United Kingdom Nationwide Housing Prices n.s.a (YoY) (Aug) -10.5% VS -9.6%
United Kingdom Nationwide Housing Prices s.a (MoM) (Aug) -1.9% VS -1.3%
European Monetary Union M3 (YoY) (Jul) Low volatility expected 9.3% VS 9.0%
Friday, August 29, 2008
USA ECONOMIC DATA ON AUG28
Continuing Jobless Claims (Aug 16) 3423K VS 3362K
Gross Domestic Product Annualized (2Q) Moderate volatility expected 3.3% VS 2.8%
Gross Domestic Purchases Price Index (2Q) Low volatility expected 4.2% VS -1.1%
Initial Jobless Claims (Aug 23) Low volatility expected 425K VS 425K
Gross Domestic Product Annualized (2Q) Moderate volatility expected 3.3% VS 2.8%
Gross Domestic Purchases Price Index (2Q) Low volatility expected 4.2% VS -1.1%
Initial Jobless Claims (Aug 23) Low volatility expected 425K VS 425K
JAPAN ECONOMIC DATA ON AUG28
Jobless Rate (Jul) Low volatility expected 4.0% VS 4.1%
Large Retailer's Sales (Jul) Low volatility expected -0.7% VS -1.7%
National Consumer Price Index (YoY) (Aug) Moderate volatility expected 2.3% VS 2.2%
National CPI Ex Food, Energy (YoY) (Aug) Moderate volatility expected 0.2% VS 0.1%
National CPI Ex-Fresh Food (YoY) (Aug) Moderate volatility expected 2.4% VS 2.3%
Overall Household Spending (YoY) (Jul) Low volatility expected -0.5% VS -1.8%
Retail Trade (YoY) (Jul) Low volatility expected 1.9% 1.3%
Retail Trade s.a (MoM) (Jul) Low volatility expected 0.0% 0.1%
Tokyo Consumer Price Index (YoY) (Aug) Moderate volatility expected 1.3% VS 1.7%
Tokyo CPI ex Food, Energy (YoY) (Aug) Moderate volatility expected 0.2% VS 0.3%
Tokyo CPI ex Fresh Food (YoY) (Aug) Moderate volatility expected 1.5% VS 1.7%
Industrial Production (MoM) (Jul) Low volatility expected 0.9% VS -0.5%
Industrial Production (YoY) (Jul) Low volatility expected 2.0% VS 0.6%
Large Retailer's Sales (Jul) Low volatility expected -0.7% VS -1.7%
National Consumer Price Index (YoY) (Aug) Moderate volatility expected 2.3% VS 2.2%
National CPI Ex Food, Energy (YoY) (Aug) Moderate volatility expected 0.2% VS 0.1%
National CPI Ex-Fresh Food (YoY) (Aug) Moderate volatility expected 2.4% VS 2.3%
Overall Household Spending (YoY) (Jul) Low volatility expected -0.5% VS -1.8%
Retail Trade (YoY) (Jul) Low volatility expected 1.9% 1.3%
Retail Trade s.a (MoM) (Jul) Low volatility expected 0.0% 0.1%
Tokyo Consumer Price Index (YoY) (Aug) Moderate volatility expected 1.3% VS 1.7%
Tokyo CPI ex Food, Energy (YoY) (Aug) Moderate volatility expected 0.2% VS 0.3%
Tokyo CPI ex Fresh Food (YoY) (Aug) Moderate volatility expected 1.5% VS 1.7%
Industrial Production (MoM) (Jul) Low volatility expected 0.9% VS -0.5%
Industrial Production (YoY) (Jul) Low volatility expected 2.0% VS 0.6%
Nectar Lifesciences board approves stock split 10:1
Titan to have 200 Eye Plus stores by 2010-11
Grabal Alok UK, the overseas retail venture of Alok Group, comprising Alok Industries and Grabal Alok Impex, is expanding its UK retail store network from currently 200 stores to 260 stores by March 2009,
Cipla has chalked out a Rs 20-billion capex plan over the next two years,
Tata Mutual Fund (MF) has raised Rs 9 billion under its debt scheme, Tata Fixed Horizon Fund Series-18 Scheme C-13 Months and Tata Fixed horizon Fund Series-19 Scheme D-3 Months.
BPCL to acquire 10% stake in Mozambique oil asset
Tech Mahindra, with reference to a news item appearing in a leading financial daily titled `BT may end Tech Mahindra call`, clarified
Zenith Computers, one of India`s leading computer manufacturer, has launched laptop priced at Rs 14,999 and desktop PC priced at Rs 11,999,
Aditya Birla Nuvo, a diversified conglomerate and a part of the Aditya Birla Group, entered into an agreement with Apollo Sindhoori Capital (ASCIL) to acquire 56% stake in the retail broking company for Rs 1.988 billion.
Titan to have 200 Eye Plus stores by 2010-11
Grabal Alok UK, the overseas retail venture of Alok Group, comprising Alok Industries and Grabal Alok Impex, is expanding its UK retail store network from currently 200 stores to 260 stores by March 2009,
Cipla has chalked out a Rs 20-billion capex plan over the next two years,
Tata Mutual Fund (MF) has raised Rs 9 billion under its debt scheme, Tata Fixed Horizon Fund Series-18 Scheme C-13 Months and Tata Fixed horizon Fund Series-19 Scheme D-3 Months.
BPCL to acquire 10% stake in Mozambique oil asset
Tech Mahindra, with reference to a news item appearing in a leading financial daily titled `BT may end Tech Mahindra call`, clarified
Zenith Computers, one of India`s leading computer manufacturer, has launched laptop priced at Rs 14,999 and desktop PC priced at Rs 11,999,
Aditya Birla Nuvo, a diversified conglomerate and a part of the Aditya Birla Group, entered into an agreement with Apollo Sindhoori Capital (ASCIL) to acquire 56% stake in the retail broking company for Rs 1.988 billion.
MRF, the tyre major has announced entry in production of aviation tyres
Gammon Infrastructure Projects has announced that the company has received the letter of allotment for a project for designing, constructing, financing, operating and maintaining on Build- Operate- Transfer (BOT) basis a major bridge across the river Godavari connecting Rajahmundry and Kovvur in Andhra Pradesh from the Government of Andhra Pradesh.
Gammon Infrastructure Projects has announced that the company has received the letter of allotment for a project for designing, constructing, financing, operating and maintaining on Build- Operate- Transfer (BOT) basis a major bridge across the river Godavari connecting Rajahmundry and Kovvur in Andhra Pradesh from the Government of Andhra Pradesh.
Aksh Optifibre along with BSNL, announced the launch of its IPTV brand- icontrol, in Kukus of Jaipur district, the first IPTV ever to be launched in rural
Resurgere Mines to list on Monday, Sep. 1 The company issued shares at a price of Rs 270 a share as against price band of Rs 263 to Rs 272.
Gitanjali Gems has pulled out of the race to buy US-based jewellery retail chain Whitehall due to differences on prices,
Wednesday, August 27, 2008
ICICI, major shareholders seek Rs 1,865 crore for Firstsource stake
Economic Times reports the promoters and two major shareholders of Firstsource Solutions have put their combined 68% in the BPO co up for sale. The sellers — ICICI group, Aranda Investments and Metavante — are learnt to be asking for Rs 1,865 crore, or Rs 64 a share, for the transaction. This is based on the fact that Firstsource sold shares in the primary market at this rate last year. If the deal goes through, the successful bidder will have to come out with a mandatory 20% open offer. At the asking price, it will cost the buyer another Rs 550 crore, putting the value of the total transaction at Rs 2,365 crore. Confirming the development, a banker close to the development said the list of suitors includes the Warburg Pincus-controlled WNS Holdings and Genpact. However, no bidder has, so far, expressed willingness to offer more than Rs 57 a share, nearly 11% lower than the expectations of the sellers. He said the potential buyers have put in initial bids and it will take at least a month to close the transaction.
USA ECONOMIC DATA ON AUG26
New Home Sales (MoM) (Jul) Moderate volatility expected 2.4% VS -0.9%
ABC/Washington Post Consumer Confidence (Aug 24) Low volatility expected -50 VS -50
ABC/Washington Post Consumer Confidence (Aug 24) Low volatility expected -50 VS -50
USA ECONOMIC DATA ON AUG27
Durable Goods Orders (Jul) 1.3% VS 0.1%
Durable Goods Orders ex Transportation (Jul) 0.7% VS -0.5%
Petronet LNG is planning to shut its 5 million-tons-a-year liquefied natural gas plant in western India for a week in October to link new units to double the capacity,
Bharat Heavy Electricals (BHEL) has bagged order worth Rs 2.4 billion for setting up two gas turbine generating units of 42 mw each in the United Arab Emirates (UAE).
