L&T Finance Holdings has got listed today and opened at a discount of 2% at Rs51 on the BSE, against its issue price of Rs52. The stock hit a high of Rs52 and low of Rs49.50 on the BSE. On the NSE, the stock opened at Rs53.85 and hits the day’s high of Rs53.85 and low of Rs49.30
The Issue opened for subscription on July 27, 2011 and closed on July 29, 2011.
The Issue subscribed more than 5 times reserved portion of retail investors was subscribed 9.61 times while non-institutional investors' portion got subscribed 6.18 times and qualified institutional buyers 1.93 times.
At 9.26 am, L&T Finance Holdings was trading at Rs49.85 on BSE, at a discount of 4.04%, against the initial public offer price of Rs52.
Friday, August 12, 2011
Thursday, August 11, 2011
Nitin Fire board meets to consider, issue bonus shares
Nitin Fire Protection Industries touched an intraday high of Rs 135.35 and an intraday low of Rs 132. At 09:23 hrs the share was quoting at Rs 133.70, up Rs 2.10, or 1.60%.
The company has board meeting to consider and issue bonus shares, reports CNBC-TV18.
It was trading with volumes of 61,114 shares. In the previous trading session, the share closed up 8.40% or Rs 10.20 at Rs 131.60.
The company has board meeting to consider and issue bonus shares, reports CNBC-TV18.
It was trading with volumes of 61,114 shares. In the previous trading session, the share closed up 8.40% or Rs 10.20 at Rs 131.60.
VIP Ind board approves stock split in 10:2
VIP Industries touched an intraday high of Rs 757 and an intraday low of Rs 724. At 09:33 hrs the share was quoting at Rs 752.40, up Rs 17.85, or 2.43%.
The company board has approved stock split in 10:2 ratio, reports CNBC-TV18.
It was trading with volumes of 70,989 shares. In the previous trading session, the share closed up 0.84% or Rs 6.10 at Rs 734.55.
The company board has approved stock split in 10:2 ratio, reports CNBC-TV18.
It was trading with volumes of 70,989 shares. In the previous trading session, the share closed up 0.84% or Rs 6.10 at Rs 734.55.
Dow, S&P off nearly 3%
The Dow and S&P 500 extended losses on Wednesday, dropping nearly 3 percent after a sharp snap-back rally in the last session as investors fretted about the economy and high levels of public debt.
The Dow Jones industrial average tumbled 328.66 points, or 2.92%, at 10,911.11. The Standard & Poor's 500 Index was down 32.41 points, or 2.76%, at 1,140.12. The Nasdaq Composite Index slid 71.77 points, or 2.89%, at 2,410.75.
Wall Street stocks fell sharply on Wednesday on fears over possible trouble in the French banking sector that has large exposure to shaky peripheral European debt.
The Dow Jones industrial average tumbled 328.66 points, or 2.92%, at 10,911.11. The Standard & Poor's 500 Index was down 32.41 points, or 2.76%, at 1,140.12. The Nasdaq Composite Index slid 71.77 points, or 2.89%, at 2,410.75.
Wall Street stocks fell sharply on Wednesday on fears over possible trouble in the French banking sector that has large exposure to shaky peripheral European debt.
Crude oil down in Asia
Crude prices edged down in Asian trade today, taking a cue from diving global equities markets worried about the state of the US and European economies, analysts said.
New York's main contract, light sweet crude for delivery in September, dipped 79 cents to USD 82.10 per barrel. Brent North Sea crude for September delivery fell USD 1.10 to USD 105.58.
New York's main contract, light sweet crude for delivery in September, dipped 79 cents to USD 82.10 per barrel. Brent North Sea crude for September delivery fell USD 1.10 to USD 105.58.
Sensex opens down
The 30-share BSE Sensex slipped 41 points to 17,089 and the 50-share NSE Nifty lost just 15 points to trade at 5,146. Technology, metal and banks are in stress in the morning trade. Global benchmarks indices retreated post rumours that there may be downgrade in France, which commands AAA rating.
Among technology stocks, Wipro, HCL Tech, Infosys and TCS were down 1-1.5%.
Tata Motors, which rallied 6% yesterday, fell 1.5% on profit booking.
Metal stocks like Hindalco, Tata Steel, Sesa Goa and SAIL too were on sellers' radar.
Heavyweights SBI, Bharti Airtel, HDFC Bank, L&T and Reliance Industries slipped 0.5-1%.
However, Reliance Capital, Reliance Communications and Kotak Mahindra Bank were marginally in the green. Cipla gained 1%.
The CNX Midcap declined 21 points at 7,624. About 212 shares advanced as against 497 shares declined on National Stock Exchange.
Among technology stocks, Wipro, HCL Tech, Infosys and TCS were down 1-1.5%.
Tata Motors, which rallied 6% yesterday, fell 1.5% on profit booking.
Metal stocks like Hindalco, Tata Steel, Sesa Goa and SAIL too were on sellers' radar.
Heavyweights SBI, Bharti Airtel, HDFC Bank, L&T and Reliance Industries slipped 0.5-1%.
However, Reliance Capital, Reliance Communications and Kotak Mahindra Bank were marginally in the green. Cipla gained 1%.
The CNX Midcap declined 21 points at 7,624. About 212 shares advanced as against 497 shares declined on National Stock Exchange.
