Brand Power: RIL king of brands at $6.8 bn
DELHI: India’s trillion-dollar plus stock markets boast of 20 companies with a brand value of over $1 billion, up from 16 last year. There are now a dozen (BSE-listed) companies with a brand value over $2 billion (vis-à-vis nine last year) and half-a-dozen with over $3 billion (up from four last year). Raise the cut-off to $6 billion, and it’s a club-of-one, India’s biggest private-sector company, Reliance Industries, with an end-2007 brand value of $6.81 billion (Rs 26,801 crore) vis-à-vis $5.8-billion in end-2006. Using the relief-from-royalty method of brand valuation, which assumes that a company does not own its brand and needs to licence it from a third party, a global leading brand valuation firm, London-headquartered Brand Finance India’s Top 50 Most Valuable (Company) Brands, 2008, presented exclusively by ET, studied only BSE-listed consumer-facing corporate brands (and not holding companies, such as Hindustan Unilever, which own a portfolio of branded businesses) to arrive at the BF Top 50 list.
Brand Power: RIL king of brands at $6.8 bn2 Sep, 2008, 0210 hrs IST,Shailesh Dobhal & Bhanu Pande, ET Bureau
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NEW DELHI: India’s trillion-dollar plus stock markets boast of 20 companies with a brand value of over $1 billion, up from 16 last year. There are now a dozen (BSE-listed) companies with a brand value over $2 billion (vis-à-vis nine last year) and half-a-dozen with over $3 billion (up from four last year). Raise the cut-off to $6 billion, and it’s a club-of-one, India’s biggest private-sector company, Reliance Industries, with an end-2007 brand value of $6.81 billion (Rs 26,801 crore) vis-à-vis $5.8-billion in end-2006. Using the relief-from-royalty method of brand valuation, which assumes that a company does not own its brand and needs to licence it from a third party, a global leading brand valuation firm, London-headquartered Brand Finance India’s Top 50 Most Valuable (Company) Brands, 2008, presented exclusively by ET, studied only BSE-listed consumer-facing corporate brands (and not holding companies, such as Hindustan Unilever, which own a portfolio of branded businesses) to arrive at the BF Top 50 list.
Also Read
→ India Inc's brand sheet: RIL most valuable brand
→ Brands: Value beyond the balance sheet
→ Brand value league table construct
→ Tata Steel, Jet Airways most powerful brandsPrima facie, the BF Top 50 study doesn’t show any dramatic shift in last year’s line-up. The top brands are evenly spread out across sectors pretty much like last year, reiterating the fact that brands can create significant value even outside the traditional consumer goods sector. As many as nine out of top 10 brands of last year have maintained their place in the roster, albeit with a minor reshuffle in positions. Hindustan Petroleum Corporation (HPCL) is the only one to have got nudged out by a newcomer, Bharti Airtel, from the Top 10 list.
And even though the total brand value of Top 50 at $68.25 billion looks impressive compared with last year’s figure of $50.8 billion, it’s largely the effect of rupee appreciation (at an average exchange rate of Rs 45.5 and Rs 39.3 to a dollar in calendar 2006 and 2007, respectively, for the purpose of this study) that reflects an over 34% jump in the dollar-denominated brand valuation. In rupee terms, the Top 50’s brand value has gone up by only 15%, Rs 2.67 lakh crore from Rs 2.32 lakh crore. However, a closer scrutiny of the Top 50 list highlights some twists in the tale. For one, it marks the debut for 11 new brands on the Top 50 list, United Breweries, Tata Tea, Dabur, Idea, Tata Communications, Pantaloon, DLF, Jaiprakash Associates, GMR, Reliance Infrastructure and Gail. Says Brand Finance India MD M Unni Krishnan: “These brands have swiftly grown in size through a combination of organic and inorganic growth and their ability to transform their business to offer a whole range value proposition to customers.
These brands have shown leadership in shaping their industries ahead of time and consequently strengthening their ability to retain and acquire new customers.” The cut-off for Top 50, which was a low Rs 172 crore (No. 50, Essar Oil’s brand value) last year, has moved up to Rs 645 crore this year (Gail at No. 50 this year). Equally, as many as one in five brands on the Top 50 list last year dropped out of the list this year, IDBI Bank, Canara Bank, Essar Steel, Cipla, Nicholas Piramal, Reliance Energy, Sun Pharmaceutical, Gujarat Ambuja, Reliance Capital, ACC and LIC Housing. “Whilst the IDBI brand remains valuable, we have not been able to complete the brand valuation analysis due to paucity of marketing, customer and people data/information in the public space,” explains Mr Krishnan.
Two, the emergence of infrastructure as a fresh force and the decline of banking & finance and manufacturing in the brand war for supremacy in valuation. Though RIL retains its top position this year too, the petrochem-to-retail giant has seen its brand value (in rupee terms) remain virtually static, it barely inched up 1.4% over the year.
Gainers in the top 10 include Bharti Airtel (brand value: Rs 9,798-crore), which rose three rungs to settle at rank 8 and ICICI Bank (Rs 11,533-crore) that moved two slots up to reach the No. 7 spot. More than scaling the chart, the two have seen a jaw-dropping change in their values. Bharti Airtel gained as high as 26% in (rupee) value while ICICI Bank followed with a increase of 24% in brand value. Interestingly, it’s been a lacklustre year for the oil navratnas in the public sector. They continue to be under pressure due to rising crude prices and steep under-realisation due to government price controls.
All three oil PSUs, IOC, BPCL and HPCL, not just slipped down in the chart, they saw a significant erosion in their brand value in 2007. IOC slid to the third position (from No. 2 last year) with a brand value of Rs 17,987 crore (a drop of 5.3%), BPCL dropped to No. 9 slot from No. 7 last year and saw its brand value erode by a whopping 17% and HPCL down by 15%. SBI at No. 4, is the only one amongst the PSUs to hold its own while showing a remarkable rise, close to 16%, in its brand value. Sectoral analysis shows that banking & finance rule the list with nine brands although their number has dwindled over the last year. Oil & gas and IT have sent in six brands each, followed by automobile (four brands) in the list. Amidst the construction boom and some big-ticket IPOs in that space, infrastructure brands made a grand entry in the study for the first time. These include highly-visible brands of 2007, DLF, Jaiprakash Associates, GMR and Reliance Infrastructure, at rank 43, 46, 48 and 49, respectively.
The entries from a new sector had an obvious impact on brand from other sectors. While FMCG and telecom added new brands to the list of Top 50, banking & finance, manufacturing (steel, cement, durables) and pharma saw brand representation from within the sector go down. Barring a handful of brands, there’s been relatively minor shifts in ranks. The steepest fall has come for the likes of Tata Power (No. 47 versus No. 38 last year), Bank of Baroda (No. 39 and No. 30) and Videocon (No. 35 and No. 27). Others that moved down sharply in the list include Taj (Indian Hotels) that fell from No. 26 to No. 33 and JSW Steel dropped from No. 37 to No. 42. The study in its second year still manages to say a lot about the rapidly transforming business landscape in India. It’s no longer about consumer goods alone. The dominance of banking, IT, oil & gas, et al, may pale as we go along and we could see a rise of brand from new sectors that get a boost in the emerging new economic paradigm.
RIL most valuable brand
Brand value league table construct
Tata Steel, Jet most powerful brands
Indian flection brands
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02 September 2008
01 September 2008
Buy RIL stock when it falls, Investors Guide from ET
Buy RIL's stock when it falls
Beta: 0.37
Institutional Holding: 25.98%
Dividend Yield: 0.6%
P/E: 15.6
M-Cap: Rs 3,10,444 cr
CMP: Rs 2,136
Reliance Industries (RIL) ranks among the country’s largest companies in the private sector on various parameters. It is on the verge of commissioning two of its biggest projects in September ’08.
At full utilisation levels, these projects are expected to add nearly Rs 80,000 crore to RIL’s consolidated revenues, further strengthening its numero uno position in India Inc. Its current market valuation appears to have taken into account the immediate gains from these two projects.
However, going forward, the stock may witness stagnation as its future outlook is getting cloudy due to the build-up of several negative factors. Nevertheless, there remains a possibility that given its strong cash flows, presence across industries and forward and backward linkages, RIL can spring positive surprises. Long-term investors can accumulate the stock at dips.
RIL has invested nearly $8.8 billion in its Krishna-Godavari (KG) basin gas fields since their discovery in ’02. Production from these fields is expected to start by the end of September at the rate of 25 million cubic metres a day (mcmd), which will be gradually scaled up to 80 mcmd.
The second mega-project, which will commence operations this month, is Reliance Petroleum’s 29 million tonne per annum (mtpa) high-complexity petroleum refinery in Jamnagar special economic zone (SEZ).
Latest media reports and comments from government quarters suggest that RIL will be able to stick to its initial schedule of completion by September ’08 and commence commercial production by December ’08. This Jamnagar plant will make RIL not just India’s largest petroleum refiner, but also the world’s largest single location refiner.
However, RIL is facing some imminent woes. The natural gas project is embroiled in two major lawsuits with Reliance Natural Resources (RNRL) and NTPC, both of which are claiming a huge chunk of gas supply at low prices.
This has disabled the company from selling gas to any third party. Any adverse outcome of these court cases can have a major impact on RIL’s future profitability, as well as its return on capital.
Similarly, the RPL refinery project, which was conceived when globally refinery margins were on the rise, is getting commissioned just when the rally has waned. The benchmark Singapore refining margins have fallen sharply to around $4 per barrel as of end August ’08 from $12 at the start of July ’08.
In view of several other refineries coming up in West Asia and China, the refining industry is expected to remain in a downward trend for the next 3-4 years. Over the past couple of years, RIL has aggressively entered the organised retail sector, opening around 735 stores across 13 states. This is another industry which is witnessing the entry of too many players, putting a big question mark on its profitability.
Initially, RIL’s valuation had got a boost from the potential growth prospects of its two mega projects. However, as the problems became more apparent, valuations plummeted. The scrip’s price-to-earnings (P/E) multiple, which had crossed 31 in January ’08, has halved to around 15.5 now, as the stock price fell from Rs 3,200 to Rs 2,150.
Still, the company commands one of the highest valuations among global peers such as Exxon Mobil, Royal Dutch Shell or PetroChina. And since current valuations have already factored in higher profitability of the new businesses, there is every reason that the valuations can weaken further.
Despite all these negatives, there are a few positive factors, which will help add some shine to the company’s performance. Being fully integrated in the petroleum value chain, the lower profitability of its refining business can be compensated to a certain extent by future improvement in profits of its petrochemicals business.
Secondly, the recent weakening of the rupee bodes well for RIL, which is increasingly focusing on exports, while its domestic revenues are also linked to the rupee-dollar exchange rate.
RIL operates in a capital-intensive commodity business, which is subject to business cycles. Against this background, it is creditable for the company to have maintained a return on capital above 18% over the past five years. But this has necessitated the company to plough back most of its profits into the business and pay just around 10% as dividends.
This will continue in future too and RIL’s dividend payouts, as well as dividend yields will remain very low. In the long term, several other projects that RIL is pursuing should help boost its growth momentum. The company is developing special economic zones in Haryana, Gujarat and Maharashtra.
It is also investing in exploration blocks in India, as well as abroad, and has bagged coal-bed methane (CBM) blocks. The potential hydrocarbon reserves from these blocks will also add value to the company. Hence, long-term investors can buy into the scrip when it falls, but they should not expect much upside in the near term from the commissioning of RIL’s two mega projects.
--------------------------------------
Derivatives Diary: The action is hotting up 1 Sep, 2008, 0033 hrs IST, Shakti Shankar Patra
Both the Dow and the Nifty found support at the lower ends of their respective ranges and bounced back sharply late in the week.
Beta: 0.37
Institutional Holding: 25.98%
Dividend Yield: 0.6%
P/E: 15.6
M-Cap: Rs 3,10,444 cr
CMP: Rs 2,136
Reliance Industries (RIL) ranks among the country’s largest companies in the private sector on various parameters. It is on the verge of commissioning two of its biggest projects in September ’08.
At full utilisation levels, these projects are expected to add nearly Rs 80,000 crore to RIL’s consolidated revenues, further strengthening its numero uno position in India Inc. Its current market valuation appears to have taken into account the immediate gains from these two projects.
However, going forward, the stock may witness stagnation as its future outlook is getting cloudy due to the build-up of several negative factors. Nevertheless, there remains a possibility that given its strong cash flows, presence across industries and forward and backward linkages, RIL can spring positive surprises. Long-term investors can accumulate the stock at dips.