The Tata Group spends Rs 8-10 billion a year on corporate social responsibility (CSR).
Lumax Industries expects three greenfield projects to come on stream by the next quarter and has recently bagged orders worth Rs 600 million from two customers
Sobha Developers to raise Rs 3.50 bn via rights issue
Bharat Heavy Electricals (BHEL) has bagged order worth Rs 2.4 billion for setting up two gas turbine generating units of 42 mw each in the United Arab Emirates (UAE).
The Tata Group spends Rs 8-10 billion a year on corporate social responsibility (CSR).
Lumax Industries expects three greenfield projects to come on stream by the next quarter and has recently bagged orders worth Rs 600 million from two customers
Sobha Developers to raise Rs 3.50 bn via rights issue
The investment arm of the Government of Singapore, GIC, may pick up slightly below 10% stake in Asset Reconstruction Company of India (Arcil), subject to approval from the Foreign Investment Promotion Board (FIPB),
GEI Industrial Systems has bagged order worth Rs 400 million for air cooled steam condensers for power plants, from KSK Group of Hyderabad, Dharani Sugars and Chemicals and Ontario Power Generation.
R Systems International, a provider of software product development and BPO services on Wednesday,
The promoter company of GE Capital, Transportation Financial Services, said it has accepted an exit price of Rs 110 a share for buying back 45,94,761 shares from the public,
Punjab National Bank (PNB) entered into an agreement with Mitcon Consultancy Services for co-operation in the area of carbon credit financing
Reliance Industries said on Tuesday, August 26, that it wanted to transfer an 80% stake in a gas-rich deepwater block to four fully-owned subsidiaries,
GEI Industrial Systems has bagged order worth Rs 400 million for air cooled steam condensers for power plants, from KSK Group of Hyderabad, Dharani Sugars and Chemicals and Ontario Power Generation.
R Systems International, a provider of software product development and BPO services on Wednesday,
The promoter company of GE Capital, Transportation Financial Services, said it has accepted an exit price of Rs 110 a share for buying back 45,94,761 shares from the public,
Punjab National Bank (PNB) entered into an agreement with Mitcon Consultancy Services for co-operation in the area of carbon credit financing
Reliance Industries said on Tuesday, August 26, that it wanted to transfer an 80% stake in a gas-rich deepwater block to four fully-owned subsidiaries,
J Kumar Infraprojects has announced that the company secured Rs 620 million contract from Pune Municipal corporation, JNNURM Division No 2, Pune to construct brigde cum flyover at Holker bridge on Mula river in Pune city.
The US-based lubricant major Shell Lubricants topped the list of world`s leading lubricant suppliers,
Jyothy Laboratories at its meeting held on Aug. 27, 2008, approved sub-division of existing equity shares of Rs 5 each into 5 equity shares of Rs 1 each. Sub-division of equity shares is subject to approval of shareholders.
Monotona Securities gets open offer from Pan Infosystems
Stone India, a multi-product engineering company located in Kolkata announced on Wednesday, August 27, that the company executed a memorandum of understanding (MoU) with RailRunner Inc.,USA.
Videocon arm to acquire 10% in Anadarko
The US-based lubricant major Shell Lubricants topped the list of world`s leading lubricant suppliers,
Jyothy Laboratories at its meeting held on Aug. 27, 2008, approved sub-division of existing equity shares of Rs 5 each into 5 equity shares of Rs 1 each. Sub-division of equity shares is subject to approval of shareholders.
Monotona Securities gets open offer from Pan Infosystems
Stone India, a multi-product engineering company located in Kolkata announced on Wednesday, August 27, that the company executed a memorandum of understanding (MoU) with RailRunner Inc.,USA.
Videocon arm to acquire 10% in Anadarko
BT is considering the sale of its 31% stake in Tech Mahindra
FT reports BT is considering the sale of its 31% stake in Tech Mahindra, the India-listed software services co, having decided that the holding does not fit its long-term strategy. The UK telecoms company is keen to sell all or a large part of its stake in the joint venture, which has a market capitalization of about $2.2 bln, according to people with knowledge of the situation. Any sale is expected to be one of the biggest in the Indian outsourcing sector and will generate interest from domestic and overseas private equity firms, which are struggling to deploy funds in India. "Global private equity firms are itching to write a cheque in India for a few hundred million [dollars], and this would represent a major opportunity for them,"
Adhunik Metaliks to raise Rs250-300 crore through IPO
Adhunik Metaliks Ltd, the specialty steel maker will raise Rs 2.5-3 billion through an initial public offering of shares in its mining subsidiary- Orissa Manganese and Minerals Ltd. It will sell 15 per cent stake in Orissa Manganese and Minerals Ltd in the share sale, to part-finance its Rs 11 billion pellet and ferro alloy plants.
These plants, which will convert iron ore fines into pellets and process low grade manganese ore waste, will be operational in 24 months. The first phase of expansion, OMML expects to mine 0.3 million tones of manganese and 0.4 million tones iron ore, which will be raised to 1 million tonnes and 3 million tonnes respectively by 2011.
JM Financial and Edelweiss are the book running lead managers for the issue.
Oil India plans IPO in November
| Oil India Ltd, state run explorer, plans an initial public offering of 2.64 crore shares shares in November and would file a revised DRHP next month after updating information up to June 30, 2008, according to company official on Tuesday. "We are in touch with our bankers for exact timing of the IPO. Hopefully market conditions will improve by November and the IPO is likely to open in the first half of November," company sources said. | ||
Oil India plans IPO in November
| Oil India Ltd, state run explorer, plans an initial public offering of 2.64 crore shares shares in November and would file a revised DRHP next month after updating information up to June 30, 2008, according to company official on Tuesday. "We are in touch with our bankers for exact timing of the IPO. Hopefully market conditions will improve by November and the IPO is likely to open in the first half of November," company sources said. | ||
Case against Anagram relating to IPO scam, settled
The Securities and Exchange Board Of India (SEBI) on Monday settled a case against Anagram Securities relating to alleged financing of key operators in IPO scam. Charge against Anagram Securities was that it acted as a financier to the key operators for making applications for public offers in fictitious and benami names during 2003-05.
The case has been settled through a consent order passed by the SEBI, but it does not restrict the market regulator from taking enforcement action. SEBI can reopen the pending case, if it finds any representation made by the firm in the consent proceedings are to be untrue or it has breached any of the clauses of undertakings during the proceedings.
The market regulator passed the order on the recommendations of its High Powered Advisory Committee.
New IPO payment norms by SEBI
| Sebi on Tuesday announced an alternate payment system for public issues to ensure the process works smoothly. In this the retail investors will not have to deposit money upfront while applying for shares. This will be launched by August-end as a pilot project. While both the current system of payment through cheques and alternate system would co-exist, as per the Sebi chairman. The new payment system called additional mode of payment through Applications Supported by Blocked Amount, will exempt retail investors from making full advance fees and the amount to be retained in bank accounts till the completion of allotment. The alternate payment system is dependent on 'Self-Certified Syndicate Banks', which would accept the application of retail investors. Under the scheme, the money an investor pays while applying for an IPO will remain in his bank and earns interest till the allotment is made. These banks will block the fund to the extent of bid amount, upload the details in the electronic bidding system of BASE or NSE and then unblock once the basis of allotment is finalized and transfer the amount for allotted shares to the issuer. | ||
Supreme Court told SVPCL to refund IPO money
The Supreme Court has asked Hyderabad-based SVPCL to refund the application money along with interest to the investors who had applied for the company's initial public offer.
The IPO was floated in October last year. Though the issue was fully subscribed, BSE denied permission for the listing of the shares on the exchange as the company had inevidently mentioned on the cover page of its red hearing prospectus that at least 50% of the net issue to the public shall be allocated on proportionate basis to QIB, whereas legally it should be "up to" instead of "at least".
The company than approached SEBI as well as BSE but in the mean time an investor had filed a complaint with Sebi against the company for allegedly wrongdoing.
The company approached BSE to list the shares on January 7, but this was turned down by it as the 10-week period from the date of closing of the IPO has lapsed, which was required under Section 73.
Sebi on the other side told the company to let BSE to decide on the matter. The BSE asked UTI Securities to provide an undertaking, certifying that Section 73 has been complied with. But UTI Securities did not oblige as the 10-week period had lapsed. Consequently, BSE refused permission to the company to list. Against this the company challenged BSE in Andhra Pradesh High court by stating that the delay was on account of pending complaint with SEBI
However, the decision by Supreme court will provide relief to nearly 10,000 investors, who are expected to get a refund in eight days along with 15% interest once SVPCL receives the copy of the order.
