Friday, May 2, 2008
MindTree to acquire 32.57% equity interest in Aztecsoft
MindTree Ltd., a global IT and R&D Services Company, today announced that it has signed a definitive agreement with the largest shareholder of Aztecsoft Ltd. to acquire 32.57% at Rs 80 per share, which values the company at an equity valuation of USD 90 Million.
MindTree will also announce an open offer to Aztecsoft’s public shareholders to purchase up to an additional 20% equity ownership interest. These transactions are subject to customary regulatory filings, clearances and approvals. After the completion of these transactions, MindTree will initiate the process of merging Aztecsoft into itself.
Aztecsoft is a leader in the Outsourced Product Development (OPD) and Testing markets as a 2,100+ people strong software engineering services company. It provides full-lifecycle product engineering, independent testing, sustenance engineering and professional services to application and infrastructure software vendors, as well as to New Media and Internet-based companies. It has successfully completed over 1,600 product releases to date.
The product stack of OPD encompasses embedded, platform/infrastructure, middleware, application, and SaaS/cloud-computing software segments. Through its R&D Services business, MindTree is well recognized in the hardware engineering, system platform and embedded software segments of the OPD market. With the addition of Aztecsoft, MindTree will offer customers a complete end-to-end OPD product stack encompassing embedded, platform/infrastructure, middleware, application, and SaaS/cloud-computing software segments. Aztecsoft brings solid presence from platform all the way to the cloud computing segments. The combined entity will, thus, cover the entire product development stack. In addition, Aztecsoft also brings deep expertise in independent testing. Together, MindTree will have a 2,000+ Testing services team, making it one of the strongest in the market.
Aztecsoft FY08 PAT at Rs 17.38 cr
Aztecsoft has announced its FY08 results. The company's FY08 PAT was at Rs 17.38 crore.
The company's net sales were at Rs 253 crore.
The company's net sales were at Rs 253 crore.
Stocks Gives up Early Gains
Wall Street gave up sharp gains after a government employment report showed the nation's employers cut far fewer jobs than expected last month, stirring optimism about the economy.
@10PM IST
Dow 13,032.72 +22.72 +0.17%
Nasdaq 2,470.18 -10.53 -0.42%
S&P 500 1,412.24 +2.90 +0.21%
@10PM IST
Dow 13,032.72 +22.72 +0.17%
Nasdaq 2,470.18 -10.53 -0.42%
S&P 500 1,412.24 +2.90 +0.21%
Job Data, Fed Action Lift US Stocks
Wall Street extended its advance Friday after a government employment report showed the nation's employers cut far fewer jobs than expected last month, stirring optimism about the buoyancy of the economy.
Dow 13,074.73 +64.73 +0.50%
Nasdaq 2,478.78 -1.93 -0.08%
S&P 500 1,417.01 +7.67 +0.54%
Dow 13,074.73 +64.73 +0.50%
Nasdaq 2,478.78 -1.93 -0.08%
S&P 500 1,417.01 +7.67 +0.54%
Gokul Refoils and Solvent Limited IPO
Incorporated in 1992, Gokul Refoils and Solvent Limited is engaged in the business of Solvent Extraction, refining of Edible oils and Vanaspati manufacturing. The business of refining vegetable oils including seed procurement, processing, solvent extraction and marketing of edible oils. The major edible oils processed in the plant are Soybean Oil, Sunflower Oil, Palm Oil, Mustard Oil, Groundnut Oil and Vanaspati.
Company has 680 TPD of seed processing, 600 TPD of Solvent Extraction, 1200 TPD of refining and 200 TPD of Vanaspati manufacturing. The units are situated at Sidhpur (Sidhpur unit, North Gujarat), Anjar (Gandhidham unit, Kutch), Navi Pardi (Surat unit, South Gujarat), Kutch (Wind mills). Company setup Solvent Extraction plant and an oil refinery at Sidhpur, Refinery of 800 TPD and Vanaspati plant of 100 TPD at Kutch, Four environment friendly wind mills of 1.25 MW each in Kutch, 100 TPD operational refinery in Surat and co-generation power plant of 500 KWH at our Gandhidham unit. Towards expanding the scale of operations company setup two wholly owned subsidiaries in Mauritius and Singapore.
The Company is in the following lines of business:
Seed processing and Solvent Extraction
Oil cake
Solvent extracted oil
De-oiled cake
Refining of crude Edible oil to produce refined
Mustard oil
Soyabean oil
Sunflower oil
Groundnut oil
Cottonseed oil
Palm oil
Hydrogenation of oil to produce
Vanaspati ghee
Captive power generation plant
Objects of the Issue:
The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges & to raise capital:
Setting up a new 1500 TPD Soyabean processing plant near Gandhidham, Gujarat;
Expansion of our existing edible oil refinery at Surat, Gujarat;
Investment in our wholly owned Singapore subsidiary;
Funding part of our long term working capital;
Brand building activities;
Investment in increasing warehousing capacities and continuous Capex for exising units;
To meet expenses of the Issue in order to achieve the benefits of listing on the Stock Exchanges;
General corporate purposes.
Gokul Refoils and Solvent Ltd IPO Information
»» Public Issue Open: May 08, 2008 to May 13, 2008
»» Public Issue Type: 100% Book Built Issue (Initial Public Offer IPO)
»» Public Issue Size: 71,58,392 Equity Shares of Rs. 10/-
»» Face Value: Rs. 10/-
»» Public Issue Price: Rs 175/- to Rs 195/-
»» Maximum Subscription Amount for Retail Investor: Rs 100,000/-
»» Listing: BSE, NSE
»» Lead Manager: Anand Rathi Securities Ltd, Intensive Fiscal Services Private Ltd
»» Registrar: Intime Spectrum Registry Ltd (Ph: +91-22-25960320 Email: gokulipo@intimespectrum.com)
Company has 680 TPD of seed processing, 600 TPD of Solvent Extraction, 1200 TPD of refining and 200 TPD of Vanaspati manufacturing. The units are situated at Sidhpur (Sidhpur unit, North Gujarat), Anjar (Gandhidham unit, Kutch), Navi Pardi (Surat unit, South Gujarat), Kutch (Wind mills). Company setup Solvent Extraction plant and an oil refinery at Sidhpur, Refinery of 800 TPD and Vanaspati plant of 100 TPD at Kutch, Four environment friendly wind mills of 1.25 MW each in Kutch, 100 TPD operational refinery in Surat and co-generation power plant of 500 KWH at our Gandhidham unit. Towards expanding the scale of operations company setup two wholly owned subsidiaries in Mauritius and Singapore.
The Company is in the following lines of business:
Seed processing and Solvent Extraction
Oil cake
Solvent extracted oil
De-oiled cake
Refining of crude Edible oil to produce refined
Mustard oil
Soyabean oil
Sunflower oil
Groundnut oil
Cottonseed oil
Palm oil
Hydrogenation of oil to produce
Vanaspati ghee
Captive power generation plant
Objects of the Issue:
The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges & to raise capital:
Setting up a new 1500 TPD Soyabean processing plant near Gandhidham, Gujarat;
Expansion of our existing edible oil refinery at Surat, Gujarat;
Investment in our wholly owned Singapore subsidiary;
Funding part of our long term working capital;
Brand building activities;
Investment in increasing warehousing capacities and continuous Capex for exising units;
To meet expenses of the Issue in order to achieve the benefits of listing on the Stock Exchanges;
General corporate purposes.
Gokul Refoils and Solvent Ltd IPO Information
»» Public Issue Open: May 08, 2008 to May 13, 2008
»» Public Issue Type: 100% Book Built Issue (Initial Public Offer IPO)
»» Public Issue Size: 71,58,392 Equity Shares of Rs. 10/-
»» Face Value: Rs. 10/-
»» Public Issue Price: Rs 175/- to Rs 195/-
»» Maximum Subscription Amount for Retail Investor: Rs 100,000/-
»» Listing: BSE, NSE
»» Lead Manager: Anand Rathi Securities Ltd, Intensive Fiscal Services Private Ltd
»» Registrar: Intime Spectrum Registry Ltd (Ph: +91-22-25960320 Email: gokulipo@intimespectrum.com)
Post Market Report 02.05.2008
The market surged in late trade to end close to the day’s high. It held firm despite the latest data showing a rise in inflation to highest level in more than three years. Firm global markets supported domestic bourses. The market had pared gains in mid-morning trade after a strong start ahead of the inflation data. It had surged in early trade on positive cues from global equities.
