VCCircle.com
ContentNext Media Sold To UK’s Guardian For $30 Million
Special Undertaking of UTI To Shed 17% Stake In Axis Bank: Report
BK Modi May Sell His Handset Biz To Sony Ericsson
ChrysCapital Buys Infosys, HCL Shares Worth $200M; Already Up 25%
Yes Bank and GEF To Raise $300 Million Cleantech Fund
Bessemer Venture Partners Forms Advisory Group For India Operations
Dalmia’s Landmark Holdings Goes South; Picks Up 25% In Tirupur SPV
Aditya Birla Picks Up 25% Stake In Delhi-Based Retail Chain V Mart
Bill & Melinda Gates Foundation Cherry Picks Trent Shares For $1M
Axis Private Equity Invests $15 Million In Vishwa Infrastructures
BPTP Gets Rs 250 Crore From JPMorgan To Fund Costliest Land Purchase
WNS Acquires Aviva BPO For $230M; ICICI Lends $200M, Warburg $30M
Web Meeting Company Dimdim Raises $6M In Series B
Tata Steel Global Plans LSE Listing: Report
PE Fundraising Still Strong In US; Europe Even Better
GVK Group In Talks With PE Funds For $150 Million
News Analysis: SpiceJet Turns Most Wanted Airline
Anil Ambani Launching $2-Billion Private Equity Fund: Report
Nomura Group Setting Up Institutional Trading Biz In India
IDG Ventures India Plans Its Second Fund Of $300 Million
Seedfund Raising $30 Million Fund?
DLF Plans $200 Million Construction Industry Focused PE Fund
o3 Capital Launches $300 Million Media Equity Fund; First Close In 3 Months
Moser Baer Hiving Off Entertainment Unit; To Unlock Value
HomeShop18 Raises $21 Million In 2nd Round Funding From SAIF Partners, Capital18
SpiceJet May Choose Wilbur Ross Over Vijay Mallya
2i Capital Announces First Close of Its 2nd Fund At $60 Million
Cafe Coffee Day Holdings To Get $50M From JPMorgan: Report
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IndiaPE.com
Alliance to sell 10% stake to PE Fund
Ruia buys U.K. component maker
Axis PE invests in Vishawa Infra & Services
Sidbi plans Rs 1,000-cr venture fund
AB Group arm picks up 25% in V Mart Retail
ICICI eyes right fit for global buy
ADAG hits PE road with $2 bn fund
Trikona Capital Expands Urban Rejuvenation Platform in India
PE deals in Q1 leap 50% to $2.8 bn
Jacob Ballas buys stake in Themis
WNS buys Aviva BPO in India for $230 mln
LANDMARK PICKS UP 25% SHARE IN TIRUPUR PROJECT
75% PIPE deals giving negative returns
Tanti group venture buys Chinese wind energy firm
Japan's Nomura to pick up stake in LIC's AMC unit
Source: Above sites.
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.
12 July 2008
11 July 2008
Dow cracks below 11,000, Oil Hits $147.2
Dow cracks below 11,000 on Wall Street slide
NEW YORK: US stocks slid further on Friday, sending indexes down about 2 percent or more and the Dow briefly below 11,000 for the first time since July 2006, as investors fretted about the stability of home financing providers Freddie Mac and Fannie Mae.
US stocks tumble on Fannie, Freddie, oil
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Oil prices jump above $147 over conflict in Middle East
Oil prices spiked to a new record above $147 a barrel on Friday, as rising hostilities between the West and Iran and the potential for attacks on Nigerian oil facilities gave investors reason to rush back into the energy markets. Light, sweet crude for August delivery jumped $4.69 to $146.34 a barrel in early trading on the Nymex, after reaching an all-time high of $147.27. August Brent crude rose to a new trading record of $147.50 before easing back to trade $4.82 higher at $146.85 a barrel on the ICE Futures exchange in London.
The resurgence in crude prices not only raises the concern that $4-a-gallon ($1.05 a liter) gasoline is here to stay for US drivers it also means that heating American homes could get significantly more expensive this winter. Heating oil futures surged on the New York Mercantile Exchange to a record of more than $4.15 a gallon ($1.09 a liter), and natural gas also rose sharply. Iran, which has long been under UN scrutiny for its uranium enrichment program, has been testing missiles this week, including a new missile capable of reaching Israel.
