The Indian benchmark indices opened positive in the opening trade today amid profit booking and tracking positive Asian trend and was trading flat during morning sessions.
Bharti Airtel, largest telecom's shares plunged after it reported fall in net profit of 1.5%. The shares of the company were trading lower at Rs 364.90 down by 14.05 points or 3.71%.
At 10.00 am IST, the 30-share BSE Sensex was trading at 17647.05 up by 24.60 points or 0.14% and NSE Nifty was trading at 5341.95 up by 6.80 points or 0.13%.
In Asia, most of the markets were trading in positive terrain terrain, the Nikkei 225 up by 94.06 points and was at 9011.12. The Hang Seng was up by 122.87 points and was at 20,822.90. Shanghai was up by 8.69 points and was trading at 2,300.17.
Asian shares surged highest in five months as investors confidence was alive on Greek bailout package even after it was postponed further.
Among sectoral indices on BSE, most of sectors were trading in positive terrain. Realty, Consumer Durables, IT, Oil and gas were leading the rally.
While on the losing side, the sectors failed to lure investors were Bankex, Health Care, Auto.
On the National Stock Exchange (NSE), the top volume gainers were Reliance Infra, reliance Power, DLF, TCS and JP Associates posted gains between 2.22%-3.51%.
Losers in the morning trade were Bharti Airtel, ICICI bank, Dr Reddy, Tata Motors and ACC.
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петак, 10. фебруар 2012.
Pre Session : Indian markets may open in green on some positive global cues Analysis for Feb 08, 2012
A A A On the global front Indian markets are getting positive cues. Most of the Asian markets have opened in green on positive cues from the US markets and mixed cues from the European ones. The US markets managed to end in green yesterday in spite of the continuing anxiety over Greece. There was no major economic data on the domestic front that could further propel the markets. The European Markets ended on a mixed note yesterday. The markets seem to be waiting to see how the Greek debt crisis unravels. Rumors regarding a forthcoming agreement among Greece"s politicians on the austerity measures continue to permeate trade.
Sentiments in the Indian markets have been depressed by the lowered GDP growth forecast of 6.9 % for 2011-12. The earnings result of Mahindra & Mahindra disappointed the markets and it may have some adverse impact on the stocks of the company and its peers in the automobile sector. The decision to allow ATF imports directly by aviation companies gave some hopes to the sector. However their stocks may see some selling today on account of profit booking. It is still not clear which way the Indian markets will turn today after the GDP growth disappointment of yesterday.
Yesterday the BSE SENSEX closed at 17622.45 down by 84.86 points or by 0.48 % and the NSE Nifty ended at 5335.15 down by 26.5 points or by 0.49 %. The BSE MIDCAP closed at 6073.11 down by 49.46 points or by 0.81 %, while the BSE SMLCAP ended at 6751.98 down by 29.95 points or by 0.44 %.The BSE Sensex touched intraday high of 17832.04 and intraday low of 17582.49 The NSE Nifty touched intraday high of 5413.35 and intraday low of 5322.95.
The net investments by FIIs on 7th February, 2012 in Indian capital markets stood at Rs 971.00 crore. The net FII investments were positive yesterday.
The gross purchases by FIIs in the Indian equity markets were of Rs. 3509.80 crore. The gross sales were of Rs. 2405.50 crore. The net investment in the equity markets by FIIs on February 7th , 2012 stood at Rs 1104.30 crore.
The gross purchases by the FIIs in the Indian debt markets were of Rs 785.50 crore. The gross sales by FIIs were of Rs 918.80 crore. The net investment by the FIIs in the debt markets stood at Rs - 133.30 crore.
Today, most of the Asian markets have opened in green on positive cues from the US markets and mixed cues from the European ones. At 7.40 A.M. Indian time, the Nikkei 225 was up 61.61 points and was at 8,979.13 . The Hang Seng was up 118.79 points and was at 20,818.06. The Shanghai composite was up 2.40 points and was at 2,294.30.
The US markets managed to end in green yesterday in spite of the continuing anxiety over Greece. There was no major economic data on the domestic front that could further propel the markets. The Nasdaq closed at 2904.08, gaining 2.09 points over the previous day"s closing. The Dow Jones Industrial gained 33.07 points and closed at 12878.2. The S & P 500 gained 2.72 points and closed at 1347.05.
The European Markets ended on a mixed note yesterday.The markets seem to be waiting to see how the Greek debt crisis unravels. Rumors regarding a forthcoming agreement among Greece"s politicians on the austerity measures continue to permeate trade. The DAX lost 10.63 points and closed at 6,754.20. The FTSE 100 lost 1.94 points and closed at 5,890.26. The CAC was up by 6.27 points and closed at 3,411.54.
Gold futures ended higher by 0.5 % to close at $ 1748.60 per ounce, while silver prices gained 1.5% and closed at $ 34.24 per ounce. Crude oil gained 1.5 % to close at $ 98.54 per barrel.Newsletter
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Sentiments in the Indian markets have been depressed by the lowered GDP growth forecast of 6.9 % for 2011-12. The earnings result of Mahindra & Mahindra disappointed the markets and it may have some adverse impact on the stocks of the company and its peers in the automobile sector. The decision to allow ATF imports directly by aviation companies gave some hopes to the sector. However their stocks may see some selling today on account of profit booking. It is still not clear which way the Indian markets will turn today after the GDP growth disappointment of yesterday.
Yesterday the BSE SENSEX closed at 17622.45 down by 84.86 points or by 0.48 % and the NSE Nifty ended at 5335.15 down by 26.5 points or by 0.49 %. The BSE MIDCAP closed at 6073.11 down by 49.46 points or by 0.81 %, while the BSE SMLCAP ended at 6751.98 down by 29.95 points or by 0.44 %.The BSE Sensex touched intraday high of 17832.04 and intraday low of 17582.49 The NSE Nifty touched intraday high of 5413.35 and intraday low of 5322.95.
The net investments by FIIs on 7th February, 2012 in Indian capital markets stood at Rs 971.00 crore. The net FII investments were positive yesterday.
The gross purchases by FIIs in the Indian equity markets were of Rs. 3509.80 crore. The gross sales were of Rs. 2405.50 crore. The net investment in the equity markets by FIIs on February 7th , 2012 stood at Rs 1104.30 crore.
The gross purchases by the FIIs in the Indian debt markets were of Rs 785.50 crore. The gross sales by FIIs were of Rs 918.80 crore. The net investment by the FIIs in the debt markets stood at Rs - 133.30 crore.
Today, most of the Asian markets have opened in green on positive cues from the US markets and mixed cues from the European ones. At 7.40 A.M. Indian time, the Nikkei 225 was up 61.61 points and was at 8,979.13 . The Hang Seng was up 118.79 points and was at 20,818.06. The Shanghai composite was up 2.40 points and was at 2,294.30.
The US markets managed to end in green yesterday in spite of the continuing anxiety over Greece. There was no major economic data on the domestic front that could further propel the markets. The Nasdaq closed at 2904.08, gaining 2.09 points over the previous day"s closing. The Dow Jones Industrial gained 33.07 points and closed at 12878.2. The S & P 500 gained 2.72 points and closed at 1347.05.
The European Markets ended on a mixed note yesterday.The markets seem to be waiting to see how the Greek debt crisis unravels. Rumors regarding a forthcoming agreement among Greece"s politicians on the austerity measures continue to permeate trade. The DAX lost 10.63 points and closed at 6,754.20. The FTSE 100 lost 1.94 points and closed at 5,890.26. The CAC was up by 6.27 points and closed at 3,411.54.
Gold futures ended higher by 0.5 % to close at $ 1748.60 per ounce, while silver prices gained 1.5% and closed at $ 34.24 per ounce. Crude oil gained 1.5 % to close at $ 98.54 per barrel.Newsletter
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Bharti Airtel Q3 net declines 22%; shares plunges
Bharti Airtelbharti-airtel15200022Bharti Airtel, largest telecom company reported net profit decline of 22% at Rs 1,011 crore for this quarter ending December 31.
The income before taxes increased by 2.0% to Rs 1,581 crore after accounting for the impact of 3G license fee amortization and higher interest costs. However, higher tax provisions have impacted the net income, company said in the statement.
