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July 30, 2011 Weekly Indicators “The Greater the Difficulty the More Glory in Surmounting It

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July 30, 2011 Weekly Indicators “The Greater the Difficulty the More Glory in Surmounting It IN FOCUS July 30, 2011 Weekly Indicators “The greater the difficulty the more glory in surmounting it. Skillful pilots gain their Indicators Current Last Week reputation from storms and tempests.” – Epictetus. Sensex 18,197 18,722 RBI ups repo rate by a steep 50 bps in a bid to control Inflation Nifty 5,482 5,634 The RBI signaled that it remains firmly focused on bringing down inflation even as it Food Inflation 7.33% 7.58% took some comfort in the fact that slowdown in the economy was not sharp or Exchange Rates widespread. In the first-quarter review of its monetary policy for FY12, the RBI raised Currency Current Last Week repo rate by a higher-than-expected 50 basis points to 8%. As a result, reverse repo US$1 Rs.44.1553 Rs.44.3763 rate was adjusted 50 bps higher to 7%, and marginal standing facility also by 50 bps € 1 Rs. 63.1018 Rs. 63.8745 to 9%. Moreover, the central bank seemed to be hoping a slowdown in the economy JP¥ 100 Rs. 56.95 Rs. 56.45 would ease inflation. Though the central bank retained its FY12 GDP Growth estimate £ 1 Rs. 72.1034 Rs. 72.3422 at around 8%, it raised its projection for March-end headline inflation to 7% from 6%. Since March 2010, RBI has hiked repo rate by 325 bps in order to control inflation. Global Economic and Corporate News SEBI announces new takeover code, raises open offer size to 26% Emirates Aluminium announces USD 4.5 bn Phase-II expansion SEBI today issued the much- awaited amendments to the Takeover Code, making it UAE-based Emirates Aluminium (EMAL) has mandatory for an entity, which buys more than 25% in a listed company, to make an announced that the second phase of its USD 4.5 bn project to expand capacity of its aluminium smelter open offer to minority shareholders for at least 26% of the total issued capital of the unit in Abu Dhabi is set to get underway, after the company. Until now, an entity had to make an open offer for at least 20% if it crossed company's board of directors approved the the trigger limit of 15%. The move effectively ensures that an entity making an open investment. offer could possibly get a minimum 51% holding in the target company. The regulator Taylor Bean Liquidation Plan Is Cleared also scrapped the non-compete fee usually given by an acquirer to promoters of a A Florida bankruptcy judge approved Taylor Bean & Whitaker Mortgage Corp.'s liquidation plan, signaling target company. "There shall be no separate provision for non-compete fee and all the end for what was once among the nation's shareholders shall be given exit at the same price," SEBI Chairman U.K. Sinha said, largest mortgage lenders before collapsing 2 years addressing a press conference. In cases of competitive offers, the successful bidder ago under the weight of a multi bn dollar bank fraud. can acquire shares of other bidders after the offer period without triggering the open Bank of Spain to Take Over CAM offer clause. The new norms will be applicable after the regulator notifies them. Sinha Spain's central bank decided to take over Caja de Ahorrosdel Mediterraneo as the country's plans to did not specify a timeframe but said it will implement the code at the earliest. On clean up its ailing savings banks enter their final compulsory delisting of companies in case of an acquisition, Sinha said it would not be phase. required and the current provisions regarding delisting will continue. Chilean union will extend strike at Escondida mine Cabinet clears draft Lokpal bill; PM, judiciary out of purview The largest union at Chile's Escondida copper mine The Union Cabinet today approved the draft of the anti-corruption Lokpal Bill, voted to "indefinitely" extend a strike at the mine, excluding the prime minister and the judiciary from its purview. "The bill provides for which is controlled by global diversified miner BHP Billiton Ltd. (BHP, BHP.AU). the establishment of the institution of Lokpal to inquire in allegations of corruption Bank of China in race to buy RBS Aviation against certain public functionaries...," Information and Broadcasting Minister Ambika Capital Soni said after the Cabinet meeting. However, allegations of corruption made in The Bank of China Ltd (3988.HK) has joined the race respect to a prime minister could be probed after he has demitted office, a to buy Royal Bank of Scotland PLC's aircraft leasing business, but faces a battle with Guy Hands' Terra government release said. The Lokpal will also have powers to attach the property of Firma and General Electric Co. corrupt public servants acquired through corrupt means, it said. Soni said the GE Bases