2. Top 10 firms shed over Rs 1 lakh crore in a week, SBI
loses most
Amid Sensex tumbling over four per cent in a week, the ten
most valued companies witnessed a wealth erosion of a
whopping Rs 1 lakh crore last week, with the country's
largest lender State Bank of India emerging as the biggest
loser
The Bombay Stock Exchange barometer Sensex declined
by 4.03 per cent or 848 points at 20,156.89, making the top
ten firms in terms of market capitalisation lose Rs
1,05,271.24 crore
SBI was the worst hit with a value erosion of Rs 29,155.57
crore last week; it slipped to the fifth spot from the third
position in the elite club of ten most valued firms.
3. Sebi suspects growing insider trading trend; ups vigil
Suspecting an uptick in the insider trading activities in the
recent market rally, Sebi has enhanced its surveillance for
possible violations of rules prohibiting trading based on
prior and inside information.
The market watchdog has come across over two dozen
instances of major suspected violations of insider trading
norms during the recent rally to new record levels above
21,000 level and the subsequent correction last week
Suspecting an uptick in the insider trading activities in the
recent market rally, Sebi has enhanced its surveillance for
possible violations of rules prohibiting trading based on
prior and inside information.
4. Reliance Infra Q2 net surges 11% to Rs 360 cr
Anil Ambani group company Reliance Infrastructure today
reported a growth of 10.95% in net profit at Rs 360.18
crore for the July-September quarter. It had posted a net
profit of Rs 324.63 crore during the same period last year.
Total operating income of the company was Rs 4,042.59
crore for the quarter ended September 30, a growth of
about 2% as compared to Rs 3,974.46 crore it had reported
during the same quarter of 2009-10
The order book of the company for its EPC (engineering,
procurement and contract) business was Rs 24,000 crore at
the end of the July-September quarter, the company said in
a statement. The EPC division of the company is working
on 6 power projects of over 7,500 MW along with 6 road
projects
5. $320-mn SCI share sale to open by early Dec
Shipping Corporation of India's $320 million share sale is
likely to hit the market in the last week of November or
early December, its chairman Sabyasachi Hajara told
reporters on Saturday.
The firm expects to receive regulatory approval for the
follow-on public offer in a couple of days, following which
it will file the final copy of the red-herring prospectus with
the registrar of companies, said Hajara, who is traveling to
the UK and the US next week for roadshows.
The government will sell a 10 per cent stake in the shipping
services firm and the company will issue another 10 per
cent of fresh equity.
India plans to sell stakes in Indian Oil Corp , ONGC and
Steel Authority of India Ltd in the last quarter of this fiscal
year ending in March.
6. Vedanta Group firm seeks rule relaxation for SEZ
Vedanta Group firm Sterlite Energy has sought relaxation
in SEZ rules to benefit its power plant in Orissa which
needs to transport coal through Vedanta Aluminum's special
economic zone
Under the commerce ministry rules, all activities within a
special economic zone must be directly related to its
operations.
The group firm Sterlite Energy has set up a 2400 MW
power plant adjacent to Vedanta Aluminum's SEZ.
While the SEZ needs to meet its energy requirement from
the Sterlite power plant, the latter requires 17 lakh ton coal
annually. The movement of coal from the mines to the
power plant can take place through a rail link which must
pass through the non-processing area of the aluminum SEZ
7. IOC net profit surges 17 fold to 5,294 crore
State-run Indian Oil Corp or IOC, the country’s largest fuel
retailer , has reported a 17-fold jump in net profit for the
quarter ended September 30 due to higher refinery margin
and timely subsidy support from the government.
The profit for the current quarter could be achieved mainly
due to government compensation of 7,220 crore approved
for both the quarters
Robust profit in the quarter is also due to increased refining
margins, he added. IOC’s gross refining margin was $6.63
a barrel in the quarter compared to $3.62 a barrel in the
same quarter last year
8. Mahindra to double output of its small tractor Yuvraj
Auto major Mahindra & Mahindra today said it will double
the production of its small tractor Yuvraj, dubbed as the
Nano of the farm sector, as it looks at a national roll-out
next year.
Priced at Rs 1.75 lakh, the 15 horse power tractor was
launched targetting to upgrade farmers who are still relying
on bullocks.
At present the Yuvraj is available only in Gujarat and
Maharashtra. Now we are test marketing in Tamil Nadu,
Karnataka, Rajasthan and Uttar Pradesh
As it looks to strengthen its hold in the country's farm
equipment sector, the company has also initiated the
Mahindra Samriddhi India Agri Awards to recognise the
best practices in Indian agriculture.