However, the company’s total revenues rose to Rs. 18,477 crore in the October-December quarter from Rs. 15,772 crore last year, registering a growth of 17%.
Overall customer base stood at 243 million, across 19 countries. Sales of the company grew 7% to Rs 18477 crore boosted by better realization rates.
Consolidated EBDITA stood at Rs 5,958 Crore up by 19.0% year-on-year and margins improved to 32.2%.
“I am pleased that investments in branding and networks continue to be our focus in India, as we enhance customer experience for voice quality and cater to the ever increasing demand for data. These investments are resulting in healthy growth of Mobile revenues. Customer milestone and are now one of the fastest growing telecom companies in the continent,” Bharti Airtel Chairman and Managing Director Sunil Bharti Mittal said.
Shares of the company on BSE plunged and was at Rs 359.55 down by 19.40 points or 5.12% at 11.00 am IST.
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The income before taxes increased by 2.0% to Rs 1,581 crore after accounting for the impact of 3G license fee amortization and higher interest costs. However, higher tax provisions have impacted the net income, company said in the statement.
However, the company’s total revenues rose to Rs. 18,477 crore in the October-December quarter from Rs. 15,772 crore last year, registering a growth of 17%.
Overall customer base stood at 243 million, across 19 countries. Sales of the company grew 7% to Rs 18477 crore boosted by better realization rates.
Consolidated EBDITA stood at Rs 5,958 Crore up by 19.0% year-on-year and margins improved to 32.2%.
“I am pleased that investments in branding and networks continue to be our focus in India, as we enhance customer experience for voice quality and cater to the ever increasing demand for data. These investments are resulting in healthy growth of Mobile revenues. Customer milestone and are now one of the fastest growing telecom companies in the continent,” Bharti Airtel Chairman and Managing Director Sunil Bharti Mittal said.
Shares of the company on BSE plunged and was at Rs 359.55 down by 19.40 points or 5.12% at 11.00 am IST.
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четвртак, 9. фебруар 2012.
Rupee gains 18 paise against dollar
usd,eurThe partially convertible Indian rupee gained 18 paise to Rs 49.02 per dollar on the Interbank Foreign Exchange amid persistent foreign capital inflows.
Rupee generally follow the footsteps of Euro, if euro is rising against the dollar, same trend can be visible in the Indian currency as well. The Indian rupee gained confidence after euro and other currencies posted gains against US dollar.
The Indian rupee opened at 49.04 per dollar versus 49.20 yesterday. At 11.20 am IST, rupee was seen trading at 49.06 up by 15 paise.
Meanwhile, the BSE was seen trading higher at 17749.39 up by 126.94 points or 0.72% and the 50-share NSE was at 5376.40 up by 41.25 points or 0.77%.
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Rupee generally follow the footsteps of Euro, if euro is rising against the dollar, same trend can be visible in the Indian currency as well. The Indian rupee gained confidence after euro and other currencies posted gains against US dollar.
The Indian rupee opened at 49.04 per dollar versus 49.20 yesterday. At 11.20 am IST, rupee was seen trading at 49.06 up by 15 paise.
Meanwhile, the BSE was seen trading higher at 17749.39 up by 126.94 points or 0.72% and the 50-share NSE was at 5376.40 up by 41.25 points or 0.77%.
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Sebi reserves 15% quota for small shareholders
The Securities and Exchange Board of India (SEBI) on Tuesday has modified regulation for small shareholders, market regulator has introduced to reserve 15% quota for small shareholders in share buyback.
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Gold futures up, silver higher
Gold and silver futures rose on Wednesday reflecting positive global trend, hopes rekindled that Greece bailout package will take the dollar down against Euro.
The most traded gold on Multi Commodity Exchange for April delivery rose Rs 42 or 0.15% to Rs 28,415 at 2.40 pm IST and had touched intraday high of Rs 28,429 per 10 grams.
The metal for June contract up by Rs 56 or 0.20% to Rs 28,760 and touched intraday high of Rs 28,764.
Spot gold rose and was seen trading at Rs 28,086 while spot silver rose and was seen trading at Rs 56,145.00 per kgs.
Domestic, Gold of 99.9 % was at higher at Rs 28,530 up by Rs 420 and 99.5% at Rs 28,380 per 10 grams. Silver was seen trading at Rs 57,300 per kgs up by Rs 300.
Domestic gold increased as persistent buying by stockist and jewellers to meet the up coming wedding season.
While, silver for march delivery was trading higher by Rs 416 or 0.73% at Rs 57,681 and touched intraday high of Rs 57,760 per kgs.
US spot gold was seen lingering at $1,747.19 an ounce.
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The most traded gold on Multi Commodity Exchange for April delivery rose Rs 42 or 0.15% to Rs 28,415 at 2.40 pm IST and had touched intraday high of Rs 28,429 per 10 grams.
The metal for June contract up by Rs 56 or 0.20% to Rs 28,760 and touched intraday high of Rs 28,764.
Spot gold rose and was seen trading at Rs 28,086 while spot silver rose and was seen trading at Rs 56,145.00 per kgs.
Domestic, Gold of 99.9 % was at higher at Rs 28,530 up by Rs 420 and 99.5% at Rs 28,380 per 10 grams. Silver was seen trading at Rs 57,300 per kgs up by Rs 300.
Domestic gold increased as persistent buying by stockist and jewellers to meet the up coming wedding season.
While, silver for march delivery was trading higher by Rs 416 or 0.73% at Rs 57,681 and touched intraday high of Rs 57,760 per kgs.
US spot gold was seen lingering at $1,747.19 an ounce.
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Sensex, Nifty gains amid seesaw trade
The Indian benchmark indices after wriggling on a seesaw ride ends positively with Sensex higher by 0.55% and Nifty higher by 0.70%.
At 3.30 pm IST, the 30-share BSE Sensex was trading at 17719.37 up by 96.92 points or 0.55%, it had touched intraday high of 17,809 and NSE Nifty was trading at 5372.50 up by 37.35 points or 0.70%.
Among sectoral indices on BSE, most of the sectors were trading in positive terrain. Realty, Consumer Durables, IT, Metal were leading the rally.
While on the losing side, the only sectors failed to lure investors were Bankex and Health Care
On the National Stock Exchange (NSE), the top volume gainers were Reliance Infra, Hindalco, JP Associates, Reliance Power, Gail posted gains between 3.37%-7.25%.
And the loser in today trade were Bharti Airtel, ICICI Bank, ONGC, Sail and Dr Reddy.
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At 3.30 pm IST, the 30-share BSE Sensex was trading at 17719.37 up by 96.92 points or 0.55%, it had touched intraday high of 17,809 and NSE Nifty was trading at 5372.50 up by 37.35 points or 0.70%.
Among sectoral indices on BSE, most of the sectors were trading in positive terrain. Realty, Consumer Durables, IT, Metal were leading the rally.
While on the losing side, the only sectors failed to lure investors were Bankex and Health Care
On the National Stock Exchange (NSE), the top volume gainers were Reliance Infra, Hindalco, JP Associates, Reliance Power, Gail posted gains between 3.37%-7.25%.
And the loser in today trade were Bharti Airtel, ICICI Bank, ONGC, Sail and Dr Reddy.
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Direct tax collection to miss Budget estimates
New Delhi, Feb 8 (PTI) With the direct tax collection growing at a slower pace of 9 per cent this fiscal so far, the government is likely to miss the revenue mop up target for the 2011-12.
According to the data released by the finance ministry, the net direct tax mop-up during the April-January period rose 9.28 per cent to Rs 3.46 lakh crore mainly on account higher realisation of personal income tax and corporate tax.
The government, however, may miss the full year direct tax collection target of Rs 5.32 lakh crore which envisaged a growth of 19 per cent over the last year. The net direct tax collection was Rs 3.17 lakh crore in the 10 month period of the 2010-11 fiscal.
The slow growth in direct tax collection comes on the back of declining GDP growth rate which is estimated at 6.9 per cent in 2011-12, down from 8.4 per cent a year ago.
The gross direct tax collection during the April-January period, however, was up by 14.57 per cent at Rs 4.25 lakh crore. It was Rs 3.71 lakh crore in the corresponding period a year ago. Amid slowdown in industrial activities due to global factors and high domestic interest rates, revenue collections have come under pressure.
