Morgan, Merrill, Citigroup sell stakes in Indian companies

Even as Japanese investment bank Nomura extended a lifeline by agreeing to buy the India operations of Lehman Brothers, the bankrupt US investment bank is holding on to its stake in many Indian companies, especially in infrastructure. However, its peer Morgan Stanley, which decided to convert itself into a bank holding company following US financial crisis, is selling stakes big time. An analysis of select stocks show that apart from Morgan, Merrill Lynch, Citigroup and Goldman Sachs too have been selling stakes in Indian companies. Morgan, which was the largest FII investor in S Kumars Nationwide, a leading textile firm with a 7.92% holding (as on June 30) sold 6.13% (1.31 crore shares) of that stake on September 18. It has offloaded 15 lakh shares in Lakshmi Energy and Foods on the same day bringing its stake down from 4.06% to 2.37%. Citigroup reduced its exposure in Ruchi Soya from 3.64 % to 2.63 % by selling 19.02 lakh shares on August 8.
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Goldman Sachs, another ibank that escaped the global meltdown, pared down its exposure in Prajay Engineers from 5.02% to 2.64% by selling 9.47 lakh shares on June 30. Merrill Lynch, which was taken over by Bank of America amidst the turmoil, brought down its stake in Panacea Biotech from 3.95% (as on June 30) to 1.35% by selling 18.69 lakh shares on September 23. Lehman, on the other hand, has held on to its stakes in KSK Energy, KPIT Cummins, Cranes Software and Fedders Lloyd. In some cases, companies had to come out with clarifications stating that they have not taken any hit as a result of Lehman going down under. Hyderabad-based KSK Energy had said that the i-bank cannot sell any of its holdings as the shares have a one year lockin from July 5, 2008.

Geodesic Info Systems entering to NET TELEPHONY

Farhan Ashhar, Chief Architect Net Telephony at Geodesic Info Systems said that the company is looking forward to developing low cost devices to provide IP phone services. ‘We expect a whole new bunch of Internet users to come in, precisely, because they would like to use Internet telephony as opposed to email, etc.’, said Ashhar.

The company, he said, is looking at a fairly large user base considering the fact that 14 million homes in India already have Internet service, and this will facilitate the provision of Internet telephony and converged telephon by Geodesic Info Systems.

For more information:

http://www.moneycontrol.com/india/news/business/geodesic-info-systems-set-to-rollindia-farhan-ashhar/16/50/352661

GMR Hyderabad gets govt nod to charge Rs 375 on domestic fliers

GMR Hyderabad International Airport Ltd on Wednesday said it has received government approval to charge Rs 375 each from all domestic outbound passengers at the new airport in Hyderabad from August 22 onwards.
“Consequent to the approval received from the Union Ministry of Civil Aviation, GMR Hyderabad, the developer and operator of Rajiv Gandhi International Airport in Hyderabad will be levying a User Development Fee (UDF) of Rs 375 per head to all domestic o utbound passengers,'' the company said in a filing to the Bombay Stock Exchange.
“The levy of UDF has become necessary in view of the huge investments made by the GMR-led consortium for creating the world class facilities for the passengers who use the greenfield airport,'' GMR HIAL Chief Commercial Officer Viswanath Attaluri said.
The company has developed the first phase of the airport with an investment of Rs 2,478 crore. The UDF would be collected at the airport before issue of boarding pass from all those passengers who have not been charged UDF as part of the ticket issued to them.
“The collection of UDF is as per the business plan approved by Union Ministry of Civil Aviation prior commissioning of airport operations and as per the terms and conditions in the financial closure of the project,'' Attaluri said, adding that the chargi ng of UDF is a common feature levied globally on all greenfield airports.
Shares of the company were trading at Rs 104.60, up 1.75 per cent on the BSE in morning trade. - PTI

India to add 6,000 MW wind power by 2012

India is expected to expand its wind-based power plant capacity by 6,000 MW by 2012, but this could still be below the eleventh plan target for this period, a latest report says.

The Ministry of New and Renewable Energy (MNRE) has fixed a target of 10,500 mega watts between 2007-12, but an additional generation capacity of only about 6,000 MW might be available for commercial use by 2012, as per research and project investment database firm ProjectsToday.

This assumption is based on the progress at the ongoing projects and the plans announced by public and private sectors, it said.

