IN FOCUS MAY 04_ 2009 by hedongchenchen

VIEWS: 11 PAGES: 29

									             MAY 04, 2009
                                                     IN FOCUS
          WEEKLY INDICATORS
                                                     Politics and Strife of interests masquerade as a contest of principles.
  Indicators        Current        Last Week                                                                               – Ambrose Bierce
  Sensex            11,403*         11,329           Post-poll Alliance… Selfish interests come together
  Nifty             3,474*           3,481           It is not uncommon that the parties fighting the elections independently join
  Forex              US$             US$             hands with the very political parties whom they raised issues against during
  Reserves        253.091 bn       252.46 bn         the polls in number of occasions on the pretext of a vague common agenda.
  Inflation          0.57%          0. 26%           The common agenda may be to stick to the power whatsoever the mandate
                * As on Wednesday, Apr 29th 2009     may be, even contrary to the mandate they get against the same parties they
               EXCHANGE RATES                        are joining hands with. Though one can term this as post-poll alliance, it is not
  Currency        Current *        Last Week
                                                     certainly a good sign of a healthy democratic system. It has become essential
                                                     to initiate electoral reforms to check the menace of post-poll alliance to prove
  US$1            Rs. 50.22        Rs. 49.94
                                                     democracy more than a mere number game. The worth of any MP can be
  €1              Rs. 66.29        Rs. 65.76         viewed only based on the number of votes he/she gets in the poll or the
  £1             Rs. 73.8786      Rs. 73.272         number of people he/she represents in order to avoid an imbroglio marked
  ¥ 100           Rs. 51.85        Rs. 51.59         with no single party getting the required majority in the lower house of the
                    * As on Monday, May 4th 2009     Parliament.
              RESERVE RATIOS                         Swine (H1N1) Flu… India is safe so far
  CRR                             5%                                     Indian health authorities sounded an alert after an outbreak
  SLR                            24%
                                                                         of a deadly Swine Flu (H1N1) strain appeared to be spreading
                                                                         in several countries. The Health Ministry is in contact with
               POLICY RATES                                              airlines flying to India from the affected countries, and health
  Bank Rate                        6%                officials are keeping a close watch for passengers suffering or showing flu
  Repo Rate                       4.75               symptoms. Doctors are stationed at each of the key six airports of Delhi,
                                                     Mumbai, Kolkata, Chennai, Bangalore and Goa to check all passengers.
  Reverse Repo Rate              3.25%
                                                     Meanwhile, as per WHO data, the flu has been reported in 17 countries
        GLOBAL NEWS SNIPPETS                         affecting more than 800 people while more than 20 people have succumbed to
The US & Chinese firms have signed 32 trade and
investment contracts on Monday worth some
                                                     the deadly flu attack.
US$10.6 bn                                           India may miss FY10 export targets: ASSOCHAM
China’s National Development and Reform
Commission      has   approved     a   CN¥20   bn    India is likely to miss its export target of $200 bn in 2009-10 on the back of
shipbuilding-industry investment fund.               continued demand contraction in global markets, particularly the US and UK
Alcatel-Lucent has bagged orders from China
Mobile and China Telecom worth $1bn and $700
                                                     markets, said that industry body ASSOCHAM. In its preliminary assessment,
mn respectively.                                     ASSOCHAM said that though the Commerce Ministry set the export target at
The Industrial and Commercial Bank of China,         $200 bn on a realistic basis only $180 bn is achievable. It further said that the
(ICBC) has reported CH¥ 35.3 bn (US$5.19 bn)
net profit in Q1CY09, up 6.03% YoY.                  Commerce Ministry could revise down the export target. Assocham further
Bank of China has reported CH¥18.57 bn profit        said that the US market, which accounted for about 60% drop in exports
($2.72bn) in Q1CY09, down 14.41% YoY.
                                                     proceeds of India in the second half of 2008-09, would continue to face
The US new home sales fell 0.6% to an annual
rate of 356,000 in Mar’09.                           slowdown in FY10 also. A slowdown faced by the US would continue to impact
The Japanese Govt sees the economy to contract       India, as it is the largest trade partner to India.
more than it initially estimated in fiscal 2009 to
show the biggest decline since the government        Govt clears 22 FDI proposals
started to compile growth in 1955.                   The Government has cleared 22 Foreign Direct Investment (FDI) proposals
Ford Motor has reported $1.42 bn net loss in
Q1CY09, as against $192 mn net income in             totaling to about Rs. 541.25 cr based on recommendations of the Foreign
Q1CY08.                                              Investment Promotion Board (FIPB). The proposals relate to departments,
Ford has recorded a 40.9% fall in its March US
sales to 131,465 vehicles, the 16th consecutive
                                                     namely, Chemical & Petrochemicals, Commerce, Economic Affairs, Industrial
decline of monthly US sales for the company.         Policy & Promotion, Information & Broadcasting, Power, Urban Development,
Whirlpool Corporation has reported $73 mn net        Information Technology, and Telecommunication. The approved proposals
income in Q1CY09, as against $100 mn net
income in Q1CY08
                                                     include Rs. 157.47 cr plan of Electrosteel Castings and Rs. 237.26 cr plan of
US Steel Corporation has posted $439 mn net          Tikona Digital Networks.
loss in Q1CY09, as against $235mn in Q1CY08
General Motors has announced that it will cut        Chrysler to file for Bankruptcy… Fiat plans merger with Opel
21,000 hourly jobs and will reduce its US dealer     America’s third largest manufacturer is headed for bankruptcy protection
count under a revised viability plan.
Honeywell International has reported $399 mn
                                                     under the Obama rule. Although the lenders have rejected the latest plan to
net income in Q1CY09, down from $647 mn in           forgo the debts as proposed by the US Treasury, however, hopes are still alive
Q1CY08, while the quarterly net sales amounted       as Fiat is expected to have a merger with the Company. Meanwhile, the Italian
to $7.57 bn
                                                     carmaker Fiat is seeking to merge its car division with General Motors Europe
                                                     and ailing US car firm Chrysler to create an automotive giant second only to
                                                     Japan's Toyota in terms of production. Fiat's Chief Executive will meet German
                       Asim Mohapatra                Government ministers to discuss a bid for the German car maker Opel, part of
                               Content Editor        GM Europe. If the talks go to plan, Fiat would list shares in the combined
        asim.mohapatra@sushilfinance.com             company this summer.
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                                                  INDEX




          1. Economy                                                                    03

          2. Infrastructure                                                       04-05

          3. Sectors                                                              06-16

                    A. IT & ITeS                                                        06
                    B. Telecom                                                    07-08
                    C. Automobiles & Auto Ancillaries                                   09
                    D. Pharma & Healthcare                                              10
                    E. Steel, Metals & Minerals                                         11
                    F. Miscellaneous                                                    12
                    G. Financial Scoreboard                                       13-16
          4. Delisting, Buy-Backs & Open Offers                                         17

          5. Ratings                                                                    17

          6. M&As                                                                       18

          7. Insurance & Mutual Fund                                                    19

          6. Ensuing Events                                                             20

          8. Global                                                               21-28




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                                                           ECONOMY
Exports plunge 33% in March
India’s merchandise exports declined 33.22% in March to touch $11.52 bn, the lowest performance in
Q4FY09. This is the sixth month in a row that exports registered a decline. In Jan-Feb’09, the exports stood
at $12.38 bn and $11.91 bn respectively, but both were lower than the export performance recorded in the
corresponding months of last year. The merchandise exports grew at only 3.4% in dollar terms for FY09 to
touch $168.7 bn. It is also the first time in nearly a decade that merchandise exports recorded a single-digit
growth. The export performance for FY09 is a tad short of the scaled down target of $170 bn for FY09. India
had pegged the export target for FY09 at $200 bn. In the first half of 2008-09, exports had recorded a
robust 30.9% growth at $94.97 bn. In rupee terms, merchandise exports grew 16.9% in FY09 to Rs.
7,669.35 bn (Rs. 6,558.63 bn). However, for Mar’09, exports registered a 15.3% decline to Rs. 589.97 bn.
Meanwhile, India’s imports recorded a growth of 14.3% in dollar terms in 2008-09 at $287.76 bn ($251.65
bn). In rupee terms, imports grew 29% at Rs. 13,055.03 bn (Rs. 10,123.12 bn). Oil imports in FY09 stood
at $93.17 bn, reflecting a 16.9% increase over $79.71 bn in FY08. Trade deficit in FY09 has been estimated
at $119.05 bn, much higher than the deficit of $88.52 bn in FY08.
Next Govt to face pressure to offer more stimuli: Moody’s
Forecasting the Indian economy to grow by 5% this fiscal, Moody's said the next government will face
strong pressure to provide more stimulus packages. Moody's economy.com a research arm of Moody's in a
report said that that 25 bps cut in two key policy rates by RBI will have an insignificant impact on lending
rates by banks. The winning party or coalition in the forthcoming elections will have a difficult term... the
winners of the election will face strong pressure to implement more stimulus measures,” Moody's
economy.com said. It said that beyond widespread poverty, there is a need to support the middle class as
well as small- and medium-size businesses during this downturn. Although its fiscal stimulus packages have
been widely regarded as insufficient to stimulate the economy, the incumbent government may have already
stretched its budget close to the limit. It added that policy makers could inject more money, but this would
eventually come at the expense of the economy, as excessive fiscal debt is a drag on business confidence.
Indian economy to recover in H2: Goldman Sachs
Global financial major Goldman Sachs expects the Indian economy to recover from slowdown in the second
half of this fiscal, if a stable government is formed after general elections. Goldman Sachs said that the
evidence appears to suggest that if a stable government were to come to power, markets would be driven
by fundamentals and global cues. In that event, leading indicators suggest to us a recovery in economic
activity in the second half of fiscal year 2009-10. Referring to economic activity post-polls in the past, the
financial firm said economic activity increased immediately after five elections out of seven since 1984. The
report said that elections do not change the trajectory of the business cycle adding that the impact of the
elections should not be overplayed. It said that according to our estimates, election cycles do not interfere
significantly with the economic cycle. Goldman Sachs continues to expect GDP growth to be 5.8% in FY10
above the consensus of 5.1%.
Inflation inches up for 2nd successive week
India's benchmark inflation, as measured by the wholesale price index (WPI), rose in the third week of April
mainly on account of an increase in food prices even as fuel and manufactured products became a little
dearer. The annual, point-to-point inflation stood at 0.57% in the week ended April 18 compared to 0.26%
in the previous week. Inflation was 8.23% during the corresponding week of the previous year. The WPI for
'All Commodities' for the reporting week rose to 230.2 from 228.8 in the previous week. The Index for
'Primary Articles' group rose by 1.7% to 253.2 while the Index for 'Fuel & Power' group gained 0.1% to
323.0. The Index for 'Manufactured Products' group rose by 0.3% to 201.6. The Government revised the
inflation rate for the week ended February 21 to 2.99% from a provisional estimate of 3.03% while the WPI
for the same period has been revised to 227.5 from the preliminary forecast of 227.6.
•   Indian industry has to identify product portfolio within Russian basket and re-establish itself as a dependable quality supplier, said
    Neeraj Gupta, Joint Secretary in the Commerce & Industry Ministry.
•   Global investors are expected to remain positive on India and bring US$30 bn foreign direct investment into the world's second
    fastest growing economy in FY10 even when the world economy is facing a severe credit squeeze, said Gopal Krishna Joint Secretary
    in the Department of Industrial Policy & Promotion.
•   The Election Commission (EC) has ordered to postpone the implementation of the much awaited service tax exemptions till a new
    government takes over at the centre, as it would result in direct benefit to a section of electorate when general elections are going
    on. The SEZs and units operating in them have to wait now to get exemption on service tax payments for services inside the zones.
•   About 930 carbon credit projects are resting in Indian carbon trade basket, while 160-180 such projects are likely to be added every
    year. India has the capacity of earning a whooping US$100 bn by the trade of CERs, while CERs worth US$300 mn has been already
    sold globally by India. Given the scale of sugar enterprises in India, the industry should come up in a big way to en-cash the
    potential of CER trading, said Dr. SN Dash, Secretary, Ministry of Heavy Industry& Public Enterprises.




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                                                   INFRASTRUCTURE
Paradip port registers 9.36% YoY growth in FY09
Surpassing the previous record of 42.44 MT traffic handled in FY08, Paradip Port Trust has handled am all
time record traffic of 46.41 MT in FY09 registering a growth of 9.36% on YoY basis. The Port has achieved
third place amongst major ports in terms of traffic growth in FY09 adding a record 34.35 MT of rail borne
traffic was handled by the port railway during the year, eclipsing the previous record of 30.80 MT handled in
FY08. A record quantity of 5.13 MT of cargo handled in Mar’09, surpassing the previous record of 4.70 MT
handled during Feb’09. The Port has reported Rs. 700.21 crore operating income in FY09, as against Rs.
639.98 crore in FY08. The operating expenditure stood at Rs. 337.72 crore, as against Rs. 315.79 crore in
FY08. Meanwhile, the Port is undertaking the work of deepening of channel at a cost of Rs. 253.36 crore.
India to build rail line to Ladakh
The strategically crucial project to link mountain locked Ladakh region of J&K with rest of the country by
train has moved a step closer to fructification with the Railways finalizing the feasibility report in this regard.
The first rail link is proposed to be between Leh and Bilaspur in Himachal Pradesh and six passenger trains
and nine goods trains are planned on the 498 kms long section. According to the study, the Leh-Bilaspur
project which is estimated to cost about Rs. 220 bn, 6,000 passengers are expected to travel daily in the
section, once the line is operational. As per reports, the feasibility report of Leh-Bilaspur rail link project is
almost ready and it will be submitted to the railway ministry shortly for scrutiny. After the scrutiny, the
report would be sent to the Planning Commission before being sent to Parliament for final approval. The
project is strategically crucial as it is part of India's efforts to improve infrastructure in the border region
considering that China has already built a rail link to Tibet.
NHPC to step into thermal power biz via MP subsidiary
National Hydroelectric Power Corporation (NHPC) has reportedly decided to step into the thermal power
business through its subsidiary, as it is not permitted to construct thermal power projects. Narmada
Hydroelectric Development Corporation – the 51:49-subsidiary between the NHPC and the Madhya Pradesh
Government – has a mandate to build the first coal-based 1,000 MW power project in Madhya Pradesh. It
has already commissioned hydroelectric projects of 1,500 MW. The Company plans to expand the activities
of its MP-based subsidiary. However, the Company requires state government’s approval to give NHDC a
pan-Indian presence. NHPC is executing a 3.75MW tidal power project in Durgaduani Mini Tidal Power in
West Bengal. It has a generation capacity of 5,175 MW, entirely in the hydro sector. It plans to add another
5,322 MW in the 11th Plan to scale up its hydro power generation capacity to over 10,000 MW.
NHPC to set up 100 MW wind project in MP
The country's largest hydro electric power producer, NHPC is foraying into wind power generation by setting
up a 100 MW power project in Madhya Pradesh. The Centre for Wind Power Technology under the Ministry of
New and Renewable Energy had invited proposals for establishing wind energy project in Madhya Pradesh.
NHDC is a joint venture between NHPC and the Madhya Pradesh government, where NHPC holds 51 stake
and the rest is held by the state government. The Company is setting up a 100 MW wind energy project at
Kukroo in Madhya Pradesh. It also plans to enter into solar as well as other non-conventional sources of
energy generation. He said that "We have received approval from the Madhya Pradesh Energy Development
Corporation. NHPC is entering into wind power generation through its subsidiary Narmada Hydro electric
Development Corporation.
NHAI to re design highways projects to get bidders
Prime Minister Manmohan Singh, who headed high powered Committee of Infrastructure (CoI), wants
National Highways Authority of India (NHAI) to re design highway projects to renew the interest of bidders.
According to the CoI, NHAI should avoid high-cost structures and postpone constructing new bridges while
re-designing projects under various phases of the National Highways Development Project. A majority of 60
highway projects worth Rs. 700 bn under various phases of the NHDP failed to attract bidders as they
involved investment not commensurate with the expectations of returns.
Coal India to sign fuel supply agreement with NTPC
Coal India and the National Thermal Power Corporation (NTPC) are set to sign the fuel supply agreement by
the end of this month, ending months of tussle over the pact, especially over the issue of trigger level of
coal. All outstanding issues pertaining to fuel supply agreement between Coal India and NTPC have
reportedly been resolved and both the entities were set to sign the pact by the end of this month. Besides
NTPC, various state power utilities are also expected to ink the fuel supply agreement with Coal India and
the Central Electricity Authority (CERC) is taking the lead in this matter. It may be noted that three state
power utilities have already signed the fuel supply agreement with Coal India.
•   India’s cement exports have hit eight year low in FY09 following the imposition of curbs on shipment of the material. The companies
    which have a capacity to manufacture 212 MT of cement a year exported barely 3.2 MT in FY09 a paltry 1.76% of its production of
    181.42 MT.