GSK India April-June profit up 9%
British drug multinational GSK Plc’s unit GSK Pharmaceuticals Ltd posted 9% growth in net profit at Rest 147.54 core during the second quarter ended 30 June. During the year ago quarter, it’s net profit was Rs. 128.9 core. While, the net sales grew by 13% to Rs. 561.54 core from Rs. 497.93 core of the quarter a year ago.
“The company’s growth has been in line with the industry growth. In particular, oncology, dermatologicals and mass specialty therapies have grown well. In addition to the base effect, vaccines have shown strong market competitive growth,” said managing director Hasit Joshipura.
GSK had launched a branded generic and another product in dermatology during the quarter apart from two original products from the parent’s pipeline in oncology and haematology.
Sales of the core pharmaceuticals and vaccines business grew by 14%, and the operating profit margin was maintained at 35% in line with the first quarter of 2011, said a statement from the company
“The company’s growth has been in line with the industry growth. In particular, oncology, dermatologicals and mass specialty therapies have grown well. In addition to the base effect, vaccines have shown strong market competitive growth,” said managing director Hasit Joshipura.
GSK had launched a branded generic and another product in dermatology during the quarter apart from two original products from the parent’s pipeline in oncology and haematology.
Sales of the core pharmaceuticals and vaccines business grew by 14%, and the operating profit margin was maintained at 35% in line with the first quarter of 2011, said a statement from the company
Kingfisher Airlines’ net loss increases
Kingfisher Airlines Ltd’s net loss in the June quarter (Q1) increased sharply to Rs. 263.54 crore from Rs. 187.34 crore a year ago mainly because of high fuel costs and a shift in the market towards low-fare travel.
A Bloomberg survey of analysts had estimated a loss of Rs. 392.95 crore.
Revenue increased 14.6% to Rs. 1,881.64 crore.
The April-June quarter is usually a period of high traffic for local airlines owing to school holidays, second only to the October-December festival season. This year, though, has been tough for the airlines.
Jet Airways (India) Ltd, the country’s largest airline by passengers carried, reported a loss of Rs. 123.16 crore for the June quarter against a profit of Rs. 3.52 crore a year earlier.
The only other listed airline in India, SpiceJet Ltd, is yet to announce quarterly results.
Aircraft fuel cost for Kingfisher Airlines rose 44.32% to Rs. 845.13 crore in the quarter.
Kingfisher Airlines, the country’s second largest airline, said the momentum in India’s aviation industry continued in the first quarter of this fiscal year, with demand growing at 15%.
“Even though the capacity growth at 19% slightly outpaced the demand growth, Kingfisher Airlines effectively capitalized on its strengths to achieve a 4 percentage points increase in domestic load factor. In the same period, industry load factors experienced a decline of 2 percentage points,” the airline said in a statement on Wednesday.
Kingfisher Airlines has adopted a new accounting method that allows costs on major repairs and maintenance to be amortized over the incremental life of the asset. Had the company not adopted this method, it loss after tax for the quarter would have been higher by Rs. 26.23 crore, it said.
In a note to investors, the airline said it has incurred substantial losses and its net worth has eroded. “However, having regard to improvement in the economic sentiment, rationalization measures adopted by the company, fleet recovery and the implementation of the debt recast package with the lenders and promoters including conversion of debt into share capital, these interim financial statements have been prepared on the basis that the company is a going concern and that no adjustments are required to the carrying value of assets and liabilities,” it said.
Kingfisher Airlines shares rose 2.57% to close at Rs. 31.90 apiece on Wednesday on BSE. The Sensex gained 1.62% to end at 17,130.51.
A consortium of 13 lenders, including State Bank of India (SBI) and ICICI Bank Ltd, recently bought a 23.21% stake in Kingfisher Airlines, stopping short of gaining more say in the airline with a slightly enhanced holding. SBI picked up a 5.67% stake and ICICI Bank 5.3%.
Kingfisher Airlines converted Rs. 750 crore of its total debt of Rs. 7,000 crore into equity at a 61.6% premium over its share price. It allotted shares to lenders on 31 March at Rs. 64.48 a share.
A Bloomberg survey of analysts had estimated a loss of Rs. 392.95 crore.
Revenue increased 14.6% to Rs. 1,881.64 crore.
The April-June quarter is usually a period of high traffic for local airlines owing to school holidays, second only to the October-December festival season. This year, though, has been tough for the airlines.
Jet Airways (India) Ltd, the country’s largest airline by passengers carried, reported a loss of Rs. 123.16 crore for the June quarter against a profit of Rs. 3.52 crore a year earlier.
The only other listed airline in India, SpiceJet Ltd, is yet to announce quarterly results.
Aircraft fuel cost for Kingfisher Airlines rose 44.32% to Rs. 845.13 crore in the quarter.
Kingfisher Airlines, the country’s second largest airline, said the momentum in India’s aviation industry continued in the first quarter of this fiscal year, with demand growing at 15%.
“Even though the capacity growth at 19% slightly outpaced the demand growth, Kingfisher Airlines effectively capitalized on its strengths to achieve a 4 percentage points increase in domestic load factor. In the same period, industry load factors experienced a decline of 2 percentage points,” the airline said in a statement on Wednesday.
Kingfisher Airlines has adopted a new accounting method that allows costs on major repairs and maintenance to be amortized over the incremental life of the asset. Had the company not adopted this method, it loss after tax for the quarter would have been higher by Rs. 26.23 crore, it said.
