USL-Diageo deal: After months of speculation global spirits major Diageo acquired a majority stake in United Spirits. According to the agreement, Diageo will have a 27.4 percent stake in United Spirits for Rs 1440 per share. The total value of the deal is estimated to be around Rs 5725 crore.
Obama re-elected as US President: Overcoming a stiff challenge from Republican candidate Mitt Romney, Barack Obama won a second term in office as the US President. Tackling the fiscal cliff would be a key challenge for Obama now and all eyes would be on his role to bring the economy back on track.
Sept IIP: The Index of Industrial Production which measures the output at factories, mines and utilities, rose an annual 2.8 percent in September, the fastest since February. The IIP number grew at a steady but slow pace, giving further evidence of a sluggish economy.
Cabinet clears one time spectrum fee: An Empowered Group of Ministers (EGoM) had recommended a one-time spectrum charge for all existing telecom operators. The Union Cabinet cleared the proposal on Thursday making it mandatory for all mobile phone companies to pay the one-time fee.
Auto sales numbers: The Society of Indian Automobile Manufacturers (SIAM) released the auto sales numbers for the month of October. While domestic car sales increased by 23.09 per cent to 1,72,459 units in October 2012 compared to 1,40,105 units in the same month last year, total two-wheeler sales rose by 12.26 percent to 12,85,015 units from 11,44,716 in October 2011.
Earnings: As companies continue to declare their second quarter earnings, telecom biggies like Bharti Airtel could not report good numbers. Reliance Communication too reported lower than expected 60 percent decline in net profits. The country’s biggest lender SBI reported higher than expected net profit but, concerns about its asset quality remains. United Breweries managed to post good numbers along with Britannia auto majors Ashok Leyland and Tata Motors. From the pharma space Ranbaxy and Pfizer came out with good results, while Sun Pharma disappointed. ONGC’s net profit was also down in the second quarter, while Kingfisher Airlines widened its losses.