Indian Stock Market

Buy Piramal Healthcare for shareholder returns: Rajesh Jain

2010-05-22T16:25:00.000+05:30

Rajesh Jain, Market Strategist, in an interview to ET NOW backed purchasing Piramal Healthcare.

Lots of companies in the pipeline, as well in this segment, IPOs, real estate, would you touch them with a bargepole or stay away?

I think we have discussed this before and I think we have. The issue here is how close to the NAV is your pricing.

Which is always difficult to guess?

People are giving different estimates, so what is it that you take the proxy for. What you go with is a strong company, a strong management and credibility, and probably a company which has got a mix of projects, not just the affordable housing plank, but also value added segment hotels, SEZs and a little less of froth, and then probably you hope that you have not committed excesses on pricing.

Piramal Healthcare - your call on the stock now because this is not just pharma, if at all it could lead to a diversification and how they would be deploying their funds in other businesses as well what they are open to.

I think all the positives of this strategic move have come out very well in your discussion. But I think what the market is doing right now is very clearly correcting the excesses of expectations. I think today morning it was one of the gainers in a market which was largely down 2%, I think that’s a first correction. The second aspect is that probably the market is expecting the complete lock, stock and barrel sell-off to a much bigger global player and I think media expectations or analyst expectations figured in the 700 to 750 kind of bracket. I don’t think that has come through, and whenever you have something like that there is a lot of momentum position that gets built up and after digesting the development, certainly the momentum players or speculators are going to be unwinding. I think that’s the selling pressure on the counter, but having said that I think give it another day or two and once that froth subsides and you get to a fair level then it becomes a quality buy in the pharma space because what Mr. Piramal has proved again and again is that they are able to rethink the business model of an existing business, add some very tangible value elements to it and then increase shareholder value. So, if you are buying Piramal Healthcare for shareholder returns it is a thumbs up, and also if you are buying it for the core customer, care and ability to focus your business on what the customer needs and what are markets specific requirements, whether it is in India or abroad, I think Piramal Healthcare has done it all the time. He has also set up a cluster of businesses in the same healthcare pharma domain which are addressing both the emerging aspects of pharma without really hitting the core businesses. So I think its an excellent stock to be in and one should just allow the speculative froth to subside and then buy it.

Considering the fact that you believe that the bottom is not too far away, would you deploy money right now? What pockets would you look at deploying?

It would be very premature to say that one can even start thinking of the bottom given the global development, but I suspect that what you have seen today and what you will see over the next four days will have the F&O internals playing the upper hand. Let’s go back to the April expiry. As soon as April got over, we saw the markets tank in the beginning of May and I think you will have a similar carry forward into the June series. Today, there was a fresh pullback because a lot of shorts were rushing to take profits and also there was an higher element of F&O positions shifting themselves, I think the 4700 mark on the put call ratio. I think the F&O internals will have a bigger hand to play unless global developments are really beyond being manageable. So over the next four days I would certainly not buy anything. But after that the buying has to wait until you get a confirmation from the IMD that the monsoon has arrived. The ideal time for retail to begin buying would be after the Q1 numbers are out because there are lot of tangibles. Let us accept that. Right now if you look at the market there are two conflicting drivers. The first positive drivers for businesses is that a lot of input costs are going down now. You couple that with a good monsoon and you have a volume upside with the margin expansion and you will have tremendous bottom lines. But on the other hand, should the global situation worsen, sectors like capital goods and a host of other such plays, you will start seeing managements coming out and showing up the froth that was getting projected in the order books.

ITC - A safe pick, says Rajesh Jain

2010-05-22T16:16:00.000+05:30

Rajesh Jain, Market Strategist, in an interview to ET NOW said that ITC was one of those safe picks, which can be recommended at any point in the trajectory of the market.

It has again been a stellar quarter for ITC. Is this why you think that a good spike came in for the stock?

There has been a bit of a bad news on the excise front but what the numbers will confirm or are confirming is that the volume growth has not taken a hit and ITC has tremendous hidden value in hotels. The full impact of depositories of that business is still not reflecting in the ticker because it has been seen largely as an asset play drag on the counter, which otherwise has a cash surplus. The seeding cost of the consumer businesses, which had been a substantial drain over the last 3-4 years has started mitigating and now, by and large, the investing community expects the drain to be cut off and the businesses to start contributing, at least at the operating profit level. So with these two hidden positives, it is not at all a surprise that the negative on cigarette prices, the end consumer price is being taken in its stride. It would be interesting to see how much of cash the company really generates and how are they taking the entire model forward. It has been one of my top picks and I personally think you will easily see a Rs. 100 getting added from hereon over the next 15-18 months.

I am guessing that you would not play the other FMCG companies because you quite like the hotels business in ITC?

No, ITC is easily one of those safe picks, which you can recommend at any point in the trajectory of the market these days. But, the star performer in FMCG has to be the Godrej Consumer business. The kind of brilliant work they have done over the last quarter or so speaks for itself and any investor really looking to get better than market gains vis-à-vis the FMCG pack or vis-à-vis the market, has to really be looking at what Mr. Godrej is doing in the consumer business.

Buy Call

2009-11-18T21:28:00.002+05:30

Buy SAL STEEL - CMP 11.35 Target-14

Buy Call

2009-11-18T08:51:00.003+05:30

BUY TFCI with Price Target of 28
Short-term Delivery call

Buy KFA

2009-11-10T21:52:00.003+05:30

Buy Kingfisher Airlines with Price Target of 57/63, CMP-50.65
Short-term Delivery Call

Buy Call

2009-09-04T07:50:00.000+05:30

Ks Oils CMP-57.40

Buy Call

2009-09-04T07:39:00.002+05:30

Rathi Bars CMP-10.85 , Target-15/16

Buy & Hold - Delivery Call

2009-08-04T10:30:00.003+05:30

Buy Datamatics-CMP-28.90.Target 34/36

Buy & Hold - Short Term

2009-08-04T10:08:00.003+05:30

Buy Rama pulp(502587) CMP-9.20 . Target -12/14

Sensex Movers

2009-06-24T20:55:00.000+05:30

Sensex Movers

Company Name	Last Price	Chg(Rs.)	Chg(%.)	F.F.Mkt Cap*(Crs)	Contribution
Larsen & Toubro	1508.85	22.90	1.54	79535.66	16.87
ONGC	1051.00	24.55	2.39	44959.1	14.8
BHEL	2193.15	57.05	2.67	37575.68	13.81
Jaiprakash Assoc	213.40	12.10	6.01	13894.27	11.45
Tata Consultancy	382.05	15.85	4.33	18693.91	11.1
Bharti Airtel	796.85	10.50	1.34	52943.43	9.72
Grasim Industries	2322.25	93.60	4.20	15966.84	9.2
Infosys Tech	1759.15	13.10	0.75	85653.99	8.83
ITC	198.65	2.15	1.09	52484.23	7.9
Sun Pharma	1345.15	64.05	5.00	11143.37	7.66
Reliance Infrastructure	1258.65	35.20	2.88	18388.96	7.29
Mahindra Satyam	75.25	2.05	2.80	11365.36	6.46
Mahindra & Mahindra	723.90	20.00	2.84	15137.9	5.9
Reliance Comm.	301.50	5.40	1.82	21780.64	5.46
Tata Motors	357.00	14.40	4.20	8832.21	5.12
NTPC	198.60	2.75	1.40	24563.24	4.75
Tata Steel	406.55	6.15	1.54	20791.57	4.4
Ambuja Cement	89.90	3.50	4.05	6782.81	4.06
Cipla	264.50	5.90	2.28	12012.07	4.02
Hindustan Unilever	262.70	2.55	0.98	28635.23	3.86
ACC	768.65	24.10	3.24	7934.74	3.52
Hindalco	83.80	2.25	2.76	9283.52	3.52
SBI	1716.50	8.15	0.48	49039.74	3.22
DLF	320.50	4.10	1.30	13598.77	2.43
Wipro	381.25	4.65	1.23	11172.86	1.89
Maruti Suzuki India	1059.80	7.75	0.74	15309.34	1.55
Tata Power	1133.05	4.00	0.35	17586.7	0.86
Ranbaxy Labs.	273.30	-0.80	-0.29	4595.48	-0.18
Bajaj Holding	357.05	-1.70	-0.47	14729.84	-0.95
Sterlite Inds	571.45	-5.75	-1.00	16193.04	-2.21
ICICI Bank	689.35	-8.10	-1.16	76714.88	-12.24
HDFC Bank	1456.35	-29.20	-1.97	52705.92	-14.25
HDFC	2309.25	-46.20	-1.96	59129.22	-15.96
Reliance Inds	2000.10	-15.95	-0.79	157387.9	-17.12

*Free Float Market Capitalisation

Sensex : 116.74

NIFTY goes free float from June 26, `09

2009-06-24T20:40:00.002+05:30

In free float weighted market capitalization level of an index reflects the total float-adjusted market value of all of the component stocks relative to a particular base period.

The S&P CNX Nifty, S&P CNX Defty and CNX 100 indices will be calculated using free float market capitalization methodology w.e.f. June 26, 2009. With reference to the above, members are advised to take care to include the free float factor while buying and selling of Indices (Index Basket); in terms of securities that comprises the Indices.

How does it work?

Under the free float method, only those shares are considered that are readily available for trading in the open market. It leaves out the promoters’ holding, government holding, strategic holding and other locked-in shares that will not come to the market for trading in the normal course.

In simple words, the market capitalisation of each company in a free float index is reduced to the extent of its readily available shares in the market.

Following are the salient features w.r.t free float market capitalization:

• In market capitalization weighted method, the level of the index reflects the total market value of all the stocks in the index relative to a particular base period

• In free float weighted market capitalization level of an index reflects the total float-adjusted market value of all of the component stocks relative to a particular base period.

