thought provoking. A high recommended reading for stake holders, students and for all level of building managers.
Sweta Chhapolia
Sneha Singh
SENSEX: 20005.37
NIFTY: 6012.65
$:44.46, RUPEE: 44.44
GOLD (Rs/gm):19445
SILVER (Rs/Kg):35605
MAJOR HEADLINES:
• Pawar plays the grain game
• AI finalises low cost domestic flight plan
• Vallarpadam shipping hub still not ready for full launch
• Kochi IPL team gets 30 days breather
• Beware of the cost intervention says Subbarao
• CARIN-VEDANTA has jurisdiction issues-says Govt.
• Iron ore booking clamps hit railways receipt
• Sugarcane decontrol talks next month
• PM seeks growth over wealth creation
• Home ministry disappointed with US intelligence sharing
COMPANIES:
1-Kochi IPL team get 30 days time-
BCCI today gave a 30-day window to the owners to sort out differences and work out a shareholding
Structure
2-Vallarpadam shipping hub still not ready for full launch
The latest deadline for the two-decade-old proposal for a trans-shipment hub at the Vallarpadam Island near Kochi is January
It appears that work is unlikely to be over by then and it will take several more months to become fully operational
The proposed International Container Transhipments Terminal (ICTT) would have a capacity of three million TEUs, a measure used in contained shipping. It would be India’s first
3-INDIAN HOTELS TO RAISE 850 CR FROM TATA SONS
IHCL, the Tata group firm which owns the Taj chain of hotels, on Wednesday posted a net loss of rupees 6.30cr for the second quarter ended September 30
They will raise money by issuing shares and warrants to the promoter company, Tata Sons.
The IHCL board today approved the issuance of 36 million equity shares of face value of Re 1 in this financial year to Tata Sons
4-JSW steel seeks 1,100 acres more for Bellary expansion-
JSW Group operates a 6.8 million tonne per annum steel plant at Toranagallu in Bellary district of Karnataka.
It has sought 1,100 acres of land more from the Karnataka government to expand its steel mill capacity.
This would see an investment of Rs 10,000 crore
The government is ready to give them additional land, but subject to scrutiny by the land audit committee.
5-UNINOR’s revenue doubles in Q3 TO rupees 162 crore-
Uninor’s average revenue/day also increased by 8% on a quarter on quarter basis to 98.4 crore.
However average revenue/day was lower to industry average of 150 crore
6- TATAs step into shoe retail, plan 6 stores by next month-
Within 3 months of Noel Tata taking over as managing director of Tata International, export arm of the Tata Group, it announced today a foray into footwear retailing.
The chain is looking at opening 300 stores in the next 5 years.
The store sizes range from 2,000 to 4,500 sq ft.
ECONOMY
1-PM seeks growth for wealth creation-These are the key features to the growth;
Rapid economic growth that will create wealth for our people and also generate surpluses to fund our ambitious social development programmes
Growth that creates employment and development that is socially and regionally balanced and inclusive
Build a modern, knowledge and science-based economy
Development to be sustainable.
Cooperative relationship with our neighbours and other partners.
Finally, ‘’India seeks to realise its development ambitions within the framework of a plural and secular democracy, where each citizen should have equal opportunity for economic, social and cultural advancement.”
2- High crude oil prices may delay diesel de-control-
Diesel decontrol is unlikely to happen in the near future, given the high crude oil prices.
This could lead to rise in retail prices that will push up the already high inflation rate.
Diesel price deregulation will mean an increase in prices.
MARKETS
1-SEBI steps in to improve liquidity in stock groups –
It has allowed stock exchanges the flexibility to offer either European-style or American-style contracts.
At present, only American-style contracts are allowed in stock options.
Sebi’s circular, issued on Wednesday, says after opting for a particular style, a stock exchange shall offer options contracts of the same style on all eligible stocks.
A European option can be squared off only on the day of expiry or maturity.
If a stock exchange wants to switch back to American-style contracts, it can do so after Sebi’s approval.
2-Downtrend could last for 1-4 weeks-
The market is in an intermediate downtrend it could mark time through the settlement session.
We’ve seen declining tops, but support at 5,975 has held after being tested thrice.
On the upside, there’s strong resistance in the 6,075-6,150 range.
INTERNATIONAL
US feed looks set for new round of monetary easing
ORACLE CEO claims he can prove software theft by HP CEO
GLAXCO to pay $750 million over defective drugs.
OPINIONS
1. CURRENCY WARS AND INDIAN POLICY
A Piece of My Mind – Shankar Acharya
Brazil's foreign minister stated on 27th September that the "international currency war has erupted"
The three major issues surrounding these issues are
1) Influx pegging of Chinese Yuan to US Dollars
2) Loose monetary policy followed after the global crisis by major industrial countries
3) Policy rate zero, cheapening of the currency involved
Moreover there is spill over impact of many emerging economies due to flood of international liquidity flowing
-Efforts at modernising global trade imbalances must involve a central role in yuan appreciation
-With EME currency appreciated, international competitiveness has weakened. Counter measures saw Brazil doubling tax on debt inflows.
-India with all official pronouncement favouring” inclusive growth” hasn’t done much, as the exchange rate policy has lead to job losses.
Moreover sharply appreciated rupee has also weakened the viability of the Balance of Payment.
REMEDIES
RBI should intervene in Forex market to counter the excess capital inflow
One should also deploy tool for capital account management to contain surging flows
Govt should also try to impose temporary taxes as imposed by Brazil
Lastly they should also support the recent proposal for the numerical caps of 4 percent G.D.P and hope for a realistic enforcement mechanism to take place.
2. Time to Press Pause
It’s the wait and watch period for the R.B.I
The whole sale price inflation and food price inflation etc remain stubbornly high
Lightening of R.B.I'S monetary policy needs to be imperative
However core inflation and domestic commodity price has softened. Domestic growth is on the phase of consolidation
R.B.I'S rate hikes and tight security has lead to banks push up deposits rates thus it’s the time to wait and watch .this pause will not compromise R.B.I'S position as the inflation fighter
3. THE POWER OF DIGITAL WALLET
A BOOK REVIEW OF SAM PITRODA AND MEHUL DESAI'S
“THE MARCH OF MOBILE MONEY”
Harper Collin India- 248 pages
Technology has transformed multiple dimensions
The author states the introduction of mobile money or “digital wallet” replacing conventional wallet the book raises issues of improved productivity and efficiency of the digital wallet.
It is estimated that mobile money would gain more prominence in Asia cause of the highest existing mobile users.
Micro transaction on mobile would also be environment friendly.
Moreover the future banks would be borderless, have reduced cost of transactions, transparency, and there would be promotion of handling of multiple currencies across borders
Thus the book was both timely and thought provoking. A high recommended reading for stake holders, students and for all level of building managers.
Subscribe to:
Posts (Atom)
