Business Opportunities
Derivatives expiry, higher food inflation and lower earnings also weigh on indices.
The proposed All India strike from tomorrow in different steel plants under Steel Authority of India (SAIL) has been postponed following an assurance by the authorities.
As many as six out of every 10 private equity companies have either frozen salaries of employees or are mulling to do so in near future as investments take a hit amid lower returns, says a study.
Over 100 global endowment funds intend to invest in this asset class
The Department of Telecom (DoT) is understood to have decided to slap a total penalty of Rs 132 crore on some major telecom operators for not rolling out services on time after the award of licence and spectrum. The penalty, which will be in the form of liquidated damages (LDs), are for delays since 2005, for which show-cause notices had been issued earlier.
With the demand for credit expected to shoot up, private banks are bolstering core capital. Seven of them are in the process of raising a cumulative Rs 10,500 crore in equity to fund expansion, which, in some cases like Axis Bank’s, includes entry into mutual fund, private equity and wealth management businesses.
FMCG major Dabur India Ltd is treading the rural path for growth in the hair oil segment.
If you thought Kolkata-based Emami Group will take life easy after the acquisition of Zandu last year, your judgement could prove wrong. It has plans to invest some Rs 1,600 crore in its personal care business. This includes new products as well as extension and repositioning of brands.
Raghavendra Kamath / Kolkata November 27, 2009, 1:30 IST
Sical Logistics, has reported a net profit of Rs 3.47 crore for the quarter ended September 30, 2009 as compared to Rs 1.59 crore,a year ago. Company"s total income rose to Rs 127.17 crore from Rs 123.08 crore, an increase of around three per cent.
The Nifty bounced back sharply after finding support around 4,600 levels and closed at 4,770 on short-covering. The Nifty November futures settled at 4,770 compared with the average trading price of 4,680 as almost 66 per cent volume changed hands at an average of 4,650. In the last two trading sessions, we have observed that the Nifty has filled the gap between the closing value and the average value on the following day and moved up. So, if this pattern continues, we may see the index moving down below 4,700 levels tomorrow.
The Asian markets pared some of their gains but managed to end positive.
State-run Hindustan Copper today reported a 95.58 per cent decline in its net profit at Rs 3.77 crore for the fourth quarter ended March 31, 2009.
Railway Minister Mamata Banerjee is not the only minister in the UPA cabinet who prefers a four-bedroom flat to a bungalow in Lutyens’ Delhi. Bijoy Krishna Handique, minister of mines, hasn’t shifted to a bungalow either and is quite happy to stay at his existing flat.
The much awaited auction of spectrum for 3G mobile services is likely to be delayed by more than a month and may commence from the first week of March next year -- schedule for which is to be announced soon.
The Central Electricity Regulatory Commission (CERC), the apex power sector regulator in the country, has announced that the regulations enabling power developers to obtain transmission corridors for open access in the medium-term will come into effect from today.
Jamshedpur had the highest per capita carbon emission, while Thiruvananthapuram and Asansol had the lowest in 2007-08, according to an energy status report of 40 Indian cities.
The country"s largest power producer NTPC today said it plans to recruit about 1,300 people in the next fiscal to support the company"s ambitious target of becoming a 50,000-MW company by 2012.
One of the shareholders of Bank of America (BofA) has opposed the firm"s idea to zero in on an insider to replace its outgoing CEO Kenneth D Lewis and has described the current management team as "tainted and not credible".
In contrast to the lull in 2008, road-rollers and wheel loaders returned to action across the country as the government awarded highway projects worth Rs 20,000 crore in 2009 that saw Mumbai get India"s first and longest open sea cable-stayed bridge.
The government is contemplating slapping penalty on four foreign telcos, including AT&T, MCI and BT, for allegedly circumventing licence norms that may have caused revenue loss to the Government.
