Month: December 2009

Indian Rice Export Scam of Rs 2,500 Cr – Courtesy Pranab Mukherjee + KamalNath

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If you read the Outlook magazine dated Dec-21st, you will notice that despite objections raised by then Finance Minister Mr. P. Chidambaram and Agriculture, Food and Civil Supplies Minister – Mr. Sharad Pawar, empowered group of ministers headed by Mr. Pranab Mukherjee under the controversial leadership of then Commerce Minister Mr. Kamal Nath pushed for Rs 2,500 cr Rice Export Scam when India itself was facing food inflation and rice shortage.  So now you know why prices of food and essential commodities rise 🙂

Read moreIndian Rice Export Scam of Rs 2,500 Cr – Courtesy Pranab Mukherjee + KamalNath

Big Bazaar likely to be Hived off by Feb-2010

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Pantaloon Retail’s (PRIL) planned hive-off of Big Bazaar is on track and is likely to be consummated by February 2010, according to management. Pantaloon’s management indicates that hive-off of Big Bazaar and Food Bazaar is on track. The hive-off will pave the way for fund-raising at the Big Bazaar level and induction of a foreign food retailer. The latter, which management has hinted at in many forums, is likely to provide the next leg-up to Big Bazaar’s growth trajectory. Big Bazaar and Food Bazaar account for 70% of PRIL’s (standalone) revenues and 67% of its total retail space.

Read moreBig Bazaar likely to be Hived off by Feb-2010

Nifty closes below the 5000-mark; RIL slips 2.77%

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Domestic equity markets witnessed heavy selling in the last hour of trade on Friday which resulted in the National Stock Exchange’s (NSE) 50-share Nifty shutting shop below the psychological mark of 5000. After spending most part of the day in a tight range markets came under pressure in late afternoon trades on concerns over likely monetary tightening measures by the Reserve Bank of India (RBI). Weak Asian markets also weighed on sentiments in trade. Investors opted to take some profit off the table ahead of the holiday season, which starts next week. Sell-off was led by realty, oil & gas and banking sector stocks while selective buying was witnessed in healthcare, consumer durables and auto shares.

Read moreNifty closes below the 5000-mark; RIL slips 2.77%

GSM Subscriber Addition at 11 mn Plus in November

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India’s GSM operators (excluding RCOM and TTSL) reported another month of strong SIM card sales adding 11.1 mn SCIU versus 10.32 mn in the previous month. Increasing multi-SIM usage makes any inference on underlying industry trends based on this monthly data (mostly) meaningless.

Bharti Airtel – Bharti reported an increase in net adds in Nov 2009 to 2.8 mn, from 2.7 mn in Oct 2009. The company’s net adds market share, however, continues to dip – now down to 25.3% (among the GSM players excluding RCOM and TTSL) from 34% as late as May 2009. Bharti Airtel has bid for Warid Telecom in Bangladesh.

Vodafone – Net adds decline to 2.8 mn from 3 mn reported in the previous month.

Read moreGSM Subscriber Addition at 11 mn Plus in November