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                                                   INFRASTRUCTURE
ABB wins Rs. 4.25 bn substation orders from PowerGrid
ABB, the leading power and automation technology group, has won substation orders worth around Rs. 4.25
bn from PowerGrid, India’s national transmission utility, to boost capacity and help improve grid reliability.
The orders were booked in the first quarter. ABB is responsible for the design, supply, installation and
commissioning of 765/400 kilovolt (kV) substations at Agra (Uttar Pradesh), Wardha (Maharashtra), Bilaspur
and Seoni (both Madhya Pradesh), and of a 400/220 kV substation at Palakkad (Kerala). The projects are
expected to be completed by mid-2011. The equipment to be supplied includes a range of circuit breakers;
current transformers and capacitor voltage transformers, used for monitoring current and operations; surge
arrestors; protection systems; control and relay panels; as well as the latest substation automation. The
substation projects are part of PowerGrid’s program to strengthen the national transmission grid & to
enhance the inter-regional power transfer capacity to around 37,000 megawatts by 2012. An extensive
800kV and 1,200kV ultrahigh-voltage system is expected to form the backbone of the transmission network
and facilitate the transfer of power across India.
•   ONGC has inked a Memorandum of Understanding (MoU) with the Uranium Corporation of India for sub surface exploration of
    Uranium. The sub surface exploration for uranium would be done in the states of Gujarat and Rajasthan. In this regard, a core team
    of officials has also been set up. Regarding Solar energy, the PSU is in talks with top companies of the world.
•   Duroflex Engineering has commenced the commercial activity of generation of energy through non-conventional sources namely,
    through the set up of 0.60 MW wind power project at Rameshwar village, in Satara district of Maharashtra with effect from March 31,
    2009.
•   IAG Company is scheduling for additional 90 tonne production and changing the fuel used for production from furnace oil to coal. In
    this regard, the production from glass Furnace No.2 of the Company's factory at Bhurkunda, Jharkhand which was producing Figured
    and wired Glass has been suspended for the time being.
•   The Board of Directors of Kalindee Rail Nirman Engineers has approved the proposal to buy-back FCCBs up to US$3 mn.
•   KEC International has secured two overseas orders worth Rs. 95 crore in Mozambique and Namibia.
•   Jindal Steel & Power will start mining iron ore next month at Bolivia's El Mutun site where it plans to invest US$2.1 bn. The
    Company was ready to start production at the vast reserve, which lies near the border with Brazil. As soon as the government gives
    Jindal rights over the land, it will begin investing some $300 mn a year over the next three years.
•   The Board of Directors of Spectacle Industries has decided to step into power business and for this the Company is in process of
    discussion with an emerging Chhattisgarh-based Company, which been awarded with coal block and iron ore mines from the
    Government and proposing to set up a power plant having capacity in the range of 30 to 40 MW.
•   Petronet LNG may buy stakes in gas fields in Papua New Guinea and Australia in partnership with Oil & Natural Gas Corporation
    (ONGC). Petronet LNG also plans to set up gas liquefaction plants in the two countries involving a total investment of US$20 bn.
•   Indian Oil Corporation is reportedly planning to shut down half of its 240,000-BPD in northern India for 45-50 days in March-April
    next year in order to increase its capacity to 300,000 bpd. This will be a major shutdown, add reports.
•   Man Industries India has announced securing an order worth Rs. 1,340 crore from Middle East during the current year. The latest
    international order has been allotted to the Indian company amidst stiff international bidding. The order has to be executed in the
    current financial year. With the latest order of Rs. 13.4 bn, the Company’s total order book stands about Rs. 20 bn.
•   The Board of Directors of Fedders Lloyd Corporation has approved the proposal to step into power generation, distribution and
    transmission sector.
•   GMR Infrastructure has reportedly secured Rs.38 bn of loans to fund a power project in Orissa. The loans for the 1,050MW project
    were obtained from a group of seven lenders, including IDFC & SBI.
•   Indian Oil Corporation has reportedly commissioned its first windfarm at Kandla in Gujarat, with an investment of Rs. 1.3 bn to
    generate 21 MW of power. It had awarded the contract for setting up of the windfarm to Pune-based Suzlon Energy, which would
    also be responsible for maintenance and operations for the duration of the contract.
•   The Board of Directors of DLF has approved to transfer Company's wind-power business, as a going concern, on slump basis, to a
    wholly owned subsidiary, for which approval of the shareholders is being sought by way of postal ballots pursuant to Section
    293(1)(a) read with Section 192A of the Companies Act 1956.
•   Suzlon Energy has announced that Suzlon has made the payment of Euro 30 mn for the second tranche of Martifer Group's stake in
    REpower due in April 2009. The transaction takes Suzlon's holding in REpower to 76%. Suzlon already controls about 91% voting
    rights in REpower through an existing agreement with Martifer.




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                                                          IT & ITeS
Ramadorai wins laurels from UK Govt
                   S. Ramadorai, the Chief Executive Officer & Managing Director of Tata Consultancy Services
                   (TCS), has been awarded a CBE (Commander of the Order of the British Empire) by Her
                   Majesty Queen Elizabeth II for his contribution to Indo-British economic relations. The
                   Award was conferred on Ramadorai in Mumbai by the British Deputy High Commissioner,
                   Western India Vicki Treadell. The CBE is conferred as an acknowledgement of an
individual’s exceptional contribution in their field. Ramadorai has been instrumental, since taking over as
CEO in 1996, in transforming TCS into a US$6 bn global software company with a geographical reach across
42 countries. Under Ramadorai’s leadership, TCS UK’s estimated turnover has grown to over $1 bn, helping
to create over 4,200 jobs in the UK. The Company is also an instrumental player in the Tata Group’s role as
the largest Indian investor in the UK. Apart from building business in the Great Britain, TCS through its
services to UK clients (such as Boots, BT, British Airways, Marks & Spencer, Somerfield, P4U and United
Utilities), helps British businesses to deliver certainty of outcomes. TCS also delivers a range of projects and
services to a number of British Government institutions, most notably the Child Support Agency.
Polaris arm partners with IBM to launch SOA-based retail solution in India
Polaris Retail Infotech, a leading Retail Software provider and a wholly owned subsidiary of Polaris Software
Lab Ltd, has partnered IBM to launch Intellect Store, the first SOA-based Retail solution in India. This point-
of-sale (POS) solution, targeted at all retail formats, is built on the open-standards-based Java Platform,
Enterprise Edition and combined with IBM’s Retail Integration Framework. Having reached 35,000 POS
counters across the country with its products, PRIL is an established market leader in Retail Technology in
India. IBM has helped major retailers enhance their competitive positions by deploying its Store Integration
Framework in more than 20,000 stores worldwide. The collective experience of PRIL and IBM makes Intellect
Store a robust and comprehensive solution that offers an easy integration capability with multiple consumer
touch points and channels.
HCL Tech wins multi-million dollar contract from UTi Worldwide
HCL Technologies, a leading global IT services provider, has announced that UTi Worldwide Inc. has selected
the Company as its strategic global partner for IT application & infrastructure operations & management.
This expanded partnership will help UTi Worldwide eliminate redundancies, reduce costs, and improve client
services. HCL has been selected by UTi Worldwide to provide services for IT Application & Infrastructure
Operations & Management in order to improve technology-enabled services and solutions, build a fault
tolerant platform for next generation systems, and, most importantly, free UTi's internal talent to focus on
clients and not technology. The multi-million dollar 5 year engagement aims to assist UTi Worldwide in
reducing overall IT costs for legacy application and infrastructure support, while deploying a single instance,
multi-lingual Global service desk supporting 9 languages including English and preparing for their transition
to a single, global, enterprise software solution. HCL will support operations for more than 250 applications
and tools, and an infrastructure spanning more than 60 countries.
Patni ranked as No. 1 Green Innovative IT Vendor
Patni Computer Systems, a leading global IT and BPO services provider, has announced that it has been
ranked as the No. 1 ‘Green Innovative Information Technology Vendor’ by the prestigious 2009 Black Book
Top Green Outsourcing Vendors Survey, an annual industry survey of outsourcing service providers’ pro-
environmental initiatives from the perspective of their client experience. Patni was credited as a highly
recommended vendor who exceeded client satisfaction, with over 315 client nominations. The Green
Outsourcing Vendors survey is conducted by the Brown-Wilson Group, a Tampa, Florida-based research
organization. The Black Book survey 2009 received over 30,000 direct requests from 95 countries to
participate in the Top Green Survey. This was performed under a strict internal and external audit to
authenticate the accuracy of the information and companies were judged from their client’s perspective,
maintaining their confidentiality.
•   Cranes Software International has announced its channel partner agreement with Siemens PLM Software, a business unit of the
    Siemens Industry Automation Division and leading global provider of product lifecycle management (PLM) software and services. The
    agreement enables Cranes to provide industry-leading PLM software to its customers in India.
•   Patni has been awarded with the prestigious LEED Platinum (Leadership in Energy and Environmental Design) rating for its Green
    IT-BPO Centre in Noida last year.
•   HCL Technologies has been named as one of Britain's Top Employers 2009 by CRF International. HCL was recognized for its
    commitment to supporting employee productivity in a culture and working environment.
•   The Board of Directors of Nucleus Software Exports has approved closure of two wholly owned subsidiaries viz. Nucleus Software
    (Australia) Pty. Ltd, Australia and Nucleus Software (HK) Ltd., Hong Kong subject to necessary approvals.
•   The Board of Directors of 3i Infotech has approved the proposal for merger of 4 wholly owned subsidiaries of the Company i.e. KNM
    Services, Stex Software, E-Enable Technologies and J&B Software India with the Company.
•   Compact Disc India has set up wholly-owned subsidiary, Premier Brands Pvt. for Brands Licensing & Merchandising business. The
    Company has already been allotted industrial land by the Government of Himachal Pradesh at Baddi, near Chandigarh.




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                                                          TELECOM
Subscriber consent must before activating VAS: TRAI
In a bid to curb the practice of unethically charging mobile subscribers for value added services (VAS) which
the subscribers have not even opted for, the telecom regulator made it clear that operators should seek
consent from subscribers before activating any VAS. The same logic will apply to offering free services as
well. Before the activation of VAS, such explicit consent shall be obtained by means of a customer originated
call or SMS to a specified number or a request made by the customer in writing or by fax or e-mail, said
TRAI. The current industry practice of considering press of star button as consent of the subscriber for the
VAS is not a sound method according to TRAI as it may lead to accidental activation. The consent sought
should be reflected in the bill. Examination of the complaints revealed that there is a likelihood of consumers
subscribing to such services accidentally or unintentionally by pressing the (star) key in the mobile handset /
telephone set during the call and that the process for obtaining the explicit consent through this facility is
not in line with the direction of the authority, said TRAI. The operators have to comply with the new norms
within 45 days, and also need to assign a unique provision within three months for consumers to lodge
complaints and should convey the same to subscribers.
India’s telecom sector to contribute the most to exchequer
India’s telecom sector is set to contribute as much as Rs. 130 bn to the government in form of licence fees
and spectrum charges for the fiscal year 2008-09. Indian operators have collectively notched up Rs. 1.25
lakh crore as revenues during the mentioned fiscal. The adjusted gross revenue comes out to be Rs. 950 bn,
and the DoT expects to get 12% of this amount which roughly comes out to Rs. 130 bn. The 12 % figures
includes licence renewal fee in the range of 6-10 % as well as annual spectrum charges. The figure of Rs.
130 bn is the highest contribution by any sector to the government. It comes second only to the contribution
from tax. The new fiscal should also ring in health revenues with in all likelihood the spectrum auctioning of
3G and WiMAX services set to take place.
Spectrum crunch set to get more severe
With the Department of Telecommunication (DoT) rejecting the terms and conditions laid down by the
Defence spectrum over spectrum vacation, the spectrum crunch in the country is set to get more severe.
The DoT has refused to sign the Memorandum of Understanding (MoU) with the Defence Ministry. The new
demands by the Defence Ministry include waving of spectrum charges payable by armed forces as well
demanding that the DoT should take care of the maintenance charge of the optic network for 10 years.
Further the Defence Ministry also wanted that 60% of the spectrum bands for mobile services be reserved
as defence band. Spectrum already allocated to operators was also to be included as per Defence. In case
spectrum was allotted beyond 20 MHz the same should be returned, demanded the Defence. The earlier
draft agreed upon the concerned players required DoT to set up a dedicate fibre optic network for the
Defence at an estimated cost of Rs 8,893 crore within three years. The Defence meanwhile was required to
release 10 MHz of spectrum while signing the MoU and another 5MHz on placing the supply order. Additional
5MHz were to be released on installation of the equipment.
MCA asks DoT to reconsider grant of licence to Loop Telecom
The Ministry of Corporate Affairs (MCA) has asked the Communications Ministry to reconsider the grant of
licence to Mumbai-based Loop Telecom. As per MCA investigations, while the Essar group does not directly
owns stake in the firm, the indirect route points to major stake ownership of the group through subsidiaries.
The MCA feels that this is against the rules and regulations of the land which do not allow a single firm or
sister companies to own more than 10 percent in two licence holding companies in the same circle. The
share holding pattern of Loop involves Santa Trading owning it which also owns BPL Mobile Communications
and BPL Communications. The Essar Group has 9.99 % stake in Santa Trading. But the main issue is that
Santa Trading is owned by Kiran Khaitan, sister of Ruia brothers who in turn own the Essar group. As per
MCA, Loop is 24% owned by BPL Communications, 51% by BPL Mobile Communications and 24% by Capital
Global, Mauritius. BPL Communications has a 73.99% stake in BPL Mobile Communications while Santa
Trading has about 86% stake in BPL Communications. Essar has 9.99% stake in BPL Mobile
Communications. MCA also said that the Essar group has invested Rs. 15.92 bn crore in its unsecured, non-
convertible debentures in Santa Trading.
•   The Government has cleared the proposal by Nokia and HCL Infocomm to set-up a retail subsidiary in the country. Nokia will have
    51% stake in the subsidiary. The proposal was cleared following recommendation and clearance by the Foreign Investment
    Promotion Board (FIPB).
•   Texas Instruments India announced the availability of its new ADS62P49 dual 14 bit Analog-to-Digital Converter (ADC)
    supporting 250 Mega Samples per Second (MSPS). The Company claims that the new converter provides 66% greater bandwidth as
    compared to competing dual ADCs. The Company further claims that the new ADC promises to deliver high-performance, compact,
    power-efficient designs and enables rapid deployment of 3G as well as 4G systems, software defined radios and spectrum analyzers.
    Moreover, the new ADC by TI detects weak signals as well as consumes low power of 625mW per channel.
•   BSNL has introduced a new GSM based PCO in Tuticorin telecom district. The PCO also offers call conferencing facility.



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                                                            TELECOM
SEBI seeks details of promoter stake holding in Bharti Airtel
Capital market regulator, SEBI has sought details from Bharti Airtel over the stake hike by Bharti Group
companies, Bharti Telecom, India Continent Investment (ICIL) and Pastel in Bharti Airtel. ICIL had bought
stake of 4.99% in fiscal 07-08 and 1.28% in fiscal 08-09. SEBI regulations require promoter group
companies who together hold more than 55 per cent stake in an entity, to make public announcement for
hiking stake to over five per cent in a fiscal which is to be followed by an open offer to the non-promoter
group investors. As per Bharti, the stake acquisitions are as per the rules and regulations laid down by SEBI.
It said that SEBI had sought details on factual position which the company will provide shortly. While SEBI
has taken into account, stakes of Bharti Telecom, Pastel and ICIL in calculating promoter group holding,
Bharti said that Pastel Ltd (owned by the Government of Singapore) is classified as a “deemed promoter”and
it is not ‘a person acting in concert’ with the Bharti Group. Therefore, the shareholding of Pastel and Bharti
Group can not be aggregated while determining the creeping acquisition limit, contended Bharti.
Bharti Airtel, Alcatel-Lucent form Managed Services JV
Bharti Airtel, Asia's leading integrated telecom service provider, and Alcatel-Lucent have formed a Joint
Venture (JV) to manage Bharti Airtel's pan-India broadband and telephone services and help Airtel's
transition to Next Generation Networks. Under the JV, Alcatel-Lucent will design, plan, deploy, optimize and
manage Bharti Airtel's Broadband and Telephone network across India. A new legal entity is being formed
which will be operated by Alcatel-Lucent. This Managed Services Partnership will include all end-to-end
activities - service rollout, installation and fault repair, service continuity and transformation. It will support
Bharti Airtel's transformation to Next Generation Networks, offering advanced services like High-speed
internet, Triple Play, Media-rich VAS, MPLS, VPN for both Retail and Business customers. The partnership will
also drive optimal capital investment and increase operational efficiency by moving voice and data traffic
onto a single, 'packetized' infrastructure. This JV is another step towards Bharti Airtel's vision to
continuously redefine and deliver the benchmarks of customer experience. Bharti Airtel will leverage Alcatel-
Lucent's global expertise in IP transformation and network management while allowing us to focus on
customer delivery and market growth. It will also help us accelerate performances as we migrate to Next
Generation Networks for our broadband and telephone customers, opening the door to advanced services
and applications,” said Manoj Kohli, CEO & Joint MD of Bharti Airtel.
Gartner puts Tata Comm in Challengers Quadrant
Tata Communications, a leading provider of a new world of communications, has been positioned by
industry analyst firm Gartner, Inc. in the Challengers quadrant of its "Magic Quadrant for Managed Security
Service Providers (MSSPs) in North America" report. The Magic Quadrant evaluates MSSPs such as Tata
Communications on completeness of vision and ability to execute, and uses selection criteria based on
service and product capabilities and other factors. The Gartner Magic Quadrant is widely recognized as one
of the most influential reports for enterprises seeking to evaluate managed security service vendors. It
evaluates vendors according to ability to execute - including overall viability, product capabilities, quality,
feature sets, skills, market responsiveness and track record - as well as the completeness of vision, which
includes innovation and product strategy among other criteria. Tata Communications' focus on managed
security services allows enterprises to reduce costs by outsourcing the increasingly difficult and expensive
task of both monitoring and managing their security infrastructure, while simultaneously delivering higher
levels of coverage and protection.
•   Bharti Airtel is reportedly set to make investments valued at $3 bn its infrastructure and tower businesses for the current financial
    year. The capex does not include its expenditure plans for the expansion of next generation 3G services.
•   Virgin Mobile announced the launch of its new vJazz phone in India which is positioned as music phone offering free unlimited full-
    track music download for a year. Other features include Music player, Music keys, FM Radio, Video playback, 1.3 MP camera, 1000
    SMS & 1000 phonebook storage space, loud speakers, bluetooth and a large screen. The phone is priced at Rs 4,250.
•   Sennheiser, which specializes in sound and audio system manufacturing, has announced new headsets for Nokia and Apple’s iPhone
    users. Offered under the MM range, the new headsets are MM 50 and MM 60. The MM 50 headset is priced at Rs 4,490 while the MM
    60 model is priced at Rs 4,990.
•   ROK Entertainment Group has launched a new Wi-Fi powered mobile portal allowing low-cost text messages and free mobile
    phone services. The portal named, WeROK is a combination of WeFi’s Wi-Fi network with ROK’s portfolio of mobile services. The
    applications on offer include low-cost SMS, mobile email services, free streamed mobile TV and mobile social network services.
•   The Board of Directors of Bharti Airtel has approved sub-division (share split) of existing equity shares of Rs. 10 each into 2 equity
    shares of Rs. 5 each, subject to necessary approval.
•   The Board of Directors of Tulip Telecom has approved the proposal to raise funds by way of issue of Non Convertible Debentures
    (NCDs) to FIIs/MFs/Banks etc.
•   Tata Teleservices Maharashtra has bagged the contract to set up communications network infrastructure and services to Hirco’s
    upcoming SEZ near Panvel. The services on offer include voice, data, hotspots, video and audio conferencing.
•   MobileStore has announced forging a tie-up with state-run BSNL to retail the operator’s services across its outlets.



