Corporate Headlines
Oil to weaken until OPEC gives policy signal: Barclays
Six Indians in Forbes' under-40 Asian billionaire list
Chrome reinventing PC usage
Reliance MF SIPs cross 1 mn mark
HDFC MF overtakes ICICI Pru
IBN18 Broadcast to raise Rs 400 cr
Foreign debt jumps 30 pc in last FY
Vienna meet: NSG mulls revised draft
Rs 4.11 bn investment in Moser Baer
Austral Coke ends 15% higher on Day 1
Tata Power to buy 10% in Australian co
GAIL shares rise 3% on bonus approval
Reliance may house Archies
Direct tax collections up 38.3 pc in first 5 months of FY'09
GoM for 49% insurance FDI
Discuss: Google's Chrome vs IE
Asia's youngest billionaires / Fabulous 50
Rajesh Exports eyes Rs 400-cr acquisiton
Source:ET,BS,BL
04 September 2008
Mkt down 151 pts; Inflation cools further to 12.34 per cent
Sensex sheds 151 pts as nuclear deal
Global jitters weigh on sentiment; Sensex ends 150 points lower
Sensex ends 151 pts down in volatile trade
Index Value: 14,899.10
Trade Time: 3:58PM IST
Change: - 150.76 (1.00%)
Prev Close: 15,049.86
Open: 14,895.85
Day's Range: 14,766.01 - 14,994.15
52wk Range: 12,515.00 - 21,206.80
Tracking weak Asian markets, equities opened on a negative note on the major Indian bourses this morning. A few front line stocks managed to buck the trend but the premier indices Sensex and Nifty traded in the red right through the session as every small rally was followed by a strong round of selling.
Stockometer Top gainers Worst losers
Market participants appeared wary of building up positions ahead of release of inflation data and the outcome of the crucial Nuclear Suppliers Group meet today.
Realty and bank stocks bore the brunt of the onslaught this morning. Though bank stocks bounced back well and ended well off their morning lows, realty stocks found the going pretty tough today. Metal, FMCG, capital goods and power stocks also had a weak outing.
Select IT, pharma and oil stocks edged higher on stock specific support. As the mood remained quite lacklustre, there was not much action in midcap and smallcap segments today.
The Sensex, which opened with a negative gap of over 150 points at 14,895.85 and slipped to a low of 14,766.01, ended the day at 14,899.10 with a loss of 150.76 points or 1%. The barometer hit a high of 14,994.15 in early afternoon trade. The Nifty settled at 4447.75 with a loss of 56.25 points or 1.25%. In intra-day trades, the Nifty touched a high of 4514.60 and a low of 4419.45.
Maruti Suzuki (2.95%) topped the list of gainers from the Sensex. Hindalco moved up by 2.4%. Jaiprakash Associates and Tata Power advanced by around 1.75%. Grasim Industries, State Bank of India, Infosys Technologies, ICICI Bank and Ranbaxy Laboratories ended with modest gains.
BPCL, GAIL India, Cairn India, Tata Communications, Dr. Reddy's Laboratories, Hero Honda, Ambuja Cements, HCL Technologies and Punjab National Bank closed with notable gains. Nalco, ABB, Unitech, SAIL, Siemens, Power Grid Corporation, Idea Cellular, Sun Pharmaceuticals and Suzlon Energy ended with sharp losses.
KSK Energy, Akruti City, Aban Offshore, UCO Bank, Piramal Healthcare, Essar Shipping, Bank of India, Petronet LNG, Federal Bank, Century Textiles, Bombay Dyeing, Yes Bank, India Cements, EIH, Biocon, Financial Technologies and Oriental Bank of Commerce were among the prominent gainers from BSE 'A' Group.
Midcap stock Moser Baer shot up by nearly 9.5% to Rs 116.20 following global investors injecting Rs 411 crore in the company's solar photovoltaic business. Himadri Chemicals, Zee News, Mercator Lines, JM Financial Services, Dish TV, Karnataka Bank, MIC Electronics, Ballarpur Industries, Sun Pharma Advanced Research, Wockhardt, KEC International, Jagran Prakashan and Jindal Drilling were among the other major gainers in the midcap index.
