Sensex sheds 425 pts on weak global cues
The Wall Street tumbled yesterday on uncertainties over the details regarding the US Government's $700 billion plan to fix the financial market turmoil. With a sharp surge in crude oil prices also dampening the sentiment, Asian markets followed suit and the mood back home was not any different this morning.
Astro predictions on Sensex
There was a smart recovery in mid morning trade when the Sensex rebounded by over 250 points from a low of 13,721.42, thanks to some strong buying in Reliance Industries, ONGC and a few other blue chip stocks. However, the rally proved short-lived and the Sensex started sliding down fast in afternoon trade. A weak close on Asian bourses, the negative trend in European markets and the decline of US index futures never allowed any recovery thereafter.
Stockometer
While the Sensex, which plunged to a low of 13,543.47, ended at 13,570.31 with a loss of 424.65 points or 3.03%, the Nifty settled at 4126.90, a few points off a low of 4117.90, with a loss of 96.15 points or 2.28%.
Top gainers
Information technology, realty and bank stocks took a severe beating. Mirroring their fall, the respective sectoral indices went down by 5.07%, 4.68% and 4.19% respectively. BSE Teck eased by 3.54%. The Consumer Durables, Capital Goods, Metal, Power, Auto, Healthcare and FMCG indices slipped by 1% - 2.5%. BSE Oil & Gas and PSU lost 0.82% and 0.9% respectively.
Worst losers
Reflecting the sell-off in midcap and smallcap segments, the BSE Midcap and Smallcap indices ended lower by 2.06% and 1.63% respectively. Ranbaxy Laboratories lost over 11% on reports the Canadian drug regulator, Health Canada, issued a notice to Ranbaxy saying it will be particularly cautious about drug marketing applications from Ranbaxy after the US drug regulator blocked the sale of more than 30 generic medicines made in two factories by the company.
Software majors Satyam Computer Services (down 5.95%), Tata Consultancy Services (down 5.9%), Wipro (down 5.75%) and Infosys Technologies (down 5.15%) ended with sharp losses.
Realty stock DLF lost 6.25%. Housing finance major HDFC ended lower by 5.5%. Banking sector heavyweights ICICI Bank (down 5.45%), HDFC Bank (down 4.6%) and State Bank of India (down 4.05%) also declined sharply.
Jaiprakash Associates ended with a loss of 5.35%. Tata Motors lost over 5%. Tata Steel (down 4.6%), BHEL (down 3.4%), Grasim Industries (down 2.4%), Maruti Suzuki (down 2.35%), Sterlite Industries (down 2.15%), Larsen & Toubro (down 1.8%), Bharti Airtel (down 1.75%), Hindalco (down 1.55%), Reliance Infrastructure (down 1.5%), Reliance Industries (down 1.35%), ITC (down 1.1%) and Hindustan Unilever (down 1%) ended on a very weak note.
NTPC lost 0.9%. Mahindra & Mahindra and Reliance Communications ended with modest losses. ONGC declined marginally. ACC and Tata Power closed in the positive territory with small gains.
Unitech, Punjab National Bank, Suzlon Energy, Zee Entertainment, Ambuja Cements, SAIL, Siemens and Power Grid Corporation were among the prominent losers in the Nifty index.
Sun Pharmaceuticals (3.4%), Nalco (2.85%), BPCL (2.35%), Cairn India (1.45%), Hero Honda (1.35%) and HCL Technologies (0.7%) ended with notable gains.
Deccan Chronicle Holdings, Rolta India, Gujarat Minerals, Sintex Industries, Lanco Infratech, India Bulls Real Estate, HDIL, LIC Housing Finance, Educomp Solutions, Canara Bank and Hindustan Construction Company were among the major losers from BSE 'A' Group.
The market breadth was weak. Out of 2652 stocks traded on the BSE, 1823 stocks closed on a negative note. 760 stocks posted gains and 69 stocks ended flat.
------------------------------------------------
Equities tumble on US market woes
Nifty Sept premium eases, call buying at 4100
Sensex slips 425pts; banking, realty, IT stocks weigh
Source:ET,Sify.BS
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23 September 2008
22 September 2008
Reliance strikes 'gold' in K-G basin
Reliance strikes 'gold' in K-G basin
RIL to supply 40% of India's gas, oil! - another article
40% of India's gas, oil from RIL!
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, does little in half measures.
He had not interacted with the media for at least two years, yet the Chairman of the country’s largest private sector company made up for the hiatus by spending most of Sunday with scores of journalists from across the country.
Ambani was profusely apologetic for spoiling their Sunday. He had thought he would use the interaction to announce to world the first flow of oil from the company’s oil and gas field in the Krishna-Godavari basin, but he was pre-empted by a leak of that news a couple of days ago. So, he was left to explain the significance of the “historic day” for India. He did so with the same passion and commitment that has brought the first commercial quantities of oil flowing from a field just six years after gas was first discovered.
He claimed it was the fastest exploration and production effort in any deep water basin in the world. The global average is about nine years, he said, quoting a Goldman Sachs study.
There is a huge factory set up on the sea bed 7,000-8,000 feet under water, at temperatures close to freezing, run entirely with robots.
It was “world class expertise that Reliance had developed from scratch,” he said.
He said the production of oil and gas from the Krishna basin meant a lot for India’s energy security. He explained that within the next year-and-a-half, his company would be producing the equivalent of 550,000 barrels of oil a day increasing the domestic petroleum output of 1.3 million barrels a day by over 40 per cent, thereby reducing the need to import oil.
The country paid $56 billion last year for imported oil. Ambani said preliminary studies had indicated that the Cauvery and the Mahanadi basins also bore immense potential.
“We are more blessed with gas than oil,” he said. “That is a huge advantage because gas is the fuel of the 21st century, it being environment friendly.”
Alluding to the telecom model that he said had empowered the country, he said that in a matter of months, natural gas can be piped into millions of homes as cooking fuel. It would obviate the need for cylinders to be carried around, and it would be cheaper for consumers, the equivalent of Rs 116 a cylinder. The current price ranges from Rs 304 to 352.
From 5,000 barrels to 5.5 lakh barrels
Commercial production of gas from the D6 block in the KG basin would start from January-March quarter, said Mukesh Ambani.
Ambani said the crude, which started flowing on September 17, is now stabilised at 5,000 barrels a day, and would be scaled up to 5.5 lakh barrels of oil equivalent a day over the next four to six quarters. This would account for 40 per cent of domestic output. Gas would account for 90 per cent of production from the D6 block, and crude the rest.
Gas production would start with 15 mscmd (million standard cubic metres a day) and later be ramped up to 40 mscmd in a few months’ time.
The gas would be sufficient to feed 100-120 million households, power 50 million two-wheelers, 5 million cars and 10 million trucks, as well as supply fuel for 25,000 MW of power.
$20 billion saving per annum
Ambani said production from RIL’s fields will have an enormous impact on “the fortunes of India and Reliance”, contributing to foreign exchange and import bill savings of $20 billion a year.