Gains in banking, realty, IT, capital goods, and auto stocks powered today's rally on the bourses. Except BSE Metal index all the sectoral indices on BSE were trading in green. Metal stocks declined as global base metal prices retreated. The market breadth was positive.
European markets which opened after Indian market, were strong. Asian markets which opened before Indian market, were firm. US stocks rose on Thursday, 1 May 2008, as a rebound in the dollar and retreating oil prices calmed fears about inflation, renewing investors' appetite for riskier assets, including undervalued technology shares.
India's wholesale price index rose 7.57% in 12 months to 19 April 2008, accelerating from the previous week's annual rise of 7.33%, government data released today showed. The rate was the highest since a reading of 7.68% on 13 November 2004.
The 30-share BSE Sensex provisionally ended up 323.96 points or 1.87% at 17,611.27. Sensex was up 158.62 points at the day's low of 17,445.93 hit in mid-morning trade. Sensex hit a high of 17,621.24 in early trade, its highest level since 29 February 2008. At the day’s high, Sensex rose 333.93 points.
The broader based S&P CNX Nifty was up 59.5 points or 1.15% at 5,225.40.
The BSE clocked a turnover of Rs 6549 crore today compared to a turnover of Rs 6909.57 crore on Wednesday, 30 April 2008. The market was closed on Thursday, 1 May 2008, for a public holiday.
The market breadth was positive with 1,393 shares advancing as compared to 1306 that declined on BSE. 74 remained unchanged.
The BSE Mid-Cap index rose 1.36% to 7,236.14 and BSE Small-Cap index rose 0.47% to 8,814.64.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) rose 2.49% to Rs 2,680.05 after the company said it had signed an agreement to buy a 90% stake in an exploration block in Peru.
Banking stocks rose across the board despite surge in inflation. HDFC Bank (up rose 1.33% to Rs 1,535), ICICI Bank (up 6.55% to Rs 937), edged higher.
India’s largest commercial bank State Bank of India rose 2.86% to Rs 1,827.10. The bank today reported 26% rise in net profit to Rs 1883 crore in Q4 March 2008 over Q4 March 2007. The results hit the market at the fag end of the trading session.
Bank of India rose 5.36% to Rs 361 after it posted 70% rise in net profit to Rs 757 crore in Q4 March 2008 over Q4 March 2007.
Finance Minister (FM) P Chidambaram on Thursday, 1 May 2008, said state-run banks are unlikely to hike interest rates in the near future. FM said banks were quite happy that only the CRR (cash reserve ratio) has been raised by the Reserve Bank of India and policy rates have been untouched. RBI on Tuesday, 29 April 2008, hike CRR by 25 basis points to 8.25% in its annual monetary policy review.
Auto stock rose on strong monthly sales. India’s largest car maker by sales Maruti Suzuki India rose 6.6% to Rs 790.90. Maruti Suzuki India has recorded a 22.4% growth in domestic sales in April 2008 compared with April 2007. The company's exports grew 64.5% during the month compared with the year-ago period. In April Maruti Suzuki sold 59,539 units in the domestic market compared with 48,652 units in April 2007.
Bajaj Holdings rose 3.38% to Rs 733.15. Erstwhile Bajaj Auto reported a 23.60% growth in motorcycle sales during April 2008 at 2,03,081 units against 1,64,304 units in the same month last year. The company's total two-wheeler sales also rose 23.08% during the month at 2,03,930 units as compared to 1,65,692 units in April last year.
India’s largest motorbike maker by sales Hero Honda Motors declined 0.79% to Rs 844. Hero Honda Motors reported a 9.03% jump in motorcycle sales during April 2008 at 2,86,252 units against 2,62,544 units in the same month last year.
India’s largest tractor maker by sales Mahindra & Mahindra rose 2.95% to Rs 690.15 on reports the company is exploring buying stake in Pune-based two-wheeler maker Kinetic Motor. India’s largest truck maker by sales Tata Motors rose 3.68% to Rs 685.05.
Realty stocks rose. Housing Development and Infrastructure (up 10.8% to Rs 855.35), Indiabulls Real Estate (up 3.51% to Rs 567) and Unitech (up 3.03% to Rs 319.80) edged higher.
India’s largest real estate player by market capitalisation DLF rose 2.11% to Rs 720.15. DLF reported a net profit of Rs 638.55 crore on a sales of Rs 1613.32 crore in Q4 March 2008.
Capital goods stocks rose. Larsen & Toubro (up 4.58% to Rs 3,141.05), Bharat Heavy Electricals (up 0.65% to Rs 1,909.25), Suzlon Energy (up 0.63% to Rs 288.95) edged higher.
IT stocks rose. Wipro (up 2.78% to Rs 502.20), Tata Consultancy Services (up 2.31% to Rs 940.75), Satyam Computer services (up 2.47% to Rs 494.10) and Infosys (up 2.04% t o Rs 1,789.50) edged higher.
Metal stocks declined as global base metal prices retreated. Sterlite Industries (down 4.24% to Rs 825.60), Hindalco Industries (down 4% to Rs 185.85) and Tata Steel (down 2.52% to Rs 797) National aluminium Company (down 2.42% to Rs 438.40) and Steel Authority of India (down 1% to Rs 183.20) edged lower.
Jaiprakash Associates (up 5.77% to Rs 286.95), ONGC (up 0.56% to Rs 1,039.20), ITC (up 0.43% to Rs 220.75) edged higher from Sensex pack.
HDFC (down 1.11% to Rs 2,773.75), ACC (down 0.67% to Rs 753.55), Ambuja Cement (down 0.88% to Rs 112.90) edged lower from Sensex pack.
India’s largest telecom services provider by sales Reliance Communications declined 3.2% to Rs 561.20. Reliance Communications is reportedly looking to bid for South African telecom major MTN. Reliance Communications is talking to leading global banks to raise resources and be ready, in case MTN's management decides to invite bids, the reports added.
Indian Bank rose 2.23% to Rs 142.15. It has signed an agreement with Reliance Capital Asset Management to act as a corporate agent to sell the mutual fund products of Reliance Mutual Fund.
Adani Enterprises rose 2.7% to Rs 868. The company's subsidiary, Adani Power, has filed a draft red herring form (DRHF) on 2 May 2008 with the Securities & Exchange Board of India for offering 29.69 crore equity shares (including employee reservation) to the public on 100% book building basis.
Gains in banking, realty, IT, capital goods, and auto stocks powered today's rally on the bourses. Except BSE Metal index all the sectoral indices on BSE were trading in green. Metal stocks declined as global base metal prices retreated. The market breadth was positive.
European markets which opened after Indian market, were strong. Asian markets which opened before Indian market, were firm. US stocks rose on Thursday, 1 May 2008, as a rebound in the dollar and retreating oil prices calmed fears about inflation, renewing investors' appetite for riskier assets, including undervalued technology shares.
India's wholesale price index rose 7.57% in 12 months to 19 April 2008, accelerating from the previous week's annual rise of 7.33%, government data released today showed. The rate was the highest since a reading of 7.68% on 13 November 2004.
The 30-share BSE Sensex provisionally ended up 323.96 points or 1.87% at 17,611.27. Sensex was up 158.62 points at the day's low of 17,445.93 hit in mid-morning trade. Sensex hit a high of 17,621.24 in early trade, its highest level since 29 February 2008. At the day’s high, Sensex rose 333.93 points.
The broader based S&P CNX Nifty was up 59.5 points or 1.15% at 5,225.40.
The BSE clocked a turnover of Rs 6549 crore today compared to a turnover of Rs 6909.57 crore on Wednesday, 30 April 2008. The market was closed on Thursday, 1 May 2008, for a public holiday.
The market breadth was positive with 1,393 shares advancing as compared to 1306 that declined on BSE. 74 remained unchanged.
The BSE Mid-Cap index rose 1.36% to 7,236.14 and BSE Small-Cap index rose 0.47% to 8,814.64.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) rose 2.49% to Rs 2,680.05 after the company said it had signed an agreement to buy a 90% stake in an exploration block in Peru.
Banking stocks rose across the board despite surge in inflation. HDFC Bank (up rose 1.33% to Rs 1,535), ICICI Bank (up 6.55% to Rs 937), edged higher.
