Sensex plummets 502 pts on global weakness

Sensex plummets 502 pts on global weakness

As global markets plunged on concerns over mounting credit losses, blue chip stocks, barring a select few, reeled under a sustained onslaught and ended with big losses on the Indian bourses this afternoon. So weak was the sentiment that not even some good report cards from India Inc could pull the market out of the red today. The mood was also dampened on reports that a few blasts rocked Bangaluru this afternoon.


The bulls who had taken a retreat yesterday after holding sway for five successive sessions were not to be seen anywhere near the ring today. Bank and oil stocks were among the biggest losers. Realty, capital goods, power and metal stocks had a weak outing as well. A host of stocks from auto and IT sectors too wilted under pressure. Select pharma and FMCG stocks bounced back and closed with notable gains.

As selling interest centred around large caps today, mid and small cap stocks signed off without much damage.

The Sensex, which opened with a negative gap of around 325 points at 14,451.95 and crashed to a low of 14,210.63 in late afternoon trade, ended at 14,274.94 with a stunning loss of 502.07 points or 3.4%. The Nifty settled with a loss of 121.70 points or 2.74% at 4311.85, a few points off its low of 4297.15.

Ranbaxy Laboratories (3.15%), ACC (2.45%), Hindustan Unilever (1.95%), Satyam Computer Services (1.45%), NTPC (1.15%), Grasim Industries (0.7%) and Reliance Communications (0.35%) were the Sensex stocks that managed to close on a positive note today.

ICICI Bank (down 9.6%), HDFC Bank (down 7.15%), Reliance Industries (down 6.9%) and HDFC (down 5.65%) were severely hammered today. Jaiprakash Associates, ONGC, Reliance Infrastructure and BHEL lost 4% - 4.5%. Realty stock DLF and engineering major Larsen & Toubro eased by 3.2% and 3.15% respectively.

Tata Motors, Cipla, Tata Steel and State Bank of India lost 2% - 3%. Hindalco, Ambuja Cements, Infosys Technologies, Mahindra & Mahindra, Tata Consultancy Services, ITC lost 0.5% - 1.5%. Maruti Suzuki eased by around half a per cent while Wipro and Bharti Airtel ended with minor losses.

ABB, Tata Communications, Reliance Petroleum, Sterlite Industries, Sun Pharmaceuticals, Tata Power, HCL Technologies, GAIL India, Zee Entertainment, Suzlon Energy, SAIL and Unitech closed with sharp losses. Nalco moved up by 4.65%. Punjab National Bank, BPCL, Idea Cellular and Siemens settled with sharp to moderate gains.

Mangalore Refineries & Petrochemicals soared 16.7% on buoyant quarterly results. JP Hydropower, Neyveli Lignite Corporation, United Phosphorus, Ispat Industries, Oriental Bank of Commerce, Phoenix Mills, Jai Corp, Piramal Healthcare, India Cements, HMT, Petronet LNG, Jet Airways, Glenmark Pharmaceuticals, Max India, Tata Teleservices, India Bulls Financial Services and Rolta India ended with handsome gains.

Axis Bank, Canara Bank, Karnataka Bank, Yes Bank, Kotak Bank, Federal Bank, Andhra Bank, Indian Bank and Corporation Bank were among the prominent losers among bank stocks besides the three heavyweights. Midcap stocks 3i Infotech, Ess Dee Aluminium, Honeywell Automation, United Breweries, Shree Cements, Renuka Sugars, Advanta, Sadbhav Engineering, IB Securities, KS Oils, Godfrey Philips, Balrampur Chini and Petronet LNG closed with impressive gains.

The market breadth was weak. Out of 2691 stocks traded on BSE today, 1154 stocks closed with gains. 1460 stocks posted losses and 77 stocks ended flat.

Source:Sify

World's top 10 consumers of oil

World's top 10 consumers of oil

Oil, or black gold, is the single most important commodity in the world today.