The market breadth was marginally positive when traded ended today. Out of 2685 stocks traded on BSE, 1332 stocks closed with gains. 1259 stocks declined and 94 stocks ended flat.
-----------------------------------------------
Inflation cools further to 12.34 per cent
Continuing its southward journey, inflation further slipped to 12.34 per cent for the week ended August 23 from 12.4 per cent recorded a week earlier. The nation’s annual inflation rate, however, was expected to have inched up in the third week of August to 12.44 per cent, driven by higher prices of some commodities and demand pressures in economy, a Reuters poll showed earlier. The decline in inflation last week was largely on account of the drop in the global crude prices and marginal easing of prices of essentials such as fruits, vegetables, eggs, meat and fish. Economists, however, cautioned that it may be too early to assume that the declining trend had set in. “While there has been some stability in the index since June, it may be too early to say that inflation has started declining,” said leading economist Saumitra Chaudhury.
DK Joshi, principal economist, Crisil, said, “It is essentially the impact of the global oil prices.” Lehman Brothers has already said in a report that they expect the final WPI inflation to peak in Oct/Nov at around 13.5-14.0 per cent, “but to stay in double-digit territory until February 2009. Based on our forecast of slower GDP growth of 7.3 per cent in FY09, our energy team’s forecast of the price of oil falling sharply to $90/bbl in Q1 2009, plus favorable base effects, our forecast is that WPI inflation will start turning down decisively in January 2009.”
Source: ET, SIfy
Global jitters weigh on sentiment; Sensex ends 150 points lower
Sensex ends 151 pts down in volatile trade
Index Value: 14,899.10
Trade Time: 3:58PM IST
Change: - 150.76 (1.00%)
Prev Close: 15,049.86
Open: 14,895.85
Day's Range: 14,766.01 - 14,994.15
52wk Range: 12,515.00 - 21,206.80
Tracking weak Asian markets, equities opened on a negative note on the major Indian bourses this morning. A few front line stocks managed to buck the trend but the premier indices Sensex and Nifty traded in the red right through the session as every small rally was followed by a strong round of selling.
Stockometer Top gainers Worst losers
Market participants appeared wary of building up positions ahead of release of inflation data and the outcome of the crucial Nuclear Suppliers Group meet today.
Realty and bank stocks bore the brunt of the onslaught this morning. Though bank stocks bounced back well and ended well off their morning lows, realty stocks found the going pretty tough today. Metal, FMCG, capital goods and power stocks also had a weak outing.
Select IT, pharma and oil stocks edged higher on stock specific support. As the mood remained quite lacklustre, there was not much action in midcap and smallcap segments today.
The Sensex, which opened with a negative gap of over 150 points at 14,895.85 and slipped to a low of 14,766.01, ended the day at 14,899.10 with a loss of 150.76 points or 1%. The barometer hit a high of 14,994.15 in early afternoon trade. The Nifty settled at 4447.75 with a loss of 56.25 points or 1.25%. In intra-day trades, the Nifty touched a high of 4514.60 and a low of 4419.45.
Maruti Suzuki (2.95%) topped the list of gainers from the Sensex. Hindalco moved up by 2.4%. Jaiprakash Associates and Tata Power advanced by around 1.75%. Grasim Industries, State Bank of India, Infosys Technologies, ICICI Bank and Ranbaxy Laboratories ended with modest gains.
BPCL, GAIL India, Cairn India, Tata Communications, Dr. Reddy's Laboratories, Hero Honda, Ambuja Cements, HCL Technologies and Punjab National Bank closed with notable gains. Nalco, ABB, Unitech, SAIL, Siemens, Power Grid Corporation, Idea Cellular, Sun Pharmaceuticals and Suzlon Energy ended with sharp losses.
KSK Energy, Akruti City, Aban Offshore, UCO Bank, Piramal Healthcare, Essar Shipping, Bank of India, Petronet LNG, Federal Bank, Century Textiles, Bombay Dyeing, Yes Bank, India Cements, EIH, Biocon, Financial Technologies and Oriental Bank of Commerce were among the prominent gainers from BSE 'A' Group.
