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08 December 2007

India 3rd largest economy , after USA , China: Myiris.ComIndia 3rd largest economy , after USA , China: Myiris.Com

India 3rd largest economy , after USA , China

India emerges as the 3rd largest economy in terms of Purchasing Power Parity (PPP), with its share in the world GDP growing to 6.4% in 2006.

Only USA and China are ahead of India, according to the mid -year review tabled in parliament on Dec. 7, 2007.

The Review says that the economic activity expanded at a substantial pace during the first half of the current fiscal. Industry remained one of the main drivers of the economic growth, but it moderated to 9.2 % during April to September 2007 as compared to 11.1 % during the same period last year.

Exports in Dollar terms continued to maintain a healthy growth of 18.5 % despite appreciating Rupee. The review unveils that high returns on equity and higher interest rates with rise in global private capital flows have resulted in the country receiving large capital. This includes Foreign Direct Investments (FDI), Portfolio Investments (PI) and External Commercial Borrowings (ECB).

In the 10th Five Year Plan, the GDP growth averaged 7.6% annually, which is higher than the growth of 5.5% in the 9th Plan. The Per Capita Income (PCI) growth average at 6.1% per annum in the 10th Plan as against 3.4% in the previous plan.

Service sector continues to be mainstay of the economy and the resurgence in industrial activity has provided stability to the growth process.

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

Weekly Wrap Up: Sensex gains 602.81 pts : Myiris.com

Weekly Wrap Up: Sensex gains 602.81 pts in the week

India`s benchmark 30 share index, BSE Sensex gained 602.81 points to 19,966.00, over the week ended December 08, while the broad based NSE Nifty climbed 131.9 points to 5,934.60 in the same period.

On Monday, The BSE Benchmark index, Sensex opened on a strong note, extending the last week`s positive sentiments and upward trend. Sensex opened with a positive gap of 183 points at 19,547.09 and touched an intraday high of 19,619.44. Heavy buying interest was seen across the sector. The broadbased rise in the market was led by consumer durables, oil and gas, power, metal and auto stocks. BSE Sensex closed with a gain of 240.22 points, or 1.24%, at 19,603.41, while the broad-based NSE Nifty closed at 5,865 up 102.25 points.

On Tuesday, The BSE Benchmark index, Sensex opened positive at 19,707.59 and continued to trade firm in the morning trades. Later the index slipped into the negative and traded flat in the noon trades. Buying and selling activity was witnessed in pivotal stocks. The Sensex further went down backed by profit booking to close in the negative terrain after touching a low of 19,482.34.BSE Sensex closed with a loss of 73.91 points, or 0.38%, at 19,529.50, while the broad-based NSE Nifty closed at 5,858.35, down 6.65 points.

On Wednesday, the BSE Benchmark index, Sensex opened positive at 19,628.85 and continued to trade firm in the morning trades. The index shed some of its gains in the noon trades however, it gained strength later backed by sustained buying activity in frontliners. It touched a high of 19,790.92 to finally close on a strong note. BSE Sensex closed with a reasonable gain of 208.57 points, or 1.07%, at 19,738.07, while the broad-based NSE Nifty closed at 5,900.05, up 41.7 points.

On Thursday, the BSE Benchmark index, Sensex breached 20,018.17 and touched an intraday high of 20,064.31 in the opening trades on account of heavy buying interest in bluechip stocks, in funds and on global cues. The index was rangebound in the noon trades. However, the Sensex lost its ground and fell into the negative but soon moved up into the positive to close firm.BSE Sensex closed with a gain of 57.80 points, or 0.29%, at 19,795.87, while the broad-based NSE Nifty closed at 5,957.70, up 14.7 points.

On Friday, the BSE Benchmark index, Sensex opened above 20,063.50 and touched an intraday high of 20,094.56 in the opening trades backed by heavy buying interest in frontline stocks and on global cues. However, the Sensex lost its ground and fell into the negative but soon moved up into the positive and regained its strength to close on a firm note.BSE Sensex closed with a gain of 170.13 points, or 0.86%, at 19,966.00, while the broad-based NSE Nifty closed at 5,934.60, down 20.1 points.

Corporate Announcement

Patel Engineering bagged an order worth Rs 1.19 billion for double lake tapping and other civil works of Koyna Dam Foot Power House, Government of Maharashtra, Water Resources Department.Infocrossing Healthcare Services, a wholly-owned subsidiary of Wipro, received a multi-year contract to provide services to Missouri`s MO HealthNet program.New Delhi-based Parsvnath Developers bagged Rs 470 million worth contract for construction of Footwear Design & Development Institute, Fursatganj Rae bareli, Uttar Pradesh. Axon Infotech announced that the company acquired 51% stake in Bangalore-based Quasar Innovations.House of Pearl Fashions (HOPFL) acquired 50% stake in the UK-based marketing company, FX Imports, through its subsidiary in the UK - Poeticgem. Maharashtra Seamless (MSL) is close to acquiring the seamless pipes plant of SC Republica in Romania for around Rs 2.5 billion

Economy

India`s wholesale price index (WPI) based Inflation moved to 3.01% for the week ended November 24, as against 3.21% in the previous week. The annual rate of inflation stood at 5.55% a year ago.

