Dawn of the Stocks: No Updates Today

News for the Day 03/06/10

Oil extends gains on US home sales

Oil gained for a second day in New York after US home sales rose and an industry-funded report showed a decline in the country’s crude inventories, bolstering optimism that the economic recovery will accelerate.

Asian stocks rise on US car, hsg reports

Asian stocks rose, driving up the MSCI Asia Pacific Index by the most in three weeks, as reports on car and home sales in the US boosted optimism that demand for Asian-made products will drive corporate earnings.

UK stocks fall for third day

UK stocks declined for a third day, led by basic-resource producers and banks, as weaker metals prices curbed the earnings outlook for raw-material companies and investors shunned financial shares.

US stocks rally, treasuries drop

US stocks rallied, sending benchmark indexes to their third-biggest gains of 2010, and Treasuries fell as growth in home sales and signs of improving bank finances bolstered optimism in the economy.

Vodafone-Hutch deal taxable in India

Bloomberg UTV has got a copy of the income tax department order in the $2 billion Vodafone tax case. The lengthy 761 pages order, which is based on dozens of agreements between Vodafone, Hutchison and Essar, in fact says Vodafone is the beneficial owner of Asim Ghosh and Analjit Singh’s stake in the telecom company. The order concludes that the deal is very much taxable in India and that the tax department has jurisdiction to proceed against Vodafone for failure to deduct tax at source.

News for the Day 02/06/10

Guggenheim to bid for Sun stake in Taro
Guggenheim Partners offered to buy Sun Pharmaceutical Industries Ltd.’s stake in Taro Pharmaceuticals Industries Ltd. for about $215 million, a person with knowledge of the matter said.

China's stocks face further downside
Investors should remain cautious on China’s stocks as they face “further downside” risk, according to Nomura Holdings Inc., which closed out a recommended switch into Hong Kong-listed Chinese banks from Asian resource stocks.

Japan stocks fall, led by Mitsui
Japanese stocks fell for a second day, led by commodity traders on concern an oil spill in the Gulf of Mexico will lead to stricter regulations. Indexes pared declines after NHK said Prime Minister Yukio Hatoyama will step down.

UK stocks decline; BP shares slump
UK stocks dropped for a second day, led by a plunge in shares of BP Plc after it abandoned an attempt to plug a leaking oil well in the Gulf of Mexico.

US stocks fall adding losses from Dow

US stocks fell, adding to losses from the Dow Jones Industrial Average’s worst May since 1940, as BP Plc’s failure to plug a leaking oil well dragged down energy producers and Agence France-Presse reported Lebanon fired on on Israeli warplanes.

News for the Day 01/06/10

Asian stocks fall on political concern

Most Asian stocks fell, led by consumer and technology shares, as speculation over the future of Japanese Prime Minister Yukio Hatoyama dragged the country’s equities lower.

Oil rises above $75 a barrel

Crude oil rose above $75 a barrel in New York on speculation that economic growth in the US, the world’s biggest energy consumer, will sustain a global recovery in fuel demand.

European stocks advance

European stocks gained, trimming the biggest monthly drop in more than a year, as Federal Reserve Bank of Chicago President Charles Evans indicated the region’s debt crisis may prompt the US central bank to delay raising interest rates.

News for the Day 31/05/10

Gold poised for second monthly advance
Gold fell for the first time in six days, paring a second monthly advance, as some investors sold the precious metal to lock in gains after it closed at a 10-day high. Palladium was set for its first decline in 17 months.

Oil trades little changed below $74/b
Crude oil traded little changed below $74 a barrel on concern any slowing of the global economic recovery will weigh on energy demand. A report tomorrow in the US, the world’s biggest oil consumer, will probably show the nation’s manufacturing expansion slowed for the first time in three months, based on a survey of economists. The euro was little changed after falling on May 28 on concern European measures to cut deficits and contain sovereign debt risks will curb growth in the region.

Asian stocks decline
Asian stocks fell, dragging the MSCI Asia Pacific Index to its biggest monthly decline since October 2008, after Spain had its credit rating reduced and a US business barometer declined.

UK house prices rise 0.2% in May
UK house values rose in May for the 10th month as a shortage of properties for sale allowed real- estate agents to raise prices, Hometrack Ltd. said. The average price of a home in England and Wales increased 0.2% from April to 158,700 pounds ($229,600), the London- based property researcher said in a monthly report published today. Prices rose 2% from a year earlier.

FY10 GDP data today
This week may begin on a positive note, when the growth figures for the 2010 fiscal will be released today, as most economists believe that the economy would have expanded higher than the official advance estimate of 7.2%.

AIG negotiates to salvage AIA deal
American International Group Inc., the bailed-out insurer, remains in negotiations to salvage the sale of its main Asia unit after Prudential Plc requested a lower price to win shareholders’ approval.

News for the Day 28/05/10

Oil set for weekly gain in 4 weeks
Oil rose, poised for its first weekly gain in four weeks, after China affirmed its commitment to investing in Europe and US reports signaled that energy demand may recover with an economic rebound.

Gold advances for fourth day
Gold may advance as Europe’s sovereign-debt crisis boosts the precious metal’s appeal as a haven asset, a survey showed.

Japanese stocks rise for second day
Japanese stocks rose for a second day after shares surged in Europe and the US on China’s pledge to invest in the euro zone and as commodity prices gained.

Asian stocks gain on commodity prices
Asian stocks rose as higher commodity prices boosted the earnings outlook for mining companies, while a weaker yen drove up Japanese makers of cars and electronics.

UK stocks rally for second day
UK stocks surged for a second day as China said Europe will remain a major investment market for the Asian country and Man Group Plc reported earnings that topped estimates.

News for the Day 27/05/10

Oil drops increase in crude supplies
Oil declined in New York after a government report showed a bigger-than-forecast increase in crude inventories in the US, the biggest energy consumer.

