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

-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.

-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