In a note to investors, the airline said it has incurred substantial losses and its net worth has eroded. “However, having regard to improvement in the economic sentiment, rationalization measures adopted by the company, fleet recovery and the implementation of the debt recast package with the lenders and promoters including conversion of debt into share capital, these interim financial statements have been prepared on the basis that the company is a going concern and that no adjustments are required to the carrying value of assets and liabilities,” it said.
Kingfisher Airlines shares rose 2.57% to close at Rs. 31.90 apiece on Wednesday on BSE. The Sensex gained 1.62% to end at 17,130.51.
A consortium of 13 lenders, including State Bank of India (SBI) and ICICI Bank Ltd, recently bought a 23.21% stake in Kingfisher Airlines, stopping short of gaining more say in the airline with a slightly enhanced holding. SBI picked up a 5.67% stake and ICICI Bank 5.3%.
Kingfisher Airlines converted Rs. 750 crore of its total debt of Rs. 7,000 crore into equity at a 61.6% premium over its share price. It allotted shares to lenders on 31 March at Rs. 64.48 a share.
Most Americans say U.S. on wrong track: poll(Reuters)
Economic fears are weighing heavily on Americans, with a large majority saying the United States is on the wrong track and nearly half believing the worst is yet to come, a Reuters/Ipsos poll said on Wednesday.
The poll reflected growing anxiety about the U.S. economy and frustration with Washington after a narrowly averted government default last week, a credit rating downgrade by Standard & Poor's, a stock market dive and a stubbornly high 9.1 percent jobless rate.
President Barack Obama was politically bruised in the brutal, weeks-long debt debate, and negative views on the economy are worrisome signs for his 2012 re-election bid.
His approval rating dropped to 45 percent from 49 percent a month ago, according to the poll conducted from Thursday to Monday. Obama's predecessor, President George W. Bush, never saw his approval rating dip below 46 percent in Gallup polling in his re-election year of 2004.
The Reuters/Ipsos poll found 73 percent of Americans believe the United States is "off on the wrong track," and just one in five, 21 percent, think the country is headed in the right direction.
The survey found that 47 percent believe "the worst is yet to come" in the U.S. economy, an increase of 13 percentage points from a year ago when this question was last raised.
This is the highest measure since March 2009, when concern peaked at 57 percent, at the height of the recession.
Ipsos pollster Julia Clark said the wrong-track measure reflects widespread unhappiness with the economy and frustration at both political parties, but "you can't say it's a predictor of how Obama will fare" in 2012.
The level of discontent was 10 points higher than a July survey and is the highest in an Ipsos poll since it reached 73 percent in October 2008, at the height of the financial crisis. The polling organization found 77 percent felt the country was on the wrong track in July 2008, during George W. Bush's final year in office.
Gallup has found even higher levels of dissatisfaction at various points over the past 30 years, but it is rare.
2012 IMPACT?
Republicans appear to be suffering the most from the last-minute debt deal last week that was reached only after anguished negotiations between Obama and congressional leaders.
The survey found 49 percent of Americans held a negative view of Republicans after the deal was reached, and 42 percent held a negative opinion of the conservative Tea Party movement. Tea Party conservatives stuck closely to their demand that deficit reduction be handled solely through spending cuts and were willing to risk a default to achieve their aims.
By contrast, 40 percent of those polled saw Democrats in a negative light.
"Coming out of this, the Republicans are I think taking the balance of the blame for the debt deal negotiations," Clark said.
Obama was viewed negatively by 42 percent as a result of the debt deal, while House of Representatives Speaker John Boehner, the top U.S. Republican, was viewed negatively by 37 percent.
A USA Today/Gallup poll this week suggested possible evidence of an anti-incumbent wave building, saying only 24 percent of Americans believe most members of Congress deserve re-election, the lowest percentage since Gallup began asking the question in 1991.
Clark said Obama's approval is in relatively safe territory, but that his re-election could be threatened if he were to dip into the 30s.
"A difficult economic situation will create a difficult situation for the president when it comes to re-election a year from now," she said. "When the economy is bad, people look for a change."
The debt agreement that consumed weeks of debate and resulted in a two-staged arrangement to cut spending is not getting rave reviews.
More people surveyed, 53 percent, held a negative view of the compromise agreement, compared to 38 percent who think it is a good deal.
Democrats were more balanced in their views, with 47 percent approving it and 45 percent disliking it. A majority of independents, 53 percent, and Republicans, 63 percent, did not like it.
"The process was very damaging to Washington," said Clark.
Americans held mixed views on the best way to stimulate economic growth. Cutting spending, 49 percent, and taxing the wealthy, 46 percent, came highest, followed by investment in infrastructure, 34 percent.
Democrats are urging Obama to move away from the debate over how to reduce America's structural deficits and concentrate solely on creating U.S. jobs. Obama has signaled he plans to do this.
"Shift the focus on job creation," former New Mexico Governor Bill Richardson told MSNBC.
The Reuters/Ipsos poll of 1,055 adults, including 885 registered voters, had a margin of error of 3 percentage points for all respondents and 3.1 points for registered voters.
(Editing by Xavier Briand)
The poll reflected growing anxiety about the U.S. economy and frustration with Washington after a narrowly averted government default last week, a credit rating downgrade by Standard & Poor's, a stock market dive and a stubbornly high 9.1 percent jobless rate.
President Barack Obama was politically bruised in the brutal, weeks-long debt debate, and negative views on the economy are worrisome signs for his 2012 re-election bid.