Scientists say that the world's oil reserves could run dry over the next 30 to 50 years, crippling the world's economy. Which means that new oil reserves will have to be found, or alternative sources of energy will have to be developed, or the consumption of oil will have to drastically reduced.

The globe uses up almost 82 million barrels of oil every day, or 30 billion barrels per year, and the consumption is constantly growing by the day, with economies like India and China growing at breakneck speed.
So which are the world's largest users of petroleum? Read on to find out the top 10 consumers of oil. . .

1. United States
The United States of America is the single largest consumer of oil.
It uses as much as 20.73 million barrels per day!
2. China
A fast growing China is the world's second largest user of oil.
The world's most populous nation uses 6.534 million barrels per day.
3. Japan
Japan is the third largest consumer of oil.
The Asian nation consumes 5.578 million barrels per day.
4. Germany
Germany is the fourth biggest consumer of oil in the world.
It uses 2.650 million barrels per day.
5. Russia
Russia is the fifth largest consumer of oil.
It uses 2.500 million barrels per day.
6. India
India is the sixth largest consumer of oil.
It burns up 2.450 million barrels per day.
7. Canada
Canada is the world's seventh largest consumer of oil.
It uses 2.294 million barrels per day.
8. South Korea
South Korea is the world's eighth largest consumer of oil.
It uses up 2.149 million barrels of oil per day.
9. Brazil
Brazil is the ninth largest user of oil.
It guzzles 2.100 million barrels per day.
10. France
France is the world's tenth largest consumer of oil.
It devours 1.970 million barrels per day.
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Source: Rediff

RIL understated profits fearing windfall tax: SP Tulsian

RIL understated profits fearing windfall tax: SP Tulsian


Reliance Industries has posted 13.2% growth in its net profit at Rs 4,110 crore for the quarter ended June 2008 as against Rs 3,630 crore in the same period of last year. Gross refining margin, or GRM stood at USD 15.70 per barrel. Petro-chemicals revenues went up by 12.7% at Rs 14,871 crore and EBIT margin improved by 10.6% from 10.4% (QoQ). Refining revenues were up by 45.9% at Rs 32,587 crore and EBIT margin declined by 9.3% versus 9.9% (QoQ).

SP Tulsian of Sptulsian.com said results of the refinery segment look disappointing. According to him, the company seems to have understated profit mainly fearing windfall profit tax on the refinery segment.

According to Jigar Shah, Senior Vice-President and Head of Research, KIM ENG Securities, there was a lot of volatility because of rising raw material prices. "That has resulted in refining margins being lower than what was expected. The way crude prices had shot up, the expectation was that GRM for the quarter would be higher on a sequential basis."

Excerpts from CNBC-TV18’s exclusive interview with SP Tulsian and Jigar Shah:

Q: Would you call it a disappointment?

Tulsian: The results from the refinery segment look disappointing. The Rs 3,040 crore EBIT is Rs 2,839 crore if compared sequentially, which means it has just increased by Rs 200 crore. Q4 had a realisation of less than Rs 40 per dollar. This quarter has seen a higher currency rate of at least Rs 42. So, even a 4% currency benefit is not factoring in profitability.

There has been a steep increase in the price of crude. The company always carries inventory of about Rs 14,000 crore. So, even if I presume 25%, it works out to about Rs 3,500 crore of crude oil, which should give an inventory gain of about Rs 200-400 crore.

Apart from that, they have seen better gross refining margins, or GRMs, of 20 cents, which should give them an extra profit of maybe Rs 60-70 crore. On the refinery segment, the company seems to have understated the profit mainly fearing windfall profit tax. It does not want to give too rosy a picture that the refinery segment has shown very good profitability. That may attract the attention of the regulator or maybe the government and tempt them to go for windfall profit tax.

Q: Would say that GRMs at 15.7% are an understatement?

