Tata Steel FY08 net zooms 195%
Mumbai: Tata Steel Group has posted a three-fold jump in its consolidated net profit at Rs 12,349.98 crore for the year ended March 31, 2008 (FY08) when compared with Rs 4,177.27 crore for FY07.
According to an official release issued by the company to the BSE today, total income has increased to Rs 1,32,110.09 crore for the year ended March 31, 2008, from Rs 25,650.45 crore for the year ended March 31, 2007.
On a stand-alone basis, the company has posted a net profit of Rs 4,687.03 crore for FY08 as compared to Rs 4,222.15 crore for the year ended March 31, 2007.
Total income has increased to Rs 20,028.28 crore for FY08 from Rs 17,984.76 crore for FY07.
The board of the company has recommended a dividend of 160%, i.e. Rs 16/share for FY08.UTVi spoke exclusively to Philip Varin, CEO, Corus, who said that the increase in whole material costs is inevitable.
While , B Muthuraman, MD of Tata Steel, believes that India's demand for steel would increase, despite stagnant growth."We have contracts...one year contracts. In a situation when an increase in the material costs happen, in time it will become comfortable as we are able pass this cost increase to our consumers," said Philip Varin, CEO, Corus.
"Growth could go down to 6-6.5%. If you look at steel, India imported 6-7 million tonne last year as opposed to 8-9 million tonne this year. India's demand for steel will increase irrespective of stagnant growth," said B Muthuraman , MD, Tata Steel.
---------------------------------------------
Other Corporate stories from Reuters INdia
India may see snap poll after nuclear deal end game
Chidambaram: double digit inflation to last some weeks - TV
Wall St drops on banking worries, tech outlook
SBI raises lending rate by 50 basis points
Tata Steel profit rises on Corus /India's Tata Steel FY08 consol net $2.9 bln
Union Bank raises prime lending rate by 50 bps
S&P cuts India 08/09 GDP growth forecast to 7.8 pct
Rupee at 3-wk high on firm stocks, softer oil
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This blog is for providing daily news of Corporate Indian Stories, Corporate Results, Equities, MFs, Banking,Insurance, Brokerages Informations, World Business, Venture Capital, Angel Investors, BSchools, MBAs,Jobs, Politics & something Interesting.Our team will be grateful to the owners of various Indian/world/govt sites to refer their sites to get INFORMATION without objection.Request viewers to make verification about the information. Blog is not responsible for any faulty information.
26 June 2008
Mkts: Sensex gains over 200 pts; RIL shines
Mkts: Sensex gains over 200 pts; RIL shines
Taking cues from firm global markets, equities opened on a rousing note on the major Indian bourses this morning. But a strong wave of selling that erupted in late morning trades, pushed the Sensex by over 200 points from an early high and down into the red around noon.
However, thanks to some frenzied buying - largely on short-covering due to expiry of June series derivatives contracts - in a few blue chip stocks, including heavyweight Reliance Industries, the barometer bounced back smartly and signed off on a positive note this afternoon. Besides a few oil majors, some key stocks from information technology, metal and auto sectors also ended on a high note today.
While the Sensex ended with a gain of 201.75 points or 1.42% at 14,421.82, around 28 points down from its intra-day high of 14,449.81, the Nifty settled at 4315.85 with a gain of 63.20 points or 1.49%. In intra-day trades today, the Nifty hit a high of 4324.75 and a low of 4230.
Reliance Industries ended the day with a handsome gain of 4.9% on strong volumes. Ambuja Cements, the top gainer among Sensex stocks, closed 6% up at Rs 87.50. Wipro moved up by 5.15%. Cipla ended stronger by 4.4%.
Satyam Computer Services, Tata Motors and HDFC gained 3% - 3.5%. ITC and Mahindra & Mahindra advanced by 2.7% and 2.35% respectively. Larsen & Toubro, Tata Steel, Infosys Technologies, Reliance Infrastructure and State Bank of India gained 1% - 2%. ACC and ONGC ended with modest gains while ICICI Bank and Tata Consultancy Services closed flat.
Reliance Communications, Maruti Suzuki, Hindalco, Ranbaxy Laboratories, DLF, Hindustan Unilever, Bharti Airtel, HDFC Bank and NTPC closed with sharp losses. Jaiprakash Associates, Grasim Industries and BHEL also finished on a weak note.
Tata Communications (up 9.3% to Rs 394.15) was the biggest gainer in the Nifty pack. Power Grid shot up by 5.7%. HCL Technologies notched up a handsome gain of 5.4%. GAIL India, Sun Pharmaceuticals, SAIL, Nalco, Reliance Petroleum, Hero Honda, ABB, Tata Power, Unitech, Sterlite Industries, Cairn India and Siemens also ended on a highly positive note today.
Following the Union Cabinet approving the new fertiliser policy, fertiliser stocks had a nice ride up the charts today. Chambal Fertilizers, Nagarjuna Fertilizers & Chemicals, Gujarat State Fertilizers, Rashtriya Chemicals & Fertilizers, National Fertilizers and Tata Chemicals, all had a good run in the positive zone today.
Despite enjoying a good spell in the positive territory, several midcap stocks ended the day on a weak note due to selling at higher levels. However, a number of smallcap stocks held on to their gains. The market breadth was positive. Out of 2698 stocks traded on BSE, 1483 stocks ended on a winning note. 1143 stocks closed with losses and 72 stocks ended at their previous closing levels.
Source: http://www.sify.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information .
Taking cues from firm global markets, equities opened on a rousing note on the major Indian bourses this morning. But a strong wave of selling that erupted in late morning trades, pushed the Sensex by over 200 points from an early high and down into the red around noon.
However, thanks to some frenzied buying - largely on short-covering due to expiry of June series derivatives contracts - in a few blue chip stocks, including heavyweight Reliance Industries, the barometer bounced back smartly and signed off on a positive note this afternoon. Besides a few oil majors, some key stocks from information technology, metal and auto sectors also ended on a high note today.
While the Sensex ended with a gain of 201.75 points or 1.42% at 14,421.82, around 28 points down from its intra-day high of 14,449.81, the Nifty settled at 4315.85 with a gain of 63.20 points or 1.49%. In intra-day trades today, the Nifty hit a high of 4324.75 and a low of 4230.
Reliance Industries ended the day with a handsome gain of 4.9% on strong volumes. Ambuja Cements, the top gainer among Sensex stocks, closed 6% up at Rs 87.50. Wipro moved up by 5.15%. Cipla ended stronger by 4.4%.
Satyam Computer Services, Tata Motors and HDFC gained 3% - 3.5%. ITC and Mahindra & Mahindra advanced by 2.7% and 2.35% respectively. Larsen & Toubro, Tata Steel, Infosys Technologies, Reliance Infrastructure and State Bank of India gained 1% - 2%. ACC and ONGC ended with modest gains while ICICI Bank and Tata Consultancy Services closed flat.
Reliance Communications, Maruti Suzuki, Hindalco, Ranbaxy Laboratories, DLF, Hindustan Unilever, Bharti Airtel, HDFC Bank and NTPC closed with sharp losses. Jaiprakash Associates, Grasim Industries and BHEL also finished on a weak note.
Tata Communications (up 9.3% to Rs 394.15) was the biggest gainer in the Nifty pack. Power Grid shot up by 5.7%. HCL Technologies notched up a handsome gain of 5.4%. GAIL India, Sun Pharmaceuticals, SAIL, Nalco, Reliance Petroleum, Hero Honda, ABB, Tata Power, Unitech, Sterlite Industries, Cairn India and Siemens also ended on a highly positive note today.
Following the Union Cabinet approving the new fertiliser policy, fertiliser stocks had a nice ride up the charts today. Chambal Fertilizers, Nagarjuna Fertilizers & Chemicals, Gujarat State Fertilizers, Rashtriya Chemicals & Fertilizers, National Fertilizers and Tata Chemicals, all had a good run in the positive zone today.
Despite enjoying a good spell in the positive territory, several midcap stocks ended the day on a weak note due to selling at higher levels. However, a number of smallcap stocks held on to their gains. The market breadth was positive. Out of 2698 stocks traded on BSE, 1483 stocks ended on a winning note. 1143 stocks closed with losses and 72 stocks ended at their previous closing levels.
Source: http://www.sify.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information .
25 June 2008
Equities snap losing streak: RIL ends 4% up
Equities snap losing streak: RIL ends 4% up
Short covering ahead of expiry, Nifty support at 4100
Fresh buying as well as short covering at lower levels saw equities close higher Wednesday. Gains in heavy weight Reliance Industries and ONGC supported the benchmarks while losses in HDFC capped gains.
Bombay Stock Exchange’s Sensex closed at 14,234.79, up 128 points or 0.90 per cent. The index touched a high of 14,248.65 and low of 13,731.54 in the day. National Stock Exchange’s Nifty ended at 4,249.65 up 58.55 points or 1.39 per cent. The broader-Index touched an intra-day high of 4,264.55 and low of 4,093.20.
BSE Midcap Index closed 0.59 per cent higher at 5,746.66 and BSE Smallcap Index ended 0.74 per cent up at 7,058. Biggest Sensex gainers were Reliance Communications (up 7.2%), Tata Steel (4.46%), DLF (4.19%), Reliance Infrastructure (4.17%), Tata Consultancy Services (4%) and Bharti Airtel (3.98%). HDFC (down 4.29%), Wipro (2.91%), Cipla (2.75%), Infosys Technologies (2.48%) and ITC (2.46%) were the losers. Market breadth turned positive with 1382 advances and 1251 declines. (All figures are provisional) .
Equities snap losing streak: RIL ends 4% up
Sensex regains lost ground; Tata Steel, TCS support
Nifty June flat to spot; oil & gas, metals gain
Nifty holds gains; global cues aid
Short covering in oil & gas, Nifty June discount widens
Market recoups losses, but banks still suffer
--------------------------------------------
Mkts end higher led by short covering; shrug off rate hike
It was a smart pull back rally for the markets on strong volumes in last one hour of trade after remained volatile for major part of the day, ahead of F&O expiry day for the month of June. It was mainly because of short covering in the F&O market, which has started in yesterday's trade. It shrugged off completely the effect of RBIs move, which hiked Repo rate and CRR by 50 bps each yesterday. Rally in late trade led by oil, telecom, and select metal, IT and capital goods stocks. Midcap and small cap stocks also bounced back.
Markets had witnessed sharp sell off in opening trade due to RBI's move but managed to show sharp recovery in the first one hour of trade itself and turned into choppy mode since then. The Nifty went below 4100 mark and the Sensex below 14000 in early trade. But due to smart buying support and short covering in F&O, markets jumped up in late trade.
The Sensex has recovered nearly 488 points and the Nifty 159 points from day's low of 13,731.54 and 4093.20, respectively. The Nifty closed at 4252.65, up 61.55 points or 1.47% and the Sensex at 14,220.07, up 113.49 points or 0.8% after hitting an intraday high of 4264.55 and 14,248.65.
Main contributors in today's rally were Reliance Industries, Reliance Comm, Bharti Airtel, Tata Steel, BHEL, TCS, DLF and ONGC.Amongst frontliners, Unitech was up 7.87%, Reliance Communication 7.30%, Tata Steel 4.43%, DLF 4.30% and Reliance Infrastructure 4.17% while HDFC lost -4.29%, Wipro -2.91%, Cipla -2.54%, Infosys -2.48% and Power Grid Corp -2.76%.
More @Mkts end higher led by short covering; shrug off rate hike
Buzzers-
LG Bros up 20%; Renold to acquire Industrial Chain Biz Of~LG Balakrishnan For 5.7 m Pounds-Niraj Cem up 20%; Recent listing-
GHCL up 10%; Dow Chem to increase prices by another 25% in July-
Spice up 17.2%; market believes that Spice group will pump more money in Spice Mobile
-Sasken Comm, HOEC, BOI, Punj Lloyd, Shree Renuka, Rel Cap.
F&O Snapshot
Nifty rollover at 53%, Market wide at 53%
Short covering seen in the Nifty futures
Nifty June at 8 pts discount Vs 19 pts disc in the morning
July futures at 42 pts disc Vs 50.7 pts disc in the morning
Cement and construction continued to witness strong rollovers
Options:
Nifty 4200 July call adds 12.9 lakh shares
Nifty 4300 July call adds 10.3 lakh shares
Nifty 4000 July put adds 6.8 lakh shares
Star Trade:Sasken up 14%; adds 2.4 lakh shares in July
Fresh Longs:Hind Oil up 9%; adds 12 lakh shares in JulyCentury Text up 9.3%; adds 5.5 lakh shares in JulyBombay Deying up 8.4%; adds 2.1 lakh shares in JulyEssar Oil up 4.3%; adds 8.6 lakh shares in JulyReliance Ind up 3.5%; adds 16.7 lakhs shares in July Tata Steel up 3.8%; adds 21.9 lakh shares in JulyRPL up 4.5%; adds 1.1 cr shares in July SAIL up 3.2%; adds 55 lakh shares in July
Short Covering:Bank of India up 8.5%; sheds 1.7 lakh shares in July
Fresh Short :Oriental Bank dn 6%; adds 3.3 lakh shares in JulyYes Bank dn 4.5%; adds 6.6 lakh shares in July.
Source: ET, Moneycontrol.com
Short covering ahead of expiry, Nifty support at 4100
Fresh buying as well as short covering at lower levels saw equities close higher Wednesday. Gains in heavy weight Reliance Industries and ONGC supported the benchmarks while losses in HDFC capped gains.
