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VAL buys alumina from traders for Jharsuguda smelter
Vedanta Aluminium Ltd. (VAL), which has set up a 0.5 million tonne aluminium smelter at Jharsuguda in Orissa, is forced to purchase alumina from traders importing the material from countries like Australia to keep its smelter in operation.

Telangana stir's unique impact
Originally, Andhra Pradesh was to be the recipient of the first unique identification (UID) number. However, political unrest in the state has taken its toll. Now, it appears that Nandan Nilekani’s project will be rolled out first in the state most ready for it — Karnataka. Pilot projects have already been done and the majority of Karanataka’s population will have UIDs by the end of 2011. The proactive state government has also set up an empowered committee on UIDs under the chief secretary. The state cabinet will, at its next meeting, decide who will be on the committee. The numbers will begin to be issued by February 2011.

News of the day

Murdoch, son call on PM
Other high-profile meetings on agenda, too.
International Business

Indian ADRs loss $1.44 bn in one week

Indian stocks trading on American bourses lost over $1 billion last week, with IT bellwether Infosys accounting for more than half of the total loss. - US markets gain on Wal-Mart results - US markets rally on Fed Reserve decision - US markets slip; Nasdaq, Dow drop 1% - US markets slip ahead of vital data - Indian ADRs gain $3 bn last week - US markets drop ahead of jobs data For the week ended August 14, Indian entities listed on two US bourses --the New York Stock Exchange and Nasdaq-- shed $1.44 billion from their total market capitalisation. Infosys" valuation alone plunged by $961 million. Besides Infosys, two other major losers were banking majors -- ICICI Bank and HDFC Bank. Two lenders, in total, lost $673 million. The valuation of telecom firm Mahanagar Telephone Nigam (MTNL) fell by nearly $76 million, while that of drug maker Dr Reddy"s declined by $55.6 million. Besides, outsourcing firms WNS Holdings and EXLService too witnessed an erosion of $50 million in their mcap. The pack of losers include IT firms Mahindra Satyam and Tata Consultancy Services which shed $13.40 and $4.4 million respectively. Rediff.com declined by nearly $5 million. However, Azim Premji-led Wipro, auto behemoth Tata Motors and NRI billionaire Anil Agarwal-led Sterlite Industries were among the pack of six companies, which gained on bourses during the week. Sterlite Industries led the gainers pack and added $134 million in its market capitalisation, whereas Wipro and Tata Motors added $74 and $58 million, respectively. BPO firm Genpact"s valuation increased by $19 million and another IT company Patni Computer rose by $98 million, while internet firm Sify added $11.12 million. Last week, the US Federal Reserve had said the country"s economic activity is bottoming out and financial conditions have improved. On Friday, the US markets ended in the red with the Dow Jones Industrial Average (DJIA) settling down by 0.82 per cent to 9,321.40 and S&P 500 ended at 1,004.09, down 0.85 per cent. Besides, tech heavy Nasdaq by fell 1.19 per cent to 1,985.52 points.


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