Commodities News Headline: Chilli exports may drop on low demand from Pak

Exporters said on Thursday that reduction in demand from Pakistan along with hard competition from China may hit India’s chilli exports in 2009-10 (April-March).

Weak global economy will also weigh on chilli exports, which accounted for 40 per cent of the total 470,520 tonnes of spices India exported in 2008-09, they said. According to Spices Board, chilli exports dropped 44 per cent from a year ago to 37,500 tonnes in April-June.

Export income reduced 31 per cent year on year to Rs 228 crore, the data showed. “China is selling to Pakistan, which is hitting Indian exports. But, it is difficult to get any accurate data from China,” said Alkesh Patel, managing director of Mumbai-based Amrutva Exports.

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Reliance unit files for insolvency in Germany

Reliance Industries Ltd on Wednesday said that Trevira, a European textile unit, had applied in a German court to start the proceedings of insolvency with a restructuring plan.

The move follows major efforts by the company to overcome the impact of industrial slowdown in Europe particularly of the automotive and textile sectors to whom it is an important supplier, Reliance said in a statement.

Reliance said that Trevira was "severely impacted" by the recent global financial downturn that resulted in considerable contraction in demand in its'' principal market segment. Trevira makes polyester fibres as well as filament yarns. It has production units in Germany as well as Denmark, Poland and Belgium, the website showed.

Reliance Industries had acquired Trevira in 2004.

Mirc Electronics Equity Shareholders & Creditors to approve Scheme of Amalgamation

Mirc Electronics Ltd has informed that pursuant to an order made on December 05, 2008 the Honble Bombay High Court has directed that a separate meeting of the Equity Shareholders, Secured Creditors & Unsecured Creditors of the Company will be held on January 05, 2009, for the purpose of considering and if thought fit, approving, with or without modification(s) the arrangement embodied in the SCHEME OF AMALGAMATION proposed to be made between Guviso Holdings Pvt. Ltd, (Transferor Company) and Mirc Electronics Ltd (Applicant Company), which also as a part thereof includes reduction of the paid up share capital of the applicant Company in the scheme.

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US mkts recover from day’s low; Asia opens mixed

U.S. markets recover from day’s low on back of positive retail sales data & M&A news. Dow Jones end down 44 pts at 12832.2; recovers nearly 50 pts from day’s low. Nasdaq ends up 6.6 pts at 2495; recovers nearly 23 pts from day’s low. Financial index down nearly 1.5% on Oppenheimer downgrades and Moody’s concern over MBIA & Ambac. Asian markets open mixed; Shanghai up 1.5%, Taiwan up 0.5%, Straits Times up 0.2%, Nikkei, Kospi marginally in the red, Hang Seng down 0.75%. EMs; Brazil up 0.12%, Russia up 0.80%. CBOE VIX up 1% at 17.98.

Commodities/ Currencies
Crude oil hits new all-time high at $126.98/bbl in yesterday’s trade during the day. Gold loses nearly 2% or $20 at $867/ounce in yesterday’s trade. Dollar rebounds against major currencies; Yen depreciates by 1% at 104.6.

Global Stocks
HP stock down 5.5%; traders fears that HP is overpaying for EDS. EDS stock up 1% at 24.4 (was up 28% day before yesterday); HP offer price at $25. Wal-Mart stock down 2.4%; earnings top expectations, but outlook is somewhat cautious. Yahoo! Stock up 5%; reports that investor Carl Icahn mulling a Yahoo proxy fight. Oppenheimer cut its earnings estimates on Goldman Sachs, Merrill Lynch, Lehman Brothers & Morgan Stanley. Moody's concerned over the capitalization ratios of MBIA & Ambac; portfolio losses are higher than expected.

Global News
US April retail sales ex-autos rose 0.5%, which is better than expectations of 0.2%. Japan’s current account lessens 12.3% on account of slow export growth & higher oil costs. China’s retail sales rose 22% in April; fastest pace since 1999.