ING Vysya Bank Ltd has raised Rs 230 crore by issuing 9.27 million equity shares of Rs 10 each at a price of Rs 248.10 per equity share including a premium of Rs 238.10 per equity share to qualified institutional buyers (QIBs). The issue was closed on September 8, 2009.
Ackruti City will open the qualified institutional placement (QIP) issue to the qualified institutional buyers (QIBs) on September 3. This will be in respect of issue of equity shares of face value of Rs 10 each of the company.
Government may not get the targeted Rs 25,000 crore from the sale of radio waves needed for the third-generation telecom services
Japanese Prime Minister Yukio Hatoyama today pitched for intensifying bilateral trade with India, particularly in infrastructure and technology, during his meetings with the doyens of Indian business and industry.
Samir K Brahmachari feels like Bhuvan, the lead character in Aamir Khan-starrer Lagaan.
Against the backdrop of India"s insistence that it would not accept any legally binding emission reductions, a top US Senator has said the Obama Administration needed to build a “flexible” climate partnership with New Delhi to address the issue of global warming.
The government is likely to clear a proposal tomorrow suggesting release of inflation data on monthly basis and not every week for most items tracked by the Wholesale Price Index (WPI).
US markets edged up on Friday as quarterly results were declared by Oracle and Research In Motion. The Nasdaq jumped 32 points (1.5%) to 2,212. The Dow added 21 points to 10,329.
The Sensex has opened at 16,336 down 17 points.The index is now at 16,263, down 95 points.
Sunil Jain / New Delhi October 26, 2009, 0:22 IST
The Obama Administration has asserted that no condition has been imposed on Pakistan for the $2.3 billion Defence Authorisation Bill and charged an attempt is on to “willfully distort” the facts.
Refusing to be drawn into the debate over when should stimulus packages be withdrawn, the Planning Commission today said India will not stand out in the world as an overspender despite the rise in the fiscal deficit because of the sops.
The Union budget for 2010-11 is likely to be presented on February 26, two days ahead of the conventional date.
Anil Ambani-led Reliance Natural Resources (RNRL) today alleged in the Supreme Court that Mukesh Ambani Group Reliance Industries (RIL) played a "fraud" by coming out with a complex formula on gas pricing to artificially enhance its rate.
Law Minister Veerapa Moily today said there was no differences among ministers on the issue of protecting state-run NTPC"s interest in the gas dispute between the Ambani brothers.
The total outstanding of the state owned Grid Corporation of Orissa Ltd (Gridco) reached Rs 3,111.19 crore by the end of 2008-09.
To encourage foreign portfolio investment, the Finance Ministry has set up a working group for suggesting changes in the existing policy on foreign capital inflows by FIIs, NRIs and venture capital funds.
The Foreign Institutional Investors (FIIs) were net buyers of Rs 394.37 crore in futures and options segments on Monday.
Big Cinemas, a division of Reliance MediaWorks and a member of the Reliance ADA Group, said it has crossed the global milestone of 500 screens with the opening of its newest multiplex in Malaysia.
The Sensex has soared to a high of 17,270 and is now moving strong at 17,259, up 127 points. The NSE Nifty is at 5,127, up 37 points.
Exchange to launch mutual fund trading platform; BSE set to follow.
Communication solutions provider Avaya GlobalConnect today reported an over two-fold jump in its net profit at Rs 10.10 crore for the quarter ended September 30, 2009 on the back of improved margins and optimal utilisation of resources.
The industry representatives have urged the Orissa government to remove various bottlenecks coming in the way of setting up of industries in the state.
Tata Steel today hinted at increasing prices of its products.
The financial institutions in the state have identified 1690 sick industries for revival as per the guidelines of the Reserve Bank of India (RBI). While 667 units have already been revived, seven such proposals are under consideration. The rest 1016 sick units were later found to be not in a position to be revived and hence, have been left out of the process, said industry minister Raghunath Mohanty.