Most Asian stocks fall on China property
Most Asian stocks fell, led by finance and consumer companies, on growing concern that Chinese property curbs and Europe’s debt crisis will hurt global economic growth.

Japan stocks fall on European concerns
Japanese stocks fell after reports China may consider cutting its investment in European government bonds, and the euro weakened amid concerns the European debt crisis will worsen.

UK stocks rebound from 8 month low
UK stocks rebounded from an eight- month low, as Credit Suisse Group AG advised buying Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc shares and Burberry Group Plc reported higher earnings.

US stocks drop, Dow closes below 1,000
US stocks fell, with the Dow Jones Industrial Average closing below 10,000 for the first time since February, as reports that China may review investments in European government bonds spurred concern the credit crisis will worsen and wiped out an early rally.

News for the Day 24/05/10

Gold snaps three day drop
Gold climbed, snapping a three-day retreat, as renewed weakness in the euro revived demand for a haven and last week’s decline to the lowest level in more than two weeks boosted the metal’s allure.

Oil trades near $70 a barrel
Crude oil was little changed near $70 a barrel in New York amid concern measures to reduce deficits in Europe may slow the global economy’s recovery from recession.

Asian stocks decline on Europe concern
Asian stocks fell, dragging the MSCI Asia Pacific Index to its longest losing streak in four months, as concern grew that mounting government debt in Europe will hurt economic growth.

Ambanis cancel non-compete pacts
n a major development, the two Ambani brothers--Mukesh and Anil-- today decided to bury their differences and create an environment of harmony, co-operation and collaboration between their groups."All existing non-compete agreements between the two groups executed in January 2006 (are) cancelled," Anil Dhrirubhai Ambani Group (ADAG) said in a statement.

News for the Day 21/05/10

US stocks plunge most in year
A weeklong rout in stocks deepened, with US benchmark indexes losing the most in more than a year, as reports cast doubts about the strength of the economic recovery and European leaders struggled to contain the region's debt crisis. Commodities plunged and Treasuries soared.

UK stocks slump to three-month low
UK stocks fell, led by a drop in basic material stocks and utilities, as a global selloff in equities continued on concern that Europe is struggling to deal with its sovereign debt crisis.

Asia stocks drop on US, Europe concerns
Stocks around the world plunged and commodities slumped as reports cast doubts on the strength of the US economic recovery and European leaders struggled to contain the region's debt crisis. The euro rallied.

Oil extends decline on euro debt crisis
Crude oil extended its decline in New York on concerns Europe will struggle to contain the sovereign- debt crisis and doubts about the strength of the economic recovery in the US, the world's largest energy consumer.Oil fell for the seventh time in eight days yesterday as French Finance Minister Christine Lagarde said countries that share the euro need greater coordination. The index of U.S. leading economic indicators unexpectedly fell in April, and the most Americans in a month filed applications for unemployment benefits. Crude inventories rose for the 15th time in 16 weeks in the seven days ended May 14.

News for the Day 20/05/10

US stocks drop on German trading limits
US stocks fell, wiping out the 2010 gain for the Standard & Poor's 500 Index, as Germany's ban on certain bearish investments and a jump in mortgage foreclosures to a record triggered a flight from equities.

UK stocks fall on Germany's ban
UK stocks dropped, led by selloff in commodity producers and banks after Germany banned speculators from some bets against government bonds and financial shares, rattling investor confidence.

Asian stocks fall on Europe concern
Asian stocks fell for the fifth straight day amid concern the Europe's debt crisis will hurt the global economic recovery. Commodity companies advanced.

3G spectrum auction ends...
Vodafone and Bharti Airtel bought high speed wireless permits in an auction that raised Rs 67,720 crore for the government stoking concern carriers won't recoup fees from users paying the world's cheapest phone rates.Bharti, India's largest wireless operator, and Reliance Communications, the second largest, will pay Rs 12,300 crore and Rs 8,590 crore, respectively, to win licences, the department of telecommunications (DoT) said in a statement. Vodafone won nine circle for Rs 11,620 crore.The three companies won licences for Mumbai and New Delhi, the nation's biggest cities with the most expensive permits, after the 34-day auction ended today. State-owned Bharat Sanchar Nigam and Mahanagar Telephone Nigam, which together offer phone services across the country, will pay Rs 16,750 crore to operate in all regions.

News for the Day 19/05/10

Gold drops to near one week low
Gold dropped, trading near the lowest level in a week, as the metal’s recent rally prompted some investors to lock in gains.

Oil declines to seven month low
Crude oil slumped to a seven-month low in New York as the dollar climbed against the euro, curbing the investment appeal of commodities, and after a US industry report showed an increase in stockpiles of gasoline. Oil dropped for a seventh day after the 16-nation currency touched a four-year low versus the greenback on concern European nations will struggle to meet austerity requirements. Gasoline inventories rose 981,000 barrels last week, the American Petroleum Institute said yesterday.

US stocks retreat following German ban
US stocks tumbled, with financial companies leading the market lower after an early rally, as Germany's move to ban certain types of bearish investments spurred concern the European debt crisis will worsen.

Japanese stocks decline on Germany data
Japanese stocks fell after Germany's move to halt a slump in European asset prices triggered a drop in the euro and crude oil.

News for the Day 18/05/10

US stocks gain as euro rebounds
US stocks rose, with the Dow Jones Industrial Average reversing a 184-point drop, as the euro's rebound from a four-year low bolstered optimism that the shared European currency will weather the region's debt crisis.

European stocks decline on commodities
European stocks declined, led by basic resources companies as commodities retreated. The benchmark Stoxx Europe 600 Index fell 0.2% to 247.98 at 4:17 p.m. in London, after earlier rising as much as 1.1%. Rio Tinto Group, the world's third-biggest mining company, fell 2.8% to 2,121.5 pence.

Asian stocks mixed as euro strenghens
Asian stocks fluctuated after the euro rebounded from a four-year low, lifting exporters and easing concern the shared European currency will collapse. Transurban Group led declines in Sydney.

