Teen Traders' Blog

-The initial public offer(IPO) of private ship-builder Pipavav Shipyard got subscribed 6.64 times till the final day today, getting a strong response from investors.BusinessStandard

-Bharat Sanchar Nigam (BSNL) would provide 1.5 lakh mobile connections during this fiscal, even as the much awaited 3G Mobile would be introduced very shortly in Coimbatore and Tiruppur, a top BSNL official said today.BusinessStandard

-Google Inc. said Apple Inc.’s top marketing executive personally told the company that its Google Voice application had been rejected because it duplicates the telephone dialer on the iPhone and could be used as a replacement.YahooFinance

-India’s foreign exchange reserves grew $3.32 billion in the week up to September 11, 2009, to $280.98 billion on the back of portfolio investments and revaluation of currencies.BusinessStandard

-World’s largest steelmaker ArcelorMittal has asked the Orissa government to treat its proposed Rs 50,000-crore project on the issue of mining lease at par with other big ticket investments.BusinessStandard

-Valuation norms for insurance cos soon: IRDA.IndiaInfoline

-Cinemax , the largest multiplex chain in Mumbai with 36 existing screens, is getting bigger by adding four more with the launch of its new property at Ghatkopar on September 19.BusinessStandard

-UBS in talks with Cognizant, Genpact to sell its BPO units-EconomicTimes

-Kolkota headquartered RPG Enterprises said it would enter the coffee chain  business by setting up a Joint Venture with an US Company.   BusinessStandard

-Gujarat to award contracts for US$10bn Solar Power Project.IndiaInfoline

-The Sensex ended flat after recovering from the lower levels to continue its winning streak for the fourth day.  BusinessStandard

-The initial public offer (IPO) of the private sector shipbuilder, Pipavav Shipyard got subscribed 1.36 times on Day 1, according to the data available on the NSE. The company received bids for 95.62 million shares as against 70.17 million shares on offer. BusinessStandard

-Corus to start Port Talbot unit on rising demand:Report.IIFL

-Tata Steel soars 8% to new 52-week high.BusinessStandard

-Ruias-led Essar Steel has sought government approval for exporting iron ore produced as waste in the process to make steel and said it would earn up to $35 million if such shipments were allowed.BusinessStandard.

-Old Models must change for economic recovery to be sustainable:WEF.IIFL

-State-run Indian Oil Corporation (IOC), the nation’s largest fuel retailer, is losing about Rs 79 crore per day on selling auto and cooking fuel below cost.BusinessStandard

 Tata Consultancy Services, a leading IT services, business solutions and outsourcing firm, announced the opening of a new Global Delivery Centre in Buenos Aires, Argentina – the first company to officially inaugurate its facilities in the new Technology District of the city of Buenos Aires.BusinessStandard

-Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam are undertaking due diligence to buy a stake in Zain, the Indian ambassador to Kuwait said in remarks published on Saturday. Last week, the two state-run firms said they had not decided on whether to join a consortium that is buying a 46 percent stake in Kuwaiti telecom Zain.-YahooFinance

-The Income Tax Department continued its raids for the second day in a row on the offices of Mumbai-based property developer HDIL and residences of some of its directors, according to sources in the I-T Department.HDIL has now been asked to pay tax of Rs 100 crore.BusinessStandard

-Indian drinks and aviation tycoon Vijay Mallya plans to gather his Formula One, cricket and soccer interests into one company and float it on the Mumbai stock exchange early next year.YahooFinance

-While appreciating the role of public sector banks (PSBs) in protecting the economy against the global economic turmoil, Finance Minister Pranab Mukherjee today assured them that the government would continue to support them.BusinessStandard

-Retail group Shopper’s Stop Ltd will add 500,000 square feet space by March, across four Shopper’s Stop stores and three Hypercity stores, a top official said on Friday-YahooFinance

-Day Five: Jet Airways today cancelled 281 flights, 21 of them international, as the strike by the pilots entered the fifth day after marathon talks between them and the management ended in a deadlock.¬BusinessStandard

-Sterlite Industries, the Vedanta group’s flagship, has raised its offer price by a fifth to $2.56 billion to acquire the US copper miner in an all-cash deal — its third bid in two years-BusinessStandard

-Domestic drug major Cipla Ltd has signed a long-term collaboration agreement with Swiss specialty pharmaceutical major Meda, to develop and market an anti-allergic rhinitis drug for various global markets.BusinessStandard

-The Petroleum Ministry has asked Cairn India to pay a production tax on the oil it has started to produce from its prolific Rajasthan fields even though the contract does not clearly lay the onus of the levy on it.BusinessStandard

-Betting big on the Indian growth story, South Korean consumer durables major LG today said it will invest about $1 billion here for marketing and research over the next five years.BusinessStandard

-Godrej Properties will hit the capital market with an initial public offer (IPO) in the next three months, its Chairman Adi Godrej said today.BusinessStandard

-Indian metal giant Sterlite Industries today stated that it has raised its offer price for purchase for bankrupt US copper miner Asarco to $2.56 billion from its earlier bid of $2.13 billion.BusinessStandard

-Factory productions expanded at a greater pace for the second month in a row growing by 6.8 per cent in July against 6.4 per cent a year ago, signalling an industrial recovery.BusinessStandard

-After the Income Tax Department raided various premises of real estate developer HDIL, directors of the company have admitted to concealing its income by Rs 350 crore, allege sources in the department. CNBC-TV18’s Ashwin Mohan reports.-Moneycontrol

-BHEL wins order worth Rs1300cr from NTPC

-Nifty may scale 5K in one month: Emkay Global.Moneycontrol

-India’s July Industrial Production Rises 6.8% From Year Ago.

