Inflation increases to 4.77%
Inflation moved up to 4.77% for the week ended September 23 from 4.56% in the previous week, mainly due to spurt in prices of pulses, wheat and iron ore. The wholesale price index (WPI) was at 4.34% during the corresponding week last year.
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Australian delegation to visit India
A business delegation from South Australia, led by the Premier of South Australia, Mr Mike Rann, would be visiting India towards the end of October this year. The delegation would look to promote trade and investment between the two regions in areas such as education, sports, agri-business and films. They were in Chennai to launch the South Australia month in India, which would include a number of high level political visits, business delegations.
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India, EU likely to sign trade agreement next week
India and the European Union are all set to sign a bilateral trade and investment promotion agreement to liberalise trade in goods, services and investment far quicker than expected. The high-level trade group constituted to look into the possibility of such an agreement has given its green signal. The time period for completion of the negotiations and implementation of the agreement will be two years, a timeframe much shorter than any other trade pact that India has entered into so far. The seriousness with which both the EU and India are treating the proposed agreement spells a bonanza for the Indian service industry, which is expected to be a major beneficiary of the agreement.
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Infrastructure sector witnesses 6.7% growth rate for April-Aug quarter
The growth rate of the infrastructure sector has jumped to 6.7% for the April-August quarter of 2006-07, compared with a growth rate of 6.1% in the corresponding period of previous fiscal. The six core infrastructure industries namely crude petroleum, petroleum refinery products, coal, electricity, cement and steel have, however, registered a growth rate of 5.5% in August, less than the 5.8% rate for the same month last year. The performance of the infrastructure sector often has a strong impact on the industrial sector, as this sector has a weight age of 26.7% in the overall index of industrial production.
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EnterpriseDB sets up development centre in Pune
New Jersey-headquartered EnterpriseDB, a player in the $300 million open source database market, announced recently the opening of a software development centre here. The company also has an enterprise performance centre in the UK. They are looking at developing the Pune centre into a very specialised resource centre for database internals development. With 130 employees globally, the company plans to grow to a 200-people company by June 2007. Pune will have 50 people and account for 25 per cent of our overall employee count of 200 by middle of next year. Closer home, some industry estimates have pegged the growth of this market in the small & medium business (SMB) segment alone at 70 per cent. The two-year-old company has raised more than 28.5 million dollar to date with leading venture capitalists like Charles River Ventures, Fidelity Ventures, Sony Online Entertainment, and Valhalla Partners accounting for 20 million dollar of the finances.
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IT stocks cheerful on Q2 no expectations
Expectations that the second quarter results of the Indian IT services sector would be healthy and that top-tier Indian software companies would continue to report strong volume growth, have been driving interest in software company stocks on the bourses. The BSE-IT Index outperformed other indices on Thursday, with huge buying seen in Moser-Baer, Infosys, Wipro, Satyam, Patni Computer, MphasiS BFL and TCS. The first quarter this fiscal was an exceptional one, aided by good volume growth as well as a weaker rupee. They expect volume growth to be the major driver of the topline growth in Q2 FY 07, as the impact of the rupee this time around may not be as significant as it was in the first quarter.
Inflation moved up to 4.77% for the week ended September 23 from 4.56% in the previous week, mainly due to spurt in prices of pulses, wheat and iron ore. The wholesale price index (WPI) was at 4.34% during the corresponding week last year.
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Australian delegation to visit India
A business delegation from South Australia, led by the Premier of South Australia, Mr Mike Rann, would be visiting India towards the end of October this year. The delegation would look to promote trade and investment between the two regions in areas such as education, sports, agri-business and films. They were in Chennai to launch the South Australia month in India, which would include a number of high level political visits, business delegations.
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India, EU likely to sign trade agreement next week
India and the European Union are all set to sign a bilateral trade and investment promotion agreement to liberalise trade in goods, services and investment far quicker than expected. The high-level trade group constituted to look into the possibility of such an agreement has given its green signal. The time period for completion of the negotiations and implementation of the agreement will be two years, a timeframe much shorter than any other trade pact that India has entered into so far. The seriousness with which both the EU and India are treating the proposed agreement spells a bonanza for the Indian service industry, which is expected to be a major beneficiary of the agreement.