Tulsian: Crude prices have risen from about USD 110 per barrel on an average for the March quarter to about USD 130 per barrel. So, there is a proportionate increase in GRMs with an increase in crude prices. If crude rises by about 20%, then GRMs must rise by 10% because they have been refining heavy crude with a high sulphur content. The refinery produces about 1 lakh tonne of sulphur residues every month. It has given them very good realization. Sulphur prices which used to rule at about Rs 2 per kg a couple of years back, is now sold at around Rs 34 per kg.

There has not been a sharp increase in the two quarters on a sequential basis. There has been an increment continually. They have a huge recovery of sulphur. It should give them an extra profit to the extent of about Rs 50-70 crore alone from waste products. If one adds all these things, a Rs 200 crore increase in EBDITA, the refinery segment seems to be understated.

Q: What have you made of the numbers? Would you say that the performance is below par or would you attribute the motive and say that perhaps there is an understatement of profit?

Shah: It is not an understatement. In both businesses, there is a lot of volatility because of rising raw materials. That has resulted in lower refining margins than what was expected. The way crude prices had shot up, expectations were that GRM for the quarter would be higher on a sequential basis.

That has not happened in a very sharp manner because the product mix could have undergone some change. The petrochemical margin fall is very much on expected lines because naphtha prices were ruling high. They would have impacted the company’s overall costing.

Going forward with further availability of gas as feedstock, the overall performance can improve. The second half should be much better, because we also have KG Basin gas coming in. My outlook for the company does not change and excluding KG Basin production, 20% kind of profit growth looks reasonable.

Q: The company should have enjoyed the benefits of a depreciating rupee, inspite of that you are seeing that refining revenues have not lived up to expectations, which is barely Rs 200 crore over the previous quarter. Doesn’t this come as a surprise?
Shah: The rupee appreciation during the April-June quarter has taken a lot of companies by surprise. A lot of export-oriented companies instead of gaining have ended up losing on foreign exchange. So, I am not surprised on that angle because clearly people had not expected such a sharp upward movement in the rupee.Operating performance seems to be okay. The profit on the refining side has been below expectations. But one quarter is not sufficient to make a judgment and whether that is going to follow in the subsequent period.

Source: Indiaearnings.com

Wall St slides on weak housing data (Dow: down 283 pts)

Wall St slides on weak housing data

Wall Street went into a nosedive on Thursday as a weaker-than-expected report on the US housing market raised fresh fears about an economic recovery and ended a rush into banking stocks. Record losses reported by Ford Motor Co, forced to step up its restructuring, also contributed to the negative tone in the market.

The Dow Jones Industrial Average sank 283.19 points (2.43 percent) to close at 11,349.28 and the Nasdaq composite shed 45.77 points (1.97 percent) to 2,280.11. The broad-market Standard & Poor's 500 index retreated 29.65 points (2.31 percent) to 1,252.54. Losses intensified as the National Association of Realtors reported US home sales fell another 2.6 percent in June to a 10-year low as inventories rose and prices fell with buyers still hesitant in the face of a horrific market slump.

The seasonally adjusted annual rate of 4.86 million units is 15.5 percent lower than in June 2007. "Right now, we don't have enough data to argue that conditions (in the housing market) have bottomed," said Joel Naroff at Naroff Economic Advisors. "And that is something that could cause equity investors to worry as the financial problems will not ease until housing has turned." Peter Kreztmer at Bank of America added, "To a market looking for evidence of a bottom in the sales pace, the report disappointingly indicated that the downtrend is continuing for now."

Crude oil futures rebounded, gaining 1.05 dollars to close at $125.49 a barrel in New York. The S&P banking index slid some 7.2 percent, leading the declines. Among key financial groups, Citigroup slumped 9.7 percent to 19.06 dollars and Bank of America shed 2.8 percent to 30.64. Among other key stocks, Ford skidded 15.5 percent to 5.11 dollars after reporting its worst quarterly loss ever at 8.7 billion dollars and new transformation efforts while warning that it does not see a US economic recovery until 2010.