Reliance owns 90 per cent of the D6 block, and Canada’s Niko Resources owns the rest.
Since RIL faces no scarcity of either capital, technology or talent, a third partner is not under consideration currently, but a good value proposition might change that. If someone were to give RIL a share in an equally productive asset in other parts of the world, the possibility of a partnership cannot be ruled out.
For full details:Reliance strikes 'gold' in K-G basin
-----------------------------------------------------------
RIL to supply 40% of India's gas, oil!
September 22, 2008
Indian petrochemicals giant Reliance Industries Ltd will account for about 40 per cent of the country's energy production in the next 18 to 24 months, putting the company on track to earn a quarter of its profit from oil and gas production, from 5 per cent now.
The total hydrocarbon output from the Dhirubhai 6 (D6) block in the Krishna-Godavari basin, the field that is expected to more than double India's gas output, will rise to 550,000 barrels of oil equivalent a day (boed) by March 2010, RIL chairman and managing director Mukesh Ambani said in his first media meet in five years.
Text: Business Standard
In monetary terms, it is Rs 86,000 crore (Rs 860 billion) a year, Ambani said, adding the D6 block in the KG basin will transform the country's energy landscape.
Speaking at the sprawling Reliance Corporate Park in Navi Mumbai, Ambani termed the start of oil production at the D6 basin three days ago as a historic occasion not only for the company but for the entire country. The initial production from the block was 5,000 boed.
"From nowhere in 2002 as far as oil production is concerned, we are now set to be among the top 20 integrated energy companies in the world. In fact, RIL will be one of the world's largest deep-water oil well developers," a beaming Ambani said, as his wife Nita Ambani, who was sitting next to him, nodded.
"Around 40 years after Bombay High was discovered, this is India's major victory in the battle for energy security. RIL has managed to produce oil in two years - a time other companies would take just to map out their exploration nitty-gritty," Ambani said, looking appreciatively at his top team led by PMS Prasad, president & CEO (oil & gas).
Ambani is investing $5.2 billion to develop the KG basin. This oil production, Ambani said, will not only benefit customers but also reduce subsidies and thus release huge financial resources that the government can spend on development.
The company will start pumping natural gas from the KG basin in the January-March quarter, which is within the broad target of the company but later than the government's forecast that production would begin by November.
more @ above link.
Other related:
K-G basin gas to lift Reliance profit: Mukesh Ambani
RIL to step up oil output to 20,000 barrels by Diwali
RIL to supply 40% of India's gas, oil!
40% of India's gas, oil from RIL!
Reliance shares gain on gas output plans
KG Basin gas to lift Reliance profit: Mukesh Ambani
RIL: Commercial gas flow from KG basin begins January
RIL to step up oil output to 20,000 barrels by Diwali
RIL may offload stake in D6 block if it adds value proposition
RIL open to KG-D6 stake sale
Reliance's KG oil starts flowing; gas to follow in 2009
KG Basin gas to lift Reliance profit: Ambani
RIL to await court verdict before gas sale: CEO
RIL can sell KG gas at higher than discovered price
RIL to account for 40% of India's energy output: Mukesh
RIL to account for 40% of India's energy output: Mukesh
RIL to start production of gas in KG basin from Jan-March
Fastest exploration in deep water basin, says Mukesh
Source: ET, BS, Rediff, SIfy
RIL to supply 40% of India's gas, oil! - another article
40% of India's gas, oil from RIL!
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, does little in half measures.
He had not interacted with the media for at least two years, yet the Chairman of the country’s largest private sector company made up for the hiatus by spending most of Sunday with scores of journalists from across the country.
Ambani was profusely apologetic for spoiling their Sunday. He had thought he would use the interaction to announce to world the first flow of oil from the company’s oil and gas field in the Krishna-Godavari basin, but he was pre-empted by a leak of that news a couple of days ago. So, he was left to explain the significance of the “historic day” for India. He did so with the same passion and commitment that has brought the first commercial quantities of oil flowing from a field just six years after gas was first discovered.
He claimed it was the fastest exploration and production effort in any deep water basin in the world. The global average is about nine years, he said, quoting a Goldman Sachs study.
There is a huge factory set up on the sea bed 7,000-8,000 feet under water, at temperatures close to freezing, run entirely with robots.
It was “world class expertise that Reliance had developed from scratch,” he said.
He said the production of oil and gas from the Krishna basin meant a lot for India’s energy security. He explained that within the next year-and-a-half, his company would be producing the equivalent of 550,000 barrels of oil a day increasing the domestic petroleum output of 1.3 million barrels a day by over 40 per cent, thereby reducing the need to import oil.
The country paid $56 billion last year for imported oil. Ambani said preliminary studies had indicated that the Cauvery and the Mahanadi basins also bore immense potential.
“We are more blessed with gas than oil,” he said. “That is a huge advantage because gas is the fuel of the 21st century, it being environment friendly.”
Alluding to the telecom model that he said had empowered the country, he said that in a matter of months, natural gas can be piped into millions of homes as cooking fuel. It would obviate the need for cylinders to be carried around, and it would be cheaper for consumers, the equivalent of Rs 116 a cylinder. The current price ranges from Rs 304 to 352.
From 5,000 barrels to 5.5 lakh barrels
Commercial production of gas from the D6 block in the KG basin would start from January-March quarter, said Mukesh Ambani.
Ambani said the crude, which started flowing on September 17, is now stabilised at 5,000 barrels a day, and would be scaled up to 5.5 lakh barrels of oil equivalent a day over the next four to six quarters. This would account for 40 per cent of domestic output. Gas would account for 90 per cent of production from the D6 block, and crude the rest.
Gas production would start with 15 mscmd (million standard cubic metres a day) and later be ramped up to 40 mscmd in a few months’ time.
The gas would be sufficient to feed 100-120 million households, power 50 million two-wheelers, 5 million cars and 10 million trucks, as well as supply fuel for 25,000 MW of power.
$20 billion saving per annum
Ambani said production from RIL’s fields will have an enormous impact on “the fortunes of India and Reliance”, contributing to foreign exchange and import bill savings of $20 billion a year.
Reliance owns 90 per cent of the D6 block, and Canada’s Niko Resources owns the rest.
Since RIL faces no scarcity of either capital, technology or talent, a third partner is not under consideration currently, but a good value proposition might change that. If someone were to give RIL a share in an equally productive asset in other parts of the world, the possibility of a partnership cannot be ruled out.
For full details:Reliance strikes 'gold' in K-G basin
-----------------------------------------------------------
RIL to supply 40% of India's gas, oil!
September 22, 2008
Indian petrochemicals giant Reliance Industries Ltd will account for about 40 per cent of the country's energy production in the next 18 to 24 months, putting the company on track to earn a quarter of its profit from oil and gas production, from 5 per cent now.
The total hydrocarbon output from the Dhirubhai 6 (D6) block in the Krishna-Godavari basin, the field that is expected to more than double India's gas output, will rise to 550,000 barrels of oil equivalent a day (boed) by March 2010, RIL chairman and managing director Mukesh Ambani said in his first media meet in five years.
