Worms digest 27 June 2013

Good Morning !!!

Sensex - 18552 (-0.41%), Nifty - 5589 (-0.36%)

Dow -14910 (+1.02%), S&P - 1603 (+0.96%)

Nikkei - 13081 (+1.92%)

The Games ADAG Play - The Sasan Hole

• CERC has cancelled the commissioning status of Reliance Power's Sasan power project which was earlier claimed to have got commissioned during March 2013
• The date of commissioning is important as power tariff were set to increase 70% from the 3rd year since the year of commissioning which in this case would have been FY13

Health Ministry suspends sale of Rs.600crs diabetes drug - Pioglitazone

• Pioglitazone which continues to sale in major markets like US and Europe has been suspended in India by health ministry due to its sever side effects like urinary bladder cancer and heart failure
• Many companies including Ranbaxy, Lupin, Sun Pharma will get impacted due to this ban

Karnataka opens for FDI in retail

• The new congress government in Karnataka has given its nod for 51% FDI in multi-brand retail
• This is a big positive for Jubilant Bhartia's  retail chain, Total which is currently present only in Bangalore city. Total is the second largest chain in Bangalore with 5 hypermarkets  with over a million retail space.

Telecom

• In much awaited yesterday's EGoM meeting on spectrum pricing, EGoM has now thrown ball in TRAI's court and asked the regulatory body to recommend the right spectrum pricing within 60 days.
• Bharti has wrote a letter to Telecom minister Sibal to intervene in the matter of Rs.660crs penalty for 3G roaming pacts 
• Reliance Communications has tied up with Apple to offer iphone at cheaper tariff plans

GM crop hit by Politics and Policy deadlocks

• Just weeks after appraisal committee on genetic engineering gave its nod for various field trials for potential GM  crops, government has put the proposal on hold. 

'We don't like trading agony for money.'

....Charlie Munger