Elsewhere, 3M rose 0.35 percent to 71.05 dollars as the maker of industrial and consumer products reported a rise in profit and revenue. Amazon.com rallied 11.6 percent to 78.72 dollars after surprising the market with a stronger-than-expected profit of 158 million dollars. Dow Chemical fell 3.3 percent to 33.11 dollars as its earnings came up short of expectations. Southwest Airlines fell 6.2 percent to $14.90 as traders focused on the industry's woes from high fuel costs and shrugged off a better-than-expected profit report.

Bonds rose sharply. The yield on the 10-year US Treasury bond fell to 4.016 percent from 4.148 percent Wednesday while that on the 30-year bond eased to 4.611 percent against 4.700 percent. Bond yields and prices move in opposite directions. In Europe, shares also fell sharply as weak economic reports pointed to more trouble on that side of the Atlantic. London's FTSE fell 1.61 percent and France's CAC 40 skidded 1.38 percent. The Frankfurt DAX index retreated 1.46 percent.
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Source:ET

Reliance Results inline, Bharti Results Beats street

Earnings: Reliance Industries Q1 net profit up 13% YoY

Reliance Industries' net profit rose 13.22 per cent to Rs 4,110 crore for the first quarter ended June 30, 2008 compared to Rs 3,630 crore for the corresponding quarter a year ago. Total income increased 40.75 per cent to Rs 41,805 crore against Rs 29,721 crore for the same quarter last year. On BSE today, Reliance Industries shares closed up 1.81 per cent at Rs 2306.55 on volume of 12,34,443 shares.

Inventory gains to lift RIL profit

Investors and analysts are keeping their fingers crossed as they await the quarterly results of India’s largest private sector company — Reliance Industries (RIL). Analysts expect RIL’s profit growth to vary substantially between 9 per cent and 30 per cent.

In fact, a customary Bloomberg survey revealed that analysts expect a 24 per cent profit growth over the year-ago period, while a similar exercise by Reuters came out with a much lower profit growth expectation of 14 per cent. A lot will depend on how the company has treated its inventory gains and whether it has suffered any forex losses. Although there are differing views on RIL’s Q1 profits, most agree that RIL’s refinery business will put up a good show, while the petrochemicals business will suffer.

While gross refining margins (GRMs) have remained strong globally during the quarter, margins in petrochemicals business have weakened due to high naphtha prices. Petroleum refining contributed around 64 per cent to the company’s total revenues in FY08 against 34 per cent from petrochemicals. “We are expecting RIL to post $16/bbl GRM in the June 2008 quarter. The petrochemicals margins will be lower due to high naphtha prices, but the net profit should jump 27 per cent to Rs 4,150 crore. The future outlook is positive for the company due to production from KG basin and Reliance Petroleum (RPL) to start production from Q3FY09,” said Sudeep Anand, research analyst working with Religare Securities.

The private sector refiner is expected to benefit from the rise in the prices of crude oil and petroleum products during the June 2008 quarter, allowing it to book inventory gains. “It is mainly inventory gains that are pushing up GRMs of Indian refiners. When RIL publishes Q1 results on Thursday, we believe they may choose not to account for these inventory gains because of fear that high profits could invite a tax on windfall gains,” felt an industry observer.

“We are estimating $18-$19 as GRMs for RIL. However, they could cross $20 depending on inventory gains. On the other hand, profit from petrochemicals should be lower than the previous quarter,” said a research analyst working with a Mumbai-based international investment bank. Going forward, two major projects are scheduled for commissioning over the next six months, which will drive profit growth for the company. RIL’s 70 per cent subsidiary, RPL, is set to commission its 580,000 barrels per day (bpd) refinery, while its KG basin natural gas fields are likely to commence production anytime soon. On Wednesday, RIL scrip gained 5.16 per cent to Rs 2,265 in a euphoric market, when the Sensex spurted 5.94 per cent.

