Mutual Funds News 13th March 2008

Sundaram BNP Paribas MF collects Rs.45 crore through FTP

Sundaram BNP Paribas Mutual Fund has collected Rs 45 crore through its Sundaram BNP Paribas Fixed Term Plan - Plan C during its initial offer period, which closed to 4 March 2008.

Sundaram BNP Paribas Fixed Term Plan - Plan C, which is an open-ended liquid fund, which was opened 28 February and closed 4 March 2008. The primary investment objective of the scheme is to achieve income with minimum volatility by investing in a portfolio of fixed-income securities.

         

ICICI Prudential MF files an offer document

ICICI Prudential Mutual Fund filed an offer document to launch ICICI Prudential Interval Fund III. The primary objective of the scheme to generate optimal returns consistent with moderate levels of risk and liquidity by investing in debt securities and money market securities. Investors under the ICICI Prudential Interval Fund III have a choice of retail option and an institutional option. The investors will have sub options of cumulative and dividend with dividend payout and dividend reinvestment facilities.

 

Franklin Templeton MF launches Templeton Fixed Horizon Fund

Name of Fund: Templeton Fixed Horizon Fund - Series VII - Plan C

Scheme: It is a close - ended income fund

Objective: The investment objective of the scheme would be to generate returns and reduce interest rate volatility, through a portfolio of fixed income securities with a maturity profile generally in line with the fund's duration.

Fund Opens: 13 March 2008

Fund Closes: 18 March 2008

Face Value: Rs 10 per unit.

Investment Options: The scheme offers growth and dividend option.

Entry Load: The scheme will not charge any entry load.

Exit load: It may charge an exit load of 2.5% if investor redeems within 6 months, it get reduced to 2.0% if redemption is done after 6 months but before 9 month from the date of allotment. The scheme may charge a 1.5% an exit load for the redemption made after 9 months but before maturity. On maturity and during 4 calendar days prior to maturity, it may not ask for any exit load.

Minimum Investment Amount: The minimum investment amount under retail plan is Rs 5000 and in multiple of Re 1 thereafter. Under institutional plan, the minimum investment amount is Rs 1 crore and in multiple of Re 1 thereafter.

 

ICICI MF launches new FMP Series

Name of Fund: ICICI Prudential Fixed Maturity Plan - Series 43 18 Months Plan A

Scheme: A close-ended income fund.

Objective: The investment objective of the scheme is to seek to generate returns by investing in a portfolio of fixed income securities/ debt instruments normally maturing in line with the time profile of the scheme.

Fund Opens: 6 March 2008

Fund Closes: 24 March 2008

Face Value: Rs 10

Investment Options: There are growth and dividend options.

Load: Due to its close-ended structure the scheme does not charge any entry load. There will be an exit load of 2.00% of the applicable NAV for the redemption made during the repurchase facility period.

Minimum Investment Amount: The minimum investment amount is Rs. 5000 and in multiples of Re.1 thereafter.

 

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International Markets on 12th March 2008 - US Market fails to keep up the rally

US Market fails to keep up the rally

US Market started the day in a sweet mode but ultimately ended the day on a sour note today, Wednesday, 12 March, 2008. Sellers took position today after yesterdays strong rally. Dollar hit a new all time low against the euro. Crude oil almost once again crossed the $110 mark. Nine of the major economic sectors finished in negative territory. Financials and Energy posted the largest losses. Industrials were the sole gainer.

The Dow Jones industrial Average ended the day with a loss of 46.5 points at 12,111. The Nasdaq Composite Index, finished lower by 11.9 points at 2,243. S&P 500 finished lower by 11.08 points at 1,308. Eighteen out of thirty Dow stocks ended in the red today led by Microsoft, American Express, Bank of America and AT&T. Caterpillar was a notable Dow winner today.

In the currency market today, pressure on the dollar resumed and sent it to a new low against the euro, after stronger-than-expected economic data overshadowed any lingering influence of the Federal Reserve's liquidity-boosting steps. The dollar index, which measures the U.S. currency against a basket of major currencies, fell 1% to 72.41.

Caterpillar was a standout after the company reaffirmed its 2008 profit guidance and gave a better than expected long term outlook. The stock soared by almost 4%.

General Electric also provided a boost to the industrial sector. GE CEO reportedly said revenue should rise at least 10% in 2008.

Financials led the way lower today, with broad-based weakness in the sector. Notably, yesterdays best performing industry group, thrifts & mortgages was a laggard today.

All Indian ADRs ended in red today. ICICI Bank and Tata Motors were the two topmost losers going down by 5.8% and 3.3% respectively.

Crude prices shot up once again today. Prices rose after the dollar remained under pressure today. Prices rose despite the EIA reporting a surprising increase in weekly crude inventory for week ending on Friday, 7 March, 2008. Crude-oil futures for light sweet crude for April delivery today closed at $109.92/barrel (higher by $1.17/barrel or 1.1%) on the New York Mercantile Exchange. They earlier surged to $110.2 a barrel, the highest since trading began in 1983.

Volume on the New York Stock Exchange topped 1.5 billion shares and it was over 951 million on the Nasdaq. There were roughly three declining stocks for every two advancing ones in both markets.