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Infrastructure sector witnesses 6.7% growth rate for April-Aug quarter
The growth rate of the infrastructure sector has jumped to 6.7% for the April-August quarter of 2006-07, compared with a growth rate of 6.1% in the corresponding period of previous fiscal. The six core infrastructure industries namely crude petroleum, petroleum refinery products, coal, electricity, cement and steel have, however, registered a growth rate of 5.5% in August, less than the 5.8% rate for the same month last year. The performance of the infrastructure sector often has a strong impact on the industrial sector, as this sector has a weight age of 26.7% in the overall index of industrial production.
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EnterpriseDB sets up development centre in Pune
New Jersey-headquartered EnterpriseDB, a player in the $300 million open source database market, announced recently the opening of a software development centre here. The company also has an enterprise performance centre in the UK. They are looking at developing the Pune centre into a very specialised resource centre for database internals development. With 130 employees globally, the company plans to grow to a 200-people company by June 2007. Pune will have 50 people and account for 25 per cent of our overall employee count of 200 by middle of next year. Closer home, some industry estimates have pegged the growth of this market in the small & medium business (SMB) segment alone at 70 per cent. The two-year-old company has raised more than 28.5 million dollar to date with leading venture capitalists like Charles River Ventures, Fidelity Ventures, Sony Online Entertainment, and Valhalla Partners accounting for 20 million dollar of the finances.
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IT stocks cheerful on Q2 no expectations
Expectations that the second quarter results of the Indian IT services sector would be healthy and that top-tier Indian software companies would continue to report strong volume growth, have been driving interest in software company stocks on the bourses. The BSE-IT Index outperformed other indices on Thursday, with huge buying seen in Moser-Baer, Infosys, Wipro, Satyam, Patni Computer, MphasiS BFL and TCS. The first quarter this fiscal was an exceptional one, aided by good volume growth as well as a weaker rupee. They expect volume growth to be the major driver of the topline growth in Q2 FY 07, as the impact of the rupee this time around may not be as significant as it was in the first quarter.
The Nasscom and Booz Allen Hamilton report estimating a 40-billion dollar opportunity for India by 2020, from offshoring of engineering services alone, is yet another positive trigger for the sector. This can be seen from growth in export revenues of the Indian IT services. The services export revenues of the Indian IT sector have grown at an impressive CAGR of 35.2 per cent over FY 2003-06 to 17.3 billion dollar. Tier I vendors with scale, wide service offerings, domain expertise, and large in-house trained manpower are well poised to grab the offshore demand. Software major Infosys kickstarts the earnings season on Oct 11.
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BPO industry urges fraud numbers are negligible
In response to the sting operation conducted by UKs Channel 4 on data theft occurring in Indian call centres, the President of the Call Centre Association of India, Mr Sam Chopra, said, Frauds in the Indian BPO industry account for a fraction of a per cent of data theft. Data security is a matter of concern, however such cases exist in minuscule numbers across all industries and any generalisation on the entire industry based on a particular incident would be unfair.
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BPO industry urges fraud numbers are negligible
In response to the sting operation conducted by UKs Channel 4 on data theft occurring in Indian call centres, the President of the Call Centre Association of India, Mr Sam Chopra, said, Frauds in the Indian BPO industry account for a fraction of a per cent of data theft. Data security is a matter of concern, however such cases exist in minuscule numbers across all industries and any generalisation on the entire industry based on a particular incident would be unfair.
There is a definite need for stronger data protection laws in the country. However, in comparison to the US and UK, the cases of fraud in Indian BPO sector are much less. The companies on their part need to ensure adequate safeguards and educate their workforce. Dell has already asked its employees to register themselves under the National Skills Registry programmes undertaken by Nasscom and expects a majority to register. The Nasscom President too had dismissed concerns about data protection, saying that the numbers were too small, but the issue was being addressed with all seriousness.
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SanDisk plans expansion in India
SanDisk Corp, the worlds leading maker of flash memory data storage cards, plans to distribute its products through 2,000 stores in India in coming weeks. It plans to start with 2,000 stores in the coming weeks and increase to 14,000-plus by the end of 2007.
