Apr-May fiscal deficit at Rs 73,201cr : UTVi

Apr-May fiscal deficit at Rs 73,201cr

Fiscal deficit between April and May moved up to Rs 73,201 crore or 54.9% of the annual target. The deficit figure has already crossed the halfway stage for the entire year because of increased social spending.

The government has set a fiscal deficit target of Rs 1,33,000 lakh crore or 2.5% of gross domestic product for the 2008/09 fiscal year - lower than 2.8% in the previous year.
Fiscal deficit is the difference between the government's total expenditure and total receipts. The gap is financed by borrowings from the Reserve Bank of India and the markets


--------------------
Current a/c deficit narrows in Jan-March
Mumbai: The country's current account deficit narrowed to $1.04 billion in the January-March quarter from a revised deficit of $5.12 billion in the December quarter, the Reserve Bank of India said on Monday.

The deficit for the financial year ended March 2008 widened to $17.4 billion, or 1.5% of gross domestic product, from $9.8 billion, or 1.1 percent of GDP, in FY07.

The Reserve Bank of India said the balance of payments surplus in the March quarter fell to $24.99 billion from a surplus of $26.74 billion in the December quarter.

The trade deficit on a balance of payments basis narrowed to $23.8 billion in the March quarter from $25.1 billion in October-December.Net invisible receipts, which includes exports of software services and remittances by overseas Indians, were $22.8 billion in the quarter, up from $20 billion in the previous quarter.

"The current account deficit for January-March quarter suggests that the usual seasonal increase in invisibles has not kept pace with the rise in trade deficit this year, largely due to rising oil import bill," said Sonal Varma, an economist at Lehman Brothers.

India imports about 70% of its oil needs, and oil is the country's largest import.
Varma said oil prices and weakening demand for exports would widen India's trade deficit further, forecasting the current account deficit to widen to 3% of gross domestic product in FY09 from 1.5% in FY08.

Earlier this month, Arvind Virmani, the finance ministry's chief economic advisor, said there was only a very low probability the current account deficit would exceed 2.5 percent of GDP over the next four years."India should still get sufficient capital inflows to cover the current account deficit, but the overall balance of payments surplus is likely to moderate to $18 billion in FY09 from $92.2 billion," Varma said.

A current account deficit indicates the economy is drawing upon the savings of other economies to fund its investment.



Source: UTVi.com

VC, PE Updates

VCCircle.com

Exclusive: TravelGuru Sells Majority Stake To Expedia
“Private Market Valuations May Correct Over 3-6 Months”: KP Balaraj
Hinduja Foundries Gets $20M From Farallon’s PE Fund Amansha
Nitesh Shetty’s Serve & Volley To Secure Large Funding For OOH Biz

Subhiksha Acquires “Obscure” Listed Firm To Get Itself Listed
Iceland’s Kaupthing To List $80-M India Infrastructure Fund On AIM
Citi BPO & Infra Outsourcing Arm On Block, IBM Lead Contender: Report
Lufthansa-GMR JV For MRO Biz Grounded; GMR In Search Of Partners
Deutsche Bank Shifts Amrit Singh From London As India M&A Head

Temptation Foods In Hostile Bid To Acquire Basmati King Kohinoor
Sun Pharma Preparing For A Hostile Bid For Israel’s Taro
Religare Wants To Raise $250 Million; Another Acquisition In The Offing?
Axis Bank Invests Rs 250 Crore For A Minor Stake In India’s First Private Hill Station
UK’s Ashmore Launches $3 Billion Emerging Markets Fund
--------------------------------------
IndiaPE.com

IVCF launches three new funds
AT&T may buy Maxis' 74 pct in India's Aircel
Canaan to invest more in India
Lehman, Sachs, ICICI to pick 20% in OOH ad co
PE investments take a beating

PE firms review plans after Ranbaxy deal
PE Investment in realty seen at over $13 b
Digicable acquires 51% in CableComm
Subhiksha to acquire Chennai based company
Unitech to raise $1 bln from PE funds

Citi looking to sell Indian BPO and tech units
Unitech to offload 26% in telecom arm
PE firms seen taking fund-of-funds route
PE firms line up $2 bn for maritime logistics
Star, Balaji to part ways soon


Source: Above sites.

Sensex plummets 341 points

Sensex plummets 341 points

The market witnessed the second crash today after witnessing a fall of 620 points on Friday. Following a steep fall in global stock markets led by fears of a hike in crude oil prices, the Sensex resumed on a bearish note at 13,791, 11 points below its last close of 13,802. By mid-morning trades, the Sensex shed around 400 points on across-the-board selling pressure. The market started to deteriorate further towards the close, as fresh bout of selling saw the Sensex plummet over 350 points and touch the day's low of 13,406.

The Sensex dropped 2.47% and was down 341 points for the day at 13,462. The Nifty shed 96 points at 4,041.The market breadth was heavily tilted in favour of the losers as 2,103 stocks declined, while only 546 stocks advanced and 42 stocks remained unchanged on the BSE.

All the sectoral indices were battered on the BSE except information technology (IT), fast moving consumer goods (FMCG) and health care (HC) stocks. The BSE Realty index lost heavily and dropped 6.81% followed by the BSE consumer durables (CD) index (down 4.71%), the BSE Oil & Gas index (down 4.03%), the BSE Power index (down 3.55%), the BSE capital goods (CG) index (down 3.46%) and the BSE Bankex index (down 3.43%).

The second-rung benchmark indices the BSE mid-cap index and the BSE small-cap index tanked over 3% each.Only 8 stocks from 30 Sensex stocks managed to end in the green. Among the major losers Reliance Infrastructure tanked by 11.47% at Rs751.05. ACC slumped by 9.80% at Rs512, Ambuja Cement shed 6.83% at Rs73.50, Grasim Industries crumbled by 6.66% at Rs1,815. DLF dropped 6.60% at Rs389, Reliance Communications slipped by 6.58% at Rs433.10, Tata Motors plunged 5.03% at Rs416 and Mahindra & Mahindra fell by 5% at Rs477. Other front-line stocks also declined by over the range of 0.50-4% each.

--------------------------

Other Deadpresident blog stories:

Post Session Commentary - June 30 2008

Sensex down 960 points in two trading sessions

GSPL / Unitech / Idea Cellular
Hotel Leela / Axis Bank / Mindtree
Unitech, Bharat Electronics, GSPL, Reliance Indust...
SBI increases home loan rates
Asian Markets Ends June On A Cautious Note

Source: Deadpresident blog.

Stocks you can pick up : ET

Stocks you can pick up

'Core' picks can bring you value

'Rupee to test 47-level vs USD'

Source: ET

Sensex seen heading to 12k level

Sensex seen heading to 12k level
Having lost over one-third of its value in less than six months, stock market seems to have more pain in store for investors with experts seeing the benchmark Sensex heading back towards 12,000 level in the next few months. The continuing crude oil rally and unabated selling by FIIs are unlikely to let the market see a near-future uptrend, while domestic factors like inflationary pressures and rising interest rates are also playing spoilsport, analysts believe.

International brokerage and equity research major CLSA analyst and renowned portfolio manager Christopher Wood has told his clients in the latest June edition of his famed "Greed and Fear" report that the Senses dropping back to a 12,000 level could not be ruled out in the wake of surging oil prices and continuing selling activities by foreign investors. "Certainly, a re-test of the 12,000 level on the Sensex cannot be ruled out in these circumstances.