"The shortfall in wind power generated could be due to lack of availability of land for wind farms and the currently planned captive consumption could be used by others if government provides transmission facilities," ProjectsToday CEO Shashikant Hegde said.

During the 10th Plan (2002-2007), India saw installation of 5,426 MW of wind power generation capacity, as against the target of 2,200 MW.

However, accountancy major KPMG Advisory Services' Associate Director Santosh Kamath said that the 11th plan period target of 10,500 additional capacity seems "feasible" as the country is currently adding 1,800-2,000 MW per year.

"The robust growth in the country's wind power generation is largely driven by the incentives provided by the government to companies which set up wind power farms," he added.

India is currently the fourth largest generator of wind power in the world with a capacity of 8,696 MW, even ahead of China's 5,899 MW, ProjectsToday said.

Panacea Biotec pre-qualified by WHO for supply of Pentavalent Vaccine, EasyFive* to UN agencies

Panacea Biotec has received WHO prequalification for its fully liquid innovative combination Pentavalent vaccine, EasyFive* against five deadly infectious diseases (DTwP+ Hep B+ Hib) of early childhood. This feat comes close on heels of Panacea Biotec's pre-qualification by WHO for two other combination vaccines, EasyFour (DTP + Hib) and Ecovac (DTP + Hep B) in January this year. In a notification, WHO has advised the UN procuring agencies regarding the acceptability of these vaccines world-wide. Panacea Biotec is already a pre-qualified supplier of OPV and Hepatitis-B vaccines to UN agencies.

This makes Panacea Biotec as the first Indian company & one of three companies in the world to have been prequalified by WHO for a pentavalent vaccine. Pentavalent vaccines are used by UN agencies (Unicef, Paho etc.) to vaccinate & save precious lives of millions of children in the developing World.

Panacea Biotec has been playing an important role in immunization through its novel and innovative, world's first fully liquid vaccine with brands such as, ‘Easy Four' & ‘Easy Five', for over 3 years. It has partnered with WHO & UNICEF with a mission of supporting the cause of maximizing coverage of vaccines under the Expanded Program on Immunization (EPI) for more than a decade.

Developing countries would need a combination vaccine to the tune of around 300 Mio doses annually. The combined demand of all combination pediatric vaccines worldwide was valued at USD 600 million in 2005 and is estimated to grow up to USD 1.6 billion by 2012. Pentavalent vaccine market is estimated to cross a mark of $1 Billion out of which UN agencies are likely to procure this vaccine worth more than Rupees 1,500 crore (>$ 350Mio), by 2009 itself. The WHO prequalification for Easy Five makes Panacea Biotec a strong contender in this important market segment.

"India is responding to globalization faster than people think. Encouraging innovation from India to develop vaccines for the developing countries is good for the world and will help to reduce the overall costs of healthcare, a cause close to our heart", said Mr. Rajesh Jain speaking on the occasion.

Panacea Biotec inaugurated its ultra modern, Greenfield construction, vaccine production plant at Baddi, H.P., with over Rs.100 Crore (approx. USD 25 million) investment in Sept'07, having capacity of more than 1 billion doses per annum, to cater to domestic and global markets. With this latest state-of-art facility, the total capacity to produce vaccines by Panacea Biotec would be doubled to two billion doses per annum. The commercial production has already commenced in April this year.

INDIA: ABHINAV BINDRA WINS OLYMPIC GOLD

Beijing Abhinav Bindra won India's first-ever individual Olympic gold medal when he claimed the men's 10m Air Rifle shooting title here on Monday.
Athens Games champion Zhu Qinan of China won the silver and Henri Hakkinen of Finland took the bronze at the Beijing Shooting Hall on the outskirts of the Chinese capital.
Bindra, the 25-year-old businessman from the northern city of Chandigarh, followed his world championship title two years ago to finally win a landmark gold medal for his country.
In one of the most thrilling shooting finals in Olympic history, Bindra overcame a two-point deficit against Hakkinen and one point against Zhu after the qualification rounds to annexe the title.
The Indian trumped his rivals with the best finish of 104.5 in the 10-shot final as he went into the last shot level with Hakkinen on 689.7 points.
While Bindra secured his best score of 10.8 in the deciding shot, Hakkinen managed only 9.7 to concede the silver to Zhu, whose last shot was 10.5.
Bindra finished with a combined tally of 700.5, a fair distance behind Zhu's Olympic record of 702.7 set in Athens.
Zhu came in with 699.7 this time and Hakkinen, a member of Finland's armed forces who is taking part in his first Olympics, scored 699.4 points.
India, winners of eight field hockey gold medals, had never won an individual Olympic title before Bindra's feat.
The previous best was trap shooter Rajyavardhan Rathore's silver at Athens, while there were bronze medals for wrestler Khasaba Jadhav (1952), tennis star Leander Paes (1996) and woman weightlifter Karnam Malleswari (2000).

