12 December 2007

Economic Times Business Stories

US Fed cuts key interest rate for third time in 3 months
Bulls set for another run; eye 21,250 on Sensex
Jindal, Williams among top 10 Indian-American newsmakers
Ten penny-pinching ideas for 2008
Mkts close at new high; shrug off global weakness Govt announces subsidy for number of rooms in hotels

'IT export targets to be met despite Re surge'
Rupee loses ground, gold price fell too
India logs surprise 11.8 percent industrial growth
NASSCOM-IIMA starts survey on women workforce of IT, ITeS
India's Petronet seeks partner offering cheap LNG
PSBs to hold 51% in clearing arm

Unitech's Chandra pips Mittal as richest self-made billionaire
Vikram Pandit named CitiGroup CEO
Indian honchos splash US Inc, climb Fortune mountain
Eton Park to invest $127 mn in Reliance Capital
Reliance Energy wins $945 mn contract
RIL to buy Hualon's assets for Rs 2k cr
RIl signs contracts for 2 Columbian blocks

German parent Linde to invest Rs 598 cr in BOC
Italian co to acquire 60% in Nicco unit
Tata Steel in JV for development of iron ore deposits in West Africa
Ansal gets UP govt nod for two Lucknow SEZs
NSE bans trading in 12 F&O securities
Analysts' picks: MphasiS; Ashok Leyland; United Phosphorus
Heard on the street

BGR Energy Systems IPO subscribed 61.62 times
Tata Consultancy eyeing 12 large contracts - CFO
Bancassurance to generate 35 % of private insurers' premium
Merlin Group forms JV company with city based export co
Redfort to invest $100 mn in Chennai
NSE allows new positions in 3 derivatives contracts


International News:

US Fed cuts key interest rate for third time in 3 months
Israel becomes world's 4th largest arms exporter
bal deals to drive Asia M&A charge
ABN Amro set to end Rothschild JV
ArcelorMittal acquires Argentine steel distributor
HSBC says aims to open 7 retail branches in Japan
China Sunshine Paper rises 8% in HK IPO debut


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Other Blogs Round Up

http://www.deadpresident.blogspot.com

US Market slammed as Fed disappoints /Fed cuts interest rates
Grey Market Premium Updates
Earnings 2007
Reliance Energy, Jindal Steel & Power December futures at premium
Welspun Gujarat /Deccan Chronicle / United Phosphorus
Market Mantra and Futures & Options
Fed-up of small cuts!
Stocks in News:
Wipro is looking to earn one-sixth of its global revenues by March 2009 from system integration business.
Pfizer's patent for new HIV follow up treatment drug Celzentry in India may face opposition from patient groups and NGOs.
Marico is currently test marketing hair oil, gel and shampoo for children.
ITC to provide supply solutions to help small stores place orders over mobile phones.
TV18 Group to buy a majority 53% stake in Infomedia India.
Ansal API receives UP government’s approval for two SEZs.
Jindal Drilling plans to divest 10% stake to fund expansion plans.
Nalco is investing Rs300bn over the next five years for setting up smelter and power plant in Indonesia.
SBI expects slowdown in personal loans by 5-10% in second half of FY08.
Shriram Transport Finance is looking at the replacement market to sustain its loan growth at 50% in H2 FY08.
Idea Cellular offers Rs16.5bn for additional 4.4MHz spectrum.
Reliance Industries to spend US$12bn to develop three gas basins.
IOC says it would stop fuel supply to the railways if the latter continues to insist on discounts.
United Phosphorus is set to bid for Australia's largest agriculture chemical company, Nufarm.
Tata Steel has entered into a joint venture with SODEMI for the developing Mount Nimba iron ore deposits in Ivory Coast in West Africa.
Suzuki announces that Maruti Suzuki India will make its next global car, the A-Star.
Mercator Lines raises about US$142.5mn from its listing at the Singapore stock exchange.
Reliance Industries sings contracts for exploration in two oil and gas blocks in Colombia.
Reliance Energy led consortium will contest Sea King while bidding for the Mumbai Trans-Harbour link.
Reliance Energy’s 4,000MW Shahapur project gets environment clearance.
L&T acquires 26% stake in New Delhi based consulting and engineering firm Feedback Ventures for Rs400mn.
JSW Energy invites bids for BoP package for its proposed 3x400MW coal fired power plant in Ratnagiri.
Commerce Minister Kamal Nath rules out any possibility of relaxation of land rules for SEZs.
The RBI may soon tighten norms for foreign exchange derivatives.
The Government is likely to extend Software Technology Parks of India scheme only to Indian ITES/BPO firms beyond 2009.
The Petroleum & Natural Gas Regulatory Board has urged the petroleum ministry to offer targeted subsidy on petrol, diesel, LPG and kerosene.

