Sensex ends with a marginal loss after a choppy ride

Sensex ends with a marginal loss after a choppy ride

After opening with a negative gap, the market bounced back into the positive zone in early trade this morning but plunged sharply into the red thereafter due to heavy selling in IT, bank and several other blue chip stocks.

A couple of smart rallies from lower levels thanks to some strong buying in select blue chip stocks notwithstanding, the benchmark BSE index Sensex ended the day on a negative note today. The Nifty, however, finished with a minor gain.

The Sensex, which sailed past the magical 14,000 mark to a high of 14,047.43 this morning, ended with a loss of 38.02 points or 0.27% at 13,926.24, around 162 points off its low of 13,763.94. The Nifty, which dropped down to a low of 4110.40 in intra-day trades, ended with a small gain of 5.10 points at 4162.20.

The bulls, who had lifted the market up sharply yesterday, stayed out of the ring for a major part of the session as global sentiment remained weak. While Wall Street ended on a negative note yesterday, Asian markets displayed a mixed trend. The trend on the European bourses was not encouraging either.


Though the market had shrugged off Left parties' withdrawal of support to the ruling coalition yesterday, investors appeared reluctant to step up buying what with the government set to face a confidence vote during the special session of the parliament on the 20th and 21st of this month.
A sharp rise in metal prices on the London Metal Exchange buoyed up metal stocks this afternoon. IT stocks remained sluggish as investors stayed cautious ahead of results from sector major Infosys Technologies.

Cement stocks ACC (3.15%) and Ambuja Cements (2.5%) and metal majors Tata Steel (3.15%) and Hindalco (5.5%) were among the star performers from the Sensex pack today. Realty major DLF attracted attention ahead of the company's board meeting to consider a share buy-back. Though the stock drifted down a bit after the board approved the proposal, it still ended the day on the positive side with a sharp gain of 1.8%.

Reliance Infrastructure moved up by 2.35%. HDFC, Cipla, Hindustan Unilever, Larsen & Toubro, Mahindra & Mahindra, ONGC and Reliance Communications ended with sharp to moderate gains. Ranbaxy Laboratories edged up by around a quarter per cent. Index heavyweight Reliance Industries eased by 1.7%. Maruti Suzuki declined by a little over 3.5%. FMCG major ITC lost 2.3%. Infosys Technologies, Tata Consultancy Services, Wipro and Satyam Computer Services lost 0.5% - 1%.

More: Sensex ends with a marginal loss after a choppy ride

DLF says to buy back up to 22 m shares
Panacea vaccine receives WHO pre-qualification
STC plans to acquire land in Surinam, Indonesia
Allied Digital acquires US firm for $30 m

RIL ranked 206 in Global Fortune 500 in sales
Ranbaxy-Daiichi merger: An emerging Ardhnarishwar model?
Deep Inds to explore marginal oil and gas fields
Sintex Ind Q1 net at Rs 44 cr

Bharti adds 2.56 m mobile users in June
BSEL nears Indonesia deal /TCS is top exporter
Why investors hold dud stocks


Source: www.Sify.com/finance

Q1 2009 Results: Sintex, Bajaj Auto etc

Sintex Industries net profit rises 43.06% in the June 2008 quarter
Sales rise 36.92% to Rs 410.75 crore

Bajaj Auto reports net profit of Rs 175.11 crore in the June 2008 quarter

Bajaj Holdings & Investment reports net profit of Rs 15.20 crore in the June 2008 quarter
Sales reported at Rs 20.42 crore

GTL net profit rises 12.32% in the June 2008 quarter
Sales decline 5.20% to Rs 318.76 crore

Prithvi Information Solutions net profit declines 29.70% in the year ended March 2008



SOurce: Capitalmarket.com

RIL tops list of private sector Fortune 500 firms in India

RIL tops list of private sector Fortune 500 firms in India

Mukesh Ambani-led Reliance Industries has emerged as the top Indian private company on the latest Fortune 500 Global list, where the country's presence has grown to seven firms with a debut by Tata Steel.

The list, released by the US business magazine Fortune today, includes two private (RIL and Tata Steel) and five public sector companies from India, topped by Indian Oil Corp (IOC), and including BPCL, HPCL, ONGC and SBI. IOC is the top-ranked Indian company among both private and public sectors at 116th position in the worldwide list, topped by US retail giant Wal-Mart. Besides making its debut at 315th position, Ratan Tata-led Tata Steel has also been named as the company with highest revenue growth of over 353 per cent over the past year.

Tata Steel recorded 17th fastest growth in profit among all the companies globally, Fortune said. RIL, which has been ranked at 30th in terms of revenue growth, has jumped 63 places to grab the 206th rank. SBI has been ranked at 21st place in terms of revenue growth.

RIL is ranked second after IOC among all the Indian companies and is followed by Bharat Petroleum (287), Hindustan Petroleum (290), ONGC(335) and State Bank of India (380). SBI is the seventh biggest climber among all the global companies, while RIL and BPCL have been ranked at 23rd and 50th in terms of gains from the previous year rankings.