Tuesday, August 26, 2008
Astra Microwave Products, India`s leading provider of microwave wireless communications technologies for use in defense, space, and civilian applications, today announced that it has received Rs 255 million order from the Indian Meteorological Department.
JR Realtor Services (P), Hyderabad purchased 13 million shares of Pennar Industries, which works out to 10.28% of the share capital of the company.
ndian Railway gets ready to launch a second super luxury train in December .The new train would be named Royal Rajasthan on Wheels and follow the same itinerary of Palace on Wheels except that it will go to Bikaner instead of Sawai Madhopur.
Norway-based StatoilHydro is keen to treble its stake to 30% in a significant gas block operated by Oil and Natural Gas Corporation (ONGC) in the Krishna-Godavari basin,
Larsen & Toubro (L&T) has set up a science laboratory at Milind Viyalay, Mumbai as part of ``Project Ujjwal`
Oil and Natural Gas Corporation (ONGC), on Monday, announced that its board approved spending Rs 4.5 billion to enhance its exploration and production capabilities,
20 Microns fixes IPO price
20 Microns fixes IPO price band between Rs 50-55 a share .The issue consists of a fresh issue of 1,675,000 equity shares of Rs 10 each .0ML is one of the India`s largest producers of white minerals with an annual turnover of over 180,000 tons from plants and deposits spanning in different regions of the country producing functional fillers, specialty chemicals and extenders which are supplied globally.
Sobha Developers, a Bangalore-based real estate major is planning to raise Rs 3.50 billion through a right issue. The money raised via the right issue will be used for everyday business transactions. The company will use the proceeds for general corporate purposes, including working capital, acquiring land and other needs.
Neo Corp International at its meeting held on Aug. 26, 2008, decided to set up a separate division as export oriented unit (EOU).
Union Bank ofIndia is likely to sign a MoU with KBC Management Services, a 100% subsidiary of KBC Group, Belgium
Tata Consultancy Services (TCS), a global IT major announced on Tuesday, August 26, that Singapore Airlines Cargo (SIA Cargo) chose the Tata`s to service its cargo revenue accounting back office processes. According to the company the multi million dollar contract would be effective for five years.
BGR Energy Systems, Chennai bagged the single largest contract for supply of Air Fin Coolers in India for Rs 396 million. This contract is for supply of 169 nos of Fin Tube Bundles for the FCCU Unit (Train-II) of Essar Refinery Expansion Project, Vadinar, India being built by Essar Oil.
Neo Corp International at its meeting held on Aug. 26, 2008, decided to set up a separate division as export oriented unit (EOU).
Union Bank of
Tata Consultancy Services (TCS), a global IT major announced on Tuesday, August 26, that Singapore Airlines Cargo (SIA Cargo) chose the Tata`s to service its cargo revenue accounting back office processes. According to the company the multi million dollar contract would be effective for five years.
BGR Energy Systems, Chennai bagged the single largest contract for supply of Air Fin Coolers in India for Rs 396 million. This contract is for supply of 169 nos of Fin Tube Bundles for the FCCU Unit (Train-II) of Essar Refinery Expansion Project, Vadinar, India being built by Essar Oil.
Friday, August 22, 2008
TATA STEEL READY TO SELL 20BLN STAKE ...
INDIA GOVT ORDERED STEEL CO'S TO REDUCE PRICE
Tata Motors, one of India`s largest car producers will launch new second-generation Tata Indica by name of Indica Vista
Era Infra secures contract worth Rs 1.11 billion FOR p-gradation, renovation and new construction for Commonwealth Games 2010 in J N Stadium Sports Complex, New Delhi.
Kolkata-based Rohit Ferro Tech is likely to buy a large-sized chrome ore mine in Africa,
Adlabs is likely to merge with Reliance Big Pictures soon
German co. to invest EUR 200 mn in Phoenix Mills venture
Hindustan Zinc becomes world`s 2nd largest zinc producer
INDIA GOVT ORDERED STEEL CO'S TO REDUCE PRICE
Tata Motors, one of India`s largest car producers will launch new second-generation Tata Indica by name of Indica Vista
Era Infra secures contract worth Rs 1.11 billion FOR p-gradation, renovation and new construction for Commonwealth Games 2010 in J N Stadium Sports Complex, New Delhi.
Kolkata-based Rohit Ferro Tech is likely to buy a large-sized chrome ore mine in Africa,
Adlabs is likely to merge with Reliance Big Pictures soon
German co. to invest EUR 200 mn in Phoenix Mills venture
Hindustan Zinc becomes world`s 2nd largest zinc producer
Saudi Arabia permits foreigners to buy shares
Saudi Arabia agreed to allow foreigners to buy shares listed on its stock market through licensed intermediaries, reports Business Standard.
In order to diversify market`s investors base foreign investors can now buy shares through certain licensed Saudi investors, who would be the legal owners of the shares, the Capital Markets Authority (CMA) said.
The Saudi stock market, also called Tadawul, has been the least open among Gulf Arab bourses to foreign investors, up to now giving foreigners access to stocks only through select funds.
Under the new measure, potential foreign investors would be entitled to returns related to their share purchases and must take on all of the economic exposure, the CMA said.
Take Solutions, a leading international business technology company at its board meeting held on Aug. 22, 2008, has decided to purchase land in SEZ in Tiruchy and Tirunelveli. Further the company will increase its 100% shareholding in step down subsidiary Applied Clinical Intelligence Inc.,USA
Ansal Properties and Infrastructure, a leading real estate developer in India, said that Merrill Lynch Capital Markets Espana has acquired a further 1.03% stake in the company to raise its holding to 5.96%
Roman Tarmat earmarked Rs 227.6 million for investment in capital equipment as per the issue prospectus. Of this, the company has already utilized Rs 193.7 million for the purpose.
Oil and Natural Gas Corporation (ONGC), India`s largest crude oil producers is in a lead to buy Imperial Energy, a GBP 1.2 billion London-based oil exploration and production company
Ansal Properties and Infrastructure, a leading real estate developer in India, said that Merrill Lynch Capital Markets Espana has acquired a further 1.03% stake in the company to raise its holding to 5.96%
Roman Tarmat earmarked Rs 227.6 million for investment in capital equipment as per the issue prospectus. Of this, the company has already utilized Rs 193.7 million for the purpose.
Oil and Natural Gas Corporation (ONGC), India`s largest crude oil producers is in a lead to buy Imperial Energy, a GBP 1.2 billion London-based oil exploration and production company
Thursday, August 21, 2008
Steel Authority of India (SAIL) has undertaken the work for enhancement of loading facilities at Bolani iron ore mines in Orissa with an investment of Rs 1.2 billion
Grotto likely to exit 50:50 JV with Raymond
Tata Motors, which is planning to produce the world`s cheapest car selling at EUR 1,700, also has plans to produce an electric-drive version,
Satyam Computer Services, a leading Indian IT company, announced that it has been named a `Global Partner` for SAP, the market and technology leader in business software solutions, at SAPPHIRE 2008, SAP`s international customer conference.
Tulsyan NEC, a manufacturer of steel and woven sacks, announced on Wednesday August 20, that the company has signed a memorandum of understanding (MoU) with Budhrani Group of Companies to set up a steel making and rolling mill of 60,000 metric ton per annum.
The government has decided to allot Rs 220 billion in cash as a subsidy to the fertilizer industry for the year 2008-09,
Northgate Technologies on Wednesday, August 20 announced that Axill Europe, a wholly owned subsidiary of the company, acquired Reuters` London (UK) based high end data centre infrastructure with over 8,000 square feet area.
GMR Infrastructure announced that it`s subsidiary GMR Hyderabad International Airport (GHIAL) and Malaysia Airlines have signed a memorandum of understanding (MoU) which will see the establishment of a world class Maintenance, Repair and Overhaul (MRO) organization to provide maintenance services on narrow and wide body aircraft at the Rajiv Gandhi International Airport (RGIA), Shamshabad, Hyderabad.
Kirloskar Electric Company board approving the acquisition of approximately 95% of shareholding of a German manufacturing company, viz., Lloyd Dynamowerke & Co. KG (LDW) and 100% holding in Lloyd Beteiligungs from CMP Fonds
Grotto likely to exit 50:50 JV with Raymond
Tata Motors, which is planning to produce the world`s cheapest car selling at EUR 1,700, also has plans to produce an electric-drive version,
Satyam Computer Services, a leading Indian IT company, announced that it has been named a `Global Partner` for SAP, the market and technology leader in business software solutions, at SAPPHIRE 2008, SAP`s international customer conference.
Tulsyan NEC, a manufacturer of steel and woven sacks, announced on Wednesday August 20, that the company has signed a memorandum of understanding (MoU) with Budhrani Group of Companies to set up a steel making and rolling mill of 60,000 metric ton per annum.
