MORNING NOTES

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Corporate News

􀂄 The Indian government has given approval to State Bank of
India to initiate the process of acquiring one of its associate
lenders, State Bank of Indore - BL

􀂄 Mundra Port and Special Economic Zone Ltd said on Friday
a joint venture between Alstom and Bharat Forge will set up
an equipment manufacturing facility at its special economic
zone. - BS

􀂄 Tata Elxsi, the visual effects and animation arm of the Tata
group, today said it is envisaging revenues worth USD 300-
400 million (around Rs 1,860 crore) from global operations
over the next three-years. - ET

􀂄 Micromax will invest Rs 100 crore over the next one year to
start mobile handset production at its plant in Himachal
Pradesh. - ET

􀂄 HDFC said Keki Mistry, vice-chairman & MD will be the new
CEO & joint MD Renu Sud Karnad will be the MD for a 5-year
period from January 1, 2010 - ET

Macro Economic News

􀂄 The Indian economy's 7.9 percent growth in the second
quarter of this fiscal has taken everyone by surprise, but
rising food inflation, which has seen the daily grocery bill
shoot up sharply, has dampened some of the euphoria.-ET

􀂄 India's foreign exchange reserves rose by $1.379 billion for
the week ended November 27, to $286.723 billion
compared to $285.344 billion in the previous week.-BS

Global Cues

􀂄 Orders placed with U.S. factories rose in October for the
sixth time in the past seven months, propelled by gains in
non-durable goods that overshadowed declines in spending
on new equipment. The 0.6 percent increase in bookings
compared with a revised 1.6 percent gain for September
that was larger than previously estimated - Bloomberg
~R`money