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Oct 07, 2011 in FOCUS "Nothing Is More Hopeless Than a Scheme of Merriment."– Johnson, Samuel

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Oct 07, 2011 in FOCUS Oct 07, 2011 IN FOCUS "Nothing is more hopeless than a scheme of merriment."– Johnson, Samuel. Weekly Indicators Indicators Current Last Week Dutch parliament approves EFSF expansion Sensex 16,233 16,454 Dutch parliament gave the green light for expanding the euro zone's bailout fund, Nifty 4,888 4,943 clearing one of the final hurdles to increase the fund's firepower in helping troubled Food Inflation 9.41% 9.13% countries in the currency bloc. The Netherlands is one of the last euro-zone countries to ratify the agreement, which calls for increasing the fund's lending capacity to Exchange Rates EUR440 bn from around EUR250 bn. The other two countries, Slovakia and Malta, will Currency Current Last Week vote next week. While Malta's parliament is likely to pass the bill, the approval of US$1 Rs.49.1355 Rs.48.9253 Slovakia remains uncertain due to sharp divisions within the government coalition. € 1 Rs. 65.9981 Rs. 66.6458 Dutch support was never really in doubt, even as the center-right minority JP¥ 100 Rs. 64.11 Rs. 63.90 government had to walk a political tightrope to secure a majority by drawing support from the left-wing opposition. £ 1 Rs. 75.9733 Rs. 76.5192 World Bank cuts Philippines '11, '12 GDP outlook Global Economic and Corporate News The World Bank has lowered its economic growth forecast for the Philippines this year • Oracle to pay nearly $200M in DOJ settlement to 4.5% from 5.0% previously amid a weaker economic outlook for advanced Oracle Corp. has agreed to pay $199.5 mn, including economies. The bank also downgraded its growth forecast for 2012 to 5.0% from interest, to settle a U.S. Justice Department complaint that the company “failed to meet its 5.4% previously. Still, the Philippines' strong macroeconomic fundamentals help contractual obligations” in connection with sales to cushion the adverse impact of global economic uncertainties, the World Bank said, the federal General Services Administration. noting that the country's net foreign direct investments increased in the first half while • Virgin Australia's August passengers down foreign reserves have surged to record highs. "To better insulate the Philippine 2.7% economy from external shocks, it is important to maintain strong macroeconomic Virgin Australia Ltd. said it flew 2.7% less passengers in Aug compared with a year earlier, mostly due to a fundamentals and improve its competitiveness through diversifying exports, withdrawal from the domestic New Zealand market. strengthening domestic competition, and improving productivity of the services • AstraZeneca to cut 400 jobs from U.S. sector," World Bank economist Soonwha Yi said in a statement. According to Yi, operations "private consumption is expected to grow steadily, buoyed by lower unemployment, U.K.-based drug maker AstraZeneca PLC said it higher government spending and sustained remittances." planned to eliminate about 400 employees in its U.S. commercial operations, citing a need to reduce costs. Fitch Ratings cuts FY12 India GDP growth to 7.5% from 7.7% earlier • Breitburn acquires oil, gas properties from Fitch Ratings revised India's gross domestic product growth downward to 7.5% from Cabot 7.7% for 2011-2012 (Apr-Mar), and to 8.0% from 8.2% for 2012-13 due to high BreitBurn Energy Partners LP said it has completed inflation and interest rate scenario. "India has hit a difficult part of the cycle with the acquisition of some oil and gas properties primarily in Wyoming from Cabot Oil & Gas Corp. for growth and inflation heading in opposite directions...it appears that the combination of $283 mn, in a deal that expands the company's rising inflation and interest rates has taken a toll on the Indian consumer," Fitch said. presence in the Rocky Mountains region. The Fitch believes that inflation is likely to remain high as global commodity prices remain company disclosed the deal in Jul but didn't name the seller. firm. The Wholesale Price Index-based inflation rate for Aug rose to 9.8% from 9.2% • Airbus got 23 orders, delivered 40 planes in in the previous month. With inflation still at elevated levels, the Reserve Bank of India Sept. may have to continue with its monetary tightening stance, Fitch said. Airbus said it booked 23 orders for commercial jets in Moody's cuts SBI's rating citing inadequate capital, rising NPAs Sep and delivered 40 aircraft, which brings the total net orders from Jan. 1 to Sept. 30 to 1,038 and Moody's Investor Service downgraded State Bank of India's creditworthiness, on a