With nuclear power generation emerging as a big business opportunity, state-owned Bharat Heavy Electricals (BHEL), has entered into talks with global players, including Alstom and Toshiba for manufacturing nuclear reactors to provide end-to-end solutions.
Finance Minister Pranab Mukherjee"s ambition to collect Rs 30,000 crore from the auction of third generation (3G) telecom licences this year is in jeopardy, with the department of telecommunications (DoT) saying it is being forced to curtail its auction plans from four slots to three.
Ahead of its upcoming annual general meeting on December 31, 2009, Israeli drug company Taro Pharmaceutical has asked its shareholders to reject a takeover bid by Sun Pharmaceuticals.
The stock jumped 8.4 per cent to Rs 852.05 after the company inaugurated its formulations manufacturing facility in its SEZ at Hyderabad.
Whitehall officials examining the feasibility of such a sale.
Hindustan Aeronautics Limited (HAL), the Bangalore-based firm which operates under the Ministry of Defence, has signed an agreement with Boeing to work together with the US plane maker for the production of flaperons for the Boeing’s 777 series commercial jetliner.
The Indian Navy will solely be responsible for overall security of the coastal zones, the government said today.
A court here hearing the alleged multi-crore Satyam accounting scam, today posted the hearing on framing of charges against B Ramalinaga Raju, former chairman of Satyam Computer and nine others accused in the matter to December 9.
The West Bengal government today said it was in touch with the Tatas for return of the lease land at its abandoned Nano project site in Singur.
Gauging the potential of the "healthy foods" or "functional foods" market in India, FMCG firm GlaxoSmithKline Consumer Healthcare aims to make its cereal bar snacks, "Horlicks NutriBar", a Rs 100 crore brand within three years.
The government is examining the economic climate for divesting its stake in state-run Shipping Corporation of India (SCI).
Has six-month exclusive marketing right to anti-herpes Valtrex.
Sun Pharmaceutical Industries scrip rose Rs 32 or 2.3 per cent to close the day at Rs 1,429.20 on reports of US Food and Drug Administration’s (USFDA’s) nod for a generic drug.
Farm equipment and utility vehicle maker Mahindra & Mahindra (M&M) today said its joint venture with China"s Yueda Group will invest around $40 million (Rs 188 crore) in China to set up a new R&D centre, engine plant and in modernising its tractor unit at Yancheng.
India’s second-largest information technology services provider, Infosys Technologies, has applied for a mere 405 visas till date for financial year 2009-10 — its lowest application count in recent years.
Swiss drug maker Novartis today said its newly developed vaccine "Celtura" against Influenza A HINI (Swine Flu) has shown effective result during a pilot test conducted by it.
Infosys has not named anybody who would fill Nandan Nilekani"s shoes but expressed confidence that leadership transition would be a smooth affair as was in the past.
Says Caraco Pharma has not complied with manufacturing standards after warnings.
Sun Pharma recovered partially from the day"s low of Rs 1,070, and finally ended 12% lower at Rs 1,140. The counter registered heavy volumes of around 580,400 shares, which is around 30-times higher than its two-week daily average volume of around 19,230 shares on the BSE.
The Drug Controller General of India from next month will issue Certificates of Pharmaceutical Products (CoPP) and Certificates of Good Manufacturing Practice for medicinal products required for exports.
The markets staged a spectacular rally on the back of positive overseas cues. The Sensex regained the psychological 17k mark to end at 17,198, stronger by 272 points, and the Nifty closed at 5,122, higher by 89 points. Auto, pharma, metal and high-beta realty stocks were the flavour of the day.
The sugar industry is all set to challenge the recent amendment to the Essential Commodities Act, which seeks to introduce a fair and remunerative price (FRP) for sugarcane, besides absolving the government of a Rs 14,000-crore levy price obligation arising out of several court rulings.
The Bombay Stock Exchange (BSE) today said it received 357 complaints against 228 listed companies and resolved 317 complaints against 239 listed companies in July.
