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3G auction by Dec to boost exchequer Deora hints at fuel price hike to tackle revenue deficit U.S., India may breath life into Doha WTO talks – USTR India Inc buys 143 US cos in 2 years Marginal growth in Q1 advance tax Bank credit growth re-mains subdued Cabinet returns Guja-rat govt’s controversial anti-terror Bill India is the second largest investor in UK

Volume 1 Issue 28 Date : 22 June 2009

News for the week ended 19 June 2009

Investments in US Treasury holdings soar by $28 b in April Arun Jaitley quits as BJP gen secy Buddha must answer for Lalgarh violence: Congress Growth of biotech in-dustry falls to 18%; Maharashtra leads SEBI wants finmin to withdraw MF tax bene-fits to Corporates News of the week RIL-RNRL issue, full news covered on page 14-15.


Inside news... SEBI brings in anchor inves-tors for public issues SEBI to allow exchanges to offer interest-rate futures SEBI outlines new IDR listing agreement PSU stocks hit with Nifty mov-ing to free float from 26 June Indians can be intuitive about gold prices More selling than buying by company insiders FMC levies penalty on cash dealings over Rs 10 lakh BHEL to partner pvt firms for hydro projects State Bank of Indore to be merged with SBI Air India losing Rs 14-15 cr a day ONGC, Mittal to spend $ 150 m in Nigeria Nokia is India’s Most Trusted Brand Again Wockhardt sells German busi-ness unit to Mova World Bank raises growth forecast for China US biotech firms to infuse Rs 500 cr into Andhra SEZ World Bank raises growth forecast for China LIC seeks nod to raise stake in public sector banks beyond 10% Govt may sell 10% in CIL

Market Outlook Ending 14 consecutive weeks of gains, key indices slipped on profit sell-ing by funds and traders last week. The main index dropped 4.7% on the week, after rallying 83% over the previous 14 weeks— its best run in four years. The week also saw major global indices close in the negative territory on worries that the global recession would stretch together. The Mumbai High Court’s judgement accentuated the downwards bias. Profit booking by FIIs was visible as they sold stocks (net) of $350 mil-lion during the week. However, in June they were net buyers of $950 million. The week also saw inflation falling to sub-zero levels. The Fed’s two-day monetary meeting scheduled during the week could give global markets direction. Expectations of a pro-reformist budget and faster progress of monsoon could improve sentiment. NSE is adopt-ing free-float market mechanism for the Nifty from June 26 and should help stocks like L&T, HDFC, Infosys due to their increased weight ages. However, domestic markets are expected to be choppy in the June de-rivatives expiry week. Foreign buying could be crucial for any up move ahead. It would be interesting if markets can reverse the losses of earlier week and continue the three-month rally.

Economy Highlights 3G auction by Dec to boost exchequer The Union government has set the stage for the entry of the private sec-tor into third-generation, or 3G, mobile telephony after two key minis-tries came to a consensus base price of Rs4,040 crore for each of the six blocks of pan-India spectrum, depending on availability. The auction of 3G wireless radio, which will be concluded before December, is ex-pected to generate at least Rs25,000 crore, with some analysts pegging the receipts at Rs40,000 crore in the current fiscal. Third-generation services, seen as the next growth driver in Indian tele-com—the world’s second largest market, will allow voice, data and video to be transmitted at high speeds to wireless devices, blurring the lines between personal computers, laptops and personal handheld units in-cluding mobile phones. “The government wants the auction to be done within the next three months but this depends on when the cabinet committee on economic affairs (CCEA) gives its approval on the auc-tion. “Once they give their approval, then the auction can be done with 72 days.” Deora hints at fuel price hike to tackle revenue deficit Concerned at the rise in international crude oil prices, the government is looking at solutions to tackle the widening revenue deficit and one of the options on the table could be raising petrol and diesel prices. “We are seriously concerned about the rise in crude oil prices. We have to look for solutions,” petroleum minister Murli Deora said on Monday. Deora, who met Finance Minister Pranab Mukherjee on Monday after-noon to present his ministry's Budget wishlist, also discussed the de-regulation of fuel prices and asked to restore tax breaks on natural gas production as is given for crude oil. U.S., India may breath life into Doha WTO talks – USTR The United States and India may be able to find a way to revive World Trade Organization talks that collapsed last year after the two nations could not find common ground, U.S. Trade Representative Ron Kirk said on Wednesday. "India and the United States may be uniquely posi-tioned to try to breathe new life into the Doha development round" of WTO talks, Kirk told a business conference before meeting Anand Sharma, his counterpart from India.


Bank credit growth remains subdued Although bank credit increased Rs 21,460 crore in the fortnight ended June 5, 2009, after falling by Rs 16,306 crore in the previous fortnight, the year-on-year rate of growth still remains subdued, indicating that surplus liquidity is not making its way into the econ-omy. Bankers said this was the first fortnight after the results of the Lok Sabha elections were announced. Though the Congress-led UPA got the mandate to form the government, bringing stability, it could be a mere coincidence that these 15 days saw a rise in credit off take. According to the Reserve Bank of India (RBI) data, bank credit grew 15.68 per cent to Rs 27,57,210 crore at the end of June 5, 2009, compared with the corresponding fortnight in the previous year — the lowest year-on-year growth rate in more than five years. UPA’s rural push may increase fuel subsidy The Union government may announce a budgetary subsidy to oil marketing companies, or OMCs, to help them cover the losses they will have to bear on account of a new scheme to sell liquefied petro-leum gas, or LPG, to a much larger base of rural consumers. The Gramin LPG Vitrak scheme has been identified as a priority in the first 100 days of the government by petroleum and natural gas min-ister Murli Deora. The scheme is meant to promote LPG use in those rural areas that cannot be viably serviced due to the current LPG distribution policy. India Inc buys 143 US cos in 2 years The greater engagement of US with India seems to have benefited the former during the economic downturn as thousands of Ameri-cans managed to save their jobs when Indian Corporates went on a major acquisition drive in the US. During the last two years, Indian companies acquired 143 US firms across various sectors. While 94 deals were concluded in 2007-08, in the following year when the economy was on the downturn, Indians bought as many as 50 US entities that were on the verge of closure, saving thousands of jobs. Marginal growth in Q1 advance tax Preliminary data on the first installment of advance tax payments by companies in 2009-10 showed a mixed picture: A marginal in-crease in tax collection over the same period last year, supported

primarily by higher collections from public sec-tor banks. In 2008-09, advance tax payments contributed about 43% of overall gross direct tax collections of Rs3.75 trillion. After account-ing for refunds, the net collections stood at Rs3.34 trillion in 2008-09. The tax payments by banks may not necessarily be a good proxy for the trend in the next three quarters as the interest rate environment was favourable to banks in the recent past, an analyst said. These may not be the vaunted ‘green shoots’ of recovery yet, but advance tax collections are hinting a gradual return to normalcy in some sectors of the economy. While industrial output growth returned to positive territory in April, according to initial trends, advance tax pay-ments by India Inc in the first tranche ending June 15 are expected to touch Rs 23,000 crore, almost equal to the Rs 23,216 crore collected in June 2008.

