Sensex won't see old highs for 2-3 yrs: Shankar Sharma
Shankar Sharma, VC and Joint MD of First Global rues that the bull market will not be back in a hurry and does not see the Sensex re-conquering its previous highs in the next two or three years. He estimates a moderate downside and sees the Sensex falling to the 10000-11000 levels. He also sees no recovery of a number of stocks on the Index to its previous highs. He feels the international financial crisis is not over and there are still a few struggling names in Europe and the US. He said he has no sympathy for investors of investment banks all over the world. He said that the rupee is intrinsically weak and would add to the concern of capital outflows.
Excerpts from CNBC-TV18’s exclusive interview with Shankar Sharma:
Sensex won't see old highs for 2-3 yrs: Shankar Sharma
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http://www.moneycontrol.com/india/news/economy/how-much-advance-tax-have-cos-paid-for-sept-quarter/19/15/356376
Sources said Tata Steel has paid Rs 300 crore as compared to Rs 350 crore, year-on-year. Tata Motors paid Rs 75 crore as against Rs 190 crore YoY, while Tata Consultancy Services paid Rs 115 crore versus Rs 20 crore YoY.
Among banking companies, Bank of India paid Rs 191 crore as compared to Rs 150 crore YoY, sources said. Union Bank paid Rs 130 crore as against Rs 100 crore YoY, while ICICI Bank paid Rs 250 crore versus Rs 185 crore YoY.
Mahindra & Mahindra paid Rs 116 crore as compared to Rs 83 crore YoY, while L&T paid Rs 170 crore versus Rs 80 crore YoY, sources added.
State Bank of India, or SBI, has paid Rs 1,560 crore as advance tax for the September quarter as against Rs 1,060 crore year-on-year, reports CNBC-TV18, quoting sources. Videocon paid Rs 25 crore as against Rs 20 crore YoY. HDFC and Reliance Industries paid Rs 290 crore and Rs 680 crore respectively for the September quarter. RIL had paid Rs 650 crore in the same period last year.
CNBC-TV18 Disclaimer:This information is source-based and has not been provided to the stock exchanges.
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Sensex ends down 12pts, SBI gains 6%
Nifty ends 5-day losing streak; RIL, SBI, HDFC Bk surge
ICICI Bank UK holds Lehman bonds
Advance tax nos not correlated with profitablity: Macquarie
US stocks extend slide on AIG worries
Finacial crisis: World Central banks pump $300 bn
Rupee posts biggest fall in a decade
Fed set to hold rates steady, may signal cuts
Goldman Sachs Q3 net plunges 70%
The journey of Lehman Brothers
Cause of Lehman bankruptcy Fallout threatens recession
Fate of 2,500 employees? Souvenirs command premium
Rel Cap to invest in insurance
Special: Pink slips back at IT cos
London stock mkt slides to 3-year low
Re falls to weakest since July 2006
ICICI Bank has Rs 375-cr exposure in Lehman Brothers
R-Cap to invest Rs 2,000 cr in insurance biz in next 3-5 yrs
Rel Infra eyes Rs 15,000 crore share in PSU steel projects
Short covering, value buying aid market recovery
Source:ET, BS,BL, UTVi
16 September 2008
India Inc pays higher advance tax for Q2FY09, Dow Slides below 11k
India Inc pays higher advance tax
India Inc has payed higher advance tax for the second quarter ending September 30, 2008, according to data available with UTVi.
State Bank of India (SBI) has paid advance tax of Rs 1,560 crore when compared with Rs 1,054 crore paid for the quarter ended September 30, 2007.
Reliance has paid Rs 680-690 crore as against Rs 650 crore paid in September 2007. While ICICI Bank has paid Rs 575 crore vs Rs 450 crore in the year-ago period, HDFC has paid Rs 290 crore. Videcon has paid Rs 25 crore vs Rs 20 crore in September 2007.
