Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

INDIA DAYBOOK: Bollywood Costs, 2G Case, ITC Earnings, Axis Bank

The highest borrowing costs among Asia’s biggest economies are forcing Indian filmmakers to shoot fewer movies or rely on tax breaks from the U.S. or Europe.

* State-run IDBI Bank Ltd. lends at 16 percent to studios,
compared with 13 percent for utilities, Executive Director R.K.
Bansal said in an Oct. 17 interview. That’s three times more
than six-year funding costs for Burbank, California-based
Legendary Pictures Inc. in June. Bollywood can cut costs by 60
percent by tapping tax breaks or loans overseas, Shah Rukh Khan,
the best-paid Hindi film actor, said on Oct. 14. Mumbai-based
Eros International Media Ltd. shot its latest movie in Spain.
* An Indian court on Oct. 22 charged former telecommunications
minister Andimuthu Raja and two other officials with bribery,
forgery and conspiring to cause financial loss to the government
in a case related to sale of phone licenses in 2008, paving the
way for their trial. Unitech Ltd. Managing Director Sanjay
Chandra, DB Realty Ltd. Managing Director Vinod Goenka, Reliance
ADA Group Managing Director Gautam Doshi and Senior Vice
Presidents Hari Nair and Surendra Pipara were also charged.
* Prime Minister Manmohan Singh said Oct. 22 that the
economic slowdown in India should be seen as a short-term
phenomenon caused by the turmoil in the global economy, and the
nation’s long-term prospects are “very good.”
* Nuziveedu Seeds Pvt. may raise about 8 billion rupees ($160
million) from an initial public offering, two people familiar
with the process said, declining to be identified because the
details aren’t public yet.
* European leaders ruled out tapping the European Central Bank’s
balance sheet to boost the region’s rescue fund and outlined
plans to aid banks, inching toward a revamped strategy to
contain the Greece-fueled debt crisis.
* China must continue efforts to control food and housing prices
to ease soaring inflation and maintain economic development and
social stability, Premier Wen Jiabao said in a statement posted
Oct. 22 on the central government’s website.

* ITC Ltd. Est. 14.7 billion rupees
* Sterlite Industries (India) Est. 15.7 billion rupees
* GAIL (India) Est. 10.4 billion rupees
* Mahindra & Mahindra Financial Est. 1.41 billion rupees
* Union Bank of India Est. 5.54 billion rupees
* Titan Industries Est. 1.55 billion rupees
* Pfizer India, Wyeth, EID Parry India, Strides Arcolab, Tata
Coffee, Container Corp. of India, Delta Corp, State Bank of
Mysore, VIP Industries, National Fertilizers, JM Financial, Sun
Pharma Advanced Research Co., Ajanta Pharma.

* The Dow Jones Industrial Average surged 2.3 percent.
* The MSCI Asia Pacific Index advanced 1.8 percent.
* The BSE India Sensitive Index fell 0.9 percent to 16,785.64.
* SGX S&P CNX Nifty Index futures for October delivery climbed
1.1 percent to 5,122.