INDIANS INDICES (WOW)

INDICES ▲/▼ % CHG CLOSE

BSE ▼ 4.71 14522

NIFTY ▼ 5.9 4314

BSE‐Bankex ▲ 0.9 8118.34

BSE Auto ▼ 3.55 4890

BSE IT ▲ 0.68 3298.27

Macro Indicators GDP% 6.7% WPI (Inflation) ‐1.61%

PLR 12.75% ‐13.25%

RepoRate 4.75%

Bank CRR 5%

Saving Bank Rate

3.50%

Reverse Repo 3.25%

Forex Reserve $263.6Bn(June 12)$261.2Bn( June 7)

GLOBAL INDICES (WOW) INDICES ▲/▼ % CHG CLOSE Nasdaq ▼ 1.7 1827 Hang Seng ▼ 5.1 17921

Shanghai ▲ 5.0 2880 Nikkei 225 ▼ 3.4 9786 FTSE ▼ 2.2 4346

FII ( From June 15 to 19( CRORES) Rs (cr) Purchase sales Net Equity 13498 13858 ‐360 Debt 1818.2 1029.8 788.4


New focus: bailouts, govt spending have to create jobs In a bid to put job creation at the centre of its economic policies, the government plans to make it mandatory for all development programmes to generate employment, through a first-ever National Employment Policy (NEP). The same goal will also be embedded in future bailouts or concessions to private sector companies, said a labour ministry official, and will also apply to special economic zones, the tax-free export hubs on which no consolidated survey reports on job potential exists. Critics of Indian growth since the advent of reforms have often pointed out that job creation has not kept pace with economic expansion, unlike in many other Asian countries such as Taiwan and South Korea. In-dia’s average annual employment growth rate between 1999-2000 and 2004-05 grew 3%. But during this period, the unemployment rate also went up from 2.2% to 2.3%, according to labour ministry statistics. Cabinet returns Gujarat govt’s controversial anti-terror Bill The Union Cabinet on Friday returned a controversial Bill that sought special powers for the police in Guja-rat to tackle terrorism and organized crime. The Bill was passed by the Gujarat state assembly. Union home minister P. Chidambaram told a news conference that the cabinet has suggested three amend-ments to the Gujarat Control of Organised Crime Bill (Gujcoca) before it could be recommended to President Pratibha Patil for acceptance. MBAs, IITians respond to Rahul's 'talent search' offer Many engineers and MBAs were among the 200-odd youths who appeared in person here in response to Congress general secretary Rahul Gandhi’s talent search offer for his party’s youth wing. Gandhi has been trying to induct new blood into the Indian Youth Congress and to also democratise the body’s functioning. Part of the plan is to invite well-qualified people to work with him and other IYC leaders on the revamp and on new programmers. As many as 198 candidates appeared for the interview . Many were engineers and MBAs working with highly reputed firms, earning good salaries. Such as Atul Mishra, who has worked with consultancy firm PricewaterhouseCoopers or Rajul Chaturvedi, an IITian, who works with Apex Enterprises. Then there was Shabana, Pradhan of village Rajapur in rural Kanpur, who said she wanted to change the lives of the rural poor while working with Rahul Gandhi.His style of functioning frew her, she said. Kolkata has highest purchasing power An ongoing study at Indian Statistical Institute, or ISI, has revealed that Kolkata has the highest per capita purchasing power among all metros. The reason: smaller population and low poverty compared with other metros. Household expenditure in Kolkata was found to be Rs1,822 per person per month on average, which is much higher than other metros such as Delhi, Mumbai, Chennai and Bangalore. Chennai comes second, with a monthly per capita household expenditure of Rs1,570. Hyderabad comes third, followed by Mumbai, Bangalore and New Delhi.


India is the second largest investor in UK Chennai, June 18 India is now the second largest ‘foreign direct investor’ in the UK in terms of the number of projects, outdone only by the US, according to the UK Inward Investment Results, 2008-09, released re-cently. With 108 projects, the number of Indian FDI projects rose 44 per cent in the year, replacing Japan as the largest Asian supplier of FDI projects in the UK. Dr Reddy’s Labs, Hemair Systems, Zanec Soft, IMI Mobile, Value Labs, Sri Jugal Kishore Jewellers, Virtual Marketing, Virinchi, Emsyne, Northgate — all from South India — are part of record-high new FDI into the UK, says a press release issued by the British Deputy High Commission, Chennai. India may secure entry into financial task force by 2010 India might be able to secure full membership of the Financial Action Task Force (FATF), an inter-governmental body formed to tackle money laundering and terrorist financing, only by next year. This is be-cause the country, a participating observer since February 2007, has to undergo a successful mutual evalua-tion with the international body in order to obtain a full member status, which will take place by the year-end. FATF review is done after every four years and India had an FATF review in 2005. India is a member of APG (the Asia Pacific Group on Money Laundering), which is an associate member of FATF. According to a finance ministry official, India and APG will do a mutual evaluation by this year-end. “We are sure to get the FATF membership when the next evaluation is done in December,” he said. Getting the membership of FATF will enable India to get international cooperation easily in money laundering cases. Also Indian banks would not have to face regulatory hurdles while trying to set up overseas branches. Investments in US Treasury holdings soar by $28 b in April India’s US Treasury holdings rose by $28 billion in April as the Reserve Bank of India and financial institu-tions opted for safe investments. India’s holding, as on April, was $38.5 billion, the highest since the country began holding dollar securities, according to data released by the US Treasury Department. In April last year, the holdings were $10.5 billion. The institutions that invest in US Treasuries, besides the RBI, include the General Insurance Corporation of India, foreign branches/subsidiaries of domestic banks and mutual funds that are permitted to invest in foreign securities. Chakrabarty quits PNB to take charge of RBI deputy governor Punjab National Bank CMD K C Chakrabarty has quit his post after his appointment as RBI Deputy Gover-nor "K C Chakrabarty has demitted office on June 14, 2009 on his appointment as Deputy Governor, Reserve Bank of India," PNB said in a filing to the Bombay Stock Exchange. Chakrabarty's appointment to RBI came in place of V Leeladhar who had retired in December. RBI has four deputy governors, of whom Rakesh Mohan has resigned to take a teaching profession in Stanford University in the United States.