Text: Business Standard
In monetary terms, it is Rs 86,000 crore (Rs 860 billion) a year, Ambani said, adding the D6 block in the KG basin will transform the country's energy landscape.
Speaking at the sprawling Reliance Corporate Park in Navi Mumbai, Ambani termed the start of oil production at the D6 basin three days ago as a historic occasion not only for the company but for the entire country. The initial production from the block was 5,000 boed.
"From nowhere in 2002 as far as oil production is concerned, we are now set to be among the top 20 integrated energy companies in the world. In fact, RIL will be one of the world's largest deep-water oil well developers," a beaming Ambani said, as his wife Nita Ambani, who was sitting next to him, nodded.
"Around 40 years after Bombay High was discovered, this is India's major victory in the battle for energy security. RIL has managed to produce oil in two years - a time other companies would take just to map out their exploration nitty-gritty," Ambani said, looking appreciatively at his top team led by PMS Prasad, president & CEO (oil & gas).
Ambani is investing $5.2 billion to develop the KG basin. This oil production, Ambani said, will not only benefit customers but also reduce subsidies and thus release huge financial resources that the government can spend on development.
The company will start pumping natural gas from the KG basin in the January-March quarter, which is within the broad target of the company but later than the government's forecast that production would begin by November.
more @ above link.
Other related:
K-G basin gas to lift Reliance profit: Mukesh Ambani
RIL to step up oil output to 20,000 barrels by Diwali
RIL to supply 40% of India's gas, oil!
40% of India's gas, oil from RIL!
Reliance shares gain on gas output plans
KG Basin gas to lift Reliance profit: Mukesh Ambani
RIL: Commercial gas flow from KG basin begins January
RIL to step up oil output to 20,000 barrels by Diwali
RIL may offload stake in D6 block if it adds value proposition
RIL open to KG-D6 stake sale
Reliance's KG oil starts flowing; gas to follow in 2009
KG Basin gas to lift Reliance profit: Ambani
RIL to await court verdict before gas sale: CEO
RIL can sell KG gas at higher than discovered price
RIL to account for 40% of India's energy output: Mukesh
RIL to account for 40% of India's energy output: Mukesh
RIL to start production of gas in KG basin from Jan-March
Fastest exploration in deep water basin, says Mukesh
Source: ET, BS, Rediff, SIfy
Sensex ends 47 pts down
Market loses steam, ends lower on profit booking /Markets end choppy session lower
Short build up trims Sep premium, Nifty support at 3900
The Sensex opened with a positive gap of 173 points but struggled right through the session today as investors remained wary of building up positions. Though the mood was positive at the start thanks to a firm trend on the Asian bourses, not many blue chip stocks were seen attracting sustained attention today. The weak start in European markets rendered the afternoon session extremely choppy.
Stockometer
Select FMCG and metal stocks had a good outing today. Realty stocks opened well but gradually lost their way and drifted lower as the session progressed. Capital goods stocks met with a similar fate but losses recorded them turned out to be more pronounced.
Top gainers
Bank and pharma stocks bounced back a bit and regained some lost ground. Oil and IT stocks remained subdued. Auto and power stocks also drifted lower. After a good show early on, midcap and smallcap stocks wilted under pressure.
Worst losers
While the Sensex, which plunged to a low of 13,917.48, ended the day at 13,994.96 with a loss of 47.36 points or 0.34%, the Nifty closed at 4223.05 with a loss of 22.20 points or 0.52%. In intra-day trades today, the Nifty touched a high of 4303.25 and a low of 4202.40.
Scrip Scan
ACC (3.25%), Tata Steel (2.95%), ITC (2.15%) and Hindustan Unilever (1.7%) closed on a firm note. Bharti Airtel, Grasim Industries and ICICI Bank moved up by 1% - 1.25%. HDFC notched up a modest gain of 0.8%. Infosys Technologies and State Bank of India closed with marginal gains.
Experts' Talk
Satyam Computer Services lost 4.65% today. Jaiprakash Associates (down 3.8%), Maruti Suzuki (down 3.15%), Ranbaxy Laboratories (down 2.7%), Hindalco (down 2.65%) and Larsen & Toubro (down 2.6%) also declined sharply.
Tata Motors, Reliance Infrastructure, Sterlite Industries, BHEL, DLF, ONGC and Reliance Communications also ended with sharp losses. NTPC, Reliance Industries, Tata Power and Wipro lost 0.6% - 0.75%.
Suzlon Energy (down 6.35% to Rs 198.60) was the biggest loser in the Nifty index. Siemens lost over 3.5%.SAIL, BPCL, Reliance Power, Power Grid, Cipla, Zee Entertainment and Punjab National Bank also ended with sharp losses.
Unitech, Sun Pharmaceuticals, HCL Technologies, Tata Communications, Reliance Petroleum and Idea Cellular closed with sharp to moderate gains.
Gujarat Minerals recorded a hefty gain of 14.1% and was the star performer among BSE 'A' Group stocks today. Sesa Goa (13.15%) shot up on strong buying support. Sintex Industries vaulted 10.65%. Gujarat NRE Coke zoomed 7.25%.Phoenix Mills and Gujarat Petronet gained 6.55% and 5.5% respectively.
NMDC, Colgate Palmolive, Bajaj Financial Services, Crompton Greaves, United Breweries, Glenmark Pharmaceuticals, Aditya Birla Nuvo, Deccan Chronicle Holdings, GE Shipping, Akruti City, Sun TV Network and Dabur India gained 2% - 5%.
Midcap stock Moser Baer ended with a huge gain of 18.95% at Rs 133.55. Tulip Telecom surged 13.4% on a big order win. Ashapura Minechemicals, Tanla Solutions, Asian Hotels, Ess Dee Aluminium, Bharat Bijli, Apollo Tyre, EID Parry, Gujarat Alkalies, BF Utilities, HEG and Torrent Pharma were some of the prominent gainers in the midcap space.
Tips to book profits in stock markets! Click here
The market breadth was marginally negative when trade ended today. Out of 2666 stocks traded on BSE, 1234 stocks closed with gains. 1354 stocks ended on a negative note and 78 stocks ended flat.
Source:Sify, ET
Business Headlines from Sites,Blogs
Mitsubishi buys 20% stake in Morgan Stanley
US stocks open lower after bank bailout plan
Microsoft to buy back $40 billion of stock
Volatility in market to continue
Mkts try to analyse Wall St changes
Short build up trims Sep premium
Govt relaxes ECB norms for core cos
China toxic milk sickens 53,000
Goldman, M Stanley to be holding cos
Where AIG went wrong
AIG, world's most sophisticated insurer proved to be far from adept at managing its own risk. Despite assets in excess of $1 trillion.