And that will be accompanied by a further weakening in the rupee," Wood said. Striking a similar note, research and analytics firm Evalueserve's Chairman Alok Aggarwal wrote in a whitepaper that Sensex could drop to 12,000 level in the near term if the present financial crisis does not subside, crude oil continue to trade upward and FII outflow continue unabated.

"We now believe that the Sensex could drop to 12,000 in the near term, the Rupee could depreciate by another 5-6 per cent against the US dollar, and the GDP growth could slow down to approximately six per cent by the fourth quarter of this fiscal year," Aggarwal said. Agreeing to the probability of Sensex falling to 12,000 level, domestic brokerage firm Asika Stock Brokers' Research Head Paras Bodhra said corporate earnings could also be a major driving factor in the coming months.

The Sensex can fall to 12,000 level during the next 3-6 months, but it depends on the corporate results season, Bodhra said, adding if the earnings turn out too bad then the index may drop to this level. "It is quite a possibility, as macro problems may trickle down to micro levels, leading to a deterioration of fundamentals, he noted. These projections are in sharp contrast to the Sensex seen heading towards 25,000-point mark till a few months ago when bulls were in the driving seat.

If the bears keep extending their reign on the bourses and pull back the barometer to 12,000-level, it would wipe off all the gains recorded in about past two years ago. The benchmark index Sensex had touched the 12,000 level for the first time in September 2006. However, amid a continuing bearish phase continuing for about six months now, the Sensex has fallen over 7,000 points from its all-time peak of 21,206.77 points, scaled on January 10.

It settled at 13,802.22 points on Friday after a 620-point fall amid concerns over surging crude oil prices and inflation. CLSA's Wood noted in his 'Greed and Fear' report that a further rise in the oil price would continue to be particularly bad news for India, despite RBI's increasingly pre-emptive monetary tightening stance. The RBI last week announced hike in the repo rate and the cash reserve ratio (CRR) by 50 basis points each to 8.5 per cent and 8.75 per cent, respectively. These steps are expected to suck out an estimated Rs 15,000-20,000 crore liquidity from the banking system and have been seen as a contributor to the recent fall in overall turnover in the equity market.

Some analysts, however, expect a drop in the Sensex to the psychological 12,000-level to trigger a strong buying opportunity for foreign investors. "Any such decline to that level is viewed as a massive long-term buying opportunity in India and the rest of Asia," Wood said. However, due to selling by foreign investors, a clear risk of a further move down to the 12,000 level on the Sensex still remains, given the parabolic oil risk, he added. CLSA noted that a further rise in oil can only be bearish for the Asia-Pacific region, since there would be growing focus on the deteriorating terms of trade for Asian economies and the resulting need for higher interest rates to fend off potentially destabilising currency depreciation.

FIIs have, so far, sold a net $ 6.2 billion worth of Indian stocks this year, against a net purchase of $ 51 billion between the beginning of 2003 and the end of 2007. "There is then clearly every risk that foreigners sell more," CLSA said. It, however, ruled out that the Indian stock market would underperform dramatically from the current levels as RBI has become more proactive than some other Asian central banks which may have to play catch up.


Source: ET

BL : Stock Research Reports

HCL Infosystems: Buy
Aban Offshore: Buy..More
Mundra Port and SEZ: BuyMore

Dabur Pharma: Sell in marketMore
What has changed with MF portfolios
Focus on short-term funds

Diverging sharplyEquity fund returns More
DSPML Top 100 Equity Fund: Invest
DWS Alpha Equity: Hold..More

VENTURE CAPITAL GROUND REALITIES
Private equity optimistic
Consumers in the real-estate sector may complain about increasing interest rates and property prices going out of reach. And developers may complain about increasing costs, tightening fund flow and a slowdown in the market. But ... More
------------------------------------------
ECB inflow slows down in April-May
Subhiksha buys listed NBFC
Steel output growth slows, falls below Asian average
Reliance MF launches SIP scheme with insurance cover

India Inc imports expat talent from similar markets
Index Outlook / 1987 in replay?More
Jharia project: ONGC to start commercial production soonMore
9% growth over medium term possible, says Montek


Source: http://www.businessline.in. 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 .

Corporate Results: Unitech, GDl, Panacea, ONGC, Allgargo, Religare, Patel Engg, Tatachem, CBI etc

Unitech FY08 cons net profit stood at Rs 1661.86 cr
Bhagyanagar India Q4 net profit at Rs 7.7 cr
Panacea Biotech Q4 net profit at Rs 24.9 cr
Global Vectra Q4 net loss at Rs 9.2 cr
JK Paper Q3 net profit at Rs 15.8 cr

Allcargo Global Q4 cons net profit at Rs 26.1 cr
Gateway Distriparks Q4 cons net profit at Rs 15.1 cr
Religare Enterprises Q4 net profit at Rs 21.92 cr
Tata Steel FY08 cons net profit up at Rs 12349.8 cr
ONGC FY08 cons profit up at Rs 19,872.26 cr

Jet Airways Q4 net loss at Rs 221.2 cr
Tata Chemicals FY08 net profit at Rs 964 cr
Patel Engg FY08 cons net profit at Rs 151.9 cr
Central Bank Q4 net profit at Rs 127.2 cr

-----------------------------
other results:
Webel Sl Energy Systems reports net loss of Rs 1.03 crore in the March 2008 quarter
Hindustan Organic Chemicals net profit declines 92.94% in the March 2008 quarter
Man Industries India net profit rises 4.49% in the March 2008 quarter
Sarda Energy & Minerals net profit rises 1807.39% in the March 2008 quarter
Numeric Power Systems net profit rises 115.05% in the year ended March 2008



Source: http://www.indiaearnings.com , www.capitalmarket.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 .

Nano roll out by Durga Puja : UTVi

Nano roll out by Durga Puja

Tata Motors on Saturday said its ambitious Nano project was facing cost overrun but maintained the Rs 1 lakh car could be rolled out from its Singur facility by Durga Puja.

Ravi Kant, MD, Tata Motors, after meeting West Bengal Chief Minister Buddhadev Bhattacharjee, told reporters that the entire project had been reworked at the plant site at Singur due to floods last year which had led to the cost escalation.

"We have already sunk in Rs 2000 crore", Kant said, adding earlier the project cost was pegged at Rs 1700 crore.

Stating that Tata Motors was fully committed to the Singur project, Kant said if everything went well as planned, then the Nano car would be rolled out from the plant during Durga Puja.
"We hope to start trial production during July or August" he said.

Asked whether there was a possibility of Nano being rolled out from any other plant of Tata Motors, Kant said, "Nano will be produced in West Bengal".Kant had visited the Singur plant yesterday to review progress and held long discussions with suppliers and vendors.



Source: http://www.utvi.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 .

Heavy selling pulls stocks down

Heavy selling pulls stocks down

Mumbai, June 27 The ‘Friday syndrome’ hit the equity market for the second week in a row, as investors, gripped by fears of galloping inflation, resorted to heavy selling.

This week, besides the high inflation figure of 11.42 per cent, there was more depressing news: oil price hit the record $142 a barrel. The US and other overseas markets fell sharply and political uncertainty at home over the Nuclear deal further dampened the market sentiment.
The benchmark index closed below 14,000-levels at 13,802, losing 620 points from its previous close.

NSE’s Nifty index dropped 179 points to 4136.65.
On last Friday, the Sensex had lost 516 points after the inflation climbed to double digits at 11.05 per cent from 8.75 per cent in the previous week.

