Indian Stock Markets Sensex News

India gold futures reverse losses on dollar

2009-05-11T01:13:00.001-07:00

India gold futures reverse losses on dollar

MUMBAI (Reuters) - India gold futures reversed early losses on Monday supported by weak dollar overseas, analysts said.
The dollar fell, hitting its lowest in seven weeks on the euro, as investors emboldened by slowing U.S. job losses extended diversification into other currencies.
Gold and dollar often move in opposite direction.The most traded June contract was 0.29 percent higher at 14,548 rupees per 10 grams at 11:05 a.m. The contract had gained 1.5 percent last week."We forsee some appreciation in prices primarily due to bargain hunting," said Debjyoti Chatterjee, associate vice-president with ADMISI Commodity Services.
Gold may rally and trade in the range of 14,460-14,700 rupees, Chatterjee added.Gold may rally further if it manages to breach 14,750 rupees, said Vikas Vaid, assistant vice-president with Asit C. Mehta Commodity Services.

Oil falls towards $58 on econ fears, eyes dollar

2009-05-11T01:12:00.001-07:00

Oil falls towards $58 on econ fears, eyes dollar

Click to enlarge photo

By Fayen Wong
PERTH (Reuters) - Oil fell towards $58 a barrel on Monday, reversing some of the previous session's near 3 percent gains, as investors took profit amid warnings that any global recovery will only be gradual.Oil rose more than 3 percent on Friday to touch a near six-month high as economic data showed fewer-than-expected jobs were lost in April and stress test results lifted some uncertainty over the health of major American banks.U.S. crude fell 47 cents to $58.16 a barrel by 0533 GMT. The contract rose $1.92 to settle at $58.63 on Friday.London Brent crude fell 31 cents to $57.83."Oil prices are driven by perceptions that the economic outlook is less pessimistic that previously thought. But the growth numbers we could be seeing from developed economies may not justify such price levels," said David Moore, a commodities strategist at Commonwealth Bank of Australia.
Still, encouraging news from China, the world's third-largest economy, helped support oil at above $58 a barrel.A top China central banker said the government's stimulus plan has worked better than expected, while crude imports data showed a spike in demand.

Financials put Pandit on top among NRI-run firms

2009-05-11T01:11:00.002-07:00

Financials put Pandit on top among NRI-run firms

Citigroup's Vikram Pandit may have been named among worst CEOs ever in America, but in terms of financial performance for the first quarter of this year, the banking behemoth has emerged as one of the best performers among the US companies run by persons of Indian origin.
While Citigroup bounced back into profitability in the first quarter of 2009, after five straight quarterly losses of multi-billion dollars, IT firm Cognizant Technology is possibly the only other American blue-chip company in this league to report a rise in profits for the same period.
In comparison, Indra Nooyi-led PepsiCo and Shantanu Narayen-led Adobe Systems posted declines in their first quarter profits.
Besides, Hartford Financial Services, led by Ramani Ayer, plunged into heavy losses in the first quarter of this year, from profitability in the year-ago period.
Another blue-chip global enterprise run by an India-born person, ArcelorMittal, also posted a billion-dollar loss in its first quarter net profit. The world's biggest steelmaker, run and majority owned by Lakshmi Mittal, recorded a net loss of 1.1 billion dollar in the quarter ended March 31, 2009, as against a profit of 2.4 billion dollar in the year ago quarter

GLOBAL MARKETS - Asia shares hit 7-mth high; some see pullback

2009-05-11T01:11:00.000-07:00

GLOBAL MARKETS - Asia shares hit 7-mth high; some see pullback

Click to enlarge photo

By Rafael Nam
HONG KONG (Reuters) - Asian shares rose to their highest in seven months while the safe-haven dollar extended its decline on Monday, but warnings about an impending turnaround are growing amid weak corporate results and views that any global recovery will only be gradual.
For now, traders focused on a smaller-than-expected number of job losses in the United States that reinforced expectations that the global economy, while still weak, may have hit bottom. Increased optimism about the global financial system is also feeding the rally.
European shares were set to gain ahead of results from bellwhether HSBC, while oil prices retreated a tad from the 6-months highs above $58 a barrel hit on Friday.
The gains in stock markets -- with the MSCI's index of Asia-Pacific stocks outside Japan up 52 percent since their 2009 low hit in early March -- are also sparking a plunge in risk premiums in Asian credit levels.
More: http://in.biz.yahoo.com/090511/137/batjyz.html

Insurance watchdog asks LIC to chalk out plan to cut 10% holdings in cos

2009-05-11T01:08:00.000-07:00

Insurance watchdog asks LIC to chalk out plan to cut 10% holdings in cos

Insurance regulator, Irda, has asked Life Insurance Corporation (LIC) to chalk-out a plan to reduce its stake in those companies where it holds more than 10% and expects a response in the next 15-20 days, a senior Irda official said.
"In our bilateral discussions with LIC, we have asked them to come out with a clear plan for compliance with the norms for reduction of its stake in those blue-chip companies where it holds more than 10%," Insurance regulatory and development authority member (actuary), R Kannan, said.
Irda had, last year, said that LIC should pare down its holding in companies where it holds more than a 10% stake to the prescribed limit of maximum 10%.
LIC is expected to chart its course of action and revert to the Irda with its plan of compliance in a few days, Kannan said. "Now, when it (LIC) is closing its accounts, it should come out with a clear strategy for bringing its holding down (to 10%). We expect LIC to come out with its plan in the next 15-20 days," Kannan said.
More: http://in.biz.yahoo.com/090510/50/batjwd.html

Realty sector struggles as funds stay away

2009-05-11T01:06:00.000-07:00

Realty sector struggles as funds stay away

India's troubled property developers are seeing early signs of a rebound, but high debt costs and a lack of private equity funding suggest a sustained recovery is unlikely for some time.
Enquiries for homes and offices remain strong in Asia's third-largest economy as it grows at an annual clip of 6-7 per cent, but buyers are staying away as developers dither over sharp price reductions that could turn pent-up demand into sales.
Foreign investors, scarred by the global sub-prime crisis, are wary of investing in a property market beset with red-tape, land disputes and unclear titles. And with no clear sight of prices bottoming, like home buyers, they are staying away.
Major developers, who have seen their share price slide by up to 90 per cent from last year's peak, expect the market downturn to last another 3 to 4 quarters even as property markets elsewhere in Asia show signs of turning a corner.
More: http://in.biz.yahoo.com/090511/50/batjxb.html

Indian property struggles as funds stay away

2009-05-11T01:04:00.000-07:00

Indian property struggles as funds stay away

Click to enlarge photo

By Prashant Mehra & Jasudha Kirpalani
MUMBAI (Reuters) - India's troubled property developers are seeing early signs of a rebound, but high debt costs and a lack of private equity funding suggest a sustained recovery is unlikely for some time.
Enquiries for homes and offices remain strong in Asia's third-largest economy as it grows at an annual clip of 6-7 percent, but buyers are staying away as developers dither over sharp price reductions that could turn pent-up demand into sales.
Foreign investors, scarred by the global sub-prime crisis, are wary of investing in a property market beset with red-tape, land disputes and unclear titles. And with no clear sight of prices bottoming, like home buyers, they are staying away.
More: http://in.biz.yahoo.com/090511/137/batjwz.html

Stock Marcket MOST ACTIVE NSC

2009-05-11T01:02:00.001-07:00

CompanyLast TradeChangeVolume

UNITECH LTD 48.45 4.35 (8.24%) 47,267,397
Suzlon Energ 73.65 2.55 (3.35%) 21,197,162
RNRL.NS 57.90 2.15 (3.58%) 17,690,342
Ispat Indust 15.30 1.00 (6.13%) 17,266,734
Dish TV Indi 34.25 0.50 (1.44%) 13,661,975
JAIPRAKASH A 135.40 6.70 (4.71%) 13,520,457
SESA GOA LTD 138.55 7.90 (6.05%) 12,600,929
Housing Deve 166.15 7.35 (4.24%) 12,350,143
GUJARAT N R 31.40 1.40 (4.67%) 12,193,954
IFCI LTD 25.70 0.85 (3.20%) 11,059,535
Tata Steel L 270.75 11.65 (4.13%) 11,014,653
NAGARJUNA FE 23.75 1.25 (5.00%) 9,819,992
WWIL.NS 15.90 0.35 (2.25%) 9,231,265
ICICI BANK L 524.00 3.25 (0.62%) 8,915,606
STEEL AUTHOR 121.20 3.80 (3.04%) 8,798,033
DLF Limited 228.00 12.65 (5.26%) 8,174,960
ALOK INDUSTR 13.00 0.85 (6.14%) 7,426,236
Indiabulls R 136.40 6.75 (4.72%) 6,915,889
PETRONET LNG 54.75 1.85 (3.50%) 6,358,386
IDFC.NS 82.20 3.60 (4.20%) 5,349,655
HINDALCO.NS 67.20 1.10 (1.61%) 5,230,644
GVKPIL.NS 27.00 0.50 (1.82%) 5,161,921
JSW Steel Li 409.80 0.35 (0.09%) 4,830,235
Reliance Com 220.75 9.30 (4.04%) 4,701,734
UCO BANK 33.65 1.10 (3.38%) 4,602,495

Stock Marcket MOST ACTIVE BSE

2009-05-11T01:01:00.000-07:00

CompanyLast TradeChangeVolume

UNITECH LTD 48.15 4.65 (8.81%) 13,637,274
DISH TV 34.30 0.45 (1.29%) 10,451,380
ISPAT INDUST 15.28 1.02 (6.26%) 8,311,094
GUJARA NRE C 31.25 1.20 (3.99%) 7,526,631
RIL NAT RES 57.55 2.50 (4.16%) 7,507,256
SUZLONENERGY 73.50 2.70 (3.54%) 7,230,945
WIRE& WIRLES 15.71 0.08 (0.51%) 5,078,634
HOUSING DEV 164.00 9.40 (5.42%) 4,791,078
SESA GOA LTD 137.50 6.65 (5.08%) 4,667,951
JAIPRAK ASSO 134.70 7.40 (5.21%) 4,443,681
TATA STL 270.10 12.40 (4.39%) 4,287,779
ALOK INDUSTR 12.97 0.74 (5.40%) 3,875,029
NAGA FERT CH 23.60 1.40 (5.60%) 3,315,808
ANU LABS 48.35 391.75 (89.01%) 3,273,934
BALLARPUR IN 17.70 0.75 (4.07%) 2,957,078
IFCI LTD 25.65 0.95 (3.57%) 2,923,065
PETRONET LNG 54.65 1.70 (3.21%) 2,705,569
INDBUL REAL 135.30 7.80 (5.45%) 2,284,113
DLF LTD 227.80 12.60 (5.24%) 2,281,294
ICICI BANK L 522.60 2.00 (0.38%) 2,213,231
WELSP GUJ SR 108.05 6.05 (5.30%) 1,874,091
RELIANCE CAP 545.90 28.85 (5.02%) 1,869,032
HINDALCO IN 67.05 1.25 (1.83%) 1,845,845
GVK POWERINF 26.90 0.65 (2.36%) 1,726,627
UCO BANK 33.50 0.85 (2.60%) 1,558,818

Latest All Business News

2009-05-11T01:00:00.000-07:00

CORRECTED - DBS says divests 2.7 pct stake in India's HDFC Bank

- Reuters - Mon 11 May, 01:20 PM

SINGAPORE (Reuters) - Singapore's DBS Group said it sold its 2.7 percent stake in India's HDFC Bank on Friday, which, according to a banking source, raised about $260 million for the.

Indian property struggles as funds stay away

- Reuters - Mon 11 May, 01:20 PM

MUMBAI (Reuters) - India's troubled property developers are seeing early signs of a rebound, but high debt costs and a lack of private equity funding suggest a sustained recovery is unlikely for some..