Bombay Stock Exchange’s Sensex closed at 14,234.79, up 128 points or 0.90 per cent. The index touched a high of 14,248.65 and low of 13,731.54 in the day. National Stock Exchange’s Nifty ended at 4,249.65 up 58.55 points or 1.39 per cent. The broader-Index touched an intra-day high of 4,264.55 and low of 4,093.20.
BSE Midcap Index closed 0.59 per cent higher at 5,746.66 and BSE Smallcap Index ended 0.74 per cent up at 7,058. Biggest Sensex gainers were Reliance Communications (up 7.2%), Tata Steel (4.46%), DLF (4.19%), Reliance Infrastructure (4.17%), Tata Consultancy Services (4%) and Bharti Airtel (3.98%). HDFC (down 4.29%), Wipro (2.91%), Cipla (2.75%), Infosys Technologies (2.48%) and ITC (2.46%) were the losers. Market breadth turned positive with 1382 advances and 1251 declines. (All figures are provisional) .
Equities snap losing streak: RIL ends 4% up
Sensex regains lost ground; Tata Steel, TCS support
Nifty June flat to spot; oil & gas, metals gain
Nifty holds gains; global cues aid
Short covering in oil & gas, Nifty June discount widens
Market recoups losses, but banks still suffer
--------------------------------------------
Mkts end higher led by short covering; shrug off rate hike
It was a smart pull back rally for the markets on strong volumes in last one hour of trade after remained volatile for major part of the day, ahead of F&O expiry day for the month of June. It was mainly because of short covering in the F&O market, which has started in yesterday's trade. It shrugged off completely the effect of RBIs move, which hiked Repo rate and CRR by 50 bps each yesterday. Rally in late trade led by oil, telecom, and select metal, IT and capital goods stocks. Midcap and small cap stocks also bounced back.
Markets had witnessed sharp sell off in opening trade due to RBI's move but managed to show sharp recovery in the first one hour of trade itself and turned into choppy mode since then. The Nifty went below 4100 mark and the Sensex below 14000 in early trade. But due to smart buying support and short covering in F&O, markets jumped up in late trade.
The Sensex has recovered nearly 488 points and the Nifty 159 points from day's low of 13,731.54 and 4093.20, respectively. The Nifty closed at 4252.65, up 61.55 points or 1.47% and the Sensex at 14,220.07, up 113.49 points or 0.8% after hitting an intraday high of 4264.55 and 14,248.65.
Main contributors in today's rally were Reliance Industries, Reliance Comm, Bharti Airtel, Tata Steel, BHEL, TCS, DLF and ONGC.Amongst frontliners, Unitech was up 7.87%, Reliance Communication 7.30%, Tata Steel 4.43%, DLF 4.30% and Reliance Infrastructure 4.17% while HDFC lost -4.29%, Wipro -2.91%, Cipla -2.54%, Infosys -2.48% and Power Grid Corp -2.76%.
More @Mkts end higher led by short covering; shrug off rate hike
Buzzers-
LG Bros up 20%; Renold to acquire Industrial Chain Biz Of~LG Balakrishnan For 5.7 m Pounds-Niraj Cem up 20%; Recent listing-
GHCL up 10%; Dow Chem to increase prices by another 25% in July-
Spice up 17.2%; market believes that Spice group will pump more money in Spice Mobile
-Sasken Comm, HOEC, BOI, Punj Lloyd, Shree Renuka, Rel Cap.
F&O Snapshot
Nifty rollover at 53%, Market wide at 53%
Short covering seen in the Nifty futures
Nifty June at 8 pts discount Vs 19 pts disc in the morning
July futures at 42 pts disc Vs 50.7 pts disc in the morning
Cement and construction continued to witness strong rollovers
Options:
Nifty 4200 July call adds 12.9 lakh shares
Nifty 4300 July call adds 10.3 lakh shares
Nifty 4000 July put adds 6.8 lakh shares
Star Trade:Sasken up 14%; adds 2.4 lakh shares in July
Fresh Longs:Hind Oil up 9%; adds 12 lakh shares in JulyCentury Text up 9.3%; adds 5.5 lakh shares in JulyBombay Deying up 8.4%; adds 2.1 lakh shares in JulyEssar Oil up 4.3%; adds 8.6 lakh shares in JulyReliance Ind up 3.5%; adds 16.7 lakhs shares in July Tata Steel up 3.8%; adds 21.9 lakh shares in JulyRPL up 4.5%; adds 1.1 cr shares in July SAIL up 3.2%; adds 55 lakh shares in July
Short Covering:Bank of India up 8.5%; sheds 1.7 lakh shares in July
Fresh Short :Oriental Bank dn 6%; adds 3.3 lakh shares in JulyYes Bank dn 4.5%; adds 6.6 lakh shares in July.
Source: ET, Moneycontrol.com
Working from home she runs a Rs one crore company: Rediff Special
Working from home she runs a Rs one crore company
That's very easy," laughs Namita Sibal when asked how she manages both business and family. The 35-year-old mother of two, along with friend Manisha Gupta started indianartcollectors.com a Web site that acts as a platform between art collectors and artists/painters.
Her day begins at 6.30. After packing off her kids to school and husband to office ("husbands are like children too", she chuckles) by 9.30 she gets back to work. Two hours of web surfing later she goes to the gym for an hour.
By the time her children come back home at 2.30 pm she has almost done a good part of her job.
"It is such an easy business model and that's why I opted for it," she says about indianartcollectors. In just three years this team of two has notched revenue of Rs 60 lakh just by helping get art collectors (buyers) and artists (sellers) together. They estimate to end the year 2008 with a revenue of Rs one crore says an emphatic Namita.
Here she discusses the story behind Indianartcollectors and how the business actually works with rediff.com's Prasanna D Zore.
More @ http://www.rediff.com/getahead/2008/may/20namita.htm
Other Rediff specials:
7 investment risks and how to deal with them
How to use credit card reward points
How to cut down your fuel bill
Information You Can Use
• CIMAP opens PhD admissions• Want a career in the airlines?
• Diploma in Business Admin• • BE, BTech, ME, MTech progs
• Interested in nano technology? • PG degrees in management
• Diploma in Computer Appns• IGNOU's BA in Intl Hospitality
• XIME opens Exec MBA prog• Distance Engg & Mgmt progs
• IMTECH opens PhD progs• IIM-L's executive MBA• Want a foreign MBA?
Source: http://www.rediff.com/getahead/index.html. 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
That's very easy," laughs Namita Sibal when asked how she manages both business and family. The 35-year-old mother of two, along with friend Manisha Gupta started indianartcollectors.com a Web site that acts as a platform between art collectors and artists/painters.
Her day begins at 6.30. After packing off her kids to school and husband to office ("husbands are like children too", she chuckles) by 9.30 she gets back to work. Two hours of web surfing later she goes to the gym for an hour.
By the time her children come back home at 2.30 pm she has almost done a good part of her job.
"It is such an easy business model and that's why I opted for it," she says about indianartcollectors. In just three years this team of two has notched revenue of Rs 60 lakh just by helping get art collectors (buyers) and artists (sellers) together. They estimate to end the year 2008 with a revenue of Rs one crore says an emphatic Namita.
Here she discusses the story behind Indianartcollectors and how the business actually works with rediff.com's Prasanna D Zore.
More @ http://www.rediff.com/getahead/2008/may/20namita.htm
Other Rediff specials:
7 investment risks and how to deal with them
How to use credit card reward points
How to cut down your fuel bill
Information You Can Use
• CIMAP opens PhD admissions• Want a career in the airlines?
• Diploma in Business Admin• • BE, BTech, ME, MTech progs
• Interested in nano technology? • PG degrees in management
• Diploma in Computer Appns• IGNOU's BA in Intl Hospitality
• XIME opens Exec MBA prog• Distance Engg & Mgmt progs
• IMTECH opens PhD progs• IIM-L's executive MBA• Want a foreign MBA?
Source: http://www.rediff.com/getahead/index.html. 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
Hot Jobs from CoolAvenues.com
Source: Coolavenues.com
Marketing/ Sales/ Advertising
24 June 2008 - Service Manager A Leading Player in Domestic Telecom Market
23 June 2008 - AVP / VP - Residential One of the Fortune 100 Companies
23 June 2008 - HEAD / VP / AVP - Strategic Consulting & Research One of the Leading Fortune 100 Global Companies
23 June 2008 - Territory Sales Manager One of the World's Leading ERP Solution Providers
23 June 2008 - Proposal / Integration Lead Satyam Computer Services Ltd.
23 June 2008 - Pre-sales Team Lead Satyam Computer Services Ltd.
23 June 2008 - President - Sales & Marketing - Real Estate Development A 10,000+ Crore Group into Real Estate Development, Construction & Infrastructure
23 June 2008 - CEO - Real Estate Development A 10,000+ Crore Group into Real Estate Development, Construction & Infrastructure
23 June 2008 - COO - Corporate / ON Premises A Top Textile / Garment Group
------------------------------------------------------------------
Finance/ Banking
23 June 2008 - AVP - Legal A Leading Fortune 100 Financial Company
23 June 2008 - HEAD / VP / AVP - Strategic Consulting & Research One of the Leading Fortune 100 Global Companies
20 June 2008 - Associate / Sr. Associate One of the Largest & Most Successful Private Equity Firms
18 June 2008 - Manager Capgemini Consulting India Pvt. Ltd.
14 June 2008 - Manager / Sr. Manager - Project Feasibility & Site Appraisal A Leading Private Equity Firm
------------------------------------
HR
22 June 2008 - Assistant Manager - Talent Assessment Birla Sunlife Insurance Company Ltd.
19 June 2008 - VP - Employee Engagement A Leading MNC Bank
19 June 2008 - VP - Compensation & Benefits A Leading MNC Bank
18 June 2008 - GM - Employee Relations No. 1 Group in India, which is into many businesses
18 June 2008 - GM - Talent Management & Organization Effectiveness No. 1 Group in India, which is into many businesses
14 June 2008 - Consultant Top HR Consulting Firm
--------------------------------------
Technology
24 June 2008 - Change Manager One of the Top 3 Companies in the Domestic IT Market
24 June 2008 - Enterprise Architect - Technology Platforms One of the Top 3 Companies in the Domestic IT Market
23 June 2008 - Territory Sales Manager One of the World's Leading ERP Solution Providers
23 June 2008 - Proposal / Integration Lead Satyam Computer Services Ltd.
23 June 2008 - Pre-sales Team Lead Satyam Computer Services Ltd.
23 June 2008 - Client Manager One of the Fastest-Growing System Integration Company in India & Asia Pacific
23 June 2008 - Sr. Account Manager - Enterprise Sales One of the Top 3 Companies in the Domestic IT Market
19 June 2008 - Product Technical Specialist Second Largest IT Products Distributor in Domestic Market
19 June 2008 - Product Sales Specialist Second Largest IT Products Distributor in Domestic Market
19 June 2008 - Business Development Manager - Governmant Sales Wipro Infotech
19 June 2008 - Software Analyst Tuxedo Wipro Infotech
19 June 2008 - Sales Manager - Server One of the Top 3 Companies in the Domestic IT Market
Source: http://www.coolavenues.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information
Marketing/ Sales/ Advertising
24 June 2008 - Service Manager A Leading Player in Domestic Telecom Market
23 June 2008 - AVP / VP - Residential One of the Fortune 100 Companies
23 June 2008 - HEAD / VP / AVP - Strategic Consulting & Research One of the Leading Fortune 100 Global Companies
23 June 2008 - Territory Sales Manager One of the World's Leading ERP Solution Providers
23 June 2008 - Proposal / Integration Lead Satyam Computer Services Ltd.
23 June 2008 - Pre-sales Team Lead Satyam Computer Services Ltd.
23 June 2008 - President - Sales & Marketing - Real Estate Development A 10,000+ Crore Group into Real Estate Development, Construction & Infrastructure
23 June 2008 - CEO - Real Estate Development A 10,000+ Crore Group into Real Estate Development, Construction & Infrastructure
23 June 2008 - COO - Corporate / ON Premises A Top Textile / Garment Group
------------------------------------------------------------------
Finance/ Banking
23 June 2008 - AVP - Legal A Leading Fortune 100 Financial Company
23 June 2008 - HEAD / VP / AVP - Strategic Consulting & Research One of the Leading Fortune 100 Global Companies
20 June 2008 - Associate / Sr. Associate One of the Largest & Most Successful Private Equity Firms
18 June 2008 - Manager Capgemini Consulting India Pvt. Ltd.
14 June 2008 - Manager / Sr. Manager - Project Feasibility & Site Appraisal A Leading Private Equity Firm
------------------------------------
HR
22 June 2008 - Assistant Manager - Talent Assessment Birla Sunlife Insurance Company Ltd.
19 June 2008 - VP - Employee Engagement A Leading MNC Bank
19 June 2008 - VP - Compensation & Benefits A Leading MNC Bank
18 June 2008 - GM - Employee Relations No. 1 Group in India, which is into many businesses
18 June 2008 - GM - Talent Management & Organization Effectiveness No. 1 Group in India, which is into many businesses
14 June 2008 - Consultant Top HR Consulting Firm
--------------------------------------
Technology
24 June 2008 - Change Manager One of the Top 3 Companies in the Domestic IT Market
24 June 2008 - Enterprise Architect - Technology Platforms One of the Top 3 Companies in the Domestic IT Market
23 June 2008 - Territory Sales Manager One of the World's Leading ERP Solution Providers
23 June 2008 - Proposal / Integration Lead Satyam Computer Services Ltd.
23 June 2008 - Pre-sales Team Lead Satyam Computer Services Ltd.
23 June 2008 - Client Manager One of the Fastest-Growing System Integration Company in India & Asia Pacific
23 June 2008 - Sr. Account Manager - Enterprise Sales One of the Top 3 Companies in the Domestic IT Market
19 June 2008 - Product Technical Specialist Second Largest IT Products Distributor in Domestic Market
19 June 2008 - Product Sales Specialist Second Largest IT Products Distributor in Domestic Market
19 June 2008 - Business Development Manager - Governmant Sales Wipro Infotech
19 June 2008 - Software Analyst Tuxedo Wipro Infotech
19 June 2008 - Sales Manager - Server One of the Top 3 Companies in the Domestic IT Market
Source: http://www.coolavenues.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information
24 June 2008
RBI hikes repo rate, CRR by 50bps: UTVi.com
RBI hikes repo rate, CRR by 50bps
RBI hikes key rates, loans to be dearer
RBI announces Monetary Measures
Click here to download the RBI release
Important developments have taken place in recent weeks with regard to inflation. To assess these developments, it is important to recognise the key forces at work. The escalation in inflation last week mainly reflects the pass-through of international crude prices to domestic prices effected on June 5, 2008. Unlike in some mature economies, however, the pass-through is not occurring on a continuous basis in developing economies including India. Thus, the policy response to the escalation in crude prices could be somewhat similar to other countries but tailored to suit our conditions.