Re-listing:
Silverline Technologies got relisted on the Bombay Stock Exchange (BSE) .The Mumbai-headquartered company, which also was the first New York Stock Exchange (NYSE)-listed Indian IT services company, had hit rock bottom in 2003-04.

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

07 December 2007

10% pvt PFs in stocks may get nod: Rediff article

10% pvt PFs in stocks may get nod

The government may double to ten per cent the ceiling of retirement funds managed by private organisations for investing in listed companies, a move that could further boost the already bullish stock markets.The finance ministry is likely to take a final decision next week on allowing private provident funds, superannuation funds and gratuity funds to invest up to 10 per cent of their funds in listed shares.

"We had invited public comments on the proposed investment pattern for non-government provident funds, and would take a decision in this regard next week after studying the comments," a senior Finance Ministry official said on Friday.

If these guidelines are followed by private provident funds that have an aggregate investible amount of nearly Rs 300,000 crore (Rs 3000 billion), employees could expect higher yield on their savings as against the present rate of 8.5 per cent. The stock markets have given an average of 25-40 per cent returns in recent years.

The official said the investment pattern guidelines for non-government provident funds would be revised after about two-and-a-half years.The finance ministry has proposed that provident funds operated by firms could be allowed to invest their funds in shares of companies that have an investment grade debt rating from at least one credit rating agency or companies listed on BSE Sensex or NSE Nifty 50, besides in equity linked schemes of mutual funds regulated by SEBI.

Under the 2005 guidelines, these funds are allowed to invest up to five per cent of their funds in equity market. The union government had earlier given a go-ahead to the central public sector enterprises to invest up to 30 per cent of their surplus funds in the equity market.The finance ministry has maintained that keeping in view the developments in the stock market and tightening of regulations by SEBI, investment pattern of employees provident funds that are operated by employers need to be changed.

Notably, the Board of Trustees of the Employees Provident Fund had earlier rejected the finance ministry's suggestion to invest even up to five per cent of funds in stock market.
Sources said the finance ministry may also raise the limit of provident funds to invest in central and state government securities from 25 per cent to 35 per cent, besides in mutual funds which solely invest in government securities.

The finance ministry is also expected to allow private provident funds to invest up to 25 per cent of their money in bonds and term deposits of private sector banks as against only in public sector banks.However, it has proposed that these private banks where money would be deposited, should meet conditions of continuous profitability for three years and should not have non-performing assets more than 5 per cent of its net advances.

Private banks where employees money could be parked will also have to meet the condition of minimum net worth of Rs 200 crore (Rs 2 billion), sources added.
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Highlights of the Mid-Term Review

High growth sustained in first half of FY'08 at 9.1 pc
Must manage capital flow without hurting growth, prices
Must focus on agriculture and employment
Inflation eases below 4 per cent after 68 weeks
Percentage of 'Below Poverty Line' people declines to 22%
4.7 crore additional jobs created between 1999-2005.
Holding to growth with macro-economic stability a challenge
Improving competitiveness of industry, services a challenge
Must focus on disadvantaged groups not touched by growth
Consensus must for streamlining food, oil, fertilizer subsidy
Cost of neutralising capital flow impact Rs 8,200cr in FY08
Rupee rose 15.1 per cent against the dollar between Oct 2006-07.

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

Indian economy booms at 9.1% in H1: Rediff.Com

The Indian economy grew by 9.1 per cent in first half of 2007-08, says the Mid-Term Review tabled in Parliament on Friday.Striking a cautious note, the review said that managing copious capital flow, without hurting growth and price stability in the short-term would be a major challenge for the country.

The government warned that inflow of foreign funds was more than what the economy can absorb and was leading to appreciation of rupee, a situation that could endanger growth and price stability."Increased capital inflows can impact macroeconomic aggregates through the exchange rate, trade and monetary variables. This was particularly manifest in the first half of the current financial year and thus the management of capital inflows has been and is likely to remain an important issue," the Mid-Year Review 2007-08 said.

The review, tabled by Finance Minister P Chidambaram in Parliament, said that the Indian economy has been witnessing a robust growth for four years in a row now and buoyancy in the first half of this fiscal has reaffirmed continuation of this momentum.Even as the economy has been expanding at 9 per cent and above, the government admitted that growth needs to become more inclusive so that benefits of upswing could be shared by all sections of the society.

While the impetus to growth would continue to be provided by industry and services, growth in agriculture and absorption of labour in productive areas would need focused attention, it said.
Highlighting some of the key features, the Mid-Year Review said the Indian economy grew at 9.1 per cent in the first half of 2007-08 and inflation eased below 4 per cent after 68 weeks.
The growth has generally been inclusive, with the percentage of persons below poverty line declining from around 36 per cent of the population in 1993-94 to 28 per cent in 2004-05, it said.