On Thursday, Secretary of State Condoleezza Rice warned the oil-producing nation that the United States will defend its allies, and Iran responded with another missile launch. Crude had fallen by nearly $10 a barrel over two days at the start of the week, but rebounded by more than $5 a barrel Thursday as anxiety heightened about Middle East and Nigerian supplies being disrupted. Neither the United States nor Israel has ruled out a military strike on Iran. Traders fear the oil producing nation could block the Strait of Hormuz, through which about 40 percent of the world's tanker traffic passes.
``There's always a fear premium in pricing. The tensions in Iran and the threat of supply disruption will help support oil prices,'' said Jeff Brown, managing director of FACTS Global Energy in Singapore. The Organization of Petroleum Exporting Countries warned Thursday that it cannot replace the shortfall if Iran is attacked and takes its crude supplies off the market. Also Thursday, Nigeria's main militant group said it would resume attacks in the oil-rich region because of Britain's recent vow to back the government in the conflict there. Unrest over the past two years have already lowered the nation's typical daily oil output by a quarter. Continued...Next >>
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Source: ET
NEW YORK: US stocks slid further on Friday, sending indexes down about 2 percent or more and the Dow briefly below 11,000 for the first time since July 2006, as investors fretted about the stability of home financing providers Freddie Mac and Fannie Mae.
US stocks tumble on Fannie, Freddie, oil
-----------------------------------------------------------
Oil prices jump above $147 over conflict in Middle East
Oil prices spiked to a new record above $147 a barrel on Friday, as rising hostilities between the West and Iran and the potential for attacks on Nigerian oil facilities gave investors reason to rush back into the energy markets. Light, sweet crude for August delivery jumped $4.69 to $146.34 a barrel in early trading on the Nymex, after reaching an all-time high of $147.27. August Brent crude rose to a new trading record of $147.50 before easing back to trade $4.82 higher at $146.85 a barrel on the ICE Futures exchange in London.
The resurgence in crude prices not only raises the concern that $4-a-gallon ($1.05 a liter) gasoline is here to stay for US drivers it also means that heating American homes could get significantly more expensive this winter. Heating oil futures surged on the New York Mercantile Exchange to a record of more than $4.15 a gallon ($1.09 a liter), and natural gas also rose sharply. Iran, which has long been under UN scrutiny for its uranium enrichment program, has been testing missiles this week, including a new missile capable of reaching Israel.
On Thursday, Secretary of State Condoleezza Rice warned the oil-producing nation that the United States will defend its allies, and Iran responded with another missile launch. Crude had fallen by nearly $10 a barrel over two days at the start of the week, but rebounded by more than $5 a barrel Thursday as anxiety heightened about Middle East and Nigerian supplies being disrupted. Neither the United States nor Israel has ruled out a military strike on Iran. Traders fear the oil producing nation could block the Strait of Hormuz, through which about 40 percent of the world's tanker traffic passes.
``There's always a fear premium in pricing. The tensions in Iran and the threat of supply disruption will help support oil prices,'' said Jeff Brown, managing director of FACTS Global Energy in Singapore. The Organization of Petroleum Exporting Countries warned Thursday that it cannot replace the shortfall if Iran is attacked and takes its crude supplies off the market. Also Thursday, Nigeria's main militant group said it would resume attacks in the oil-rich region because of Britain's recent vow to back the government in the conflict there. Unrest over the past two years have already lowered the nation's typical daily oil output by a quarter. Continued...Next >>
-----------------------------------------------------
Source: ET
Infosys Q1 2009 Results and other stories
India's Infosys Q1 net rises 21 pct, beats f'cast
Infosys Technologies Ltd, India's No. 2 software services company, posted a 21 per cent rise in quarterly profit, beating forecasts, boosted by a weaker rupee.
Infosys, which develops applications, designs supply chains and offers back-office services, said on Friday net profit rose to 13.02 billion rupees ($303 million) in the fiscal first quarter ended June from 10.79 billion reported a year earlier.
A poll of 15 brokerages had estimated a net profit of 12.69 billion rupees for Infosys, which counts ABN AMRO, Goldman Sachs, Philips Electronics, and U.S. insurer Conseco among its 500 or so clients.
A large pool of English-speaking graduates and comparatively cheaper wages had helped Indian firms ride an outsourcing boom for years, but the growth slowed last year when Wall Street banks made huge write-downs related to the subprime crisis and as the U.S. economy lurched towards recession. Although Indian outsourcing firms are expanding to Europe, Asia and the Middle East to lower their dependence on the United States, the country still accounts for half of their sales.
