IFCI sale falls through on management control
IFCI calls off stake sale process
The Economic Times
NEW DELHI: It's official now. The IFCI board on Monday called off the sale of 26% of its equity to its only bidder — Sterlite and Morgan Stanley — over irreconcilable differences regarding the degree of management control. The way forward is still not clear for IFCI, which had planned to rope in a strategic partner to fund its future business. India’s oldest development financial institution is facing a resource crunch.
On the future course of action, Atul Rai, CMD IFCI conceded that there is need for capital for IFCI. “There is no possibility for a re-bid in this format. There has to be a certain time lapse before the system can gear up for a re-bid. This proposition has not made sense to 10 of the best bidders in the world; it will not change substantially very soon.” This comes even as the Wilbur Ross consortium is understood to be making efforts to renegotiate with IFCI to put in a bid. But officials maintain, legally, IFCI cannot entertain any offers from this process.
The consortium headed by Mr Ross comprised of Standard Chartered bank, Goldman Sachs and HDFC, and did not put in its bid after conducting due diligence. Said Mr Rai: “There is disappointment that the entire effort that lasted six months did not translate into a deal. But the board was not agreeable to the conditional offer made by the only bidder. From the perspective of the investor, they had a certain set of conditions and they are answerable to their shareholders, but it could not be accommodated by IFCI since it changed the nature of the transaction.”
While IFCI offered two seats on the eight-member board, the bidder wanted three. Sterlite also wanted to replace the CEO — a non-negotiable condition. Sources said, Sterlite wanted far greater control for the 26% sale in return for paying more than $1 billion, at Rs 110 a share. “Rights of minority shareholders could have been jeopardised in the long term. The exclusivity of control that they sought was unacceptable to the board.
If the board had spelt out these additional conditions in the Request for Proposal (RFP) stage, IFCI could have attracted more bidders at a higher price.” “We have made our best offer for IFCI to achieve the objective, such as making IFCI a world class institution, retaining existing talent, bringing in new talent and more expertise. We respect the government’s decision not to go ahead with the strategic sale,” an official statement from Sterlite said.
A senior government official, however, said there was no direct intervention from the government. “IFCI is a quasi-government institution and government guidelines apply to it. Under the Chief Vigilance Commission’s (CVC) guideline, a single bidder with a conditional offer cannot be appointed as an investor. Several conditions made by Sterlite were non-negotiable.” He also said that government was open to supporting IFCI in future.
The process that was kicked off earlier this year helped boost IFCI’s stock price from Rs 12 in January to Rs 121 earlier this week. The sale was fraught with uncertainties till the last minute with respect to capital structure and regulatory issues, among others. Detractors were crying hoarse on the non-transparency of the process. During the entire course of events, rumours were rife that the sale would never take place. Along the way, IFCI allowed creditor banks to convert their debt worth Rs 1,479 crore into equity. There was no clarity on the status of the government’s loan to IFCI before the bids closed.
----------------------------------------------------------
How will IFCI fare once market opens?
Moneycontrol.com
IFCI has said that it has scrapped the entire plan to sell 26% stake. IFCI will not pursue its stake sale talks with any bidders. Atul Rai of IFCI told CNBC-TV18 he was disappointed with the outcome but not surprised. The management of Sterlite said it respects IFCI board decision.CNBC-TV18's Sajeet Manghat analyses the implication of this move on the stock.
According to Manghat, one needs to look at it from two aspects. IFCI converted nearly Rs 1,300 crore of debt, which was held between financial institutions like LIC, GIC and some of the public sector banks into equity. The conversion price was Rs 107 per share, as per the Sebi convergent formula.
Now, post the stake sale being put off, we are going to see a fall in share price tomorrow. Grey market sources said that the stock is quoting somewhere around Rs 75-80, added Manghat.
People are willing to sell at that price but there are no buyers to take that stock at Rs 75-80. But the bigger loss would be for the banks and financial institutions, who will be converting their equity at a higher price of Rs 107 and get stuck with the equity, because the stock price would come down tomorrow, he commented.
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19 December 2007
Kingfisher Airlines, Deccan to merge
Kingfisher Airlines, Deccan to merge
Sify.Com
Bangalore: Low-cost carrier Deccan and Vijay Mallya-led Kingfisher Airlines on Wednesday decided to merge and create a single corporate entity to cut down operational costs and accelerate their journey to profitability. The Boards of the two private airlines at a joint meeting unanimously decided after management consulting firm Accenture in its report recommended their merger for greater operational and marketing synergies.
Details of Deccan-Kingfisher merger, valuations and swap ratio will be worked out by accountancy firm KPMG.
For more news, analysis click here>>
Liquor barron Mallya's UB Group had earlier this year acquired 46 per cent stake in Deccan Aviation Ltd, becoming its single largest shareholder. Air Deccan will continue to be listed incorporating the businesses of both Kingfisher Airlines and Deccan itself but the listed entity's name will be changed to Kingfisher Airlines," UB Group Chairman Vijay Mallya said on Wednesday night. He said details of the merger, valuations and swap ratio would be done by KPMG, while Dalal & Shah were appointed to "very quickly" come up with valuations and recommend merger structure.
The listed entity (which would be Kingfisher) would offer low fare service under the Deccan brand and premium services under Kingfisher brand. "Hopefully, at the start of next year (April 2008), we should have one listed entity." Mallya said the charter business of Kingfisher and Deccan would be independent in a separate entity.
Mallya would be the chairman and CEO of the merged entity, while executive chairman of Deccan, Captain G R Gopinath would be the vice-chairman. UB Holdings held a 46 per cent stake in Deccan prior to the merger decision, and Mallya said the merged entity would be majority-owned by UB Holdings. Gopinath said Accenture was commissioned to come up with a comprehensive report on what needs to be done to get the operational and marketing synergies, bring down the cost of two airlines and give strategic and tactical inputs.
Mallya said the report highlighted how the two airlines can save a lot of money, bring down the cost of operation and accelerate the route to profitability by merging into a single entity.
"It (Deccan and Kingfisher) will be one company, and eligible to fly (internationally) in 2008," Mallya said. He said one of the key elements of the Accenture report is route rationalisation between the two airlines. "It's not going to one (airline) at the cost of another," he said.
--------------------------------------------
Kingfisher, Deccan agree to talk merger
The Economic Times
BANGALORE: The consolidation momentum in the Indian aviation sector has started rolling again with Deccan Aviation and Kingfisher deciding on an “in-principle” merger talks. This decision has wide ranging ramifications not just for the airlines but also for the entire industry. The move ends a long speculation of a possible merger after UB emerged as the single largest shareholder in Deccan Aviation. UB Holdings, the parent of Kingfisher, which holds 46% stake in Deccan Aviation, might float a new company to operate the merged entity. Emerging from the Deccan Aviation AGM here on Wednesday, UB Group chairman Vijay Mallya said there was “in-principle” agreement on the merger.
He was hopeful of pushing the matter through at the ensuing Deccan Aviation board meeting. It is learnt that Accenture, which was roped to suggest ways of maximising synergies between the carriers, also suggested a merger. The merged entity is likely to see the Mallya-led UB Holdings having a clear majority interest with the absolute quantum to be decided on swap ratio. Though the caveat being that both Deccan Aviation and Kingfisher would operate as separate brands in the skies. Captain Gopinath very categorically remarked that there would not be a single airline brand as both had different value proposition. UB Group CFO Ravi Nedungadi hinted at the possibility of a reverse merger for taking the listed Deccan into the privately-held Kingfisher.
“There is a possibility of forming a separate entity under UB Holdings to manage the merged operations...UB group has enough experience in handling merger situations”. Mr Nedungadi said the combined entity will have accumulated losses of around Rs 2,000 crore, with Kingfisher and Deccan contributing Rs 1,200 crore and Rs 800 crore, respectively.
“Losses of airlines are available for future set-offs against profits,” he added, while claiming that both airlines were expected to break even next financial year. The modalities of the merger are likely to be worked out by a financial consultant to be appointed by the two carriers. The merged entity will have an operating fleet of 75 aircraft with a marketshare of around 30%, placing it ahead of Jet-Jetlite combine and Indian. The merger could also smoothen the process for Kingfisher to start its international operations to the US and the UK by mid next year, as Deccan Aviation would complete five years of service, complying with the regulatory requirement. The Deccan Aviation scrip closed the day at Rs 295.45 on NSE, showing a fall of 6.44% while UB Holdings gained 1.4% to close at Rs 1,084 on the BSE.
Source: http://www.theeconomictimes.com and 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.
Sify.Com
Bangalore: Low-cost carrier Deccan and Vijay Mallya-led Kingfisher Airlines on Wednesday decided to merge and create a single corporate entity to cut down operational costs and accelerate their journey to profitability. The Boards of the two private airlines at a joint meeting unanimously decided after management consulting firm Accenture in its report recommended their merger for greater operational and marketing synergies.
Details of Deccan-Kingfisher merger, valuations and swap ratio will be worked out by accountancy firm KPMG.
For more news, analysis click here>>
Liquor barron Mallya's UB Group had earlier this year acquired 46 per cent stake in Deccan Aviation Ltd, becoming its single largest shareholder. Air Deccan will continue to be listed incorporating the businesses of both Kingfisher Airlines and Deccan itself but the listed entity's name will be changed to Kingfisher Airlines," UB Group Chairman Vijay Mallya said on Wednesday night. He said details of the merger, valuations and swap ratio would be done by KPMG, while Dalal & Shah were appointed to "very quickly" come up with valuations and recommend merger structure.
The listed entity (which would be Kingfisher) would offer low fare service under the Deccan brand and premium services under Kingfisher brand. "Hopefully, at the start of next year (April 2008), we should have one listed entity." Mallya said the charter business of Kingfisher and Deccan would be independent in a separate entity.
Mallya would be the chairman and CEO of the merged entity, while executive chairman of Deccan, Captain G R Gopinath would be the vice-chairman. UB Holdings held a 46 per cent stake in Deccan prior to the merger decision, and Mallya said the merged entity would be majority-owned by UB Holdings. Gopinath said Accenture was commissioned to come up with a comprehensive report on what needs to be done to get the operational and marketing synergies, bring down the cost of two airlines and give strategic and tactical inputs.