Tata Steel is placed at 231 on list of Global 500 Companies

Tata Steel, India’ first and largest integrated private steel company of India which celebrated its centenary year has made its maiden entry in the list of Global 500 Companies released by the Fortune magazine. In an official clarification issued on the Website of Fortune magazine, Tata Steel now ranks 231 in the list of Global 500 Companies and not 315 as mentioned in the Fortune magazine.

Based on the consolidated 9 months financial results of Tata Steel, Fortune magazine ranked Tata Steel at 315th position. However, post the announcement of the Annual Results of Tata Steel, which was after the deadline of the publication of the Fortune magazine listing the Global 500 Companies, Fortune in a clarification on its website mentions that the Company would have been placed at the 231st position on the list and not 315.

To quote the website of Fortune magazine, Tata Steel's revenue for fiscal year end March 31, 2008 -- released by the company after the Global 500 publication deadline -- was $32.8 billion. Had the information been available, the company would have placed 231 on the list. The company ranked 315th in the listing, based on revenue for the four quarters ended Dec. 31, 2007, of $25.7 billion.

This is the first time that the company has made an entry into the prestigious list of top 500 Companies of the World. Of all the Companies featured in the list Global 500 companies, Tata Steel has registered the biggest increase in revenues with a percentage change of 353.2 % from 2006. Tata Steel has registered revenue of $ 32.8 billion dollars.

Singh is King (Hindi Movie)

Vipul Shah expects record earnings from 'Singh is Kinng'With an overwhelming response to "Singh is Kinng" at the ticket windows for advance booking, the makers are expecting a record collection from the romantic comedy which is releasing on Friday.

"We have put 100 percent into the film and we want the audience to bless the film by watching it. We are very confident that the audience will love the film. I'm expecting a record-breaking collection from all over the world," Vipul Shah, producer of the film said on phone from Mumbai.

Trade analyst Taran Adarsh added: "We have tremendous expectations from the movie. A combo like Vipul Shah and Anees Bazmee can't go wrong. The movie has a huge box office turnover too. It is a very big film and since it is the solo release this week, it faces no competition either and should be a huge hit."

Written and directed by Anees Bazmee, the film, starring Akshay Kumar and Katrina Kaif, got unexpected publicity when Prime Minister Manmohan Singh pulled off a decisive win in the trust vote in parliament July 22.

"Congratulations India... Singh is King!" was the SMS circulated in Punjab and elsewhere soon after the result was announced.

Also, when Harbhajan Singh took six wickets last week to help India gain a lead on the third day of the second Test against Sri Lanka in Galle, the national dailies were flooded with headlines that said: "Singh is King".

"The unexpected publicity that the movie has got proves that Singhs are the real kings. It is the most appropriate title for the movie as it is the Singhs who are making the country proud at present," said Shah.

Made with a budget of Rs.500 million, the film is being distributed by Adlabs with about 2,000 prints worldwide. The film's USP is said to be the Akshay-Katrina pair who featured in last year's hits "Namastey London" and "Welcome".

International rapper Snoop Dogg and British bhangra band RDB also add a special attraction to the film. The music for the film has already sold over 500,000 CDs and cassettes worldwide.