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                                  AUTOMOBILES & AUTO ANCILLARIES
M&M inks pact with State Bank of Bikaner & Jaipur
                 Mahindra & Mahindra (M&M), one of India’s leading auto brands, has signed an MoU with
                 the State Bank of Bikaner and Jaipur (SBBJ) for vehicle finance. SBBJ will be a preferred
                 financier for the entire range of Mahindra vehicles, encompassing utility vehicles, pick ups
                 and passenger cars. The customers can avail of a loan up to 85% of the on road price of the
                 vehicle, with tenure of up to 7 years. They can also avail of low interest rates amounting to
12% for passenger vehicles and 11.75% for commercial vehicles. M&M’s Automotive Sector makes a wide
range of vehicles including MUVs, LCVs and three wheelers.
Tata Motors may tap debt market for funding JLR buy
Tata Motors is considering to raise around Rs. 38 bn next month to part-fund its Jaguar Land Rover (JLR)
acquisition. Significantly, the proposed Non-Convertible Debentures (NCDs) will have a full guarantee from
State Bank of India (SBI). A guarantee improves the credit rating on the instrument and enables the
company to raise money at a comparatively cheaper rate. Tata Motors is expected to sell NCDs of multiple
tenures like two, five and seven years. The company has, in the past, is looking at ways to replace its high-
cost short-term liabilities with cheaper, long-term funds. It is tapping the bond market after utilizing other
avenues, including fixed deposits, rights issue and bank loans. SBI Caps, Citibank and Tata Capital are
learnt to be the three arrangers to the issue. Tata Sons and Tata Steel raised around Rs. 20 bn between
them in the past few days. According to merchant bankers, both the companies could revisit the market in
the coming days. Around Rs. 10 bn of Tata Steel issue, arranged by Citibank, was placed with Life Insurance
Corporation (LIC).
SKF India begins construction for new Haridwar facility
SKF India, the leading technology and solutions provider of bearings, seals and related products, announced
the beginning of work for the new manufacturing site in Haridwar, Uttarakhand. The state-of-the-art SKF
technology will be operational by Jan’10. The company will be investing Rs. 1.5 bn in this project and plans
to employ more than 200 people. This plant will specifically cater to the automotive market segment in
India. Situated over an area of 10 acres, the new bearing factory will have a production capacity of 40
million bearings. Deep Groove Ball Bearings will be manufactured at this site to cater to the demands of the
automotive and manufacturing sector.
Tata Motors’ Apr domestic sales up 1.15% YoY
Tata Motors’ domestic sales for the month of Apr’09 stood at 36,257 units, a 1.15% increase over 35,844
units sold in Apr’08. Its total sales (including exports) stood at 37,518units, a decline of 2% over 38,149
vehicles sold in Apr’08. Its sales of commercial vehicles in Apr’09 in the domestic market stood at 22,847
units, an increase of 9% compared to 21,001 units sold in Apr’08. This is the first month since Sept’08, that
the Company is registering a year-on-year increase. This increase is driven by LCV sales which at 14,794
units is an increase of 52% over Apr’08, which offset the situation in M&HCV sales which at 8,053 nos., is a
28% decline over Apr’08. Its passenger vehicle business reported a total sale and distribution of 14,615
(13,410 Tata + 1,205 Fiat) vehicles in the domestic market in Apr’09, compared to 15,243 (14,843 Tata +
400 Fiat) vehicles in Apr’08. Tata branded car sales stood at 11,202 units and grew marginally by 0.1%. The
Indica range sales at 8,633 units, grew by 16.2% over Apr’08 led by the growing numbers of the Indica
Vista. The Indigo family registered sales of 2,569 units, a decline of 31.7% over Apr’08. The UV/SUV range
of Sumo and Safari accounted for sales of 2,208 units, a 39.5% decline over Apr’08. The Company exported
1,261 vehicles in Apr’09 as compared to 2,305 vehicles in Apr’08, registering a decline of 45%.
Hero Motors inks pact with Austria-based BRP Powertrain
Hero Motors has signed a five year Memorandum of Understanding (MoU) with Austrian firm BRP Powertrain
to manufacture automotive transmissions in India at Hero Motors' Ghaziabad facility with an installed
capacity of 100000 units per annum. Under the MoU, Hero Motors would manufacture transmissions worth
US$250 mn in the next five years. Hero Motors had already invested Rs. 45 crore with BRP Powertrain for
setting up the manufacturing base for producing transmissions in the last two years. This MoU is significant
step in expanding the existing long-term strategic alliance with BRP Powertrain. We will invest Rs. 100 crore
to execute the contract, said Pankaj Munjal MD of Hero Motors.
•   Gabriel India has raised Rs. 220 mn through a fixed deposit scheme. The Company had launched the term deposit scheme in
    Jan’09, and offers 11-12% interest on deposits of one-year to five-year tenures.
•   The Board of Directors of Escorts has approved a Scheme of Arrangement for amalgamation of US-based Escorts Agri Machinery Inc
    (EAMI), which is a 100% subsidiary of the Company, with the Company.
•   Bajaj Auto has reported 26.27%fall in its motorcycle sales at 1,49,733 units in April as against 2,03,081 units in the same month
    last year. Total two-wheeler sales during the month stood at 1,50,252 units, a 26.32% decrease over the same month last year.
    Its total vehicle sales stood at 1,69,119 units last month compared with 2,21,843 units in the year-ago period, down 23.77%.
•   TVS Motor has reported a 2.9% increase in two wheeler sales during Apr’09 at sold 1,13,119 units in Apr’09, as against 1,09,972
    units in Apr’08.
•   M&M has sold 22,617 units (including joint ventures) in Apr’09, as against 19,392 units in Apr’08 - a jump of 16.63%.
•   Maruti Suzuki India has reported a 15.09% increase in sales in Apr’09 at 71,748 vehicles as against 62,336 units in Apr’08.


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                                            PHARMA & HEALTHCARE
Omega Pharma inks pact with Modi-Mundipharma
               Omega Pharma and Modi-Mundi pharma signed their final joint venture documents. This
               enables the 50:50 Joint Venture, Modi Omega Pharma (India) Pvt. Ltd., to bring the first eight
               Omega Pharma brands to the Indian market between October 2009 and April 2010. The initial
               introductory brands include Addax (skin care), Calcia (Calcium Supplements), Cellasene (Anti-
               Cellulite, Slimming), Charbon de Belloc (Anti-fluctuation), Paranix (Anti-head-lice), Restiva
               (Prevention of Hair Loss), Salvecol (Cholesterol Reducer), and Silence (Antisnoring). Modi
Omega Pharma (India) will make its debut with a limited starting capital of 2mn euro and a team of 75 sales
representatives. They will introduce the products to 6,000 physicians and 10,000 pharmacies and other
retail outlets. The business plan projects that these numbers may grow 2.5 times within five years. In the
2009 start-up year, the sales contribution is expected to amount to Euro 0.2mn, but this amount is expected
to increase sharply in the future. Manufacturing is being primarily outsourced to a Modi-Mundi
pharmaceutical plant, which has a WHO-GMP certificate and the Modi-Revlon cosmetics plant, both in India.
Modi-Mundi Pharma is currently also completing the construction of a new pharmaceutical plant, especially
for this Indian joint venture.
Glenmark receives tentative approval from US-FDA for Ezetimibe
The US subsidiary of Glenmark Generics has received tentative approval for the generic version of Schering
Plough and MSP Singapore Company LLC’s hypercholesterolemia treatment Zetia (Ezetimibe) from the US
Food & Drug Administration (US FDA). The tentative approval granted by the US FDA is for the 10 mg
tablets of Ezetimibe and constitutes the first tentative approval granted by the FDA for a generic version of
the drug. Glenmark believes that it has first-to-file status on Ezetimibe tablets, thereby providing a potential
of 180-days of marketing exclusivity. Glenmark would have the earliest opportunity among any competitors
to gain market share from the branded product Zetia which achieved sales of US$1.5 bn in 2008. Product
launch is dependent upon receipt of final approval of its ANDA from the US FDA and resolution of litigation
currently pending in the US district court of New Jersey. The Company will be vertically integrated by
manufacturing the active pharmaceutical ingredient for its Ezetimibe tablets. Glenmark filed an Abbreviated
New Drug Application (ANDA) with the United States Food and Drug Administration (FDA) seeking regulatory
approval to market a generic version of Ezetimibe on October 25, 2006.
Nexret… Dr. Reddy's launches anti-acne preparation in India
Dr. Reddy's Laboratories has launched Nexret (Tretinoin 0.04% & 0.1% as microspheres) in India. It marks
the entry of Dr. Reddy's into the topical anti-acne segment, a commonly diagnosed condition by
dermatologist. Nexret is a next generation anti-acne formulation made from a proprietary non-porous
microsphere technology. This unique technology minimizes irritation associated with drugs like Tretinoin and
provides controlled delivery of drug to the skin. Nexret is available in gel formulation and in pack size of 15
gms.
•   Ind-Swift Laboratories has reportedly raised Rs. 170 mn through its fixed deposit scheme. The Company had launched its term
    deposit scheme in 2002, and offers 10.5-12% interest on deposits of six-month to three-year tenures.
•   The Board of Directors of Themis Medicare shall meet on April 30, 2009, to discuss scheme of arrangement.
•   The Board of Directors of Pochiraju Industries has approved the proposal to set up a bulk API plant at APIIC Industrial Estate
    Nadikudi, in Guntur district of Andhra Pradesh. Its Board also approved the proposal to set up an R&D centre for new process and
    formulation development.




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                                           STEEL, METALS & MINERALS
Indian steel demand to grow by 2% in 2009: World Steel Association
According to World Steel Association, bucking the global trend, India's steel consumption is likely to rise by
nearly 2% to 53.5 MT in 2009. In its short range outlook for global steel sector, the Association representing
180 steel producers across the world said that India's steel consumption is estimated to grow by 1.7% to
53.5 MT this year against 526 MT in 2008. World Steel Association (WSA) in a statement said that "India is
projected to have a positive growth of 2% for apparent steel use in 2009.” It however, did not ascertain the
reasons for the growth though experts said it would be mainly on account of improved demand from
automobile and construction sectors. Globally, WSA has forecast steel consumption declining by 14.9% to
1,018.6 MT as against 1,197 MT a year ago. The association, however, expects the demand to stabilize in
latter part of 2009, leading to a mild recovery in 2010.
Uttam Galva to double Khopoli service center capacity
Uttam Galva Steel is reportedly planning to invest Rs. 4 bn in enhancing capacity of its service centre and
adding new product mix over the next one year. The investments would be largely funded through a mix of
internal accruals and debt. The investments will instead flow into adding value to the existing product mix
and doubling the capacity of service centre to 40,000 tonne per month. While the Khopoli power plant is
expected to be operational by Mar’10, the Company is also exploring opportunities for setting up second
captive power plant.
Ennore Coke begins land acquisition for Dhamra plant
Ennore Coke is reportedly planning to begin land acquisition for its proposed 1 MTPA coke plant at Dhamra
port in Orissa within three to four months. The Company requires 250 to 300 acre at Dhamra to set up the
proposed coke plant at an investment of Rs. 14 bn. It plans to acquire land for the project on its own. The
plant is expected to be operational by Dec’10. Moreover, the Company is looking at acquiring stakes in
overseas coal mining assets in order to achieve raw material security to cater to its expansion plans. Ennore
Coke is expected to raise capacity of its coke plant at Haldia in West Bengal from the existing 1.5 TPA to 3
TPA.
Mukand to set up steel wire mfg unit near Nashik
With a view to meeting the market demand, Mukand is reportedly planning to set up a stainless steel wire
manufacturing facility at Sinnar, 30 kilometers from Nashik, at a total investment of Rs. 3 bn. The proposed
facility, which will be set up at Sinnar area of Maharashtra Industrial Development Corporation, is expected
to be operational by October to November 2009. The Company has already acquired 44.65 acre of plot from
MIDC at Sinnar and will shortly commence construction there, and the proposed facility will cover a built up
area of 15,000 square meters.
Sesa Goa eyes stake in Brazilian mine: reports
Sesa Goa is reportedly exploring options of bidding for the controlling stake in an iron ore mine that has
been put on the block by Brazil’s mining exploration company GME4. The mine, owned jointly by geologist
Joao Carlos Cavalcanti of GME4 and Banco Opportunity, has reserves of 800 mn tonnes and is valued at
about US$2.4 bn. Sesa Goa, part of LSE-listed Vedanta Resources has cash reserves of about Rs. 41 bn and
is keen to grow its presence. GME4 is expected to start a global road-show soon to sell the majority stake in
the mine which is located in the north eastern state of Piaui. Credit Suisse is likely to advise GME4 on the
sale of stake, for which there could likely be participation of global mining majors.
•   Steel Authority of India (SAIL) has reportedly raised Rs. 10 bn through a one year commercial paper issue at a coupon rate of
    5.4%.
•   Welspun Gujarat Stahl Rohren has announced the commissioning of its manufacturing facility outside India at Little Rock in
    Arkansas of USA. Adjacent to Little Rock Port, this state of the art spiral and coating facility is located on a 740 acre parcel and has
    an annual capacity of 350,000 tons. It currently employs over 300 people, mostly from the local community.
•   Ashapura Industrial Finance Ltd. – a Promoter Group Company of Ashapura Minechem–has acquired 87,000 equity shares of
    Ashapura Minechem from the open market.
•   Auroma Coke has announced that the Company now is being delisted from the official list of the Calcutta Stock Exchange.
•   Foreign Investment Promotional Board (FIPB) has sought details pertaining to share holding pattern of the new JV formed
    between Nokia and HCL Infosystems’ subsidiary, HCL Infocomm. Precise details related to share holding pattern of HCL Infocomm
    have been sought by the FIPB which have been provided now.
•   India has initiated an investigation into steel imports from Vietnam and 13 other countries and territories. The Directorate General of
    Safeguards may impose a temporary limit on imports from those markets if it found India’s steel industry injured or threatened by
    foreign steel. The investigation will cover hot rolled coils, sheets and strip steel.
•   The Board of Directors of Good Luck Steel Tubes has approved the subdivision of the face value of equity from Rs. 10 to Rs. 2 and
    other connected matters in this regard.




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                                                    MISCELLANEOUS
IntraLinks inks pact with Western Press
IntraLinks, the leading provider of critical information exchange solutions, has announced its strategic
alliance with Western Press, a major corporate printer in India. Under the terms of the agreement, Western
Press will market IntraLinks exclusively in India, focusing on companies operating in the financial markets.
The strategic alliance will bring IntraLinks secure, online solutions for exchanging business-critical
information to India and beyond. A wide variety of financial services professionals – including investment
bankers, lawyers, and syndicated loan experts – will benefit from the new offering. With more than a decade
of experience and offices in Hong Kong, Australia, Singapore and Japan, IntraLinks is poised to provide
India’s growing business community with its secure, web-based solutions. Western Press has specialized in
bulk printing for IPOs and more generally in the financial sector for more than thirty years.
NDTV Convergence partners with Vdopia
Vdopia has partnered with NDTV Convergence to power video advertising on Tubaah.com, the largest
repository of NDTV video content and on NDTV profit.com for live feed of business news. The feed covers
live action from BSE, NSE and also acts as a platform for companies to give their public results, growth rate,
net profit etc. According to reports from E&Y and AC Nielsen, online video advertisement market is set to
grow exponentially at 300 percent in 2009 and has 85 percent higher brand recall compared with 54 percent
for the same ad on television. The launch of an exclusive video site (tubaah.com) by NDTV Network
reinforces the fact that users are watching videos anytime; anywhere and broadband speeds have matured
in India. Today, advertisers are re planning their online budget and are benefitting from the online Video
advertisement medium by getting higher ROIs than TV advertising. Incidentally, NDTV.com also happens to
be the world's first site to launch Vdopia's dynamic skin branding with Product Placement.
•   Tata Housing has received the highest level of achievement in the property and real estate industry in Asia Pacific, as two of its
    projects were declared one of the best in the category at the CNBC Asia Pacific Property Awards 2009.
•   State Bank of Bikaner & Jaipur has decided to continue Karvy Computershare to function as the Bank's share transfer agent for
    another one year with effect from April 01, 2009 to March 31, 2010.
•   The Board of Directors of IL&FS Investsmart has announced that the Board of Directors of the Company has approved the
    proposal to register the Company with RBI as Non deposit taking Non Banking Finance Company.
•   The Board of Directors of IL&FS Investsmart has approved the proposal to change the name of the Company from IL&FS
    Investsmart to HSBC InvestDirect (India) subject to necessary approval.
•   The Board of Directors of Cranex shall meet on May 11, 2009, to consider the Revised Draft Rehabilitation Scheme and the Scheme
    of Demerger for submission to operating agency IDBI as directed by.
•   The Board of Directors of Sheetal Bio Agro Tech has decided to raise funds to the tune of Rs. 33 crore by offering, issuing and
    allotting shares on QIP basis, subject to necessary approvals. Its Board has decided to increase authorized share capital of the
    Company from Rs. 14 crore to Rs. 47 crore by issuing 330 mn equity shares of Rs. 1 each.
•   The Board of Directors of AMD Industries has approved expansion of its manufacturing facilities through setting up 4th PET
    Preforms Line and 3rd Closure Line at its Neemrana facilities which would include the capital investment up to Rs. 30 crore.
•   The Board of Directors of Advani Hotels & Resorts (India) has decided to explore the option of disposal of the investment in the
    Company's subsidiary Advani Pleasure Cruise Company Pvt. Ltd.
•   The Board of Directors of Shriram Transport Finance Company shall meet on May 13, 2009 to consider various fund-raising
    proposals including secured non-convertible debentures.
•   Channel Guide India has announced that with the launch of the Channel by the name Punjabi TV in the US on Dish Network, which
    has an 80% penetration in US expecting $1 mn yearly revenue in FY10 from subscription.
•   The Board of Directors of Avanti Feeds Ltd. has approved the approval of investment in Avanti-Thai Aquafeeds (P) Ltd., (Joint
    Venture).
•   Nicco Uco Alliance Credit has announced that there was a fire on the second floor of Nicco House, 2, Hare Street, Kolkata.
•   The Board of Directors of Core Emballage has taken note of letter received from Vivro Financial Pvt Ltd, intimating the Company
    about submission of draft letter of offer to SEBI under Takeover code.
•   Murli Industries has announced that the Company's SBS board unit has been started operation.
•   Country Condos has announced that the Company has successfully launched its official website under the name
    "www.countrycondos.co.in".
•   The Board of Directors of Regency Ceramics has approved the draft scheme of arrangement to be entered between the Company
    and the secured creditors pursuant to the Corporate Debt Restructuring as approved by the CDR Empowered Group.
•   The Board of Directors of DIC India has approved the proposal to open a new 'Chemical Division' to undertake trading/agency
    business dealing in pigment and pigment related products with effect from May 01, 2009.
•   Sayaji Hotels (SHL) has entered into an agreement with its wholly owned subsidiary, Barbeque-Nations Hospitality (BNHL), to
    transfer the brand name 'Barbeque-Nations' owned by SHL to BNHL. Further, SHL has entered into a separate agreement with BNHL
    whereby it has transferred the operating rights of all the five 'Barbeque-Nations' Restaurants owned by SHL to BNHL.
•   ICICI Home Finance Company has announced that the Company is opening issue of Bonds on Private Placement basis.
•   ABG Infralogistics has announced that the Board of Trustees, Kolkata Port Trust has issued the Letter of Intent for supply,
    operation and maintenance of different cargo handling equipment at Berth Nos. 2 & 8 of Halida Dock Complex to ABG Infralogistics
    Ltd.
•   The Board of Directors of Digjam has decided to seek the approval of members by Postal Ballot for the disposal of the
    whole/substantially the whole of Universal Clothing Division at Faridabad, as undertaking of the Company.
•   The Board of Directors of Maral Overseas has decided to raise funds up to Rs. 22 crore through the issue of equity shares on Rights
    Basis.