Mallya said the report highlighted how the two airlines can save a lot of money, bring down the cost of operation and accelerate the route to profitability by merging into a single entity.
"It (Deccan and Kingfisher) will be one company, and eligible to fly (internationally) in 2008," Mallya said. He said one of the key elements of the Accenture report is route rationalisation between the two airlines. "It's not going to one (airline) at the cost of another," he said.
--------------------------------------------
Kingfisher, Deccan agree to talk merger
The Economic Times
BANGALORE: The consolidation momentum in the Indian aviation sector has started rolling again with Deccan Aviation and Kingfisher deciding on an “in-principle” merger talks. This decision has wide ranging ramifications not just for the airlines but also for the entire industry. The move ends a long speculation of a possible merger after UB emerged as the single largest shareholder in Deccan Aviation. UB Holdings, the parent of Kingfisher, which holds 46% stake in Deccan Aviation, might float a new company to operate the merged entity. Emerging from the Deccan Aviation AGM here on Wednesday, UB Group chairman Vijay Mallya said there was “in-principle” agreement on the merger.
He was hopeful of pushing the matter through at the ensuing Deccan Aviation board meeting. It is learnt that Accenture, which was roped to suggest ways of maximising synergies between the carriers, also suggested a merger. The merged entity is likely to see the Mallya-led UB Holdings having a clear majority interest with the absolute quantum to be decided on swap ratio. Though the caveat being that both Deccan Aviation and Kingfisher would operate as separate brands in the skies. Captain Gopinath very categorically remarked that there would not be a single airline brand as both had different value proposition. UB Group CFO Ravi Nedungadi hinted at the possibility of a reverse merger for taking the listed Deccan into the privately-held Kingfisher.
“There is a possibility of forming a separate entity under UB Holdings to manage the merged operations...UB group has enough experience in handling merger situations”. Mr Nedungadi said the combined entity will have accumulated losses of around Rs 2,000 crore, with Kingfisher and Deccan contributing Rs 1,200 crore and Rs 800 crore, respectively.
“Losses of airlines are available for future set-offs against profits,” he added, while claiming that both airlines were expected to break even next financial year. The modalities of the merger are likely to be worked out by a financial consultant to be appointed by the two carriers. The merged entity will have an operating fleet of 75 aircraft with a marketshare of around 30%, placing it ahead of Jet-Jetlite combine and Indian. The merger could also smoothen the process for Kingfisher to start its international operations to the US and the UK by mid next year, as Deccan Aviation would complete five years of service, complying with the regulatory requirement. The Deccan Aviation scrip closed the day at Rs 295.45 on NSE, showing a fall of 6.44% while UB Holdings gained 1.4% to close at Rs 1,084 on the BSE.
Source: http://www.theeconomictimes.com and 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.
Labels:
Deccan to merge,
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Sensex, Nifty end with marginal gains : Sify Finance
Sensex, Nifty end with marginal gains
Sensex ends marginally up; REL soars 4%
Sensex up marginally
Sensex ends flat
Taking cues from strong global markets, equities opened on a high note this morning, and, notwithstanding a few spells of selling stayed on in the positive territory till a little past noon. Stocks cutting across sectors were seen trading firm. So widespread was the interest that all the sectoral indices moved up sharply in morning trade.
However, as participants turned a bit cautious past noon, prices of several blue chip stocks began to swing in a highly volatile manner. A severe bout of selling pressure then sent the indices crashing deep down into the red. The Sensex, which had spurted to 19,397.76 in early trade after opening with a positive gap of over 275 points at 19,255.39, nosedived to 18,886.40, suffering a big loss of around 190 points.
Finally, thanks to a smart rally in select old and new economy stocks, the Sensex bounced back into the positive territory and ended the day at 19,091.96 with a small gain of 12.32 points. The Nifty, which touched a high of 5840.80 in opening trade, settled at 5751.15 with a gain of 8.85 points. In late afternoon trade, the Nifty crashed to a low of 5676.70.
With two trading holidays ahead and the expiry date of December series derivatives contracts not far away, the market witnessed immense volatility right through the session today. Though a few blue chip stocks held firm, several large and midcap stocks were seen struggling for support in afternoon trade.
Reliance Energy rallied smartly and posted a sharp gain of 4.15% on the back of reports that the company is planning to foray into Africa. It is reported that the company is in talks with the governments of Botswana, Tanzania and Zambia for setting up generation capacities of over 1,000 megawatt (MW). The company is also likely to bid for a 1,200 MW greenfield project at Yanbu in Saudi Arabia.
ONGC ended stronger by 2.65%. ICICI Bank (1.8%) and Infosys Technologies (1.1%) remained firm right through the session. Tata Consultancy Services, Tata Steel, ITC, Mahindra & Mahindra (the stock had a bright spell this afternoon), Larsen & Toubro and Ranbaxy Laboratories gained 0.5% - 1%.
Hindustan Unilever, DLF and BHEL ended with marginal gains. Ambuja Cements, HDFC Bank, Wipro, Cipla and Satyam Computer Services ended flat. ACC (down 3.4%), HDFC (down 2.4%), Maruti Suzuki (down 2.35%), State Bank of India (down 1.95%), Grasim Industries (down 1.65%), Tata Motors (down 1.55%), NTPC (down 1.25%), Reliance Industries (down 0.85%), Bajaj Auto (down 0.65%) and Hindalco (down 0.65%) ended on a weak note. Telecom majors Bharti Airtel and Reliance Communications also closed in the negative territory.
VSNL zoomed to Rs 738 in brisk afternoon trade at the counter and despite ending the session well off that mark, at Rs 716.25, posted a hefty gain of 18.4%. Nalco, Suzlon Energy, Sun Pharmaceuticals, HCL Technologies, Unitech, BPCL, Tata Power, Zee Entertainment and GlaxoSmithKline Pharma also finished on a firm note. GAIL India, ABB, Dr. Reddy's Laboratories, Punjab National Bank and Siemens ended with sharp losses.
Alok Industries, Gillette, Ispat Industries, Lupin, Rashtriya Chemicals & Fertilizers, Mastek, Indian Bank, Torrent Pharma, Jaiprakash Associates, Adani Enterprises, FDC, Arvind Mills, Jindal Saw, Gujarat Industries & Power and Indian Cements surged higher on strong buying support.
HCL Infosys, Lanco Infratech, Jet Airways, Moser Baer, Indian Overseas Bank, Alstom Projects, Union Bank of India, Rolta India, Bharat Earth Movers, Sun TV Network, EIH Limited and Godrej Consumer Products closed with sharp losses.
The market breadth was positive. Out of 2941 stocks traded on BSE, 1883 stocks ended with gains. 1030 stocks closed in the negative territory and 28 stocks ended unchanged from their previous closing levels.
Sensex ends marginally up; REL soars 4%
Sensex up marginally
Sensex ends flat
NSE 5751.15 8.85
BSE 19091.96 12.32
Taking cues from strong global markets, equities opened on a high note this morning, and, notwithstanding a few spells of selling stayed on in the positive territory till a little past noon. Stocks cutting across sectors were seen trading firm. So widespread was the interest that all the sectoral indices moved up sharply in morning trade.
However, as participants turned a bit cautious past noon, prices of several blue chip stocks began to swing in a highly volatile manner. A severe bout of selling pressure then sent the indices crashing deep down into the red. The Sensex, which had spurted to 19,397.76 in early trade after opening with a positive gap of over 275 points at 19,255.39, nosedived to 18,886.40, suffering a big loss of around 190 points.
Finally, thanks to a smart rally in select old and new economy stocks, the Sensex bounced back into the positive territory and ended the day at 19,091.96 with a small gain of 12.32 points. The Nifty, which touched a high of 5840.80 in opening trade, settled at 5751.15 with a gain of 8.85 points. In late afternoon trade, the Nifty crashed to a low of 5676.70.
With two trading holidays ahead and the expiry date of December series derivatives contracts not far away, the market witnessed immense volatility right through the session today. Though a few blue chip stocks held firm, several large and midcap stocks were seen struggling for support in afternoon trade.
Reliance Energy rallied smartly and posted a sharp gain of 4.15% on the back of reports that the company is planning to foray into Africa. It is reported that the company is in talks with the governments of Botswana, Tanzania and Zambia for setting up generation capacities of over 1,000 megawatt (MW). The company is also likely to bid for a 1,200 MW greenfield project at Yanbu in Saudi Arabia.
ONGC ended stronger by 2.65%. ICICI Bank (1.8%) and Infosys Technologies (1.1%) remained firm right through the session. Tata Consultancy Services, Tata Steel, ITC, Mahindra & Mahindra (the stock had a bright spell this afternoon), Larsen & Toubro and Ranbaxy Laboratories gained 0.5% - 1%.
Hindustan Unilever, DLF and BHEL ended with marginal gains. Ambuja Cements, HDFC Bank, Wipro, Cipla and Satyam Computer Services ended flat. ACC (down 3.4%), HDFC (down 2.4%), Maruti Suzuki (down 2.35%), State Bank of India (down 1.95%), Grasim Industries (down 1.65%), Tata Motors (down 1.55%), NTPC (down 1.25%), Reliance Industries (down 0.85%), Bajaj Auto (down 0.65%) and Hindalco (down 0.65%) ended on a weak note. Telecom majors Bharti Airtel and Reliance Communications also closed in the negative territory.
VSNL zoomed to Rs 738 in brisk afternoon trade at the counter and despite ending the session well off that mark, at Rs 716.25, posted a hefty gain of 18.4%. Nalco, Suzlon Energy, Sun Pharmaceuticals, HCL Technologies, Unitech, BPCL, Tata Power, Zee Entertainment and GlaxoSmithKline Pharma also finished on a firm note. GAIL India, ABB, Dr. Reddy's Laboratories, Punjab National Bank and Siemens ended with sharp losses.
Alok Industries, Gillette, Ispat Industries, Lupin, Rashtriya Chemicals & Fertilizers, Mastek, Indian Bank, Torrent Pharma, Jaiprakash Associates, Adani Enterprises, FDC, Arvind Mills, Jindal Saw, Gujarat Industries & Power and Indian Cements surged higher on strong buying support.