deliveries to 374. Airbus, wholly owned by European standalone basis, to D+ from C-, citing worsening asset quality and delay in raising Aeronautic Defence & Space Co., said the new orders include a contract for fifteen A330-300 jets with Tier-I capital. "Notwithstanding our expectations that SBI's capital ratios will soon be Singapore Airlines Limited. restored through a capital infusion by the government, SBI's efforts to secure this • Blackstone's GSO Capital buys Harbourmaster capital for the better part of the year demonstrates the bank's limited ability to Blackstone Group said that its credit arm, GSO manage its capital," Beatrice Woo, vice president and senior credit officer at Moody's, Capital Partners, has bought Harbourmaster Capital, was quoted as saying in a release. Post the downgrade, SBI's Chairman Pratip one of the largest leveraged loan managers in Europe with some EUR8 bn in assets under Chaudhuri told that the "D+ maps to Baa3, which is still investment grade. BoB (Bank management. Financial details of the transaction of Baroda), PNB (Punjab National Bank), BoI (Bank of India) are also at D+; we were weren't disclosed. the only exception so far. The present rating of SBI is the same as GoI (GOI)". • Spectris buys Sixnet for $72M India asks Indonesia to remove non-tariff barriers for pharma cos Spectris PLC, the productivity-enhancing instrumentation and controls company, announced Commerce Minister Anand Sharma said his ministry is pushing for the removal of non- that it has completed the acquisition of Sixnet LLC, a tariff barriers for Indian pharmaceuticals in its negotiations with the Indonesian privately-held business located in North America. government. "India is particularly keen on bovine meat exports to Indonesia and • Apple co-founder Steve Jobs dies higher participation in the pharmaceutical sector of Indonesia," he said. Currently, • Apple Inc. co-founder Steve Jobs has died at age 56, a legend of Silicon Valley who as a young import of Indian buffalo meat is banned in Indonesia on fears that India is not free entrepreneur sought to change the world in the early from foot and mouth disease. Also, Indian pharmaceutical companies face problems in days of the PC industry — and lived to achieve that Indonesia such as delays in drug registration, and certain regulations such as those goal. Jobs, who stepped down as Apple’s chief requiring foreign drug registration holders to set up a production facility in Indonesia executive in Aug, has been battling ill health after being diagnosed with and having surgery for within two years of registration. Foreign direct investment cap of 70% inhibits Indian pancreatic cancer in 2004. investment in Indonesia. The governments of Indonesia and India will intensify efforts to explore ways and means of increasing trade and investment relations by eliminating Nishita Shah Parsekar trade barriers and creating better business environment. The relaxation of such barriers would help achieve the bilateral trade volume target of $25 bn by 2015. [email protected] 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. India’s Data Watch 03-08 2. Economy 09-14 3. Infrastructure 15-25 4. Sectors 26-52 A. IT & ITeS 26-27 B. Pharma & Healthcare 28-30 C. Telecom 31-32 D. Banking & Financial Services 33-36 E. Steel, Metals & Minerals 37-40 F. Auto & Auto Ancillaries 41-44 G. Miscellaneous 45-52 5. IPO Watch 53-54 6. Mergers & Accquistion 55-56 7. Ratings 57-62 8. Global Economy & Business 63-68 A. Global Economy 63-65 B. Global Business 66-68 Weekly Newsletter 2 Info-Spectrum Bridging the Information Gap in Corporate Landscape INDIA’S DATA WATCH India Sep HSBC manufacturing PMI slips to 2.5-yr low of 50.4 HSBC manufacturing Purchasing Managers' Index for India fell to a two-and-a-half-year low of 50.4 in Sep from 52.6 in Aug. PMI measures the overall health of manufacturing sector. Sep PMI is near contraction levels, as an above 50.0 PMI indicates an expansion in manufacturing activity, while below 50.0 suggests a contraction. India's manufacturing PMI has remained above 50.0 since Apr 2009. "The growth momentum in India's manufacturing sector eased further in Sep. This was driven by weaker orders, with export orders still contracting due to the weaker global economic conditions," HSBC Chief Economist for India and ASEAN Leif Eskesen said. According to the latest data, India's industrial output growth fell to a 21-month low of 3.3% in July from 8.8% in the previous month. New business was "modest" during the month, however, new order growth slowed to a six-month low, the report said. New orders from export markets also contracted amid the global demand slowdown.
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