Midcap stock Moser Baer shot up by nearly 9.5% to Rs 116.20 following global investors injecting Rs 411 crore in the company's solar photovoltaic business. Himadri Chemicals, Zee News, Mercator Lines, JM Financial Services, Dish TV, Karnataka Bank, MIC Electronics, Ballarpur Industries, Sun Pharma Advanced Research, Wockhardt, KEC International, Jagran Prakashan and Jindal Drilling were among the other major gainers in the midcap index.
The market breadth was marginally positive when traded ended today. Out of 2685 stocks traded on BSE, 1332 stocks closed with gains. 1259 stocks declined and 94 stocks ended flat.
-----------------------------------------------
Inflation cools further to 12.34 per cent
Continuing its southward journey, inflation further slipped to 12.34 per cent for the week ended August 23 from 12.4 per cent recorded a week earlier. The nation’s annual inflation rate, however, was expected to have inched up in the third week of August to 12.44 per cent, driven by higher prices of some commodities and demand pressures in economy, a Reuters poll showed earlier. The decline in inflation last week was largely on account of the drop in the global crude prices and marginal easing of prices of essentials such as fruits, vegetables, eggs, meat and fish. Economists, however, cautioned that it may be too early to assume that the declining trend had set in. “While there has been some stability in the index since June, it may be too early to say that inflation has started declining,” said leading economist Saumitra Chaudhury.
DK Joshi, principal economist, Crisil, said, “It is essentially the impact of the global oil prices.” Lehman Brothers has already said in a report that they expect the final WPI inflation to peak in Oct/Nov at around 13.5-14.0 per cent, “but to stay in double-digit territory until February 2009. Based on our forecast of slower GDP growth of 7.3 per cent in FY09, our energy team’s forecast of the price of oil falling sharply to $90/bbl in Q1 2009, plus favorable base effects, our forecast is that WPI inflation will start turning down decisively in January 2009.”
Source: ET, SIfy
Bharti, RIL among 10 Indian cos in Forbes Asia's Fabulous 50
Bharti, RIL among 10 Indian cos in Forbes Asia's Fabulous 50
Ten Indian companies led by the likes of state-run Bharat Heavy Electricals, telecom major Bharti Airtel and Mukesh Ambani-led Reliance Industries have made their way into the Forbes' list of 50 best listed companies in the Asia-Pacific region. The 'Asian Fabulous 50' ranking is topped by Taiwan-based computer maker Acer, while BHEL and Bharti Airtel are the top ranked Indian companies at the overall fifth and sixth spots. Acer is followed by Chinese steel maker Angang Steel, Taiwan's Asustek Computer and Indonesia's Bank Rakyat Indonesia at the second, third and fourth spots, respectively. Among Indian firms, BHEL and Bharti Airtel are followed by private sector lender HDFC Bank (22), IT bellwether Infosys (25), diversified conglomerate ITC (27), engineering and infrastructure firm Larsen & Toubro (30), auto maker Mahindra & Mahindra (34), Reliance Industries (39), world's sixth largest steel maker Tata Steel (44) and software exporter Wipro (46).
Among countries, China has the maximum representation with 13 firms, while India comes second with its 10 companies. "Indian companies once again had a strong showing, with 10 making our cut. Infosys and Wipro, perennial top performers, are back for the fourth year. Reliance Industries, Bharat Heavy and Larsen & Toubro are back for the third year. "Consumer-oriented companies such as Bharti Airtel, HDFC Bank, Mahindra & Mahindra and ITC are growing with India's middle class," the magazine said in an accompanying report. The list is based on long-term profitability, sales and earnings growth, stock price appreciation and projected earnings for every company in the region with revenues or market capitalisation of at least five billion dollars.