Besides oil prices, there are some underlying inflationary pressures impacting inflation in India. Inflation, based on variations in the wholesale price index (WPI) on a year-on-year basis, increased to 11.05 per cent as on June 7, 2008 from 7.75 per cent at end-March 2008 and 4.28 per cent a year ago. Excluding the fuel sub-group, inflation rose to 9.61 per cent from 5.92 per cent a year ago. Excluding fuel and food, inflation was 10.33 per cent as against 6.33 per cent in the corresponding period of the preceding year. inflation based on the consumer price index (CPI) for industrial workers (IW) and urban non-manual employees (UNME) stood at 7.81 per cent and 6.99 per cent, respectively, on a year-on-year basis in April 2008 as compared with 6.67 per cent and 7.74 per cent a year ago. Inflation based on CPI for agricultural labourers (AL) and rural labourers (RL) stood at 9.11 per cent and 8.84 per cent in May 2008, respectively, as compared with 8.22 per cent and 7.90 per cent a year ago. Therefore, it is important to recognise that an adjustment of overall aggregate demand on an economy-wide basis is warranted to ensure that generalised instability does not develop and erodes the hard-earned gains in terms of both outcomes of and positive sentiments on India's growth momentum.
The urgency of this broader, albeit somewhat painful but timely contraction has to be viewed in the context of the new reality of high and volatile energy prices not necessarily being a temporary phenomenon any longer. Monetary policy recognises the need to smoothen and enable this adjustment so that inflation expectations are contained. The Reserve Bank has been acting pre-emptively from April 2008 onwards, keeping in view the lagged effects of such measures on the economy. Accordingly, the cash reserve ratio (CRR) was raised by 25 basis points each from the fortnights beginning April 26, May 10 and May 24, 2008. On May 30, 2008 special market operations were announced to alleviate the binding financing constraints faced by public oil companies in importing POL as also to minimise the potential adverse consequences for financial markets in which these oil companies are important participants. Subsequent to the announcement of the oil price hike, the repo rate was increased by 25 basis points on June 11, 2008.
This calibrated approach on an ongoing basis and in a timely manner draws upon the lessons from managing these challenges in the recent period. Graduated monetary policy actions undertaken since September 2004 to withdraw monetary accommodation have successfully moderated signs of overheating that emerged in 2006-07 and continue to have some stabilising influence on the economy. Supply management strategies undertaken by the Government of India are also working through the economy.
However, on a year-on-year basis, money supply (M3) increased by 21.4 per cent as on June 6, 2008 over and above the growth of 21.0 per cent a year ago and well above the indicative projection of 16.5-17.0 per cent set for 2008-09 in the Annual Policy Statement of April 2008. Similarly, reserve money increased by 28.5 per cent on June 13, 2008 as compared with 24.6 per cent a year ago. Aggregate deposits rose by 23.2 per cent on a year-on-year basis on June 6, 2008 which is above the indicative projection of 17.0 per cent for 2008-09. Non-food credit growth was 26.2 per cent and was also above the indicative projection of 20.0 per cent.
At this juncture, the overriding priority for monetary policy is to eschew any further intensification of inflationary pressures and to firmly anchor inflation expectations. Several positive factors that currently exist need to be recognised. Relative to several other emerging economies, the Indian economy has, by and large, a reasonable supply-demand balance which provides some insulation in managing this unprecedented shock from global oil markets. Domestic financial markets and institutions have been largely secured against the contagion from the unsettled conditions in international financial markets. Furthermore, India is somewhat de-coupled from the intensifying global food crisis in view of the improvement in domestic agricultural performance. The external sector is strong and resilient with modest current account deficits relative to the size of the economy and has a comfortable level of foreign exchange reserves. Accordingly, the major focus of public policy at the current juncture needs to be on dealing with the impact of the escalation of international crude prices in a well-managed and smooth adjustment that draws on demonstrated strengths and positive outcomes. Moderating and managing aggregate demand so that pressures on prices are not intensified is a critical element of this approach.
In this regard, monetary policy has to urgently address aggregate demand pressures which appear to be strongly in evidence. First, inflation has increased to a 13-year high and inflation expectations have been driven up by unrelenting pressures from international commodity prices, particularly crude and metals. Second, investment demand continues to be strong, growing in the range of 14-19 per cent annually since 2002-03 and currently constituting 36 per cent of GDP. This is also reflected in the pick-up in the growth of domestic capital goods production in April 2008 after some deceleration in January-March. Furthermore, consumption demand appears to be reviving the production of consumer goods, with a turnaround in the production of durables. Third, with merchandise imports running ahead of exports, the trade deficit widened sizeably in 2007-08 and has continued to expand in April 2008. Although large oil imports appear to be the main driver, non-oil imports have also increased at a considerable pace, contributing more than 60 per cent of the overall import growth in April 2008 and reflecting the pressure of domestic demand. There has also been some tightening of external financing conditions in the ongoing global financial turmoil. Fourth, fiscal pressures are emerging due to the possibility of enhanced subsidies on account of food, fertiliser and POL as well as for financing deferred liabilities relating to farm loan waivers with implications for additional pressures on aggregate demand, and with potential spillovers into the external sector.
The overall stance of monetary policy in 2008-09 was set in terms of ensuring a monetary and interest rate environment that accords high priority to price stability, well-anchored inflation expectations and orderly conditions in financial markets while being conducive to continuation of the growth momentum with due emphasis on credit quality and credit delivery. It was resolved to respond swiftly on a continuing basis to the evolving constellation of adverse international developments and to the domestic situation impinging on inflation expectations, financial stability and growth momentum, with both conventional and unconventional measures, as appropriate.
Consistent with the stance of monetary policy as set out above and on the basis of incoming information on domestic and global macroeconomic and financial developments, it has been decided to take the following measures:
(a) The repo rate under the Liquidity Adjustment Facility (LAF) is increased from 8.00 per cent to 8.50 per cent with immediate effect.
(b) The cash reserve ratio (CRR) of the scheduled commercial banks, regional rural banks (RRBs), scheduled state co-operative banks and scheduled primary (urban) co-operative banks is being increased by 50 basis points to 8.75 per cent in two stages, effective from specified fortnights as indicated below:
Effective date CRR on net demand and time liabilities (%)
July 5, 2008 8.50
July 19, 2008 8.75
In view of the criticality of anchoring inflation expectations, a continuous heightened vigil over ensuing monetary and macroeconomic developments is warranted to enable swift responses with appropriate measures as necessary, consistent with the monetary policy stance.
Source: www.UTVi.com and RBI. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information
RBI hikes key rates, loans to be dearer
RBI announces Monetary Measures
Click here to download the RBI release
Important developments have taken place in recent weeks with regard to inflation. To assess these developments, it is important to recognise the key forces at work. The escalation in inflation last week mainly reflects the pass-through of international crude prices to domestic prices effected on June 5, 2008. Unlike in some mature economies, however, the pass-through is not occurring on a continuous basis in developing economies including India. Thus, the policy response to the escalation in crude prices could be somewhat similar to other countries but tailored to suit our conditions.
Besides oil prices, there are some underlying inflationary pressures impacting inflation in India. Inflation, based on variations in the wholesale price index (WPI) on a year-on-year basis, increased to 11.05 per cent as on June 7, 2008 from 7.75 per cent at end-March 2008 and 4.28 per cent a year ago. Excluding the fuel sub-group, inflation rose to 9.61 per cent from 5.92 per cent a year ago. Excluding fuel and food, inflation was 10.33 per cent as against 6.33 per cent in the corresponding period of the preceding year. inflation based on the consumer price index (CPI) for industrial workers (IW) and urban non-manual employees (UNME) stood at 7.81 per cent and 6.99 per cent, respectively, on a year-on-year basis in April 2008 as compared with 6.67 per cent and 7.74 per cent a year ago. Inflation based on CPI for agricultural labourers (AL) and rural labourers (RL) stood at 9.11 per cent and 8.84 per cent in May 2008, respectively, as compared with 8.22 per cent and 7.90 per cent a year ago. Therefore, it is important to recognise that an adjustment of overall aggregate demand on an economy-wide basis is warranted to ensure that generalised instability does not develop and erodes the hard-earned gains in terms of both outcomes of and positive sentiments on India's growth momentum.
The urgency of this broader, albeit somewhat painful but timely contraction has to be viewed in the context of the new reality of high and volatile energy prices not necessarily being a temporary phenomenon any longer. Monetary policy recognises the need to smoothen and enable this adjustment so that inflation expectations are contained. The Reserve Bank has been acting pre-emptively from April 2008 onwards, keeping in view the lagged effects of such measures on the economy. Accordingly, the cash reserve ratio (CRR) was raised by 25 basis points each from the fortnights beginning April 26, May 10 and May 24, 2008. On May 30, 2008 special market operations were announced to alleviate the binding financing constraints faced by public oil companies in importing POL as also to minimise the potential adverse consequences for financial markets in which these oil companies are important participants. Subsequent to the announcement of the oil price hike, the repo rate was increased by 25 basis points on June 11, 2008.
This calibrated approach on an ongoing basis and in a timely manner draws upon the lessons from managing these challenges in the recent period. Graduated monetary policy actions undertaken since September 2004 to withdraw monetary accommodation have successfully moderated signs of overheating that emerged in 2006-07 and continue to have some stabilising influence on the economy. Supply management strategies undertaken by the Government of India are also working through the economy.
However, on a year-on-year basis, money supply (M3) increased by 21.4 per cent as on June 6, 2008 over and above the growth of 21.0 per cent a year ago and well above the indicative projection of 16.5-17.0 per cent set for 2008-09 in the Annual Policy Statement of April 2008. Similarly, reserve money increased by 28.5 per cent on June 13, 2008 as compared with 24.6 per cent a year ago. Aggregate deposits rose by 23.2 per cent on a year-on-year basis on June 6, 2008 which is above the indicative projection of 17.0 per cent for 2008-09. Non-food credit growth was 26.2 per cent and was also above the indicative projection of 20.0 per cent.
At this juncture, the overriding priority for monetary policy is to eschew any further intensification of inflationary pressures and to firmly anchor inflation expectations. Several positive factors that currently exist need to be recognised. Relative to several other emerging economies, the Indian economy has, by and large, a reasonable supply-demand balance which provides some insulation in managing this unprecedented shock from global oil markets. Domestic financial markets and institutions have been largely secured against the contagion from the unsettled conditions in international financial markets. Furthermore, India is somewhat de-coupled from the intensifying global food crisis in view of the improvement in domestic agricultural performance. The external sector is strong and resilient with modest current account deficits relative to the size of the economy and has a comfortable level of foreign exchange reserves. Accordingly, the major focus of public policy at the current juncture needs to be on dealing with the impact of the escalation of international crude prices in a well-managed and smooth adjustment that draws on demonstrated strengths and positive outcomes. Moderating and managing aggregate demand so that pressures on prices are not intensified is a critical element of this approach.
In this regard, monetary policy has to urgently address aggregate demand pressures which appear to be strongly in evidence. First, inflation has increased to a 13-year high and inflation expectations have been driven up by unrelenting pressures from international commodity prices, particularly crude and metals. Second, investment demand continues to be strong, growing in the range of 14-19 per cent annually since 2002-03 and currently constituting 36 per cent of GDP. This is also reflected in the pick-up in the growth of domestic capital goods production in April 2008 after some deceleration in January-March. Furthermore, consumption demand appears to be reviving the production of consumer goods, with a turnaround in the production of durables. Third, with merchandise imports running ahead of exports, the trade deficit widened sizeably in 2007-08 and has continued to expand in April 2008. Although large oil imports appear to be the main driver, non-oil imports have also increased at a considerable pace, contributing more than 60 per cent of the overall import growth in April 2008 and reflecting the pressure of domestic demand. There has also been some tightening of external financing conditions in the ongoing global financial turmoil. Fourth, fiscal pressures are emerging due to the possibility of enhanced subsidies on account of food, fertiliser and POL as well as for financing deferred liabilities relating to farm loan waivers with implications for additional pressures on aggregate demand, and with potential spillovers into the external sector.