ANALYSIS - Credit losses seen falling despite Q1 bank hits

- Reuters - Mon 11 May, 12:51 PM

LONDON (Reuters) - Sizeable writedowns by a handful of lenders this week have jolted but not wiped out confidence that European banks will see smaller credit writedowns this year after huge losses in...

BSE Sensex extends losses to over 1 pct

- Reuters - Mon 11 May, 12:51 PM

MUMBAI (Reuters) – The BSE Sensex extended losses to more than 1 percent on Monday afternoon, weighed down by political uncertainty ahead of general election results this.

Today's Top News

2009-05-11T00:56:00.000-07:00

Bombay Bourse Said to Hire Kannan as Chief Executive

Bloomberg - ‎11 minutes ago‎

India's two stock markets have formed alliances with overseas bourses to raise funds to invest in new trading systems and gain expertise in offshore trading ...

Volatile market at day's low
India Infoline.com - ‎53 minutes ago‎
Markets have turned volatile and have further lost ground in the afternoon trades as selling pressure prolongs. Cues from the Asian markets are mixed, ...
Markets start in positive zone Andhra Cafe
The bear grip tightens…Sensex slides over 200pts India Infoline.com

Two Fidelity Units Cut Satyam Computer Stake To 4.02%
Wall Street Journal - ‎23 minutes ago‎
... International units have cut their combined stake in India's Satyam Computer Services Ltd. (500376.BY) by 1.76% to 4.02% through open market sales. ...

Taiwan stocks at 8-mth high on property, firm Taiwan dollar
Forbes - ‎10 minutes ago‎
By Gina Chang ASIA-PACIFIC STOCK MARKETS: Pan-Asia...... Japan........ S.Korea.... SE Asia............ Hong Kong... Taiwan..... Australia/NZ......... India. ...

Hindustan Unilever Board recommends Final Dividend of Rs 4 for 2008-09
Equity Bulls - ‎59 minutes ago‎
The Hindustan Unilever stock was trading at Rs.228, down by Rs.4.90 or 2.10%. The stock hit an intraday high of Rs.238.90 and low of Rs.226.20.

Sensex retreats from 12000; ICICI Bank, M&M up

2009-05-11T00:50:00.000-07:00

MUMBAI: Indian markets gave up most of their early gains Monday as investors were cautious ahead of results of general elections by weekend.

Traders are waiting for an correction to enter the markets which look expensive at the moment, said dealers.
“US markets closed on a positive note while other Asian markets are mixed. Stocks gained around the world as Federal Reserve Chairman Ben Bernanke said a review of banks’ health “should provide considerable comfort” and a report showing fewer job losses than forecast signalled the worst of the recession is over. We recommend booking profits at higher levels as we expect the market to see some resistance at 3800–3850. For the day we are positive on the market,” said Religare Securities report.

At 10:30 am, Bombay Stock Exchange’s Sensex was at 11936.68, up 60.25 points or 0.51 per cent. The index crossed 12000 mark as the market opened and touched an intra-day high of 12026.60 but failed to hold on gains. It touched a low of 11904.83.
National Stock Exchange’s Nifty was at 3636.80, up 16.1 points or 0.44 per cent. The broader index touched an intra-day high of 3660.20 and low of 3612.75.
“The trend deciding level for the day is 3638 / 11941 (Nifty/Sensex). If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 3694 / 12116. However, if Nifty trades below 3638 / 11941 for the first half-an-hour of trade then it may correct up to 3565 – 3510 / 11701- 11526,” said Angel Broking note.
Buying was also seen in broader markets. BSE Midcap Index was up 0.45 per cent and BSE Smallcap Index gained 0.89 per cent.
Amongst the sectoral indices, BSE Bankex was up 2.27 per cent, BSE Oil&gas Index gained 0.63 per cent and BSE Healthcare Index moved 0.63 per cent higher. BSE FMCG Index declined 0.88 per cent and BSE Realty Index slipped 0.50 per cent.
ICICI Bank (4.49%), Mahindra & Mahindra (2.54%), Reliance Infrastructure (2.46%), ONGC (2.15%) and ACC (1.73%) were the top Sensex gainers.
Hindustan Unilever (-2.21%), Bharti Airtel (-1.65%), DLF (-1.02%), Ranbaxy Laboratories (-1.01%) and Wipro (-0.54%) were amongst the Sensex losers.
Market breadth was positive on the BSE with 1113 advances and 708 declines.
Hindustan Unilever, India’s largest fast-moving consumer goods company, reported a 20% year-on-year growth in underlying net profit for the quarter to March, helped by a steep fall in raw material prices. The Indian subsidiary of Anglo-Dutch multinational Unilever posted a net profit of Rs 457 crore for the period, after excluding extraordinary items. The company made a one-time provision of Rs 107.1 crore for exceptional items which include Rs 60 crore towards retirement benefits.
State Bank of India has reported a 45.6% growth in net profit at Rs 2,742.31 cr for the quarter ended March 31, 2009, over Rs 1,883.25 cr in the earlier corresponding period. The country's biggest lender's total income grew to Rs 22,060.61 cr (Rs 16,393.93 cr).
For the fiscal 2008-09, the bank's net profit stood at Rs 9,121.24 cr, reflecting a 35.6% growth over last fiscal's Rs 6,729.12 cr net. Total income rose to Rs 76,479.22 cr (Rs 57,645.24 cr) for the period. The scrip slipped from its high of Rs 1389 and was trading 0.60 per cent higher at Rs 1333.10 on the BSE.
Essel Propack, a laminated tube maker catering to oral care and FMCG products worldwide, is exploring the option of picking up a controlling stake in England’s tube maker Betts after the Essex-based company was placed in administration, following a breach of banking covenants. The stock surged 14.29 per cent to Rs 17.60 on the BSE.
In global markets, the US stocks rose Friday, and the Nasdaq capped its longest stretch of weekly gains in a decade as stress test results and reassuring jobs data fueled hopes the worst is over for banks and the economy.
The Dow Jones industrial average gained 164.80 points, or 1.96 per cent, to 8,574.65. The Standard & Poor's 500 Index rose 21.84 points, or 2.41 per cent, to 929.23. The Nasdaq Composite Index climbed 22.76 points, or 1.33 per cent, to 1,739.00.
Asian stocks were back in the green.The Nikkei was up 0.09 per cent, Seoul Composite gained 0.55 per cent and Hang Seng gained 1.66 per cent.

Most Asia markets extend gains after US job data

2009-05-11T00:48:00.000-07:00

Most Asia markets extend gains as US job data buoy confidence; Hong Kong up nearly 2 pct

Asian stocks were mostly higher Monday as news of fewer job losses in the U.S. gave investors more confidence the world's largest economy was headed toward recovery.

Gains across most of the region added to a two-month rally that's showing few signs of abating as expectations grow for an end to the global slump by year's end. Asian bank shares rose after their struggling U.S. peers advanced Friday amid relief over the government's "stress tests," while the dollar climbed against the yen. Oil prices, moderately lower, were still trading near this year's peak.

The latest dose of less dreary news came from a key monthly job report showing U.S. employers axed 539,000 jobs last month. It was the lowest in six months and far fewer than forecast, feeding a theme of recovery that has emboldened bullish investors of late.

While many analysts say recent improvements in the economy may not justify the swift rise in equity prices, hot money flowing from mutual funds and other big investors could put off any correction in the market for weeks or months.

"I wouldn't say things are getting better, but they are getting less worse. We are starting to see some stabilization," said Andrew Orchard, Asia strategist for Royal Bank of Scotland in Hong Kong. "The concerns long-term are we may overshoot and predict a recovery too quickly."

Hong Kong's Hang Seng climbed 289.20, or 1.7 percent, to 17,679.07, and South Korea's Kospi was 0.3 percent higher at 1,415.99.

Japan recouped losses to edge higher, with the Nikkei up 10.62 points, or 0.1 percent, at 9443.45. Weighing on the broader market were automakers after Toyota reported its worst-ever annual loss -- and forecast an even bigger losses this year. Toyota shares were down 4.8 percent.

Elsewhere, Taiwan and Indian benchmarks rose, while those in Shanghai and Australia were modestly lower.

In New York Friday, investors consoled by the government's bank tests and the jobs report sent the Dow up 164.80 points, or 2 percent, to 8,574.65. The Standard & Poor's 500 index rose 21.84, or 2.4 percent, to 929.23, and the Nasdaq composite index rose 22.76, or 1.3 percent, to 1,739.00.

Wall Street looked to give back some of its gains after U.S. futures fell. Dow futures were down 46 points, or 0.5 percent, to 8,470, while S&P futures were down 5.7 points, or 0.6 percent, to 919

Corporate bond market posts record turnover

2009-05-07T13:39:00.000-07:00

Union Bank to enter MF business by Dec: Official

Economic Times - ‎5 hours ago‎

7 May 2009, 2011 hrs IST, PTI MUMBAI: State-run Union Bank of India, in joint venture with Belgium-based company, plans to enter the mutual funds business ...

BOM:532477

Only 7% of equity funds better Sensex return

Hindu Business Line - ‎1 hour ago‎

Mumbai, May 7 Only seven per cent of the mutual funds, numbering a total 322, managed to beat the Sensex. Low levels of cash and higher exposure to banking ...

Commodities Still King Amid Strife

Markets Media News - ‎3 hours ago‎

... like insurance funds, pension funds, mutual funds and others reaching nearly $2 trillion soon, up from current levels of $280 billion to $300 billion. ...

Commodity market to recover first from economic crisis: Celent Hindu

Corporate bond market posts record turnover

Business Standard - ‎3 hours ago‎

Padhyay said spreads in bonds too were quite high and akin to banks, mutual funds too had become aggressive in the bond market as large corporate houses ...

Union Bank to raise Rs 200 cr via bonds

Daily News & Analysis - ‎1 hour ago‎

The bank also plans to enter the mutual funds business by December, in joint venture with Belgium-based company and hopes to receive the market regulator ...

mutual fund houses

2009-05-07T13:37:00.001-07:00

1.4 mutual fund houses register drop in assets

mydigitalfc.com - ‎2 hours ago‎

According to data released by Association of Mutual Funds in India (Amfi), Edelweiss's AAUM at the end of April stood at Rs 14.56 crore, as against Rs 22.28 ...

Fund houses offering regular profit plans to entice investors

2. Realty mfs hit a rating block

Economic Times - ‎33 minutes ago‎

MUMBAI: A year after the market regulator, the Securities and Exchange Board of India (Sebi), cleared the deck for real estate mutual funds, some players ...

3.UTI bets on mobile phones to tap young clients

Reuters India - ‎9 hours ago‎

The executive said a majority of investors in mutual funds had annual income of 500000 rupees a year and with 70 percent of Indians less than 40 years of ...

ART MARKET WATCH

2009-05-07T13:32:00.000-07:00

ART MARKET WATCH

Artnet - ‎2 hours ago‎

And the art market, like any other, is irrational. At Christie's, the lots were better and esthetic values led the way. Nice, if true. ...

ART MARKET WATCH Artnet

MARKET WATCH: Economy indicators push up energy prices

Oil & Gas Journal - ‎2 hours ago‎

HOUSTON, May 7 -- Energy prices jumped May 6 in the New York market, driven by a better-than-expected report on US unemployment, a smaller-than-expected oil ...

MARKET WATCH: Energy prices decline in market adjustment Oil & Gas Journal

MARKET WATCH: Optimistic market hikes oil, gas prices Oil & Gas Journal

Energy stocks dip with broad market; oil hits $58, cools

MarketWatch - ‎16 minutes ago‎

By Steve Gelsi, MarketWatch NEW YORK (MarketWatch) - Energy stocks fell back from gains earlier in the session on Thursday as the broad market moved down on ...