As per the official data, gross corporate tax collection was up 12 per cent at Rs 2.85 lakh crore in April-January from Rs 2.55 lakh crore in same period in the previous fiscal.
The personal income tax collection in the 10 month period of the current fiscal was up by 20.43 per cent at Rs 1.38 lakh crore.
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According to the data released by the finance ministry, the net direct tax mop-up during the April-January period rose 9.28 per cent to Rs 3.46 lakh crore mainly on account higher realisation of personal income tax and corporate tax.
The government, however, may miss the full year direct tax collection target of Rs 5.32 lakh crore which envisaged a growth of 19 per cent over the last year. The net direct tax collection was Rs 3.17 lakh crore in the 10 month period of the 2010-11 fiscal.
The slow growth in direct tax collection comes on the back of declining GDP growth rate which is estimated at 6.9 per cent in 2011-12, down from 8.4 per cent a year ago.
The gross direct tax collection during the April-January period, however, was up by 14.57 per cent at Rs 4.25 lakh crore. It was Rs 3.71 lakh crore in the corresponding period a year ago. Amid slowdown in industrial activities due to global factors and high domestic interest rates, revenue collections have come under pressure.
As per the official data, gross corporate tax collection was up 12 per cent at Rs 2.85 lakh crore in April-January from Rs 2.55 lakh crore in same period in the previous fiscal.
The personal income tax collection in the 10 month period of the current fiscal was up by 20.43 per cent at Rs 1.38 lakh crore.
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United Breweries Q3 net dips over 4% at Rs 28 cr
United Breweries Ltdunited-breweries-ltd11090043Country's leading brewery (beer) and alcoholic beverages company, United Breweries Ltd. (UBL), said it witnessed a dip of 4.02 per cent in the net profit for the third quarter ended December 31, 2011 at Rs 28.62 crore.
The company had posted a net profit of Rs 29.82 crore during the same period a year ago, said United Breweries in its filing to the Bombay Stock Exchange on February 7, 2012.
Besides, the total income of the company increased by 61.5 per cent to Rs 1,011.87 crore during Q3 FY12, as compared to Rs 626.54 crore during Q3 FY11.
Meanwhile, during this quarter, the firm merged United Millennium Breweries Ltd (UMBL), Millennium Beer Industries Ltd (MBIL), UB Nizam Breweries Pvt Ltd (UBN) and Chennai Breweries Pvt Ltd (CBPL) into UBL, the company said.
The company also merged Scottish & Newcastle India Pvt Ltd (SNPIL) into UBL. After amalgamation, it will issue over 84.89 lakh fully paid equity shares of UBL of Re 1 for over 3.22 crore fully paid equity shares of SNIPL of Rs 10 each, UBL said in a separate filing to the BSE.
The shares of the company on Thursday on BSE were trading at Rs 456.60 marginally down by 0.02%.
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The company had posted a net profit of Rs 29.82 crore during the same period a year ago, said United Breweries in its filing to the Bombay Stock Exchange on February 7, 2012.
Besides, the total income of the company increased by 61.5 per cent to Rs 1,011.87 crore during Q3 FY12, as compared to Rs 626.54 crore during Q3 FY11.
Meanwhile, during this quarter, the firm merged United Millennium Breweries Ltd (UMBL), Millennium Beer Industries Ltd (MBIL), UB Nizam Breweries Pvt Ltd (UBN) and Chennai Breweries Pvt Ltd (CBPL) into UBL, the company said.
The company also merged Scottish & Newcastle India Pvt Ltd (SNPIL) into UBL. After amalgamation, it will issue over 84.89 lakh fully paid equity shares of UBL of Re 1 for over 3.22 crore fully paid equity shares of SNIPL of Rs 10 each, UBL said in a separate filing to the BSE.
The shares of the company on Thursday on BSE were trading at Rs 456.60 marginally down by 0.02%.
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ONGC's net profits dip 4.8%, total income falls 11%
ONGCongc12140006State run Oil and Natural Gas Corporation Ltd has reported the decline of 4.8 per cent in net profits for third quarter ended December 31, 2011 at Rs 6,741.41 crore.
The company had posted the net profit of Rs 7,083.23 crore during the same period a year ago, said the company in its filing to the Bombay Stock Exchange on February 8, 2012.
Meanwhile, the total income from operations also fell 11 per cent to Rs 18,517.13 crore during Q3 FY12, as compared to Rs 20,804.2 crore during Q3 FY11.
On Thursday, shares of the company were trading at Rs 279.70 a piece, down 1.15 per cent from previous close on BSE at 10.40 AM.
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The company had posted the net profit of Rs 7,083.23 crore during the same period a year ago, said the company in its filing to the Bombay Stock Exchange on February 8, 2012.
Meanwhile, the total income from operations also fell 11 per cent to Rs 18,517.13 crore during Q3 FY12, as compared to Rs 20,804.2 crore during Q3 FY11.
On Thursday, shares of the company were trading at Rs 279.70 a piece, down 1.15 per cent from previous close on BSE at 10.40 AM.
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TCS, Mitsubishi Corp; JV to set up delivery centre in Japan
Tata Consultancytata-consultancy13020033In a bid to provide world class information technology services to Japanese customers, Tata Consultancy Services and Mitsubishi Corporation will invest 350 million yen or about USD 4.5 million in a joint venture to set up a delivery centre in Japan.
The new joint venture thus formed is named as Nippon TCS Solution Center Limited and will work to meet the various needs of Japanese companies through enhanced service offerings.
Following the establishment, the new company will provide a full suite of IT services, including IT infrastructure management, system integration, application development, maintenance & operation services, engineering services and business process outsourcing (BPO) services.
As per the agreement, of the total investment of USD 4.5 million, TCS' Japanese entity Tata Consultancy Services Japan (hereinafter “TCSJ"), will provide 60 percent while Mitsubishi Corporation will provide 40 percent. The newly established company will be based in Tokyo, said the statement released by the company.
Meanwhile, the collaboration comes against the backdrop of the positive factors such as a strong yen, the globalization of supply chains and a growing trend toward overseas mergers and acquisitions. All these factors have chalked out as the catalyst for the increasing globalization of Japanese companies.
Additionally, the establishment of the joint venture will ensure customers experience certainty by providing the flexibility to effectively respond to global IT needs through TCS' GNDM®, while catering to interface needs through the nearshore delivery center.
“Joint establishment of the nearshore delivery center is aimed at capitalizing on the synergies born of Mitsubishi's domestic brand strength and local market expertise paired with the global expertise of TCS' global best practice and it's Global Network Delivery Model (GNDM), to meet the various needs of Japanese companies through enhanced service offerings," added the statement.
N. Chandrasekaran, CEO TCS and Hideyuki Nabeshima, Senior Executive Vice President Mitsubishi Corporation have been appointed non-executive directors of the new company in a move that will see close coordination and participation by senior management from both sides in establishing strategic direction. Additionally, the new company's sales functions will be provided by TCS Japan.
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The new joint venture thus formed is named as Nippon TCS Solution Center Limited and will work to meet the various needs of Japanese companies through enhanced service offerings.
Following the establishment, the new company will provide a full suite of IT services, including IT infrastructure management, system integration, application development, maintenance & operation services, engineering services and business process outsourcing (BPO) services.
As per the agreement, of the total investment of USD 4.5 million, TCS' Japanese entity Tata Consultancy Services Japan (hereinafter “TCSJ"), will provide 60 percent while Mitsubishi Corporation will provide 40 percent. The newly established company will be based in Tokyo, said the statement released by the company.
Meanwhile, the collaboration comes against the backdrop of the positive factors such as a strong yen, the globalization of supply chains and a growing trend toward overseas mergers and acquisitions. All these factors have chalked out as the catalyst for the increasing globalization of Japanese companies.
Additionally, the establishment of the joint venture will ensure customers experience certainty by providing the flexibility to effectively respond to global IT needs through TCS' GNDM®, while catering to interface needs through the nearshore delivery center.