The overall stance of monetary policy in 2008-09 was set in terms of ensuring a monetary and interest rate environment that accords high priority to price stability, well-anchored inflation expectations and orderly conditions in financial markets while being conducive to continuation of the growth momentum with due emphasis on credit quality and credit delivery. It was resolved to respond swiftly on a continuing basis to the evolving constellation of adverse international developments and to the domestic situation impinging on inflation expectations, financial stability and growth momentum, with both conventional and unconventional measures, as appropriate.
Consistent with the stance of monetary policy as set out above and on the basis of incoming information on domestic and global macroeconomic and financial developments, it has been decided to take the following measures:
(a) The repo rate under the Liquidity Adjustment Facility (LAF) is increased from 8.00 per cent to 8.50 per cent with immediate effect.
(b) The cash reserve ratio (CRR) of the scheduled commercial banks, regional rural banks (RRBs), scheduled state co-operative banks and scheduled primary (urban) co-operative banks is being increased by 50 basis points to 8.75 per cent in two stages, effective from specified fortnights as indicated below:
Effective date CRR on net demand and time liabilities (%)
July 5, 2008 8.50
July 19, 2008 8.75
In view of the criticality of anchoring inflation expectations, a continuous heightened vigil over ensuing monetary and macroeconomic developments is warranted to enable swift responses with appropriate measures as necessary, consistent with the monetary policy stance.
Source: www.UTVi.com and RBI. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information
Labels:
CRR by 50bps,
RBI hikes repo rate
Sensex slips below 14k and Nifty below 4200 in intra-day trades,
Sensex slips below 14k in intra-day trades, ends 187 pts down
As the bears stayed away for a better part of the morning, the market enjoyed a bright, albeit a bit listless, spell with a few blue chip stocks, including index heavyweight Reliance Industries, posting handsome gains.
But the buoyancy did not last long. As concerns over inflation and the possibility of the Apex bank coming out with tight monetary measures started playing on the minds of the investors, the market began sliding down sharply. Uncertainties on the political front also dampened the sentiment. There were a couple of smart rallies from lower levels, thanks largely to some short-covering in select blue chip stocks, but the market plunged sharply into the red once again during the closing minutes and finished on a highly negative note for the fourth successive session.
The Sensex, which opened well and touched a high of 14,432.90 in early trade but plunged below the 14,000 mark towards the closing minutes, ended the day with a loss of 186.74 points or 1.31% at 14,106.58. The Nifty, which dropped down to a low of 4156.10 today, closed 1.76% or 75.30 points down at 4191.10.
Metal, PSU, FMCG, IT, auto, bank and realty stocks went down sharply. Power, capital goods and pharma stocks were not spared either. The indices tracking the performance of stocks from these sectors, ended lower by 1.25% - 3.5%. The Oil & Gas index ended just marginally down, thanks mainly to some strong buying in Reliance Industries which ended with a sharp gain of 2.2% today. The Reliance counter attracted attention on reports that the company has acquired the polyester manufacturing facility of Unifi Kinston in North Carolina for about $12.2 million.
HDFC (2.35%), Ranbaxy Laboratories (2.35%), BHEL (2.2%), Jaiprakash Associates (1.25%), State Bank of India (0.6%) and Cipla (0.45%) were the other gainers from the Sensex.
Hindustan Unilever slipped by as much as 5.3% today. Tata Steel ended with a loss of 4.6%. NTPC, ONGC, Larsen & Toubro, Ambuja Cements and HDFC Bank lost 3% - 4%.
Infosys Technologies eased by 2.95%. Grasim Industries lost 2.75%. Reliance Communications (down 2.65%), Hindalco (down 2.45%), ACC (down 2.25%), ICICI Bank (down 2.2%), ITC (down 2.2%), Mahindra & Mahindra (down 2.1%), Wipro (down 1.95%), Tata Consultancy Services (down 1.6%), DLF (down 1.4%), Maruti Suzuki (down 1.4%), Tata Motors (down 1.35%), Satyam Computer Services (down 1.2%) and Bharti Airtel (down 1%) ended with sharp losses. Reliance Infrastructure closed with a loss of 0.6%.
Nalco (down 9.05%) was the biggest loser in the Nifty index. Sun Pharmaceuticals lost 6.75%. Tata Power shed 6.25%. Siemens and Sterlite Industries went down by 5.3% and 5.15% respectively. GAIL India, Hero Honda, Idea Cellular, Power Grid, Tata Communications, Cairn India and Reliance Petroleum also finished with sharp losses today.
Mirroring heavy selling in midcap and smallcap segments, the BSE Midcap and Smallcap indices declined by 1.76% and 1.82% respectively. The market breadth was very weak. Out of 2707 stocks traded on BSE, 1925 stocks closed with losses. 718 stocks posted gains and 64 stocks ended at their previous closing levels.
Source: Sify.com
As the bears stayed away for a better part of the morning, the market enjoyed a bright, albeit a bit listless, spell with a few blue chip stocks, including index heavyweight Reliance Industries, posting handsome gains.
But the buoyancy did not last long. As concerns over inflation and the possibility of the Apex bank coming out with tight monetary measures started playing on the minds of the investors, the market began sliding down sharply. Uncertainties on the political front also dampened the sentiment. There were a couple of smart rallies from lower levels, thanks largely to some short-covering in select blue chip stocks, but the market plunged sharply into the red once again during the closing minutes and finished on a highly negative note for the fourth successive session.
The Sensex, which opened well and touched a high of 14,432.90 in early trade but plunged below the 14,000 mark towards the closing minutes, ended the day with a loss of 186.74 points or 1.31% at 14,106.58. The Nifty, which dropped down to a low of 4156.10 today, closed 1.76% or 75.30 points down at 4191.10.
Metal, PSU, FMCG, IT, auto, bank and realty stocks went down sharply. Power, capital goods and pharma stocks were not spared either. The indices tracking the performance of stocks from these sectors, ended lower by 1.25% - 3.5%. The Oil & Gas index ended just marginally down, thanks mainly to some strong buying in Reliance Industries which ended with a sharp gain of 2.2% today. The Reliance counter attracted attention on reports that the company has acquired the polyester manufacturing facility of Unifi Kinston in North Carolina for about $12.2 million.
HDFC (2.35%), Ranbaxy Laboratories (2.35%), BHEL (2.2%), Jaiprakash Associates (1.25%), State Bank of India (0.6%) and Cipla (0.45%) were the other gainers from the Sensex.
Hindustan Unilever slipped by as much as 5.3% today. Tata Steel ended with a loss of 4.6%. NTPC, ONGC, Larsen & Toubro, Ambuja Cements and HDFC Bank lost 3% - 4%.
Infosys Technologies eased by 2.95%. Grasim Industries lost 2.75%. Reliance Communications (down 2.65%), Hindalco (down 2.45%), ACC (down 2.25%), ICICI Bank (down 2.2%), ITC (down 2.2%), Mahindra & Mahindra (down 2.1%), Wipro (down 1.95%), Tata Consultancy Services (down 1.6%), DLF (down 1.4%), Maruti Suzuki (down 1.4%), Tata Motors (down 1.35%), Satyam Computer Services (down 1.2%) and Bharti Airtel (down 1%) ended with sharp losses. Reliance Infrastructure closed with a loss of 0.6%.
Nalco (down 9.05%) was the biggest loser in the Nifty index. Sun Pharmaceuticals lost 6.75%. Tata Power shed 6.25%. Siemens and Sterlite Industries went down by 5.3% and 5.15% respectively. GAIL India, Hero Honda, Idea Cellular, Power Grid, Tata Communications, Cairn India and Reliance Petroleum also finished with sharp losses today.
Mirroring heavy selling in midcap and smallcap segments, the BSE Midcap and Smallcap indices declined by 1.76% and 1.82% respectively. The market breadth was very weak. Out of 2707 stocks traded on BSE, 1925 stocks closed with losses. 718 stocks posted gains and 64 stocks ended at their previous closing levels.
Source: Sify.com
Tata chem, Sadbhav, Indusind Bk And other Results
Tata Chemicals net profit rises 113.68% in the year ended March 2008
Net profit of Tata Chemicals rose 492.96% to Rs 559.99 crore in the quarter ended March 2008 as against Rs 94.44 crore during the previous quarter ended March 2007. Sales rose 15.91% to Rs 930.85 crore in the quarter ended March 2008 as against Rs 803.05 crore during the previous quarter ended March 2007. For the full year, net profit rose 113.68% to Rs 949.18 crore in the year ended March 2008 as against Rs 444.21 crore during the previous year ended March 2007. Sales rose 2.27% to Rs 4075.63 crore in the year ended March 2008 as against Rs 3985.03 crore during the previous year ended March 2007.
Sadbhav Engineering net profit rises 98.45% in the year ended March 2008
Net profit of Sadbhav Engineering rose 104.50% to Rs 24.52 crore in the quarter ended March 2008 as against Rs 11.99 crore during the previous quarter ended March 2007. Sales rose 83.35% to Rs 360.67 crore in the quarter ended March 2008 as against Rs 196.71 crore during the previous quarter ended March 2007. For the full year, net profit rose 98.45% to Rs 52.37 crore in the year ended March 2008 as against Rs 26.39 crore during the previous year ended March 2007. Sales rose 77.95% to Rs 872.10 crore in the year ended March 2008 as against Rs 490.08 crore during the previous year ended March 2007.PSL net profit rises 41.36% in the March 2008 quarter
Net profit of PSL rose 41.36% to Rs 18.32 crore in the quarter ended March 2008 as against Rs 12.96 crore during the previous quarter ended March 2007. Sales rose 63.38% to Rs 655.62 crore in the quarter ended March 2008 as against Rs 401.28 crore during the previous quarter ended March 2007. For the full year, net profit rose 36.37% to Rs 84.77 crore in the year ended March 2008 as against Rs 62.16 crore during the previous year ended March 2007. Sales rose 40.15% to Rs 2218.85 crore in the year ended March 2008 as against Rs 1583.21 crore during the previous year ended March 2007.
Hind Rectifiers net profit rises 32.26% in the March 2008 quarter
Jet Airways India reports net loss of Rs 221.18 crore in the March 2008 quarter
Jet Airways India reported net loss of Rs 221.18 crore in the quarter ended March 2008 as against net profit of Rs 88.01 crore during the previous quarter ended March 2007. Sales rose 39.51% to Rs 2759.90 crore in the quarter ended March 2008 as against Rs 1978.27 crore during the previous quarter ended March 2007. For the full year, net loss reported to Rs 253.06 crore in the year ended March 2008 as against net profit of Rs 27.94 crore during the previous year ended March 2007. Sales rose 24.84% to Rs 8811.10 crore in the year ended March 2008 as against Rs 7057.78 crore during the previous year ended March 2007.
IndusInd Bank net profit declines 32.48% in the March 2008 quarter
Net profit of IndusInd Bank declined 32.48% to Rs 14.45 crore in the quarter ended March 2008 as against Rs 21.40 crore during the previous quarter ended March 2007. Total operating income rose 23.21% to Rs 525.53 crore in the quarter ended March 2008 as against Rs 426.52 crore during the previous quarter ended March 2007.
For the full year, net profit rose 10.01% to Rs 75.05 crore in the year ended March 2008 as against Rs 68.22 crore during the previous year ended March 2007. Total operating income rose 27.99% to Rs 1920.23 crore in the year ended March 2008 as against Rs 1500.26 crore during the previous year ended March 2007.
Patel Engineering net profit rises 58.41% in the March 2008 quarter
Net profit of Patel Engineering rose 58.41% to Rs 53.78 crore in the quarter ended March 2008 as against Rs 33.95 crore during the previous quarter ended March 2007. Sales rose 26.69% to Rs 501.98 crore in the quarter ended March 2008 as against Rs 396.23 crore during the previous quarter ended March 2007. For the full year, net profit rose 34.03% to Rs 147.61 crore in the year ended March 2008 as against Rs 110.13 crore during the previous year ended March 2007. Sales rose 19.79% to Rs 1330.02 crore in the year ended March 2008 as against Rs 1110.27 crore during the previous year ended March 2007.
T.V. Today Network net profit rises 10.20% in the March 2008 quarter
Ramsarup Industries net profit rises 43.55% in the March 2008 quarter
Apollo Hospitals Enterprise net profit rises 50.00% in the March 2008 quarter
United Breweries net profit rises 67.64% in the March 2008 quarter
Sagar Cements net profit rises 1.01% in the March 2008 quarter
Source: http://www.capitalmarket.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information
Labels:
Indusind Bk And other Results,
Sadbhav,
Tata chem
Heard on the street from ET, Infosys AGM report, Other Stock news.
Heard on the street
Sun Pharma eyeing Torrent Pharma?
The Ranbaxy-Daichii deal has sparked off rumours about many more M&A transactions in the pharmaceutical industry. The latest buzz is that Vadodara-based Sun Pharmaceuticals is eyeing a substantial stake in the Ahmedabad-based Torrent Pharmaceuticals. According to market sources, Sun Pharma is gunning for at least 50% of the promoter’s stake in Torrent Pharma. Promoters hold 74.09% in Torrent Pharmaceuticals. Though email queries send to both the companies failed to elicit any response, senior officials have refuted any such development.
“We are not looking for any domestic acquisitions at the moment. Further, we do not like to comment on market rumours,” said a Sun Pharma spokesperson. An analyst, who is tracking Sun Pharma closely, also termed the deal as highly improbable. “The company will utilise all its resources to close its merger arrangement with Israel-based Taro Pharmaceutical. The Indian company is already in trouble with Taro moving court against Sun for protecting minority shareholders in the event of the former trying to gain voting rights through open market share purchase,” the analyst said. According to market sources, a couple of operators (one of whom is a big-shot in diamond trade) and some funds have been buying Torrent Pharma shares in sizeable quantities over the last few days. Torrent Pharma ended 1.2% lower at Rs 155 while Sun Pharma shed 3% to close at Rs 1,429 on the BSE on Monday.