MARKET SNAPSHOT MarketWatch

ENERGY STOCKS MarketWatch

Indian market ends choppy session higher

2009-05-07T13:30:00.001-07:00

Indian market ends choppy session higher

RTT News - ‎8 hours ago‎

Kingfisher Airlines rose 2.25% on reports that State Bank of India has agreed to provide a Rs. 500-crore loan to the company to meet its immediate cash ...

Bail an uphill task for former Indian Bank head

Times of India - ‎18 hours ago‎

CHENNAI: The former chairman and managing director of Indian Bank, Gopalakrishnan's release on bail seems to hinge on his payment of Rs 75 lakh, ...

NSE:INDIANB.BL – NSE:INDIANB

RBI extends norms for loan valuation to fis

Business Standard - ‎2 hours ago‎

The Reserve Bank of India (RBI) has extended its norms for the valuation of loans before and after restructuring to financial institutions (fis) as well. ...

Government still talking to Jaguar Land Rover

2009-05-07T13:29:00.000-07:00

Government still talking to Jaguar Land Rover

Reuters - ‎11 hours ago‎

Its sources said the government wanted 15 percent commission to guarantee the loan, something the government has not confirmed, Sky said. ...

Tata Motors to raise Rs 5000 cr through bond issue for JLR Business Standard

JLR's wait for aid gets longer Livemint

UK Says It's Continuing to Talk With Tata Motors About Aid Bloomberg

Insurance News

2009-05-07T13:27:00.000-07:00

Fee Insurance opens Wichita branch

Bizjournals.com - ‎33 minutes ago‎

Fee Insurance Group has expanded into the Wichita market, opening a location in the Central Bank and Trust building on east 21st Street. ...

Philadelphia Insurance opens Memphis office

Bizjournals.com - ‎2 hours ago‎

Philadelphia Insurance Cos. has opened a Memphis location, its second in Tennessee and 49th in the nation. The new office is the result of the “significant ...

Earnings drop 22% for FPIC Insurance Group

Bizjournals.com - ‎2 hours ago‎

FPIC Insurance Group Inc. said Thursday income for the first quarter slid 22.2 percent to $8.4 million, partially the result of lower Florida premium rates ...

FPIC

Cameron Harris relaunches insurance firm

Bizjournals.com - ‎6 hours ago‎

Cameron Harris has relaunched his insurance company Cameron M. Harris & Co., which was sold to Wachovia Corp. in 2002. The transaction didn't involve a ...

Cameron Harris starting insurance firm CharlotteObserver.com

Muckety mover - Health insurance industry acknowledges discrimination

2009-05-07T13:26:00.001-07:00

Muckety mover - Health insurance industry acknowledges discrimination

Muckety - ‎5 hours ago‎

By Carol Eisenberg Health insurance companies offered this week to end the practice of charging higher premiums to women than to men for the same coverage. ...

Women short-changed in health insurance, Kerry says Boston Globe

The government-run insurance debate Politico

Gender Parity Issue to be Corrected by Health Insurance Industry HealthNews

MonitorBankRates.com - Florida Times-Union

Q & A: Conservative analyst on health care

2009-05-07T13:25:00.000-07:00

Q & A: Conservative analyst on health care

msnbc.com - ‎6 hours ago‎

The fact is that increasing health care cost is the principle reason why people don't have insurance. If you can't afford it you can't buy it. ...

Upfront costs complicate Obama's plan for overhauling health care ... The Plain Dealer - cleveland.com

The Fire This Time: Is This Health Care's Moment? TIME

Schumer Offers Middle Ground on Health Care New York Times

Contra Costa Times - Roll Call (subscription)

Indian market likely to open higher due to favorable global cues

2009-05-07T13:23:00.001-07:00

Indian market likely to open higher due to favorable global cues

International Business Times - ‎9 hours ago‎

Meanwhile, the Indian adrs closed mixed. Sterlite Industries rallied 5.1%, Satyam Computers soared 9.55% and MTNL rose 2.5%, but ICICI Bank tumbled 5.79%, ...

Satyam Fake Profits May Have Earned Chairman Raju $600 Million

2009-05-07T13:22:00.004-07:00

Satyam Fake Profits May Have Earned Chairman Raju $600 Million

Bloomberg - ‎13 hours ago‎

In May 2001, Satyam became the third Indian company to list on the NYSE, raising $161.9 million from the sale of ADRs. About $50 million of that went in ...

Indian shares rise 1.4 pct; Reliance, HDFC gain

2009-05-07T13:22:00.002-07:00

Indian shares rise 1.4 pct; Reliance, HDFC gain

Reuters - ‎9 hours ago‎

... banks lead the way [MKTS/GLOB] * US stock index futures point to rise [.N] * For closing rates of Indian ADRs INADR (Editing by Ranjit Gangadharan)

Indian shares rise 1.4 pct; Reliance, HDFC gain Forbes

Indian shares fall 1.5 pct; US stress test eyed Reuters

Dow Jones gains 102pts; Indian ADRs end mixed

2009-05-07T13:22:00.000-07:00

Dow Jones gains 102pts; Indian ADRs end mixed

Business Standard - ‎17 hours ago‎

The Indian ADRs ended in mixed. Patni plunged around 10.5% to $7.23. ICICI Bank dropped over 5.5% to $22.46. Infosys shed 3% to $31.43. ...

Ford, Magna Can Look to Startups for Electric Focus Roadmap

2009-05-07T13:21:00.002-07:00

Ford, Magna Can Look to Startups for Electric Focus Roadmap

Reuters - ‎12 hours ago‎

This lesson is especially relevant for Ford and Magna, as Magna has set off in hot pursuit of a minority stake in GM's European subsidiary, Opel, ...

MGA

Philippine police clash with rebels holding ICRC worker; 8 dead

2009-05-07T13:21:00.001-07:00

Philippine police clash with rebels holding ICRC worker; 8 dead

Reuters - ‎8 hours ago‎

Philippine police chief Jesus Versoza has ordered security forces to coordinate with the military for an immediate "hot pursuit operation" against the ...

PNP chief orders pursuit vs. Sayyaf attackers

2009-05-07T13:20:00.000-07:00

PNP chief orders pursuit vs. Sayyaf attackers

Inquirer.net - ‎8 hours ago‎

"Director General Verzosa has ordered all security forces in Sulu to immediately conduct a relentless hot pursuit operation against the members of the said ...

GLOBAL MARKETS-Stocks set 2009 highs; pound falls after boe

2009-05-07T13:19:00.000-07:00

JUST ADDED! 5/12/09: Local Business, Global Markets

Bizjournals.com - ‎1 hour ago‎

Join us on Tuesday, May 12 for Local Business, Global Markets, the third program in the Ohio in the Global Economy series, this time hearing from local ...

GLOBAL MARKETS-Stocks set 2009 highs; pound falls after boe

Reuters - ‎8 hours ago‎

... on Thursday to their 2009 highs as investors bet on a stabilisation of the world banking system, emerging markets and the global economy at large. ...

TAKE-A-LOOK: World stocks set 2009 highs; pound falls after boe Reuters

RPT-GLOBAL MARKETS-Asia shares extend rally as bank fears ease

2009-05-07T13:18:00.001-07:00

RPT-GLOBAL MARKETS-Asia shares extend rally as bank fears ease

Reuters - ‎13 hours ago‎

"The market now holds the view that the worst may be over, at least for America. A very strong bull market appears to have begun," said Fumiyuki Nakanishi, ...

World stocks rise as fears over US bank tests wane The Associated Press

Asian markets continue advance ahead of bank tests Channel News Asia

Asian Markets Mixed Ahead of US Bank Stress Tests First Coast News

The Associated Press - The Associated Press

GLOBAL MARKETS-Europe, US stocks slip before stress tests

2009-05-07T13:17:00.003-07:00

GLOBAL MARKETS-Europe, US stocks slip before stress tests

Forbes - ‎1 hour ago‎

By David Gaffen NEW YORK, May 7 (Reuters) - - World stock markets pulled back as investors readied for the release of the US government's stress tests on ...

WORLD FOREX: Yen Up Vs Dollar, Euro; Mkt Awaits Big Thursday Wall Street Journal

Daily Currency Analysis Inside Futures

Euro dips against dollar AFP

Barron's - Wall Street Journal

GLOBAL MARKETS: European Stocks Up; Appetite For Risk Back

2009-05-07T13:17:00.001-07:00

GLOBAL MARKETS: European Stocks Up; Appetite For Risk Back

Wall Street Journal - ‎11 hours ago‎

Leaked details of the bank stress tests have already provided cheer across global markets, with further capital requirements suspected to be not as drastic ...

Global mkts calm ahead of US bank stress test results Moneycontrol.com

World markets brush aside US stress test concerns The Associated Press

Europe gives up gains ahead of stress test results Forbes

Nasdaq OMX profit drops as market share erodes

2009-05-07T13:16:00.001-07:00

Nasdaq OMX profit drops as market share erodes

Reuters - ‎4 hours ago‎

The Nasdaq Stock Market parent said revenue from US cash equity trading declined 6 percent, reflecting a deterioration in market share amid a bruising ...

Representatives From the Jazz Foundation to Ring the NASDAQ Stock ... Stockhouse

NASDAQ OMX Announces First Quarter 2009 Results MarketWatch (press release)

Nasdaq Eyes New Pricing, Clearing As 1Q Profit Falls 22%>NDAQ Wall Street Journal

GE launches $6B health care initiative

2009-05-07T13:11:00.003-07:00

GE launches $6B health care initiative

Bizjournals.com - ‎1 hour ago‎

Building on its 4-year-old environmental effort, ecomagination, General Electric Co. is launching a $6 billion health care initiative focused on improving health care for more people at reduced cost.

GE to invest $6 bln by 2015 in healthcare push Reuters

GE Plans a Big Health-Care Push BusinessWeek

iHealthBeat - The Associated Press - BNET

Reasurys Extend Losses After Lousy 30-Year Auction

2009-05-07T13:11:00.001-07:00

Reasurys Extend Losses After Lousy 30-Year Auction

Wall Street Journal - ‎1 hour ago‎

(Update to add details of the 30-year auction; intraday 10-year, 30-year Treasury yields; new comments; German, UK bond yields and decisions from ECB and BOE.

Treasuries Tumble as Bond Sale Draws Higher-Than-Forecast Yield Bloomberg

Diving deeper as 30-yr flops, joblessness eases guardian.co.uk

Los Angeles Times - Seeking Alpha - Briefing.com - Renal and Urology News

Technology Stocks Pull Down Overall Market

2009-05-07T13:10:00.003-07:00

Technology Stocks Pull Down Overall Market

New York Times - ‎2 hours ago‎

By JACK HEALY and BETTINA WASSENER While waiting for e the government to announce the results of its stress tests of major banks, Wall Street already seems to be looking ahead to the next potential source of market turmoil: Have prices of technology ...

Say Goodbye To GM Forbes

US STOCKS OUTLOOK: Still Waiting For Stock Picking Wall Street Journal

guardian.co.uk - BloggingStocks - Washington Post

Ernings roundup: General Motors, Cablevision

2009-05-07T13:10:00.001-07:00

Ernings roundup: General Motors, Cablevision

Forbes - ‎1 hour ago‎

AP , 05.07.09, 02:55 PM EDT DETROIT (AP) - General Motors Corp. ( GM - news - people ) lost $6 billion in the first quarter and its revenue fell by nearly half as car buyers worldwide steered clear of showrooms out of fear that the wounded auto giant ...