“Joint establishment of the nearshore delivery center is aimed at capitalizing on the synergies born of Mitsubishi's domestic brand strength and local market expertise paired with the global expertise of TCS' global best practice and it's Global Network Delivery Model (GNDM), to meet the various needs of Japanese companies through enhanced service offerings," added the statement.
N. Chandrasekaran, CEO TCS and Hideyuki Nabeshima, Senior Executive Vice President Mitsubishi Corporation have been appointed non-executive directors of the new company in a move that will see close coordination and participation by senior management from both sides in establishing strategic direction. Additionally, the new company's sales functions will be provided by TCS Japan.
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“2G auction should be for all" : Bharti Airtel
Bharti Airtelbharti-airtel15200022With the apex court ordering fresh 2G license auction within four months, the telecom giant Bharti Airtel has demanded a level playing field for all the telecom players whose licenses were cancelled this month by the Supreme Court, said media reports.
Bharti Airtel's regional CEO, Sanjay Kapoor said all the telecom players should be allowed to bid in auction of 2G licenses, stressing the fact that under fair market mechanism everyone should get equal right in participating in whatever is available in market.
However, Uninor has proposed that only those bidders should be invited who got licenses in 2008. Uninor, a joint venture of Norway's Telenor and Unitech, stands to lose its 22 licenses after Supreme Court ordered to cancel 122 licenses issued in 2008 auctions.
Kapoor, however criticized TRAI's move to regulate tariffs in the sector, citing that it will be a double blow to the industry. The double blow, he cited, referred to the fact that TRAI's tariff control will further have pressure on margins which were already reeling under high prices paid for 2G and 3G spectrums.
“There is enough competition in the market and, therefore, the market will decide what tariffs would finally prevail and what the customers would afford and what the competition would drive", he added.Newsletter
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Bharti Airtel's regional CEO, Sanjay Kapoor said all the telecom players should be allowed to bid in auction of 2G licenses, stressing the fact that under fair market mechanism everyone should get equal right in participating in whatever is available in market.
However, Uninor has proposed that only those bidders should be invited who got licenses in 2008. Uninor, a joint venture of Norway's Telenor and Unitech, stands to lose its 22 licenses after Supreme Court ordered to cancel 122 licenses issued in 2008 auctions.
Kapoor, however criticized TRAI's move to regulate tariffs in the sector, citing that it will be a double blow to the industry. The double blow, he cited, referred to the fact that TRAI's tariff control will further have pressure on margins which were already reeling under high prices paid for 2G and 3G spectrums.
“There is enough competition in the market and, therefore, the market will decide what tariffs would finally prevail and what the customers would afford and what the competition would drive", he added.Newsletter
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Thomas Cook to sell off Indian unit; shares up
Thomas Cook (I)thomas-cook-i16610005The group said it has received a number of unsolicited informal expressions of interest for its 77.1 per cent stake in Thomas Cook India Limited (TCIL), the largest integrated foreign exchange and travel services company in the country.
The company has also tied up with Credit Suisse Group AG to initiate the sale process, said a media report. Also in December 2011, the group had pledged its entire stake in Indian unit with Royal Bank of Scotland Group Plc (RBS).
The company posted the pre-tax loss of 151.7 million pound in quarter ended December 31, 2011, even as revenues rose 3 per cent during the same period.
"If the offers are attractive then we will consider selling our stake and using the proceeds to continue to strengthen the group's balance sheet," interim Chief Executive Sam Weihagen said.
The shares of the company surged after the news and on Thursday the shares on BSE were seen trading higher at Rs 58.25 up by 4.95 points or 9.18%.
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The company has also tied up with Credit Suisse Group AG to initiate the sale process, said a media report. Also in December 2011, the group had pledged its entire stake in Indian unit with Royal Bank of Scotland Group Plc (RBS).
The company posted the pre-tax loss of 151.7 million pound in quarter ended December 31, 2011, even as revenues rose 3 per cent during the same period.
"If the offers are attractive then we will consider selling our stake and using the proceeds to continue to strengthen the group's balance sheet," interim Chief Executive Sam Weihagen said.
The shares of the company surged after the news and on Thursday the shares on BSE were seen trading higher at Rs 58.25 up by 4.95 points or 9.18%.
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Sensex, Nifty in red; Tata Steel eyed
The Indian benchmark indices after yesterday's seesaw trade slipped into negative terrain during morning sessions due to profit booking after the rally.
All major markets were trading flat as they awaits for the meeting on Greece deal, which is expected to finalize within few hours.
Tata Steel which will report its Q3 today, was trading lower at Rs 444.90 down by 5.75 points or 1.28%.
At 09.50 am IST, the 30-share BSE Sensex was trading at 17639.12 down by 68.20 points or 0.39% and NSE Nifty was trading at 5350.30 down by 17.85 points or 0.33%.
In Asia, most of the major markets were trading in negative terrain, the Nikkei 225 down by 28.95 points and was at 8986.32.12. The Hang Seng was up by 105.46 points and was at 20,911.90. Shanghai was marginally up by 0.31 points and was trading at 2,347.17.
Among sectoral indices on BSE, sectors were trading in mixed terrain. Realty, Consumer Durables, Power and Auto were leading the rally.
While on the losing side, the sectors failed to lure investors were IT, TECk, Metal, FMCG and Consumer Goods.
On the National Stock Exchange (NSE), the top volume gainers were Cairn, Reliance Power, Reliance Communication, Kotak bank, Power grid posted gains between 1.07%-2.40% in morning trade.
Losers in the morning trade were Hindalco, TCS, Bharti Airtel, Axis Bank and Ster.
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All major markets were trading flat as they awaits for the meeting on Greece deal, which is expected to finalize within few hours.
Tata Steel which will report its Q3 today, was trading lower at Rs 444.90 down by 5.75 points or 1.28%.
At 09.50 am IST, the 30-share BSE Sensex was trading at 17639.12 down by 68.20 points or 0.39% and NSE Nifty was trading at 5350.30 down by 17.85 points or 0.33%.
In Asia, most of the major markets were trading in negative terrain, the Nikkei 225 down by 28.95 points and was at 8986.32.12. The Hang Seng was up by 105.46 points and was at 20,911.90. Shanghai was marginally up by 0.31 points and was trading at 2,347.17.
Among sectoral indices on BSE, sectors were trading in mixed terrain. Realty, Consumer Durables, Power and Auto were leading the rally.
While on the losing side, the sectors failed to lure investors were IT, TECk, Metal, FMCG and Consumer Goods.
On the National Stock Exchange (NSE), the top volume gainers were Cairn, Reliance Power, Reliance Communication, Kotak bank, Power grid posted gains between 1.07%-2.40% in morning trade.
Losers in the morning trade were Hindalco, TCS, Bharti Airtel, Axis Bank and Ster.
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Pre Session : Indian markets may open on a flat note on weak global cues Analysis for Feb 09, 2012
A A A Indian markets are likely to open on a flat note on weak global cues. Most of the Asian markets have opened in red on weak overnight cues from the US markets and negative cues from the European markets. The US markets ended marginally in green yesterday in the absence of any major economic or corporate development. The major European Markets ended in red yesterday in the absence of any new development in Greece. Greece"s fate hangs in balance as its politicians struggle to reach an agreement on the austerity measures.
Domestically also there are no major cues coming today. Cement stocks which are on a rally in the past few days may see some decline today on profit booking. Thomas Cook India has put up its Indian business for sale and its shares are likely to see significant movement today.
Yesterday the BSE SENSEX ended at 17707.32 up by 84.87 points or 0.48 % and the NSE Nifty closed at 5368.15 up by 33 points or 0.62 %.The BSE MIDCAP ended at 6161.39 up by 88.28 points or by 1.45 %, while the BSE SMLCAP closed at 6812.15 up by 60.17 points or by 0.89 %.The BSE Sensex touched intraday high of 17809.21 and intraday low of 17579.59 The NSE Nifty touched intraday high of 5396.9 and intraday low of 5325.2.
The net investments by FIIs on 8th February, 2012 in Indian capital markets stood at Rs 457.60 crore. The net FII investments were positive yesterday.
The gross purchases by the FIIs in the Indian equity markets were of Rs. 2893.40 crore. The gross sales were of Rs. 2201.10 crore. The net investment in the equity markets by FIIs on February 8th , 2012 stood at Rs 692.30 crore.