Wadias file suit against GL Raheja Group in Bombay HC over breach of land agreement; to claim damages upto Rs 1370 Cr

Wadias file suit against GL Raheja Group over breach of land agreement in Bombay HC. Wadia alleges that GL Raheja Group sold properties developed on Dinshaw Estate land owned by Wadia to sister companies. Wadias will claim damages to the tune of Rs 1370 crore.

Earlier, Wadias had signed agreement with GL Raheja to develop 470 acres in Malad, Mumbai in 1995 and GL Raheja was to give Wadias 12% of revenue form sale/ lease of developed properties.

Stock tips: UTV Software

UTV Software Communications Ltd has informed that pursuant to the authority granted by the Board of Directors to the Shareholders Investor / Grievance Committee, the committee at their meeting held on May 09, 2008 allotted 93,52,500 equity shares of Rs 10/- each at a issue price of Rs 860.79 per equity share aggregating to around Rs 8050 million to The Walt Disney Company (Southeast Asia) Pte Ltd on the terms contained in the resolution approved by the members at their Extra Ordinary General meeting held on March 17, 2008.

Panasonic Home Board recommends dividend

Panasonic Home Appliances India Company Ltd has informed that the Board of Directors of the Company at its meeting held on May 09, 2008, inter alia, has recommended a dividend of 10% per equity share for the financial year 2007-2008 to the members for their approval at the ensuing Annual General Meeting.

Thomas Cook - Acquisition of controlling stake in Thomas Cook India Ltd

Thomas Cook India Ltd has informed that the Company has received a letter from Thomas Cook UK Ltd, alongwith Press Release, in connection with Acquisition of controlling stake in Thomas Cook India Ltd.

Press Release issued by Thomas Cook UK Ltd as follows:

Thomas Cook Group plc (Thomas Cook) on March 07, 2008 announces that it is acquiring up to 74.9% of the issued share capital in Thomas Cook India Ltd (TCIL) and 100% of Thomas Cook branded businesses in Egypt, as well as licences for the Thomas Cook brand in a total of 15 Middle East countries. Thomas Cook is purchasing the businesses from Dubai Financial Group LLC (DFG) for total cash consideration of between €208m and €249m, subject to the outcome of the open offer process set out below.

Highlights:

This acquisition fully supports the Thomas Cook strategy to expand into emerging markets that represent a great growth potential as well as to strengthen its Financial Services business.

Through acquiring a controlling stake in TCIL, the largest foreign exchange and second largest travel Company in India, Thomas Cook will become a leader in one of the fastest growing travel markets.

Thomas Cook is confident that under its ownership the TCIL business will grow significantly in a market that is already growing at 15% per annum. In acquiring the Thomas Cook branded business in Egypt and the rights to the Thomas Cook brand across 15 Middle East countries, Thomas Cook is substantially strengthening the Companys reach in this region. Thomas Cook now has control of the brand worldwide.

This transaction meets the Companys acquisition criteria in terms of it being earnings accretive and exceeding the cost of capital.

Manny Fontenta-Novoa, Group Chief Executive Thomas Cook Group plc said: I am delighted we have secured such a significant acquisition in this fast growing market. Thomas Cook has a long and enviable history in India dating back to the 1880s and the brand name has become one of the countrys best known.

Market is trading with a deep cut

The market is trading with a heavy cut from the opening bell today as strong selling continued across the board. The Metal, Capital Goods, Realty and Bank stocks are facing the huge profit booking today. The BSE Sensex has dipped down below the 16000 mark and the NSE Nifty has gone down below the 4800 mark.

The overall market breadth is negative, as 184 stocks are advancing whereas 2424 stocks that are declining.

Reliance Energy reported the top loser from the BSE Sensex pack. It is trading lower by (10.10%) at Rs.1,312 followed by Bajaj Auto trading down by (9.92%) at Rs.1,917.

At 2.31PM BSE Sensex is at 15,890.11 down by 651.97 points and Nifty is at 4,741.80 down by 179.60 points.