GM 1Q Loss $6B; Spent $10.2B More Than It Brought In Wall Street Journal

GM Loss Widens to $5.98 Billion as Bankruptcy Deadline Nears Bloomberg

The Associated Press - New York Times - TheStreet.com

Cisco Plans to Be 'Aggressive' in Acquisitions as Sales Slide

2009-05-07T13:09:00.002-07:00

Cisco Plans to Be 'Aggressive' in Acquisitions as Sales Slide

Bloomberg - ‎1 hour ago‎

By Rochelle Garner May 7 (Bloomberg) -- Cisco Systems Inc., facing a slump in orders from corporate customers and phone companies, will be “aggressive” in making acquisitions to fuel growth, Chief Executive Officer John Chambers said.

Cisco shares dip despite stabilization hopes Reuters

Cisco Up Premarket; CEO Expresses Optimism For Future >CSCO Wall Street Journal

InternetNews.com - Barron's Blogs - Bizjournals.com

Wal-Mart's Move To Drop Sales Reports Has Broad Ramifications

2009-05-07T13:09:00.000-07:00

Wal-Mart's Move To Drop Sales Reports Has Broad Ramifications

Wall Street Journal - ‎1 hour ago‎

By Karen Talley Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--With Wal-Mart Stores Inc. (WMT) dropping monthly same-store-sales reports, investors are losing a valuable barometer and may also expect other retailers to follow suit in what could be a sea ...

Retail discounter shares up on sales report Forbes

A little less gloom at the store CNNMoney.com

New York Times - Bloomberg - Washington Post

Trichet Drags ECB Into New Era Over Weber's Bond Objections

2009-05-07T13:08:00.000-07:00

Trichet Drags ECB Into New Era Over Weber's Bond Objections

Bloomberg - ‎59 minutes ago‎

By Matthew Brockett May 7 (Bloomberg) -- Jean-Claude Trichet has dragged the European Central Bank into a new era by pursuing direct asset purchases over the objections of Germany's Bundesbank.

FOREX-Less-aggressive ECB lifts euro to one-month high Reuters

ECB Plans Give Riskier Currencies a Jolt Wall Street Journal

Forbes - Bloomberg - Wall Street Journal - Reuters

Sirius XM loses subscribers, stock falls

2009-05-07T13:06:00.000-07:00

Sirius XM loses subscribers, stock falls

Reuters - ‎38 minutes ago‎By Franklin Paul NEW YORK, May 7 (Reuters) - Sirius XM Radio Inc (SIRI.O) lost more subscribers to its satellite radio service than expected in the first quarter due to weak car sales, overshadowing a rosy outlook driven by cost cuts and sending its ...

Sirius Gets Run Over Forbes

Sirius XM: More Cash, Fewer Customers BusinessWeek

Motley Fool - The Business Insider - Washington Post

Credit Card Options

2009-05-03T12:13:00.001-07:00

With the advancement of banking systems, credit cards have evolved from a simple way of doing cashless transactions to multiple types with different interest rates, fees and reward programs. Read more

Latest News

Polls delay Air India s bailout flight - Hindustan Times
U.S. may recover little of $4 bln Chrysler loan - source - Reuters
ICICI to avoid risky loans - Hindustan Times
GM skids in the US, but remains a driving force in China - Indian Express Finance
Union Bank mulls more branches in Punjab - Indian Express Finance

» View more Loans News

2009-05-03T12:12:00.001-07:00

While the big insurance companies have been buffeted by the weak economy and investment losses, the industry's front line, the insurance agencies, have generally been riding out the adversity. Read more

Latest News

General insurance industry logs 9% growth in 2008-09 - Indian Express Finance
Insurance firms focus on health to beat slowdown - Hindustan Times
Export credit insurance claims zoom - Hindustan Times
FDI regime punctures insurance limits: RBI - Hindustan Times
Financial reforms in political maze
Hindustan Times
» View more Insurance News

Mutual Funds Basics & Features

2009-05-03T12:10:00.001-07:00

Five fund myths
It is easy, even for an intelligent investor, to be taken in by the hype surrounding a mutual fund scheme. Such misconceptions can impact the investments, which is why they need to be debunked.
Find a better way to diversify
Anyone who is committed to that particular stock is sunk. But if you are in non-specific funds that are diversified across sectors, industries and companies, then the bad news has that much less of a chance of doing serious damage to your portfolio.
Profit from volatility
Mutual funds have arbitrage schemes that not only offer decent returns but also at minimal risks. Almost Rs 2,463 crore money is already invested in such funds.
A lesson in diversification
Mutual fund investors' losses in Satyam have been quite small. More than anything else, this demonstrates the value of diversification. On any given day, something unexpected could happen in a stock.
More on funds
Here is an analysis of the ratios that can help you gauge the performance of your fund as regards investing in less riskier investment avenues.

Mutual Funds

2009-05-03T12:09:00.001-07:00

If you want realistic expectations from your mutual fund, want to choose rightly between funds and evaluate your options in case of investment problems, it's important for you to know the players that... Read more

Latest News

Key Asian nations finalise details on crisis funds - Reuters
INTERVIEW - ADB lending to China, India to be maintained - Reuters
Passive funds, active returns - Indian Express Finance
Guruspeak / John (Jack) C Bogle - Indian Express Finance
ELSS funds move from bang to whimper - Hindustan Times

Indian ADRs

2009-05-03T12:05:00.001-07:00

Indian ADRs

Name	Last Trade	Change

Infosys Technologies Ltd.	30.70	0.11 (0.36%)
HDFC Bank Ltd.	74.94	0.92 (1.24%)
ICICI Bank Ltd.	20.55	0.08 (0.39%)
Mahanagar Telephone Nigam Ltd.	2.94	0.01 (0.34%)
PATNI COMPUTER SYS	7.73	0.08 (1.02%)
REDIFF.COM INDIA ADS	2.1899	0.1601 (6.81%)
Satyam Computer Services Ltd.	1.77	0.03 (1.67%)
Sify Ltd.	1.16	0.01 (0.87%)
Tata Motors Ltd.	7.44	0.27 (3.50%)
Wipro Ltd.	9.47	0.09 (0.96%)

General elections in India raising employment prospects

2009-05-03T12:02:00.003-07:00

General elections in India raising employment prospects

- ANI - Sun 03 May, 10:31 AM

After a long spell of gloom on the tourism-based business in Rajasthan, the employment prospects are again gearing...

Key Asian nations finalise details on crisis funds

2009-05-03T12:02:00.001-07:00

Key Asian nations finalise details on crisis funds

- Reuters - Sun 03 May, 11:00 AM

NUSA DUA, Indonesia (Reuters) - Japan, China and South Korea finalised details of an emergency $120 billion liquidity fund for 13 Asian nations on Sunday, a key regional initiative to counter the global economic.

JPMorgan Chase to Participate in a CLSA

2009-05-03T11:55:00.000-07:00

JPMorgan Chase to Participate in a CLSA Conference Call Hosted by Mike Mayo
NEW YORK--(BUSINESS WIRE)--Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase & Co., will participate in a conference call hosted by CLSA Financials Analyst, Mike Mayo at 11:00 a.m. (Eastern) on Monday, May 4, 2009. CLSA is affiliated with Calyon Securities (USA) Inc.
A link to the live audio webcast will be posted on the day of the conference call to www.jpmorganchase.com under Investor Relations, Investor Presentations.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.1 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan, Chase, and WaMu brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

Penske: Chrysler support will continue

2009-05-03T11:46:00.000-07:00

Penske: Chrysler support will continue
ESPN - ‎21 hours ago‎

By David Newton RICHMOND, Va. -- Roger Penske denied on Saturday a report that Chrysler will pull its support from NASCAR after this season.

Dodge teams still hopeful in wake of Chrysler filing Nascar

Chrysler's history: timeline Los Angeles Times

2009-05-03T11:45:00.000-07:00

Pender: Will Ford benefit from bankruptcies?
San Francisco Chronicle - ‎14 hours ago‎

Will Chrysler's bankruptcy and a possible bankruptcy filing by General Motors help or hurt Ford, the only US automaker that has not accepted a government bailout?

Ford outsells Toyota as auto sales drops go on Detroit Free Press

Analyst Says Ford Is Poised For Success WFPL

Globe negotiations continue as new deadline approaches

2009-05-03T11:44:00.000-07:00

Globe negotiations continue as new deadline approaches

Boston Globe - ‎2 hours ago‎

With a midnight deadline looming that could determine the future of the Boston Globe, the newspaper's largest union said it has offered cuts in wages and benefits that "should be more than adequate" to meet the demands of the New York Times.

NY Times extends deadline for Boston Globe cuts MarketWatch

New York Times negotiates with the Boston Globe. Motley Fool

Fiat chairman calls GM's Opel an 'ideal partner'

2009-05-03T11:43:00.000-07:00

Fiat chairman calls GM's Opel an 'ideal partner'

MarketWatch - ‎1 hour ago‎

By Shawn Langlois, MarketWatch SAN FRANCISCO (MarketWatch) -- Fiat SpA reportedly confirmed interest in General Motors Corp.'s Opel division in a move that would further extend the Italian automaker's global reach as it grapples with the historic ...

Fiat confirms Opel deal interest BBC News

Fiat chairman: GM's Opel an "ideal" partner, an "extraordinary ... Los Angeles Times

2009-05-03T11:42:00.000-07:00

Chrysler's Fall May Help Administration Reshape GM
New York Times

Auto task force members, from left: Treasury's Ron Bloom and Gene Sperling, Labor's Edward Montgomery, and Steve Rattner. By DAVID E. SANGER and BILL VLASIC WASHINGTON - Fresh from pushing Chrysler into bankruptcy, President Obama and his economic team ...

Video: Barack Obama announces Chrysler to file for bankruptcy ITN NEWS

Comment by Gary ChaisonProf. of Industrial Relations, Clark University

Insurance still pillar of Berkshire empire-Buffett

2009-05-03T11:40:00.000-07:00

Insurance still pillar of Berkshire empire-Buffett
By Lilla Zuill and Jonathan Stempel
OMAHA, Neb., May 3 (Reuters) - Being a big insurer will cost Berkshire Hathaway Inc (BRKa.N) (BRKb.N) dearly when severe catastrophes strike, but it is a good place to be in the midst of an economic downturn, Chairman Warren Buffett said.

Buffett Dismisses Government Stress Tests, Praises Wells Fargo Bloomberg

Buffett dispenses gloom at Berkshire fest Washington Post

Chrysler's Fall May Help Administration Reshape GM

2009-05-03T11:38:00.000-07:00

Chrysler's Fall May Help Administration Reshape GM

Chrysler aftershocks to hit industry hard CNNMoney.com

Related articles »

Fiat confirms Opel deal interest

2009-05-03T11:37:00.000-07:00

Fiat confirms Opel deal interest

Italian carmaker Fiat has confirmed for the first time that it is interested in a takeover of Opel - the German business of General Motors (GM).

Germany wants long-term strategy for Opel suitors Reuters

Related articles »

Sensex ends 17.5% up in Apr series; all sectoral indices up

2009-05-03T11:30:00.001-07:00

The benchmark indices rallied smartly on the back of positive global cues and ended the session as well as April series on a strong note. This uptrend was supported by technology, oil & gas, metal, rate sensitives and infrastructure stocks followed by midcaps and smallcaps. The Sensex surpassed the 11,400 level while the Nifty closed above the 3450 level; both the indices recovered all of Tuesday's losses.
The 30-share BSE Sensex shut shop at 11,403.25, with a gain of 401.50 points or 3.65% over previous close, and ended this truncated week with a gain of 0.65%. The 50-share NSE Nifty surged 3.32% or 111.60 points, to settle at 3,473.95 and lost 0.2% this week.
Leading heavyweights like Reliance Industries, ONGC, Bharti, Infosys, ICICI Bank, NTPC, BHEL, SBI, TCS, Wipro, HUL and HDFC gained 2.5-9%.
The Sensex ended the April series with 17.5% gain while the Nifty surged 15% from the closing of March series, which were at 9708.50 and 3020.95, respectively. But the experts are cautious for the May series.