The gross purchases by the FIIs in the Indian debt markets were of Rs 410.80 crore. The gross sales by FIIs were of Rs 645.50 crore. The net investment by the FIIs in the debt markets stood at Rs - 234.70 crore.
Today, most of the Asian markets have opened in red on weak overnight cues from the US markets and negative cues from the European markets. At 7.40 A.M. Indian time, the Nikkei 225 was down by 50.18 points and was at 8,965.41. The Hang Seng was down by 18.71 points and was at 21,004.38. The Shanghai composite was marginally up by 1.29 points and was at 2,348.82.
The US markets ended marginally in green yesterday in the absence of any major economic or corporate development. The Nasdaq closed at 2915.86, gaining 11.78 points over the previous day"s closing. The Dow Jones Industrial gained 5.75 points and closed at 12883.95. The S & P 500 gained 2.91 points and closed at 1349.96.
The major European Markets ended in red yesterday in the absence of any new development in Greece. Greece"s fate hangs in balance as its politicians struggle to reach an agreement on the austerity measures. The lost 5.44 points and closed at 6,748.76. The FTSE 100 lost 14.33 points and closed at 5,875.93. The CAC lost 1.54 points and closed at 3,410.00.
Gold futures ended lower by 1 % to close at $ 1731.40 per ounce, while silver prices lost 1.4 % and closed at $ 33.76 per ounce. Crude oil gained 0.2 % to close at $ 98.70 per barrel.
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Domestically also there are no major cues coming today. Cement stocks which are on a rally in the past few days may see some decline today on profit booking. Thomas Cook India has put up its Indian business for sale and its shares are likely to see significant movement today.
Yesterday the BSE SENSEX ended at 17707.32 up by 84.87 points or 0.48 % and the NSE Nifty closed at 5368.15 up by 33 points or 0.62 %.The BSE MIDCAP ended at 6161.39 up by 88.28 points or by 1.45 %, while the BSE SMLCAP closed at 6812.15 up by 60.17 points or by 0.89 %.The BSE Sensex touched intraday high of 17809.21 and intraday low of 17579.59 The NSE Nifty touched intraday high of 5396.9 and intraday low of 5325.2.
The net investments by FIIs on 8th February, 2012 in Indian capital markets stood at Rs 457.60 crore. The net FII investments were positive yesterday.
The gross purchases by the FIIs in the Indian equity markets were of Rs. 2893.40 crore. The gross sales were of Rs. 2201.10 crore. The net investment in the equity markets by FIIs on February 8th , 2012 stood at Rs 692.30 crore.
The gross purchases by the FIIs in the Indian debt markets were of Rs 410.80 crore. The gross sales by FIIs were of Rs 645.50 crore. The net investment by the FIIs in the debt markets stood at Rs - 234.70 crore.
Today, most of the Asian markets have opened in red on weak overnight cues from the US markets and negative cues from the European markets. At 7.40 A.M. Indian time, the Nikkei 225 was down by 50.18 points and was at 8,965.41. The Hang Seng was down by 18.71 points and was at 21,004.38. The Shanghai composite was marginally up by 1.29 points and was at 2,348.82.
The US markets ended marginally in green yesterday in the absence of any major economic or corporate development. The Nasdaq closed at 2915.86, gaining 11.78 points over the previous day"s closing. The Dow Jones Industrial gained 5.75 points and closed at 12883.95. The S & P 500 gained 2.91 points and closed at 1349.96.
The major European Markets ended in red yesterday in the absence of any new development in Greece. Greece"s fate hangs in balance as its politicians struggle to reach an agreement on the austerity measures. The lost 5.44 points and closed at 6,748.76. The FTSE 100 lost 14.33 points and closed at 5,875.93. The CAC lost 1.54 points and closed at 3,410.00.
Gold futures ended lower by 1 % to close at $ 1731.40 per ounce, while silver prices lost 1.4 % and closed at $ 33.76 per ounce. Crude oil gained 0.2 % to close at $ 98.70 per barrel.
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Rupee weakens 19 paise against dollar
usdThe partially convertible Indian Rupee fell by 19 paise on Thursday against US dollar on the Interbank Foreign Exchange.
Indian equities also edged lower, tracking the similar global trend. The outflow of foreign funds and dollar strengthening over its overseas rivals is making Indian rupee weak.
The Indian rupee opened at 49.19 per dollar versus 49.15 yesterday. At 11.35 am IST, rupee was seen trading at 49.26 down by 11 paise.
Meanwhile, the BSE was seen trading higher at 17,663.20 down by 44.12 points or 0.25% and the 50-share NSE was at 5,358.85 down by 9.30 points or 0.17%.
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Indian equities also edged lower, tracking the similar global trend. The outflow of foreign funds and dollar strengthening over its overseas rivals is making Indian rupee weak.
The Indian rupee opened at 49.19 per dollar versus 49.15 yesterday. At 11.35 am IST, rupee was seen trading at 49.26 down by 11 paise.
Meanwhile, the BSE was seen trading higher at 17,663.20 down by 44.12 points or 0.25% and the 50-share NSE was at 5,358.85 down by 9.30 points or 0.17%.
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Exports up 10.1 pc, imports grow by 20.3 pc in Jan
New Delhi, Feb 9 (PTI) Exports grew by 10.1 per cent year-on-year to USD 25.4 billion, while imports increased by 20.3 per cent in January, Commerce Secretary Rahul Khullar today said.
Imports stood at USD 40.1 billion in January 2012, resulting in a trade deficit of USD 14.7 billion. During April-January 2011-12, the country's exports increased by 23.5 per cent to USD 242.8 billion.
Imports grew by 29.4 per cent to USD 391.5 billion during the 10 months period. The trade deficit stood at USD 148.7 billion for the period.
"What you are looking at now is exports for the fiscal around USD 300 billion, imports at about USD 460 billion with a balance of trade of about USD 160 billion, " Khullar told reporters here.
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Imports stood at USD 40.1 billion in January 2012, resulting in a trade deficit of USD 14.7 billion. During April-January 2011-12, the country's exports increased by 23.5 per cent to USD 242.8 billion.
Imports grew by 29.4 per cent to USD 391.5 billion during the 10 months period. The trade deficit stood at USD 148.7 billion for the period.
"What you are looking at now is exports for the fiscal around USD 300 billion, imports at about USD 460 billion with a balance of trade of about USD 160 billion, " Khullar told reporters here.
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Power Grid Q3 net jumps 37% on robust growth in transmission segment
Power Grid Corpopower-grid-corpo15130029Power Grid Corporation of India Ltd (PGCIL) has reported the growth of 37 per cent in net profits for third quarter ended December 31, 2011 at Rs 809.23 crore, driven by strong growth in transmission segment.
The company had posted the net profits of Rs 591.19 crore during the same period a year ago, said the company in its filing to the Bombay Stock Exchange on February 8, 2012.
Meanwhile, the total revenues from operations grew 20.2 per cent to Rs 2,466.62 crore during Q3 FY12, as compared to Rs 2,052.12 crore during Q3 FY11. Besides, the revenues from power transmission segment grew 16.3 per cent to Rs 2,341.90 crore.
Also the transmission part managed to contribute 22.7 per cent growth in profits before taxes during the period as compared to previous year quarter.
On Thursday, the shares of the company were trading at Rs 108.60 up by 0.95 points or 0.88%.
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The company had posted the net profits of Rs 591.19 crore during the same period a year ago, said the company in its filing to the Bombay Stock Exchange on February 8, 2012.
Meanwhile, the total revenues from operations grew 20.2 per cent to Rs 2,466.62 crore during Q3 FY12, as compared to Rs 2,052.12 crore during Q3 FY11. Besides, the revenues from power transmission segment grew 16.3 per cent to Rs 2,341.90 crore.
Also the transmission part managed to contribute 22.7 per cent growth in profits before taxes during the period as compared to previous year quarter.
On Thursday, the shares of the company were trading at Rs 108.60 up by 0.95 points or 0.88%.
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Gold, silver trading higher
Gold futures rose on Thursday as speculators created fresh positions amid uncertain global trend. The fall in domestic equities boosted the demand for the yellow metal as safe-haven investment.