Arun Jaitley quits as BJP gen secy Keeping with the party rule of 'one-man, one-post', Senior BJP leader Arun Jaitley on Tuesday resigned from the post of party general secretary. Sources close to Jaitley confirmed that he had sent in a 'one line resigna-tion letter' to Rajnath Singh which said, following party's "one-man, one-post" rule, he's resigning from the post of general secretary after being chosen as the leader of opposition in Rajya Sabha. Jaitley, who was BJP's chief election strategist, received a lot of flak from senior BJP leaders like Jaswant Singh and Yashwant Sinha after party’s shocking performance in the just concluded Lok Sabha polls. Bengal rules out apology to Maoists; more forces sent in The West Bengal government on Thursday ruled out an apology, as sought by Maoist leader Kisanji, for the “atrocities” committed on tribals at Lalgarh and blamed the ultras for bloodshed and violence in the restive West Midnapore district. “There is no question of apologizing to Maoists who have committed murders and indulged in violence at Lalgarh and other areas. Why should we accept such a demand?” state chief secretary Ashok Mohan Chakraborty said. Stating that the government was never averse to talks with tribals, the chief secretary said that efforts had been made in the past for discussions. Buddha must answer for Lalgarh violence: Congress Reacting to Left Front allegations that the entry of Maoists into Lalgarh was facilitated by the TMC-Congress combine, state Congress leaders said such allegations were “just gossip”, and that the situation in Lalgarh was due to the state government’s stand against banning parties like the People’s War Group. “Why haven’t these groups been banned? They are banned in other states. Chief minister Buddhadeb Bhattacharjee said these parties would be dealt with politically,” Congress Legislative Party leader Manas Bhuniya said.

Political Highlights


SEBI brings in anchor investors for public issues To boost primary markets, capital markets regulator Securities and Exchange Board of India (SEBI) on Thursday approved of the concept of anchor investors (AIs) in initial public offerings (IPOs). It also abol-ished entry load on mutual fund (MF) schemes so that an investor can directly pay the distributor, and ra-tionalized disclosure norms for rights issues. For IPOs, SEBI said only qualified institutional buyers (QIBs) will be eligible to be an AI, and will get up to 30% of the portion reserved for QIBs. Under current rules, 50% of the total IPO size is reserved for QIBs. AIs will have to invest a minimum of Rs10 crore, and “no person related to the promoter, promoter group and book running lead managers can apply as anchor investor”, SEBI said in a statement. SEBI to allow exchanges to offer interest-rate futures Markets regulator Securities and Exchange Board of India (SEBI) on Wednesday said it would start seeking exchanges that meet its guidelines for offering interest-rate futures. The introduction of interest-rate futures is expected to allow investors to hedge risks on borrowing costs. In such contracts, a borrower and a lender agree to fix the rate at which they will borrow or lend at a future date. As with other futures instruments, such as in commodities, the contract can help protect against rate swings. A panel which included officials from the stock market regulator and the Reserve Bank of India on Wednesday released the guidelines for exchange-traded interest-rate futures. Bourses turnover to touch $10 trillion by 2014 Entry of new players and inclusion of varied asset classes like commodities, currencies and power beyond the equity is expected to drive the domestic exchanges turnover to $10 trillion by financial year 2014, from the current turnover of $4 trillion. According to IDFC-SSKI research report on domestic bourses titled ‘Indian Exchanges The Final Countdown', the growth in the turnover of domestic exchanges would be spearheaded by the nascent but high potential commodity exchanges. By FY 2014, commodity exchanges are expected to generate a turnover of $4,184 billion registering a CAGR of 32% from its current turnover of $ 1,050 billion. Similarly during the next five years period equity exchanges is expected to record a turnover of $ 5,256 bil-lion and currency exchanges $960 billion from their current turnover of $3,042 billion and $240 billion re-spectively. SEBI outlines new IDR listing agreement In order to streamline and relax the process for IDR (Indian Depository Receipt) issuances, Securities and Exchange Board of India (SEBI) today outlined a model listing agreement for IDRs of companies whose mar-ket regulators were signatories to the Multilateral Memorandum of Understanding of the International Or-ganization of Securities Commissions. Under the modified agreement, the issuing company will have to treat all holders of IDRs on a par with shareholders in its home country. In matters regarding meetings, dividend declaration etc, a company will have to notify stock exchanges where its IDRs are traded at the same time it intimates other exchanges. It will have to notify these exchanges seven days before the record date for corpo-rate actions such as split of shares and rights and bonus issues. The issuer of IDRs will also have to disclose particulars of increase in capital, re-issues of forfeited shares and other alterations to capital to stock ex-changes by electronic filing. PSU stocks hit with Nifty moving to free float With the date of Nifty moving to a free-float market cap index nearing, stocks that will lose their weightage in the index have seen sharp falls in share prices in the past few days. The NSE had announced in March that Nifty index would be calculated using free-float market cap methodology from June 26. The stocks that will lose the weightage most following the new methodology would be NTPC, ONGC, Power Grid, SAIL and Bharti Airtel. In the last week, Power Grid, SAIL, NTPC and ONGC have lost more than 10 per cent each. Free-float market capitalisation takes into consideration only those shares issued by the company that are readily available for trading in the market. In free-float market capitalisation methodology, the level of index at any point of time reflects the free-float market value of Nifty component stocks relative to a base period. SEBI seeks data to monitor share pledges The country’s capital markets regulator has taken another step towards improving transparency and tighten-ing disclosure of share transactions by company promoters. The regulator is seeking information including details on the power of attorney vested in others by promoters, as well as on conversion of shares from de-mat to physical form, according to two persons familiar with the development. The Securities and Exchange Board of India, or SEBI, has asked share registrar and transfer, or R&T, agents to provide such information on a weekly basis, along with details of any change in shareholding because of the sale or purchase of stock by company promoters.

