NTPC wins $1.5 Billion Project in Bangladesh

Bangladesh on Sunday signed a USD 1.5 billion deal with India's NTPC to build a 1,320 MW coal-fired power plant, the country's biggest, to help ease acute power shortages. Bangladesh's state-owned Power Development Board (PDB) struck the 50:50 joint venture deal with India's public sector National Thermal Power Company (NTPC). Under the pact, a JV company will be floated to install and operate the plant while the PDB and the NTPC will implement the USD 1.5 billion project.
PDB chairman A S M Alamgir Kabir and NTPC chairman Arup Roy Chowdhury signed the agreement here. Kabir said the plant will be set up at Bagerhat's Rampal and Bangladesh and India will have equal partnership in production. "We hope to supply electricity to the national grid by 2015," he said.

Tata Communications FY12 Q3 Results

Tata Communications Ltd. FY12 Q3 Results: The Unaudited results for the Quarter ended December 31, 2011: The Company has posted a net profit after tax and extraordinary items of Rs. 294.80 million for the quarter ended December 31, 2011 as compared to Rs. 486.20 million for the quarter ended December 31, 2010. Total Income has increased from Rs. 9899.70 million for the quarter ended December 31, 2010 to Rs. 10591.60 million for the quarter ended December 31, 2011.

Sesa Goa FY12 Q3 Results, declares Dividend

Sesa Goa FY12 Q3 Results: Sesa Goa Ltd has announced the following Unaudited results for the quarter ended December 31, 2011: The Company has posted a net profit of Rs 3705.40 million for the quarter ended December 31, 2011 where as the same was at Rs 8439.20 million for the quarter ended December 31, 2010. Total Income is Rs 20334.00 million for the quarter ended December 31, 2011 where as the same was at Rs 18100.70 million for the quarter ended December 31, 2010.
Sesa Goa has declared Interim Dividend for the Financial Year 2011-2012 @ Rs. 2/- per share on face value of Re. 1/- and the Interim Dividend shall be paid/despatched on or before the due date, i.e. February 23, 2012.

Indian Stock Market on 27th January 2012

Indian Stock Market on 27th January 2012: Indian stock market seen a good rally during last 10 days and take a relief after RBI policy with significant gains in all major sectors specially in reality and Banking sectors with more than 10-15% gains during last 10 days. Now Nifty is trading at 5158 near one of Major hurdle of 5200 level. If market trades above 5200 for 3-4 session we can expect a sustainable recovery. We expect Market remains flat with some profit booking on 17th january, so stay in defensive stocks like FMCG, PSU stocks till march 2012 untill there is some clearity in market

Citibank to Fire 100 Employees in India

US bank Citigroup has announced that it is going to lay off 100 empolyess in India as part of its global restructuring exercise. The international banking major is planning to carried out the lay-offs in next few days. Moreover, Citigroup officials made it clear that none of the company's operations or verticals will be affected because of the lay-offs. According to Citigroup statement, "citigroup continuously reviews its internal processes and organisational structure to right size the organisation for efficient growth. As a result of this exercise, Citi India has identified approximately 100 positions that will be impacted within the bank."

Wipro FY12 Q3 net up 10.43%

IT major Wipro on Friday reported a 10.43 per cent growth in net profit to Rs 1,456.4 crore for the three months ended 31st December, 2011, on the back of increased price realisation, leading it to offer an upbeat revenue guidance for Q4, FY'12. "Wipro's guidance for IT services for 4Q, FY'12, of 1-3 per cent q-o-q growth came in as a positive surprise and looks better as compared to one of its peers -- Infosys," Angel Broking Research Analyst-IT Ankita Somani said. The company had registered a net profit of Rs 1,318.8 crore in the corresponding quarter of the previous fiscal, Wipro said in a filing to the BSE.
Looking ahead to the fourth quarter, the company expects revenues from the IT services business to be in the range of USD 1,520 million to USD 1,550 million, a sequential growth of 1 per cent to 3 per cent. "Wipro reported largely in-line results, with a positive surprise being an increase in price realisation by 2-3 per cent q-o-q. The company's performance has been improving since the last two quarters and organisation restructuring is yielding fruits. With this kind of show, it is expected to catch up with industry peers in growth rates in the next couple of quarters," Somani added. Net income from sales rose to Rs 9,997.2 crore in the December quarter from Rs 7,829.3 crore in Q3, FY'11, it said. "We continue to execute on our strategy and propel the business toward a higher growth trajectory. The overall macroeconomic sentiments continue to be uncertain and we are monitoring it closely," Wipro Chairman Azim Premji said.