HCL Infosys, Lanco Infratech, Jet Airways, Moser Baer, Indian Overseas Bank, Alstom Projects, Union Bank of India, Rolta India, Bharat Earth Movers, Sun TV Network, EIH Limited and Godrej Consumer Products closed with sharp losses.
The market breadth was positive. Out of 2941 stocks traded on BSE, 1883 stocks ended with gains. 1030 stocks closed in the negative territory and 28 stocks ended unchanged from their previous closing levels.
Other Sify stories:
Source: http://www.sify.com/finance . 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.
18 December 2007
The Economic Times Stories
http://economictimes.indiatimes.com/
Investors go with high-flying firms
Asia bright for investment bankers
Direct tax mop-up rises 42.5%
Maruti announces savings up to Rs 57,500 for its customers
---------------------------------------------------------
ECB walks the talk, pumps in $500 bn
REL to bid for projects in three African countries
In video: Interview with Krishna Bharat Google News creator
Google News: Newspapers should love us
Tata bids over $2.05-bn for Jaguar-Land Rover; M&M at $1.9 bn
SBI, CEOs of associates to meet in Jan to discuss merger
Pricing wrinkles remain in IFCI stake sale
ONGC 1st Indian to enter 'World's Most Admired Companies' list
Essar Oil to tie-up funds for refinery expansion by Jan-end
Reliance Steel opens new Shanghai plant
HDIL to enter entertainment sector, invest Rs 1000 cr
Tata Power to enter shipping biz, raise Rs 4,000 cr
PM panel reviews Re impact on exports
India among 5 nations sharing half of world production
SEBI suggests mini contracts in equity derivatives
Buy Tata Chemicals with target of Rs 444: Asit C. Mehta
Stocks you can buy: Wipro, Lupin, NALCO, JBF Industries
Heard on the street
IDFC Private to invest 25% of its funds in fast-growing sectors
RCF smells a goldmine, plans to sell Mumbai land
Marketers who dominate the market
Source: http://economictimes.indiatimes.com/headlines.cms . 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.
Investors go with high-flying firms
Asia bright for investment bankers
Direct tax mop-up rises 42.5%
Maruti announces savings up to Rs 57,500 for its customers
---------------------------------------------------------
ECB walks the talk, pumps in $500 bn
REL to bid for projects in three African countries
In video: Interview with Krishna Bharat Google News creator
Google News: Newspapers should love us
Tata bids over $2.05-bn for Jaguar-Land Rover; M&M at $1.9 bn
SBI, CEOs of associates to meet in Jan to discuss merger
Pricing wrinkles remain in IFCI stake sale
ONGC 1st Indian to enter 'World's Most Admired Companies' list
Essar Oil to tie-up funds for refinery expansion by Jan-end
Reliance Steel opens new Shanghai plant
HDIL to enter entertainment sector, invest Rs 1000 cr
Tata Power to enter shipping biz, raise Rs 4,000 cr
PM panel reviews Re impact on exports
India among 5 nations sharing half of world production
SEBI suggests mini contracts in equity derivatives
Buy Tata Chemicals with target of Rs 444: Asit C. Mehta
Stocks you can buy: Wipro, Lupin, NALCO, JBF Industries
Heard on the street
IDFC Private to invest 25% of its funds in fast-growing sectors
RCF smells a goldmine, plans to sell Mumbai land
Marketers who dominate the market
Source: http://economictimes.indiatimes.com/headlines.cms . 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.
Jyothy Labs likely to lists around Rs 1000 : MC Article
Jyothy Labs likely to lists around Rs 1000
After an excellent response to the public issue, Jyothy Laboratories will list on the bourses on December 19, 2007. The offer price has been fixed at Rs 690 per share.
R S Iyer of K R Choksey Securities told Moneycontrol.com, "Jyothy Labs is expected to list around Rs 1000. One, who has a capacity to hold stock till Rs 1200, can hold. Above Rs 1200, one should book profits."
The company had entered capital market with an initial public offering (IPO) of 44.30 lakh shares of Rs 5 each at a price band between Rs 620 and Rs 690 per equity share and raised Rs 305.67 crore from the issue. The issue had subscribed 45.83 times.
Jyothy Labs' promoters stake stood at 69.47%. Its investors including Canzone Limited, ICICI Bank Canada, ICICI Bank UK PLC, South Asia Regional Fund and CDC Investment Holdings have sold their stakes through this offer.FMCG company is in the fabric care, household insecticide, surface cleaning, personal care and air care segments of the Indian market. It offers branded products including fabric whitener, mosquito repellent, dishwashing, bath and incense products.
Enam Securities Pvt Ltd and Kotak Mahindra Capita Company Ltd are book running lead managers and Intime Spectrum Registry Limited is the registrar to the issue.
Other IPO news:
Apply for Precision Pipes IPO: Prabhudas L
Subscribe to Manaksia with long term view: Keynote
Source: http://www.moneycontrol.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.
After an excellent response to the public issue, Jyothy Laboratories will list on the bourses on December 19, 2007. The offer price has been fixed at Rs 690 per share.
R S Iyer of K R Choksey Securities told Moneycontrol.com, "Jyothy Labs is expected to list around Rs 1000. One, who has a capacity to hold stock till Rs 1200, can hold. Above Rs 1200, one should book profits."
The company had entered capital market with an initial public offering (IPO) of 44.30 lakh shares of Rs 5 each at a price band between Rs 620 and Rs 690 per equity share and raised Rs 305.67 crore from the issue. The issue had subscribed 45.83 times.
Jyothy Labs' promoters stake stood at 69.47%. Its investors including Canzone Limited, ICICI Bank Canada, ICICI Bank UK PLC, South Asia Regional Fund and CDC Investment Holdings have sold their stakes through this offer.FMCG company is in the fabric care, household insecticide, surface cleaning, personal care and air care segments of the Indian market. It offers branded products including fabric whitener, mosquito repellent, dishwashing, bath and incense products.
Enam Securities Pvt Ltd and Kotak Mahindra Capita Company Ltd are book running lead managers and Intime Spectrum Registry Limited is the registrar to the issue.
Other IPO news:
Apply for Precision Pipes IPO: Prabhudas L
Subscribe to Manaksia with long term view: Keynote
Source: http://www.moneycontrol.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.
ECB injects $500 bn into banking system : Moneycontrol.com
ECB injects $500 bn into banking system
ECB has injected USD 500 billion into the banking system, reports CNBC-TV18.
Agencies also reported that money market rates tumbled after ECB fund injection.
The rates charged by banks for two-week loans are down a record 50 bps at 4.45%. US stock-index futures have risen 0.75% after the cost of borrowing euros crashed.
The European Central Bank has injected an unprecedented USD 500 billion into the banking system as part of a global effort to ease the gridlock in the credit market. The amount banks charge each other for two-week loans in euros dropped a record 50 basis points to 4.45%, after climbing 83 basis points in the past two weeks.
This unprecedented infusion of cash is because normally the cash that is infused is only an overnight tenure and these are called repos because they are normally for temporary mismatches that banks might face. This is a 16-day loan, which means that the loan given today will have to be repaid on January the fourth which is the 16 working day loan that the ECB is giving. The commercial banks in Europe and in the US usually don’t want to lend over the year-end. This is normal phenomenon at the quarter end or the year-end and there is a hesitation to lend loans because you will have to find extra capital.
The move is to restore confidence in the money markets after the US subprime crisis. Central banks, led by the Federal Reserve, are seeking to restore confidence to money markets, after the collapse of the US subprime-mortgage market. The ECB loaned a greater than anticipated USD 501 billion for two weeks at 4.21% today.
Capital is a rare commodity or scarce commodity in the global central banks because their assets have eroded really badly because of the subprime crisis. So more capital is needed to sure up the same amount of loans. At such a juncture, people are simply not willing to lend year-end loans because if they lend loans now they have to find more capital to back up those loans.
So loans are simply not being lent. There is just no transaction and therefore if there is any odd commercial bank, which wants money, it has to pay higher and higher rates. This is the reason why the money market rates over the last one-week was rising by nearly 83-bps- which is 1 percentage point higher for just a two-week loan or a three-week loan.
The long-term effect will be next to nothing because all these loans mature in two-weeks and in the case of the Fed, they mature in a month or so. So there will be no impact on inflation at all because of this higher liquidity. This is clearly only to break a year-end gridlock that banks normally face in this particular year.
Source: http://www.moneycontrol.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.
ECB has injected USD 500 billion into the banking system, reports CNBC-TV18.
Agencies also reported that money market rates tumbled after ECB fund injection.
The rates charged by banks for two-week loans are down a record 50 bps at 4.45%. US stock-index futures have risen 0.75% after the cost of borrowing euros crashed.
The European Central Bank has injected an unprecedented USD 500 billion into the banking system as part of a global effort to ease the gridlock in the credit market. The amount banks charge each other for two-week loans in euros dropped a record 50 basis points to 4.45%, after climbing 83 basis points in the past two weeks.
This unprecedented infusion of cash is because normally the cash that is infused is only an overnight tenure and these are called repos because they are normally for temporary mismatches that banks might face. This is a 16-day loan, which means that the loan given today will have to be repaid on January the fourth which is the 16 working day loan that the ECB is giving. The commercial banks in Europe and in the US usually don’t want to lend over the year-end. This is normal phenomenon at the quarter end or the year-end and there is a hesitation to lend loans because you will have to find extra capital.
The move is to restore confidence in the money markets after the US subprime crisis. Central banks, led by the Federal Reserve, are seeking to restore confidence to money markets, after the collapse of the US subprime-mortgage market. The ECB loaned a greater than anticipated USD 501 billion for two weeks at 4.21% today.
Capital is a rare commodity or scarce commodity in the global central banks because their assets have eroded really badly because of the subprime crisis. So more capital is needed to sure up the same amount of loans. At such a juncture, people are simply not willing to lend year-end loans because if they lend loans now they have to find more capital to back up those loans.
So loans are simply not being lent. There is just no transaction and therefore if there is any odd commercial bank, which wants money, it has to pay higher and higher rates. This is the reason why the money market rates over the last one-week was rising by nearly 83-bps- which is 1 percentage point higher for just a two-week loan or a three-week loan.
