Wrap: Tata Steel no longer a favourite, investors bail out of Kingfisher

Confused and intimidated by the amount of news hurtling at you everyday? Well, to make your life easier, here’s a quick round-up of the major local and international business and economic news events that happened today.

Kingfisher airlines: Bail or no bail?

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The big news today was a proposal to bail out Kingfisher Airlines, as TV channels reported the aviation ministry would ask banks to help out the distressed airline. The aviation minister has asked the finance ministry to look into the matter and also asked the oil companies to extend credit to the aviation sector. But the government has denied any talks of bailing out the distressed airline.

Mahindra Satyam: The new wonder boy?

Mahindra Satyam, the new wonder boy. Not long ago had the promoter Ramalinga Raju spooked investors and markets by carrying through one of the biggest financial frauds in Indian history. With net profits growing 10 fold to Rs 238 crore, is Satyam the new Cognizant? Find out .

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Subramaniam takes back the earlier statement given to CBI

The 2 G trial began today. And Firstpost kept a close track of the proceedings in the court. The latest update tells that Reliance Capital’s Subramaniam has taken back the earlier statement given to CBI. You can catch all that happened through the day here .

Bad news for the economy with the index of industrial production falling below 2 percent. Even the August IPP numbers were revised down to 3.6 percent. The IIP was up 6.1 percent last year. This came as a dissapointment to most with capital goods shrinking. And we feel it will not get better anytime soon.

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S&P upgrades Indian banks

Just a day after Moody’s downgrade of the Indian banking system, Standard & Poor’s (S&P) Ratings Services revised upwards India’s banking industry country risk assessment to group ‘5? from group ‘6?, making it part of a group of countries including China, Portugal, Thailand and Turkey. Read the story .

S&P downgrades France by mistake

What also came as relief to the world is S&P’s admitting to the fact that it had downgraded France by mistake. The erroneous alert, which S&P said was sent to some of its subscribers, fed concerns that Europe’s debt problems had engulfed the region’s second-largest economy. It contributed to the worst day for France’s government bonds since before the euro was launched in 1999. Here is the story .

Is Tata Steel no longer a favorite among investors?

Indian markets saw more disappointment today with Tata Steel facing a profit slump of 89 percent mainly owing to dismal performance of its European arm. While the company posted an operating profit of $360 per tonne in its Indian operations, its operating profit for European operations came in as low as $30 per tonne. And Tata Steel is not an exception. Find out why .

Why you should sell DLF

With an overdose of analyst reports everywhere, Firstpost sorts out and brings you some of the useful reports that could come in handy while you make your investment call. While ICICI has a clear Sell on DLF, Prabhudas Liladher is bullish on Apollo Tyres. Get the post result reactions by analysts here .

SBI is in a major mess. Here’s why

State Bank of India’s woes are also far from over with Morgan Stanley cutting its target price from Rs 1550 to Rs 1350. Asset quality and slowing loan growth were the main concerns. SBI seems to be running after better margins while falling prey to more loans without backing by proper securities. That could be dangerous. Read on .