RIL has invested nearly $8.8 billion in its Krishna-Godavari (KG) basin gas fields since their discovery in ’02. Production from these fields is expected to start by the end of September at the rate of 25 million cubic metres a day (mcmd), which will be gradually scaled up to 80 mcmd.
The second mega-project, which will commence operations this month, is Reliance Petroleum’s 29 million tonne per annum (mtpa) high-complexity petroleum refinery in Jamnagar special economic zone (SEZ).
Latest media reports and comments from government quarters suggest that RIL will be able to stick to its initial schedule of completion by September ’08 and commence commercial production by December ’08. This Jamnagar plant will make RIL not just India’s largest petroleum refiner, but also the world’s largest single location refiner.
However, RIL is facing some imminent woes. The natural gas project is embroiled in two major lawsuits with Reliance Natural Resources (RNRL) and NTPC, both of which are claiming a huge chunk of gas supply at low prices.
This has disabled the company from selling gas to any third party. Any adverse outcome of these court cases can have a major impact on RIL’s future profitability, as well as its return on capital.
Similarly, the RPL refinery project, which was conceived when globally refinery margins were on the rise, is getting commissioned just when the rally has waned. The benchmark Singapore refining margins have fallen sharply to around $4 per barrel as of end August ’08 from $12 at the start of July ’08.
In view of several other refineries coming up in West Asia and China, the refining industry is expected to remain in a downward trend for the next 3-4 years. Over the past couple of years, RIL has aggressively entered the organised retail sector, opening around 735 stores across 13 states. This is another industry which is witnessing the entry of too many players, putting a big question mark on its profitability.
Initially, RIL’s valuation had got a boost from the potential growth prospects of its two mega projects. However, as the problems became more apparent, valuations plummeted. The scrip’s price-to-earnings (P/E) multiple, which had crossed 31 in January ’08, has halved to around 15.5 now, as the stock price fell from Rs 3,200 to Rs 2,150.
Still, the company commands one of the highest valuations among global peers such as Exxon Mobil, Royal Dutch Shell or PetroChina. And since current valuations have already factored in higher profitability of the new businesses, there is every reason that the valuations can weaken further.
Despite all these negatives, there are a few positive factors, which will help add some shine to the company’s performance. Being fully integrated in the petroleum value chain, the lower profitability of its refining business can be compensated to a certain extent by future improvement in profits of its petrochemicals business.
Secondly, the recent weakening of the rupee bodes well for RIL, which is increasingly focusing on exports, while its domestic revenues are also linked to the rupee-dollar exchange rate.
RIL operates in a capital-intensive commodity business, which is subject to business cycles. Against this background, it is creditable for the company to have maintained a return on capital above 18% over the past five years. But this has necessitated the company to plough back most of its profits into the business and pay just around 10% as dividends.
This will continue in future too and RIL’s dividend payouts, as well as dividend yields will remain very low. In the long term, several other projects that RIL is pursuing should help boost its growth momentum. The company is developing special economic zones in Haryana, Gujarat and Maharashtra.
It is also investing in exploration blocks in India, as well as abroad, and has bagged coal-bed methane (CBM) blocks. The potential hydrocarbon reserves from these blocks will also add value to the company. Hence, long-term investors can buy into the scrip when it falls, but they should not expect much upside in the near term from the commissioning of RIL’s two mega projects.
--------------------------------------
Derivatives Diary: The action is hotting up 1 Sep, 2008, 0033 hrs IST, Shakti Shankar Patra
Both the Dow and the Nifty found support at the lower ends of their respective ranges and bounced back sharply late in the week.
'Committee to Save the Dollar' ain't needed 1 Sep, 2008, 0030 hrs IST
The dollar isn’t doing better because the US outlook is brightening. Rather, economies, such as Japan’s and those in the euro area, that were forecast to hold their ground are losing pace.
Investors can accumulate Opto stock on dips 1 Sep, 2008, 0027 hrs IST, Kiran Kabtta
Opto Circuits offers the right mix of high growth and dividends. Though the company seems fairly valued, investors can accumulate the stock on dips.
HDIL's financial viability looks positive 1 Sep, 2008, 0023 hrs IST, Supriya Verma
Given its proven ability to complete slum rehabilitation projects, HDIL’s financial viability seems positive. The company is also set to withstand the slump in realty sector.
Stocks to buy: L&T, Areva, HCL, Ansal Properties 1 Sep, 2008, 0020 hrs IST
Here is a list of stocks you can buy this week.
Buy RIL's stock when it falls 1 Sep, 2008, 0018 hrs IST, Ramkrishna Kashelkar
Long-term investors can buy Reliance Industries’ stock when it falls, but they should not expect much upside in the near term from the commissioning of the company’s two mega projects.
Goa Carbon's stock attractively priced 1 Sep, 2008, 0017 hrs IST, Amit Jain
Goa Carbon’s stock is attractively priced and offers significant upside potential for investors in the medium term.
Adhunik Metaliks provides good investment opportunity 1
Sep, 2008, 0015 hrs IST, Santanu Mishra
Backward integration plans, higher margins and investments in allied segments will drive Adhunik Metaliks’ growth. Investors with a horizon of 3-4 years can consider the stock.
How the deals stack up for India Inc in UK 1 Sep, 2008, 0011 hrs IST
While OVL agreed to buy Imperial Energy, Infosys gobbled up Axon. ETIG ploughed through the numbers to see how the deals stack up for Corporate India.
Week Ahead: Short term trend is bullish
Source:Economic Times, Business Standard.
31 August 2008
Business Headlines, Stock Reports
Headines
RIL scraps KG basin stake transfer
Canara bank to open 100 new branches
ONGC to get five new onshore blocks in WB
Iran has 85 bn barrels heavy oil reserve: Report
Private oil cos suggest win-win formula to revive retail biz
RIL gearing up for for KG gas production
FIIs net buy Rs 1,586cr in F&O on Friday
iPhone price may fall 15%
R-ADAG takes on L&T on monorail project
Index Outlook
‘Stability’ was the theme in the Indian stock markets in August; accompanied by the attendant boredom. Though the Indian benchmark was thwarted in its attempt at surpassing the 15500 mark this month, it has managed to hold on to ...
Larsen & Toubro: BuyInvestors with a 2-3-year perspective can consider adding the stock of Larsen & Toubro to their portfolio. The company’s proven execution skills, quality clientele, well-entrenched presence in a wide range of businesses and ability ...
ONGC may rope in Rosneft as local partner in Imperial EnergyKolkata, Aug. 30 ONGC may rope in Rosneft Oil Company of Russia as its local partner in Imperial Energy Corporation Plc in case of a successful acquisition of the UK-based company having substantial oil equity in Russia’s Siberia region, ...
Infosys: BuyWith bulging cash coffers and inorganic growth aspirations, Infosys Technologies has for long been scouting for suitable acquisitions. It seems to have finally found an ideal candidate in the Axon Group. ...
Indiabulls Real Estate: BuyThe current macro scenario does not augur too well for the real-estate sector with issues such as funding challenges, tapering demand and slowing launches clouding prospects. The sharp de-rating of stocks in the sector in the past one year ...
TECHNICAL ANALYSIS:
Sideways movement seen for Nifty future (August 31, 2008)
Reliance Infra (August 31, 2008)
Unitech (August 31, 2008)
Infosys (August 31, 2008)
Tata Steel (August 31, 2008)
SBI (August 31, 2008)
Reliance (August 31, 2008)
Index Outlook (August 31, 2008)
Query Corner: What the charts say (August 31, 2008)
STOCKS: PNB: HoldShareholders of Punjab National Bank (PNB) can stay invested in the stock. Though the stock trades at an attractive valuation, it may under-perform in the near term, given the uncertain interest rate scenario. The current macro environment ...
STOCK MARKETS: Bull's EyeE-mail your response by Tuesday to:
STOCK MARKETS: Baskets of XE-mail your guess before Tuesday to:
Source:ET,BL
RIL scraps KG basin stake transfer
Canara bank to open 100 new branches
ONGC to get five new onshore blocks in WB
Iran has 85 bn barrels heavy oil reserve: Report
Private oil cos suggest win-win formula to revive retail biz
RIL gearing up for for KG gas production
FIIs net buy Rs 1,586cr in F&O on Friday
iPhone price may fall 15%
R-ADAG takes on L&T on monorail project
Index Outlook
‘Stability’ was the theme in the Indian stock markets in August; accompanied by the attendant boredom. Though the Indian benchmark was thwarted in its attempt at surpassing the 15500 mark this month, it has managed to hold on to ...
Larsen & Toubro: BuyInvestors with a 2-3-year perspective can consider adding the stock of Larsen & Toubro to their portfolio. The company’s proven execution skills, quality clientele, well-entrenched presence in a wide range of businesses and ability ...
ONGC may rope in Rosneft as local partner in Imperial EnergyKolkata, Aug. 30 ONGC may rope in Rosneft Oil Company of Russia as its local partner in Imperial Energy Corporation Plc in case of a successful acquisition of the UK-based company having substantial oil equity in Russia’s Siberia region, ...
Infosys: BuyWith bulging cash coffers and inorganic growth aspirations, Infosys Technologies has for long been scouting for suitable acquisitions. It seems to have finally found an ideal candidate in the Axon Group. ...
Indiabulls Real Estate: BuyThe current macro scenario does not augur too well for the real-estate sector with issues such as funding challenges, tapering demand and slowing launches clouding prospects. The sharp de-rating of stocks in the sector in the past one year ...
TECHNICAL ANALYSIS:
Sideways movement seen for Nifty future (August 31, 2008)
Reliance Infra (August 31, 2008)
Unitech (August 31, 2008)
Infosys (August 31, 2008)
Tata Steel (August 31, 2008)
SBI (August 31, 2008)
Reliance (August 31, 2008)
Index Outlook (August 31, 2008)
Query Corner: What the charts say (August 31, 2008)
STOCKS: PNB: HoldShareholders of Punjab National Bank (PNB) can stay invested in the stock. Though the stock trades at an attractive valuation, it may under-perform in the near term, given the uncertain interest rate scenario. The current macro environment ...
STOCK MARKETS: Bull's EyeE-mail your response by Tuesday to:
STOCK MARKETS: Baskets of XE-mail your guess before Tuesday to:
Source:ET,BL
Labels:
Business Headlines,
Stock Reports
29 August 2008
Sensex up by 516 pts on Dip in Inflation,Inline GDP numbers
Closing Bell: Lower inflation, in-line GDP boosts market sentiment
Sensex surges 516 points as inflation eases
Bulls get their act together, lift Sensex up by 516 pts
After lying low for the entire week, Indian stock market benchmarks surged on Friday to close over 3 per cent higher backed by host of positive cues from domestic and global markets. Market opened with a gap-up reacting to drop in inflation to 12.40 per cent against expectation of 12.83 per cent, on moderation in prices of vegetables, meat, cement and a few non-administered petroleum products.
Directionless till Thursday, investors took this opportunity to build positions in recently beaten down banking and realty stocks as fears of Reserve Bank of India raising interest rates eased. Market also got a lift from a rally in Asia and the US earlier on the back of a surprise 3.3 per cent first quarter GDP growth in US. Retreating oil prices as traders discounted threat of hurricane Gustav to US installations boosted sentiments further. However, oil climbed back up to $117 in Friday’s trade as threat from Gustav continued to loom.
Back home, data showed the Indian economy grew at 7.9 per cent in the April-June quarter against previous quarter's 8.8 per cent. The numbers were also disappointing compared with previous year’s 9.2 per cent growth. This is the first time in last thirteen quarters that GDP growth has fallen below 8 per cent, but India is still expected to clock an annual growth of 8 per cent. “Moderation will continue for at least for two more quarters (factoring the further tightening by RBI).
However, we do not expect GDP to fall below 8 per cent in 2008-09. The consumption demand (both from consumer and government) is still strong which should support the manufacturing sector. Investment and savings are also satisfactory and is reflected in growth of construction sector in this quarter (11.4% against 7.7% a year ago),” said Krupresh Thakkar, research analyst, India Capital Markets. “Growth in agriculture holds the key, as a good season would increase demand for other products from industrial and service sectors boosting the economy. The slight slowdown in service sector is an area of concern but we would like to watch the figures for one more quarter,” he added.
Bombay’s Stock Exchange’s Sensex closed at 14,564.53, up 516.19 points or 3.67 per cent. The 30-share index touched a high of 14,586.16 and low of 14,279.02. National Stock Exchange’s Nifty ended at 4,360, up 3.46 per cent or 146 points. It touched a high of 4,368.80 and low of 4,230.60.