Chain reaction
“It’s a chain of events that is pulling the market down – high inflation means high interest rate and higher input costs. Commodity prices are rising and access to capital is becoming difficult whether it is equity or debt,” said an analyst.
The market opened with a huge negative gap of 294 points , taking a cue from the heavy fall in the overnight US market and the weak opening of the Asian markets. Sensex fell to a low of 13,760 intra-day as inflation numbers came in.
Interest rate-sensitive sectors such as bank, auto and realty faced heavy selling. Bankex shed maximum of 5.34 per cent among the BSE sectoral indices, followed by Auto index (5.26 per cent), Realty index (4.45 per cent). None of the sectoral indices could escape the selling pressure.

FIIs selling out
In the current market, finding the bottom is becoming difficult. FIIs maintained their net selling position (Rs 703.11 crore), a trend witnessed over the past one month, while the domestic institutions again went for value-buying (Rs 305.71 crore as per the BSE-NSE data.) FIIs have sold equities worth Rs 10,000 crore so far in June with today’s provisional figures along with Rs 9349.60 crore worth of selling recorded by SEBI as on Thursday.The domestic mutual funds have bought equities worth approximately Rs 3,000 crore.
Large cap stocks were among those severely hit. As compared to the 4.30 per cent fall in the Sensex, BSE Midcap index fell by 3.19 per cent and the Small-cap index by 2.68 per cent.

Other stories:
Sonia lifts the curtain on polls
Unitech Q4 net down 50%
India, Pakistan agree on stand on pipeline talks
Demand for cement seen softening
Bears keep their date with Fridays


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RIL to begin production from KG-D6 block in Q3 of 2008

RIL to begin production from KG-D6 block in Q3 of 2008

Reliance Industries will begin oil and gas production from its prolific eastern offshore D6 block in the third quarter of 2008 calendar year, the company's junior partner Niko Resources of Canada has said.

Reliance is investing $5.2 billion to bring to production Dhirubhai-1 and 3 gas fields - two of the 18 finds made in the KG-DWN-98/3 (D6) block in Krishna Godavari basin. Alongside, it is also developing the MA oil field in the same block. Both "oil and natural gas production is expected to commence in the third calendar quarter of 2008," Niko said in its regulatory filing.

Volumes will ramp up to a targeted rate of 2.8 billion cubic feet per day (80 million standard cubic meters per day) of gas within first year of production. Peak oil output is seen at 40,000 barrels per day (2 million tons per annum).

Yesterday, the government had said that Reliance will pump 25 mmscmd gas from D6 from September and 40 mmscmd from March 2009. "The wells and facilities are substantially complete," Niko, which holds 10 per cent in D6, said. Niko said R1 exploration well in KG-D6 block added 2.2 Trillion cubic feet of reserves, while proved natural gas reserves in Dhirubhai-1 and 3 fields have more than doubled to 9.2 Tcf. Proven plus probable gas reserves in the two fields has risen by 15 per cent to 13 Tcf.

For oil field development, Reliance and Niko are investing $1.5 billion while in the second phase of gas development, the two firms would invest another $3.6 billion. Niko said conceptual studies are underway for the development of eight of the natural gas discoveries in the prolific Block. These discoveries are adjacent to Dhirubhai 1 and 3 gas fields that are currently under development. It is intended that these satellite discoveries be tied back to the Dhirubhai 1 and 3 facilities. Numerous other prospects have been identified in deeper water areas of the block, where further upside potential will be evaluated.

Reliance is currently drilling MK-1 Cretaceous exploration well, which is 11 km from the MA oil development. Of the $5.2 billion Phase-I investment, Reliance and Niko had sunk-in 2.58 billion dollar by March 31, 2008. In September 2007, the government approved the pricing formula for the sale of natural gas to be produced from the D6 Block, which currently results in a gas price of USD 4.2 per million British thermal unit.

Niko said the wells, the floating production, storage and offloading vessel (FPSO) and other facilities for the MA oil field are substantially complete. The initial field development costs, excluding the FPSO, are estimated at USD 1.5 billion and USD 400 million had been spent until March 31, 2008. The expected oil production from the MA field in the D6 Block will be sold at international market prices. Reliance, which holds 90 per cent sake in the 7,645 sq km KG-D6 block, won the block in the government's first international bid round in 1999. "Development of the Dhirubhai 1 and 3 natural gas fields and the MA oil field is substantially complete and exploration is ongoing on this block," Niko added.


Source: http://economictimes.indiatimes.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 .

Tata Steel FY08 net zooms 195%

Tata Steel FY08 net zooms 195%

Mumbai: Tata Steel Group has posted a three-fold jump in its consolidated net profit at Rs 12,349.98 crore for the year ended March 31, 2008 (FY08) when compared with Rs 4,177.27 crore for FY07.

According to an official release issued by the company to the BSE today, total income has increased to Rs 1,32,110.09 crore for the year ended March 31, 2008, from Rs 25,650.45 crore for the year ended March 31, 2007.

On a stand-alone basis, the company has posted a net profit of Rs 4,687.03 crore for FY08 as compared to Rs 4,222.15 crore for the year ended March 31, 2007.

Total income has increased to Rs 20,028.28 crore for FY08 from Rs 17,984.76 crore for FY07.
The board of the company has recommended a dividend of 160%, i.e. Rs 16/share for FY08.UTVi spoke exclusively to Philip Varin, CEO, Corus, who said that the increase in whole material costs is inevitable.

While , B Muthuraman, MD of Tata Steel, believes that India's demand for steel would increase, despite stagnant growth."We have contracts...one year contracts. In a situation when an increase in the material costs happen, in time it will become comfortable as we are able pass this cost increase to our consumers," said Philip Varin, CEO, Corus.

"Growth could go down to 6-6.5%. If you look at steel, India imported 6-7 million tonne last year as opposed to 8-9 million tonne this year. India's demand for steel will increase irrespective of stagnant growth," said B Muthuraman , MD, Tata Steel.
---------------------------------------------
Other Corporate stories from Reuters INdia

India may see snap poll after nuclear deal end game
Chidambaram: double digit inflation to last some weeks - TV
Wall St drops on banking worries, tech outlook
SBI raises lending rate by 50 basis points

Tata Steel profit rises on Corus /India's Tata Steel FY08 consol net $2.9 bln
Union Bank raises prime lending rate by 50 bps
S&P cuts India 08/09 GDP growth forecast to 7.8 pct
Rupee at 3-wk high on firm stocks, softer oil



Source: http://www.utvi.com and http://in.reuters.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

Mkts: Sensex gains over 200 pts; RIL shines

Mkts: Sensex gains over 200 pts; RIL shines

Taking cues from firm global markets, equities opened on a rousing note on the major Indian bourses this morning. But a strong wave of selling that erupted in late morning trades, pushed the Sensex by over 200 points from an early high and down into the red around noon.

However, thanks to some frenzied buying - largely on short-covering due to expiry of June series derivatives contracts - in a few blue chip stocks, including heavyweight Reliance Industries, the barometer bounced back smartly and signed off on a positive note this afternoon. Besides a few oil majors, some key stocks from information technology, metal and auto sectors also ended on a high note today.