Chinese boost for Anu’s Labs
Recently-listed Anu’s Laboratories is riding high on the back of China’s efforts to clamp down on chemical factories ahead of the Beijing Olympics. According to market buzz, shortage of raw material supplies from China will provide a boost to intermediary companies like Anu’s Lab as acetophenone will not be available for shipments from China during the peak demand season of monsoons from mid-July to end-August. China has made transportation of chemical and other hazardous substances a difficult task. Despite the positive talk surrounding the stock, Anu’s Lab shares fell 5% to close at Rs 386. To cash on this opportunity, the company has initiated a capacity expansion to meet a sudden surge in demand. Market sources add that the company is in talks with a Chinese company for a joint venture to further strengthen its position. When contacted, Anu’s Labs managing director Hari Babu declined to comment on these developments.
Real estate gains await Modern India
Mumbai-based Modern India is bucking the bearish wave that has engulfed real estate companies of late. Over the last one week, the stock has gained close to 16%. According to market buzz, the company is selling some of its apartments and penthouses for close to Rs 80-90 crore in Belvedere Court in Mahalaxmi. When contacted, Modern India chairman and managing director VK Jatia declined to comment. The stock closed at Rs 279, up 10% from the previous close. According to informed sources, company will report an EPS of about Rs 26-28 for the financial year 2008-09. (Contributed by Shailesh Menon & Apurv Gupta)
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Stocks to watch: DLF, Amtek, GHCL
Religare puts 'buy' on Sintex Industries; target Rs 587
STCI assigns 'outperformer' to Hindalco; target Rs 180
Bears go hammer and tongs at RIL
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Infosys Technologies Annual/Directors Report
Technical Calls - June 24 2008
EIH Hotels / Varun Shipping
Ambuja Cements / Mercator Lines
Zee Entertainment / BPCL
Shanti Gears / India Offshore Sector Update
China Metals / Information Technology - Sector Update
Shipping Sector / India Steel Sector
Source: http://www.theeconomictimes.com and www.deadpresident.blogspot.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information
Sun Pharma eyeing Torrent Pharma?
The Ranbaxy-Daichii deal has sparked off rumours about many more M&A transactions in the pharmaceutical industry. The latest buzz is that Vadodara-based Sun Pharmaceuticals is eyeing a substantial stake in the Ahmedabad-based Torrent Pharmaceuticals. According to market sources, Sun Pharma is gunning for at least 50% of the promoter’s stake in Torrent Pharma. Promoters hold 74.09% in Torrent Pharmaceuticals. Though email queries send to both the companies failed to elicit any response, senior officials have refuted any such development.
“We are not looking for any domestic acquisitions at the moment. Further, we do not like to comment on market rumours,” said a Sun Pharma spokesperson. An analyst, who is tracking Sun Pharma closely, also termed the deal as highly improbable. “The company will utilise all its resources to close its merger arrangement with Israel-based Taro Pharmaceutical. The Indian company is already in trouble with Taro moving court against Sun for protecting minority shareholders in the event of the former trying to gain voting rights through open market share purchase,” the analyst said. According to market sources, a couple of operators (one of whom is a big-shot in diamond trade) and some funds have been buying Torrent Pharma shares in sizeable quantities over the last few days. Torrent Pharma ended 1.2% lower at Rs 155 while Sun Pharma shed 3% to close at Rs 1,429 on the BSE on Monday.
Chinese boost for Anu’s Labs
Recently-listed Anu’s Laboratories is riding high on the back of China’s efforts to clamp down on chemical factories ahead of the Beijing Olympics. According to market buzz, shortage of raw material supplies from China will provide a boost to intermediary companies like Anu’s Lab as acetophenone will not be available for shipments from China during the peak demand season of monsoons from mid-July to end-August. China has made transportation of chemical and other hazardous substances a difficult task. Despite the positive talk surrounding the stock, Anu’s Lab shares fell 5% to close at Rs 386. To cash on this opportunity, the company has initiated a capacity expansion to meet a sudden surge in demand. Market sources add that the company is in talks with a Chinese company for a joint venture to further strengthen its position. When contacted, Anu’s Labs managing director Hari Babu declined to comment on these developments.
Real estate gains await Modern India
Mumbai-based Modern India is bucking the bearish wave that has engulfed real estate companies of late. Over the last one week, the stock has gained close to 16%. According to market buzz, the company is selling some of its apartments and penthouses for close to Rs 80-90 crore in Belvedere Court in Mahalaxmi. When contacted, Modern India chairman and managing director VK Jatia declined to comment. The stock closed at Rs 279, up 10% from the previous close. According to informed sources, company will report an EPS of about Rs 26-28 for the financial year 2008-09. (Contributed by Shailesh Menon & Apurv Gupta)
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Stocks to watch: DLF, Amtek, GHCL
Religare puts 'buy' on Sintex Industries; target Rs 587
STCI assigns 'outperformer' to Hindalco; target Rs 180
Bears go hammer and tongs at RIL
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Infosys Technologies Annual/Directors Report
Technical Calls - June 24 2008
EIH Hotels / Varun Shipping
Ambuja Cements / Mercator Lines
Zee Entertainment / BPCL
Shanti Gears / India Offshore Sector Update
China Metals / Information Technology - Sector Update
Shipping Sector / India Steel Sector
Source: http://www.theeconomictimes.com and www.deadpresident.blogspot.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information
'China, India among worst performing stock markets of 2008' : ET
'China, India among worst performing stock markets of 2008'
NEW YORK: India and China, two of the investors' biggest darlings not so long ago, are among the world's worst-performing stock markets this year, says the Wall Street Journal (WSJ). Indian shares are down 28 percent this year as of Friday, clearly a bear phase. Chinese stocks have faced a worst fate - tumbling 46 percent, the WSJ reported on Monday.
Both countries started 2008 with stocks trading at expensive levels, leaving them vulnerable to a correction. While economic growth goes on apace in the two countries, it is not expected to match last year's superb performance. Growth could be further dented because investors are increasingly anxious about rising inflation and government efforts to stem it. June is likely to witness the fifth monthly loss in six months for a deeply depressed Chinese stock market that has seen some $2 trillion in market value evaporate since January.
Down by more than half from its peak, the Shanghai Composite Index is trading at levels last seen in early 2007. Many international investors are bearish, too, on India and China. "Neither is looking outstandingly attractive, but they're starting to get back in touch with reality," Allan Conway, who manages $23 billion in emerging-market shares for Schroders in London, was quoted as saying by the WSJ. Shares in India are trading at about 17 times their 2008 earnings, according to UBS estimates, as are Chinese shares in which foreigners invest.
Foreign investors have pulled a net total of more than $5.5 billion out of Indian stocks this year, according to Standard Chartered Bank. China's domestic stock market remains almost entirely closed to foreigners, whose investment is limited to a quota of about $10 billion. Foreigners can also buy some big Chinese shares in Hong Kong, where the Hang Seng index is down 18 percent this year. In a sign that not all emerging markets can be lumped together, stocks in Brazil and Russia have, however, held up relatively well, the WSJ said.
Even the US stocks haven't fared as badly as India and China, despite mounting pressure from credit crisis and rising oil prices - the Dow Jones Industrial Average is down 11 percent this year. Still, markets in India and China remain much higher than they were a few years ago, the business daily reported. India is still up 55 percent from the start of 2006, but it has its own concerns. If 2007 was a bumper year for India initial public offerings (IPO), these days such deals are getting a cold reception. Since the listing of Reliance Power, India's biggest IPO, the market has turned sour and other high-profile IPOs have been shelved. In China, the Shanghai index is still at double its July 2005 level, so some investors remain in good shape.
Bear bug: India's richest 5 incur Rs 5 tn loss
Source: http://www.theeconomictimes.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.
NEW YORK: India and China, two of the investors' biggest darlings not so long ago, are among the world's worst-performing stock markets this year, says the Wall Street Journal (WSJ). Indian shares are down 28 percent this year as of Friday, clearly a bear phase. Chinese stocks have faced a worst fate - tumbling 46 percent, the WSJ reported on Monday.
Both countries started 2008 with stocks trading at expensive levels, leaving them vulnerable to a correction. While economic growth goes on apace in the two countries, it is not expected to match last year's superb performance. Growth could be further dented because investors are increasingly anxious about rising inflation and government efforts to stem it. June is likely to witness the fifth monthly loss in six months for a deeply depressed Chinese stock market that has seen some $2 trillion in market value evaporate since January.
Down by more than half from its peak, the Shanghai Composite Index is trading at levels last seen in early 2007. Many international investors are bearish, too, on India and China. "Neither is looking outstandingly attractive, but they're starting to get back in touch with reality," Allan Conway, who manages $23 billion in emerging-market shares for Schroders in London, was quoted as saying by the WSJ. Shares in India are trading at about 17 times their 2008 earnings, according to UBS estimates, as are Chinese shares in which foreigners invest.
Foreign investors have pulled a net total of more than $5.5 billion out of Indian stocks this year, according to Standard Chartered Bank. China's domestic stock market remains almost entirely closed to foreigners, whose investment is limited to a quota of about $10 billion. Foreigners can also buy some big Chinese shares in Hong Kong, where the Hang Seng index is down 18 percent this year. In a sign that not all emerging markets can be lumped together, stocks in Brazil and Russia have, however, held up relatively well, the WSJ said.
Even the US stocks haven't fared as badly as India and China, despite mounting pressure from credit crisis and rising oil prices - the Dow Jones Industrial Average is down 11 percent this year. Still, markets in India and China remain much higher than they were a few years ago, the business daily reported. India is still up 55 percent from the start of 2006, but it has its own concerns. If 2007 was a bumper year for India initial public offerings (IPO), these days such deals are getting a cold reception. Since the listing of Reliance Power, India's biggest IPO, the market has turned sour and other high-profile IPOs have been shelved. In China, the Shanghai index is still at double its July 2005 level, so some investors remain in good shape.
Bear bug: India's richest 5 incur Rs 5 tn loss
Source: http://www.theeconomictimes.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.
23 June 2008
Is Reliance Industries over-owned?: Moneycontrol.com
Is Reliance Industries over-owned?
Reliance has slipped below THE 2,000 mark for the first time since September 12, 2007. It fell 38.5% from its all-time high of Rs 3252.
What could be the key trigger for this event? Is RIL overowned? On a relative basis, Reliance Industries is held by 253 mutual fund schemes, while BHEL amounts to 207, Bharti Airtel is held by 197 MF schemes as is ICICI while L&T is at 190.
With Reliance MFs hold 2.72% stake in the company, out of which 137 schemes have more than 5% exposure and 26 schemes have exposure of more than 10%.
MAXIMUM EXPOSURE TO RIL
Fund Name Net Asset (%) Invst (Rs Cr)
ICICI Prudential 9.16 408.60
Rel Div Power 5.68 313.00
Rel Natural Resources 5.15 280.21
DSPML T.I.G.E.R. 6.56 264.91
Morgan Stanley Growth 7.95 263.63
Fidelity Equity 7.36 223.80
Reliance Equity 8.22 214.63
Sundaram Energy 9.45 211.28
Reliance Vision 5.52 206.95
ICICI Pru Dynamic 12.24 204.30
-------------------------------
Other MC stories:
Nifty ends below 4300; CG, power, realty...
Markets Snapshot
Markets slide on back of weak global cues from US market, rising crude prices
Nifty closes below 4,300 for 1st time since Aug 24, '07
Sensex ends down 278 pts at 14293.3; recovers nearly 130 pts from days low
Nifty ends down 81 pts at 4266.4; recovers nearly 40 pts from days low
Nifty takes support at 4225; faces resistance at 4320 during the day
Sell-off witnessed in broader marets; CNX Midcap Index down 4%,
BSE Small-cap Index down 3.5%
RIL ends down down 3.5% at 2025.7; slips below 2000 during the day
Cap Goods under pressure; index down 5.3%; L&T down 6.5%, ABB down 4%, BHEL down 3.2%
Index losers; HIndalco down 8%, Unitech down 7.2%, Tata Comm down 6.8%, Suzlon down 6.5%
Index gainers; ONGC, HDFC up nearly 2%, HCL Tech up 1.5%, Wipro, Infy, Satyam up nearly 1%
Losers; GHCL down 10%, BOI down 9.3%, Rel Cap down 9%, Ibulls Fin down 8%, JP Associates down 7.5%
NSE Advanve Decline at 1:10
Total market turnover at Rs 83165 cr Vs Rs 85088 cr on Friday
F&O turnover at Rs 66917 cr Vs Rs 58533 cr on Friday.
---------------------------
Stocks at life-time low
Equity CMP Issue Price 52-week high
DLF 450 525 1225
Omaxe 155 310 612
Parsvnath 143.7 300 598
Sobha 330 640 1179
Brigade Ent 145 390 490
Kolte Patil 69.5 145 272
-------------------------------
Others stocks hittng life-time low
CBI Rel Power BPCL HPCL SpiceJet Indiabulls Sec Power Grid
F&O Snapshot
Nifty rollover at 27%, Market wide rollovber at 24%
Short covering seen on Nifty futures when index approached 4200
Nifty june futures ends at mild prem; July futures at 18 pts discount
Fresh short buildup seen in bank nifty and across most banking counters
4200 July Put add around 25% in OI; 4300 call seen most active in July series
F&O Stocks
RPL down 1.5%; add 51.5 lakh shares in OI
IFCI down 7.1%; add 49 lakh shares in July series
Suzlon down 5.7%; add 29 lakh shares in July series
JP Associates down 8.5%; add 29 lakh shares in July series
Unitech down 6.2%; add 22.5 lakh shares in July series
Ispat down 3.9%; add 45.5 lakh shares in OI
SAIL down 4%; add 20 lakh shares in OI
Rollover
Ultratech: 70% India Cement: 59% Grasim: 48%
Parsvnath: 40% HDFC Bank: 35% NTPC: 34%
DLF: 33% Unitech: 30%
-----------------------
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.