Other companies figuring among the ten largest worldwide include Chevron (6th), ING Group (7th), Total (8th), General Motors (9th) and ConocoPhillips (10th). The US continues to have the largest presence with 153 companies, even as the number is down from 169 in the last year. China has 29 companies on the list. Besides seven Indian companies, a number of firms run by Indian-origin people have also made to the list.

These include Nagpur-born Vikram Pandit-led Citigroup at the 17th position, billionaire steel tycoon Lakshmi Mittal- promoted ArcelorMittal (39th) and Indra Nooyi-led PepsiCo (184th). Vodafone, whose Indian-origin CEO Arun Sarin is retiring this month, has been ranked 85th. Citigroup has been ranked third among the banks, while SBI is at 54th position. PepsiCo is at third position in the food consumer products ranking. Besides, ArcelorMittal is ranked at the top in metals sector, while Tata Steel is at the 8th position.

Amongst the petroleum refining companies across the world, IOC has been ranked at 18th, RIL at 23rd, BPCL at 28th and HPCL at 29th out of 39 companies from the sector present on the list. ONGC has been ranked at the 7th in the mining and crude oil production space. RIL has also been ranked at 46th in terms of return on assets.
------------------------------------------------
Indian-origin executives head a dozen Fortune 500 firms
Fortune 500 list: US companies' worst show in 10 years
Wal-Mart tops global Fortune 500 firms list
Nifty July discount narrows, short covering in select stocks


Source: ET

Sensex gains 615 pts, settles near 14,000

Sensex gains 615 pts, settles near 14,000

Global markets turned buoyant following a sharp fall in crude oil prices, and taking cues, the Indian bulls assembled in full strength as the session opened, and more importantly, stayed on right till the end to guide the benchmark indices Sensex and Nifty to a highly positive close today.

With the Left parties officially parting ways with the ruling coalition following their differences on the Indo - US civilian nuclear deal issue, the uncertainties that had clouded the market came to an end. On expectations that the government will now speed up certain reforms, market participants started picking up stocks in a frenzied manner almost right through the session today.

Stocks, irrespective of sectors or size, had a nice ride up the charts as the mood remained quite upbeat till the end. Realty, bank, power and capital goods stocks sparkled. FMCG, oil, IT, auto and metal stocks, despite turning a bit sticky at times, had a fine run as well. Pharma and consumer durables stocks also closed on a high note.

The Sensex, which opened with a positive gap of over 230 points at 13,581.41 and hit a high of 13,998.48 in late afternoon trade, ended with a thumping gain of 614.61 points or 4.6% at 13,964.26 today. The Nifty recorded a gain of 168.55 points or 4.23% as it settled at 4157.10, a few points down from a high of 4169.40 it touched a few minutes before the closing bell.

Reliance Infrastructure (10.7%) and Jaiprakash Associates (10%) remained high up in the positive territory right through the day. Tata Motors, which rallied sharply in afternoon trade, took the third place in the list with a handsome gain of 7.5%.
ITC closed stronger by 6.8%. Reliance Communications moved up by 6.15%. Tata Consultancy Services, HDFC Bank, BHEL and Reliance Industries gained 5% - 6%. Bharti Airtel ended nearly 5% up at Rs 747.40. Infosys Technologies (4.9%), Grasim Industries (4.85%), DLF (4.85%), ICICI Bank (4.75%), Larsen & Toubro (4.7%), NTPC (4.3%), HDFC (4.2%) and Tata Steel (4.1%) sparkled.

More @ Sensex gains 615 pts, settles near 14,000

Source: www.Sify.com/finance

Oil drops $6 on easing storm worry, dollar

Oil drops $6 on easing storm worry, dollar

Oil tumbled to below $136 on Tuesday, dropping by about $10 this week, as the dollar gained and concern eased over an Atlantic hurricane.

U.S. light crude fell more than $6 to as low as $135.14 a barrel, the lowest since June 26. It traded $5.21 lower at $136.16 by 12:53 p.m. EDT. London Brent crude fell $5.37to $136.50.
Oil had hit a record $145.85 last week, propelled by tensions between Iran and the West over Tehran's nuclear ambitions and worries a brewing storm could hit the Gulf of Mexico's offshore oil fields.

Hurricane Bertha became a "major" hurricane on Monday, but none of the computer models used to predict storm tracks indicated it would steer toward the Gulf of Mexico.
"It seems the tone is easing for now and the hurricane (concern) is gone," a broker said.
Dealers added the gain in the U.S. dollar triggered some technical selling,
The dollar rebounded from earlier losses on Tuesday after Federal Reserve Chairman Ben Bernanke said the U.S. central bank may keep an emergency lending facility open beyond the end of the year for big Wall Street firms.