India’s largest commercial bank State Bank of India rose 2.86% to Rs 1,827.10. The bank today reported 26% rise in net profit to Rs 1883 crore in Q4 March 2008 over Q4 March 2007. The results hit the market at the fag end of the trading session.
Bank of India rose 5.36% to Rs 361 after it posted 70% rise in net profit to Rs 757 crore in Q4 March 2008 over Q4 March 2007.
Finance Minister (FM) P Chidambaram on Thursday, 1 May 2008, said state-run banks are unlikely to hike interest rates in the near future. FM said banks were quite happy that only the CRR (cash reserve ratio) has been raised by the Reserve Bank of India and policy rates have been untouched. RBI on Tuesday, 29 April 2008, hike CRR by 25 basis points to 8.25% in its annual monetary policy review.
Auto stock rose on strong monthly sales. India’s largest car maker by sales Maruti Suzuki India rose 6.6% to Rs 790.90. Maruti Suzuki India has recorded a 22.4% growth in domestic sales in April 2008 compared with April 2007. The company's exports grew 64.5% during the month compared with the year-ago period. In April Maruti Suzuki sold 59,539 units in the domestic market compared with 48,652 units in April 2007.
Bajaj Holdings rose 3.38% to Rs 733.15. Erstwhile Bajaj Auto reported a 23.60% growth in motorcycle sales during April 2008 at 2,03,081 units against 1,64,304 units in the same month last year. The company's total two-wheeler sales also rose 23.08% during the month at 2,03,930 units as compared to 1,65,692 units in April last year.
India’s largest motorbike maker by sales Hero Honda Motors declined 0.79% to Rs 844. Hero Honda Motors reported a 9.03% jump in motorcycle sales during April 2008 at 2,86,252 units against 2,62,544 units in the same month last year.
India’s largest tractor maker by sales Mahindra & Mahindra rose 2.95% to Rs 690.15 on reports the company is exploring buying stake in Pune-based two-wheeler maker Kinetic Motor. India’s largest truck maker by sales Tata Motors rose 3.68% to Rs 685.05.
Realty stocks rose. Housing Development and Infrastructure (up 10.8% to Rs 855.35), Indiabulls Real Estate (up 3.51% to Rs 567) and Unitech (up 3.03% to Rs 319.80) edged higher.
India’s largest real estate player by market capitalisation DLF rose 2.11% to Rs 720.15. DLF reported a net profit of Rs 638.55 crore on a sales of Rs 1613.32 crore in Q4 March 2008.
Capital goods stocks rose. Larsen & Toubro (up 4.58% to Rs 3,141.05), Bharat Heavy Electricals (up 0.65% to Rs 1,909.25), Suzlon Energy (up 0.63% to Rs 288.95) edged higher.
IT stocks rose. Wipro (up 2.78% to Rs 502.20), Tata Consultancy Services (up 2.31% to Rs 940.75), Satyam Computer services (up 2.47% to Rs 494.10) and Infosys (up 2.04% t o Rs 1,789.50) edged higher.
Metal stocks declined as global base metal prices retreated. Sterlite Industries (down 4.24% to Rs 825.60), Hindalco Industries (down 4% to Rs 185.85) and Tata Steel (down 2.52% to Rs 797) National aluminium Company (down 2.42% to Rs 438.40) and Steel Authority of India (down 1% to Rs 183.20) edged lower.
Jaiprakash Associates (up 5.77% to Rs 286.95), ONGC (up 0.56% to Rs 1,039.20), ITC (up 0.43% to Rs 220.75) edged higher from Sensex pack.
HDFC (down 1.11% to Rs 2,773.75), ACC (down 0.67% to Rs 753.55), Ambuja Cement (down 0.88% to Rs 112.90) edged lower from Sensex pack.
India’s largest telecom services provider by sales Reliance Communications declined 3.2% to Rs 561.20. Reliance Communications is reportedly looking to bid for South African telecom major MTN. Reliance Communications is talking to leading global banks to raise resources and be ready, in case MTN's management decides to invite bids, the reports added.
Indian Bank rose 2.23% to Rs 142.15. It has signed an agreement with Reliance Capital Asset Management to act as a corporate agent to sell the mutual fund products of Reliance Mutual Fund.
Adani Enterprises rose 2.7% to Rs 868. The company's subsidiary, Adani Power, has filed a draft red herring form (DRHF) on 2 May 2008 with the Securities & Exchange Board of India for offering 29.69 crore equity shares (including employee reservation) to the public on 100% book building basis.
Mkts surge
Markets continue to maintain its upword momentum. Buying is witness in bank, auto, power; they are up over 2%. Buying is also seen in power, capital goods, IT, oil & gas and reality. However metal is down 1.5%.
At 13.50 hrs IST, the Sensex is up 231.09 points or 1.34% at 17518.40, and the Nifty up 50.90 points or 0.99% at 5216.80.
About 1581 shares have advanced, 1287 shares declined, and 214 shares are unchanged.
Maruti Suzuki, Reliance Infra, Jaiprakash Asso and ICICI Bank were the top gainer on the indices.
However the top loser includes Hindalco, Reliance Comm, Tata Steel, Sterlite Ind and Hindalco.
At 13.50 hrs IST, the Sensex is up 231.09 points or 1.34% at 17518.40, and the Nifty up 50.90 points or 0.99% at 5216.80.
About 1581 shares have advanced, 1287 shares declined, and 214 shares are unchanged.
Maruti Suzuki, Reliance Infra, Jaiprakash Asso and ICICI Bank were the top gainer on the indices.
However the top loser includes Hindalco, Reliance Comm, Tata Steel, Sterlite Ind and Hindalco.
Ruchi Soya Q4 net profit at Rs 37.7 cr
Ruchi Soya Industries has declared its results for the quarter ended March 2008 (Q4). The company's net sales were at Rs 3480.6 crore versus Rs 2740.1 crore.
During the same quarter its net profit was at Rs 37.7 crore versus Rs 27.85 crore.
During the same quarter its net profit was at Rs 37.7 crore versus Rs 27.85 crore.
Rel Power to invest $1 bn in mine exploration, logistics
Reliance Power has acquired three coal mines in South Sumatra and Indonesia. It will invest USD 1 billion in mine exploration and logistics.
JP Chalsani, CEO, Reliance Power told CNBC-TV18 that payment for the acquisition is linked to actual production of coal and the three mines have total coal resources of 2 billion metric tonne.
Coal resources will be used for Krishnapatnam UMPP and Shahpur. Reliance Power can mine up to 40 mt per annum coal from these three mines.
JP Chalsani, CEO, Reliance Power told CNBC-TV18 that payment for the acquisition is linked to actual production of coal and the three mines have total coal resources of 2 billion metric tonne.
Coal resources will be used for Krishnapatnam UMPP and Shahpur. Reliance Power can mine up to 40 mt per annum coal from these three mines.
Markets continue to trade higher
Markets continue to trade higher and show no signs of weakness. Even inflation numbers have come out higher than market expectation. Inflation for week ended April 19 is at 7.57% versus 7.33%, at a 42-month high. The BSE bank, auto, IT and power indices are witnessing buying interest and are up over 2% each.
At 12.02 hrs IST, the Sensex is up 228.20 points or 1.32% at 17515.51, and the Nifty up 52.70 points or 1.02% at 5218.60.
About 1669 shares have advanced, 1186 shares declined, and 227 shares are unchanged.
Reliance Infra, Maruti Suzuki, Jaiprakash Asso and M&M are top gainers on the bourses.
However, top losers on the bourses are Hindalco, Reliance Comm, Tata Steel and Sterlite Ind.
At 12.02 hrs IST, the Sensex is up 228.20 points or 1.32% at 17515.51, and the Nifty up 52.70 points or 1.02% at 5218.60.
About 1669 shares have advanced, 1186 shares declined, and 227 shares are unchanged.
Reliance Infra, Maruti Suzuki, Jaiprakash Asso and M&M are top gainers on the bourses.
However, top losers on the bourses are Hindalco, Reliance Comm, Tata Steel and Sterlite Ind.
Indias Inflation for the week ended April 19 was at 7.57%, against expectation of 7.42%
Inflation for week-ended April is at 7.57% versus 7.33%. It is at a 42-month high.
The Wholesale Price Index (WPI) is up on rise in primary articles and manufactured goods.
Gilts have gone up despite rise in inflation as higher headline WPI has been priced in.