The long-term effect will be next to nothing because all these loans mature in two-weeks and in the case of the Fed, they mature in a month or so. So there will be no impact on inflation at all because of this higher liquidity. This is clearly only to break a year-end gridlock that banks normally face in this particular year.
Source: http://www.moneycontrol.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.
SEBI plans mini contracts induction in equity derivatives mrkt: Myiris
SEBI plans mini contracts induction in equity derivatives mrkt
SEBI suggests mini contracts in equity derivatives
Securities and Exchange Board of India (SEBI) intends to introduce mini contracts in the equity derivatives market on main indexes to improve liquidity and increase investor participation, reports Economic Times.Mini contracts are a fraction of normal derivatives contracts and help individual investors to hedge risks of a smaller portfolio. It is believed that popularity of mini contracts has been increasing globally due to the higher liquidity and the ability to get in and out of a trade quickly with low impact cost.SEBI also suggested the introduction of options contracts with longer tenures. At present the maximum life tenure of an options contract is three months. Introduction of options on futures on the existing interest rate products traded on exchanges has also been suggested by SEBI. The market regulator also suggested the creation of a bond index and derivatives on index on the lines of equity derivatives.
SEBI proposes 7 new trading instruments in F&O segment
Source: www.myiris.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.
SEBI suggests mini contracts in equity derivatives
Securities and Exchange Board of India (SEBI) intends to introduce mini contracts in the equity derivatives market on main indexes to improve liquidity and increase investor participation, reports Economic Times.Mini contracts are a fraction of normal derivatives contracts and help individual investors to hedge risks of a smaller portfolio. It is believed that popularity of mini contracts has been increasing globally due to the higher liquidity and the ability to get in and out of a trade quickly with low impact cost.SEBI also suggested the introduction of options contracts with longer tenures. At present the maximum life tenure of an options contract is three months. Introduction of options on futures on the existing interest rate products traded on exchanges has also been suggested by SEBI. The market regulator also suggested the creation of a bond index and derivatives on index on the lines of equity derivatives.
SEBI proposes 7 new trading instruments in F&O segment
Source: www.myiris.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.
Myiris, Moneycontrol Updates
Myiris.Com
Brokers` Outlook: Market to bounce back in 2-3 sessions
MFs remain net sellers in equities worth Rs 1,990 mn on Dec. 17
FIIs turn net sellers in equities worth Rs 10,987 mn on Dec. 17
PM panel on trade discuss adverse impact of rising Rupee
FDI inflows grows 65% to USD 7.2 bn in H1
NAVs of equity diversified funds decline 1.71% last week
Union bank to foray into MF biz
Webel-Sl Energy to consider hiking share capital
IFCI issues equity shares to public sector banks
ArcelorMittal completes 27 mn share buyback programme
Rosehill & its affiliates to invest USD 125 mn in JBF Global
IL&FS-Milestone Fund-I attracts Rs 5 bn initial subscription
Texmaco seek members` nod for merger
Jyothy Labs to list on Dec. 19
SRF to set up two greenfield plants
Net tax collections rose 42.5% to Rs 1,644.07 bn
SB&T Int`l to takeover Mimansa Jewellery
Diamond Cables to bag order for power transformers
Steel Strips gets fresh export orders from Peugeot
SEBI plans mini contracts induction in equity derivatives mrkt
SEBI proposes 7 new trading instruments in F&O segment
HDIL to enter entertainment sector
Tata Projects to acquire Arston Engg.
Jai Balaji to dilute 15% stake to Citi VC & India Equity
-----------------------------------------------------
Moneycontrol.Com
Mkts may stabilise around current levels: Experts
Mkt doesn't see big sell-offs from large funds now
Mount these midcaps at the top of your portfolio
Goldman may post better nos than MS, BS
India Infoline to set up Asset Management Co
Bombay HC approves Bajaj Auto demerger
Essar Oil to raise $2 bn via GDS
TV18- Jagran Prakshan JV for biz newspaper
BF Utilities,RIL, Wipro bag MOFSL's Wealth Creation Awards
Ispat Ind has target of Rs 101: A Chakrabarty
Buy PVR; target of Rs 405: Kotak Securities
Vesuvius can double in 2 years: DD Sharma
Source: http://www.moneycontrol.com and www.myiris.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.
Brokers` Outlook: Market to bounce back in 2-3 sessions
MFs remain net sellers in equities worth Rs 1,990 mn on Dec. 17
FIIs turn net sellers in equities worth Rs 10,987 mn on Dec. 17
PM panel on trade discuss adverse impact of rising Rupee
FDI inflows grows 65% to USD 7.2 bn in H1
NAVs of equity diversified funds decline 1.71% last week
Union bank to foray into MF biz
Webel-Sl Energy to consider hiking share capital
IFCI issues equity shares to public sector banks
ArcelorMittal completes 27 mn share buyback programme
Rosehill & its affiliates to invest USD 125 mn in JBF Global
IL&FS-Milestone Fund-I attracts Rs 5 bn initial subscription
Texmaco seek members` nod for merger
Jyothy Labs to list on Dec. 19
SRF to set up two greenfield plants
Net tax collections rose 42.5% to Rs 1,644.07 bn
SB&T Int`l to takeover Mimansa Jewellery
Diamond Cables to bag order for power transformers
Steel Strips gets fresh export orders from Peugeot
SEBI plans mini contracts induction in equity derivatives mrkt
SEBI proposes 7 new trading instruments in F&O segment
HDIL to enter entertainment sector
Tata Projects to acquire Arston Engg.
Jai Balaji to dilute 15% stake to Citi VC & India Equity
-----------------------------------------------------
Moneycontrol.Com
Mkts may stabilise around current levels: Experts
Mkt doesn't see big sell-offs from large funds now
Mount these midcaps at the top of your portfolio
Goldman may post better nos than MS, BS
India Infoline to set up Asset Management Co
Bombay HC approves Bajaj Auto demerger
Essar Oil to raise $2 bn via GDS
TV18- Jagran Prakshan JV for biz newspaper
BF Utilities,RIL, Wipro bag MOFSL's Wealth Creation Awards
Ispat Ind has target of Rs 101: A Chakrabarty
Buy PVR; target of Rs 405: Kotak Securities
Vesuvius can double in 2 years: DD Sharma
Source: http://www.moneycontrol.com and www.myiris.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.
Sensex ends 182 pts down : SIfy India
Sensex ends 182 pts down
The market opened on a negative note on weak global cues this morning but bounced back amid high volatility within the next few minutes. However, with participants staying wary of building up positions and choosing to exit at every noticeable rise, equities had a highly choppy session today.
The Sensex, which hit a high of 19,375.07 and had a roller-coaster rise right through the session, ended the day with a big loss of 181.71 points or 0.94% at 19,009.35, off an intra-day low of 19,009.35. From a lifetime high of 20,498.11 it had touched at the opening bell on Friday, the 13th December 2007, it has been a steep slide down south for the Sensex in just three sessions.
The Nifty, which swung in an intra-day range of 164 points - it hit a high of 5874.60 and a low of 5710.60 today - settled at 5742.30 with a loss of 0.6% or 34.70 points.
Though as many as twelve Sensex components finished in the positive territory, only a few stocks closed with significant gains. Cipla, the star performer from the pack, ended with a gain of 3.8% at Rs 215.75. ITC ended 2.25% up at Rs 197.85. NTPC and Ranbaxy Laboratories gained 1.7% and 1.05% respectively.
Maruti Suzuki (0.8%), Bharti Airtel (0.65%), ACC (0.5%) and DLF (0.5%) also closed on a firm note. Tata Motors, Tata Consultancy Services, Bajaj Auto and Grasim Industries settled with small gains. Hindustan Unilever (down 3.35%), Larsen & Toubro (down 2.8%), ICICI Bank (down 2.25%), HDFC (down 2.25%), Reliance Industries (down 1.75%), ONGC (down 1.4%), HDFC Bank (down 1.25%), BHEL (down 1.2%), Reliance Energy (down 1.1%) and Mahindra & Mahindra (down 1.05%) declined sharply.
Tata Steel, Ambuja Cements, Hindalco, Reliance Communications and State Bank of India also ended with sharp losses. Satyam Computer Services, Wipro and Infosys Technologies closed with marginal losses. Tata Power, Sterlite Industries, VSNL, Unitech, Punjab National Bank and HCL Technologies were among the major losers from the Nifty fold.
BPCL rallied smartly in afternoon trade and finished with a handsome gain of 5.1%. Sun Pharmaceuticals shot up by 4.3%. Cairn India, Suzlon Energy, Reliance Petroleum and Siemens closed with smart gains. GAIL India and Idea Cellular also ended with notable gains.
Besides sector heavyweights Cipla, Ranbaxy Laboratories and Sun Pharmaceuticals, a few other pharma stocks ended the day on a high note. JB Chemicals jumped 8%. Nicholas Piramal, which topped the list of gainers from the healthcare index, surged 7.3% today. Sun Pharma Advanced Research, Bilcare, Cadila Healthcare, Glenmark Pharmaceuticals, Dishman Pharma and Aventis Pharma also closed with impressive gains.
Gujarat Industries & Power, Neyveli Lignite Corporation, Titan Industries, Rashtriya Chemicals & Fertilizers, Jet Airways, Ispat Industries, Chambal Fertilizers, Indian Oil Corporation, Mastek, Omaxe, GMR Infrastructure, Sun TV Network, Tata Chemicals and Hindustan Petroleum Corporation gained significant ground today.
Midcap stocks SpiceJet, Deccan Aviation, GTL Infrastructure, Coromandel Fertilizers, Gujarat Alkalies, India Infoline, Redington India, Dish TV, SSI, Essar Shipping, Renuka Sugars, Max India, AIA Engineering, Hindustan Construction Company and Bajaj Auto Finance also ended with notable gains.
The market breadth was weak as several midcap and smallcap stocks also recorded losses. Out of 2930 stocks traded on BSE today, 1225 stocks closed with gains. 1672 stocks finished on the losing side and 33 stocks ended at their previous closing prices.