Eight days that shook the world US mortgage crisis
BoJ to inject up to $30 bn Nomura buys Lehman's Asia biz
Tulip bags Rs 95 cr order from Madhya Pradesh
Kingfisher cuts 300 jobs; to return surplus aircrafts
Investor's Guide
Fluctuations are signals from mkt that warrant action
Shree Renuka Sugars: A good long-term bet
Banco Products: An attractive pick for conservative investors
Bilcare conquering new frontiers
Fundamental values amid crumbling free-market principles
Bull's eye: Info Edge, ONGC, Hindustan Unilever, Pantaloon Retail,Bartronics India, HDIL
Fixed income funds become increasingly important
In the spotlight: Digitally Speaking
Everest Kanto Cylinders for Long-term investors
Turmoil Redefined: Indices in intermediate downtrends
Rupee trims gains on oil buying, stocks
'Biocon is world's 7th biggest BT company'
Punj Lloyd gets $42 m order in Libya
Nifty may hit 4400 by this Thursday
Source:ET,Sify
US stocks open lower after bank bailout plan
Microsoft to buy back $40 billion of stock
Volatility in market to continue
Mkts try to analyse Wall St changes
Short build up trims Sep premium
Govt relaxes ECB norms for core cos
China toxic milk sickens 53,000
Goldman, M Stanley to be holding cos
Where AIG went wrong
AIG, world's most sophisticated insurer proved to be far from adept at managing its own risk. Despite assets in excess of $1 trillion.
Eight days that shook the world US mortgage crisis
BoJ to inject up to $30 bn Nomura buys Lehman's Asia biz
Tulip bags Rs 95 cr order from Madhya Pradesh
Kingfisher cuts 300 jobs; to return surplus aircrafts
Investor's Guide
Fluctuations are signals from mkt that warrant action
Shree Renuka Sugars: A good long-term bet
Banco Products: An attractive pick for conservative investors
Bilcare conquering new frontiers
Fundamental values amid crumbling free-market principles
Bull's eye: Info Edge, ONGC, Hindustan Unilever, Pantaloon Retail,Bartronics India, HDIL
Fixed income funds become increasingly important
In the spotlight: Digitally Speaking
Everest Kanto Cylinders for Long-term investors
Turmoil Redefined: Indices in intermediate downtrends
Rupee trims gains on oil buying, stocks
'Biocon is world's 7th biggest BT company'
Punj Lloyd gets $42 m order in Libya
Nifty may hit 4400 by this Thursday
Source:ET,Sify
17 September 2008
Todays Headlines
US govt announces $85 bn loan to save AIG
History of Lehman I Credit crisis: A subprimer
Barclays agrees to buy some Lehman assets: Source
US stocks end higher after Fed keeps rates unchanged
The Great Crash of 1929, and lessons taming the crisis of 2008
US FDA blocks imports from Ranbaxy for poor quality
Emami doubles open offer price for Zandu
AIG's shares plunge AIG too big to fail: Analysts AIG fact file
Experts speak on financial crisis Anatomy of credit crisis
Rising dollar to make your cell dearer
US crisis makes Satyam look East
Fed holds key rates steady
Morgan Stanley Q3 profit falls 3%
Can Chrysler survive US slump?
Reliance Infra eyes India steel plant - official
TCS, Wipro recast hiring plans
Welspun India to demerge divisions into separate cos
RBI may hike key rates again, says Dun & Bradstreet
Edelweiss Securities maintains baccumulateb rating on ITC
Kotak Securities maintain bbuybon Infosys Technologies
IRDA seeks status report from Tata, AIG
Indian IT majors turn cautious post Lehman, Merrill fall out
RBI steps in to cool financial markets
Fuel price cut only when oil at $67: Deora
RNRL may lead ADAG's new forays
ONGC to enter solar energy business
ADB lowers India's economic growth forecast to 7.4 per cent
Indian banks’ Lehman exposure negligible
RBI moves in to ease pressure on markets
Reliance Infra hopes for EPC contracts in nuclear energy
Value of AIG’s India mutual funds falls by 7%
250 stocks hit new year lows on NSE
---------------------------------------------
Other Stk,Mkt reports from Deadpresident
Economy, Oil & Natural Gas Corporation, HCL Techno...
IDBI HDFC ONGC
Banking shares recover
Rupee falls to nearly 47
Nifty September 2008 futures at premium
Asian Markets End Sharply Lower
Futures and Options - Sep 16 2008
Triveni Industries
Post Session Commentary - Sep 16 2008
Bank shares lead intra-day rebound; Fed in focus
AIG - India Holdings
More jitters for the market
Gold Ends Higher In Volatile Session
Daily Technicals - Sep 16 2008
Morgan Stanley - next ?
Lehman invested in DLF, Unitech
Futures and Options - Sep 15 2008
Goldman Sachs - India Holdings
Once in a Century Crisis - Greenspan
Oil's great crash
Monthly Economic Review
India Infrastructure
Weekly Technicals - Sep 16 2008
Nestle
Lehman India sell off
India Economy, Cairn India, Hindustan Unilever, He...
Sintex Industries, Everest Kanto, Nitin Fire Prote...
Warren Buffet - 10 ways to get rich
India GSM Subscriber Figures
Nagarjuna Construction Ltd
Lehman Brothers - India Holdings
Dalal Street catches cold as US sneezes
Infosys Technologies
Lehman Brothers - Holdings in India
Source:ET,BS,BL, deadpresident blog.
History of Lehman I Credit crisis: A subprimer
Barclays agrees to buy some Lehman assets: Source
US stocks end higher after Fed keeps rates unchanged
The Great Crash of 1929, and lessons taming the crisis of 2008
US FDA blocks imports from Ranbaxy for poor quality
Emami doubles open offer price for Zandu
AIG's shares plunge AIG too big to fail: Analysts AIG fact file
Experts speak on financial crisis Anatomy of credit crisis
Rising dollar to make your cell dearer
US crisis makes Satyam look East
Fed holds key rates steady
Morgan Stanley Q3 profit falls 3%
Can Chrysler survive US slump?
Reliance Infra eyes India steel plant - official
TCS, Wipro recast hiring plans
Welspun India to demerge divisions into separate cos
RBI may hike key rates again, says Dun & Bradstreet
Edelweiss Securities maintains baccumulateb rating on ITC
Kotak Securities maintain bbuybon Infosys Technologies
IRDA seeks status report from Tata, AIG
Indian IT majors turn cautious post Lehman, Merrill fall out
RBI steps in to cool financial markets
Fuel price cut only when oil at $67: Deora
RNRL may lead ADAG's new forays
ONGC to enter solar energy business
ADB lowers India's economic growth forecast to 7.4 per cent
Indian banks’ Lehman exposure negligible
RBI moves in to ease pressure on markets
Reliance Infra hopes for EPC contracts in nuclear energy
Value of AIG’s India mutual funds falls by 7%
250 stocks hit new year lows on NSE
---------------------------------------------
Other Stk,Mkt reports from Deadpresident
Economy, Oil & Natural Gas Corporation, HCL Techno...