Hitendra Nayee, institutional-head, dealing, India Capital Markets, said, “domestic funds and foreign institutions both turned buyers. After months, we saw inflation climbing down and GDP numbers were also in line with expectations. The good thing is volumes were high, that shows interest returning back into the market. Now, the NSG meet will be keenly watched. We are expecting short-term uptrend in the market.” However, second rung stocks were behind in the race as compared with heavyweights.
BSE Midcap Index closed 2.38 per cent higher at 5,742.29 and BSE Smallcap Index gained 1.61 per cent to close at 6,891.64. State Bank of India (7.19%), Reliance Infrastructure (5.97%), ICICI Bank (5.93%) Tata Motors (5.44%) and DLF (5.35%) were the major Sensex gainers. There were no losers in the index. Shares of Tata Steel surged nearly 5 per cent after the company posted 60.5 per cent rise in April-June consolidated net profit late on Thursday. The company's shares ended up 4.99 per cent at Rs 600.35 with volume traded at 22,11,323 against two-week average of 14,78,472 shares.
The steel maker is in talks to raise at least $1 billion from a stake sale to private equity firms or a private placement of shares, according to media reports. Gammon Infrastructure Projects ended up 1.17 per cent at Rs 94.95 on BSE after it got an order for a bridge project worth Rs 8 billion. Jai Corp ended up 5 per cent at Rs 324.30 on market talk that Mukesh Ambani's Reliance Industries may grant it a gas distribution contract. On BSE , advances were 1,851 and declines 790. According to NSE website, total turnover was Rs 10,626.94 crore (provisional), up from Rs 8,769 crore Wednesday—a prior to settlement day.
Source:ET,BL,Sify
India economy growth slows to 7.9 percent in Q1
India's economy grows at 7.9% in Q1
Indian economic growth moderated to 7.9 per cent in the first quarter of current fiscal, against 9.2 per a year ago as rising borrowing costs impacted manufacturing and some other sectors.However, moderation in the GDP growth was expected as RBI hardened interest rates to control double-digit inflation.
If the first quarter GDP growth continues in the remaining months of this fiscal, the economy would expand at the rate more or less projected by Finance Minister P Chidambaram.
He projected the economy to grow by close to 8 per cent, compared to 9 per cent in the previous fiscal.
Manufacturing growth almost halved to 5.6 per cent, against 10.9 per cent as rising interest rates impacted their expansion. Even though agriculture grew by lower rate of three per cent, it is quite considerable on the high base of 4.4 per cent.
The other sectors which witnessed considerable decline in growth rate are electricity, gas and water supply, which expanded at the rate of 2.6 per cent against 7.9 per cent.In the services sector, trade, hotels, transport and communication grew by 11.2 per cent, against 13.1 per cent.
Finance, insurance, real estate and business services expanded by 9.3 per cent, against 12.6 per cent.
However, community, social and personal services grew by higher rate of 8.4 per cent, against 5.2 per cent.Construction activities also expanded at higher rate of 11.4 per cent, as compared to 7.7 per cent, while mining and quaring grew by 4.8 per cent, against 1.7 per cent.
In absolute terms, India's GDP stood at Rs 7,82,357 crore (Rs 7,823.57 billion) in the first quarter of this fiscal, against 7,24,949 crore (Rs 7249.49 billion) in the corresponding period of 2007-08.
In services, trade, hotels, transport and communication grew by 11.2 per cent against 13.1 per cent, while financing, insurance, real estate and business services rose at the rate of 9.3 per cent against 12.6 per cent.However, community, social and personal services grew at higher rate of 8.4 per cent against 5.2 per cent.
Commenting on the growth figures, PM's EAC member Saumitra Chaudhuri said, "It is on expected lines. When EAC came out with the GDP projection, monsoon conditions were not clear. If monsoon turns out to be good, which seems to be the case, there could be some upside."
What is heartening is that investment in the economy continues to be buoyant.
"The investment-GDP ratio has risen to 37.9 per cent, which means GDP growth is likely to be maintained," a finance ministry official said.
However, some analysts believe that economy is likely to expand at lower growth rate in the next quarter. "I expect that the figures would be flat below 7.9 per cent in the next quarter," CRISIL principal economist D K Joshi said.
Moderation in economic growth, particularly in manufacturing, was expected as RBI had tightened monetary policy to curb double digit inflation.For the first quarter, wholesale prices-based inflation stood at 9.4 per cent. Mineral inflation was at a huge 46 per cent, while food articles inflation stood at 5.8 per cent, fish at 1.5 per cent, manufactured products at nine per cent and electricity at 1.4 per cent.
The consumer price index for industrial workers, which is a better indicator of the impact of price rise on the common man, rose by 7.7 per cent in the first quarter.
-----------------------------------------------
India's economy grows at 7.9% in Q1
Growth at 3 year low but rates to stay tight
Economic growth slows to 7.9%
GDP moderates to 7.9% in Q1
Source: ET,Rediff,BS, BL
Indian economic growth moderated to 7.9 per cent in the first quarter of current fiscal, against 9.2 per a year ago as rising borrowing costs impacted manufacturing and some other sectors.However, moderation in the GDP growth was expected as RBI hardened interest rates to control double-digit inflation.
If the first quarter GDP growth continues in the remaining months of this fiscal, the economy would expand at the rate more or less projected by Finance Minister P Chidambaram.
He projected the economy to grow by close to 8 per cent, compared to 9 per cent in the previous fiscal.
Manufacturing growth almost halved to 5.6 per cent, against 10.9 per cent as rising interest rates impacted their expansion. Even though agriculture grew by lower rate of three per cent, it is quite considerable on the high base of 4.4 per cent.
The other sectors which witnessed considerable decline in growth rate are electricity, gas and water supply, which expanded at the rate of 2.6 per cent against 7.9 per cent.In the services sector, trade, hotels, transport and communication grew by 11.2 per cent, against 13.1 per cent.
Finance, insurance, real estate and business services expanded by 9.3 per cent, against 12.6 per cent.
However, community, social and personal services grew by higher rate of 8.4 per cent, against 5.2 per cent.Construction activities also expanded at higher rate of 11.4 per cent, as compared to 7.7 per cent, while mining and quaring grew by 4.8 per cent, against 1.7 per cent.
In absolute terms, India's GDP stood at Rs 7,82,357 crore (Rs 7,823.57 billion) in the first quarter of this fiscal, against 7,24,949 crore (Rs 7249.49 billion) in the corresponding period of 2007-08.
In services, trade, hotels, transport and communication grew by 11.2 per cent against 13.1 per cent, while financing, insurance, real estate and business services rose at the rate of 9.3 per cent against 12.6 per cent.However, community, social and personal services grew at higher rate of 8.4 per cent against 5.2 per cent.
Commenting on the growth figures, PM's EAC member Saumitra Chaudhuri said, "It is on expected lines. When EAC came out with the GDP projection, monsoon conditions were not clear. If monsoon turns out to be good, which seems to be the case, there could be some upside."
What is heartening is that investment in the economy continues to be buoyant.
"The investment-GDP ratio has risen to 37.9 per cent, which means GDP growth is likely to be maintained," a finance ministry official said.
However, some analysts believe that economy is likely to expand at lower growth rate in the next quarter. "I expect that the figures would be flat below 7.9 per cent in the next quarter," CRISIL principal economist D K Joshi said.
Moderation in economic growth, particularly in manufacturing, was expected as RBI had tightened monetary policy to curb double digit inflation.For the first quarter, wholesale prices-based inflation stood at 9.4 per cent. Mineral inflation was at a huge 46 per cent, while food articles inflation stood at 5.8 per cent, fish at 1.5 per cent, manufactured products at nine per cent and electricity at 1.4 per cent.
The consumer price index for industrial workers, which is a better indicator of the impact of price rise on the common man, rose by 7.7 per cent in the first quarter.
-----------------------------------------------
India's economy grows at 7.9% in Q1
Growth at 3 year low but rates to stay tight
Economic growth slows to 7.9%
GDP moderates to 7.9% in Q1
Source: ET,Rediff,BS, BL
Top Business Headlines
Top Headlines
Top 10 open ended funds
3G auction to be over by Sept 30: DoT
Wall Street hit by weak data
BHEL gets contract worth $264 mln
Tata Steel consolidated Q1 profit up 60.5 pc
Tata Steel Global eyes $1 bln PE deal
Market discounts GDP slowdown; indices up over 2%
RIL gets nod to transfer KG assets to four arms
India kicks off FX futures trade, front-months lead
Cabinet approves changes to Companies Bill 2008
FinMin confident of close to 8% economic growth this fiscal
Revised draft for NSG ready
July crude oil import up 9% as production dips
Private insurers slash term cover premia by 10-40%
Sensex rallies 516pts; financial, realty stocks lead
Source:ET, BS, BL etc
Top 10 open ended funds
3G auction to be over by Sept 30: DoT
Wall Street hit by weak data
BHEL gets contract worth $264 mln
Tata Steel consolidated Q1 profit up 60.5 pc
Tata Steel Global eyes $1 bln PE deal
Market discounts GDP slowdown; indices up over 2%
RIL gets nod to transfer KG assets to four arms
India kicks off FX futures trade, front-months lead
Cabinet approves changes to Companies Bill 2008
FinMin confident of close to 8% economic growth this fiscal
Revised draft for NSG ready
July crude oil import up 9% as production dips
Private insurers slash term cover premia by 10-40%
Sensex rallies 516pts; financial, realty stocks lead
Source:ET, BS, BL etc
28 August 2008
Inflation falls marginally to 12.40 percent
Inflation down to 12.40% Vs 12.63%
Inflation falls marginally to 12.40%
28 Aug, 2008, 1800 hrs IST, ECONOMICTIMES.COM
Inflation slipped marginally to 12.40% for the week ended August 16 from 12.63%.
Giving a little respite to the hapless consumers, inflation slipped marginally to 12.40 per cent for the week ended August 16 from 12.63 per cent a week before. Earlier Lehman Brothers expected inflation to increase to 12.82 per cent y-o-y from 12.63 per cent in the previous week, due to higher prices of food articles, rubber, sugar, paper products, oilseeds, textiles & rubber and plastic products.
"We expect the final WPI inflation to peak in Oct/Nov at around 13.5-14.0 per cent, but to stay in double-digit territory until February 2009. Based on our forecast of slower GDP growth of 7.3 per cent in FY09, our energy team's forecast of the price of oil falling sharply to $90/bbl in Q1 2009, plus favorable base effects, our forecast is that WPI inflation will start turning down decisively in January 2009," it said in a report.
It is the 27th consecutive week the inflation rate has been above 5.5 per cent, the RBI's original target for inflation at the end of the fiscal year in March 2009. At a policy review in late July, the RBI raised its key lending rate by 50 basis points to 9 per cent and also increased banks' reserve requirements, and said it was now aiming to bring inflation down to 7 per cent by the end of March. The government has said the inflation rate would hit 13 per cent and thereafter start moderating from December, before settling at 8.0-9.0 per cent by the end of the fiscal year in March.
A slide in prices of oil, India's biggest import, to around $117 a barrel from a record high above $147 in mid-July, is expected to ease the pressure on inflation. However, analysts said pressure from primary articles and strong demand despite the several rounds of policy tightening would most likely propel inflation higher for some months.
Other Top stories:
Sensex ends down 248pts; Reliance weighs / Sensex ends 248 pts down as
Cash based selling widens September premium, rollovers low
Bears rule on inflation jitters, crude prices
Market ends sharply lower; RIL down over 3%
US stocks open higher on GDP data
Forbes' Top 25 powerful women in pics
Mayawati enters Forbes' power women list; Sonia slips in rank
Forbes' Top 25 powerful women in pics
Aditya Birla Nuvo to buy 56% in Apollo Sindhoori
Source: ET,BS etc
Inflation falls marginally to 12.40%
28 Aug, 2008, 1800 hrs IST, ECONOMICTIMES.COM
Inflation slipped marginally to 12.40% for the week ended August 16 from 12.63%.
Giving a little respite to the hapless consumers, inflation slipped marginally to 12.40 per cent for the week ended August 16 from 12.63 per cent a week before. Earlier Lehman Brothers expected inflation to increase to 12.82 per cent y-o-y from 12.63 per cent in the previous week, due to higher prices of food articles, rubber, sugar, paper products, oilseeds, textiles & rubber and plastic products.
"We expect the final WPI inflation to peak in Oct/Nov at around 13.5-14.0 per cent, but to stay in double-digit territory until February 2009. Based on our forecast of slower GDP growth of 7.3 per cent in FY09, our energy team's forecast of the price of oil falling sharply to $90/bbl in Q1 2009, plus favorable base effects, our forecast is that WPI inflation will start turning down decisively in January 2009," it said in a report.