Advance Tax Nos. (Rs in cr)
Sept 2008 Sept 2007
RIL 683 650
ICICI Bank 575 450
SBI 1560 1050
HDFC 290 180 - 200
Ambuja Cements 175 200
IDBI 20 3
Videocon 25 20
IPCA 3.74 3.29
Wockhardt 2.5 10
Reliance Capital 12 Not Available
Deepak Fertilisers 20 Not Available
SIDBI 90 Not Available
ECGC 90 Not Available
------------------------------------------------------
Dow slides +4%, ends below 11,000
NEW YORK: Stocks took a late day turn for the worse on Monday, with the Dow's loss ballooning to nearly 500 points, amid increased fear about a collapse of AIG and the stability of the US financial system.In the final minutes of trading, the Dow Jones Industrial Average fell below the key 11000 mark and the S&P 500 dropped below 1200.The Dow ended down 504.48 points, or 4.42%, at 10,917.51. The Standard & Poor's 500 Index ended down 58.17 points, or 4.65%, at 1,193.53. The Nasdaq Composite Index was down 81.36 points, or 3.60%, at 2,179.91.Following Lehman Brothers bankruptcy filing, attention turned to American International Group, once the world's largest insurer, whose stock fell more than 53% on concern that it may need to raise capital to cover mortgage-related losses.That pushed shares of financial services companies down sharply, deepening the decline in the three major indices.Updated at 2010 hrs (IST): Stocks slid on Monday as the bankruptcy filing by investment bank Lehman Brothers Holdings Inc and cascading fears about the stability of other major financial institutions spooked global markets.Shares of financial services companies, including insurer American International Group, led the slide amid mounting fears about the impact of the year-long credit crisis on the economy and the profit outlook.AIG, an insurer, and savings and loan company Washington Mutual are among other major companies investors fear are threatened by the credit maelstrom and may have to step up efforts to raise capital to shore up their balance sheets.
The concerns about the stability of other firms followed the US government's decision not to provide guarantees for any deal to help Lehman avert bankruptcy."Investors are uncertain about what it means for the US Treasury and the Federal Reserve to have drawn the line in the sand now and reintroduced the concept of moral hazard," said Phil Orlando, chief equity market strategist, at Federated Investors in New York. "Those who have said we're at the bottom a thousand points ago are probably smoking dope."AIG shares tumbled 42% to $7 on the New York Stock Exchange, while those of Lehman plummeted 94% to 22 cents in composite trading. Washington Mutual dropped 13.9% to $2.35.Dow Jones industrial average fell 299.22 points (2.62%) to 11,122.77. The Nasdaq Composite Index fell 40.18 points (1.78%) to 2,221.09.Merrill shares climbed 27.6% to $21.75, but Bank of America shares dropped 13.9% to $29.05.
Dow Jones slides by over 500 points; worst since 9/11
Asian stock markets plunge after Wall Street falls
Lehman fall may deepen Indian realtors' credit woes
Lehman fallout threatens deeper, wider recession
Credit crisis to hit India Inc's fund raising
Lehman CEO's overconfidence may have led to bankruptcy
Credit crunch: IIT, IIM placements face big hit
AIG struggles to survive financial tsunami
Major financial crises Expert Speak on Financial crisis
Fed may cut key rates BoA-Merrill may flex its muscles
TCS, Wipro recast hiring plans
Oil falls to 7th-month low at $93
'It’s panic sale, expect bounceback'
Wall St seen losing 30,000 jobs
Lehman, Merrill staffs' future dark
Moody’s, Fitch slash Lehman ratings
Global events to haunt D-Street
Merrill prunes its stake in blue chips
Wall St model shattered by crisis
What next for Indian stock market?
Japan PM, ministers to discuss Lehman fallout
Spirce:UTVi, BL, ET
India Inc has payed higher advance tax for the second quarter ending September 30, 2008, according to data available with UTVi.