R Venkat Subramanium, Head-Alternate Investments Group, Kotak Securities, said he would be extremely cautious while stepping into the May series.
Ajay Loganadan, Head-Investment Advisory Group Private Banking, HSBC Private Banking also said, "We have got enough uncertainty in May, one is election results; secondly on May 4 we get the stress test result from the global banks. Today’s news was that 6 out of 19 will need additional capital. So there is some amount of uncertainty given the month ahead."
Indian markets are closed on Thursday and Friday.
On the sectoral front, the BSE IT Index was up 5% and the Bankex shot up 4.5%. The Oil & Gas Index went up 3.5%. Power, Auto, Metal, Realty and Capital Goods indices gained 2-3%.
Volumes increased as compared to previous session but did not cross Rs 1 lakh crore mark. Total traded turnover was at Rs 99,710.81 crore. This included Rs 15,501.44 crore from NSE cash segment, Rs 80,063.40 crore from NSE F&O and the balance Rs 4,145.97 crore from BSE cash segment.
Global markets also bounced back in today's trade. At the time of closing of Indian equities, European markets were trading higher. The FTSE went up 45 points, to 4,141. The CAC was trading at 3,094, up 43 points and the DAX rose 48 points, to 4,655.
Among the US futures, the Dow Jones futures were trading at 8,043, up 76 points and the Nasdaq futures went up 12.25 points, to 1,372.75.
Asian markets rallied strongly; Shanghai, Hang Seng, Seoul Composite and Jakarta Composite gained 2.76-3%. Straits Times was up 2.28% and Taiwan Weighted rose 0.31%. Nikkei shut today.

Buy L&T, tgt Rs 2904: IL&FS Investsmart

2008-07-09T22:47:00.001-07:00

Buy L&T, tgt Rs 2904: IL&FS Investsmart
IL&FS Investsmart has maintained buy rating on Larsen and Toubro with target price of Rs 2904 in its July 08, 2008 report. "L&T, India’s largest engineering and construction company, is set to become a Rs510bn enterprise by 2010 with 33% CAGR in sales and 40% in PAT through FY08-10E. L&T’s ability to execute large and complex projects in different verticals places it miles ahead of its competitors. We initiate coverage on L&T with SOTP-based price target of Rs 2904 (19xFY10E). L&T’s stock price has corrected 47% from its peak, de-rating from 28x 18-month forward earnings to present 14x. The sharp rise in commodity prices, present worrisome macro environment and hedging losses in FY08 has shaken investor confidence in the stock to some extent. However, we strongly believe in L&T’s business prospects and the canvas of opportunity that it has, far outweighs the above negatives and hence should command a higher Price Earning Multiple. We initiate coverage on the L&T with a ‘BUY’ rating and a price target Rs 2904 (based on SOTP valuations), resulting in consolidated 19x FY10e PER" according to IL&FS Investsmart report.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

For further details click on attachment......

Wipro an outperformer,tgt Rs 520: Karvy

2008-07-09T22:46:00.001-07:00

Wipro an outperformer,tgt Rs 520: Karvy
Karvy research has maintained outperformer rating on Wipro with target price of Rs 520 in its July 10, 2008 report. "Against a dollar revenue guidance of USD 1060, we are assuming its global IT revenues would be only USD 1027 million in Q1FY09. The reason being the R&D services component, might experience strong head winds and the volume growth in Q1 would be muted. Partly aided by the rupee depreciation factor, partly there are no significant cost pressures (arising out of wage inflation) as the wage revision would be undertaken either from Q2 or Q3. As a result we expect the margins to modestly expand, enabling the operating profit to improve by 4.3%. In terms of treasury income we don’t expect any serious decline and after adjusting depreciation and taxation, the net profit would be up 6.9%. The slew of acquisition had a negative impact on the return on capital employed, which we believe some turnaround from Q1 onwards. At the current price the stock is trading at attractive valuations 15xFY09E and 12xFY10E and expect the stock to give a return of 20% to Rs 520according to karvy report.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

DLF can touch Rs 484-490: Bose

2008-07-09T22:45:00.000-07:00

DLF can touch Rs 484-490: Bose
Technical Analyst, Rajat K Bose is of the view that above Rs 440, DLF can touch Rs 484-490.

Bose told CNBC-TV18, "DLF from a technical perspective becomes a buy after it has sustained above Rs 440. In fact that was the level I was earlier expecting it to go down to and sort of consolidate but then it actually cracked much further. Now it is trading above Rs 440 and even above Rs 460 chances are that you might actually see Rs 484 to about Rs 490 tested today and let us see how it behaves around that level. There could be some profit booking around those levels."

Tata Steel among major gainers

2008-07-09T22:44:00.000-07:00

Tata Steel among major gainers
Tata Steel is among major gainers on the Nifty. At 10:28 am, the share was quoting at Rs 707.15, up Rs 29.55, or 4.36%. It has touched an intraday high of Rs 707.90 and an intraday low of Rs 670.

It was trading with volumes of 821,027 shares. Yesterday the share closed up 3.93% or Rs 25.65 at Rs 677.60.

Lanco Infratech has target of Rs 360-365: Bose

2008-07-09T22:43:00.000-07:00

Lanco Infratech has target of Rs 360-365: Bose
Technical Analyst, Rajat K Bose is of the view that above Rs 320, Lanco Infratech has target of Rs 360-365.

Bose told CNBC-TV18, "Yesterday Lanco Infratech produced a good swing. Suppose if it were to maintain above Rs 320 then a quick technical target would be Rs 360-365 provided it stays above Rs 320."

Bank of India has resistance at Rs 257-262: Bose

2008-07-09T22:42:00.000-07:00

Bank of India has resistance at Rs 257-262: Bose
Technical Analyst, Rajat K Bose is of the view that Bank of India has resistance at Rs 257-262.

Bose told CNBC-TV18, "Bank of India and State Bank of India have shown good movements in the recent past but they have already come very close to about resistance level. Bank of India has resistance between Rs 257-262, so unless these levels are crossed for Bank of India and SBI sustains above Rs 1,250, I think there could be some profit booking. At lower levels maybe around Rs 246 for Bank of India and Rs 1,190 to about Rs 1,210 for SBI, more buying may again emerge."

ABB top loser on the Nifty

2008-07-09T22:40:00.000-07:00

ABB top loser on the Nifty
ABB is the top loser on the Nifty. At 11:04 am, the share was quoting at Rs 900, down Rs 28.5, or 3.07%.It has touched an intraday high of Rs 931.90 and an intraday low of Rs 875.35.

It was trading with volumes of 91,016 shares. Yesterday the share closed up 6.21% or Rs 54.25 at Rs 928.50.

Bajaj Auto Finance

2008-07-09T22:39:00.000-07:00

Bajaj Auto Finance
Bajaj Auto Finance Ltd has informed BSE regarding a Press Release issued by the Company after its Board Meeting held on July 09, 2008.

Company Facts - Bajaj Auto Fin

Registered Address

C/o. Bajaj Auto Limited,
Mumbai - Pune Road,
Pune
Maharashtra
411035

Tel : 020-27472851 (Extn. 6912/7175)

Fax : 020-27484486 020-27407393

Email : investorservice@bajajfinance.in

Website :
http://www.bajajfinance.com

Registrars

Bajaj Auto Finance Ltd. C/o. Bajaj Auto Limited,
Mumbai - Pune Road,
Akurdi

Tel : 020-27472851 (Extn. 6912/7175)

Fax : 020-27484486

Email : investorservice@bajajfinance.in

Website :
http://www.bajajfinance.com

Andhra Petro

2008-07-09T22:38:00.000-07:00

Andhra Petro
Andhra Petrochemicals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 30, 2008, to consider and approve the following: 1. Audited Financial Results for the year ended March 31, 2008. 2. Recommendation of Dividend, if any, on Equity Shares for the year 2007-08. 3. Unaudited Financial Results (Provisional) for the quarter ended June 30, 2008.

Company Facts - Andhra Petro

Registered Address

Venkatarayapuram,
Tanuku
West Godavari Dist.
Andhra Pradesh
534215

Tel : 8819-224075/224755/220975

Fax : 8819-

Email : info.thk@andhrapetrochemicals.com

Website :
http://www.andhrapetrochemicals.com

Registrars

XL Softech Systems Ltd. No. 3, Sager View Society
Road No. 2
Banjara Hills

Tel : 23545913, 23545914, 23545915

Fax : 23553214

Email : xlsoftech@hdl.vsnl.net.in

Website :
www.xlsoftech.com

Prithvi Information Solutions

2008-07-09T22:37:00.000-07:00

Prithvi Information Solutions
Prithvi Information Solutions Ltd has informed BSE that the adjourned meeting of the Board of Directors of the Company was held on July 09, 2008 and the board considered the annual audited financial results for the year ended March 31, 2008.

Company Facts - Prithvi Info

Registered Address

10Q3,A1, 10th Floor,
Cyber Towers,
Hyderabad
Andhra Pradesh
500081

Tel : 040-66846019

Fax : 040-66846021

Email : ipo@prithvisolutions.com

Website :
http://www.prithvisolutions.com

Registrars

Karvy Computershare Private Ltd "Karvy House"
46, Avenue 4,
Street No. 1
Banjara Hills

Tel : 23312454, 23320251/751/752

Fax : 23311968

Email : mailmanager@karvy.com

Website :
www.karvy.com

Vama Industries

2008-07-09T22:36:00.000-07:00

Vama Industries
Vama Industries Ltd has informed BSE regarding a Press Release dated July 10, 2008 titled "Aktrion Group Ltd & Vama Industries Ltd sign alliance to enhance Global presence"

Panacea Biotech

2008-07-09T22:32:00.000-07:00

Panacea Biotech
Panacea Biotec Ltd has informed BSE that the Company has received WHO prequalification for its fully liquid innovative combination, Pentavalent vaccine, EasyFive against five deadly infectious diseases (DTwP+ Hep B+ Hib) of early childhood. This feat comes close on heels of the Company's pre-qualification by WHO for two other combination vaccines, EasyFour (DTP + Hib) and Ecovac (DTP Hep B) in January this year. In a notification, WHO has advised the UN procuring agencies regarding the acceptability of these vaccines world-wide.

Company Facts - Panacea Biotech

Registered Address

Ambala-Chandigarh Highway
Lalru
Rajpura
Punjab
140501

Tel :

Fax : 01762-

Email : lalrupanacea@pblintranet.com

Website :
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Expect markets to be upward today: Hem

2008-07-08T22:59:00.000-07:00

Expect markets to be upward today: Hem
According to Hem Securities Morning Note, we expect markets to be upward today.
Hem Securities Morning Note:

We expect markets to be upward today. The support for Sensex remains at 13292/13052 levels and resistance at 13451/13525 levels. Nifty is having resistance at 4001/4030 while Support is at 3942/3903 levels.

RIL has target of Rs 1740: N Pillai

2008-07-08T22:58:00.000-07:00

RIL has target of Rs 1740: N Pillai
Neppolian Pillai of Modern Shares & Stock Brokers is of the view that Reliance Industries has target of Rs 1740.

Pillai told CNBC-TV18, "Reliance could give a short-term bounce. But it is getting weaker and weaker as it does not move beyond Rs 2,120 level on the upside and on the downside I still believe that Rs 1,740 is the final target what I would be looking at. Right now it is falling from about Rs 2,076 levels, yesterday it was around Rs 1,930 so I think it has fallen by about Rs 140 so you take about Rs 60-70 pullbacks there. The stock is getting weaker and selling on the higher side is warranted."
Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.

SBI has target of Rs 1290-1340: N Pillai

2008-07-08T22:55:00.000-07:00

Neppolian Pillai of Modern Shares & Stock Brokers is of the view that SBI has target of Rs 1290-1340.

