Exim Bank of India has connected a deal with International Finance Corporation (IFC), Washington, a connect of the earth store group, beneath the Global Trade Finance Programme (GTFP) of IFC. This agreement will enable Exim Bank to confirm letters of credit, guarantee and additional trade instrument issue by accepted bank in additional than forty country of Central Asia, middle and Eastern Europe, Latin America and the Caribbean, West Asia and North Africa as also additional region of Asia and Africa. The Exim Bank Chief General Manager, Mr Prabhakar, and the IFC connect Director, Ms Mamta H. Shah, signed the accord on December 14. The $ 1-billion Global Trade Finance Programme of IFC that set in rest to give trade facilitation to under-served customers and markets. Under the programme, IFC issue fractional or full guarantee connected to trade dealings on a per-transaction basis, cover the sum danger of local banks in service in IFC member countries. Exim Bank of India now partners IFC as ”Confirming Bank” under its GTFP.

The market sheds most of its initial gains on the back profit booking across the counters. Among the Sensex pack,
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The Bankex index is trading higher by 57.39 points at 10,821.61…………………. Pushing it are Canara bank trading up by (3.91%) at Rs299.95 along with Cent BOP by (2.73%) at Rs58.25, ICICI bank by (1.96%) at Rs1163, Federal bank by (1.03%) at Rs323, Allahabad bank by (0.61%) at Rs115.10 and BOI by (0.27%) at Rs352.85…………………

The realty index is trading up by 58.40 points at 11,712.98………………….Leading the rally are Ansal Infra trading higher by (2.36%)> at Rs384 followed by Mahindra Life by (1.53%) at Rs772, DLF by (1.47%) at Rs962.70, Unitech by (1.38%) at Rs461.85, HDIL by (1.08%) at Rs964 and Parsvnath by (0.46%) at Rs385.10……………………………

In the telecommunication sector, VSNL is trading up by (9.59%) at Rs663 while Idea Cellular is trading lower by (0.76%) at Rs130 followed by Reliance Communications by (0.7%) at Rs710 and Bharti Airtel by (0.44%) at Rs907………………….

VSNL is trading firm at Rs663 up by (9.59%) as the company is constructing a $250mn worth of cable system for linking Mumbai to Paris, London and Madrid…………………. This project will be built in partnership with Seacom and telecom Egypt and this will provide VSNL a new capacity of 1.28 terabit on the route during 2009…………………………..

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The Planning Commission expects the country’’s economy to grow by 8.5 to 9 per cent during the current financial year and by 9 per cent in the 11th Five Year Plan period, saying global slowdown would not affect India in the medium term. The world economic slowdown will not affect the medium term growth prospects, Planning Commission Deputy Chairman Montek Singh Ahluwalia said, while addressing the ”TIE Entrepreneurial Summit 2007”. The economy was likely to clock a growth rate of 8.5 to 9 per cent during the current financial year, he said, adding that the Gross Domestic Product (GDP) growth rate was expected to be 9 per cent during the next three years and 10 per cent in the terminal year of the Plan (2011-12).

The market is trading firm as the buying is seen across all the counters. The global cues are supportive which gives a boost to the domestic market. The market breadth is strong as 2191 stocks are advancing and 535 stocks are declining.

At 11.30PM, the BSE Sensex is trading higher by 236.05 points at 20,166.73 and NSE Nifty is trading up by 89 points at 6,049.60.

Leading the rally from the gainers pack of BSE are Indo Rama trading higher by (12.14%) at Rs65.10 along with Pfizer by (8.34%) at Rs777, Lanco infra by (7.80%) at Rs651, Omaxe by (7.34%) at Rs561.80, Nalco by (6.52%) at Rs407.70

The Oil and Gas index is trading up by 236.65 points at 12,976.65. Scrips that gained are ONGC trading higher by (3.22%) at Rs1233 along with GAIL India by (2.63%) at Rs511.95, Cairn India by (2.07%) at Rs216.95, Reliance industries by (1.97%) at Rs2878.20

Bharti Airtel is trading higher by (2.98%) at Rs1002 as the company would start tower joint venture with 70,000 towers. The company has also offered Rs26.5bn to the department of telecommunications for a pan India Spectrum as an initial bid.

GAIL India is trading up by (2.4%) at Rs512 as the company and Reliance Gas Transportation Infrastructure have entered into an agreement for transmission of natural gas from the Krishna Godavari basin.

BHEL is trading higher by (1.68%) at Rs2720 as the company and NTPC are planning to float a joint venture company for engineering and construction work for power projects.

Reliance industries is trading higher by (1.95%) at Rs2878 as the company’’s unit RIL (Australia) Pty ltd has signed an uranium exploration agreement with Uranium exploration Australia limited. As per this agreement , RIL Australia will receive 49 pct interest in four of UXA’’s exploration licences in South Australia and four of UXA’’s exploration licence applications (ELAs) in the Northern Territory,

Source : finance.livemint.com

Hindustan Oil Exploration Company Ltd (HOEC) has informed BSE that the Rights Issue and Allotment Committee of the Board shall be considering the proposal for fixation of the Rights Issue entitlement and the price thereof.

Further the Company has informed that, the said proposal is proposed to be decided by circulation.