It is the 27th consecutive week the inflation rate has been above 5.5 per cent, the RBI's original target for inflation at the end of the fiscal year in March 2009. At a policy review in late July, the RBI raised its key lending rate by 50 basis points to 9 per cent and also increased banks' reserve requirements, and said it was now aiming to bring inflation down to 7 per cent by the end of March. The government has said the inflation rate would hit 13 per cent and thereafter start moderating from December, before settling at 8.0-9.0 per cent by the end of the fiscal year in March.
A slide in prices of oil, India's biggest import, to around $117 a barrel from a record high above $147 in mid-July, is expected to ease the pressure on inflation. However, analysts said pressure from primary articles and strong demand despite the several rounds of policy tightening would most likely propel inflation higher for some months.
Other Top stories:
Sensex ends down 248pts; Reliance weighs / Sensex ends 248 pts down as
Cash based selling widens September premium, rollovers low
Bears rule on inflation jitters, crude prices
Market ends sharply lower; RIL down over 3%
US stocks open higher on GDP data
Forbes' Top 25 powerful women in pics
Mayawati enters Forbes' power women list; Sonia slips in rank
Forbes' Top 25 powerful women in pics
Aditya Birla Nuvo to buy 56% in Apollo Sindhoori
Source: ET,BS etc
Tata Steel Q1 cons PAT at Rs 3901 cr
Tata Steel Q1 cons PAT at Rs 3901 cr
Tata Steel Ltd has announced the following...
Tata Steel Group Earnings Beat Estimate on Prices (Update2)
Tata Steel Profit, Including Corus, Climbs
By Debarati Roy and Paresh Jatakia
Aug. 28 (Bloomberg) -- Tata Steel Ltd., India's largest producer, reported a better-than-expected 60 percent gain in first-quarter profit, including unit Corus Group Plc, on increased prices and output of high-grade products.
Net income rose to 39 billion rupees ($891 million) in the quarter ended June 30 from 24.3 billion rupees a year earlier, the Mumbai-based company said in a statement today. Five analysts in a Bloomberg survey estimated a median profit of 19.7 billion rupees. Sales climbed 39 percent to 435.6 billion rupees.
Steelmakers including ArcelorMittal and Posco raised prices this year after a threefold increase in coking coal rates and a near-doubling of iron-ore costs. Tata, which has held prices in India because of a government directive, faces the challenge of battling record raw-material costs, Chairman Ratan Tata said at a shareholders meeting in Mumbai today.
``Cost pressures will start kicking in in the coming quarters and that'll have a moderating impact on profits,'' said Sanjay Jain, an analyst at Motilal Oswal Securities Ltd. in Mumbai. The brokerage has a ``buy'' rating on the stock.
Global prices of hot-rolled coils, a benchmark product, are poised for their first monthly drop in a year, according to Steel Business Briefing. That may leave Indian producers little choice but to lower rates after keeping them unchanged since May.
``If international market prices come down, they will have to cut,'' Steel Secretary Pramod Rastogi told reporters Aug. 22.
A government order kept domestic prices as much as 15,000 rupees ($342) a metric ton below global levels, according to S.K. Roongta, chairman of Steel Authority of India Ltd., the nation's second-biggest producer.
Discount Narrows
A fall in global prices and cheaper imports from Southeast Asian countries has reduced this discount to $100 a ton, Mumbai- based India Infoline Ltd. said in a note dated Aug. 26.
``Domestic prices can come under pressure if international prices soften by $100-150 a ton,'' Bijal Shah and Sumit Pathak, analysts at the brokerage, said. ``Demand is weakening in Europe, U.S. and China and there are concerns on the global outlook.''
Tata Steel shares fell 1.6 percent to 571.95 rupees at the close of trading in Mumbai, before the earnings were announced. The stock has lost 39 percent of its value this year, compared with a 31 percent decline in the benchmark Sensitive Index.
The shares trade at about 8 times forecast profit, according to data on the Bloomberg. Falling prices may keep valuations for Indian steelmakers depressed, said Shah and Pathak.
Tata Steel is the worst-performer on the benchmark Sensitive stock index in the past three months, according to Bloomberg data.
`Buy' Ratings
Still, as many as 22 of 28 analysts tracking Tata Steel have a ``buy'' recommendation on its shares, with an average one-year price target of 932 rupees, according to Bloomberg data.
The company last month reported a 22 percent jump in first- quarter profit to 14.22 billion rupees from its Indian mills.
Tata Steel and Corus sell more than two-thirds of their production in Europe. While Tata imports a third of the coal needed for its Indian plants and mines its own iron ore, Corus buys both the raw materials.
The company is looking at forming iron-ore and coal ventures in Mozambique and scouting for limestone ventures in Oman, to secure raw material supplies, Tata told shareholders today.
Pension Assets
Meantime, the value of the pension funds of Corus, worth 14 billion euro ($21 billion) -- more than twice Tata Steel's market value -- eroded by 648 million euro in the period. The reduction has been accounted in the balance sheet, instead of profit and loss account, Tata Steel said in the statement.
Pretax profit would have been lower by 53.52 billion rupees had the previous practice of reflecting the value of pension fund assets in earnings been followed, Tata said.
``Given the size of the pension assets, it is a good idea to route it through the balance sheet to avoid huge fluctuations in earnings from quarter to quarter,'' said Giriraj Daga, an analyst at Khandwala Securities Ltd. in Mumbai. ``The losses are mark-to- market and can change. It's not a negative.''
-----------------------------------------
Tata Steel has declared its consolidated results for the quarter ended June 2008 (Q1). The company's net profit was at Rs 3914.6 crore (including Corus) versus Rs 2409.12 crore.
Its net sales were at Rs 43,508 crore (including Corus) versus Rs 31,162 crore.
Highlights
Margins at 16.1% vs 15.4% (YoY)
Margins at 16.1% vs 12.3% QoQ
Forex loss of Rs 303 cr vs loss of Rs 537 cr
Increase in stock in trade at Rs 1607 cr vs Rs 336 cr
Actuarial gains/ losses not shown in P&L in accordance with IFRS principles and permitted in AS21
Had it been accounted then Q1 profits would have been lower by Rs 5352 crore resulting in loss of Rs 1438 crore
----------------------------------------------
Other MC stories:
RIL can assign 80% in D6 to its affiliates
Marksans buys UK co for Rs100cr
Aditya Birla Nuvo eyes 56% in ASCIL
Tatas may miss Oct deadline on Nano
Tata Steel Q1 cons PAT at Rs 3901 cr
RNRL shifts stance, ready to trade gas for 3 yrs
Source:MC, Bloomberg
Tata Steel Ltd has announced the following...
Tata Steel Group Earnings Beat Estimate on Prices (Update2)
Tata Steel Profit, Including Corus, Climbs
By Debarati Roy and Paresh Jatakia
Aug. 28 (Bloomberg) -- Tata Steel Ltd., India's largest producer, reported a better-than-expected 60 percent gain in first-quarter profit, including unit Corus Group Plc, on increased prices and output of high-grade products.
Net income rose to 39 billion rupees ($891 million) in the quarter ended June 30 from 24.3 billion rupees a year earlier, the Mumbai-based company said in a statement today. Five analysts in a Bloomberg survey estimated a median profit of 19.7 billion rupees. Sales climbed 39 percent to 435.6 billion rupees.
Steelmakers including ArcelorMittal and Posco raised prices this year after a threefold increase in coking coal rates and a near-doubling of iron-ore costs. Tata, which has held prices in India because of a government directive, faces the challenge of battling record raw-material costs, Chairman Ratan Tata said at a shareholders meeting in Mumbai today.
``Cost pressures will start kicking in in the coming quarters and that'll have a moderating impact on profits,'' said Sanjay Jain, an analyst at Motilal Oswal Securities Ltd. in Mumbai. The brokerage has a ``buy'' rating on the stock.
Global prices of hot-rolled coils, a benchmark product, are poised for their first monthly drop in a year, according to Steel Business Briefing. That may leave Indian producers little choice but to lower rates after keeping them unchanged since May.
``If international market prices come down, they will have to cut,'' Steel Secretary Pramod Rastogi told reporters Aug. 22.
A government order kept domestic prices as much as 15,000 rupees ($342) a metric ton below global levels, according to S.K. Roongta, chairman of Steel Authority of India Ltd., the nation's second-biggest producer.
Discount Narrows
A fall in global prices and cheaper imports from Southeast Asian countries has reduced this discount to $100 a ton, Mumbai- based India Infoline Ltd. said in a note dated Aug. 26.
``Domestic prices can come under pressure if international prices soften by $100-150 a ton,'' Bijal Shah and Sumit Pathak, analysts at the brokerage, said. ``Demand is weakening in Europe, U.S. and China and there are concerns on the global outlook.''
Tata Steel shares fell 1.6 percent to 571.95 rupees at the close of trading in Mumbai, before the earnings were announced. The stock has lost 39 percent of its value this year, compared with a 31 percent decline in the benchmark Sensitive Index.
The shares trade at about 8 times forecast profit, according to data on the Bloomberg. Falling prices may keep valuations for Indian steelmakers depressed, said Shah and Pathak.
Tata Steel is the worst-performer on the benchmark Sensitive stock index in the past three months, according to Bloomberg data.
`Buy' Ratings
Still, as many as 22 of 28 analysts tracking Tata Steel have a ``buy'' recommendation on its shares, with an average one-year price target of 932 rupees, according to Bloomberg data.
The company last month reported a 22 percent jump in first- quarter profit to 14.22 billion rupees from its Indian mills.
Tata Steel and Corus sell more than two-thirds of their production in Europe. While Tata imports a third of the coal needed for its Indian plants and mines its own iron ore, Corus buys both the raw materials.
The company is looking at forming iron-ore and coal ventures in Mozambique and scouting for limestone ventures in Oman, to secure raw material supplies, Tata told shareholders today.
Pension Assets
Meantime, the value of the pension funds of Corus, worth 14 billion euro ($21 billion) -- more than twice Tata Steel's market value -- eroded by 648 million euro in the period. The reduction has been accounted in the balance sheet, instead of profit and loss account, Tata Steel said in the statement.
Pretax profit would have been lower by 53.52 billion rupees had the previous practice of reflecting the value of pension fund assets in earnings been followed, Tata said.
``Given the size of the pension assets, it is a good idea to route it through the balance sheet to avoid huge fluctuations in earnings from quarter to quarter,'' said Giriraj Daga, an analyst at Khandwala Securities Ltd. in Mumbai. ``The losses are mark-to- market and can change. It's not a negative.''
-----------------------------------------
Tata Steel has declared its consolidated results for the quarter ended June 2008 (Q1). The company's net profit was at Rs 3914.6 crore (including Corus) versus Rs 2409.12 crore.
Its net sales were at Rs 43,508 crore (including Corus) versus Rs 31,162 crore.
Highlights
Margins at 16.1% vs 15.4% (YoY)
Margins at 16.1% vs 12.3% QoQ
Forex loss of Rs 303 cr vs loss of Rs 537 cr
Increase in stock in trade at Rs 1607 cr vs Rs 336 cr
Actuarial gains/ losses not shown in P&L in accordance with IFRS principles and permitted in AS21
Had it been accounted then Q1 profits would have been lower by Rs 5352 crore resulting in loss of Rs 1438 crore
----------------------------------------------
Other MC stories:
RIL can assign 80% in D6 to its affiliates
Marksans buys UK co for Rs100cr
Aditya Birla Nuvo eyes 56% in ASCIL
Tatas may miss Oct deadline on Nano
Tata Steel Q1 cons PAT at Rs 3901 cr
RNRL shifts stance, ready to trade gas for 3 yrs
Source:MC, Bloomberg
26 August 2008
Reliance may transfer 80% in KG D-6 to four affiliates
Reliance may transfer 80% in KG D-6 to four affiliates
Reliance Industries (RIL) is planning to transfer 80% of its participatory interest (PI) in the famous D6 block in the Krishna Godavari (KG) basin to four unlisted subsidiaries. Valued at nearly $50 billion with 14 trillion cubic feet of gas reserves, this is the arguably the most valuable asset held by the company. These four entities — Reliance KG Exploration and Development, Reliance KG D6 E&P, Reliance KG Basin and Reliance E&P KG — have recently become majority-owned subsidiaries of RIL. RIL has sought the petroleum ministry’s approval for this.