Hit by economic slowdown and dip in customers repayment capability, ICICI Home Finance Company, subsidiary of ICICI Bank, reported about 3.5 fold growth in its non-performing assets at Rs 161.43 crore at end of September 2009 from Rs 36.03 crore a year ago.
Sensex ends up 35pts
Business Standard / New Delhi October 22, 2009, 0:54 IST
Improving demand from the US financial sector helps shore up numbers.
Infosys BPO, the business process outsourcing subsidiary of Infosys Technologies, has forged an alliance with MortgageFlex Systems to provide offerings to the mortgage industry in the US .
While quite a few people are starting to imbibe wine in India, not too many really know how wine is made, or what constitutes “good” wine. Since I’ve been carrying on about the stuff for some time now, it’s high time I delved into the subject, on the principle that to appreciate anything one needs to understand it a little.
Banks are witnessing a sharp rise in online transactions as an increasing number of customers log on to the internet to pay their utility bills. Telephone bills, mainly mobile bills, are primarily driving the transactions, followed by insurance premiums and electricity bills.
FMCG group Dabur, manufacturer of mosquito repellent Odomos, has challenged a Delhi High Court order dismissing its plea to restrain the advertisement of its rival brand Good Knight.
Oil rebounded in Asian trade today, lifted by strong regional stocks, which rallied after US aluminium giant Alcoa said it swung to profit in the third quarter.
The Andhra Pradesh government has sanctioned seven projects that are being set up at the Sri City Special Economic Zone and the APIIC Industrial Park in the state. These projects involve a total investment of around Rs 3,000 crore, according to Busi Sam Bob, Principal Secretary, state industries and commerce department.
Confusion seems to shroud the groundnut industry as production estimates by two of the leading associations in Gujarat show a huge difference of about four lakh tonnes for 2009-10.
Ahmedabad-based Prudent Corporate Advisory and Brokering Services is targetting 100,000 Systematic Investment Plans (SIPs) by March 2011.
Expects to earn Rs 3,000 crore each year from new venture.
National air-carrier, Air India (AI), today said it targets to save around Rs 800-900-crore, following the implementation of its fuel efficiency programme, started in 2008.
The original drummer of the iconic ‘60s band, Pete Best performed in Delhi and spoke about his past, present and the future.
It may be India’s most popular beverage, but not everyone can make a good cup of tea. Or pick the finest leaves, for that matter. The Indian luxury market is flooded with a wide variety of specialty teas — and we pick a few of the best, ready to brew, from some of India’s finest tea makers.
American researchers claim to have proved that regular practise of meditation twice a day can significantly reduce chances of death in heart patients.
The government today deferred the implementation of the ground handling policy at airports by a year, allowing private airlines to continue their ground handling services, along with airport operators, Air India and other air carriers, inside the airport terminal during that period.
Business Standard / New Delhi October 12, 2009, 0:07 IST
To revive its offshore oil rigs business, state-run BHEL today said it will approach shipyards for providing equipment used for making oil rigs.
Reliance Industries has threatened to stop oil and gas exploration if it is not granted the promised drilling moratorium to cover for the acute shortage of rigs.
Facing allegations of approving Reliance Industries’ inflated gas field costs that could hurt government revenue, oil regulator, the Directorate General of Hydrocarbons (DGH), today launched an advertisement campaign, saying the exchequer would get $16.57 billion, compared to $9.5 billion for the company.
Many private equity companies are interested in acquiring the management of Bank of America Merrill Lynch"s Asian real-estate investment business, a media report said.
India"s leading oil producer Oil & Natural Gas Corporation (ONGC) has hired Citigroup to advise it on a bid for Kosmos Energy"s stake in an oil field in Ghana in a deal that could be worth between $3 billion and $5 billion, sources have said. Private equity-backed Kosmos, which has received a total of $800 million in financing from Blackstone and Warburg Pincus, has hired Standard Chartered and Barclays Plc to sell its stakes in the offshore Jubilee oil field.