While the Sensex ended with a gain of 201.75 points or 1.42% at 14,421.82, around 28 points down from its intra-day high of 14,449.81, the Nifty settled at 4315.85 with a gain of 63.20 points or 1.49%. In intra-day trades today, the Nifty hit a high of 4324.75 and a low of 4230.
Reliance Industries ended the day with a handsome gain of 4.9% on strong volumes. Ambuja Cements, the top gainer among Sensex stocks, closed 6% up at Rs 87.50. Wipro moved up by 5.15%. Cipla ended stronger by 4.4%.

Satyam Computer Services, Tata Motors and HDFC gained 3% - 3.5%. ITC and Mahindra & Mahindra advanced by 2.7% and 2.35% respectively. Larsen & Toubro, Tata Steel, Infosys Technologies, Reliance Infrastructure and State Bank of India gained 1% - 2%. ACC and ONGC ended with modest gains while ICICI Bank and Tata Consultancy Services closed flat.

Reliance Communications, Maruti Suzuki, Hindalco, Ranbaxy Laboratories, DLF, Hindustan Unilever, Bharti Airtel, HDFC Bank and NTPC closed with sharp losses. Jaiprakash Associates, Grasim Industries and BHEL also finished on a weak note.

Tata Communications (up 9.3% to Rs 394.15) was the biggest gainer in the Nifty pack. Power Grid shot up by 5.7%. HCL Technologies notched up a handsome gain of 5.4%. GAIL India, Sun Pharmaceuticals, SAIL, Nalco, Reliance Petroleum, Hero Honda, ABB, Tata Power, Unitech, Sterlite Industries, Cairn India and Siemens also ended on a highly positive note today.

Following the Union Cabinet approving the new fertiliser policy, fertiliser stocks had a nice ride up the charts today. Chambal Fertilizers, Nagarjuna Fertilizers & Chemicals, Gujarat State Fertilizers, Rashtriya Chemicals & Fertilizers, National Fertilizers and Tata Chemicals, all had a good run in the positive zone today.

Despite enjoying a good spell in the positive territory, several midcap stocks ended the day on a weak note due to selling at higher levels. However, a number of smallcap stocks held on to their gains. The market breadth was positive. Out of 2698 stocks traded on BSE, 1483 stocks ended on a winning note. 1143 stocks closed with losses and 72 stocks ended at their previous closing levels.


Source: http://www.sify.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 .

Equities snap losing streak: RIL ends 4% up

Equities snap losing streak: RIL ends 4% up
Short covering ahead of expiry, Nifty support at 4100

Fresh buying as well as short covering at lower levels saw equities close higher Wednesday. Gains in heavy weight Reliance Industries and ONGC supported the benchmarks while losses in HDFC capped gains.

Bombay Stock Exchange’s Sensex closed at 14,234.79, up 128 points or 0.90 per cent. The index touched a high of 14,248.65 and low of 13,731.54 in the day. National Stock Exchange’s Nifty ended at 4,249.65 up 58.55 points or 1.39 per cent. The broader-Index touched an intra-day high of 4,264.55 and low of 4,093.20.

BSE Midcap Index closed 0.59 per cent higher at 5,746.66 and BSE Smallcap Index ended 0.74 per cent up at 7,058. Biggest Sensex gainers were Reliance Communications (up 7.2%), Tata Steel (4.46%), DLF (4.19%), Reliance Infrastructure (4.17%), Tata Consultancy Services (4%) and Bharti Airtel (3.98%). HDFC (down 4.29%), Wipro (2.91%), Cipla (2.75%), Infosys Technologies (2.48%) and ITC (2.46%) were the losers. Market breadth turned positive with 1382 advances and 1251 declines. (All figures are provisional) .

Equities snap losing streak: RIL ends 4% up
Sensex regains lost ground; Tata Steel, TCS support
Nifty June flat to spot; oil & gas, metals gain
Nifty holds gains; global cues aid
Short covering in oil & gas, Nifty June discount widens
Market recoups losses, but banks still suffer
--------------------------------------------
Mkts end higher led by short covering; shrug off rate hike

It was a smart pull back rally for the markets on strong volumes in last one hour of trade after remained volatile for major part of the day, ahead of F&O expiry day for the month of June. It was mainly because of short covering in the F&O market, which has started in yesterday's trade. It shrugged off completely the effect of RBIs move, which hiked Repo rate and CRR by 50 bps each yesterday. Rally in late trade led by oil, telecom, and select metal, IT and capital goods stocks. Midcap and small cap stocks also bounced back.

Markets had witnessed sharp sell off in opening trade due to RBI's move but managed to show sharp recovery in the first one hour of trade itself and turned into choppy mode since then. The Nifty went below 4100 mark and the Sensex below 14000 in early trade. But due to smart buying support and short covering in F&O, markets jumped up in late trade.

The Sensex has recovered nearly 488 points and the Nifty 159 points from day's low of 13,731.54 and 4093.20, respectively. The Nifty closed at 4252.65, up 61.55 points or 1.47% and the Sensex at 14,220.07, up 113.49 points or 0.8% after hitting an intraday high of 4264.55 and 14,248.65.

Main contributors in today's rally were Reliance Industries, Reliance Comm, Bharti Airtel, Tata Steel, BHEL, TCS, DLF and ONGC.Amongst frontliners, Unitech was up 7.87%, Reliance Communication 7.30%, Tata Steel 4.43%, DLF 4.30% and Reliance Infrastructure 4.17% while HDFC lost -4.29%, Wipro -2.91%, Cipla -2.54%, Infosys -2.48% and Power Grid Corp -2.76%.

More @Mkts end higher led by short covering; shrug off rate hike

Buzzers-
LG Bros up 20%; Renold to acquire Industrial Chain Biz Of~LG Balakrishnan For 5.7 m Pounds-Niraj Cem up 20%; Recent listing-
GHCL up 10%; Dow Chem to increase prices by another 25% in July-
Spice up 17.2%; market believes that Spice group will pump more money in Spice Mobile
-Sasken Comm, HOEC, BOI, Punj Lloyd, Shree Renuka, Rel Cap.

F&O Snapshot
Nifty rollover at 53%, Market wide at 53%
Short covering seen in the Nifty futures
Nifty June at 8 pts discount Vs 19 pts disc in the morning
July futures at 42 pts disc Vs 50.7 pts disc in the morning
Cement and construction continued to witness strong rollovers
Options:
Nifty 4200 July call adds 12.9 lakh shares
Nifty 4300 July call adds 10.3 lakh shares
Nifty 4000 July put adds 6.8 lakh shares

Star Trade:Sasken up 14%; adds 2.4 lakh shares in July
Fresh Longs:Hind Oil up 9%; adds 12 lakh shares in JulyCentury Text up 9.3%; adds 5.5 lakh shares in JulyBombay Deying up 8.4%; adds 2.1 lakh shares in JulyEssar Oil up 4.3%; adds 8.6 lakh shares in JulyReliance Ind up 3.5%; adds 16.7 lakhs shares in July Tata Steel up 3.8%; adds 21.9 lakh shares in JulyRPL up 4.5%; adds 1.1 cr shares in July SAIL up 3.2%; adds 55 lakh shares in July
Short Covering:Bank of India up 8.5%; sheds 1.7 lakh shares in July
Fresh Short :Oriental Bank dn 6%; adds 3.3 lakh shares in JulyYes Bank dn 4.5%; adds 6.6 lakh shares in July.



Source: ET, Moneycontrol.com

Working from home she runs a Rs one crore company: Rediff Special

Working from home she runs a Rs one crore company

That's very easy," laughs Namita Sibal when asked how she manages both business and family. The 35-year-old mother of two, along with friend Manisha Gupta started indianartcollectors.com a Web site that acts as a platform between art collectors and artists/painters.