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                                                                                                                           Info-Spectrum
                                                                                           Bridging the Information Gap in Corporate Landscape


                                              FINANCIAL SCOREBOARD
Aban Offshore has posted Rs. 468.425 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 345.489 mn (Audited) in
Q4FY08. It has posted Rs. 2.55 bn (Unaudited & Standalone) net profit in FY09, as against Rs. 1.59 bn (Audited) in FY08. The Group has
posted Rs. 930.444 mn (Unaudited & Consolidated) net loss in Q4FY09, as against of Rs. 339.237 mn (Audited) net profit in Q4FY08. It
has posted Rs. 5.54 bn (Unaudited & Consolidated) net profit in FY09 as compared to Rs. 1.22 bn (Audited) in FY08.
ABB has posted Rs. 783.57 mn (Unaudited) net profit in Q1CY09, as compared to Rs. 1176.92 mn net profit in Q1CY08. Its total income
has increased to Rs. 14074.410 mn (Unaudited) in Q1CY09, as against Rs. 15538.037 mn in Q1CY08.
Aditya Birla Nuvo has posted Rs. 263.9 mn (Audited & Standalone) net profit in Q4FY09, as against Rs. 704.8 mn net profit in Q4FY08,
registering a decline of 62.5% on YoY basis. It has posted Rs. 1.37 bn (Audited & Standalone) net profit in FY09, as against Rs. 2.43 bn
net profit in FY08. The Group has posted Rs. 1,411.5 mn (Audited & Consolidated) net loss in Q4FY09, as against Rs. 218.4 mn net loss
in Q4FY08. It has posted Rs. 4,305.2 mn (Audited & Consolidated) net loss in FY09, as against Rs. 1,507.8 mn net profit in FY08. Its
Board of Directors has recommended 40% dividend (Rs. 4 apiece) for FY09.
Advani Hotels has posted Rs. 30.72 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 74.36 mn (Unaudited) net profit
in Q4FY08. It has posted Rs. 9.86 mn (Unaudited & Consolidated) net profit in Q4FY09, while it has posted Rs. 28.4 mn (Unaudited) net
profit in FY09. It has posted Rs. 36.64 mn (Unaudited & Standalone) net profit in FY09, as against Rs. 63.81 mn (Audited) net profit in
FY08.
Alstom Projects India has posted Rs. 261.9 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 15 mn net profit in
Q4FY08. It has posted Rs. 1,348.9 mn (Audited & Standalone) net profit in FY09, as against Rs. 733.1 mn net profit in FY08. The Group
has posted Rs. 1,381.1 mn (Audited & Consolidated) net profit in FY09, as against Rs. 765.1 mn net profit in FY08. Its Board of Directors
has recommended a dividend of Rs. 10 per share.
Areva T&D India has posted Rs. 514 mn (Unaudited) net profit in Q1CY09, as against Rs. 541.1 mn net profit in Q1CY08. Its total
income has increased to Rs. 8.45 bn (Unaudited) in Q1CY09 Rs. 5.06 bn in Q1CY08.
AVT Natural Products has posted Rs. 34.8 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 49.9 mn (Unaudited) net
profit in Q4FY08. It has posted Rs. 69.6 mn (Unaudited & Standalone) net profit in FY09, as against Rs. 92.6 mn (Unaudited) net profit in
FY08.
Balrampur Chini Mills has posted Rs. 661.9 mn (Unaudited) net profit for the quarter ended March 31, 2009, as against Rs. 656.5 mn
for the quarter ended March 31, 2008. Its total income has increased to Rs. 3.57 bn (Unaudited) for the quarter ended March 31, 2009
from Rs. 3.11 bn for the quarter ended March 31, 2008.
Bank of Baroda has posted Rs. 7,526.9 mn (Audited) net profit in Q4FY09, as against Rs. 2,764.4 mn in Q4FY08. It has posted Rs.
22.27 bn (Audited) net profit in FY09, as against Rs. 14.35 bn in FY08. Its Board of Directors has recommended 90% dividend (i.e. Rs 9
apiece) for FY09.
Bank of India has posted Rs. 8,103.7 mn (Audited) net profit in Q4FY09, as against Rs. 7,570.4 mn in Q4FY08, registering a rise of 7%
on YoY basis. It has posted Rs. 30.07 bn (Audited) net profit in FY09, as against Rs. 20.09 bn in FY08. Its Board of Directors of the Bank
has recommended 50% final dividend (Rs. 5 per share on the face value of Rs. 10 each) for FY09.
Bharti Airtel has posted Rs. 20,749.9 mn (Audited & Standalone) net profit in Q4FY09, as against Rs. 17,923 mn in Q4FY08, registering
a rise of 15.8% on YoY basis. It has posted Rs. 77.43 bn (Audited & Standalone) net profit in FY09, as against Rs. 62.44 bn in FY08. As
per Indian GAAP, the Group has posted Rs. 20.47 bn (Audited & Consolidated) net profit in Q4FY09, as against Rs. 18.98 bn in Q4FY08. It
has posted Rs. 78.58 bn (Audited & Consolidated) net profit in FY09, as against Rs. 63.95 bn in FY08. Its Board of Directors has
recommended 20% final dividend (Rs. 2 per equity share of Rs. 10 each) for FY09, subject to necessary approval.
Bhushan Steel has posted Rs. 1,164 mn (Unaudited) net profit in Q4FY09, as compared to Rs. 1,476.1 mn (Audited) net profit in
Q4FY08. It s total income has decreased to Rs. 11.28 bn in Q4FY09 from Rs. 12.17 bn (Audited) in Q4FY08. It has posted Rs. 4,127.9 mn
(Unaudited) net profit in FY09 as compared to Rs. 4,237.3 mn (Audited) in FY08. Its total income has increased to Rs. 49.75 bn in FY09
from Rs. 42.57 bn (Audited) in FY08.
Bosch has posted Rs. 493.8 mn (Unaudited) net profit in Q1CY09, as against Rs. 1,617.2 mn Q1CY08. Its total income has decreased to
Rs. 10.13 bn Q1CY09 from Rs. 12.33 bn Q1CY08.
Biocon has posted Rs. 241.4 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 620.3 mn in Q4FY08. It has posted Rs.
1.11 bn (Audited & Standalone) net profit in FY09, as against Rs. 4.34 bn in FY08. The Group has posted Rs. 248.8 mn (Unaudited &
Consolidated) net profit in Q4FY09, as against Rs. 653 mn in Q4FY08. It has posted Rs. 931.2 mn (Audited & Consolidated) net profit in
FY09, as against Rs. 4,639 mn in FY08. Its Board of Directors has recommended 60% dividend (Rs. 3 apiece), subject to necessary
approval.
Cadila Healthcare has posted Rs. 425.7 mn (Audited & Standalone) net profit in Q4FY09, as against Rs. 354 mn in Q4FY08, registering
a rise of 20.25% on YoY basis. It has posted Rs. 2.65 bn (Audited & Standalone) net profit in FY09, as against Rs. 2.36 bn in FY08. The
Group has posted Rs. 580 mn (Audited & Consolidated) net profit in Q4FY09, as against Rs. 519.6 mn in Q4FY08. It has posted Rs. 3.03
bn (Audited & Consolidated) net profit in FY09, as against Rs. 2.57 bn in FY08. Its Board of Directors has recommended 90% dividend
(Rs. 4.50 per equity share) for FY09.
Canara Bank has posted Rs. 7,188.1 mn (Audited) net profit in Q4FY09, as against Rs. 4,640.6 mn in Q4FY08, registering a rise of
54.9% on YoY basis. It has posted Rs. 20.72 bn (Audited) net profit in FY09, as against Rs. 15.65 bn in FY08. Its Board of Directors ok
has recommended 80% dividend (Rs. 8 per equity share of the face value of Rs. 10) for FY09.
Castrol India has posted Rs. 763 mn (Unaudited) net profit in Q1CY09, as against Rs. 728 mn in Q1CY08. Its total income has increased
to Rs. 5,182 mn in Q1CY09 from Rs. 5,048 mn in Q1CY08.
CCL Products India has posted Rs. 203.71 mn (Unaudited & Standalone) net profit in FY09, as against Rs. 371.61 mn (Unaudited) net
profit in FY08. The Group has posted Rs. 205.94 mn (Unaudited & Consolidated) net profit in FY09.
Central Bank of India has posted Rs. 625.1 mn (Audited) net profit in Q4FY09, as against Rs. 1,272 mn in Q4FY08. The Bank has
posted Rs. 5.71 bn (Audited) net profit in FY09, as against Rs. 5.5 bn in FY08. Its Board of Directors has recommended 20% final
dividend (Rs. 2 per share) for FY09.
CESC posted Rs. 940 mn (Unaudited) net profit in Q4FY09, as against Rs. 860 mn (Audited) net profit in Q4FY08. It has posted Rs. 4.1
bn (Unaudited) in FY09, as against Rs. 3.55 bn (Audited) in FY08.
CRISIL has posted Rs. 364.35 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 287.03 mn (Unaudited) net profit in
Q4FY08. The Group has posted Rs. 354.62 mn (Audited & Consolidated) net profit in Q4FY09. It Board of Directors of the Company has
recommended 250% interim dividend i.e. Rs. 25 per share having nominal value of Rs. 10 each.


Weekly Newsletter                                                                                                                          13
                                                                                                                            Info-Spectrum
                                                                                            Bridging the Information Gap in Corporate Landscape


                                              FINANCIAL SCOREBOARD
Dabur India has posted Rs. 917.2 mn (Unaudited & Standalone) PAT in Q4FY09, as against Rs. 787.9 mn in Q4FY08, registering a rise
of 16.4% on YoY basis. It has posted Rs. 3.73 bn (Audited & Standalone) PAT in FY09, as against Rs. 3.15 bn in FY08. The Group has
posted Rs. 1,043 mn (Unaudited & Consolidated) PAT in Q4FY09, as against Rs. 796.4 mn in Q4FY08. It has posted Rs. 3.91 bn (Audited
& Consolidated) net profit in FY09, as against Rs. 3.32 bn in FY08. Its Board of Directors has declared 100% final dividend (Re. 1 per
equity share of Re. 1 each) for FY09.
DLF has posted Rs. 298.6 mn (Unaudited & Standalone) PAT in Q4FY09, as against Rs. 6,385.5 mn net profit in Q4FY08. It has posted
Rs. 15.47 bn mn (Unaudited & Standalone) PAT in FY09, as against Rs. 25.74 bn net profit in FY08. The Group has posted Rs. 1.59 bn
(Unaudited & Consolidated) PAT in Q4FY09, as against Rs. 21.76 bn PAT in Q4FY08. It has posted Rs. 46.29 bn (Unaudited &
Consolidated) PAT in FY09, as against Rs. 78.12 bn PAT in FY08.
Educomp Solutions has posted Rs. 545.17 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 314.677 mn (Audited) in
Q4FY08. It has posted Rs. 1.28 bn (Unaudited & Standalone) net profit in FY09, as against Rs. 7 bn (Audited) in FY08. The Group has
posted Rs. 553.57 mn (Unaudited & Consolidated) net profit in Q4FY09, while it has posted Rs. 1.32 bn (Unaudited & Consolidated) net
profit in FY09.
Exide Industries has posted Rs. 682 mn (Audited & Standalone) net profit in Q4FY09, as against Rs. 628.2 mn in Q4FY08. It has posted
Rs. 2.84 bn (Audited & Standalone) net profit in FY09, as against Rs. 2.5 bn in FY08. The Group has posted Rs. 1.91 bn (Audited &
Consolidated) in FY09, as against Rs. 1.64 bn in FY08. Its Board of Directors has recommended 20% final dividend (20 paisa apiece) for
FY09.
Eveready Industries India has posted Rs. 55.94 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 65.23 mn
(Unaudited) net loss in Q4FY08. It has posted Rs. 194.02 mn (Audited) PAT in FY09, as against Rs. 193.18 mn (Audited) net loss in FY08.
Fulford India has posted Rs. 11.2 mn (Unaudited) net loss in Q1CY09, as against Rs. 4 mn (Unaudited) net profit in Q1CY08.
Godrej Consumer Products has posted Rs. 561 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 371.4 mn PAT in
Q4FY08. It has posted Rs. 1,615.5 mn (Unaudited & Standalone) PAT in FY09, as against Rs. 1,480.9 mn PAT in FY08. The Group has
posted Rs. 593.6 mn (Unaudited & Consolidated) PAT in Q4FY09, as against Rs. 408.20 mn net profit in Q4FY08. It has posted Rs.
1,732.5 mn (Audited & Consolidated) net profit in FY09, as against Rs. 1,592.4 mn for net profit in FY08. Its Board of Directors has
declared 75% fourth interim dividend (75 paisa per equity share of Re. 1 each) for FY09. Its Board has also recommended 75% final
dividend (75 paisa per equity share of Re. 1 each) for FY09.
Genesys International Corporation has posted Rs. 74.98 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 75.98 mn
(Unaudited) net profit in Q4FY08. It has posted Rs. 292.53 mn (Unaudited & Standalone) net profit in FY09, as against Rs. 145.59 mn
(Audited) net profit in FY08. The Group has posted Rs. 78.61 mn (Unaudited & Consolidated) net profit in Q4FY09, while it has posted Rs.
297.28 mn (Unaudited) net profit in FY09.
GlaxoSmithKline Pharmaceuticals has posted Rs. 1,432.7 mn (Unaudited) net profit in Q1CY09, as against Rs. 1,212.7 mn net profit
in Q1CY08. Its total income has increased to Rs. 4,609.8 mn (Unaudited) in Q1CY09, as against Rs. 4,342.5 mn in Q1CY08.
GTL Infrastructure has posted Rs. 28.446 mn (Audited & Standalone) net profit in FY09, as against Rs. 594.702 mn net loss in FY08.
The Group has posted Rs. 28.093 mn (Audited & Consolidated) net profit in FY09, while the Group’s total income stood at Rs. 2.74 bn in
FY09.
GVK Power & Infrastructure has posted Rs. 210 mn (Audited & Standalone) net profit in FY09, as against Rs. 908.50 mn in FY08. The
Group has posted Rs. 1.07 bn (Audited & Consolidated) net profit in FY09, as against Rs. 1.35 bn in FY08.
ICICI Bank has posted Rs. 7,437.6 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 11,498.4 mn in Q4FY08. Its total
income has decreased to Rs. 92.03 bn (Unaudited & Standalone) in Q4FY09 from Rs. 103.9 bn in Q4FY08. It has posted Rs. 37.58 bn
(Audited & Standalone) net profit in FY09, as against Rs. 41.57 bn in FY08. Its total income has decreased to Rs. 386.96 bn (Audited &
Standalone) in FY09 from Rs. 395.99 bn in FY08. The Group has posted Rs. 7.48 bn (Unaudited & Consolidated) net profit in Q4FY09, as
against Rs. 6.36 bn in Q4FY08. Its total income has decreased to Rs. 169.95 bn (Unaudited & Consolidated) in Q4FY09 from Rs. 178.19
bn in Q4FY08. The Group has posted Rs. 35.76 bn (Audited & Consolidated) net profit in FY09, as against Rs. 33.98 bn in FY08. Its total
income has increased to Rs. 641.53 bn (Audited & Consolidated) in FY09 from Rs. 600.53 bn in FY08. The Board of Directors of the Bank
has recommended 110% dividend (Rs. 11 apiece) for FY09, subject to requisite approvals. Its Board has also dividend of Rs. 100 per
preference share on 350 preference shares of the face value of Rs. 1 crore each for FY09.
India Infoline has posted Rs. 115.82 mn (Audited & Standalone) net profit in Q4FY09, as against Rs. 323.791 mn in Q4FY08. It has
posted Rs. 1.05 bn (Audited & Standalone) net profit in FY09, as against Rs. 1.28 bn in FY08. The Group has posted Rs. 252.86 mn
(Audited & Consolidated) net profit in Q4FY09, as against Rs. 658.86 mn in Q4FY08. It has posted Rs. 1.44 bn (Audited & Consolidated)
net profit in FY09, as against Rs. 1.59 bn in FY08. Its total income has decreased to Rs. 9.63 bn in FY09, as against Rs. 10.23 bn in FY08.
Indian Bank has posted Rs. 3,940.73 mn (Audited) net profit in Q4FY09, as against Rs. 2,416.68 mn in Q4FY08. It has posted Rs. 12.45
bn (Audited) net profit in FY09, as against Rs. 10.08 bn in FY08. Its Board of Directors has recommended a final dividend of 30% (Rs 3
per Equity Share) for FY09.
Infrastructure Development Finance Company (IDFC) has posted Rs. 1,480.74 mn (Audited & Standalone) net profit in Q4FY09, as
against Rs. 1,232.58 mn net profit in Q4FY08. It has posted Rs. 7.35 bn (Audited & Standalone) net profit in FY09, as against Rs. 6.69 bn
net profit in FY08. The Group has posted Rs. 1.16 bn (Audited & Consolidated) net profit in Q4FY09, as against Rs. 1.52 bn net profit in
Q4FY08. It has posted Rs. 7.49 bn (Audited & Consolidated) net profit in FY09, as against Rs. 7.42 bn net profit mn in FY08. Its Board of
Directors has proposed a dividend of Rs. 1.20 per share, subject to the approval.
Jain Irrigation Systems has posted Rs. 132.5 mn (Unaudited) net profit in Q4FY09, as against Rs. 365.9 mn (Audited) in Q4FY08. It
has posted Rs. 1.22 bn (Unaudited) net profit in FY09, as against Rs. 1.45 bn (Audited) in FY08.
JP Associates has posted Rs. 3,853.2 mn (Unaudited) net profit in Q4FY09, as against Rs. 2,104.1 mn in Q4FY08. It has posted Rs.
8.81 bn (Audited) net profit in FY09, as against Rs. 6.09 bn in FY08. Its Board of Directors has declared 15% second interim dividend (30
paisa apiece) per equity share of Rs. 2 for FY09.
Jubilant Organosys has posted Rs. 152.9 mn net loss (Unaudited & Standalone) in Q4FY09, as against Rs. 828 mn net profit in Q4FY08.
It has posted Rs. 2.6 bn (Audited & Standalone) net profit in FY09, as against Rs. 2.89 bn in FY08. The Group has Rs. 123.7 mn
(Unaudited & Consolidated) net profit in Q4FY09, as against Rs. 638.8 mn in Q4FY08. It has posted Rs. 2.83 bn (Audited & Consolidated)
net profit in FY09, as against Rs. 2.97 bn in FY08. Its Board of Directors has recommended the dividend of 1.50 per equity share, subject
to necessary approval.




