NHPC To Sell 13.6% through IPO

National Hydroelectric Power CorporationOn Thursday, a banker to the deal said that National Hydroelectric Power Corporation is looking to trade 13.6% of the company in an initial public offering to raise upto Rs 25 billion. The plan is to trade 1.12 billion new shares in the IPO, and the government will sell about 55.8 billion shares, an official said. “It could be somewhere between Rs 22-25 billion,” he added.

Reliance Mutual Gets Back On Track

Reliance Mutual FundThe fight for the leading outlook in the mutual fund business started again in March, with Reliance Mutual repossessing the peak it had gave up to Prudential ICICI.

As on March 31, 2007, Reliance Mutual’s assets under management (AUM) stood at Rs 46,307 crore, whereas Prudential ICICI was ranked second at Rs 37,870 crore.

RBI Rate Increase Turns Car Loans Pricey

Reserve Bank of IndiaWith RBI rates increase, car loan providers have raised interest rates by 75 to 100 basis points. The enhancement would mean a monthly increase of Rs 50 for a five-year loan having a daily rest basis.

ICICI Bank’s direct selling agents (DSAs) said they have accepted an official report from the bank on the cost increase effective from Monday. Rack rates are inclusive of DSA commissions.

The officials stated, “We used to lend at rack rates of 15% per annum, we are now been told that the new rates will be 16% effective from Monday.”

Is Mumbai Ready To Be A Global Financial Hub Or Not?

Is Mumbai ready to be a global financial hub or not? This question will be answered by the Union Cabinet shortly.

There are a number of recommendations to enable Mumbai join the league of London, New York and Singapore as one of the premier IFCs of the world, from the high-powered expert committee (HPEC) on making Mumbai an international financial centre (IFC). The report submitted to the FM (finance minister) on Tuesday will be out before the Cabinet shortly.

According to HPEC, the Indian purchases of international financial services (IFS) touched $13 billion in 2005 and are expected to be in the range of $50-70 billion by 2015. Therefore, it has been stated that “if the country does not proceed on establishment of an IFC, the revenues will go to other IFCs”.

Rupee Could Become Dictating Asian Currency

Currency of IndiaThe foreign broking firms opine that the Indian currency could become commanding currency in Asia. This reckoning came a day after an expert committee made out a case on Monday for making the rupee fully convertible before the end of 2008.

Air India-Indian Employees To Get Employee Stock Options

The Air India-IndianAir India amalgamation, blustered as the major conjoining in the Indian skies. It may bring a windfall to more than 32,000 workforces of both the companies. Post-merger, the administration is planning to give out employee stock options (Esops) to their employees.
A government official stated that the newly engaged company is named as ‘National Aviation Company,’ which owns up 7.32 crore shares, and a paid-up capital of Rs 73.25 crore.
The total number of shares has been attained after arrogating an exchange proportion of 8:1 that entails eight shares of the blending groups equivalent one share of the new entity.

Microsoft Bandages Ani Vulnerability

The Tuesdays’ Microsoft Corp.Microsoft "critical" out-of cycle security update release has fixed the animated cursor vulnerability that potentially let attackers to take control of a system. Often termed as the ANI vulnerability, the flaw is linked to animated cursor files that normally have the .ani suffix. The Flaw that was

Rupee Surges to 8-Years High against Dollar

The Indian Rupee, on Wednesday, surged to its highest level in nearly 8 years. The Rupee traded 43 to a dollar as banks sold the US unit to raise funds to meet statutory reserve requirements.
According to reports, ending at 43.065/075 on Tuesday, the rupee was at 42.925/935 per dollar at 10:15 am on Wednesday, off an early high of 42.84, it’s strongest since June 1, 1999, when it traded at 42.83.
The Rupee has gained about 9.5 % since hitting a 3-year low last July, and the central bank is thought to be uneasy with the rupee's pace of appreciation.

Indian Hotels All Set To Buy US Hotel

According to BSE reports, the Tata Group Company, Indian Hotels, through its 100% subsidiary company, is all set to take over San Francisco based Hotel Campton Place in a deal of expected value $60 million. According to the company officials, the deal is in partnership with financial investors.

The deal has been signed on April 2, 2007, and it is scheduled for April 30, 2007 closure. On Tuesday, however, the Indian Hotels share price closed marginally lower by 0.7% on BSE.

Situated in Union Square in San Francisco, the West coast based Hotel Campton Place is a 14 storey, 110 room luxury boutique hotel. Renamed Campton Place Hotel in 1983, the hotel occupies two historic and picturesque buildings dating back to the early 1900s.

Cement Shares Drop Precipitously

The shares in cement firms dropped precipitously on Wednesday, after the government’s trashing some duties to help imports and rein in domestic prices.

Sony Drops PSP Prices

Sony Computer Sony Computer EntertainmentEntertainment America (SCEA) has marked the recent second anniversary of PSP by airing PSP hardware price cut. The PSP Core Pack will now be available in North America for $169.99 ($30 short of the previous price).