The ministry, in turn, has asked the upstream regulator, the Directorate General of Hydrocarbons (DGH), to furnish a list of similar cases where more than 50% of PI in blocks have been transferred to affiliates. A source familiar with this development told ET: “This is a usual practice in the global oil and gas business. It will provide greater financial flexibility to these subsidiaries for raising funds.” However, Director General of Hydrocarbons VK Sibal declined to comment, saying he has not seen any such request from the company. The RIL spokesperson too declined to comment on the issue. An email sent to Niko Resources, which holds 10% stake in the block, failed to elicit any response.
RIL holds 90% participating interest in the block. The exact value or structure of the transaction by which RIL would transfer its stake to the four subsidiaries could not be ascertained. However, it is learnt that RIL will continue to be operator of the block with at least a 10% stake, post the transaction. An analyst with an international research firm said: “The four affiliates will have strong balance-sheets, with a part of the KG basin assets. This will help them bid for global oil and gas assets. It also means that these companies may raise funds, if required, for their overseas bidding without stretching the RIL balance-sheet.” The analyst cautioned that there may be a perception that the interest of RIL shareholders may be affected by transferring this asset to the subsidiaries if it does not hold very large equity in them after the transaction. RIL’s exact shareholding in these four unlisted firms could be not ascertained.
What is known is that these firms are subsidiaries of RIL, meaning RIL’s shareholding may vary from 51-100%. However, the source quoted earlier said there would be no impact whatsoever on RIL’s shareholders as the subsidiaries were majority-owned and controlled by RIL.
Last week, in the course of his arguments, the government counsel TS Doabia had said in the Bombay High Court that RIL cannot transfer or assign its participating interest in favour of any other company without government approval, under the provisions of the production sharing contract. Mr Doabia made this comments in response to RNRL’s counsel Ram Jethmalani. Mr Jethmalani had asked for the transfer of RIL’s participating interest in the KG basin to RNRL so that the latter can sell the gas till its proposed 7,800 mega watts (MW) power plant at Dadri comes up. “RNRL will sell the gas in line with the government policy as is the case with RIL.
The government counsel’s submission that Mukesh only can sell gas but Anil cannot is biased. If needed, the court can direct transfer of PI in PSC to RNRL to enable RNRL to sell the gas. RNRL is prepared to share RIL’s investment for the development of the KG basin proportionately,” said Jethmalani in his submission to the court last week. He also said that RNRL is ready to invest Rs 25,000 crore for this. Production from the KG basin is likely to commence in the December quarter.
The company will initially produce up to 40 million metric standard cubic meters per day (mmscmd) of gas, which would be scaled up to 80 mmscmd by 2010. The sale of gas from the initial production is disputed and the Bombay High Court has restrained the company from selling gas to any third party besides NTPC and RNRL. RIL is embroiled in separate legal battles with NTPC and RNRL. On the BSE, RIL shares declined by a marginal 0.65% or Rs 14.7 to close at Rs 2230.95 on Monday. The stock has gained 0.27% over the past one week and 3.89% in the last one month.
----------------------------------------
Other Stories:
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TCS gets Singapore Airlines Cargo contract
ONGC makes four oil & gas discoveries
Mixed views on Infosys-Axon deal
Rupee slips to fresh 17-month lows
Imperial Energy says ONGC makes $2.6 b approach
Tata and Ambanis among bidders for Worli-Haji Ali sealink
Emami in talks with Zandu Pharma over management sharing
Falling oil bolsters short covering
Not just gas, Ambani brothers have at least a dozen issues to resolve
OVL to buy Imperial for 1.4 bn pounds
Reliance aims to transfer 80 pc stake in gas block
Cairn to produce 16 pc more oil from Rajasthan fields
Source:ET,SIfy.
Reliance Industries (RIL) is planning to transfer 80% of its participatory interest (PI) in the famous D6 block in the Krishna Godavari (KG) basin to four unlisted subsidiaries. Valued at nearly $50 billion with 14 trillion cubic feet of gas reserves, this is the arguably the most valuable asset held by the company. These four entities — Reliance KG Exploration and Development, Reliance KG D6 E&P, Reliance KG Basin and Reliance E&P KG — have recently become majority-owned subsidiaries of RIL. RIL has sought the petroleum ministry’s approval for this.
The ministry, in turn, has asked the upstream regulator, the Directorate General of Hydrocarbons (DGH), to furnish a list of similar cases where more than 50% of PI in blocks have been transferred to affiliates. A source familiar with this development told ET: “This is a usual practice in the global oil and gas business. It will provide greater financial flexibility to these subsidiaries for raising funds.” However, Director General of Hydrocarbons VK Sibal declined to comment, saying he has not seen any such request from the company. The RIL spokesperson too declined to comment on the issue. An email sent to Niko Resources, which holds 10% stake in the block, failed to elicit any response.
RIL holds 90% participating interest in the block. The exact value or structure of the transaction by which RIL would transfer its stake to the four subsidiaries could not be ascertained. However, it is learnt that RIL will continue to be operator of the block with at least a 10% stake, post the transaction. An analyst with an international research firm said: “The four affiliates will have strong balance-sheets, with a part of the KG basin assets. This will help them bid for global oil and gas assets. It also means that these companies may raise funds, if required, for their overseas bidding without stretching the RIL balance-sheet.” The analyst cautioned that there may be a perception that the interest of RIL shareholders may be affected by transferring this asset to the subsidiaries if it does not hold very large equity in them after the transaction. RIL’s exact shareholding in these four unlisted firms could be not ascertained.
What is known is that these firms are subsidiaries of RIL, meaning RIL’s shareholding may vary from 51-100%. However, the source quoted earlier said there would be no impact whatsoever on RIL’s shareholders as the subsidiaries were majority-owned and controlled by RIL.
Last week, in the course of his arguments, the government counsel TS Doabia had said in the Bombay High Court that RIL cannot transfer or assign its participating interest in favour of any other company without government approval, under the provisions of the production sharing contract. Mr Doabia made this comments in response to RNRL’s counsel Ram Jethmalani. Mr Jethmalani had asked for the transfer of RIL’s participating interest in the KG basin to RNRL so that the latter can sell the gas till its proposed 7,800 mega watts (MW) power plant at Dadri comes up. “RNRL will sell the gas in line with the government policy as is the case with RIL.
The government counsel’s submission that Mukesh only can sell gas but Anil cannot is biased. If needed, the court can direct transfer of PI in PSC to RNRL to enable RNRL to sell the gas. RNRL is prepared to share RIL’s investment for the development of the KG basin proportionately,” said Jethmalani in his submission to the court last week. He also said that RNRL is ready to invest Rs 25,000 crore for this. Production from the KG basin is likely to commence in the December quarter.
The company will initially produce up to 40 million metric standard cubic meters per day (mmscmd) of gas, which would be scaled up to 80 mmscmd by 2010. The sale of gas from the initial production is disputed and the Bombay High Court has restrained the company from selling gas to any third party besides NTPC and RNRL. RIL is embroiled in separate legal battles with NTPC and RNRL. On the BSE, RIL shares declined by a marginal 0.65% or Rs 14.7 to close at Rs 2230.95 on Monday. The stock has gained 0.27% over the past one week and 3.89% in the last one month.
----------------------------------------
Other Stories:
Chidambaram confident of 8-9 per cent growth
TCS gets Singapore Airlines Cargo contract
ONGC makes four oil & gas discoveries
Mixed views on Infosys-Axon deal
Rupee slips to fresh 17-month lows
Imperial Energy says ONGC makes $2.6 b approach
Tata and Ambanis among bidders for Worli-Haji Ali sealink
Emami in talks with Zandu Pharma over management sharing
Falling oil bolsters short covering
Not just gas, Ambani brothers have at least a dozen issues to resolve
OVL to buy Imperial for 1.4 bn pounds
Reliance aims to transfer 80 pc stake in gas block
Cairn to produce 16 pc more oil from Rajasthan fields
Source:ET,SIfy.
Sensex stages a smart recovery, ends 32 pts up : Sify
Sensex stages a smart recovery, ends 32 pts up
After opening on a weak note this morning and remaining in the red for a long time, the market staged a smart recovery in late afternoon trade to end on a positive note today thanks to heavy buying in auto, bank and IT stocks. Reports of a near normal monsoon aided the sentiment to an extent.
While the 30 share BSE sensitive index Sensex ended the day with a gain of 31.87 points or 0.22% at 14,482.22, the broader 50 stock Nifty index of the National Stock Exchange settled with a small gain of 2.15 points at 4337.50. Earlier, after opening at 14,338.27, the Sensex had tumbled to 14,286.38 in morning trade.
A weak close on Wall Street, a negative trend on the Asian bourses and a jump in oil prices had triggered heavy selling in morning trade today. Information technology stocks surged higher following Infosys Technologies making the biggest ever overseas acquisition by the Indian IT sector.
Though the bellwether stock remained subdued for a better part of the session - in fact it ended with a loss of 0.3% today - other IT majors Satyam Computer Services (3.25%), Wipro (2.15%) and Tata Consultancy Services (1.8%) signed off on a firm note.
But it was bank stock HDFC Bank, which topped the list of gainers from the Sensex today. The private sector bank major ended stronger by nearly 4%. BHEL gained nearly 2%. Mahindra & Mahindra also ended with a gain of close to 2%.
Reliance Infrastructure, ICICI Bank, Hindustan Unilever, Ranbaxy Laboratories, Maruti Suzuki, ITC, State Bank of India and Hindalco gained 1% - 1.75%. ACC, Tata Power, NTPC, DLF, Larsen & Toubro and ONGC ended with modest gains.
Reliance Industries (down 2.3%) remained weak right through the session today. Jaiprakash Associates lost 1.85%. Tata Steel declined by 1.35%. HDFC, Reliance Communications, Sterlite Industries and Bharti Airtel lost 0.4% - 0.8%. Tata Motors and Grasim Industries posted marginal losses.
Suzlon Energy (down 4.25%) was the most prominent loser in the Nifty index. Zee Entertainment, Dr Reddy's Laboratories, ABB and Idea Cellular also declined sharply.
HCL Technologies, Punjab National Bank, Sun Pharmaceuticals, Cipla, GAIL India, Reliance Petroleum and Siemens ended with sharp to moderate gains.
Bosch vaulted 13.65% on a share buy-back proposal. Max India jumped nearly 7%. Phoenix Mills gained 5.7%. Piramal Healthcare, KSK Energy, IFCI, Punjab Lloyd, IRB Infrastructure, Bajaj Holdings, REI Agro, Bank of Baroda, Tech Mahindra, Kotak Bank, Reliance Capital, UCO Bank and Crompton Greaves gained in strength.
Among midcap stocks, FSL zoomed nearly 23%. Motherson Sumi ended with a hefty gain of 9.8%. Sun Pharma Advanced Research, Apollo Tyre, IndusInd Bank, BF Utilities, Zee News, Torrent Pharma, KEC International, 3i Infotech, NIIT, Provogue and Shristi Infrastructure also ended on a firm note.
As the focus was on large cap stocks today, not many stocks from midcap and smallcap segments made it to the positive territory. The market breadth was negative. Out of 2692 stocks traded on BSE, 1199 stocks closed with gains. 1389 stocks posted losses and 104 stocks ended flat.
Source:Sify India.
After opening on a weak note this morning and remaining in the red for a long time, the market staged a smart recovery in late afternoon trade to end on a positive note today thanks to heavy buying in auto, bank and IT stocks. Reports of a near normal monsoon aided the sentiment to an extent.
While the 30 share BSE sensitive index Sensex ended the day with a gain of 31.87 points or 0.22% at 14,482.22, the broader 50 stock Nifty index of the National Stock Exchange settled with a small gain of 2.15 points at 4337.50. Earlier, after opening at 14,338.27, the Sensex had tumbled to 14,286.38 in morning trade.
A weak close on Wall Street, a negative trend on the Asian bourses and a jump in oil prices had triggered heavy selling in morning trade today. Information technology stocks surged higher following Infosys Technologies making the biggest ever overseas acquisition by the Indian IT sector.
Though the bellwether stock remained subdued for a better part of the session - in fact it ended with a loss of 0.3% today - other IT majors Satyam Computer Services (3.25%), Wipro (2.15%) and Tata Consultancy Services (1.8%) signed off on a firm note.
But it was bank stock HDFC Bank, which topped the list of gainers from the Sensex today. The private sector bank major ended stronger by nearly 4%. BHEL gained nearly 2%. Mahindra & Mahindra also ended with a gain of close to 2%.
Reliance Infrastructure, ICICI Bank, Hindustan Unilever, Ranbaxy Laboratories, Maruti Suzuki, ITC, State Bank of India and Hindalco gained 1% - 1.75%. ACC, Tata Power, NTPC, DLF, Larsen & Toubro and ONGC ended with modest gains.
