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NSE ( NIFTY)
NSE/CMTR/11406
September 30, 2008
Index based market wide circuit breaker for the quarter October 01, 2008 to December 31, 2008.
Circular No.: NSE/CMO/049/2008
Download No. NSE/CMTR/11406
Date: September 30, 2008
Dear Members,
Sub: Index based market wide circuit breaker for the quarter October 01, 2008 to December 31, 2008.
SEBI vide its circular no. SMDRPD/Policy/Cir-37/2001 dated June 28, 2001 has informed the Exchange to implement index based market wide circuit breaker in compulsory rolling settlement with effect from July 02, 2001. The index based market wide circuit breaker system is applicable at three stages of the index movement either way at 10%, 15% and 20%. In this regard, Exchange has issued circular no. NSE/CMO/0015/2001 (Download No. NSE/CMTR/2657) dated June 29, 2001.
Accordingly the percentages are calculated on the closing index value of the quarter. These percentages are translated into absolute points of index variations (rounded off to the nearest 10 points in case of NIFTY). At the end of each quarter, these absolute points of index variations are revised and made applicable for the next quarter.
On September 30, 2008, the last trading day of the quarter, NIFTY closed at 3921.20 points. The absolute points of NIFTY variation (over the previous day’s closing NIFTY) which would trigger market wide circuit breaker for any day in the quarter between October 01, 2008 to December 31, 2008 would be as under:-
Percentage (+/-) Equivalent Point (+/-)
10% 390
15% 590
20% 780
For any clarifications, members are advised to contact the following officials:
Mr. Khushal Shah / Mr. Sunil Gawde / Mr. Amit Kursija / Mr Hasnain Khatri at 26598153 / 26598156 / 26598157
For National Stock Exchange of India Ltd.
Suprabhat Lala
Asst. Vice President (Capital Market)
-------------------------------------------------------
BSE ( SENSEX)
Index based market wide circuit breaker for the Quarter 1st October 2008 to 31st December, 2008
Notice no :20080930-22
Notice date :Tuesday, September 30, 2008
Subject :Index based market wide circuit breaker for the Quarter 1st October 2008 to 31st December, 2008
Segment Name Equity
Contents :
Trading Members of the Exchange are hereby informed that the Exchange implements on a quarterly basis (SEBI circular SMDRPD/Policy/Cir-37/2001 dated June 28, 2001) the index based market wide circuit breaker system. The system is applicable at three stages of the index movement either way at 10%, 15% and 20%. This circuit breaker brings about a coordinated trading halt in all equity and equity derivative markets nationwide.
The market wide circuit breakers would be triggered by movement of either SENSEX or the NSE S&P CNX Nifty whichever is breached earlier.
· In case of a 10% movement of either of these indices, there would be a 1-hour market halt if the movement takes place before 1 p.m. In case the movement takes place at or after 1 p.m. but before 2.30 p.m. there will be a trading halt for ½ hour. In case the movement takes place at or after 2.30 p.m. there will be no trading halt at the 10% level and the market will continue trading.
· In case of a 15% movement of either index, there will be a 2-hour market halt if the movement takes place before 1 p.m. If the 15% trigger is reached on or after 1 p.m. but before 2 p.m., there will be a 1 hour halt. If the 15% trigger is reached on or after 2 p.m. the trading will halt for the remainder of the day.
· In case of a 20% movement of the index, the trading will be halted for the remainder of the day.
The percentages are calculated on the closing index value of the quarter. These percentages are translated into absolute points of index variations (rounded off to the nearest 25 points in case of SENSEX). At the end of each quarter, these absolute points of index variations are revised and made applicable for the next quarter.
On September 30, 2008, the last trading day of the quarter, SENSEX closed at 12860.43 points. The absolute points of SENSEX variation (over the previous day’s closing SENSEX) which would trigger market wide circuit breaker for any day in the quarter between 1st October 2008 and 31st December 2008 would be as under:
Percentage (+/-) Equivalent Points (+/-)
10% 1275
15% 1925
20% 2575
Sanjay Saksena
Sr. General Manager- Knowledge Management
SOurce:NSE,BSE websites.
01 October 2008
RIL to sell KG oil at $5 discount to Brent
RIL to sell KG oil at $5 discount to Brent
Company’s Q3 turnover may rise by Rs 1,400 crore on new sales.Reliance Industries (RIL), the country’s largest company by market capitalisation, will sell its Krishna-Godavari (KG) basin oil at a discount of around $5 per barrel to Brent crude oil, the global benchmark.
The company, which had reported sales of Rs 41,579 crore in the first quarter of the current financial year ended June 2008, may add around $300 million (Rs 1,400 crore) to its turnover in the October-December quarter as it begins sale of the KG oil to Indian refiners.
At present, Brent crude oil, which is produced primarily from oil fields in the North Sea near Norway, is trading at around $100-105 per barrel.
“Our oil will be priced at around $5 per barrel discount to crude oil. Tests have shown the quality of our oil is similar to that of Brent crude oil,” said a senior RIL official.