• The free float factor (Investible Weight Factor – IWF) for each company in the index will be determined based on the public shareholding of the companies as disclosed in the shareholding pattern submitted to the stock exchanges by these companies.

Sensex inches higher…broader market outperforms

2009-06-24T20:27:00.005+05:30

Sensex gained by 93 points to end at 14,422 while, Nifty gained 46 points or 1% to shut shop at 4,293.

It was a day of modest gains on the Indian bourses with the NSE Nifty index inching closer to the 4,300 levels. After a sluggish start and a range bound first half, key indices perked up in the second half as the bulls stepped on the gas.

The smart bounce was led by the Power, Capital Goods, Pharma and the Realty stocks. The Mid-Cap and the Small-Cap indices outperformed the benchmark indices.

Finally, the BSE Sensex gained by 93 points to end at 14,422 after touching a high of 14,480 and a low of 14,207. The index had opened at 14,376 against the previous close of 14,324.

The NSE Nifty gained 46 points or 1% to shut shop at 4,293.

Modest gains were seen not only in India, but across the globe. Asia markets ended in the green with the, the Hang Seng index gained 2% at 17,892 and Australia's S&P/ASX ended higher by 0.3% to 3,807. Nikkei index added 0.4% at 9,590.

Elsewhere in the Europe, stocks were trading marginally higher. The FTSE index was up 0.3% at 4,242. The DAX index was up 0.8% at 4,747. CAC 40 index gained 1% at 3,144.

Coming back to India, among the BSE Sectoral indices BSE Power index was the top gainer gaining 2.8%, followed by the BSE Capital Goods index up 2.5%, BSE Pharma index up 2.3% and BSE Realty index up 2%. However, the BSE Bankex index ended in the red down 0.12%.

Even the BSE Mid-Cap index gained 2.3%, BSE Small-Cap index up 2.2%.

In the Sensex, the major gainers were, JP Associates, Sun Pharma, TCS, Tata Motors, Grasim, ACC, Reliance Infra, M&M, Hindalco and BHEL.

On the other hand, major losers were HDFC Bank, HDFC, ICICI Bank, Sterlite, Reliance Industries and Ranbaxy.

Among the big gainers in the broader market were Torrent Power, TTML, Biocon, IVRCL Infra, Max India, Glenmark and Balrampur Chini.

Outside the frontline indices, the top losers included MMTC, M&M Fin, Canara Bank, Bharat Forge, EKC and Jet Airways.

Shares of Bajaj Auto were in top gear, the stock surged by over 2.5% to Rs960 after the Reserve Bank permitted FIIs to purchase the shares of the company as their holding in Bajaj Auto has gone below the trigger limit of 24% following the company's demerger of two non-banking finance companies.

"The restriction placed on the purchase of shares of Bajaj Auto on behalf of FIIs may be treated as withdrawn," RBI said in a release.

Earlier, RBI had asked FIIs not to purchase any further shares in Bajaj Auto as their holding had touched 24 per cent.

Shares of ABB surged by over 4.5% to Rs754 after the company announced that it won orders worth Rs2.2bn from Tata Projects Ltd to provide power products and solutions for a super-critical coal-fired power plant under construction in the southern India state of Andhra Pradesh.

Shares of Nagarjuna Const advanced by over 3.5% to Rs125 after the company announced that the board would meet on June 29 to consider private placement.

Shares of Andrew Yule were locked at 5% upper circuit to end at Rs51.10 after reports stated that government has given approval to the company for its disinvestment program. The scrip touched an intra-day high of Rs51.10 and a low of Rs51.10 and has recorded volumes of over 7,000 shares on BSE.

Shares of Renaissance Jewelry further extended gains and rallied by over 7% to Rs49.9. The stock sky rocketed by over 58% in the last four trading sessions.

The stock hit an intra-day high of Rs54 and an intra-day low of Rs48. The total traded quantity on the counter had exceeded over 0.5mn equity shares as compared to 0.2mn shares traded on Tuesday and mere 58,000 shares on Monday.

Renaissance Jewelry had hit a 52-week high of Rs68.35 on June 23, 2008 and 52-week low of Rs18.15 on March 05, 2009.

Shares of Torrent Power rallied by over 16% to Rs164 on the back of unusual volumes witnessed in the counter. The stock has hit an intra-day high of Rs169 and an intra-day low of Rs141. The total traded quantity has exceeded the average of 20 days traded volumes. Total volumes traded were ~2.8mn equity shares on the NSE.

The stock had hit a 52-week high of Rs177 on June 12, 2009 and 52-week low of Rs50 on October 28, 2008.

The total traded quantity has exceeded the average of 20 days traded volumes. Total volumes traded were ~2.8mn equity shares on the NSE.

Longer-term: Intermediate downtrend still on

2009-06-24T20:06:00.001+05:30

June 24 (10:00) -The market is currently in an intermediate downtrend which started at the sensitive index’s June 12 intra-day high of 15,600. The levels above which the downtrend would end have come down to 14,668 for the sensitive index, 4,352 for the nifty, and 5,381 for the CNX Midcap. These are Monday’s intra-day highs for the indices.

A global intermediate downtrend has now been established, with almost all indices in one with the latest sell-off. Shanghai is the main exception. Global markets have stabilised since yesterday afternoon, but there is very little to suggest just now that the intermediate downtrend is about to end.

The sensitive index had gained 7,553 points during the preceding intermediate uptrend, and a 25% to 50% retracement lasting around two weeks would be typical for a bull market. Should this happen, the sensitive index could bottom out somewhere between 13,700 and 11,800 (rounded).

A bull market had been confirmed during the preceding uptrend, and a few global indices also entered one.

Top Picks for June 1st WEEK

2009-06-01T15:07:00.002+05:30

HFCL
MOREPEN LABS
MARKSANS PHARMA
RICO AUTO
MAHINDRA UGINE
GITANJALI GEMS
VIMTA LABS

Sensex jumps 14.1 pc on week; best in 17 years

2009-05-23T07:52:00.002+05:30

MUMBAI: The BSE Sensex rose 1.1 per cent on Friday and took gains for the week to 14.1 per cent, its most in 17 years, buoyed by hopes for pro-market reforms after the ruling coalition won general election last weekend.

Manmohan Singh was sworn in as the prime minister for a second term, along with his new cabinet and the outlook for the market would depend on how quickly they are able to push asset sales in state firms, ease rules for foreign investment and boost sagging growth.

Some analysts believe the market is overbought after it leapt more than 17 per cent at the start of the week following the unexpectedly easy election win. The BSE index has risen 73 per cent from a 2009 low in early March and has climbed for 11 weeks in a row in the longest winning streak in four years.

MOST BULLISH STOCKS SMALL CAPS -MAY25TH

2009-05-23T07:36:00.003+05:30

GOOD RETURNS ---PICK THESE STOCKS FOR 25TH MAY

PARAMOUNT ----CMP-10.60
SREESAKHTI PAPERCMP-14.35
SKUMARS -----CMP-37.10
CAROL INFO -----CMP-40.10
RADICO KHAITAN--CMP-77.90
WWIL ----CMP-21.10
FSL ---CMP-25.10
TNPETRO ----CMP-17.20
KOLTE PATIL-----CMP-45.20
KFA --CMP-62.35
SONO KOYO ----CMP-12.06
TRIGYN----------CMP-17.16
GTL INFRA-------CMP-39.60

PENNY STOCKS TO BUY FOR WEEK 25TH MAY--29TH MAY

2009-05-23T07:19:00.002+05:30

BUY AND HOLD THESE STOCKS FOR DELIVERY , THESE STOCKS CAN MOVE UPTO 20 % TO 45 %

EVINIX
ASHCAP
GVFILMS
NILAINFRA
FACOR ALLOYS
BLUE CHIP
MOREPAN LABS
ARVIND REMEDIES
LML
ALKA INDIA
BELLARY STEEL
CHD DEVELOPERS
SOMA TEX
LLYOD STEEL

Double Your Money in one Month - 23rD May 2009

2009-05-23T07:02:00.005+05:30

Top Ten Stocks to Buy and Hold for atleast 10-15 days and double your Money

25TH MAY----29TH MAY

SKUMARS
FSL
WWIL
TNPETRO
NOIDA TOLL
PRICOL
GABRIEL
MIC
ANSAL INFRA
SUVEN LIFE

Rupee rises on stocks gain hopes

2009-05-19T09:07:00.000+05:30

MUMBAI (Reuters) - The rupee strengthened on Tuesday, extending gains for a third straight day, on expectations of a surge in domestic equities after the ruling coalition won the national elections.

At 9:04 a.m. the partially convertible rupee was at 47.50/58 per dollar after opening at 47.45, the strongest since Dec. 22, and above Monday's close of 47.88/90 when it rose 3.2 percent in its biggest one-day gain in 11 years.

Nifty may hit circuit if it crosses 4623.15

2009-05-19T09:05:00.000+05:30

The SGX Nifty was up 5.33% or 533 points to 4,603 and Asian markets were trading strong following positive US cues. So, the Nifty may hit circuit if it crosses 4,623.15 level. Circuit limit for the Nifty is at 300 points and Sensex at 950 points

What happens today?

A lot of hedged positions were outstanding in the market today and hedges were taken via selling Nifty Calls. Nifty Call writes need to cover positions aggressively.

A 4000 Call has Open Interest of 41 lakh shares and 3800 Call has Open Interest of 45 lakh shares. A 4000 Call has premium of Rs 370 and 3800 Call has premium of Rs 460.

Option trouble

HDFC Bank's 1140 Call has Open Interest of 10 lakh shares. SBI's 1380 Call has Open Interest of 6 lakh shares.

ICICI Bank's 580 Call has Open Interest of 13 lakh shares. RIL's (Reliance Industries) 1980 and 1950 Calls have Open Interest of over 3 lakh shares each.

