Teen Traders' Blog

-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

-Aditya Birla Group’s Spice Communications soared 8.75% to Rs 78.95 on bargain hunting after the stock corrected 10.48% in the preceding two trading sessions to Rs 72.60 on Friday, 11 September 2009. The scrip topped the gainers in the BSE’s ‘A’ group.IndiaInfoline

-Indian real estate market is on its way to recovery: Makaan.com survey.

-Sun Pharma gets US anti-trust clearance for open offer.BusinessStandard

-China files WTO case over tire tariffs, Obama says they are aimed at making trade systems work.YahooFinance

-Compton Greaves, a unit of Avantha Power & Infrastructure, is reportedly interested in bidding for Areva SA’s transmission and distribution unit and has sought information on the sale.IndiaInfoline

-Real estate developer HDIL has agreed to pay tax on additional income of Rs 350 crore following raids by the revenue department, the company said in a statement today, denying it had done any wrong.BusinessStandard

-Tata Motors unveils Tata SK 407 Tipper in Keral.IndiaInfoline

-Magna: 10,500 Opel jobs in Europe could be cut. YahooFinance

-Indian drivers not good enough for F1: Mallya.BusinessStandard.

-Oil India IPO priced at Rs 1,050/share; listing on Sep 30.EconomicTimes

-Tata Motors raises Rs 236 cr via share sale in Tata Steel.BusinessStandard.

-Wipro Ltd, India’s No 3 software services firm, is seeing a pick-up in growth momentum in Europe in this quarter on increased outsourcing and stability in billing rates, a senior official said on Monday. EconomicTimes
-Omaxe to build township in Lucknow, eyes Rs 2,800 cr revenue-BusinessStandard.

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

North Korea launched yet another short range missile on Friday, the sixth in the week. The country has threatened to retaliate if punitive UN sanctions are imposed for its latest nuclear tests. US officials say that there are sins that Pyongyang maybe planning more long-range missiles.

The dwarf country on th East defences it self by telling that the missile launches are just for self-defence and argues that there has been 2,053 nuclear tests in the world so far and this one in their country was the 2054th nuclear tests.

The country’s foreign ministry told in a statement carried out by its official news network, Korean Central News Agency,”There is a limit to our PATIENCE.” Referring to the 2053 nuclear tests conducted in the world so far, it said, “The five permanent members of the U.N. Security Council have conducted 99.99 percent of the total nuclear tests.” A valid point.

Though Washington confirmed that it shall take strict actions and respond quickly if security of America or its Asian Allies are threatened ,things don’t seem to be happening soon as North Korea is preparing itself for land-to- sea missiles and launched the surface to air missile on Friday.

Things just don’t smell good.

Tel Aviv: Mexico , the most affected, remained the key focus of swine flu fight and the compnay reported 176 deaths..!!

The first death outside of Mexico was in Texas where a 23 month year old died of the outbreak. Tha child had come with his family early in April.

World Health Organization’s Risk level has been raised to a 5 out of its maximun 6 indicating high pandemic probabilty.

The president of Mexico has asked his residents to stay home and has alos asked businesse to close for 5 days starting from Friday.

In Washington, Obama asked the citizens of America not to panic and said that the government “is taking the utmost precautions” and will stay on top of developments and respond accordingly and indicated that the situation is very serious.

Obama has asked the Congress to provide $1.5 billion in funding to deal with the swine flu.the money can be for vaccine and other services.

He rejected the prospect of closing the border with Mexico.

Marketwatch