The government has decided to allot Rs 220 billion in cash as a subsidy to the fertilizer industry for the year 2008-09,
Northgate Technologies on Wednesday, August 20 announced that Axill Europe, a wholly owned subsidiary of the company, acquired Reuters` London (UK) based high end data centre infrastructure with over 8,000 square feet area.
GMR Infrastructure announced that it`s subsidiary GMR Hyderabad International Airport (GHIAL) and Malaysia Airlines have signed a memorandum of understanding (MoU) which will see the establishment of a world class Maintenance, Repair and Overhaul (MRO) organization to provide maintenance services on narrow and wide body aircraft at the Rajiv Gandhi International Airport (RGIA), Shamshabad, Hyderabad.
Kirloskar Electric Company board approving the acquisition of approximately 95% of shareholding of a German manufacturing company, viz., Lloyd Dynamowerke & Co. KG (LDW) and 100% holding in Lloyd Beteiligungs from CMP Fonds
NSE to conduct live trading in currency futures from Aug. 29
The National Stock Exchange (NSE) will conduct live trading in currency futures from August 29.
This will be for the first time even retail investors with no exposure to foreign exchange will be able to take a call on the rupee`s movement with the dollar.
Till now, trading in foreign exchange was allowed only to banks and companies having currency exposure.
At present, trading in currency derivatives takes place among banks and corporates in the Over-The-Counter market only.
The permission given by the Reserve Bank of India and SEBI to allow trading in currency futures is part of the government`s move towards capital account liberalization.
The government of India plans to raise foreign direct investment (FDI) capital to 74% in cable TV and direct-to-home (DTH)
Reliance Industries (RIL), India`s largest private company, and Brazilian Energy company Petroleo Brasileiro (Petrobras) are in talks to set up joint ventures (JV) for two petrochemical complexes,
China has plans to set up a sub-office of Indo China Economic and Cultural Council in Kerala,
Nagarjuna Construction Company has secured three new orders worth Rs 4.74 billion.
HCL Technologies, India`s leading global IT service company on Thursday, August 21 announced the opening of a new global development centre in Sydney to accommodate over 500 staff across the region.
Aurobindo Pharma gets tentative approval for Losartan Potassium tablets
Raheja Developers will invest about Rs 45 billion to develop a 255-acre SEZ in Gurgaon over the next three to five years
Reliance Industries (RIL), India`s largest private company, and Brazilian Energy company Petroleo Brasileiro (Petrobras) are in talks to set up joint ventures (JV) for two petrochemical complexes,
China has plans to set up a sub-office of Indo China Economic and Cultural Council in Kerala,
Nagarjuna Construction Company has secured three new orders worth Rs 4.74 billion.
HCL Technologies, India`s leading global IT service company on Thursday, August 21 announced the opening of a new global development centre in Sydney to accommodate over 500 staff across the region.
Aurobindo Pharma gets tentative approval for Losartan Potassium tablets
Raheja Developers will invest about Rs 45 billion to develop a 255-acre SEZ in Gurgaon over the next three to five years
Tuesday, August 19, 2008
Bharat Heavy Electricals (BHEL), a major power equipment supplier is eyeing big to increase earnings from exports six-fold to Rs 80 billion in the next four years
HEG board approves buy-back of equity shares .buyback at a price not exceeding Rs 350 a share for an aggregate amount of Rs 485 million being 10% of the total paid up share capital and free reserves of the company.
Reliance Communications (RCom), announced on Tuesday, August 19 the launch of India`s first fully digital home entertainment service on world`s most advanced MPEG4 Direct-To-Home (DTH) platform.
HEG board approves buy-back of equity shares .buyback at a price not exceeding Rs 350 a share for an aggregate amount of Rs 485 million being 10% of the total paid up share capital and free reserves of the company.
Reliance Communications (RCom), announced on Tuesday, August 19 the launch of India`s first fully digital home entertainment service on world`s most advanced MPEG4 Direct-To-Home (DTH) platform.
USA economic data
U.S. July energy PPI up 3.1%
U.S. July food PPI up 0.3%
U.S. PPI up 9.8% in past year
U.S. July core PPI up 0.7% vs. 0.2% expected
U.S. July PPI rises 1.2% vs. 0.3% expected
U.S. July housing completions fall to 25-year low
U.S. July housing starts fall to 17-year low
U.S. July building permits sink 17.7% to 937,000 pace
U.S. housing starts down 29.6% in past year
U.S. July single-family building permits off 5.2% to 584,000
U.S. July housing starts fall 11% to 965,000 annual pace
U.S. July single-family permits fall to 26-year low
Ex-IMF economist sees large U.S. bank collapsing
Kenneth Rogoff, the former chief economist of the International Monetary Fund, reportedly said Tuesday that a large U.S. bank will collapse in the next few months. "We're not just going to see mid-sized banks go under in the next few months, we're going to see a whopper, we're going to see a big one, one of the big investment banks or big banks," Rogoff told a conference in Singapore,
Future Group, one of India`s leading retail chains, registered total sales of around Rs 1.05 billion across its outlets on a single day, i.e. Sunday, August 17. The unprecedented number of footfalls can be attributed to the ongoing promotions and special offers at Future Group`s retail chains, Big Bazaar, Pantaloons, Food Bazaar, Central, EZone, Home Town, Brand Factory, Furniture Bazaar, KB`s Fairprice, Mobile Bazaar and Aadhar,
Berger Paints India, the second largest paint producer of India, on Aug. 18, 2008 acquired Bolix S.A, of Poland, a leading provider of External Insulation Finishing Systems (EIFS), from Advent International, a global private equity group.
Spanco Telesystems & Solutions bagged Rs 700 milllion contract from Orissa government to roll out of a state wide area network (SWAN) across the state of Orissa.
Kaashyap Technologies announced that the board of directors of the company at its meeting held on Aug. 18, 2008, have allotted bonus shares. The board has allotted 63,599,273 equity shares of Re 1 each aggregating to Rs 63,599,273 as fully paid-up bonus shares to members/beneficial owners holding shares as on the record date i.e. Aug. 14, 2008.
UTV Software Communications said that IG Interactive Entertainment (`IGI`), a UK based 100% subsidiary of the company has entered into definitive agreements with True Games Interactive (`True Games`), a California based corporation for acquisition of 80% stake in True Games.
M&M inks JV pact with Yancheng Tractor, China
Berger Paints India, the second largest paint producer of India, on Aug. 18, 2008 acquired Bolix S.A, of Poland, a leading provider of External Insulation Finishing Systems (EIFS), from Advent International, a global private equity group.
Spanco Telesystems & Solutions bagged Rs 700 milllion contract from Orissa government to roll out of a state wide area network (SWAN) across the state of Orissa.
Kaashyap Technologies announced that the board of directors of the company at its meeting held on Aug. 18, 2008, have allotted bonus shares. The board has allotted 63,599,273 equity shares of Re 1 each aggregating to Rs 63,599,273 as fully paid-up bonus shares to members/beneficial owners holding shares as on the record date i.e. Aug. 14, 2008.
UTV Software Communications said that IG Interactive Entertainment (`IGI`), a UK based 100% subsidiary of the company has entered into definitive agreements with True Games Interactive (`True Games`), a California based corporation for acquisition of 80% stake in True Games.
M&M inks JV pact with Yancheng Tractor, China
Introduction to Mutual Funds
People have been investing since times immemorial. You could invest money as an owner (equity), as a lender (debt), as a landlord (rent), as a banker (gold). However, as the market got more and more sophisticated direct investing became difficult, if not impossible. So, the common investor needed a manager who would help him/her in this effort. This led to the emergence of mutual funds.
Thus clearly mutual funds were born because the financial markets became sophisticated and complex.
In the USA Mutual fund industry was created more than a Century ago. In India the Mutual fund industry was born in 1963 with the creation of UTI. It is to the vision of G S Patel that he created it as a trust and the form is still in use.
Concept of a Mutual Fund
- Common pool of money - only those who have the same needs should come together under one umbrella. That is to say if you want debt investments and your brother wants equity, you have options to choose from.
- Investments- the investor will invest through different schemes.
- Joint or ``mutual`` ownership - the person who invests get the benefits.
- Units are the representation of ownership - the unit holder of a mutual fund is neither a lender nor the ``owner`` of the fund house. He is giving his money for being managed by the fund house.
Constitution
- In US Mutual Funds are constituted as an investment company.
- In India Mutual Funds are constituted as a trust.
Punjab Chemicals plans Rs 2.50 bn GDR issue
Punjab Chemicals and Crop Protection (PCCPL), an agro-chemicals major player is planning to raise around Rs 2.50 billion through global depository receipts (GDRs) in the next 6 months to fund its global acquisition plans and capital expenditure
India has banned import of rough diamonds from Venezuela after it pulled out of a UN approved system that ensures that `blood diamonds` extracted by human rights violations are not traded and used for financing the rebels` wars across the world.