Shares in Infosys, which the market values at $23 billion, had risen 21 per cent in the June quarter, outperforming a gain of 13 per cent in the sector index and a 14 per cent drop in the main Mumbai index..
Shares turn negative as Infosys comes off
Infosys sees 2008/09 rev up 27.5-29.5%
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May industrial output up 3.8 per cent y/y
Capital goods drag on weak IIP data; L&T down 3%
Stocks slide on weak IIP nos, soaring inflation
Weak IIP data, inflation concerns pull down equities
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Other Top Stories
HCL sees USD75 mn forex loss in June qtr due to dollar rise
Bharat Heavy gets $510 mn contract
Welspun gets orders worth Rs 30 bn
TRAI agrees to DoT proposal to raise base price for 3G auction
Source: ET
Infosys Technologies Ltd, India's No. 2 software services company, posted a 21 per cent rise in quarterly profit, beating forecasts, boosted by a weaker rupee.
Infosys, which develops applications, designs supply chains and offers back-office services, said on Friday net profit rose to 13.02 billion rupees ($303 million) in the fiscal first quarter ended June from 10.79 billion reported a year earlier.
A poll of 15 brokerages had estimated a net profit of 12.69 billion rupees for Infosys, which counts ABN AMRO, Goldman Sachs, Philips Electronics, and U.S. insurer Conseco among its 500 or so clients.
A large pool of English-speaking graduates and comparatively cheaper wages had helped Indian firms ride an outsourcing boom for years, but the growth slowed last year when Wall Street banks made huge write-downs related to the subprime crisis and as the U.S. economy lurched towards recession. Although Indian outsourcing firms are expanding to Europe, Asia and the Middle East to lower their dependence on the United States, the country still accounts for half of their sales.
Shares in Infosys, which the market values at $23 billion, had risen 21 per cent in the June quarter, outperforming a gain of 13 per cent in the sector index and a 14 per cent drop in the main Mumbai index..
Shares turn negative as Infosys comes off
Infosys sees 2008/09 rev up 27.5-29.5%
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May industrial output up 3.8 per cent y/y
Capital goods drag on weak IIP data; L&T down 3%
Stocks slide on weak IIP nos, soaring inflation
Weak IIP data, inflation concerns pull down equities
-----------------------------------------------
Other Top Stories
HCL sees USD75 mn forex loss in June qtr due to dollar rise
Bharat Heavy gets $510 mn contract
Welspun gets orders worth Rs 30 bn
TRAI agrees to DoT proposal to raise base price for 3G auction
Source: ET
Inflation, IIP spook market; Sensex ends 456 points down
Stocks on Dalal Street were slaughtered Friday after a host of negative data on the macro-economic front spooked investors. Inflation raced ahead, industrial growth showed a slowdown and crude oil resumed its northward journey. The pessimism was so strong that the market even snubbed IT bellwether Infosys Technologies' better-than-expected Q1 results. The day began on a positive note in reaction to Infosys' 4.24 percent rise in quarterly profit. The IT major raised its full-year revenue forecast in local currency but kept it flat in dollar terms. This did not go too well with investors, thus taking a toll on its shares, and in turn, dragging the entire IT pack in the first few minutes of trade. According to analysts, the outlook disappointed and underscored the increasingly difficult business conditions, particularly in the United States, the main market for Infosys. Infosys reported for the quarter ended June 30, 2008, a net profit of Rs 1,302 crore, up 4.24 per cent from Rs 1,249 crore in the preceding quarter ended on March 31, 2008. The IT major has guided for consolidated revenues of $1,215 million to $1,225 million for the quarter ending on September 30; year on year growth of 18.9-19.9 per cent. Consolidated earnings per American depositary shares is expected to be in the range of $0.55 to $0.56; YoY growth of 14.6-16.7 per cent. Inflation data was the next dampener. Inflation rose 11.89 per cent for the week to June 28. It was forecast to have risen to 11.75 per cent from 11.63 per cent a week earlier. Even the government has hinted that inflation could hit 13 per cent in the coming weeks and that any ease off in prices cannot be expected before the end of the year. To add the woes, India's industrial output rose 3.8 percent in May from a year earlier, sharply below the previous month's downwardly revised 6.2 percent and well below a forecast for growth of 7.2 per cent. This worsened the already jittery sentiment and selling pressure intensified. Capital goods took the sharpest knock. Meanwhile, crude oil rallied to a record high of $145.98 a barrel on concerns that Israel may be preparing to attack Iran, while a strike in Brazil and renewed militant activity in Nigeria would threaten to cut supplies. Bombay Stock Exchange's Sensex settled at 13,469.85, down 3.28 per cent or 456 points after oscillating between a high of 14066.36 and low of 13351.34. National Stock Exchange's Nifty ended 103 points or 2.47 per cent down at 4059.35. The broader index moved between a high of 4215.50 and low of 4014.45. Midcaps and smallcaps were relatively less affected as compared to frontline stocks. BSE Midcap and Smallcap indices ended 2.01 per cent and 1.4 per cent lower respectively. Biggest Sensex losers comprised Jaiprakash Associates (-8.48%), Tata Consultancy Services (8.03%), Satyam Computer (-7.19%), Infosys Technologies (-7.18%), Larsen & Toubro (-6.89%) and Reliance Infrastructure (-6.28%). Ambuja Cements (1.9%), HDFC Bank (1.21%), Hindalco Industries (1.01%), Bharti Airtel (0.44%) were the only gainers. Market breadth remained weak through the day. On BSE, 1655 declines outnumbered 995 advances, while on NSE, there were 318 gainers and 921 losers.
