News that Warren Buffett's Berkshire Hathaway has agreed an
infusion of $5 billion in Goldman Sachs Group, boosted the bourses
in early trade today, 24 September 2008. The BSE 30-share Sensex
was up 78.86 points. Power and realty stocks rose. The market
breadth was positive. Asian markets which opened before Indian
market were mixed.
Goldman will sell $5 billion of preferred stock to Berkshire
Hathaway, which will also receive warrants to purchase $5 billion
of common stock with a strike price of $115 per share. Berkshire
has five years to exercise the warrants.
Asian markets were trading mixed today, 24 September 2008. Key
benchmark indices in Hong Kong, Singapore, and South Korea were up
by between 0.29% to 0.9%. Key benchmark indices in Japan and Taiwan
were down by between 0.19% to 0.88%.
Meanwhile, a US-India civilian nuclear cooperation agreement moved
closer to approval by Congress on Tuesday, 23 September 2008, when
a key Senate Committee passed the deal with a landslide majority.
However, the historic agreement is yet to clear a few hurdles in
its final lap. The bill now goes to the floor of the Senate for the
final ratification.
At 10:19 IST, the BSE 30-share Sensex was up 78.86 points or 0.58%
to 13,650.26. The index shed 56.25 points at the day's low of
13,626.56, hit in early trade. The Sensex rose 122.97 points at
day's high of 13,693.28, hit in early trade.
The S&P CNX Nifty was up 16.80 points or 0.41% to 4,143.70.
The BSE Mid-Cap index was up 0.62% at 5,144.86 and the BSE
Small-Cap index was up 0.42% at 6,118.50.
The market breadth was positive on BSE with 849 shares advancing as
compared to 395 that declined. 32 shares remained unchanged.
India's largest private sector firm by market capitalization and
oil refiner Reliance Industries rose 1.16% to Rs 2,035.15.
Rate sensitive realty stocks rose. Indiabulls Real Estate (up 2.82%
to Rs 215.25), Unitech (up 0.89% to Rs 124.90) and DLF (up 1.7% to
Rs 401.90) edged higher.
Power stocks also rose. Reliance Power (up 1.62% to Rs 162.65),
Reliance Infrastructure (up 1.39% to Rs 876), NTPC (up 1.2% to Rs
182.20), PowerGrid Corporation of India (up 0.99% to Rs 92), and
Tata Power Company (up 1.22% to Rs 1,034.15) edged higher.
Satyam Computer Services (down 3.18% to Rs 321.10), Wipro (down
2.16% to Rs 382), Bharti Airtel (down 1.66% to Rs 781.95), ACC
(down 0.36% to Rs 623.95) and ONGC (down 0.77% to Rs 1,047) edged
lower from the Sensex pack.
Sterlite Industries (up 4.06% to Rs 468), HDFC Bank (up 2.12% to Rs
1,264), ICICI Bank (up 1.64% to Rs 609.10), Maruti Suzuki India (up
1.14% to Rs 708.50) edged higher from the Sensex pack.
India's largest drug maker by sales Ranbaxy Laboratories rose 1.52%
to Rs 313.55. Japan's third-largest drugmaker Daiichi Sankyo said
on Wednesday, 24 September 2008, its open offer to buy up to 20%
stake in generic drugmaker Ranbaxy Laboratories was oversubscribed.
Investors had tendered more than 92.5 million Ranbaxy shares
between in the open offer, Daiichi Sankyo said.
In June 2008, Daiichi Sankyo had agreed to buy the 34.8% held by
Ranbaxy's founding family, and to make an open offer for a further
20% of Ranbaxy shares, as per Securities & Exchange Board of India
(Sebi) takeover regulations.
Balaji Telefilms surged 4.92% to Rs 154.10. The company is
reportedly finalising a blue-print of its own Hindi general
entertainment venture, which is slated for launch at the end of
2008 or early 2009.
KSK Energy Ventures rose 1.84% to Rs 235. The company has completed
financial tie-ups for its 1,800 megawatt power project being
implemented by its wholly-owned subsidiary, Wardha Power Company,
in Chhattisgarh.
Abbott India declined 5.37% to Rs 485. Net profit of Abbott India
declined 11.71% to Rs 17.57 crore on 12.76% growth in sales to Rs
177.85 crore in the quarter ended August 2008 over the quarter
ended August 2007. The results hit the market after trading hours
on Tuesday, 23 September 2008.
Pyramid Saimira Theatre fell 0.74% to Rs 114.05. The company said
on Tuesday, it would not proceed with its acquisition plans in the
UK and Europe and consolidate its business in the south India. "The
management has decided not to focus on core European market," it
said in a statement.
US stocks fell on Tuesday, 23 September 2008, on fear that
congressional wrangling could delay a proposed $700 billion plan to
rescue the financial sector, increasing worries about the
struggling US economy. The Dow Jones industrial average fell 161.52
points, or 1.47%, to end at 10,854.17. The Standard & Poor's 500
Index slid 18.87 points, or 1.56%, to 1,188.22. The Nasdaq
Composite Index dropped 25.64 points, or 1.18%, to 2,153.34.
As per the provisional data released by the stock exchanges,
foreign funds on Tuesday, 23 September 2008, sold shares worth a
net Rs 924.40 crore. Domestic fund bought shares worth a net Rs
68.77 crore.
The September 2008 contracts expire on Thursday, 25 September 2008.
Roll over in Nifty futures till Tuesday, 23 September 2008, was
about 40%.
Meanwhile, trading on the bourses will be extended to 16:15 IST
starting today due to Sun Outage. On BSE, there will be no trading
from 11:25 IST to 12:10 IST as there will be signal problems during
this time.
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