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Bharti Airtel Q1 net up 34%, beats forecast

Bharti Airtel Ltd, India's top mobile operator, beat forecasts on Thursday with a 34 percent rise in quarterly profit as it rode a boom in the world's fastest growing wireless market. Bharti, about 30 percent owned by Southeast Asia's top phone firm, SingTel, said consolidated net profit rose to Rs 2,025 crores ($484 million) under US accounting rules in its fiscal first quarter ended June, from Rs 1,512 crore a year earlier.

A news agency poll of 12 brokerages had forecast a net profit of Rs 1,934 crore for Bharti, which had 69.4 million mobile subscribers at end-June, up 63 percent from a year earlier. Bharti provides mobile services on the popular GSM platform in all of India's 23 service areas and accounts for nearly a quarter of the country's total mobile users.

It added 7.4 million users between April and June. The New Delhi-based firm mainly competes with No. 2 Reliance Communications and unlisted Vodafone Essar, controlled by Britain's Vodafone Plc. Shares in Bharti, India's fourth-most valuable firm at $36.4 billion, fell 12.6 percent between April and June compared with a 14 percent drop in BSE.

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Source: ET

Results: Idea,ACC,Rolta,NMDC,crisil,Hind.Zinc,Sobha,Patni etc

Allcargo Global Logistics net profit rises 25.72% in the June 2008 quarter

Net profit of Allcargo Global Logistics rose 25.72% to Rs 21.51 crore in the quarter ended June 2008 as against Rs 17.11 crore during the previous quarter ended June 2007. Sales rose 56.49% to Rs 126.62 crore in the quarter ended June 2008 as against Rs 80.91 crore during the previous quarter ended June 2007

Idea Cellular net profit declines 12.67% in the June 2008 quarter

Net profit of Idea Cellular declined 12.67% to Rs 269.53 crore in the quarter ended June 2008 as against Rs 308.62 crore during the previous quarter ended June 2007. Sales rose 47.11% to Rs 2173.18 crore in the quarter ended June 2008 as against Rs 1477.29 crore during the previous quarter ended June 2007.

Reliance Industries net profit rises 13.22% in the June 2008 quarter

Aventis Pharma net profit rises 12.06% in the June 2008 quarter

Net profit of Aventis Pharma rose 12.06% to Rs 41.80 crore in the quarter ended June 2008 as against Rs 37.30 crore during the previous quarter ended June 2007. Sales rose 7.99% to Rs 248.60 crore in the quarter ended June 2008 as against Rs 230.20 crore during the previous quarter ended June 2007.

Ratnamani Metals & Tubes net profit rises 12.66% in the June 2008 quarter

Net profit of Ratnamani Metals & Tubes rose 12.66% to Rs 25.45 crore in the quarter ended June 2008 as against Rs 22.59 crore during the previous quarter ended June 2007. Sales rose 31.40% to Rs 249.67 crore in the quarter ended June 2008 as against Rs 190.01 crore during the previous quarter ended June 2007.

Rolta India net profit rises 3.81% in the June 2008 quarter

Net profit of Rolta India rose 3.81% to Rs 54.78 crore in the quarter ended June 2008 as against Rs 52.77 crore during the previous quarter ended June 2007. Sales rose 28.45% to Rs 219.45 crore in the quarter ended June 2008 as against Rs 170.85 crore during the previous quarter ended June 2007.
For the full year, net profit rose 44.27% to Rs 262.94 crore in the year ended June 2008 as against Rs 182.25 crore during the previous year ended June 2007. Sales rose 42.02% to Rs 850.92 crore in the year ended June 2008 as against Rs 599.14 crore during the previous year ended June 2007.