His approval rating dropped to 45 percent from 49 percent a month ago, according to the poll conducted from Thursday to Monday. Obama's predecessor, President George W. Bush, never saw his approval rating dip below 46 percent in Gallup polling in his re-election year of 2004.
The Reuters/Ipsos poll found 73 percent of Americans believe the United States is "off on the wrong track," and just one in five, 21 percent, think the country is headed in the right direction.
The survey found that 47 percent believe "the worst is yet to come" in the U.S. economy, an increase of 13 percentage points from a year ago when this question was last raised.
This is the highest measure since March 2009, when concern peaked at 57 percent, at the height of the recession.
Ipsos pollster Julia Clark said the wrong-track measure reflects widespread unhappiness with the economy and frustration at both political parties, but "you can't say it's a predictor of how Obama will fare" in 2012.
The level of discontent was 10 points higher than a July survey and is the highest in an Ipsos poll since it reached 73 percent in October 2008, at the height of the financial crisis. The polling organization found 77 percent felt the country was on the wrong track in July 2008, during George W. Bush's final year in office.
Gallup has found even higher levels of dissatisfaction at various points over the past 30 years, but it is rare.
2012 IMPACT?
Republicans appear to be suffering the most from the last-minute debt deal last week that was reached only after anguished negotiations between Obama and congressional leaders.
The survey found 49 percent of Americans held a negative view of Republicans after the deal was reached, and 42 percent held a negative opinion of the conservative Tea Party movement. Tea Party conservatives stuck closely to their demand that deficit reduction be handled solely through spending cuts and were willing to risk a default to achieve their aims.
By contrast, 40 percent of those polled saw Democrats in a negative light.
"Coming out of this, the Republicans are I think taking the balance of the blame for the debt deal negotiations," Clark said.
Obama was viewed negatively by 42 percent as a result of the debt deal, while House of Representatives Speaker John Boehner, the top U.S. Republican, was viewed negatively by 37 percent.
A USA Today/Gallup poll this week suggested possible evidence of an anti-incumbent wave building, saying only 24 percent of Americans believe most members of Congress deserve re-election, the lowest percentage since Gallup began asking the question in 1991.
Clark said Obama's approval is in relatively safe territory, but that his re-election could be threatened if he were to dip into the 30s.
"A difficult economic situation will create a difficult situation for the president when it comes to re-election a year from now," she said. "When the economy is bad, people look for a change."
The debt agreement that consumed weeks of debate and resulted in a two-staged arrangement to cut spending is not getting rave reviews.
More people surveyed, 53 percent, held a negative view of the compromise agreement, compared to 38 percent who think it is a good deal.
Democrats were more balanced in their views, with 47 percent approving it and 45 percent disliking it. A majority of independents, 53 percent, and Republicans, 63 percent, did not like it.
"The process was very damaging to Washington," said Clark.
Americans held mixed views on the best way to stimulate economic growth. Cutting spending, 49 percent, and taxing the wealthy, 46 percent, came highest, followed by investment in infrastructure, 34 percent.
Democrats are urging Obama to move away from the debate over how to reduce America's structural deficits and concentrate solely on creating U.S. jobs. Obama has signaled he plans to do this.
"Shift the focus on job creation," former New Mexico Governor Bill Richardson told MSNBC.
The Reuters/Ipsos poll of 1,055 adults, including 885 registered voters, had a margin of error of 3 percentage points for all respondents and 3.1 points for registered voters.
(Editing by Xavier Briand)
Opening Bell 11 August
The rally fizzled out in no time. Now, it’s Europe’s debt crisis that’s creating fresh fears.
The Dow Jones Industrial Average fell to its lowest level since September 2008 as investors feared that the debt contagion in Europe will hit the banking industry. The index closed lower by 4.62%.
That also led to a weak opening in Asian markets. The Nikkei is down 2%.
Back home, the Planning Commission is likely to reduce its average annual growth target for the 12th five-year plan (2012-17) to 8.5-8.7% due to an uncertain global economy. Earlier, it was projecting economic growth at 9-9.5%. Read more...-
The Telecom Commission has cleared a proposal to hive off 770 acres of surplus land held by Tata Communications into a real estate company. It had been part of VSNL’s assets acquired by the Tatas. Read more....
Piramal Healthcare will buy a 5.5% stake in Vodafone’s Indian unit for around Rs. 2,890 crore. The move is expected to help Vodafone meet regulatory requirements.
The West Bengal government is acting tough. The state government said it will seize 270 acres from JSW Bengal Steel, a unit of JSW Steel. The company had bought the land to build a 10-million- tonne steel plant in West Midnapore district. The government will seize the land for not securing exemption under the land ceiling law. Read more...
The Leela Group is selling its property in Kovalam for 500 crore to cut debt. At the end of last financial year, Hotel Leela Venture had an accumulated debt of Rs. 3,830 crore.
Indian Oil Corporation has posted a wider loss for the three months ended 30 June due to higher subsidy burden and interest costs. The company reported a net loss of Rs. 3,719 crore for the June quarter, about Rs. 400 crore more than a year ago.
Logistics firm Deutsche Post DHL is evaluating its options about its stake in Blue Dart Express. DHL, which holds 81% in Blue Dart Express, is contemplating whether to raise its stake in Blue Dart Express or pare it down to 75% to comply with the local rule for publicly traded firms. Read more...