The market opened on a negative note on weak global cues this morning but bounced back amid high volatility within the next few minutes. However, with participants staying wary of building up positions and choosing to exit at every noticeable rise, equities had a highly choppy session today.
The Sensex, which hit a high of 19,375.07 and had a roller-coaster rise right through the session, ended the day with a big loss of 181.71 points or 0.94% at 19,009.35, off an intra-day low of 19,009.35. From a lifetime high of 20,498.11 it had touched at the opening bell on Friday, the 13th December 2007, it has been a steep slide down south for the Sensex in just three sessions.
The Nifty, which swung in an intra-day range of 164 points - it hit a high of 5874.60 and a low of 5710.60 today - settled at 5742.30 with a loss of 0.6% or 34.70 points.
Though as many as twelve Sensex components finished in the positive territory, only a few stocks closed with significant gains. Cipla, the star performer from the pack, ended with a gain of 3.8% at Rs 215.75. ITC ended 2.25% up at Rs 197.85. NTPC and Ranbaxy Laboratories gained 1.7% and 1.05% respectively.
Maruti Suzuki (0.8%), Bharti Airtel (0.65%), ACC (0.5%) and DLF (0.5%) also closed on a firm note. Tata Motors, Tata Consultancy Services, Bajaj Auto and Grasim Industries settled with small gains. Hindustan Unilever (down 3.35%), Larsen & Toubro (down 2.8%), ICICI Bank (down 2.25%), HDFC (down 2.25%), Reliance Industries (down 1.75%), ONGC (down 1.4%), HDFC Bank (down 1.25%), BHEL (down 1.2%), Reliance Energy (down 1.1%) and Mahindra & Mahindra (down 1.05%) declined sharply.
Tata Steel, Ambuja Cements, Hindalco, Reliance Communications and State Bank of India also ended with sharp losses. Satyam Computer Services, Wipro and Infosys Technologies closed with marginal losses. Tata Power, Sterlite Industries, VSNL, Unitech, Punjab National Bank and HCL Technologies were among the major losers from the Nifty fold.
BPCL rallied smartly in afternoon trade and finished with a handsome gain of 5.1%. Sun Pharmaceuticals shot up by 4.3%. Cairn India, Suzlon Energy, Reliance Petroleum and Siemens closed with smart gains. GAIL India and Idea Cellular also ended with notable gains.
Besides sector heavyweights Cipla, Ranbaxy Laboratories and Sun Pharmaceuticals, a few other pharma stocks ended the day on a high note. JB Chemicals jumped 8%. Nicholas Piramal, which topped the list of gainers from the healthcare index, surged 7.3% today. Sun Pharma Advanced Research, Bilcare, Cadila Healthcare, Glenmark Pharmaceuticals, Dishman Pharma and Aventis Pharma also closed with impressive gains.
Gujarat Industries & Power, Neyveli Lignite Corporation, Titan Industries, Rashtriya Chemicals & Fertilizers, Jet Airways, Ispat Industries, Chambal Fertilizers, Indian Oil Corporation, Mastek, Omaxe, GMR Infrastructure, Sun TV Network, Tata Chemicals and Hindustan Petroleum Corporation gained significant ground today.
Midcap stocks SpiceJet, Deccan Aviation, GTL Infrastructure, Coromandel Fertilizers, Gujarat Alkalies, India Infoline, Redington India, Dish TV, SSI, Essar Shipping, Renuka Sugars, Max India, AIA Engineering, Hindustan Construction Company and Bajaj Auto Finance also ended with notable gains.
The market breadth was weak as several midcap and smallcap stocks also recorded losses. Out of 2930 stocks traded on BSE today, 1225 stocks closed with gains. 1672 stocks finished on the losing side and 33 stocks ended at their previous closing prices.
Other www.Sify.com stories
More @ www.sify.com/finance
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Konw About: ECB (European Central Bank)
European Central Bank (ECB)
The European Central Bank (ECB) is one of the world's most important central banks, responsible for monetary policy covering the 13 member countries of the Eurozone. It was established by the European Union (EU) in 1998 with its headquarters in Frankfurt, Germany.
The predecessor to the ECB was the European Monetary Institute (EMI). It was established at the start of the second stage of the EU's Economic and Monetary Union (EMU) to handle the transitional issues of states adopting the euro and prepare for the creation of the ECB and European System of Central Banks (ESCB). The EMI itself took over from the earlier European Monetary Co-operation Fund (EMCF).[1]
More @ http://en.wikipedia.org/wiki/ECB
Source: http://en.wikipedia.org. 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 given. Blog is not responsible for any faulty information.
The European Central Bank (ECB) is one of the world's most important central banks, responsible for monetary policy covering the 13 member countries of the Eurozone. It was established by the European Union (EU) in 1998 with its headquarters in Frankfurt, Germany.
The predecessor to the ECB was the European Monetary Institute (EMI). It was established at the start of the second stage of the EU's Economic and Monetary Union (EMU) to handle the transitional issues of states adopting the euro and prepare for the creation of the ECB and European System of Central Banks (ESCB). The EMI itself took over from the earlier European Monetary Co-operation Fund (EMCF).[1]
More @ http://en.wikipedia.org/wiki/ECB
Source: http://en.wikipedia.org. 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 given. Blog is not responsible for any faulty information.
Personality of the Day: Dhan Gopal Mukerji
Dhan Gopal Mukerji
Dhan Gopal Mukerji (Bengali: ধান গোপাল মুখোপাধ্যায় Dhan Gopal Mukhopaddhae) (July 6, 1890 –July 14, 1936) was the first successful Indian man of letters in the United States. He studied at Duff School (now known as Scottish Church Collegiate School, a constituent unit of Scottish Church College, Calcutta), the University of Calcutta, in India, Tokyo University in Japan and at the University of California, Berkeley and Stanford University in the U.S.
More @ http://en.wikipedia.org/wiki/Dhan_Gopal_Mukerji
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Dhan Gopal Mukerji (Bengali: ধান গোপাল মুখোপাধ্যায় Dhan Gopal Mukhopaddhae) (July 6, 1890 –July 14, 1936) was the first successful Indian man of letters in the United States. He studied at Duff School (now known as Scottish Church Collegiate School, a constituent unit of Scottish Church College, Calcutta), the University of Calcutta, in India, Tokyo University in Japan and at the University of California, Berkeley and Stanford University in the U.S.
More @ http://en.wikipedia.org/wiki/Dhan_Gopal_Mukerji
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17 December 2007
The Economic Times Stories
The Economic Times
http://economictimes.indiatimes.com/
Reliance, GAIL identify 10 countries for petrochemical plant
Cement firms to pump Rs 50k cr in 3 yrs to up capacity
Plan panel for 3 multi-sectoral regulators
Thomas Cook shares flare up
IFCI board to consider induction of strategic partner
High-profile PwC hirings gel with new client needs
Small, medium firms going beyond core business
Phoenix Lamps eyes Surya Roshni's lighting business
NTPC, NCDEX to float JV for Power Exchange
Exxon likely to bid for oil blocks in NELP-VII
Apollo Hospitals to invest Rs 600 cr in tier II cities
Street debut planned for 34 mini-ratnas
Indices to remain range bound: Mild profit booking likely
Small & Mid Cap: Twilight Litaka, Jindal Stainless, Tanla Solutions
Mid and small-caps likely to outdo Sensex
Thomas Cook shares flare up on JTB Corp tie-up
California Soft acquires balance 49% in Inatech Infosolutions
Cos may get to list within 7 days after IPO closure
India Infoline plans mutual fund foray
Big is beautiful for mutual funds
IPO Watch: Aries Agro, Manaksia and Kolte Patil Developers
DCM Shriram sees 15% revenue growth in FYO8
Professional tax ceiling may double to Rs 5,000 a year
Every fifth IBM employee is in India
Educomp arm in development deal with Learning.com
--------------------------------------------------------------------
ET Features
Investor's Guide
Mid caps are on a solo run
Bulls still rule
Kolte Patil Developers' stock appears attractive
Renaissance Jewellery still shining bright
Twilight Litaka's growth prospects looks attractive
Stocks to pick: Glenmark Pharma, RIL, Indian Hotels, PNB, Tata Power
Manaksia: Losing focus
Standalone refineries look more attractive
Edelweiss Capital: The money makers
Tanla Solutions poised to take a big leap
Jindal Stainless: This one's a show steeler
For investors, Asia's the place to be in
Small is big for Aries Agro
Stocks take rocking ride on bourses
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.
http://economictimes.indiatimes.com/
Reliance, GAIL identify 10 countries for petrochemical plant
Cement firms to pump Rs 50k cr in 3 yrs to up capacity
Plan panel for 3 multi-sectoral regulators
Thomas Cook shares flare up
IFCI board to consider induction of strategic partner
High-profile PwC hirings gel with new client needs
Small, medium firms going beyond core business
Phoenix Lamps eyes Surya Roshni's lighting business
NTPC, NCDEX to float JV for Power Exchange
Exxon likely to bid for oil blocks in NELP-VII
Apollo Hospitals to invest Rs 600 cr in tier II cities
Street debut planned for 34 mini-ratnas
Indices to remain range bound: Mild profit booking likely
Small & Mid Cap: Twilight Litaka, Jindal Stainless, Tanla Solutions
Mid and small-caps likely to outdo Sensex
Thomas Cook shares flare up on JTB Corp tie-up
California Soft acquires balance 49% in Inatech Infosolutions
Cos may get to list within 7 days after IPO closure
India Infoline plans mutual fund foray
Big is beautiful for mutual funds
IPO Watch: Aries Agro, Manaksia and Kolte Patil Developers
DCM Shriram sees 15% revenue growth in FYO8
Professional tax ceiling may double to Rs 5,000 a year
Every fifth IBM employee is in India
Educomp arm in development deal with Learning.com
--------------------------------------------------------------------
ET Features
Investor's Guide
Mid caps are on a solo run
Bulls still rule
Kolte Patil Developers' stock appears attractive
Renaissance Jewellery still shining bright
Twilight Litaka's growth prospects looks attractive
Stocks to pick: Glenmark Pharma, RIL, Indian Hotels, PNB, Tata Power
Manaksia: Losing focus
Standalone refineries look more attractive
Edelweiss Capital: The money makers
Tanla Solutions poised to take a big leap
Jindal Stainless: This one's a show steeler
For investors, Asia's the place to be in
Small is big for Aries Agro
Stocks take rocking ride on bourses
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.