NMDC net profit rises 56.82% in the June 2008 quarter

Net profit of NMDC rose 56.82% to Rs 981.31 crore in the quarter ended June 2008 as against Rs 625.77 crore during the previous quarter ended June 2007. Sales rose 54.68% to Rs 1673.15 crore in the quarter ended June 2008 as against Rs 1081.66 crore during the previous quarter ended June 2007.

Fag Bearings India net profit rises 8.97% in the June 2008 quarter

ACC net profit declines 21.52% in the June 2008 quarter

Net profit of ACC declined 21.52% to Rs 271.42 crore in the quarter ended June 2008 as against Rs 345.83 crore during the previous quarter ended June 2007. Sales declined 3.08% to Rs 1785.74 crore in the quarter ended June 2008 as against Rs 1842.53 crore during the previous quarter ended June 2007.

Zee News net profit rises 49.69% in the June 2008 quarter

NIIT reports net profit of Rs 3.16 crore in the June 2008 quarter

CRISIL net profit rises 182.28% in the June 2008 quarter

Net profit of CRISIL rose 182.28% to Rs 32.01 crore in the quarter ended June 2008 as against Rs 11.34 crore during the previous quarter ended June 2007. Sales rose 152.62% to Rs 92.46 crore in the quarter ended June 2008 as against Rs 36.60 crore during the previous quarter ended June 2007.

Hindustan Zinc net profit declines 28.45% in the June 2008 quarter

Net profit of Hindustan Zinc declined 28.45% to Rs 847.81 crore in the quarter ended June 2008 as against Rs 1185.00 crore during the previous quarter ended June 2007. Sales declined 16.57% to Rs 1643.66 crore in the quarter ended June 2008 as against Rs 1970.00 crore during the previous quarter ended June 2007

Info Edge (India) net profit rises 11.43% in the June 2008 quarter

Bajaj Electricals net profit rises 28.79% in the June 2008 quarter

Sobha Developers net profit rises 23.77% in the June 2008 quarter

Net profit of Sobha Developers rose 23.77% to Rs 50.50 crore in the quarter ended June 2008 as against Rs 40.80 crore during the previous quarter ended June 2007. Sales rose 29.55% to Rs 346.80 crore in the quarter ended June 2008 as against Rs 267.70 crore during the previous quarter ended June 2007.

Marico net profit declines 2.22% in the June 2008 quarter

United Phosphorus net profit rises 57.91% in the June 2008 quarter

Net profit of United Phosphorus rose 57.91% to Rs 46.63 crore in the quarter ended June 2008 as against Rs 29.53 crore during the previous quarter ended June 2007. Sales rose 51.68% to Rs 509.85 crore in the quarter ended June 2008 as against Rs 336.13 crore during the previous quarter ended June 2007.

Piramal Healthcare net profit rises 48.12% in the June 2008 quarter

Greenply Industries net profit declines 23.26% in the June 2008 quarter

MRF net profit declines 25.04% in the June 2008 quarter

Cummins India net profit rises 37.83% in the June 2008 quarter

Patni Computer Systems net profit declines 20.51% in the June 2008 quarter

Net profit of Patni Computer Systems declined 20.51% to Rs 95.95 crore in the quarter ended June 2008 as against Rs 120.70 crore during the previous quarter ended June 2007. Sales rose 30.87% to Rs 366.69 crore in the quarter ended June 2008 as against Rs 280.19 crore during the previous quarter ended June 2007.

Aztecsoft reports net loss of Rs 13.24 crore in the June 2008 quarter

Source: Capitalmarket.com

Inflation at 11.89% Vs 11.91%

Inflation softens a bit, touches 11.89%

24 Jul, 2008, 1330 hrs IST, ECONOMICTIMES.COM
Relatively tamed inflation at 11.89 pc gives UPA a second sigh of relief in one week.