Weekly Newsletter                                                                                                                           14
                                                                                                                           Info-Spectrum
                                                                                           Bridging the Information Gap in Corporate Landscape


                                             FINANCIAL SCOREBOARD
Kakatiya Cement Sugar & Industries has posted Rs. 70.3 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 76.14 mn
(Unaudited) net profit in Q4FY08. It has posted Rs. 213.12 mn (Unaudited & Standalone) net profit in FY09, as against Rs. 156.3 mn
(Unaudited) net profit in FY08.
Kirloskar Pneumatic Company has posted Rs. 169.2 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 200.1 mn
(Audited) net profit in Q4FY08, registering a decline of 15.4% on YoY basis. It has posted Rs. 417.2 mn (Audited & Standalone) net profit
in FY09, as against Rs. 304.6 mn (Audited) net profit in FY08. Its Board of Directors has recommended 100% dividend (Rs. 10 apiece)
including 25% special golden jubilee year dividend.
Liberty Shoes has posted Rs. 23.14 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 53.32 mn (Unaudited) net profit
in Q4FY08. It has posted Rs. 70.81 mn (Unaudited & Standalone) net profit in FY09, as against Rs. 155.23 mn (Audited) net profit in
FY08.
Mahanagar Telephone Nigam (MTNL) has posted Rs. 838.18 mn (Unaudited) net loss in Q4FY09, as against Rs. 1737.39 mn
(Audited) net profit in Q4FY08. It has posted Rs. 2148.28 mn (Unaudited) net profit in FY09, as against Rs. 5868.91 mn (Audited) in
FY08.
Mangalam Cement has posted Rs. 385.74 mn (Audited & Standalone) net profit in Q4FY09, as against Rs. 341.16 mn (Audited) net
profit in Q4FY08, registering a rise of 13% on YoY basis. It has posted Rs. 971.64 mn (Audited & Standalone) net profit in FY09, as
against Rs. 1,135.5 mn (Audited) net profit in FY08.
MindTree has posted Rs. 33.1 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 356.3 mn (Unaudited) net profit in
Q4FY08. It has posted Rs. 300 mn (Audited & Standalone) net profit in FY09, as against Rs. 1,041.9 mn (Audited) net profit in FY08.The
Group has posted Rs. 211.4 mn (Unaudited & Consolidated) net profit in Q4FY09, while it has posted Rs. 536.7 mn (Audited &
Consolidated) net profit in FY09.
Moser Baer India has posted Rs. 429.3 mn (Unaudited) net profit in Q4FY09, as against Rs. 717.1 mn (Audited) net loss in Q4FY08. It
has posted Rs. 1,285.4 mn (Unaudited) net loss in FY09, as against Rs. 789.1 mn (Audited) net loss in FY08.
Mylan Inc., the ultimate holding Company of Matrix Laboratories has reported US$102.6 mn (Unaudited & Consolidated) net revenues
(third party) as per US GAAP for the three months ended March 31, 2009.
Nagarjuna Agrichem has posted Rs. 110.9 mn (Audited & Standalone) net profit in Q4FY09, as against Rs. 25.9 mn (Audited) net profit
in Q4FY08. It has posted Rs. 492.6 mn (Audited & Standalone) net profit in FY09, as against Rs. 257.5 mn (Audited) net profit in FY08.
Its Board of Directors has recommended 30% final dividend for FY09.
Nestle India has posted Rs. 1,973 mn (Unaudited) net profit in Q1CY09, as compared to Rs. 1,601.5 mn in Q1CY08. Its total income
has increased to Rs. 12.76 bn (Unaudited) in Q1CY09 from Rs. 10.97 bn in Q1CY08.
Noida Toll Bridge Company has posted Rs. 336.87 mn (Audited & Standalone) net profit in FY09, as against Rs. 279.76 mn (Audited)
net profit in FY08, registering a rise of 20.4% on YoY basis. It has posted Rs. 335.03 mn (Audited & Consolidated) net profit in FY09, as
against Rs. mn net profit in FY08.
Nucleus Software Exports has posted Rs. 84.86 mn (Audited & Standalone) net profit in Q4FY09, as against Rs. 240.59 mn (Audited)
net profit in Q4FY08, registering a decline of 64.7% on YoY basis. It has posted Rs. 261.49 mn (Audited & Standalone) net profit in FY09,
as against Rs. 607.69 mn (Audited) net profit in FY08. It has posted Rs. 96.03 mn (Audited & Consolidated) net profit in Q4FY09, while it
has posted Rs. 322.58 mn (Audited) net profit in FY09.
Oriental Bank of Commerce (OBC) has posted Rs. 1,958.2 mn (Audited) net profit in Q4FY09, as against Rs. 994.4 mn net loss in
Q4FY08. It has posted Rs. 9.05 bn (Audited) net profit in FY09, as against Rs. 3.53 bn in FY08. Its Board of Directors has recommended
73% dividend for FY09.
Pantaloon Retail India has posted Rs. 343.7 mn (Unaudited) net profit for the quarter ended March 31, 2009 as compared to Rs. 321
mn for the quarter ended March 31, 2008. Its total income has increased to Rs. 16.43 bn (Unaudited) for the quarter ended March 31,
2009 from Rs. 13.55 bn for the quarter ended March 31, 2008.
Petronet LNG has posted Rs. 2,043.527 mn (Unaudited) net profit in Q4FY09, as against Rs. 1,200.376 mn in Q4FY08. It has posted Rs.
5,184.436mn (Audited) net profit in FY09 as compared to Rs. 4,746.534mn for the year ended March 31, 2008. Its Board of Directors has
recommended dividend @ 17.5% on paid up share capital of the Company (i.e. Rs. 1.75 apiece) for FY09.
P&G Hygiene & Health Care has posted Rs. 348.3 mn (Unaudited) net profit in the quarter ended March 31, 2009, as against Rs. 273.7
mn in the quarter ended March 31, 2008. Its total income has increased to Rs. 1,956 mn (Unaudited) in the quarter under review, from
Rs. 1,517.5 mn in the year ago quarter.
PTC India has posted Rs. 155.17 mn (Unaudited) net profit in Q4FY09, as compared to Rs. 192.25 mn (Audited) net profit in Q4FY08.
Its total income has increased to Rs. 11.96 bn in Q4FY09 from Rs. 5.65 bn (Audited) in Q4FY08. It has posted Rs. 908 mn (Unaudited)
net profit in FY09, as compared to Rs. 487.13 mn net profit (Audited) in FY08. Its total income has increased to Rs. 66.24 bn in FY09,
from Rs 39.49 bn (Audited) in FY08.
Reliance Capital has posted Rs. 3.31 bn (Audited & Standalone) mn net profit in Q4FY09, as against Rs. 3.86 bn mn in Q4FY08. It
posted Rs. 9.68 bn (Audited & Standalone) net profit in FY09, as against Rs. 10.25 bn in FY08. The Group has Rs. 3.11 bn (Audited &
Consolidated) net profit in Q4FY09, as against Rs. 3.65 bn in Q4FY08. It has posted Rs. 10.15 bn (Audited & Consolidated) net profit in
FY09, as against Rs. 10.09 bn in FY08. Its Board of Directors has recommended 65% dividend (Rs. 6.50 on equity share of Rs. 10 each)
for FY09.
Reliance Communications has posted Rs. 11.39 bn (Unaudited & Standalone) in Q4FY09, as against Rs. 5.11 bn (Audited) net profit in
Q4FY08. It has posted Rs. 23.52 bn (Unaudited & Standalone) net profit in FY09, as against Rs. 25.86 bn (Audited) net profit in FY08.
The Group has posted Rs. 14.54 bn (Unaudited & Consolidated) net profit in Q4FY09, as against Rs. 15.03 bn (Audited) net profit in
Q4FY08. It has posted Rs. 59.07 bn net profit (Unaudited & Consolidated) in FY09, as against Rs. 54.01 bn (Audited) net profit in FY08.




Weekly Newsletter                                                                                                                          15
                                                                                                                           Info-Spectrum
                                                                                           Bridging the Information Gap in Corporate Landscape


                                             FINANCIAL SCOREBOARD
Siemens has posted Rs. 2.25 bn (Unaudited) net profit for the quarter ended March 31, 2009, as compared to Rs. 16.55 mn for the
quarter ended March 31, 2008. Its total income has increased to Rs. 23859.913 mn (Unaudited) for the quarter ended March 31, 2009
from Rs. 21560.813 mn for the quarter ended March 31, 2008.

Shree Renuka Sugars has posted Rs. 241 mn (Unaudited & Standalone) net profit in the quarter ended March 31, 2009, as compared
to Rs. 304 mn in the year ago quarter. It has posted Rs. 332 mn (Unaudited & Consolidated) net profit in the quarter ended March 31,
2009, as against Rs. 320 mn in the year ago quarter.

Shyam Telecom has posted Rs. 10.11 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 31.96 mn (Unaudited) net
profit in Q4FY08, registering a decline of 68.4% on YoY basis. It has posted Rs. 9.45 mn (Unaudited & Standalone) net profit in FY09, as
against Rs. 60.91 mn (Audited) net profit in FY08.

Sterling Biotech has posted Rs. 477.28 mn (Unaudited) net profit in Q1CY09 as compared to Rs. 550.88 mn net profit in Q1CY08. Its
total income has increased to Rs. 3.51 bn (Unaudited) in Q1CY09 from Rs. 2.71 bn in Q1CY08.

Sterlite Industries India has posted Rs. 2,115.6 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 3,064.5 mn in
Q4FY08. It has posted Rs. 12.36 bn (Audited & Standalone) net profit in FY09, as against Rs. 9.51 bn in FY08. The Group has posted Rs.
5.98 bn (Unaudited & Consolidated) net profit in Q4FY09, as against Rs. 13.18 bn in Q4FY08. It has posted Rs. 35.39 bn (Audited &
Consolidated) net profit in FY09, as against Rs. 43.99 bn in FY08. Its total income stood at Rs. 232.98 bn in FY09, as against Rs. 262.71
bn in FY08. Its Board of Directors has proposed 175% dividend (Rs. 3.50 per share of Rs. 2 each) for FY09, subject to necessary
approval.

Sundaram Clayton has posted Rs. 48.24 mn (Unaudited & Standalone) net loss in Q4FY09, as against Rs. 60 mn (Unaudited) net profit
in Q4FY08. It has posted Rs. 54.24 mn (Unaudited & Standalone) net profit in FY09, as against Rs. 239.2 mn (Unaudited) net profit in
FY08.

Syndicate Bank has posted Rs. 2,066.4 mn (Audited & Standalone) net profit in Q4FY09, as against Rs. 1,262.6 mn in Q4FY08. It has
posted Rs. 9.12 bn (Audited & Standalone) net profit in FY09, in comparison to Rs. 8.48 bn in FY08. The Group has posted Rs. 9.13 bn
(Audited & Consolidated) net profit in FY09, in comparison to Rs. 8.48 bn in FY08. Its Board of Directors has proposed a 15% final
dividend for FY09 in addition to 15% interim dividend, subject to necessary approval.

Tata Elxsi has posted Rs. 232.69 mn (Audited & Standalone) net profit in Q4FY09, as against Rs. 174.11 mn (Unaudited) net profit in
Q4FY08. It has posted Rs. 581.05 mn (Audited & Standalone) net profit in FY09, as against Rs. 526.67 mn (Audited) net profit in FY08.

Tech Mahindra Ltd. has posted Rs. 2,213.9 mn (Audited & Standalone) net profit in Q4FY09, as against Rs. 2,070 mn (Audited) net loss
in Q4FY08. It has posted Rs. 2,304.3 mn (Audited & Consolidated) net profit in Q4FY09, while it has posted Rs. 10,145.6 mn (Audited)
net profit in FY09. It has posted Rs. mn (Audited & Standalone) net profit in FY09, as against Rs. 3,422 mn (Audited) net profit in FY08.

Thomas Cook India has posted Rs. 14.23 mn (Unaudited & Standalone) net loss in Q1CY09, as against Rs. 27.1 mn (Unaudited) net
profit in Q1CY08. The Group has posted Rs. 18.22 mn (Unaudited & Consolidated) net profit in Q4FY09.

Titan Industries has posted Rs. 1,589.6 mn (Audited & Standalone) net profit in FY09, as against Rs. 1,502.7 mn in FY08. The Group
has posted Rs. 1,639.2 mn (Audited & Consolidated) net profit in FY09, as against Rs. 1475.6 mn in FY08. Its Board of Directors has
recommended 100% dividend (Rs. 10 apiece) on the equity shares of Rs. 10 each.

Transformers & Rectifiers India has posted Rs. 128.5 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 132.8 mn
(Unaudited) net profit in Q4FY08. It has posted Rs. 441.2 mn (Audited & Standalone) net profit in FY09, as against Rs. 331 mn (Audited)
net profit in FY08. The Group has posted Rs. 458.1 mn (Audited & Consolidated) net profit in FY09.

Triveni Engineering & Industries has posted Rs. 377.7 mn (Unaudited & Standalone) net profit in the quarter ended March 31, 2009,
as against Rs. 342.8 mn (Unaudited) net profit in the quarter ended March 31, 2008, registering a rise of 10.2% on YoY basis.

UB Holdings has posted Rs. 126.8 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 138.5 mn (Unaudited) net profit in
Q4FY08. It has posted Rs. 438.4 mn (Unaudited & Standalone) net profit in FY09, as against Rs. 647.9 mn (Audited) net profit in FY08.

United Phosphorus has posted Rs. 1,477.4 mn (Audited & Standalone) net profit in FY09, as against Rs. 919.1 mn in FY08. The Group
has posted Rs. 4.85 bn (Audited & Consolidated) net profit in FY09, as against Rs. 2.81 bn in FY08. Its Board of Directors has
recommended 75% dividend on the equity shares of Rs. 2 each (i.e. Rs. 1.50 per equity share).

United Spirits has posted Rs. 556.2 mn (Unaudited) net profit in Q4FY09, as against Rs. 651.1 mn (Audited) in Q4FY08. It has posted
Rs. 2.97 bn net profit (Unaudited) in FY09, as against Rs. 3.11 bn (Audited) in FY08.

Videocon Industries has posted Rs. 729.8 mn (Unaudited) net profit in the quarter ended March 31, 2009, as against Rs. 2,512.2 mn
net profit in the year ago quarter. Its total income has decreased to Rs. 22.2 bn (Unaudited) in the quarter ended March 31, 2009from
Rs. 25.38 bn in the year ago quarter.

Vimta Labs has posted Rs. 16.11 mn (Audited & Standalone) net profit in Q4FY09, as against Rs. 13.08 mn (Audited) net profit in
Q4FY08. It has posted Rs. 40.44 mn (Audited & Standalone) net profit in FY09, as against Rs. 62.46 mn (Audited) net profit in FY08.

Walchandnagar Industries has posted Rs. 47.2 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 114.4 mn
(Unaudited) net profit in Q4FY08.

Wendt India has posted Rs. 29.1 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs. 27.4 mn (Unaudited) net profit in
Q4FY08, registering a rise/decline of % on YoY basis. It has posted Rs. 88.4 mn (Audited & Standalone) net profit in FY09, as against Rs.
84.2 mn (Audited) net profit in FY08. The Group has posted Rs. 93.1 mn (Audited & Consolidated) net profit in FY09.

Zenith Fibres has posted Rs. 27.1 mn (Unaudited & Standalone) net profit in FY09, as against Rs. 17.73 mn (Unaudited) net profit in
FY08, registering a rise of 52.8% on YoY basis. It has posted Rs. 7.34 mn (Unaudited & Standalone) net profit in Q4FY09, as against Rs.
4.57 mn (Unaudited) net profit in Q4FY08.




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                                 DELISTING, BUY-BACKS, OPEN OFFERS
Indiabulls Securities: Buy-back Offer
Indiabulls Securities has announced its intention to buy-back its fully paid-up equity shares of face value Rs.
2 each from the open market using the nationwide electronic trading facilities of BSE and NSE at a price not
exceeding Rs. 33 apiece payable in cash, up to or less than a maximum amount of Rs. 831,796,227 being
25% of the total paid-up equity share capital and free reserves of the Company. The Company proposes to
Buyback up to 39,281,000 of its fully paid-up equity shares of face value of Rs. 2 each and minimum
number of 5 mn equity shares at a price not exceeding Rs. 33 per equity share payable in cash for an
amount of up to Rs. 831,796,227. However, subject to these limits the Board shall have the discretion to
determine the actual Buyback size. The buy-back shall open on May 06, 2009, while the last date for the
buy-back has been fixed at March 05, 2010. Enam Securities Pvt Ltd. has been retained as the Manager to
the buy-back offer.
Pearl Global: Delisting Offer
The Promoter Group, comprising of Payel Seth and Pulkit Seth (Acquirers) has issued this Public
Announcement to the Equity shareholders of Pearl Global to acquire the public shareholding of Pearl Global
for the purpose of delisting the equity shares of the Company. The Promoter Group holds 6,132,635 fully
paid up equity shares of Rs. 10 each comprising 74.65% of the paid-up equity share capital. The Acquirers
are part of the promoter group. The Acquirers hold 213,089 and 26,150 equity shares of the Company
respectively. The equity shares of the Company are currently listed on BSE and NSE. The Acquirers now
seek to de-list the equity shares of the Company from both BSE and NSE. The floor price has been fixed at
Rs. 47.50 per share offered by the Acquirers to the Shareholders of the Company under the proposed
Delisting Offer. The price at which the maximum number of shares is tendered will be the discovered price
pursuant to the reverse book building process. The Delisting Offer shall open on May 06, 2009, while the
closing date for bid has been fixed at May 08, 2009. Enam Securities Pvt. Ltd. has been retained as the
Manager to the Delisting Offer.
•   The Board of Directors of Dai-Ichi Karkaria has approved a proposal for buy back of equity shares of the Company. The maximum
    amount of buy-back shall be for an amount not exceeding Rs. 4.8 cr constituting around 10% of the paid-up capital and free
    reserves of the Company as on March 31, 2008.
•   The Board of Directors of Pennar Industries has approved the purchase of the Company's own fully paid equity shares of Rs. 5
    each from the open market at a price not exceeding Rs. 40 apiece.
•   Eskay Infrastructure Development has announced an open offer to acquire up to 1,22,500 equity shares of the face value of Rs.
    10 each, representing in aggregate 50% of the paid-up equity share capital & voting capital of Nivedita Mercantile & Financing
    Ltd., at a price of Rs. 64 per fully paid up equity share payable in cash. The Offer shall open on June 19, 2009, while the closing
    date of the Offer has been fixed at July 08, 2009.
•   Reliance Communications will buy back US$24.7mn of outstanding notes from its US$1 bn in zero coupon convertible bonds due
    2012. The Company will pay 85 cents on the dollar for the notes after a tender offer to investors.
•   Auroma Coke has announced that the Company now is being delisted from the official list of the Calcutta Stock Exchange.
•   Era Infra Engineering has bought back Zero Coupon Convertible Bonds due 2012 with an aggregate face value of US$12 mn.
•   The Board of Directors of Jindal Poly Films has approved closure of buy-back process with effect from closing hours of April 30,
    2009.

