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Sensex ends two-day losing streak, up 240 pts
Snapping its two-day losing string, the Bombay Stock Exchange (BSE) Sensex today surged over 240 points on the back of a good show by European markets and realty and metal stocks.

Regional rural banks prepare roadmap for core banking
The Regional Rural Banks (RRBs) in Orissa, in association with the nationalized banks sponsoring them, have prepared the road map for implementation of 100 per cent Core Banking Solutions (CBS) before the stipulated time period fixed by the Reserve Bank of India (RBI).

News of the day

StatsGuru-02-November-09
Thanks to a sharp turnaround IN THE fortunes of PSU oil marketing companies due to lower oil subsidies, savings in overall costs of production and interest earnings on the cash piles it is sitting on, India Inc’s profits rose over 63 per cent in the September quarter. This is while topline sales fell 6.3 per cent. Once you net out sectors like oil and refining or steel where prices have fallen hugely over the year, the sales growth is a more respectable 8.3% — net profit margins also rise, from 8.9% to 11%. Sales and profits, however, tend to be concentrated and the top 10 firms account for over 40 per cent of sales/profits of our sample of 1,068 firms — remove these top 10 firms, and net profit margins for the sample fall around 30 per cent. Tax provisions are up 23 per cent due to the Minimum Alternate Tax. Most of the top companies — in terms of sales/profits — have seen a relatively poor quarter. Costs of raw materials to sales are down 80 bps on a year-on-year basis but are up 540 bps on a sequential quarter basis, suggesting the extra boost to profits from lower commodity prices in the quarter will reduce in the months ahead. Should that happen, though, it will boost the topline and bottomlines of commodity firms.
International Business

Grupo Mexico regains control of Asarco

Mining giant Grupo Mexico today said it regained control over bankrupt copper miner Asarco after winning a year-long legal battle with Vedanta group firm Sterlite Industries for acquiring the ailing company. - New hope for Sterlite in Asarco bid - Sterlite debenture issue raises Rs 2,350 cr - Sterlite tops Grupo"s offer price in Asarco bid war - Sterlite: Upping the ante - Sterlite drops 3% after Asarco bid revision - Sterlite ready to pay $2.565 bn in cash to buy out Asarco “Grupo Mexico announced today that its subsidiary, Americas Mining Corp, has consummated its bankruptcy plan for Asarco LLC, reuniting Asarco with its parent company,” the South American company said in a statement. The reunion follows last month’s ruling of a US district court favouring Grupo Mexico’s $2.4 billion bid over that of Sterlite Industries’ $2.5 billion offer for acquiring the US-based company. “The reintegration follows US district court Judge Andrew S Hanen’s decision last month to approve GMexico’s full payment reorganisation plan for Asarco, concluding the company’s four-year Chapter 11 proceeding,” it said. Grupo Mexico had acquired Asarco in 1999 but lost control of the subsidiary due to bankruptcy in 2005 amid a workers’ strike and over a billion-dollar environment and asbestos claims. Its final bid was first approved by a Texas-based bankruptcy court and later the district court confirmed the same. According to its Asarco-reorganisation plan, Grupo Mexico’s arm AMC would pay $2.2 billion in cash to Asarco’s creditors, besides guaranteeing a one-year $280-million note payable to Asarco’s asbestos creditors. Grupo Mexico said it has tied finance to fund the reorganisation plan. “To finance the plan, a syndicate of internationally-recognised financial institutions has provided $1.5 billion in financing to AMC. GMexico contributed an additional $700 million to fund the $2.2 billion cash contribution.” Commenting on the completion of the court-approved plan, Asarco Vice-President and General Counsel Jorge Lazalde said, “With Asarco now able to operate free of its burdensome asbestos and environmental liabilities, which will be fully satisfied under our plan, we believe the combined entity will create one of the world’s strongest and most competitive copper producers.”


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