Markets Highlights


More selling than buying by company insiders Can stocks continue higher from here, or have they already risen too far for comfort? That debate may still be on. But company ‘insiders’, in quite a few cases, seem to think that the time is ripe to sell their holdings. In-sider sales reported to the stock exchanges have outnumbered their “buys” in the past month. From the blue-chip names such as ACC, L&T, Wipro and Suzlon Energy to the smaller ones such as DCW, IRB Infrastruc-ture and Peninsula Land, data disclosed to the stock exchanges show that company insiders have been sell-ing into the rally. Insider trades are tracked closely because company insiders are usually assumed to have more information about their company’s prospects than anyone else. Indians can be intuitive about gold prices India is a fascinating country when it comes to the study of gold and silver. The world tries to find a correla-tion between gold prices and oil, platinum, palla-dium, the US dollar and even inflation indices. Each of these linkages appears relevant for a while but none has withstood the test of time. India appears to follows a different tune, espe-cially when gold prices begin to skyrocket. At such times, India begins to consume more silver and actually begins to export gold. It must be remem-bered that the people who sell gold are invariably the same ones who sell silver as well. Hence, when goldsmiths confront consumer resistance on ac-count of soaring gold prices—Indians can be intui-tive when it comes to gold prices—they begin to peddle silver instead. And silver is conventionally known as the poor man’s gold, as rural folk purchase this metal after good harvests and during festive occasions. Unfor-tunately, there is more cheating in the quality of silver ornaments and coins than in gold. When it comes to silver coins, the contamination is often as high as 75-80%. Sadly, the government blissfully con-nives at this malpractice by not making hallmarking compulsory, which only encourages fraudsters. Kannan vows to reinvent BSE When Madhu Kannan worked for the New York Stock Exchange (NYSE), he saw its dominant position trad-ing blue-chip stocks get destroyed by aggressive new competitors. As the new head of the Bombay Stock Ex-change (BSE), Kannan is bringing the lessons he learnt to another struggling exchange. The 36-year-old is the youngest chief executive in the history of Asia’s oldest exchange. He plans to revitalize the market with better service, new technology and original products, just the strategy that ultimately halted the slide at NYSE. BSE has been around for 133 years. With at least 4,000 listings, it has one of the largest rosters of companies in the world. And India’s markets have been on a tear in recent years, with unprecedented amounts of overseas and domestic money trying to tap into the country’s emergence as a commercial power. FMC levies penalty on cash dealings over Rs 10 lakh The commodity markets regulator the Forward Market Commission (FMC) has directed commodity ex-changes to levy non-compliance charges on high value cash dealings. According to the FMC circular issued on Thursday, cash transactions upto Rs 10 lakh will attract no charges while traders will have to pay 0.1 per cent of commodities’ transaction value if they wish to settle in cash. “The move was to discourage cash deal-ing in commodity space,” Rajeev Agarwal, member of the FMC, said. Cash dealings are not supposed to take place in commodities’ derivatives markets, But, it has been happening quite extensively. FMC after thorough inspection found cash dealing rampant in the market and hence, decided to discourage such practices, Agar-wal said. Wealthy investors still risk averse: Barclays report Are high net worth investors (HNIs) across the world ready to take on more risk after all the talk of “green shoots” of recovery? Not yet, suggests a report by the Economist Intelligence Unit and released by Barclays Wealth on Monday. The report (New Horizons, New Behaviour), which surveyed 2,100 HNIs from across key markets, found that while nine out of 10 HNIs globally do believe that the current markets offer buying opportunities, the majority of them were reluctant to act on this view. The survey was done between March and May 2009.


Keep more funds for provisioning: RBI The Reserve Bank of India (RBI) has counselled State Bank of India (SBI) to maintain higher-than-mandated provisioning for bad loans, but the country’s largest lender seems to have shrugged off the central bank’s advice on the grounds its provisioning practices are in keeping with regulations. According to banking industry sources, RBI Deputy Governor Shyamala Gopinath, who is on the board of SBI, has recently written a letter to Chairman O P Bhatt suggesting a higher provision-coverage ratio. A senior official in SBI con-firmed the bank has received the letter. SBI’s provision-coverage ratio slipped to 38 per cent in January-March from 42 per cent a year ago. Gopinath suggested this ratio should be at least 50 per cent for SBI. Other large state-owned banks have a provision-coverage ratio in the range of 70-80 per cent. SEBI wants to make P-Notes route less attractive To discourage foreign investors from the participatory notes (PN) route, the Securities and Exchange Board of India (SEBI) will on Thursday decide on a proposal to lower the registration fees for foreign institutional investors (FIIs). The regulator is expected to recommend amendments to the SEBI Act and the Securities and Contract Regulation Act to arm itself with more powers to deal with fraudsters. The amendments under discussion include powers to attach the assets of those found guilty of market manipulation, sources said. The move comes soon after the Satyam scam, when Sebi had to play second fiddle to local police and investi-gators. According to sources privy to the discussions, SEBI has proposed that the registration fee for FIIs be cut to $5,000 (Rs 2.35 lakh) for a five-year licence, as against the present level of $10,000 (Rs 4.70 lakh) for a three years. Similarly, in case of sub-accounts, the registration fee is expected to be lowered to $1,000 (Rs 47,000) for five years from $2,000 (Rs 94,000) for three years, said informed sources. FIIs dump depository receipts on concerns of overvaluation It could be a signal from overseas investors that valuations of Indian shares are stretched and further correc-tion could be around the corner. Foreign investors, who were keen on buying depository receipts (DRs) of domestic companies till some time ago, are now cutting down their India exposure, following the swift run-up in stock prices over the past few months. Some of the most actively-traded DRs such as SBI, Reliance In-dustries, Infosys, ICICI Bank and Sterlite Industries have fallen 2-9% over the past one week, signalling the onset of selling by foreign investors. High-volume scrips, including Ranbaxy Labs, M&M, Tata Communica-tions, SBI, Infosys and Reliance Industries, are also trading at a 2-4% discount to the local market. The Skin-dia GDR Index is trading at a 1% discount to the benchmark Sensex. FIIs, banks can trade in interest rate futures The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) jointly unveiled norms enabling exchange-traded interest rate futures (IRF) on Wednesday. Interest rate futures are deriva-tive contracts which have an interest bearing security as the underlying instrument. The introduction of this instrument will help banks, insurance companies, bond houses and provident funds manage risks arising from interest rate fluctuations in their fixed income portfolios. In a surprise move, foreign portfolio investors have been allowed to trade in IRFs, but limits have been put in place to keep their influence under check. The regulations, which were being developed by a joint committee of SEBI and RBI for over a year, also allow banks to participate in IRFs. Inflation turns negative on base effect The annual Wholesale Price Index-based inflation rate fell in the first week of June, the first time in well over three decades, mainly on account of a statistical base effect. Responding to the headline inflation turning negative, the Government said while this was “unusual”, it would not lead to any change in policy stance. The WPI fell 1.61 per cent during the week ended June 6, sharply below previous week’s annual rise of 0.13 per cent, according to the data released by the Ministry of Commerce and Industry. The decline in the year-on-year inflation rate during the latest reported week was primarily due to a dip in the inflation rate of fuel and power that declined because of the base effect.


