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Friday, November 19, 2010

Inflation may decline to around 6 % by year end
Food inflation fell sharply by 2 percentage points to 10.3 % for the week ended November 6 from 12.3 % in the previous week, raising hopes that overall inflation may decline to around 6 % by the end of the year, as predicted by the government.

Inflation stood at 13.99 % in the corresponding period last year. This is the first time in a long time that food inflation for a particular period was lower than the corresponding period of the previous fiscal.

The decline may prompt RBI to halt its monetary tightening drive to boost industrial growth, which had fallen to a 16-month low of 4.4 % in September. The price of most food items declined during the week on improved availability after the end of the monsoon.

Patni bags 20 million pound contract from UK firm
IT major Patni Computer Systems has secured a five year contract, worth more than 20 million pound (more than Rs 145 crore) with UK IT services provider, 2e2.

The contract will provide a range of support services for 2e2's end-user clients and the delivery of in-house support services. The contract has the potential to scale-up rapidly in the first two years, the company said in a statement issued here.

2e2 is one of the fastest-growing IT service providers in Europe and has operations across the UK and Isle of Man, the Netherlands, Spain, Ireland and the Channel Islands. 2e2 works with companies within the telecommunications, media, healthcare, retail, transport, public, financial services and professional services sectors.

IRDA slaps Rs 10 lakh penalty on Reliance Life
The insurance regulator IRDA has imposed a fine of Rs 10 lakh on the Anil Ambani group company Reliance Life Insurance Company for violating norms. The company was directed to pay a penalty of Rs 10 lakh and was asked to adhere strictly to the guidelines in future, said an order by IRDA chairman J Hari Narayan which was posted on the official website of the regulator.

Commodity exchanges turnover touches Rs 9.89 lakh crore
The turnover of the 23 commodity exchanges in the country rose by 54.31 %to Rs 9.89 lakh crore in October, buoyed by a surge in bullion trade, according to the Forward Markets Commission (FMC).

The turnover of the commexes stood at Rs 6.40 lakh crore in the same period last year, data collated by the commodity markets regulator showed.

Tata- Jaguar unveils electric concept car
Tata Motors-owned Jaguar has unveiled an electric concept car that can run 900 km to a charge with a top speed of 320 km per hour. Christened C-X75, it has been created to celebrate 75 years of the company, says Ian Callum, design director of Jaguar Cars. Callum told PTI that he was very "excited about the car and loved its design. He said the concept car had everything a Jaguar should be.

Airtel crosses 200 million subscriber mark
Telecom major Bharti Airtel today said its subscriber base has crossed the 200 million mark, with nearly 150 million users in the domestic market alone, and unveiled a new logo to mark the achievement. The company has 40 million users in Africa, while the rest are in Bangladesh and Sri Lanka.

Incidentally, Bharti Airtel unveiled its new 'global and youthful avatar' yesterday. Besides the logo, the company has also changed the signature Airtel tune, composed by Oscar winner A R Rehman. The re-designed logo would be for the Indian as well as overseas market to bring operational synergy across the company's business ventures.

ONGC FPO by March 2011
Oil and Natural Gas Corporation (ONGC) is likely to divest five percent of its equity stake by March 2011 through a follow-on public offer (FPO). "The government has told us that it would like to divest five percent of its holding in the company by this fiscal-end (March 2011). We said we will gear up for it in the January-March quarter, as valuation of our underlying reserves is going on," ONGC chairman and managing director R.S. Sharma said yesterday.

Post-disinvestment, the government's holding in the country's first 'Maharatna' company will be 69.14 percent from the present 74.14 percent. Clarifying that the company would not raise fresh equity, Sharma said as its joint venture partners were raising debt from the market, there was no need for the company to go to the market.

"We don't feel the need to raise fresh equity as we are expecting to raise through the FPO more than Rs.10,000 crore (Rs.100 billion) that we mopped up by divesting 10 percent equity holding in 2004," Sharma said on the margins of a national quality summit, organised by the Confederation of Indian Industry (CII).

Sharma, however, declined to say if the company would go for a stock split (2:1) prior to the FPO issue. "It is for the government to decide. Though, we have suggested for a share split ahead of divesting five percent stake," he said.


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