IDBI HDFC ONGC
Banking shares recover
Rupee falls to nearly 47
Nifty September 2008 futures at premium
Asian Markets End Sharply Lower
Futures and Options - Sep 16 2008
Triveni Industries
Post Session Commentary - Sep 16 2008
Bank shares lead intra-day rebound; Fed in focus
AIG - India Holdings
More jitters for the market
Gold Ends Higher In Volatile Session
Daily Technicals - Sep 16 2008
Morgan Stanley - next ?
Lehman invested in DLF, Unitech
Futures and Options - Sep 15 2008
Goldman Sachs - India Holdings
Once in a Century Crisis - Greenspan
Oil's great crash
Monthly Economic Review
India Infrastructure
Weekly Technicals - Sep 16 2008
Nestle
Lehman India sell off
India Economy, Cairn India, Hindustan Unilever, He...
Sintex Industries, Everest Kanto, Nitin Fire Prote...
Warren Buffet - 10 ways to get rich
India GSM Subscriber Figures
Nagarjuna Construction Ltd
Lehman Brothers - India Holdings
Dalal Street catches cold as US sneezes
Infosys Technologies
Lehman Brothers - Holdings in India
Source:ET,BS,BL, deadpresident blog.
Why Lehman went bust and what it means for you
Why Lehman went bust & what it means for you
Lehman Brothers is no more. Merrill Lynch has gone down the Bank of America maw. AIG too could go belly up. With a doubt, these developments in America are the most shocking events to have hit global financial markets. So where did it all begin? And what does it mean for the Indian stock markets? Find out. . .
What is (or was) Lehman Brothers?
America's fourth-largest investment bank Lehman Brothers Holdings Inc has filed the biggest bankruptcy petition known to mankind.
The 158-year-old firm was founded by brothers Henry, Emanuel and Mayer Lehman, Jewish immigrants to the US from Germany, in 1850. Henry set up a general store in Alabama in 1844 and was later joined by his brothers. In 1850 they set up the merchant bank in New York after having made money in railway bonds. So what went wrong?
Lehman Bros, which till June 2008 had not reported a quarterly loss even once, had earlier survived many an economic crises, like railroad bankruptcies of the 1800s, the Great Depression in the 1930s, and the collapse of Long-Term Capital Management in the 1990s.
Thus the collapse of the giant investment bank came as a major shock for the entire world markets that plunged after Lehman filed a Chapter 11 petition with US Bankruptcy Court in Manhattan.
The $613 billion (some estimates put the size at $639 billion) bankruptcy thus throws up the question: why did the Wall Street giant go bust? Here's why. . .
Why did Lehman Brothers go bankrupt?
The giant investment bank succumbed to the sub-prime mortgage crisis that has rocked the United States and the global economy. Lehman was strangled by a massive credit crisis and fast plummeting real estate prices.
The gargantuan $60 billion loss in bad real estate loans forced the bank to file for bankruptcy.
However, the fall of the 158-year-year institution that started cotton trade in US before the American Civil War and financed the railroad that built a nation, got hit by a large dose of bad luck, pride, arrogance and greed. Primarily, the pride of its chief executive office Richard Fuld.
But there were more reason. Check out what they were. . .
For full details:Why Lehman went bust & what it means for you
------------------------------------------------
Lehman falls, Merrill sold, AIG tottering. What next?
series of events in United States, including Bank of America agreeing to buy Merrill Lynch for $44 billion and Lehman Brothers' move to file a bankruptcy protection, has shaken up the global financial markets.
About 10 major banks, comprising Citigroup and Credit Suisse Group, reached an agreement to create a $70 billion borrowing facility committing their own money, which could be used to tide over the financial crisis.
Lehman Brothers thought of bankruptcy after it failed to find a buyer and financial media reports said that AIG could survive for only a few days without infusion of the capital.
The giants of financial markets have been shaken up by losses of hundreds of billions of dollars in bad mortgages in the housing markets.
Lehman Brothers began considering bankruptcy after Barclays and Bank of America, the top suitors, walked away apparently following Federal authorities declining to provide financial backup to them, declaring bankruptcy would allow Lehman's subsidiaries to continue to function as the company itself is wound down.
"The stunning series of events culminated a weekend of frantic around-the-clock negotiations, as Wall Street bankers huddled in meetings at the behest of Bush administration officials to try to avoid a downward spiral in the markets stemming from a crisis of confidence," the New York Times said.
Though the Federal Reserve steered clear of bailout of Lehman, the Wall Street Journal said it is expected to take new steps to stabilise the broader financial system.
These steps, expected to be temporary, would make it easier for banks and securities firms to borrow from the central bank by using a wider range of collateral.
Bankers say these financial institutions might need short-term funds as they unwind their many trading positions with Lehman.
Merrill has some 60,000 employees and Lehman 25,000. It was not clear how the moves would affect them. AIG executives were reported to be trying to raise funds by selling assets or infusion of capital from private equity firms.
But late Sunday night, the New York Times reported quoting a person briefed on the matter that the insurance giant was seeking a $40 billion bridge loan from the Federal Reserve as a potential downgrade of its credit rating could spell doom.
Ratings agencies threatened to downgrade the insurance giant's credit rating by Monday morning, allowing counter-parties to withdraw capital from their contracts with the company, the paper said.
more @ http://specials.rediff.com/money/2008/sep/15slide2.htm
Source:Rediff.com
Lehman Brothers is no more. Merrill Lynch has gone down the Bank of America maw. AIG too could go belly up. With a doubt, these developments in America are the most shocking events to have hit global financial markets. So where did it all begin? And what does it mean for the Indian stock markets? Find out. . .
What is (or was) Lehman Brothers?
America's fourth-largest investment bank Lehman Brothers Holdings Inc has filed the biggest bankruptcy petition known to mankind.
The 158-year-old firm was founded by brothers Henry, Emanuel and Mayer Lehman, Jewish immigrants to the US from Germany, in 1850. Henry set up a general store in Alabama in 1844 and was later joined by his brothers. In 1850 they set up the merchant bank in New York after having made money in railway bonds. So what went wrong?
Lehman Bros, which till June 2008 had not reported a quarterly loss even once, had earlier survived many an economic crises, like railroad bankruptcies of the 1800s, the Great Depression in the 1930s, and the collapse of Long-Term Capital Management in the 1990s.
Thus the collapse of the giant investment bank came as a major shock for the entire world markets that plunged after Lehman filed a Chapter 11 petition with US Bankruptcy Court in Manhattan.
The $613 billion (some estimates put the size at $639 billion) bankruptcy thus throws up the question: why did the Wall Street giant go bust? Here's why. . .
Why did Lehman Brothers go bankrupt?
The giant investment bank succumbed to the sub-prime mortgage crisis that has rocked the United States and the global economy. Lehman was strangled by a massive credit crisis and fast plummeting real estate prices.
The gargantuan $60 billion loss in bad real estate loans forced the bank to file for bankruptcy.
However, the fall of the 158-year-year institution that started cotton trade in US before the American Civil War and financed the railroad that built a nation, got hit by a large dose of bad luck, pride, arrogance and greed. Primarily, the pride of its chief executive office Richard Fuld.
