JIK Industries opens retail outlet in South Mumbai
JIK Industries has informed that it has opened a retail outlet in South Mumbai of crystal and glassware products which form a part of Luxury Goods segment, inspired by world art glass designs and combining them with Indian traditional craft.
JIK is the single largest and sole producer and distributor of branded, hand-made, lead-free crystal glassware in India. It has combined Swedish manufacturing techniques and designs with abundant cheap and skilled labour in India to create exquisite Scandinavian hand-blown crystal glassware at prices that are Indian.
Epicenter of Financial Crisis shifts to Dubai – Bloodbath in Asian Equities
The Epicenter of Financial crisis has now shifted to Dubai as the Dubwai World congolmerate has defaulted on loans and $60 bn loans are vulenrable which could send banks profitablity knocking down. [None of the Indian Banks have exposure to Dubai World]
Cautious investors continued to unwind their positions in the late afternoon trades to avoid a big hole in their investment portfolios. The selling pressure was evident across the board with leadership from realty, metal and banking counters. It was looking like a free fall in the benchmark indices as they were not responding to any crucial support. Read more
Core sector growth slows to 3.5% in October
India’s infrastructure growth slowed down in October, hinting a possible slowdown in overall industrial activity as well. The Index of six core industries having a combined weight of 26.7 per cent in the Index of Industrial Production (IIP) with base 1993-94 stood at 254.8 (provisional) in October 2009, up 3.5% compared with the same month last year.
The growth was higher than the 2.0% expansion that the core sector registered in October 2008, but lower than 4.1% growth in the previous month. Cumulative growth during the April-October 2009-10 period stood at 4.7% (provisional) as against 3.3% growth achieved during the corresponding period of the previous fiscal. Read more
Suzlon’s Australian arm bags 42 MW order from Infigen Energy
Suzlon Energy’s Australian operation arm — Suzlon Energy Australia Pty Limited — has entered into agreement with Infigen Energy, a leading specialist renewable energy business for delivery of wind turbine generators (WTGs).
As per agreement, Suzlon will deliver 20 units of its S88-2.1 MW WTGs that will be installed at one of the wind farms in Infigen’s pipeline of future projects in New South Wales.
This 42 MW order is the second order from Infigen, thus the order portfolio from Infigen to Suzlon now stands at 183 MW turbines.
Suzlon has delivered Infigen’s 141 MW capital wind farm under engineering, procurement, construction (EPC) turnkey contract. The capital wind farm commenced generating clean power to the grid in September 2009 and all 67 Suzlon S88-2.1 MW turbines are now operating.
Insider Trading – Reliance Mukesh Ambani Vs Rajaratnam of Galleon Hedge Fund – Difference is SEBI
Reliance Industries Ltd led by Mukesh Ambani has been charged with Insider Trading of Reliance Petroleum prior to its merger with RIL in 2007. Now Business Line reports that,
The company has proposed a payment of Rs 2 crore towards settlement of the case, sources confirmed. SEBI is understood to have assessed the gains from the alleged insider trading at Rs 513 crore.
Is it notevident that RIL under Mukesh Ambani is accepting to the charges and that is why they have proposed a settlement of Rs 2 cr for making Insider Trading profits of Rs 513 cr [USD 110 mn]. Read more
Business Confidence Index: Up 21.2%QoQ
Like many macro variables, the Oct 09 reading of the NCAER’s Business Confidence Index (BCI)1 indicates that sentiment is returning to pre-crisis levels. The index rose 21.2% on a QoQ basis and 19.8% on a YoY basis. While the uptrend can be attributed
to seasonality (Oct is the festive season), it is supported by trends in industrial production, PMIs and is a clear signal that a recovery is under way.
Most parameters have seen a strong and broad-based recovery both on an annual as well as quarterly basis. The upturn in the BCI is reflected across all sectors with services up 25.1%, consumers durables up 24.5%, non-durables up 18.7%, intermediate goods up 20.7% and capital goods up 19.2%. We expect sentiment to remain firm in coming months.
GVK Infra Likely to Witness Re-Rating
GVK currently holds 12%, which it acquired at Rs4.85B (US$100M) from Zurich Airport. We see potential to hike its stake to controlling levels of 44-49% in a few quarters from now, as it may take over the share of L&T (17%, via ZA) and Siemens (40%, partly locked in). GVK has publicly stated its intent to do so.
Post this purchase, GVK would have 2 operating airports including Mumbai, 3 operating power projects of 881MW in AP and Jaipur-Kishengarh expressway. Read more
Peninsula Land receives Rs 275 crore from Alok Realtors
Peninsula Land, part of Ashok Piramal Group has received Rs. 275 crore from Alok Realtors Private Limited on November 19, 2009 for sale of 6.41 lakh sq. ft at Peninsula Business Park, Tower ‘B’, Lower Parel in Mumbai.
Of the total deal consideration of Rs 1,100 crore, the company has received a sum of Rs 465 crore till date.
Peninsula Business Park consists of two towers of 20 floors each and an exclusive 2-storey building.
FIIs net sellers of Rs 459.18 cr (prov) in the spot market on Thursday
Foreign institutional investors (FIIs) were net sellers of Rs 459.18 crore (provisional) in the spot market on Thursday, as per information posted on the BSE website. While FIIs made gross purchases of Rs 2,056.64 crore, their gross sales stood at Rs 2,515.82 crore.
On the other hand, domestic institutional investors (DIIs) were net buyers of Rs 116.79 crore (provisional) on the same day. While DIIs made gross purchases of Rs 1,235.81 crore, their gross sales aggregated Rs 1,119.02 crore. Read more
KEC bags orders worth Rs 114 crore from Ghana
KEC International (KEC), a global leader in the power transmission EPC business and an RPG Group company, has won a rural electrification order in the state of Madhya Pradesh and a substation order in Ghana Africa.
The rural electrification order comes from the Madhya Pradesh Madhya Kshetra Vidyut Vitaran Company (MPMKVVCL) under the RGGVY programme in the district of Morena. Read more
-
Categories
-
Archives
-
Links