Kingfisher Airlines’ net loss in the June quarter increased sharply to Rs. 263.54 crore from Rs. 187.34 crore in the year-ago period. Higher fuel costs and a shift in the market towards low-fare travel have impacted the company’s earnings.
Boosted by one-time income, Tata Global Beverages reported a threefold rise in net profits for the first quarter. The company posted a net profit of Rs. 160.9 crore in June quarter.
Finally, economic fears are weighing heavily on Americans. A Reuters/Ipsos poll found that 73% of the Americans believe the United States is on wrong track. The survey also found that 47% believe ‘the worst is yet to come’ in the US economy, an increase of 13 percentage points from a year ago period
The Dow Jones Industrial Average fell to its lowest level since September 2008 as investors feared that the debt contagion in Europe will hit the banking industry. The index closed lower by 4.62%.
That also led to a weak opening in Asian markets. The Nikkei is down 2%.
Back home, the Planning Commission is likely to reduce its average annual growth target for the 12th five-year plan (2012-17) to 8.5-8.7% due to an uncertain global economy. Earlier, it was projecting economic growth at 9-9.5%. Read more...-
The Telecom Commission has cleared a proposal to hive off 770 acres of surplus land held by Tata Communications into a real estate company. It had been part of VSNL’s assets acquired by the Tatas. Read more....
Piramal Healthcare will buy a 5.5% stake in Vodafone’s Indian unit for around Rs. 2,890 crore. The move is expected to help Vodafone meet regulatory requirements.
The West Bengal government is acting tough. The state government said it will seize 270 acres from JSW Bengal Steel, a unit of JSW Steel. The company had bought the land to build a 10-million- tonne steel plant in West Midnapore district. The government will seize the land for not securing exemption under the land ceiling law. Read more...
The Leela Group is selling its property in Kovalam for 500 crore to cut debt. At the end of last financial year, Hotel Leela Venture had an accumulated debt of Rs. 3,830 crore.
Indian Oil Corporation has posted a wider loss for the three months ended 30 June due to higher subsidy burden and interest costs. The company reported a net loss of Rs. 3,719 crore for the June quarter, about Rs. 400 crore more than a year ago.
Logistics firm Deutsche Post DHL is evaluating its options about its stake in Blue Dart Express. DHL, which holds 81% in Blue Dart Express, is contemplating whether to raise its stake in Blue Dart Express or pare it down to 75% to comply with the local rule for publicly traded firms. Read more...
Kingfisher Airlines’ net loss in the June quarter increased sharply to Rs. 263.54 crore from Rs. 187.34 crore in the year-ago period. Higher fuel costs and a shift in the market towards low-fare travel have impacted the company’s earnings.
Boosted by one-time income, Tata Global Beverages reported a threefold rise in net profits for the first quarter. The company posted a net profit of Rs. 160.9 crore in June quarter.
Finally, economic fears are weighing heavily on Americans. A Reuters/Ipsos poll found that 73% of the Americans believe the United States is on wrong track. The survey also found that 47% believe ‘the worst is yet to come’ in the US economy, an increase of 13 percentage points from a year ago period
Tuesday, August 9, 2011
India gold hits record high, above 26,000 rupees/10 gms
India’s benchmark gold futures on the Multi Commodity Exchange extended gains by more than 3% on Tuesday morning and hit a new peak of Rs. 26,198 per 10 grams, tailing a rally in the world market and on a weak rupee.
The October contract was trading 3.16% higher at Rs. 26,041. It has risen over 11% in August.
Rupee fell sharply on Tuesday to its lowest in 10 weeks as a selloff in global equities ignited fears of foreign fund outflows.
International spot gold gained more than 2% on Tuesday, roaring to all-time highs for a second consecutive session to stand above $1,750 as equity markets dived on growing fears of a global recession following last week’s US credit downgrade.
The October contract was trading 3.16% higher at Rs. 26,041. It has risen over 11% in August.
Rupee fell sharply on Tuesday to its lowest in 10 weeks as a selloff in global equities ignited fears of foreign fund outflows.
International spot gold gained more than 2% on Tuesday, roaring to all-time highs for a second consecutive session to stand above $1,750 as equity markets dived on growing fears of a global recession following last week’s US credit downgrade.
FIIs net buyers of Rs 1203.49 crore in futures and options segments
According to the data released by NSE, the Foreign Institutional Investors (FIIs) were net buyers of Rs 1203.49 crore in futures and options segments on Monday, August 08, 2011.
FII’s were buyers of index futures to the tune of Rs 126.99 crore and they bought index options worth Rs 546.65 crore. In the stock segment, FII’s were net buyers of stock futures worth Rs 531.65 crore and they sold stock options to the tune of Rs 1.80 crore.
Cumulative FII positions as percentage of total gross market position in the derivative segment as on August 08, 2011 is 35.38%.
FII’s were buyers of index futures to the tune of Rs 126.99 crore and they bought index options worth Rs 546.65 crore. In the stock segment, FII’s were net buyers of stock futures worth Rs 531.65 crore and they sold stock options to the tune of Rs 1.80 crore.
Cumulative FII positions as percentage of total gross market position in the derivative segment as on August 08, 2011 is 35.38%.
ONGC up in sliding market
ONGC is currently trading at Rs. 284.40, up by 1.80 points or 0.64% from its previous closing of Rs. 282.60 on the BSE.