Weak rupee is also boosting demand for gold. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.
At 2.40 pm IST, the gold for April delivery on the Multi Commodity Exchange (MCX) was trading at Rs 28,289.00 up by Rs 113 or 0.40%. It touched intraday high of Rs 28,365 per 10 grams.
While the metal for June delivery edged up at the level of Rs 28,630 per 10 grams up by Rs 129 or 0.45%.
But spot gold on MCX decreased marginally and was seen trading at Rs 28,060 per 10 grams. Spot silver was seen trading down at Rs 26,209 per 10 grams.
While, silver for March delivery on MCX was trading at of Rs 56,020 per kgs down by Rs 137 or 0.24%.
On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 40 each to Rs 28,490 and Rs 28,350 per 10 grams, respectively
International gold was seen trading at US $1,732.90 a troy ounce.
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Weak rupee is also boosting demand for gold. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.
At 2.40 pm IST, the gold for April delivery on the Multi Commodity Exchange (MCX) was trading at Rs 28,289.00 up by Rs 113 or 0.40%. It touched intraday high of Rs 28,365 per 10 grams.
While the metal for June delivery edged up at the level of Rs 28,630 per 10 grams up by Rs 129 or 0.45%.
But spot gold on MCX decreased marginally and was seen trading at Rs 28,060 per 10 grams. Spot silver was seen trading down at Rs 26,209 per 10 grams.
While, silver for March delivery on MCX was trading at of Rs 56,020 per kgs down by Rs 137 or 0.24%.
On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 40 each to Rs 28,490 and Rs 28,350 per 10 grams, respectively
International gold was seen trading at US $1,732.90 a troy ounce.
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Sensex, Nifty rekindles in green; Hindalco down
The Indian benchmark indices after trading in negative terrain during the day entered positive terrain with more than 100 points. Nifty was seen trading above 5,400.
Hindalco, India's largest aluminium manufacturer, reported its Q3 results which were down by 2.2% against last year. However net sales surged up by 618% year-on year. Shares of the company were trading down at Rs 158.65 down by 2.20 points or 1.37%.
At 3.20 pm IST, the 30-share BSE Sensex was trading at 17863.20 up by 155.88 points or 0.88%, it had touched intraday low of 17,609 and NSE Nifty was trading at 5418.50 up by 50.35 points or 0.94%.
Among sectoral indices on BSE, most of the sectors were trading in positive terrain. Realty, Bankex, Auto, Metal were leading the rally.
While on the losing side, the only sectors failed to lure investors were Oil & Gas, Capital Goods and Health Care.
On the National Stock Exchange (NSE), the top volume gainers were Ster, Reliance Power, Kotak Bank, Jindal Steel and BPCl posted gains between 3.56%-5.25%.
And the loser in today trade were Sun pharma, DLF, Hindalco, Grasim, Bharti Airtel.
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Hindalco, India's largest aluminium manufacturer, reported its Q3 results which were down by 2.2% against last year. However net sales surged up by 618% year-on year. Shares of the company were trading down at Rs 158.65 down by 2.20 points or 1.37%.
At 3.20 pm IST, the 30-share BSE Sensex was trading at 17863.20 up by 155.88 points or 0.88%, it had touched intraday low of 17,609 and NSE Nifty was trading at 5418.50 up by 50.35 points or 0.94%.
Among sectoral indices on BSE, most of the sectors were trading in positive terrain. Realty, Bankex, Auto, Metal were leading the rally.
While on the losing side, the only sectors failed to lure investors were Oil & Gas, Capital Goods and Health Care.
On the National Stock Exchange (NSE), the top volume gainers were Ster, Reliance Power, Kotak Bank, Jindal Steel and BPCl posted gains between 3.56%-5.25%.
And the loser in today trade were Sun pharma, DLF, Hindalco, Grasim, Bharti Airtel.
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четвртак, 2. фебруар 2012.
Perfect Hedge: 56 found guilty of insider trading
""Operation Perfect Hedge," the government's unprecedented crackdown on insider trading, has led to nearly 60 convictions since it began roughly two and a half years ago." width
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Job market is getting better, but ...
Economists are predicting that jobs growth in January slipped from December. But 2012 should still be slightly better than 2011.
NEW YORK (CNNMoney) -- Will investors, consumers and politicians be singing "Take this jobs report and shove it!" come Friday morning?
The government will report two key numbers Friday: the number of jobs that were added in January and the unemployment rate. Both figures have been moving in the right direction lately and the hope is that this trend will continue.
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Wall Street pays big to influence Washington
WASHINGTON (CNNMoney) -- Financial industry spending to influence Washington topped $150 million for the second year in a row, with emphasis shifting to regulators of the Dodd-Frank reform law, according to watchdog groups.
Lobbying by investment firms hit $98 million, down a little from the record $101 million spent in 2010 when the Wall Street reform bill became law, according to the Center for Responsive Politics.
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UPS profit tops Street view, sees 2012 growth
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Stock open higher on hopes of Greek resolution
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Kenya shilling rises to 2012 high, stocks dip
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Kenya sees 5 pct GDP growth in 2012 with good rain
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среда, 1. фебруар 2012.
London West End ticket sales rise despite downturn
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Antwerp sparkles for world's diamond elite
","art_url":"http://news.yahoo.com/antwerp-sparkles-worlds-diamond-elite-152555308.html","art_desc":"ANTWERP (Reuters) - Several hundred diamond traders braved a cold snap to attend a glitzy gala dinner and opera recital and enjoy the best of Antwerp's culture as they put aside concerns over a fragile economic outlook. The diamond dealers, many of them from Israel and India as well as Antwerp, enjoyed food on Sunday night prepared by a Michelin-starred chef as they listened to renowned soprano Ana-Camelia Stefanescu and the Nuove Musiche orchestra. ...","exp":"","source":"y.newssocialchrome"
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Euro jobs crisis puts Germany at core of growth debate
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Data shows Canada set for subpar growth in fourth quarter
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Canadian dollar softens on sluggish GDP data
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Malaysia central bank holds rates firm
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U.S. set for fourth year of $1 trillion-plus deficit: CBO
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Eurozone unemployment ends 2011 at record high
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Summary Box: Japan industrial output rebounds
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Treasury yields keep sliding as Europe talks go on
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UK clears energy firms' accounting over price rises
","art_url":"http://news.yahoo.com/uk-clears-energy-firms-accounting-over-price-rises-132120300.html","art_desc":"LONDON (Reuters) - A forensic review of UK energy companies' accounting practices has found no evidence of financial irregularities aimed at justifying steep rises in retail gas and electricity bills last year, regulator Ofgem, which commissioned the study, said. A string of double-digit price increases, announced in the summer of 2011 by utilities, helped drive UK inflation to a three-year high in September at a time of stagnant wage growth and economic hardship, prompting a consumer backlash. ...","exp":"","source":"y.newssocialchrome"
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US consumer confidence falls in January
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Wall Street sags as data weighs
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Treasury yields slide on Greece fears, bad US data
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Cuba reports big increase in food prices
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Charge hurts UPS profit, but US business surges
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Oil prices end rally on poor US data
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Consumer confidence falls in January
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Consumer confidence falls in January
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Home prices drop, consumers turn gloomier
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Greece must pledge tough reforms for debt swap deal
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Rupee depreciates 17 paise per dollar
usdThe partially convertible Indian rupee depreciated by 17 paise to Rs 49.47 per dollar on the Interbank Foreign Exchange on Monday due to dollar demand from importers.
The foreign capital outflow have smitten the market sentiments. Dollar strengthening over its overseas rivals.
The Indian rupee opened at 49.30 per dollar versus 49.31 on Friday.
The domestic currency may linger between Rs 49.15 and Rs 49.55 per dollar.
Weak opening in domestic equity market and concern over foreign funds outflows from stock market pressured more on rupee.
At 11.15 am IST, rupee was seen trading at 49.51.
Meanwhile, the BSE was seen trading at 17077.51down by 156.47 points or 0.91%. The 50-share NSE was at 5154.50 down by 50.20 points or 0.96%.
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The foreign capital outflow have smitten the market sentiments. Dollar strengthening over its overseas rivals.
The Indian rupee opened at 49.30 per dollar versus 49.31 on Friday.