But there were more reason. Check out what they were. . .
For full details:Why Lehman went bust & what it means for you
------------------------------------------------
Lehman falls, Merrill sold, AIG tottering. What next?
series of events in United States, including Bank of America agreeing to buy Merrill Lynch for $44 billion and Lehman Brothers' move to file a bankruptcy protection, has shaken up the global financial markets.
About 10 major banks, comprising Citigroup and Credit Suisse Group, reached an agreement to create a $70 billion borrowing facility committing their own money, which could be used to tide over the financial crisis.
Lehman Brothers thought of bankruptcy after it failed to find a buyer and financial media reports said that AIG could survive for only a few days without infusion of the capital.
The giants of financial markets have been shaken up by losses of hundreds of billions of dollars in bad mortgages in the housing markets.
Lehman Brothers began considering bankruptcy after Barclays and Bank of America, the top suitors, walked away apparently following Federal authorities declining to provide financial backup to them, declaring bankruptcy would allow Lehman's subsidiaries to continue to function as the company itself is wound down.
"The stunning series of events culminated a weekend of frantic around-the-clock negotiations, as Wall Street bankers huddled in meetings at the behest of Bush administration officials to try to avoid a downward spiral in the markets stemming from a crisis of confidence," the New York Times said.
Though the Federal Reserve steered clear of bailout of Lehman, the Wall Street Journal said it is expected to take new steps to stabilise the broader financial system.
These steps, expected to be temporary, would make it easier for banks and securities firms to borrow from the central bank by using a wider range of collateral.
Bankers say these financial institutions might need short-term funds as they unwind their many trading positions with Lehman.
Merrill has some 60,000 employees and Lehman 25,000. It was not clear how the moves would affect them. AIG executives were reported to be trying to raise funds by selling assets or infusion of capital from private equity firms.
But late Sunday night, the New York Times reported quoting a person briefed on the matter that the insurance giant was seeking a $40 billion bridge loan from the Federal Reserve as a potential downgrade of its credit rating could spell doom.
Ratings agencies threatened to downgrade the insurance giant's credit rating by Monday morning, allowing counter-parties to withdraw capital from their contracts with the company, the paper said.
more @ http://specials.rediff.com/money/2008/sep/15slide2.htm
Source:Rediff.com
16 September 2008
Nifty ends 5-day losing streak; RIL, SBI, HDFC Bk surge
Sensex won't see old highs for 2-3 yrs: Shankar Sharma
Shankar Sharma, VC and Joint MD of First Global rues that the bull market will not be back in a hurry and does not see the Sensex re-conquering its previous highs in the next two or three years. He estimates a moderate downside and sees the Sensex falling to the 10000-11000 levels. He also sees no recovery of a number of stocks on the Index to its previous highs. He feels the international financial crisis is not over and there are still a few struggling names in Europe and the US. He said he has no sympathy for investors of investment banks all over the world. He said that the rupee is intrinsically weak and would add to the concern of capital outflows.
Excerpts from CNBC-TV18’s exclusive interview with Shankar Sharma:
Sensex won't see old highs for 2-3 yrs: Shankar Sharma
------------------------------------------------
http://www.moneycontrol.com/india/news/economy/how-much-advance-tax-have-cos-paid-for-sept-quarter/19/15/356376
Sources said Tata Steel has paid Rs 300 crore as compared to Rs 350 crore, year-on-year. Tata Motors paid Rs 75 crore as against Rs 190 crore YoY, while Tata Consultancy Services paid Rs 115 crore versus Rs 20 crore YoY.
Among banking companies, Bank of India paid Rs 191 crore as compared to Rs 150 crore YoY, sources said. Union Bank paid Rs 130 crore as against Rs 100 crore YoY, while ICICI Bank paid Rs 250 crore versus Rs 185 crore YoY.
Mahindra & Mahindra paid Rs 116 crore as compared to Rs 83 crore YoY, while L&T paid Rs 170 crore versus Rs 80 crore YoY, sources added.
State Bank of India, or SBI, has paid Rs 1,560 crore as advance tax for the September quarter as against Rs 1,060 crore year-on-year, reports CNBC-TV18, quoting sources. Videocon paid Rs 25 crore as against Rs 20 crore YoY. HDFC and Reliance Industries paid Rs 290 crore and Rs 680 crore respectively for the September quarter. RIL had paid Rs 650 crore in the same period last year.
CNBC-TV18 Disclaimer:This information is source-based and has not been provided to the stock exchanges.
----------------------------------------------
Sensex ends down 12pts, SBI gains 6%
Nifty ends 5-day losing streak; RIL, SBI, HDFC Bk surge
ICICI Bank UK holds Lehman bonds
Advance tax nos not correlated with profitablity: Macquarie
US stocks extend slide on AIG worries
Finacial crisis: World Central banks pump $300 bn
Rupee posts biggest fall in a decade
Fed set to hold rates steady, may signal cuts
Goldman Sachs Q3 net plunges 70%
The journey of Lehman Brothers
Cause of Lehman bankruptcy Fallout threatens recession
Fate of 2,500 employees? Souvenirs command premium
Rel Cap to invest in insurance
Special: Pink slips back at IT cos
London stock mkt slides to 3-year low
Re falls to weakest since July 2006
ICICI Bank has Rs 375-cr exposure in Lehman Brothers
R-Cap to invest Rs 2,000 cr in insurance biz in next 3-5 yrs
Rel Infra eyes Rs 15,000 crore share in PSU steel projects
Short covering, value buying aid market recovery
Source:ET, BS,BL, UTVi
Shankar Sharma, VC and Joint MD of First Global rues that the bull market will not be back in a hurry and does not see the Sensex re-conquering its previous highs in the next two or three years. He estimates a moderate downside and sees the Sensex falling to the 10000-11000 levels. He also sees no recovery of a number of stocks on the Index to its previous highs. He feels the international financial crisis is not over and there are still a few struggling names in Europe and the US. He said he has no sympathy for investors of investment banks all over the world. He said that the rupee is intrinsically weak and would add to the concern of capital outflows.
Excerpts from CNBC-TV18’s exclusive interview with Shankar Sharma:
Sensex won't see old highs for 2-3 yrs: Shankar Sharma
------------------------------------------------
http://www.moneycontrol.com/india/news/economy/how-much-advance-tax-have-cos-paid-for-sept-quarter/19/15/356376
Sources said Tata Steel has paid Rs 300 crore as compared to Rs 350 crore, year-on-year. Tata Motors paid Rs 75 crore as against Rs 190 crore YoY, while Tata Consultancy Services paid Rs 115 crore versus Rs 20 crore YoY.
Among banking companies, Bank of India paid Rs 191 crore as compared to Rs 150 crore YoY, sources said. Union Bank paid Rs 130 crore as against Rs 100 crore YoY, while ICICI Bank paid Rs 250 crore versus Rs 185 crore YoY.