For tomorrow, a number of economic reports are expected. February's Retail Sales data, February's Import and Export Prices report, and the Weekly Jobless Claims figures are all due before the opening bell. January's Business Inventories report is due after market opens.

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Indian Markets on 12th March 2008 - Markets lose their morning shine

Markets lose their morning shine

The markets opened with an upgap on the back of strong global cues. The US Federal Reserve announced that it would inject up to $200 billion of liquidity into strained credit markets, which helped boost sentiment abroad. However, post the morning session, the Indian markets started slipping to finally close on a flat note. This was probably due to the disappointing IIP numbers. Jan 08 Industrial growth was at 5.3% versus 11.6% in Jan 07.

While the Sensex was up 4.83 points or 0.03% at 16127.98, the Nifty was up 6.1 points or 0.13% to close at 4872.0. The broadmarket indices underperformed the benchmark indices as the BSE Midcap and Smallcap indices closed 1.19% and 0.32% lower respectively. Market breadth was negative as A/D ratio was 0.88:1 on the BSE. NSE cash turnover was Rs. 15,594crs. Vs. Rs.15,733crs. yesterday.

Sectorally, it was a mixed bag. The BSE IT and Metal indices lost in excess of 2%. The BSE Bankex, Oil & Gas, Heathcare and Realty were the major gainers. The top performers from the index pivotals included Grasim, Cipla, Rel Energy and ICICI Bank. The top losers included Tata Steel, Hindalco, DLF and SBI.

The upmove seen in the last two sessions fizzled out due to the disappointing IIP numbers. We continue with our strategy of going slow on positional long term investments till we see signs of a confirmed sustainable uptrend. Short term trading positions with strict stop losses can however be entered into to take advantage of any further rally.

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Mutual funds - Upcoming Dividends - 13th March 2008

ICICI Prudential fixes record date for dividend declaration

ICICI Prudential Mutual Fund (MF) declared dividend under the dividend option of ICICI Prudential Interval Fund - Quarterly Interval Plan - II. The fund house fixed Mar. 17, 2008 as the record date for the declaration of dividend. It will declare the entire distributable surplus available on the record date, as dividend. Pursuant to payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy, if applicable. The NAV of the dividend option of the scheme stood at Rs 10.19 per unit, as on Mar. 10, 2008. All unit holders registered on or before the record date will be eligible to receive the dividend.

 

HDFC MF declares dividend

HDFC Mutual Fund has announced 17 March 2008 as the record date for declaration of dividend under dividend option of HDFC Fixed Maturity Plan 90 Days December 2007 under HDFC Fixed Maturity Plan -Series VI. The fund house has decided to distribute 100% of surplus available under its both retail and wholesale plans as on record date. The NAV for the scheme was Rs. 10.2065 as on 10 March 2008. HDFC Fixed Maturity Plan 90 Days December 2007 is a close-ended income scheme. The investment objective of the scheme is to seek to generate income by investments in debt, money market instruments, and government securities.

 

DSP ML MF declares dividend

The DSP ML Financial mutual fund has announced the declaration of dividend under dividend under the dividend reinvestment option of the regular and institutional plan of DSP ML Fixed Maturity Plan 3 Months Series 2. The record date for dividend will be 16 March 2008.

The quantum of dividend is Rs. 0.219500 per unit on the face value of Rs. 10 under regular plan and Rs 0.221900 per unit for institutional plan. The NAV of the scheme was recorded at Rs 10.2084 under regular plan and Rs 10.2107 under institutional plan as on 12 March 2008.

DSP ML Fixed Maturity Plan 3 Months Series 2 is a close- ended income scheme, whose primary investment objective is to seek to generate capital appreciation by investing in a portfolio of debt and money market securities.

The scheme does not charge entry load as it is of close-ended nature. There will be 0.50% an exit load charged on redemption before maturity of the scheme.

 

Birla Sun Life MF declares dividend under its various schemes

Birla Sun Life Mutual Fund has announced the declaration of dividend on the face value of Rs 10 per unit for following mentioned schemes. The record date is set as 17 March 2008.

The details are as follow:

Name of the scheme	Plan	Option	Dividend up to (%)	Re. Per unit on the face value of Rs 10 per unit#	NAV as on 11 March 2008 (in Rs)
Birla Sun Life Income Fund	Half Yearly Dividend	-	6.20%	Re 0.62	Rs 11.6372
Birla Sun Life Income Fund	Quarterly Dividend	-	3.00%	Re 0.30	Rs 10.9779
Birla Sun Life Government Securities Fund	Short Term	Dividend	1.00%	Re 0.10	Rs 10.0631
Birla Sun Life Government Securities Fund	Long Term	Dividend	1.10%	Re 0.11	Rs 10.0914
Birla Gilt Plus	Liquid	Quarterly Dividend	2.20%	Re 0.22	Rs 10.6775
		Annual Dividend	6.50%	Re 0.65	Rs 11.9731
Birla Gilt Plus	PF	Quarterly Dividend	3.00%	Re 0.30	Rs 10.8024
		Annual Dividend	15.00%	Re 1.50	Rs 21.0721
Birla Gilt Plus	Regular	Quarterly Dividend	3.00%	Re 0.30	Rs 11.6594
		Annual Dividend	25.00%	Re 2.50	Rs 24.6246
Birla Bond Index Fund		Dividend	1.60%	Re 0.16	Rs 10.1334
Birla Income Plus	Retail	Dividend	3.00%	Re 0.30	Rs 10.9433
#The final dividend on units will be declared based on availability of distributable surplus, on the record date.