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http://www.kpowave.blogspot.com

Several Openings Exist currently in Edelweiss Capital for Finance and CFA candidates.Some of the prominent ones being:Edelweiss Capital-Research Analyst Openings


Evalueserve has openings related to finance in the following areas:1)Investment Banking 2)Corporate Finance...More...Investment Banking Openings in EVS

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http://freestocktips-2007.blogspot.com/

Sundram Fasteners Ltd. Stock Analysis
Company:Sundram Fasteners Ltd.
Industry:Auto Ancl - Engine
Recommendation:Performer
More @ Sundram Fasteners Ltd. Stock Analysis

Company:Tourism Finance Corporation of India
Industry:Finance - Term Lending Institutions
Recommendation:Performer
More @ Tourism Finance Corporation of India

Company:RSWM Ltd.
Industry:Textiles - Spinning - Synthetic Blended
Recommendation:Performer
More details @ RSWM Ltd-Stock Report and Analysis



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Myiris Business Updates

Myiris.Com

Wrap Up: Sensex ends up 84.98 pts after US Fed cut
Brokers` Outlook: Market to be volatile on Thursday

Renaissance Jewellery closes at 9.93% premium on NSE
Edelweiss settles at 83% premium on NSE
IL&FS Investment raises 2nd Int`l Real Estate Fund
Burnpur Cement fixed price IPO subscribed 15.19
Sundram Fasteners acquires Upasana Engineering
Suzlon`s arm Hansen list with 42.3% premium on LSE

Punj Lloyd bags Rs 5.90 bn order from IOC
BAG Films to air News 24, Hindi News channel on Dec 13
SAT dismisses stay on delisting of Essar Steel
REL secures 1,200 MW EPC order of over Rs 37,250 mn
Parsvnath Developers incorporates its subsidiary
South Indian Bank to overtake its targets for the current fiscal

Active stock: Infomedia soars over 4% on news of takeover by TV18
ArcelorMittal acquires Argentina`s steel giant
TV18 acquires 53% stake in Infomedia
ADB allocates USD 9.2 bn for infrastructure
RIL to infuse USD 12 bn to develop three gas basins
Diamond Power Infra to buy European co.

Tata Steel enters into JV with African co.
RIL to acquire Hualon`s assets
United Phosphorus keen on Australia`s Nufarm
Egypt to strike alliance with IOC for USD 9 bn refinery



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Kolte-Patil likely to list above Rs 200: Experts

Kolte-Patil likely to list above Rs 200: Experts


Pune based real estate developer, Kolte-Patil Developers, will list on the bourses on December 13, 2007. Analysts told Moneycontrol.com that the stock is likely to list above Rs 200 and advised to book profits above Rs 250.R S Iyer of K R Choksey Securities said, "Kolte Patil is expected to list at around Rs 200-215. Above Rs 250, one can book profits."

"Kolte Patil Developers is likely to list at Rs 230 against its issue price of Rs 145. Investors are advised to hold", Investment Advisor, S P Tulsian said.

The company had entered capital market with an public issue of 19,000,836 equity shares of Rs 10 each for cash at a price band between Rs 125 and Rs 145 per equity share.

The objects of the issue were to finance acquisition of development rights; finance the construction and development costs for some of the proposed projects; fund expenditure for general corporate purposes and achieve the benefits of listing on the Stock Exchange. The book running lead managers to the issue are DSP Merrill Lynch Limited and Edelweiss Capital Limited.


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Edelweiss Cap ends with 83% and Other IPO News : Moneycontrol.Com

Cheerful day for Edelweiss Cap, ends with 83%


It was a cheerful day for Edelweiss Capital, a diversified financial services company, which surged 95% before ending the day at Rs 1510.25 (up 83.06%) as against offer price of Rs 825 on the NSE. The stock has touched a high of Rs 1608.75 and low of Rs 1443.75. It has remained above Rs 1500 mark on the back of buying support from institutional investors.
It traded with volumes of 66,86,196 shares and turnover at Rs 1020 crore.

Rashesh Shah, CMD and CEO, Edelweiss Capital said, in an interview to CNBC-TV18, that they are in the final stages of getting the nod from Sebi for MF business; it will kick off in Q1CY08. He said the revenues may not move in line with markets yet, but other businesses will help in stabilising them.