Golden Monday
The markets gave big thumbs up to the Congress' sweeping victory in general elections and hit 2 upper circuits of total 17.5% for the first time in stock market history.

It hit 15% circuit in the initial 30 seconds of opening trade and trade halted for the first time ever due to upper circuit. Total volumes traded on the NSE and BSE at Rs 3,100 crore, which comprised F&O turnover of Rs 2,833 crore. Only 207 stocks traded on the NSE and 842 stocks traded on the BSE.

Circuit-breaker norms: The Need for a re-look

2009-05-19T09:00:00.000+05:30

Gone in 22 seconds with no clue on who bought and who sold. But the systems of shutting the markets down, if they cross 10 per cent, 15 per cent and 205 limits in one single day were all tested. And the markets did emerge strong but is it what Indian markets need?

The debate is on regarding what will be more effective circuit breakers or circuit filters.

With a circuit breaker the system stops trading activity, if and when prices move beyond a specified level, whereas a circuit-filter is a ceiling fixed on price movement.

For instance, assume a stock is at Rs 100 rupees and if the circuit breaker is 5 per cent then trading will stop if it hits Rs 95 or Rs 105.

And if the circuit filter is 5 per cent then it only means that traders cannot bid/ask quotes below Rs 95 or above Rs 105, which means shutting down of trading.

However, a market-wide circuit filter would have allowed trades to happen but it would have put a ceiling on the price of the stock and allow people to book profits. Only the index level and individual prices of stocks would have been capped at the specified levels.

The question is how should price discovery take place when the markets crash like it did 5 years ago. Circuit breakers prevent panic from spreading but on Monday on the way up it has left a lot of people out of the market. So, if UPA does mean reforms and the Sensex really reflects that then why let trade stop?

Sensex flies into a circuit, up 2,110 pts

2009-05-19T08:57:00.002+05:30

Cashing in on your money
Know about stock arbitrage
Better returns: Book capital losses
Plan long term portfolio

MUMBAI: It was a frenzy unprecedented in the history of the Indian stock market. Investors scrambled to buy stocks as if there was no tomorrow, almost certain that the emergence of a stable government at the Centre would solve all the ills dogging the economy. In the mad rush, circuit breakers on the upside were triggered, and trading had to be halted from 12 noon onwards. This is the first time that trading has been suspended after upper circuit breakers were breached.

“There is a tremendous pent-up demand in the system, we could see some of it spilling over today also,” said A Balasubramanian, chief investment officer, Birla Sun Life Mutual Fund.

The 30-share Sensex ended the truncated session at 14,284.21, up 2,110.79 points, or 17.3%, over the previous close. The 50-share Nifty ended the session at 4,323.15, up 651.50 points, or 17.74%, over the previous close.

Monday’s spectacular rally has benefited only those who are already invested. Traded turnover on both exchanges combined was barely Rs 3,000 crore, indicating that few traders or investors got a chance to participate in the upswing. Foreign institutional investors managed to make net investment of just Rs 45 crore.

Will Sensex touch 20,000 again by December?

2009-05-19T08:51:00.001+05:30

Markets cheer election results
Sectors and stocks to look out for
Pick stocks on fundamentals
Five facts on stock falls
Short-term plans are safe bets

MUMBAI: The extraordinary spurt in the market on Monday has, understandably enough, made most investors optimistic about the road ahead. While there is fundamental logic supporting daring market predictions, fears of the impact of the ongoing global recession are a niggling worry for some.

An ET snap poll of a dozen senior officials at broking outfits and fund houses expect the market to range between 15000 and 20000 levels (on the Sensex) by the end of 2009.

“We are very positive on the market. There is money flowing in; at current rates we’ll easily surpass the $17-billion worth of inflows (recorded in 2007) by March 2010,” said Manish Sonthalia, vice-president (equities) at Motilal Oswal Financial Services. He expects the market to trade in the 16000-18000 bracket at the end of the current year.

According to brokers, the renewed interest of foreign portfolio investors will do a world of good for the Indian market’s sustainability in the coming days. The country has already pocketed equity investments worth around Rs 17,000 crore since April, ahead of traditional favourites such as Korea, Japan, Taiwan and the Philippines.

“Foreign investors are now taking a more serious view on the Indian market. One reason for this is the fact that political uncertainties are over for the next five years,” said Shinsei Asset Management CIO N Sethuraman Iyer.

TRADE HALTED AS MKTS HIT UPPER CIRCUIT; WHAT WILL TUE SEE?

2009-05-19T08:38:00.003+05:30

Trading on both the BSE and the NSE has been halted for the day as markets hit a 20% upper circuit, after re-opening for trade. At the beginning of today's trade, 9:55 am, the markets were locked at 15% upper circuit and exchanges halted the trade for two hours.
The UPA's (United Progressive Alliance) clean sweep win has cheered the markets and helped the benchmark indices to hit 20% upper circuit.
The 30-share Sensex closed 2,110.79 points or 17.34% higher at 14,284.21 and the Nifty surged 651.50 points or 17.74%, to settle at 4,323.15. The Sensex saw the 14,000 mark and the Nifty surpassed the 4,300 level for the first time since September 22, 2008. The Nifty May futures ended with 46.85 points premium.

Trade halts as mkts hit upper circuit; re-open at 11:55 am
The one-sided win for the UPA government (lead by 262 seats) in the 15th Lok Sabha election, which shrugged off the exit polls results drastically, brought great cheers for the markets in early trade. The benchmark indices locked at upper circuit. The BSE and NSE have decided that the trade will start at 11:55 am (i.e. after two-hour halt).

In the first 30 seconds of trade, the Sensex crossed the 13,000 mark and inched up towards 14,000 level. This was the first time since October 2008 that the Sensex surpassed the 13,000 mark and the Nifty crossed the 4000 level. Huge upsurge of 420 points or 11.4% in the SGX Nifty was suggesting the same trend.

The 50-share NSE Nifty was up 531.65 points or 14.48% at 4,203.30 and the 30-share BSE Sensex surged 1,789.88 points or 14.70% to 13,963.30. Less than Rs 1000 crore of trade was seen in the cash and F&O segment.

30 stocks on the Sensex

BHEL shot up 32.72% and L&T gained 29.53%. DLF, ICICI Bank, HDFC, Reliance Communication, Bharti Airtel, Reliance Infrastructure, SBI, Jaiprakash Associates and Reliance Industries went up 20.62-25.9%.

Sterlite, HDFC Bank, Tata Steel, Tata Motors, Grasim, Wipro, Hindalco, Tata Power, ONGC, TCS, M&M, NTPC, ACC and Ranbaxy Labs gained 11-16.5%. Infosys, Maruti Suzuki, Sun Pharma, ITC and HUL surged 6.3-9.8%.

Market breadth was positive; about 1804 shares advanced while 779 shares declined. Nearly 537 shares remained unchanged.

Does it open with another 17% gap?

The one community which is right now the least happy is clearly the broking community because Rs 3000 crore is total trade that we have seen in the system, so what would have been the brokerage, almost nothing. Technically yesterday’s market level is irrelevant to today’s market level. What happens once tomorrow trade starts if again we are going into circuit which seems unlikely? But if we are going into circuit then notionally we are looking at a number which is about 30-40% higher than yesterday’s level. So at that point – how do investors take it from there? At that point are there any sell orders? I think that will decide the market.

Right now as I said nobody has participated in this. Total trades would have taken about 55 seconds and just about Rs 3000 crore of trade. Total 800 stocks traded on the BSE and just about 400 stocks on the NSE. Clearly these are all numbers but what I am pointing towards is that for someone who would have taken a position before this election results were out because that position was huge. Today ofcourse nobody would have gone into the market, nobody would have come out also and nobody would have redeemed their positions.

Previous incidence of markets hitting circuit

January 22, 2008: This was the latest instance that the market hit 10% lower circuit. The reason for the down circut was subprime loss, & the dismal global markets cues.

October 17, 2007: The BSE Sensex crashed by 1743 points on 17 October 2007. The crash was led due to concerns of SEBI issuing new guideline for P-Notes

May 17, 2004: The markets crashed 5 years back when the NDA government lost to the Congress in Elections.

Sectoral Indices

The BSE Realty Index was up 23.45% and Capital Goods Index went up 21.9%. Among other indices, Bank and Oil & Gas indices were up 19% each.

Power Index moved up 18.33% and Metal Index gained 16.10%. TECk, Auto and IT indices rose 11.2-14%. Healthcare and FMCG indices gained 7.2-8%.

Buy GSPL

2009-05-07T07:30:00.000+05:30

BUY GSPL Target 56 CMP 47

Buy Call

2009-05-07T07:27:00.001+05:30

Buy Suven life with a target 18, CMP 15.70

Buy Skumar

2009-05-05T21:48:00.004+05:30

Buy Skumar with a Target of 29/32 CMP-26

Target Achieved

2009-04-02T03:19:00.003+05:30

Buy Calls given on 1st April EMCO & YES BANK Achieved Targets
EMCO CMP-35.35 Day High-36.20 ,Day Low-30.75
YES BANK CMP-51.65 Day High-52.30 ,Day Low-49.50

Target Achieved

2009-03-14T14:24:00.001+05:30

Buy Call Given in Axis Bank Has Achieved ,Currently stock is trading at 335

Buy Welspun India

2009-03-13T07:46:00.001+05:30

Buy Welspun India with a target of 20 , CMP-16.95

Buy Axis Bank

2009-03-13T07:39:00.002+05:30

Buy Axis Bank with a Target of 320/340

Buy ICICI Bank

2009-03-12T23:21:00.003+05:30

One can buy ICICI BANK at current level , stock is trading at 284 it can go upto 330 within a week

Buy NCC

2009-02-11T09:50:00.001+05:30

NCC CMP 52.30 TARGET 55/57

Buy Call

2009-02-11T00:22:00.002+05:30

Unitech at CMP, Res 35, Sup 29

Satyam tremors rock markets

2009-01-08T07:32:00.002+05:30

Sensex falls the most in two months.