 

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Economy News 13th March 2008 - Govt notifies increase in FDI limits

Govt notifies increase in FDI limits

New Delhi: Giving effect to the Cabinet decision on relaxing FDI policy, the government on Wednesday issued six notifications raising foreign investment limits in sectors including civil aviation, petroleum refinery and commodity exchanges. The other sectors for which the FDI norms have been relaxed are industrial parks, credit information companies and titanium mining.

The press notes have been issued by the Department of Industrial Policy and Promotion following the decision of the Union Cabinet in January to remove restrictions on foreign investment in various sectors. The government has raised FDI limit in public sector refineries and commodity exchanges to 49 per cent. FDI up to 100 per cent would also be allowed in mineral separation of titanium-bearing minerals and ores, its value- addition and integrated activities subject to prior government approval.

In the civil aviation sector, the press note said 100 per cent FDI would be allowed under the automatic route for greenfield projects, while in existing projects, FDI up to 100 per cent would be allowed with prior government approval. As regards commodity exchanges, the foreign institutional investors (FII) would be allowed to attain a stake of up to 3 per cent while foreign investors can take up to 26 per cent.

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Market News 13th March 2008

Advani Hotels & Resorts (India) Ltd - Updates

Fasttrack Impex Private Ltd. (Acquirer) has informed the that "On March 11, 2008, has acquired 6,77,512 fully paid up equity shares of Rs 2/- each of Advani Hotels & Resorts (India) Limited ("AHRL") at an average price of Rs. 86.31 per equity share from the open market through the stock mechanism. The Shares constitute 1.47% of the paid up share capital of AHRL. In light of the public issued by Fasttrack Impex Private Ltd. (Acquirer)/ Arrow Webtex Ltd. (Person Acting in Concert) under Regulation 10 of the Takeover Regulations on February 29, 2008 and the open offer to be made by Fasttrack Impex Private Ltd. (Acquirer) and Arrow Webtex Ltd. (Person Acting in Concert) pursuant thereto ("Open Offer"), this disclosure is being made under Regulation 22 (17) of the Takeover Regulations. The Average purchase price of Rs. 86.31 per Share paid by Fasttrack Impex Private Ltd (Acquirer) towards the above mentioned open market purchase is less than the price of Rs. 102.00 per share payable by Fasttrack Impex Private Ltd. (Acquirer) / Arrow Webtex Ltd. (Person Acting in Concert) under the Open Offer. Accordingly, the above mentioned acquisition will not impact the price payable to the shareholders of AHRL who tender their shares in the Open Offer".

         

Accel Frontline Ltd - Updates

Accel Frontline Limited had informed that one of the promoters and major shareholder, M/s. Frontline Technologies Corporation Limited (FTC) has entered into an agreement with BT Singapore Pte Limited (BT) for BT to acquire the entire share capital of FTC. The Company has now informed that the proposed Acquisition of entire equity capital of FTC by BT under a Scheme of Arrangement ("Scheme") has been approved and declared effective on March 11, 2008.

 

Mcnally Bharat Engineering Company Ltd - Updates

Mcnally Bharat Engineering Company Limited has informed the that "General Insurers (Public Sector) Association of India, New Delhi has withdrawn their Nominee Director, Mr. U. S. Chaturvedi on the Board of the company. The Board at its meeting held on 31/01/2008 has accepted their aforesaid decision. Accordingly Mr. U.S. Chaturvedi has ceased to be a Director of the Company with effect from 31/01/2008".

 

Asian Hotels Ltd - Allotment of preference shares

Asian Hotels Ltd has informed the that the Committee of Directors in its meeting held on February 27, 2008 had made an allotment of 1,00,00,000 (one crore) 1% Cumulative Redeemable Non-convertible Preference Shares of Rs. 10/- each at a premium of Rs. 80/- per preference share (NCPS) aggregating to Rs. 90,00,00,000/- (Rupees Ninety Crores only) to Magus Estates and Hotels Limited on a preferential allotment basis, in furtherance of the resolution approved by the shareholders in the Extra-ordinary General Meeting held on June 25, 2007. These shares rank pari-passu with the existing NCPS issued by the company during the financial year.

 

Veer Energy fixes Record Date for Bonus Issue

Veer Energy & Infrastructure Ltd has informed that March 29, 2008 has been fixed as the Record Date for the purpose of Bonus Issue in the ratio of 9:5 [Every share holder holding 5 equity shares is getting 9 Bonus shares].

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Industry News 13th March 2008

Virtual demos over net censorship

Thousands of people are taking part in "virtual protests" against countries accused of censoring the internet. For its first Online Free Expression Day, media watchdog Reporters Without Borders (RSF) has created virtual versions of nine public spaces.

These areas where protests are not normally possible include Beijing's Tiananmen Square and Kim Il-Sung Square in the North Korean capital Pyongyang. RSF says at least 62 cyber-dissidents are in jail around the world. More than 2,600 websites, blogs, or forums were closed down or blocked last year, the group says.