The domestic currency may linger between Rs 49.15 and Rs 49.55 per dollar.
Weak opening in domestic equity market and concern over foreign funds outflows from stock market pressured more on rupee.
At 11.15 am IST, rupee was seen trading at 49.51.
Meanwhile, the BSE was seen trading at 17077.51down by 156.47 points or 0.91%. The 50-share NSE was at 5154.50 down by 50.20 points or 0.96%.
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Time to go easy on monetary, tighten fiscal policy: Kotak
From Barun Jha Davos, Jan 30 (PTI) Urging India to move ahead with economic reforms to benefit from the changing global dynamics, top banker Uday Kotak has said it is time for the country to go for a tighter fiscal policy and ease its monetary policy stance.
"In the world, what we are seeing is an easing monetary policy and a move toward tighter fiscal policy," Kotak told PTI. "But in India, we had a tighter monetary policy and an easier fiscal policy. It's time for us to change that equation," he added.
Speaking on the sidelines of the just-concluded World Economic Forum summit here, he also asserted that the Indian financial sector was in a much better state than what was perceived, but the country must move forward with reforms.
Kotak further said, "The real pain in the Indian financial sector at this stage is that the mood is worse than the reality and the reality is better than the mood. All the so-called pain is down to about 20-25 leveraged companies and outside that, the Indian financial sector is in good shape," he said.
Asked about his expectations from the Union Budget this year, the chief of Kotak Mahindra group told PTI he would like to see the Budget manage the fiscal deficit and would want the monetary policy to get more relaxed and the fiscal policy to get tightened.
Kotak said the RBI could again consider a CRR (Cash Reserve Ratio) cut in March and would start lowering interest rates in April. "I see a 100-200 basis points cut in the policy rate of the RBI in this calendar year," he added.
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"In the world, what we are seeing is an easing monetary policy and a move toward tighter fiscal policy," Kotak told PTI. "But in India, we had a tighter monetary policy and an easier fiscal policy. It's time for us to change that equation," he added.
Speaking on the sidelines of the just-concluded World Economic Forum summit here, he also asserted that the Indian financial sector was in a much better state than what was perceived, but the country must move forward with reforms.
Kotak further said, "The real pain in the Indian financial sector at this stage is that the mood is worse than the reality and the reality is better than the mood. All the so-called pain is down to about 20-25 leveraged companies and outside that, the Indian financial sector is in good shape," he said.
Asked about his expectations from the Union Budget this year, the chief of Kotak Mahindra group told PTI he would like to see the Budget manage the fiscal deficit and would want the monetary policy to get more relaxed and the fiscal policy to get tightened.
Kotak said the RBI could again consider a CRR (Cash Reserve Ratio) cut in March and would start lowering interest rates in April. "I see a 100-200 basis points cut in the policy rate of the RBI in this calendar year," he added.
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SBI Debt Fund Series 90 D, NFO closes on Jan 31
SBI Mutual Fund has unveiled a new fund named as SBI Debt Fund Series - 90 Days - 55, a close ended debt scheme with the duration of 90 days. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit.
Investment Objective:
The investment objective of the scheme is to provide regular income, liquidity and returns to the investors through investments in a portfolio comprising of debt instruments such as Government Securities, PSU & Corporate Bonds and Money Market Instruments maturing on or before the maturity of the scheme.
Allocation of funds:
The scheme will invest 60% to 100% of assets in debt & money market securities and upto 40% of assets in government securities. Exposure to domestic securitized debt may be to the extent of 40% of the net assets.
Basic Details:
NFO Opens: January 31, 2012
NFO Closes: January 31, 2012
NFO Price: Rs 10 per unit
Options: Growth and Dividend Payout
Minimum Application Amount: Rs 5000 and in multiples of Rs 10 thereafter.
Benchmark: CRISIL Liquid Fund Index.
Exit Load: Nil
Listing:BSE
Fund Managers: Rajeev Radhakrishnan.
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Investment Objective:
The investment objective of the scheme is to provide regular income, liquidity and returns to the investors through investments in a portfolio comprising of debt instruments such as Government Securities, PSU & Corporate Bonds and Money Market Instruments maturing on or before the maturity of the scheme.
Allocation of funds:
The scheme will invest 60% to 100% of assets in debt & money market securities and upto 40% of assets in government securities. Exposure to domestic securitized debt may be to the extent of 40% of the net assets.
Basic Details:
NFO Opens: January 31, 2012
NFO Closes: January 31, 2012
NFO Price: Rs 10 per unit
Options: Growth and Dividend Payout
Minimum Application Amount: Rs 5000 and in multiples of Rs 10 thereafter.
Benchmark: CRISIL Liquid Fund Index.
Exit Load: Nil
Listing:BSE
Fund Managers: Rajeev Radhakrishnan.
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BHEL tanks by more than 9% on reduced margins
Bharat Heavy Elebharat-heavy-ele13510039Heavy sell off saw the shares of Bharat Heavy Electricals Ltd. (BHEL) slip more than 9 per cent in early trade after the margins of oil & gas major declined 19.37 per cent versus 22.96 per cent YoY due to inflationary pressure and rising competition.
Meanwhile the company has posted a single digit 1.5% y-o-y growth in net profit at Rs 1,433 crore for the quarter ended December 2011, as compared with Rs 1,412 crore in a year ago quarter. Net sales grew 3% at Rs 11,078 crore on y-o-y basis during this period.
On Monday, Shares of the company were trading at Rs 249.85 down by 23.80 points or 8.70%.
In a similar fashion, shares of the company were trading at Rs 249.45, down 8.83% on the National Stock Exchange.
Meanwhile, the broader benchmark Sensex was quoting at 16932.31 down by 301.67 points or 1.75%.
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Meanwhile the company has posted a single digit 1.5% y-o-y growth in net profit at Rs 1,433 crore for the quarter ended December 2011, as compared with Rs 1,412 crore in a year ago quarter. Net sales grew 3% at Rs 11,078 crore on y-o-y basis during this period.
On Monday, Shares of the company were trading at Rs 249.85 down by 23.80 points or 8.70%.
In a similar fashion, shares of the company were trading at Rs 249.45, down 8.83% on the National Stock Exchange.
Meanwhile, the broader benchmark Sensex was quoting at 16932.31 down by 301.67 points or 1.75%.
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Indiabulls net profit up at Rs 179.01 crore
IndiabullsFinServiceindiabullsfinservice14010473Indiabulls Financial Services Ltd has announced the following results for the quarter ended December 31, 2011:
The Unaudited results for the Quarter ended December 31, 2011
The Company has posted a net profit of Rs. 1790.105 million for the quarter ended December 31, 2011 as compared to Rs. 1739.822 million for the quarter ended December 31, 2010.
Total Income has increased from Rs. 5754.144 million for the quarter ended December 31, 2010 to Rs. 7455.903 million for the quarter ended December 31, 2011.
The Consolidated Results are as follows:
The Unaudited consolidated results for the Quarter ended December 31, 2011
The Group has posted a net profit after tax and minority interest of Rs. 2474.093 million for the quarter ended December 31, 2011 as compared to Rs. 2025.437 million for the quarter ended December 31, 2010.
Total Income has increased from Rs. 6850.511 million for the quarter ended December 31, 2010 to Rs. 9718.328 million for the quarter ended December 31, 2011.
However, on Monday the shares of the company closed lower at Rs180.60 down by 2.80 points or 1.53%.
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The Unaudited results for the Quarter ended December 31, 2011
The Company has posted a net profit of Rs. 1790.105 million for the quarter ended December 31, 2011 as compared to Rs. 1739.822 million for the quarter ended December 31, 2010.
Total Income has increased from Rs. 5754.144 million for the quarter ended December 31, 2010 to Rs. 7455.903 million for the quarter ended December 31, 2011.
The Consolidated Results are as follows:
The Unaudited consolidated results for the Quarter ended December 31, 2011
The Group has posted a net profit after tax and minority interest of Rs. 2474.093 million for the quarter ended December 31, 2011 as compared to Rs. 2025.437 million for the quarter ended December 31, 2010.
Total Income has increased from Rs. 6850.511 million for the quarter ended December 31, 2010 to Rs. 9718.328 million for the quarter ended December 31, 2011.