Reliance has slipped below THE 2,000 mark for the first time since September 12, 2007. It fell 38.5% from its all-time high of Rs 3252.
What could be the key trigger for this event? Is RIL overowned? On a relative basis, Reliance Industries is held by 253 mutual fund schemes, while BHEL amounts to 207, Bharti Airtel is held by 197 MF schemes as is ICICI while L&T is at 190.
With Reliance MFs hold 2.72% stake in the company, out of which 137 schemes have more than 5% exposure and 26 schemes have exposure of more than 10%.
MAXIMUM EXPOSURE TO RIL
Fund Name Net Asset (%) Invst (Rs Cr)
ICICI Prudential 9.16 408.60
Rel Div Power 5.68 313.00
Rel Natural Resources 5.15 280.21
DSPML T.I.G.E.R. 6.56 264.91
Morgan Stanley Growth 7.95 263.63
Fidelity Equity 7.36 223.80
Reliance Equity 8.22 214.63
Sundaram Energy 9.45 211.28
Reliance Vision 5.52 206.95
ICICI Pru Dynamic 12.24 204.30
-------------------------------
Other MC stories:
Nifty ends below 4300; CG, power, realty...
Markets Snapshot
Markets slide on back of weak global cues from US market, rising crude prices
Nifty closes below 4,300 for 1st time since Aug 24, '07
Sensex ends down 278 pts at 14293.3; recovers nearly 130 pts from days low
Nifty ends down 81 pts at 4266.4; recovers nearly 40 pts from days low
Nifty takes support at 4225; faces resistance at 4320 during the day
Sell-off witnessed in broader marets; CNX Midcap Index down 4%,
BSE Small-cap Index down 3.5%
RIL ends down down 3.5% at 2025.7; slips below 2000 during the day
Cap Goods under pressure; index down 5.3%; L&T down 6.5%, ABB down 4%, BHEL down 3.2%
Index losers; HIndalco down 8%, Unitech down 7.2%, Tata Comm down 6.8%, Suzlon down 6.5%
Index gainers; ONGC, HDFC up nearly 2%, HCL Tech up 1.5%, Wipro, Infy, Satyam up nearly 1%
Losers; GHCL down 10%, BOI down 9.3%, Rel Cap down 9%, Ibulls Fin down 8%, JP Associates down 7.5%
NSE Advanve Decline at 1:10
Total market turnover at Rs 83165 cr Vs Rs 85088 cr on Friday
F&O turnover at Rs 66917 cr Vs Rs 58533 cr on Friday.
---------------------------
Stocks at life-time low
Equity CMP Issue Price 52-week high
DLF 450 525 1225
Omaxe 155 310 612
Parsvnath 143.7 300 598
Sobha 330 640 1179
Brigade Ent 145 390 490
Kolte Patil 69.5 145 272
-------------------------------
Others stocks hittng life-time low
CBI Rel Power BPCL HPCL SpiceJet Indiabulls Sec Power Grid
F&O Snapshot
Nifty rollover at 27%, Market wide rollovber at 24%
Short covering seen on Nifty futures when index approached 4200
Nifty june futures ends at mild prem; July futures at 18 pts discount
Fresh short buildup seen in bank nifty and across most banking counters
4200 July Put add around 25% in OI; 4300 call seen most active in July series
F&O Stocks
RPL down 1.5%; add 51.5 lakh shares in OI
IFCI down 7.1%; add 49 lakh shares in July series
Suzlon down 5.7%; add 29 lakh shares in July series
JP Associates down 8.5%; add 29 lakh shares in July series
Unitech down 6.2%; add 22.5 lakh shares in July series
Ispat down 3.9%; add 45.5 lakh shares in OI
SAIL down 4%; add 20 lakh shares in OI
Rollover
Ultratech: 70% India Cement: 59% Grasim: 48%
Parsvnath: 40% HDFC Bank: 35% NTPC: 34%
DLF: 33% Unitech: 30%
-----------------------
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.
Results: Tata Power, Indian Hotels and etc
Tata Power Company net profit rises 24.84% in the year ended March 2008
Sales rise 25.46% to Rs 5915.91 crore
Net profit of Tata Power Company rose 24.84% to Rs 869.90 crore in the year ended March 2008 as against Rs 696.80 crore during the previous year ended March 2007. Sales rose 25.46% to Rs 5915.91 crore in the year ended March 2008 as against Rs 4715.32 crore during the previous year ended March 2007.
Indian Hotels Company net profit rises 17.08% in the year ended March 2008
Sales rise 14.39% to Rs 1764.51 crore
Net profit of Indian Hotels Company rose 17.08% to Rs 377.46 crore in the year ended March 2008 as against Rs 322.39 crore during the previous year ended March 2007. Sales rose 14.39% to Rs 1764.51 crore in the year ended March 2008 as against Rs 1542.52 crore during the previous year ended March 2007.
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Refoils and Solvent net profit rises 105.77% in the year ended March 2008
Sakuma Exports reports net loss of Rs 0.37 crore in the March 2008 quarter
Tata Power Company net profit rises 24.84% in the year ended March 2008
FCS Software Solutions net profit rises 17.96% in the March 2008 quarter
Electrosteel Castings reports net loss of Rs 20.60 crore in the March 2008 quarter
Allsec Technologies reports net loss of Rs 13.55 crore in the year ended March 2008
Banco Products India net profit rises 141.38% in the March 2008 quarter
Burnpur Cement net profit rises 24.56% in the year ended March 2008
D-Link India net profit rises 53.14% in the March 2008 quarter
MSP Steel & Power net profit rises 131.93% in the March 2008 quarter
More @ Capitalmarket.com
Source: Above site. 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
Sales rise 25.46% to Rs 5915.91 crore
Net profit of Tata Power Company rose 24.84% to Rs 869.90 crore in the year ended March 2008 as against Rs 696.80 crore during the previous year ended March 2007. Sales rose 25.46% to Rs 5915.91 crore in the year ended March 2008 as against Rs 4715.32 crore during the previous year ended March 2007.
Indian Hotels Company net profit rises 17.08% in the year ended March 2008
Sales rise 14.39% to Rs 1764.51 crore
Net profit of Indian Hotels Company rose 17.08% to Rs 377.46 crore in the year ended March 2008 as against Rs 322.39 crore during the previous year ended March 2007. Sales rose 14.39% to Rs 1764.51 crore in the year ended March 2008 as against Rs 1542.52 crore during the previous year ended March 2007.
-----------------------------------------------
Refoils and Solvent net profit rises 105.77% in the year ended March 2008
Sakuma Exports reports net loss of Rs 0.37 crore in the March 2008 quarter
Tata Power Company net profit rises 24.84% in the year ended March 2008
FCS Software Solutions net profit rises 17.96% in the March 2008 quarter
Electrosteel Castings reports net loss of Rs 20.60 crore in the March 2008 quarter
Allsec Technologies reports net loss of Rs 13.55 crore in the year ended March 2008
Banco Products India net profit rises 141.38% in the March 2008 quarter
Burnpur Cement net profit rises 24.56% in the year ended March 2008
D-Link India net profit rises 53.14% in the March 2008 quarter
MSP Steel & Power net profit rises 131.93% in the March 2008 quarter
More @ Capitalmarket.com
Source: Above site. 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, Nifty at 2008 New Low
Sensex tumbles once again, loses 278 pts as bears call the shots
Taking global cues, the market opened with a big negative gap and plunged deeper into the red this morning with stocks, with the exception of those from the information technology sector, recording sharp losses. And then, despite a couple of strong attempts to bounce back - it very nearly succeeded in wiping off its losses on one occasion - it ended the session on a dismal note today.
High oil prices, weak global markets, high inflation and the possibility of it resulting in some monetary tightening measures from the Reserve Bank of India, all contributed to the reluctance of investors to pick up stocks. The uncertainties on the political front also hit the sentiment to a marked extent.
The Sensex, which tanked to a low of 14,163.45 in morning trade, ended the session with a huge loss of 277.97 points or 1.91% at 14,293.32. The Nifty settled at 4266.40 with a loss of 1.87% or 81.15 points. In intra-day trades today, the Nifty hit a low of 4225.50.
Capital goods stocks were battered once again. Mirroring the sell-off in the capital goods space, the BSE CG went down by over 5% today. Heavy selling was seen in metal, power, realty, auto, pharma and bank stocks as well. Oil, PSU and FMCG scrips were not spared either. IT stocks bucked the trend and a few of them ended the session with sharp gains.
Jaiprakash Associates (down 7.95%), Hindalco (down 7.8%), Larsen & Toubro (down 6.5%), Mahindra & Mahindra (down 4.55%), Maruti Suzuki (down 5.4%), Ranbaxy Laboratories (down 5.35%), Reliance Infrastructure (down 4.75%), Reliance Industries (down 3.55%) and Tata Steel (down 4.1%) declined sharply due to heavy selling.
ACC, BHEL, DLF, Grasim Industries, ICICI Bank, ITC and State Bank of India also closed with sharp losses. ONGC, Wipro, HDFC, Hindustan Unilever, Infosys Technologies, Satyam Computer Services and Tata Motors closed with sharp gains on selective buying support. Bharti Airtel ended flat.
Tata Communications, Suzlon Energy, Unitech, Tata Power, Nalco, SAIL, ABB, Siemens, Hero Honda, Sun Pharmaceuticals, Idea Cellular, Punjab National Bank, Reliance Petroleum and Dr. Reddy's Laboratories ended sharply lower. HCL Technologies and Cairn India finished with smart gains.
Godrej Industries (down 14.4%) was the biggest loser among BSE 'A' Group stocks. Akruti City, Bank of India, Reliance Capital, Sobha Developers, United Breweries, Essar Shipping, India Bulls Financial Services, Alstom Projects, Nagarjuna Constructions, Reliance Power, HDIL, Indian Bank, Punjab Lloyd, EIH, Essar Oil, IFCI and Maytas Infra also ended with big losses. Mid and small cap stocks were mauled. So severe was the selling pressure in these segments that the Midcap and Smallcap barometers declined by around 3.5% today.
The market breadth remain extremely weak right through the session. When trade ended, out of a total of 2697 stocks that saw action on BSE, as many as 2219 stocks were down in the red. 430 stocks closed with gains and 48 stocks ended at their previous closing levels.
Other Stories:
Mukesh vs Anil: Next round of power play! /Small investors lose $50 b in market crash
RBI signals rate hike, but not yet /Saint Gobain to invest Rs 1,000 cr in Bhiwadi facility
Google is best reputed company in corporate America / Inflation for ‘aam aadmi’ is only 7.1%
MOre@ http://sify.com/finance/
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Sensex and Nifty at 2008 New Low
Week Ahead: Nifty may seek support at 4200 : BS
Week Ahead: Nifty may seek support at 4200
Inflation spiking to double-digits led to a market crash. The Nifty ended down 3.75 per cent, closing at 4347.5 points, which is a 10-month low. The Sensex was down 4.07 per cent closing at 14571. The Defty was down 3.83 per cent with the rupee dropping to 42.97.
The rupee fall was precipitated by the continuation of heavy sales from the FIIs. Domestic institutions were also sellers. Breadth signals were terrible with advances heavily outnumbered by declines. Volumes were low. The Junior was down 4.03 per cent while the BSE 500 lost 3.64 per cent.
Outlook: The Nifty is likely to seek support at around 4200 before it attempts a substantial recovery. The upside is likely to be capped by resistance at 4600-4650 level. Settlement considerations may cause extra volatility and lead to a temporary improvement on short-covering. Rationale: On Friday, the market broke key supports. This was a low-volume breakout but the minimum target projections would be about 4200. There is fairly good support at that level. Short-covering could cause some recovery during next week but the market is clearly in an intermediate downtrend (7 weeks and counting) that could get worse.
Counter-view: It would take a very strong trigger in the form of good news to lift the market now. Technically speaking, we would need a high-volume recovery that pushed the market beyond 4650 to break the pattern of an intermediate downtrend. Perhaps the nuclear deal would do it?
Bulls & Bears: Any bullishness next week is liable to arise on the basis of short covering and liable to terminate at around Thursday June 19th levels. Banks for example, have been very hard-hit and there could be candidates here.
IT is another possibility because of the falling rupee and the cushion it offers. Oil exploration is a third segment. But the vast majority of stocks have emulated the index in that they have made clear downside breakouts. Despite settlement considerations, the prudent trader would be advised to stay on the short side of the market or to stay out.
Among the most badly hit sectors are real estate, housing finance stocks, construction companies and automobiles. No surprises here since these are all rate-sensitive and driven by consumer sentiment.
Metals also did badly last week and telecom service providers also saw massive sell offs. The Reliance and ADAG groups both did badly – I suspect this is more due to excessively leveraged positions being sold off.
These are the places shorters should be focussed on. Due to settlement, you may need to carryover positions or to open them in July futures to start with.