Myiris Corporate Stories
www.myiris.com
Corporate Stories
Overall macro-eco performance for Nov. `07
Brokers` Outlook: Market to stabilize on Tuesday
--------------------------------------
MFs remain net sellers in equities worth Rs 2,189 mn on Dec. 14
FIIs remain net buyers in equities worth Rs 4,075 mn on Dec. 14
Shree Ashtavinayak to distribute Hindi film `Welcome`
Oil India files DRHP with SEBI
Shiv Vani Oil bags Rs 2.61 bn order
MMTC plans warehousing JV, seeks partner
Nava Bharat to consider share allotment to Lehman Brothers
Macmillan acquires 80% stake in Frank Brothers
Era Constructions receives open offer
More measures to raise tax compliance in budget 2008-09
Bajaj Hindusthan commences operations at new 7,000 TCD sugar plant
Manaksia IPO subscribes fully
United Spirits set to tap Indian scotch market
Educomp`s arm ties up with US-based Learning.com
GBN board approves buying stake in Jagran TV for Rs 200 mn
BHEL strikes alliance with NTPC for EPC biz.
Diamond Cables to raise funds via FCCBs, GDRs
Active Stock: Phoenix Lamps up 7% on acquisition news
Jai Realty Ventures becomes subsidiary of Jai Corp
ABG Shipyard secures repeat orders of over Rs 10 bn
Goldiam Intl. to foray into Russian mkts
Union Bank to scout for mid-sized banks abroad
IFCI may fix Rs 107 for conversion of bonds into equity
SAIL to foray into equipment manufacturing
Power Grid readies Rs 550 bn warchest
Source: http://www.myiris.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.
Corporate Stories
Overall macro-eco performance for Nov. `07
Brokers` Outlook: Market to stabilize on Tuesday
--------------------------------------
MFs remain net sellers in equities worth Rs 2,189 mn on Dec. 14
FIIs remain net buyers in equities worth Rs 4,075 mn on Dec. 14
Shree Ashtavinayak to distribute Hindi film `Welcome`
Oil India files DRHP with SEBI
Shiv Vani Oil bags Rs 2.61 bn order
MMTC plans warehousing JV, seeks partner
Nava Bharat to consider share allotment to Lehman Brothers
Macmillan acquires 80% stake in Frank Brothers
Era Constructions receives open offer
More measures to raise tax compliance in budget 2008-09
Bajaj Hindusthan commences operations at new 7,000 TCD sugar plant
Manaksia IPO subscribes fully
United Spirits set to tap Indian scotch market
Educomp`s arm ties up with US-based Learning.com
GBN board approves buying stake in Jagran TV for Rs 200 mn
BHEL strikes alliance with NTPC for EPC biz.
Diamond Cables to raise funds via FCCBs, GDRs
Active Stock: Phoenix Lamps up 7% on acquisition news
Jai Realty Ventures becomes subsidiary of Jai Corp
ABG Shipyard secures repeat orders of over Rs 10 bn
Goldiam Intl. to foray into Russian mkts
Union Bank to scout for mid-sized banks abroad
IFCI may fix Rs 107 for conversion of bonds into equity
SAIL to foray into equipment manufacturing
Power Grid readies Rs 550 bn warchest
Source: http://www.myiris.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.
Rediff, MoneyControl Stories
Rediff.com
Good to invest in housing stocks
Complaints: SBI Cards tops, ICICI is second
Business highlights 2007
Secret to good public services
Vikram Pandit's father on his son
Want safe investments? Go for NSC, PPF
'Retail will create a few billionaires in India'
Savings schemes or MFs? Here's help
---------------------------------------------------------
Moneycontrol.com
Sensex plunges 700 pts; Nifty sees highest 1-day fall
Beware! Sniff trouble if fall hits midcaps
Advance tax nos healthy; Q3 likely to be good
Welspun Guj close to overseas acquisition: Srcs
Strategies to adopt in a falling market
Factors for and against Fed cut in Jan '08
Buy TTML, Ashok Leyland, RNRL: Sukhani
Oil India files DRHP with SEBI for IPO
Nifty to cross 6200 if global mkts recover: Marathon Trends
Sensex loses nearly 900-1000 pts from highs
No major slowdown in liquidity flows to India: JM Fin
Fund Action witnessed in stocks on 14th December, 2007
Dow down 178 pts at 13340
Indian mkts may get pegged back along with global peers
Source: http://www.moneycontrol.com and www.rediff.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.
Good to invest in housing stocks
Complaints: SBI Cards tops, ICICI is second
Business highlights 2007
Secret to good public services
Vikram Pandit's father on his son
Want safe investments? Go for NSC, PPF
'Retail will create a few billionaires in India'
Savings schemes or MFs? Here's help
---------------------------------------------------------
Moneycontrol.com
Sensex plunges 700 pts; Nifty sees highest 1-day fall
Beware! Sniff trouble if fall hits midcaps
Advance tax nos healthy; Q3 likely to be good
Welspun Guj close to overseas acquisition: Srcs
Strategies to adopt in a falling market
Factors for and against Fed cut in Jan '08
Buy TTML, Ashok Leyland, RNRL: Sukhani
Oil India files DRHP with SEBI for IPO
Nifty to cross 6200 if global mkts recover: Marathon Trends
Sensex loses nearly 900-1000 pts from highs
No major slowdown in liquidity flows to India: JM Fin
Fund Action witnessed in stocks on 14th December, 2007
Dow down 178 pts at 13340
Indian mkts may get pegged back along with global peers
Source: http://www.moneycontrol.com and www.rediff.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.
deadpresident.blogspot.com
http://www.deadpresident.blogspot.com
Trading Calls
Futures and Options - Dec 17 2007
Pyramid Saimira
Market may slip further
Grey Market - Precision, Porwal, Manaksia
Thomas Cook
Market may edge lower on weak Asian equities
Adhunik Metaliks
Morning Notes, KLG Systel
Morning Call
Pre Market Watch
Daily Trading Calls
Mid-cap mania…take it or leave it!
Cipla
Market Outlook, Daily Technical Futures - Dec 17 2...
---------------------------------------------------------------
Source: http://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.
Trading Calls
Futures and Options - Dec 17 2007
Pyramid Saimira
Market may slip further
Grey Market - Precision, Porwal, Manaksia
Thomas Cook
Market may edge lower on weak Asian equities
Adhunik Metaliks
Morning Notes, KLG Systel
Morning Call
Pre Market Watch
Daily Trading Calls
Mid-cap mania…take it or leave it!
Cipla
Market Outlook, Daily Technical Futures - Dec 17 2...
---------------------------------------------------------------
Source: http://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.
CoolAvenues Top Jobs Alert
www.Coolavenues.com
Operations Management
Manager - Supply Chain Consulting : A Leading Name in Management Consulting Domain http://www.coolavenues.com/jobs/1207_1_1460.php
AVP - Operations (LAS / SBL) : A Leading Investment Bank in India http://www.coolavenues.com/jobs/1207_1_1497.php
Operations Manager : Wipro Infotech - Innovation Divisionhttp://www.coolavenues.com/jobs/1107_1_1418.php
Supply Chain Consultant : A Renowned US-based Management Consulting Firmhttp://www.coolavenues.com/jobs/1107_1_1422.php
Business Manager - IRCAM : Wipro Infotech - Innovation Divisionhttp://www.coolavenues.com/jobs/1107_1_1416.php
----------------------------------------------------------------------
Finance / Banking Positions
National Head - Wealth Management : One of the Leading Fortune 500 Financial Company http://www.coolavenues.com/jobs/1207_1_1453.php
GM - Investments : A Leading & Fast-Growing Real Estate Company http://www.coolavenues.com/jobs/1207_1_1452.php
AVP - Private Equity : A Global Financial Major http://www.coolavenues.com/jobs/1107_1_1450.php
Director / Head / VP - Private Equity : A Global Financial Major http://www.coolavenues.com/jobs/1107_1_1449.php
Regional Manager - Wealth - HNI / Private Client Group : A Global Financial Major http://www.coolavenues.com/jobs/1107_1_1448.php
National Head / Director - Wealth - HNI / Private Client Group : A Global Financial Major http://www.coolavenues.com/jobs/1107_1_1447.php
Vice President - International Business Development : A Global Financial Major http://www.coolavenues.com/jobs/1107_1_1446.php
Senior Manager / AVP - Enterprise Performance Management : A Top Consulting Organisation http://www.coolavenues.com/jobs/1107_1_1443.php
Sr. Associate Director - Investment Banking : An India-Focused Real Estate Boutique Investment Bank http://www.coolavenues.com/jobs/1107_1_1442.php
Research Analyst - Telecom Practice : A Premier Management Consulting Firm http://www.coolavenues.com/jobs/1107_1_1441.php
AVP / Sr. Manager - Legal : A Global Private Equity House http://www.coolavenues.com/jobs/1107_1_1438.php
Opening in Business Development & Research - Private Equity : A Leading Private Equity Firm in India http://www.coolavenues.com/jobs/1107_1_1437.php
Opening in Business Development / Deal Sourcing - Private Equity : A Leading Global Private Equity House http://www.coolavenues.com/jobs/1107_1_1435.php
Opening in Asset Reconstruction : A Leading Global Asset Reconstruction Company http://www.coolavenues.com/jobs/1107_1_1433.php
Sector Specialist - Equity Research : A Leading Name in Financial Services Domain http://www.coolavenues.com/jobs/1107_1_1431.php
-----------------------------------------------------------------------
General Management / Consulting Positions
Manager - Program Management - Business Analytics & Research : A Privately Held International Provider of Financial Services & Investment Resources http://www.coolavenues.com/jobs/1207_1_1466.php
Senior Manager / AVP - Enterprise Performance Management : A Top Consulting Organisation http://www.coolavenues.com/jobs/1107_1_1443.php
Research Analyst - High Tech Practice : A Premier Management Consulting Firm http://www.coolavenues.com/jobs/1107_1_1440.php
Research Analyst - Telecom Practice : A Premier Management Consulting Firm http://www.coolavenues.com/jobs/1107_1_1441.php
GM - Investments : A Leading & Fast-Growing Real Estate Company http://www.coolavenues.com/jobs/1207_1_1452.php
Manager - Supply Chain Consulting : A Leading Name in Management Consulting Domain http://www.coolavenues.com/jobs/1207_1_1460.php
Openings in Finance / Strategy : A Leading International Management Consultancy http://www.coolavenues.com/jobs/1107_1_1444.php
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.