Crazy Infotech board to consider acquisition in IT services
Rio Tinto and state-run NMDC signed an agreement to form an equal joint venture to explore minerals in India and abroad. However primarily target will be exploitation of iron ore reserves
Volkswagen to launch Beetle by 2010
BSNL to launch 3G operations by Dec`08
Crazy Infotech board to consider acquisition in IT services
Rio Tinto and state-run NMDC signed an agreement to form an equal joint venture to explore minerals in India and abroad. However primarily target will be exploitation of iron ore reserves
Volkswagen to launch Beetle by 2010
BSNL to launch 3G operations by Dec`08
Unichem Laboratories received the approval from US Food & Drug Administration (USFDA) for Hydrochlorothiazide tablets in the strengths of 25 mg and 50 mg.
McNally Bharat Engineering Company bagged orders worth Rs 532.5 million from Siemens VAI and Brahmani River Pallets.
International Finance Corporation (IFC) has sold its 7.75% stake in Dabur Pharma
Lupin has entered into a multi–year promotion and marketing agreement with Forest Laboratories for the Aero Chamber Plus line of products.
IVRCL Infrastructures & Projects secured an irrigation order of Rs 7,149.6 million (approx Rs 7.15 billion) from the Andhra Pradesh government. the company had bagged five orders worth over Rs 3.51 billion for construction related works.
Promoters of Balaji Telefilms have decided to terminate the various agreements with the Star group and Asian Broadcasting FZ-LLC. (ABF). In August 2004, ABF had acquired a 25.99% stake in Balaji Telefilms.
The Civil Aviation Ministry released the draft guidelines that would allow other operators to collect airport fees from passengers. Domestic travellers will now pay Rs 375 as a user development fee (UDF) when flying out of Hyderabad and international travellers will pay Rs 1,000.
ITC, the market leader in its businesses of cigarettes, hotels, paperboards, packaging and agri-exports announced on Tuesday, August 19 that its wholly owned subsidiary ITC Infotech (USA) has acquired the entire membership interest of Pyxis Solutions, a New York limited liability company, on Aug. 11, 2008.
McNally Bharat Engineering Company bagged orders worth Rs 532.5 million from Siemens VAI and Brahmani River Pallets.
International Finance Corporation (IFC) has sold its 7.75% stake in Dabur Pharma
Lupin has entered into a multi–year promotion and marketing agreement with Forest Laboratories for the Aero Chamber Plus line of products.
IVRCL Infrastructures & Projects secured an irrigation order of Rs 7,149.6 million (approx Rs 7.15 billion) from the Andhra Pradesh government. the company had bagged five orders worth over Rs 3.51 billion for construction related works.
Promoters of Balaji Telefilms have decided to terminate the various agreements with the Star group and Asian Broadcasting FZ-LLC. (ABF). In August 2004, ABF had acquired a 25.99% stake in Balaji Telefilms.
The Civil Aviation Ministry released the draft guidelines that would allow other operators to collect airport fees from passengers. Domestic travellers will now pay Rs 375 as a user development fee (UDF) when flying out of Hyderabad and international travellers will pay Rs 1,000.
ITC, the market leader in its businesses of cigarettes, hotels, paperboards, packaging and agri-exports announced on Tuesday, August 19 that its wholly owned subsidiary ITC Infotech (USA) has acquired the entire membership interest of Pyxis Solutions, a New York limited liability company, on Aug. 11, 2008.
Venezuela seizes control of cement companies
Chavez earlier called the nationalization of cement companies one of many "steps toward socialism," following the nationalization of telecommunications and electricity companies, the country's largest steel maker and major oil projects.
Lafarge SA of France and Switzerland's Holcim Ltd., agreed to nationalization terms for their companies in Venezuela earlier Monday. Those two companies also agreed to stay on as minority partners.
Lafarge SA of France and Switzerland's Holcim Ltd., agreed to nationalization terms for their companies in Venezuela earlier Monday. Those two companies also agreed to stay on as minority partners.
Monday, August 18, 2008
All about the 6th Pay Commission report
Thursday, August 14, 2008
USA economic calander
Consumer Price Index (MoM) (Jul) 0.8% vs 0.4%
Consumer Price Index Ex Food & Energy (MoM) (Jul) 0.3% vs 0.2%
Continuing Jobless Claims (Aug 2) 3417K vs 3311
Initial Jobless Claims (Aug 9) 450K vs 455K
Consumer Price Index Ex Food & Energy (MoM) (Jul) 0.3% vs 0.2%
Continuing Jobless Claims (Aug 2) 3417K vs 3311
Initial Jobless Claims (Aug 9) 450K vs 455K
UK and EUROPEAN UNION ECONOMIC CALANDER
United Kingdom Average Earnings excluding Bonus (3Mo/Yr) (Jun) Moderate volatility expected 3.7% vs 3.7%
United Kingdom Average Earnings including Bonus (3Mo/Yr) (Jun) Low volatility expected 3.4% vs 3.6%
United Kingdom Claimant Count Rate (Jul) Moderate volatility expected 2.7% vs 2.6%
United Kingdom ILO Unemployment Rate (Jun) Moderate volatility expected 5.4% vs 5.3%
United Kingdom Jobless Claims Change (Jul) Low volatility expected 20.1 vs 17.0K
European Monetary Union Industrial Production s.a. (MoM) (Jun) Low volatility expected 0.0% vs 0.1%
European Monetary Union Industrial Production w.d.a. (YoY) (Jun) Low volatility expected -0.5% vs 0.2%
United Kingdom Average Earnings including Bonus (3Mo/Yr) (Jun) Low volatility expected 3.4% vs 3.6%
United Kingdom Claimant Count Rate (Jul) Moderate volatility expected 2.7% vs 2.6%
United Kingdom ILO Unemployment Rate (Jun) Moderate volatility expected 5.4% vs 5.3%
United Kingdom Jobless Claims Change (Jul) Low volatility expected 20.1 vs 17.0K
European Monetary Union Industrial Production s.a. (MoM) (Jun) Low volatility expected 0.0% vs 0.1%
European Monetary Union Industrial Production w.d.a. (YoY) (Jun) Low volatility expected -0.5% vs 0.2%
USA economic calander on AUG 13 2008
United States MBA Mortgage Applications (Aug 8) -1.5% vs 2.8%
Import Price Index (MoM) (Jul) Moderate volatility expected 1.7% vs 1.0%
Import Price Index (YoY) (Jul) Moderate volatility expected 21.6% vs 20.9%
Retail Sales (MoM) (Jul) Moderate volatility expected -0.1% vs 0.1%
Retail Sales ex Autos (MoM) (Jul) High volatility expected 0.4% vs 0.5%
Business Inventories (Jun) Low volatility expected 0.7% vs 0.5%
EIA Crude Oil Stocks change (Aug 9) Low volatility expected -0.4M vs 1.7M
Import Price Index (MoM) (Jul) Moderate volatility expected 1.7% vs 1.0%
Import Price Index (YoY) (Jul) Moderate volatility expected 21.6% vs 20.9%
Retail Sales (MoM) (Jul) Moderate volatility expected -0.1% vs 0.1%
Retail Sales ex Autos (MoM) (Jul) High volatility expected 0.4% vs 0.5%
Business Inventories (Jun) Low volatility expected 0.7% vs 0.5%
EIA Crude Oil Stocks change (Aug 9) Low volatility expected -0.4M vs 1.7M
Reliance Industries (RIL) has entered into a 50-50 joint venture (JV) with US-based real estate investment trust Vornado to collectively invest USD 500 million in a shopping mall
The Shipping Corporation of India (SCI) has decided to invest over Rs 12 billion in its offshore activities by the end of the year,
GMR Infrastructure announced that GMR Hyderabad International Airport (GHIAL) and Delhi International Airport (DIAL), subsidiaries of the company, have signed memoranda of understanding (MoU) with Deccan Cargo & Express Logistics (Deccan Express) for developing modern express cargo hubs in Hyderabad and Delhi.
Jindal Steel and Power (JSPL) plans to commission steel plant in Angul district of Orissa by October 2010 having a capacity of 6 million tons per annum (MTPA),
Amtek Auto today announced that the company has signed a Joint Venture (JV) agreement with FormTech Industries based in Royal Oak, Michigan, to set up a state- of-the-art manufacturing facility for manufacturing Hatehur Hot Forgings for automotive applications in India and Europe. Amtek and FormTech will hold 51% and 49% stake respectively. The new JV facility is scheduled to be fully operational in about 12 to 18 months.