The BSE Mid Cap is lower by 359.63 points to 6,754.55 and the Small Cap slipped by 455.33 points to 8,354.46.

The BSE Capital Goods index is the top loser today. It is trading with a loss of 539.53 points at 14,148.87. The main losers are Siemens down by (7.29%) at Rs.674, ABB decreased by (4.85%) at Rs.1,060 followed by L&T and BHEL dropped by (3.75%) and (3.12%) to Rs.3,081 and Rs.2,015.

The most active shares on NSE are Reliance trading at Rs.2,212.20 with a total traded quantity of 2188821 shares followed by ICICI Bank trading at Rs.880.30 with a total traded quantity of 4462200 shares.

Satyam inaugurates Global Solutions Center (GSC) in Egypt

Satyam Computer Services Ltd, on March 05, 2008 announced the inauguration of its Global Solutions Center (GSC) in Egypt. The GSC is located in Smart Village, Giza, and will employ about 300 professionals to serve as a major technological development and software support for Satyams customers in the Middle East, North Africa and European region. As a part of the companys globalization spree, the GSC is Satyams 28th globally and the 14th in the Asia-Pacific, Middle East, India and Africa region.

The rising IT spend in Egypt, which according to IDC has been projected to grow by 12.4 per cent over the next five years and reach USD 120 million by 2010, has amplified its repute as the next important IT hub in the Middle East and African region. Recognizing the tremendous opportunity amidst the countrys growing IT services market, Satyam has identified Egypt as the perfect location for its first GSC in the Middle East and African sub-continent which will serve as a near-shore to the Middle East and North Africa markets and also cater to the BPO, KPO and ITeS needs of European markets due to the availability of European language skills in Egypt.

The GSC is a state-of-the art center spanning 2,100 sq. meters and facilities include 2 training labs, video conferencing, high-speed networks and 24/7 connectivity to all other global locations. As the cornerstone of Satyams strategy in the region, the 300-seater GSC will mainly house locals and is going to be headed by Mohamed Embaby, an Egyptian national. The GSC aims to train locals and create more jobs for them.

Our investments in the Middle East and North African markets are in line with our larger globalization strategy, said B. Rama Raju, Co-founder and CEO of Satyam. We are confident that our investments in the region will also benefit the local economy by way of increased job opportunities for the local population, as we are keen on hiring and training a significant number of locals.

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ICRA in MOU with State Bank of Travancore

ICRA Ltd has informed that ICRA Ltd (ICRA) and State Bank of Travancore have signed a Memorandum of Understanding (MoU) under which ICRA will assign ratings to the Banks loans and its other exposures under the standardized approach of RBIs New Capital Adequacy Framework for Basel-II.

In this regard the Company has issued the following press release:

Credit rating agency ICRA Ltd (ICRA) and State Bank of Travancore have signed a Memorandum of Understanding (MoU) under which ICRA will assign ratings to the Banks loans and its other exposures under the standardized approach of RBIs New Capital Adequacy Framework for Basel-II.

ICRAs ratings for the standardized approach would be carried out under its Line of Credit rating service and would enable State Bank of Travancore to assign the new risk weights applicable to its borrowers under Basel-II. The risk weights would be linked to the various rating categories and would be as per RBIs Basel II guidelines.

To assist potential and existing of borrowers of State Bank of Travancore in obtaining ratings, ICRA is offering special terms to the clients of State Bank of Travancore.

The MoU between ICRA and State Bank of Travancore would assist the Bank in implementing RBIs New Capital Adequacy Framework under Basel-II.

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Garware Offshore enters into MoU for Acquisition of Vessel

Garware Offshore Services Ltd has informed that the Company has entered into a Memorandum of Understanding (MoU) for the acquisition of one Anchor Handling Tug Cum Supply Vessel (AHTSV) of 60 Tons Bollard Pull fitted with Fire Fighting Equipment (FIFI 1)and Dynamic Position System (DP1).

The Vessel is schedule to be delivered to the Company in February, 2009.