Mahindra & Mahindra paid Rs 116 crore as compared to Rs 83 crore YoY, while L&T paid Rs 170 crore versus Rs 80 crore YoY, sources added.
State Bank of India, or SBI, has paid Rs 1,560 crore as advance tax for the September quarter as against Rs 1,060 crore year-on-year, reports CNBC-TV18, quoting sources. Videocon paid Rs 25 crore as against Rs 20 crore YoY. HDFC and Reliance Industries paid Rs 290 crore and Rs 680 crore respectively for the September quarter. RIL had paid Rs 650 crore in the same period last year.
CNBC-TV18 Disclaimer:This information is source-based and has not been provided to the stock exchanges.
----------------------------------------------
Sensex ends down 12pts, SBI gains 6%
Nifty ends 5-day losing streak; RIL, SBI, HDFC Bk surge
ICICI Bank UK holds Lehman bonds
Advance tax nos not correlated with profitablity: Macquarie
US stocks extend slide on AIG worries
Finacial crisis: World Central banks pump $300 bn
Rupee posts biggest fall in a decade
Fed set to hold rates steady, may signal cuts
Goldman Sachs Q3 net plunges 70%
The journey of Lehman Brothers
Cause of Lehman bankruptcy Fallout threatens recession
Fate of 2,500 employees? Souvenirs command premium
Rel Cap to invest in insurance
Special: Pink slips back at IT cos
London stock mkt slides to 3-year low
Re falls to weakest since July 2006
ICICI Bank has Rs 375-cr exposure in Lehman Brothers
R-Cap to invest Rs 2,000 cr in insurance biz in next 3-5 yrs
Rel Infra eyes Rs 15,000 crore share in PSU steel projects
Short covering, value buying aid market recovery
Source:ET, BS,BL, UTVi
India Inc pays higher advance tax for Q2FY09, Dow Slides below 11k
India Inc pays higher advance tax
India Inc has payed higher advance tax for the second quarter ending September 30, 2008, according to data available with UTVi.
State Bank of India (SBI) has paid advance tax of Rs 1,560 crore when compared with Rs 1,054 crore paid for the quarter ended September 30, 2007.
Reliance has paid Rs 680-690 crore as against Rs 650 crore paid in September 2007. While ICICI Bank has paid Rs 575 crore vs Rs 450 crore in the year-ago period, HDFC has paid Rs 290 crore. Videcon has paid Rs 25 crore vs Rs 20 crore in September 2007.
Advance Tax Nos. (Rs in cr)
Sept 2008 Sept 2007
RIL 683 650
ICICI Bank 575 450
SBI 1560 1050
HDFC 290 180 - 200
Ambuja Cements 175 200
IDBI 20 3
Videocon 25 20
IPCA 3.74 3.29
Wockhardt 2.5 10
Reliance Capital 12 Not Available
Deepak Fertilisers 20 Not Available
SIDBI 90 Not Available
ECGC 90 Not Available
------------------------------------------------------
Dow slides +4%, ends below 11,000
NEW YORK: Stocks took a late day turn for the worse on Monday, with the Dow's loss ballooning to nearly 500 points, amid increased fear about a collapse of AIG and the stability of the US financial system.In the final minutes of trading, the Dow Jones Industrial Average fell below the key 11000 mark and the S&P 500 dropped below 1200.The Dow ended down 504.48 points, or 4.42%, at 10,917.51. The Standard & Poor's 500 Index ended down 58.17 points, or 4.65%, at 1,193.53. The Nasdaq Composite Index was down 81.36 points, or 3.60%, at 2,179.91.Following Lehman Brothers bankruptcy filing, attention turned to American International Group, once the world's largest insurer, whose stock fell more than 53% on concern that it may need to raise capital to cover mortgage-related losses.That pushed shares of financial services companies down sharply, deepening the decline in the three major indices.Updated at 2010 hrs (IST): Stocks slid on Monday as the bankruptcy filing by investment bank Lehman Brothers Holdings Inc and cascading fears about the stability of other major financial institutions spooked global markets.Shares of financial services companies, including insurer American International Group, led the slide amid mounting fears about the impact of the year-long credit crisis on the economy and the profit outlook.AIG, an insurer, and savings and loan company Washington Mutual are among other major companies investors fear are threatened by the credit maelstrom and may have to step up efforts to raise capital to shore up their balance sheets.
The concerns about the stability of other firms followed the US government's decision not to provide guarantees for any deal to help Lehman avert bankruptcy."Investors are uncertain about what it means for the US Treasury and the Federal Reserve to have drawn the line in the sand now and reintroduced the concept of moral hazard," said Phil Orlando, chief equity market strategist, at Federated Investors in New York. "Those who have said we're at the bottom a thousand points ago are probably smoking dope."AIG shares tumbled 42% to $7 on the New York Stock Exchange, while those of Lehman plummeted 94% to 22 cents in composite trading. Washington Mutual dropped 13.9% to $2.35.Dow Jones industrial average fell 299.22 points (2.62%) to 11,122.77. The Nasdaq Composite Index fell 40.18 points (1.78%) to 2,221.09.Merrill shares climbed 27.6% to $21.75, but Bank of America shares dropped 13.9% to $29.05.
Dow Jones slides by over 500 points; worst since 9/11
Asian stock markets plunge after Wall Street falls
Lehman fall may deepen Indian realtors' credit woes
Lehman fallout threatens deeper, wider recession
Credit crisis to hit India Inc's fund raising
Lehman CEO's overconfidence may have led to bankruptcy
Credit crunch: IIT, IIM placements face big hit
AIG struggles to survive financial tsunami
Major financial crises Expert Speak on Financial crisis
Fed may cut key rates BoA-Merrill may flex its muscles
TCS, Wipro recast hiring plans
Oil falls to 7th-month low at $93
'It’s panic sale, expect bounceback'
Wall St seen losing 30,000 jobs
Lehman, Merrill staffs' future dark
Moody’s, Fitch slash Lehman ratings
Global events to haunt D-Street
Merrill prunes its stake in blue chips
Wall St model shattered by crisis
What next for Indian stock market?
Japan PM, ministers to discuss Lehman fallout
Spirce:UTVi, BL, ET
India Inc has payed higher advance tax for the second quarter ending September 30, 2008, according to data available with UTVi.
State Bank of India (SBI) has paid advance tax of Rs 1,560 crore when compared with Rs 1,054 crore paid for the quarter ended September 30, 2007.
Reliance has paid Rs 680-690 crore as against Rs 650 crore paid in September 2007. While ICICI Bank has paid Rs 575 crore vs Rs 450 crore in the year-ago period, HDFC has paid Rs 290 crore. Videcon has paid Rs 25 crore vs Rs 20 crore in September 2007.