Pillai told CNBC-TV18, "State Bank of India even yesterday after fundamental news that it may have to write-off about Rs 700 crore in terms of bond evaluations till it went up that shows the resilience of the stock. So any day, I mean State Bank of India, ICICI Bank, Axis Bank that would be on my buy list. On the upside I would expect close to around Rs 1,290 to Rs 1,340 kind of target for the stock. On the bottom Rs 1,020 will be a crucial support but keep buying the dips it will give an upside."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.

Buy Areva T&D, tgt Rs 2012: Justtrade.in

2008-07-08T22:53:00.000-07:00

Buy Areva T&D, tgt Rs 2012:Justtrade.in

Justtrade.in has maintained buy rating on Areva T&D with target price of Rs 2012 with time horizan of 12-18 months in its July 07, 2008 report. "Areva (T&D) India plans for nearly Rs 700 crore. in capex to upgrade its technological capability to 1,200 KV in transformers (HVDC, instruments and distribution transformers), gas insulated switchgear and circuit breakers. These will be fully commissioned by the 2nd half of FY09 at Gujarat (Baroda), Karnataka (Hosur) and Tamil Nadu (Chennai). Areva (T&D) India plans for nearly Rs 700 crore. in capex to upgrade its technological capability to 1,200 KV in transformers (HVDC, instruments and distribution transformers), gas insulated switchgear and circuit breakers. These will be fully commissioned by the 2nd half of FY09 at Gujarat (Baroda), Karnataka (Hosur) and Tamil Nadu (Chennai). On the basis of our research, we feel that this is a good stock to buy at the current market price of Rs 1487.6. If everything goes well, the price is likely to appreciate to Rs 2012.0, within 12-18 months, translating into a gain of about 35%" according to justtrade.in report.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Chakraborty positive on private banking stks

2008-07-08T22:50:00.000-07:00

Chakraborty positive on private banking stks
2008-07-09 11:09:58

Abhijit Chakraborty of Edelweiss Capital is positive on private banking stocks.
Chakraborty told CNBC-TV18, "Once one sees this kind of a sharp correction in crude oil price it was given that the interest rate sensitive sectors, which have been beaten out of shape would be the first and the ones to gain the most in this kind of a technical bounce back lead by short covering and therefore banks, real estate are the two sector where I think there would be sharpest amount of upside in this uptake. Within that obviously we would be more positive on the private banks in case of ICICI Bank and Axis Bank even in Public Sector Undertaking (PSU) banks I think State Bank of India and Union Bank are great value offering from the current levels."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.

HIGH SEELING PREASSURE IN RPL WHY?

2008-07-08T22:49:00.000-07:00

HIGH SEELING PREASSURE IN RPL WHY?
Price : BSE: Rs 167.70 ( 2.04 % ), NSE: Rs. 167.80 ( 2.19 % )Buy Sell
No. of Orders Quantity Price Price Quantity No. of Orders
13 6,760 167.70 167.80 5,195 2
5 371 167.65 167.85 20 1
22 5,337 167.60 167.90 6,950 4
22 5,147 167.55 167.95 1,537 3
158 22,743 167.50 168.00 2,476 13
Total Buy Quantity: 747,834 Total Sell Quantity: 1,167,246

Watch out for 4165-4365 range now: Modern Shares

2008-07-08T22:47:00.003-07:00

Watch out for 4165-4365 range now: Modern Shares

Neppolian Pillai of Modern Shares & Stock Brokers is happy that the market has held on to the 3896 levels amidst the volatility. He is seeing signs of intermediate bottoms in the market. If the market moves towards 4136 levels, it may cross another 200 points to 4365. Pillai would be looking at the 4165-4365 range for the moment.

Watch out for 4165-4365 range now: Modern Shares

2008-07-08T22:47:00.001-07:00

Watch out for 4165-4365 range now: Modern Shares

Neppolian Pillai of Modern Shares & Stock Brokers is happy that the market has held on to the 3896 levels amidst the volatility. He is seeing signs of intermediate bottoms in the market. If the market moves towards 4136 levels, it may cross another 200 points to 4365. Pillai would be looking at the 4165-4365 range for the moment.

See crude at $130-135/bbl in short-term: Comm Warrants

2008-07-08T22:45:00.002-07:00

See crude at $130-135/bbl in short-term: Comm Warrants

Crud e has tumbled to USD 136 per barrel. It has tumbled the most in three months to USD 136 per barrel as the dollar gained. Concerns about economic slowdown also led to the decline in prices. Crude has fallen from a record high of USD 145.85 per barrel, which it hit last week
Peter McGuire, Managing Director, Commodity Warrants, believes one could see crude in the USD 130-135 per barrel range in the short-term. However, crude could ounce back to USD 150 levels by mid-August.

MOST eyeing 8-10% profit growth this qtr

2008-07-08T22:45:00.001-07:00

MOST eyeing 8-10% profit growth this qtr

Rajat Rajgarhia, Head of Institutional Research at Motilal Oswal Securties is still looking at a strong topline growth boosted by oil and some metals. He is estimating an average EBIDTA

(Earnings Before Interest, Taxes, Depreciation and Amortization) growth of 18-20% for the Sensex.

According to Rajgarhia, many companies may see forex losses in this quarter. See sprofit growth of 8-10% in this quarter. He sees the overall net profit growth in 8-11% range

Expect Infy to raise Q1 guidance: Moshe Katri

2008-07-08T22:44:00.000-07:00

Expect Infy to raise Q1 guidance: Moshe Katri

Moshe Katri, MD of Cowen & Co, believes Infosys is likely to show improvement in key metrics. His outlook for 2008 spending remains robust.

He expects Infosys to raise guidance slightly higher. Project delays in case of certain investment bank clients will remain till the March quarter, he said. Volume growth slowdown has already been priced into the guidance, he added.

Mkts trading higher; ICICI Bk,JP Asso,Rel Infra top gainers

2008-07-08T22:43:00.000-07:00

Mkts trading higher; ICICI Bk,JP Asso,Rel Infra top gainers

Markets are trading higher but off day's high. All BSE sectoral indices are trading in green. The BSE bankex has outperformed the other sectoral indices; it was up over 4%. Strong buying interest is also seen in realty, power, capital goods, FMCG, oil & gas and auto indices. The BSE midcap and small cap indices are up over 2% each.

At 10.37 am the Sensex is up 426.99 points or 3.20% at 13776.64, and the Nifty up 125.75 points or 3.15% at 4114.30.

About 2011 shares have advanced, 884 shares declined, and 244 shares are unchanged.

Top gainers on the bourses are ICICI Bank at Rs 629.40 up 5.99%, Jaiprakash Asso at Rs 166.55 at 5.71%, ITC at Rs 181 up 5.36% and Reliance Infra at Rs 794.15 up 5.19%.

On the Sensex, out of 30 stocks only Hindalco was trading in down 1.34% at Rs 143.45.

Latest News

MTN-Rel Comm talks extended to July 21
Iran has test-fired its long-range Shahab 3 missile, whose range is sufficient to put Israel within reach, Arabic language state channel Al-Alam reported. ''Shahab 3, with a conventional warhead weighing one ton and a 2,000 kilometer (1,240 mile) range.''

Markets @ 9:56 am: Nifty above 4100; banks, realty, power, CG stks strong

Markets have rebounded strongly in opening trade following positive cues across the globe on the back of fall in crude price to $ 136 per barrel from all time high of $ 146 a barrel. Buying has seen in capital goods, auto, oil, banking, realty and power stocks.

At 9:56 am, the Sensex was up 477 points at 13,827 and Nifty up 129 points at 4,118. CNX Midcap was up 143 points at 5,327.

Market breadth is positive; 507 shares advanced while 47 shares declined.

Amongst frontliners, Reliance Petro, Reliance Comm, Cairn, Reliance Infra, BPCL, Suzlon, Power Grid, Idea, BHEL, Unitech, DLF, L&T, ACC, Ambuja Cements, Wipro, ICICI Bank, HDFC Bank, Reliance Ind and HDFC have gained.

Crude prices plunged USD 5.33 to settle at USD 136.04 a barrel on the NYMEX.

Asian markets were trading higher. Nikkei was up 1.3%, Hang Seng 2.5%, Shanghai 3%, Kospi 0.8%, Taiwan 1% and Straits Times 0.9%.

US markets had another wild trading day of ups and downs but stocks ran to the finish line and pulled off a decent gain. Banks and technology stocks led the rally. Fannie Mae and Merrill Lynch bounced back sharply.

The Dow gained 152.25 points, or 1.36%, to 11,383.21. The S&P 500 advanced 21.39 points, or 1.71%, to 1,273.70, while the Nasdaq composite index added 51.10 points, or 2.28%, to 2,294.42.

Market cues:

FIIs net sell $ 79.3 mn in equity
NSE F&O Open Int up by Rs 719 cr at Rs 68,262 cr

F&O cues:

Nifty down 1%; Open Interest up by 3.5%
Futures Open Interest up by Rs 866 crore and Option Open Interest down by Rs 147 cr
Nifty Futures at 61 pts discount Vs 50 pts discount a day ago
Nifty Futures Open Interest up 14 lakh shares
Stock Futures add 1.7 cr shares in Open Interest
Nifty Open Interest Put-Call ratio unchanged at 1.19
Nifty Puts shed 2.63 lk shrs, Nifty Calls shed 2.76 lk shrs in Open Interest
Nifty 4000 Put shed 3.23 lakh shares in Open Interest
Nifty 4100 Call shed 2.2 lakh shares in Open Interest
Nifty 4200 Call shed 1.6 lakh shares in Open Interest
Nifty 3700 Put add 2.5 lakh shares in Open Interest

Oil prices down more than $8 in 2 days

2008-07-08T22:38:00.002-07:00

The price for a barrel of oil fell nearly $5 Tuesday, a two-day swing of more than $8 as traders took profits and fears of a supply disruptions eased.
But analysts warned the pullback could be fleeting.
"The plunge is really a temporary bull correction and is viewed by the market as a buying opportunity," said Victor Shum, an analyst with Purvin & Gertz in Singapore. "We are also seeing the U.S. dollar easing a bit ... and that has helped support oil pricing."
Trader and analyst Stephen Schork said the expectation just a few days ago that crude prices would touch $150 this week now "does not look like the proverbial done deal."
"Be that as it may, we have seen this movie before, i.e. crude oil weakens a little and the bubble-bears jump in," he added in his Schork report, suggesting the price respite might be temporary.
Sweet crude for August delivery fell $4.63 to $136.74 a barrel in electronic trade on the New York Mercantile Exchange. On Monday, the contract fell $3.92, or about 2.7 percent, to settle at $141.37 in New York.
Oil hit a trading record of $145.85 on Thursday before settling at a record close of $145.29 a barrel. There was no floor trade in the US on Friday due to the July Fourth holiday.
August Brent crude also lost heavily, dropping by $4.63 to $137.24 barrel on the ICE Futures exchange in London.
Concern over the unruly oil market was a top priority Tuesday at a summit of industrialized powers in Rusutsu, Japan with leaders calling on petroleum suppliers to boost production and refining and to increase investment in oil exploration and output over the medium term.
The G8 — which groups the US, Britain, Japan, France, Germany, Canada, Russia and Italy — also called for diversifying sources of energy and further efforts to improve energy efficiency.
"We remain positive about the long-term resilience of our economies and future global growth," the communique said, noting that growth in emerging economies remained strong. "However, the world economy is now facing uncertainty and downside risks persist."
The U.S. dollar was stronger against most other major currencies in European trading Tuesday morning and remained firm against the euro by the afternoon although it lost ground against the Japanese yen and the Swiss franc.
A falling dollar has helped boost oil prices around 50 per cent this year, with investors often buying commodities such as oil as a hedge against inflation when the greenback weakens.
Along with some signs of life from the dollar, fears that fresh conflict in the Middle East could cut oil supplies eased over the weekend after Iran gave an undisclosed response to an international offer of incentives if it suspends a central part of its nuclear program.
But Shum said the conflict isn't over.
President Mahmoud Ahmadinejad has insisted Iran would not bow to pressure to halt uranium enrichment, even though Tehran indicated willingness to open talks. World powers fear that Iran could use the uranium to build nuclear weapons.
"There are mixed signals and the Iran situation has certainly not been resolved," Shum said.
Ahmadinejad told Malaysian media during a visit to Kuala Lumpur on Monday that all nations should be able to use nuclear energy without any restrictions, stressing that it would provide them with a cheap alternative to crude oil.
Iranian state media reported that the European Union policy chief Javier Solana and Iran's top nuclear negotiator Saeed Jalili would hold talks in the second half of July.
In Asian currency trade, the dollar was weaker against the euro and yen compared with values seen Monday in New York. The euro was holding at $1.5736, while the dollar was buying about 106.40 yen.
In other Nymex trade, heating oil and gasoline futures fell by about 6 cents to $3.91 a gallon (3.8 liters) and $3.4224 a gallon. Natural gas futures dipped more than 33 cents to fetch $12.644 per 1,000 cubic feet.

