2. Sebi move to check 'smart' investing
irks MFs
• The mutual fund industry is taken aback by the Securities and
Exchange Board of India’s (Sebi) plan to take a relook at a
system
• allows investors to take advantage of the cut-off timings that
AMCs have for accepting cheques in liquid funds.
• Sebi may change this system, where investors, mostly
corporate, put money in liquid schemes usually on a Friday or
Monday before 12 pm to get the previous day's net asset value
(NAV)
3. CIL short of Rs 731 cr to become
India's 3rd most valued firm
• Coal India, which made a big-bang debut on bourses last
week, is just short of Rs 731 crore to de-throne State Bank of
India as the country's third most valued firm with a market cap
of over Rs 2.21 lakh crore.
• Many analysts believe that going by the response CIL received
during the IPO and post listing it will not be difficult for the
company to add more value to its stock
• During the week ended Friday, the country's 10 most valuable
firms ended with smart gains. Interestingly, in the week, the
BSE benchmark Sensex closed above the magical 21,000
level, for the first time in the history.
4. Microsoft's CEO Ballmer sells 12%
stake
• Microsoft Corp Chief Executive Steve Ballmer sold $1.3
billion worth of shares in the company, cutting his stake by
about 12 per cent, and said he will sell more shares by year
end, in a move to diversify his investments and plan for taxes
• Ballmer, the first commercial manager at Microsoft and CEO
since 2000, stressed that the massive stock sale -- his first in
seven years -- should not indicate lack of confidence in his
own company.
• Ballmer sold 49.3 million Microsoft shares in the last three
days, at prices between $26 and $28 per share.
5. RBI hints at tight monetary policy
• The Reserve Bank hinted at a marginal hike in key policy rates
when it reviews its monetary stance tomorrow, saying inflation
was still above the comfort zone and that there was uptick in
credit to non-food sectors
• "Elevated inflation remains a challenge for monetary policy ,"
RBI said today in its report on macroeconomic and monetary
developments, ahead of tomorrow's second quarter review of
FY'11.
6. R-Power places $750 million order
with GE
• Reliance Power, which has placed a $750 million order with
General Electric, expects its association with American firms
will generate manufacturing exports worth over $2 billion
from the United States into India, the company’s chairman
Anil Ambani said at a function during the visit of US President
Barack Obama.
• Reliance’s order for equipment from GE will help it build its
Rs 10,000 crore power project in Andhra Pradesh. The contract
entails supply of six gas turbines, three steam turbines, training
and long-term services for the project.
• eliance Power plans to scale up its capacity to 25,000 mw by
2015. Currenlty, the company has an operational capacity of
600 mw at its 1,200 mw Rosa Power Project in Uttar Pradesh
7. Exclude coal from GST list: States to
centre
• State finance ministers have asked the Centre to exclude coal
from the list of proposed Goods and Services Tax (GST), so as
the tax rate does not increase on such an important fuel.
• Besides, the empowered committee of state finance ministers
has also said that opium, Indian hemp and other narcotics
drugs could be kept out of GST list.
• Orissa government was building up a case to exclude coal
from the GST list. It was talking to coal-bearing states like
Jharkhand, Chhattisgarh, Madhya Pradesh for creating
pressure to keep coal out of the purview of GST.