Advance Tax Nos. (Rs in cr)
Sept 2008 Sept 2007
RIL 683 650
ICICI Bank 575 450
SBI 1560 1050
HDFC 290 180 - 200
Ambuja Cements 175 200
IDBI 20 3
Videocon 25 20
IPCA 3.74 3.29
Wockhardt 2.5 10
Reliance Capital 12 Not Available
Deepak Fertilisers 20 Not Available
SIDBI 90 Not Available
ECGC 90 Not Available
------------------------------------------------------
Dow slides +4%, ends below 11,000
NEW YORK: Stocks took a late day turn for the worse on Monday, with the Dow's loss ballooning to nearly 500 points, amid increased fear about a collapse of AIG and the stability of the US financial system.In the final minutes of trading, the Dow Jones Industrial Average fell below the key 11000 mark and the S&P 500 dropped below 1200.The Dow ended down 504.48 points, or 4.42%, at 10,917.51. The Standard & Poor's 500 Index ended down 58.17 points, or 4.65%, at 1,193.53. The Nasdaq Composite Index was down 81.36 points, or 3.60%, at 2,179.91.Following Lehman Brothers bankruptcy filing, attention turned to American International Group, once the world's largest insurer, whose stock fell more than 53% on concern that it may need to raise capital to cover mortgage-related losses.That pushed shares of financial services companies down sharply, deepening the decline in the three major indices.Updated at 2010 hrs (IST): Stocks slid on Monday as the bankruptcy filing by investment bank Lehman Brothers Holdings Inc and cascading fears about the stability of other major financial institutions spooked global markets.Shares of financial services companies, including insurer American International Group, led the slide amid mounting fears about the impact of the year-long credit crisis on the economy and the profit outlook.AIG, an insurer, and savings and loan company Washington Mutual are among other major companies investors fear are threatened by the credit maelstrom and may have to step up efforts to raise capital to shore up their balance sheets.
The concerns about the stability of other firms followed the US government's decision not to provide guarantees for any deal to help Lehman avert bankruptcy."Investors are uncertain about what it means for the US Treasury and the Federal Reserve to have drawn the line in the sand now and reintroduced the concept of moral hazard," said Phil Orlando, chief equity market strategist, at Federated Investors in New York. "Those who have said we're at the bottom a thousand points ago are probably smoking dope."AIG shares tumbled 42% to $7 on the New York Stock Exchange, while those of Lehman plummeted 94% to 22 cents in composite trading. Washington Mutual dropped 13.9% to $2.35.Dow Jones industrial average fell 299.22 points (2.62%) to 11,122.77. The Nasdaq Composite Index fell 40.18 points (1.78%) to 2,221.09.Merrill shares climbed 27.6% to $21.75, but Bank of America shares dropped 13.9% to $29.05.
Dow Jones slides by over 500 points; worst since 9/11
Asian stock markets plunge after Wall Street falls
Lehman fall may deepen Indian realtors' credit woes
Lehman fallout threatens deeper, wider recession
Credit crisis to hit India Inc's fund raising
Lehman CEO's overconfidence may have led to bankruptcy
Credit crunch: IIT, IIM placements face big hit
AIG struggles to survive financial tsunami
Major financial crises Expert Speak on Financial crisis
Fed may cut key rates BoA-Merrill may flex its muscles
TCS, Wipro recast hiring plans
Oil falls to 7th-month low at $93
'It’s panic sale, expect bounceback'
Wall St seen losing 30,000 jobs
Lehman, Merrill staffs' future dark
Moody’s, Fitch slash Lehman ratings
Global events to haunt D-Street
Merrill prunes its stake in blue chips
Wall St model shattered by crisis
What next for Indian stock market?
Japan PM, ministers to discuss Lehman fallout
Spirce:UTVi, BL, ET
Lehman effect: Indian cos lose Rs 2K-cr
Lehman effect: Indian cos lose Rs 2K-cr
Lehman-invested Indian firms lose over Rs 2,000 cr
Lehman Brothers' move to file for bankruptcy today wiped off more than Rs 2,000 crore from the market valuation of those Indian companies in which the US financial major has made equity investments. Lehman itself recorded a loss of more than Rs 50 crore today on its investments in India, which is nearly 10 per cent of its current holding worth an estimated over Rs 500 crore. The loss would have been much higher if Lehman had not started offloading its equity holding in Indian companies late last month. In a major selling spree that started on August 21, Lehman has sold shares worth close to Rs 400 crore in nearly 10 companies, including NIIT Ltd, Cranes Software, Amtek Auto, Amtek India, Fedders Llyod, Northgate, Mastek, Triveni Engg and Prajay Engg.
Prior to this sell-off, Lehman's Indian equity portfolio is estimated to have been worth more than Rs 1,000 crore, which has now nearly halved to about Rs 500 crore. Most of the shares offloaded by Lehman in India, including those in NIIT, Cranes, Amtek Auto, Amtek India and Northgate, has been purchased by Deutsche Bank, according to the bulk and block deal data available with the bourses. Besides the 10 companies where Lehman has offloaded its shares, Lehman had equity holding in about two dozen firms at the end of June quarter. These firms include Spice Communications, Spice Mobile, Anant Raj Industries, Edelweiss Cap, IVRCL Infra, Tulip Telecom, Consolidated Construction, PSL, Orbit Corp, Development Credit Bank, Champagne Indage, Godawari Power, KPIT Cummins, West Coast Paper, IOL Netcom, Dhampur Sugar, Prithvi Info, Golden Tobacco, Emkay Global, Vijay Shanti Builders and Pioneer Embroidery.
Source:ET,BL
Lehman-invested Indian firms lose over Rs 2,000 cr
Lehman Brothers' move to file for bankruptcy today wiped off more than Rs 2,000 crore from the market valuation of those Indian companies in which the US financial major has made equity investments. Lehman itself recorded a loss of more than Rs 50 crore today on its investments in India, which is nearly 10 per cent of its current holding worth an estimated over Rs 500 crore. The loss would have been much higher if Lehman had not started offloading its equity holding in Indian companies late last month. In a major selling spree that started on August 21, Lehman has sold shares worth close to Rs 400 crore in nearly 10 companies, including NIIT Ltd, Cranes Software, Amtek Auto, Amtek India, Fedders Llyod, Northgate, Mastek, Triveni Engg and Prajay Engg.
Prior to this sell-off, Lehman's Indian equity portfolio is estimated to have been worth more than Rs 1,000 crore, which has now nearly halved to about Rs 500 crore. Most of the shares offloaded by Lehman in India, including those in NIIT, Cranes, Amtek Auto, Amtek India and Northgate, has been purchased by Deutsche Bank, according to the bulk and block deal data available with the bourses. Besides the 10 companies where Lehman has offloaded its shares, Lehman had equity holding in about two dozen firms at the end of June quarter. These firms include Spice Communications, Spice Mobile, Anant Raj Industries, Edelweiss Cap, IVRCL Infra, Tulip Telecom, Consolidated Construction, PSL, Orbit Corp, Development Credit Bank, Champagne Indage, Godawari Power, KPIT Cummins, West Coast Paper, IOL Netcom, Dhampur Sugar, Prithvi Info, Golden Tobacco, Emkay Global, Vijay Shanti Builders and Pioneer Embroidery.
Source:ET,BL
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