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Wednesday, June 23, 2010

the daily economic update

June 23, 2010
Top stories

1. PIRAMAL TO SHARE ABOTT DEAL BOOTY WITH EMPLOTYEES: Piramal healthcare whose formulations business is taken over by Abbott Inc in a $3.7 billion deal will share the proceeds with its employees in form of cash bonus. This will be done when the deal is over by September and the bonus would come out as a cash payout to the employees in festive season of October-November. The bonus will be given to employees in proportion to their years of service up to six months of their fixed salary.
2. RIL TO PICK UP 45% IN TEXAS GAS FIELD: after buying a 40% share in Atlas Energies’ share in shale gas field in USA in April, RIL is all set to bid for another 45% share in pioneer natural resource’s eagle ford shale gas field. The chairman Mr. Mukesh ambani finds shale gas as the most promising development in the energy area in North America.
3. ROBOBANK SELLS 11% STAKE IN YES BANK: robobank has reduced its stake in yes bank from 11% to 4.9%. The industry experts believe that this is a strong hinting at the Dutch lender’s intention to enter Indian market via the wholly owned route. Robobank has always shown an interest in setting up its own banking business in India.
4. GOVT. TO INFUSE CAPITAL IN 5 PSU BANKS TO BOOST THEIR RATINGS: govt. has decided to further infuse rs.620 crore of capital into five public sector banks namely UCO bank, IDBI bank ,central bank , Bank of Maharashtra and union bank to boost their credit rating. This will be in addition to rs. 150 crore already pumped into these banks in May 2010. Credit rating agencies maintain that though these banks have a high Capital Adequacy Ratio the still would be needing further capital support from the government either directly or indirectly to maintain growth in their balance sheets. This hints to further such moves from the govt.’s side in future.
5. Sensex closes at 17749.67 on Tuesday (down by .71%)

6. Nifty closes at 5316.55 on Tuesday (down by .69%)

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