But analysts said the market focus would shift later this week to U.S. weekly oil statistics and a monthly report from the International Energy Agency (IEA), which will give a fresh look at the demand-supply situation amid a slowing world economy.Continued...
------------------------------------------------
Sensex dips 176 pts despite late buying
Govt's new ally not rigid on economy
Siemens to cut 16,750 jobs amid economic downturn
Tata Motors launches fuel-efficient buses
China willing to cooperate with India
Meeting SP’s demand on EOU, windfall tax may not be easy
Tata Power may divest assets, holdings to part-finance capex
Setback for UP sugar mills


Source: Reuters, BusinessLine, Sify..

Economic lessons from the East: Sify Special

Economic lessons from the East
A Dragon, four tigers and an elephant

East Asia is one of the most dynamic, dazzling and diverse region of the whole world. It has a population of about 2.2 billion corresponding to one third of the global population. In this region, we have 'dragon' and 'tiger countries' playing very important roles on world political stage and giving new dimension to the global economy.

China is known as a country of dragon while Taiwan, South Korea, Hong Kong and Singapore are known as "Four East Asian tigers". The most influential countries who play a pivotal role on the world economic scenario are Japan, China, South Korea and Singapore.

The growth this year in all the developing East Asian economy except Japan is going to be simply unprecedented in the last two decades. East Asia has got a huge relief after the financial crisis of 1997, which shivered the stock market nerves of Hong Kong, Singapore, Thailand and Malaysia. Even the World Bank has recently revised its forecast for the growth of East Asian economy, except Japan, in 2007-08 to be 8.4%, up from 7.3% earlier predicted in April last year.

By the same author: China’s first Padma Bhushan 'West must stop fanning Tibet fire'

The rising oil prices and inflation may slow down the growth of the economy of these East Asian countries; however it is predicted that these countries would perform much better than their western or South Asian counterparts..........
More @ Economic lessons from the East

...Next...

Source: Sify.com

Private oilcos may have to shell out windfall tax : ET

Private oilcos may have to shell out windfall tax

Private oilcos like Reliance Industries (RIL), Essar and Cairn may have to forgo some of their profits to share the huge subsidy burden in the oil sector. A proposal on these lines, which was first mooted by the Left parties, is now being considered “seriously” by the ruling party leadership, following a similar demand by the Congress’ latest political ally, the Samajwadi Party.

A windfall tax is normally levied on oil exploration and production companies who reap huge profits when global crude prices increase. Refinery companies, on the other hand, face pressure on their margins as costs go up. Sources in the know confirmed that the SP leadership, which has openly criticised the petroleum ministry’s stand on fuel prices, has demanded that private oil companies whose profits have surged thanks to high oil prices, need to share the subsidy burden.

A decision to this effect is expected towards the end of this month. The changing political landscape may revive the government’s proposal to widen the oil subsidy sharing mechanism, currently confined to PSU oil companies and the exchequer. It is understood from official sources that the proposal, mooted earlier from within the government, was summarily turned down by petroleum minister Murli Deora before.

According to official sources, it was proposed that the Reliance refinery should be asked to offer discount for at least two products, cooking gas (LPG) and kerosene, meant for the public distribution. While announcing the marginal fuel price hike on June 4, Mr Deora, however, said that he was against any such move to involve private companies, including Reliance, in sharing the oil price burden.

On June 4, at the prevailing crude prices ($129/barrel), the under-recoveries of oil marketing companies (OMCs) on the sale of petrol, diesel, PDS kerosene and domestic LPG was estimated at around Rs 2,45,305 crore for 2008-09.

Sources close to the current political developments said that SP has demanded that private companies like RIL are minting money due to rising global oil prices and they can’t be protected at the cost of common man and public sector companies. “The demand is in the public interest,” a source close to the SP leadership said. Many members of the Parliament (MPs) have been demanding that private refiners as well as exploration & production (E&P) companies like Cairn, Niko and GSPC should also contribute towards sharing of OMCs’ under-recoveries.

While E&P companies could offer discounted crude like ONGC (which would reduce costs for refineries and thus the loss on the selling price), refineries could sell the products at subsidised prices to public sector oilcos. As of now, public sector oil companies buy a marginal quantity of subsidised fuels like cooking gas and kerosene from the private refineries at import parity prices.

Currently, the under-recoveries are split by public sector E&P companies like ONGC, OIL and Gail through discounts, public sector OMCs like IOC, BPCL and HPCL through direct subsidised retail, and the government through oil bonds. On June 4, the government increased prices of three sensitive fuel products marginally — petrol by Rs 5/litre, diesel by Rs 3/litre and cooking gas by Rs 50 per cylinder.

The government didn’t increase the price of kerosene, a politically sensitive product considered to be used by the poor. Even as there has been a marginal price increase, public sector OMCs are losing Rs 14.92/litre on petrol, Rs 24.90/ litre on diesel, Rs 38/litre on kerosene and Rs 338.53 on every LPG cylinder.

IOC, which has over 50% market share in fuel retailers among PSUs, is losing Rs 383 crore per day on fuel sales. The losses are expected to go up significantly as the crude oil prices, currently hovering at around $145/barrel, are likely to touch $150/barrel mark soon.

