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Power news10

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  • 1. Power NEWS(25thOct – 31st Oct, 2010)
    - SumitKalra
  • 2. Google bans phone apps used in spying
    A controversial mobile phone application, which helps a cell phone user read the text messages of others secretly, has been removed from sale by internet search engine Google.
    Once installed on a mobile phone, the Android phone application automatically creates carbon copies of incoming text messages and forwards them to a selected number - prompting fears it could be used by jealous lovers and even work colleagues to snoop on private messages.
  • 3. Inflation matter of concern: FM; RBI could take some steps
    The overall inflation for September was at 8.62 per cent, much higher than RBI's acceptable level of 5-6 per cent.
    Food inflation, which is reigning in double digit for the past three months, is feeding the overall inflation numbers. Food inflation in mid-October stood at 13.75 per cent.
    The central bank is expected to hike policy rates by 25 basis points to tame inflationary pressure. (http://economictimes.indiatimes.com/news/economy/finance/Inflation-matter-of-concern-FM-RBI-could-take-some-steps/articleshow/6852418.cms)
  • 4. Wal-Mart urges India to open retail sector
    The world's number one retailer Wal-Mart said on Thursday it could open "hundreds of stores" in India if the government opened up the country's giant retail sector to foreign investors.
    Foreign groups such as Wal-Mart can currently only be wholesalers and must partner with domestic firms to sell in India.
    India has recently kicked off a public debate on allowing foreign supermarkets to open stores in India, a key reform pushed for by economists seeking greater liberalization in the economy.
  • 5. FII biggies cashing out on listing gains
    FUNDS run by Citigroup, Morgan Stanley and Goldman Sachs are among those that sell shares on the listing day to reap the riches from initial public offerings (IPOs), contrary to popular perception that top institutions are long-term investors.
     Most recent listings have plunged below their IPO sale prices, partly due to these funds cashing out, and also because of the unsustainable valuations at which they were sold compared with their earnings and revenues.
  • 6. Reliance Industries Q2 net up 27.8%, beats f'cast
    Energy major Reliance Industries posted record profit for the September quarter, beating estimates, bolstered by higher gas output from its field off India's east coast and improved refining margins.
    Gross refining margin at Reliance's flagship refining business in the September quarter was $7.9 per barrel, up from $7.3 per barrel in April-June and in line market estimates of $8 per barrel.
  • 7. Gold surges on global cues, silver hits record high
    Gold prices shot up further at the bullion market heavy buying by stockists and speculators triggered by steep rise in the overseas markets.
    Silver raced ahead to touch a new historic high and came within a striking distance of yet another milestone of Rs 38,000 a kg due to frantic buying by seasonal traders and stockists in tandem with strong industrial support.
    Pure gold (99.9 purity) also rose by a similar margin to end at Rs 19,760 from yesterday's closing of Rs 19,545.
  • 8. Market Watch
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