Top 20 IT Software and Service Exporters, Top 15 BPO rankings
Tata Consultancy Services Limited (TCS) is an information technology consulting, services, and business process outsourcing organization that envisioned and pioneered the adoption of the flexible global business practices that today enable companies to operate more efficiently and produce more value.With over 28,000 of the world's best trained IT consultants located in 32 countries, they are uniquely positioned to deliver their flexible world class services seamlessly to any location.More than 75 per cent of their customers reward reliability, passion, creativity, and unique ability to handle the broadest range of their IT needs by continually extending and deepening their partnerships with them.They are part of one of Asia's largest conglomerates - the TATA Group - which, with its interests in Energy, Telecommunications, Financial Services, Chemicals, Engineering & Materials, provides us with a grounded understanding of specific business challenges facing global companies.
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Infosys Technologies Ltd. was started in 1981 by seven people with US$ 250. Today, they are a global leader in the "next generation" of IT and consulting with revenues of over US$ 4 billion.Infosys has a global footprint with over 40 offices and development centers in India, China, Australia, the Czech Republic, Poland, the UK, Canada and Japan. Infosys has over 91,000 employees.Infosys' service offerings span business and technology consulting, application services, systems integration, product engineering, custom software development, maintenance, re-engineering, independent testing and validation services, IT infrastructure services and business process outsourcing.Infosys pioneered the Global Delivery Model (GDM), which emerged as a disruptive force in the industry leading to the rise of offshore outsourcing. The GDM is based on the principle of taking work to the location where the best talent is available, where it makes the best economic sense, with the least amount of acceptable risk.
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Wipro Technologies is a global services provider delivering technology-driven business solutions that meets the strategic objectives of their clients. Wipro has 40+ ‘Centers of Excellence’ that create solutions around specific needs of industries.With over 50 industry facing ‘Centers of Excellence', it has 647 clients - 72000+ employees and 53 development centers across the globe, iIt also has 500+ technology consultants and 10,000+ itinerant employees.
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Satyam Computer Services Ltd. is a global IT consulting and services provider, offering a range of expertise aimed at helping customers re-engineer and re-invent their businesses to compete successfully in an ever-changing market.More than 51,000 highly-skilled professionals in Satyam work Onsite, Offsite, Offshore and Nearshore, to provide customized IT solutions for companies across several industries.Satyam’s ideas and products have resulted in technology-intensive transformations that have met the most stringent of international quality standards.Satyam Development Centers in India, the USA, the UK, the UAE, Canada, Hungary, Malaysia, Singapore, China, Japan and Australia serve 654 global companies, of which 185 are Fortune Global 500 and Fortune US 500 corporations.Satyam’s presence spans 63 countries, across six continents.
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HCL Technologies provides software-led IT solutions, remote infrastructure management services and BPO. Having made a foray into the global IT landscape in 1999 after its IPO, HCL Technologies focuses on Transformational Outsourcing, working with clients in areas that impact and re-define the core of their business.The company leverages an extensive global offshore infrastructure and its global network of offices in 18 countries to deliver solutions across select verticals including Financial Services, Retail & Consumer, Life Sciences & Healthcare, Hi-Tech & Manufacturing, Telecom and Media & Entertainment (M&E).For the quarter ended 31st March 2008, HCL Technologies, along with its subsidiaries had last twelve months (LTM) revenue of US $ 1.8 billion (Rs. 7083 crores) and employed 49,802 professionals.The HCL team comprises approximately 55,000 professionals of diverse nationalities, who operate from 18 countries including 360 points of presence in India.3087 software engineers were added last year which meant a growth of 51 per cent. They have offices in 15 countries worldwide. Their customers include NTT Data, VDO, Toshiba and Intelsat.