Reliance Industries (down 2.3%) remained weak right through the session today. Jaiprakash Associates lost 1.85%. Tata Steel declined by 1.35%. HDFC, Reliance Communications, Sterlite Industries and Bharti Airtel lost 0.4% - 0.8%. Tata Motors and Grasim Industries posted marginal losses.
Suzlon Energy (down 4.25%) was the most prominent loser in the Nifty index. Zee Entertainment, Dr Reddy's Laboratories, ABB and Idea Cellular also declined sharply.
HCL Technologies, Punjab National Bank, Sun Pharmaceuticals, Cipla, GAIL India, Reliance Petroleum and Siemens ended with sharp to moderate gains.
Bosch vaulted 13.65% on a share buy-back proposal. Max India jumped nearly 7%. Phoenix Mills gained 5.7%. Piramal Healthcare, KSK Energy, IFCI, Punjab Lloyd, IRB Infrastructure, Bajaj Holdings, REI Agro, Bank of Baroda, Tech Mahindra, Kotak Bank, Reliance Capital, UCO Bank and Crompton Greaves gained in strength.
Among midcap stocks, FSL zoomed nearly 23%. Motherson Sumi ended with a hefty gain of 9.8%. Sun Pharma Advanced Research, Apollo Tyre, IndusInd Bank, BF Utilities, Zee News, Torrent Pharma, KEC International, 3i Infotech, NIIT, Provogue and Shristi Infrastructure also ended on a firm note.
As the focus was on large cap stocks today, not many stocks from midcap and smallcap segments made it to the positive territory. The market breadth was negative. Out of 2692 stocks traded on BSE, 1199 stocks closed with gains. 1389 stocks posted losses and 104 stocks ended flat.
Source:Sify India.
25 August 2008
Investor's Guide: ET
Investor's Guide
Top stories
Bargain hunting helps indices close higher25 Aug, 2008, 0513 hrs IST, DEEPAK MOHONI
The market declined for the second successive week, with the Sensex finishing 2.19% or 323 points lower, the Nifty losing 2.33% and the CNX Midcap falling 2.71%.
Global stock indices mirror each other 25 Aug, 2008, 0502 hrs IST, Shakti Shankar Patra
Though the harbingers of globalisation may not have envisioned it, the interdependence of world economies and the free flow of capital have made global stock indices mirror each other.
BoI's stock a good bet for long term investors
25 Aug, 2008, 0452 hrs IST, Karan Sehgal & Diana Montei Ro
Bank of India’s cheap valuations belie its strong performance across key parameters. The stock is an interesting bet for long-term investors.
Piramal stock outperformed the Sensex 25 Aug, 2008, 0433 hrs IST, Kiran Kabtta
Piramal Healthcare’s stock has outperformed the Sensex since the start of this year. There’s still significant upside left in the stock and long-term investors can accumulate it at the current price.
Analysts'Picks: Tata steel, Idea cellular, Tata chemicals, Lupin, ONGC
25 Aug, 2008, 0424 hrs IST
Tata steel, Idea cellular, Tata chemicals, Lupin, ONGC are good for investment.
Analysts'Picks: ONGC Govt had indicated that subsidy-sharing in FY09 will be fixed at Rs 45,000 crore for upstream cos Rs 20,000 crore for OMCs and oil bonds issuance at Rs 94,600 crore.
Analysts'Picks: Lupin Lupin has entered into multiyear agreement with Forest to promote the latter’s VHC product AeroChamber Plus to paediatricians.
Analysts'Picks: Tata chemicals Goldman sachs initiates ‘buy’ recommendation on Tata Chemicals with a target price of Rs 435, implying 29% potential upside.
Analysts'Picks: Idea Idea launched its mobile services in Mumbai last week.
Analysts'Picks: Tata steel CLSA maintains ‘outperform’ rating on Tata Steel, but lowers its target price to Rs 745.
Stock market may undergo correction in short term 25 Aug, 2008, 0418 hrs IST
With FY09 valuations looking fair, the stock market may undergo a correction in the short term before seeking a trend.
KEL stable growth is good bet for investors 25 Aug, 2008, 0415 hrs IST, Ramkrishna Kashelkar
Kabra Extrusiontechnik’s stable growth prospects, low valuations and healthy dividend yield make it a good bet for long-term investors.
Investors can scale operations with Unitech and DLF
25 Aug, 2008, 0349 hrs IST, Supriya Verma Mishra
Investors who want to take advantage of growth in the domestic real estate sector can draw strength from DLF’s impeccable delivery record and scale of operations, while the bravehearts can go for Unitech.
LIC is on shopping spree! 25 Aug, 2008, 0331 hrs IST, Krishna Kant
Not Everybody is selling while it’s demoralising for investors to hear about the exodus of deep-pocketed FIIs, they can take heart from the fact that LIC, the big daddy of the Indian equity market, is on a shopping spree.
IT sector grapples with fluctuating rupee
25 Aug, 2008, 0325 hrs IST, Santanu Mishra & Ranjit Shinde
The IT sector is grappling with problems, but all’s not over yet. There are still some value picks for investors who are willing to be patient.
Source:ET
Top stories
Bargain hunting helps indices close higher25 Aug, 2008, 0513 hrs IST, DEEPAK MOHONI
The market declined for the second successive week, with the Sensex finishing 2.19% or 323 points lower, the Nifty losing 2.33% and the CNX Midcap falling 2.71%.
Global stock indices mirror each other 25 Aug, 2008, 0502 hrs IST, Shakti Shankar Patra
Though the harbingers of globalisation may not have envisioned it, the interdependence of world economies and the free flow of capital have made global stock indices mirror each other.
BoI's stock a good bet for long term investors
25 Aug, 2008, 0452 hrs IST, Karan Sehgal & Diana Montei Ro
Bank of India’s cheap valuations belie its strong performance across key parameters. The stock is an interesting bet for long-term investors.
Piramal stock outperformed the Sensex 25 Aug, 2008, 0433 hrs IST, Kiran Kabtta
Piramal Healthcare’s stock has outperformed the Sensex since the start of this year. There’s still significant upside left in the stock and long-term investors can accumulate it at the current price.
Analysts'Picks: Tata steel, Idea cellular, Tata chemicals, Lupin, ONGC
25 Aug, 2008, 0424 hrs IST
Tata steel, Idea cellular, Tata chemicals, Lupin, ONGC are good for investment.
Analysts'Picks: ONGC Govt had indicated that subsidy-sharing in FY09 will be fixed at Rs 45,000 crore for upstream cos Rs 20,000 crore for OMCs and oil bonds issuance at Rs 94,600 crore.
Analysts'Picks: Lupin Lupin has entered into multiyear agreement with Forest to promote the latter’s VHC product AeroChamber Plus to paediatricians.
Analysts'Picks: Tata chemicals Goldman sachs initiates ‘buy’ recommendation on Tata Chemicals with a target price of Rs 435, implying 29% potential upside.
Analysts'Picks: Idea Idea launched its mobile services in Mumbai last week.
Analysts'Picks: Tata steel CLSA maintains ‘outperform’ rating on Tata Steel, but lowers its target price to Rs 745.
Stock market may undergo correction in short term 25 Aug, 2008, 0418 hrs IST
With FY09 valuations looking fair, the stock market may undergo a correction in the short term before seeking a trend.
KEL stable growth is good bet for investors 25 Aug, 2008, 0415 hrs IST, Ramkrishna Kashelkar
Kabra Extrusiontechnik’s stable growth prospects, low valuations and healthy dividend yield make it a good bet for long-term investors.
Investors can scale operations with Unitech and DLF
25 Aug, 2008, 0349 hrs IST, Supriya Verma Mishra
Investors who want to take advantage of growth in the domestic real estate sector can draw strength from DLF’s impeccable delivery record and scale of operations, while the bravehearts can go for Unitech.
LIC is on shopping spree! 25 Aug, 2008, 0331 hrs IST, Krishna Kant
Not Everybody is selling while it’s demoralising for investors to hear about the exodus of deep-pocketed FIIs, they can take heart from the fact that LIC, the big daddy of the Indian equity market, is on a shopping spree.
IT sector grapples with fluctuating rupee
25 Aug, 2008, 0325 hrs IST, Santanu Mishra & Ranjit Shinde
The IT sector is grappling with problems, but all’s not over yet. There are still some value picks for investors who are willing to be patient.
Source:ET
VC,PE updates
Articles from VCcircle.com
Balaji Telefilms, Star Group To Terminate Shareholding, JV Agreement
Sapat International Eyes British Tea Brands
UTV Software Acquires US-Based Online Gaming Startup True Games
M&M Acquires 51% Stake in Chinese Firm For $26 Million
News Roundup: Aditya Birla To Build $10bn Financial Biz
News Roundup: Taxman May Knock At Your Door If Received Rs 50 Lakh
Baer Capital Launches India Long/Short Hedge Fund
There Are Still Brave People In IPO Market
IFC Invests $18M In Indian Mortgage Guarantee Co
Swiss-German Fund MPC Synergy Invests $296 million In Phoenix Mills
Equitas Gets $12.5M Fund Infusion From Three Funds
Dawnay Day Sells Its Stake In India Venture To New Silk Route
Seventymm Raises $12 Million In Third Round From NEA Indo US Ventures
Ojas Venture Partners Invests In Mobile Tech Firm Mango
Matrix Partners Invests $7 Million In Mumbai Play School Tree House
Basiz Fund Services Gets $2 Million From NEA Indo US Ventures
Job Listings
Sr. Associate at Singhi Advisors Ltd
Assistant General Counsel at Top US Bank
Associate Vice President - Corporate Finance ...... View All
-------------------------------------------
IndiaPE.com
Flawless Diamonds to acquire distribution company in Dubai
California Software to buy UK firm for $60 m
NMCE may sell equity stake to Singapore Commodity Exchange
Future Group to pick stake in Blue Foods
Star may buy stake in Asianet
SRL Ranbaxy mulls merger with Fortis Health
PE funds join hands to put money in firms
3i, Kotak, NSR eye stake in Balaji
Kirloskar set to buy Germany's LDW
Dawnay Day sold to New Silk Route
VC Investment in India Jumps 120% to $238 Million in 2Q08
Anil Ambani eyes stake in Balaji
German fund buys stake in Phoenix SPVs for Rs 1,300 crore
Merrill Lynch picks up 50% in Salarpuria's hotel project
Seventymm raises Rs 50 cr in Series C funding
Source: Above sites.
Balaji Telefilms, Star Group To Terminate Shareholding, JV Agreement
Sapat International Eyes British Tea Brands
UTV Software Acquires US-Based Online Gaming Startup True Games
M&M Acquires 51% Stake in Chinese Firm For $26 Million
News Roundup: Aditya Birla To Build $10bn Financial Biz
News Roundup: Taxman May Knock At Your Door If Received Rs 50 Lakh
Baer Capital Launches India Long/Short Hedge Fund
There Are Still Brave People In IPO Market
IFC Invests $18M In Indian Mortgage Guarantee Co
Swiss-German Fund MPC Synergy Invests $296 million In Phoenix Mills
Equitas Gets $12.5M Fund Infusion From Three Funds
Dawnay Day Sells Its Stake In India Venture To New Silk Route
Seventymm Raises $12 Million In Third Round From NEA Indo US Ventures
Ojas Venture Partners Invests In Mobile Tech Firm Mango
Matrix Partners Invests $7 Million In Mumbai Play School Tree House
Basiz Fund Services Gets $2 Million From NEA Indo US Ventures
Job Listings
Sr. Associate at Singhi Advisors Ltd
Assistant General Counsel at Top US Bank
Associate Vice President - Corporate Finance ...... View All
-------------------------------------------
IndiaPE.com
Flawless Diamonds to acquire distribution company in Dubai
California Software to buy UK firm for $60 m
NMCE may sell equity stake to Singapore Commodity Exchange
Future Group to pick stake in Blue Foods
Star may buy stake in Asianet
SRL Ranbaxy mulls merger with Fortis Health
PE funds join hands to put money in firms
3i, Kotak, NSR eye stake in Balaji
Kirloskar set to buy Germany's LDW
Dawnay Day sold to New Silk Route
VC Investment in India Jumps 120% to $238 Million in 2Q08
Anil Ambani eyes stake in Balaji
German fund buys stake in Phoenix SPVs for Rs 1,300 crore
Merrill Lynch picks up 50% in Salarpuria's hotel project
Seventymm raises Rs 50 cr in Series C funding
Source: Above sites.