BHEL which is country's largest energy equipment provider holds about 60-65 per cent market share of India's power capacity additions. However, the magazine said rising prices of commodities could put the company's margins under pressure in the next several years. On Bharti Airtel, the report said, as many as 10 million new subscribers sign up every month for wireless access in India. "One in 4 sign up with Bharti Airtel, not only to make calls but also to access the web, download cricket scores and send billions of text messages." The report added that the firm is maxing out its allotted airwaves and that more spectrum should help Bharti Airtel "steal more wireless Web customers." The magazine said RIL is India's largest private sector company, accounting for 3 per cent of the nation's GDP and 13 per cent of its exports. Forbes added that the firm is also entering into joint- venture with US office property developer Vornado. Each would shell out $250 million to open shopping centers throughout India. On Tata Steel, the magazine said that Ratan Tata transformed his steel company from a south Asian foundry into an enterprise also spanning the rest of Asia, Europe and the US with the USD 13-billion takeover of Anglo-Dutch Corus Group last year. There are 23 rookies making their first appearance in the list and most of them are from China. Japan and South Korea are represented by three and two companies, respectively. Chiyoda, Nintendo and Yahoo! Japan have made it to the league of 50 from Japan, while Doosan and LG are from South Korea, the magazine said.
Mukesh, Anil Ambani among world's most powerful people
Source:ET
Ten Indian companies led by the likes of state-run Bharat Heavy Electricals, telecom major Bharti Airtel and Mukesh Ambani-led Reliance Industries have made their way into the Forbes' list of 50 best listed companies in the Asia-Pacific region. The 'Asian Fabulous 50' ranking is topped by Taiwan-based computer maker Acer, while BHEL and Bharti Airtel are the top ranked Indian companies at the overall fifth and sixth spots. Acer is followed by Chinese steel maker Angang Steel, Taiwan's Asustek Computer and Indonesia's Bank Rakyat Indonesia at the second, third and fourth spots, respectively. Among Indian firms, BHEL and Bharti Airtel are followed by private sector lender HDFC Bank (22), IT bellwether Infosys (25), diversified conglomerate ITC (27), engineering and infrastructure firm Larsen & Toubro (30), auto maker Mahindra & Mahindra (34), Reliance Industries (39), world's sixth largest steel maker Tata Steel (44) and software exporter Wipro (46).
Among countries, China has the maximum representation with 13 firms, while India comes second with its 10 companies. "Indian companies once again had a strong showing, with 10 making our cut. Infosys and Wipro, perennial top performers, are back for the fourth year. Reliance Industries, Bharat Heavy and Larsen & Toubro are back for the third year. "Consumer-oriented companies such as Bharti Airtel, HDFC Bank, Mahindra & Mahindra and ITC are growing with India's middle class," the magazine said in an accompanying report. The list is based on long-term profitability, sales and earnings growth, stock price appreciation and projected earnings for every company in the region with revenues or market capitalisation of at least five billion dollars.
BHEL which is country's largest energy equipment provider holds about 60-65 per cent market share of India's power capacity additions. However, the magazine said rising prices of commodities could put the company's margins under pressure in the next several years. On Bharti Airtel, the report said, as many as 10 million new subscribers sign up every month for wireless access in India. "One in 4 sign up with Bharti Airtel, not only to make calls but also to access the web, download cricket scores and send billions of text messages." The report added that the firm is maxing out its allotted airwaves and that more spectrum should help Bharti Airtel "steal more wireless Web customers." The magazine said RIL is India's largest private sector company, accounting for 3 per cent of the nation's GDP and 13 per cent of its exports. Forbes added that the firm is also entering into joint- venture with US office property developer Vornado. Each would shell out $250 million to open shopping centers throughout India. On Tata Steel, the magazine said that Ratan Tata transformed his steel company from a south Asian foundry into an enterprise also spanning the rest of Asia, Europe and the US with the USD 13-billion takeover of Anglo-Dutch Corus Group last year. There are 23 rookies making their first appearance in the list and most of them are from China. Japan and South Korea are represented by three and two companies, respectively. Chiyoda, Nintendo and Yahoo! Japan have made it to the league of 50 from Japan, while Doosan and LG are from South Korea, the magazine said.
Mukesh, Anil Ambani among world's most powerful people
Source:ET
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