X-Ray Unit in China proposed bill, which will be introduced within the first two days of the monsoon General Electric Co. said it is moving its X-ray session of Parliament, envisages setting up a Lokpal comprising a chairperson and business headquarters to China to accelerate sales in eight members with the stipulation that half of the members shall be judicial. The the country's fast-growing health-care market, the latest sign of China's growing importance to the giant institution will have its own investigation and prosecution wings with such officers and U.S. conglomerate. staff as are necessary to carry out its functions, Soni said. The draft bill is different Nissan Sets China Expansion Plan from what social activists led by Anna Hazare had proposed, seeking to bring under Japan's Nissan Motor Co. announced a significant Lokpal's purview the prime minister and the judiciary. Hazare contends that the official expansion of its production capacity in China, version falls "far short" of people's expectations. including a joint venture plant to produce micro minivans. Greek banks' borrowing from ECB hit high in June Blackberry maker RIM to cut 2,000 jobs Greek banks further increased their borrowings from the European Central Bank in worldwide June to EUR 103.0 bn for the second month running, hitting a record high. That is up Research In Motion (RIM) will slash around 2,000 jobs worldwide, as the Blackberry maker embarks on from EUR 97.5 bn in May and EUR 86.9 bn in April as the banks stepped up their cost-cutting to bolster its position in the highly reliance on the ECB's emergency facility offered to banks in Europe, facing liquidity competitive smartphones market. squeezes. In May 2010, the Greek government narrowly avoided default with the help GlaxoSmithKline buys back 1.6 mn shares of a EUR 110 bn bailout from the European Union and the IMF, but its bonds have GlaxoSmithKline PLC (GSK.LN), the drug giant, since been downgraded to junk status. Since then, Greek banks have been effectively announced that it purchased 1,600,000 of its Ordinary shares on July 25, 2011. frozen out of European interbank markets amid fears that a Greek sovereign default would drag down the country's banks. Greece's four main lenders--the National Bank Nishita Shah Parsekar of Greece SA, EFG Eurobank Ergasias SA , Alpha Bank AE and Piraeus Bank SA -- have [email protected] all been under pressure to reduce their dependence on ECB liquidity. Please refer to important disclosures at the end of the report For Private Circulation Only. Sushil Financial Services Private Limited Member : BSEL, SEBI Regn.No. INB/F010982338 | NSEIL, SEBI Regn.No.INB/F230607435. Office : 12, Homji Street, Fort, Mumbai 400 001. Phone: +91 22 40936000 Fax: +91 22 22665758 Email : [email protected] Info-Spectrum Bridging the Information Gap in Corporate Landscape INDEX 1. Economy 03-10 2. Infrastructure 11-23 3. Sectors 24-60 A. IT & ITeS 24-27 B. Pharma & Healthcare 28-31 C. Telecom 32-33 D. Banking & Financial Services 34-40 E. Steel, Metals & Minerals 41-45 F. Auto & Auto Ancillaries 46-49 G. Miscellaneous 50-60 4. Earnings 61-65 5. Global Economy & Business 66-78 A. Global Economy 66-70 B. Global Business 71-78 Weekly Newsletter 2 Info-Spectrum Bridging the Information Gap in Corporate Landscape ECONOMY ECONOMY: C. Rangarajan, the head of Prime Minister's Economic Advisory Council, has said inflation needs to be brought down to the "more comfortable zone of 5%". Chief Economic Adviser to the Finance Ministry Kaushik Basu expects inflation to come down to 6.5- 7.5% by March end. COMMODITIES: Allegations of chemical contamination in rapeseed meal and soymeal exports to China threaten to affect India's exports worth Rs.6 bn. Government restores Duty Entitlement Pass Book scheme on export of cotton and cotton yarn with retrospective effect. DEFENCE: Foreign Investment Promotion Board says non-defence foreign companies can invest in the sector up to the 26% sectoral foreign direct investment cap. ENVIRONMENT: Prime Minister Manmohan Singh says to soon form national environment body to grant industry clearances. GOVERNMENT: The government will buy back around Rs.70 bn of fertilizer bonds Jul 22-29. Finance Minister Pranab Mukherjee is to meet corporate bigwigs on Aug 1 to allay fears on reforms and growth. The finance ministry is exploring the option of introducing tax deducted at source or TDS in the service sector to stem tax evasion. TAXATION: Finance ministry to soon announce new accounting regime for taxation purposes. India and Lithuania signed a double taxation avoidance agreement. FARM: The Delhi High Court has stayed allocation of export quotas for non-basmati rice until Aug 10. MONSOON: India Meteorological Department says southwest monsoon rainfall 23% below normal for the week to Jul 27.
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