Amid a continuing legal battle between the Ambani brothers over gas supply, the elder of the two, Mukesh Ambani, is believed to have met Law Minister Veerappa Moily.
Bharti Airtel Q1 consolidated net grew 22.2% to Rs 2,647.95 crore for the quarter ended Jun 30, 2009, as against Rs 2,166.68 crore in the corresponding quarter a year ago.
The Malaysian arm of fast moving consumer goods (FMCG) player Marico has acquired hair-styling brand Code 10 from Colgate-Palmolive for an undisclosed sum. The buyout marks the company’s entry into the Malaysian hair-styling market. It is also the company’s first since the acquisition of Durban-based Enaleni Pharmaceuticals in late 2007.
The prime minister’s assuring words about the robust economic growth and a firm close of European and Asian indices helped consolidate gains in a truncated week on account of Muharram and New Year. The BSE Sensex rose 104 points or 0.6 per cent to 17,465, while the Nifty rose 23 points or 0.4 per cent to 5,201 during the week.
The Indian Railways has posted over 6 per cent increase in earnings during the first half of the current financial year and registered a growth of over four per cent in passenger bookings.
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Surinder Sud / New Delhi October 20, 2009, 0:54 IST
Andhra Bank, whose insurance venture with Bank of Baroda and Legal & General was launched today, has approached the regulator to protect the trail commission it stands to earn from its distribution tie-up with Life Insurance Corporation of India (LIC).
Enquiry into the helicopter crash in which Andhra Pradesh Chief Minister Y S Rajashekhara Reddy was killed will be completed by this month end, Civil Aviation Minister Praful Patel informed the Lok Sabha today.
Claim repayment of ‘temporary advance’ worth $265 million
Microsoft India, the wholly-owned subsidiary of world"s biggest software firm, is going easy on hiring this year and will instead focus on consolidation, its country head said today.
Moving away from the shadow of Satyam scam, software exporter Mahindra Satyam today said the company would be repositioned as a complete Information and Communications Technology (ICT) firm from just an IT outsourcing player.
Godrej No.1 has risen to the third spot with minimal advertising support
Amway India Enterprises Pvt Ltd, a major direct selling FMCG Company in the country, is planning to open 4 new Brand Experience Centers (BECs) in Western region of the country by the next calendar year 2010.
Fast moving consumer goods (FMCG) companies are likely to register a modest growth for the July-September 2009 quarter on the back of rising consumer demand which is expected to considerably reduce the impact of a disappointing monsoon on sales. Traditionally, summer and winter months make up 30-40 per cent of any FMCG company’s overall sales.
FMCG major Dabur, which owns the ‘Hajmola’ brand of digestive tablets, is unable to digest another pill by almost the same name — ‘Pachmola’.
The Sensex finally ended (provisional) at 16,974, down 76 points. The NSE Nifty ended (provisional) at 5,052, down 10 points.
The government targets additional production of 8.5 million tonnes of foodgrain and 1.5 million tonnes of oilseeds in the rabi season this year to compensate for the loss of farm output in the summer season, Agriculture Minister Sharad Pawar said today.
It bid adieu over a week later than normal.
With the explosive growth in the mobile telephony, the government is understood to have begun the exercise to amend the numbering plan to migrate to 11-digit cellular number from the current 10-digit in order to accommodate more users.
All-cash deal marks biggest purchase since 2000.
Godrej Group Chairman Adi Godrej today said global FMCG player Unilever"s move to acquire the personal care division of US-based Sara Lee will not have any impact on his group"s joint venture with the American firm.
The Central Advisory Board of Education (CABE) whichapproved several reforms suggested by the HRD ministry only a month earlier, was not consulted on the latest proposal by the latter to raise the qualifying marks in the Class XII Board exams to 80 per cent to appear for IIT entrance examinations.
IT and business process outsourcing firm Cognizant today reported 21 per cent jump in its third quarter net income at $136.57 million boosted by strong growth across industry sectors.