                                                           RATINGS
Fitch assigns highest rating to SAIL long-term debt
Global rating agency Fitch has assigned the highest national credit quality rating of ‘AAA(ind)’ to the long-
term debt program to the tune of Rs. 20 bn of Steel Authority of India (SAIL). The note added that though
the rating is not internationally comparable, 'AAA' with additional country identifier of '(ind)' for India
signifies the best risk within the country. It denotes the highest rating assigned in Fitch's national rating
scale. Simultaneously, the agency has affirmed SAIL's national long-term rating at AAA (ind) with a stable
outlook. The agency said its national ratings provide a relative measure of creditworthiness for rated entities
in countries with relatively low international sovereign ratings. The best risk within a country is 'AAA' and
other credits are rated only relative to this risk. Fitch has affirmed SAIL's existing Rs. 20 bn long term bond
program at 'AAA (ind)' and its proposed Rs. 10 bn term deposit program at 'tAAA(ind)' indicating best risk
among term deposits in India.
Fitch assigns AA(ind) rating to Tata Steel
Credit rating agency Fitch Ratings has assigned Tata Steel proposed Rs. 20 bn Non Convertible Debenture
program a National Long term rating of ‘AA (ind)’. Fitch has also affirmed Tata Steel’s National Long term
rating at ‘AA(ind)’ with Negative Outlook. Simultaneously, Fitch has affirmed the ratings on its various
facilities and borrowings, details of which are listed at the end of this announcement. The proceeds of the
proposed Non Convertible Debenture, along with the existing cash balances available with Tata Steel would
be partly used to meet additional equity infusion into Tata Steel UK. The equity would be used to prepay
some of the debt obligations at TSUK and the balance would be retained within the business, keeping the
consolidated net debt levels unchanged.


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                                                              M&As
Escorts to merge US-based agri machinery arm with itself
The Board of Directors of Escorts has approved a Scheme of Arrangement for amalgamation of US-based
Escorts Agri Machinery Inc (EAMI), which is a 100% subsidiary of the Company, with the Company.
EAMI is a 100% subsidiary of Escorts and acts as an overseas Special Purpose Vehicle (SPV). EAMI holds
100% stake in Farmtrac Tractors Poland, 78.25% in Beaver Creeks Holdings, USA and 49% in Farmtrac
North America, USA. The proposed amalgamation of EAMI into Escorts would result in restructuring the
overseas operations and bringing it under the direct control of Escorts. The amalgamation would also result
in reduction in administrative costs and increase in operational efficiency due to unnecessary entities being
removed.
All assets and liabilities of the EAMI shall become the assets and liabilities of Escorts Ltd with effect from the
appointed date i.e. April 01, 2009. There would not be any issue of shares or discharge of any consideration
in cash since EAMI is a wholly owned subsidiary of Escorts. The reserve of Escorts shall be reorganized to
form a special reserve, namely, "Business Reconstruction Reserve" to the extent as may be determined and
considered appropriate by the management of the company. The Business Reconstruction Reserve shall be
utilized in a manner as may be determined and considered appropriate by the management of the Company
to reinstate certain assets of the Company. The scheme will not affect the existing rights of the workers and
employees of Escorts, and subject to requisite approvals.
Best & Crompton Board clears draft scheme of amalgamation
The Board of Directors of Best & Crompton Engineering has approved a modified draft scheme of
amalgamation of the Company's seven wholly owned subsidiaries, namely Best & Crompton Infratech, Best
& Crompton Infratech (Ambattur), Best Crompton EU Energy, Best & Crompton Textiles & Apparels, Best &
Crompton Electric, Best Land Realty and Nellai Steel India with the Company. Further the Company has
informed that it was further decided at the said Meeting not to proceed with the amalgamation of Best &
Crompton Engineering Projects Ltd, with the Company.
3i Infotech to acquire JP Morgan Treasury’s NRL biz
3i Infotech, a global provider of IT solutions, has announced that the Company has entered into an
agreement to acquire JP Morgan Treasury Services' National Retail Lockbox Business (NRLB). Its subsidiary,
Regulus Group, is currently the largest outsourced remittance processing provider in the U.S, and this
acquisition will further strengthen that position. Virtually all JP Morgan Treasury Services NRLB employees
have been offered positions with Regulus. Between its newly acquired and existing facilities, Regulus will
process more than 700 million payments annually once the acquisition is complete.
•   Suzlon Energy has announced that Suzlon has made the payment of Euro 30 mn for the second tranche of Martifer Group's stake in
    REpower due in April 2009. The transaction takes Suzlon's holding in REpower to 76%. Suzlon already controls about 91% voting
    rights in REpower through an existing agreement with Martifer.
•   The Board of Directors of Sheetal Bio Agro Tech has decided that Vitale Bio-Science will be merged with Sheetal Bio Agro Tech Ltd,
    subject to approval of shareholders.
•   The Board of Directors of Pantaloon Retail India has approved a Scheme of Arrangement as a mode of transfer of Fixed Assets
    relating to fashion division of the Company to Future Merchandising (name applied for) and transfer of Format Concept Brands of the
    Company to Future Consumer Enterprises (name applied for). The Scheme of Arrangement is subject to the necessary and requisite
    statutory approvals under the Companies Act, 1956 and any other applicable acts and regulations.
•   The Board of Directors of Micro Inks has approved disinvestment of Micro Inks GmbH, Austria (MIGmbH), a wholly owned
    subsidiary of the Company in favour of Michael Huber Munchen GmbH, Germany (fellow subsidiary) at a total consideration of Euro
    17,292, as certified by an independent firm of Chartered Accountant, only after transfer of entire Common Stocks (including
    Additional Paid-in Capital) of Hostmann Steinberg Inc. USA, a wholly owned subsidiary of MIGmbH, to Micro Inks Ltd, India.
•   Morgan Stanley has reportedly acquired 5.08% stake in Unitech Ltd. by subscribing to the sale of shares by the Indian developer
    to institutional investors. The Company has 5.18% stake in Unitech.
•   The Board of Directors of 3i Infotech has approved the proposal for merger of 4 wholly owned subsidiaries of the Company i.e. KNM
    Services, Stex Software, E-Enable Technologies and J&B Software India with the Company.
•   3i Infotech has entered into an agreement to acquire JP Morgan Treasury Services' National Retail Lockbox Business.
•   Omaxe has purchased all the 10,000 shares of Rs. 10 each of Oasis Township Pvt. Ltd., following which the latter has become the
    wholly owned subsidiary of the Company.
•   The Board of Directors of Spectacle Industries has finalized the deal for acquisition of manganese ore mines from Naresh Agrawal
    and iron ore mines from Global Hi-Tech Industries by way of transfer of ownership basis or by merger scheme as feasible to both
    parties. The Company has also finalized the discussion for merger with Metalite Coke & Coal and Mangal Steel to have the access of
    iron ore processing unit and the access of set up for prospective plant of low-ash metallurgical coke.
•   Sesa Goa is reportedly exploring options of bidding for the controlling stake in an iron ore mine that has been put on the block by
    Brazil’s mining exploration company GME4.



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                                        INSURANCE & MUTUAL FUND
General Motors inks pact with Future Generali
Capitalizing on the popularity of its bestseller mini-car Chevrolet Spark, General Motors had entered into a
tie-up with Future Generali (an insurance JV between the Future Group of India and Generali Group of Italy)
as part of a joint campaign titled, Aaja Meri Gaadi Mein Baith Ja. Retail shoppers at Future Group outlets
were given an opportunity to win two Chevrolet Sparks by participating in a contest by filling an entry form
and answering two simple questions on the Future Group and General Motors brands. As part of the
initiative, Future Generali also offered free vehicle inspection facility for 4-wheeler owners, thereby providing
instant competitive motor insurance solutions catering to the need of the customer. The two winners of the
contest were announced today in Mumbai in a lucky draw. The contest was conducted across 60 cities
nationwide in over 200 Future Group retail formats including Big Bazaar, Food Bazaar, Pantaloons, Home
Town, E-Zone, Brand Factory, KB Fair price shop and Furniture Bazaar.
UTI AMC to merge equity schemes
UTI Asset Management Company (UTI AMC), one of the largest fund houses in the country, is planning a
mega merger of the equity schemes in its portfolio. The process is likely to be kicked off in the current
financial year. The organization currently has too many equity schemes, which would be pruned by over
50%. Currently, the fund house has 96 schemes, of which equity schemes number 29. The number of equity
schemes is likely to be brought down to 10 through mergers over a period of time.
•   Birla Sun Life Insurance has set a new milestone, by crossing the landmark figure of Rs. 100 bn in Assets under Management
    (AUM), as on April 24, 2009m, and in the process registering a strong growth of 41% year-on-year. This achievement is notable
    especially in the light of tough market conditions on the back of global financial turmoil.




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                                          ENSUING EVENTS
The 5th International Education Fair cum Seminar in New Delhi
Associated Chambers of Commerce and Industry of India (ASSOCHAM) is organizing its 5th International
Education Fair cum Seminar during 30-31 May, 2009 at Pragati Maidan, New Delhi, to spread a vast
message that sustained growth of economy of the country is strongly linked with the quality of education.
This is a mega education event in which about 200 Management, Technical & Professional Institutions and
foreign Universities / institutions are expected to participate under one roof to showcase their strength.
ASSOCHAM plays a significant role to provide a distinctive platform to students under one roof to choose
their career-path with greater access to higher education, professional courses and offer a unique
opportunity to the aspiring students who are on the threshold of stepping into an ever-increasing globally
competitive career path to meet the need based requirement of industry.
National Summit on “Water Governance” on June 24 in New Delhi
Associated Chambers of Commerce & Industry of India (ASSOCHAM) is organizing a day-long National
Summit on “Water Governance – Critical Issues For All” on June 24, 2009 at Hotel Le Meridian, New
Delhi. Realizing the importance of it, the Ministry of Water Resources, Government of India, has agreed to
become a partner in this event. This event will be focusing on resolving the critical issues on water which are
going to be faced by all stakeholders more acutely in immediate future, specifically by the industry
counterparts. It focuses particularly on the gray areas, where the need for better governance, infrastructure,
and effective capacity-building is highest and certain issues like self governance, consensus regarding cess
issues and subsidies for acquiring new technologies for higher water use efficiency. The event is targeted to
those involved in formulation and implementation of water-related policies and investment strategies, as
well as to professionals and other stakeholders at all levels. The outcome of the Summit will be in form of
recommendations addressing to complex aggregation of policies, legislation, socio-economic approaches and
management strategies through which we can seek to achieve water sustainability.
CII Cavendish Int’nal Capital Conference on Jun 24th-25th in London
                              Confederation of Indian Industry (CII) jointly with the Cavendish Group, UK is
                              organizing the International Capital Conference (ICC) 2009 in Central London on
                              24th-25th June 2009. This conference will be an excellent opportunity to raise
                              finance from the International financial markets at very competitive costs, for
your existing & upcoming projects. As the apex industry body in the country, CII has decided to assume this
facilitating role, with a view to assist its member companies, in wake of the present economic crisis. This
conference would also facilitate one’s meetings with the leading private equity companies, Venture Capital
Firms, leading Investment banks and Advisory firms, from across the globe, thus giving you the opportunity
to explore the best financing options available. The agenda the conference will have a global perspective and
will position London as potential global hub for financial & technology deals. The ICC 2009 will deliver a 2-
day strategic conference with eminent keynote speeches from the world's leading financial services
companies and authorities; the opportunities for raising capital, consolidation, expansion, at competitive
prices; and the opportunities to position your company as the partner of choice with London financial
services firms and to meet with world's leading Private equity companies, leading Banks and Advisory firms.
Banknet's "Fifth Annual CTO-CXO Summit" on June 5
Technology remains critical for the financial sector to achieve further efficiency and productivity gains.
Technology is now more important than ever in these testing times. IT can enable growth, manage risk and
align with customers. Banknet Team interactions with the senior bankers in India made it clear that priorities
are now changing. Operational efficiency and cost cutting are definitely the order of the day. Banks in India
will continue spending on technology especially in the priority areas in 2009. On the basis of industry
feedbacks, Banknet has identified the "Top Priority Areas for Banks in 2009" as Mobile Banking & Payments,
Risk Management & Compliance, Cyber Security & Frauds, and Business Intelligence, CRM, Data Mining.
Banknet's "Fifth Annual CTO-CXO Summit" on June 5, 2009 at Mumbai will have discussions on the top
priorities for banks in 2009 in Four Focused Sessions. Fifth Edition of CTO-CXO Summit will commence with
an exclusive "Round Table Session" where top executives of major banks, FI's will have an in-depth
discussion on role of technology in providing effective solutions to banks in managing downturn and building
up business. Summit will bring together on one platform C-level Executives like CEO, COO, CIO, CTO and a
large number of senior functionaries from BFSI and IT-ITES sector. Nearly 700 Financial Institutions /
Companies from 24 countries had been represented at earlier Banknet Conferences. This included delegates
from nearly every major bank in India.




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                                                   GLOBAL
Swine Flu poses new challenges to global economy
                      Fears are on the rise that the Swine Flu outbreak could jeopardize the already fragile
                      global economy and reverse its initial recovery. The governments around the world are
                      on high alert for the possibility of a Swine Flu pandemic spreading from Mexico, with
                      health officials urging preparedness and public cooperation but also seeking to avert
                      panic. Increased surveillance following scores of deaths in Mexico has detected confirmed
or suspected cases of the new virus in the United States and Canada, and as far away as Europe and New
Zealand. Government responses to the rapidly evolving situation vary, but many are screening airline
passengers on flights from affected regions and advising against travel to Mexico. The US Centers for
Disease Control and Prevention (CDC) has identified the strain as type H1N1, a combination of genetic
material from pigs, birds and humans. Unusually for flu virus, the new one is hitting mostly otherwise
healthy young adults in Mexico, while those usually most susceptible – the elderly or very young – have not
been heavily affected, according to the Geneva-based UN World Health Organization (WHO). Another key
concern is person-to-person-to-person transmission, with associated risks for groups like school
communities and planeloads of passengers. There is currently no vaccine for the new strain, but WHO
reports that initial findings indicate it responds to the antiviral medication Tamiflu. The influenza death toll in
Mexico rose to 103, although they have yet to be confirmed as having resulted specifically from the H1N1
strain. For reasons still unclear to CDC experts, the illness in confirmed cases beyond Mexico’s borders has
been considerably less severe than those inside that country, with no deaths reported, and few cases
requiring hospitalization.
Geithner sees tentative signs of improvement in global markets
Treasury Secretary Timothy Geithner said that while it is too early to determine that risks have
receded in the midst of a severe global economic downturn, there are some encouraging signs.
Geithner praised the recent international cooperation and said that he has seen the progress
since the meeting of the Group of 20 earlier this month. The international cooperation reflects
an unprecedented scale of cooperative effort globally, Geithner said. He noted that the crisis
originated during a period of increased borrowing and leveraging - or a credit boom. The fallout
from a credit boom can be "more powerful and long lasting" than other crises, Geither warned. Keeping that
in mind, he said that G7 members remain committed to an unprecedented program and policy actions to
bring about a recovery. He praised Japan for putting in place a substantial fiscal stimulus program in the
wake of the G-20 Summit, which took place in London earlier this month. Geithner added that the managing
director of the IMF is in "striking distance" of securing $250 billion in temporary financing.
Global financial chiefs back recovery moves
Global financial chiefs have backed moves to greatly expand the financial war-chest of the International
Monetary Fund (IMF) to combat the deepest global recession since the Great Depression of the 1930s and
provide a social safety net for the poorest. The leaders also agreed to reshape the Fund, moving to broaden
its mission and accelerate plans to give developing nations including China, Brazil and India more say within
the institution. The 24-member International Monetary and Financial Committee (IMFC) (IMF's policy-setting
body) underlined the pivotal role of the Fund in helping to restore growth and in regularly monitoring the
policy actions taken by governments around the world to assess if more action is needed. The IMFC
additionally endorsed new, easier terms for Washington-based fund lending to the fast-growing number of
nations reeling under the pressure of the global crisis. That money would be raised firstly through $500 bn
in pledges from major governments about half of which was effectively secured after Japan, the US and the
EU had committed $100 bn each. Additionally, the IMF also has the ability to effectively print its own money,
and has plans to issue about $250 bn in its currency, which has a value based on the dollar, the euro, the
yen and the pound.
China, US firms sign over $10 bn deal
                 Chinese and US firms signed 32 trade and investment contracts on Monday worth some
                 US$10.6 bn, which the US Chamber of Commerce said will support US economic growth and
                 job creation. Companies like China Mobile, Lenovo, Amway, Cisco, Dell, Emerson, EMC, Ford,
                 Freescale and Hewlett-Packard signed deals at the ceremony. Prior to the signing ceremony,
the US Chamber of Commerce and the China Chamber of Commerce for Import and Export of Machinery and
Electronic Products hosted a forum, at which senior American and Chinese business executives spoke about
the importance of US-China cooperation in addressing shared economic, geo-strategic, and environmental
challenges. “With businesses in both countries struggling, these deals come at a critical time and will help
create jobs and stronger commercial bonds between the United States and China,” said Myron Brilliant, the
Chamber's Senior Vice President of (International Affairs), who presided over the signing ceremony.
Meanwhile, the top Chinese and US trade officials pledged to strengthen bilateral trade cooperation amidst
the ongoing global financial crisis.