News for the Day 14/05/10

US stocks fall as banks, retailers dip
US stocks fell, led by banks and technology companies, on reports that more mortgage-bond deals are being scrutinized by prosecutors and an earnings forecast from Cisco Systems Inc. that disappointed some investors.

UK stocks rise as results top estimates
UK stocks rose, extending this week's rally for the benchmark FTSE 100 Index, after earnings from J Sainsbury Plc and BT Group Plc beat analysts' estimates.

Asian Mkts fall on Sony Profti forecast
Asian stocks fell after Sony Corp. forecast profit that missed analyst estimates, the euro and dollar weakened against the yen and commodity prices declined.

Don't compare India & China: FM
Finance Minister Pranab Mukherjee said the quality of growth is more important in India to tackle the issue of poverty and deprivation. In an exclusive interview with Unni Krishnan of Bloomberg News, Mukherjee said inflation will continue to be a cause for worry.

StanChart IDRs on sale from May 25
Standard Chartered Bank opened its first branch in India in 1858 in the city of Joy Kolkata. Now, it is launching the first-ever Indian Depository Receipts (IDRs).
Size: between $500 million and $750 million;
Price: to be decided on May 24; andIssue to be open for four days between May 25 and May 28.

News for the Day 13/05/10

UK stocks gain after Cameron forms govt
UK stocks rose after Bank of England Governor Mervyn King welcomed Prime Minister David Cameron's plans to cut the nation's budget deficit as Europe's fiscal crisis threatens the country's economic recovery.

Nikkei rises as Europe concern eases
Japanese stocks rose after pledges by Spain and the UK to cut their budget deficits eased concern the European debt crisis will derail the global recovery and as US imports increased.

Oil trades below $76
Crude oil traded below $76 a barrel in New York after declining as a US government report showed that inventories climbed for the 14th time in 15 weeks as refiners reduced processing rates.

US stocks gain as Europe crisis eases
Stocks rallied, with the Standard & Poor's 500 Index recovering losses from its May 6 plunge, as a successful Portuguese bond sale and planned budget cuts in Spain and the U.K. bolstered optimism the European debt crisis is subsiding. Treasuries fell and gold rose to a record.The S&P 500 surged 1.4% to 1,171.67 at 4 p.m. in New York, above its highest close since May 4. The Stoxx Europe 600 Index climbed 1.5% as all 19 of its industry groups gained. The 10-year Treasury yield increased six basis points to 3.58% after a $24 billion auction of the notes, while gold futures surged to a record $1,249.20 an ounce on speculation international financial support for indebted European nations will depress currencies.

Bharti, Tata, Vodafone oppose Trai on 2G
The recommendations of Telecom Regulatory Authority of India (Trai) on airwaves have put most operators in a cell dead zone.Three telecom operators, Bharti, Tata Teleservices and Vodafone, have stuck their necks out to criticise the latest policy directive. So far, such criticism was expressed by telecom industry bodies and not individual companies.

News for the Day 12/05/10

US stocks fall, led by commodity shares
US stocks retreated, led by commodity producers, as oil and copper slumped on growing skepticism an almost $1 trillion European loan package will halt the region's debt crisis.

Asian mkts up on Toyota profit forecast
Asian stocks rose, led by carmakers and gold producers, after Toyota Motor Corp. and Isuzu Motors Ltd. forecast higher earnings and bullion advanced to a record.Toyota, the world's largest carmaker, climbed 2.3% in Tokyo after saying annual profit will increase by almost half. Isuzu, Japan's largest maker of light-duty trucks, gained 5.3% after forecasting a more-than-doubling of net income. Newcrest Mining Ltd. and Lihir Gold Ltd., Australia's top-two gold producers, led gains in Sydney.

UK stocks decline, paring Monday's surge
UK stocks fell amid concern the almost $1 trillion lending plan to bail out indebted nations in Europe, which yesterday drove the FTSE 100 Index to its biggest surge since December 2008, won't solve the region's debt crisis.

Oil down as Euro bailout optimism cools
Crude oil extended its decline on skepticism that Europe's $1 trillion bailout will support energy demand by ending the region's sovereign debt crisis.Oil dropped 0.6% yesterday after the euro weakened against the dollar on concern that the European plan will be insufficient to cut deficits accumulated by Greece, Spain and Portugal. U.S. crude stockpiles rose 362,000 barrels last week, according to the American Petroleum Institute. A government report today will probably also show inventories increased.

News for the Day 11/05/10

US mkts jump most in year on Europe plan
US stocks rallied, with benchmark indexes advancing the most in more than a year, after European policy makers announced a loan package of almost $1 trillion to contain the sovereign-debt crisis.

Asian stocks advance for second day
Asian stocks rose for a second day, extending a global rally after European policy makers unveiled a bailout plan for Greece yesterday.

Oil gains on European bailout plan
Crude oil advanced for a second day after an almost $1 trillion loan plan by European policy makers to end the region's sovereign-debt crisis caused global stocks to rally and signaled energy demand may strengthen.

News for the Day 10/05/10

Nikkei advances on EU's Greek plan
Japanese stocks rose after the European Union put forward an unprecedented loan package to bail out Greece and prevent the debt crisis from spreading.

Dabur plans acquisitions in Middle East
FMCG major Dabur today said it will go ahead with its overseas acquisition plans this fiscal, particularly in the personal care and healthcare segment, in the Middle East and African countries.

US stocks plunge most in 14 months
US stocks fell the most in 14 months, erasing the Standard & Poor’s 500 Index’s 2010 advance, as concern Greece’s debt crisis is spreading and the most volatile trading in 23 years sent the gauge down 6.3%.

European stocks post biggest weekly drop
European stocks posted the biggest drop in 18 months as concern grew that the region’s leaders will be unable to contain the spiraling government debt crisis.

