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Don`t jump to conclusions and spare a lot of congrats too soon...
Usually the initial action like this would only be highlighted to show `how we act against the corrupt` etc and soon the procedures red tapes and legal loop holes will all come into play..and the public memory is short,so it will go on & on..
rarely they really act genuinely and firmly and allow justice to prevail like say a Madoff case in the U.S (we copy them in every unwanted things but not in fair play etc)...
CBI raids Company Law Board office
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Kudos to Manmohan.. kudos to him.. He has given a free hand to all...
China Banking Regulator Gets Tough on Capital Rules
China`s banking regulator issued a stern warning to banks to strictly comply with capital requirements or face sanctions, Beijing is worried about possible risks building in the country`s financial system after a spurt in lending.
Banks that fail to comply by the end of the year with capital adequacy requirements—the amount of capital they must hold against their loans—could be punished with limits on market access, overseas investments and new branches, the China Banking Regulatory Commission said. Such sanctions already exist, but have rarely been enforced.
Regards
Swastika PMS...
Bulk Deals Snapshot - 23 November 2009, Monday
IN BOTH BSE & NSE:-
Total Selling of 262486 shares of Rane Holdings
Net Selling of 164011 shares of Vishal Retail
Total Selling of 302480 shares of Windsor
Regards
Swastika PMS...
Bulk Deals Snapshot - 23 November 2009, Monday
IN NSE:-
Buying of 105943 shares of Polar Industries
Net Buying of 251473 shares of Uflex
Regards
Swastika PMS...
Bulk Deals Snapshot - 23 November 2009, Monday
IN BSE:-
Net Selling of 152821 shares of Ankush Finstock
Selling of 99211 shares of Bharat Seats
Selling of 125000 shares of Brushman India
Net Selling of 77223 shares of Filatex Fashion
Buying of 75814 shares of Ganesh Poly
Buying of 100000 shares of Hind Tin Works
Selling of 75696 shares of Jai Mata Glass
Net Selling of 53454 shares of Kay Power
Selling of 97339 shares of KIC Metaliks
Buying of 61300 shares of Poddar Pigments
Selling of 271200 shares of Prabhav Industries
Selling of 117889 shares of South Ispat
Net Buying of 269318 shares of Taneja Aerospace
Net Selling of 272482 shares of Venus Ventures
Regards
Swastika PMS...
PM says : United Bank IPO will be cleared
PM says : United Bank IPO will be cleared in due course, will unlock bank value, plan to launch IPO in Jan.
Regards
Swastika PMS ...
DOTsuggests bringing IP-I Telco`s under license fee
DOT (Department of Telecommunications) suggests bringing IP-I Telco`s under license fee, IP-I: Infra provider companies that provide towers, fibre, right of way to mobile companies’, COMPANIES ON WHICH NEGATIVE IMPACT WILL BE SEEN : Aksh Opti, PowerGrid, GTL Infra.
Regards
Swastika PMS...
DIPP proposes removing 3-year lock-in
DIPP (Department of Industrial Policy & Promotion) proposes removing 3-year lock-in for FDI in realty sector.
Regards
Swastika PMS...
Stocks having EX-DATE Today:
ASSOCIATED STON Interim Dividend 0.50, HBL POWER Stock Split From Rs. 10/- to Re. 1/-, INWINEX PHARMA Scheme of Arrangement, USHER AGRO Dividend 0.25.
Regards
Swastika PMS...