Her day begins at 6.30. After packing off her kids to school and husband to office ("husbands are like children too", she chuckles) by 9.30 she gets back to work. Two hours of web surfing later she goes to the gym for an hour.

By the time her children come back home at 2.30 pm she has almost done a good part of her job.
"It is such an easy business model and that's why I opted for it," she says about indianartcollectors. In just three years this team of two has notched revenue of Rs 60 lakh just by helping get art collectors (buyers) and artists (sellers) together. They estimate to end the year 2008 with a revenue of Rs one crore says an emphatic Namita.

Here she discusses the story behind Indianartcollectors and how the business actually works with rediff.com's Prasanna D Zore.

More @ http://www.rediff.com/getahead/2008/may/20namita.htm

Other Rediff specials:
7 investment risks and how to deal with them
How to use credit card reward points
How to cut down your fuel bill

Information You Can Use
• CIMAP opens PhD admissions• Want a career in the airlines?
• Diploma in Business Admin• • BE, BTech, ME, MTech progs
• Interested in nano technology? • PG degrees in management
• Diploma in Computer Appns• IGNOU's BA in Intl Hospitality
• XIME opens Exec MBA prog• Distance Engg & Mgmt progs
• IMTECH opens PhD progs• IIM-L's executive MBA• Want a foreign MBA?


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Hot Jobs from CoolAvenues.com

Source: Coolavenues.com

Marketing/ Sales/ Advertising

24 June 2008 - Service Manager A Leading Player in Domestic Telecom Market
23 June 2008 - AVP / VP - Residential One of the Fortune 100 Companies
23 June 2008 - HEAD / VP / AVP - Strategic Consulting & Research One of the Leading Fortune 100 Global Companies
23 June 2008 - Territory Sales Manager One of the World's Leading ERP Solution Providers
23 June 2008 - Proposal / Integration Lead Satyam Computer Services Ltd.
23 June 2008 - Pre-sales Team Lead Satyam Computer Services Ltd.
23 June 2008 - President - Sales & Marketing - Real Estate Development A 10,000+ Crore Group into Real Estate Development, Construction & Infrastructure
23 June 2008 - CEO - Real Estate Development A 10,000+ Crore Group into Real Estate Development, Construction & Infrastructure
23 June 2008 - COO - Corporate / ON Premises A Top Textile / Garment Group
------------------------------------------------------------------
Finance/ Banking

23 June 2008 - AVP - Legal A Leading Fortune 100 Financial Company
23 June 2008 - HEAD / VP / AVP - Strategic Consulting & Research One of the Leading Fortune 100 Global Companies
20 June 2008 - Associate / Sr. Associate One of the Largest & Most Successful Private Equity Firms
18 June 2008 - Manager Capgemini Consulting India Pvt. Ltd.
14 June 2008 - Manager / Sr. Manager - Project Feasibility & Site Appraisal A Leading Private Equity Firm
------------------------------------
HR

22 June 2008 - Assistant Manager - Talent Assessment Birla Sunlife Insurance Company Ltd.
19 June 2008 - VP - Employee Engagement A Leading MNC Bank
19 June 2008 - VP - Compensation & Benefits A Leading MNC Bank
18 June 2008 - GM - Employee Relations No. 1 Group in India, which is into many businesses
18 June 2008 - GM - Talent Management & Organization Effectiveness No. 1 Group in India, which is into many businesses
14 June 2008 - Consultant Top HR Consulting Firm
--------------------------------------
Technology

24 June 2008 - Change Manager One of the Top 3 Companies in the Domestic IT Market
24 June 2008 - Enterprise Architect - Technology Platforms One of the Top 3 Companies in the Domestic IT Market
23 June 2008 - Territory Sales Manager One of the World's Leading ERP Solution Providers
23 June 2008 - Proposal / Integration Lead Satyam Computer Services Ltd.
23 June 2008 - Pre-sales Team Lead Satyam Computer Services Ltd.
23 June 2008 - Client Manager One of the Fastest-Growing System Integration Company in India & Asia Pacific
23 June 2008 - Sr. Account Manager - Enterprise Sales One of the Top 3 Companies in the Domestic IT Market
19 June 2008 - Product Technical Specialist Second Largest IT Products Distributor in Domestic Market
19 June 2008 - Product Sales Specialist Second Largest IT Products Distributor in Domestic Market
19 June 2008 - Business Development Manager - Governmant Sales Wipro Infotech
19 June 2008 - Software Analyst Tuxedo Wipro Infotech
19 June 2008 - Sales Manager - Server One of the Top 3 Companies in the Domestic IT Market


Source: http://www.coolavenues.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

RBI hikes repo rate, CRR by 50bps: UTVi.com

RBI hikes repo rate, CRR by 50bps
RBI hikes key rates, loans to be dearer
RBI announces Monetary Measures
Click here to download the RBI release