The scrip opened at Rs. 278.90 and has touched a high and low of Rs. 285.65 and Rs. 278.90 respectively. So far 1,41,000 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 368.00 on 28-Sep-2010 and a 52 week low of Rs. 226.95 on 15-Jul-2011.
Last one week high and low of the scrip stood at Rs. 285.65 and Rs. 267.55 respectively. The current market cap of the company is Rs. 2,43,318.00 crore.
The promoters holding in the company stood at 74.14% while Institutions and Non-Institutions held 12.21% and 13.65% respectively.
The company’s net profit rose by 11.9% to Rs 4,094.90 crore, for the quarter ended June 30, 2011 against Rs 3661.14 crore for the same quarter last year. The total income has increased from Rs 14230.22 crore for the quarter ended June 30, 2010 to Rs 17128.89 crore for the quarter under review up by 20.37%.
Company’s crude oil production dropped 2% to 5.933 million tonne and after including joint venture projects did its output show a 2.3% rise to 6.758 million tonne. Natural gas dropped 2.7% to 5.603 billion cubic meters.
The scrip opened at Rs. 278.90 and has touched a high and low of Rs. 285.65 and Rs. 278.90 respectively. So far 1,41,000 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 368.00 on 28-Sep-2010 and a 52 week low of Rs. 226.95 on 15-Jul-2011.
Last one week high and low of the scrip stood at Rs. 285.65 and Rs. 267.55 respectively. The current market cap of the company is Rs. 2,43,318.00 crore.
The promoters holding in the company stood at 74.14% while Institutions and Non-Institutions held 12.21% and 13.65% respectively.
The company’s net profit rose by 11.9% to Rs 4,094.90 crore, for the quarter ended June 30, 2011 against Rs 3661.14 crore for the same quarter last year. The total income has increased from Rs 14230.22 crore for the quarter ended June 30, 2010 to Rs 17128.89 crore for the quarter under review up by 20.37%.
Company’s crude oil production dropped 2% to 5.933 million tonne and after including joint venture projects did its output show a 2.3% rise to 6.758 million tonne. Natural gas dropped 2.7% to 5.603 billion cubic meters.
Gold hits record for 2nd day as investors dump stocks
Bullion gained 1.7% on Tuesday, roaring to all-time highs for a second consecutive session as equity markets dived on growing fears of a global recession after last week’s cut in the United States’s credit rating.
Stock markets in Asia plummeted and the Swiss franc held near a record high after investors fled riskier assets in a global sell-off ignited by fears that political leaders are unable to tackle debt crises in Europe and the United States.
As investors exited stocks for bonds and bullion, holdings of the SPDR Gold Trust registered their biggest one-day gain in more than a year on Monday, sending the price of gold to a premium over traditionally more expensive platinum.
US gold futures for December struck a record around $1,746 an ounce, while cash gold hit an all-time high about $1,742 an ounce, its 12th record in 20 sessions.
“Markets are now worried about another global recession. Out of Europe, French bond yields have widened on expectation of sovereign debt downgrade because of the country’s exposure to peripheral European debt,” said Natalie Robertson, a commodities strategist at ANZ.
“I think everyone was also looking at the 7 percent drop in the S&P 500. The market was very concerned over the global economy. Gold is now more expensive than platinum, and the last time this happened was back in December 2008. That’s an interesting dynamic.”
Gold rallied more than 3% on Monday, exceeding $1,700 an ounce for the first time after Standard & Poor’s cut the U.S. credit rating to AA-plus, setting off an investor stampede for safety.
The cost of insuring French debt against default rose on Monday after the downgrade raised questions over how long other countries could hold onto their top-notch ratings.
Silver ticked down below $40 an ounce after Monday’s gains. Platinum and sister metal palladium tracked equities lower because of their industrial use as auto catalysts and fears a global recession could slash automobile demand.
Adjusted for inflation, gold is one of the few elements of the commodity complex trading below its all-time highs, estimated at $2,500 an ounce.
The CBOE Gold ETF Volatility Index , often referred to as the “Gold VIX” and based on SPDR Gold Trust options, jumped 30% to its highest since late 2010.
Investors await the Federal Open Market Committee meeting on Tuesday for clues to whether the Fed might ease monetary policy further.
“The market’s near-term focus will be on further ratings downgrades to come,” said Tom Pawlicki, precious metals and energy analyst at MF Global.
“The FOMC meeting is today, and any potential action to implement further easing will also offer support. In the background, support will come from central bank buying, investment inflows, and weakness in economic data.”
Economists at top financial institutions have scaled back expectations for US economic growth this year and offer a nearly one in three chance the Fed will embark on another round of Treasuries purchases in the next two years, a Reuters poll found.
JP Morgan said on Monday it expected spot gold to climb to $2,500 an ounce or higher by year-end, on very high volatility, following the downgrade of U.S. debt. The U.S. bank said its previous estimate of $1,800 was “too conservative”.
The prospect of an even longer period of low US interest rates prompted Goldman Sachs to raise its three-month forecast for the gold price by about $100.
Stock markets in Asia plummeted and the Swiss franc held near a record high after investors fled riskier assets in a global sell-off ignited by fears that political leaders are unable to tackle debt crises in Europe and the United States.
As investors exited stocks for bonds and bullion, holdings of the SPDR Gold Trust registered their biggest one-day gain in more than a year on Monday, sending the price of gold to a premium over traditionally more expensive platinum.