US stocks jump as oil price falls

2008-07-08T22:38:00.001-07:00

US stock indices recorded their biggest jump in a month as oil prices fell sharply Tuesday and the Federal Reserve opened the door to extending emergency lending into 2009.
Fed Chairman Ben Bernanke said that the central bank's unprecedented lending to investment banks, set up in March at the height of the credit crisis for a six-month period, could be extended into 2009 if the financial sector's "unusual and exigent circumstances continue to prevail."
Government-chartered mortgage lenders Fannie Mae and Freddie Mac, whose stock prices tumbled Monday after an analyst said they could need $75 billion in fresh capital, rebounded on Bernanke's comments. A government regulator also said the two lenders were "adequately capitalized”.
JP Morgan Chase chief executive Jamie Dimon said that buyers were slowly returning to mortgage products as the credit crisis was easing, prompting strong gains in financial shares.
Crude oil fell more than $5 to $136.04 per barrel in New York.
The blue-chip Dow Jones Industrial Average jumped 152.25 points, or 1.36 percent, to 11,384.21. The broader Standard & Poor's 500 Index was up 21.39 points, or 1.71 percent, to 1,273.7. The technology-heavy Nasdaq Composite Index surged 51.12 points, or 2.28 percent, to 2,294.44.
The US currency stood at 63.84 euro cents and 107.42 Japanese yen.
Gold fell $5.50 to $923.30 per fine ounce.

Markets firm; banking, metal lead

2008-07-08T22:35:00.000-07:00

Markets are trading firm in the early deals of Wednesday with the Sensex gaining 495 points to 13,845 levels. The broader markets index Nifty also gained 3.5 per cent to 4128.
Buying is visible in capital goods, realty, IT, oil & gas and banking counters by over 2.8 per cent each.

“I expect two per cent plus opening due to global cues and the Nifty can touch 4100 levels today. Decent recovery can be seen in infrastructure and capital goods stocks,” said VK Doshi, Technical Analyst & Derivative Strategist.

Among the BSE-30 scrips, Reliance Infrastructure gained 6.9 per cent to Rs 807 levels. Other major gainers include Jaiprakash Associates, which is up 6.8 per cent to Rs 168. Reliance Communication also advanced 6 per cent to Rs 440.

Other Asian markets are also trading firm on Wednesday. Hong Kong’s Hang Seng, Japan’s Nikkei and South Korea’s Kospi are in green turf by over 1.1 per cent each.

Banks surge

BSE banking index, advanced 278 points or 4.7 per cent, is the biggest gainer among the sectoral indices. ICICI Bank, Axis Bank and Kotak Mahindra are the major gainers of the pack.

Metal counters also surged by 3 per cent with Ispat Industries, Jindal Steel & Power and SAIL emerging as prominent gainers.

Stocks that benefit from nuke deal

2008-07-08T04:50:00.000-07:00

By Archi Damania, CNBC-TV18 (moneycontrol.com)

Left sources say that the Left has taken a decision to withdraw its support to the UPA. It will issue a formal statement on withdrawal of support shortly. The Left will approach the President tomorrow. If the nuclear deal goes ahead, companies like L&T, BHEL, NTPC, Areva T&D, Alstom Projects, Rolta, HCC, ABB, Crompton Greaves, Siemens stand to gain.

L&T

L&T has done engineering, procurement and construction projects for nuke power plants. It is currently working on the 2,000 MW Kudankulam nuclear project. The company will get into mainstream nuclear projects if the deal goes through. L&T’s talks with Toshibha failed. It entered into a recent tie-up with Mitsubishi for super critical boilers. The Mitsubishi technology would be used for Nuclear Power Corp. L&T may leverage its relationship with Mitsubishi for its other nuclear business.

BHEL

BHEL supplies up to 500 MW of equipment to Nuclear Power Corp. It is looking for a tie up manufacturing equipment of up to 700 MW & 1500 MW. The company has been in talks with Alstom, GE Energy, Russia's LMZ and Siemens. It has an existing tie-up with Siemens for nuclear technology.

NTPC

The company is in talks with Nuclear Power Corporation of India. It is looking at setting up 2000 MW nuclear plant. He is In talks with GE Energy for technology and fuel. NTPC is looking at the project to be operational by 2012-2013.

Areva T&D

Areva T&D is looking at a plant for uranium mining and recycling. The plant would be set up after nod from Nuclear Power Corp.

Alstom Projects

The company already makes nuclear reactors and rotors. Its parent company is a world leader in conventional nuclear projects. It makes turbines for nuclear power stations. It supplies steam turbines to over 30% of nuke power stations globally.

Rolta

The Rolta-Stone and Webster joint venture competent provides reactor-building technology. It will leverage on its partner's core competency. Stone & Webster's parent has 20% in Westinghouse Electric, a nuclear reactor maker.

Gammon has undertaken turnkey construction for nuclear projects.

HCC

HCC has constructed four of seven nuclear power projects in India. It is an EPC contractor for nuclear projects.

ABB

ABB makes components for power projects. Its parent company’s exposure includes new

nuclear power plants, systems and components. The parent company’s exposure includes fuel services, waste management and decommissioning.

Crompton Greaves

Crompton Greaves works with Nuclear Power Corporation of India. It has completed a switchyard for nuclear project.

Walchandnagar Industries makes critical equipment for India's nuclear power facilities.

Siemens has a marginal exposure through its parent company.

Reliance Energy plans to invest additional Rs 12,000 crore in nuclear power capacity. It plans to install 2000 MW of nuclear power capacity.

Tata Power has tied up with some major nuclear equipment suppliers like Areva. It already has a relationship with Toshiba; it will leverage on it.

Mkts end lower; IT, telecom, FMCG, oil refinery stks tank

2008-07-08T04:49:00.002-07:00

Markets ended on a weaker note due to selling pressure in oil refinery, technology, telecom, private banking, realty, FMCG, select power and auto stocks. Sharp cut in European and Asian markets due to renewed financial crisis also added to negative sentiments. News of withdrawal of support by Left parties to UPA government has not played any key role in markets in today's trade. However, buying in capital goods and select power stocks have tried to pull back markets a bit in afternoon session on back of possibility of nuke deal but it did not help to the markets.

Heavyweights like Reliance Industries, Infosys, ITC, ICICI Bank, HDFC, Wipro, ONGC and Bharti Airtel were draggers of indices while L&T, SBI, NTPC, BHEL, M&M and Power Grid supporters.

Ultimately, Left parties have withdrawan their support to UPA government and will meet president tomorrow on the same subject. Their withdrawal is because the government is going ahead with nuclear deal and will be meeting IAEA. But Samajwadi Party (SP) is ready to support Nuke deal and there is strong possibility that Congress will get vote of confidence with support from SP and RLD.

The Sensex recovered nearly 300 points and Nifty 92 points from day's low of 13,049.96 and 3896.05, respectively. Sensex ended with a loss of 176.34 points or 1.3% at 13,349.65 and Nifty closed at 3988.55, down 41.45 points or 1.03%.

In the F&O segment, Additional short has built up in Nifty futures, which added 27.9 lakh shares in Open Interest. Discount remained at nearly 50 points in today's trade. IT stocks like Infosys and Satyam seen fresh short build up. Sugar Stocks like Renuka Sugar, Bajaj Hindustan and Balrampur Chini witnessed continuation of short build up.

Oil refinery stocks like Reliance Industries, ONGC, Cairn India and Essar Oil have plunged further. Some impact of news of windfall cess on private oil companies has seen today as well. However, oil marketing companies like IOC, HPCL and BPCL have gained due to fall in crude; Crude August Futures went down nearly by $5 at $141 per barrel on the NYMEX. Oil & Gas Index fell 1.56% or 138.78 points at 8,743.36. Reliance Industries was down by 2.5% and closed below 2,000 for the first time since August 2007.

BSE Cap Goods Index recovered nearly 5% from day's low and gained 145.72 points or 1.36% at 10,854.14 as these stocks are going to benefit a lot from Indo-US nuke deal. Capital goods stocks like Alstom Projects, Areva T&D, Bharat Elec, Bharat Bijlee, BHEL, ABB and L&T rose 1.5-7%.

Amongst frontliners, Tata Power was down 5.03%, Wipro -4.98%, NALCO -4.02%, Tata Motors -3.80%, Infosys -3.62% and ITC -3.24% while ACC rose 6.21%, BPCL 5.56%, M&M 3.92%, NTPC 3.60% and SBI 2.79%.

Market breadth was negative; about 1284 shares have advanced while 1598 shares declined. Nearly 256 shares remained unchanged.

IT Index has underperformed other indices, fell 3.11% or 129.77 points at 4,045.95. Wipro, Infosys, Aptech, HCL Tech, Satyam, TCS and Tech Mahindra were down 2-4.6%.

In the telecom space, Idea Cellular, Bharti Airtel, TataTeleservices and Reliance Comm fell 1-3%.

FMCG stocks like ITC, Marico, Ruchi Soya, United Spirits, Tata Tea, United Breweries and Colgate plunged 2-3%. Index was down 2.02% at 1,952.33.

Realty Index slid 0.85% at 4,620.98 due to selling in Akruti City, Orbit Corporation, Unitech, Phoenix Mills, Mahindra Life, Sobha Developer and Omaxe, which declined 2-4.4%.

Pharma stocks like Piramal Health, Dishman Pharma, Cadila Health, Ranbaxy Labs, Sterling Bio, Sun Pharma, Glenmark, Divis Labs, Pfizer, Novartis India and Cipla lost ground. Healthcare Index went down 0.44% at 4,090.38.

Auto Index fell 0.3% at 3,498.38 as selling seen in Exide Industries, Tata Motors, Cummins, Hind Motors, Amtek Auto and Maruti Suzuki.

Power stocks like NTPC, Torrent Power, Power Grid Corp, Neyveli Lignite, Suzlon Energy and Reliance Power have gained. Index was up 0.43% at 2,330.34. However, Tata Power, Reliance Infra, GMR Infra and GVK Power lost ground.

Most active counters on the bourses were Reliance Industries, Reliance Infra, L&T, Reliance Comm and Reliance Petro.

Midcap and Small Cap indices were down 0.45% each at 5,315.99 and 6,562.62, respectively. Amongst midcap stocks, Dalmia Cement, Shree Renuka, Patel Engg, STC India, SREI Infra, Moser Baer, Bajaj Hind, Info Edge and Rei Agro crashed 5-7%.

In the small cap space, Grabal Alok Imp, Dhanus Tech, Logix Micro, CenturyPlyboard, Temptation Food, Swaraj Mazda, Empire Ind, Prajay Engineer and Parsoli CapandF fell 8-14%.