Stocks fell the most in more than two months after Satyam Computer Services said profits had been inflated for years.

Satyam plunged the most since listing in 1992. Reliance Industries (RIL) slumped 12 per cent after the disclosure by Satyam Chairman Ramalinga Raju.

“It’s a shocker,” said Jayesh Shroff, who helps manage about $4.7 billion at SBI Asset Management in Mumbai. “People will no longer be willing to take income statements at face value. This has also raised questions about cash holdings of other companies.”

The Bombay Stock Exchange’s Sensitive Index, or Sensex, tumbled 749.05, or 7.3 per cent, to 9,586.88, the most since October 24. Five stocks fell for each that rose on the benchmark index. The S&P CNX Nifty Index on the National Stock Exchange slid 192.40, or 6.2 per cent, to 2,920.40. The BSE 200 Index slumped 7.1 per cent to 1,148.68. Nifty futures for January delivery dropped 6.5 per cent to 2911.25.

GRIM OUTLOOK
Top 10 falls in the last decade
Sensex % Chg *
17-May-04 4505.16 -11.14
24-Oct-08 8701.07 -10.96
21-Jan-08 17605.35 -7.41
7-Jan-09 9586.88 -7.25
4-Apr-00 4691.46 -7.15
10-Oct-08 10527.85 -7.07
17-Apr-99 3326.98 -6.88
18-May-06 11391.43 -6.76
11-Nov-08 9839.69 -6.61
24-Jul-00 4188.34 -6.17
*Over previous close

Satyam plunged 78 per cent to Rs 40.25. RIL fell 12 per cent to Rs 1,200.75, the most since November 5. ICICI Bank, the country’s second-largest lender, fell 11 per cent to Rs 467.85, the most since October 24.
Stocks that recorded the biggest declines on the Sensex include Jaiprakash Associates, India’s No. 1 builder of dams, which dropped 29 per cent to Rs 71.50, the most since June 2004. Reliance Communications, India’s second-largest mobile- phone company, fell 17 per cent to Rs 206.50, its steepest decline since October 10. DLF, the top developer, declined 16 per cent to Rs 233.85, the most since October 24.

Amongst Satyam’s peers, bellwether Infosys Technologies was trading up 1.1 percent at 1,180/95 rupees, while Tata Consultancy Services and Wipro were down 3.3 per cent and 1.4 per cent respectively.

In the broader market, losers outpaced gainers in a ratio of nearly 6:1 on heavy volume of 385 million shares.

Asian indices gave a mixed performance today while European markets resumed lower.

Raju confesses to fraud

2009-01-08T07:17:00.002+05:30

In one of the darkest days in India’s corporate history, Satyam Computer Services Founder and Chairman B Ramalinga Raju resigned after saying he falsified earnings and assets.

The revelation comes soon after Raju was forced to reverse a decision to invest almost Rs 8,000 crore in two other promoter-owned infrastructure and property companies mid-December, following strong shareholder protests. The company has been in crisis since, after four independent directors resigned from Satyam’s board as a result of widespread criticism of their role in the decision.

Today’s disclosures, however, prompted a collapse in the stock of India’s fourth-largest software services company. Satyam, whose name means “the truth” in Sanskrit, plunged a record 78 per cent on the Bombay Stock Exchange (BSE), dragging down the Sensitive Index in a scandal described as “horrifying” by Securities and Exchange Board of India (Sebi) Chairman C B Bhave.

The National Stock Exchange has excluded Satyam, which has received several prominent awards for corporate governance in the past, from the Nifty 50 and S&P CNX 500 with effect from January 12.

A BSE spokesman said the bourse will examine whether to remove Satyam from the Sensitive Index, which tumbled 7.3 per cent today. Meanwhile, the New York Stock Exchange (NYSE) today halted trading in Satyam stock. In the pre-market trade, the company’s American Depository Receipt (ADR) had crashed 91 per cent on the NYSE.

Raju’s letter to the company’s board said he tried to sell two promoter-related firms to Satyam last month, in a final attempt to plug Rs 5,500 crore of “fictitious” cash on the company’s balance sheet. Profits have been “inflated for several years,” Raju said.
TRUE LIES
(What Raju owned up to)
* Inflated cash and bank balances of Rs 5,040 crore
* Non-existent accrued interest of Rs 376 crore
* Understated liabilities of Rs 1,230 crore on account of funds arranged by Raju
* Overstated debtor position of Rs 490 crore
* Q2 ‘08-09 profit stated as Rs 2,700 crore and operating margin of 24% revenues. Actuals: Rs 2,112 crore profit and 3% of revenues
* Profits inflated over “last several years”; attained unmanageable levels as company grew
* Aborted Maytas deal was “an attempt to fill the fictitious assets with real ones”
Source: Letter to Bombay Stock Exchange

Of Satyam’s reported cash and bank balances of Rs 5,361 crore on September 30, Rs 5,004 crore was non-existent, Raju said in the letter. Operating margin for the quarter ending September 30 was 3 per cent of revenue, instead of the reported 24 per cent, he said. The company’s revenue was Rs 2,100 crore, 22 per cent less than the inflated figure of Rs 2,700 crore that had been reported.

Raju arranged Rs 1,230 crore “to keep operations going” at Satyam over the last two years by pledging the founders’ shares and raising funds from other sources, he said.

“What started as a marginal gap between actual operating profit and the one reflected in the books of accounts continued to grow over the years,” Raju said. “It was like riding a tiger, not knowing how to get off without being eaten.”

Raju, who was barricaded in his Hyderabad office all day today, said his concern was that poor performance, combined with the fact that promoters held a small stake in the company, would make Satyam an easy target for a takeover, exposing the inflated figures.

B Rama Raju, managing director of the company, also resigned today. Both will, however, continue in the position till the current board is expanded. Ram Mynampati, president (commercial and healthcare business), has been appointed interim CEO.

Meanwhile, the company has formed a SWAT team consisting of senior leaders — many of them Satyam veterans with a minimum experience of 10 years in the company and more than 20 years in the industry — to steer the company through the crisis.

Swift action: After Raju’s disclosure this morning, the government and regulators swung into action quickly. Sebi said a probe team will visit Satyam’s offices in Hyderabad Thursday to inspect the company’s accounts. Meanwhile, the corporate affairs ministry has given the Registrar of Companies (RoC), Hyderabad, time till January 14 to submit a report on the statement sent by Raju. Minister of Corporate Affairs Premchand Gupta said: “No leniency will be shown to those found guilty.”

Satyam’s auditors — PricewaterhouseCoopers — also came under fire, with the Institute of Chartered Accountants saying it will take action after investigations.

Sources familiar with the developments said Raju was forced to make this revelation after DSP Merrill Lynch, which was appointed by Satyam to look for a partner or buyer for the company a week ago, terminated its engagement with the company after it found financial irregularities. Merrill Lynch is also understood to have sent the information and the reason for their termination of the contract to the BSE, Sebi and even the New York Stock Exchange, on which Satyam is listed. This left Raju with no other option but to resign.

Raju said he was “submitting himself to the laws of the land and the consequences thereof” but corporate lawyers said the Companies Act, 1956, provides for imprisonment for up to two years for providing false statements. Section (628) also has provision for a fine. In addition, the government has the power to suspend the entire board in the interest of the shareholders and appoint directors.

The government can either initiate suo motu action against the company, based on reports available so far, or wait for the report from RoC before taking action. The ministry of corporate affairs has a serious fraud office (SFO), which was set up to investigate offences of this nature.

“This is a clear criminal breach of trust,” said Somasekhar Sundaresan, partner of J Sagar Associates, adding that the company violated Sebi (Prohibition of Fradulent and Unfair Trade Practices relating to the Securities Market) Regulations, 2003, under which “making a statement or purveying information by a person which he does not believe to be true is an offence”.

Assessing the damage: “This quarter will be tumultuous for us,” interim CEO Ram Mynampati said in an emailed statement to Satyam’s employees. “Rumours will abound and it would be fair to assume that competition will try to leverage it to their advantage.”

Mynampati, who has been mandated by the board to steer the company through this crisis, expressed “shock” at the disclosures. “We recognise that our associates have committed a significant part of their careers to build Satyam. We will pursue all avenues to secure their future in the company,” Mynampati added.

Satyam will hold a press conference at its headquarters in Hyderabad in the next 24 hours.

Employees confused: However, Satyam’s over 53,000 employees are not impressed. “We have been trying to get in touch with our seniors but they have simply vanished,” said a mid-managerial level employee. The top management, said employees, have been “avoiding talks with junior and mid-level employees”.

They maintain that the management didn’t bother clarifying matters when independent directors resigned from Satyam, nor were they forthcoming about Raju’s resignation.

Most Satyam employees were shocked to see Raju owning up to fraud. An employee, who has been working in Satyam for seven months, said, “He was our hero and we felt privileged to be a part of the Satyam family. But now, we can only worry about what our position will be if another company takes over.”

Future tense: Satyam may also lose clients, and become an unattractive proposition — both for investors and outsourcing companies, analysts said. Sudin Apte of Forrester asserts that “30 to 50 per cent of Satyam’s clients will review their deals”. These, he explained, are primarily the 100-odd clients that have deals of around $1 million or less. He added that “Satyam’s attraction as a company has decreased, and this also result in a slightly lower enthusiasm to buy from Indian players”. But will India’s outsourcing/offshoring image also take a hit? Nasscom president Som Mittal, said: “We are shocked with the disclosure of both the magnitude and content of fraud. The IT-BPO industry has high sets of corporate governance and this is an isolated case of governance failure. We are closely working with the Task Force set up by Satyam and our priority at this point is the 50,000 employees and customers of the company.”