US gold futures for December struck a record around $1,746 an ounce, while cash gold hit an all-time high about $1,742 an ounce, its 12th record in 20 sessions.
“Markets are now worried about another global recession. Out of Europe, French bond yields have widened on expectation of sovereign debt downgrade because of the country’s exposure to peripheral European debt,” said Natalie Robertson, a commodities strategist at ANZ.
“I think everyone was also looking at the 7 percent drop in the S&P 500. The market was very concerned over the global economy. Gold is now more expensive than platinum, and the last time this happened was back in December 2008. That’s an interesting dynamic.”
Gold rallied more than 3% on Monday, exceeding $1,700 an ounce for the first time after Standard & Poor’s cut the U.S. credit rating to AA-plus, setting off an investor stampede for safety.
The cost of insuring French debt against default rose on Monday after the downgrade raised questions over how long other countries could hold onto their top-notch ratings.
Silver ticked down below $40 an ounce after Monday’s gains. Platinum and sister metal palladium tracked equities lower because of their industrial use as auto catalysts and fears a global recession could slash automobile demand.
Adjusted for inflation, gold is one of the few elements of the commodity complex trading below its all-time highs, estimated at $2,500 an ounce.
The CBOE Gold ETF Volatility Index , often referred to as the “Gold VIX” and based on SPDR Gold Trust options, jumped 30% to its highest since late 2010.
Investors await the Federal Open Market Committee meeting on Tuesday for clues to whether the Fed might ease monetary policy further.
“The market’s near-term focus will be on further ratings downgrades to come,” said Tom Pawlicki, precious metals and energy analyst at MF Global.
“The FOMC meeting is today, and any potential action to implement further easing will also offer support. In the background, support will come from central bank buying, investment inflows, and weakness in economic data.”
Economists at top financial institutions have scaled back expectations for US economic growth this year and offer a nearly one in three chance the Fed will embark on another round of Treasuries purchases in the next two years, a Reuters poll found.
JP Morgan said on Monday it expected spot gold to climb to $2,500 an ounce or higher by year-end, on very high volatility, following the downgrade of U.S. debt. The U.S. bank said its previous estimate of $1,800 was “too conservative”.
The prospect of an even longer period of low US interest rates prompted Goldman Sachs to raise its three-month forecast for the gold price by about $100.
Hang Seng down 6%
At 9:53 am (IST), Asian markets were trading lower but managed to recoup some of the losses.
Hong Kong's Hang Seng fell 6.01% or 1232.06 points at 19,258.51.
Japan's Nikkei was down 3.69% or 335.84 points at 8,761.72.
South Korea's Seoul Composite slipped 6.75% or 126.15 points at 1,743.30.
Taiwan's Taiwan Weighted shed 1.18% or 89.28 points at 7,463.52
Hong Kong's Hang Seng fell 6.01% or 1232.06 points at 19,258.51.
Japan's Nikkei was down 3.69% or 335.84 points at 8,761.72.
South Korea's Seoul Composite slipped 6.75% or 126.15 points at 1,743.30.
Taiwan's Taiwan Weighted shed 1.18% or 89.28 points at 7,463.52
Nifty back in 5k Mark
BSE benchmark Sensex continues to be under extreme pressure just as the rest of the world. Asian Indices continued their fall for the second day as sentiments post US downgrade remained fragile. But the Nifty managed to get back above the 5000-mark.
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Bloodbath on D-Street; Sensex tumbles 300 points
The Indian markets spiralled downwards, extending losses for the sixth straight session, triggered by fears that political leaders are failing to tackle debt crises in Europe and the United States. The Sensex fell over 500 points at the start, while Nifty was trading below 5000 level since 2010. The Midcap and Smallcap indices too fell over 2% in line with the Sensex.
The advance to decline ration was extremely weak, with 88% shares falling, 10% rising and 2% remained unchanged.
IT, Metal, TECk and Realty were among the major losers, declining more than 3%.
All the Sensex shares were trading down except ONGC rose by 0.88%. Wipro slipped by 4.95%, TCS down by 4.91% and Tata Steel dipped by 4.67%. Rest fell between 0.67-4.40%
At 9.35 am, the Sensex was trading at 16580, 409 points lower and the Nifty was trading at 4995, down by 122 points.
The advance to decline ration was extremely weak, with 88% shares falling, 10% rising and 2% remained unchanged.
IT, Metal, TECk and Realty were among the major losers, declining more than 3%.
All the Sensex shares were trading down except ONGC rose by 0.88%. Wipro slipped by 4.95%, TCS down by 4.91% and Tata Steel dipped by 4.67%. Rest fell between 0.67-4.40%
At 9.35 am, the Sensex was trading at 16580, 409 points lower and the Nifty was trading at 4995, down by 122 points.
Monday, August 8, 2011
Oil sinks in Asia
Crude prices fell more than two percent in Asia Monday, with sentiment hit by Standard & Poor’s decision last week to cut Washington’s top-notch credit rating for the first time, analysts said.
In morning trade, New York’s main contract light sweet crude for September delivery tumbled $2.33, or 2.68%, to $84.55 a barrel, from its closing price on Friday.
Brent North Sea crude for September delivery sank $2.91, or 2.66%, to $106.46.
“What we do feel is the re-rating of the debt in the US has knocked confidence out of the market,” said Jonathan Barratt, Sydney-based managing director with Commodity Broking Services.
“With crude where it is at the moment, that confidence will affect demand or expectations of demand in the market,” he told AFP.