Salzer Electronics will be held on Aug. 29, 2008, to consider the recommendation of the sub-committee of the board on the merger of Salzer Cables with Salzer Electronics.
Puravankara Projects announced that taking a big leap into affordable premium housing and targeting the middle classes including the first time home buyer, the company has launched a 100% owned subsidiary called Provident Housing and Infrastructure.
Vishal Information Technologies today announced that the company has launched the POD (print on demand) publishing vertical.
The Shipping Corporation of India (SCI) has decided to invest over Rs 12 billion in its offshore activities by the end of the year,
GMR Infrastructure announced that GMR Hyderabad International Airport (GHIAL) and Delhi International Airport (DIAL), subsidiaries of the company, have signed memoranda of understanding (MoU) with Deccan Cargo & Express Logistics (Deccan Express) for developing modern express cargo hubs in Hyderabad and Delhi.
Jindal Steel and Power (JSPL) plans to commission steel plant in Angul district of Orissa by October 2010 having a capacity of 6 million tons per annum (MTPA),
Amtek Auto today announced that the company has signed a Joint Venture (JV) agreement with FormTech Industries based in Royal Oak, Michigan, to set up a state- of-the-art manufacturing facility for manufacturing Hatehur Hot Forgings for automotive applications in India and Europe. Amtek and FormTech will hold 51% and 49% stake respectively. The new JV facility is scheduled to be fully operational in about 12 to 18 months.
Salzer Electronics will be held on Aug. 29, 2008, to consider the recommendation of the sub-committee of the board on the merger of Salzer Cables with Salzer Electronics.
Puravankara Projects announced that taking a big leap into affordable premium housing and targeting the middle classes including the first time home buyer, the company has launched a 100% owned subsidiary called Provident Housing and Infrastructure.
Vishal Information Technologies today announced that the company has launched the POD (print on demand) publishing vertical.
iPower Solutions India has entered into a agreement with the promoter of Effulgent Technologies, Chennai to purchase the ERP Business of that company for implementing Ramco systems ERP products.
The company has developed a social networking portal called www.vanavil.com with music, radio, jobs, matrimonial, education etc as features.
As per the senior finance ministry official, the government will provide first tranche of Rs 250 billion to banks by the Sep. 30, 2008 for Rs 710 billion debt waiver and relief schemes implemented by them for more than 35 million farmers.
Bangalore-based BPL and Japanese company, Sanyo, the equal joint venture (JV) partners in Sanyo BPL India, are likely to call off the JV by the year-end after failing to establish themselves in the Indian colour television (CTV) market for four years,
State Bank of India (SBI) has announced that Ministry of Finance, government of India (GOI) has passed an order dated Aug. 13, 2008 to acquire State Bank of Saurashtra.
National Thermal Power Corporation (NTPC) has successfully synchronized a 500 mw unit of Sipat super thermal power project-stage II located in Chattisgarh on August 13, 2008.
Hindalco Industries, expects to raise USD 1.2 billion via rights offering by issuing more shares after a stock market fall soured pricing,
Jaiprakash (JP) Associates signed four memorandum of understandings (MoUs) with Madhya Pradesh Government to invest Rs 130 billion for setting up two cement manufacturing units, an aluminium production factory and a power plant for generating powe
Supply gas or pay USD 17 bn: RNRL to RIL
ADAG`s gas-based energy undertaking, Reliance Natural Resources` (RNRL) counsel Mukul Rohatgi said while arguing his case at the Bombay High Court on Tuesday that Reliance Industries (RIL) is liable to pay USD 17 billion in cash if the later fails to fulfill its commitment to supply gas to RNRL,
Wednesday, August 13, 2008
Reliance Retail, a division of Reliance Industries, has entered into an exclusive pan-India franchise arrangement with the UK-based Hamleys, to bring the latter`s toys to India,
Vyapar Industries announced that the board of directors of the company at its meeting held on Aug. 12, 2008, have approved to increase the present stake to 49% by a further subscription to equity shares
Mahindra Rural Housing Finance, a wholly owned subsidiary of Mahindra & Mahindra Financial Services, will sell 12.5% stake to National Housing Bank (NHB),
Voltas, an engineering projects company and a Tata Enterprise, announced entering into a definitive agreements to acquire majority stake in Rohini Industrial Electricals (RIE), a Mumbai-based company engaged in undertaking large turnkey electrical and instrumentation projects for industrial and commercial sectors, subject to customary conditions precedent.
Vyapar Industries announced that the board of directors of the company at its meeting held on Aug. 12, 2008, have approved to increase the present stake to 49% by a further subscription to equity shares
Mahindra Rural Housing Finance, a wholly owned subsidiary of Mahindra & Mahindra Financial Services, will sell 12.5% stake to National Housing Bank (NHB),
Voltas, an engineering projects company and a Tata Enterprise, announced entering into a definitive agreements to acquire majority stake in Rohini Industrial Electricals (RIE), a Mumbai-based company engaged in undertaking large turnkey electrical and instrumentation projects for industrial and commercial sectors, subject to customary conditions precedent.
Tata Steel, through its wholly owned subsidiary, Tata Steel Global Holding, Singapore, on Aug. 13, signed a joint venture (JV) agreement with Vietnam Steel Corporation and Vietnam Cement Industries Corporation.
Infosys Technologies, the country`s second-largest IT services company, hopes to finalize its joint training programs by December
Bhubaneswar-based company, National Aluminium Company (Nalco), will soon rope in a consultant to undertake the detailed project report for its Rs 160 billion proposed aluminium smelter and captive power plant in Orissa,
ONGC Tripura Power Co. (OTPC), a unit of Oil and Natural Gas Corporation (ONGC), has signed a contract with Bharat Heavy Electricals for setting up 726.6 mw capacity gas-based power project at Palatana in Tripura.
National Housing Bank (NHB) will acquire 12.5% stake in Mahindra Rural Housing Finance, a wholly-owned subsidiary of Mahindra & Mahindra Financial Services (MMFSL) for an undisclosed sum
Fresenius Kabi, a German firm will invest around Euro 30 million in the active pharmaceutical ingredient (API) plant of Dabur Pharma,
Infosys Technologies, the country`s second-largest IT services company, hopes to finalize its joint training programs by December
Bhubaneswar-based company, National Aluminium Company (Nalco), will soon rope in a consultant to undertake the detailed project report for its Rs 160 billion proposed aluminium smelter and captive power plant in Orissa,
ONGC Tripura Power Co. (OTPC), a unit of Oil and Natural Gas Corporation (ONGC), has signed a contract with Bharat Heavy Electricals for setting up 726.6 mw capacity gas-based power project at Palatana in Tripura.
National Housing Bank (NHB) will acquire 12.5% stake in Mahindra Rural Housing Finance, a wholly-owned subsidiary of Mahindra & Mahindra Financial Services (MMFSL) for an undisclosed sum
Fresenius Kabi, a German firm will invest around Euro 30 million in the active pharmaceutical ingredient (API) plant of Dabur Pharma,
Vyapar Industries today announced that the company is growing within new area of business of Special Economic Zone (SEZ) through acquisition in SEZ developer.
MIC Electronics, India`s leading manufacturer of LED display systems, has forayed into the South American market with the supply of perimeter display system to famous Barcelona Sports Club (B.S.C) at Guayaquil,
LDK Solar Co., a leading manufacturer of solar wafers in China, has inked a five-year contract to supply multicrystalline solar wafers toIndia
Reliance Industries (RIL) is expected to start crude production in its Krishna Godavari (KG) basin wells by the second half of à°¸ెà°ª్à°Ÿెంబర్
Shoppers Stop has opened a MAC store at Elgin Road, Kolkata on Aug. 08, 2008. With the opening of this store, the company now has 5 MAC à°¸్à°Ÿోà°°్à°¸్
London-based Greater Pacific Capital (GPC) will buy 38% stake in Ahmedabad-based BPO, Azure Knowledge Corporation for a consideration of USD 32.5 million,
D-Link, one of India`s premier networking firms announced the launch of IP videophone GVC-3000 on Wednesday, August. 13.
I-Flex has bagged order worth USD 90 million from National Australia Bank .the period of contract is for five-years.
NDTV`s entertainment endeavor NDTV Imagine, on August 12, declared the launch of their channel `Imagine Showbiz`, which will be dedicated to Bollywood and entertainment segment, reports agency sources.