Commenting on whether the software body will take any action against Satyam, Mittal said, “There are enough provisions in the law and we are not taking any action. The company will remain on Nasscom’s list. Also, the blame for such an isolated incident should not be put on the entire country or industry because such incidents have taken place in Europe and more recently, in the US.”

Funds exit: Some of the big institutional shareholders have already started exiting the company. On the BSE and NSE today, these shareholders sold 8.62 per cent of their combined holdings. Abardeen, one of the largest shareholders, sold the entire 5.6 per cent stake it had in Satyam, and Swiss Finance also exited. Stock Exchange data showed huge sales by Morgan Stanley and Fidelity as well.

Shock & dismay: The reaction from India Inc was one of shock and dismay. Infosys, India’s second-largest software company, called the incident “deplorable,” R C Bhargava, Chairman, Maruti Suzuki (and an independent director on many boards) admitted that “the Satyam episode has tarnished the image of independent directors at Satyam.” He wondered how the internal audit committee (mostly populated by independent directors) could have missed the irregularities.

JJ Irani, Chairman of expert committee to draft the new Companies Act, Director of Tata Sons, said, “This is a lesson for corporate houses and they should wake up to reality. In the new companies Act, we proposed to give more powers to independent directors. They are completely in the dark. They should be well informed and kept active.”

Rajeev Chandrasekhar, MP and President, Ficci, said, “This fraud on the investors and employees of the company shows a systemic breakdown in the audit and board oversight of the company. Questions will need to be asked about how this happened and who caused it to happen,” he added.

CII Director General Chandrajit Banerjee said the developments at Satyam need to be seen as exceptions to the rule because standards of corporate governance in India are among the highest in the world today.

Brokerage houses, on their part, were blunt. Hitesh Agrawal, Head (Research), Angel Broking, said: “This has shaken the confidence of investors — both domestic and global — the repercussions of which could be felt over the medium-term”.

In its note to its investors on Wednesday, CLSA, a brokerage house covering the Asia-Pacific markets, said: “In this scenario, the January 10 board meeting of Satyam now becomes irrelevant. When there is no cash, how can there be a buyback? And where did the cash go? Only an investigation can tell.”

A Credit Suisse statement, too, said the Satyam episode “clearly indicates that the current financials of Satyam cannot be relied upon. As such, we are unable to issue any further investment advice on Satyam and suspend our coverage of the stock”.
SHOCK, AWE & DISGUST
Reactions from India Inc
The next time you hear of a growth story, you may wonder whether it is ‘Satyam’ or ‘Mythyam’
— Kapil Dev Singh, Country Manager, IDC India
We condemn and deplore the whole incident
— Suresh Senapati, CFO, Wipro Ltd.
I am stunned
— Mendu Rammohan Rao, Dean, ISB, and former Satyam independent director
Strong corporate governance must always be on top of an organisation’s agenda
— Kumar Mangalam Birla, chairman, Aditya Birla group
Raju was our hero and we felt privileged to be part of the Satyam family. Now, we can only worry about our position if another company takes over — Satyam employee

A truly shocking and mind-numbing development in Indian corporate and stockmarket history
— Hitesh Agrawal, Head (Research), Angel Broking
Very, very shocking
— Rostow Ravanan, CFO, MindTree

Buy Calls

2009-01-04T07:01:00.000+05:30

Buy Yes Bank with a target of 52/55
Buy Emco with a target of 36

Buy on Dips

2008-12-25T21:09:00.007+05:30

Buy Real estate stocks on dips , unitech is trading at 37.10 ,dlf ,hdil,ansal properties... These stocks can move upto 15-25% upside in near term....

Markets Choppy on Global Cues...Buy Suzlon..!

2008-12-16T11:06:00.002+05:30

Suzlon Energy has continued to gain. It had touched an intraday high of Rs 57.35 and an intraday low of Rs 54. At 10:58 am

2 nd Target achieved in Jp associates

2008-12-04T14:28:00.002+05:30

Buy call given on 3/12 at the price of Rs.58 , currently the stock is at 72.20 up 15%

Book Profit in Jp associates

2008-12-04T11:17:00.002+05:30

Buy call given on 3-12-2008 at Rs.58.25 ,First target 65 achieved book profit....

Buy Jp associates at Current level

2008-12-03T12:28:00.002+05:30

Buy Jp associates with a price target of 65-72 in short-term

Mkts weak; Bharti, ONGC, NTPC, Infosys, TCS down

2008-12-03T11:00:00.000+05:30

The markets are trading
weak and are seeing some volatility. Telecom, technology, FMCG, power, select oil and capital goods stocks are under pressure. However, major metal stocks are on the buyers' radar. The Nifty is trading below 2650 level.

The Sensex fell 82 points to 8,657 and the Nifty lost 29 points to 2,628, at 10:31 hours IST. BSE Midcap and Small Cap indices gained marginally.

Bharti Airtel, ONGC, NTPC, Infosys, TCS, ITC, HDFC Bank, BHEL, DLF, Maruti, HDFC, Tata Power, Ambuja Cements, Hindalco, M&M and Reliance Communication are weak. However, Tata Steel, Sterlite Industries, SAIL, Suzlon Energy, Tata Motors and Unitech are gainers.

Amit Khurana, Head-Equity, Collins Stewart, expects the markets to remain rangebound. “The markets will be unable to break this range for quite sometime. With the stimulus packages that the government is likely to announce, the market may hold within its range. However, the market would take time to discount any news flows going forward.”

Market breadth is in favour of declines; about 1242 shares have advanced while 1509 shares have declined. Nearly 447 shares are unchanged.

On the global front, Asian markets are trading mixed. Shanghai, Hang Seng, Nikkei and Straits Times rose 1-1.6%. However, Kospi and Taiwan fell 0.5-1%.

Markets @ 9:57 am : Mkts choppy; RIL, SBI, Tata Steel, L&T, SAIL up

The markets bounced back in early trade following positive global cues, but immediately turned volatile. The Nifty is hovering around 2650 level.

At 9:57 am, the Sensex rose 21 points to 8,760 and the Nifty gained 2.7 points at 2,660.50. CNX Midcap 100 went up 29 points to 3,258.

Unitech, Tata Steel, Reliance Infrastructure, Reliance Industries, Tata Motors, Suzlon Energy, HDFC, Jaiprakash Associates, ICICI Bank, DLF, SAIL, L&T, SBI and Dr Reddys Labs are gainers.

However, ONGC, Bharti Airtel, Infosys, HDFC Bank, ITC, Wipro, TCS, Idea, Maruti, Sun Pharma and Ambuja Cements are under pressure.

Dr Reddys Labs jumped nearly 4%, as German drug maker AOK shortlisted the company for supply of several drugs. AOK had called for tenders for supply of 64 products.

Tata Steel rose 5.5% after its consolidated numbers. Its net sales increased to Rs 44,198.97 crore from Rs 32424.9 crore and net profit was up at Rs 4,703.64 crore versus Rs 3342.4 crore. Margins shot up to 17.6% versus 15.2%.

US markets rallied, rebounding from the market's worst tumble since October, after General Electric announced plans to maintain its dividend and the Federal Reserve extended terms of three emergency loan programs.

On closing bell, Dow Jones ended up 270 points at 8419, Nasdaq ended up 51 points at 1449 while the S&P 500 index rose 33 points at 848

Expect positive opening: Reliance Money

2008-12-03T09:31:00.000+05:30

According to Reliance Money's Morning Notes, indices may witness a positive opening however levels of 2720 may act as a strong hurdle once again on higher side.

Reliance Money's Morning Notes:

Once again indices witnessed a buying support as it neared 2500 mark in yesterday's trade. However volumes took a sharp hit with extremely negative market breadth. With positive global cues this morning from US and European markets, indices may witness a positive opening however levels of 2720 may act as a strong hurdle once again on higher side. Support continues to
exist around 2550 levels on lower side. Banking and Reality counters may witness a sharp anticipatory action on hopes of lower inflation followed by higher chances of rate cuts. Absence of volumes too indicates higher chances of sharp volatility in most of the front line counters with sudden trend reversal

Asian markets trading higher

2008-12-03T09:30:00.000+05:30

Asian markets are trading higher. Shanghai Composite jumped 40.77 points or 2.16% to 1,930.41. Hang Seng gained 331.38 points or 2.47% at 13,737.23.

Jakarta Composite went up 8.70 points or 0.73% to 1,200.06. Nikkei 225 average rose 77.29 points or 0.98% to 7,940.98.

Straits Times rose 19.72 points or 1.20% to 1,658.90. Seoul Composite gained 6.57 points or 0.64% at 1,029.77.

However, Taiwan Weighted fell 9.41 points or 0.22% to 4,347.57.

Rally to continue on +ve int’l, local cues

2008-12-03T09:15:00.002+05:30

We saw some recovery in the US markets overnight, even Asian markets have recovered. Also, there are expectations of a stimulus package and rate cuts on the domestic front. Yesterday, the markets pulled back intra-day. So, that is likely to continue today. Also, newsflow from the global and local front is supportive.

US stocks rise on bargain hunting, oil skids

2008-12-03T09:05:00.000+05:30

NEW YORK: US stocks snapped back on Tuesday, a day after a massive sell-off, as investors scooped up beaten-down shares and oil fell more than 4
percent after an OPEC pledge to cut output was only partially fulfilled.

Fear of a prolonged global recession
also helped drive down both crude prices and the yield on US government debt, which hovered near record lows last seen more than five decades ago.

But rising stocks encouraged investors
to emerge from the perceived shelter of US assets, leading the US dollar to fall against the euro and a basket of currencies.

Equity markets continued to drive investor sentiment even as the focus remained on bargain hunting in the shares of financial services and energy companies.

News on Monday that the United States has been in a recession since last December added to fears the global economy is in the throes of a deepening and protracted downturn.