Important developments have taken place in recent weeks with regard to inflation. To assess these developments, it is important to recognise the key forces at work. The escalation in inflation last week mainly reflects the pass-through of international crude prices to domestic prices effected on June 5, 2008. Unlike in some mature economies, however, the pass-through is not occurring on a continuous basis in developing economies including India. Thus, the policy response to the escalation in crude prices could be somewhat similar to other countries but tailored to suit our conditions.
Besides oil prices, there are some underlying inflationary pressures impacting inflation in India. Inflation, based on variations in the wholesale price index (WPI) on a year-on-year basis, increased to 11.05 per cent as on June 7, 2008 from 7.75 per cent at end-March 2008 and 4.28 per cent a year ago. Excluding the fuel sub-group, inflation rose to 9.61 per cent from 5.92 per cent a year ago. Excluding fuel and food, inflation was 10.33 per cent as against 6.33 per cent in the corresponding period of the preceding year. inflation based on the consumer price index (CPI) for industrial workers (IW) and urban non-manual employees (UNME) stood at 7.81 per cent and 6.99 per cent, respectively, on a year-on-year basis in April 2008 as compared with 6.67 per cent and 7.74 per cent a year ago. Inflation based on CPI for agricultural labourers (AL) and rural labourers (RL) stood at 9.11 per cent and 8.84 per cent in May 2008, respectively, as compared with 8.22 per cent and 7.90 per cent a year ago. Therefore, it is important to recognise that an adjustment of overall aggregate demand on an economy-wide basis is warranted to ensure that generalised instability does not develop and erodes the hard-earned gains in terms of both outcomes of and positive sentiments on India's growth momentum.
The urgency of this broader, albeit somewhat painful but timely contraction has to be viewed in the context of the new reality of high and volatile energy prices not necessarily being a temporary phenomenon any longer. Monetary policy recognises the need to smoothen and enable this adjustment so that inflation expectations are contained. The Reserve Bank has been acting pre-emptively from April 2008 onwards, keeping in view the lagged effects of such measures on the economy. Accordingly, the cash reserve ratio (CRR) was raised by 25 basis points each from the fortnights beginning April 26, May 10 and May 24, 2008. On May 30, 2008 special market operations were announced to alleviate the binding financing constraints faced by public oil companies in importing POL as also to minimise the potential adverse consequences for financial markets in which these oil companies are important participants. Subsequent to the announcement of the oil price hike, the repo rate was increased by 25 basis points on June 11, 2008.
This calibrated approach on an ongoing basis and in a timely manner draws upon the lessons from managing these challenges in the recent period. Graduated monetary policy actions undertaken since September 2004 to withdraw monetary accommodation have successfully moderated signs of overheating that emerged in 2006-07 and continue to have some stabilising influence on the economy. Supply management strategies undertaken by the Government of India are also working through the economy.
However, on a year-on-year basis, money supply (M3) increased by 21.4 per cent as on June 6, 2008 over and above the growth of 21.0 per cent a year ago and well above the indicative projection of 16.5-17.0 per cent set for 2008-09 in the Annual Policy Statement of April 2008. Similarly, reserve money increased by 28.5 per cent on June 13, 2008 as compared with 24.6 per cent a year ago. Aggregate deposits rose by 23.2 per cent on a year-on-year basis on June 6, 2008 which is above the indicative projection of 17.0 per cent for 2008-09. Non-food credit growth was 26.2 per cent and was also above the indicative projection of 20.0 per cent.
At this juncture, the overriding priority for monetary policy is to eschew any further intensification of inflationary pressures and to firmly anchor inflation expectations. Several positive factors that currently exist need to be recognised. Relative to several other emerging economies, the Indian economy has, by and large, a reasonable supply-demand balance which provides some insulation in managing this unprecedented shock from global oil markets. Domestic financial markets and institutions have been largely secured against the contagion from the unsettled conditions in international financial markets. Furthermore, India is somewhat de-coupled from the intensifying global food crisis in view of the improvement in domestic agricultural performance. The external sector is strong and resilient with modest current account deficits relative to the size of the economy and has a comfortable level of foreign exchange reserves. Accordingly, the major focus of public policy at the current juncture needs to be on dealing with the impact of the escalation of international crude prices in a well-managed and smooth adjustment that draws on demonstrated strengths and positive outcomes. Moderating and managing aggregate demand so that pressures on prices are not intensified is a critical element of this approach.
In this regard, monetary policy has to urgently address aggregate demand pressures which appear to be strongly in evidence. First, inflation has increased to a 13-year high and inflation expectations have been driven up by unrelenting pressures from international commodity prices, particularly crude and metals. Second, investment demand continues to be strong, growing in the range of 14-19 per cent annually since 2002-03 and currently constituting 36 per cent of GDP. This is also reflected in the pick-up in the growth of domestic capital goods production in April 2008 after some deceleration in January-March. Furthermore, consumption demand appears to be reviving the production of consumer goods, with a turnaround in the production of durables. Third, with merchandise imports running ahead of exports, the trade deficit widened sizeably in 2007-08 and has continued to expand in April 2008. Although large oil imports appear to be the main driver, non-oil imports have also increased at a considerable pace, contributing more than 60 per cent of the overall import growth in April 2008 and reflecting the pressure of domestic demand. There has also been some tightening of external financing conditions in the ongoing global financial turmoil. Fourth, fiscal pressures are emerging due to the possibility of enhanced subsidies on account of food, fertiliser and POL as well as for financing deferred liabilities relating to farm loan waivers with implications for additional pressures on aggregate demand, and with potential spillovers into the external sector.
The overall stance of monetary policy in 2008-09 was set in terms of ensuring a monetary and interest rate environment that accords high priority to price stability, well-anchored inflation expectations and orderly conditions in financial markets while being conducive to continuation of the growth momentum with due emphasis on credit quality and credit delivery. It was resolved to respond swiftly on a continuing basis to the evolving constellation of adverse international developments and to the domestic situation impinging on inflation expectations, financial stability and growth momentum, with both conventional and unconventional measures, as appropriate.
Consistent with the stance of monetary policy as set out above and on the basis of incoming information on domestic and global macroeconomic and financial developments, it has been decided to take the following measures:
(a) The repo rate under the Liquidity Adjustment Facility (LAF) is increased from 8.00 per cent to 8.50 per cent with immediate effect.
(b) The cash reserve ratio (CRR) of the scheduled commercial banks, regional rural banks (RRBs), scheduled state co-operative banks and scheduled primary (urban) co-operative banks is being increased by 50 basis points to 8.75 per cent in two stages, effective from specified fortnights as indicated below:
Effective date CRR on net demand and time liabilities (%)
July 5, 2008 8.50
July 19, 2008 8.75
In view of the criticality of anchoring inflation expectations, a continuous heightened vigil over ensuing monetary and macroeconomic developments is warranted to enable swift responses with appropriate measures as necessary, consistent with the monetary policy stance.



Source: www.UTVi.com and RBI. 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

Sensex slips below 14k and Nifty below 4200 in intra-day trades,

Sensex slips below 14k in intra-day trades, ends 187 pts down

As the bears stayed away for a better part of the morning, the market enjoyed a bright, albeit a bit listless, spell with a few blue chip stocks, including index heavyweight Reliance Industries, posting handsome gains.

But the buoyancy did not last long. As concerns over inflation and the possibility of the Apex bank coming out with tight monetary measures started playing on the minds of the investors, the market began sliding down sharply. Uncertainties on the political front also dampened the sentiment. There were a couple of smart rallies from lower levels, thanks largely to some short-covering in select blue chip stocks, but the market plunged sharply into the red once again during the closing minutes and finished on a highly negative note for the fourth successive session.

The Sensex, which opened well and touched a high of 14,432.90 in early trade but plunged below the 14,000 mark towards the closing minutes, ended the day with a loss of 186.74 points or 1.31% at 14,106.58. The Nifty, which dropped down to a low of 4156.10 today, closed 1.76% or 75.30 points down at 4191.10.

Metal, PSU, FMCG, IT, auto, bank and realty stocks went down sharply. Power, capital goods and pharma stocks were not spared either. The indices tracking the performance of stocks from these sectors, ended lower by 1.25% - 3.5%. The Oil & Gas index ended just marginally down, thanks mainly to some strong buying in Reliance Industries which ended with a sharp gain of 2.2% today. The Reliance counter attracted attention on reports that the company has acquired the polyester manufacturing facility of Unifi Kinston in North Carolina for about $12.2 million.
HDFC (2.35%), Ranbaxy Laboratories (2.35%), BHEL (2.2%), Jaiprakash Associates (1.25%), State Bank of India (0.6%) and Cipla (0.45%) were the other gainers from the Sensex.

Hindustan Unilever slipped by as much as 5.3% today. Tata Steel ended with a loss of 4.6%. NTPC, ONGC, Larsen & Toubro, Ambuja Cements and HDFC Bank lost 3% - 4%.
Infosys Technologies eased by 2.95%. Grasim Industries lost 2.75%. Reliance Communications (down 2.65%), Hindalco (down 2.45%), ACC (down 2.25%), ICICI Bank (down 2.2%), ITC (down 2.2%), Mahindra & Mahindra (down 2.1%), Wipro (down 1.95%), Tata Consultancy Services (down 1.6%), DLF (down 1.4%), Maruti Suzuki (down 1.4%), Tata Motors (down 1.35%), Satyam Computer Services (down 1.2%) and Bharti Airtel (down 1%) ended with sharp losses. Reliance Infrastructure closed with a loss of 0.6%.


Nalco (down 9.05%) was the biggest loser in the Nifty index. Sun Pharmaceuticals lost 6.75%. Tata Power shed 6.25%. Siemens and Sterlite Industries went down by 5.3% and 5.15% respectively. GAIL India, Hero Honda, Idea Cellular, Power Grid, Tata Communications, Cairn India and Reliance Petroleum also finished with sharp losses today.