SEBI wants finmin to withdraw MF tax benefits to Corporates In order to discourage corporate India from parking excessive money in mutual fund schemes, market regu-lator Securities & Exchange Board of India (SEBI) has requested the ministry of finance (MoF) to withdraw tax benefits available to companies on MF investments. SEBI has also pleaded with the ministry to extend special tax incentives to infrastructure mutual funds as well as reduce the securities transaction tax (STT), currently at 0.125%, to lower the cost of transaction. “It was the companies that went for huge redemptions from debt market schemes during the October 2008-credit crunch, leaving the entire MF industry in a se-vere liquidity crisis. Private non-life insurers re-port negative growth Public sector insurers have out-paced private sector peers for the first time since the non-life insur-ance sector was thrown open. In-dustry sources said that the decel-eration was partly on account of the flight of renewal business from the private to the public sector. Big ticket business such as ONGC’s risk cover has gone to the PSU insurers. In April, ONGC had paid out the equivalent of $32 million as premium to a syndicate of domestic insurers led by United India Insurance (UIIL), up from last year’s $26 million. ONGC’s entire risk cover is reinsurance driven. At least 80 per cent of the risk is covered by reinsurance. Growth of biotech industry falls to 18%; Maharashtra leads After growing by at least 25% for five successive years, India’s biotech industry slowed to 18% growth in the fiscal ended 31 March, clocking Rs12,137 crore in revenues, up from Rs10,273 crore a year ago. Announcing the industry’s performance at the annual biotech event, Bangalore Bio 2009, on Thursday, Kiran Mazumdar-Shaw, chairman and managing director of Biocon Ltd and chairman of the Karnataka Vision Group on Bio-technology, said Bangalore maintained its lead as the largest biotechnology cluster in the country, account-ing for 21% of the revenue. Among the emerging states, Maharashtra recorded the highest growth rate of 32%. Deora seeks tax holiday for natural gas production The Petroleum Minister, Mr Murli Doera, during his pre-Budget meeting with the Finance Minister, Mr Pranab Mukherjee, sought a seven-year income-tax holiday on natural gas production similar to the one cur-rently being provided for crude oil. A glimmer of hope for India’s retail sector Consumers have started trickling back to malls and department stores as the economy is stabilizing, say many large retailers, who expect sales to further improve in the months ahead. This sentiment is spread across segments, from value retailers such as Vishal Retail to specialized chains such as The MobileStore, which sells cell phones and accessories and is part of the conglomerate Essar Group, to Reliance Retail, A mukesh Ambani lead venture. Textiles: FICCI for full tax exemption on export earnings for short term A delegation of the Federation of Indian Chambers of Commerce and Industry (FICCI) on Wednesday sug-gested to the Union Minister for Textiles, Mr Dayanidhi Maran, that while there should be a temporary 100 per cent tax exemption for the textile industry from export earnings, the drawback rates should be hiked by five per cent and export credit should be provided at seven per cent till 2010. CII - North proposes aqua code for industry The Confederation of Indian Industry (CII) - Northern Region has urged the industry to adopt an ‘aqua code’ for better management, conservation and efficiency of usage water, which is a scarce resource. To address these issues, the chamber will also be setting up a permanent building for the ‘CII water institute’ on a three-acre plot provided to it recently in Jaipur by the Rajasthan Chief Minister’s Office, said sources in the CII. The institute has been running since last year from a rented premise.