"Fears of a deep global recession continue to linger over the markets like a dark cloud as traders try to ascertain not only the deepness of the slowdown but how long it will take for the recovery to take hold," said Chris Jarvis, senior analyst at Caprock Risk Management in Hampton Falls, New Hampshire.

In such a scenario, Jarvis said, "crude oil remains on its slippery slope, looking for direction and a bottom as is the case with the majority of the asset classes."

Financial stocks surged on Wall Street after suffering their worst one-day loss on record on Monday. Federal Reserve Chairman Ben Bernanke signaled on Monday that policy-makers were determined to stabilize the economy and markets.

The S&P Financial Index rose almost 8 percent.

Energy stocks, currently the cheapest S&P sector in relation to earnings, rebounded despite the dip in oil prices.

Shares of General Electric shares jumped 13.6 percent as the company pledged to leave its dividend intact in a tough economy, even though GE said it expects profit in the fourth quarter to come in at the low end of a prior forecast.

"There's been concern about GE defending its triple-A credit rating at its financing unit. ... The company is taking steps to bolster that unit, which will help protect its dividend," said Brian Gendreau, an investment strategist in New York for ING Investment Management Americas. "This is helping to pull the market higher."

The jump in GE shares marked the biggest one-day gain for the stock since at least 1981. The stock's dividend based on Monday's closing stock price is yielding 8 percent.

The Dow Jones industrial average closed up 270.00 points, or 3.31 percent, at 8,419.09. The Standard & Poor's 500 Index rose 32.60 points, or 3.99 percent, at 848.81. The Nasdaq Composite Index climbed 51.73 points, or 3.70 percent, at 1,449.80.

Stocks bounce back after steep selloff

2008-12-03T00:54:00.000+05:30

NEW YORK: Wall Street rebounded on Tuesday, regaining some of the ground lost in the previous session's huge drop, as the potential for a
bailout of the beleaguered auto industry helped calm investors. The Dow Jones industrials rose about 250 points, regaining more than a third of Monday's nearly 680-point plunge.

Investors, already cautiously returning to the market following Monday's steep decline, received some reassuring words from Ford CEO Alan Mulally, who said his company has enough cash
to make it through 2009 and may not need government help. Mulally's comments, in an interview with The Associated Press, came as Ford, General Motors Corp and Chrysler LLC returned to Washington to submit to Congress plans for remaking themselves; lawmakers demanded those plans before considering whether to give the automakers $25 billion in government support.

Analysts said investors found the prospect of a bailout heartening, but that stocks
were also rising because of the market's now-familiar pattern of bouncing higher after a steep drop.

"It looks like the automakers are closer to a bailout, but it is hard to attribute these kind of market moves to news events," said Brian Gendreau, investment strategist for ING Investment Management. "You can speculate to death what drives the markets, but this market is going to be full of volatility."

The market's steep drop on Monday ended a five-day rally — the first such winning streak for the Dow and the S&P 500 since July 2007. Investors sold stocks lower Monday amid lackluster Thanksgiving weekend retail sales and an official confirmation that the country is in recession.

"We had one of the biggest drops in history on Monday, and right now we're dealing with a bounce from that sell-off," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. "A bear market bounce is very volatile, very sharp upturns. That's how they happen, they're quick and they're short."

Investors got an additional boost after the Federal Reserve said it will extend the life of key programs aimed at loosening the credit markets and restoring stability to the financial sector.

The Fed says the programs, originally slated to last through Jan. 30, will be extended through April 30. The Fed's emergency lending facility for investment firms is covered by the decision.

The decision helped placate investors concerned that the government's recent efforts to unfreeze the credit markets haven't been enough to encourage banks to resume normal lending practices.

But investors remained wary as the automakers released their November sales figures Tuesday. Ford said its sales tumbled 31 percent amid a continued slump in consumer spending and tight credit markets. Toyota's sales fell 34 percent despite its extension of zero-percent financing on a dozen vehicles.

There were more signs of trouble for retailers, which is worrisome for a market already concerned that consumers won't be able to spend enough to boost the sagging economy. Sears Holdings Corp., battered by hefty charges and weak results at its U.S. department stores and Kmart locations, reported that it swung to a loss in the quarter. The company has previously said it will close eight more underperforming stores this year.

Gold prices crash on weak overseas trend, falling demand

2008-12-03T00:52:00.001+05:30

MUMBAI: Gold prices crashed by Rs 440 to Rs 12,630 per 10 gram in the national capital on Tuesday on heavy selling by stockists tracking a weak
global trend and drying up marriage season demand.

A similar weakness was noticed in silver, which plunged by Rs 750 to Rs 16,700 per kg as jewellery fabricators and industrial units refrained from buying, expecting more fall in precious metal prices.

Traders said the weakening trend in the overseas markets and shifting of funds toward forex for quick return mainly pulled down yellow metal prices as the dollar strengthened and crude oil prices declined.

Gold in Asian trading fell to 768.23 dollar an ounce from 806 dollar.

They said ending of current marriage season also reduced the demand for gold and silver to some extent.

Standard gold and ornaments tumbled by Rs 440 at Rs 12,630 and Rs 12,480 per 10 gram respectively. Sovereign remained unchanged at Rs 10,500 per piece of eight gram.

Silver ready dropped by Rs 750 to Rs 16,700 per kg and weekly-based delivery by Rs 970 at Rs 16,580 per kg. Silver coins also plunged by Rs 300 at Rs 26,400 for buying and Rs 26,500 for selling of 100 pieces.

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2008-12-03T00:46:00.000+05:30

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Why the dollar is getting stronger?

2008-12-03T00:25:00.001+05:30

Business week : Investors have every reason to hate the US dollar. The rising deficit. The deteriorating economy. The plunging stock and bond markets. But rather
than getting hammered by the financial crisis, the greenback is soaring. Since July the dollar is up 19% against the euro and 24% against the British pound.

Whether it’s a boon or a burden depends on perspective. US companies with huge exports aren’t thrilled, since a strong dollar hurts sales even as US consumers travelling to Paris will find their cash buys more than before.

What’s behind the dollar’s surprising strength? First, there’s the fear factor. During tough economic times, investors often flee foreign currencies and other risky assets for safe havens like the US dollar. The euro, the pound, and emerging-market currencies may also have been inflated after a six-year run-up.

A basket of foreign currencies rose 25% between 2002 and mid-2008 versus the dollar. The euro jumped 45%. But earlier this year some investors started betting the bubbles would burst, driving down the price of the currencies and conversely benefiting the dollar.

After its recent strong performance, the dollar is currently trading at about $1.28 to the euro, what some figure is a fair price based on the current buying power of consumers.

“When the stresses start to abate, people will be forced to think about whether they want to invest in the US,” says Thomas Stolper, an economist at Goldman Sachs. But if the global economy continues to sour, the dollar may rise even more.

The European currency markets may also feel the stress from the global slowdown. The euro zone lacks a strong central government that can adjust rapidly to crisis. For example, the ECB has been criticised for not recognising the severity of the crisis early enough: It raised interest rates in July before cutting them in October and November.

Says Stephen Jen, an economist at Morgan Stanley: “The dollar’s rise is genuine and more deserving than many sceptics have in mind.”

Asian markets trading mixed

2008-12-01T09:03:00.000+05:30

Asian markets are trading mixed. Shanghai Composite fell 24.294 points or 1.30% to 1,846.862. Nikkei lost 166.44 points or 1.96% to 8,345.83. Straits Times slipped 15.42 points or 0.89% to 1,717.15.
However, Hang Seng rose 240.90 points or 1.73% to 14,129.14. Jakarta Composite gained 0.808 points or 0.07% at 1,242.349.
Seoul Composite rose 6.03 points or 0.56% to 1,082.1. Taiwan Weighted went up 69.73 or 1.56% to 4,530.22, at 4:32 hours IST.

Manmohan Singh taking FinMin charge

2008-12-01T08:37:00.002+05:30

New Delhi: Industry today welcomed Prime Minister Manmohan Singh taking charge of the Finance Ministry after P Chidambaram was appointed Home Minister, saying Singh as Finance Minister is known as architect of reforms that transformed the Indian economy.
Chidambaram will do well as Home Minister: India Inc
Prime Minister directly involved himself in tackling the impact of the global credit crisis on the Indian economy. Amidst pressure on the exchange rate and crash in the stock market in the wake of the developments in Wall Street, Singh had appointed a committee under his charge to find a way out of the economic challenges.
"At the recent HT Leadership Summit, the Prime Minister had listed several initiatives under consideration of the government. These include fiscal measures like expenditure on infrastructure and monetary steps such as interest rates. All these relate to the Finance Ministry, which has come under his charge directly," Federation of Indian Chambers of Commerce and Industry Secretary General Amit Mitra said.
Chidambaram replaces Patil as Home Minister
Mitra said Singh is the only one in the government who has served as Finance Minister, RBI Governor and Chief Economic Adviser.
Singh was also Secretary (Economic Affairs) and Deputy Chairman of the Planning Commission.
Assocham Secretary General D S Rawat said the "industrial confidence would get a boost" with the Prime Minister retaining the charge of the Finance Ministry.
More India business stories
Singh had gone to Washington to attend the G-20 meeting called by US President George W Bush, where he sought increased role of the developing countries in the new financial architecture after the global downturn.