Air India pilots call of strike

The strike of Air India pilots which led to cancellation of 52 flights was called off on Saturday night after the state-owned airline reportedly assured them that their pending salary and allowances would be cleared in phases before March. "Things have been sorted out. The management has assured us that they would pay a part of due allowances by 20th of this month, a part of rest by 20th February and clear our dues by March," A S Bhinder, President of Indian Commercial Pilot's Association -- an association of erstwhile Indian Airlines pilots, told a news agency. The pilots would resume their duties, he added.
Protesting non-payment of their salary and allowances, a section of Air India pilots went on a "no-pay-no-work" agitation from midnight last night. A total of 52 flights, 44 from Delhi and eight from Mumbai, were cancelled causing inconvenience to hundreds of passengers.

S&P downgrades 9 euro zone countries

Rating agency Standard and Poor's (S&P) has lowered the sovereign ratings of nine eurozone countries, including France and Italy, a move that reignited concerns over the fiscal sustainability of the region. S&P has lowered the sovereign ratings on nine eurozone countries, of which the long-term ratings on Cyprus, Italy, Portugal, and Spain were lowered by two notches. the sovereign ratings on Austria, France, Malta, Slovakia, and Slovenia, were lowered by one notch. France's sovereign rating has been downgraded to AA+ the level of US long-term debt, which S&P downgraded in August last year. Germany was the only country that retained its coveted AAA tag -- the highest investment grade ratings. "Today's rating actions are primarily driven by our assessment that the policy initiatives that have been taken by European policymakers in recent weeks may be insufficient to fully address ongoing systemic stresses in the eurozone," S&P said in a statement.
Sovereign rating is an indicator of country's credit worthiness. Meanwhile, French Finance Minister Francois Baroin has reportedly told France-2 Television, that the downgrade of France's AAA sovereign debt rating was not "a catastrophe." He reiterated that France still had a solid rating. "The US, the world's largest economy, was downgraded over the summer," Baroin said. "You have to be relative, you have keep your cool. It's necessary not to frighten the French people about it." European Economic Affairs Commissioner Olli Rehn also criticised S&P's decision to downgrade nine eurozone nations as "inconsistent". The downgrades announced after US markets closed on Friday is likely to be a dampener for financial markets as investors are likely to sell euro, eurozone equities and sovereign bonds. Meanwhile, earlier Friday, the euro had hit its lowest level in more than a year and stock markets in Europe and the US fell.

SEBI to reform IPO norms

Markets regulator SEBI has said it is in the process of reforming the initial public offer (IPO) norms to ensure minimum price volatility on the day of listing. "We are in the process of reforming IPO process which will ensure that much safer process and volatility in the initial days of listing is much less ... we are looking into every aspect," Securities and Exchange Board of India (SEBI) whole-time member Rajeev Agarwal said in New Delhi on Thursday.
"Our aim is that the volatility in the IPOs should not be there, particularly on the listing day," he said on the sidelines of an Assocham event on Thursday. He also said that the disclosure norms should be such that investors should not lose money. Last month, SEBI barred seven companies from raising money from the public for suspected misuse of proceeds from IPOs, pricing irregularities and inadequate disclosure of information. The regulator also barred six investment bankers from managing any more share sales for alleged failure of due diligence in overseeing the IPOs.

Indian Stock Market on 16th January 2012

Indian Stock Market on 16th January 2012: Indian stock market seen a good week of consecutive second week when market manage to close with positive node. The first tow week of new year seems to be good after a bad year of 2011 when market slide more than 25% in whole year while reality, metal stocks fall more than 50%. But Market seems to be going back on negative trade after a report of S&P released on Friday after market closing hour when one of Top Rating agency S&P downgrades 9 eurozone countries including France, Italy so we expect a weak week ahead with gap down opening in Indian Market on Monday, 16th Jan. 2012.We expect Market remains negative for first quarter of year 2012, so stay in defensive stocks like FMCG, PSU stocks till march 2012 untill there is some clearity in market