In what may be seen as a sobering effect, inflation rate climbed to 11.89-per cent for the week ended July 12 which is less than a quarter per cent jump, week on week. The inflation has softened somewhat with prices of many essential items either declining or remaining static.
The trend for the past three weeks connotes that the rate of inflation is stabilizing a bit. The figure for the week ended July 12 is quite in line with the rate of inflation for the week ended July 5, 2008 that stood at 11.91 per cent, very marginally higher than the rate of 11.89 per cent reported a fortnight ago.

With early signs of stabilization in tandem with the marginal rationalization in the oil prices and the rupee bounce, it is expected that the Reserve Bank of India may choose to maintain status quo in the forthcoming credit policy on July 29. If at all, the industry feels that RBI may choose to increase the repo rate by 25 basis points as oppose to an increase of 50 basis points that was being anticipated a couple of weeks earlier.

Last month, the central bank had raised short-term lending rates for banks-- repo-- by 0.75 per cent in two installments, while also increasing mandatory cash deposits of banks by 0.50 per cent in two phases to suck out excess liquidity.

For the week ended July 5, the annual inflation rate for the group of 30 essential commodities had declined to 5.74 per cent from 5.98 per cent reported a week earlier. This week too, the stabilization has been reported in prices of essential commodities which include foodgrain, pulses, edible oils, vegetables, dairy products and some other commodities including kerosene, soap and safety matches.

The annual inflation has declined to 9.92 per cent in the primary articles group during the week ended July 5 compared to 10.84 per cent reported a week earlier.
The positive vibes notwithstanding, this however, would be the 22nd consecutive week that the inflation rate has been above 5.5 per cent, the central bank's target for the end of the fiscal year in March 2009.

Source:ET

Market Review: Stocks drop as traders take profits after 5-day rise

Market Review: Stocks drop as traders take profits after 5-day rise

Stocks finished a choppy session lower on Thursday as traders took profits after a 5-day winning streak. The rally, which was fueled by a combination of positive global cues, domestic politics and lower oil prices, fizzled out as European stocks turned negative and investors turned cautious ahead of inflation data due after market hours.

"The rally over the past few sessions has given index returns of about 20 per cent, so it's only natural for traders to lock in some gains. The fall in crude and the trust vote victory have given a fillip to the market, but it would be too hasty to call this a reversal," said Hitesh Agrawal, head of research at Angel Broking.

National Stock Exchange's Nifty ended at 4433.55, down 43.25 points or 0.97 per cent. It touched a high of 4,539.45 and low of 4,385.85. Bombay Stock Exchange's Sensex closed at 14,777.01, down 165.27 points or 1.11 per cent. The index fell to a low of 14,608.05 from a high of 15,130.09.

Among frontline stocks, Tata Consultancy Services (5.66%), Tata Steel (5.66%), Reliance Communications (5.06%), State Bank of India (4.46%), ACC (4.25%) and BHEL (2.88%) were badly hit. ONGC (3.25%), DLF (2.35%), Reliance Industries (1.81%), Maruti Suzuki (1.8%), Reliance Infrastructure (1.23%) and HDFC Bank (0.7%) were the gainers. Secondline stocks were comparatively less affected. BSE Mid-cap Index closed down 0.62 per cent at 5,580.90 and BSE Small-cap Index ended 0.24 per cent lower at 6,796.11. Market breadth on BSE showed 1,258 advances and 1,458 declines.

Now that the political situation has stabilized, investors will go back to examining the fundamentals, which, analysts say, are still not very favourable. The wholesale price index is forecast to have risen 12.03 per cent in the 12 months to July 12. India's inflation currently stands at 11.91 per cent, the highest in over 13 years. "The under currents have certainly taken a turn for the better.

Inflation is also starting to fall in line with expectations. With the UPA holding fort, the market is looking toward some changes in the banking and insurance sectors, amongst other economic reforms. Corporate earnings so far have not taken up aback; there have been no major downgrades," Angel's Agrawal said. "But we have the monetary policy review at the end of the month, so there is some scepticism on that front. Also, the monsoon has not really set in, which is another worry for the market," he added. Price of oil was steady below $125 a barrel on Thursday.