HOT FROM THE PRESS :
* RIL : Moody`s cud downgrade co depending on size of the Lyondell Basell deal & how it is funded
* HINDALCO : co raising Rs29bn via a QIP issue to part-fund 3 new projects
* BANKS : RBI may allow systemically strong Indian banks to increase their
exposure to the capital mkt beyond the current ceiling of 40% of net worth
* REAL ESTATE : Govt considering a proposal to remove 3 yr lock in stipulation for repatriation of foreign investments in SPV proejcts
* HCL TECH : wins 30 yr $200mn contract from UK based insurance provider
* TELECOM : Dept of Telecom considering increasing spectrum usage charge paid
by operators by 1% earning the govt ~Rs 40bn more every yr
* DR REDDY`S : USFDA which recently inspected two mfging plants of co has
cleared one plant and given minor observations at the other
* M&M : to consider effecting a px hike due to rising input costs like rubber &
sheet metal which is pressurising margins
* TCS : CFO says does not expect vol growth in Dec qtr to match Q2 as cos still deciding on IT budgets
* DISH TV : to raise $100mn thru issue of GDRs to PE firm Apollo Management
* TATA MOTORS : exploring buying Actis Capital`s stake in Swaraj Mazda (SM IN)
* JUBILANT ORGANOSYS: enters into drug discovery JV with UAB & Southern Research
Corporate News – Industry trends
* The Securities and Exchange Board of India has asked Reliance
Industries Ltd why the company should not be barred from accessing
the stock markets under rules governing fraudulent and unfair trade
practices, news agencies and television channels reported (BS)
* Arcelor Mittal India has sought approval for a six-mn tonne steel
plant in Karnataka from the single window clearance committee of the
state government, over and above the two 12-m tonne greenfield steel
plants in Jharkhand and Orissa already in the pipeline (BS)
* Sajjan Jindal-led JSW Energy will open its initial public offering
(IPO) on December 7, with the intent to raise Rs 27bn. The issue will
close on December 10. It will be the first IPO from the JSW group in 15
years (BS)
* HCL Technologies has signed a US$200 mn contract with British
insurer Equitable Life for providing end-to-end solutions to the latter,
including policy administration, finance, actuarial services, IT
operational support, quality assessment, data management and call
centre services (BS)
* Hindalco Industries, India’s largest aluminium maker, plans to sell
shares to institutional investors at Rs 130.90 each to raise Rs 29bn this
week. The board of directors met here today to fulfill the formalities
before the issue is opened (BS)
* DishTV, the country’s leading Direct-to-Home (DTH) operator, has
raised US$100 mn through the issue of Global Depositary Receipts
(GDRs) to Apollo Management, a leading alternative asset manager
(BS)
* Pantaloon Retail, the country’s largest listed retailer,raised Rs 5bn by
selling 15.8 mn equity shares to investors at Rs 316 a piece, the
company said in a statement to exchanges (BS)
* VODAFONE has warned against redistributing wireless spectrum that
has already been allocated to mobile phone firms, as the debate over
the overhaul of the rules for the telecom sector gets polarised between
established incumbents and aggressive younger rivals (ET)
* The country`s largest car maker, Maruti Suzuki India, said it will
launch a new van within this fiscal to replace its MPV Versa, whose
production has been stopped. "We will be launching a new van by the
end of this fiscal (ET)
* FIVE domestic commercial banks and two finance companies have
acquired 51% stake in the Indian venture of Experian UK —
Experian Credit Information Company (ET)
* Setting the stage for easier FDI norms in the real estate sector,
the Government is considering a proposal to do away with the threeyear
lock-in stipulation for repatriation of foreign investments in SPV
projects (BL)
* The Adanis-promoted Mundra Port and SEZ Ltd has been awarded
the Letter of Intent for development of non-LNG port facilities at
Hazira, the company announced here recently (BL)
* MNM said it could consider effecting a price hike due to rising input
costs (Mint)
* United Spirits announced the acquisition of Visakhapatnam-based
alcoholic beverages maker Tern Distilleries Pvt Ltd for Rs134.2 mn
(Mint)
* After hitting a trough last year when its two-wheeler sales recorded the
biggest fall in the industry, Pune based two-wheeler major Bajaj Auto
is looking to launch more products in the market in the near term in
the entry and premium class (BS)
Commodity/Money Market News
* After making the Centre back track on the state governments’ liabilities
over the state advised price of sugarcane, the Opposition pressed
the government to make further changes in the order notified on
October 22, to ensure farmers continued to benefit if sugar mills
registered “additional profits” (BS)
...