A source from PVR cinemas informed IANS: "The advance bookings are getting a tremendous response at the ticket counter and most of the shows are already housefull till mid next week on an average. PVR is also organising a paid premiere for the movie a day before its release." Munish Sharma of Satyma Cineplex echoes the observation saying: "People are going crazy for the movie. Also, due to long weekends ahead with national holidays like Raksha Bandhan and Independence day, I'm sure the box office sales will go high." Joginder Mahajan, a Delhi-based distributor, predicts a grand opening for the film. "The film will do a business of more than Rs.80 million in the first two weeks itself. The advance booking scene is very good and all multiplexes in Delhi would be playing more than 10 shows of the movie in a day," said Mahajan. "It is an entertaining and enjoyable picture. The Akshay-Katrina pair is also the reason for its appeal. It will also do well in international countries like Canada and Britain where you have a lot of Sikh population," he added. "Singh..." is the second movie after Rahul Rawail's "Jo Bole So Nihaal" that will focus on the Sikh community on the whole. While "Jo Bole..." faced the angst of the Sikh community for the weak portrayal of the Sikhs and tanked at the box office, "Singh..." too got into trouble for Akshay's trimmed beard. But Shah says that he has resolved the issue. "We have already shown the film to the community leaders and they suggested some changes in the film. We came out with the movie only after making the changes and they have given us a written certificate of approval for the movie," Shah said. Although everybody is positive about the movie, Bazmee is feeling uneasy. "My entire team is very excited and Vipul is over-excited for the movie. However, I somehow always feel uneasy before my every release and thus I visit the Ajmer Sharif before a movie comes out. I would be doing the same before 'Singh...' releases," said Bazmee.

BEL eyes opportunities in nuke energy sector

The country’s largest defence electronic company Bharat Electronic Ltd (BEL) is looking at tapping the lucrative business potential in the atomic energy sector.
The Navratna defence PSU said it was exploring opportunities at the instrumentation part of the nuclear technology as part of its diversification plans.
“BEL is looking at instrumentation part of the nuclear technology as one of our diversification areas,” the Chairman and Managing Director of the company, Mr V.V.R. Sastry, told PTI here.
He said the Indo-US nuclear deal will open up huge technological advantage and investment opportunities for Indian companies and that the BEL was working eagerly to tap the benefits.
“We are actively and eagerly working on this scenario and we want to take advantage out of it for our business diversification plans,” Mr Sastry said. Asked whether the company would be interested in entering into any joint ventures with foreign compani es, he said the company was looking at “all alternatives.”
Engineering major Larsen and Toubro (L&T), Anil Ambani's Reliance Power, Bharat Heavy Electricals, Infosys, Wipro and TCS and many other companies are also looking at opportunities to exploit possible opportunities in the nuclear energy sector.
Mr Sastry declined to divulge details on how much money the company plans to pump in for diversification in the area. - PTI

ONGC supports windfall profit tax demand

Oil and Natural Gas Corp has offered to pay a super profit tax (SPT) on any financial gains above $50 per barrel, but wants the present ad-hoc system of sharing fuel subsidies to be scrapped.
As per the offer, which backs the demand of the Left and the Samajwadi Party for levy of windfall profit tax from refiners and crude oil producers, the company is willing to pay three-fourths of anything above $50 a barrel as SPT.
ONGC, which earned $125.85 per barrel on crude oil it produced in April-June quarter, has suggested to the B K Chaturvedi Committee that the Rs 2,500 per tonne cess on domestic crude oil be converted into ad-valorem rates so that the government gets incr emental revenues whenever crude prices rise.
“Base price of crude oil be fixed at $50 per barrel on which there would be no subsidy sharing... ONGC further proposes that beyond this crude oil price, additional tax may be levied” ONGC said.
“The same may be 75 per cent of the incremental revenues beyond the crude price of $50 a barrel,'' it added.
Of the $125.85 a barrel gross realisation on crude oil produced, ONGC got a net revenue of only $69.14 a barrel after paying for subsidies on domestic cooking gas (LPG), kerosene, petrol and diesel.
Upstream firms like ONGC bear one-third of the revenue losses on fuel sales retailers IOC, BPCL and HPCL suffer on not being allowed to raise prices in line with cost.
ONGC wants this subsidy-sharing scheme to be replaced by the WPT or super profit tax regime. – PTI