-------------------------------------------------------
Tanti Group to invest with Arcapita Bank
7 Jul, 2008
Tanti Group of Companies said that it has entered into an agreement with Bahrain's Arcapita Bank to invest USD 2 bn for creating a portfolio of 1,650 MW wind energy in China.

Oil falls below $141 as dollar gains strength
Sensex gives up gains as concerns outweigh global cues
Citi may sell stake in HDFC: Report
India to approach IAEA very soon: PM



Source: ET

RIL in talks for Chevron's Kenya, Uganda biz : ET

RIL in talks for Chevron's Kenya, Uganda biz

Reliance Industries (RIL) is learnt to be in talks to acquire some downstream assets of US major Chevron in the African continent. Chevron’s assets in Africa include over 1,500 fuel stations, refining assets, terminals and depots in countries like South Africa, Namibia, Botswana, Lesotho, Zimbabwe, Malawi, Egypt, Kenya, Mauritius, Reunion and Uganda. Of these, Chevron may exit from East African markets like Kenya and Uganda. Confirming the move, a source close to the development said, “Chevron’s Kenya and Uganda operations are on the block.”

The Chevron spokesperson could not be reached for her comments immediately. An e-mail sent to Chevron remained unanswered. A RIL spokesperson declined to comment on this issue. The Kenyan government is learnt to have offered three billion Kenyan shillings to buy Chevron’s retail marketing operations in Kenya. With Chevron’s Kenyan and Ugandan operations up for sale as a combined unit, the government’s bid for the local business is at a disadvantage against international and national oil companies that are said to be pursuing the deal to grow their market shares in the region.

Kenyan energy permanent secretary, Patrick Nyoike, who was in Mumbai last week said, “We are facing stiff competition from other top private sector contenders, who are eyeing both the operations. We have asked them (Chevron) to unbundle the two operations to enable us to bid for the Kenyan operation in which we are interested. From India, Reliance and Essar are in talks with Chevron for buying out there African operations.” When asked for comments, an Essar spokesperson said, “As a group, we keep looking at growth opportunities in the sectors that we are in. However, it is not our policy to comment on any specific proposal.”

Interestingly, Caltex’s Uganda country chairman, John Matovu, last month said “Caltex is not up for sale. We have made no decisions regarding any new divestitures. Chevron Corporation, the parent company of Caltex, constantly evaluates its operations to determine whether it needs to make changes to improve returns on capital and generate the strongest possible cash flow. Evaluations were going on to determine options for the company,” an African website quoted Mr Matovu as saying. An African business daily had earlier quoted Chevron’s Kenya CEO, Raymond Ndieffe, as having said that “Chevron continually evaluates our business operations to determine whether we need to make changes.

As a part of this strategy, evaluations are ongoing to determine what options are available to us”. RIL is aggressively scouting the globe for oil terminals to bring itself closer to the market for crude and refined end-products. After being forced to close over 1,400 retail outlets in India, the company is looking overseas to buy downstream retail assets. A RIL source said, “Africa is an exciting market for us. We are looking at various options.” RIL’s president for international business, Atul Chandra, had earlier told ET, “The company is looking at acquisitions in various markets, including Africa.”

RIL chairman Mukesh Ambani, in his AGM speech last month, hinted at RIL’s mode of growth changing from organic to acquisitions. “The span of growth is rapidly extending from India to global and in the process, Reliance is poised for a historic leap from India’s number one company to one of the world’s leading energy giants.” An analyst working with an international research firm, said, “It makes sense for Reliance to buy downstream assets in Africa primarily because its new refinery is likely to commence soon. Since it has closed down its India retail operations, it may export a part of its refinery products to African markets. Essar will also be interested, given its negotiations with the Kenyan government to buy majority stake in the Mombassa refinery.”

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

Rally ahead, it's a good time to take long positions
Analysts' picks: Firstsource, Tata Steel, Jindal Steel, Apollo Hospital, Jagran Prakashan
Motilal Oswal assigns 'buy' to Tata Steel

Era Infra board approves 5-for-1 stock split

Source: ET

Markets near intermediate bottom level: ET

Markets near intermediate bottom level

The market finished lower for a seventh successive week, with the Sensex ending 2.92% or 348 points lower, and Nifty losing 2.92% and CNX Midcap falling 4.98%. However, the statistic hides two rallies during the week that added up to 1,063 Sensex points.

BHEL was the biggest winner among Sensex stocks with an 8.7% gain. Other winners with gains between 7.5% and 2.4% included Jaiprakash Associates, ONGC, Satyam, L&T, Ranbaxy, Infosys and NTPC. ACC was the biggest loser with a 17.5% loss. Other losers were Maruti Suzuki, Grasim, Reliance Energy, Tata Steel, Tata Motors, Ambuja Cements and ICICI Bank with losses between 14.7% and 8%. Triveni Engineering was the biggest winner among non-Sensex stocks with a 23.6% gain. Other non-Sensex winners with gains between 14.3% and 5.9% were India Infoline, Orchid Chem, i-flex solutions, Renuka Sugars, Praj Inds and Gokul Refoils. Recently listed Niraj Cement was the biggest loser among non-Sensex stocks with a 58% loss. Other losers were MVL, Pyramid Saimira, Gwalior Chemicals, JSW Steel, Sejal Architectural Glass, Adlabs Films, MRPL, Rajesh Exports and Gujarat NRE Coke with losses between 27.5% and 16.9%.