State Bank of India (SBI) has paid advance tax of Rs 1,560 crore when compared with Rs 1,054 crore paid for the quarter ended September 30, 2007.
Reliance has paid Rs 680-690 crore as against Rs 650 crore paid in September 2007. While ICICI Bank has paid Rs 575 crore vs Rs 450 crore in the year-ago period, HDFC has paid Rs 290 crore. Videcon has paid Rs 25 crore vs Rs 20 crore in September 2007.
Advance Tax Nos. (Rs in cr)
Sept 2008 Sept 2007
RIL 683 650
ICICI Bank 575 450
SBI 1560 1050
HDFC 290 180 - 200
Ambuja Cements 175 200
IDBI 20 3
Videocon 25 20
IPCA 3.74 3.29
Wockhardt 2.5 10
Reliance Capital 12 Not Available
Deepak Fertilisers 20 Not Available
SIDBI 90 Not Available
ECGC 90 Not Available
------------------------------------------------------
Dow slides +4%, ends below 11,000
NEW YORK: Stocks took a late day turn for the worse on Monday, with the Dow's loss ballooning to nearly 500 points, amid increased fear about a collapse of AIG and the stability of the US financial system.In the final minutes of trading, the Dow Jones Industrial Average fell below the key 11000 mark and the S&P 500 dropped below 1200.The Dow ended down 504.48 points, or 4.42%, at 10,917.51. The Standard & Poor's 500 Index ended down 58.17 points, or 4.65%, at 1,193.53. The Nasdaq Composite Index was down 81.36 points, or 3.60%, at 2,179.91.Following Lehman Brothers bankruptcy filing, attention turned to American International Group, once the world's largest insurer, whose stock fell more than 53% on concern that it may need to raise capital to cover mortgage-related losses.That pushed shares of financial services companies down sharply, deepening the decline in the three major indices.Updated at 2010 hrs (IST): Stocks slid on Monday as the bankruptcy filing by investment bank Lehman Brothers Holdings Inc and cascading fears about the stability of other major financial institutions spooked global markets.Shares of financial services companies, including insurer American International Group, led the slide amid mounting fears about the impact of the year-long credit crisis on the economy and the profit outlook.AIG, an insurer, and savings and loan company Washington Mutual are among other major companies investors fear are threatened by the credit maelstrom and may have to step up efforts to raise capital to shore up their balance sheets.
The concerns about the stability of other firms followed the US government's decision not to provide guarantees for any deal to help Lehman avert bankruptcy."Investors are uncertain about what it means for the US Treasury and the Federal Reserve to have drawn the line in the sand now and reintroduced the concept of moral hazard," said Phil Orlando, chief equity market strategist, at Federated Investors in New York. "Those who have said we're at the bottom a thousand points ago are probably smoking dope."AIG shares tumbled 42% to $7 on the New York Stock Exchange, while those of Lehman plummeted 94% to 22 cents in composite trading. Washington Mutual dropped 13.9% to $2.35.Dow Jones industrial average fell 299.22 points (2.62%) to 11,122.77. The Nasdaq Composite Index fell 40.18 points (1.78%) to 2,221.09.Merrill shares climbed 27.6% to $21.75, but Bank of America shares dropped 13.9% to $29.05.
Dow Jones slides by over 500 points; worst since 9/11
Asian stock markets plunge after Wall Street falls
Lehman fall may deepen Indian realtors' credit woes
Lehman fallout threatens deeper, wider recession
Credit crisis to hit India Inc's fund raising
Lehman CEO's overconfidence may have led to bankruptcy
Credit crunch: IIT, IIM placements face big hit
AIG struggles to survive financial tsunami
Major financial crises Expert Speak on Financial crisis
Fed may cut key rates BoA-Merrill may flex its muscles
TCS, Wipro recast hiring plans
Oil falls to 7th-month low at $93
'It’s panic sale, expect bounceback'
Wall St seen losing 30,000 jobs
Lehman, Merrill staffs' future dark
Moody’s, Fitch slash Lehman ratings
Global events to haunt D-Street
Merrill prunes its stake in blue chips
Wall St model shattered by crisis
What next for Indian stock market?