News for the Day 07/05/10

Asian stocks tumble following US rout
Asian stocks fell, following a rout in US equities on concern the European debt crisis will spread and halt the global recovery.Mitsubishi UFJ Financial Group Inc., Japan’s biggest bank by market value, slumped 3.4%, leading declines by financial companies. Canon Inc., a Japanese camera maker that counts Europe as its largest market, lost 4.4%. BHP Billiton Ltd., the world’s No. 1 mining company, sank 1.5% in Sydney as commodity prices tumbled.

US stocks plunge most in a year
US stocks tumbled the most in a year on concern Europe’s debt crisis will halt the global recovery. The selloff briefly erased more than $1 trillion in market value as the Dow Jones Industrial Average fell almost 1,000 points, a 9.2% plunge that was its biggest intraday%age loss since 1987, before paring the drop.The Dow average ended down 347.8 points, or 3.2%, at 10,520.32. The Standard & Poor’s 500 Index fell as much as 8.6%, its biggest intraday plunge since December 2008, before closing down 3.2% at 1,128.15. It was the biggest%age drop on a closing basis since April 20, 2009, for both measures. The Nasdaq OMX Group Inc. said it will cancel trades of stocks that moved more than 60% during the plunge. Futures on the Dow and S&P 500 expiring next month lost 0.2% at 7:58 p.m. in New York, while futures on Japan’s Nikkei 225 Index plunged 4.2% in Singapore.

Electronic trading to blame for plunge
Computerized trades sent to electronic networks turned an orderly stock market decline into a rout today, according to Larry Leibowitz, the chief operating officer of NYSE Euronext.While the first half of the Dow Jones Industrial Average’s 998.5-point plunge probably reflected normal trading, the selloff snowballed because of orders sent to venues with no investors willing to match them

Nasdaq to cancel trades with 60% move
Nasdaq OMX Group Inc. said it will cancel stock trades on all exchanges that were more than 60 % above or below prices at 2:40 p.m. New York time, just before US equities plummeted.The Dow Jones Industrial Average plunged almost 1,000 points before trimming its drop and ended down 347.80 points, or 3.2 %, at 10,520.32. About $700 billion of US stock- market value was wiped out in less than 10 minutes, according to data compiled by Bloomberg.

UK stocks decline for fourth day
UK stocks declined for a fourth day, extending this month’s drop for the benchmark FTSE 100 Index, amid concern the level of sovereign debt in Europe will hamper the economic recovery.

News for the Day 06/05/10

Oil trades near $80 after falling
Crude oil traded near $80 a barrel after the biggest two-day drop in three months as the dollar gained, curbing the appeal of commodities, and US inventories increased more than expected.

Asian stocks fall on Europe debt concern
Asian stocks slumped on concern the Greek deficit crisis will spread through Europe and hurt the global economic recovery after Moody’s Investors Service placed its Portugal rating on review for a possible downgrade.

UK stocks decline as FTSE 100 sinks
U.K. stocks fell, with the benchmark FTSE 100 Index sinking to the lowest level since February, as a cautious forecast weakened Next Plc and amid concern government debt levels in Europe will stall the economic recovery.Next slipped 3.4% after the retailer said it remains cautious on its forecast for this year. Kazakhmys Plc and Royal Dutch Shell Plc were among the biggest fallers on the FTSE 100.

US stocks fall on concern about Europe
US stocks fell, sending the Standard & Poor’s 500 Index to a six-week low, as concern that European government debt levels will derail the global recovery overshadowed growth in American service industries and jobs.

Gold falls for second straight day
Gold futures fell for the second straight day as some investors sold the precious metal to cover losses in equity, currency and commodity marketsThe euro dropped to the lowest level since March 2009 against the dollar on concern that Greece’s fiscal crisis will spread to other nations in Europe. Global equities slumped for a second day, and the Reuters/Jefferies CRB Index of 19 commodities dropped as much as 1.9%. Before today, gold climbed 30% in the past year.

Euro near 13 month low versus dollar
The euro traded near a 13-month low against the dollar on concern Greece’s debt crisis will spread through the region after Moody’s Investors Service said Portugal’s credit rating may be cut.The 16-nation currency fell to a record low against Australia’s before Greece’s Parliament debates today austerity measures needed as a condition of an international bailout and after protests against deficit-cutting measures turned deadly. New Zealand’s dollar rose the most in a week after central bank Governor Alan Bollard said the nation’s economy was “less fragile,” signaling he may raise interest rates.

News for the Day 5/04/10

US mkts slide on government debt concern
US equities tumbled the most since February and European stocks erased their 2010 gain, while the euro slid to a one-year low, amid concern a government debt crisis is spreading. Oil, copper and gold sank on a slowdown in Chinese manufacturing. Treasuries rallied.

UK stocks erase gain for 2010
The UK's FTSE 100 Index erased it's gains for 2010 as mining shares tumbled. The benchmark FTSE 100 dropped 2.7% to 5,403.41 at 4:16 p.m. in London.

Oil extends decline as dollar surge
Crude oil dropped for a second day after the dollar strengthened against the euro, curbing the appeal of commodities to investors, and a slowdown in Chinese manufacturing sent global equities lower.

Asia's bonds sheltered from Greek crisis
Asia's government bonds may be poised to benefit from low debt levels and expanding economies, in contrast to developed nations whose weaknesses have been exposed by the Greek debt crisis, according to Standard & Poor's.

News for the Day 03/05/010

Crude oil rallies to three-week high
Crude oil gained to a three-week high on speculation global demand will increase as the world economy recovers from recession.

ArcelorMittal exploring tie up with SAIL
Unperturbed by its rival Posco's steel joint venture with state-run Sail, world's number one steel maker ArcelorMittal today said it too was in talks with the public sector company but only that it was not in a race.

Greece agrees to EU, IMF bailout
Greece agreed to an unprecedented bailout from the European Union and International Monetary Fund worth more than $133 billion, accepting budget cuts that unions called “savage” to prevent default.