Industry Highlights


International Highlights

Paris is world’s best city brand Sydney was voted the city with the friendliest people, the best quality of life, climate and views in a global survey, but was beaten to the top spot by Paris, which was seen as being more interesting. The 2009 Anholt-GfK Roper City Brands IndexSM (CBI), based on a survey of some 10,000 people across 20 countries, likens cities to “brands” and measures consumer perception of the image and reputation of 50 major cities worldwide. Paris ranks as the top overall city brand, followed by Sydney, London, Rome and New York. Obama unveils sweeping overhaul of financial regulations President Barack Obama proposed a major overhaul of the US financial system on Wednesday, unveiling meas-ures he hopes would restore confidence and prevent a repeat of the worst crisis to hit Wall Street in seven dec-ades. The Obama plan would give new powers to the Federal Reserve, the US central bank, to oversee the entire financial system and create a new consumer protection agency to guard against the types of abuses that played a big role in the current crisis. GM says reaches deal to sell Saab to Koenigsegg Sweden's Koenigsegg, a niche manufacturer of some of the world's fastest and most expensive sports cars, has struck a deal to buy loss-making Saab Automobile from General Motors Corp, the companies said on Tuesday. In one of the most unlikely pairings in automotive history, the tiny sports car maker with a staff of 45 is expected to take over a company that employs around 3,400 -- a cherished Swedish brand that became a national icon for stability and reliability. India’s proposal for a crude oil price band finds supporters India’s year-old suggestion of an oil price band to reduce volatility in the crude oil market has won the backing of Nigeria, Russia, France, Japan, South Korea and the US, but experts say the proposal may be difficult to imple-ment in the absence of a broader agreement between oil producing and consuming nations. The proposal was discussed at a Group of Eight (G-8) energy ministers meeting held in Rome on 24-25 May, which was also attended by representatives of oil producers and consumers. Italy’s Eni SpA, one of the large crude oil producers, favoured a $60-70 (Rs2,928-3,416) price band per barrel of crude. IMF chief warns it too soon to roll back stimulus G-8 Ministers weigh Unwinding Rescue Programs World financial leaders are starting to examine how they will unwind their emergency spending packages and bank rescues as signs emerge that the economic crisis may have hit bottom. Finance ministers from the Group of Eight leading countries on Saturday asked the International Monetary Fund to research strategies to slim budget deficits and reduce government presence in the financial sector, but in a way that wouldn't reignite the crisis. China builds 7 in 6 years; India yet to complete one As the Maharashtra government prepares to open a short, 5.6km stretch of the country’s first sea link later this month, eight years after the project was contracted and some four years later than scheduled, planners elsewhere are designing the world’s longest sea bridge. The 43km sea bridge connecting Hong Kong-Macau and Guangdong in China will be built in six years. Conceived in the 1990s, the 20km Western Freeway project was planned as a string of expressways along Mumbai’s west coast to connect its suburbs to the financial hub in the city’s south. It was one of the state government’s many attempts to emulate Shanghai, but while China has built seven sea links in the past six years, India is struggling with its first. World Bank raises growth forecast for China The World Bank raised its economic growth forecast for China from 6.5pc to 7.2pc on the back of higher-than-expected government spending, but warned that the China growth-story could not be sustained in the long-term without fundamental reforms to the economy. US biotech firms to infuse Rs 500 cr into Andhra SEZ Two US-based biotech companies, Imac and Indus Expression floated by non resident Indians have planned an investment of Rs 500 crore to set up their units in India. To be located in an SEZ proposed by the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) in Pulivendula, Kadapa district (the home constituency of AP chief minister YS Rajasekhara Reddy), both the units would operate from this SEZ for zoonotic diseases such as swine flu, avian flu, etc. Zoonotic diseases are diseases caused by infectious agents that can be transmitted between ani-mals and humans.


BHEL to partner pvt firms for hydro projects State-owned Bharat Heavy Electricals Ltd (BHEL) will partner private construction firms to build overseas hydropower projects and is in talks with companies including Patel Engineering Ltd. “We are looking at get-ting EPC (engineering, procurement and construction) contracts overseas through this approach,” K. Ravi Kumar, chairman and managing director, BHEL, said. “We have a tie-up with BHEL in India to execute projects in Andhra Pradesh on a similar model. It will be mutually beneficial to both the companies,” said Ashwin Parmar, deputy director, business development, Patel Engineering. For starters, India’s largest power equipment maker is eyeing a $250 million (Rs1,198 crore) contract to build a 72MW project in Katande in the Democratic Republic of Congo. Wockhardt sells German business unit to Mova Drug maker Wockhardt Ltd on Wednesday said it has sold a business it had acquired in 2004 to Mova GmbH, a subsidiary of Lindopharm GmbH, for an undisclosed sum. Wockhardt, India’s sixth largest drug manufacturer by sales, had in 2004 acquired the German business of Esparma GmbH for $11 million (Rs49 crore at then prevailing rates), its third overseas acquisition. Fortis leads race for Wockhardt Hospitals Fortis Healthcare, which is owned by former Ranbaxy promoters Malvinder Singh and Shivinder Singh, has emerged as the lead bidder to acquire a part of Wockhardt Hospitals. Fortis became the front-runner after the Chennai-based Apollo Hospitals Group retracted its plans to buy three of the 12 hospitals owned by Wockhardt Chairman Habil Khorakiwala and family. Sources close to the developments said the deal with Fortis, either for buying two-three hospitals or picking up a minority stake of about 25 per cent, may happen within three-four weeks. Govt may sell 10% in CIL In a bid to restart the disinvestment process, the government is planning to sell up to 10 per cent of its stake in the state-owned Coal India Ltd (CIL), the country’s largest coal producer. “Our target is to disinvest a 10 per cent stake in Coal India by the end of the current year. Disinvestment in the coal sector is absolutely nec-essary,” Minister of State for Coal (Independent Charge) Sriprakash Jaiswal said at a media briefing. The move is a part of a government’s proposal, where proceeds from the stake sale of major public sector under-takings (PSUs) will be used to bridge the fiscal deficit. State Bank of Indore to be merged with SBI Less than a fortnight after the Finance Minis-ter, Mr Pranab Mukherjee, endorsed the con-solidation process among State-owned com-mercial banks, State Bank of India (SBI) has set the ball rolling. The board of State Bank of Indore on Friday passed a resolution that would pave the way for its merger with the SBI. Currently, the SBI holds 98.05 per cent stake in State Bank of Indore, which is the smallest associate bank. Nokia is India’s Most Trusted Brand Again Nokia’s tagline of ‘connecting people’ certainly seems to have struck a chord with the Indian consumer. For a second year running, the handset maker has topped the prestigious, ‘Brand Equity Most Trusted Brands (MTB) Survey‘. Air India losing Rs 14-15 cr a day Air India is losing Rs 14-15 crore daily. The losses are mainly on account of low fares in relation to costs and low passenger loads. Air India is seeking Government subvention running into several thousands of crores of rupees, although the airline has not yet sent a concrete proposal for the funds it is seeking. Being a public sector enterprise, the airline will have to seek Parliamentary approval before any funds can be sanctioned.