24 August 2008
Stock Analysis:BL
TECHNICAL ANALYSIS: Index OutlookIt was an irresolute trading week on the Indian bourses. There were no positive triggers to enthuse the market participants. On the other hand, the plethora of negatives that have been analysed thread-bare, do not appear to have the power to ...
STOCKS: Dabur India: BuyA large repertoire of FMCG (fast moving consumer goods) brands, a healthy pace of new launches and ability to manage margins amid volatile input costs make Dabur India a good addition to any long-term investor’s portfolio. ...
VENTURE CAPITAL: Clinching VC fundingHaving ambitions of becoming an entrepreneur? Do you have a commercial idea that you think is viable? Venture Capitalists (VCs), who provide money for nascent businesses, are the people you should get in touch with. ...
CEMENT: Cement: Lower valuations trigger M&AWith a volume growth of over 9 per cent per annum in the last three years, the Indian cement industry has drawn the attention of many foreign bigwigs over the years. The stimulus for entry into the Indian cement sector is getting stronger with ...
TECHNICAL ANALYSIS:
Reliance Infra (August 24, 2008)
Unitech (August 24, 2008)
Infosys (August 24, 2008)
Tata Steel (August 24, 2008)
Reliance Ind (August 24, 2008)
SBI (August 24, 2008)
Index Outlook (August 24, 2008)
Query Corner: What the charts say
STOCKS: Tata Steel: BuyInvestors can consider buying the Tata Steel stock trading at Rs 594, which is a price-earnings multiple of eight times its standalone earnings and about five times its likely consolidated earnings for FY-09 . The company’s integrated ...
STOCKS: Elecon Engineering: HoldInvestments can be retained in the stock of Elecon Engineering, an established player in both material handling equipment (MHE) and industrial gears business. At the current market price of Rs 112, the stock trades at about 11 times its likely ...
STOCKS: Motherson Sumi: BuyInvestors with a long-term perspective can consider exposure to the Motherson Sumi stock. At the current market price of Rs 80, the stock trades at a price-earnings multiple of about 15 (estimated FY-10 earnings). Though this valuation may ...
DERIVATIVES MARKETS: Derivative strategies: Using puts for discount buysTraders extensively use limit-orders to buy a stock at a discount to the market price. The present market structure does not allow traders to use Good Till Cancelled (GTC) order to buy or sell a stock at a certain price. Everyday, a trader has ...
INVESTMENTS: Go for gold‘Gold’, as an investment option, has been in the news in recent times. Suddenly every analyst is suggesting that gold should form part of every portfolio. And they are right. ...
DERIVATIVES MARKETS: Nifty future may drift further downThe Nifty August future lost another 2.5 per cent over the week to close at 4324.1 points against its previous week’s close of 4434.9. With just four days left for the settlement, Nifty August future is yet again under siege of ...
STOCK MARKETS: Baskets of XE-mail your guess before Tuesday to:
STOCK MARKETS: Bull's EyeE-mail your response by Tuesday to
For more: http://www.thehindubusinessline.com/iw/index.htm
Source: BusinessLine.
STOCKS: Dabur India: BuyA large repertoire of FMCG (fast moving consumer goods) brands, a healthy pace of new launches and ability to manage margins amid volatile input costs make Dabur India a good addition to any long-term investor’s portfolio. ...
VENTURE CAPITAL: Clinching VC fundingHaving ambitions of becoming an entrepreneur? Do you have a commercial idea that you think is viable? Venture Capitalists (VCs), who provide money for nascent businesses, are the people you should get in touch with. ...
CEMENT: Cement: Lower valuations trigger M&AWith a volume growth of over 9 per cent per annum in the last three years, the Indian cement industry has drawn the attention of many foreign bigwigs over the years. The stimulus for entry into the Indian cement sector is getting stronger with ...
TECHNICAL ANALYSIS:
Reliance Infra (August 24, 2008)
Unitech (August 24, 2008)
Infosys (August 24, 2008)
Tata Steel (August 24, 2008)
Reliance Ind (August 24, 2008)
SBI (August 24, 2008)
Index Outlook (August 24, 2008)
Query Corner: What the charts say
STOCKS: Tata Steel: BuyInvestors can consider buying the Tata Steel stock trading at Rs 594, which is a price-earnings multiple of eight times its standalone earnings and about five times its likely consolidated earnings for FY-09 . The company’s integrated ...
STOCKS: Elecon Engineering: HoldInvestments can be retained in the stock of Elecon Engineering, an established player in both material handling equipment (MHE) and industrial gears business. At the current market price of Rs 112, the stock trades at about 11 times its likely ...
STOCKS: Motherson Sumi: BuyInvestors with a long-term perspective can consider exposure to the Motherson Sumi stock. At the current market price of Rs 80, the stock trades at a price-earnings multiple of about 15 (estimated FY-10 earnings). Though this valuation may ...
DERIVATIVES MARKETS: Derivative strategies: Using puts for discount buysTraders extensively use limit-orders to buy a stock at a discount to the market price. The present market structure does not allow traders to use Good Till Cancelled (GTC) order to buy or sell a stock at a certain price. Everyday, a trader has ...
INVESTMENTS: Go for gold‘Gold’, as an investment option, has been in the news in recent times. Suddenly every analyst is suggesting that gold should form part of every portfolio. And they are right. ...
DERIVATIVES MARKETS: Nifty future may drift further downThe Nifty August future lost another 2.5 per cent over the week to close at 4324.1 points against its previous week’s close of 4434.9. With just four days left for the settlement, Nifty August future is yet again under siege of ...
STOCK MARKETS: Baskets of XE-mail your guess before Tuesday to:
STOCK MARKETS: Bull's EyeE-mail your response by Tuesday to
For more: http://www.thehindubusinessline.com/iw/index.htm
Source: BusinessLine.
Growth: Can India catch up with China?
Growth: Can India catch up with China?
Can China and India sustain their current growth rates?
A traditional answer to this question is conditional: yes, provided they continue to implement policy reforms. But historical experience allows a less guarded answer.
There are few examples of countries that have grown as strongly and for such long periods as India and China have - 6 per cent and 10 per cent, respectively, for nearly three decades - and then suffered a sharp slowdown or collapse.
If history is a reliable guide, then barring major upheavals, economic growth looks likely to continue in both countries until some threshold level of prosperity is attained.
But why does growth beget more growth? One mechanism is simply that growth signals the fact of profitable economic opportunities, which encourages investors to rush in, first in response to these opportunities but then in response to each other - this is growth as a confidence trick - creating a virtuous circle.
If countries are relatively poor, if their markets are large, and if their policy framework is basically sensible - all of which are true of China and India - the chances of the growth-begetting-growth dynamic taking hold are high.
But in addition to the signalling effect, growth may itself cause changes which have in turn a growth-reinforcing effect - a kind of positive feedback loop. A good example is education.
For long, development economists bemoaned the poor levels of educational attainment in India, directing their critique at the government's failure to supply better education. But economic growth changed the education picture dramatically.
It increased the returns to, and hence the demand for, education. And if government supply remained weak, consumers simply turned to the private sector to meet their demand for education.
Improvements in educational attainment over the last 15 years are attributable in part to more rapid growth..
For more: http://specials.rediff.com/money/2008/aug/21slide2.htm
-------------------------------------
Other Rediff articles:
9 great lessons from Dhirubhai
The world's 11 best metro rail systems
India, 61: The Icons That Define India
Achievers
• Meet India's youngest MTech from IIT Madras
• 'Persistence is the sure formula for success'
• A millionaire hotelier shares his success secrets
Information You Can Use
• Part-time engineering courses• PhD in biotechnology• IIMC’s Computer Aided mgt• IIT's alumni meet• Interested in Japanese Mgmt?• Are you a budding ad-man?• NITTTR's MTech, ME degrees• Lucknow Univ's MBA courses• Calcutta Univ's mgmt courses• IIAS research Fellowships• Associateship in Nuke Physics• Want to study engg abroad?• TAPMI's PG prog in mgmt• IRMA's PGP in Rural Mgmt• Want a career in banking?• XLRI's distance edu courses• SP Jain's global MBA
Source:Rediff
Can China and India sustain their current growth rates?
A traditional answer to this question is conditional: yes, provided they continue to implement policy reforms. But historical experience allows a less guarded answer.
There are few examples of countries that have grown as strongly and for such long periods as India and China have - 6 per cent and 10 per cent, respectively, for nearly three decades - and then suffered a sharp slowdown or collapse.
If history is a reliable guide, then barring major upheavals, economic growth looks likely to continue in both countries until some threshold level of prosperity is attained.
But why does growth beget more growth? One mechanism is simply that growth signals the fact of profitable economic opportunities, which encourages investors to rush in, first in response to these opportunities but then in response to each other - this is growth as a confidence trick - creating a virtuous circle.
If countries are relatively poor, if their markets are large, and if their policy framework is basically sensible - all of which are true of China and India - the chances of the growth-begetting-growth dynamic taking hold are high.
But in addition to the signalling effect, growth may itself cause changes which have in turn a growth-reinforcing effect - a kind of positive feedback loop. A good example is education.
For long, development economists bemoaned the poor levels of educational attainment in India, directing their critique at the government's failure to supply better education. But economic growth changed the education picture dramatically.
It increased the returns to, and hence the demand for, education. And if government supply remained weak, consumers simply turned to the private sector to meet their demand for education.
Improvements in educational attainment over the last 15 years are attributable in part to more rapid growth..
For more: http://specials.rediff.com/money/2008/aug/21slide2.htm
-------------------------------------
Other Rediff articles:
9 great lessons from Dhirubhai
The world's 11 best metro rail systems
India, 61: The Icons That Define India
Achievers
• Meet India's youngest MTech from IIT Madras
• 'Persistence is the sure formula for success'
• A millionaire hotelier shares his success secrets
Information You Can Use
• Part-time engineering courses• PhD in biotechnology• IIMC’s Computer Aided mgt• IIT's alumni meet• Interested in Japanese Mgmt?• Are you a budding ad-man?• NITTTR's MTech, ME degrees• Lucknow Univ's MBA courses• Calcutta Univ's mgmt courses• IIAS research Fellowships• Associateship in Nuke Physics• Want to study engg abroad?• TAPMI's PG prog in mgmt• IRMA's PGP in Rural Mgmt• Want a career in banking?• XLRI's distance edu courses• SP Jain's global MBA
Source:Rediff
23 August 2008
US Stks- Lehman jump, oil plunge drives Wall St rally
US STOCKS-Lehman's jump, oil's plunge drives Wall St rally
US STOCKS-Market ends higher on Lehman's rally, lower oil
* Hopes for an investment in Lehman boost financials
* Buffett says stocks more attractive now than a year ago
* Bernanke encouraged by drop in commodity prices
* Dow up 1.7 pct, S&P 500 up 1.1 pct, Nasdaq up 1.4 pct (Updates to close)
By Steven C. Johnson
NEW YORK, Aug 22 (Reuters) - U.S. stocks rallied on Friday to score their best daily gain in two weeks as hopes that Lehman Brothers (LEH.N: Quote, Profile, Research, Stock Buzz) may attract a major investor lifted financial stocks while a plunge in oil prices soothed worries about inflation and consumer spending.
The rally helped the broader market erase most of the losses suffered in recent days, leaving the Dow and the S&P 500 only a touch below where they were when the week began.
Shares of Lehman Brothers Holdings Inc (LEH.N: Quote, Profile, Research, Stock Buzz) ended up 5 percent after the Korea Development Bank [KDB.UL] said the U.S. brokerage was a possible acquisition target.For details, see [ID:nSEO332057]. At one point, Lehman's stock was up more than 15 percent.
Lehman is among the U.S. banks whose business has been battered by mounting losses sparked by the U.S. housing slump. Lehman's stock has lost nearly 80 percent of its value this year and the investment bank has taken $7 billion in write-downs. Earlier this week, several brokerages forecast more write-downs to come. Continued...
-----------------------------------------
Oil falls 5.4 percent in biggest drop since 2004
Crude oil prices fell more than 5.4 percent on Friday in the biggest one-day slide since 2004 as dealers turned their focus to rising supply levels and weakening global demand.
A rebound in the U.S. dollar encouraged the sell-off, applying downward pressure across the commodities markets by weakening the purchasing power of buyers using other currencies, dealers said.
The slide adds to a more than 20 percent fall in the price of crude since mid-July and could increase the chance oil cartel OPEC will cut official production limits when the group meets in Vienna on September 9.
U.S. crude fell $6.59, or 5.4 percent, to settle at $114.59 a barrel -- the biggest fall in percentage terms since December 27, 2004. London Brent crude fell $6.24 to $113.92 a barrel.