The United States, the world’s largest oil consumer, saw its top-flight AAA credit rating downgraded for the first time when S&P on Friday cut it to AA+ with a negative outlook on concerns over its debt.
“The announcement was not really a surprise because the S&P had been very clear about what it wanted to see in order for the US to maintain its AAA rating, and the agreement reached last week had not met those criteria,” Barclays Capital said in a report.
“To many observers, it was really a question of when it would happen rather than whether it would, though probably few expected it to be quite so soon.”
US Treasury Secretary Timothy Geithner on Sunday fiercely criticised the agency’s move, saying the world’s largest economy remained strong and resilient.
“I think S&P has shown really terrible judgement and they’ve handled themselves poorly, and they have shown a stunning lack of knowledge about basic US fiscal budget math, and I think they came to exactly the wrong conclusion,” Geithner said in an interview with NBC News and CNBC.
“There is no risk the US would never meet its obligations. We’ve got some challenge ahead of us, but we’ll be able to work through the challenges. We’ll get through this.”
The decline in oil prices mirrored the general volatility in global financial markets shaken by the US rating downgrade.
Asian stocks tumbled in early trade on Monday before clawing back some of their losses following frantic weekend efforts to inject calm.
Financial chiefs and central bankers of the G-7 industrialised nations pledged to “take all necessary measures” in coordinated action to support stability and the European Central Bank said it would buy up eurozone debt.
Fears of a global meltdown, which some see as potentially worse than the 2008 collapse, sent leaders into a flurry of phone calls between Berlin, London, Paris and Washington to stem the tide.
In morning trade, New York’s main contract light sweet crude for September delivery tumbled $2.33, or 2.68%, to $84.55 a barrel, from its closing price on Friday.
Brent North Sea crude for September delivery sank $2.91, or 2.66%, to $106.46.
“What we do feel is the re-rating of the debt in the US has knocked confidence out of the market,” said Jonathan Barratt, Sydney-based managing director with Commodity Broking Services.
“With crude where it is at the moment, that confidence will affect demand or expectations of demand in the market,” he told AFP.
The United States, the world’s largest oil consumer, saw its top-flight AAA credit rating downgraded for the first time when S&P on Friday cut it to AA+ with a negative outlook on concerns over its debt.
“The announcement was not really a surprise because the S&P had been very clear about what it wanted to see in order for the US to maintain its AAA rating, and the agreement reached last week had not met those criteria,” Barclays Capital said in a report.
“To many observers, it was really a question of when it would happen rather than whether it would, though probably few expected it to be quite so soon.”
US Treasury Secretary Timothy Geithner on Sunday fiercely criticised the agency’s move, saying the world’s largest economy remained strong and resilient.
“I think S&P has shown really terrible judgement and they’ve handled themselves poorly, and they have shown a stunning lack of knowledge about basic US fiscal budget math, and I think they came to exactly the wrong conclusion,” Geithner said in an interview with NBC News and CNBC.
“There is no risk the US would never meet its obligations. We’ve got some challenge ahead of us, but we’ll be able to work through the challenges. We’ll get through this.”
The decline in oil prices mirrored the general volatility in global financial markets shaken by the US rating downgrade.
Asian stocks tumbled in early trade on Monday before clawing back some of their losses following frantic weekend efforts to inject calm.
Financial chiefs and central bankers of the G-7 industrialised nations pledged to “take all necessary measures” in coordinated action to support stability and the European Central Bank said it would buy up eurozone debt.
Fears of a global meltdown, which some see as potentially worse than the 2008 collapse, sent leaders into a flurry of phone calls between Berlin, London, Paris and Washington to stem the tide.
Markets extend fall to 3% on weak Asia
Markets extended their fall to 3% on Monday, tracking a selloff in Asian markets after Standard & Poor’s downgraded the US sovereign debt rating and on fears that the world’s largest economy may be sliding back into recession.
At 10:02am, the 30-share BSE index was down 3.1% at 16,771.90 points, with all of its components declining.
The 50-share NSE index fell nearly 3% to 5,056.25 points.
At 10:02am, the 30-share BSE index was down 3.1% at 16,771.90 points, with all of its components declining.
The 50-share NSE index fell nearly 3% to 5,056.25 points.
Rupee falls past 45/$ to 5-week low on outflow worry
The rupee weakened past 45 to the dollar early on Monday for first time in five weeks after a global equities rout following US rating downgrade triggered concerns about foreign fund outflows.
The partially convertible rupee was at Rs. 45.01/02, a level last seen on 28 June. It had ended 0.4% weaker at 44.735/740 on Friday
The partially convertible rupee was at Rs. 45.01/02, a level last seen on 28 June. It had ended 0.4% weaker at 44.735/740 on Friday
US debt: India faces $41 billion exposure
As one of the 15 largest foreign creditors to the US, India’s exposure to the US’ ballooning debt is estimated at $41 billion. While China is the single-largest holder of the US treasury securities with $1.15 trillion, India stands at 14th position according to the US treasury department.
The top five US treasury securities holders as of May are China ($1159.8 billion); Japan ($912.4 bn); UK ($346.5 bn); oil exporters ($229.8 bn); and Brazil ($211.4 bn
)
The top five US treasury securities holders as of May are China ($1159.8 billion); Japan ($912.4 bn); UK ($346.5 bn); oil exporters ($229.8 bn); and Brazil ($211.4 bn
)
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