* Phone-license case: An Indian court charged Unitech Ltd.
(UT IN) Managing Director Sanjay Chandra, DB Realty Ltd. (DBRL
IN) Managing Director Vinod Goenka, Reliance ADA Group Managing
Director Gautam Doshi and Senior Vice Presidents Hari Nair and
Surendra Pipara and Reliance Telecom Ltd., a unit of billionaire
Anil Ambani’s flagship-company Reliance Communications Ltd.
(RCOM IN), Swan Telecom Pvt. and Unitech Wireless Ltd. in a case
related to the 2008 sale of phone licenses. All have denied any
wrongdoing. Reliance Communications fell 0.8 percent on Oct. 21
to 74.3 rupees, Unitech dropped 0.9 percent to 26.7 rupees and
DB Realty declined 0.3 percent to 56.1 rupees.
* Retailers: The government has dropped its plan to allow
foreign direct investment in multibrand retailing, the
Hindu Business Line reported Oct. 22, citing Thomas Varghese,
chairman of the Confederation of Indian Industry’s committee on
retail. Pantaloon Retail India Ltd. (PF IN) tumbled 3.5 percent
to 182.45 rupees. Shoppers Stop Ltd. (SHOP IN) gained 0.6
percent to 355.95 rupees. Trent Ltd. (TRENT IN) fell 0.5 percent
to 1,034.8 rupees.
* Airlines: India’s industry ministry has recommended that
foreign airlines be allowed to buy as much as 26 percent stake
in the nation’s domestic carriers, the Press Trust of India
reported, citing sources it didn’t identify. Jet Airways India
Ltd. (JETIN IN) slid 2.5 percent to 232.5 rupees. Kingfisher
Airlines Ltd. (KAIR IN) slid 2.4 percent to 22.6 rupees.
SpiceJet Ltd. (SJET IN) retreated 2.9 percent to 21.9 rupees.
* Axis Bank Ltd. (AXSB IN): The lender reported a net income of
9.2 billion rupees in the quarter ended Sept. 30, compared with
7.35 billion rupees a year earlier. The median estimate of 34
analysts surveyed by Bloomberg was 9.2 billion rupees. The
shares dropped 0.3 percent to 1,127.7 rupees before the earnings
were announced on Oct. 22.
* Grasim Industries Ltd. (GRASIM IN): The cement and viscose
staple fiber maker reported net income of 4.18 billion rupees in
the quarter, compared with 3.23 billion rupees a year earlier.
The median estimate of 11 analysts surveyed by Bloomberg News
was 3.91 billion rupees. The shares retreated 1.3 percent to
2,289.55 rupees.
* Godrej Properties Ltd. (GPL IN): The developer’s board has
approved plan to raise 7.5 billion rupees. The company may raise
funds selling new shares in public issue, rights offer, private
placement or combination, it said in a filing to stock exchange.
The shares added 1.2 percent to 668.6 rupees.
* JSW Steel Ltd. (JSTL IN): India’s third-biggest producer is
in talks with its customers to raise prices by 3 percent to 4
percent, the Business Standard reported citing Jayant Acharya,
director (sales and marketing). The shares slid 0.4 percent to
580.45 rupees.
* Maruti Suzuki India Ltd. (MSIL IN): The carmaker is scouting
for land in Maharashtra state to set up a factory after workers’
strike at its Manesar plant near New Delhi disrupted production,
the Hindu Business Line reported, citing a government official
it didn’t identify. The stock climbed 1.6 percent to 1,094.55
* Polaris Software Lab Ltd. (POL IN): The banking software
developer said profit in the quarter ended Sept. 30 rose 12
percent to 539.4 million rupees. The shares plunged 6.2 percent
to 128.5 rupees.
* Power Grid Corp. of India (PWGR IN): The nation’s biggest
transmission company reported a net income of 7.09 billion
rupees in the quarter to Sept. 30, compared with 6.51 billion
rupees a year earlier. The median estimate of 14 analysts
surveyed by Bloomberg was 7.19 billion rupees. The shares were
unchanged at 99 rupees.
* Rallis India Ltd. (RALI IN): The agrochemicals maker
controlled by the Tata Group may buy the additional 5 percent to
7 percent in the Bangalore-based seeds company Metahelix Life
Sciences in the year beginning April, Financial Chronicle
reported, citing an official it doesn’t identify. The company
plans to buy out Metahelix by gradually increasing its existing
72.98 percent stake within three to five years, the report said.
The shares increased 0.9 percent to 163.55 rupees.
* Suzlon Energy Ltd. (SUEL IN): Asia’s third-biggest maker of
wind turbines, reported group net profit of 480 million rupees
in the three months ended Sept. 30, compared with a 3.7 billion-
rupee loss last year. The company said orders at its German unit
Repower Systems SE are shielded from the European debt crisis.
The shares declined 0.3 percent to 36.2 rupees.
* Tata Motors Ltd. (TTMT IN): India’s biggest truckmaker and
owner of Jaguar Land Rover has recalled about 18,000 of its
luxury cars in the U.K. due to a potential cruise control
problem, Sky News reported Oct. 21, citing a company official.
The shares fell 2.7 percent to 178.15 rupees.
* Unichem Laboratories Ltd. (UL IN):  The maker of antibiotics
and pain killers said profit for the second quarter ended Sept.
30 plunged 45 percent to 191.4 million rupees from a year
earlier. The shares lost 2.1 percent to 134.1 rupees.

* Container Corp. of India
* GAIL India
* Sterlite Industries India
* Union Bank of India

* Biocon Ltd. (BIOS IN) was downgraded to “neutral” from
“buy” at Motilal Oswal Securities Ltd. by analyst Nimish Desai
on Oct. 21, with a 12-month price target of 364 rupees per

* 12:15 p.m. Mumbai. M.G Sanghvi, executive director, Bank of
Maharashtra will discuss the bank’s quarterly results. Venue: M
V M Banquets, Near Y B Chavan Centre, Gen. Jagannath Bhosale
* 1 p.m. New Delhi. Samar Singh Sheikhawat, senior vice
president, marketing, United Breweries will unveil commemorative
Formula 1 beer cans. Venue: Q’BA, Connaught Place.
* 6 p.m. Chennai. Commemorative oration on “Corporate
Governance,” with special reference to banking industry.
Speakers include M. Veerappa Moily, minister of corporate
affairs, M Narendra, chairman, Indian Overseas Bank. Venue: Taj
Coromandel, Chennai.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.