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Tech Mahindra is a global systems integrator and business transformation consulting firm focused on the communications industry.With the convergence of media and telecom, the changing landscape of the telecom industry is becoming extremely competitive. As companies rapidly strive to gain a competitive advantage, Tech Mahindra helps companies innovate and transform by leveraging its unique insights, differentiated services and flexible partnering models.
------------------------------------------------
Patni Computer Systems Ltd. is one of the global providers of Information Technology services and business solutions.Over 15,000 professionals service clients across diverse industries, from 22 sales offices across the Americas, Europe and Asia-Pacific, and 20 Global Delivery Centers in strategic locations across the world.They have serviced more than 400 FORTUNE 1000 companies, for over two decades.
-------------------------------------------------
I-flex Solutions Ltd.
It provides comprehensive IT solutions exclusively to the financial services industry worldwide.I-flex's de-risked revenue model continues to deliver consistent results despite changing global economic conditions. The company is not overly dependent on any one country or geographical region and has a diversified revenue stream from a widespread customer base.
-------------------------------------------------
MphasiS consistently delivers global Infrastructure Technology Outsourcing, Applications Services Outsourcing and Business Process Outsourcing services through a combination of technology know-how, domain and process expertise.MphasiS Limited was formed in June 2000 after the merger of the US-based IT consulting company MphasiS Corporation (founded in 1998) and the Indian IT services company BFL Software Limited (founded in 1993).
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Larsen& Toubro Infotech is an offshoot of Larsen & Toubro Ltd. (L&T) - a technology, engineering, manufacturing and construction conglomerate, with global operations. It is has a 7 decade history in India as premier engineering company and major infrastructure builder.
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Infosys Technologies Ltd. was started in 1981 by seven people with US$ 250. Today, they are a global leader in the "next generation" of IT and consulting with revenues of over US$ 4 billion.Infosys has a global footprint with over 40 offices and development centers in India, China, Australia, the Czech Republic, Poland, the UK, Canada and Japan. Infosys has over 91,000 employees.Infosys' service offerings span business and technology consulting, application services, systems integration, product engineering, custom software development, maintenance, re-engineering, independent testing and validation services, IT infrastructure services and business process outsourcing.Infosys pioneered the Global Delivery Model (GDM), which emerged as a disruptive force in the industry leading to the rise of offshore outsourcing. The GDM is based on the principle of taking work to the location where the best talent is available, where it makes the best economic sense, with the least amount of acceptable risk.
------------------------------------------------
Wipro Technologies is a global services provider delivering technology-driven business solutions that meets the strategic objectives of their clients. Wipro has 40+ ‘Centers of Excellence’ that create solutions around specific needs of industries.With over 50 industry facing ‘Centers of Excellence', it has 647 clients - 72000+ employees and 53 development centers across the globe, iIt also has 500+ technology consultants and 10,000+ itinerant employees.
----------------------------------------------
Satyam Computer Services Ltd. is a global IT consulting and services provider, offering a range of expertise aimed at helping customers re-engineer and re-invent their businesses to compete successfully in an ever-changing market.More than 51,000 highly-skilled professionals in Satyam work Onsite, Offsite, Offshore and Nearshore, to provide customized IT solutions for companies across several industries.Satyam’s ideas and products have resulted in technology-intensive transformations that have met the most stringent of international quality standards.Satyam Development Centers in India, the USA, the UK, the UAE, Canada, Hungary, Malaysia, Singapore, China, Japan and Australia serve 654 global companies, of which 185 are Fortune Global 500 and Fortune US 500 corporations.Satyam’s presence spans 63 countries, across six continents.
------------------------------------------------
HCL Technologies provides software-led IT solutions, remote infrastructure management services and BPO. Having made a foray into the global IT landscape in 1999 after its IPO, HCL Technologies focuses on Transformational Outsourcing, working with clients in areas that impact and re-define the core of their business.The company leverages an extensive global offshore infrastructure and its global network of offices in 18 countries to deliver solutions across select verticals including Financial Services, Retail & Consumer, Life Sciences & Healthcare, Hi-Tech & Manufacturing, Telecom and Media & Entertainment (M&E).For the quarter ended 31st March 2008, HCL Technologies, along with its subsidiaries had last twelve months (LTM) revenue of US $ 1.8 billion (Rs. 7083 crores) and employed 49,802 professionals.The HCL team comprises approximately 55,000 professionals of diverse nationalities, who operate from 18 countries including 360 points of presence in India.3087 software engineers were added last year which meant a growth of 51 per cent. They have offices in 15 countries worldwide. Their customers include NTT Data, VDO, Toshiba and Intelsat.