INTERMEDIATE TREND: The intermediate downtrend that began on May 5, when the Sensex reversed downward after peaking at 17736, persists. But the two bouts of strong buying on Wednesday and Friday suggest an intermediate bottom is a possibility around current levels. The levels above which the downtrend will end remain 14450 for Sensex, 4325 for Nifty, and 5698 for CNX Midcap. Global indices are also in intermediate downtrends. The Dow has to cross 12400 to begin an intermediate uptrend.

LONG-TERM TREND: The indices made fresh bear market lows last week, and remain in major downtrends. This means we are still in a bear market. The market’s long-term trend will turn up if the Sensex closes above its last intermediate top of 17736, Nifty above 5300, and CNX Midcap above 7192. Global indices are also in major downtrends, but most have remained above their last intermediate bottoms. Indian and Chinese indices breached their last lows a few weeks ago, and the Dow did so more recently. Some European indices followed suit last week. The odds can shift in favour of a global bull market if the current intermediate downtrends end in higher intermediate bottoms for most indices. The Dow will enter a bull market by closing above its last intermediate top at 13200.

TRADING & INVESTING STRATEGIES : Long-term investors should wait for this intermediate downtrend to end. But some exposure can be taken as the downside risk is reduced with the Sensex having fallen almost 40% from its January high. A 25% exposure with a pessimistic 20% downside risk presents only a 5% portfolio risk. Banks, realty, construction and capital goods are still in long-term downtrends, and should be avoided. Software and pharma scrips and are not falling as heavily, and are better suited for long-term investing. The intermediate downtrend is now nine weeks old, and day-trading may work better then swing trading, as abrupt changes are occurring frequently.

GLOBAL PERSPECTIVE: All major international markets are in intermediate downtrends, and also lost further ground last week. But the March lows have not been violated yet for most markets. The Sensex has lost 12% in the 12 months that ended on Thursday, taking it to 12th spot among 40 well-known global indices. Egypt continues to head the list with a 18.7% gain. Russia and Brazil are next. The Dow has lost 16.9% and Nasdaq 15.1% over the same interval. (The author is an independent technical analyst)
------------------------------------------------
Investors Guide
India growth story hits the slow track
Have we hit a bottom?
Silver outperforms gold
Buyers lap up paintings worth $1.1 bn
Retail industry has enough headroom to grow

Plethico Pharma is an attractive investment pick
Firstsource Solutions overweight; buy RCom
Petronet LNG hopes to ride boom in LNG capacity
Sejal Architectural likely to offer decent upside potential


Source: The Economic Times

Blog Updates from Deadpresident Blog

Weekly Technicals - July 6 2008

The markets ended with losses for the seventh week in a row as they continued to be haunted by global market cues, record crude oil prices, rising inflation and political worries.The Sensex crashed to a low of 12,822 during the week - down almost 1,000 points from its previous close. However, some bargain hunting in beaten-down financial and realty stocks helped the index cut losses towards the end of the week.

The index finally ended with a loss of 348 points at 13,454. It has shed a whopping 22.8 per cent (3,981 points) in the last seven weeks.Among the index stocks, ACC, Maruti, Grasim and Reliance Infrastructure dropped 13-17 per cent last week. Tata Steel, Tata Motors, Ambuja Cements, ICICI Bank, Reliance Communications, ITC and Mahindra & Mahindra shed 7-12 per cent each.On the other hand, BHEL surged nearly 9 per cent. Jaiprakash Associates, ONGC, Satyam and L&T gained 5-7 per cent each.

Political concerns, inflation worries and possible action by the RBI would continue to affect the markets in the short term. The market sentiment will also be driven by the earnings season.Technically, the Sensex may drift towards its yearly support of 12,100.