SEBI brings parity between investors
Retail and institutional investors will be treated alike in terms of bidding for shares in public offers from tomorrow, a move also likely to bring down the exorbitant levels of over subscriptions in the primary market.

India's GDP to grow by 7.5-8.5% : CII
India Inc expects the economy to grow by 7.5 to 8.5% during the current fiscal fuelled mainly by rising capital investment and expanding exports, a CII survey has said.

News for the Day 30/04/10

US stocks rally most since March
US stocks rallied, sending benchmark indexes up the most since at least March, as better- than-estimated earnings at companies from Motorola Inc. to Starwood Hotels & Resorts Worldwide Inc. added to evidence the economy is strengthening.

Asia mkts up for first time in four days
Asian stocks rose for the first time in four days as improving company earnings boosted speculation the world's economy will sustain its recovery.

Oil gains on Signs of economic recovery
Crude oil advanced for a third day after European economic confidence increased and unemployment claims in Germany and the US declined, adding to signs the global economy is rebounding.

News for the Day 27/04/10

Crude oil price is trading at 83.64 dollars a barrel
Crude oil price is trading at 83.64 dollars a barrel, witnessing a fall for the first time in five days as dollar strengthens. Gold price is trading above 1150 dollars per ounce, up 0.3% from its previous close.

Most US stocks drop on earnings
Most US stocks declined, pulling the Standard & Poor's 500 Index down from a 19-month high, as concern that proposed legislation will hurt banks overshadowed improving earnings at Caterpillar Inc. and Whirlpool Corp.

UK stocks advance as mining shares rise
UK stocks rose for a second day as mining companies climbed with metal prices and Invensys led industrial shares higher.

News for the Day 26/04/10

Japanese stocks rise on US home sales
Japanese stocks rose after a surge in US new home sales and a weakening yen boosted the earnings prospects for businesses reliant on overseas demand.

Eid Parry buys majority stake in GMR Ind
Eid Parry, the confectionary arm of the Muruggappa group, has agreed to pick up a majority stake in the agricultural business of the GMR group, GMR industries. The transaction will see GMR divesting a part of its stake in the deal in such a way that, after the mandatory open offer, Eid will hold 65% in the company. GMR owns and operates three sugar complexes in south India.

News for the Day 23/04/10

Greece may seek bridge loan: Official
Greece is prepared to ask euro-region governments for a bridge loan as $11.3 billion in bonds come due next month and borrowing costs surge to the highest since 1998, a Greek government official said.

US stocks rise on banking shares
US stocks rose, erasing the biggest drop since Goldman Sachs Group Inc. was sued by the government, as investors speculated the bank will prevail and concern about financial regulation eased.Goldman Sachs turned higher as CNBC reported that an investor picked out securities which lowered the quality of a collateralized debt obligation at the center of the government's fraud case. Wells Fargo & Co. and Bank of America Corp. rose at least 1.4% as President Barack Obama's speech on financial regulations eased concern he was planning new restrictions. Starbucks Corp. jumped on better-than-estimated earnings and builders gained on a growth in existing-home sales.

UK stock market Europe's best
The biggest budget deficit in 70 years and prospects for parliamentary gridlock are failing to keep UK shares from beating Europe's largest markets in 2010.Threadneedle Asset Management's Jeremy Podger purchased Burberry Group, betting the FTSE 100 Index will extend its 4.7% rally in 2010. Lombard Odier's Chief Investment Officer Paul Marson says British equities trading near 12 times forecast profit are the most appealing of any country after gaining more than Germany, France, Switzerland and Spain.

Japanese Stocks heads to weekly decline
Japanese stocks fluctuated, with the Nikkei 225 Stock Average's biggest weekly slump in almost three months, on concern mounting government debt will derail the economic recovery.

News for the Day 22/04/10

Crude oil is trading around $83.23/bbl.
Crude oil is trading around $83.23/ bbl. Gold price is around $1145.60/ ounce.

Most US stocks rise on earnings
Most US stocks rose, sending the Dow Jones Industrial Average up for a third day, as better-than- estimated earnings at Apple Inc., Morgan Stanley and Boeing Co. overshadowed concern Greece will default on its debt.

UK mkts retreat; BHP Billiton leads drop
UK stocks declined for the third time in four days as basic-resource producers retreated with metal prices.BHP Billiton Ltd. and Rio Tinto Group dropped more than 2% as copper, lead and nickel fell. Marks & Spencer Group Plc slid 3% as BofA Merrill Lynch Global Research downgraded the UK's biggest clothing retailer. ARM Holdings Inc., the UK designer of semiconductors used by Apple Inc., rose 3.1% after the maker of the iPhone said profit jumped 90%.

Japanese stocks down on Greece concern.
Japanese stocks declined amid concern Greece will default on its debt, and as the yen strengthened.

News for the Day 21/04/10

Japan stocks climb on US earnings
Japanese stocks rose after US companies reported better-than-expected earnings, commodity prices gained and the yen weakened.

Oil extends gains, rises to $84.45/bbl
Oil advanced for a second day after an industry funded report showed a decline in crude oil and fuel product supplies in the US, bolstering optimism demand may increase from the world’s biggest energy consumer.

US stocks rise for second day
stocks rose for a second day as companies from Harley-Davidson Inc. to Marshall & Ilsley Corp. posted better-than-estimated results and energy producers rallied with crude.

UK's FTSE rallies on SABMiller sales
UK stocks climbed for the first time in three days after SABMiller Plc reported better-than- estimated sales and Associated British Foods Plc posted a surge in first-half profit.SABMiller, the maker of the Grolsch and Peroni beer brands, soared to a record high. AB Foods, the owner of Primark stores, rose by the highest level since at least 1986. Antofagasta Plc and Cairn Energy Plc led commodity shares higher as copper advanced from a three-week low and oil rebounded.