-------------------------------------------------
Tech Mahindra is a global systems integrator and business transformation consulting firm focused on the communications industry.With the convergence of media and telecom, the changing landscape of the telecom industry is becoming extremely competitive. As companies rapidly strive to gain a competitive advantage, Tech Mahindra helps companies innovate and transform by leveraging its unique insights, differentiated services and flexible partnering models.
------------------------------------------------
Patni Computer Systems Ltd. is one of the global providers of Information Technology services and business solutions.Over 15,000 professionals service clients across diverse industries, from 22 sales offices across the Americas, Europe and Asia-Pacific, and 20 Global Delivery Centers in strategic locations across the world.They have serviced more than 400 FORTUNE 1000 companies, for over two decades.
-------------------------------------------------
I-flex Solutions Ltd.
It provides comprehensive IT solutions exclusively to the financial services industry worldwide.I-flex's de-risked revenue model continues to deliver consistent results despite changing global economic conditions. The company is not overly dependent on any one country or geographical region and has a diversified revenue stream from a widespread customer base.
-------------------------------------------------
MphasiS consistently delivers global Infrastructure Technology Outsourcing, Applications Services Outsourcing and Business Process Outsourcing services through a combination of technology know-how, domain and process expertise.MphasiS Limited was formed in June 2000 after the merger of the US-based IT consulting company MphasiS Corporation (founded in 1998) and the Indian IT services company BFL Software Limited (founded in 1993).
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Larsen& Toubro Infotech is an offshoot of Larsen & Toubro Ltd. (L&T) - a technology, engineering, manufacturing and construction conglomerate, with global operations. It is has a 7 decade history in India as premier engineering company and major infrastructure builder.
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For more Ranking Details
Source: The Economic Times.
Oil surges past $141 (Nearly $6) on Iran tensions, Nigeria
Oil surges past $141 on Iran tensions, Nigeria
Oil prices jumped 4 percent to above $141 a barrel on Thursday amid threats to production in Nigeria and Brazil and an additional missile test by Iran that escalated tensions with the West.
Further support came from the weak dollar, which fell on renewed credit worries after capital concerns dragged down shares in major mortgage finance sources Fannie Mae and Freddie Mac.
U.S. crude settled up $5.60 at $141.65 a barrel, off a session high of $142.10 a barrel. London Brent crude settled $5.45 higher at $142.03 a barrel.
The Movement for the Emancipation of the Niger Delta, the main militant group in Nigeria's oil-producing Niger Delta, said it was abandoning a cease-fire to protest a British offer to help tackle lawlessness in the region, raising concern of further disruptions to the OPEC nation's exporters.
"The cease-fire in Nigeria is ending on the 12th, and that's creating some jitters as far as supply is concerned," said Rob Kurzatkowski, futures analyst with optionsXpress.
Rebel attacks on oil infrastructure in Nigeria, the world's No. 8 exporter, have helped push crude prices to record highs over $145 this month, adding to a nearly 50 percent rise in prices this year.
Concerns that tensions between Iran, another OPEC member, and the West over Tehran's nuclear program could lead to an oil supply disruption have added to bullish sentiment.
Iran tested more missiles in the Gulf on Thursday, state media said, and the United States reminded Tehran that it was ready to defend its allies.
But a U.S. official said there was no information to confirm rumors of a third Iran missile test late on Thursday as prices surged near the settlement. There was no mention of a third test on Iranian satellite channels Press TV or Al Alam on their broadcast on Thursday evening. Continued...
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U.S. STOCKS - Market rises on Dow Chemical deal, Bernanke
FACTBOX - India's draft nuclear inspections pact with IAEA
Prime Minister calls for vote of confidence
Source: Reuters India
Oil prices jumped 4 percent to above $141 a barrel on Thursday amid threats to production in Nigeria and Brazil and an additional missile test by Iran that escalated tensions with the West.
Further support came from the weak dollar, which fell on renewed credit worries after capital concerns dragged down shares in major mortgage finance sources Fannie Mae and Freddie Mac.
