The Mint Report for 21 October 2010

The Mint Report for 21 October 2010

New Delhi: Meanwhile, the government is likely to come close to its ambitious targets for the Coal India IPO. Its issue ended Thursday after being subscribed more than 15 times. On Wednesday, the last day for institutional investors, it was already subscribed more than 11 times over. The government is hoping to make more than 15,000 crore from the IPO. And the over-subscription means it will be able to price the stock close to the higher end of the range. Coal India’s price band is Rs225-245 per share.

TVS Motor has seen its profits more than double. In the second quarter they rose to about Rs55 crore from last year’s Rs25 crore. Net sales rose 43% to Rs1,590 crore. TVS Motor managed to sell more than half 500,000 two-wheelers during the quarter. And about 200,000 of those vehicles were motorbikes.

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TCS has beaten street expectations for the second quarter. Net profit shot up 32% to reach Rs2,169 crore. Revenue surged 25% to 9,286 crore. TCS’s results come barely a week after its rival Infosys also beat all estimates. The main concern for the IT industry remains a strengthening rupee, which could cut into its margins.

Vodafone Essar has announced big plans for 3G services in India. The company plans to launch the services in the first three months of 2011. And it expects to spend $500 million dollars on its 3G networks on the next two years. Currently Vodafone Essar is India’s third biggest phone company, trailing behind Bharti Airtel and R-Com. Its 2G customers number around 116 million.

A new study claims 13 times more Indians dies of malaria than previously thought. The report, published in medical journal The Lancet, estimates the disease kills 205,000 people every year. Its data came from interviews with 122,000 victims’ families. Those interviews were carried out between 2001 and 2003. At present, the WHO puts the number of malaria deaths in India at 15,000 every year. It has already disputed The Lancet study.