Wall Street looks to extend rally

2008-12-01T08:35:00.000+05:30

NEW YORK: Wall Street will look to build on the strongest weekly performance for stocks since 1932 on Monday, with investors focused on how
recession-minded shoppers fared at the malls and a raft of government data that could give a clearer picture of the economy. So far, it appears consumers still opened their wallets and might have met analysts' gloomy projections for the kickoff of the holiday shopping season. Preliminary reports show that sales got off to a decent start on Black Friday, the day after Thanksgiving, traditionally one of the biggest shopping days of the year. Investors will be watching reports from the nation's biggest stores, along with economic data such as November's payroll report, to determine how deeply the nation's economic downturn has cut into spending. A more complete sales picture of how the Thanksgiving weekend fared won't be known until Thursday, when the nation's retailers report November same-store sales, considered a key indicator of retailer's health. "It looks like we may have talked ourselves into an overly gloomy outlook for this year's holiday sales," said Peter Cohan of Peter Cohan & Associates. "Many of those who fear they'll lose their jobs may decide to enjoy the holidays while they still can. Next year might not be as good." Volume at the New York Stock Exchange and Nasdaq are expected to return to normal levels with traders returning to work after the holiday. Some give-back is expected after last week's big run, but investors might also build on those gains if they're able to get a positive reading on consumer spending and get past any negative economic reports. Wall Street will also be skittish about financial stocks. Though last week's $20 billion government-backed rescue of Citigroup Inc. helped encourage buying in the sector, any sign that another major bank or financial company is in trouble would quickly unnerve investors. Stocks ended a holiday-shortened week with some of the steepest gains in 75 years. Major indexes have locked in some big advances, including 16.9 per cent for the Dow Jones industrial average and 19.1 percent for the Standard & Poor's 500 index, since the rally began Nov 21. It was the first time the Dow rose for five consecutive sessions since July 2007, and the biggest five-session percentage gain since Aug 8, 1932. For the S&P 500, it was the first five-day string of gains since July 2007, and the largest five-day percentage gain since March 16, 1933. "Stocks were overdue for a bounce," said Stephen Leeb, president of New York-based Leeb Capital Management. "Increasing evidence that the federal government will do whatever is necessary to stave off deflation and depression have helped fuel the advance, which started with news of Tim Geithner's nomination as the next Treasury Secretary and continued with the rescue of Citigroup." The rally helped to offset the devastating performance of major indexes in October, a month where $1 trillion of shareholder wealth was wiped out of the Dow Jones Wilshire 5000 composite index. That reflects the value of nearly all US stocks. Analysts expect the early part of this week will be dominated by retail sales reports, especially any data that zeros in on how much Americans spent in the first days of the holiday shopping season. The reason that sales data is so crucial to Wall Street is because consumer spending accounts for more than two-thirds of the US economy. Even modest spending over the Thanksgiving weekend — anything that does not fall far below already dour forecasts — could give the markets a boost. According to preliminary figures released by RCT ShopperTrak, a research firm that tracks total retail sales at more than 50,000 outlets, sales rose 3 percent to $10.6 billion on Black Friday. The trade group is expected to release data for the combined Friday and Saturday period on Monday. However, ShopperTrak's co-founder Bill Martin said he wasn't sure if the momentum was sustained through the weekend. Its not just holiday sales data that will be on the minds of investors. There's still a number of key economic reports due to be released this week that Wall Street will use to glean any evidence of how deep the recession might be. The Labor Department will release its report on non-farm payrolls on Friday, an important indicator to determining the economy's health. Economists polled by Thomson Reuters expect another 316,000 jobs were lost during November, which would be the largest decline since May 1980. There was a drop of 240,000 jobs in October. The government will report weekly jobless claims on Thursday for a fresher glimpse into how many Americans are working. Wall Street will also pore over a report on Monday from the Institute for Supply Management on manufacturing in November. The group will also release its index of non-manufacturing activity on Wednesday. The Fed will release its monthly beige book, an assessment of business conditions in different regions of the country. The report for November could add to investors' angst if it reads anything like the previous month's report, where policymakers found that the economy continued to slow as financial and credit market problems took a turn for the worse. The central bank's report on Oct. 15 supported the market's belief that difficulties in obtaining loans have choked growth in wide swaths of the economy. Given last week's big rally, many investors will be trying to determine if the market — which is a forward-looking gauge of the economy — might have hit or be close to finding a bottom. Year to date, the Dow is down 33.4 percent, while the S&P 500 is off 39 percent and the Nasdaq is down 42.1 percent. "If there was ever a year we'd like to forget from a financial standpoint, it's this one," Leeb said. "But we've made progress from the depths of the financial crisis in September, when it seemed that putting cash under a mattress seemed like the best plan."

Real estate prices may go further down

2008-12-01T08:28:00.001+05:30

MUMBAI: The terrorist attacks on Mumbai are likely to further pull down the sagging property prices in the city, especially in South Mumbai. South
Mumbai, the most expensive property market is expected to face a dip in value across all segments, including rentals, in the next six months, feel industry experts. “It’s is too early to say anything now. However, the attack would definitely be a dampener to the sentiment, at least in the initial few months. The attack may also create a ripple effect on the property prices in the suburban market,” Pranay Vakil, chairman of Knight Frank India said. Militants armed with grenades and rifles stormed into two South Mumbai hotels — Taj Mahal Palace and the Oberoi Trident complex — at around 10 pm on Wednesday. They also attacked the CST railway station and Metro cinema in South Mumbai. Many property consultants had already assumed that South Mumbai property prices would further appreciate, though marginally, in the second half of the year due to demand-supply mismatch. With the government taking measures to attract more foreign business in recent years, there has been consistent interest in establishing and expanding operations in India, thus leading to an obvious pressure on real estate, especially in South Mumbai. Price is usually a function of demand and supply. The excess demand for properties had been pushing up the prices in this part of the city till recently. “The attacks would spread negative sentiments in the property market. New property deals will be very negligible in the next few months,” said a senior official with Birla SunLife’s real estate division.
-Economic Times

CHIDAMBARAM NEW HOME MINISTER

2008-12-01T07:30:00.001+05:30

New Delhi: Finance Minister P Chidambaram was on Sunday appointed as the country’s new home minister after Shivraj Patil resigned owing moral responsibility for the Mumbai terror attack.
Chidambaram was asked to take charge of the Home Ministry after Patil’s position became untenable in the government. Prime Minister Manmohan Singh will hold the Finance Ministry. Patil met the Prime Minister on Sunday morning and gave his resignation letter.
A Rashtrapati Bhawan communiqué announced Chidambaram’s appointment as Home Minister after the President accepted Patil's resignation.
After recommending Patil's resignation to President Pratibha Patil, the Prime Minister spoke to Chidambaram formally and conveyed the decision to give him the Home Ministry.

Top reccomendations

2008-11-29T23:49:00.003+05:30

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Latest Equity(Subscribed)
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Latest Reserve
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Latest Bookvalue -Unit Curr.
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Latest EPS -Unit Curr.
5.89
Latest Market Price -Unit Curr.
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Latest P/E Ratio
10.47
52 Week High -Unit Curr.
510
52 Week Low - Unit Curr.
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Markets Shut Down Today Due to Terror Attacks in Mumbai

2008-11-27T12:01:00.004+05:30

Mumbai: There will be no trading on the Bombay and National Stock Exchanges today due to the terror attacks Mumbai. This was confirmed by the capital market regulator, SEBI. Normal trade will resume tomorrow (Friday.) Meanwhile, the November expiry is postponed till Friday. MCX Currency and commodity exchanges will also remain shut today.

Over 80 people were died and 250 people were injured

Markets crash dashes middle class dreams

2008-11-26T11:35:00.002+05:30

NEW DELHI: { REUTERS } Sunil Kapadia would regularly borrow from banks
to invest in India's stock markets, seeing them as a one-way ticket up the middle-class ladder as the economy hummed along at near double-digit growth rates. But his dream of easy riches lay wrecked as the country's main stock index tumbled to three-year lows last month, taking its losses in 2008 to more than 50 per cent, forcing him to move his family to a cramped suburban apartment. "In the quest for jam, I have lost my bread and butter," said 48-year-old Mumbai resident Kapadia, who lost 20 million rupees ($400,000) in share trading this year. Thousands of small investors were lured into booming stock and commodity markets as the economy soared along at growth rates of 9 per cent or higher in the past three fiscal years and the government spoke of lifting the increases into double digits. Now, with the vicious collapse of the market, their savings are lost and they are unable and unwilling to invest again.

The crash has also hit commodities, with prices of goods from edible oils to metals dropping by 40 to 50 per cent over the past four to five months. It is a hard blow to the confidence of India's aspiring middle classes, and their curtailed spending has also unsettled the foreign firms and investors who were queuing up to do business in the $1 trillion economy. "At the moment, investors are scared of their own shadows, and it will take some time for them to be back," said Vikram Bhatt, head of brokerage firm Ajmera Associates Ltd of Mumbai. Most small investors were lured by a seemingly unstoppable bull run in the stock market. The main 30-share index on the Bombay Stock Exchange rose by six times in the five years to the end of 2007, bolstered by foreign funds. Foreign institutional investors (FIIs), having bought a record net $17.4 billion of stocks last year as the market rose 47 per cent, have sold more than $13.5 billion of stocks in 2008. Brash traders became a symbol of India's modernising economy, and stocks were so popular among retail investors that some could eke out a meagre living on the sidewalks by selling IPO and mutual fund applications for a few rupees (cents). But small investors have largely disappeared as the market imploded. From a record high just above 21,200 points in January, the BSE index crashed to just below 7,700 last month. Although statistics show only 2.5 per cent of India's 1.1 billion population invests in stocks, experts say the number of investors was growing steadily when the market nosedived.
I want to sell off my apartment to pay off my loans, but word has spread that I have fallen on bad times and the offers are not good," said
Abhijit Choudhury, a share investor from Kolkata, who lost two million rupees in a month. "I am ruined and not coming back to the stock market," said Choudhury, unemployed for years before striking gold in the markets. Risk-averse investors now favour the safety of fixed deposits. Bank deposit rates have risen to more than 10 per cent in the last two to three months. "The market will continue to downslide as most of the money was flowing in from FIIs and the insurance sector all this while," Vinod Kumar Sharma, head of research at Anagram Capital Ltd said. "The impact on stocks have been huge." "Until the markets revive again to a level where people are comfortable, investors will keep away from the markets and will opt for fixed income and fixed deposits," said Sharma. Analysts have downgraded forecasts for India's economy, although growth is still expected to be around 7 per cent in the fiscal year ending next March. As a result many traders and investors in the once booming sector, who had booked luxury cars and plush apartments with bank loans, are now struggling to meet the expense of their children's education or monthly grocery bills. "I used to drive a Toyota Innova car, but nowadays I prefer to take a three-wheeler scooter to work," said copper and brass trader Dharmesh Dave, referring to the mechanised rickshaws that wriggle through Indian streets. "I wanted to buy a house, but my capital has now been held up in business. In any case, the way stocks markets have crashed, it is quite likely that property prices would follow." Some experts say stock markets may rise after a year or so, if global markets stabilise, but only 20 to 30 per cent over the main index's current level of around 9,000 points. "It is not likely to climb to the record level of 20,000 to 21,000 points reached in January, as the impact of the global financial turmoil is expected to linger even after a year until the FIIs return," said Chandra Mohan Mukherjee, director of Ace Financial Services in Kolkata.