U.S. crude settled up $5.60 at $141.65 a barrel, off a session high of $142.10 a barrel. London Brent crude settled $5.45 higher at $142.03 a barrel.
The Movement for the Emancipation of the Niger Delta, the main militant group in Nigeria's oil-producing Niger Delta, said it was abandoning a cease-fire to protest a British offer to help tackle lawlessness in the region, raising concern of further disruptions to the OPEC nation's exporters.
"The cease-fire in Nigeria is ending on the 12th, and that's creating some jitters as far as supply is concerned," said Rob Kurzatkowski, futures analyst with optionsXpress.
Rebel attacks on oil infrastructure in Nigeria, the world's No. 8 exporter, have helped push crude prices to record highs over $145 this month, adding to a nearly 50 percent rise in prices this year.
Concerns that tensions between Iran, another OPEC member, and the West over Tehran's nuclear program could lead to an oil supply disruption have added to bullish sentiment.
Iran tested more missiles in the Gulf on Thursday, state media said, and the United States reminded Tehran that it was ready to defend its allies.
But a U.S. official said there was no information to confirm rumors of a third Iran missile test late on Thursday as prices surged near the settlement. There was no mention of a third test on Iranian satellite channels Press TV or Al Alam on their broadcast on Thursday evening. Continued...
-------------------------------------------
U.S. STOCKS - Market rises on Dow Chemical deal, Bernanke
FACTBOX - India's draft nuclear inspections pact with IAEA
Prime Minister calls for vote of confidence
Source: Reuters India
India's GDP to be close to global average: Sify Special
`India's GDP to be close to global average'
With a clear shift in economic patterns across the globe, India is fast approaching its goal to be one among the largest economies of the world in terms of GDP, reveals a report by Goldman Sachs on the Expanding Middle – the exploding world middle class and falling global inequality. By 2030, incomes in China and India are projected to be close to the global average.
A simple way to see this is to look at the list of the seven largest economies (the ‘true G7’) in 1960, 2007 and 2050. In 1960, the largest economies were all essentially ‘developed’ countries from the higher income groups. By 2007, that has already clearly begun to change, with China in the top seven and Brazil, India and Russia not far behind. But developed countries still dominate the rankings.
From here on, the shift is likely to accelerate. These shifts could be a significant influence on spending patterns, resource use, and environmental and political pressures. In 2050, India would have the 3rd rank on the top seven nations list with an income ranking of 61.
There are two ways to look at it:
The first is the shift in spending power towards middle-income economies (and away from the richest countries), to a point where they may dominate global spending for the first time in decades, as the largest population countries enter the middle-income group
The second is the shift in spending power towards middle-income people and the explosion of what we think of as a global ‘middle class’ on a scale never seen before. Over the last ten years, we have already seen unprecedented expansion in this group.
Here, Goldman Sachs refers to global middle class as those with incomes between $6,000 and $30,000 per annum. According to the report, shifts in China and India are clearly an important part of the story, though peak growth in China is likely to come much earlier than in India. What is striking, though, is that the Expanding Middle, the narrowing of the global income distribution and the expansion of the global middle class is clear whether or not either or both of these giants is included, at least in the recent past and projected future.
The global income distribution is getting narrower, not wider. So while there is a lot of focus on widening inequality and the embattled middle class in developed countries, globally the opposite is true, the report points out. By 2030, two billion new people may join the world middle class.
The distribution of global incomes could narrow significantly further, even if inequality within some countries remains high or rises further, as middle income countries continue to move through the pack. World could outstrip anything which exists globally for decades, and will peak (at around 20 million per year) around the same time as India. Already by 2020, one third of the new entrants to the world middle class will come from outside China and India. And this percentage could reach half by 2030.
A result of these shifts would be a world that could continue to be dominated by the rise of the BRICs, the N-11 (The Next Eleven - Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam - are identified by Goldman Sachs as having a high potential of becoming the world's largest economies) and a handful of other emerging countries.
The first dimension of the `Expanding Middle’ is already visible. Spending power has already been shifting away from the richest countries towards a growing middle-income group. As a result of these shifts, the purchasing power of middle-income countries is rising and set to rise much more.
This group, which will be dominated by a subset - China, India, Brazil, Egypt, Philippines, Indonesia, Iran, Mexico, and Vietnam- of the BRICs and N11 will matter more and more for global spending patterns. The second dimension is also visible in the distribution of income across people.