The stock touched a high of Rs 1608.75 and low of Rs 1443.75 before settling the day at Rs 1509.95 on the BSE. It traded with volumes of 36,16,374 shares.
The company had come out with a public issue of 8,386,147 equity shares of Rs 5 each for cash, at a price band of Rs 725-825 per equity share. It had subscribed 111 times.

More @
Cheerful day for Edelweiss Cap, ends with 83%
MF biz to kick off in Q1CY08: Edelweiss Cap


Other IPO news:

Renaissance Jewellery gains 25% on day one
Renaissance Jwly plans 250 retail outlets over 3 yrs
Transformers IPO subscribed 66 times
BGR Energy Systems IPO subscribed 92 times


Source: http://www.moneycontrol.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information...

Vikram Pandit is new Citigroup CEO

Moneycontrol.Com


Indian born Vikram Pandit has been appointed CEO of Citigroup. Pandit faces a complex challenge at Citi. The group could still face additional losses of billions of dollars related to troubled housing loans. Citi stock has been down about 40% this year alone. Pandit was earlier Senior Executive at Morgan Stanley. Pandit founded hedge fund Old Lane that was acquired by Citi in April. According to reports, Former Chairman of the Group, Robert Rubin lobbied for Pandit.

Pandit said, “I am extremely honoured on becoming Citi's leader and I am looking forward to driving changes that I believe we need in this organisation.”

He added, "This is one of the world’s great financial institutions. The brand, the franchise, the presence around the world, the capabilities it has are enormous and when you look at the future of the financial services business, and pair that off against the capabilities that this organization has the opportunities are tremendous. I think the future ahead of us is one of putting the two together and making something good happen out of it and I am excited about being a part of that."


Excerpts from the exclusive interview with Vikram Pandit:

More@ Vikram Pandit is new Citigroup CEO



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Fed cuts interest rates by 25 bps to 4.25%: Moneycontrol.Com

Fed cuts interest rates by 25 bps to 4.25%

The US Federal Reserve lowered its benchmark interest rate by a quarter point to 4.25 percent, while signaling that it is open to further cuts if the housing slump and credit squeeze worsen.

The Central Bank also cut the discount rate by a quarter point to 4.75 percent, counter to speculation among investors that the Fed would make a deeper reduction.

The FOMC said, “Recent developments, including the deterioration in financial market conditions, have increased the uncertainty surrounding the outlook for economic growth and inflation.”

The Fed dropped language from its previous statement that risks of slower growth and faster inflation were ``roughly'' balanced. In a statement the FOMC said that recent developments, including the deterioration in financial market conditions, have increased the uncertainty surrounding the outlook for economic growth and inflation.

It added, “Lower borrowing costs should help promote moderate growth over time.”

The FOMC further said that lower borrowing costs should help promote moderate growth over time. Policy makers are actively considering steps to ease credit in financial markets, and haven't ruled out moves to increase liquidity before their next scheduled meeting on January 29-30.

According to CNBC analyst, Steve Leisman, there is a fairly widespread disappointment with the Fed. He said, “Not just here in the instinctive reaction of the markets, but I am talking about the considered opinion of seasoned Fed observers. The problem was not by the way - I don’t believe - with the quarter point rate cut. They did cut the overnight lending rate by a quarter to 4.25%.

It left the discount window unchanged. That is the rate where banks can borrow directly from the Fed with a wide variety of securities. That is the disappointment that I am taking up anyway. Meanwhile the Fed continued to raise concerns about inflation and did not say that the primary risk to the economy is for weakness instead of growth.”


Source: http://www.moneycontrol.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information

Moneycontrol, Rediff.com Stories

MoneyControl.Com

Market ends on a new high; Outperforms Asia
Angel Broking's top midcap picks!
Nitco Tiles may raise funds through QIP
Expect 35% upside in JBF Industries
Idea, Cairn India flying high on inclusion in Nifty
Bullish on infra, banking, metals, and power: JM Fin Const

RIL-RPL merger possible: Merill Lynch
Vikram Pandit is new Citigroup CEO
Oct industrial growth at 11.8% vs 4.5% YoY
REL wins EPC contract of Rs 3725cr from Damodar Valley
Pfizer's Celzentry gets patent, stock gains

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Rediff.Com

10 qualities of a successful stock trader
Ahmedabad, Kolkata among new global hotspots
Pandit vows to simplfy structure
Small, mid-cap stocks: Real stars
Spectrum: Auction is the best policy
Markets soaring: Which stocks to buy now
SIP is a great way to invest your money

At 18, he runs an anti-hacking company
Information You Can Use
M Tech and PhD programmes
IISER: Integrated Master's




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Sensex hits a new high, ends 85 pts up: Sify India

Sensex hits a new high, ends 85 pts up

It was a negative start for equities on the major Indian bourses this morning as weak global markets triggered a sell-off in early trade. However, with a few blue chip stocks bouncing back strongly, the Sensex, which had tumbled 245 points to 20,045.42 earlier, pulled back smartly and emerged into the positive territory in a flash.