However, on Monday the shares of the company closed lower at Rs180.60 down by 2.80 points or 1.53%.
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Portfolio Management Services limits hiked to Rs 25 lakh; SEBI
The market regulator, Securities and Exchange Board of India on Saturday hiked the minimum investment in Portfolio Management Services (PMS) to Rs 25 lakh, whereas it was Rs 5 lakh earlier. This new amendment is applicable to new clients and for fresh investments by existing clients.
This services is offered by many brokerages and independent managers. PMS is managed by professionals, these portfolio managers with the mixture of talent and experience build tailor made portfolio for their clients keeping risk appetite in mind.
The SEBI Board met on 28 Jan and took few other decisions:
Convertible Debt Securities in Rights/Bonus Issues
Regarding this SEBI said, “It has been decided to clarify that reservation shall be available only to compulsorily convertible debt holders, since conversion in such cases is not at the option of the holders of these instruments”.
It has been decided to exempt Insurance Companies and Mutual Funds which are broad based investment vehicles representing the interests of the public at large from the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations relating to sale and lock-in of their pre-preferential shareholding in the issuer company, it further added.
Preferential Allotment to Insurance Companies and Mutual Funds
SEBI easing preferential allotment norms for insurance companies and mutual funds said, “Presently, SEBI (ICDR) Regulations preclude companies from issuing preferential allotment to entities who have sold any of their holdings during the six month period prior to relevant date. Further, allottees in preferential allotment are required to lock-in their entire pre-preferential holdings for a period of six months from date of preferential allotment. The lock-in on shares allotted in preferential issue per se, however, would remain unchanged.”
Advertisement Code
To provide flexibility to Asset Management Companies (AMCs) in issuing true and fair advertisements with meaningful disclosure to investors, Advertisement Code shall be amended and made principle based as far as possible.
“AMCs will be responsible for the accuracy, truthfulness, fairness of the advertisement,” Sebi said.
Investment Valuation Norms
SEBI amended Investment Valuation Norms and said, “AMC (asset management companies) shall ensure fair treatment to all investors, that is, to existing investors as well as to investors seeking to purchase or redeem units of mutual funds at all point of time in all schemes.”
Further adding, “In case, debt and money market securities are not traded on a particular valuation day, then valuation through amortisation basis shall be restricted to securities having residual maturity of up to 60 days (at present 91 days), provided such valuation shall be reflective of the realisable value/ fair value of the securities.”
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This services is offered by many brokerages and independent managers. PMS is managed by professionals, these portfolio managers with the mixture of talent and experience build tailor made portfolio for their clients keeping risk appetite in mind.
The SEBI Board met on 28 Jan and took few other decisions:
Convertible Debt Securities in Rights/Bonus Issues
Regarding this SEBI said, “It has been decided to clarify that reservation shall be available only to compulsorily convertible debt holders, since conversion in such cases is not at the option of the holders of these instruments”.
It has been decided to exempt Insurance Companies and Mutual Funds which are broad based investment vehicles representing the interests of the public at large from the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations relating to sale and lock-in of their pre-preferential shareholding in the issuer company, it further added.
Preferential Allotment to Insurance Companies and Mutual Funds
SEBI easing preferential allotment norms for insurance companies and mutual funds said, “Presently, SEBI (ICDR) Regulations preclude companies from issuing preferential allotment to entities who have sold any of their holdings during the six month period prior to relevant date. Further, allottees in preferential allotment are required to lock-in their entire pre-preferential holdings for a period of six months from date of preferential allotment. The lock-in on shares allotted in preferential issue per se, however, would remain unchanged.”
Advertisement Code
To provide flexibility to Asset Management Companies (AMCs) in issuing true and fair advertisements with meaningful disclosure to investors, Advertisement Code shall be amended and made principle based as far as possible.
“AMCs will be responsible for the accuracy, truthfulness, fairness of the advertisement,” Sebi said.
Investment Valuation Norms
SEBI amended Investment Valuation Norms and said, “AMC (asset management companies) shall ensure fair treatment to all investors, that is, to existing investors as well as to investors seeking to purchase or redeem units of mutual funds at all point of time in all schemes.”
Further adding, “In case, debt and money market securities are not traded on a particular valuation day, then valuation through amortisation basis shall be restricted to securities having residual maturity of up to 60 days (at present 91 days), provided such valuation shall be reflective of the realisable value/ fair value of the securities.”
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Gold futures down over eurozone worries
Gold futures were trading down on Monday after climbing in previous sessions as concerns over the euro zone's debt crisis ahead of EU summit.
EU summit leaders are expected to agree on a balanced budget rule in national legislation, but unresolved problems in Greece cast a shadow on the discussions, reports reuters.
Globally, investors are parking surplus to the Dollar due to rising fears about the future of the euro zone.
On the Multi Commodity Exchange, gold for February delivery contract opened at Rs 28,030 per 10 grams and was seen trading at Rs 27,877 down by Rs 113 or 0.40% at 3.03 pm IST.
Similarly, the metal for April contract delivery was trading at of Rs 28,629 per 10 grams down by Rs 115 or 0.41%.
However, the spot gold on MCX rose was seen trading at Rs 28,029. Spot silver was down at Rs 55,417.
While, silver for March delivery on MCX was trading at Rs 56,509 down by Rs 720 or 1.26%. It touched intraday low of Rs 56,425.
US spot gold was seen trading at $1,721.11 a troy ounce.
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EU summit leaders are expected to agree on a balanced budget rule in national legislation, but unresolved problems in Greece cast a shadow on the discussions, reports reuters.
Globally, investors are parking surplus to the Dollar due to rising fears about the future of the euro zone.
On the Multi Commodity Exchange, gold for February delivery contract opened at Rs 28,030 per 10 grams and was seen trading at Rs 27,877 down by Rs 113 or 0.40% at 3.03 pm IST.
Similarly, the metal for April contract delivery was trading at of Rs 28,629 per 10 grams down by Rs 115 or 0.41%.
However, the spot gold on MCX rose was seen trading at Rs 28,029. Spot silver was down at Rs 55,417.
While, silver for March delivery on MCX was trading at Rs 56,509 down by Rs 720 or 1.26%. It touched intraday low of Rs 56,425.
US spot gold was seen trading at $1,721.11 a troy ounce.
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Sensex slips 350 points over euro zone worries
The Indian benchmark indices slipped more than 350 points on Monday tracking weak Asian trend and concerns over euro zone debt crises ahead of EU Summit.
At 3.40 pm IST, the 30-share BSE Sensex closed at 16839.46 down by 394.52 points or 2.29% and NSE Nifty closed at 5087.30 down by 117.40 points or 2.26%.
In Asia, most of the markets were bleeding in red, the Nikkei 225 down by 48.17 points and was at 8793.80. The Hang Seng was down by 341.26 points and was at 20,160.38. Shanghai was down by 33.71 points and was trading at 2,286.70
Among sectoral indices on BSE, all the sectors were trading in negative terrain except. Consumer goods, Power, Realty and Metal were top losers in today’s trade.
On the National Stock Exchange (NSE), the top volume gainers were Sun Pharma, Gail, Ranbaxy, Bajaj Auto, Jindal and Grasim posted gains between 0.40%-1.48%.
And the loser in today trade were Bhel, Ster, Sesa, JP Associates and L& T.
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At 3.40 pm IST, the 30-share BSE Sensex closed at 16839.46 down by 394.52 points or 2.29% and NSE Nifty closed at 5087.30 down by 117.40 points or 2.26%.
In Asia, most of the markets were bleeding in red, the Nikkei 225 down by 48.17 points and was at 8793.80. The Hang Seng was down by 341.26 points and was at 20,160.38. Shanghai was down by 33.71 points and was trading at 2,286.70
Among sectoral indices on BSE, all the sectors were trading in negative terrain except. Consumer goods, Power, Realty and Metal were top losers in today’s trade.
On the National Stock Exchange (NSE), the top volume gainers were Sun Pharma, Gail, Ranbaxy, Bajaj Auto, Jindal and Grasim posted gains between 0.40%-1.48%.
And the loser in today trade were Bhel, Ster, Sesa, JP Associates and L& T.
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