-Indias Electricity Production Rises 4.2% In July

-India July Consumer Goods Production Rises 8.8%

-There is still no clarity over the Jet Airways-pilots impasse. Day four into the strike, the Jet management and the pilots held an eight-hour-long meeting at the Labour Commission’s office but sources say no firm conclusion has been arrived at yet. 495 pilotshave not reported today, 208 flights have been cancelled & 35 international flights have been cancelled.Moneycontrol

-Imperial Energy, the Russia-focused oil firm that India’s Oil and Natural Gas Corporation (ONGC) acquired recently, is likely to post its maiden cash profits next financial year as it ramps up output

–UPDATE: Jet pilots’ stir continues, 230 flights cancelled. Pilots have indicated that they would continue their agitation against sacking of two of their colleagues after no headway was made in the discussions between the two sides till late last night with the protestors also insisting that their trade union rights cannot be curtailed. Businessworld

-India’s exports slid for the 11th straight month in August by 19.7 per cent to $14.3 billion owing to the continuing slump in global demand.In August 2008, the exports were $17.8 billion. “Sectors which continue to be in deep trouble are leather, gems and jewellery, drugs and pharmaceuticals both in monthly and cumulatively for the last five months,” says Commerce Secretary Rahul Khullar .- Businessworld

-BHEL wins order worth Rs990cr

- India Inflation for the week ended August 29 was at -0.12%

-L&T wins four orders for steam generators for Nuclear Power Corp

-IVRCL Infra wins order worth Rs557cr from the Government of Maharashtra.

-GMR is looking to list its holding companies. 7500 crores to be raised. GMR Energy IPO to fetch Rs1000 Crores.

-Air India insured with $8.4 billion with a premium of $24.23 million with Reliance general insurance. New India Assurance claims that the airline was partial towards Reliance General Insurance.

- Network 18 has received the Foreign Investment Promotion Board (FIPB) nod to induct Rs 119 crore and to up its foreign institutional investment (FII) limit from 13% to 49%.

-Jet Airways loosing 6$million everyday : ED Saroj Dutta.- CNBC TV18. 

-Global companies loosening there strings.  Hence major world IT players such as Accenture and IBM have been getting bigger clients like BP. This brings in good news for IT professionals in the country. Accenture HR Head however told CNBC Tv18 that it shall only go to the campuses after the 8th semester to get in the required talent.

-Citigroup has put in and additional $200 million in Citi Financials, it Indian subsidiary. Managers of the company have been restructuring the company.  They are as of now restructuring uncollateralized debts and building a secure portfolio.

-REI agro Board okays rights issue of Rs1500 crores.

-Bharti and MTN have reached a USD 24 billion preliminary agreement and the deal is expected to be completed by the end of the month, reports CNBC-TV18 quoting sources.

-Mahindra Satyam reinstates variable pay for 28000 employees.

-Dabur to launch new products in the country. To push in new strategies to increase the sales of its health-care products.

-ING Vysya Bank raised Rs 410 crore via a qualified institutional placement (QIP) issue that closed on September 7

-Opto circuits has raised Rs325 crores through the QIP route. The company plans to use 30% of the money to reduce its debt.

-Harley Davidson to enter India. Anoop Prakash, CEO Harley Davidson India says that the company plans to make the country the largest market for Harley Davidson in the next ten years as the demands from its current largest market, Japan, has been slowing down. The also plans to enter the Indian textile industry and sell Bike merchandise.

Jim O’Neill of Goldman Sachs chief economist had coined the word in 2001 while exploring the countries’ impact as emerging economic powerhouses. For the first time now BRIC- Brazil, Russia, India, China- had a summit for the first time this week to discuss the global economy and their role in it.

Fortune interviewed Mr.BRIC and he seems to be overwhelmed by the impact the word has caused. After 9/11, he understood that globalisation shall have to thrive but on a more complex basis and with larger involvement of the BRIC nations. He had written a paper called “Building Better Global Economic BRICs.”  which revealed that if the world was to function properly, you had to involve these people.

The BRIC now constitues of about 15% of the world GDP.

They had found out that in 2050, specifically 2037, the combined GDP of those four countries could become bigger than the G7.

Fortune:

When did it break out of the corporate world into the mainstream lexicon?

It started post-2003. It’s just grown and grown. These days, obviously on a day like this, I’m sort of proud in a strange way that these guys are meeting together. People think that my job now is being Mr. BRIC. I must get invited to go and speak at things around the world anywhere from one to eight times a day.

Source Fortune

Bank of America (BoA) raised $US13.471 billion through share sale taking the bank half way towards filling the $33.9 billion shortfall identified by the government following the recent stress testing of the bank.

The proceeds include the recent stake sale of BoA in China Construction Bank Corp for $7.3 billion.

The bank had issued 1.25 billion shares at an average price of $10.77 since last Friday.

Chief Financial Officer Joe Price said in a statement,”We’re pleased to have this portion of our capital plan completed,This strengthens and diversifies our capital structure.”

The bank plans to raise $17 billion more from asset sales and other means, it said in an statement.

Bank Of America was once considered the winner and the healthiest survivor of the 2007 credit crisis plunged in market value partly because of its purchase of Merill Lynch