SCEA’s also broadcasted, the availability of Daxter and Syphon Filter: Dark Mirror at $19.99, as new additions to the "Greatest Hits" program. These new additions will enable PSP users to build up their software library with two popular titles at great value.

HDFC Hikes Lending Rates

HDFC BankIndia’s largest house finance banking company HDFC has announced raised lending rates by 75 basis points for new loan seekers, and on the other hand, the interest rate is up 50 bps for the existing customers.

The 50 bps hike will translate into a Rs 32 hike each month on a loan of Rs 1 lakh borrowed for 20 years. Yet HDFC’s after hike rates are cheaper than its nearest rival ICICI Bank which annunciated a rate hike last Week. Last week, ICICI Bank increased its benchmark advance rate to 15.75%, while Yes Bank hiked its PLR to 14.75%. However, the state-owned banks are yet to consider their lending rates.

Organization’s Health-Unawareness Among CEOs

According to survey, “In the Dark: What many boards and executives still don’t know about the health of their businesses”, lack of high-quality non-financial information has caused many board members and senior executives to be unaware of the overall health of their organization.

The second edition of survey, released on Tuesday, is developed by Deloitte Touche Tohmatsu in conjunction with the Economist Intelligence Unit. The 78% of the CEOs surveyed say that just financial indicators do not adequately capture their company’s strengths and weaknesses.

SBI Jacks Up Personal & Car Loans

State bank of IndiaThe State bank of India announced on Wednesday that there’s going to be a small rise in rates for car loans and personal loans.

The MD of SBI said: “we have announced like in benchmark prime lending rates by 75basis points…Consequently, we will be raising rates by 75 basis points on an average.” Mr. Aggarwal added, “This interest rate cycle has peaked in economy and the rates are likely to stabilize at this level.”

SBI is going to raise interest rates in some schemes. SBI had also announced 0.75 % in its benchmark prime lending rate to 12.25% last month.

Free Music Downloads From EMI, Apple

MusicEMI Group and Apple Inc. takes a significant step by releasing higher-fidelity tunes specifically designed to play on any music player or computer. EMI Group & Apple is making its entire digital collection available without the anti-privacy software. Steve Jobs, CEO Apple Inc, and EMI Group Executives, on Monday, announced that EMI music will become available on Apple’s iTunes store without digital rights management (DRM) from May, 2007. This deal will also pressurize the other record labels to open up and offer DRM-free music.

Central Group To Route Non-Life Claim Shortly

The non-life insurance industry has decided to contract out resolution of accidental reimbursement claims to a central body to lessen losses bobbing out of large awards.
The central agency, which is the General Insurance Corporation’s subdivision, services all reports for payment owing to accidents caused by commercial vehicles. The regulator has been directed the industry to pool all gains or losses getting up motor third-party liability insurance.
Insurance Regulatory and Development Authority stated that the motor insurance pool will get into effect from April 1 and will be applicable to all commercial vehicles that would include all vehicles makes and classes.

ICICI Prudential changed its name

Prudential ICICIPrudential ICICI Mutual Fund has been assigned a new name ‘ICICI Prudential Mutual Fund’ w.e.f Monday.

The change in name contemplates the alteration in the shareholding model of ICICI Bank and Prudential Plc in the asset management company (AMC) and the trust company.

The AMC and trust company have also been allotted new names as ‘ICICI Prudential Asset Management Company Ltd’ and ‘ICICI Prudential Trust Ltd.’

Web Access For Visually Disabled

IBMAll is set for the Technology and Software giant, IBM to launch a multimedia web browser for visually impaired. Using this web browser, they can access web video and audio. This software for visually impaired, codenamed the Accessibility Browser or A-Browser is created by Dr. Chieko Asakawa, who has been blind since age 14 and is a senior researcher at IBM’s research laboratory in Tokyo. Blind and partially-sighted people will get the unbelievable control over multimedia application using a keyboard to control media player software.

Retail Market - Potentials & Opportunities

ICICI Property prepared a report, India Retail Real Estate The Road Ahead, that says the total real estate requirement of the future organized retail chains will be far more than the construction industry can supply.

According to this report, “The demand for quality real estate is to grow exponentially over the next 4-5 years fuelled by the demand from the organized retailers. The organized retail will require around 500 sq ft realty space in the next five years, out of which 250 million sq ft will be required by shopping malls itself.”

But as per real estate developer’s current plans, only 143 million sq ft of mall space is being planned over the next five years. Hence, the retail industry will be left with a shortage of more than 40%.

Advertisement Guidelines For Builders

Arecent Public Interest Litigation, filed by an NGO called
‘Sanrakshak’, in the Supreme Court has requested the court to direct
both central and the state governments to issue nationwide guidelines
for the print and electronic media for checking the authenticity of
advertisements required to be inserted by builders.

NGO has requested to form a statutory to confirm the background of
each builder desiring to advertise their projects. The petitioner said,
“There should basically be a checklist for media to satisfy themselves
about the genuineness of the builder and promises being made to
prospective buyers.”

The Supreme Court has issued notices to both the Central and state governments on this issue.

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