MORNING NOTES

Corporate News


􀂄 The government approved Norwegian telecom company
Telenor's proposal to raise stake in its Indian joint venture
Unitech Wireless to 74 per cent, the maximum permitted in
the sector. - BS

􀂄 The government approved sale of its five per cent stake in
state-run power producer NTPC this financial year. - BS

􀂄 State-owned NTPC will set up a 100-Mw green power plant
based on synthesis gas (coal turned into gas) and would
appoint consultants for the same by the end of this year.- BS

􀂄 Drug maker Wyeth said it has become part of Pfizer Inc,
following the merger of its parent company -- Wyeth -- with
the global pharma major. - BS

􀂄 Ranbaxy laboratories welcomed a ruling by a US district
court that said the company's generic version of anti-viral
drug Valcyte did not infringe Swiss pharma firm Roche's
patent. - BS

􀂄 Sical Logistics, engaged in port handling services, said it
has entered into an agreement with Japan's Mitsui O S K
Lines to form a joint venture company to operate the
automotives yard at the Ennore Port near Chennai. - BS

􀂄 Russian stocks surged the most worldwide, leading a rally
in emerging markets, after JPMorgan Chase & Co. upgraded
the country to “overweight” on improved earnings prospects
at energy companies. -Bloomberg

Macro Economic News

􀂄 Foreign exchange reserves rose $1.5 billion during the week
ended October 09, largely on account of revaluation of nondollar
assets in reserves vis-a-vis the dollar. - ET

􀂄 With all the attention focused on bank credit and the slightest
pick-up in demand, the sharp deceleration in deposit growth
in the second quarter almost went unnoticed.- BS
 
Global Cues
 
Russian stocks surged the most worldwide, leading a rally

in emerging markets, after JPMorgan Chase & Co. upgraded
the country to “overweight” on improved earnings prospects
at energy companies. -Bloomberg

~R`MONEY