2. Food inflation jumps to 15.1% on supply constraints RBI lifted the repo rate by 0.25% point & reverse repo rate by 0.50% point to combat high inflation. Finance minister endorsed the rate increase saying inflationary pressures are still there in the system.
3. Inflation remains dominant concern in the macro economic management. Price of food articles, which is according to the new series rose by over 14% in august are still contributing to price pressure.
4. Rs 8000-cr PGCIL IPO to hit the market in November This would be the second major issue after the largest ever IPO of Rs 14,000 crore by coal India in the current fiscal. The proposed issue of Power Grid is under fast track route, in which a company can enter the capital market immediately after filing the draft red hearing prospectus (DRHP) with market regulator SEBI
5. It will compete three year of listing on October 6 and has the free float of more than Rs 5000 crore which is mandatory requirement for fast track route. Power Grid aims to raise Rs 4000 crore to meet its expansion plans worth Rs 55,000 crore
6. The proposed FPO will also help the company in meeting new listing guidelines of minimum public float of 25%. Currently, government holding in power grid is 86.36% which will come down to 69.43% after the issue.
7. Mercedes India MD WilfriedAulbur resigns Mercedes Benz India’s managing director & CEO WilfriedAulbur has put in papers to pursue a new career within the country. He will complete 5 year as an indian head of the car maker by the end of 2010, is likely to move out of automobile sectors.
8. New mobile company enter Rs 700 crore handset market Driven by high margin and easy accessibility to imported mobile handset, new company are foraying into affordable handset business. There may be large number of player in this sector but around 15 companies hold 95% of market share.
9. The consumer electronic maker MCC group will launch 3 GSM handset into affordable category at Chandigarh. The handset will have the specific focus on the key features including standby time, multimedia, messaging, FM, Bluetooth, MP3, GPRS & expandable memory.
10. The mobile will be exported from china, Korea and Taiwan. Last week, AKAI one of the largest Japanese electronic brand made entry in this segment by launching 10 models in dual sim category
