Weekly news (20 september- 24 september) Submitted by JasmeetKaur MBA 2C Punjab College Of Technical Education, Ludhiana
USE to offer currency futures20 september 2010
The NSE and MCX-SX exchanges will have a new competitor in currency futures trade from tomorrow, with the United Stock Exchange commencing operations in the segment.
The United Stock Exchange of India (USE) is backed by Asia’s oldest bourse, the Bombay Stock Exchange, and will focus on currency derivatives initially.
The USE will facilitate trading in all four currency futures contracts currently allowed by capital markets regulator Securities and Exchange Board of India (Sebi).
At present, currency futures trading is allowed in the country in four foreign currencies -- the US Dollar, Pound Sterling, Japanese Yen and Euro.
Currency futures are transferable futures contracts that specify the price at which a specified currency can be bought or sold at a future date. Currency future contracts allow investors to hedge against foreign exchange risk.
Nokia Siemens, Ericsson & Huawei bag Airtel 3G deal21 september 2010 The country’s largest telecom service provider BhartiAirtel has awarded the contracts for its 3G network infrastructure to Ericsson India, Nokia Siemens Networks (NSN) and Huawei Technologies. These vendors will plan, design, deploy and maintain 3G-HSPA (third generation, high speed packet access) networks in 13 telecom circles where the company has won 3G licences, BhartiAirtel said in a statement. The company, however, did not state the deal value.
BMW India gears up to drive into bikes22 september 2010 BMW India could soon enter the luxury motorcycles segment in the country as part of the company’s strategy to extend its brand across product segments. Andreas Schaaf, president BMW India, said on Tuesday that the company has already started the due diligence process and a final decision would be taken in another month. “We are currently investigating whether its a good idea or not to enter the Indian market (for motorcycles). No final decision has been taken yet but the investigation would be over in the next couple of weeks,” Schaafsaid. He, however ruled out any immediate plans of setting up an independent manufacturing base in India for producing motorcycles.
The company has also chalked out plans to maintain its dominance in the luxury market. Schaaf said that in the next two years BMW India would make a fresh investment of Rs 70 crore in its wholly-owned facility in Chennai. The company has also increased capacity to 5,400 units from the current 3,000 units
'India's airline firms to post $400 mnloss‘23 September 2010 The International Air Transport Association expects Indian airline companies to post combined loss of $400 million in 2010, Chief Executive Giovanni Bisignani said on Wednesday. The Geneva-based trade body, which represents about 80 per cent of world carriers, had said on Tuesday global airlines have sharply raised their forecast for industry profits this year as recession fades -- but new capacity could cut profits as soon as 2011
ICICI Bank unit raises $50-mn for PE fund24 september2010 ICICI Investment Management, a subsidiary of ICICI Bank, has raised USD 50 million (about Rs 225 crore) for its Emerging India Fund, a private equity player that is looking at total size of USD 100 million. The Indian rupee equivalent of USD 50 million has been raised from domestic investors as part of the fund's first closure, the bank said in a statement. The fund seeks to invest in growth capital of mid market and emerging corporates primarily through equity and equity-linked instruments. It will invest across sectors including segments related to services, consumption and infrastructure development.