More on............. Indian economy booms at 9.1% in H1 and
Highlights of the Mid-Term Review

Other Top Stories @ www.rediff.com

Sensex zooms & other highlights
Cheapest term-insurance plans
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Top 10 computer threats for 2008
Why stock traders lose money
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Information You Can Use
• JBIMS: Part-time PG prog
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• Admissions: Manipal University

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

Sensex gains 170 pts at close: Sify India

Sensex gains 170 pts at close

NSE 5974.30 19.60
BSE 19966.00 170.13

A rousing start notwithstanding, equities found the going very tough and choppy as participants, appearing quite clueless about the direction of the market, traded in a somewhat listless manner today. Global cues were strong to begin with and that prompted a buoyant start. As the session progressed, investors turned a bit cautious as Asian markets shed early gains and drifted lower. Inflation rate eased to 3.01% from the previous week's figure of 3.21%. But concerns voiced by the government about surging capital inflows forced a section of participants on to a defensive mood.

As many as 15 of its components, including heavyweights Reliance Industries and Larsen & Toubro, ended in the red today, but strong gains posted by IT, telecom and banking sector heavyweights lifted the Sensex up to a highly positive close.

While the Sensex ended with a big gain of 170.13 points or 0.86% at 19,966, the Nifty, which hit a new all-time high at 6042.10 this morning, closed with a gain of 0.33% or 19.60 points at 5974.30. The Sensex, which opened with a positive gap of nearly 280 points at 20,063.50 and moved on to 20,094.56 in early trade, tumbled to a low of 19,706.43 around mid afternoon.
IT bellwether Infosys Technologies stood firm almost right through the session and ended with a handsome gain of 5.1% at Rs 1718.15 today. Tata Consultancy Services (2.65%), Wipro (1.85%) and Satyam Computer Services (1.6%) took time to settle down but rallied smartly in afternoon trade to finish with smart gains.

Realty stock DLF moved up by 4.15% to Rs 1011.35. ICICI Bank (4.05%), HDFC Bank (2.1%) and State Bank of India (1.7%), housing finance major HDFC (3.85%), pharma stock Ranbaxy Laboratories (2.35%) and telecom stocks Reliance Communications (2.2%) and Bharti Airtel (2.1%) also rose sharply on sustained buying interest. Hindustan Unilever, NTPC and Maruti Suzuki ended with small gains.

Index heavyweight Reliance Industries eased by 1.1%. Hindalco and Tata Steel, the metal majors, lost 2.5% and 1.6% respectively. ITC slipped 1.95% to Rs 188.90. Cement stocks ACC, Grasim Industries and Ambuja Cements closed lower by 1.6%, 1.05% and 1% respectively.
BHEL went down by around 1.5%. Cipla, Bajaj Auto, Larsen & Toubro, Reliance Energy, Mahindra & Mahindra lost 0.5% - 1% while ONGC closed with a small loss.

VSNL, Sun Pharmaceuticals, Tata Power, ABB and Punjab National Bank closed with sharp to moderate gains. Hindustan Petroleum Corporation, SAIL, GAIL India and MTNL ended with sharp losses. Zee Entertainment, BPCL, Sterlite Industries and Siemens also finished on a weak note. Unitech, which opened firm and moved up further in subsequent trade, lost its way a little past mid afternoon and ended in the negative territory with a marginal loss.

Tech Mahindra was the biggest gainer from the IT index. NIIT Technologies rallied by over 7%. Moser Baer spurted 6.2%. i-Flex Solutions (5.8%), MphasiS (5.5%), Aptech (5.25%) and Patni Computers (3.7%) closed with impressive gains. HCL Technologies gained 2.45%. NIIT and Rolta India also closed on a high note.

Though the indices ended with sharp gains, the market breadth was just neutral as several midcap and smallcap stocks wilted under pressure and surrendered their gains. Out of 2909 stocks traded on BSE today, 1460 stocks closed with gains. 1406 stocks ended in the negative territory and 43 stocks ended at their previous closing levels.

More @ www.sify.com/finance

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Parsvnath gets Rs 47 cr order

GMR Infra unit ties up funds for Delhi airport

Morgan Stanley raises stake in Balrampur Chini

ArcelorMittal to offer for remaining stake in COGL

'India 2nd most expensive stock mkt after China'

Eicher Motors zooms on Volvo JV news

BoI, Dai-ichi, Union Bank join hands

Sintex to acquire 3 cos by next year

ONGC relinquishes water block in Mahanadi basin

In Focus: Essel Propack

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

Discover Stock Market India Nifty Bank Nifty Technicals Analysis & India Business Stories

08 December 2007

India 3rd largest economy , after USA , China: Myiris.ComIndia 3rd largest economy , after USA , China: Myiris.Com

Weekly Wrap Up: Sensex gains 602.81 pts : Myiris.com

07 December 2007

ET Business stories

World News: ET, AOL

Other Blog Roundups, News

MoneyControl, Myiris Updates

10% pvt PFs in stocks may get nod: Rediff article

Indian economy booms at 9.1% in H1: Rediff.Com

Sensex gains 170 pts at close: Sify India

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