NTPC, ADB, GE Energy join hands for renewable power generation

State-run NTPC Ltd, Asian Development Bank (ADB), GE Energy Financial Services, Kyushu Electric Power Co and Brookfield Renewable Power will form a joint venture company to undertake renewable power generation, an official statement said on Tu esday.
The companies on Tuesday signed a Memorandum of Understanding (MoU) to form a joint venture company for generating renewable power. NTPC would hold a 40 per cent stake in the company while the remaining would be equally shared by other entities. The joi nt venture company would develop greenfield and under-utilised potential sites to establish 500 MW of renewable power generation sources in the country.
The company would seek to develop projects in the country and may consider investing abroad in the near future. Initially, the company would concentrate on wind power, mini and micro-hydro electric power. The Chairman of the joint venture entity would b e nominated by NTPC. - PTI

State Bank of Travancore revises lending rate to 14%

State Bank of Travancore has announced that the Bank has decided to enhance the Benchmark PLR from 13.50% to 14.00% with effect from August 04, 2008.The Stock closed on Friday at Rs.3210, up by Rs.7 or 0.22%. The stock hit an intraday high of Rs.3210 and low of Rs.3200.The total traded quantity was 30 compared to 2 week average of 373.

Areva T&D draws up Rs 500-cr capex plan

Future plans
The company’s focus is to increase the market share in the transmission and distribution sector.
In next three years, the company wants to increase its market share by another 20 per cent from on the current share of 15 per cent,

Power equipment major Areva T&D India Ltd, part of the French nuclear giant Areva, has capex plans of Rs 500 crore for the current financial year. In the next financial year, it would be investing another Rs 200 crore.
The company is keen to expand its footprint in the rapidly expanding power transmission and distribution sector.
Talking to Business Line, Mr Y.C. Easwaramurthy, Deputy Regional Finance Director, Areva T&D India, said the company’s focus is to increase the market share in the transmission and distribution sector. It has already made sizeable investment in scaling up its facilities. In next three years, the company wants to increase its market share by another 20 per cent fromthe current 15 per cent, he said.
He said that the company wants to further enhance the market share in products such as circuit breakers and voltage transformers, where it already has a leadership position.

Mega power projects
Mr Karim Vissandjee, Chief Financial Officer, Areva T&D Global, said the company was bullish on the ultra mega power and transmission projects. It foresees good potential in transmission projects which deploy 760 KVA transmission lines and HVDC lines. “We are keen on ultra mega power projects as the future of stable power supply will depend on these power projects” he said.
He added that the mega projects could be facing problems in the short run but in the long run, the projects are here to stay.
Mr Vissandjee said the company is deploying more personnel from its offices in Europe and China so as to serve the India market which has a huge customer base. “We have decided to set up an engineering hub in India, which will understand the market needs. Currently, about 80 engineers are deployed in the R&D activity and by 2012, we plan to increase this figure to 400. Research expertise would be brought in for transformers and circuit breakers” he said.

Nuclear Power
ar Power On the emerging opportunities in India’s nuclear power sector, Mr Vissandjee said, “We are waiting for more political developments to take place in India. We are keenly waiting and watching the scenario. Globally, we are number one in nuclear energy field and if we want to continue that position, then, we will have be present in India.”

Ranbaxy's ARV Drug, Abacavir 300MG Tablets, included in WHO's pre-qualification List

Ranbaxy Laboratories Limited (Ranbaxy), on August 01, 2008 announced that the World Health Organisation (WHO), Geneva, has approved and included another of the Company's Anti Retrovirals (ARV) drug in its pre-qualification list. The product approved by WHO, Geneva , Abacavir 300 mg tablets, will be manufactured at Ranbaxy's WHO Pre-Qualified manufacturing site at Paonta Sahib, India. Abacavir is a nucleoside reverse transcriptase inhibitor and is widely used as part of first line Anti Retroviral treatment around the world.

Commenting on the inclusion, Mr. Malvinder Mohan Singh, CEO and Managing Director, Ranbaxy, said "We are pleased to have one more product on the WHO pre-qualification list. This is yet another significant step in our effort to offer high quality, affordable ARV medicines, for the benefit of the needy HIV patients in the developing and developed parts of the world. We remain committed to supporting the global fight against HIV/AIDS."

With the inclusion of Abacavir 300 tablets, Ranbaxy now has 18 ARVs on the WHO pre-qualification list, including three USFDA approvals. Since 2001, Ranbaxy has been providing high quality ARV medicines, at affordable prices, to countries and patients afflicted by HIV/AIDS.