 

Ad system will protect privacy

Two respected privacy campaigners have praised the user protection measures of a controversial online advertising system about to be deployed in the UK. The tools, developed by US firm Phorm, track users' online surfing habits.

BT, Virgin and Talk Talk have signed up to trial the technology. Campaigner Simon Davies said: "We were impressed with the effort that had been put into minimising the collection of personal information." Mr Davies and Gus Hosein were invited by Phorm to assess its privacy protection measures. The two work with campaign group Privacy International but their work for Phorm was done as part of a new privacy start-up, 80/20 Thinking Ltd. Phorm has said its tools anonymise the data it collects and that users can opt out via their Internet Service Providers (ISPs) at any stage.

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Commodity News 13th March 2008

Chilli future touches lower circuit

Mumbai: Chilli touched the lower circuit of 4 per cent at Rs 3,937 per quintal due to increase in arrivals at the Guntur spot markets. Turmeric dipped 3.69 per cent at Rs 3,183 per quintal on long liquidation after the heavy rally. Chana too touched the lower circuit at 3.99 per cent at Rs 2,812 per quintal as spot markets continued weak on robust arrivals. Guar seed declined by 3.41 per cent to Rs 1,900 per quintal on panic selling after European Union reportedly laid down new measures on guargum exported from India. On MCX, mentha ended was down 1.74 per cent at Rs 445 per 20 kg, while potato lost 0.74 per cent to Rs 589 per quintal.

 

Soya oil prices fall due to duty cut hopes

Mumbai: NCDEX and the exchange witnessed a turnover of Rs 2,472 crore. Guar prices went down after the European Union (EU) said it wants to further probe the source of contamination in guar gum exports. The commodity ended lower at Rs 1,907 per quintal with a turnover of Rs 617 crore.

Sugar prices closed lower to Rs 1,502 per quintal with a turnover of Rs 143 crore as deliveries went up for the current month. Soya oil futures dwindled in line with its rival Malaysian palm oil and on market talks the government slash the import duty to check rising prices and it closed lower at Rs 672 per 10 kg with a turnover of Rs 689 crore while rape mustard seed closed lower at Rs 606 per 20 kg with a turnover of Rs 397 crore. Soyabean too closed down at Rs 2,218 per quintal with a turnover of Rs 355 crore.

Pepper closed down at Rs 14,325 per quintal with a turnover of Rs 246 crore, while jeera closed down at Rs 9,290 per quintal with a turnover of Rs 137 crore. Turmeric closed lower at Rs 3,186 per quintal with a turnover of Rs 121 crore. Meanwhile, MCX posted a total turnover of Rs 6780.29 crore and 91,613 trades.

Bullion turnover consisted of gold Rs 2274.81 crore, and silver clocked a turnover of Rs 1538.56 crore.All contracts across the various segments showed a mixed trend. In bullion, bar one contract in gold and two contracts in silver, all contracts gained. Gold October gained 0.2% at Rs 12,768 per 10 gm, while other contracts gained marginally and gold December contract remained unchanged. Silver December contract lost 1.7% at Rs 25,999 per kg, silver M June contract gained 0.6% at Rs 25,703 per kg. In metals, a mixed trend prevailed as aluminium, tin contracts shed and so did nickel May contract 4.1% at Rs 1280 per kg and lead May contract 1.6% at Rs 120.85 per kg. Zinc March contract was up 0.7% at Rs 103.50 per kg.

 

Pepper future mkt falls on liquidation

Kochi: Pepper futures market declined sharply on March 12 on pessimistic sentiments and on reported fall in Vietnam prices. As India is, at present, the cheapest source for black pepper some business is taking place. Meanwhile, almost the entire domestic demand is met directly from the primary markets evading tax, they alleged. Vietnam on March 12, decreased its prices of FAQ 500 GL to $3,770 a tonne, FAQ 550 GL to $3,970 a tonne (f.o.b.). The fall in the Indian parity has created purchasing opportunity for the overseas purchasers, but most of them are still waiting for the prices to fall further.

On NMCE, March contract fell by Rs 380 a quintal to Rs 14,180. Total turnover on NCDEX increased by 5,534 tonnes to 16,493 tonnes, while that on NMCE fell by 44 tonnes to 1,503 tonnes. Total open interest on NCDEX fallen by 868 tonnes to 21,592 tonnes. March and April positions fell by 16 per cent and 60 per cent respectively while May increased by 478 tonnes.

 

Rubber price remains steady

Kottayam: Physical rubber rates continued almost firm on March 12. The lack of positive energy in global rubber kept the domestic purchasers mostly on sidelines but the market sustained at the prevailing levels, as there has been no selling pressure from dealers or growers. RSS 4 closed flat at Rs 106 a kg at Kottayam amidst narrow volumes while the grade increased by 50 paise to Rs 106.50 a kg at Kochi. RSS 3 fell to Rs 113.96 from Rs 115.75 a kg at Bangkok spot. The delivery month March contract managed to end in green at Rs 105.05 (104.91) a kg on NMCE while the April futures declined to Rs 107.45 (108.43), May to Rs 109.50 (110.87) and June to Rs 110.85 (112.13) per kg for RSS 4.The open interest was 6,679 (6,802) tonnes with 2,582 (2,675) tonnes in March, 2,479 (2,550) tonnes in April, 1,012 (976) tonnes in May and 606 (601) tonnes in June.

