Equity News Update

DOMESTIC NEWS

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Economy

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•The Food Price index increased 13.75 per cent in the week ended October16, sharply lower that the previous week’s annual rise of 15.53 per cent,mainly as vegetables continued to exert downward pressure on account ofa base effect.

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Power

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•Reliance Power Ltd has placed order for 30,000 MW capacity of Boiler,Turbine, Generator Packages (BTG) for its coal based power plants withShanghai Electric Group Co Ltd, the leading global supplier of powerequipments.

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Realty/ Construction

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•Nagarjuna Construction has bagged four projects worth 540 crore in thestates of Tamil Nadu and Uttar Pradesh.

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Capital Goods

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•BGR Energy Systems has bagged a 2,168-crore balance of plant (BoP)contract from Hyderabad-based Thermal Powertech Corporation of IndiaLtd. The project is funded by Rural Electrification Corporation (REC) as thelead lender with consortium of banks.

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Automobile

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•Maruti Suzuki India (MSI) is planning to ramp up its service centres by amassive 1,500 outlets by 2015 in line with its expansion of productioncapacity to over 17 lakh units annually. This enhancement is expected toresult in additional employment of about 22,000 people by the servicenetwork operators.Information Technology

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•Wipro Ltd, India’s No 3 software services provider, secured an IT servicescontract from Electricity North West Ltd, which operates the electricitydistribution network in north-west England.

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•Tata Consultancy Services announced an ASP (application service provider)initiative with Strate, the licensed Central Securities Depository (CSD) inSouth Africa. This joint venture with TCS, for the TCS BaNCS SecuritiesProcessing solution, will provide best-in-class and leading-edgetechnology to mid-tier players in the South African market.

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Pharmaceuticals

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•Strides Arcolab has received tentative approval from US Food and DrugAdministration (FDA) for one new drug application (ANDA) for fixed dosecombination of Lamivudine and Zidovudine tablets 150mg/300mg underthe expedited review provisions of the President’s Emergency Plan for AIDSRelief (PEPFAR).

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•Biocon will invest $161 million in a facility in Malaysia, joining a number ofIndian companies that have chosen to establish facilities in the South-EastAsian country.

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Oil & Gas

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•Petronet LNG plans to set up a 1,200-MW gas-based power plant linked toits Dahej terminal and will seek the approval of its board in a month. Theproject would be financed through internal accruals and debt. Thecompany has already acquired about 50 hectares of land for the project.

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INTERNATIONAL NEWS

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•US third quarter GDP expanded at a 2.0 percent annualized pace, followinga 1.7 percent rise the prior quarter. The latest figure matched analysts’projections for a 2.0 percent gain. Year-on-year, real GDP in the secondquarter is up 3.1 percent, compared 3.0 percent in the second quarter.

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•US new home sales rose 6.6 percent to an annual rate of 307,000 inSeptember from an annual rate of 288,000 in August. hile new home salesremain at relatively low levels, the annual rate has moved well off therecord low of 282,000 set in May. Nonetheless, the annual rate of newhome sales in September is still 21.5 percent below the rate seen in thesame month a year ago.

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•US New factory orders for durable goods in September rebounded 3.3percent, following a 1.0 percent decrease in August. The gain inSeptember came in significantly above the consensus forecast for a 1.6percent boost. Excluding transportation, new durables orders fell back 0.8percent, following a 1.9 percent increase in August.

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•US initial claims fell steeply to 434,000 in an October 23 week that isn’tskewed by special factors. The level is the lowest since July as is the fourweekaverage of 453,250. Given that July’s data were distorted byadjustment problems tied to auto retooling, the latest batch of data isperhaps the best so far of the recovery.

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One response to this post.

  1. Posted by Purrel on November 15, 2010 at 6:11 PM

    Good topic! This is really interesting, thank’s for sharing??!!

    Reply

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