Suzlon Energy Ltd has informed BSE that the ESOP - 2005 Committee of the Board of Directors of the Company at its meeting held on November 05, 2007 has allotted 900 equity shares of Rs 10/- each to the option grantees, pursuant to exercise of the options granted to the eligible employees of the Company and its Subsidiary Companies under the Employees Stock Option Plan - 2005.

Unity Infraprojects Ltd has informed BSE that the Company on January 04, 2007 had informed about Contract awarded to the Joint Venture with BSEL Infrastructure Realty Ltd, for constructing operating and Maintenance of Hotel, on a Build Operate and Transfer basis.

Further the Company has BSE that, the Kamath Hotels India Ltd have been inducted in the Joint Venture for operating of the Hotels and the Company has formed the SPV Company in which the Unity Realty and Developers Ltd. Wholly Owned Subsidiary of the Company, Kamath Hotels (India) Ltd and BSEL Infrastructure Realty Ltd holds shares equally.

The Company further informed that the Wholly Owned Subsidiary of the Company, Unity Realty & Developers Ltd, Kamath Hotels (India) Ltd and BSEL Infrastructure Realty Ltd have agreed to dilute their stakes in the said SPV from 33.33% each to 17% each with 49% stake being offered to Clear Water Capital Partners (Cyprus) Ltd.

The Projects is a fast track project to be completed before beginning of 3rd Commonwealth Youth Games 2008, at Shiv Chhatrapati Sports Complex, Balewadi, Pune.

Wipro Ltd has informed BSE that the members at the 61st Annual General Meeting (AGM) of the Company held on July 18, 2007, inter alia, have also accorded to the following:

1. Adoption of the Directors Report for the year ended March 31, 2007, the audited Balance Sheet as at March 31, 2007 and the Profit & Loss Account duly audited as at March 31, 2007 and the Auditors Report thereon.

2. Re-appointment of Mr. Narayanan Vaghul & Mr. B C Prabhakar as Directors of the Company, liable to retire by rotation.

3. Re-appointment of M/s. BSR & Co. as Auditors of the Company to hold office from the conclusion of this meeting until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.

4. Re-appointment of Mr. Azim H Premji as Chairman and Managing Director (designated as “Chairman”) of the Company with effect from July 31, 2007 until July 30, 2009, on remuneration, terms & conditions.

5. Appointment of Mr. Rishad Premji, son of Mr. Azim Premji, Chairman of the Company, to hold office or place of profit as Business Manager - Mortgage Practice (or any other designation and roles which the Board of Directors of the Company may decide from time to time). The appointment shall be for a period of three years and shall be effective from July 20, 2007, on terms & conditions.

6. Accorded to carry out amendments to Wipro Employee Stock Option Plan 1999, Wipro Employees Stock Option Plan 2000, ADS Stock Option Plan 2000, Wipro Restricted Stock Unit Plan 2004, ADS Restricted Stock Unit Plan, 2004 and Wipro Restricted Stock Unit Plan, 2003 with effect from April 01, 2007.

7. Authority to the Board of Directors to issue, offer and allot to any one or more or all of the permanent employees of the Company (including executive and non-executive Directors but excluding the Promoter Directors and directors holding directly or indirectly more than 10% of the outstanding equity shares of the Company) Restricted Stock Units (RSUs) exercisable into equity shares at the option of the Company and / or holder of the securities linked to equity shares upto 10,000,000 (Ten million) (or such other adjusted figure for any bonus, stock splits or consolidations or other reorganization of the capital structure of the Company as may be applicable from time to time) Restricted Stock Units exercisable into equity shares of nominal value Rs 2/- each under a Wipro Employee Restricted Stock Unit Plan 2007 created by the Company for the benefit of the employees, at an exercise price of not less than the face value of the equity shares on the terms and conditions, subject to necessary provisions & approvals.

Ritesh Properties & Industries Ltd has informed BSE that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on November 14, 2007, to issue, offer and allot from time to time in one or more tranches through preferential allotment route 8,47,458 equity shares of Rs 10/- each at a premium of Rs 49/- each to Bennett Coleman & Co. Ltd or such other persons and entities as may be deemed fit by Board of Directors. Such allotment shall be made in accordance with the extant SEBI Guidelines including lock-in period as may be specified in the prevailing guidelines. The equity shares proposed to be allotted on preferential basis would be issued at a price of Rs 59/- per share, the price determined as per SEBI Guidelines, subject to necessary provisions & approvals.

Indian rupee touched new peak of 9-1/2 years high on Friday as dollar buying by state run banks and weak Asian markets. Record gain of Indian stocks market is also one reason behind rupee boost.

Some traders are expecting that Central Bank can buy dollars to test rupee’s growth. The rupee was closed at 39.30 per dollar on Thursday meanwhile the changeable rupee was at 39.35/36 in early trading on Friday. The rupee touched peak of 39.27 on Thursday it is strongest position of rupee since March 1998.

The rupee along with Bombay Stock Exchange (BSE) Sensex made a record high for the 15^th times out of 16 sessions. Foreigners have bought 3.2 billion dollars this month while they have been bought total 16.2 billion dollar of shares yet now. Foreign funds have bought around 200 million dollars of shares in the National Stock Exchange (NSE) on Thursday.

The Central Bank has bought 38.1 billion dollars since January to July of 2007,  according to the traders Central Bank has increased purchases of dollars in the last few weeks to hold the rupee.