RBI maintains pro-growth stance....
Reserve Bank of India (RBI) today maintained its pro-growth stance, and, at the same time, hiked rates to check rising inflation....The central bank hiked short-term lending and borrowing rates and the portion of money banks deposit with it by 0.25% each in a move aimed at controlling the inflation spiral without choking growth.The apex bank hiked its repo, reverse repo (overnight lending and borrowing rates) to 5.25% and 3.75%, respectively, while the cash reserve ratio (CRR), or the portion of deposits banks park with RBI, to 6% in line with analysts' expectations.The hike in CRR, which will come into effect from April 24, will absorb Rs 12,500 crore cash from the banking system. Banks have already indicated that they may not pass on the increased cost to the borrowers immediately as liquidity still remains sufficient in the system.

News for the Day 16/04/10

US mkts advance over optimism on earning
US stocks rose, sending the Standard & Poor's 500 Index toward its longest weekly winning streak since 2007, as optimism that earnings and the economy are growing overshadowed an unexpected increase in jobless claims.

UK stocks erase advance
UK stocks erased gains, with the FTSE 100 Index little changed at 5,792.86 as of 9:57 am in London.

HDFC launches dual rate product 2.0
Housing finance major HDFC today lowered its home loan rate to 8.25% for the first year in its new dual rate scheme, commonly known as teaser loans, applicable on fresh loans.Under the scheme, the country's biggest mortgage provider would offer a fixed rate of 8.25% up to March 2011, then 9% for the next one year and the prevailing floating rate for the remainder of the loan tenure."This is a flexible product with dual rates. The fixed rates are applicable for all new loans irrespective of the loan amount," HDFC said in a statement.

News for the Day 15/04/10

China economy grows 11.9%
China's economic growth accelerated to the fastest pace in almost three years in the first quarter, adding pressure on Premier Wen Jiabao to sever the yuan's peg to the dollar and raise interest rates.

UK stocks advance to 22-month high
UK stocks climbed to 22-month high as Intel Corp.'s sales forecast and JPMorgan Chase & Co.'s earnings beat analysts' estimates and BT Group Plc rallied the most in seven months.

Asian stocks rise on earning hopes
Asian stocks rose, driving the MSCI Asia Pacific Index to a 20-month high, as US earnings reports from JPMorgan Chase & Co. to United Parcel Service Inc. bolstered confidence in the global economy.

News for the Day 13/04/10

Dow above 11,000 for first time since 08
US stocks rallied, giving the Dow Jones Industrial Average its first close above 11,000 since September 2008, as takeovers and a $61 billion rescue for Greece bolstered equities before Alcoa Inc. starts the first-quarter earnings season.

UK stocks advance
UK stocks gained for a second day as a rally among retail companies overshadowed declines at raw- material producers.

Oil trades near $84
Oil traded near $84 a barrel in New York after falling on a forecast of an 11th consecutive weekly gain in US crude supplies, signaling fuel demand in the world's biggest energy consumer may be slow to recover.Oil declined for a fourth day yesterday as analysts predicted U.S. inventories of crude oil probably rose 1.15 million barrels as imports climbed, according to a Bloomberg News survey. It would be the longest stretch of increases in five years. The Energy Department is scheduled to release its weekly report at 10:30 a.m. tomorrow in Washington.

Status quo to be maintained on ULIPs: FM
Finance Minister Pranab Mukherjee today said the chairman of Securities & Exchange Board of India (Sebi) and the chairman of Insurance Regulatory Authority of India (IRDA) have agreed to jointly seek binding legal mandate on jurisdiction.The statement came over the controversy on unit-linked insurance plans (ULIPs) when Sebi, late last Friday, banned 14 insurers from selling the products.IRDA, on Saturday, asked insurers to ignore the ban and continue with the sales of the products. The Finance Minister's statement makes it clear that insurance companies can go ahead and sell the products...

News for the Day 12/04/10

Japanese stocks rise on US economy, Euro
Japanese stocks rose for a second day after metal prices gained, US wholesale inventories climbed and the stronger euro boosted the earnings prospects for electronics makers.

ULIP spat unlikely to impact equity mkt
The turf war between two sectoral regulators SEBI and IRDA over equity-linked insurance scheme (ULIPs) is unlikely to impact the stock market in a big way even as insurance companies would not hardsell the products, analysts said."There will not be any big impact on markets due to this controversy as April is considered as lean month for insurance companies," Bonanza Portfolio Vice President (Equities) R L Narayanan said.ULIPs -- one of the most common insurance plans sold by life insurers, where the money collected from consumers is invested into equity and debt markets and returns are linked to the same -- have become a bone of contention between the two financial sector regulators, with both claiming authority to regulate these schemes.On Friday, capital markets regulator SEBI had banned 14 life insurance companies from selling ULIPs, without its approval. The companies which come under the ban include Reliance Life, SBI Life, ICICI Prudential, Tata AIG and HDFC Standard Life,

3G autions: Top bid at Rs 4,085 cr
Bidding for the high speed spectrum or 3G will re-start on Monday after two days of the auction. The second day for 3G bids closed on Saturday. Bloomberg UTV has learnt that on Day 2, after 5 rounds of bidding, the bid for pan India closed at Rs 4085 cr. No excess bidding took place for the Maharashtra, Tamil Nadu and Karnataka circles. The Delhi circle closes at Rs 392 cr.

News for the Day 09/04/10

US stokcs halt global slide
US stocks halted a global slide as retailers rallied on better than estimated sales, while the euro reversed losses against the dollar as concern over a Greek default subsided. Treasuries fell after a $13 billion auction of 30-year bonds.

UK stocks retreat, led by Xstrata, BP
UK stocks fell the most in more than a month, led by commodity producers, as weaker metals and crude oil prices dragged down raw-material companies and speculation mounted the planned bailout of Greece will unravel.

Japanese stoks rise on US retail sales
Japanese stocks rose after US retail sales jumped in March, raising speculation consumer spending will help sustain the economic recovery.