But then, due to lack of support at higher levels, it turned out to be a rather choppy ride for the key indices till a little past mid afternoon. Buoyant industrial production data also failed the lift the sentiment in a significant way. Realty, metal and healthcare stocks were the ones in demand while IT, bank and auto stocks lagged behind.

Finally, making a dramatic comeback, the bulls began to mop up stocks in a frenzied way and lifted the Sensex to a new high at 20,419.11 in late afternoon trade. The Nifty also raced to a new peak at 6175.65. While the Sensex ended the day with a sharp gain of 84.98 points or 0.42% at 20,375.87, the Nifty settled at 6159.30, up 1.02% or 62.05 points over its previous closing mark. In intra-day trades today, the Nifty touched a low of 6005.45.

Housing finance stock HDFC, which hogged the limelight this afternoon, closed with a handsome gain of 5.35% at Rs 3103.95. Telecom stocks Reliance Communications and Bharti Airtel gained 3.55% and 2.25% respectively. Metal majors Tata Steel and Hindalco rallied 3.45% and 3.1% respectively. Power stock NTPC firmed up by 3.25% to Rs 251. Cipla (2.4%), ONGC (1.4%), Tata Consultancy Services (0.95%), ITC (0.9%), DLF (0.75%), Mahindra & Mahindra (0.65%) and Ranbaxy Laboratories (0.65%) also ended on a firm note.

HDFC Bank, which bounced back strongly in afternoon trade, closed with a modest gain of 0.55%. Hindustan Unilever edged up by 0.4%. Reliance Industries and Grasim Industries gained around a quarter per cent each. Wipro settled with a small gain at Rs 506.55.
Among the losers, Infosys Technologies eased by 3.3% to Rs 1684.80.

Satyam Computer Services ended with a loss of 2.35% at Rs 431.15. ICICI Bank slipped by 1.95% to Rs 1290.30. BHEL (down 0.8%), Reliance Energy (down 0.7%) and Bajaj Auto (down 0.55%) also closed with notable losses. Ambuja Cements, Maruti Suzuki, Tata Motors, State Bank of India, ACC and Larsen & Toubro also ended on a subdued note.

Nifty stock Nalco vaulted to a high of Rs 459.65 before settling for the day at Rs 451.95 with a big gain of 11.6%. Zee Entertainment ended with an impressive gain of 6.9% at Rs 327.70. Idea Cellular, GAIL India, SAIL, GlaxoSmithKline Pharma, Sun Pharmaceuticals, Cairn India and Tata Power moved up by 3% - 4.5%.

Dr. Reddy's Laboratories, Unitech, Hero Honda, Reliance Petroleum and HCL Technologies also closed on a positive note. Suzlon Energy shed 1.65% while VSNL closed with a loss of 0.4%.
HDIL, Jindal Saw, Gillette, Spice Telecom, Lanco Infratech, Nicholas Piramal, Ballarpur Industries, Tata Tea, Punjab Lloyd, Andhra Bank, Finolex Cables, Indian Oil Corporation, Bank of Baroda, Finolex Industries, Puravankara Projects, Maharashtra Seamless, Omaxe and Jindal Steel were among the prominent gainers from BSE 'A' Group.

Indian Bank, HTMT Global, Ramco Systems, FDC, i-Flex Solutions, Nestle, Indo Rama Synthetics, TN Newsprint & Papers, Rolta India, Indian Overseas Bank, Thermax, Alfa Laval, IndusInd Bank, Tata Elxsi and Geometric Software ended with sharp losses. Ansal
Infrastructure, Berger Paints, Gujarat Petronet, KS oils, Jindal Saw, NDTV, Phoenix Mills, Entertainment Network of India, Adlabs Films, Praj Industries, Triveni Engineering, Bilcare, SRF, Sintex Industries and Kirloskar Oil Engines were among the big gainers from the midcap index.