Mirroring heavy selling in midcap and smallcap segments, the BSE Midcap and Smallcap indices declined by 1.76% and 1.82% respectively. The market breadth was very weak. Out of 2707 stocks traded on BSE, 1925 stocks closed with losses. 718 stocks posted gains and 64 stocks ended at their previous closing levels.


Source: Sify.com

Tata chem, Sadbhav, Indusind Bk And other Results

Tata Chemicals net profit rises 113.68% in the year ended March 2008

Net profit of Tata Chemicals rose 492.96% to Rs 559.99 crore in the quarter ended March 2008 as against Rs 94.44 crore during the previous quarter ended March 2007. Sales rose 15.91% to Rs 930.85 crore in the quarter ended March 2008 as against Rs 803.05 crore during the previous quarter ended March 2007. For the full year, net profit rose 113.68% to Rs 949.18 crore in the year ended March 2008 as against Rs 444.21 crore during the previous year ended March 2007. Sales rose 2.27% to Rs 4075.63 crore in the year ended March 2008 as against Rs 3985.03 crore during the previous year ended March 2007.

Sadbhav Engineering net profit rises 98.45% in the year ended March 2008

Net profit of Sadbhav Engineering rose 104.50% to Rs 24.52 crore in the quarter ended March 2008 as against Rs 11.99 crore during the previous quarter ended March 2007. Sales rose 83.35% to Rs 360.67 crore in the quarter ended March 2008 as against Rs 196.71 crore during the previous quarter ended March 2007. For the full year, net profit rose 98.45% to Rs 52.37 crore in the year ended March 2008 as against Rs 26.39 crore during the previous year ended March 2007. Sales rose 77.95% to Rs 872.10 crore in the year ended March 2008 as against Rs 490.08 crore during the previous year ended March 2007.

PSL net profit rises 41.36% in the March 2008 quarter
Net profit of PSL rose 41.36% to Rs 18.32 crore in the quarter ended March 2008 as against Rs 12.96 crore during the previous quarter ended March 2007. Sales rose 63.38% to Rs 655.62 crore in the quarter ended March 2008 as against Rs 401.28 crore during the previous quarter ended March 2007. For the full year, net profit rose 36.37% to Rs 84.77 crore in the year ended March 2008 as against Rs 62.16 crore during the previous year ended March 2007. Sales rose 40.15% to Rs 2218.85 crore in the year ended March 2008 as against Rs 1583.21 crore during the previous year ended March 2007.

Hind Rectifiers net profit rises 32.26% in the March 2008 quarter

Jet Airways India reports net loss of Rs 221.18 crore in the March 2008 quarter
Jet Airways India reported net loss of Rs 221.18 crore in the quarter ended March 2008 as against net profit of Rs 88.01 crore during the previous quarter ended March 2007. Sales rose 39.51% to Rs 2759.90 crore in the quarter ended March 2008 as against Rs 1978.27 crore during the previous quarter ended March 2007. For the full year, net loss reported to Rs 253.06 crore in the year ended March 2008 as against net profit of Rs 27.94 crore during the previous year ended March 2007. Sales rose 24.84% to Rs 8811.10 crore in the year ended March 2008 as against Rs 7057.78 crore during the previous year ended March 2007.

IndusInd Bank net profit declines 32.48% in the March 2008 quarter
Net profit of IndusInd Bank declined 32.48% to Rs 14.45 crore in the quarter ended March 2008 as against Rs 21.40 crore during the previous quarter ended March 2007. Total operating income rose 23.21% to Rs 525.53 crore in the quarter ended March 2008 as against Rs 426.52 crore during the previous quarter ended March 2007.
For the full year, net profit rose 10.01% to Rs 75.05 crore in the year ended March 2008 as against Rs 68.22 crore during the previous year ended March 2007. Total operating income rose 27.99% to Rs 1920.23 crore in the year ended March 2008 as against Rs 1500.26 crore during the previous year ended March 2007.

Patel Engineering net profit rises 58.41% in the March 2008 quarter
Net profit of Patel Engineering rose 58.41% to Rs 53.78 crore in the quarter ended March 2008 as against Rs 33.95 crore during the previous quarter ended March 2007. Sales rose 26.69% to Rs 501.98 crore in the quarter ended March 2008 as against Rs 396.23 crore during the previous quarter ended March 2007. For the full year, net profit rose 34.03% to Rs 147.61 crore in the year ended March 2008 as against Rs 110.13 crore during the previous year ended March 2007. Sales rose 19.79% to Rs 1330.02 crore in the year ended March 2008 as against Rs 1110.27 crore during the previous year ended March 2007.

T.V. Today Network net profit rises 10.20% in the March 2008 quarter
Ramsarup Industries net profit rises 43.55% in the March 2008 quarter
Apollo Hospitals Enterprise net profit rises 50.00% in the March 2008 quarter
United Breweries net profit rises 67.64% in the March 2008 quarter
Sagar Cements net profit rises 1.01% in the March 2008 quarter


Source: http://www.capitalmarket.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

Heard on the street from ET, Infosys AGM report, Other Stock news.

Heard on the street

Sun Pharma eyeing Torrent Pharma?
The Ranbaxy-Daichii deal has sparked off rumours about many more M&A transactions in the pharmaceutical industry. The latest buzz is that Vadodara-based Sun Pharmaceuticals is eyeing a substantial stake in the Ahmedabad-based Torrent Pharmaceuticals. According to market sources, Sun Pharma is gunning for at least 50% of the promoter’s stake in Torrent Pharma. Promoters hold 74.09% in Torrent Pharmaceuticals. Though email queries send to both the companies failed to elicit any response, senior officials have refuted any such development.

“We are not looking for any domestic acquisitions at the moment. Further, we do not like to comment on market rumours,” said a Sun Pharma spokesperson. An analyst, who is tracking Sun Pharma closely, also termed the deal as highly improbable. “The company will utilise all its resources to close its merger arrangement with Israel-based Taro Pharmaceutical. The Indian company is already in trouble with Taro moving court against Sun for protecting minority shareholders in the event of the former trying to gain voting rights through open market share purchase,” the analyst said. According to market sources, a couple of operators (one of whom is a big-shot in diamond trade) and some funds have been buying Torrent Pharma shares in sizeable quantities over the last few days. Torrent Pharma ended 1.2% lower at Rs 155 while Sun Pharma shed 3% to close at Rs 1,429 on the BSE on Monday.

Chinese boost for Anu’s Labs
Recently-listed Anu’s Laboratories is riding high on the back of China’s efforts to clamp down on chemical factories ahead of the Beijing Olympics. According to market buzz, shortage of raw material supplies from China will provide a boost to intermediary companies like Anu’s Lab as acetophenone will not be available for shipments from China during the peak demand season of monsoons from mid-July to end-August. China has made transportation of chemical and other hazardous substances a difficult task. Despite the positive talk surrounding the stock, Anu’s Lab shares fell 5% to close at Rs 386. To cash on this opportunity, the company has initiated a capacity expansion to meet a sudden surge in demand. Market sources add that the company is in talks with a Chinese company for a joint venture to further strengthen its position. When contacted, Anu’s Labs managing director Hari Babu declined to comment on these developments.

