USA ECONOMIC DATA

U.S. Aug. ISM manufacturing index just below 50% consensus

U.S. Aug. ISM manufacturing index 49.9% vs 50% in July

U.S. Aug. ISM new orders 48.3% vs 45.0% in July

July Construction Spending m/m -0.6% vs -0.4% consensus

India`s largest defense electronic company Bharat Electronics (BEL) and engineering major Bharat Heavy Electricals (BHEL) are in the process of finalizing a joint venture (JV) to tap the huge potential in the solar energy sector.


Reliance Industries (RIL), India`s largest private company and also the largest polyester manufacturer in the world has dropped its plan to acquire Unifi Kinston, the polyester manufacturing subsidiary of US based polyester-maker Unifi,


Great Offshore has signed definitive agreements for acquisition of 100% equity stake in two Companies, KEI-RSOS Maritime (KEI) and Rajamahendri Shipping & Oilfield Services (RSOS) which are based at Rajahmundry and Hyderabad (AP) respectively. Great Offshore will pay an aggregate consideration of around Rs 1.60 billion. The Transaction is on an all cash basis and is expected to close within 2 months.

Bartronics India has received the DESFire Certification for its Mifare cards. The company has now become one of the few global manufacturers to be certified by Arsenal Research for DESFire.

Parsvnath Developers (PDL), one of India`s leading real estate company with pan India presence having diversified portfolio, has announced the launch of Parsvnath Residency, a group housing project at Moradabad.


Bosch, India`s largest auto component manufacturer, announced on Tuesday the board of directors approved the proposal to buyback equity shares of the company from existing shareholders in open market through the stock exchange, The buyback plan will be funded from the free reserves of the company, at a price not exceeding Rs 4,500 a share


The UK-based financial sevices major Barclays Group, who is eyeing the high, ultra high networth clients, will launch its private banking business by the year-end in the domestic market,

Archies has joined hands with UK`s leading brand Carte Blanche to distribute and sell latter`s renowned brand `Me to you` in India.


Thomas Bata, owner of global shoe corporation, a house hold name in India that bears his name, died in Toronto at age of 93.

Tata Motors` rights issue to open around September end

Tata Motors, the country`s largest automobile company, today announced the terms of the Rights issue of the ordinary shares and A ordinary shares. The terms are subject to the approvals of SEBI, Reserve Bank of India and all other appropriate authorities as may be necessary and/or subject to such conditions as may be imposed by any of them while granting such approvals, which may be agreed to by the board of directors and / or a committee thereof.


The committee of directors today approved the terms of simultaneous and unlinked issue of ordinary shares on a Rights basis in the ratio of 1 ordinary share for every 6 shares held. The ordinary shares would be issued at a price of Rs 340 a share of face value of Rs 10 each aggregating Rs 21.86 billion.

Karur Vysya Bank, a leading private sector bank in Tamil Nadu, has tied up with SBI Funds Management for distribution of SBI mutual fund (MF) products.


Security and Exchange Board of India (SEBI) is considering the introduction of Rupee-Yen and Rupee-Euro futures after the launch of currency futures in the country, SEBI has also said that it is studying the whether non resident Indians (NRIs) and foreign institutional investors (FIIs) be allowed in currency futures trade.


Securities and Exchange Board of India (SEBI) is likely to permit trading in exchange traded interest rate futures by December-January, a move which will help banks and FIIs manage interest rate risks.