Axis Bank Buys Enam’s Assets for Rs.2067 crore

• Enam:- Brokerage cum Investment Banker.• Axis Bank CEO Shikha Sharma will acquire Enam securities key Business such as Investment Banking, Institutional & Retail Broking, Distribution of Financial Products.• About 400 Enam officials will move to the new outfit that will be headed by Manish Chokhani(key member of Enam management).• Mr. Chokhani and Founders of Enam- Nemish Shah, Vallabh Bhansali & Jagdish Master will own a 3.3% equity of axis bank.•

Contd.

• As a part of deal Enam and its founders will enter into five year non compete agreement with Axis Bank.• private Banks will have the right to use the Enam brand for two years.• Deal with Axis Bank exclude Enam’s portfolio management services, asset management company and asset under under Enam holdings.

AI’s loss widens to Rs. 5552 crore in 2009-2010

• National Aviation Company of India or Nacil, has suffered a loss of Rs. 5552 crore.• Chairman of National Aviation Airlines:- Arvind Jadhav.• It is the highest Loss in the history faced by National Aviation Company.• The loss is more than the double the Rs. 222.16 crore loss in FY 08.• Reasons of loss- Fails to control cost & initiate prudent fiscal measures.

Food Ministry irked over Expert Panel Report on Ethanol Blending.

• Program to blend ethanol with petrol the food ministry has gone formally bawling to planning commission.• It has been Recommended by the draft Report that 5% ethanol blending programme be restricted to only around 400-500 million litres.• priority in allocation of alcohol should be accorded first for portable sector, secondly for Industrial Sector and left amount should be used for EBP.• Currently an interim price of Rs. 27/ litre has been fixed for EBP.

Contd.

• Recommended by Sugar Industry and Food Ministry that expert panel should come up with a pricing formula for ethanol.

Airtel’s new Avatar likely soon in the market.

• World’s fifth largest mobile carrier:-Bharti Airtel.• Airtel will undertake a global re-branding exercise to launch Airtel in new avatar.• Objective is to give brand a more youthful look.• New look is expected to have a swoosh with word Airtel.• Sunil Bharti has spread its operations to Sri Lanka, Bangladesh, Africa & Seychelles where it acquired operations of mobile carrier zain.• Thinking is to have a brand that is dynamic with a sense energy & fluidity.