"People who were buying yesterday are taking profits today," said Peter Beutel, analyst at consultancy Cameron Hanover. "There is also renewed technical selling and talk again of demand destruction. The dollar is strong again too."
The declines Friday were encouraged by two reports -- one showing an uptick in OPEC crude oil output and another showing an expected decline in U.S. travel over the September 1 Labor Day holiday weekend as high fuel prices hit consumers.
Industry consultant Petrologistics said on Friday OPEC oil output was expected to rise in August by 450,000 barrels per day, to 32.95 million bpd, a factor that could further beef up inventory levels in consumer nations.
Meanwhile, the U.S. auto and travel group AAA said that Labor Day holiday travel was expected to fall this year by the largest amount in at least eight years as consumers struggle with higher gasoline prices and airfares. Continued...
Source: Reuters.com.
US STOCKS-Market ends higher on Lehman's rally, lower oil
Index Value: 11,628.06
Trade Time: 4:08PM ET
Change: 197.85 (1.73%)
Prev Close: 11,430.21
Open: 11,426.79
Trade Time: 4:08PM ET
Change: 197.85 (1.73%)
Prev Close: 11,430.21
Open: 11,426.79
* Hopes for an investment in Lehman boost financials
* Buffett says stocks more attractive now than a year ago
* Bernanke encouraged by drop in commodity prices
* Dow up 1.7 pct, S&P 500 up 1.1 pct, Nasdaq up 1.4 pct (Updates to close)
By Steven C. Johnson
NEW YORK, Aug 22 (Reuters) - U.S. stocks rallied on Friday to score their best daily gain in two weeks as hopes that Lehman Brothers (LEH.N: Quote, Profile, Research, Stock Buzz) may attract a major investor lifted financial stocks while a plunge in oil prices soothed worries about inflation and consumer spending.
The rally helped the broader market erase most of the losses suffered in recent days, leaving the Dow and the S&P 500 only a touch below where they were when the week began.
Shares of Lehman Brothers Holdings Inc (LEH.N: Quote, Profile, Research, Stock Buzz) ended up 5 percent after the Korea Development Bank [KDB.UL] said the U.S. brokerage was a possible acquisition target.For details, see [ID:nSEO332057]. At one point, Lehman's stock was up more than 15 percent.
Lehman is among the U.S. banks whose business has been battered by mounting losses sparked by the U.S. housing slump. Lehman's stock has lost nearly 80 percent of its value this year and the investment bank has taken $7 billion in write-downs. Earlier this week, several brokerages forecast more write-downs to come. Continued...
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Oil falls 5.4 percent in biggest drop since 2004
Crude oil prices fell more than 5.4 percent on Friday in the biggest one-day slide since 2004 as dealers turned their focus to rising supply levels and weakening global demand.
A rebound in the U.S. dollar encouraged the sell-off, applying downward pressure across the commodities markets by weakening the purchasing power of buyers using other currencies, dealers said.
The slide adds to a more than 20 percent fall in the price of crude since mid-July and could increase the chance oil cartel OPEC will cut official production limits when the group meets in Vienna on September 9.
U.S. crude fell $6.59, or 5.4 percent, to settle at $114.59 a barrel -- the biggest fall in percentage terms since December 27, 2004. London Brent crude fell $6.24 to $113.92 a barrel.
"People who were buying yesterday are taking profits today," said Peter Beutel, analyst at consultancy Cameron Hanover. "There is also renewed technical selling and talk again of demand destruction. The dollar is strong again too."
The declines Friday were encouraged by two reports -- one showing an uptick in OPEC crude oil output and another showing an expected decline in U.S. travel over the September 1 Labor Day holiday weekend as high fuel prices hit consumers.
Industry consultant Petrologistics said on Friday OPEC oil output was expected to rise in August by 450,000 barrels per day, to 32.95 million bpd, a factor that could further beef up inventory levels in consumer nations.
Meanwhile, the U.S. auto and travel group AAA said that Labor Day holiday travel was expected to fall this year by the largest amount in at least eight years as consumers struggle with higher gasoline prices and airfares. Continued...
Source: Reuters.com.
22 August 2008
The world's richest college dropouts
The world's richest college dropouts -I
Billionaire college dropouts!
August 20, 2008
There are many college and school dropouts who have amassed a huge amount wealth. But good education is never a waste of time, because there are millions of dropouts, but only a few of them go on to become billionaires.
The billionaire college dropouts list shows that a combination of qualities like vision, determination, hard work, business acumen, ability to spot an opportunity and turn it into a winning venture, leadership and motivational skills, etc is more important than a college degree.
Here are some college dropouts who went on to become billionaires. . .
Dhirubhai Ambani
Dhirajlal Hirachand Ambani (1932-2002) was born into a modest family of a schoolteacher. When he was 16, he dropped out of school and went to Aden to work as a gas-station attendant and then later as a clerk in an oil company.
He returned to India 10 years later and started a business with a meagre capital. By the time of his demise, his company -- Reliance Industries Ltd -- had grown into a mammoth business empire! He was one of India's greatest ever entrepreneurs.
Dhirubhai is credited with having single-handedly breathed life into the Indian stock markets and bringing in thousands of investors to the bourses. In the process he became one of the world's richest men.
His modern way of thinking brought into play his second achievement: the idea that Indian manufacturing could and should be world class.
His sons, Mukesh and Anil are among the top 10 richest persons in the world, each of them worth over $40 billion..
For more :
http://specials.rediff.com/money/2008/aug/20sl1.htm - I
http://specials.rediff.com/money/2008/aug/21sl1.htm - II
Source: Rediff.com
Billionaire college dropouts!
August 20, 2008
There are many college and school dropouts who have amassed a huge amount wealth. But good education is never a waste of time, because there are millions of dropouts, but only a few of them go on to become billionaires.
The billionaire college dropouts list shows that a combination of qualities like vision, determination, hard work, business acumen, ability to spot an opportunity and turn it into a winning venture, leadership and motivational skills, etc is more important than a college degree.
Here are some college dropouts who went on to become billionaires. . .
Dhirubhai Ambani
Dhirajlal Hirachand Ambani (1932-2002) was born into a modest family of a schoolteacher. When he was 16, he dropped out of school and went to Aden to work as a gas-station attendant and then later as a clerk in an oil company.
He returned to India 10 years later and started a business with a meagre capital. By the time of his demise, his company -- Reliance Industries Ltd -- had grown into a mammoth business empire! He was one of India's greatest ever entrepreneurs.
Dhirubhai is credited with having single-handedly breathed life into the Indian stock markets and bringing in thousands of investors to the bourses. In the process he became one of the world's richest men.
His modern way of thinking brought into play his second achievement: the idea that Indian manufacturing could and should be world class.
His sons, Mukesh and Anil are among the top 10 richest persons in the world, each of them worth over $40 billion..
For more :
http://specials.rediff.com/money/2008/aug/20sl1.htm - I
http://specials.rediff.com/money/2008/aug/21sl1.htm - II
Source: Rediff.com
Sensex gains 158 pts as blue chips bounce back:Sify, India
Sensex gains 158 pts as blue chips bounce back
The market shrugged off a rise in inflation, crude oil prices, weak Asian bourses and a highly negative start and closed with sharp gains today.
There were several volatile spells during the day but in the end, it was a buoyant close for the benchmark indices Sensex and Nifty thanks to sustained buying in metal, bank, FMCG, oil and auto stocks in afternoon trade.
Power, pharma and information technology stocks also broke free from their lower levels and rallied higher. Capital goods, PSU and realty stocks ended well off their intra-day lows thanks to renewed buying support.
While the Sensex, which rose to a high of 14,428.52 today, ended at 14,401.49 with a gain of 157.76 points or 1.11%, the Nifty closed at 4327.45, slightly off its intra-day high of 4337, with a gain of 43.60 points or 1.02%.
Earlier, in morning trade, the Sensex and Nifty had tumbled to 14,136.86 and 4248 respectively following a weak start.
Even as several large cap stocks marched on to higher levels this afternoon, the mood remained highly subdued with regard to stocks from midcap and smallcap segments. As a result, the market breadth was weak when trade ended today.
Out of a total of 2725 stocks traded on BSE, 1212 stocks closed with gains. 1411 stocks posted losses and 102 stocks ended flat.
Sterlite Industries and Hindalco ended stronger by over 4.25%. Hindustan Unilever moved up by 3.75%. HDFC gained 3.25%. BHEL, Tata Power, Reliance Infrastructure, HDFC Bank and Maruti Suzuki surged 2% - 3%.
Reliance Communications, Infosys Technologies, Ranbaxy Laboratories, Tata Motors, ACC, Mahindra & Mahindra and Reliance Industries advanced by 1.5% - 2%.
Bharti Airtel, Tata Steel, ONGC, Jaiprakash Associates and DLF posted modest gains. State Bank of India and ICICI Bank gained marginally. Tata Consultancy Services closed flat.
SAIL, Reliance Petroleum, Nalco, Cairn India, Tata Communications and Zee Entertainment ended with sharp gains. BPCL, Dr. Reddy's Laboratories and Power Grid Corporation finished with sharp losses.
Satyam Computer Services ended 3.15% down. Grasim Industries and NTPC also closed with sharp losses. Wipro eased by 0.9%. Larsen & Toubro and ITC declined by 0.85% and 0.3% respectively.
-----------------------------------------
Other articles:
Closing Bell
Anil Ambani ready to talk peace, meet big brother Mukesh
Short covering in stock futures
Equities bounce back; oil & gas, metals lead
Tata threatens to move Nano out of Singur
Coal India may soon become a 'Navratna'
'No gas deal between NTPC & RIL'
All GSM cos to connect with RCOM's network
Product Review: Apple iPhone
Anil ready to meet Mukesh any time
Ask mother to help settle gas dispute, court tells Ambanis
Source: BL,BS,ET,Sify.
The market shrugged off a rise in inflation, crude oil prices, weak Asian bourses and a highly negative start and closed with sharp gains today.
There were several volatile spells during the day but in the end, it was a buoyant close for the benchmark indices Sensex and Nifty thanks to sustained buying in metal, bank, FMCG, oil and auto stocks in afternoon trade.
Power, pharma and information technology stocks also broke free from their lower levels and rallied higher. Capital goods, PSU and realty stocks ended well off their intra-day lows thanks to renewed buying support.
While the Sensex, which rose to a high of 14,428.52 today, ended at 14,401.49 with a gain of 157.76 points or 1.11%, the Nifty closed at 4327.45, slightly off its intra-day high of 4337, with a gain of 43.60 points or 1.02%.
Earlier, in morning trade, the Sensex and Nifty had tumbled to 14,136.86 and 4248 respectively following a weak start.
Even as several large cap stocks marched on to higher levels this afternoon, the mood remained highly subdued with regard to stocks from midcap and smallcap segments. As a result, the market breadth was weak when trade ended today.
Out of a total of 2725 stocks traded on BSE, 1212 stocks closed with gains. 1411 stocks posted losses and 102 stocks ended flat.
Sterlite Industries and Hindalco ended stronger by over 4.25%. Hindustan Unilever moved up by 3.75%. HDFC gained 3.25%. BHEL, Tata Power, Reliance Infrastructure, HDFC Bank and Maruti Suzuki surged 2% - 3%.
Reliance Communications, Infosys Technologies, Ranbaxy Laboratories, Tata Motors, ACC, Mahindra & Mahindra and Reliance Industries advanced by 1.5% - 2%.
Bharti Airtel, Tata Steel, ONGC, Jaiprakash Associates and DLF posted modest gains. State Bank of India and ICICI Bank gained marginally. Tata Consultancy Services closed flat.
SAIL, Reliance Petroleum, Nalco, Cairn India, Tata Communications and Zee Entertainment ended with sharp gains. BPCL, Dr. Reddy's Laboratories and Power Grid Corporation finished with sharp losses.
Satyam Computer Services ended 3.15% down. Grasim Industries and NTPC also closed with sharp losses. Wipro eased by 0.9%. Larsen & Toubro and ITC declined by 0.85% and 0.3% respectively.
-----------------------------------------
Other articles:
Closing Bell
Anil Ambani ready to talk peace, meet big brother Mukesh
Short covering in stock futures
Equities bounce back; oil & gas, metals lead
Tata threatens to move Nano out of Singur
Coal India may soon become a 'Navratna'
'No gas deal between NTPC & RIL'
All GSM cos to connect with RCOM's network
Product Review: Apple iPhone
Anil ready to meet Mukesh any time
Ask mother to help settle gas dispute, court tells Ambanis
Source: BL,BS,ET,Sify.
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