MICRO TECHNICALS
Corporation Bank Current price: Rs 284Target price: Rs 300
The stock lost an extraordinary 10 per cent plus on Friday on very low volumes. It has pretty much fulfilled its target on a downside breakout in one freak session. There is a good possibility that it will recover on short covering till about Rs 300. keep a stop at Rs 280 and go long, cover at Rs 295-plus. If the Rs 280 stop is broken, the downside target would be Rs 270.
HOECCurrent price: Rs 127Target price: Rs 135
The stock is range-trading between Rs 125-135 and it hit the bottom end of the range on Friday before making a small recovery. It may be worth a long position on the expectation that it will go back towards the top of the range. Go long with a stop at Rs 125 and cover above Rs 134.
IFCICurrent price: Rs 50Target price: Rs 45
The stock finally made a downside breakout after several weeks of threatening to collapse. It has a target projection in the region of Rs 45 and it could exceed that given its previous history of developing powerful trends. Keep a stop at Rs 52 and go short. Cover at about Rs 46.
Naukri Current price: Rs 999Target price: Rs 1,055
One of very few stocks that held its own on Friday. In fact, it generated strong volumes along with a price-rise. There's a big resistance at the current level and all the way till Rs 1,015. However if it closes above Rs 1,015, it's likely to go till Rs 1,055. Keep a stop at Rs 990 and go long. Book partial profits at Rs 1,015.
Reliance Industries Current price: Rs 2,099Target price: Rs 2,025
RIL smashed a key support at Rs 2,150 and dropped on heavy volumes with a high delivery ratio of 44 per cent. There is reasonable support at Rs 2,070 but there is also a target of Rs 2,025. In the circumstances, that target is likely to be fulfilled. RIL may swing between Rs 2,025-2,150 in the next four sessions. Keep a stop at Rs 2,125 and go short, covering at Rs 2,025.
(The target price and projected movements given above are in terms of the next five trading sessions unless otherwise stated.)
Source: http://www.business-standard.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
Inflation spiking to double-digits led to a market crash. The Nifty ended down 3.75 per cent, closing at 4347.5 points, which is a 10-month low. The Sensex was down 4.07 per cent closing at 14571. The Defty was down 3.83 per cent with the rupee dropping to 42.97.
The rupee fall was precipitated by the continuation of heavy sales from the FIIs. Domestic institutions were also sellers. Breadth signals were terrible with advances heavily outnumbered by declines. Volumes were low. The Junior was down 4.03 per cent while the BSE 500 lost 3.64 per cent.
Outlook: The Nifty is likely to seek support at around 4200 before it attempts a substantial recovery. The upside is likely to be capped by resistance at 4600-4650 level. Settlement considerations may cause extra volatility and lead to a temporary improvement on short-covering. Rationale: On Friday, the market broke key supports. This was a low-volume breakout but the minimum target projections would be about 4200. There is fairly good support at that level. Short-covering could cause some recovery during next week but the market is clearly in an intermediate downtrend (7 weeks and counting) that could get worse.
Counter-view: It would take a very strong trigger in the form of good news to lift the market now. Technically speaking, we would need a high-volume recovery that pushed the market beyond 4650 to break the pattern of an intermediate downtrend. Perhaps the nuclear deal would do it?
Bulls & Bears: Any bullishness next week is liable to arise on the basis of short covering and liable to terminate at around Thursday June 19th levels. Banks for example, have been very hard-hit and there could be candidates here.
IT is another possibility because of the falling rupee and the cushion it offers. Oil exploration is a third segment. But the vast majority of stocks have emulated the index in that they have made clear downside breakouts. Despite settlement considerations, the prudent trader would be advised to stay on the short side of the market or to stay out.
Among the most badly hit sectors are real estate, housing finance stocks, construction companies and automobiles. No surprises here since these are all rate-sensitive and driven by consumer sentiment.
Metals also did badly last week and telecom service providers also saw massive sell offs. The Reliance and ADAG groups both did badly – I suspect this is more due to excessively leveraged positions being sold off.
These are the places shorters should be focussed on. Due to settlement, you may need to carryover positions or to open them in July futures to start with.
MICRO TECHNICALS
Corporation Bank Current price: Rs 284Target price: Rs 300
The stock lost an extraordinary 10 per cent plus on Friday on very low volumes. It has pretty much fulfilled its target on a downside breakout in one freak session. There is a good possibility that it will recover on short covering till about Rs 300. keep a stop at Rs 280 and go long, cover at Rs 295-plus. If the Rs 280 stop is broken, the downside target would be Rs 270.
HOECCurrent price: Rs 127Target price: Rs 135
The stock is range-trading between Rs 125-135 and it hit the bottom end of the range on Friday before making a small recovery. It may be worth a long position on the expectation that it will go back towards the top of the range. Go long with a stop at Rs 125 and cover above Rs 134.
IFCICurrent price: Rs 50Target price: Rs 45
The stock finally made a downside breakout after several weeks of threatening to collapse. It has a target projection in the region of Rs 45 and it could exceed that given its previous history of developing powerful trends. Keep a stop at Rs 52 and go short. Cover at about Rs 46.
Naukri Current price: Rs 999Target price: Rs 1,055
One of very few stocks that held its own on Friday. In fact, it generated strong volumes along with a price-rise. There's a big resistance at the current level and all the way till Rs 1,015. However if it closes above Rs 1,015, it's likely to go till Rs 1,055. Keep a stop at Rs 990 and go long. Book partial profits at Rs 1,015.
Reliance Industries Current price: Rs 2,099Target price: Rs 2,025
RIL smashed a key support at Rs 2,150 and dropped on heavy volumes with a high delivery ratio of 44 per cent. There is reasonable support at Rs 2,070 but there is also a target of Rs 2,025. In the circumstances, that target is likely to be fulfilled. RIL may swing between Rs 2,025-2,150 in the next four sessions. Keep a stop at Rs 2,125 and go short, covering at Rs 2,025.
(The target price and projected movements given above are in terms of the next five trading sessions unless otherwise stated.)
Source: http://www.business-standard.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
Market to remain under bear hug: Experts
Retail investors lose $50bn on sensex
Market to remain under bear hug: Experts
Dalal Street is likely to face another turbulent period this week amid inflationary concerns, negative global cues and fears of political uncertainty in the country, analysts say.
Market analysts believe that the surge in inflation to a 13-year high of 11.05 per cent could lead to a sharp selling bout at the bourses this week which could propel the benchmark index into a downward frenzy.
"With inflation hitting double-digit mark on Friday, investors will get enough time over the weekend to think and are most definitely going to be on a selling spree this week... be prepared for what I call a 'pre-meditated murder' on Monday," Arun Kejriwal director of Kejriwal Research and Investment Services (KRIS) said.
The benchmark index Sensex which had closed at its lowest level in 2008 at 14,571.29 on Friday, lost over 800 points during the week. Besides, the 50-share Nifty index had settled down 156 points at 4,347.55 on the National Stock Exchange.
Economists believe that it is unlikely that inflation would fall below the 8 per cent level till this year end.
"While 11 per cent headline WPI number were unexpectedly high, the market was well aware that inflation in June is likely to trend upwards and remain high for several weeks.
"A correction in global commodity prices as well as a good monsoon could bring relief over the next quarter, we do not expect inflation to fall too far below 8 per cent until end December," Reliance Capital Chief Economist Atsi Sheth said.
Monetary tightening as well as sporadic fiscal measures are likely to be announced over the coming weeks. It is important to remember that inflation currently is a global concern and that there is no magic bullet to deal with it, Sheth added.
The quarterly monetary policy review of RBI is scheduled on July 29, but analysts said that the Central Bank is expected to take a call much earlier with inflation hitting the roof.
Reserve Bank of India had on June 11, hiked repo rate by 25 basis points to 8 per cent with immediate effect in an effort to contain rising inflation.
However, concerns remain that a further hike in rates would impact bottom line of Indian companies, while high interest rates may delay expansion plans of corporates, which in turn may impact future earnings growth.
Besides, analysts said that the sustained selling by foreign funds would further weigh heavily on the sentiment of the investors in the near term.
"Inflationary concerns and negative cues from the world markets are likely to keep the bourses under pressure this week. However, we expect some support to come in at lower levels by the middle of the week," domestic brokerage firm SMC Global Vice President Rajesh Jain said.
Foreign Institutional Investors have been net sellers in equities to the tune of Rs 7,125.20 crore so far in June, while in the 2008 till now they have made sales worth Rs 22,494.60 crore.
However, domestic mutual funds were net buyers of shares to the tune of Rs 1,919.90 crore in June so far.
Meanwhile, expectations of good first quarter results may trigger a recovery from lower level after the steep fall in share prices, marketmen said.
Source: http://www.utvi.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information
Market to remain under bear hug: Experts
Dalal Street is likely to face another turbulent period this week amid inflationary concerns, negative global cues and fears of political uncertainty in the country, analysts say.
Market analysts believe that the surge in inflation to a 13-year high of 11.05 per cent could lead to a sharp selling bout at the bourses this week which could propel the benchmark index into a downward frenzy.
"With inflation hitting double-digit mark on Friday, investors will get enough time over the weekend to think and are most definitely going to be on a selling spree this week... be prepared for what I call a 'pre-meditated murder' on Monday," Arun Kejriwal director of Kejriwal Research and Investment Services (KRIS) said.
The benchmark index Sensex which had closed at its lowest level in 2008 at 14,571.29 on Friday, lost over 800 points during the week. Besides, the 50-share Nifty index had settled down 156 points at 4,347.55 on the National Stock Exchange.
Economists believe that it is unlikely that inflation would fall below the 8 per cent level till this year end.
"While 11 per cent headline WPI number were unexpectedly high, the market was well aware that inflation in June is likely to trend upwards and remain high for several weeks.
"A correction in global commodity prices as well as a good monsoon could bring relief over the next quarter, we do not expect inflation to fall too far below 8 per cent until end December," Reliance Capital Chief Economist Atsi Sheth said.
Monetary tightening as well as sporadic fiscal measures are likely to be announced over the coming weeks. It is important to remember that inflation currently is a global concern and that there is no magic bullet to deal with it, Sheth added.
The quarterly monetary policy review of RBI is scheduled on July 29, but analysts said that the Central Bank is expected to take a call much earlier with inflation hitting the roof.
Reserve Bank of India had on June 11, hiked repo rate by 25 basis points to 8 per cent with immediate effect in an effort to contain rising inflation.
However, concerns remain that a further hike in rates would impact bottom line of Indian companies, while high interest rates may delay expansion plans of corporates, which in turn may impact future earnings growth.
Besides, analysts said that the sustained selling by foreign funds would further weigh heavily on the sentiment of the investors in the near term.
"Inflationary concerns and negative cues from the world markets are likely to keep the bourses under pressure this week. However, we expect some support to come in at lower levels by the middle of the week," domestic brokerage firm SMC Global Vice President Rajesh Jain said.
Foreign Institutional Investors have been net sellers in equities to the tune of Rs 7,125.20 crore so far in June, while in the 2008 till now they have made sales worth Rs 22,494.60 crore.
However, domestic mutual funds were net buyers of shares to the tune of Rs 1,919.90 crore in June so far.
Meanwhile, expectations of good first quarter results may trigger a recovery from lower level after the steep fall in share prices, marketmen said.
Source: http://www.utvi.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information
21 June 2008
Inflation touches double digit at 11.05% : ET
Inflation touches double digit at 11.05%
NEW DELHI: Surging food and fuel prices further pushed up inflation to 11.05 per cent for the week ended June 7, 2008 from 8.75 per cent in the previous week. A day earlier, a poll estimated the annual inflation rate to have jumped to 13-year highs near 10 per cent in early June, powered by a fuel price rise. The wholesale price index is forecast to have risen to 9.82 per cent in the 12 months to June 7, which would be the highest since June 3, 1995, when annual inflation was at 9.89 per cent.
The forecasts from 12 analysts ranged widely from 9.63 per cent to 10.62 per cent, and compared with an annual rise of 8.75 per cent in the previous week. Four economists in the poll estimated the data to come in at above 10 per cent, its first double-digit reading since May 27, 1995. It would be the 17th consecutive week that inflation rate has been above 5.5 per cent, the central bank’s target by the end of the fiscal year in March 2009. India had raised state-set fuel prices by about 10 per cent on June 4, and the RBI last week raised its key lending rate for the first time in more than a year to contain inflation expectations.
Fuel price hike led to double digit inflation: Chidambaram
India losing steam on growth front?
Inflation management goes beyond govt's hands: Industry
Double digit inflation is here to stay: KV Kamath
Inflation woes: Food management may be key
Inflation may not affect growth story
Rising inflation dampening consumer sentiments
Runaway inflation to hit India Inc's growth plans
Inflation takes a hit on leisure, entertainment business
At 11%, inflation hits 13-year high
Inflation needn't pull down stocks always
Lowest Sensex close since Aug '07 as inflation hits 11%
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
NEW DELHI: Surging food and fuel prices further pushed up inflation to 11.05 per cent for the week ended June 7, 2008 from 8.75 per cent in the previous week. A day earlier, a poll estimated the annual inflation rate to have jumped to 13-year highs near 10 per cent in early June, powered by a fuel price rise. The wholesale price index is forecast to have risen to 9.82 per cent in the 12 months to June 7, which would be the highest since June 3, 1995, when annual inflation was at 9.89 per cent.
