Business news Tablet.

[RAJESH DESAI]

Morning News (click on link to read article)

Economic Times		Business Standard
Ø  RIL Q2 profit at Rs 5,376 crore, drops 5.7% Y-o-Y Ø  Axis Bank Q2 net profit at Rs 1,124 cr Ø  Government cancels Adani’s 1840 hectare SEZ Ø  JSW Steel Sep production up 54% to 7.33 lakh tonnes Ø  Kalam suggests creation of National Energy Commission Ø  KEC International bags Rs 868 crore contracts		Ø  DIIs net sell Rs 86cr, FIIs net buy Rs 20cr Ø  GoM may finalise land acquisition bill Ø  Total market turnover on Oct 15 at Rs 1.37 lakh crore Ø  STT exporting trades from equities to commodities Ø  Sebi notifies IPO reforms, brings funds usage under scrutiny Ø  Mahindra Satyam inks pact with UPES
Business Line		Mint
Ø  Axis Bank Q2 net rises 22% on higher interest, fee income Ø  ICICI Bank ties up with African bank Ø  Citigroup Q2 profit nosedives 88% to $ 468 mn Ø  Mcdowell Holdings releases 70 lakh shares of Mangalore Chem Ø  Fund houses revise exit loads on equity schemes Ø  Cotton rules flat on muted offtake by mills		Ø  Valuation hurdle in OIL bid for stake in Gabon blocks Ø  ‘India needs to decrease reliance on imported sources of energy’ Ø  BP considers LNG imports to India through JV Ø  Softbank to buy up to 70% of Sprint for $21.1 bn Ø  Maruti’s Manesar plant violence due to internal issues: SIT Ø  Securities lending catches institutional investor interest
Financial Express		Financial Chronicle
Ø  No possibility of Greece' EU exit Ø  Indirect tax collections up 15.6% Ø  Tata Motors global sales dip 4% in Sept Ø  Growth recovery in six months: Montek Ø  'Steel firms may face margin pressure'		Ø  SC refuses to stay FDI policy in retail Ø  FIIs hike stake in majority of Sensex firms in Sept quarter Ø  It’s time rating agencies took India off negative list: Montek Ø  Yellow metal prices drop to one-week low; importers buy Ø  India should target $100b exports to China: Fieo

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CA. Rajesh Desai

[RAJESH DESAI]

Morning News (click on link to read article)

Economic Times		Business Standard
Ø  Oil exploration cos to be free from CAG audit Ø  Land Acquisition Bill cleared by Group of Ministers Ø  ADF to be abolished from January 2013, air travel to become cheaper from Delhi & Mumbai Ø  Tata Motors to overhaul range in India; eyes US for Nano Ø  Tax breather for Hindalco in transfer pricing spat Ø  NIIT Tech Q2 net declines 6% on rupee rise, sales grow 35% Ø  AB Group revives talks to buy Jaypee' cement plants		Ø  GMR ready to buy out DIAL partners Ø  DIIs net buy Rs 595cr, FIIs net sell Rs 204cr Ø  Total market turnover on Oct 16 at Rs 1.85 lakh crore Ø  Foreign fund houses sell Yes Bank shares worth Rs 429 cr Ø  Shree Cement Q2 net up five-fold at Rs 228 crore Ø  Gilt yields fall amid rate cut hopes
Business Line		Mint
Ø  Deccan Chronicle loan has turned bad: Axis Bank Ø  Manesar plant to reach full capacity in 2-3 days: Maruti Suzuki Ø  Government denotifies Adani SEZ; company to re-apply Ø  Unitech files application to withdraw petition from CLB Ø  Mahindra Lifespaces plans low-cost houses in Mumbai, Chennai		Ø  RBI, govt working on plan for buying illiquid securities Ø  Govt, RBI mull ways to introduce Islamic banking Ø  Asia-Pacific investors betting on India: BofA-ML survey Ø  India commits $50 mn for biodiversity conservation Ø  Investors in TAPI project demand stake in hydrocarbon fields
Financial Express		Financial Chronicle
Ø  Around 65% of India Inc’s forex exposure unhedged: RBI Ø  'Govt yet to sign Oilfield revised plan' Ø  K'taka bank denies reports of ICICI bid Ø  Maruti launches new Alto 800 Ø  FCI seeks more funds for rice procurement Ø  Oil eases towards $115, ample supply weighs		Ø  ONGC, GAIL keen on stake in BPCL's Rs 5k cr Kochi project Ø  General Motors increases stake in Indian arm to 93% Ø  RBI to intervene in FX market if there is extreme volatility Ø  Rising purchasing power drives India's economic growth: OECD Ø  Insurers’ stake in large-caps rises Ø  MindTree posts $107m revenue for Sept quarter

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CA. Rajesh Desai