The Company's ARVs have been used as mainstays in various large treatment programs, both National and NGO/Institutional. As a result, over 500,000 patients in more than 60 countries across Africa, Latin America, CIS and Asia, benefit from Ranbaxy ARV.

The Stock closed the day at Rs.509.75, up by Rs.10.65 or 2.13%. The stock hit an intraday high of Rs.518.90 and low of Rs.470.10.

The total traded quantity was 1108032 compared to 2 week average of 1471277.

Wireless broadband policy announced

High-speed connection
Operators will have to pay a minimum base price of about Rs 500 crore for a pan-Indian WiMax spectrum
BSNL and MTNL will be given 20 Mhz without having to participate in the auction

Our Bureau
New Delhi, Aug. 1 In a bid to give a boost to broadband services in the country, the Communications Minister, Mr A. Raja, on Friday announced the policy for deploying broadband wireless technologies such as WiMax.
This technology, which offers high speed data connectivity, could be an option for those operators who fail in the 3G auction process or who do not have the deep pockets for bidding for 3G.

Base price
According to the policy announced today, operators will have to pay a minimum base price of about Rs 500 crore for a pan-Indian WiMax spectrum. In comparison, 3G operators will have to pay at least Rs 2,020 crore.
While broadband wireless technologies can also provide similar services such as 3G, it still has to establish itself as global standard. Only a few operators globally have deployed WiMax giving higher economies of scale to 3G technologies. However, some of the global technology companies such as Intel, Motorola and Nortel are betting big on this technology.
Analysts said that WiMax combined with 3G technologies will take the broadband to the next level of growth. There are only 4 million broadband subscribers in the country after 2 years of launch. The Government is planning to allocate 20 Mhz of spectrum for broadband wireless to each of the successful bidders. State-owned BSNL and MTNL will be given 20 Mhz without having to participate in the auction. However, they will have to pay an amount that is equal to the highest bidder.
Department of Telecom has also imposed roll out obligations on operators who win the auction. Broadband wireless operators will have to cover 90 per cent of Metro circles and 50 per cent of rural areas within 5 years. Operators will also have to pay a spectrum charge of 1 per cent of their annual revenues from the second year of their operation.
Similar charges have also been specified for 3G services. A number of large Internet Service Providers such as Sify and telecom operators including Reliance Communications, Tata Communications are expected to bid for broadband wireless spectrum.
Total number of operators which will be selected from the auction process will be notified later once there is clarity on the quantum of spectrum available.

ITI clarifies on news regarding revival proposal

ITI Ltd has clarified with reference to the news item appearing in a leading web portal titled "BSNL / MTNL will be allotted one slot of 3G spectrum today; Reserve price for auctions for pan India 3G spectrum will be Rs 2020 Cr; Only 2-3 operators will get 3G spectrum for Mumbai and Delhi".

To overcome the financial constraints of the Company, a revival proposal was submitted to the Government of India. The Ministry referred the same to BRPSE and is under their consideration.

Meanwhile, as per the communications from the Department of Telecommunications, ITI had made a presentation of its case of merger with BSNL on July 17, 2008. The matter is still under examination of the Government.

The stock closed the day at Rs.40.85, up by Rs.3.70 or 9.96%. The stock hit an intraday high of Rs.40.85 and low of Rs.36.

The total traded quantity was 512013 compared to 2 week average of 404886.

Rathi Udyog to invest Rs 2500 Crores for expansion

Rathi Udyog Ltd has announced that the Board of Directors of the Company at its meeting held on August 01, 2008, inter alia, has decided to enhance the Production capacity to 1.6 MTPA with an investment of Rs 2500 Crores.

The Board of Directors has further decided to enhance the melting capacity at Ghaziahad from existing 40,000 Tons to 75,000 Tons with an investment of approx. Rs 15 Crores.

The Stock closed the day at Rs.19.35, down by Rs.0.05 or 0.26%. The stock hit an intraday high of Rs.20.25 and low of Rs.19.

The total traded quantity was 7883 compared to 2 week average of 9725.

GMR Inra arm DIAL and Outlook Group to launch I.G.I Airport Magazine "OUTLOOK LOUNGE"

DIAL (Delhi International Airport (P) Limited) and Outlook Group have entered into an agreement to launch a premium monthly magazine ‘Outlook Lounge’ catering to the air travellers. It will be made available to the passengers at all terminals of Delhi Airport.

