Indian Business News – Selected Extracts (27/04/08)

1. India is world’s second largest wireless market with the total number of the subscribers at 261.09 million at the end of March, 2008. The first place goes to China and India has overtaken US to become second largest wireless users.
2. Hindujas Group will invest US$10 billion in various power projects across India in the next 10 years.
3. The BSE sensex closed at 17,126 points with a 405- points gain. The gain was restricted to frontline large-cap stocks. Heavy buying was seen in banking and communication stocks. In the bullion market, gold closed at Rs.11,550/10gm and silver at Rs.22,775/kg.
4. ICICI Bank’s net profit for the year ending March 2008 increased 34% and the bank has declared a dividend of 110% for the year. IDBI Bank also posted higher net profit for the year.
5. Ten years from now, India will have more billionaires than any other country in the world, says a poll by American Business Publication Forbes.
6. Telecom and broadcast regulator Trai has recommended liberalization (up to 49%) of foreign direct investment (FDI) in broadcast sectors like TV, radio, cable and direct to home (DTH).

Indian Business News – Selected Extracts (25/04/08)

1. The country’s largest bank, State Bank of India needs to provide around Rs.600 Cr against losses in derivative transaction in the domestic market. The Chairman said that as the credit growth is not very strong and the money markei is flush with liquidity, banks will not resort to increase in the interest rates in the short term.
2. British Prime Minister Gordon Brown sees India as not a part of a low-pay world but as a part of high-skill world.
3. Tatas hunt for telecom investors: South Korea Telecom, China Unicom among the suitors for the Teleservices stake.
4. The Reserve Bank of India (RBI) asked the banks to take full responsibility for their recovery agents and desist from deployment of abusive practices.
5. The Government clarified that foreign companies are free to acquire up to 74% stake in new telecom operators ar permitted by foreign direct investment rules.
6. The BSE sensex closed at 16,721, 23 points lower. In the bullion market, gold closed at Rs.11,730/10gm and silver at Rs.23,175/kg.
7. Infosys, the IT major intends to recruit more than 20,000 employees in Kolkata over a period of time.
8. Reliance Globalcom, a wholly-owned subsidy of Reliance Communications, said that it has acquired a 90% stake in eWave World, a UK headquartered telecom company.

Indian Business News – Selected Extracts (23/04/08)

1. India government warns steel and cement companies to against raising the prices so as to contain the inflation. The steel prices have gone up by about 50% in thae past one year. The Finance minister says that the steel and cement companies are forming cartels.
2. The BSE sensex closed at 16,784, 45 points higher. Promoters are increasing their holdings in group companies. In the bullion market, gold closed at Rs.11,900/10gm and silver at Rs.23,595/kg.
3. Makers of consumer appliances have begun hiking prices due to increase in the prices of raw materials like steel.
4. Accenture, one of the world’s largest consulting firms is bullish on India, planning to increase head count by hiring 13,000 people in 2008.
5. Crude oil continues record run, touches US$118 a barrel.
6. Government informs the parliament that more than half of the total number of IPOs listed on BSE and NSE in the last two years, are trading below their offer price.
7. India gets US$4 billion as private equity investments in the first three months of this year, with real estate and infrastructure sectors accounting for a majority share.
8. Hospitality industry to grow immensely in the coming years driven by a huge surge in both business and leisure travel by domestic and foreign tourists.

Indian Business News – Selected Extracts 22/04/08)

1. Inflation at around 7% to stay for a while as the higher global commodity prices which are unlikely to fall in the near future.
2. ArcelorMittal is committed to invest US$25 billion in India.
3. Global M&As cross US$1trillion in 2008. India’s share is about 1%.
4. ONGC to spend US$6 billion to boost oil and gas output.
5. US slump dampens technology major’s results. Tata Consultancy Services report PAT below forecast, up 19% at Rs.5,026 Cr. RIL reported 28% higher net profit in 2007-08. Satyam Computer Services joins the US$2 billion revenue club of India.
6. Crude oil prices hit new high at US$117.40 on Monday.
7. Anil Ambani Group firm Reliance Money joined hands with BSE and the Bombay Bullion Association to launch the country’s first organized bullion trading platform.
8. The BSE sensex closed at 16,739, higher by 258 points. In bullion market gold closed at Rs.11906/10gm and silver at 23,885/kg.

Indian Business News – Selected Extracts 18/04/08)

1. The Bombay Stock Exchange (BSE) sensex rose by 237 points to close at 16,481. The technology stocks have been in demand. The IT sector and banking sectors were also up by over 3% each. In the bullion market, gold closed at Rs.12,260/10gm and silver closed at Rs.24,480/kg.
2. Inflation rate declined to 7.14% from a 40-month high of 7.41% in the previous week. RBI tightens cash supply in market. The RBI increased the cash reserve ratio to 8% from 7.5%. Export duty on steel and iron ore to increase.
3. Shareholders of Reliance Energy Limited have approved the company’s proposal to change its name to Reliance Infrastructure. They also agreed to stock buy-back offer worth up to Rs.2000 Cr.
4. Crude oil and gasoline rose to record levels. Oil climbed to $115.21 a barel in New York.

Indian Business News – Selected Extracts 17/04/08)

1. The Bombay Stock Exchange (BSE) sensex rose by 91 points to close at 16,244. The trading sentiments remained buoyant on Wednesday, with the technology index rising by almost 4%. The IT sector was the top gainer. The reliance shares did well in the trading. In the bullion market, gold closed at Rs.12,115/10gm and silver closed at Rs.23,935/kg.
2. Ranbaxy plans open offer for Orchid. One of the group companies, Solrex now has a stake of 14.7% in Orchid.
3. Indian Oil Corporation (IOC) is to tap Venezuela for cheaper crude oil that will yield higher margins. The oil price rose to US$114.46 a barrel in New York.
4. Dow Chemicals is planning to set up a manufacturing unit in India by forging a JV with Gujarat Alkalies (GACL).
5. Government of India to import one million tones of edible oil and 15 lakh tones of pulses to deal with the demand-supply gap.
6. The market regulator, SEBI took a major step to widen debt market by deciding to allow mutual funds to sell government securities subject to certain conditions.
7. Government may restore 7-year income tax holiday on oil and gas production. This may provide major relief to companies like RIL.

Indian Business News – Selected Extracts 16/04/08)

1. India eyes Israel pipeline deal. To maintain energy security, India looks to tap Central Asian crude oil via Mediterranean – Red Sea route. The pipeline will also open an easier maritime door for oil from Algeria and Libya.
2. Ranbaxy eyes US$1.5billion in revenue during 2008-14, from an agreement reached with pharma major AstraZeneca over the world’s largest ulcer drug Nexim.
3. Infosys Technologies showed 21% higher overall growth in spite of the US slowdown. The company declared a total dividend of Rs.33.25 per share for fiscal 2008 (665% on par value).
4. The technology stocks rallied smartly to lift the BSE sensex by 346 points to close at 16,154, its highest closing in two weeks. Ranbaxy was the top gainer. In the bullion market, gold closed at Rs.12,080/10gm and silver at Rs.23,770/kg.
5. Oil price rises to record US$113 a barrel in New York.
6. Foreign fund house Morgan Stanley has increased its stake in Reliance Energy to over 5%.
7. India is leading the globalization of medical services. There is marked rise of medical tourism in India.
8. Delta Airlines agreed to buy Northwest Airlines in a US$3.63billion stock deal.
9. Mumbai witnessed the world’s highest (94.4%) increase in rentals of industrial space in 2007.