Headline News
From
Emerging India
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Quick Update For NRIs, PIOs &
Software Professionals Staying Abroad
Issue No. 188 Evening Edition IST
Corporate World . Politics . Investment Opportunities in India
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Headline News in this issue:
- Disaster averted at Mumbai airport
- Over a 100 deaths in AP linked to YSR’s demise
- LNM comes home with Uttam buy
- Ramadorai to take over as VC
- IcySpicy: Amitabh Bachchan will host 3rd edition of 'Big Boss 3'
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SENSEX : 15,689.1 DOWN 26.0 % from 52-wk high
FOREX-Rs: USD 48.87 / EUR 67.71 / GBP 79.86
Please Note: Sept-Oct 2009 is expected to be a great period For Making Investments In India. Do Plan your investments in advance.
Do read Investment Advice for long-term investors, in this issue.
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Disaster averted at Mumbai airport
AI Flight To Riyadh Catches Fire After Oil Spill From Engine During Take-off
A major catastrophe was averted at Mumbai airport on Friday morning when one of the ground staffers spotted oil spilling out of the left wing of an Air India (AI) flight, which caught fire seconds later. The fire erupted in the left engine of a Boeing-747, which was preparing to take off for Riyadh at 11 am on Friday. The 213 passengers on board the flight, AI 829, were immediately rescued through flight chutes and taken back to the terminal. The fire was brought under control and doused within five minutes.
“The official in the follow-me jeep was guiding the aircraft towards the runway as the pilot was unfamiliar with the geography of the airport. While the plane was on taxiway Alpha 3, he saw drops of fuel spilling from the wing of the aircraft,’’ a source said.
Over a 100 deaths in AP linked to YSR’s demise
Thousands converged on the sprawling 300-acre Idupulapaya Estate here on Friday to bid farewell to Y S Rajasekhara Reddy, the man whose immense popularity became manifest in his death. The ordinary peasant jostled with ministers and leaders to get a last glimpse of the man whose rise was just as meteoric as his departure was dramatic.
There was Sonia Gandhi, Manmohan Singh, L K Advani, Rahul Gandhi and Shiela Dikshit among a galaxy of notables. Some made it through the throng to where YSR’s coffin rested before it was lowered to his grave amidst chanting of prayers, while others—like Chandrababu Naidu and Chiranjeevi—were held back by an unlikely jam of vehicles in this part of rural Andhra Pradesh.
The state-wide grief is said to be such that there was a rash of suicides and heart attacks after his death. Eight suicides were reported in the state since the news of YSR’s death broke, and another 100 people are said to have died due to cardiac arrests, not being able to bear his sudden demise. Of these, five suicides were reported on Friday alone. People recalled the spate of suicides in Tamil Nadu in 1987 in the aftermath of MGR’s death.
However, there was no official confirmation of the number of these deaths. These figures were largely based on information from village locals. The toll includes 70-90-year-olds who, the locals said, died “due to shock’’.
The grief at the funeral was palpable. YSR’s wife Vijayalakshmi and daughter Sharmila wept inconsolably as the coffin was lowered, although son Jagan (37) was a picture of composure. If anyone wanted to read his body language in the backdrop of a raging succession battle, in which he’s a front-runner, they were free to do so. It is said that 148 of the state’s 155 Congress MLAs have sworn their loyalty to Jagan.
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LNM COMES HOME WITH UTTAM BUY
Becomes Co-Promoter, To Make Open Offer For 29%
THE LN Mittal-controlled ArcelorMittal, the world’s largest steel company, will make a surprise entry into India by becoming a co-promoter of Uttam Galva Steels, a Mumbai-based steel firm promoted by the Miglani family with whom the Mittals share old business ties.
Late Friday evening, ArcelorMittal said it would launch an open offer starting Monday for a 29.4% stake in Uttam Galva at a price of Rs 120 per share, a 27% premium over a two-week average and 85% premium over a six-month average.
RAMADORAI TO TAKE OVER AS VC OF TCS
India’s largest IT company, Tata Consultancy Services (TCS), has put in place a new management team to steer the company in these tough times. TCS announced that S Ramadorai would take over as VC in a non-executive role, while N Chandrasekaran would be the new CEO and MD with effect from October 6, 2009. Mr Ramadorai has been CEO and MD of the Tata group’s flagship software arm since 1996.
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IcySpicy
Amitabh Bachchan will host 3rd edition of 'Big Boss 3'
Bollywood Megastar Amitabh Bachchan will host the third edition of reality TV show 'Big Boss'.
Bachchan, currently in Singapore, said on Friday that he would be hosting the show.
Big B, 66, replaces actress Shilpa Shetty, who was the host of the second season of the show which was aired on 'Colors' television channel.
The Big Boss house in second part was located at Lonavala, a hill station located around 125 kms from here. This will be Bachchan's second stint on the small screen. He was the host of popular game show 'Kaun Banega Crorepati' for two seasons.
http://www.indianexpress.com/news/amitabh-bachchan-will-host-3rd-edition-of-big-boss-3/512958/
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END OF THE DAY STATUS OF THE STOCK MARKET:
Sensex went up by 1.9 % today.
SENSEX : 15,689.1 (+1.9%) NIFTY: 4,680.4 (+1.9%)
DOWN..26.0 % from 21,206.77 the 52-week high of SENSEX
UP...........103.8 % from 7,697.39 the 52-week low of SENSEX
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Investment & Wealth Creation Advice:
Please note that our advice is primarily for investors and not for speculators. Investors typically invest with 12-60 month investment perspective. You will therefore find that our advice does not change substantially from issue to issue.
We expect Sensex to come down to about 11,000 level in the next couple of months. We expect Sept-Oct 09 period to be a very good period for making investments in good BSE/NSE index-stocks / mutual funds in India. So, do plan your investments in advance. Do systematic investment (SIP) during these 2 months.
Also, those who want to invest in realty in India should wait for some time as the flat and land prices are expected to come down substantially in the next 1-2 quarters.
Do consult your investment advisor before making any investment decisions.
Do not purchase shares of a good company at a wrong (high) price. Also, do not purchase shares of a bad company even at a very low price.
Do not put all your eggs in one basket. Diversify your portfolio to de-risk. Do not put more than 33% of your investible funds in stocks and/or mutual funds. Put 33% in Fixed-Interest instruments and the remaining 33% in real estate when real estate prices are low.
Do not invest in stocks, mutual funds or realty when their prices are quite high. From the high levels, these prices normally come down by about 40-50% and that is when many people lose their hard earned money in a big way.
Make sure that you are not one of those big losers.
Make sure that you invest when prices are low (and that is the case in 2009) and divest when prices are high (which will be the case in Q1-2011).
Please note that Sept-Oct 2009 is expected to be a great period for investing your money in stocks & mutual funds in India.
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Disclaimer: Please make all your investments after taking expert advice. NRI.NewsIndia will not be responsible for losses, if any, incurred by you. Through NRI.NewsIndia, we are only making you aware of the investment opportunities in India at a broad level.
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