Reacting to inflation numbers, Finance Minister P Chidambaram provided hope by saying current inflation is likely to be contained. He said food prices will come down sooner than other prices. As a contingency, 154 lakh tonnes of wheat and 250 lakh tonnes of rice have been acquired.
The Wholesale Price Index (WPI) is up on rise in primary articles and manufactured goods.
Gilts have gone up despite rise in inflation as higher headline WPI has been priced in.
Reacting to inflation numbers, Finance Minister P Chidambaram provided hope by saying current inflation is likely to be contained. He said food prices will come down sooner than other prices. As a contingency, 154 lakh tonnes of wheat and 250 lakh tonnes of rice have been acquired.
Performance of Pre market tips 02.05.2008 @11.50AM
Buy RPL above 201.50 target 204/206/207 high 205.35
Buy RPOWER above 395 target 398/400/402 high 404.00
Buy RNRL above 123 target 124.5/125.75/128 high 126.00
Buy Voltas above 192 target 193/195/196 high 195.50
buy MRPL above 102 target 103/106/107 high 104
Buy Hindalco above 194 target 196/199/201 high 198
Buy RPOWER above 395 target 398/400/402 high 404.00
Buy RNRL above 123 target 124.5/125.75/128 high 126.00
Buy Voltas above 192 target 193/195/196 high 195.50
buy MRPL above 102 target 103/106/107 high 104
Buy Hindalco above 194 target 196/199/201 high 198
Mkts off day's high
Markets are trading in green but off the day's high.
At 10.42 am, the Sensex is up 195.45 points or 1.13% at 17482.76, and the Nifty up 47.80 points or 0.93% at 5213.70.
About 1816 shares have advanced, 1044 shares declined, and 222 shares are unchanged.
At 10.42 am, the Sensex is up 195.45 points or 1.13% at 17482.76, and the Nifty up 47.80 points or 0.93% at 5213.70.
About 1816 shares have advanced, 1044 shares declined, and 222 shares are unchanged.
Market surges on positive global cues
The key benchmark indices opened strong on positive cues from global equities. The market is now eying the weekly inflation data which is slated to hit the market at 12:00 IST. IT and banking stocks rose. The market breadth was strong.
Asian markets which opened before Indian markets were strong. US stocks rose on Thursday, 1 May 2008, as a rebound in the dollar and retreating oil prices calmed fears about inflation, renewing investors' appetite for riskier assets, including undervalued technology shares.
At 10:22 IST, the 30-share BSE Sensex was up 234.87 points or 1.36% at 17,522.18. Sensex hit a high of 17,621.24 in early trade. At the day’s high, Sensex rose 333.93 points.
The broader based S&P CNX Nifty was up 60.05 points or 1.16% at 5,225.95.
The market breadth was strong on BSE with 1,398 shares advancing as compared to 345 that declined. 29 remained unchanged.
The BSE Mid-Cap index rose 1.6% to 7,252.87 and BSE Small-Cap index rose 1.24% to 8,882.43.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.85% to Rs 2,637.
Banking stocks rose across the board. Bank of India (up 7.22% to Rs 367.40), HDFC Bank (up rose 3.44% to Rs 1566), ICICI Bank (up 3.53% to Rs 910.40), State Bank of India (up up 2.89% to Rs 1,829) edged higher.
Finance Minister (FM) P Chidambaram on Thursday, 1 May 2008, said state-run banks are unlikely to hike interest rates in the near future. FM said banks were quite happy that only the CRR (cash reserve ratio) has been raised by the Reserve Bank of India and policy rates have been untouched. RBI on Tuesday, 29 April 2008, hike CRR by 25 basis points to 8.25% in its annual monetary policy review.
IT stocks rose. Wipro (up 3.4% to Rs 505.20), Tata Consultancy Services (up 3% to Rs 947.10), Satyam Computer services (up 2.25% to Rs 493.05) and Infosys (up 2.01% t o Rs 1,789) edged higher.
Reliance Infrastructure (up 4.99% to Rs 1,496.80), Jaiprakash Associates (up 4.02% to Rs 281.70), Tata Motors (up 2.69% to Rs 680), Mahindra & Mahindra (up 2.33% to Rs 686), NTPC (up 1.32% to Rs 199.35) edged higher from Sensex pack.
Hindalco Industries (down 3.51% to Rs 186.80) and Tata Steel (down 0.32% to Rs 815) edged lower from Sensex pack.
India’s largest car maker by sales Maruti Suzuki India rose 4.19% to Rs 773. Maruti Suzuki India has recorded a 22.4% growth in domestic sales in April 2008 compared with April 2007. The company's exports grew 64.5% during the month compared with the year-ago period. In April Maruti Suzuki sold 59,539 units in the domestic market compared with 48,652 units in April 2007.
Bajaj Holdings rose 2.93% to Rs 730. Erstwhile Bajaj Auto reported a 23.60% growth in motorcycle sales during April 2008 at 2,03,081 units against 1,64,304 units in the same month last year. The company's total two-wheeler sales also rose 23.08% during the month at 2,03,930 units as compared to 1,65,692 units in April last year.
India’s largest motorbike maker by sales Hero Honda Motors rose 0.68% to Rs 856.50. Hero Honda Motors reported a 9.03% jump in motorcycle sales during April 2008 at 2,86,252 units against 2,62,544 units in the same month last year.
India’s largest real estate player by market capitalisation DLF rose 2.51% to Rs 722.95. DLF reported a net profit of Rs 638.55 crore on a sales of Rs 1613.32 crore in Q4 March 2008.
India’s largest telecom services provider by sales Reliance Communications rose 0.3% to Rs 581.50. Reliance Communications is reportedly looking to bid for South African telecom major MTN. Reliance Communications is talking to leading global banks to raise resources and be ready, in case MTN's management decides to invite bids, the reports added.
MindTree Consulting rose 3.88% to Rs 485. MindTree Consulting is reportedly set to acquire mid-tier outsourcing product development (OPD) and testing player, Aztecsoft, for around Rs 400 crore. The deal is expected to be concluded in a couple of days, the reports added.
Jet Airways rose 1.82% to Rs 563. Jet Airways will hike the cost of full-fare flights by 10% from 3 May 2008. On discounted fares it has announced an increase in the fuel surcharge.
Idea Cellular rose 1.9% to Rs 107.50. Idea Cellular will reportedly invest an additional $400 million (Rs 1,600 crore) for rolling out telecom services in four new circles - Mumbai, Bihar, Tamil Nadu and Orissa. The service provider will start operations in Mumbai and Bihar circles in the July-September 2008 quarter, and in Tamil Nadu and Orissa by the October-December 2008 quarter.
Videocon Industries rose 1.42% to Rs 379.50. Videocon Industries reported 8.6% rise in net profit to Rs 251.22 crore on a 16.8% increase in sales to Rs 2514.91 crore in Q2 March 2008 over Q2 March 2007.
Great Offshore rose 2.23% to Rs 668.50. Great Offshore reported 41.6% jump in net profit to Rs 42.39 crore on a 23.9% rise in sales to Rs 184.98 crore in Q4 March 2008 over Q4 March 2007
Asian markets which opened before Indian markets were strong. US stocks rose on Thursday, 1 May 2008, as a rebound in the dollar and retreating oil prices calmed fears about inflation, renewing investors' appetite for riskier assets, including undervalued technology shares.
At 10:22 IST, the 30-share BSE Sensex was up 234.87 points or 1.36% at 17,522.18. Sensex hit a high of 17,621.24 in early trade. At the day’s high, Sensex rose 333.93 points.
The broader based S&P CNX Nifty was up 60.05 points or 1.16% at 5,225.95.
The market breadth was strong on BSE with 1,398 shares advancing as compared to 345 that declined. 29 remained unchanged.
The BSE Mid-Cap index rose 1.6% to 7,252.87 and BSE Small-Cap index rose 1.24% to 8,882.43.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.85% to Rs 2,637.
Banking stocks rose across the board. Bank of India (up 7.22% to Rs 367.40), HDFC Bank (up rose 3.44% to Rs 1566), ICICI Bank (up 3.53% to Rs 910.40), State Bank of India (up up 2.89% to Rs 1,829) edged higher.
Finance Minister (FM) P Chidambaram on Thursday, 1 May 2008, said state-run banks are unlikely to hike interest rates in the near future. FM said banks were quite happy that only the CRR (cash reserve ratio) has been raised by the Reserve Bank of India and policy rates have been untouched. RBI on Tuesday, 29 April 2008, hike CRR by 25 basis points to 8.25% in its annual monetary policy review.
