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Weekly news 11

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  • 1. Weekly news 11
  • 2. Sebi move to check 'smart' investing irks MFs
    The mutual fund industry is taken aback by the Securities and Exchange Board of India’s (Sebi) plan to take a relook at a system
    allows investors to take advantage of the cut-off timings that AMCs have for accepting cheques in liquid funds.
    Sebi may change this system, where investors, mostly corporate, put money in liquid schemes usually on a Friday or Monday before 12 pm to get the previous day's net asset value (NAV)
  • 3. CIL short of Rs 731 cr to become India's 3rd most valued firm
    Coal India, which made a big-bang debut on bourses last week, is just short of Rs 731 crore to de-throne State Bank of India as the country's third most valued firm with a market cap of over Rs 2.21 lakhcrore. 
    Many analysts believe that going by the response CIL received during the IPO and post listing it will not be difficult for the company to add more value to its stock
    During the week ended Friday, the country's 10 most valuable firms ended with smart gains. Interestingly, in the week, the BSE benchmark Sensex closed above the magical 21,000 level, for the first time in the history. 
  • 4. Microsoft's CEO Ballmer sells 12% stake
     Microsoft Corp Chief Executive Steve Ballmer sold $1.3 billion worth of shares in the company, cutting his stake by about 12 per cent, and said he will sell more shares by year end, in a move to diversify his investments and plan for taxes
    Ballmer, the first commercial manager at Microsoft and CEO since 2000, stressed that the massive stock sale -- his first in seven years -- should not indicate lack of confidence in his own company. 
    Ballmer sold 49.3 million Microsoft shares in the last three days, at prices between $26 and $28 per share. 
  • 5. RBI hints at tight monetary policy
    The Reserve Bank hinted at a marginal hike in key policy rates when it reviews its monetary stance tomorrow, saying inflation was still above the comfort zone and that there was uptick in credit to non-food sectors
    "Elevated inflation remains a challenge for monetary policy ," RBI said today in its report on macroeconomic and monetary developments, ahead of tomorrow's second quarter review of FY'11.
  • 6. R-Power places $750 million order with GE
    Reliance Power, which has placed a $750 million order with General Electric, expects its association with American firms will generate manufacturing exports worth over $2 billion from the United States into India, the company’s chairman Anil Ambani said at a function during the visit of US President BarackObama. 
    Reliance’s order for equipment from GE will help it build its Rs 10,000 crore power project in Andhra Pradesh. The contract entails supply of six gas turbines, three steam turbines, training and long-term services for the project. 
    eliance Power plans to scale up its capacity to 25,000 mw by 2015. Currenlty, the company has an operational capacity of 600 mw at its 1,200 mw Rosa Power Project in Uttar Pradesh
  • 7. Exclude coal from GST list: States to centre
     State finance ministers have asked the Centre to exclude coal from the list of proposed Goods and Services Tax (GST), so as the tax rate does not increase on such an important fuel.
    Besides, the empowered committee of state finance ministers has also said that opium, Indian hemp and other narcotics drugs could be kept out of GST list. 
    Orissa government was building up a case to exclude coal from the GST list. It was talking to coal-bearing states like Jharkhand, Chhattisgarh, Madhya Pradesh for creating pressure to keep coal out of the purview of GST.