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Hot Stock News

* TELECOM : Dept of Telecom seeks Fin Min's approval to slash annual licence fee by up to a third for telecom operators with large network & charge no licence fee for landline services
* BANKS : Bank credit for the year upto Oct 23, grew by 9.65%, the slowest pace of increase since April 1997
* SBI : mgt says no immediate plans to revise interest rates on home loans.. not to withdraw offer of 8% for 1st yr that had been launched in 2009
* INFRA SECTOR : Govt's target to award 11,700 km of highway projects will be delayed by 3months to June 2010
* L&T : media rpts sub L&T Infotech in advanced talks to acquire a majority
stake in Patni
* MAYTAS INFRA : bags Rs 7.9bn road building contract
* INFLATION : berg consensus est for wk ended Oct 24 @ 1.63% v/s 1.51% prv wk

Corporate News - Industry trends

* Controversy in the court case between the Ambani brothers
over gas pricing ratcheted up a notch with Justice R V Raveendran
dramatically recusing himself from hearing the case, saying his
daughter was associated with a solicitors' ...
... firm called AZB Partners that
was advising the Mukesh Ambani group on other global projects. The
incident caused opposing counsels to trade charges over the incident
(BS)

* India's telecom subscriber base crossed the 500 mn mark at the
end of September this year taking overall tele density to 43.5%. India
is the second-largest and -fastest market for wireless services, behind
China which has over 600 (BS)

* TOP telecom players such as Bharti Airtel, Vodafone Essar,
Reliance Communications and state-owned BSNL could benefit
from a government move to speed up a relief package that will ease
some burden off the sector saddled with shrinking revenues and
margins triggered by a raging tariff war (ET)

* The Department of Telecommunications has suggested a quick retendering
of the 93 mn GSM line order, one of the largest single
contracts in the world, from Bharat Sanchar Nigam Ltd (BS)

* Central transmission utility Power Grid said it would raise Rs 30bn
through bonds by January next year. The company is also seeking
loans of Rs 87.5bn from the World Bank and the Asian Development
Bank to fund upcoming transmission projects in the country (BS)

* Godrej Consumer Products Ltd is looking at several acquisition
opportunities globally and has earmarked a budget of Rs 10bn for the
purpose. Internationally, Godrej Consumer Products Ltd is looking at
categories that are core to its business (BS)

* Tata Steel Ltd, expected its European unit, Corus, to be operating at
full capacity by the end of the financial year in March, Corus, Europe's
second largest steel maker, operated at 80% capacity in October, Vice
Chairman B Muthuraman told reporters at an industry conference (BS)

* INDIA'S top steelmakers — including state-owned Steel Authority of
India, Essar and Ispat —recorded up to 30% growth in sales volume
and JSW Steel's sales almost doubled in October, 2009, compared with
the same period last year, backed by robust demand from automobile
and construction sectors (ET)

* Sybase Software, the Indian subsidiary of Sybase, and Wipro
Infotech have announced the extension of their partnership towards
promoting Sybase Technologies for business continuity (disaster
recovery assurance services, database surveillance and monitoring)
and enterprise mobility solutions (BL)
Economic/Regulatory development

* For the first time since April 1997, growth in bank credit has
dropped to single-digit levels, an indication that demand is yet to
pick up. For the year up to October 23, bank credit flow grew by
9.65%. This is the slowest pace of increase since April 25, 1997 when
the growth rate was 9.61% (BS)

* With revenues from indirect taxes recording a 24% decline in the
first-half of the current fiscal, the Centre is now betting on economic
growth in the second-half and the proposed Goods and Services Tax
regime in 2010-11 to bring about a sustained rise in such revenues
(BL)

Commodity/Money Market News

* Barring rice and wheat, prices of almost all agricultural commodities
and allied semi-processed food items have shot up over 20% in the
last one month on lower production estimates for the current kharif
season and uncertainty over the ensuing rabi season (BS)
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