However, if the index manages to sustain above the 12,750-12,800 range in the short-term, there may be a pull-back rally upto 13,900 and 15,200. The index is likely to find support around 13,050-12,930-12,800 and resistance at 13,855-13,980-14,100.The Nifty moved in a range of 315 points during the week. From a high of 4,163, the index dropped to a low of 3,848 and finally settled with a loss of 121 points at 4,016. The index tumbled over 22 per cent (1,142 points) in the last seven weeks. The Nifty shall seek support in the broad range of 3,750-3,850, below which it is likely to fall to 3,500. (via Business Standard)

India forex reservces fall
Worst economic outlook in a decade awaits G8
World News

India Strategy - July 4 2008
Indian cell services market to top US$37bn by 2012...
Long Term Picks - July 4 2008


Source: Deadpresident.blogspot.com

Venture Capital , Pvt Equity Updates

VCcircle.com

Mobile Community Website SMSGupShup Gets $10 Million From Helion & Charles River
ChrysCapital Picks Up 7% In Amtek Auto From Secondary Market
Cafe Coffee Day Holdings To Get $50M From JPMorgan: Report
Bennet, Coleman’s 2% Stake Buy In SMC Group Values The Broker At $875 Million
IFC To Invest Rs 64 Crore In Pharma Contract Manufacturer Hikal

Online Tax Filer Taxshax Gets BCCL Support
“Entrepreneurs Are The Freedom Fighters Of Tomorrow”
Guest Column: Can RIL Enforce First Right Of Refusal On RCOM-MTN Deal?
There Could Be Some Truth In Bharti-Zain Story: Experts
RCOM-MTN Moving Ahead To A New Holding Structure

IDFC Plans Holding Co; To Raise Upto $750M; Increase ESOPS
Bumi Geo Engineering Raises $9.4 Million From Dubai’s Alcazar
Anil Singhvi Chucks Finance For A Cement Role In R-ADAG
Reliance Money Plans Saudi Arabia Foray Through JV
PE-Backed SemanticSpace Makes A $40M Acquisition In The US

----------------------------------------------------------------
IndiaPE.com

IFC to acquire shares of Modern Dairies
CUMI agrees to acquire 51% stake in FZL, SA
ICICI Venture sells JV stake to Tishman
Mallya eyes 26% stake in SpiceJet
IFC to invest $15 mn in Mumbai pharma firm

Gopinath to dilute 26% stake in Deccan Cargo
BCCL picks up stake in SMC Group
NALCO Likely To Acquire 51% Stake In Tajikistan's Talco
Clearwater invests $50 mn in power equipment park
Kingfisher, SpiceJet May Swap Shares 1:3

PE investments take a beating
UK’s Eredene Cap picks up 50% stake in Apeejay Infra-Logistics
PE firms wooing OOH media players
RCom, MTN deal likely on July 6?
RCOM plans to raise $5 bn for MTN deal


Source: VCcircle, INdiaPe.com

N-deal necessary for nation: Kakodkar

N-deal necessary for nation: Kakodkar

Making a strong pitch again for operationalising the Indo-US nuclear deal, Atomic Energy Commission Chief Anil Kakodkar today said 'history will not forgive us' if it is not clinched.

Kakodkar's strong statement came on a day when Left parties said they would vote against the UPA government in Parliament in case of a confidence motion if it took the next step to operationalise the deal.

"Here is a chance ... without compromising on our principles, we can bridge energy security for the future," Kakodkar said in a public lecture on 'Evolving Indian nuclear programme: Rationale and perspectives', organised by the Indian Academy of Sciences.

Without mentioning the deal but giving enough indications that he exactly meant that, he said, "If we don't do now, history will not forgive us". He termed it (the deal) one of the most promising and viable way of bridging energy security for the future.Later, responding to reporters` queries on time-line for approaching the IAEA for a safeguards agreement and if the deal can be wrapped up year-end, Kakodkar said, "Sooner the better.

But everything is not in my hands, now? But things are not in my hands".Earlier, he declined to comment on the raging political debate over the nuclear deal when an audience member posed a question. "That's part of politics; I don't get into politics.
--------------------------
'History won't forgive if N-deal is not inked'
Seek vote of confidence: BJP
Fuel, metal prices to blame: FinMin
Weekly Review: Sensex at 15-mth low
Jim Rogers bets big on oil price surge
How to tackle interest rate hikes


Source: UTVi.com, Rediff.com

Stock, MF analysis from BusinessLine

Prime Focus: Buy
With a strong presence in the niche area of post-production services for films, a unique cross-border business model and a good pipeline of film projects, Prime Focus is a preferred pick within the media sector. A substantial correction in ... More

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Marico Industries: Buy...More

Crompton Greaves: Buy....More

Dishman Pharma: Buy...More

NEW FUND OFFER
Fund Update
Bharti AXA Investment Managers has launched a ‘Liquid’ Fund. The minimum investment is Rs 5,000 for the retail plan and Rs 1 crore for the institution plan. The NFO closes on July 14.Bharti AXA ... More


MUTUAL FUNDS
IDFC Imperial Equity: Hold...More

ICICI Pru Dynamic: Invest
Investments can be considered in ICICI Pru Dynamic Fund given the fund’s performance over the three and five-year period. Over the same time-frame, the fund has generated an annualised return of 29 per cent and 37 per cent, ... More

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TECHNICAL ANALYSIS
Query Corner
I hold shares of Reliance Capital. Please let me know the future prospects of this stock. Himanshu ShahReliance Capital (Rs 993): In our previous review of Reliance Capital in March, ... More

Sensex long-term outlook review
We had expected the four-year long bull-phase to terminate in the first quarter of 2008 in our long-term outlook at the beginning of this year. Our outermost target for the Sensex for 2008 was at 13700. Now that this level has been ... More

Index Outlook
It was week of high drama on the Indian bourses. The markets initially appeared to be plunging in to a bottomless pit. But the 700-points recovery on Wednesday brought the spring back to the step of the drooping bulls only to see their hopes ... More

DERIVATIVES MARKETS
Nifty future may move in 3800-4300 range..More

LIFE INSURANCE
Combining gainfully
SIP + Insurance products More



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Kingfisher buying SpiceJet??? : UTVi.com

Kingfisher buying SpiceJet?