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Post Session Market Commentary
The markets witnessed volatile trade and ended flat. The participants showed buying interest in some of the selective index pivotal like Capital goods, Metal and Oil & gas. Overall market breadth was positive as 1592 stocks advanced and 933 stocks declined. All the BSE sectoral indices ended mixed. Among the sectoral indices, BSE metal index was the top gainer up by 97.44 points to close at 8686.62. Other gainers were: BSE Capital goods index up by 76.66 points to close at 8238.98, BSE Oil& Gas index up by 51.96 points to close at 5815.25, BSE Auto index up by 12.17 points to close at 5472.17 and BSE PSU index up by 34.06 points to close at 5863.66. Whereas, BSE FMCG was down by 24.08 points to close at 2027.64, BSE Bank index was down by 16.25 points to close at 6080.17. BSE Health index was down by 15.64 points to close at 3622.99. Today, BSE mid cap and small cap were also roaring throughout the trading session. BSE mid cap was up by 35.19 points to close at 5264.24 and BSE small cap was up by 67.08 points to close at 6328.97 . BSE Sensex closed at 12,372.80 down by 16.60 points while Nifty closed at 3,569.70 up by 4.80 points. Top gainers at BSE Sensex: Hindalco Rs 176.20 (2.12%), Reliance comm. Rs 353.75 (1.56%), Guj Ambuja Cem Rs 121.95 (1.04% ) and Reliance Rs 1163.05 (0.69%). Top Losers: HLL Rs 245.30 (1.86%), HDFC Rs 1430.60 (1.54%), ITC Rs 184.70 (1.44%) and Wipro Rs 513.65 (1.39%).
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FII Activity
The gross equity purchased was Rs.1,648.20 (in crores), and the gross debt purchased was Rs.304.80 (in crores). The gross equity sold was Rs.2,067.60 (in crores), and the gross debt sold was Nil. The net investment of equity was Rs.(-) 419.40 (in crores), and the net debt investment was Rs.304.80 (in crores).
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SanDisk plans expansion in India
SanDisk Corp, the worlds leading maker of flash memory data storage cards, plans to distribute its products through 2,000 stores in India in coming weeks. It plans to start with 2,000 stores in the coming weeks and increase to 14,000-plus by the end of 2007.
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Post Session Market Commentary
The markets witnessed volatile trade and ended flat. The participants showed buying interest in some of the selective index pivotal like Capital goods, Metal and Oil & gas. Overall market breadth was positive as 1592 stocks advanced and 933 stocks declined. All the BSE sectoral indices ended mixed. Among the sectoral indices, BSE metal index was the top gainer up by 97.44 points to close at 8686.62. Other gainers were: BSE Capital goods index up by 76.66 points to close at 8238.98, BSE Oil& Gas index up by 51.96 points to close at 5815.25, BSE Auto index up by 12.17 points to close at 5472.17 and BSE PSU index up by 34.06 points to close at 5863.66. Whereas, BSE FMCG was down by 24.08 points to close at 2027.64, BSE Bank index was down by 16.25 points to close at 6080.17. BSE Health index was down by 15.64 points to close at 3622.99. Today, BSE mid cap and small cap were also roaring throughout the trading session. BSE mid cap was up by 35.19 points to close at 5264.24 and BSE small cap was up by 67.08 points to close at 6328.97 . BSE Sensex closed at 12,372.80 down by 16.60 points while Nifty closed at 3,569.70 up by 4.80 points. Top gainers at BSE Sensex: Hindalco Rs 176.20 (2.12%), Reliance comm. Rs 353.75 (1.56%), Guj Ambuja Cem Rs 121.95 (1.04% ) and Reliance Rs 1163.05 (0.69%). Top Losers: HLL Rs 245.30 (1.86%), HDFC Rs 1430.60 (1.54%), ITC Rs 184.70 (1.44%) and Wipro Rs 513.65 (1.39%).
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FII Activity
The gross equity purchased was Rs.1,648.20 (in crores), and the gross debt purchased was Rs.304.80 (in crores). The gross equity sold was Rs.2,067.60 (in crores), and the gross debt sold was Nil. The net investment of equity was Rs.(-) 419.40 (in crores), and the net debt investment was Rs.304.80 (in crores).
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