Real estate gains await Modern India
Mumbai-based Modern India is bucking the bearish wave that has engulfed real estate companies of late. Over the last one week, the stock has gained close to 16%. According to market buzz, the company is selling some of its apartments and penthouses for close to Rs 80-90 crore in Belvedere Court in Mahalaxmi. When contacted, Modern India chairman and managing director VK Jatia declined to comment. The stock closed at Rs 279, up 10% from the previous close. According to informed sources, company will report an EPS of about Rs 26-28 for the financial year 2008-09. (Contributed by Shailesh Menon & Apurv Gupta)
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Stocks to watch: DLF, Amtek, GHCL
Religare puts 'buy' on Sintex Industries; target Rs 587
STCI assigns 'outperformer' to Hindalco; target Rs 180
Bears go hammer and tongs at RIL
--------------------------------------
Infosys Technologies Annual/Directors Report
Technical Calls - June 24 2008
EIH Hotels / Varun Shipping
Ambuja Cements / Mercator Lines
Zee Entertainment / BPCL
Shanti Gears / India Offshore Sector Update
China Metals / Information Technology - Sector Update
Shipping Sector / India Steel Sector


Source: http://www.theeconomictimes.com and www.deadpresident.blogspot.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

'China, India among worst performing stock markets of 2008' : ET

'China, India among worst performing stock markets of 2008'

NEW YORK: India and China, two of the investors' biggest darlings not so long ago, are among the world's worst-performing stock markets this year, says the Wall Street Journal (WSJ). Indian shares are down 28 percent this year as of Friday, clearly a bear phase. Chinese stocks have faced a worst fate - tumbling 46 percent, the WSJ reported on Monday.

Both countries started 2008 with stocks trading at expensive levels, leaving them vulnerable to a correction. While economic growth goes on apace in the two countries, it is not expected to match last year's superb performance. Growth could be further dented because investors are increasingly anxious about rising inflation and government efforts to stem it. June is likely to witness the fifth monthly loss in six months for a deeply depressed Chinese stock market that has seen some $2 trillion in market value evaporate since January.

Down by more than half from its peak, the Shanghai Composite Index is trading at levels last seen in early 2007. Many international investors are bearish, too, on India and China. "Neither is looking outstandingly attractive, but they're starting to get back in touch with reality," Allan Conway, who manages $23 billion in emerging-market shares for Schroders in London, was quoted as saying by the WSJ. Shares in India are trading at about 17 times their 2008 earnings, according to UBS estimates, as are Chinese shares in which foreigners invest.

Foreign investors have pulled a net total of more than $5.5 billion out of Indian stocks this year, according to Standard Chartered Bank. China's domestic stock market remains almost entirely closed to foreigners, whose investment is limited to a quota of about $10 billion. Foreigners can also buy some big Chinese shares in Hong Kong, where the Hang Seng index is down 18 percent this year. In a sign that not all emerging markets can be lumped together, stocks in Brazil and Russia have, however, held up relatively well, the WSJ said.

Even the US stocks haven't fared as badly as India and China, despite mounting pressure from credit crisis and rising oil prices - the Dow Jones Industrial Average is down 11 percent this year. Still, markets in India and China remain much higher than they were a few years ago, the business daily reported. India is still up 55 percent from the start of 2006, but it has its own concerns. If 2007 was a bumper year for India initial public offerings (IPO), these days such deals are getting a cold reception. Since the listing of Reliance Power, India's biggest IPO, the market has turned sour and other high-profile IPOs have been shelved. In China, the Shanghai index is still at double its July 2005 level, so some investors remain in good shape.

Bear bug: India's richest 5 incur Rs 5 tn loss



Source: http://www.theeconomictimes.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.

Is Reliance Industries over-owned?: Moneycontrol.com

Is Reliance Industries over-owned?

Reliance has slipped below THE 2,000 mark for the first time since September 12, 2007. It fell 38.5% from its all-time high of Rs 3252.
What could be the key trigger for this event? Is RIL overowned? On a relative basis, Reliance Industries is held by 253 mutual fund schemes, while BHEL amounts to 207, Bharti Airtel is held by 197 MF schemes as is ICICI while L&T is at 190.
With Reliance MFs hold 2.72% stake in the company, out of which 137 schemes have more than 5% exposure and 26 schemes have exposure of more than 10%.
MAXIMUM EXPOSURE TO RIL
Fund Name Net Asset (%) Invst (Rs Cr)
ICICI Prudential 9.16 408.60
Rel Div Power 5.68 313.00
Rel Natural Resources 5.15 280.21
DSPML T.I.G.E.R. 6.56 264.91
Morgan Stanley Growth 7.95 263.63
Fidelity Equity 7.36 223.80
Reliance Equity 8.22 214.63
Sundaram Energy 9.45 211.28
Reliance Vision 5.52 206.95
ICICI Pru Dynamic 12.24 204.30

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Other MC stories:
Nifty ends below 4300; CG, power, realty...
Markets Snapshot
Markets slide on back of weak global cues from US market, rising crude prices
Nifty closes below 4,300 for 1st time since Aug 24, '07
Sensex ends down 278 pts at 14293.3; recovers nearly 130 pts from days low
Nifty ends down 81 pts at 4266.4; recovers nearly 40 pts from days low
Nifty takes support at 4225; faces resistance at 4320 during the day
Sell-off witnessed in broader marets; CNX Midcap Index down 4%,
BSE Small-cap Index down 3.5%
RIL ends down down 3.5% at 2025.7; slips below 2000 during the day
Cap Goods under pressure; index down 5.3%; L&T down 6.5%, ABB down 4%, BHEL down 3.2%
Index losers; HIndalco down 8%, Unitech down 7.2%, Tata Comm down 6.8%, Suzlon down 6.5%
Index gainers; ONGC, HDFC up nearly 2%, HCL Tech up 1.5%, Wipro, Infy, Satyam up nearly 1%
Losers; GHCL down 10%, BOI down 9.3%, Rel Cap down 9%, Ibulls Fin down 8%, JP Associates down 7.5%
NSE Advanve Decline at 1:10
Total market turnover at Rs 83165 cr Vs Rs 85088 cr on Friday
F&O turnover at Rs 66917 cr Vs Rs 58533 cr on Friday.
---------------------------
Stocks at life-time low
Equity CMP Issue Price 52-week high
DLF 450 525 1225
Omaxe 155 310 612
Parsvnath 143.7 300 598
Sobha 330 640 1179
Brigade Ent 145 390 490
Kolte Patil 69.5 145 272

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Others stocks hittng life-time low
CBI Rel Power BPCL HPCL SpiceJet Indiabulls Sec Power Grid

F&O Snapshot
Nifty rollover at 27%, Market wide rollovber at 24%
Short covering seen on Nifty futures when index approached 4200
Nifty june futures ends at mild prem; July futures at 18 pts discount
Fresh short buildup seen in bank nifty and across most banking counters
4200 July Put add around 25% in OI; 4300 call seen most active in July series

F&O Stocks
RPL down 1.5%; add 51.5 lakh shares in OI
IFCI down 7.1%; add 49 lakh shares in July series
Suzlon down 5.7%; add 29 lakh shares in July series
JP Associates down 8.5%; add 29 lakh shares in July series
Unitech down 6.2%; add 22.5 lakh shares in July series
Ispat down 3.9%; add 45.5 lakh shares in OI
SAIL down 4%; add 20 lakh shares in OI

Rollover
Ultratech: 70% India Cement: 59% Grasim: 48%
Parsvnath: 40% HDFC Bank: 35% NTPC: 34%
DLF: 33% Unitech: 30%
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