Japan PM, ministers to discuss Lehman fallout
Spirce:UTVi, BL, ET
Lehman effect: Indian cos lose Rs 2K-cr
Lehman effect: Indian cos lose Rs 2K-cr
Lehman-invested Indian firms lose over Rs 2,000 cr
Lehman Brothers' move to file for bankruptcy today wiped off more than Rs 2,000 crore from the market valuation of those Indian companies in which the US financial major has made equity investments. Lehman itself recorded a loss of more than Rs 50 crore today on its investments in India, which is nearly 10 per cent of its current holding worth an estimated over Rs 500 crore. The loss would have been much higher if Lehman had not started offloading its equity holding in Indian companies late last month. In a major selling spree that started on August 21, Lehman has sold shares worth close to Rs 400 crore in nearly 10 companies, including NIIT Ltd, Cranes Software, Amtek Auto, Amtek India, Fedders Llyod, Northgate, Mastek, Triveni Engg and Prajay Engg.
Prior to this sell-off, Lehman's Indian equity portfolio is estimated to have been worth more than Rs 1,000 crore, which has now nearly halved to about Rs 500 crore. Most of the shares offloaded by Lehman in India, including those in NIIT, Cranes, Amtek Auto, Amtek India and Northgate, has been purchased by Deutsche Bank, according to the bulk and block deal data available with the bourses. Besides the 10 companies where Lehman has offloaded its shares, Lehman had equity holding in about two dozen firms at the end of June quarter. These firms include Spice Communications, Spice Mobile, Anant Raj Industries, Edelweiss Cap, IVRCL Infra, Tulip Telecom, Consolidated Construction, PSL, Orbit Corp, Development Credit Bank, Champagne Indage, Godawari Power, KPIT Cummins, West Coast Paper, IOL Netcom, Dhampur Sugar, Prithvi Info, Golden Tobacco, Emkay Global, Vijay Shanti Builders and Pioneer Embroidery.
Source:ET,BL
Lehman-invested Indian firms lose over Rs 2,000 cr
Lehman Brothers' move to file for bankruptcy today wiped off more than Rs 2,000 crore from the market valuation of those Indian companies in which the US financial major has made equity investments. Lehman itself recorded a loss of more than Rs 50 crore today on its investments in India, which is nearly 10 per cent of its current holding worth an estimated over Rs 500 crore. The loss would have been much higher if Lehman had not started offloading its equity holding in Indian companies late last month. In a major selling spree that started on August 21, Lehman has sold shares worth close to Rs 400 crore in nearly 10 companies, including NIIT Ltd, Cranes Software, Amtek Auto, Amtek India, Fedders Llyod, Northgate, Mastek, Triveni Engg and Prajay Engg.
Prior to this sell-off, Lehman's Indian equity portfolio is estimated to have been worth more than Rs 1,000 crore, which has now nearly halved to about Rs 500 crore. Most of the shares offloaded by Lehman in India, including those in NIIT, Cranes, Amtek Auto, Amtek India and Northgate, has been purchased by Deutsche Bank, according to the bulk and block deal data available with the bourses. Besides the 10 companies where Lehman has offloaded its shares, Lehman had equity holding in about two dozen firms at the end of June quarter. These firms include Spice Communications, Spice Mobile, Anant Raj Industries, Edelweiss Cap, IVRCL Infra, Tulip Telecom, Consolidated Construction, PSL, Orbit Corp, Development Credit Bank, Champagne Indage, Godawari Power, KPIT Cummins, West Coast Paper, IOL Netcom, Dhampur Sugar, Prithvi Info, Golden Tobacco, Emkay Global, Vijay Shanti Builders and Pioneer Embroidery.
Source:ET,BL
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