Corporate News


Government mulls stake sale in BHEL Out of the shadow of the Left parties in its second innings, the United Progressive Alliance (UPA) government is considering a proposal to sell part of its stake in one of its most valuable companies, Bharat Heavy Electri-cals Ltd (BHEL), Minister for Heavy Industries and Public Enterprises Vilasrao Deshmukh told reporters to-day. “The government has definitely had some positive thinking on those lines,” Deshmukh said, adding that no decision had been taken on how much the government would divest. Tata Steel hikes prices by 7% Tata Steel has raised product prices by Rs 500 to Rs 750 a tonne for the second time in the last two months on the back of improved domestic consumption and signs of global economic recovery. “We have increased the prices of hot-rolled and cold-rolled steel items by 5 to 7 per cent on our monthly contracts in select regions,” said a Tata Steel source. The increase in rates would be effective from June 1, he added. DoT has enough 3G bandwidth for 11 players With the Defence Ministry agreeing to vacate more spectrum, the Depart-ment of Telecom now has enough bandwidth to accommodate as many as 11 players for offering third genera-tion mobile services in six circles. LIC seeks nod to raise stake in public sector banks beyond 10% Life Insurance Corporation of India has sought the permission of the In-surance Regulatory and Development Authority for raising its stake in public sector banks beyond 10 per cent. Ever since the IRDA put a 10 per cent cap on investments by insurance compa-nies in a single entity last year, LIC has been in talks with the regulator for easing this stipulation in certain cases. The IRDA had already allowed the corporation to hold on to its existing stake in companies even if they are above 10 per cent. However, LIC wants this concession to be extended to fresh investments also. Sterlite Tech bags Rs 250-cr contract from BSNL Sterlite Technologies, backed by Chinese vendor Huawei, has been awarded a Rs 250-crore contract by Bharat Sanchar Nigam Ltd to roll out the next generation of broadband technology called Gigabit-capable Passive Op-tical Network (GPON). Seven equipment vendors, including Ericsson, Nokia Siemens, ZTE and Indian Tele-phone Industries (ITI), had bid for this contract. GPON is an optical fibre cable access technology for deliver-ing high-capacity broadband services that allows carriers to deploy a whole range of telecom and entertain-ment services on a single line. Nomura agrees to buy 30.5% stake in LIC MF Mumbai, June 15 Japanese financial services group Nomura has agreed to pick up a 30.5 per cent stake in LIC Mutual Fund for around Rs 227 crore. The deal values the Indian company at over Rs 700 crore. The Japanese firm plans to take its stake up to 35 per cent, Mr R. R. Nair, Director and Chief Executive, LIC Housing Fi-nance, said. LIC HF, which holds 39.3 per cent stake in LIC Mutual Fund, will sell 19.3 per cent to Nomura for Rs 138 crore, while GIC Housing Finance will sell its entire 11.2 per cent stake for Rs 89 crore. Tata arm to give 1:1 bonus shares The board of TRF Ltd, an associate company of Tata Steel and a pioneer in engineering and supply of material handling equipment, on Wednesday approved the issue of bonus shares in the ratio of 1:1 (i.e. one share for every one share held by existing shareholders of the company). The bonus issue is subject to the approval of shareholders at the forthcoming annual general meeting (AGM) of the company scheduled to be held on July 20, 2009.


Bharti-MTN: due diligence to be completed in 1 month Due diligence for the proposed transaction between Bharti Airtel Ltd and South Africa’s MTN Group Ltd is expected to be completed in four weeks, a key dealmaker said. The exercise could be completed earlier as the advisers and lawyers will be able to access the data online, this person said on condi-tion of anonymity. This represents a major step forward in the proposed deal that would create a large multinational mobile phone services operator with combined revenues of at least $20 billion (Rs96,200 crore). ONGC, Mittal to spend $ 150 m in Nigeria Steel czar Lakhsmi N Mittal and partners Oil and Natural Gas Corp (ONGC) and Total SA of France will invest $ 150 million in exploration of oil in Nige-ria. ONGC Mittal Energy Ltd, the joint venture of ONGC Videsh Ltd and Mit-tal Investment Sarl, had in 2005 won two exploration areas - OPL 285 and OPL 279 - in Nigeria. In November 2008, they got French energy major Total as technical partner in the two blocks. "Our commitment is to spend USD 75 million in first phase of exploration on each block," an OMEL spokesperson said. Bank unions, IBA close to deal on wages About 800,000 employees of state-run banks are set to get a 17.5% increase in their wages. The Indian Banks’ Association (IBA), the premier bankers’ body, is close to signing an agreement with trade unions after protracted ne-gotiations that have lasted one-and-a-half-years. The last wage agreement, that offered a 13.3% hike to bank employees, expired on 31 October 2007. Wage agreements in the banking industry last for five years. A 1% hike in wages translates into a Rs275 crore expenditure for public sector banks, which account for about 80% of the Indian banking industry. DLF arm winds up retail JV with Italy’s Piquadro DLF Brands is winding up its joint venture with Italian leather and luggage accessories major Piquadro to open a chain of monobrand stores in the coun-try. The development comes even as real estate giant DLF’s retail manage-ment arm is resetting growth strategies following an economic downturn, and reviewing the expansion plans of a few international fashion and lifestyle brands it operates locally, informed sources said. The 51:49 JV between Pi-quadro and DLF Brands was projected to open 16 exclusive stores by 2013. Max starts talks to sell 23% to New York Life With the Insurance Laws (Amendment) Bill awaiting Parliamentary ap-proval, Max India, Analjit Singh’s flagship company, has started discussions on divesting 23 per cent out of its 74 per cent shareholding in Max New York Life Insurance to its foreign partner. The Bill is expected to raise the foreign direct investment (FDI) limit in insurance joint ventures from 26 to 49 per cent.

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Federal Bank, Catholic Syrian merger likely in a month The merger of Catholic Syrian Bank with Federal Bank is expected to be through in a month. According to reliable sources close to the deal, the boards of directors of both the banks will meet in a month’s time to give their consent. The acquisition price will be fixed then. Federal Bank has 4.99 per cent stake in the privately-held Catholic Syrian Bank. The other largest shareholder in CSB is Thailand-based NRI, Mr Surachan Chawla, with a 21 per cent stake. After the Reserve Bank of India’s mandate to bring down his stake to 10 per cent, Mr Chawla reduced his exposure to 21 per cent in 2008 from 34 per cent in 1994. Mr Chawla has also agreed to sell his stake to Federal Bank, but the value is not known.