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Corporate News 13th March 2008

Punj Lloyd to foray into arm business

Punj Lloyd is getting ready for the war zone. Punj Lloyd is talking to global defence majors to kickstart its defence business in India. The company already has licences to manufacture guns, rockets and missiles and is all ready to setup a greenfield unit once the contracts are awarded. After all the defence market in India is being estimated at a whopping $15 billion over the next 10 years and with the government making manufacturing more mandatory than ever the global players need to source more components from India. A strategic tie up that Punj Lloyd has been eyeing will allow the Indian infrastructure major to expand its footprint in the defence space and source technical expertise while the global partner will have access to this low cost manufacturing hub.

         

Listing of equity shares of V Guard Industries Ltd

Trading Members of the Exchange are hereby informed that effective from March 13, 2008, the equity shares of V Guard Industries Ltd (Scrip Code: 532953) are listed and admitted to dealings on the Exchange in the list of 'B' Group Securities. For further details please refer to the notice no 20080310-2 dated March 10, 2008.

 

Emco - 400 kV Transmission Line, Prestigious Order from M/s Corporate Power Ltd, Ranchi

Emco Ltd has informed that the Company has bagged a single prestigious order from M/s. Corporate Power Ltd, Ranchi, Jharkhand for Supply, Erection, Testing & Commissioning of 400 kV Double Circuit / Double Strung Transmission Line on Turnkey basis from Hempur to PGCIL Grid Substation at Namkum (near Ranchi), Route Length being 108 KM. The value of this project is Rs 92 Crores.

 

HCL Infosystems - Allotment of equity shares under ESOS

HCL Infosystems Ltd has informed that the Committee of Directors (Share Allotment) on March 12, 2008 has allotted 28190 Equity Shares of Rs 2/- each (at a premium of Rs 105.63, Rs 118.79 per shares) to the employees on exercise of their stock options under HCL INFOSYSTEMS LTD Employee Stock Option Scheme 2000.

 

Goodyear India fixes Book Closure for Dividend & AGM

Goodyear India Ltd has informed that the Register of Members & Share Transfer Books of the Company will remain closed from May 01, 2008 to May 16, 2008 (both days inclusive) for the purpose of payment of dividend & Annual General Meeting (AGM) of the Company to be held on May 16, 2008.

 

Reliance eyes larger travel biz pie

After getting you fresh products and making grocery shopping in India a fashionable upmarket event, now Reliance Retail is all set to take you places with its latest entry into travel and tourism space. According to sources, Reliance Retail has forayed into the travel and tourism services segment with its new format Reliance Travel. Reliance Travels will offer travel services to both companies and individuals and services for family holiday and corporate packages. Besides all this Reliance Travel also has plans of other forex travel linked products like visa and travel insurance. It also has plans to provide ticketing for rail, air and cruise ships apart from hotel bookings, both domestic and international. The travel and tourism industry is fragmented and localised but there are some national players such as Cox and Kings and Raj Travels. The domestic travel space is growing at roughly 20 per cent while overseas travel at an even healthier 22 per cent. Though the Indian travel and tourism segment is largely fragmented and localized, the large corporate players entering the segment will not really matter because it is the personal touch of the smaller players that matter the most.

 

L&T plans major restructuring

A massive reengineering is underway at Larsen & Toubro, India's premier engineering company, as it gears up to tap bigger opportunities. AM Naik - the CMD of L&T, is getting ready for his biggest ever challenge to turn the engineering behemoth into focussed corporate entities, which could eventually be listed in the stock markets. Sources say that L&T may be broken up into 4-5 companies and the company's top brass is evaluating value creation through a split. The operating companies are likely to be listed as separate entities. L&T's top brass maintains that recast blueprint will be taken up in its vision document Lakshya 2, which will lay down the 5-year roadmap post 2010.

As a first step L&T is creating 12 verticals comprising core businesses of engineering, construction and electricals businesses, which will function as operating companies from next month. The verticals will function as independent companies with functions like finance, HR vested on its board. It will only fall short of being separately listed. The company management says a final decision on the restructuring will be taken only if it is convinced that L&T can command a conglomeration premium by listing its verticals separately. But for the moment the focus is clearly on making these verticals function like independent corporate entities just short of being separately listed.

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Cyber Media - Press Release

Cyber Media India Ltd has informed that the Company has acquired substantially all the assets of TDA Group, Inc., a California-based integrated marketing communications and custom publishing Company, in a strategic move to expand the services business of the Company.

In this regard the Company has issued the following Press Release:

"CyberMedia, South Asia's first and largest specialty media house with a strong presence in media services has announced that it has acquired substantially all the assets of TDA Group, Inc., a California-based integrated marketing communications and custom publishing company, in a strategic move to expand the services business of the Company.

TDA Group Inc., with a strong track record of over 20 years, provides a wide range of valueadded services to an A-list of high-tech clients including several of the global leaders in the IT industry. Services provided by TDA include marketing consulting, content development, web and graphic design. TDA Group's products encompass both print and online offerings and include magazines, newsletters, collateral, identity, customer reference programs, white papers, direct mail and websites.

