Nano finds a new home in Gujarat

• As we had noted yesterday, the chairman of the Tata Group Ratan Tata on Tuesday announced the relocation of the Rs 2,000-crore Tata Nano project to Gujarat from Singur in West Bengal

• The Tatas will set up the ‘mother plant’ for the Nano on 1,100 acres at Sanand, about 35 kilometres from Ahmedabad

• The mother plant, which will begin producing 2,50,000-3,00,000 cars per annum, has the capacity to expand its production to 5,00,000 cars in the coming years. The Tatas also have plans to build electric cars and CNG variants from this plant

• Brand Gujarat is expected to get a major boost as the Nano might become the state’s mascot that reaffirms all benefits Gujarat offers to industry as well as consumers

• Tata Motors will benefit from the relocation as Gujarat offers cost and transportation advantages with its wide road network and proximity to vendors

• Do you agree with my statement that Mr Narendra Modi is the smartest and most proactive chief minister in the country?

Fed bails out US Inc but RBI, Sebi Efforts Fail to Boost Shares

• IN A last-ditch effort to revive a frozen loan market, the US Federal Reserve will directly lend to help American firms pay salaries to their staff, buy raw material and keep themselves afloat

• The Fed announced that it will buy three-month ‘commercial papers’ — which companies sell to fund regular business activities from the issuers. The Fed will set up a special purpose vehicle to buy unsecured and asset-backed commercial papers

• This is a dramatic decision since the central bank would directly fund companies instead of lending to banks

• In India, a day after the Securities & Exchange Board of India (Sebi) relaxed norms on foreign portfolio investment and the Reserve Bank of India (RBI) cut cash reserve ratio, FIIs net sold Rs 680 crore worth shares, causing the stock market to close 106 points lower at 11,695

• In the bond market, the CRR cut impact was felt in the 10-year government security, which saw a softening of yield. But corporate bond yields moved up

Look at the graphic for statistics

Sourav Ganguly to quit after Aussie series

• Sourav is arguably the most fascinating of the middle-order greats who have enthralled cricket fans for so many years. And he is certainly the most controversial—the man who was never quite wanted but could never be done without

• The series against Australia will be his last

• Sourav’s fate was sealed when he was dropped from the Rest of India squad for the Irani Cup last month, the stylish southpaw had no choice but to accept BCCI’s ‘voluntary retirement’ offer

• His formal announcement of retirement brings the curtain down on the week-long drama over the future of the ‘Fab Four’, which is now down to just three

Check out Dada’s track record

Rupee breaches 48 mark

• The steps announced by the financial market regulators to improve the liquidity in the system on Monday hardly had any positive impact in the forex market on Tuesday

• The rupee crossed the 48 mark to a dollar in highly volatile trade. Dealers said while dollar demand continued unabated, there was hardly any fresh supply

• The market sentiment continues to be bearish for the rupee. Liquidity is a concern and the rupee could be under pressure for some time

• FIIs are pulling out money from India and educed inflows on account of buyers’ credit, pre-shipment or packing credit that exporters avail of are said to be the reasons for the drying up of dollar supply

Look at yesterday’s forex swings

Three scientist share physics Nobel prize

• Two Japanese scientists and a Tokyo-born American shared the 2008 Nobel Prize for physics for discoveries in subatomic particles

• The Nobel committee lauded Yoichiro Nambu, a Tokyo-born American citizen, and Makoto Kobayashi and Toshihide Maskawa of Japan for separate work that helped explain why the universe is made up mostly of matter and not anti-matter via processes known as broken symmetries

• They helped figure out the existence and behavior of the very tiniest particles

• You can understand spontaneous symmetry breaking here. Warning, it is highly technical