RIL will produce around 35,000 barrels of crude oil per day from the field at peak rate. This is around 5 per cent of the total crude oil produced in India. The company will initially produce around 10,000 barrels per day and increase it to peak rate in a month’s time.
As per the terms of the agreement, the government will earn profit from the sale of oil only after Reliance Industries recovers its $2 billion investment made towards producing the oil.
The cost of production per barrel of oil is not known. RIL share price on the Bombay Stock Exchange has fallen 9.3 per cent in the last month as world markets have tumbled on fears of an economic crisis.
RIL projects oil and gas sales from the Krishna-Godavari basin to boost its revenues and profits significantly. The company started test production of oil from the basin around 10 days ago.
“We are not yet selling the crude oil. The flow of oil from the well will stablise in the next two-three days and then we will start sales,” said the RIL official. “Full production will take another month or so,” he added.
An official with Indian Oil Corporation, the country’s largest refiner, said that refineries which are not very complex can process this crude oil at low costs. “The crude oil will yield mainly petrol and diesel and there is less residue,” he said.
The RIL official said that the crude oil from its field will not be refined by the company’s refinery in Gujarat. “The economics will not work out as our refinery is designed to create value from very cheap and low quality crude oil,” he said.
-----------------------------------------------
Tata Steel to acquire 19.9% stake in Canadian firm
Govt considering hiking FDI in DTH services to 74%: I&B Min
Govt's first priority to insulate India from financial crisis
India's exports up by 27% in August
Merrill sale still seems shaky to some
August trade deficit at $13.94 bn
Inflation seen at 12.13%: Poll
Imports exceed exports by $13.9 bn
Rupee recovers from fall to 5-yr low
Blackstone, JP Morgan in $1 bn deal
BoE pumps $40 bn into money mkts
Moser Baer gets $500 mn export order
Bajaj motorcycle sales up 6 pc in September
Hero Honda sales up 22.47 pc in September
TVS Motor September 2-wheeler sales up 19 pc
Sistema to invest over $1.5 bn to expand Shyam Telelink network
India may allow 74 pc FDI in DTH TV - official
BSE plans to boost derivatives volume
Gold ends at more than 2-mth high at Rs 13,410
Source:ET,BS
Company’s Q3 turnover may rise by Rs 1,400 crore on new sales.Reliance Industries (RIL), the country’s largest company by market capitalisation, will sell its Krishna-Godavari (KG) basin oil at a discount of around $5 per barrel to Brent crude oil, the global benchmark.
The company, which had reported sales of Rs 41,579 crore in the first quarter of the current financial year ended June 2008, may add around $300 million (Rs 1,400 crore) to its turnover in the October-December quarter as it begins sale of the KG oil to Indian refiners.
At present, Brent crude oil, which is produced primarily from oil fields in the North Sea near Norway, is trading at around $100-105 per barrel.
“Our oil will be priced at around $5 per barrel discount to crude oil. Tests have shown the quality of our oil is similar to that of Brent crude oil,” said a senior RIL official.
RIL will produce around 35,000 barrels of crude oil per day from the field at peak rate. This is around 5 per cent of the total crude oil produced in India. The company will initially produce around 10,000 barrels per day and increase it to peak rate in a month’s time.
As per the terms of the agreement, the government will earn profit from the sale of oil only after Reliance Industries recovers its $2 billion investment made towards producing the oil.
The cost of production per barrel of oil is not known. RIL share price on the Bombay Stock Exchange has fallen 9.3 per cent in the last month as world markets have tumbled on fears of an economic crisis.
RIL projects oil and gas sales from the Krishna-Godavari basin to boost its revenues and profits significantly. The company started test production of oil from the basin around 10 days ago.
“We are not yet selling the crude oil. The flow of oil from the well will stablise in the next two-three days and then we will start sales,” said the RIL official. “Full production will take another month or so,” he added.
An official with Indian Oil Corporation, the country’s largest refiner, said that refineries which are not very complex can process this crude oil at low costs. “The crude oil will yield mainly petrol and diesel and there is less residue,” he said.
The RIL official said that the crude oil from its field will not be refined by the company’s refinery in Gujarat. “The economics will not work out as our refinery is designed to create value from very cheap and low quality crude oil,” he said.
-----------------------------------------------
Tata Steel to acquire 19.9% stake in Canadian firm
Govt considering hiking FDI in DTH services to 74%: I&B Min
Govt's first priority to insulate India from financial crisis
India's exports up by 27% in August
Merrill sale still seems shaky to some
August trade deficit at $13.94 bn
Inflation seen at 12.13%: Poll
Imports exceed exports by $13.9 bn
Rupee recovers from fall to 5-yr low
Blackstone, JP Morgan in $1 bn deal
BoE pumps $40 bn into money mkts
Moser Baer gets $500 mn export order
Bajaj motorcycle sales up 6 pc in September
Hero Honda sales up 22.47 pc in September
TVS Motor September 2-wheeler sales up 19 pc
Sistema to invest over $1.5 bn to expand Shyam Telelink network
India may allow 74 pc FDI in DTH TV - official
BSE plans to boost derivatives volume
Gold ends at more than 2-mth high at Rs 13,410
Source:ET,BS
Republican members forging new bailout plan: Sources
Republican members forging new bailout plan: Sources
Sources tell CNBC that a group of US Republican members are forging an alternative bailout plan after the previous one failed to pass muster.
