The Week That Was (5th Apr-11th Apr)

Sunday, April 12, 2009 , Posted by Silent Observer at Sunday, April 12, 2009

1. Sensex completes 5-week winning streak, up by 455 pts

A host of positive factors helped the benchmark Sensex to complete one of the best winning rally in the five weeks since October 2007 and ended higher by another 455.03 points at a near 27-week high of 10,803.86 points during the shortened week.
In a stalwart five-week of advancing string, the Sensex recorded a gain of 2,478.04 points or 29.76 per cent, the biggest gains in five week since between August 20 and October 12, 2007 when it had risen by 4,276.52 points.

The Bombay Stock Exchange 30-share bellwether index gyrated in a range of 10,932.12 and 10,171.91 before ending the week at 10,803.86, a sharp rise of 4.40 per cent over its last weekend's close.

Similarly, the 50-issue Nifty of the National Stock Exchange also spurred by 131.00 points or 4.08 per cent to finish the week at 3,342.05 from its last weekend's close

2. Chicago Mercantile eyes India entry

The world’s biggest exchange, the Chicago Mercantile Exchange (CME) is looking at making an India foray by picking up equity stakes in the Indian exchanges, according to reports of Business Standard. CME is already in talks with several Indian exchanges for buying stakes in them. CME is also reportedly in talks with the Multi Commodities Exchange (MCX), some of the overseas investors in the National Commodity and Derivatives Exchange (NCDEX) and United Stock Exchange of India (USE).

CME operates two major exchanges C-Bot and Nymex. It provides futures and options products such as interest rates, equities, FX, commodities, and alternative investments such as weather and real estate

3. Merrill Lynch Closes Japan Private Equity Office.

Bank of America's Merrill Lynch said on Tuesday that it had recently closed the Tokyo office of Merrill Lynch Global Private Equity, a major international investment arm of the U.S bank

MLGPE, founded in 1996, makes investments globally, with focuses on the United States, Europe, Japan, China, India, Latin America and Australia, according to its company web site

4. Tata Motors to Get $200 Million from Standard Chartered

Tata Motors has received its first commitment to refinance the $2 billion bridge loan that that funded the Jaguar Land Rover (JLR) acquisition, with Standard Chartered Bank approving a $200 million loan. The company has to repay the entire bridge loan in June. Citi, SBI and Tata Capital are the lead arrangers for the refinancing

5. DANONE SA to sell its entire stake in Britannia Industries Ltd.

France's Group DANONE SA has decided to sell its entire stake in Britannia Industries Ltd., giving the Indian biscuit maker's majority holding to a company belonged to the Wadia group. The Wadia group will fund the acquisition through group company Bombay Burmah Trading Corp. Ltd’s wholly owned subsidiary Leila Lands Ltd

Leila Lands Ltd. (Mauritius will buy 6.086 million equity shares, representing a 25.48% stake in Britannia Industries, on April 14 from DANONE’s U.K. unit Britannia Brands Ltd. The purchase will double Leila Lands' stake in Britannia Industries - India's top biscuit maker by sales - to 50.96%. The deal could end a long-standing dispute between DANONE and the Wadias of India's Bombay Dyeing Group over the French food company's plans to launch its products on its own in the Indian market, said analysts.

Under a 1995 contract, DANONE had agreed not to launch any food brands in India without the Wadia family's consent

6. Infosys fires 2,100 for poor performance

Infosys Technologies has fired 2,100 people across the country, after an annual performance appraisal exercise concluded mid-March.

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