A welcome side effect is that if our growth projections are met, poverty rates should continue to decline sharply. The BRICs continue to emerge as dominant forces in the global economy going forward. The report reveals the BRICs as four of the five largest economies in 2050.
Source: Sify.com
With a clear shift in economic patterns across the globe, India is fast approaching its goal to be one among the largest economies of the world in terms of GDP, reveals a report by Goldman Sachs on the Expanding Middle – the exploding world middle class and falling global inequality. By 2030, incomes in China and India are projected to be close to the global average.
A simple way to see this is to look at the list of the seven largest economies (the ‘true G7’) in 1960, 2007 and 2050. In 1960, the largest economies were all essentially ‘developed’ countries from the higher income groups. By 2007, that has already clearly begun to change, with China in the top seven and Brazil, India and Russia not far behind. But developed countries still dominate the rankings.
From here on, the shift is likely to accelerate. These shifts could be a significant influence on spending patterns, resource use, and environmental and political pressures. In 2050, India would have the 3rd rank on the top seven nations list with an income ranking of 61.
For Graphics, Visit: http://sify.com/finance/fullstory.php?id=14712240
There are two ways to look at it:
The first is the shift in spending power towards middle-income economies (and away from the richest countries), to a point where they may dominate global spending for the first time in decades, as the largest population countries enter the middle-income group
The second is the shift in spending power towards middle-income people and the explosion of what we think of as a global ‘middle class’ on a scale never seen before. Over the last ten years, we have already seen unprecedented expansion in this group.
Here, Goldman Sachs refers to global middle class as those with incomes between $6,000 and $30,000 per annum. According to the report, shifts in China and India are clearly an important part of the story, though peak growth in China is likely to come much earlier than in India. What is striking, though, is that the Expanding Middle, the narrowing of the global income distribution and the expansion of the global middle class is clear whether or not either or both of these giants is included, at least in the recent past and projected future.
The global income distribution is getting narrower, not wider. So while there is a lot of focus on widening inequality and the embattled middle class in developed countries, globally the opposite is true, the report points out. By 2030, two billion new people may join the world middle class.
The distribution of global incomes could narrow significantly further, even if inequality within some countries remains high or rises further, as middle income countries continue to move through the pack. World could outstrip anything which exists globally for decades, and will peak (at around 20 million per year) around the same time as India. Already by 2020, one third of the new entrants to the world middle class will come from outside China and India. And this percentage could reach half by 2030.
A result of these shifts would be a world that could continue to be dominated by the rise of the BRICs, the N-11 (The Next Eleven - Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam - are identified by Goldman Sachs as having a high potential of becoming the world's largest economies) and a handful of other emerging countries.
The first dimension of the `Expanding Middle’ is already visible. Spending power has already been shifting away from the richest countries towards a growing middle-income group. As a result of these shifts, the purchasing power of middle-income countries is rising and set to rise much more.
This group, which will be dominated by a subset - China, India, Brazil, Egypt, Philippines, Indonesia, Iran, Mexico, and Vietnam- of the BRICs and N11 will matter more and more for global spending patterns. The second dimension is also visible in the distribution of income across people.
A welcome side effect is that if our growth projections are met, poverty rates should continue to decline sharply. The BRICs continue to emerge as dominant forces in the global economy going forward. The report reveals the BRICs as four of the five largest economies in 2050.
Source: Sify.com
10 July 2008
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
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
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
09 July 2008
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
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
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
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Sensex gains 615 pts,
settles near 14
08 July 2008
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..
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..
Labels:
dollar,
Oil drops $6 on easing storm worry
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
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
Labels:
Economic lessons from the East
07 July 2008
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.
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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
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
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
06 July 2008
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
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
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
Labels:
Pvt Equity Updates,
Venture Capital
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
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
TCS: Buy..More
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
----------------------------------------
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
Source: www.Businessline.in. 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 .
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
TCS: Buy..More
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
----------------------------------------
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
Source: www.Businessline.in. 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:
MF analysis from BusinessLine,
Stock
05 July 2008
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 .
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
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Inflation rate gallops to 11.63 per cent
Direct tax receipts up 39% y/y in June quarter
Punj Lloyd bags GVK Power order
Prakash Industries inks Rs 485-cr deal
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
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
Mozilla Firefox 3 sets world record
Customs seizes 2 aircraft belonging to RIL
Inflation rate gallops to 11.63 per cent
Direct tax receipts up 39% y/y in June quarter
Punj Lloyd bags GVK Power order
Prakash Industries inks Rs 485-cr deal
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
02 July 2008
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
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
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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
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
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