DIAL is a consortium led by GMR group (50.1%) and comprises Airports Authority of India (26%), Fraport & Eramen Malaysia (10% each) and IDF (3.9%).

Outlook Lounge aims to provide an entertaining and involving mix on travel, lifestyle and leisure content for the air traveler. Coming from the Outlook and DIAL, the magazine promises quality content with a well balanced mix of exotic destinations, latest gizmos, latest trends, lifestyle, entertainment, financial planning, aviation updates and health advice, along with a good blend of intelligent reviews on movies, music, books and much more.

The magazine, a monthly is scheduled to be launched next month. The magazine will be distributed free at the Delhi Airport across all terminals.

Mr. B.S. Shantharaju, CEO, DIAL said “DIAL is happy to partner with the Outlook Group, to launch this magazine for passengers. It will not only help passengers stay in touch with the latest updated in the development of IGIA, but also provide wholesome infotainment for them.”

The Outlook Group, leading Indian media house has launched various publications in addition to its flagship brand Outlook, the weekly newsmagazine. Having successfully launched various leading publications like Outlook Money, Outlook Business, Outlook Traveller and Outlook Profit, the group has established itself as a pioneer in these genres. Outlook Group has also entered into international alliances and now publishes licensed editions of Marie Claire, Geo and People in India besides handling marketing and distribution and advertising of Newsweek and distribution of Business week.

For the Outlook group, this will be another foray into a new territory and publisher Maheshwer Peri is quite upbeat about the launch. He says “We always felt that we should enter the custom publishing market when the best opportunity comes our way. We are happy that we have been chosen to cater to the readership requirements of the travellers at the Delhi airport. It is a great opportunity for us and we are committed to publishing the best magazine catering to the air travellers in India.”