US light crude for September delivery has dropped $23 since it hit a record above $147 earlier this month. Stocks ended mostly higher in the East Asian region as investors cheered the fall in crude oil. Japan's Nikkei 225 rose 2.2 per cent, China's Shanghai Composite Index closed 2.55 per cent higher and the South Korean KOPSI added 2.2 per cent. Benchmarks in Hong Kong and Singapore ended flat with a negative bias. In Europe, the UK FTSE 100 was down 0.77 per cent, German DAX 30 had dropped 1.09 per cent and the French CAC 40 slid 0.88 per cent, at the time Indian markets closed.

Source:ET

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16 July 2008 - Pre-sales Consultant One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - National Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Business Development Manager - Oil & Gas One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Oracle Apps Pre-sales Opening One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Account Manager - Microsoft Services One of the Top 3 Companies in the Domestic IT Market
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Finance/ Banking
18 July 2008 - Relationship Manager One of the Fortune 100 Financial Companies
18 July 2008 - Opening in Equity Research - Mid Cap One of the Leading Financial Companies
18 July 2008 - Product Manager Online Investment Division of a Global AMC
16 July 2008 - Oracle Apps Project Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Associate / Sr. Associate One of the Leading Fortune 100 Financial Companies
16 July 2008 - SAP CO Consultant - Hyderabad One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Sr. Analyst / Asst. Manager - Transfer Pricing One of the Leading Big 4s
15 July 2008 - Executive Manager - Financial Advisory Services (FAS) - Valuation Services Deloitte & Touche
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HR
18 July 2008 - Assistant Manager -Training One of the Big 4 Consulting Orgainzations
16 July 2008 - SAP HR L3 Consultant One of the Top 3 Companies in the Domestic IT Market
15 July 2008 - Sr. Executive / Assistant Manager - Training One of the Big 4 Consulting Organizations
11 July 2008 - Staffing Director World's Leading IT Organisation
11 July 2008 - Business HR Manager Software Development Company having Offices World Over
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General Management
16 July 2008 - SAP FICO Consultant One of the Top 3 Companies in the Domestic IT Market
15 July 2008 - Executive Manager - Financial Advisory Services (FAS) - Valuation Services Deloitte & Touche
11 July 2008 - VP - Analytics A Leading Company in Financial Services Domain
11 July 2008 - Head - Sourcing & Business Development Global Finance Company in the Real Estate Industry
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Technology
23 July 2008 - Account Manager - Farming Sales One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Solution Architect - Data Warehousing One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Senior Program Manager One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Telecom Practice Specialist One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Manager - Quality One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Regional Manager - Networking One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Corporate Account Manager One of the Top 5 US Multi-national Giants in Software Domain
18 July 2008 - Manager - Mid Market One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Pre-sales Consultant One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - National Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Business Development Manager - Oil & Gas One of the Top 3 Companies in the Domestic IT Market
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Operations Management/ SCM;
Transition/ Operations (BPO/KPO); Operations (Banking)
18 July 2008 - Senior Program Manager One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Manager - Quality One of the Top 3 Companies in Domestic IT Market
16 July 2008 - National Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - SAP FICO Consultant One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Oracle Apps Pre-sales Opening One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Oracle Apps Project Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - SAP CO Consultant - Hyderabad One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - SAP HR L3 Consultant One of the Top 3 Companies in the Domestic IT Market
15 July 2008 - Executive - Mobile Operations Big 92.7 FM
15 July 2008 - Consulting Engagement Manager One of the World's Leading ERP Solution Providers
15 July 2008 - Project Manager - SAP One of the World's Leading ERP Solution Providers
15 July 2008 - Senior Consultants / Consultants - Oil & Gas One of the World's Leading ERP Solution Providers

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