Demand slowdown hits revenues.
IT firm HCL Infosystems today reported a consolidated net profit of Rs 58.97 crore for the second quarter ended September 2009, a 10.77 per cent drop over the same period a year ago.
Global majors like Microsoft, Yahoo! and Google may have decided to trim their workforce worldwide to cope with the economic turmoil, but these entities do have openings in India.
Global majors like Microsoft, Yahoo! and Google may have decided to trim their workforce worldwide, but these entities do have openings in India.
India has sent a proposal to the World Bank seeking a loan up to one billion dollar to fund its urban development projects here, Lok Sabha was informed today.
The Commodity market regulator FMC has asked brokers to keep a close watch on "inactive trading accounts" to avoid possible misuse and warned that failure to do so would attract penalty.
Commodity exchange ICEX made a business of Rs 2,559 crore in just four days after it went live on November 27, the market regulator Forward Markets Commission (FMC) said today.
Prime Minister Manmohan Singh and his Chinese counterpart Wen Jiabao met here today to discuss bilateral, regional and international issues of mutual concern against the backdrop of the war of words between the two neighbours over Arunachal Pradesh.
Public sector banks do far better than private ones.
Bank of Baroda (BoB) has launched an initiatives to facilitate two-way flow of investments between India and the UAE, a senior bank offical has said.
IDBI Bank, which has been mandated to raise Rs 13,000 crore syndicated loan for Reliance Power"s Krishnapatanam Ultra Mega Power Project (UMPP) has put the process on hold.
Emerging market stocks are "technically overbought" after 12 straight weeks of fund inflows drove the global benchmark index above its 200-day moving average, Morgan Stanley said.
Agro-chemical and pharma company Astec LifeSciences today said that it has fixed the price of its initial public offer at Rs 82 per equity share, the upper end of the price band.
A proposal from the Dainik Bhaskar media group to allow more foreign equity in it and another one from Travel Channel International, UK, for setting up an Indian subsidiary, have been approved by the Foreign Investment Promotion Board (FIPB).
Voting to elect 90 legislatures in Haryana began early this morning amid tight security, officials said.
Elections to 57 seats in the 60-member Arunachal assembly began early this morning amidst tight security.
The Foreign Institutional Investors (FIIs) were net buyers of Rs 300.84 crore in futures and options segment on Monday.
The government has set up a 16-member group headed by UTI Asset Management Company Chairman and Managing Director UK Sinha to review all forms of foreign investment other than foreign direct investment.
The railway ministry has expressed its willingness to be included in a list of “sensitive” sectors that can receive foreign direct investment (FDI) after a closer look at security concerns.
Sri Lanka’s former top general Sarath Fonseka, who quit following a spat with President Mahinda Rajapaksa, today announced that he will be the joint candidate of opposition parties in the Presidential polls slated for January 26 next year.
An express train carrying hundreds of passengers from Moscow to St Petersburg derailed, killing at least 22 people and injuring dozens of others, emergency officials said.
The fissures in the Congress over the Telangana issue today came to the fore in the Lok Sabha with Y S Jaganmohan Reddy along with some other party members joining a TDP protest against the decision to carve out a separate state from Andhra Pradesh.
The Thirteenth Finance Commission’s taskforce on the proposed goods and services tax (GST) has recommended a 5 per cent central GST and 7 per cent state GST on all goods and services, except five specific categories.
Markets open strong; Tata Steel up 2%
The stock finally ended at Rs 135 after touching a high of Rs 136. The counter clocked volumes of 1.10 million shares on the BSE as compared to the the two-week daily average traded volumes of 1.17 million shares on the BSE.
Exclusive talks between Essar Oil and Royal Dutch Shell over the sale of three European refineries — Heide and Harburg in Germany and Stanlow in Britain — will continue for an unspecified period beyond today’s earlier deadline, Essar Oil said in an emailed statement.