Among smallcaps, Supreme Petro, MCD Holdings, Everonn Systems, Techno Electrical Engineering, IFGL Refractories and Aarti Industries hit the roof. Nahar Spinnng ended nearly 20%. Balmer Lawrie, Steel Strips, Shrenuj Diamonds, Liberty Shoes, Vardhman Textiles, Maxwell, Taneja Aerospace, Paramount Communications and Geojit Financial Services also ended with strong gains.

Edelweiss Capital made a strong debut today. The stock opened at Rs 1443.75, a hefty premium to its issue price of Rs 825, and touched a high of 1608.75 in intra-day trades before signing of at Rs 1510.25. Around 6.69 million shares, valued at nearly Rs 1020 crore, changed hands at the Edelweiss counter on NSE today.

Though the premier indices remained sluggish for a better part, the market breadth was positive right through the session. When trade ended, out of a total of 2924 stocks seen in action on BSE, 2139 stocks were in the positive territory. 750 stocks posted losses and 35 stocks ended at their previous closing levels.

More @ www.sify.com/finance

Other Sify Stories:

GMR Infra raises Rs 3966 cr
Punj Lloyd wins $150 m order
ICICI Pru ups stake in FAG
India-born Vikram Pandit is the CEO of Citigroup. Will Pandit bring Citi back on track?
Petronet seeks partner offering cheap LNG
India, China trade to touch $70 b by 2010

Ashok Leyland launches first multi-axle vehicle
Robust manufacturing pushes up IIP to 11.8% in October
B.A.G. Films to launch Hindi news channel
IL&FS Investment gets fund commitment for $578 m
Jindal Drilling rises on stake sale plan
Reliance to invest $24 b in the Gulf: Mukesh

Kishore Biyani tops Disney bid for UTV Soft
Chandra pips Mittal as richest self-made billionaire
Renaissance Jewellery shares list up 27% on NSE
Bank of Rajasthan FII limit hike
South Indian Bank in expansion mode
L&T picks up 26% in Feedback Ventures

TV18 to take 53% stake in Infomedia India
'RComm is world’s top CDMA operator’


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Know About: Marc Faber, Investment Analyst

Marc Faber

Dr.[citation needed] Marc Faber (aka Dr. Doom) is an investment analyst and entrepreneur born in Zürich, Switzerland. Faber was born in Zurich and schooled in Geneva, Switzerland. He studied Economics at the University of Zurich and, at the age of 24, obtained a Ph.D. in Economics magna cum laude. Faber resides in Thailand and is best known for the Gloom Boom Doom newsletter and web site featuring "Dance of Death" paintings created by Kaspar Meglinger. During the 1970s Faber worked for White Weld & Company Limited in New York City, Zürich, and Hong Kong. He moved to Hong Kong in 1973. He was a managing director at Drexel Burnham Lambert Ltd Hong Kong from the beginning of 1978 until the firm's collapse in 1990. In 1990, he set up his own business, Marc Faber Limited. Faber now resides in Thailand, though he keeps a small office in Hong Kong.

Faber has gained a reputation as a contrarian investor. He has become a frequent speaker on various TV programs and forums in recent years. He is very bearish on the long-term outlook for the U.S dollar because he believes that the excessive money supply by Fed is inflationary and detrimental to the currency's value. He is very bullish on the long-term outlook for commodities.

More @ http://en.wikipedia.org/wiki/Marc_Faber


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Personality of the Day: Jagdish Khattar, Uday Kotak

Jagdish Khattar

Jagdish Khattar is the current Managing Director of Maruti Udyog Limited. Prior to this post, he has been an officer of the Indian Administrative Service with more than 37 years of experience. He is the current vice-president of 'Society of Indian Automobile Manufacturers'.[1] He has overseen a restructuring of the company in face of increased competition caused by the foray of various foreign car players in the Indian market.[2]

More @ http://en.wikipedia.org/wiki/Jagdish_Khattar

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Uday Kotak

Uday Kotak is an Indian businessman. He is the vice-chairman and managing director of Kotak Mahindra Bank. He owns 50% stake in Kotak Mahindra Bank, which he founded and runs. Forbes estimated his wealth at $2.2 bn in 2007 up from $1.1 bn the year earlier. In 2006 he ended a 14 year partnership with Goldman Sachs by acquiring its 25% stake in 2 subsidiaries for $72 million. He is an alumnus of the prestigious Jamnalal Bajaj Institute of Management Studies, Mumbai and Sydenham College, Mumbai.

More @ http://en.wikipedia.org/wiki/Uday_Kotak


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