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                                                   GLOBAL
New steps raise stimulus estimates for G-20 nations: IMF
New discretionary fiscal stimulus measures announced by G-20 nations raised stimulus estimates to 2% of
GDP in 2009 from 1.8% estimated in March, the International Monetary Fund (IMF) said. At the same time,
estimate for 2010 stood at 1.5% of GDP, larger than the previous estimate of 1.3%. The aggregate amount
in 2009 increased to US$820 bn from US$780 bn and to US$660 bn from US$590 bn in 2010. The Updated
Fund staff projections for the April World Economic Outlook revealed that the fiscal expansion relative to pre
crisis levels would be larger than the previous estimate. For the G-20, the increase in the average overall
fiscal deficit was estimated at 5.5% of GDP in 2009 and 5.4% in 2010.
Japan cuts 2009 economic forecast; sees worst contraction since 1955
The Japanese government forecast the economy to contract more than it initially estimated in fiscal 2009 to
show the biggest decline since the government started to compile growth in 1955. The Cabinet Office said
that the economy is expected to contract 3.3% this fiscal year on plunging exports. Earlier, the government
had projected a nil growth for the fiscal year 2009. The new projection is worse than the 1.5% contraction
seen in fiscal 1998. The government said the economy is deteriorating at an unprecedented speed. The
Government said the economy would shrink 5.2% in this fiscal without the stimulus measures announced by
Prime Minister Taro Aso. The Government has submitted supplementary budget to Parliament that included
an extra spending of ¥14.7 trillion fresh fiscal stimulus measures announced by Aso. To finance the extra
budget, the government intends to sell ¥10.8 trillion in new bonds taking the total bond sales to ¥44.1
trillion in this fiscal. Exports are estimated to decline 27.6% annually in this fiscal, while the fall in capital
spending is seen at record 14.1%. The unemployment rate is forecast to rise to 5.2%. All the numbers are
worse than their previous estimate. The Washington-based International Monetary Fund had said the second
largest economy would possibly shrink 6.2% in 2009, the largest decline among industrialized nations.
Australia to introduce new consumer credit laws
Australian Superannuation and Corporate Law Minister Nick Sherry Mortgage announced that brokers will
have to be licensed and tougher penalties for irresponsible lending will be introduced as part of an overhaul
of consumer credit laws. "This law will see simple, standard, national regulation of consumer credit for the
first time in our country's history," Senator Sherry told reporters in Canberra. According to Sherry, the
Australian Securities and Investment Commission (ASIC) will get an extra AU$66 mn (US$47 mn) over four
years as part of the overhaul. Senator Sherry has unveiled draft legislation aimed at giving greater
protection to the more than 5.7 million Australian households that currently hold debt. The overhaul will see
the commonwealth take over eight different sets of regulation and establish a national Australian credit
license regime for lenders and brokers to be overseen by ASIC. Senator Sherry said he hoped to introduce
the bill into parliament in June, with the expectation it would be passed by September.
US new home sales slip 0.6% in March
A report released by the Commerce Department has showed a modest decrease in new home sales in the
month of Mar’09. The report showed that new home sales fell 0.6% to an annual rate of 356,000 in Mar’09
from a revised Feb’09 rate of 358,000. A steep drop in new home sales in the Northeast contributed to the
modest monthly decrease, with sales in the region plunging 32.1%. While new home sales in the Midwest
fell by 7.8%, sales in the South were unchanged and sales in the West rose 15.1%. The median sales price
of new houses sold in Mar’09 was $201,400, while the average sales price was $258,000. The median price
was down 12.2% compared to the same month a year ago, while the average price was down 10.3%. The
seasonally adjusted estimate of new houses for sale at the end of Mar’09 was 311,000, down 5.2% from
328,000 in Feb’09. The supply of homes at the current sales rate slipped to 10.7 months from 11.2 months.
Chrysler Files Bankruptcy, Fiat to Take Over!
                           America’s third largest manufacturer is headed for bankruptcy protection under
                           the Obama rule. Although the lenders have rejected the latest plan to forgo the
                           debts as proposed by the US Treasury, however, hopes are still alive as Fiat is
                           expected to have a merger with the Company. Chrysler's fate comes as a pre-
packaged bankruptcy where every party agrees on the proposed agreement. It is basically like getting
everyone on the same page before the trigger is finally pulled. All talks between Obama Auto Task Force and
the lenders have ended in no final conclusion and the Company is finally heading for filing chapter 11 under
the US law. The US treasury had increased its offer to Chryslers’ lenders by $250 mn to $2.25 bn. Lenders
and the hedge funds were asked to forgo the complete $6.5 bn debt in return. After a 90 minutes timeline
given to the banks and the hedge funds, every one voted against the proposal from the government. The
Company will also file its motion to sell substantially all of its assets to Italian automaker Fiat Group SpA.
This means that a merger with Fiat will allow the company to stay in business after all.




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                                                 GLOBAL
Fiat plans merger with Opel to create car industry giant
            The Italian carmaker Fiat is seeking to merge its car division with General Motors Europe and
            ailing US car firm Chrysler to create an automotive giant second only to Japan's Toyota in terms
            of production. Fiat's chief executive, Sergio Marchionne, will meet German government ministers
            to discuss a bid for the German car maker Opel, part of GM Europe. If the talks go to plan, Fiat
would list shares in the combined company this summer. Marchionne described the plan as "an incredibly
simple solution to a very thorny problem. The plan comes the week after Fiat signed an agreement with
Chrysler to take an initial 20% stake in the US carmaker. Fiat's board met to review the Chrysler deal and
back Marchionne in weighing a potential merger of Fiat's car division, including the Chrysler interest, with
GM Europe into a new company. As part of this process, the Group would evaluate several corporate
structures, including the potential spin-off of Fiat Group Automobiles and the subsequent listing of a new
company which combines those activities with those of General Motors Europe. Fiat said the combined
company would have annual revenue of €80 bn (£71bn).
Sun Microsystems posts sharply wider Q3 loss
Santa Clara, California-based computer server and software maker, Sun Microsystems has
reported $201 mn GAAP net loss in the third quarter, compared to $34 mn GAAP net loss in the
year-ago quarter, due to lower sales and decreased margins. Gross margin for the third quarter
fell to 42.7% from 44.9% in the third quarter of last year. Total revenue for the third quarter fell
20% to $2.61 bn from $3.27 bn in the same quarter last year. Product revenue for the quarter dropped 24%
to $1.52 bn from $2 bn a year ago, while services revenue declined 15% to $1.1 bn from $1.3 bn last year.
Its selling, general and administrative expenses for the third quarter fell 15% to $843 mn from $989 mn a
year earlier. The company said it grew billings nearly 4% year-over-year in combined key growth categories
of Total Software, Open Storage, Solaris-based SPARC CMT Servers, and X64 Servers. Total Software
billings rose 28% YoY, while Open Storage billings climbed 63% and Solaris-based SPARC CMT Servers
billings grew 3%. For the nine months, it has reported $2.09 bn GAAP net loss, compared $315 mn GAAP
net loss for the same period last year. Total revenue for the nine-month period fell 13% to $8.82 bn from
$10.10 bn in the prior year quarter.
Fidelity National Information Services Q1 profit plunges 53.2% YoY
                    Fidelity National Information Services Inc. has reported $33 mn net earnings in Q1CY09, as
                    against $70.5 mn in Q1CY08, registering a decline of 53.2% on YoY basis, on lower
                    processing and services revenues. On a non-GAAP basis, adjusted net earnings rose 19.2%
                    to $0.31 per share from $0.26 per share in the prior year, and increased 23.1% in constant
currency. Processing and services revenues declined 3.9% to $797.8 mn in Q1CY09, as against $830.3 mn
in Q1CY08. On a constant currency basis, revenue has increased by 0.3%. Financial Solutions revenue
declined 3.2% to $271.3 mn, Payment Solutions revenue declined 2.3% to $364.7 mn and International
revenue declined 8.3% to $162.3 mn. Processing and services revenues during the quarter totaled $862.0
mn, up 0.8% from the year-ago quarter. For full year 2009, FIS reaffirmed its adjusted net earnings forecast
in the range of $1.60 to $1.66 per share.
Life Technologies Q1 profit drops 70% YoY
Carlsbad, California-based Life Technologies Corporation has posted $15.60 mn net income in
Q1CY09, as against $52.15 mn in Q1CY08, registering a decline of 70% on YoY basis. However, on
an adjusted basis, earnings were higher than the year-ago quarter. Its revenues totaled $775.74
mn, up 121.5% from $350.22 mn in Q1CY08, while the operating expenses totaled $348.81 mn, an increase
from $144.87 mn a year ago. Going ahead, the Company re-affirmed its 2009 fiscal year outlook, expecting
organic revenue growth to be in the low single-digits range, resulting in earnings of between $2.40 and
$2.55 per share.
IBM boosts dividend, share buyback
                  Armonk, New York-based world's biggest computer services provider, International Business
                  Machines Corporation (IBM) has raised its quarterly dividend by 10% and said its will buy
                  back an additional $3 bn of its stock. The Company has declared a regular quarterly cash
dividend of $0.55 per share, payable on June 10 to shareholders of record on May 8. This represents an
increase of $0.05 per share from the previous dividend and marks the 14th in a row that IBM has increased
its quarterly cash dividend. Last year, the company raised its quarterly payout by 25%. The technology
giant also said its board has authorized $3 bn in additional funds for use in the Company's stock buyback
program. With about $3.7 bn remaining under its previous share repurchase authorization at the end of
March; IBM will now have total authorization to buy back about $6.7 bn of its stock. IBM's moves come at a
time when many other companies are suspending or cutting their dividend payouts and scrapping their
share repurchase programs to preserve cash amid the recession.

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                                                         GLOBAL
Ford swings to $1.4 bn loss in Q1
                      Ford Motor has reported a sharp loss for the first quarter, compared with a profit a year
                      ago, hurt by lower sales volumes and unfavorable foreign exchange in light of an
                      extremely difficult business environment and weak demand for autos around the world.
                      The Company reported $1.42 bn net loss in Q1CY09, as against $192 mn net income in
Q1CY08. On an after-tax basis, the Company reported $1.8 bn operating loss in Q1CY09, compared with a
profit of $477 mn net income in Q1CY08. Its revenue reached $24.8 bn in Q1CY09, marking a sharp decline
from $43.3 bn in Q1CY08. In Q1CY09, Ford's worldwide automotive sector reported $1.9 bn pre-tax
operating loss, as against $622 mn pre-tax profit in Q1CY08. Worldwide automotive revenue stood at $21.4
bn in Q1CY09, down from $35 bn in Q1CY08, while the total vehicle wholesales reached 973,000 in Q1CY09,
down from 1,531,000 units in Q1CY08. Ford Motor Credit Company, the financial arm of Ford, has reported
$13 mn net loss in Q1CY09, as against $24 mn net income in Q1CY08. On a pre-tax basis, its loss stood at
$36 mn in Q1CY09, as against $32 mn earnings in Q1CY08, while the quarterly financing revenues declined
to $3.4 bn from $4.3 bn a year ago. In the first quarter, the Company's other financial services reported a
loss of $26 mn, a $58 mn decline from a year ago. The decline primarily reflected non-recurrence of gains
related to real estate transactions. Based on current planning assumptions, Ford said it remains on track to
meet or beat its financial targets.
ArcelorMittal posts $1.1 bn net loss in Q1
ArcelorMittal, the world's leading steel company, has announced results for the three
months ended March 31, 2009. The shipments were at 16 MT down 6% for three months
ended March 31, 2009, as compared to Q4CY08. The sales stood at $15.1 bn, down 32%
as compared to Q4CY08. The EBITDA stood at $0.9 bn, in-line with guidance and the net loss stood at $1.1
bn due in part to $1.2 bn exceptional charges pre-tax. The net debt stood at $26.7 bn at the end of Q1CY09
and pro forma3 liquidity of $13.2 bn. The Company is continuing temporary production cuts in-line with
reduced demand. The Industrial optimization measures implemented resulting in more than $6 bn of
annualized temporary fixed cost reductions in Q1 2009, and expected to increase to more than $7.5 bn on
an annualized basis in Q2 2009. The Company has confirmed target to achieve management gains of $2 bn
of sustainable SG&A and fixed cost reduction in 2009. Reiterating working capital rotation days target of 75-
85 days during 2009. The Company also re-affirmed target to reduce net debt by $10 bn by the end of
2009. It expects EBITDA to be between $1.2-1.5 bn for second quarter of 2009.
Textron Q1 net profit plunges 63% YoY
           Cessna planes and Bell helicopters makers, Industrial conglomerate Textron Inc. has reported $86
           mn net income in Q1CY0, as against $231 mn net income (down 63% YoY) in Q1CY08, reflecting
           the lower demand for its business jets amid the economic recession. Income from continuing
           operations plunged to $43 mn in Q1CY09, from $225 mn in Q1CY08. Its revenues declined 24% to
           $2.53 bn in Q1CY09, from $3.31 bn in Q1CY08. Revenues from Cessna unit dropped to $769 mn
           from $1.2 bn in the preceding year quarter, due to lower deliveries. However, revenues from Bell
           segment grew to $742 mn from $574 mn in the year-ago quarter, due to higher volume and
           pricing. The Company also lowered its financial outlook for fiscal 2009, due to lower expected
demand at Cessna, and higher losses at TFC related to the current economic environment and the impact of
faster liquidations. For fiscal 2009, Textron now expects earnings from continuing operations, excluding
special charges, in the range of $0.45 to $0.75 per share, and revenues of about $11.0 bn.
ACE Q1 profit up 50%
Zurich, Switzerland-based insurer ACE has reported $567 mn net income in Q1CY09, as against
$377 mn in Q1CY08, helped by positive contributions from all its divisions. Gross premium written
for the quarter increased 3% YoY to $4.54 bn, while net premium written rose 8.6% to $3.42 bn
and net premium earned grew 8.5% to $3.19 bn, while, excluding the impact of foreign exchange,
net premiums written and earned for the quarter increased 15% and 16%, respectively. Combined ration for
the first quarter stood at 87.5%, compared to 84.6% in Q1CY08. Net investment income for the first quarter
increased 3% to $502 mn from $489 mn a year ago. Looking forward, the Company reiterated its full year
2009 operating earnings guidance of $7.25 to $8.25 per share issued on December 18.
•   AB Electrolux has reported SEK 346 mn net loss in Q1CY09, as against SEK 106 mn net loss in Q1CY08, hurt by a restructuring
    charge, North American launch and exchange rates. Its quarterly net sales advanced to SEK 25.82 bn in Q1CY09, as against SEK
    24.19 bn in Q1CY08.
•   AT&T Inc. has reported $3.13 bn net income in Q1CY09, as against $3.46 bn net income in Q1CY08, registering a decline of 9.7%
    on YoY basis.
•   Ford Motor Credit Company, the financial arm of Ford, has reported $13 mn net loss in Q1CY09, as against $24 mn net income in
    Q1CY08. On a pre-tax basis, its loss stood at $36 mn in Q1CY09, as against $32 mn earnings in Q1CY08, while the quarterly
    financing revenues declined to $3.4 bn from $4.3 bn a year ago.


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                                                  GLOBAL
GM offers bondholders equity swap
             Troubled automaker General Motors Corporation has said that it is commencing public exchange
             offers for $27 bn of its unsecured public notes. The Company will offer to exchange 225 shares of
             common stock for each 1,000 US dollar equivalent of principal amount of outstanding notes and is
             offering to pay, in cash, accrued interest on the GM notes from the most recent interest payment
date to the settlement date. Each of the exchange offers and consent solicitations would expire on May 26,
2009. The Company estimates that bondholders would own 10% of the company after a successful
exchange offer. GM said that the current bond exchange offer is conditioned on the converting to equity of
at least 50% of the company's outstanding US Treasury debt at June 1, 2009, and at least 50% of its future
financial obligations of $20 bn to the new Voluntary Employee Benefit Association (VEBA). GM expects a
debt reduction of at least $20 bn between the two actions. In total, the U.S. Treasury debt conversion, VEBA
modification and bond exchange could result in at least $44 bn in debt reduction, GM noted. The Company
added that negotiations regarding contract changes with the United Auto Workers union are still ongoing. If
both are successful, the Government and UAW health care trust would own 89% of the company's stock,
with the government holding more than a 50% stake. GM also said that in the event that it does not receive
prior to June 1, 2009 enough tenders of notes to consummate the exchange offers; it expects to seek relief
under the US Bankruptcy Code. The Company is considering its alternatives in seeking bankruptcy relief in
consultation with the US Treasury.
Whirlpool Q1 profit declines; backs FY09 earnings view
Whirlpool Corporation has reported $73 mn net income in Q1CY09, as against $100
mn net income in Q1CY08, hurt by sales drops across all regions, lower production
volumes, and unfavorable foreign exchange effects. The Company has recorded $97
mn pre-tax benefit related to a postretirement benefit plan change and lower depreciation expense as a
result of a change in accounting method. The Company reported $3.57 bn net sales in Q1CY09, down 23%
from $4.61 bn in Q1CY08. Geographically, Whirlpool North America reported first-quarter sales of $2.1 bn,
down 20% from the prior year. In Q1CY09, its sales dropped 26% in Europe to $696 mn. Latin America
generated sales of $689 mn in Q1CY09, registering 26% YoY decline, while in Asia, Whirlpool has reported
$120 mn sales, registering a 13% decline from last year. The Company has confirmed its fiscal 2009
earnings outlook. Going ahead, Whirlpool continues to expect fiscal 2009 earnings share between $3 and $4.
The Company also expects to generate free cash flow between $300 mn and $400 mn for the year. Further,
based on current economic conditions, Whirlpool expects full-year 2009 US industry unit shipments to
decline approximately 10% to 12% from 2008 levels compared with its previous expectation of a 10%
decline.
VF Corp Q1 net income declines 32.3% YoY
           Greensboro, North Carolina-based branded lifestyle apparel maker VF Corporation has reported
           $100.94 mn net income in Q1CY09 (down 32.3% YoY), as against $149.03 mn in Q1CY08, while
           its total revenues for the quarter under review declined 7% to $1.73 bn from $1.85 bn. Its net
           sales for the quarter dropped to $1.71 bn from $1.83 bn in the year-ago quarter.Its operating
income has decreased to $161.45 mn in Q1CY09, as against $244.13 mn in Q1CY08. Costs and operating
expenses for the quarter decreased to $1.56 bn from $1.6 bn, while other expenses narrowed to $20 mn
from $20.8 mn in the previous-year quarter. VF Corporation has declared a cash dividend of $0.59 per
share, payable on June 19, to stockholders of record as of the close of business on June 9, 2009. Citing
changing market conditions in several key areas, VF Corporation has lowered its outlook for 2009, and also
decided to discontinue its practice of providing quarterly guidance, in view of the increased volatility in
global market conditions.
US Steel slips to loss in Q1 on lower demand
Pittsburgh, Pennsylvania-based steel producer United States Steel Corporation (US Steel) has posted $439
mn net loss in Q1CY09, as against $235 mn net income in Q1CY08, hurt by slumping demand amid the
economic recession. Its net sales declined to $2.75 bn in Q1CY09, as against $5.19 bn in Q1CY08. Total
operating expenses for the first quarter decreased to $3.23 bn from $4.93 bn in the previous year quarter.
The segment loss from operations was $457 mn or $142 per ton in Q1CY09, compared with segment income
from operations of $327 mn or $48 per ton in Q1CY08. In order to tackle the extremely difficult global
economic environment, US Steel has implemented several cost-cutting measures to enhance its liquidity.
The Company indicated further consolidating its production and temporarily idle additional facilities. Except
for 6 of its facilities, the company idled all remaining major facilities temporarily. US Steel has also reduced
its planned capital spending for 2009 to $410 mn from its initial estimate of $740 mn. Looking ahead, the
Company expects an operating loss in Q2CY09, as its order book remains at low levels and idled facility
carrying costs continue to be incurred.