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2008-11-25T20:14:00.003+05:30

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Mkts under pressure; RIL, SBI, R-Comm, Bharti dip 2-7%

2008-11-25T15:44:00.000+05:30

The benchmark indices slipped further on huge sell-off in frontliners. Reliance Industries, SBI, Bharti, TCS, Reliance Communications, TCS, L&T, BHEL, Wipro, Infosys, DLF, M&M, Sterlite, ICICI Bank, and Tata Steel are down 2-7%.
The Sensex fell 240 points to 8,663 and the Nifty lost 67 points to 2,641, at 3:21 hours IST. BSE Midcap and Small Cap Indices tumbled 1%.
Market bredth is negative; about 1126 shares have advanced while 1554 shares have declined. Nearly 516 shares are unchanged.

SENSEX ENDS 207 POINTS DOWN

2008-11-25T15:26:00.003+05:30

The markets have shed all gains and turned negative due to weak European indices and US futures. Reliance Industries, SBI, TCS, Reliance Communications, Infosys, L&T, HDFC, Sterlite, BHEL, Tata Steel, ACC, Wipro, Ambuja Cements, Ranbaxy, and Idea are under pressure.
However, ONGC, Bharti Airtel, Satyam, SAIL, HDFC Bank, Tata Power and Hero Honda are on buyers' radar.
Market breadth is weak; about 1212 shares have advanced while 1448 shares have declined. Nearly 536 shares are unchanged.
On the global front, European markets are weak; down 1.5-2%. Dow Jones and Nasdaq Futures tumbled at around 1% each.

Sensex falls on profit booking

2008-11-25T15:20:00.002+05:30

MUMBAI: Equities were witnessing selling pressure on Tuesday as traders chose to
book profits. Oil&gas, capital goods and banks were the major losers.
At 2:45 pm, Bombay Stock Exchange’s Sensex was at day’s low at 8725.90, down 177.22 points or 1.99 per cent. The index touched an intra-day high of 9182.80.
National Stock Exchange’s Nifty was at 2680.35, down 1.03 per cent or 28 points. The index touched a low of 2660.25 and a high of 2790.70.
Satyam Computer (2.46%), Hindalco Industries (1.55%) and ONGC (1.04%) were trading higher.
Mahindra & Mahindra (-6.64%), State Bank of India (-4.73%) and Reliance Industries (-4.01%) were the biggest losers in the 30-share index.
Market breadth turned negative on the BSE with 1331 losers and 1037 gainers.

2008-11-25T15:07:00.001+05:30

Nifty around 2400-2600 are good levels for long-term investors to accumulate stocks, says Sandeep Shah of Sampriti Capital, on CNBC TV18. While US markets have touched fresh lows this week, the Indian market has bounced back and shown marginally good performance, he adds. The heydays of the telecom space are over and investors should pare down the returns and the best bet in this space are Reliance Communications and Idea, he adds.

Markets in low

2008-11-25T15:04:00.000+05:30

The Indian market is at the day's lows dragged down by heavies like Reliance Industries and SBI. Sensex is trading at 8776, down 126 points and Nifty is at 2675, down 33 points from the previous close. CNX Midcap index is up 0.07% and BSE Smallcap index is down 0.65%. The market breadth is negative with advances at 541 against declines of 651 on the NSE.

Right to buy ?

2008-11-25T14:54:00.000+05:30

The market has over corrected and now looks good value for money for long-term investors, Even for the short term, one can play the market as it is likely to see a bounce..

Markets slipped to red

2008-11-25T14:48:00.002+05:30

The European markets have weakened. The Indian market is off the day's highs and has slipped into the negative. Sensex is trading at 8759, down 144 points and Nifty is at 2670, down 36 points from the previous close.

Spice Tele up over 30 %

2008-11-25T14:34:00.002+05:30

Spice Tele up over 30 % today , Previous close 30.55 , today morning it opened 33 nd now the stock is trading around 36.10

More working hours for IT

2008-11-25T14:28:00.001+05:30

BANGALORE: Technology firms are increasing working hours and monitoring the
hours worked far more rigorously than ever before in a bid to squeeze more out of employees in these difficult times.
Some are even going to the extent of checking the recess hour of their employees, to make sure that lunch sessions and coffee breaks do not cut into their per-day productivity.
TCS has recently increased the working hours by an hour a day to 9 hours. From January 1, 2009, Accenture India will do the same, becoming perhaps the first MNC in India to move to longer working hours.
Wipro employees already put in 9.5 hours (8.30 am to 6pm) a day including a brief lunch break, while it's 9.15 hours in Infosys. But these weren't implemented stringently; until now.

Market falls over 40 points

2008-11-25T14:21:00.001+05:30

The market has fallen sharply and cannot fall beyond a point, says Sameer Arora of Helios Capital Securities, on CNBC TV18. There are reasonable prospects of the market seeing a rally in December, he adds.

Sugar stocks Boost Market , rise over 5 %

2008-11-25T14:08:00.000+05:30

MUMBAI: On a day when the market is struggling to find its feet, sugar and sugar
integrated companies are in the limelight on the Indian bourses--some rising by more than 5 per cent. Sugar companies with a base in Uttar Pradesh, which is India's second largest sugar producer, are seeing a rally.
Dhampur Sugar (Kashi) rose by more than 6 per cent while Venus Sugar rose by 5 per cent. Others like Triveni, Shakti Sugars, Piccadily Agro, DCM Shriram were up in the range of 4 per cent to 5 per cent. Rajshree Sugar and Dhampur rose by more than 2 per cent each.
A Mumbai-based market participant tracking the sector said, "Cane crushing for the season has peaked in most states, and mills are under pressure to clear old stocks. Some stocks of the new season are also finding their way into the spot markets. As far as UP companies are concerned, they are currently fighting a legal battle against the state advised cane price of Rs 140 per 10 kg, and many are waiting for the court decision before starting crushing."
Hearing in the case started on Nov 18 and though some mills have agreed to pay Rs 125 per 100 kg cane to farmers, they are in minority, he added.
Almost all the stocks were trading well above their two week average weighted volumes on the BSE.

REI Agro relists on BSE post demerger; stock down 49%

2008-11-25T14:00:00.000+05:30

MUMBAI: Shares of REI Agro were trading 49 per cent lower after the scrip was relisted
on the Bombay Stock Exchange on Tuesday, following its demerger.
The retail business of REI Agro was demerged into REI Six Ten Retail Limited and the resulting company issued 9 equity shares of Rs 10 each for every 20 equity shares of Rs.10 each held in REI Agro.
On demerger, the equity shares capital of the company were reduced by cancelling a sum of Rs 4 from each of the equity shares of Rs 10 and thereafter five such equity shares of Rs 6 were consolidated into three fully paid up equity share of Rs.10 each.
The issued, subscribed and paid-up equity capital of the company post scheme of arrangement amounted to Rs 2890.30 lakh consisting of 2,89,03,037 equity shares of the face value of Rs 10, each fully paid up. Before the scheme of arrangement, it was Rs 4817.17 lakh consisting of 4,81,71,730 equity shares of face value of Rs 10.
At 2 pm, the REI Agro stock was trading 49.50 per cent lower at Rs 495.

Obama annouces his US Treasury team

2008-11-25T01:09:00.000+05:30

CHICAGO - President-elect Barack Obama presented the economic team on Monday that will help him navigate the U.S. financial crisis but declined to specify how much his proposed 2-year stimulus package would cost.
Financial markets fell during the long-awaited announcement as traders were dismayed that Obama did not specify the size of a massive financial stimulus package he said he will roll out in January. Other Democrats have said it could cost hundreds of billions of dollars.
Obama also declined to specify whether he would pursue a tax increase for the wealthy or simply allow the 2001 tax cuts to expire after tax year 2010 as scheduled.
Obama said his team was already working on the details of a package designed to jolt the U.S. economy out of its worst financial crisis since the Great Depression.
"I want to see it enacted right away," he said. "It is going to be of a size and scope that is necessary to get this economy back on track."
Obama, who takes over for President George W. Bush on January 20, announced his economic team at a news conference. The big players on his team were already known.
Timothy Geithner, 47, president of the New York Federal Reserve Bank, will become Treasury secretary, and Lawrence Summers, 53, a former Treasury secretary under President Bill Clinton, will be director of the National Economic Council.
Summers is also a possible successor to Federal Reserve Chairman Ben Bernanke, whose term ends in January 2010.
Obama also named University of California, Berkeley, economics professor Christina Romer to head his Council of Economic Advisors and Melody Barnes to head his Domestic Policy Council. Barnes, a former chief counsel on the Senate Judiciary Committee, was a policy advisor to Obama's presidential campaign.