Sunday, October 30, 2011
Oracle announced that it has entered into an agreement to acquire RightNow Technologies, Inc., a leading provider of cloud-based customer service, for $43.00 per share or approximately US$1.5bn net of Right Now's cash and debt. RightNow's Customer Service Cloud helps organizations deliver exceptional customer experiences across call centers, the web and social networks. Together, Oracle and RightNow can enable a superior customer experience at every contact and across every channel. The Board of Directors of RightNow Technologies has unanimously approved the transaction. The transaction is expected to close by late 2011 or early 2012, subject to RightNow stockholder approval, certain regulatory approvals and customary closing conditions.
Keeping in view the domestic demand-supply balance, the global trends in commodity prices and the likely demand scenario, the baseline projection for WPI inflation for March 2012 is kept unchanged at 7%, the Reserve Bank of India (RBI) said on Tuesday after announcing another 25 bps hike in its key lending rate.
Elevated inflationary pressures are expected to ease from December 2011, though uncertainties about sudden adverse developments remain, the central bank said.
India's rich and famous have seen their wealth erode in 2011 due to a weak stock market, series of corruption cases and policy impasse at the Centre, according to the latest Forbes India rankings.
The combined wealth of India’s richest 100 fell to US$241bn in 2011, from US$300bn in 2010, according to Forbes India Rich list. Reliance Industries Ltd's (RIL) Chairman Mukesh Ambani retains his No. 1 position, but his net worth has fallen to US$22.6bn, down US$4.4bn compared to last year.
The Reserve Bank of India (RBI) on Tuesday decided to deregulate the savings bank deposit interest rate with immediate effect. It is felt that the time is appropriate to move forward and complete the process of deregulation of rupee interest rates, the central bank said in a statement. Banks are free to determine their savings bank deposit interest rate, subject to the following two conditions:
on Tuesday raised its key lending rate by another quarter percentage point as it continues its fight against stubborn inflation while equally being concerned about slowdown in the Indian economy. The central bank today hiked the repurchase rate, or repo rate (at which it lends to banks) by 25 basis points (bps) to 8.50%. The reverse repo rate (at which the RBI absorbs money from banks) will now stand at 7.50%. The Marginal Standing Facility Rate will now be at 9.50%. The Bank Rate has been retained at 6%t. The Cash Reserve Ratio (CRR) of scheduled banks has been left unchanged at 6% of their net demand and time liabilities (NDTL). The policy actions and the guidance that is given are expected to continue to anchor medium-term inflation expectations on the basis of a credible commitment to low and stable inflation, the RBI said in a statement.
Indian markets did well to notch up gains on all three trading days in the holiday-shortened Diwali Week. Indications of a pause by the RBI offset the 13th rate hike in the past 18 months.
The main indices rallied in lockstep with other world markets amid expectations of a wide-ranging deal to control the eurozone debt crisis. The deal finally saw the light of day, lifting all risky assets in tandem. Encouraging data on the health of the US economy, including Q3 GDP report, also buoyed the sentiment.
After pulling out in the last two months, foreign funds have turned bullish and infused over Rs 1,000 crore in the Indian markets in October.
During October 3-28, overseas investors have purchased stocks and debt securities worth a gross amount of Rs 58,483.40 crore and sold securities valued Rs 57,470 crore. This translated into a net inflow of Rs 1,014.30 crore, according to the data available with the Securities and Exchange Board of India (Sebi).
"In October, the Indian market has seen an upward movement, so FIIs invested in the market. In the last two months, overseas investors were pouring money in gold," Geojit BNP Paribas Research Head Alex Mathew said.