Mumbai: Vijay Mallya's Kingfisher Airlines is close to acquiring a controlling stake in another low-cost carrier SpiceJet.The deal will value SpiceJet around $300 million dollars. It is likely to be a cash-and- share swap deal.

Mallya is likely to acquire 26% stake in SpiceJet, and make an open offer for an additional 20% stake. He is also likely to retain Spice as the low-cost carrier of Kingfisher Airlines.If the deal goes through, Mallya, through Kingfisher Airlines, Deccan and Spice, will control 40% marketshare beating Jet (along with Sahara), which has a marketshare of 33%.

It will also give Mallya the position to dominate fares in the marketplace. Currently, because of the low cost airline fares, Kingfisher and Jet are forced to sell tickets below cost.SpiceJet is a fairly well run, lean operation with the smallest loss in the industry.

Experts say it will give Kingfisher the right product in the low cost space. And, of course, access to trained manpower.What may not work too well for the two airlines is the fact that they operate different fleets. Spice flies Boeing while Kingfisher is an Airbus customer. So, there are no clear synergies in operations. Analysts say if the two airlines continue to function separately, it will not pose a big challenge for Mallya.

If the deal does fructify, it could change the aviation landscape in the country and make the airline industry more viable



Source: 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 .

Sensex ends 360 pts up as bulls return to the ring: Sify

Sensex ends 360 pts up as bulls return to the ring

Save for a brief while this morning and for a few minutes before noon, the market remained in the positive territory today thanks to some strong buying in blue chip stocks.
Despite high oil prices and hardening interest rates, the market opened on a positive note today. Capital goods, realty and power stocks surged higher on strong buying support. Stocks from other sectors too joined the rally. However, ahead of release of inflation data, the market turned a bit shaky and gave up almost all its gains in late morning trade.

The crucial meeting of the Left parties that had the withdrawal of support to the ruling coalition as a main agenda had a role to play in forcing the investors on to a defensive mood around noon.
However, neither the Left meet nor the surge in inflation (inflation rate rose to 11.63% in the 12 months to June 21, 2008, above the previous week's annual rise of 11.42%) could halt the market which started gaining ground in the positive territory this afternoon. Even as the Left meeting was on, leaders from the Samajwadi Party met the Prime Minister and expressed their support for the Indo-US civilian nuclear deal.

So strong and sustained were the buying enquiries at the blue chip counters that the benchmark BSE index Sensex gained in strength and vaulted to a high of 13,509.74 today.

The BSE barometer, which had tumbled to a low of 13,027.79 in morning trde, ended the day at 13,454 with a thumping gain of 359.89 points or 2.75%. The Nifty, which swung in a range of around 137 points - it hit a low of 3896.40 and a high of 4033.50 today - closed with a gain of 90.25 points or 2.3% at 4016.

Realty stock DLF, which had tumbled sharply yesterday after a heady rise in the previous session, bounced back into the reckoning once again. With a host of other realty stocks too surging higher on sustained buying support, the Realty barometer shot up by 7.8% today.
Capital goods, power, bank and oil stocks also finished on a positive note. While the Capital Goods index ended stronger by 6.79%, the Power and Bankex ended up by 6.1% and 3.08% respectively. The consumer durables barometer, BSE CD, moved up by 3.15%.

Select PSU, auto and IT stocks posted impressive gains. Pharma and metal stocks ended on a subdued note. Thanks to frenzied buying, several stocks from midcap and smallcap segments too advanced to higher levels and signed off on a high note.

Reliance Communications flared up by 12.5% and ended as the top gainer in the Sensex. Jaiprakash Associates closed with a big gain of 10.65%. DLF ended 8.6% up at Rs 414.65.
BHEL notched up a gain of 7.45%. Reliance Infrastructure climbed up 7.25%. Larsen & Toubro jumped 6.55% to Rs 2379.85. HDFC posted a gain of 6.2%. Ranbaxy Laboratories and ICICI Bank moved up by 4.75% and 4.7% respectively.
More @ Sensex ends 360 pts up as bulls return to the ring



Coke to invest $250 m more in India
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Two-thirds of IPO stocks battered
Suzlon to invest Rs 4,000 cr in TN
Greenply to invest Rs 370 cr



Source: http://sify.com/finance. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information

Sensex loses 500 pts, ends below 13k mark

Sensex loses 500 pts, ends below 13k mark

After losing nearly one thousand points in just two sessions, the Sensex had another disastrous outing today as weak global markets, political uncertainties and other negative factors such as high crude oil prices, inflation and hardening interest rates sent prices of several front line stocks crashing to new 52-week lows.