The TDA Group posted revenues exceeding $ 5 million in the year ending December 2007 with strong year over year growth at both the top and bottom lines and strong prospects in the current year.

The new subsidiary, TDA Group LLC will move forward retaining and utilizing the skills and services of TDA's highly talented staff, including ongoing participation in the business of founders Bob Tabke and Debbie Dawson to ensure continuity and maintain TDA's client service excellence.

Commenting on the purchase, Pradeep Gupta, Chairman of CyberMedia said, "We are very pleased to bring TDA Group into the CyberMedia business portfolio. It is a strategic move in growing our content based services business rapidly. TDA is an outstanding business with excellent clients and people. TDA fits very well with our domain expertise in echnology, and expands the proven core competence of CyberMedia in content-related areas."

This is CyberMedia's second acquisition in the US in the last 16 months. CyberMedia had acquired Illinois-based Publication Services, Inc. in December 2006. CyberMedia has already articulated its strategy to strengthen the media services business through both organic and inorganic means."

        

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Berger Paints - Notice of Postal Ballot

Berger Paints India Ltd has informed that the members of the Company will consider to approve by way of Postal Ballot the following Resolutions:

1. To create, issue, offer and allot on preferential basis, to select members of the promoters (as defined under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997), any member of the promoter group and / or their nominees ("the Allottees") up to 20,000,000 (twenty million) warrants (Equity Warrants) from time to time, in one or more tranches, with a right exercisable by the warrant holder(s) to subscribe to the equity shares of the Company, and for allotment of equity shares on exercise of such Equity Warrants, each such Equity Warrant being exercisable at the option of the holder, and pursuant thereto being allotted, one fully paid up equity share of Rs 2 each, at an exercise price ("the Exercise Price") (including premium, if any) not lower than the minimum price specified as per SEBI Guidelines fur Preferential Issue (Chapter XIII of the Securities and Exchange Board of India Disclosure and Investor Protection) Guidelines 2000, as amended), subject to the necessary terms and conditions.

2. To increase the Authorized Capital of the Company from Rs 650,000,000 divided into 325,000,000 Ordinary (Equity) Shares of Rs 2/- (Rupees Two) each to Rs 750,000,000 divided into 375,000,000 Ordinary (Equity) Shares of Rs 2/ (Rupees Two) each., and consequential amendments in the Memorandum & Articles of Association of the Company.

The Board of Directors has appointed Mr. S M Gupta, F.C.S of S M Gupta and Co., Company Secretaries, as the Scrutinizer for conducting the Postal Ballot process in a fair and transparent manner.

The Postal Ballot form duly completed should reach the scrutinizer before the close of business hours on or before April 07, 2008. The scrutinizer will submit his report to the Chairman after completion of the scrutiny and the results of the postal ballot will be announced by the Chairman or by the Managing Director or any other Director on April 11, 2008.

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Confidence Petroleum - Updates

Confidence Petroleum India Ltd has informed about the Plan of Company's Expansion Programme, as under :

1. Confidence Petroleum India Ltd, the flagship Company of Nagpur based Rs 250 Crore Confidence Group, involved in the business of LPG Cylinder manufacturing, LPG Bottling, LPG Marketing, LPG Blending, Auto LPG Cylinder Manufacturing & Auto LPG Dispensing for more than a decade has entered into a MOU for taking over Mumbai based Petro Logistic Company Agwan Coach Pvt Ltd. The acquisition of Agwan Coach finds synergy with the existing business of Confidence Petroleum and will increase the strength and support the bottling business of the Company.

2. Agwan Coach Pvt Ltd is in the business of providing logistic support to oil companies from the last 14 yrs. Agwan Coach will be 100% subsidiary of the Company.

3. Andhra Pradesh State Govt. has allotted 10 acre of land in a SEZ at Visakhapatnam to establish a second CNG cylinder manufacturing plant to the Company.

4. Hans Gas Appliances Pvt Ltd., a Company being in the process of amalgamation with the Company has received a work order for LPG filling from BPCL for its Nasik Unit.

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Flawless Diamond - Received Export order

Flawless Diamond - Received Export order for it's newly launch Designer Jewellery for Rs 380 Million from Madrid Impex FZE, D

Flawless Diamond India Ltd has informed that the Company has received order worth Rs 380 Million for it's newly launched series of Designer Diamond Jewellery namely "AUM Star, AUM Exquisite & AUM Bridal". This order has to be executed within 3 months.

The Company has received this order due to its exclusive Designer Jewellery, quality & uniqueness of its designs & fulfillment of order within the stipulated time. The Company had recently launch its 8 new series of Diamond Designer Jewellery. The Company has received a very enthusiastic response from its own 18 retail outlets across India & tie-up with numerous traditional jewellers for selling its branded & non branded jewellery. The Companies R & D Division has created a bank of more than 50000 exclusive designs for its branded & non branded jewellery. The Company is planning to launch more attractive & exclusive Designer Jewellery to cater its various segments of customer time to time.

The Company has its own 18 retail chain of outlets across India. The Company is very successful in marketing its branded & non branded jewellery in its retail outlets & franchise model with traditional jewellers. The Company has decided to be more aggressive as the market is witnessing launch of many branded jewellery from traditional jewellers and also from big branded jewellers. The Company is planning to open more retail outlet very soon.