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                                                        GLOBAL
GM to cut 21,000 jobs, phase out Pontiac
Troubled automaker General Motors Corporation has announced that it will cut 21,000 hourly jobs
and will reduce its US dealer count under a revised viability plan. The US hourly employment
levels to be reduced by 34% to 40,000 in 2010 from about 61,000 in 2008, and level off at about
38,000 starting in 2011. The new viability plan assumes a 34% reduction of US hourly labor costs
to $5 bn in 2010 from $7.6 bn in 2008. GM said it will continue to work with its UAW partners to accomplish
this through a reduction in total US hourly employment as well as through modifications in the collective
bargaining agreement. As the Company races to stave off bankruptcy, GM anticipates reducing its US dealer
count by 42% to 3,605 by the end of 2010 from 6,246 in 2008. The Company noted that this represents a
further reduction of 500 dealers, and four years sooner, than in the viability plan submitted in February. GM
said that in order to lower its breakeven point, it will cut its structural costs faster and deeper than
previously planned. Reflecting the planned acceleration of closure of six plants from the February 17 plan
and one additional plant idling, the company intends to reduce the total number of assembly, power-train,
and stamping plants in the US by 28% to 34 by the end of 2010 from 47 in 2008. This would be further
reduced to 31 by 2012. GM said that it will focus on four core brands in the US, namely, Chevrolet, Cadillac,
Buick and GMC. It will phase out the Pontiac brand by the end of 2010. In addition, GM said it will launch a
bond offer for about $27 bn of its unsecured debt and ask the government to take company stock in
exchange for half of its government debt.
Viterra mulls acquiring ABB Grain for about A$1.58 bn
Canadian diversified agri-products company Viterra has confirmed the news reports on the ongoing
negotiations for a proposed strategic deal with Australian agribusiness firm ABB Grain. The proposed deal is
reportedly valued at about A$1.58 bn. The Regina, Saskatchewan-based Viterra added that no agreement
on a deal has been reached and that the current discussions are non-binding and no assurance can be given
that any agreement on a transaction will be reached, though due diligence activities are going on. Adelaide,
Australia-based ABB has confirmed the receipt of conditional non-binding offer from Viterra to acquire all of
the shares of ABB via a scheme of arrangement. The offer, within the reported range of $9 to $9.50 per ABB
share, comprises a mix of cash, Viterra shares and franked dividends. ABB noted that the proposed offer is
subject to numerous conditions, and added that it would keep the market informed as required. ABB has
appointed JP Morgan as financial adviser. Viterra and ABB are in talks to create an agricultural group with
greater scale to help win lucrative Asian and Middle Eastern supply contracts. The current proposal follows a
failed merger bid between ABB and local rival wheat exporter AWB Ltd. in Dec’08, to create a conglomerate
worth A$2 bn.
Honeywell Q1 profit declines; cuts FY09 view
World's largest maker of airplane cockpit controls, Honeywell International Inc. has reported $399 mn net
income in Q1CY09, down from $647 mn in Q1CY08, while the quarterly net sales amounted to $7.57 bn,
down from the previous year's $8.89 bn. Its aerospace unit generated $2.76 bn sales in Q1CY09, registering
a decline of 9%, compared to $3.03 bn last year, while the segment profit decreased 13% to $488 mn in
Q1CY09, as against $563 mn in Q1CY08. Its Automation and Control Solutions segment witnessed 6%
downfall sales that totaled $3.00 bn in Q1CY09, compared to $3.18 bn in Q1CY09, while the segment profit
descended 5% to $311 mn from $328 mn in Q1CY08. The Q1 sales at Transportation Systems division
plunged 41% to $756 mn from the previous year's sales of $1.28 bn, while the segment profit plummeted
102%. Specialty Materials fetched $1.05 bn sales in Q1CY09, down 25% from $1.41 bn in Q1CY08, while
the segment profit dipped 53% to $125 mn from last year's $265 mn. Looking ahead, the world's largest
maker of airplane cockpit controls currently expects fiscal 2009 earnings to range between $2.85 and $3.20
per share, with sales in the range of $32.3 bn-$33.2 bn.
3M Q1 profit down 48%; cuts FY09 outlook
Saint Paul, Minnesota-based diversified technology company, 3M Company has reported a 48% drop in
profit for the first quarter from the year-ago period, as sales, hurt by lower demand, dropped 21%. Its net
income has declined to $518 mn in Q1CY09, from $988 mn in Q1CY08. The company's six business
segments all recorded decline in sales during the quarter. Worldwide sales for the quarter declined 21.3% to
$5.09 bn from $6.46 bn in the previous-year period. The company's operating income for the quarter
declined to $803 mn from $1.50 bn in the prior-year quarter. Looking ahead, 3M once again lowered its
outlook for fiscal year 2009 earnings and sales. The Company now forecasts earnings for fiscal year 2009,
excluding items, in a range of $3.90-$4.30 per share, down from the prior range of $4.30-$4.70 per share.
The Company currently expects organic sales volumes for the full year to decline 11%-15%, compared to
the previous assumption of a decline of 5%-9%.
•   Agilent Technologies has reported $64 mn net income in Q1CY09, as against $120 mn in Q1CY08. Its revenues fell 16% to $1.17
    bn from $1.39 bn last year.



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                                                          GLOBAL
Xerox turns to profit in Q1; cuts FY09 forecast
Norwalk, Connecticut-based printer and copier company, Xerox Corporation has reported a profit
in its first quarter that came above market projections, compared to last year's loss. The
Company has posted $49 mn net income in Q1CY09, as against $235 mn net loss in Q1CY08,
while its total revenue fell 18% to $3.55 bn in Q1CY09, from $4.34 bn in Q1CY08. Revenue from
sales in the quarter fell 26% to $1.49 bn from last year's $2.01 bn, and Service, Outsourcing and Rental
revenue dropped 11% year-over-year to $1.88 bn. In the quarter, Finance income fell 14% from last year to
$180 mn. Gross margin stood at 38.9% in Q1CY09, down about half a point from Q1CY09. Total costs and
expenses fell 28% to $3.48 bn in Q1CY09 from $4.84 bn in Q1CY08. Looking ahead, Xerox said it expects
second-quarter earnings in a range of $0.10 to $0.12 per share. For the fiscal 2009, the Company now
expects earnings in the range of $0.50 to $0.55 per share, sharply lower than previous forecast of $1.00 to
$1.25 per share.
Sharp posts ¥125.82 bn net loss in 2008 fiscal
                   Sharp Corporation has reported net loss of ¥125.82 bn (US$1.3 bn) in 2008 fiscal,
                   compared to ¥101.92 bn profit (US$1.05 bn) in the previous fiscal. The huge loss came as
the group incurred appraisal losses on securities holdings as well as structural reform-related expenses
including liquid crystal display factories' consolidation. Meanwhile, its pretax balance also saw a loss of
¥82.43 bn with the sales plunging 16.7% to ¥2.85 trillion (US$29.38 bn). For fiscal 2009, Sharp projects ¥3
bn (US$30.93 mn) net profit and a pretax profit of ¥20 bn (US$206.19 mn) on predicted sales of ¥2.75
trillion (US$23.35 bn).
ICBC Q1 net profit rises 6.03% YoY
The Industrial and Commercial Bank of China, the world's largest bank by market value, said
Monday its first-quarter net profit rose 6.03% from a year earlier. The lender's net profit in the
first three months was CH¥ 35.3 bn (US$5.19 bn). The Bank said its first-quarter report that its
income from commission charges plays an important role in sustaining the growth in overall profits. Its
income from commission charges increased 9.66% in the first quarter.
Qualcomm to pay Broadcom $891 mn to settle litigation
Rival chipmakers Qualcomm and Broadcom have reached a settlement that puts an end to a bitter years-
long legal battle over patent rights between the two companies. As part of the overall settlement, Qualcomm
will pay Broadcom $891 mn over a four-year period. The two companies also entered into a multi-year
patent agreement. The agreement results in the dismissal of all litigation between the two companies,
including all patent infringement claims in the International Trade Commission and the US District Court.
Also as part of the deal, Broadcom will withdraw its complaints to the European Commission and the Korea
Fair Trade Commission. The chipmakers had indicated last week that they were in late-stage settlement
talks.San Diego-based Qualcomm will pay Broadcom $891 mn over a four-year period. Of this, $200 mn will
be paid in the quarter ending June 30, 2009. The agreement does not provide for any other scheduled
payments between the parties. The companies noted that the terms of the agreement will not result in any
change to Qualcomm's 3G and 4G licensing revenue model. Broadcom and Qualcomm agreed not to assert
patents against each other for their respective integrated circuit products as well as certain other products
and services. The two companies have also granted certain rights to each other under their respective
patent portfolios.
Jerker Johansson resigns as CEO of UBS' Investment Bank
Swiss financial services firm UBS AG (UBS: News ), Monday, announced the resignation of its
current Investment Bank chief Jerker Johansson with immediate effect, and, in his place, the
appointments of Alex Wilmot-Sitwell and Carsten Kengeter as Co-Chief Executive Officers. The
company, however, did not provide any specific reason for Johansson's quitting, which comes
just days ahead of its scheduled release of its first-quarter results on May 5, where it is
expected to write down a loss of nearly CHF 2 billion. Johansson joined UBS on March 17,
2008, as Chairman and Chief Executive Officer of its Investment Bank, and also a member of
the UBS Group Executive Board. He joined UBS from Morgan Stanley (MS) where his career spanned for
over 22 years. Wilmot-Sitwell, who joined the firm in 1996, has been joint global head of the Investment
Banking Department since November 2005, and Chairman and Chief Executive Officer of UBS Group Europe,
Middle East & Africa since January 2008. Wilmot-Sitwell is also a member of the Group Executive Board.
Kengeter, who joined the company in September 2008 from Goldman Sachs Group, Inc. (GS), is the joint
global head of Fixed Income, Currencies and Commodities within UBS Investment Bank. In his new role as
Co-CEO, he will also become a member of the Group Executive Board.
•   Bank of China has reported CH¥18.57 bn net profit (US$2.72 bn) in Q1CY09, down 14.41 percent from a year earlier.




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                                                                                           Bridging the Information Gap in Corporate Landscape


                                                             GLOBAL
Samsung comes up with its first Android based phone
Samsung has unveiled its first Android based mobile handset model, Samsung I7500. The phone measures
115 x 56 x 11.9 mm with a 3.2 inch touchscreen AMOLED display with 480 x 320 pixel HVGA resolution, 5
megapixel camera with LED flash and 8GB of internal memory which can be expanded up to 32GB. The
phone supports popular Google applications such as Search, Maps, Gmail, YouTube, Calender, IM and
location-based services like Google Maps and Latitude. The phones will be available in European markets
from June.
Alcatel-Lucent bags orders worth $1.7 bn from Chinese operators
Alcatel-Lucent announced that it has bagged orders from China Mobile and China Telecom worth $1bn and
$700 mn respectively. The deals are for network upgrades, integration and maintenance services. The
orders were secured by Alcatel-Lucent’s Chinese subsidiary, Alcatel-Lucent Shanghai Bell. The deals were
signed in Washington which witnessed signing of 32 deals between Chinese companies and US firms valued
at $10.6 bn. China Telecom also signed deals with Cisco, Microsoft, Dell and Emerson while China Mobile
signed contracts with HP, Oracle, Emerson, Sun Microsystems and Cisco.
Vale signs agreement with CSN
Companhia Vale do Rio Doce (Vale) has signed an agreement with Companhia Siderúrgica Nacional, which
involves the supply of iron ore from the Casa de Pedra mine to Vale. Vale will have the option - to be
exercised until the end of 2009 to suspend or definitively cancel the contract. The agreement also involves
the termination of all pending legal issues regarding Vale’s right of first refusal for the purchase of iron ore
produced by the Casa de Pedra mine, as well as those issues involving transactions related to the unwinding
of cross-shareholdings between Vale and CSN, which took place in December 31, 2000, and contract
comprising the supply of up to three mn metric tons of iron ore pellets from 2009 to 2014 by Vale to CSN.
•   China Vanke, the country's largest property developer by market value, said Sunday that its net profit rose 7.1% to CH¥ 770 mn
    (US$112.8 mn) in the first quarter over the same period of last year. Business revenue totaled CH¥ 8.16 bn in the first three
    months, up 27.6% YoY. The Company made a net profit of CH¥ 4.03 bn in 2008, down from CH¥ 4.84 bn profit in 2007.
•   Bank of China has reported CH¥18.57 bn net profit (US$2.72 bn) in Q1CY09, down 14.41 percent from a year earlier.
•   Motorola has bagged a WCDMA network deployment order from China Unicom for the operator’s 3G services. The deal will involve
    Motorola supplying China Unicom with WCDMA network solutions, including WCDMA radio access network equipment, packet
    switched core network (PS core) and 2G/3G interoperability functions.
•   Verizon Wireless (Verizon-Vodafone JV) has posted total quarterly revenues of $15.12 bn, up 29.6% from the same period last
    year. Service revenues were $13.1 bn, up 28.9% from the prior-year quarter, with continued growing demand for data services.
    Data revenue surged 56.2% from the year-ago period to $3.6 bn.
•   Verizon Communications has reported $3.21 bn net income in Q1CY09, as against $3.05 bn in Q1CY08, registering a rise of 5%
    on YoY basis, helped by the acquisition of Alltel and strong growth in its wireless segment. Its operating revenue has climbed 11.6%
    to $26.59 bn in Q1CY09, from $23.83 bn in Q1CY08, as the Company added revenues from its acquisition of Alltel in early Jan’09.
•   United Technologies Corporation has reported $722 mn net profit in Q1CY09, as against $1 bn in Q1CY08. Its quarterly revenues
    fell 12% to $12.2 bn from the previous year's revenue of $13.9 bn, reflecting adverse foreign currency translation, organic decline,
    and net divestitures. United Technologies said it is on track to meet the full-year guidance, despite the tough economic environment.
•   Goodrich Corporation has posted $169.8 mn net income in Q1CY09, as against $157.9 mn in Q1CY08. The quarterly sales declined
    to $1.695 bn in Q1CY09, as against $1.745 bn in Q1CY08. Goodrich anticipates full-year sales of $6.9 bn, a decrease of about 2%-
    3% from the prior outlook of $7.1 bn - $7.2 bn.
•   Sinosteel, China's second largest iron ore trader will delay building a US$4 bn steel plant in India amid weak global demand, joining
    ArcelorMittal in deferring manufacturing plans in the nation.
•   Nippon Steel & Sumikin Stainless Steel Corporation has reached an agreement with South Africa mining producer on the
    second quarter shipments benchmark ferrochrome price.
•   China’s National Development and Reform Commission has approved a CN¥20 bn shipbuilding-industry investment fund. The
    fund will have a registered capital of CN¥200 mn of which CN¥100 mn will be contributed by the Hongyao industrial fund and
    CN¥100 mn by Centrans Ocean Shipping Logistics Corporation. The fund is likely to raise CN¥8 bn this year.
•   DreamWorks Animation SKG Inc. has posted $62.3 mn net income in Q1CY09, as against $26.1 mn in Q1CY08 (up 138.7% YoY),
    driven by the strong DVD sales. Its total revenue has increased to $263.5 mn in Q1CY09, from $157.2 mn in Q1CY08.
•   XL Capital has reported first quarter profit that fell from last year, hurt by lower premium income, loss from investment affiliates
    and a drop in net investment income.




                                                                                                                Asim Mohapatra
                                                                                                                     Content Editor
                                                                                             asim.mohapatra@sushilfinance.com
                                                                                                        Tel: + 91 22 4093 5082



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                                                                                                                Info-Spectrum
                                                                                Bridging the Information Gap in Corporate Landscape


                    Rating Scale
                    This is a guide to the rating system used by our Equity Research Team. Our rating
                    system comprises of six rating categories, with a corresponding risk rating.
                    Risk Rating

                     Risk Description                Predictability of Earnings / Dividends; Price
                     Low Risk                        High predictability / Low volatility
                     Medium Risk                     Moderate predictability / volatility
                     High Risk                       Low predictability / High volatility

                    Total Expected Return Matrix

                          Rating                    Low Risk                      Medium                     High Risk
                          Buy                       Over 15 %                     Over 20%                   Over 25%
                          Accumulate                10 % to 15 %                  15%             to         20%             to
                          Hold                      0% to 10 %                    0% to 15%                  0% to 20%
                          Sell                      Negative                      Negative                   Negative
                          Neutral                   Not Applicable                Not                        Not
                          Not Rated                 Not Applicable                Not                        Not
                    Please Note
                        Recommendations with “Neutral” Rating imply reversal of our earlier opinion (i.e. Book
                    Profits / Losses).
                        ** Indicates that the stock is illiquid With a view to combat the higher acquisition cost for illiquid
                        stocks, we have enhanced our return criteria for such stocks by five percentage points.

                    “Desk Research Call” is based on the publicly available information on the companies we find interesting
                    and are quoting at attractive valuations. While we do not claim that we have compiled information based
                    on our meeting with the management, we have taken enough care to ensure that the content of the report is
                    reliable. Although we have christened the report as “Desk Research Calls” (DRC), we intend to release
                    regular updates on the company as is done in our other rated calls.

                    “Early Signals Stock Pick” is a follow-up report on the stocks covered earlier in our product “Early
                    Signals”. While we do not claim that we have compiled information based on our meeting with the
                    management, we have taken enough care to ensure that the content of the report is reliable. Although the
                    stock is not covered as a part of our normal rated calls, based on our analysis of the company, we find the
                    company interesting at the current valuations and believe it could give decent returns over the coming 12 to
                    18 months.

                    Additional information with respect to any securities referred to herein will be available upon
                    request.
                    This report has been prepared for information purposes only and is not a solicitation, or an offer, to buy or
                    sell any security It does not purport to be a complete description of the securities, markets or developments
                    referred to in the material. The information, on which the report is based, has been obtained from sources,
                    which we believe to be reliable, but we have not independently verified such information and we do not
                    guarantee that it is accurate or complete. All expressions of opinion are subject to change without notice.
                    Sushil Financial Services Private Limited and its connected companies, and their respective directors, officers
                    and employees (to be collectively known as SFSPL), may, from time to time, have a long or short position in
                    the securities mentioned and may sell or buy such securities. SFSPL may act upon or make use of
                    information contained herein prior to the publication thereof.




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