Sail gets Cabinet nod For Diverstment
After disinvesting stake in the country's largest mining company NMDC, the union cabinet today approved a proposal for disinvesting stake in the country's largest steel producer - Steel Authority of India (SAIL).The government has decided to sell 20% stake of SAIL in two phases through a follow-on public offer.

News for the Day 08/04/10

Us mkts fall on consumer credit concern
US stocks tumbled, with benchmark indexes slumping the most since February, as a bigger-than- estimated decrease in consumer credit and concern Greece may default fueled concern the economic rebound may slow.

Asian stocks fall on US credit data
Asian stocks fell for the first time in six days, led by mining companies and automakers, after consumer credit declined more than expected in the US and the yen strengthened.

Oil drops a second day
Oil declined for a second day after a government report showed a bigger-than-forecast inventory gain in the US, the world's largest energy consumer.Oil dropped for the first time in seven days yesterday as the Energy Department said crude supplies rose 1.98 million barrels to 356.2 million last week. Stockpiles were expected to climb by 1.35 million barrels, according to a Bloomberg News analyst survey. Imports gained 5.5% to 9.56 million barrels a day, the most since September. Refineries operated at the highest rate since October.

UNITED Spirits logs 100 million cases
Vijay Mallya-led UB Group today said it has become the world's second largest liquor maker after Diageo with sales of over 100 million cases in the last 12 months and is certain to be the number one by next fiscal.In the process, group firm United Spirits has overtaken France's Pernod Ricard, Mallya told reporters, adding the company has set its eyes on the number one spot.

News for the Day 07/04/10

Crude oil is trading near $87/ bbl. Gold price is around $1133/ ounce.

Most US stocks rally on Fed plans
Most US stocks rose, led by banks, as investors bet that the Federal Reserve will keep its benchmark interest rate at a record low to safeguard the economic recovery and lenders rallied on analyst upgrades.

Asian stocks rise on Fed rate optimism
Asian stocks gained, driving the MSCI Asia Pacific Index higher for the fifth straight day, as investors bet the Federal Reserve will leave the benchmark US interest rate at a record low.

News for the day 31/03/10

Crude Oil trades above $82
Crude oil traded above $82 a barrel after rising on signs of increasing global economic growth and as an industry-funded report showed fuel-product supplies declined in the US, the world's biggest energy consumer.
Oil climbed as much as 0.7% yesterday as the Conference Board reported that U.S. consumer confidence in March rose more than analysts' forecasts. Japan's Tankan survey of business sentiment may show its fourth straight quarter of improvement tomorrow. U.S. fuel stockpiles dropped last week, according to the American Petroleum Institute.

US stocks rise on economic data
US stocks rose as an improved outlook for industrial companies and better-than-estimated data on consumer confidence and home prices overshadowed concern government deficits will derail the economic recovery. 3M Co. rallied 3.6% as Morgan Stanley said profit may top estimates after Danaher Corp. boosted its earnings forecast, sending the maker of Craftsman tools up 4.5%. Home Depot Inc. and Lowe's Cos. climbed as the S&P/Case-Shiller index of home prices in 20 U.S. cities and the Conference Board's confidence gauge topped economists' estimates.

Asian stocks drop on Valuation concern
Most Asian stocks declined amid concerns a rally that took the MSCI Asia Pacific Index to a 10- week high yesterday had overvalued earnings prospects.

News for the Day 30/03/10

Oil advances after rising on weak dollar
Crude oil climbed for a second day after rising as the dollar fell on European Union plans to help Greece and amid signals that economic growth may accelerate.Oil gained the most in more than five weeks as the dollar dropped against the euro and consumer spending in the US climbed in February for a fifth month. Employers probably added jobs this month for the second time in more than two years, according to economists surveyed before an April 2 report. The Energy Department may say tomorrow US fuel-product stockpiles declined last week, a Bloomberg News survey shows.

Asian Stoks rise on growth optimism
Asian stocks rose, driving the MSCI Asia Pacific Index to its highest level in 10 weeks, after US consumer spending increased for a fifth month and European confidence in the economic outlook improved.Canon Inc. and Samsung Electronics Co., which both get more than 20% of sales in the Americas, gained at least 1%. Mitsubishi Corp., Japan’s largest commodities trader, and BHP Billiton Ltd., the world’s No. 1 mining company, rose more than 1% after oil and metal prices climbed. Kobe Steel Ltd., a Japanese steelmaker, climbed 3.1% after narrowing its full-year loss forecast.

UK stocks erase gains
UK stocks erased gains as a sell off in Whitbread, Royal Bank of Scotland Group and Burberry Group countered a rally in mining companies.The benchmark FTSE 100 Index lost 3.51, or 0.1%, to 5,699.51 at 1:00 p.m. in London, having gained as much as 0.5% earlier.

News for the Day 29/03/10

Nikkei opens lower

Japanese share prices opened lower today, with the benchmark Nikkei-225 index falling 86.93 points, or 0.79%, to 10,909.44 in the first minutes of trading.

Japan retail sales rise at fast pace

Japan's retail sales gained at the fastest pace in more than a decade in February as the economic recovery spread to households.

Sales rose 4.2% from a year earlier, the Trade Ministry said today in Tokyo. That was the biggest monthly jump since March 1997, when they advanced 12.4%, according to Bloomberg data. The median estimate of 12 economists surveyed was for a 1.6% climb.

An export-fueled recovery and government stimulus spending are beginning to create jobs and support wages, improving prospects for companies including Dydo Drinco Inc. A turnaround in employment will continue to support consumer spending, according to economist Julian Jessop.

"Even though the boost will fade, you're still going to get a lasting positive impact" from the stimulus, Jessop, chief international economist at Capital Economics Ltd. in London, said before the report.

China tightens lending rules

China's banking regulator ordered lenders to take more care when making real-estate loans, widening efforts to prevent property speculators from causing asset bubbles and bad debt.Banks should not lend to developers found by state agencies to have held land without building houses, the government said in a statement posted online late on March 26. They should also stop approving new lines of credit to 78 government-controlled companies whose core business isn't property development if they use collateral other than construction projects already in progress, according to the statement.