Bangalore blasts further spooks bourses in late trade

The market extended early losses to end sharply lower after reports filtered of seven blasts in Bangalore in afternoon. The market traded weak throughout the the trading session amid negative cues from the global markets. Additionally, traders booking profits after a 20% rise in market recently in a short while. Index pivotals ICICI Bank and Reliance Industries plunged.
One person was killed and several persons have been injured in seven blasts in the outskirts of Bangalore today afternoon. Although the police have not yet been able to ascertain the cause of the blast, reports suggest that it may be an act of terror.
Oil rose above $126 a barrel on Friday, 25 July 2008, extending a rebound a day earlier that helped stem a nearly two-week dive as buyers crept back into the market before the weekend, superceding lingering demand worries. Crude oil for September delivery was at $125.96 a barrel, up 47 cents, on the New York Mercantile Exchange (NYMEX) at 15:29 IST.
European markets which opened after Indian market were in red. Key benchmark indices in UK, France and Germany were down 0.90% to 1.48%. Asian markets, which opened before Indian market, dropped. Key benchmark indices in Hong Kong, Japan, South Korea, China and Singapore were down by between 1.50% to 1.97%.
As per provisional closing, the 30-share BSE Sensex fell 493.48 points or 3.34% at 14,283.53. The index lost 566.38 points at the day's low of 14,210.63, hit in late trade. Sensex lost 292.62 points at the day's high of 14,484.39, hit in early trade.
The broader based S&P CNX Nifty slipped 112.9 points or 2.55% at 4320.65.
The BSE Mid-Cap index was almost unchanged at 5,582.36 and the BSE Small-Cap index was down 0.11% to 6,788.37.
The market breadth was negative on BSE with 1172 shares advancing as compared to 1435 that declined. 84 remained unchanged.
India’s largest private sector bank by assets ICICI Bank slumped 9.73% to Rs 656.10 after its American depository receipt (ADR) fell more than 10% in the US market yesterday. The stock is witnessing a major selling pressure since Thursday, 24 July 2008 after it rose nearly 42% to Rs 738.25 in just five trading session to Wednesday, 23 July 2008 from Rs 519.60 on 16 July 2008. The stock lost 1.55% on Thursday, 24 July 2008.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries slipped 7.09% to Rs 2143 after the company met forecasts with a 13% rise in quarterly profit, but analysts were still disappointed after four quarters of 20%-plus earnings growth. The firm posted 13.2% growth in net profit to Rs 4,110 crore on a 41% growth in turnover to Rs 41,805 crore in Q1 June 2008 over Q1 June 2007. Nearly 95% of the increase in turnover was due to increase in prices, with volume increases accounting for the rest, said a press release from the company.
Other major Sensex losers were, HDFC Bank (down 7.35% at Rs 1125), Housing Development Finance Corporation (down 4.96% at Rs 2238), Jaiprakash Associates (down 4.44% at Rs 163.55), ONGC (down 4.11% at Rs 985), and Bharat Heavy Electricals (down 4% at Rs 1655).
Top Sensex gainers were, Ranbaxy Laboratories (up 3.17% at Rs 481.50), ACC (up 2.54% at Rs 575), Hindustan Unilever (up 2.26% at Rs 233), Grasim Industries (up 1.90% at Rs 1865), and Satyam Computer (up 1.25% at Rs 373.95).
Mangalore Refinery & Petrochemicals jumped 18.08% to Rs 68.25 after its net profit surged 129.4% to Rs 845.39 crore on a 42.9% increase in sales to Rs 10662.46 in Q1 June 2008 over Q1 June 2007. The firm declared the results during market hours today.
Container handler Gateway Distriparks rose 0.94% to Rs 85.50 after its board approved buyback of shares at a price not exceeding Rs 110 per share for an aggregate amount of Rs 64 crore.
Media firm TV Today Network surged 12.64% to Rs 107.80 after the company said its board will meet on 31 July 2008 to consider buyback of equity shares.
Chemicals maker Balaji Amines was locked at 20% upper limit at Rs 120.20 after the company posted 67.2% rise in net profit to Rs 5.15 crore on 48.6% increase in net sales to Rs 73.08 crore in Q1 June 2008 over Q1 June 2007.
Inflation based on the wholesale price index rose 11.89% in 12 months to 12 July 2008, a tad lower than previous week's annual rise of 11.91%, government data released. Although, the annual inflation rate held just below previous week’s level the rate has not cooled enough to banish expectations of monetary tightening next week, reports suggest. The Reserve Bank of India (RBI) holds a review on Tuesday, 29 July 2008 and market expects it to raise the key lending rates to cool effects of higher fuel prices.
US stocks declined sharply on Thursday, 24 July 2008, after a report showing yet another drop in US home sales prompted investors to take profits in financial shares, which had rallied over the past week. The Dow Jones industrial average fell 283.10 points, or 2.43%, to close at 11,349.28. The Standard & Poor's 500 Index slid 29.65 points, or 2.31%, to 1,252.54, while the Nasdaq Composite Index shed 45.77 points, or 1.97%, to 2,280.11.

Power-packed recovery: Rpower up 43% from recent low

Reliance Power rose 7.22% to Rs 183.30 at 10:38 IST on BSE on reports it is set to enter the power equipment manufacturing sector in collaboration with the $7-billion global major Shanghai Electric.

Meanwhile, the BSE Sensex was up 52.89 points, or 0.32%, to 14,990.80, as oil prices dropped sharply on Wednesday, 23 July 2008, after the US government data showed a big increase in US inventories of gasoline.
On BSE, 57.18 lakh shares were traded in the counter. The scrip had an average daily volume of 34.83 lakh shares in the past one quarter.
The stock hit a high of Rs 189.70 and a low of Rs 173.60 so far during the day. The stock had a 52-week high of Rs 374.94 on 11 February 2008 and a 52-week low of Rs 116.30 on 2 July 2008.
The large-cap company had outperformed the market over the past one month till 23 July 2008, gaining 11.91% compared to the Sensex’s return of 5.92%. It had however underperformed the market in the past one quarter, declining 29.41% compared to Sensex’s decline of 10.64%.
From a recent low of Rs 128.10 on 16 July 2008 the stock rose 43.09% to Rs 183.30 today, 24 July 2008. The stock jumped 19.75% to Rs 170.95 in yesterday (23 July 2008)’s market rally.
The company has an equity capital of Rs 2,396.80 crore. Face value per share is Rs 10.
The proposed manufacturing unit would involve a total investment of about $3 billion and is proposed to be in place by 2010, the reports added.
Reliance Power is developing 13 power generation projects with a capacity of 28,200 megawatt (MW).
Reliance Power reported net profit of Rs 94.67 crore on total income of Rs 132.87 crore in the year ended March 2008.