Operations Management
Manager - Supply Chain Consulting : A Leading Name in Management Consulting Domain http://www.coolavenues.com/jobs/1207_1_1460.php
AVP - Operations (LAS / SBL) : A Leading Investment Bank in India http://www.coolavenues.com/jobs/1207_1_1497.php
Operations Manager : Wipro Infotech - Innovation Divisionhttp://www.coolavenues.com/jobs/1107_1_1418.php
Supply Chain Consultant : A Renowned US-based Management Consulting Firmhttp://www.coolavenues.com/jobs/1107_1_1422.php
Business Manager - IRCAM : Wipro Infotech - Innovation Divisionhttp://www.coolavenues.com/jobs/1107_1_1416.php
----------------------------------------------------------------------
Finance / Banking Positions
National Head - Wealth Management : One of the Leading Fortune 500 Financial Company http://www.coolavenues.com/jobs/1207_1_1453.php
GM - Investments : A Leading & Fast-Growing Real Estate Company http://www.coolavenues.com/jobs/1207_1_1452.php
AVP - Private Equity : A Global Financial Major http://www.coolavenues.com/jobs/1107_1_1450.php
Director / Head / VP - Private Equity : A Global Financial Major http://www.coolavenues.com/jobs/1107_1_1449.php
Regional Manager - Wealth - HNI / Private Client Group : A Global Financial Major http://www.coolavenues.com/jobs/1107_1_1448.php
National Head / Director - Wealth - HNI / Private Client Group : A Global Financial Major http://www.coolavenues.com/jobs/1107_1_1447.php
Vice President - International Business Development : A Global Financial Major http://www.coolavenues.com/jobs/1107_1_1446.php
Senior Manager / AVP - Enterprise Performance Management : A Top Consulting Organisation http://www.coolavenues.com/jobs/1107_1_1443.php
Sr. Associate Director - Investment Banking : An India-Focused Real Estate Boutique Investment Bank http://www.coolavenues.com/jobs/1107_1_1442.php
Research Analyst - Telecom Practice : A Premier Management Consulting Firm http://www.coolavenues.com/jobs/1107_1_1441.php
AVP / Sr. Manager - Legal : A Global Private Equity House http://www.coolavenues.com/jobs/1107_1_1438.php
Opening in Business Development & Research - Private Equity : A Leading Private Equity Firm in India http://www.coolavenues.com/jobs/1107_1_1437.php
Opening in Business Development / Deal Sourcing - Private Equity : A Leading Global Private Equity House http://www.coolavenues.com/jobs/1107_1_1435.php
Opening in Asset Reconstruction : A Leading Global Asset Reconstruction Company http://www.coolavenues.com/jobs/1107_1_1433.php
Sector Specialist - Equity Research : A Leading Name in Financial Services Domain http://www.coolavenues.com/jobs/1107_1_1431.php
-----------------------------------------------------------------------
General Management / Consulting Positions
Manager - Program Management - Business Analytics & Research : A Privately Held International Provider of Financial Services & Investment Resources http://www.coolavenues.com/jobs/1207_1_1466.php
Senior Manager / AVP - Enterprise Performance Management : A Top Consulting Organisation http://www.coolavenues.com/jobs/1107_1_1443.php
Research Analyst - High Tech Practice : A Premier Management Consulting Firm http://www.coolavenues.com/jobs/1107_1_1440.php
Research Analyst - Telecom Practice : A Premier Management Consulting Firm http://www.coolavenues.com/jobs/1107_1_1441.php
GM - Investments : A Leading & Fast-Growing Real Estate Company http://www.coolavenues.com/jobs/1207_1_1452.php
Manager - Supply Chain Consulting : A Leading Name in Management Consulting Domain http://www.coolavenues.com/jobs/1207_1_1460.php
Openings in Finance / Strategy : A Leading International Management Consultancy http://www.coolavenues.com/jobs/1107_1_1444.php
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.
Tax sops for stock investors : Sify India
There are tax sops for stock investors
Have you ever wondered how you get to retain only a part of your actual gains on the stock market despite trading regularly and taking sizeable shots? A major portion of the gain is eaten away by the transaction costs imposed on you in every single trade.
There are broadly two claimants to this money — your broker and the government. But, while your broker may or may not honour your everyday relationship with him by refunding all or any part of the brokerage paid by you, the government does, by having a provision to set off the securities transaction tax (STT) paid by you against the tax payable on your stock market gains.
Section 88E of the Income Tax Act provides for a rebate in income tax payable by the assesses who are active traders in the stock market, irrespective of whether they are individuals, Hindu undivided families, companies, firms, association of persons or body of individuals, local authorities or any artificial judicial person, subject to the following conditions:
First, your total taxable income should have income chargeable to tax under the head ‘Profit and Gains of Business or Profession’ (PGBP). Second, this income under must contain positive income arising from taxable securities transactions. Positive income means there should be some income from securities transactions, and if you are claiming any loss under this head, arising from taxable securities transactions, then the question of rebate under Section 88E doesn’t arise at all.
It is also to be understood clearly that this section applies only to those transactions, which have the nature of a business transaction. If any assessee is doing transactions from the investment point of view and accounting for his gains or losses under the head ‘Income from Capital Gains’, this section is again not applicable. When a transaction will be treated as a ‘business’ transaction and when as an ‘investment’, is a matter of facts and is to be dealt independently and individually in each and every case, and is thus beyond the scope of this discussion.
How to claim rebate u/s 88E
More details @ http://sify.com/finance/fullstory.php?id=14576559
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.
Have you ever wondered how you get to retain only a part of your actual gains on the stock market despite trading regularly and taking sizeable shots? A major portion of the gain is eaten away by the transaction costs imposed on you in every single trade.
There are broadly two claimants to this money — your broker and the government. But, while your broker may or may not honour your everyday relationship with him by refunding all or any part of the brokerage paid by you, the government does, by having a provision to set off the securities transaction tax (STT) paid by you against the tax payable on your stock market gains.
Section 88E of the Income Tax Act provides for a rebate in income tax payable by the assesses who are active traders in the stock market, irrespective of whether they are individuals, Hindu undivided families, companies, firms, association of persons or body of individuals, local authorities or any artificial judicial person, subject to the following conditions:
First, your total taxable income should have income chargeable to tax under the head ‘Profit and Gains of Business or Profession’ (PGBP). Second, this income under must contain positive income arising from taxable securities transactions. Positive income means there should be some income from securities transactions, and if you are claiming any loss under this head, arising from taxable securities transactions, then the question of rebate under Section 88E doesn’t arise at all.
It is also to be understood clearly that this section applies only to those transactions, which have the nature of a business transaction. If any assessee is doing transactions from the investment point of view and accounting for his gains or losses under the head ‘Income from Capital Gains’, this section is again not applicable. When a transaction will be treated as a ‘business’ transaction and when as an ‘investment’, is a matter of facts and is to be dealt independently and individually in each and every case, and is thus beyond the scope of this discussion.
How to claim rebate u/s 88E
More details @ http://sify.com/finance/fullstory.php?id=14576559
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.
Sensex loses 769 pts; Nifty loses 271 points : Sify India
Sensex loses 769 pts; Nifty loses 271 pts
India's Sensex Falls Most in Four Months;
Sensex ends down 769pts, DLF drops 7%
Sensex tumbles 769 pts on possible fall in foreign investment
The benchmark indices Sensex and Nifty recorded one of their worst outings ever as the bears went on a rampage on the major Indian bourses today. The sharp fall on Wall Street last Friday due to fresh worries over rising inflation and threatening losses on the subprime market front triggered a sell-off on the Asian bourses.
The Indian bears were quick to latch on to the opportunity, and, so strong was the onslaught that blue chip stocks were seen grasping for breath right through the session today.
Stocks cutting across sectors were hammered mercilessly today. Though midcap and smallcap stocks were spared the stick till around mid-afternoon, a severe bout of pressure that engulfed the market during the final hour of trade knocked the wind out these stocks as well. While the Midcap index tumbled by 3.87%, the Smallcap barometer suffered a loss of 2.91%.
The Sensex, which opened at 20,032.67 this morning and drifted lower and lower as the session progressed, crashed to a low of 19,177.19 during the fag end of the day and finally settled at 19,261.35, netting a stunning loss of 769.48 points or 3.84%.
The Nifty, which nosedived to 5740.60 in the final hour of trade, finished with a huge loss of 270.70 points or 4.48% at 5777.
Among the sectoral indices, BSE Metal, which plunged 7.28%, was the biggest loser. The Realty, PSU and Oil & Gas indices lost 5.65%, 5.63% and 5.13% respectively. The Power index went down by 4.8%. The Auto, Bankex, CD, Capital Goods and Teck lost 3% - 4%. The FMCG, Healthcare and IT indices closed lower by 2.33%, 2.55% and 2.16% respectively.
Realty stock DLF, which went down by 7.5% to Rs 944.25, was the biggest loser in the Sensex pack. NTPC lost 7.3% as it settled at Rs 228.60. Tata Steel and Hindalco, two of the prominent gainers last week, closed lower by 6.15% and 5.65% respectively.
Housing finance stock HDFC eased by 5.9% to Rs 2877.55. PSU oil & gas exploration major ONGC slipped by 5.8% to Rs 1166.45. Telecom stocks Bharti Airtel and Reliance Communications tumbled 5% and 5.55% respectively.