Maharashtra State Electricity Distribution Company (MSEDCL), the power distribution arm of the state government is not going for an initial public offering (IPO) as of now
Indian public sector petroleum company, Oil and Natural Gas Corporation has received nod from government to include Petrobras of Brazil and Statoil Hydro ofNorway
NMDC will sign an agreement next week with global miner Rio Tinto to buy mineral assets,
MIC Electronics, India`s leading manufacturer of LED display systems, has forayed into the South American market with the supply of perimeter display system to famous Barcelona Sports Club (B.S.C) at Guayaquil,
LDK Solar Co., a leading manufacturer of solar wafers in China, has inked a five-year contract to supply multicrystalline solar wafers to
Reliance Industries (RIL) is expected to start crude production in its Krishna Godavari (KG) basin wells by the second half of à°¸ెà°ª్à°Ÿెంబర్
Shoppers Stop has opened a MAC store at Elgin Road, Kolkata on Aug. 08, 2008. With the opening of this store, the company now has 5 MAC à°¸్à°Ÿోà°°్à°¸్
London-based Greater Pacific Capital (GPC) will buy 38% stake in Ahmedabad-based BPO, Azure Knowledge Corporation for a consideration of USD 32.5 million,
D-Link, one of India`s premier networking firms announced the launch of IP videophone GVC-3000 on Wednesday, August. 13.
I-Flex has bagged order worth USD 90 million from National Australia Bank .the period of contract is for five-years.
NDTV`s entertainment endeavor NDTV Imagine, on August 12, declared the launch of their channel `Imagine Showbiz`, which will be dedicated to Bollywood and entertainment segment, reports agency sources.
Maharashtra State Electricity Distribution Company (MSEDCL), the power distribution arm of the state government is not going for an initial public offering (IPO) as of now
Indian public sector petroleum company, Oil and Natural Gas Corporation has received nod from government to include Petrobras of Brazil and Statoil Hydro of
NMDC will sign an agreement next week with global miner Rio Tinto to buy mineral assets,
Friday, August 8, 2008
How do you measure inflation?
How do you measure inflation?
Inflation is one of the biggest stories of recent weeks, and has received a great deal of attention from the media and politicians. At the same time, inflation is an economic problem that the average person meets on a daily basis in terms of higher prices, particularly of food products.
How is inflation measured?
In India, there are two broad measures of inflation - based on the consumer price index (CPI) and based on the wholesale price index (WPI). Of the two, the latter has a higher profile because it is measured every week. When you read about inflation rising to 7%, it is probably referring to inflation based on WPI.
WPI is based on the wholesale prices of 435 items ranging from agricultural commodities like wheat, rice, groundnuts etc to manufactured products like steel, cement etc. A single index number is calculated based on those prices, and the inflation rate is calculated by comparing the most recent index number with that of a year ago.
How is the Sensex calculated?
How is the Sensex calculated?
The Sensex , an abbreviation of the BSE sensitive index, is a market capitalisation-weighted index of 30 stocks representing a sample of large, well-established and financially sound companies. It is the oldest index in India and has acquired a unique place in the collective consciousness of investors.
The index is widely used to measure the performance of the Indian stock markets. Sensex is considered to be the pulse of the Indian stock markets as it represents the underlying universe of listed stocks on The Stock Exchange, Mumbai. Further, as the oldest index of the Indian stock market, it provides time series data over a fairly long period of time (since 1978-79).
Sensex is not only scientifically designed but also based on globally accepted construction and review methodology.
Sensex Calculation Methodology
As per the methodology, the level of index at any point of time reflects the free-float market value of 30 component stocks relative to a base period. The market capitalisation of a company is determined by multiplying the price of its stock by the number of shares issued by the company. This market capitalisation is further multiplied by the free-float factor to determine the free-float market capitalisation.
The base period of Sensex is 1978-79, and the base value is 100 points. This is often indicated by the notation 1978-79=100. The calculation of Sensex involves dividing the free-float market capitalisation of 30 companies in the index by a number called the Index Divisor.
The Divisor is the only link to the original base period value of the Sensex. It keeps the index comparable over time and is the adjustment point for all index adjustments arising out of corporate actions, replacement of scrips etc.
During market hours, prices of the index scrips, at which latest trades are executed, are used by the trading system to calculate the Sensex every 15 seconds and disseminated in real time.
Understanding Free-float Methodology
Concept: Free-float Methodology refers to an index construction methodology that takes into consideration only the free-float market capitalisation of a company for the purpose of index calculation and assigning weight to stocks in the index.
Free-float market capitalisation is defined as that proportion of total shares issued by the company that are readily available for trading in the market.
It generally excludes promoters' holding, government holding, strategic holding and other locked-in shares that will not come to the market for trading in the normal course. In other words, the market capitalisation of each company in a free-float index is reduced to the extent of its readily available shares in the market.
In India, BSE pioneered the concept of free-float by launching BSE TECk in July 2001 and BANKEX in June 2003. While BSE TECk Index is a TMT benchmark, BANKEX is positioned as a benchmark for the banking sector stocks.
Definition of Free-float: Shares held by investors that would not, in the normal course, come into the open market for trading are treated as 'Controlling/ Strategic Holdings', and hence not included in free-float. In specific, the following categories of holding are generally excluded from the definition of free-float:
- Holdings by founders/directors/ acquirers which has control element
- Holdings by persons/ bodies with "Controlling Interest"
- Government holding as promoter/acquirer
- Holdings through the FDI Route
- Strategic stakes by private corporate bodies/ individuals
- Equity held by associate/group companies (cross-holdings)
- Equity held by Employee Welfare Trusts
Locked-in shares and shares which would not be sold in the open market in normal course. The remaining shareholders would fall under the free-float category.
P-Notes
What are P-Notes?
Participatory notes (P-Notes) are financial instruments used by hedge funds not registered with Sebi.
* Hedge funds invest in Indian stocks through custodians in India
* P-Notes are issued by registered FIIs to overseas investors who want to invest in India without registering
How do P-Notes work?
* India-based brokerages buy India-based securities and then issue P-Notes to foreign investors
* Any dividends or capital gains collected from the underlying securities go back to the investors
Why do FIIs use the Mauritius route?
* India has a double taxation avoidance agreement (DTAA) with Mauritius
* As per law, entities registered in Mauritius need not to be taxed in India
* Capital gains from the sale of shares is taxable in the country of residence of the shareholder
Deep Industries has received a contract from Chennai Petroleum Corporation for compression of natural gas at Kamalapuram for five years. The value of the contract is Rs 103 million.
Zylog Systems has signed an exclusive partnership with Honolulu-based Kamakura for marketing and implementing the Kamakura Risk Manager (KRM) enterprise wide risk management system for South Asia.
SEL Manufacturing company has announced that the company has received an export order for exporting readymade garments i.e. innerwears to the extent of 1.1 million pieces from a company in Russia.
House of Pearl Fashions announced that Lerros Fashions India, a joint venture of the company with Lerros Moden Gmbh,Germany has inaugurated its first store in India at Select City Walk, Saket, New Delhi
Tata Steel has identified raw material resources in America, Africa and Australia for acquisition to ensure that around 50% of the requirement of Corus is met through captive sources
Two-wheeler market leader Hero Honda on Thursday, August 7 increased the prices of its 100cc bikes by up to Rs 850 on account of rising input costs,
Power Grid Corporation of India has earmarked an investment outlay of Rs 94.36 billion for various projects.
Bharat Heavy Electricals (BHEL) has bagged an order for power equipment worth Rs 26.91 billion from Maharashtra government`s electricity generating arm, Mahagenco
India`s leading commodity exchange, Multi Commodity Exchange (MCX) has been approved as an affiliate member of International Organization of Securities Commission (IOSCO) which is the prestigious association of world`s regulatory bodies and exchanges.
EPIC Energy clarified about a news item appearing in a leading financial daily titled `US firm to acquire 10% in EPIC Energy` that the company does not comment on market speculation.
Zylog Systems has signed an exclusive partnership with Honolulu-based Kamakura for marketing and implementing the Kamakura Risk Manager (KRM) enterprise wide risk management system for South Asia.
SEL Manufacturing company has announced that the company has received an export order for exporting readymade garments i.e. innerwears to the extent of 1.1 million pieces from a company in Russia.
House of Pearl Fashions announced that Lerros Fashions India, a joint venture of the company with Lerros Moden Gmbh,
Tata Steel has identified raw material resources in America, Africa and Australia for acquisition to ensure that around 50% of the requirement of Corus is met through captive sources
Two-wheeler market leader Hero Honda on Thursday, August 7 increased the prices of its 100cc bikes by up to Rs 850 on account of rising input costs,
Power Grid Corporation of India has earmarked an investment outlay of Rs 94.36 billion for various projects.
Bharat Heavy Electricals (BHEL) has bagged an order for power equipment worth Rs 26.91 billion from Maharashtra government`s electricity generating arm, Mahagenco
India`s leading commodity exchange, Multi Commodity Exchange (MCX) has been approved as an affiliate member of International Organization of Securities Commission (IOSCO) which is the prestigious association of world`s regulatory bodies and exchanges.