The proposal will be an alternative to that proposed by US Treasury Secretary Henry Paulson.
Components of the alternative plan including the following, according to sources:
· Require the Treasury Department to guarantee, at up to 100 percent, bank losses resulting from failed mortgage-backed securities originated prior to the plan's enactment. Such insurance, supporters say, would provide immediate value to the securities and a foundation for which they could then be sold. The Treasury Department would finance that insurance by assessing a premium on outstanding mortgage-backed securities.
· Allow companies to carry back losses arising in tax years ending in 2007, 2008, or 2009 back five years, generating a tax refund and immediate capital
· Allow a "repatriation window" for profits earned by U.S. firms overseas. Such repatriation amounts would not be taxed if invested in distressed debt (as defined by Treasury) for at least one year
· Allow banks to treat losses on shares of preferred stock in Fannie Mae and Freddie Mac as ordinary losses, not as capital losses
· Suspend the capital gains tax rate for two years
· Limit backing of high-risk loans by Fannie Mae and Freddie Mac
· Schedule Fannie and Freddie for privatization
· Suspend "mark-to-market" accounting until the SEC can issue new guidelines that will allow firms to mark these assets to their true economic value.
· Stabilize the dollar by repealing the Humphrey-Hawkins Full Employment Act, which alternative bailout supporters say diverts the Federal Reserve's attention from long-term price stability to short-term economic growth
· Require the Treasury to write rules prohibiting excessive compensation or golden parachutes to executives of failed companies
· Task the SEC with regular, annual audit reports of entities the federal government has brought under conservatorship or now owns
------------------------------------------------
Republican group forging alternative bailout plan: Report
US stocks pull back as caution returns after rally
ICICI has never squandered capital: K V Kamath
Markets continue winning streak; Sensex reclaims 13K
Sensex reclaims 13000 on IT, banking gains, Nifty misses 4000 mark
Sensex rallies nearly 200pts; banking, IT stocks lead
Govt considering hiking FDI in DTH services to 74%: I&B Min
RIL to sell KG oil at $5 discount to Brent
Govt mulls 100% FDI in single-brand retail
Current account deficit widens to $10.72 bn
Source:ET,MC,BS
Sources tell CNBC that a group of US Republican members are forging an alternative bailout plan after the previous one failed to pass muster.
The proposal will be an alternative to that proposed by US Treasury Secretary Henry Paulson.
Components of the alternative plan including the following, according to sources:
· Require the Treasury Department to guarantee, at up to 100 percent, bank losses resulting from failed mortgage-backed securities originated prior to the plan's enactment. Such insurance, supporters say, would provide immediate value to the securities and a foundation for which they could then be sold. The Treasury Department would finance that insurance by assessing a premium on outstanding mortgage-backed securities.
· Allow companies to carry back losses arising in tax years ending in 2007, 2008, or 2009 back five years, generating a tax refund and immediate capital
· Allow a "repatriation window" for profits earned by U.S. firms overseas. Such repatriation amounts would not be taxed if invested in distressed debt (as defined by Treasury) for at least one year
· Allow banks to treat losses on shares of preferred stock in Fannie Mae and Freddie Mac as ordinary losses, not as capital losses
· Suspend the capital gains tax rate for two years
· Limit backing of high-risk loans by Fannie Mae and Freddie Mac
· Schedule Fannie and Freddie for privatization
· Suspend "mark-to-market" accounting until the SEC can issue new guidelines that will allow firms to mark these assets to their true economic value.
· Stabilize the dollar by repealing the Humphrey-Hawkins Full Employment Act, which alternative bailout supporters say diverts the Federal Reserve's attention from long-term price stability to short-term economic growth
· Require the Treasury to write rules prohibiting excessive compensation or golden parachutes to executives of failed companies
· Task the SEC with regular, annual audit reports of entities the federal government has brought under conservatorship or now owns
------------------------------------------------
Republican group forging alternative bailout plan: Report
US stocks pull back as caution returns after rally
ICICI has never squandered capital: K V Kamath
Markets continue winning streak; Sensex reclaims 13K
Sensex reclaims 13000 on IT, banking gains, Nifty misses 4000 mark
Sensex rallies nearly 200pts; banking, IT stocks lead
Govt considering hiking FDI in DTH services to 74%: I&B Min
RIL to sell KG oil at $5 discount to Brent
Govt mulls 100% FDI in single-brand retail
Current account deficit widens to $10.72 bn
Source:ET,MC,BS
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