Turnover traded by markets stood at Rs 56,816.53 crore. This includes Rs 11,066.01 crore from NSE Cash segment, Rs 41,117.91 crore from NSE F&O and the balance Rs 4,632.61 crore from BSE Cash segment.

Asian and European markets have collapsed like a pack of cards on account of renewed credit concerns in US and UK. In the Asia; Nikkei fell 2.45%, Hang Seng -3.16%, Taiwan Weighted -3.94%, Kospi -2.93%, Straits Times -1.62% and Jakarta Composite -1.08%. However, Shanghai gained 0.81%.

Amongst European markets, FTSE 100 plunged 2.27%, CAC -2.31% and DAX -2.28%, at the time of writing market report.

Market Snapshot

Markets remain volatile as Left withdraws support; recover from the day's lows
Political fallout on expected lines; markets react with a positive bias to developments
Sensex down 176 pts at 13350; recovers 300 pts from the day's low
Nifty down 42 pts at 3989; recovers 90 pts from the day's lows
CNX Midcap ends flat; BSE Small Cap Index down 0.5%
Reliance Industries down 2.5%; closes below 2000 for the first time since Aug 2007
BSE Cap Goods Index recovers nearly 5% from days low on hope of nuclear deal going through
BEL up 4.6%; BHEL up 2.1%; ABB up 1.8%; L&T up 1.5%
Nuclear deal benificiaries: Alstom Projects up 7.5%, Rolta up 5.8%, Areva T&D up 5.5%
SBI recovers nearly 10% from days low as the co seeks RBI nod to mark-to-mkt only 25% of Rs 9996 cr of govt bonds: Sources
BSE IT Index down 3.1%; Wipro down 5%; Infosys down 3.5%; Satyam down 2.9%; TCS down 2.6%
BSE Oil and Gas index down 1.6%; Relaince down 2.4% ONGC down 1.7%
OMC's gain; HPCL up 5.8%; BPCL up 5.6%; IOC up 1%
NSE Advance Decline at 1 : 1.5
Total F&O turnover at Rs 41112 cr Vs Rs 44635 cr
Total market turnover at Rs 56817 cr Vs Rs 61829 cr yesterday

F&O Snapshot

Nifty fut sees additional short build up; adds 27.9 lakh shares
Discount remains at nearly 50 points in today's trade
IT stocks like Infy & Satyam sees fresh short build up
Sugar Stocks like Renuka Sug, Bajaj Hind & Balrampur Chini sees continuation of short build up
NSE f&o volumes on lower side; turnover at Rs 41117.91cr vs 44634.29 on yesterday
Options Activity:
Nifty 3700 put adds 3.3 lakh shares
Nifty 4300 call sheds 3.8 lakh shares
Nifty 4100 put sheds 2.6 lakh shares
Star Trade:
Rolta up 6%; adds 1.1 lakh shares
Fresh Short:
Renuka dn 6.1%; adds 10.1 lakh shares
Wipro dn 5.7 %; adds 4.2 lakh shares
Infosys dn 3.4%; adds 4 lakh shares
ITC dn 3%; adds 13.8 lakh shares
Fresh Longs:
JP hydro up 3.9%; adds 12.1 lakh shares
Chambal fert up 4.4%; adds 7.6 lakh shares
RNRL up 3.4%; adds 20.4 lakh shares
SBI up 3.4%; adds 5.3 lakh shares

Govt may levy additional cess: Subir Raha

2008-07-08T04:49:00.001-07:00

Subir Raha Ex Chairman of ONGC said that the Ministry of Finance is the biggest beneficiary of windfall gains due to the high oil prices. He feels that the government could levy an additional cess. He said that the cess on ONGC is a specific tax, which is currently at Rs 2,500 per tonne.

The windfall tax should act as a stabilisation fund for subsidies, Raha said. He also feels that the government has taken steps that allegedly violate NELP agreements

Raha said there was no provision of profit sharing under any non-NELP (new exploration licensing policy) regimes. The NELP regime has profit, petroleum and production sharing agreements.

Excerpts from CNBC-TV18’s exclusive interview Subir Raha

Q: Do you think it may happen after all, because there is some talk or demand from certain political parties about this? Do you think there is a possibility that such a thing might actually be pushed through?

A: It would be difficult to predict what the government would do, especially when the basic structure of the government is likely to change in the next week or so. So one can’t predict that. Windfall gains by definition; is profit that comes from unfrozen situations.

Say the budget for buying crude is at USD 80/bbl and crude actually goes at USD 120/bbl, the producer would make much more money than what he budgeted, that would be a windfall gain situation. If we take that issue then it’s not only the crude producers but even the finance ministry has been the biggest beneficiary of this windfall gain out of the recent rise of crude prices over the last 2-3 years. If someone is making an incremental profit or super profits under the existing policy of the government. I don’t think you can call that, a windfall gain. Export oriented unit is the clear policy by the government of India to export. Whether the government wants to encourage leather goods exports or petroleum exports is for the government to decide. So there is an essential difference on what a windfall gain is and what an incremental profitability is by using an existing policy of the government.

Q: So you are saying that by the way of law or policy, it is not possible that the windfall tax goes through and just explain the benefit of the viewers. What is the current profitability and production ratio sharing between the government and the private companies because even that seems quite well in favour of the government?

A: On production sharing, there are a number of different regimes in India. The contracts that were signed in the 80s and 90s were different kind of contracts, where the government gave equity in certain oil and gas fields. The exploration blocks or production blocks are on a one time signature bonus payment.

This is quite different from the NELP regime. The contracts were signed before the NELP. For each round of those contracts, the regimes were different. In none of these contracts was there a provision for profit sharing with the government except for corporate income tax. The license holders pay royalty and cess.

Q: Have you given some thought to how this will actually be made to work in practical terms if they decide in a principal that they want to levy some kind of a cess on the private companies? Do you think it will be an ad hoc number? Would it be a percentage of the losses of oil companies, which will be put on these private companies? Have you worked on what the possible formula for extracting that cess if indeed they were to implement it would be?

A: There would be many voices of scaling the cat. The cess, which is not levied on ONGC, is a specific tax that has gone up over the years from Rs 300 to Rs 2,500 per ton. The private producers today, under the earlier rouse actually, had made a one-time payment to the government and they don’t make any further payments. So the profit literally goes to them and those contracts are not as water tight as the NELP contracts are.

What we have seen is that the government has actually taken steps, which allegedly violates the sanctity of the NELP contracts itself. So there should be no issue of the government deciding to put a cess whether by way of incremental income tax or any other means that could be done. Those contracts will provide for these. It’s an

Q: Are you worried about Oil and Natural Gas Corporation Ltd (ONGC)? People were positively surprised with the kind of subsidy burden they had to bear. It was far lower than what was estimated. If the calls get more shrilled for getting a bit more money out of these downstream companies, do you think it is ONGC that might have to bear the brunt of it?

A: That is something the ONGC management has to argue out with the government. We are looking at the subsidies and cross subsidization on very ad-hog basis. If we are going to reckon incremental revenue by windfall tax just for an argument; then this windfall tax should go as an income to a stabilization fund and the stabilization fund should be used to provide the subsidy to the actual consumer who needs the subsidy.

If we do not balance income and expenditure like we used to do in the OCC (Oil Coordination Committee) days when it was administered pricing officially and legally, windfall tax would be levied even if it has it goes into the concentrated fund of India and that would be the end of it. Then it would continue with the same game of charging fertilizer subsidy and oil subsidy on different company budgets.

So ideally we should have a structure. We have proposed these issues and have discussed that there has to be certain streams, which should come into a stabilization fund and the subsidies should flow out of the stabilization fund with the government several times the last three-four years. That would be a maintainable structure. Otherwise they charge a windfall tax and get some revenue that goes into some other budgetary item, which no one ever knows; the government cannot keep doing this.

Q: What are the pedals of changing the policy for a sector like oil midstream to extract some money from private companies? Do you think this kind of midstream policy changes might come back to haunt the government at a later stage,?

A: There is no policy change. We are talking about specific contracts. There are two groups of contracts, one is Pre-NELP (New Exploration Licensing Policy), which was signed before 2000 and the other NELP contracts. The Pre-NELP contracts have different versions and different editions, but those contracts are just commercial arguments and they could be used for government to charge internal revenue. Those equities were given out for prices, which could have been or should have been much higher. NELP is where the government committed internationally on a stable fiscal regime and that has been marketed on seven rounds of NELP and three rounds of CBM (coal bed methane).

If the government promises a stable regime and then tampers the regime when people have come in and taken a contract, it is not fair. We need to make a clear distinction between government intervention on Pre-NELP contracts and government intervention on NELP contracts.

SAP ruling to hit bottomlines of sugar cos: Tulsian

2008-07-08T04:47:00.002-07:00

Sugar stocks are slipping on the news that the Allahabad High Court has upheld the SAP first of all and then fixed a price at Rs 125 from the earlier interim price of Rs 110. Balrampur Chini sounded quite distressed by the news. SP Tulsian, sptulsian.com feels that all the sugar companies will have to make an additional provision of Rs 15, which will take place into huge losses. That will hit the bottomline of each company operating from UP, he added.

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

Q: Balrampur Chini sounded very distressed and said they would post losses, what’s your reading of this SAP price?

A: In the interim order, Rs 110 was given as the price by the Court. All the companies having reported or posted the results for December as well as March quarter have booked the sugarcane prices at Rs 110. So, they will have to make an additional provision of Rs 15, which will take place into huge losses.

If you recall, even Bajaj Hindusthan has to provide for about Rs 400 crore extra liability on account of accounts for the year ended September 30, 2007. So, one could imagine the impact this will have on the sugar companies. For Bajaj Hindusthan, it could be about Rs 400-450 crore per year while in case of Balrampur Chini the quantum could be about Rs 200-250 crore. Suppose if you have a company like 10,000 tonnes crushed per day (TCD), the impact could be as about Rs 30-40 crore per year.

Q: So you think it is not going to be a problem for one or two quarters. You would worry about the full year numbers as well on the bottomline?

A: We have already seen the crushing season getting over for which this ruling has been announced. Whatever the quantity we will be seeing getting sold by the sugar companies, they have already done that for the operations. They have carried out and closed in the month of April or May. So the cost to them would be high by at least about Rs 1.50 paisa to Rs 2 per kg because of this Rs 15 increase. Sugar recoveries are less than 10% and Rs 15 increase implies a straight increase of at least Rs 1.75 paisa to Rs 2 per kg. So, that will hit the bottomline of each company operating from UP.

SBI seeks RBI nod to MTM 25% of govt bonds

2008-07-08T04:47:00.001-07:00

State Bank of India is seeking RBI nod to mark-to-market only 25% of Rs 9996 crore of government bonds. SBI can sell only 25% of government given bonds in Q1. It may sell balance 75% of bonds in tranches in subsequent quarters. SBI is hoping to hear from RBI this week on extent of MTM.
After ICICI Bank, the State Bank of India (SBI) has also had exposure to bond portfolios that could be marked down severely for the company’s balance sheet and impact their profitability. It’s come out in the open now and the management is giving a clarification.

SP Tulsian of sptulsian.com said, "This was expected because this is very usual - whenever you see the interest rates hardening, banks always carry government securities in their portfolio on which the yield drops and in that event they have to provide for the mark-to market (MTM) losses either held on the MTM basis or Yield-To-Maturity (YTM) basis. So this was expected, but only the quantum was deferring. So probably now SBI is trying to take help from the Reserve Bank of India (RBI) by deferring this provision maybe in 3-4 tranches with one tranche of 25% getting booked in Q1. So this was nothing unusual, this was very much expected, this was referring the quantum of the government bonds held by the SBI and the losses on that account."