IT stocks rose. Wipro (up 3.4% to Rs 505.20), Tata Consultancy Services (up 3% to Rs 947.10), Satyam Computer services (up 2.25% to Rs 493.05) and Infosys (up 2.01% t o Rs 1,789) edged higher.
Reliance Infrastructure (up 4.99% to Rs 1,496.80), Jaiprakash Associates (up 4.02% to Rs 281.70), Tata Motors (up 2.69% to Rs 680), Mahindra & Mahindra (up 2.33% to Rs 686), NTPC (up 1.32% to Rs 199.35) edged higher from Sensex pack.
Hindalco Industries (down 3.51% to Rs 186.80) and Tata Steel (down 0.32% to Rs 815) edged lower from Sensex pack.
India’s largest car maker by sales Maruti Suzuki India rose 4.19% to Rs 773. Maruti Suzuki India has recorded a 22.4% growth in domestic sales in April 2008 compared with April 2007. The company's exports grew 64.5% during the month compared with the year-ago period. In April Maruti Suzuki sold 59,539 units in the domestic market compared with 48,652 units in April 2007.
Bajaj Holdings rose 2.93% to Rs 730. Erstwhile Bajaj Auto reported a 23.60% growth in motorcycle sales during April 2008 at 2,03,081 units against 1,64,304 units in the same month last year. The company's total two-wheeler sales also rose 23.08% during the month at 2,03,930 units as compared to 1,65,692 units in April last year.
India’s largest motorbike maker by sales Hero Honda Motors rose 0.68% to Rs 856.50. Hero Honda Motors reported a 9.03% jump in motorcycle sales during April 2008 at 2,86,252 units against 2,62,544 units in the same month last year.
India’s largest real estate player by market capitalisation DLF rose 2.51% to Rs 722.95. DLF reported a net profit of Rs 638.55 crore on a sales of Rs 1613.32 crore in Q4 March 2008.
India’s largest telecom services provider by sales Reliance Communications rose 0.3% to Rs 581.50. Reliance Communications is reportedly looking to bid for South African telecom major MTN. Reliance Communications is talking to leading global banks to raise resources and be ready, in case MTN's management decides to invite bids, the reports added.
MindTree Consulting rose 3.88% to Rs 485. MindTree Consulting is reportedly set to acquire mid-tier outsourcing product development (OPD) and testing player, Aztecsoft, for around Rs 400 crore. The deal is expected to be concluded in a couple of days, the reports added.
Jet Airways rose 1.82% to Rs 563. Jet Airways will hike the cost of full-fare flights by 10% from 3 May 2008. On discounted fares it has announced an increase in the fuel surcharge.
Idea Cellular rose 1.9% to Rs 107.50. Idea Cellular will reportedly invest an additional $400 million (Rs 1,600 crore) for rolling out telecom services in four new circles - Mumbai, Bihar, Tamil Nadu and Orissa. The service provider will start operations in Mumbai and Bihar circles in the July-September 2008 quarter, and in Tamil Nadu and Orissa by the October-December 2008 quarter.
Videocon Industries rose 1.42% to Rs 379.50. Videocon Industries reported 8.6% rise in net profit to Rs 251.22 crore on a 16.8% increase in sales to Rs 2514.91 crore in Q2 March 2008 over Q2 March 2007.
Great Offshore rose 2.23% to Rs 668.50. Great Offshore reported 41.6% jump in net profit to Rs 42.39 crore on a 23.9% rise in sales to Rs 184.98 crore in Q4 March 2008 over Q4 March 2007
Market opens higher
The markets have opened with smart gains mirrior global peers. Nifty breached 5200 mark. The BSE bankex, realty, power, IT stocks witnessing buying interest.
At 9.56 am, the Sensex is up 302 points at 17590, and the Nifty is up 85 points at 5259.
ICICI Bank, Satyam, DLF, Unitech, Tata Motors are among major gainers.
Fertiliser stocks like Chambal Fertilisers and Nagarjuna Fertilisers are trading with over 3% gain
At 9.56 am, the Sensex is up 302 points at 17590, and the Nifty is up 85 points at 5259.
ICICI Bank, Satyam, DLF, Unitech, Tata Motors are among major gainers.
Fertiliser stocks like Chambal Fertilisers and Nagarjuna Fertilisers are trading with over 3% gain
Sterling Biotech Q1 net profit at Rs 55 cr
Sterling Biotech has announced its results for the quarter ended March 2008 (Q1). The company's net sales stood at Rs 269 crore versus Rs 174 crore.
In the same quarter its net profit was at Rs 55 crore versus Rs 38 crore (Up 45%).
In the same quarter its net profit was at Rs 55 crore versus Rs 38 crore (Up 45%).
Great Offshore Q4 net profit at Rs 42.4 cr
Great Offshore has declared its results for the quarter ended March 2008 (Q4). The company's net sales were at Rs 185 crore versus Rs 149 crore. Its other income was at Rs 20 crore versus Rs 2.65 crore.
In the same quarter its net profit was at Rs 42.4 crore versus Rs 29.9 crore. The company's OPM were at 25.7% versus 45.6%.
In the same quarter its net profit was at Rs 42.4 crore versus Rs 29.9 crore. The company's OPM were at 25.7% versus 45.6%.
Ballarpur Ind Q3 net profit at Rs 75.9 cr
Ballarpur Industries has announced its consolidated results for the quarter ended March 2008 (Q3). The company's net sales were at Rs 735 crore.
During the same quarter its operating profit was at Rs 128.7 crore. The company's net profit was at Rs 75.9 crore.
During the same quarter its operating profit was at Rs 128.7 crore. The company's net profit was at Rs 75.9 crore.
Jindal Stainless Q4 net profit at Rs 53.1 cr
Jindal Stainless has declared its results for the quarter ended March 2008 (Q4). The company's net sales were at Rs 1496.3 crore versus Rs 1432.4 crore (Up 4%).
During the same quarter operating profit was at Rs 171 crore versus Rs 231.3 crore. The company's net profit was at Rs 53.1 crore versus Rs 92.1 crore.
During the same quarter operating profit was at Rs 171 crore versus Rs 231.3 crore. The company's net profit was at Rs 53.1 crore versus Rs 92.1 crore.
Pre Market Report 02.05.2008
The market which has witnessed a solid surge over the past few days is set to extend the rally on positive cues from global equities and with latest batch of corporate results coming in strong. Data showing top auto firms reporting strong sales in April 2008 may also lift sentiment. On Wednesday, 30 April 2008, Reliance Communications and HDFC reported strong Q4 March 2008 results. The results were announced during trading hours on that day.
US stocks rose on Thursday, 1 May 2008, as a rebound in the dollar and retreating oil prices calmed fears about inflation, renewing investors' appetite for riskier assets, including undervalued technology shares. The Dow Jones industrial average shot up 189.87 points, or 1.48 percent, to 13,010.00. The Standard & Poor's 500 Index surged 23.75 points, or 1.71 percent, to 1,409.34. The Nasdaq Composite Index climbed 67.91 points, or 2.81 percent, to 2,480.71.
All these three major indexes closed at the highest level since the first half of January 2008 as equities extended a rally started in mid-March 2008 on optimism that credit markets and the economy have begun to stabilize.
In Asia, key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were up by between 0.4% to 2.3%.
Earlier, the US Federal Reserve on Wednesday, 30 April 2008, cut Fed Funds rate by 25 basis points to 2% and hinted at a pause in its recent campaign to lower borrowing costs.
Back home, data on inflation for the year through 19 April 2008 will be released by the Indian government at 12:00 IST. Inflation which is running at over 7% is a currently a key concern for the stock market.
US stocks rose on Thursday, 1 May 2008, as a rebound in the dollar and retreating oil prices calmed fears about inflation, renewing investors' appetite for riskier assets, including undervalued technology shares. The Dow Jones industrial average shot up 189.87 points, or 1.48 percent, to 13,010.00. The Standard & Poor's 500 Index surged 23.75 points, or 1.71 percent, to 1,409.34. The Nasdaq Composite Index climbed 67.91 points, or 2.81 percent, to 2,480.71.
All these three major indexes closed at the highest level since the first half of January 2008 as equities extended a rally started in mid-March 2008 on optimism that credit markets and the economy have begun to stabilize.
In Asia, key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were up by between 0.4% to 2.3%.