HOT FROM THE PRESS NEWS
* RELIANCE : submits an all-cash but non binding bid to buy a controlling stake
in the world`s third largest petrochem co Lyondell Basell, if it comes out of
bankruptcy.. press rpts suggest the deal cud be in the range of $10-12bn
* BANKS : RBI will give banks six months more to set aside extra funds fm their
profits to cover NPAs, stretching an earlier deadline of Sept 2010
* PNB : scouting for acquisitions, to focus more in southern & western regions
* ICICI : raises $750mn thru a 5 year bond issue at its Bahrain branch.. the
issue had an order book of $3bn & was participated by over 250 investors
* LUPIN : US based Medicis Pharma files a patent infringement case against the
co for a dermatology medicine
* NALCO : in talks with an Islamic Bank in Indonesia for a Rs100bn loan for its
Iran project, on hold due to cos inability to secure finances for the venture
* JK LAKSHMI CEMENT : plans to raise Rs8bn thru debt and equity to part-finance
setting up a greenfield project
* ESSAR OIL : rpts Royal Dutch Shell Plc to acquire 10% stake in the Co as part
of the deal to sell 3 refineries to Essar
Corporate News – Industry trends
* RELIANCE Industries could pay up to US$12 bn for bankrupt
petrochemicals company Lyondell Basell, bankers familiar with the
transaction said; the deal, if consummated, would take Reliance’s top
line to more than US$80 bn, greater than industry titans such as Dow
Chemicals (ET)
* US-based Medicis Pharmaceutical Corporation has filed a case
against Indian drug maker Lupin, alleging infringement of its patent on
a dermatology medicine (BS)
* The Ministry of Defence has agreed to release 25 MHz of 3G
spectrum in the 1920-1980 MHz band before December 7, but with the
condition that the government will clear the proposal for laying of an
alternative optical-fibre network for the military before that date and
create a monitoring mechanism for the project’s implementation (BS)
* AS AMERICA’S top banks emerge from the Troubled Asset Relief
Program (TARP) and the economy starts showing signs of recovery,
Indian outsourcing vendors, TCS, Infosys and Wipro, are set to gain
off shoring projects worth around US$1 bn over the next one to two
years (ET)
* Rico Auto, a major component supplier to Maruti Suzuki, Hero Honda
and Tata Motors, says it will set up two new plants outside Haryana
after a protracted labour strike at its four plants in the state crippled
production for over two months (ET)
* JK Lakshmi Cement will raise around Rs 8bn through debt and equity
to part-finance setting up a greenfield project in Chhattisgarh in order
to get a foothold in the central and eastern India (ET)
* Steel magnet Lakshmi N Mittal has paid over US$10 mn to double
his stake in Africa focused Ophir Energy Plc to 21.2%, even as he
exited the oil and gas business in the Central Asian nation Kazakhstan
(BS)
* Bajaj Auto is betting big on its Pulsar bike and plans to raise
production to 90,000 units per month, in the next six months with a
sales target of one million units per annum by the end of next financial
year (BS)
* Reliance Industries Ltd’s (RIL) refinery at Jamnagar, Gujarat,
received its first consignment of Cairn India’s Rajasthan crude oil over
the weekend. The first consignment was dispatched on Saturday (BL)
* The life insurance industry is expected to grow by about 15% in the
current fiscal year to touch a total premium income of Rs 2.55 trillion
in 2009-10 (Mint)
* IDBI has awarded the mandate to three leading foreign lenders to
raise a US$225 mn five year syndicated loan in Asian and European
markets by mid December (Mint)
* Suzlon Energy, has shifted most of its management operations back
to its headquarters in Pune; Two years earlier, it had set up a Group
Management Centre in Amsterdam, Netherlands, to run its global
business, spanning 21 countries. Instead, Suzlon will soon inaugurate
a new campus in Pune with a ‘world class work environment’ for about
2,500 employees, named ‘Suzlon One Earth’. This Centre will act as
the new global headquarters and the hub for its operations worldwide
(BS)
Economic/Regulatory development
* The Reserve Bank of India’s second quarter monetary policy review
signalled an exit from the central bank’s accommodative stance,
leading many to believe that interest rates would move in only one
direction – north (BS)
* The subsidy on wheat and rice supplied through the public
distribution system (PDS) has risen sharply, thanks to an increase of
over Rs 100 per quintal in the economic cost of food grains; The level
of subsidy in 2009-10 worked out at between 56 and 60% for the
above poverty line category consumers and between 70 and 72.4% for
the below poverty line consumers (BS)
International trends
* Royal Bank of Scotland Plc sold US$7 bn of debt due in March 2012,
according to data compiled by Bloomberg, equalling the largest US
corporate sale since May (BS).
...
SMS rates are set to crash
SMS rates are set to crash, "SMS tariffs are 50 to 100 times higher than what it costs service providers", TRAI says.
Regards
Swastika PMS ...
Pakistan must be vanquished for India to live in terror free climate....
A report Green India 2047 ?
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Wallowing in filth and dirt in 2009, 2047 looks far far away indeed....