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Concern - U.S. Unexpectedly Lost 63,000 Jobs in February- Is this the beginning of RECESSION?

The U.S. unexpectedly lost jobs in February for the second consecutive month, adding to evidence the economy is in a recession.

Payrolls fell by 63,000, the biggest drop since March 2003, after a decline of 22,000 in January that was larger than initially estimated, the Labor Department said today in Washington. The jobless rate declined to 4.8 percent, reflecting a shrinking labor force as some people gave up looking for work.

A weakening job market, combined with lower home values, higher fuel bills and stricter lending rules, raises the odds consumer spending will keep slowing. Falling employment is one reason Federal Reserve Chairman Ben S. Bernanke has signaled central bankers are prepared to lower interest rates again.

``All the lights are flashing red,'' said Nariman Behravesh, chief economist at Global Insight Inc. in Lexington, Massachusetts, in an interview with Bloomberg Television. ``We're in a recession. I don't think there is any doubt about it at this point.''

Minutes before the figures were released, the Fed said it will expand two short-term auctions this month to $100 billion, from $60 billion, to address ``heightened liquidity pressures'' in markets. Treasury notes surged and the dollar weakened after the employment figures.

Worse Than Anticipated

Economists had projected payrolls would rise by 23,000 following a previously reported 17,000 drop in January, according to the median of 76 forecasts in a Bloomberg News survey. Estimates ranged from a decline of 110,000 to a gain of 70,000.

The jobless rate was forecast to rise to 5 percent from January's 4.9 percent, with projections ranging from 4.8 percent to 5.2 percent.

Revisions reduced by half the 82,000 increase in payrolls previously reported for December.

Service industries, which include banks, insurance companies, restaurants and retailers, added 26,000 workers last month. Retail payrolls fell by 34,100, the biggest drop in more than five years.

Payrolls at builders fell 39,000, the eighth consecutive month of cutbacks.

Homebuilders are trimming staff as the biggest housing slump in a quarter century deepens. To make matters worse, commercial construction projects are now also on the decline, indicating firings at non-residential builders are likely to increase.

Housing Meltdown

The real estate recession and meltdown in financial markets have led to growing dismissals at banks, mortgage, and management companies.

``There's significant weakness in the job market because of construction declines,'' said David Berson, chief economist at Walnut Creek, California-based PMI Group Inc., the second- largest U.S. mortgage insurer. ``For the next six months or so, we may get small negative numbers on payrolls.''

Manufacturing payrolls dropped by 52,000, the biggest decline since July 2003, after falling 31,000 a month earlier. Economists had forecast a drop of 25,000.

Government payrolls increased by 38,000. That means the total decline in private payrolls for the month was 101,000, the biggest drop since March 2003.

Working Week

The average work week was unchanged at 33.7 hours. The average factory work week and overtime hours were unchanged. Average weekly earnings rose $1.68 to $599.86.

Workers' average hourly wages rose 5 cents, or 0.3 percent, to $17.80, in line with forecasts. Hourly earnings were up 3.7 percent from February 2007. Economists surveyed by Bloomberg had forecast a 3.6 percent gain for the 12-month period.

Americans, whose spending accounts for more than two-thirds of the economy, are less upbeat about finding work, a Conference Board report showed last week. The share of consumers who said jobs are plentiful fell and the proportion who said jobs are hard to get jumped, pushing consumer confidence down to a five- year low in February.

``The economic situation has become distinctly less favorable,'' Bernanke said in testimony to Congress last week.

The Fed chairman referred to ``downside'' risks for the economy four times, including ``the possibilities that the housing market or the labor market may deteriorate more than is currently anticipated and that credit conditions may tighten substantially further.''

Investors project the Fed will lower the benchmark interest rate by at least half a point between now and its next meeting on March 18, futures prices show.

Fed Outlook

The central bank's regional economic survey this week said ``the hiring pace slowed in various sectors and labor markets loosened somewhat in many districts,'' as economic growth cooled in eight of 12 regions since the start of 2008.

Adecco SA, the world's biggest temporary-employment company, said this week that fourth-quarter profit declined as hiring slowed in the U.S. The Swiss company also said it may miss its long-term goal of sales growth of 7 percent to 9 percent.

``We've been seeing a weak U.S. market for more than a year now,'' Chief Executive Officer Dieter Scheiff said in a March 4 interview.

 

To contact the reporter on this story: Shobhana Chandra in Washington schandra1@bloomberg.net Source- Bloomberg

 

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US Economy Report

GDP Report

Look for growth of gross domestic product to slow this year to around 1.5% as housing and credit woes and high energy prices weigh on consumers and businesses. The first quarter likely will show GDP in minus territory on the heels of a 0.6% increase in the fourth quarter of 2007. More strength will come during the second half as the impact of the Federal Reserve's rate cuts and the fiscal stimulus package being shaped by Congress take effect. They will help offset housing, which won't stabilize until late 2008 at best. The outlook for the credit markets remains murky, raising questions about whether companies will be able to raise the cash they need for day-to-day transactions and longer-term investments. Barring a full-on credit freeze, or a huge spike in oil prices, business spending should be a shade under 2007's 4.8% advance. Meanwhile, growth in consumer spending is likely to ease to 2% from 2.9% in 2007. Dept. of Commerce: GDP Data