EPIC Energy clarified about a news item appearing in a leading financial daily titled `US firm to acquire 10% in EPIC Energy` that the company does not comment on market speculation.
Krishna Filaments considers name change
Krishna Filaments at its meeting held on Jul. 30, 2008, has considered and approved the notice of resolutions proposed to be passed by way of postal ballot to consider the change in name of the company from `Krishna Filaments` to `Mavi Industries`.
Tuesday, August 5, 2008
UK economic calander
Industrial Production (MoM) (Jun) Moderate volatility expected -0.2% vs 0.1%
United Kingdom Industrial Production (YoY) (Jun) Moderate volatility expected -1.6% vs -1.2%
United Kingdom Manufacturing Production (MoM) (Jun) Low volatility expected -0.5% vs 0.1%
United Kingdom Manufacturing Production (YoY) (Jun) Low volatility expected -1.3% vs -0.6%
United Kingdom Purchasing Manager Index Services (Jul) Low volatility expected 47.4 vs 46.6
United Kingdom Industrial Production (YoY) (Jun) Moderate volatility expected -1.6% vs -1.2%
United Kingdom Manufacturing Production (MoM) (Jun) Low volatility expected -0.5% vs 0.1%
United Kingdom Manufacturing Production (YoY) (Jun) Low volatility expected -1.3% vs -0.6%
United Kingdom Purchasing Manager Index Services (Jul) Low volatility expected 47.4 vs 46.6
NHPC plans Rs 16.7 bn IPO by September 2008
State run power producer, NHPC`s board of directors has called one meeting to approve its IPO (Initial Public Offering) for raising Rs 16.70 billion, together with 5% disinvestment of government stake.
NHPC is expecting to file its revised draft red herring prospectus (RRHP) with SEBI, market regulator, by the end of this month, and the IPO should be hitting the market by September or early October this year depending upon the market conditions.
NHPC is expecting to file its revised draft red herring prospectus (RRHP) with SEBI, market regulator, by the end of this month, and the IPO should be hitting the market by September or early October this year depending upon the market conditions.
National Thermal Power Corporation (NTPC) is learnt to be in talks to buy at least one coal mine in Indonesia and taking a long lease on another.The company has lined up USD 3 billion for these buyouts.
Wipro Infotech, part of IT major Wipro, bagged a large IT outsourcing contract from Spencer`s Retail, a multi-format, food-first retailer.
State-run equipment firm Bharat Heavy Electricals has bagged an order worth Rs 2 billion for a hydro-electric power project in Vietnam.
Tayo Rolls, a TATA Enterprise company, today Aug. 04, 2008, entered into a technical knowhow and licence agreement with its Japanese promoters, Yodogawa Steel Works for transfer of technology for up gradation / manufacture of high speed steel rolls, semi high speed steel rolls and super nickel grain rolls.
Satyam Computer Services on Aug. 04, 2008 announced that it has partnered with ChangeBASE, the London-based maker of the AOK suite of compatibility products
Thermax announced that the company received an order of Rs 4.15 billion, from a leading steel making company, for setting up a captive power plant for their upcoming blast furnace complex on an EPC basis. The captive power plant will use the waste gas from the furnace to produce power.
Wipro Infotech, part of IT major Wipro, bagged a large IT outsourcing contract from Spencer`s Retail, a multi-format, food-first retailer.
State-run equipment firm Bharat Heavy Electricals has bagged an order worth Rs 2 billion for a hydro-electric power project in Vietnam.
Tayo Rolls, a TATA Enterprise company, today Aug. 04, 2008, entered into a technical knowhow and licence agreement with its Japanese promoters, Yodogawa Steel Works for transfer of technology for up gradation / manufacture of high speed steel rolls, semi high speed steel rolls and super nickel grain rolls.
Satyam Computer Services on Aug. 04, 2008 announced that it has partnered with ChangeBASE, the London-based maker of the AOK suite of compatibility products
Thermax announced that the company received an order of Rs 4.15 billion, from a leading steel making company, for setting up a captive power plant for their upcoming blast furnace complex on an EPC basis. The captive power plant will use the waste gas from the furnace to produce power.
Daiichi revises open offer for Ranbaxy
An open offer for Ranbaxy Laboratories from Japanese drug maker Daiichi Sankyo will start on August 16 and close on September 4.
The Japanese firm was to launch the offer for 20% of Ranbaxy on August 8, but said on July 31 the schedule had been delayed as the market regulator SEBI had not approved it by then.
Earlier on June 16, the Japanese firm, which had agreed to acquire the promoters` 34.8% stake in Ranbaxy, had made an open offer for acquiring up to 92.1 million shares, representing 20% stake in Ranbaxy at a price of Rs 737 each.
Oil marketing cos. losing Rs 6 bn a day
Oil marketing companies IOC, HPCL, BPCL are together suffering losses of Rs 6 billion a day on fuel sales which has led to a problem of cash crunch and concerns over demands for immediately raising credit limits.
The state-run retailers are losing Rs 11.60 a liter on the sale of petrol, Rs 23.23 a liter on diesel, Rs 39.55 a liter on kerosene and about Rs 349 per 14.2-kg domestic LPG cylinder.
IOC, BPCL and HPCL are together likely to lose over Rs 2,050 billion in revenues this fiscal.
While HPCL has sought an additional credit limit of Rs 25 billion over the present limit of Rs 207 billion, BPCL has asked for Rs 30 billion more.
The situation has arisen as the oil companies have not got oil bonds for past quarters. The government makes up for half of the revenue loss on fuel sales through the issue of oil bonds.
The state-run retailers are losing Rs 11.60 a liter on the sale of petrol, Rs 23.23 a liter on diesel, Rs 39.55 a liter on kerosene and about Rs 349 per 14.2-kg domestic LPG cylinder.
IOC, BPCL and HPCL are together likely to lose over Rs 2,050 billion in revenues this fiscal.
While HPCL has sought an additional credit limit of Rs 25 billion over the present limit of Rs 207 billion, BPCL has asked for Rs 30 billion more.
The situation has arisen as the oil companies have not got oil bonds for past quarters. The government makes up for half of the revenue loss on fuel sales through the issue of oil bonds.
Monday, August 4, 2008
USA economic calander
Core Personal Consumption Expenditure - Prices Index (MoM) (Jun) 0.3% vs 0.2%
Core Personal Consumption Expenditure - Prices Index (YoY) (Jun) 2.3% vs 2.2%
Personal Income (MoM) (Jun) 0.1% vs -0.1%
Personal Spending (Jun) 0.6 vs 0.5
Core Personal Consumption Expenditure - Prices Index (YoY) (Jun) 2.3% vs 2.2%
Personal Income (MoM) (Jun) 0.1% vs -0.1%
Personal Spending (Jun) 0.6 vs 0.5
Action Construction Equipment has inked memorandum of understanding with a Chinese company for acquisition of same.
Gayatri Infra Ventures (GIVL), incorporated as a wholly owned subsidiary of Gayatri Projects (GPL) to operate as an investing and constructing company in transportation infrastructure sector, has entered into a definitive agreement with AMP Capital FinanceMauritius
Reliance Infratel is likely to defer its IPO plans as market regulator SEBI`s go-ahead for the public issue is set to expire soon,
OK PlayIndia
Era Infra Engineering has bagged contract worth Rs 351.7 million (approx.) from Central Public Works Department (CPWD).
Tuscan Ventures acquires 12.45% stake in LCL Logistix
FDC jumps 11.57% on buyback plans
Reliance Communications (RCom) is in talks to take over Newcastle United, the Premier League club, from UK billionaire Mike Ashley for an estimated USD 514 million,
Steel Authority of India (SAIL) and Nagpur-based Manganese Ore India (MOIL) have joined hands for setting up a 1 lakh ton ferro alloys plant in Bhilai.
Gayatri Infra Ventures (GIVL), incorporated as a wholly owned subsidiary of Gayatri Projects (GPL) to operate as an investing and constructing company in transportation infrastructure sector, has entered into a definitive agreement with AMP Capital Finance
Reliance Infratel is likely to defer its IPO plans as market regulator SEBI`s go-ahead for the public issue is set to expire soon,
OK Play
Era Infra Engineering has bagged contract worth Rs 351.7 million (approx.) from Central Public Works Department (CPWD).
Tuscan Ventures acquires 12.45% stake in LCL Logistix
FDC jumps 11.57% on buyback plans
Reliance Communications (RCom) is in talks to take over Newcastle United, the Premier League club, from UK billionaire Mike Ashley for an estimated USD 514 million,
Steel Authority of India (SAIL) and Nagpur-based Manganese Ore India (MOIL) have joined hands for setting up a 1 lakh ton ferro alloys plant in Bhilai.
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