The BSE barometer, which had touched a historic high of 21,206.77 in intra-day trades on 10 January 2008, plunged to a low of 12,904.09 in late afternoon trade today. It finally settled at 12,961.88 with a massive loss of 499.92 points or 3.71%. The Nifty, which dropped down to 3878.20, ended with a loss of 143.80 points or 3.56% at 3896.75.

Realty stocks came down with a thud once again. Mirroring heavy selling in these stocks, the BSE Realty index tumbled by 7.21% today. The Bankex fell 5.62% and the Metal index lost 5.4%.
The Auto, CD and Power indices declined by 4.91%, 4.28% and 4.24% respectively. BSE Oil & Gas, Teck, CG and PSU indices lost 3% - 4%. The IT index eased by 1.74% while the Healthcare and FMCG indices slipped by 2.17% and 2.83% respectively.

NTPC, the lone gainer from the Sensex, moved up by a little over a per cent to Rs 153.20. From the Nifty pack, besides NTPC, HCL Technologies (2.85%) and Tata Communications (2.05%) closed on a positive note today.

Reliance Infrastructure and Reliance Communications went down by around 10.5% to Rs 688 and Rs 392 respectively. Mahindra & Mahindra lost 9.25%. Maruti Suzuki eased by over 8%.


More Info @ Sensex loses 500 pts, ends below 13k mark

Source: www.SIfy.com/finance

BSE announces circuit breakers for July-Sept quarter

BSE announces circuit breakers for July-Sept quarter

The BSE on a quarterly basis implements the index based market wide circuit breaker system. The system is applicable at three stages of the index movement either way i.e. at 10%, 15% and 20%

The BSE on a quarterly basis implements the index based market wide circuit breaker system. The system is applicable at three stages of the index movement either way i.e. at 10%, 15% and 20%. This circuit breaker brings a trading halt in all equity and equity derivative markets nationwide.

The market wide circuit breakers would be triggered by movement of either SENSEX or the NSE S&P CNX Nifty whichever is breached earlier.

In case of a 10% movement of either of these indices, there would be a 1-hour market halt if the movement takes place before 1 p.m. In case the movement takes place at or after 1 p.m. but before 2.30 p.m. there will be a trading halt for ½ hour. In case the movement takes place at or after 2.30 p.m. there will be no trading halt at the 10% level and the market will continue trading.

In case of a 15% movement of either index, there will be a 2-hour market halt if the movement takes place before 1 p.m. If the 15% trigger is reached on or after 1 p.m. but before 2 p.m., there will be a 1 hour halt. If the 15% trigger is reached on or after 2 p.m. the trading will halt for the remainder of the day.

In case of a 20% movement of the index, the trading will be halted for the remainder of the day.

The percentages are calculated on the closing index value of the quarter. These percentages are translated into absolute points of index variations (rounded off to the nearest 25 points in case of SENSEX). At the end of each quarter, these absolute points of index variations are revised and made applicable for the next quarter.

On June 30, 2008, the last trading day of the quarter, SENSEX closed at 13,461.60 points. The absolute points of SENSEX variation (over the previous day’s closing SENSEX) which would trigger market wide circuit breaker for any day in the quarter between 1st July 2008 and 30th September 2008 would be as under:

Percentage (+/-) Equivalent Points (+/-)
0.10 1350
0.15 2025
0.20 2700



Source: www.Indiainfoline.com

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

Apr-May fiscal deficit at Rs 73,201cr

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

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


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

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

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

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

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

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

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

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



Source: UTVi.com

VC, PE Updates

VCCircle.com

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

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

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

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

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

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


Source: Above sites.

Sensex plummets 341 points

Sensex plummets 341 points

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

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

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

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

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

Other Deadpresident blog stories:

Post Session Commentary - June 30 2008

Sensex down 960 points in two trading sessions

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

Source: Deadpresident blog.

Stocks you can pick up : ET

Stocks you can pick up

'Core' picks can bring you value

'Rupee to test 47-level vs USD'

Source: ET

Sensex seen heading to 12k level

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

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

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

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

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

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

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

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

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


Source: ET

BL : Stock Research Reports

HCL Infosystems: Buy
Aban Offshore: Buy..More
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VENTURE CAPITAL GROUND REALITIES
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Corporate Results: Unitech, GDl, Panacea, ONGC, Allgargo, Religare, Patel Engg, Tatachem, CBI etc

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

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

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

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



Source: http://www.indiaearnings.com , www.capitalmarket.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information .

Nano roll out by Durga Puja : UTVi

Nano roll out by Durga Puja

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

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

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

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

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



Source: http://www.utvi.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information .

Heavy selling pulls stocks down

Heavy selling pulls stocks down

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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


Source: http://economictimes.indiatimes.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information .