BHEL declined by 5.3%. Tata Motors (down 5.8%), Reliance Energy (down 4.2%), State Bank of India (down 3.95%), Ranbaxy Laboratories (down 3.9%), Reliance Industries (down 3.85%), ACC (down 3.7%), ITC (down 3.5%), ICICI Bank (down 3.25%), Tata Consultancy Services (down 3.25%), Maruti Suzuki (down 3.05%), HDFC Bank (down 2.9%), Ambuja Cements (down 2.7%), Grasim Industries (down 2.6%), Larsen & Toubro (down 2.2%), Mahindra & Mahindra (down 2.15%) and Wipro (down 2.1%) also declined sharply.
IT bellwether Infosys Technologies, which remained positive for a while, ended with a loss of 1.5%. Bajaj Auto and Satyam Computer Services (down 1.25%) too closed on a weak note. Cipla, after a prolonged spell in the positive territory, turned south and slipped by 0.6%.
Hindustan Unilever, the only Sensex component to end on the positive side today, closed 0.8% up at Rs 218.60. Even among Nifty stocks, except Hindustan Unilever, all others finished in the red today.
Idea Cellular lost a little over 8%. Sterlite Industries, SAIL, Nalco, Suzlon Energy and Reliance Petroleum drifted down by 6% - 8%. Punjab National Bank and Cairn India lost more than 5%. BPCL, VSNL, Sun Pharmaceuticals and ABB lost between 4% and 5% today.
GlaxoSmithKline Pharma, GAIL India, Unitech, Zee Entertainment, Siemens and HCL Technologies also finished with sharp losses. Hero Honda, Dr. Reddy's Laboratories and Tata Power eased by 0.4% - 0.75%.
The market breadth, which remained positive till about an hour to go for the closing bell, turned negative towards the end. Out of 2954 stocks traded on BSE today, 1944 stocks closed in the negative territory. 995 stocks managed to sign off on a winning note and 16 stocks ended unchanged from their previous closing levels.
Other Sify.com Stories:
Educomp in JV with Learning.com
Jindal Saw allots 2.63 lakh shares
SRF to invest for expansion
India to get its first automobile museum
How much do you value your money?
Maruti to start designing products from 2010
ICICI Prudential Life ties up with post office in Punjab
BHEL to spend Rs 1,000 cr for R & D in 11th Five Year Plan
Oil India files prospectus for public issue
RIL, GAIL identify 10 countries for petrochemical plant
IFCI board to consider induction of strategic partner
Varun Industries gets Rs 50 cr contract
Era Constructions open offer price at Rs 615
Gujarat Alkalies gains on stake sale report
Ispat Industries surges on share issue plan
Steel Strips move up on share issue news
Colgate Palmolive relists at Rs 380 on BSE
Phoenix Mills gains on stock split proposal
PSL board approves raising up to $125 m
RBI plugs loophole in forex management regulations
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.
India's Sensex Falls Most in Four Months;
Sensex ends down 769pts, DLF drops 7%
Sensex tumbles 769 pts on possible fall in foreign investment
The benchmark indices Sensex and Nifty recorded one of their worst outings ever as the bears went on a rampage on the major Indian bourses today. The sharp fall on Wall Street last Friday due to fresh worries over rising inflation and threatening losses on the subprime market front triggered a sell-off on the Asian bourses.
The Indian bears were quick to latch on to the opportunity, and, so strong was the onslaught that blue chip stocks were seen grasping for breath right through the session today.
Stocks cutting across sectors were hammered mercilessly today. Though midcap and smallcap stocks were spared the stick till around mid-afternoon, a severe bout of pressure that engulfed the market during the final hour of trade knocked the wind out these stocks as well. While the Midcap index tumbled by 3.87%, the Smallcap barometer suffered a loss of 2.91%.
The Sensex, which opened at 20,032.67 this morning and drifted lower and lower as the session progressed, crashed to a low of 19,177.19 during the fag end of the day and finally settled at 19,261.35, netting a stunning loss of 769.48 points or 3.84%.
The Nifty, which nosedived to 5740.60 in the final hour of trade, finished with a huge loss of 270.70 points or 4.48% at 5777.
Among the sectoral indices, BSE Metal, which plunged 7.28%, was the biggest loser. The Realty, PSU and Oil & Gas indices lost 5.65%, 5.63% and 5.13% respectively. The Power index went down by 4.8%. The Auto, Bankex, CD, Capital Goods and Teck lost 3% - 4%. The FMCG, Healthcare and IT indices closed lower by 2.33%, 2.55% and 2.16% respectively.
Realty stock DLF, which went down by 7.5% to Rs 944.25, was the biggest loser in the Sensex pack. NTPC lost 7.3% as it settled at Rs 228.60. Tata Steel and Hindalco, two of the prominent gainers last week, closed lower by 6.15% and 5.65% respectively.
Housing finance stock HDFC eased by 5.9% to Rs 2877.55. PSU oil & gas exploration major ONGC slipped by 5.8% to Rs 1166.45. Telecom stocks Bharti Airtel and Reliance Communications tumbled 5% and 5.55% respectively.
BHEL declined by 5.3%. Tata Motors (down 5.8%), Reliance Energy (down 4.2%), State Bank of India (down 3.95%), Ranbaxy Laboratories (down 3.9%), Reliance Industries (down 3.85%), ACC (down 3.7%), ITC (down 3.5%), ICICI Bank (down 3.25%), Tata Consultancy Services (down 3.25%), Maruti Suzuki (down 3.05%), HDFC Bank (down 2.9%), Ambuja Cements (down 2.7%), Grasim Industries (down 2.6%), Larsen & Toubro (down 2.2%), Mahindra & Mahindra (down 2.15%) and Wipro (down 2.1%) also declined sharply.
IT bellwether Infosys Technologies, which remained positive for a while, ended with a loss of 1.5%. Bajaj Auto and Satyam Computer Services (down 1.25%) too closed on a weak note. Cipla, after a prolonged spell in the positive territory, turned south and slipped by 0.6%.
Hindustan Unilever, the only Sensex component to end on the positive side today, closed 0.8% up at Rs 218.60. Even among Nifty stocks, except Hindustan Unilever, all others finished in the red today.
Idea Cellular lost a little over 8%. Sterlite Industries, SAIL, Nalco, Suzlon Energy and Reliance Petroleum drifted down by 6% - 8%. Punjab National Bank and Cairn India lost more than 5%. BPCL, VSNL, Sun Pharmaceuticals and ABB lost between 4% and 5% today.
GlaxoSmithKline Pharma, GAIL India, Unitech, Zee Entertainment, Siemens and HCL Technologies also finished with sharp losses. Hero Honda, Dr. Reddy's Laboratories and Tata Power eased by 0.4% - 0.75%.
The market breadth, which remained positive till about an hour to go for the closing bell, turned negative towards the end. Out of 2954 stocks traded on BSE today, 1944 stocks closed in the negative territory. 995 stocks managed to sign off on a winning note and 16 stocks ended unchanged from their previous closing levels.
Other Sify.com Stories:
Educomp in JV with Learning.com
Jindal Saw allots 2.63 lakh shares
SRF to invest for expansion
India to get its first automobile museum
How much do you value your money?
Maruti to start designing products from 2010
ICICI Prudential Life ties up with post office in Punjab
BHEL to spend Rs 1,000 cr for R & D in 11th Five Year Plan
Oil India files prospectus for public issue
RIL, GAIL identify 10 countries for petrochemical plant
IFCI board to consider induction of strategic partner
Varun Industries gets Rs 50 cr contract
Era Constructions open offer price at Rs 615
Gujarat Alkalies gains on stake sale report
Ispat Industries surges on share issue plan
Steel Strips move up on share issue news
Colgate Palmolive relists at Rs 380 on BSE
Phoenix Mills gains on stock split proposal
PSL board approves raising up to $125 m
RBI plugs loophole in forex management regulations
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.
Know About : The Hartford
The Hartford
The Hartford Financial Services Group, Inc., (NYSE: HIG), usually known as The Hartford, is a Fortune 100 company and one of the nation’s largest investment and insurance concerns. With 2006 revenues of $26.5 billion, The Hartford is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property and casualty insurance. The company’s international operations are in Japan, Brazil and the United Kingdom. The company’s earnings are divided equally between property-and-casualty operations and life operations.
More @ http://en.wikipedia.org/wiki/The_Hartford
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The Hartford Financial Services Group, Inc., (NYSE: HIG), usually known as The Hartford, is a Fortune 100 company and one of the nation’s largest investment and insurance concerns. With 2006 revenues of $26.5 billion, The Hartford is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property and casualty insurance. The company’s international operations are in Japan, Brazil and the United Kingdom. The company’s earnings are divided equally between property-and-casualty operations and life operations.
More @ http://en.wikipedia.org/wiki/The_Hartford
Source: http://en.wikipedia.org. 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 given. Blog is not responsible for any faulty information.
Personality of the Day: Shantanu Narayen
Shantanu Narayen
Shantanu Narayen is the current CEO of Adobe Systems. Prior to this post, he held the role as the President & Chief Operating Officer since 2005. He started his career at Apple, Inc. He received his MBA from the Haas School of Business of the University of California, Berkeley in 1993. After Apple, Narayen served as director of desktop and collaboration products for Silicon Graphics, then co-founded Pictra Inc., a company that pioneered the concept of digital photo sharing over the Internet. Narayen joined Adobe in 1998 as a senior Vice-President of worldwide product research, was later promoted to executive vice president of worldwide products, and appointed to his current post in January 2005 at the age of 41.
More @ http://en.wikipedia.org/wiki/Shantanu_Narayen
Source: http://en.wikipedia.org. 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 given. Blog is not responsible for any faulty information.
Shantanu Narayen is the current CEO of Adobe Systems. Prior to this post, he held the role as the President & Chief Operating Officer since 2005. He started his career at Apple, Inc. He received his MBA from the Haas School of Business of the University of California, Berkeley in 1993. After Apple, Narayen served as director of desktop and collaboration products for Silicon Graphics, then co-founded Pictra Inc., a company that pioneered the concept of digital photo sharing over the Internet. Narayen joined Adobe in 1998 as a senior Vice-President of worldwide product research, was later promoted to executive vice president of worldwide products, and appointed to his current post in January 2005 at the age of 41.
More @ http://en.wikipedia.org/wiki/Shantanu_Narayen
Source: http://en.wikipedia.org. 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 given. Blog is not responsible for any faulty information.
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