Earlier, the US Federal Reserve on Wednesday, 30 April 2008, cut Fed Funds rate by 25 basis points to 2% and hinted at a pause in its recent campaign to lower borrowing costs.
Back home, data on inflation for the year through 19 April 2008 will be released by the Indian government at 12:00 IST. Inflation which is running at over 7% is a currently a key concern for the stock market.
Asian Markets stil trade high- Indain market's to open high
At 9.15AM IST asian markets were
Nikkei 225 14,014.40 +247.54 +1.80%
Hang Seng 26,348.77 +593.42 +2.30%
Straits Times 3,223.04 +75.25 +2.39%
Indian markets also to open high. Nifty will open atleast 50 points higher may go up till 100 points.
Nikkei 225 14,014.40 +247.54 +1.80%
Hang Seng 26,348.77 +593.42 +2.30%
Straits Times 3,223.04 +75.25 +2.39%
Indian markets also to open high. Nifty will open atleast 50 points higher may go up till 100 points.
Pre market tips for 02.05.2008
Buy RPL above 201.50 target 204/206/207
Buy RPOWER above 395 target 398/400/402
Buy RNRL above 123 target 124.5/125.75/128
Buy Voltas above 192 target 193/195/196
buy MRPL above 102 target 103/106/107
Buy Hindalco above 194 target 196/199/201
Buy RPOWER above 395 target 398/400/402
Buy RNRL above 123 target 124.5/125.75/128
Buy Voltas above 192 target 193/195/196
buy MRPL above 102 target 103/106/107
Buy Hindalco above 194 target 196/199/201
Asian markets opens high
After US markets closed more 1% up, Asian markets also showing good upward move opened up nearly 2% up..
At 8.15AM asian Markets
Nikkei 225 14,014.40 +247.54 +1.80%
Hang Seng 26,325.08 +569.73 +2.21%
Straits Times 3,222.99 +75.20 +2.39%
At 8.15AM asian Markets
Nikkei 225 14,014.40 +247.54 +1.80%
Hang Seng 26,325.08 +569.73 +2.21%
Straits Times 3,222.99 +75.20 +2.39%
Stocks rise and Dow crosses 13,000 as dollar advances
Wall Street shot higher Thursday as investors, while anticipating another dismal jobs report Friday, viewed the rising dollar and falling oil prices as promising signs for the economy.
US Market Closing
Dow 13,010.00 +189.87 +1.48%
Nasdaq 2,480.71 +67.91 +2.81%
S&P 500 1,409.34 +23.75 +1.71%
US Market Closing
Dow 13,010.00 +189.87 +1.48%
Nasdaq 2,480.71 +67.91 +2.81%
S&P 500 1,409.34 +23.75 +1.71%
Thursday, May 1, 2008
US markets close in red
Market showed good positive moove after fed rate cut but after given up all the gains and ended in red
Dow 12,820.13 -11.81 -0.09%
Nasdaq 2,412.80 -13.30 -0.55%
S&P 500 1,385.59 -5.35 -0.38%
Dow 12,820.13 -11.81 -0.09%
Nasdaq 2,412.80 -13.30 -0.55%
S&P 500 1,385.59 -5.35 -0.38%
Reliance Communication Q4 net up 47 pct, beats forcast
Reliance Communications, India's No. 2 mobile operator, beat forecasts with a 47 percent jump in quarterly net profit as it added more users in the world's fastest-growing wireless market, sending its shares up 2 percent.
India overtook the United States as the biggest market for wireless services after China, with a record 10.2 million people signing up for mobile phones in March.
Local call tariff of as low as U.S. 1 cent a minute and availability of cheaper handsets has seen India's mobile phone users soaring 25 times between 2002 and 2007.
Yet, only 22 percent of India's more than a billion people own mobile phones and operators have started expanding to smaller towns and to rural areas where 70 percent of the people live.
Reliance Communications, part of the Anil Dhirubhai Ambani Group, added 4.8 million mobile users between January and March taking its total to 45.8 million subscribers.
The company, which lags leader Bharti Airtel, said on Wednesday net profit rose to 15.03 billion rupees ($372 million) in the fiscal fourth quarter ended March 31 from 10.24 billion reported a year earlier.
"We are confident of improved performance in the future," Chairman Anil Ambani said in a statement.
Earnings before interest, tax, depreciation and amortization (EBITDA), a key performance gauge, rose 41.7 percent to 23.16 billion rupees, while EBITDA margins rose to 43.6 percent from 41.5 percent in the year-ago quarter.
Revenue rose to 53.11 billion rupees from 39.37 billion.
A Reuters poll of 10 analysts had forecast net profit of 13.31 billion rupees on sales of 52.58 billion.
Most of Reliance's users are on CDMA platform and Reliance is expanding the popular GSM-based services to all 23 service areas from the current 8 circles.
Ambani said in January the company would spend about $6 billion in the year to March 2009 as it expands its GSM network and builds mobile phone towers, on the top of a $5.3 billion investment in fiscal 2008.
For the full year ended March, profit rose 70.8 percent to 54.01 billion rupees on revenue of 190.68 billion, the company said.
Bharti Airtel last week reported a forecast-beating 37 percent rise in quarterly net profit to 18.53 billion rupees. Bharti had almost 62 million mobile users at end-March, a third more than Reliance's.
Shares in Reliance Communications were up 2.1 percent at 586.60 rupees by 0751 GMT in a Mumbai market that was down 0.1 percent. Bharti was up 1 percent at 910.70 rupees.
Reliance Communications shares lost 32 percent between January and March, underperforming the main index that fell 23 percent.
India overtook the United States as the biggest market for wireless services after China, with a record 10.2 million people signing up for mobile phones in March.
Local call tariff of as low as U.S. 1 cent a minute and availability of cheaper handsets has seen India's mobile phone users soaring 25 times between 2002 and 2007.
Yet, only 22 percent of India's more than a billion people own mobile phones and operators have started expanding to smaller towns and to rural areas where 70 percent of the people live.
Reliance Communications, part of the Anil Dhirubhai Ambani Group, added 4.8 million mobile users between January and March taking its total to 45.8 million subscribers.
The company, which lags leader Bharti Airtel, said on Wednesday net profit rose to 15.03 billion rupees ($372 million) in the fiscal fourth quarter ended March 31 from 10.24 billion reported a year earlier.
"We are confident of improved performance in the future," Chairman Anil Ambani said in a statement.
Earnings before interest, tax, depreciation and amortization (EBITDA), a key performance gauge, rose 41.7 percent to 23.16 billion rupees, while EBITDA margins rose to 43.6 percent from 41.5 percent in the year-ago quarter.
Revenue rose to 53.11 billion rupees from 39.37 billion.
A Reuters poll of 10 analysts had forecast net profit of 13.31 billion rupees on sales of 52.58 billion.
Most of Reliance's users are on CDMA platform and Reliance is expanding the popular GSM-based services to all 23 service areas from the current 8 circles.
Ambani said in January the company would spend about $6 billion in the year to March 2009 as it expands its GSM network and builds mobile phone towers, on the top of a $5.3 billion investment in fiscal 2008.
For the full year ended March, profit rose 70.8 percent to 54.01 billion rupees on revenue of 190.68 billion, the company said.
Bharti Airtel last week reported a forecast-beating 37 percent rise in quarterly net profit to 18.53 billion rupees. Bharti had almost 62 million mobile users at end-March, a third more than Reliance's.
Shares in Reliance Communications were up 2.1 percent at 586.60 rupees by 0751 GMT in a Mumbai market that was down 0.1 percent. Bharti was up 1 percent at 910.70 rupees.
Reliance Communications shares lost 32 percent between January and March, underperforming the main index that fell 23 percent.
Reliance buys stake to explore oil in Peru
Reliance Industries Ltd has signed an agreement to buy a 90 percent stake in an exploration block in Peru, a top company official said.
"It is a part of our international growth strategy. Our priority is that we are looking at heavy oil portfolio," the head of Reliance's petroleum business, P.M.S. Prasad, told reporters on Wednesday.
He said Reliance had agreed to acquire 90 percent of Block-141 in Peru from Pan Andean Resources Plc, a South-America-focused oil and gas explorer.
Prasad did not disclose the value of the deal.
In December, the president of Reliance's international oil business, Atul Chandra, said the company aimed to produce about 300,000 barrels per day of oil abroad and 100,000 bpd in India to ensure supply security for its refineries.