The forecasts from 12 analysts ranged widely from 9.63 per cent to 10.62 per cent, and compared with an annual rise of 8.75 per cent in the previous week. Four economists in the poll estimated the data to come in at above 10 per cent, its first double-digit reading since May 27, 1995. It would be the 17th consecutive week that inflation rate has been above 5.5 per cent, the central bank’s target by the end of the fiscal year in March 2009. India had raised state-set fuel prices by about 10 per cent on June 4, and the RBI last week raised its key lending rate for the first time in more than a year to contain inflation expectations.
Fuel price hike led to double digit inflation: Chidambaram
India losing steam on growth front?
Inflation management goes beyond govt's hands: Industry
Double digit inflation is here to stay: KV Kamath
Inflation woes: Food management may be key
Inflation may not affect growth story
Rising inflation dampening consumer sentiments
Runaway inflation to hit India Inc's growth plans
Inflation takes a hit on leisure, entertainment business
At 11%, inflation hits 13-year high
Inflation needn't pull down stocks always
Lowest Sensex close since Aug '07 as inflation hits 11%
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
11% inflation spreads panic; Sensex down 3.3% : ET
11% inflation spreads panic; Sensex down 3.3%
It was one of the worst days for the stock market since beginning of 2008. Higher than expected inflation figures saw investors pressing sell button. ( Watch ) More than 6.5 per cent fall in Reliance Industries followed by 4.5 per cent decline in Bharti Airtel saw the Sensex close at 14590.16, down 498 points or 3.30 per cent. The 30-share index fell around 700 points from high of 15,202.01 to a low of 14,519.27. National Stock Exchange’s Nifty ended at 4355.45, down 149 points or 3.30 per cent. The broad index touched a high of 4532 and low of 4333.60.
Tier II and III stocks were not spared in selling spree. BSE Midcap Index ended at 6,051.13, down 2.87 per cent and BSE Small cap Index closed at 7,418.05, down 3.16 per cent. ONGC (up 2.61%) and Mahindra & Mahindra (1.14%) were the only gainers in the 30-share index. Reliance Communications (down 6.65%), Reliance Industries (6.61%), Hindalco Industries (6.37%), Jaiprakash Associates (6.03%), Reliance Infrastructure (4.92%) and Bharti Airtel (4.76%) were under pressure. Market breadth was extremely weak with 2239 declines outnumbering 458 advances on BSE. Inflation rate touched a 13-year high of 11.05 percent for the week ended June 7 from 8.5 per cent in the previous week. Market was expecting it to be around 10.6 per cent. (All figures are provisional)
---------------------------------
Lowest Sensex close since Aug '07 as inflation hits 11%
It was a downhill journey for Indian equities on Friday as inflation shot hit a 13-year high, raising fears over economic growth and sparked panic selling across the board. Bombay Stock Exchange's Sensex settled at its lowest close since August 2007 at 14,571.29, down 516.70 points or 3.42 per cent from Thursday’s close. The index slumped to an intra-day low of 14,519.27 from a high of 15,202.01. The wider National Stock Exchange’s Nifty dropped 156.7 points or 3.48 per cent to 4347.55, breaching a crucial resistance level of 4,400. “High inflation and pessimism on the political front weighed on the market. Sensex had never closed below 14,800 since the January fall, which happened today. All the supports are broken.
We are likely to see more downside hereon. Investors should wait and watch as market will look for new bottoms and every rise should be used to exit long positions," said Rakesh Gandhi, technical analyst at Latin Manharlal Securities. The market opened on a buoyant note cheering a fall in crude oil prices and tracking positive global cues. However, the indices had to surrender all early gains after data showed inflation had shot up to 11.05 per cent in the 12 months to June 7, following the rise in state-set fuel prices. This was a big jump from 8.75 per cent a week-earlier. Even as the market plunged, Finance Minister P Chidambaram warned of stronger anti-inflation measures ahead. Though he did not elaborate on the measures being contemplated, expectations are that the Reserve Bank of India may resort to further tightening--a move that could lead to increase in lending rates for auto, housing and consumer loans.
This pressured interest rate sensitive stocks, sending the BSE Bankex, BSE Auto and BSE Realty indices on a downward spiral. Selling continued unabated in second line stocks as well. BSE Midcap and Smallcap indices ended 3.17 per cent and 3.43 per cent lower respectively. The oil & gas space was the biggest loser, after investors dumped shares of Reliance Industries. The index heavyweight fell 6.6 per cent to Rs 2,096.60, its lowest close in nine months. The other frontline counters that took a knock included Reliance Communications (down 6.65%), Hindalco Industries (6.37%), Jaiprakash Associates (6.03%), Reliance Infrastructure (4.92%) and Bharti Airtel (4.76%). ONGC (up 1.56%) was the lone gainer in the 30-share index. Market breadth was extremely weak with 2,247 declines and 450 advances on BSE. Meanwhile, stocks in Europe declined led by commodity producers as investors speculated the economic slowdown would curb demand for metals. The FTSE was down 1.03 per cent, DAX 30 lost 1.4 per cent and CAC 40 shed 1.29 per cent. In the Asia Pacific region, however, it was a mixed picture. The Nikkei ended 1.33 per cent lower, Hang Seng fell 0.23 per cent while Straits Times added 0.31 per cent and CSI 300 Index rose 2.61 per cent.
------------------------------------------
Sensex tumbles to year's low
Dalal Street panics; indices fall
The pain may be far from over. The double-digit inflation data which rattled investors, could just be the trigger to send the market tumbling even further. And this horror movie could have many scenes left. The full force of oil prices, farm loan waiver, fertiliser bill and pay commission is yet to be felt. On Friday, 11% inflation unnerved the stock market, and pushed key indices like the Sensex and Nifty to their lows of 2008. Analysts feel that with global crude oil and commodity prices ruling high and no major correction expected in the near future, inflation continues to cast shadows on the market. “Today, the policy options before the government are limited. And, for the market, there may be more pain left. There is still no valuation comfort for Sensex stocks,” said Brics Securities head of equities Anand Tandon. If a phase of high inflation and high interest rate continues, a slowdown in GDP would no longer remain an academic debate, according to analysts. Jolted by the shock news on inflation, Sensex tumbled 517 points, or 3.4%, to close at 14,571 points, while the broad-based Nifty slipped 157 points, or 3.5%, to end at 4,348 points. With this, the two indices have touched their 10-month lows.
Investor wealth eroded by Rs 1.6 lakh crore on Friday, bringing total wealth erosion since January to Rs 26.6 lakh crore. Since January, foreign institutional investors (FIIs) have sold heavily, pulling out a total of Rs 24,000 crore. At 5%, BSE’s oil and gas index was the worst-hit sectoral index, followed by real estate and metal indices, which fell 4.5% and 4% respectively. Rate-sensitive sectors like real estate and banking also took a beating on fears of possible monetary tightening by RBI. The inflation data spooked many analysts who were expecting a more modest 10%.
It is felt that RBI may go for another hike in interest rates and cash reserve ratio to bring down inflation. “Government finances have gone haywire because of soaring crude oil prices, forcing the Centre to hike fuel prices. The government appears concerned about the rising inflation and may take some measures to check it. Interest rates may go up, which in turn, will put pressure on corporate earnings,” said KR Choksey Shares and Securities chairman Kisan Choksey. Some brokers feel that the market is worried about a possible earnings slowdown and next year’s general elections. One has to see how the UPA government tackles various sensitive issues, particularly inflation, which will be key to its electoral performance, said a broker.
Call writing at 4500 caps upside, realty & banking drag
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
It was one of the worst days for the stock market since beginning of 2008. Higher than expected inflation figures saw investors pressing sell button. ( Watch ) More than 6.5 per cent fall in Reliance Industries followed by 4.5 per cent decline in Bharti Airtel saw the Sensex close at 14590.16, down 498 points or 3.30 per cent. The 30-share index fell around 700 points from high of 15,202.01 to a low of 14,519.27. National Stock Exchange’s Nifty ended at 4355.45, down 149 points or 3.30 per cent. The broad index touched a high of 4532 and low of 4333.60.
Tier II and III stocks were not spared in selling spree. BSE Midcap Index ended at 6,051.13, down 2.87 per cent and BSE Small cap Index closed at 7,418.05, down 3.16 per cent. ONGC (up 2.61%) and Mahindra & Mahindra (1.14%) were the only gainers in the 30-share index. Reliance Communications (down 6.65%), Reliance Industries (6.61%), Hindalco Industries (6.37%), Jaiprakash Associates (6.03%), Reliance Infrastructure (4.92%) and Bharti Airtel (4.76%) were under pressure. Market breadth was extremely weak with 2239 declines outnumbering 458 advances on BSE. Inflation rate touched a 13-year high of 11.05 percent for the week ended June 7 from 8.5 per cent in the previous week. Market was expecting it to be around 10.6 per cent. (All figures are provisional)
---------------------------------
Lowest Sensex close since Aug '07 as inflation hits 11%
It was a downhill journey for Indian equities on Friday as inflation shot hit a 13-year high, raising fears over economic growth and sparked panic selling across the board. Bombay Stock Exchange's Sensex settled at its lowest close since August 2007 at 14,571.29, down 516.70 points or 3.42 per cent from Thursday’s close. The index slumped to an intra-day low of 14,519.27 from a high of 15,202.01. The wider National Stock Exchange’s Nifty dropped 156.7 points or 3.48 per cent to 4347.55, breaching a crucial resistance level of 4,400. “High inflation and pessimism on the political front weighed on the market. Sensex had never closed below 14,800 since the January fall, which happened today. All the supports are broken.
We are likely to see more downside hereon. Investors should wait and watch as market will look for new bottoms and every rise should be used to exit long positions," said Rakesh Gandhi, technical analyst at Latin Manharlal Securities. The market opened on a buoyant note cheering a fall in crude oil prices and tracking positive global cues. However, the indices had to surrender all early gains after data showed inflation had shot up to 11.05 per cent in the 12 months to June 7, following the rise in state-set fuel prices. This was a big jump from 8.75 per cent a week-earlier. Even as the market plunged, Finance Minister P Chidambaram warned of stronger anti-inflation measures ahead. Though he did not elaborate on the measures being contemplated, expectations are that the Reserve Bank of India may resort to further tightening--a move that could lead to increase in lending rates for auto, housing and consumer loans.
This pressured interest rate sensitive stocks, sending the BSE Bankex, BSE Auto and BSE Realty indices on a downward spiral. Selling continued unabated in second line stocks as well. BSE Midcap and Smallcap indices ended 3.17 per cent and 3.43 per cent lower respectively. The oil & gas space was the biggest loser, after investors dumped shares of Reliance Industries. The index heavyweight fell 6.6 per cent to Rs 2,096.60, its lowest close in nine months. The other frontline counters that took a knock included Reliance Communications (down 6.65%), Hindalco Industries (6.37%), Jaiprakash Associates (6.03%), Reliance Infrastructure (4.92%) and Bharti Airtel (4.76%). ONGC (up 1.56%) was the lone gainer in the 30-share index. Market breadth was extremely weak with 2,247 declines and 450 advances on BSE. Meanwhile, stocks in Europe declined led by commodity producers as investors speculated the economic slowdown would curb demand for metals. The FTSE was down 1.03 per cent, DAX 30 lost 1.4 per cent and CAC 40 shed 1.29 per cent. In the Asia Pacific region, however, it was a mixed picture. The Nikkei ended 1.33 per cent lower, Hang Seng fell 0.23 per cent while Straits Times added 0.31 per cent and CSI 300 Index rose 2.61 per cent.
------------------------------------------
Sensex tumbles to year's low
Dalal Street panics; indices fall
The pain may be far from over. The double-digit inflation data which rattled investors, could just be the trigger to send the market tumbling even further. And this horror movie could have many scenes left. The full force of oil prices, farm loan waiver, fertiliser bill and pay commission is yet to be felt. On Friday, 11% inflation unnerved the stock market, and pushed key indices like the Sensex and Nifty to their lows of 2008. Analysts feel that with global crude oil and commodity prices ruling high and no major correction expected in the near future, inflation continues to cast shadows on the market. “Today, the policy options before the government are limited. And, for the market, there may be more pain left. There is still no valuation comfort for Sensex stocks,” said Brics Securities head of equities Anand Tandon. If a phase of high inflation and high interest rate continues, a slowdown in GDP would no longer remain an academic debate, according to analysts. Jolted by the shock news on inflation, Sensex tumbled 517 points, or 3.4%, to close at 14,571 points, while the broad-based Nifty slipped 157 points, or 3.5%, to end at 4,348 points. With this, the two indices have touched their 10-month lows.
Investor wealth eroded by Rs 1.6 lakh crore on Friday, bringing total wealth erosion since January to Rs 26.6 lakh crore. Since January, foreign institutional investors (FIIs) have sold heavily, pulling out a total of Rs 24,000 crore. At 5%, BSE’s oil and gas index was the worst-hit sectoral index, followed by real estate and metal indices, which fell 4.5% and 4% respectively. Rate-sensitive sectors like real estate and banking also took a beating on fears of possible monetary tightening by RBI. The inflation data spooked many analysts who were expecting a more modest 10%.
It is felt that RBI may go for another hike in interest rates and cash reserve ratio to bring down inflation. “Government finances have gone haywire because of soaring crude oil prices, forcing the Centre to hike fuel prices. The government appears concerned about the rising inflation and may take some measures to check it. Interest rates may go up, which in turn, will put pressure on corporate earnings,” said KR Choksey Shares and Securities chairman Kisan Choksey. Some brokers feel that the market is worried about a possible earnings slowdown and next year’s general elections. One has to see how the UPA government tackles various sensitive issues, particularly inflation, which will be key to its electoral performance, said a broker.
Call writing at 4500 caps upside, realty & banking drag
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
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