INTEREST RATES

It's likely that the Fed will deliver more rate cuts following its surprising three-quarter point reduction Jan. 22 which came between official policy meetings and another half point cut at the Jan. 30 Federal Open Market Committee's scheduled meeting. Officials are closely watching the economy, where job growth turned negative in January, and financial markets where lending conditions are tight. Though Fed officials fret about inflation stirring down the road, they say that the immediate challenge is to try to revive sagging economic growth and avoid a recession. As for long-term interest rates, we see the benchmark 10-year Treasury yielding around 4% by mid-2008 as the economy shows prospects of improvement. The 30-year fixed-rate mortgage, which is around a four-year low of about 5.7%, is likely to increase slightly later this year. Federal Reserve Open Market Committee

 

EMPLOYMENT

The weak economy especially in housing and manufacturing will hurt overall job growth this year. The economy will generate about 600,000 jobs on a net basis (total jobs added minus the total eliminated) in 2008 after a gain of 1.13 million in 2007. Job totals will shrink for several months as managers remain wary of hiring in a very weak economy. As growth picks up this summer and fall, some hiring should take place but at very modest amounts. More on Employment
Dept. of Labor: Employment Data

INFLATION

Price surges in food and energy likely won't be so great this year, bringing a measure of relief to consumers. After fueling the Consumer Price Index to a 4.1% gain from December 2006 to December 2007, the rate will slow to about 3% this year. Meanwhile, the core CPI, which excludes food and energy prices is likely to increase around 2% this year following an increase last year or 2.4%. Dept. of Labor: Inflation Data

 

HOUSING

The near-total freeze on mortgages for less creditworthy borrowers plus rising delinquencies will be a drag on housing demand this year that will fuel further declines in both sales and home building. The stimulus plan signed by President Bush will provide some help for high-priced markets on both coasts by raising the ceiling on jumbo loans from $417,000 to about $725,000 for mortgages held or guaranteed by Fannie Mae and Freddie Mac. But it will take several weeks to set a new ceiling for each metro market in the U.S. Meanwhile, the housing slump will continue through this year with the average house price declining about 5%. Sales of new and existing homes combined will fall about 10% in 2008. Dept. of Commerce: New Home Sales NAR: Existing Home Sales Dept. of Commerce: Housing Starts

ENERGY

Oil supplies are fundamentally tight, and the multitude of supply risks around the world will prevent prices form going into a tailspin. But slowing economic growth or declines in most industrialized nations will likely limit growth in global demand for crude to just under 1% in 2008, a tad less than last year, while supplies will expand at slightly more than 1%. We see oil averaging about $85 a barrel in 2008, up nearly $13 from the average of 2007. But prices will see-saw. Crude oil may well hover near $100 a barrel during the first quarter of this year, with spurts to $110 possible. As consumers and businesses cut back on motoring in response to deteriorating economic performance, oil prices should slide to about $75 a barrel by mid-year, before rising mildly in the second half.

Gasoline should average around $2.85 per gallon in 2008, up about a nickel from last year. The surge in gas pump prices during February should ease off along with oil prices by mid-year, when motorists will be paying $2.85 or so a gallon. Barring major refinery mishaps, gasoline shouldn't touch the $3 level this summer. For diesel, expect to pay an average $2.95 per gallon, up a dime. Heating oil will increase about 10¢ to $2.90 per gallon, while natural gas will average around $7.25 per million British thermal units, up 65¢. Propane prices should average $2.40 a gallon or so, up 35c. Dept. of Energy: Price Statistics

TRADE

The trade deficit will shrink to roughly $652 billion and 4.6% of U.S. gross domestic product (GDP) in 2008. It will mark the second straight year of declines -- last year, the deficit totaled $708.5 billion and 5.1% of GDP, down from record highs of $758.5 billion and 5.7% of GDP in 2006. Further, 2008 will see the smallest trade gap relative to GDP since 2003. Export growth will remain robust at 8.5%, down from a scorching 12.2% in 2007. Import growth will slow to around 3.5% from 5.9% last year. Global GDP is likely to grow 2.9%, slowing from 2007's 3.6% but sustaining foreign demand for U.S. goods. The ongoing descent of the dollar will also help exporters by making U.S. goods more affordable and more competitive on world markets. Dept. of Commerce: Trade Data

 

RETAIL

Retail sales are slowing to a 2% increase in 2008 after a 4% gain in 2007. Wal-Mart, the nation's largest retailer, will slog through another modest year with a sales increase of around 2%. Target's sales will climb around 4%. Middle-market department stores will ring up 2% to 3% higher sales. Luxury merchants are poised for a 6% or so sales boost, although a protracted slump in the stock market will prompt some high-incomers to curtail their discretionary purchases.

Sales via the Web will continue their torrid increases, climbing 15% in 2008 to around $300 billion and capturing 10% of total retail sales, up from about 9% in 2007. Consumers are increasingly comfortable with buying products online, while many retailers are upgrading their Web sites to attract more buyers. Dept. of Commerce: Retail Data

Data compiled from different sites and is not created by the writers on assumptions. We are not responsible for its accuracy. Please verify the data with authorized resources.

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