Reliance operates a 660,000 bpd refinery at Jamnagar in western India and its subsidiary, Reliance Petroleum, is building another 580,000 bpd plant adjacent to the existing one
"It is a part of our international growth strategy. Our priority is that we are looking at heavy oil portfolio," the head of Reliance's petroleum business, P.M.S. Prasad, told reporters on Wednesday.
He said Reliance had agreed to acquire 90 percent of Block-141 in Peru from Pan Andean Resources Plc, a South-America-focused oil and gas explorer.
Prasad did not disclose the value of the deal.
In December, the president of Reliance's international oil business, Atul Chandra, said the company aimed to produce about 300,000 barrels per day of oil abroad and 100,000 bpd in India to ensure supply security for its refineries.
Reliance operates a 660,000 bpd refinery at Jamnagar in western India and its subsidiary, Reliance Petroleum, is building another 580,000 bpd plant adjacent to the existing one
Fed cuts interest rates to lowest level in 4 years to prop up economy on edge of recession
Scrambling to shore up the faltering economy, the Federal Reserve cut interest rates to the lowest point in nearly four years Wednesday as the nation teetered on the edge of recession.
Wall Street rallied at first but then pulled back, concerned that the reduction might be the last for a while.
In fact, the Fed's trim was smaller than those of recent months amid indications the central bank might pause to see if months of powerful rate-cutting medicine and billions of dollars in stimulus checks will be enough to lift the country out of its slump.
Chairman Ben Bernanke led a divided Fed, in an 8-2 vote, in slicing its key rate by one-quarter percentage point to 2 percent.
In turn, the prime lending rate for millions of consumers and businesses fell by a corresponding amount, to 5 percent. The prime rate applies to certain credit cards, home equity lines of credit and other loans. Both rates are the lowest since late 2004.
The Federal Reserve, which has been dropping rates since last September, turned much more forceful early this year when housing, credit and financial problems worsened. Rate reductions in January and March alone marked the most aggressive intervention in a quarter-century in an effort to re-energize consumers and businesses.
Wall Street rallied at first but then pulled back, concerned that the reduction might be the last for a while.
In fact, the Fed's trim was smaller than those of recent months amid indications the central bank might pause to see if months of powerful rate-cutting medicine and billions of dollars in stimulus checks will be enough to lift the country out of its slump.
Chairman Ben Bernanke led a divided Fed, in an 8-2 vote, in slicing its key rate by one-quarter percentage point to 2 percent.
In turn, the prime lending rate for millions of consumers and businesses fell by a corresponding amount, to 5 percent. The prime rate applies to certain credit cards, home equity lines of credit and other loans. Both rates are the lowest since late 2004.
The Federal Reserve, which has been dropping rates since last September, turned much more forceful early this year when housing, credit and financial problems worsened. Rate reductions in January and March alone marked the most aggressive intervention in a quarter-century in an effort to re-energize consumers and businesses.
Wednesday, April 30, 2008
Post Market Report 30.04.2008
Profit taking pulled the market lower in choppy trade today. Traders booked profit ahead of the outcome of the US Federal Reserve's policy meeting later in the day. The market breadth turned negative in late trade in contrast to strong breadth earlier in the day. Banking and realty stocks declined even as auto stocks rose. Consumer durables stocks fell. IT and FMCG stocks rose. Oil & gas majors declined. European markets which opened after Indian markets were in red.
The 30-share BSE Sensex provisionally ended down 120.84 points or 0.7% at 17,257.62. Sensex hit a high of 17,480.70 in early trade. At the day’s high, Sensex rose 102.24 points. Sensex hit a low of 17241.88 in late trade. At day’s low Sensex lost 136.58 points.
The broader based S&P CNX Nifty was down 37.05 points or 0.71% at 5,158.45 as per provisional figures.
The market breadth turned negative on BSE with 1284 shares advancing as compared to 1420 that declined. 76 remained unchanged.
The BSE Mid-Cap index down 0.17% to 7,134.79 and BSE Small-Cap index down 0.3% to 8,759.13.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 1.65% to Rs 2609.10.
Consumer Durables stocks declined. Titan Industries (down 5.6% to Rs 1,229.95), Lloyd Electric (down 0.13% to Rs 114) edged lower. Videocon Industries declined 2.25% to Rs 371.70. The company’s net profit rose 8.55% to Rs 251.22 crore on 15.69% rise in total income to Rs 2538.78 crore in Q4 March 2008 over Q4 March 2007.
Realty stocks declined. DLF (down 3.15% to Rs 703), Unitech (down 2.11% to Rs 310.80) and Indiabulls Real Estate (down 2.22% to Rs 545) edged lower.
Banking stocks declined. ICICI Bank (down 2.36 % to Rs 879.65), HDFC Bank (down 2.2% to Rs 1,513.50), State Bank of India (down 0.64% to Rs 1,776.35) edged lower.
FMCG stock rose. ITC (up 3.61% to Rs 219.80), Tata Tea (up 4.1% to Rs 916) edged higher. India’s largest FMCG major by sales Hindustan Unilever was flat at Rs 250.65. Nestle India jumped 9.15% to Rs 1774 on reporting 47.7% surge in net profit to Rs 160.15 crore in Q1 March 2008 over Q1 March 2007.
Auto stocks rose. Mahindra & Mahindra (up 4.31% to Rs 670.40), Maruti Suzuki India (up 1.45% to Rs 741.90), Tata Motors (up 3.48% to Rs 662.20) edged higher. India’s largest motorbike maker by market share Hero Honda Motor declined 1.61% to Rs 848.
IT stocks rose. Wipro (up 1.96% to Rs 488.60), Infosys (up 0.17% to Rs 1,753.75), Tata Consultancy Services (up 0.96% to Rs 919.55) and Satyam Computer Services (up 0.59% to Rs 482.20) edged higher.
Jaiprakash Associates (up 1.95% to Rs 271.30), Bharat Heavy Electricals (up 0.27% to Rs 1,897) edged higher from Sensex pack.
Grasim Industries (down 2.81% to Rs 2,402.75), Hindalco Industries (down 2.32% to Rs 193.60), ACC (down 2.15% to Rs 758.65), Ranbaxy Laboratories (down 0.99% to Rs 480.085) edged lower from Sensex pack.
India’s largest dedicated housing finance firm by operating income HDFC declined 2.66% to Rs 2,804.80. The company’s net profit rose 39.64% to Rs 768.12 crore on 33.82% rise in total income to Rs 2,320.21 crore in Q4 March 2008 over Q4 March 2007.
India’s largest telecom services provider by sales Reliance Communications rose 0.88% to Rs 579.75. The company’s consolidated net profit rose 70.5% to Rs 5401.14 crore on 31.79% rise in total income to Rs 19067.76 crore in the year ended March 2008 over the year ended March 2007.
NTPC rose 1.08% to Rs 196.75. NTPC said on Tuesday its board had approved spending Rs 487 crore on renovating Auraiya gas power station in Uttar Pradesh. The board of the state-run firm also approved setting up an 8 megawatt (MW) Singrauli small hydel project in Uttar Pradesh at an estimated cost of Rs 62.90 crore, to add capacity from renewable energy sources.
Nicholas Piramal India rose 0.17% to Rs 346.40 after it signed product development & licensing agreement with DxTech for point-of-care diagnostic testing system.
Punj Lloyd declined 1.27% to Rs 364. PT Punj Lloyd Indonesia and Punj Lloyd, Singapore, the holly owned subsidiaries of the company have been awarded an engineering, procurement and construction project for 2x30 megawatt (MW) coal power plant in Kalimantan Island, Indonesia. The order is valued at Rs 330 crore.
The market expects the Fed to cut interest rates by 25 basis points to 2% and then signal that its rate-cutting cycle may be over for now in the face of mounting global energy and food inflation pressure. Indian stock market remains closed tomorrow, 1 May 2008, on account of Maharashtra Day.
Inflation remains the biggest concern for the Indian stock market. The measures taken by the Union government to control inflation have also added to uncertainty on corporate profit. Finance Minister P Chidambaram yesterday, 29 April 2008, said government will impose export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. He said the measures were being taken to improve domestic supplies and to moderate prices. The government has already banned export of cement and non-basmati rice.
Given that parliamentary elections are scheduled next year (in May 2009), the government may leave no stone unturned in its attempt to rein in inflation. This is bad news for commodity scrips like cement, steel etc.