Court tells RIL to supply gas to RNRL at lower price A division bench of the Bombay High Court asked Mukesh Ambani-promoted Reliance Industries (RIL) to sell natural gas to Reliance Natural Resources (RNRL), an Anil Ambani group company, at $2.34 per million British thermal units (mBtu), which is 44 per cent lower than the price fixed by the government. Meanwhile, the court also ordered the two parties to explore a fresh agreement within a month for the sale of gas from RIL-controlled Krishna Godavari (KG) basin to RNRL, in accordance with the memorandum of understanding (MoU) signed between them in 2005. It also said that the gas could be used only for power generation and not for trading. The court directed both parties to either draw up a new supply contract or make the existing contract “bankable”. Alternatively, the Ambani brothers have the option to go back to their mother, Kokilaben, who had reserved her right to intervene if her sons did not act according to the MoU. In their order today, Jus-tices J N Patel and K K Tated said RNRL had the option of approaching the courts again for a modification of the demerger scheme if negotiations failed to result in a satisfactory outcome in one month. RIL can take the case to the Supreme Court and the judgment has also left the doors open to a settlement between Mr Mukesh Ambani and Mr Anil Ambani presided over by their mother. There could, therefore, be more twists in the tale before it concludes. Impact on RIL revenues That said, RIL’s revenues from gas sales could take a big hit if the judgment is indeed operationalised. RIL has already contracted to sell 15 mmscmd of gas to various fertiliser companies and a further 12 mmscmd to power producers. These have been contracted at $4.2 per million British thermal unit (mbtu). Its current output is known to be around 25 (Million Metric second standard cubic Meter per day) mmscmd only, but this is expected to be ramped up to 80 mmscmd by the end of this fiscal. However, according to the judg-ment, RIL has to part with 28 mmscmd for 17 years to RNRL at $2.34/mbtu. The loss of revenue to RIL due to this is estimated at $1 billion which is why the stock was marked down during Monday’s trading. Ministry confident about RIL gas production and utilization The petroleum ministry is confident that the gas sale and purchase agreements signed between Reliance In-dustries Ltd (RIL) and companies in sectors such as power, fertilizer and steel remain valid following the court ruling on RIL’s dispute with Reliance Natural Resources Ltd (RNRL). The gas sale and purchase agree-ments, or GSPAs, between RIL and companies in key sectors still stand following the ruling, said a petro-leum ministry official. “Gas production and utilization will not be hit. Prima facie, there is no need for action on part of the government,” said the official, who did not want to be identified because of the sensitivity of the issue. The court passed an interim order on 30 January, allowing gas to be sold to government-nominated buyers at $4.20 per mBtu. The court had then said the gas sale agreements should be entered into with the provi-sion that they were subject to a final ruling.


HC ties down RIL, roils gas use plans In its game-changing Monday verdict on natural gas from the Krishna-Godavari (KG) basin being supplied to Reliance Natural Resources Ltd (RNRL) by Reliance Industries Ltd (RIL) at a price lower than that speci-fied by the government, the Bombay high court has quoted key parts of the hitherto secret memorandum of understanding (MoU) between Mukesh and Anil Ambani, signed in 2005 when the two parted ways, that may have far-reaching policy implications. These key sections of the family agreement suggest that the Reli-ance-Anil Dhirubhai Ambani Group (R-Adag) will have a first right of refusal on all future gas discoveries by RIL, though at market prices. Such an arrangement could thwart the government’s gas utilization policy not just now, but in the future as well. The clause has made the government sit up and take note even as it strate-gizes on its role in the gas dispute that shows no sign of abating. Sector analysts explain that while this was unlikely to affect the future revenues of RIL, India’s largest com-pany by market capitalization and developer of India’s largest gas discovery situated in the KG basin, this open-ended option with R-Adag may make it more difficult for the government to hand-pick buyers of the gas or stick to any priority list for gas utilization for all time to come. An official from the petroleum and natural gas ministry said the government had taken cognizance of the issue but was guarded about the impli-cations, while analysts argued otherwise, claiming that it could lead to the government intervening and chal-lenging the verdict in a possible Supreme Court appeal. Govt directs RIL to hike K-G gas supply to nine power companies The Ministry of Petroleum and Natural Gas has gone ahead and directed Reliance Industries Ltd (RIL) to make additional allocation of natural gas from its Krishna-Godavari (K-G) basin find to nine power compa-nies from the surplus available because of no or low offtake by fertiliser units. This is in accordance with an earlier decision by the Empowered Group of Ministers (EGoM) on gas utilisation. Among the companies to benefit are Anil Ambani’s Reliance Infrastructure, Gautami Power, GVK Industries, Lanco Kondapalli Power, Torrent Power, Gujarat Paguthan Energy, Vemagiri Power and Maharashtra State Power Generation Company. RIL had, in April, signed gas sales and purchase agreements (GSPAs) with these nine customers in the power sector for approximately 11 million metric standard cubic metres per day (mmscmd) at 11 dif-ferent power generation facilities. NTPC objects to RIL’s attempt to change plea State-owned power utility NTPC Ltd has appealed against a request of Reliance Industries Ltd (RIL) at the Bombay high court to amend its plea in a litigation involving the sale of natural gas. Mukesh Ambani-owned RIL wants to amend the plea to argue that following the government’s policy on pricing and allocation of gas from the Krishna-Godavari basin off India’s east coast, the RIL-NTPC contract stands “frustrated”. “We have already appealed against any amendment to their plea. When a case is on for so long, why should some-one amend their plea now?” asked an NTPC executive. The official declined to be named because the matter was in court. RNRL files caveat in SC on K-G gas deal Anil Ambani-promoted Reliance Natural Resources Limited (RNRL) has filed a caveat before the Supreme Court to preclude the chances of an ex parte order (one issued without hearing the other side) on the gas-sharing deal it had signed with Reliance Industries (RIL). Our Mumbai reporter adds: The move comes amidst reports that RIL is planning to move the apex court next week. There was also a buzz in Mumbai throughout the day that the RIL board met today to take a decision on the issue, though an official spokes-person of the company denied it. RNRL filed the caveat after the Bombay High Court upheld on June 15 RNRL’s position on the gas price in its dispute with RIL and ordered that the Anil Ambani-led firm’s dispute with RIL over gas supply should be resolved within a month through a fresh “suitable arrangement”. Corrections & Clarifications ICOFP welcomes comments, suggestions or complaints about errors. Readers can alert us to any errors in the newsletter by emailing us, with your full name to [email protected]. Disclaimer@ International College of Financial Planning May 2009 All the information contained in this report are true to our best knowledge & taken from various market sources. The information available only for educational purposes not for any investment decision. International College of Financial Planning Ltd.3rd Floor Gulab Bhawan, Bahadur Shah Zafar Marg, New Delhi –110002.

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