In a bid to rein in inflation, the Reserve Bank of India, on Tuesday, 29 April 2008, raised cash reserve ratio (CRR) by 25 basis points to 8.25%, to suck out excess liquidity in the banking system, in its annual monetary policy review. While the central bank has mentioned price stability as its key priority, the overall undertone of the policy is not as hawkish as market had feared. That in turn boosted the bourses with Sensex jumping 362.50 points or 2.13% on Tuesday to settle at 17,378.46. The RBI governor Y V Reddy expects inflation to moderate in the next 2-3 months.
Good Q4 results March 2008 results and firm global markets, triggered a solid rebound in the Indian market over the past few days. Buying by domestic institutions has supported the market.
The structural growth drivers of the Indian economy remain intact – India’s economy is expected to witness a decent-to-strong growth for a long period of time due to favourable demographics. Rating agency CRISIL in its latest outlook for Indian economy for the year through March 2009 has stated that the overall growth scenario is expected to remain strong with investment as the main driver.
Another pointer to the fact that the long term India growth story remains intact is the outcome of the latest 2008 US-India Business Council (USIBC) survey, according to which, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable.
On Wall Street, stocks ended little changed on Tuesday, 29 April 2008, as setbacks for two drugs weighed down the pharmaceutical sector, offsetting the relief from a retreat in record high crude oil prices.
Asian markets were mixed today. Key benchmark indices in China, South Korea, and Taiwan were up by between 0.32% to 4.82%. Key benchmark indices from Hong Kong, Japan and Singapore was down between 0.3 to 0.6%.
European markets were in the red. France’s CAC 40, Germany’s DAX and UK’s FTSE 100 fell between 0.38% to 0.73%.
The 30-share BSE Sensex provisionally ended down 120.84 points or 0.7% at 17,257.62. Sensex hit a high of 17,480.70 in early trade. At the day’s high, Sensex rose 102.24 points. Sensex hit a low of 17241.88 in late trade. At day’s low Sensex lost 136.58 points.
The broader based S&P CNX Nifty was down 37.05 points or 0.71% at 5,158.45 as per provisional figures.
The market breadth turned negative on BSE with 1284 shares advancing as compared to 1420 that declined. 76 remained unchanged.
The BSE Mid-Cap index down 0.17% to 7,134.79 and BSE Small-Cap index down 0.3% to 8,759.13.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 1.65% to Rs 2609.10.
Consumer Durables stocks declined. Titan Industries (down 5.6% to Rs 1,229.95), Lloyd Electric (down 0.13% to Rs 114) edged lower. Videocon Industries declined 2.25% to Rs 371.70. The company’s net profit rose 8.55% to Rs 251.22 crore on 15.69% rise in total income to Rs 2538.78 crore in Q4 March 2008 over Q4 March 2007.
Realty stocks declined. DLF (down 3.15% to Rs 703), Unitech (down 2.11% to Rs 310.80) and Indiabulls Real Estate (down 2.22% to Rs 545) edged lower.
Banking stocks declined. ICICI Bank (down 2.36 % to Rs 879.65), HDFC Bank (down 2.2% to Rs 1,513.50), State Bank of India (down 0.64% to Rs 1,776.35) edged lower.
FMCG stock rose. ITC (up 3.61% to Rs 219.80), Tata Tea (up 4.1% to Rs 916) edged higher. India’s largest FMCG major by sales Hindustan Unilever was flat at Rs 250.65. Nestle India jumped 9.15% to Rs 1774 on reporting 47.7% surge in net profit to Rs 160.15 crore in Q1 March 2008 over Q1 March 2007.
Auto stocks rose. Mahindra & Mahindra (up 4.31% to Rs 670.40), Maruti Suzuki India (up 1.45% to Rs 741.90), Tata Motors (up 3.48% to Rs 662.20) edged higher. India’s largest motorbike maker by market share Hero Honda Motor declined 1.61% to Rs 848.
IT stocks rose. Wipro (up 1.96% to Rs 488.60), Infosys (up 0.17% to Rs 1,753.75), Tata Consultancy Services (up 0.96% to Rs 919.55) and Satyam Computer Services (up 0.59% to Rs 482.20) edged higher.
Jaiprakash Associates (up 1.95% to Rs 271.30), Bharat Heavy Electricals (up 0.27% to Rs 1,897) edged higher from Sensex pack.
Grasim Industries (down 2.81% to Rs 2,402.75), Hindalco Industries (down 2.32% to Rs 193.60), ACC (down 2.15% to Rs 758.65), Ranbaxy Laboratories (down 0.99% to Rs 480.085) edged lower from Sensex pack.
India’s largest dedicated housing finance firm by operating income HDFC declined 2.66% to Rs 2,804.80. The company’s net profit rose 39.64% to Rs 768.12 crore on 33.82% rise in total income to Rs 2,320.21 crore in Q4 March 2008 over Q4 March 2007.
India’s largest telecom services provider by sales Reliance Communications rose 0.88% to Rs 579.75. The company’s consolidated net profit rose 70.5% to Rs 5401.14 crore on 31.79% rise in total income to Rs 19067.76 crore in the year ended March 2008 over the year ended March 2007.
NTPC rose 1.08% to Rs 196.75. NTPC said on Tuesday its board had approved spending Rs 487 crore on renovating Auraiya gas power station in Uttar Pradesh. The board of the state-run firm also approved setting up an 8 megawatt (MW) Singrauli small hydel project in Uttar Pradesh at an estimated cost of Rs 62.90 crore, to add capacity from renewable energy sources.
Nicholas Piramal India rose 0.17% to Rs 346.40 after it signed product development & licensing agreement with DxTech for point-of-care diagnostic testing system.
Punj Lloyd declined 1.27% to Rs 364. PT Punj Lloyd Indonesia and Punj Lloyd, Singapore, the holly owned subsidiaries of the company have been awarded an engineering, procurement and construction project for 2x30 megawatt (MW) coal power plant in Kalimantan Island, Indonesia. The order is valued at Rs 330 crore.
The market expects the Fed to cut interest rates by 25 basis points to 2% and then signal that its rate-cutting cycle may be over for now in the face of mounting global energy and food inflation pressure. Indian stock market remains closed tomorrow, 1 May 2008, on account of Maharashtra Day.
Inflation remains the biggest concern for the Indian stock market. The measures taken by the Union government to control inflation have also added to uncertainty on corporate profit. Finance Minister P Chidambaram yesterday, 29 April 2008, said government will impose export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. He said the measures were being taken to improve domestic supplies and to moderate prices. The government has already banned export of cement and non-basmati rice.
Given that parliamentary elections are scheduled next year (in May 2009), the government may leave no stone unturned in its attempt to rein in inflation. This is bad news for commodity scrips like cement, steel etc.
In a bid to rein in inflation, the Reserve Bank of India, on Tuesday, 29 April 2008, raised cash reserve ratio (CRR) by 25 basis points to 8.25%, to suck out excess liquidity in the banking system, in its annual monetary policy review. While the central bank has mentioned price stability as its key priority, the overall undertone of the policy is not as hawkish as market had feared. That in turn boosted the bourses with Sensex jumping 362.50 points or 2.13% on Tuesday to settle at 17,378.46. The RBI governor Y V Reddy expects inflation to moderate in the next 2-3 months.
Good Q4 results March 2008 results and firm global markets, triggered a solid rebound in the Indian market over the past few days. Buying by domestic institutions has supported the market.
The structural growth drivers of the Indian economy remain intact – India’s economy is expected to witness a decent-to-strong growth for a long period of time due to favourable demographics. Rating agency CRISIL in its latest outlook for Indian economy for the year through March 2009 has stated that the overall growth scenario is expected to remain strong with investment as the main driver.
Another pointer to the fact that the long term India growth story remains intact is the outcome of the latest 2008 US-India Business Council (USIBC) survey, according to which, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable.
On Wall Street, stocks ended little changed on Tuesday, 29 April 2008, as setbacks for two drugs weighed down the pharmaceutical sector, offsetting the relief from a retreat in record high crude oil prices.
Asian markets were mixed today. Key benchmark indices in China, South Korea, and Taiwan were up by between 0.32% to 4.82%. Key benchmark indices from Hong Kong, Japan and Singapore was down between 0.3 to 0.6%.
European markets were in the red. France’s CAC 40, Germany’s DAX and UK’s FTSE 100 fell between 0.38% to 0.73%.
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