News for the Day 26/03/10

US stocks fall on treasury auction
US stocks fell for a second day as a disappointing Treasury auction and discord among European leaders about how to rescue Greece erased a rally in the final half hour of the session. The 10-year note's yield climbed to the highest level since June, and the dollar rallied.

Oil is steday as equity markets gain
rude oil was little changed as equity markets advanced, bolstering optimism the economy will continue to grow, and as the dollar gained versus the euro, reducing the appeal of commodities as an alternative investment.

News for the Day 25/03/10

US stocks fall on European debt concern
US stocks fell, pulling benchmark indexes down from 18 month highs, on concern government deficits will hamper a global recovery as Fitch Ratings cut Portugal's credit rating and a UBS AG economist said Greece will default.Procter & Gamble Co., the world's biggest consumer-products maker, and Chevron Corp., the second-largest U.S. energy company, helped lead the Dow Jones Industrial Average lower. General Mills Inc. slid 1.9% after the maker of Lucky Charms cereal forecast earnings that disappointed investors. Equities extended declines as an auction of five-year Treasury notes sold at a lower-than-forecast price, pushing yields higher.

Oil falls on bigger-than-forecast supply
Crude oil fell after a government report showed a bigger-than-forecast increase in US supplies and the dollar surged to a 10-month high against the euro.Stockpiles rose 7.25 million barrels to 351.3 million last week, the Energy Department said. That was more than four times what was estimated in a Bloomberg News survey. The greenback strengthened after Fitch Ratings cut Portugal's credit grade. A strong dollar curbs the appeal of commodities to investors.

Zain board clears asset sale to Bharti
Bharti Airtel is one step closer to an agreement to acquire Kuwaiti telecom operator Zain's African assets for $9 billion.The board of Zain has approved the sale of most of its African assets to Bharti Airtel, sources said on Wednesday.

News for the Day 22/03/10

Crude oil & Gold
Crude oil is trading around $80.14/ bbl. Gold is at around $1106.20/ ounce.

Airtell ties up &8.3 bn debt for Zain deal
Bharti Airtel today announced tying up of $8.3 billion debt for the proposed acquisition of the Kuwait-based Zain Telecom's African unit. "The financing was over-subscribed with major international banks committing to underwrite the total amount," the company said in a statement here.

RBI begins battle to contain inflation
Reserve Bank of India Governor Duvvuri Subbarao may add to his first interest rate increase since the end of the global recession after falling in danger of being judged too slow to contain accelerating consumer prices.The next move may come as soon as next month, according to Morgan Stanley and IHS Global Insight. The Reserve Bank of India boosted the benchmark reverse repurchase rate to 3.5% from a record-low 3.25% and the repurchase rate to 5% from 4.75% on March 19, saying curbing inflation has become "imperative."The announcement followed Nomura Holdings Inc. saying the RBI was "behind the curve" after inflation hit a 16-month high and exceeded the rate in all other Group of Twenty economies. Stocks may tumble today as investors anticipate higher borrowing costs, with the benchmark Sensitive Index at risk of a 200-point drop, according CNI Research (India) Ltd. in Mumbai.

Asian stocks drop over stimulus concern
Asian stocks fell after an International Monetary Fund official said advanced economies face "acute" challenges tackling public debt and on concern central banks in Asia may step up efforts to curb inflation.BHP Billiton Ltd., the world's largest mining company, fell 1.4% in Sydney as commodity prices slumped after India's central bank unexpectedly raised interest rates last week. Rio Tinto Group, the third-biggest, dropped 1.2%. Newcrest Mining Ltd. lost 1.1% in Sydney after gold prices tumbled the most in six weeks in New York on March 19. Posco, Asia's biggest maker of stainless steel, declined 1.5% in Seoul on speculation global demand will slow.

Newsh for the Day 19/03/10

Oil falls a second day on declining US d

Crude oil dropped for a second day in New York amid concern fuel demand in the US, the world's biggest energy consumer, was slipping and as a firmer dollar damped the investment appeal of commodities.

Oil traded below $82 a barrel after the dollar gained against the euro on speculation Greece may fail to secure financial assistance from the European Union. Commercially held U.S. crude inventories rose last week to the highest since August, the Energy Department said March 17.

Asian stocks rise after US jobless data

Asian stocks rose, driving the MSCI Asia Pacific Index toward a fourth weekly advance, after U.S. jobs and manufacturing reports boosted confidence in a global economic recovery.

News for the Day 17/03/10

US stocks rise as Fed to Keep rates low

US stocks rose, with the Standard & Poor's 500 Index reaching a 17-month high, as the Federal Reserve said it will leave its main interest rate near zero for an extended period to safeguard the economic recovery.

Fed to Keep rate low for extended period
Federal Reserve officials repeated their pledge to keep the main interest rate near zero for an "extended period" and confirmed that emergency measures to prop up the housing market will end as planned this month.

News for the Day 16/03/10

US stocks gain as financials trim loss

US stocks erased losses in the final hour as financial shares reversed declines, while consumer companies rallied on an analyst upgrade of Wal-Mart Stores Inc. and PepsiCo Inc.'s plan to return more money to investors.

Jet Airways may fly high as passenger traffic increases

Jet Airways India posted a nearly 31% growth in international passenger traffic, while domestic passenger traffic grew 22% in February 2010 over February 2009. Passenger traffic at Jet Airways rose for the fifth straight month in February as the economic recovery helped drive traffic growth, it said in a statement. The airline, which operates 89 aircraft and flies to 61 destinations globally, will be launching new flights to Saudi Arabia and South Africa in the next 30 days.

Shree Cement has commissioned its 1.8 million tonne per annum (MTPA) clinker-grinding unit in Haridwar district of Uttarakhand state.

News for the Day 12/03/10

US STOCKS gain as S&P 500 rallies

US stocks rose, sending the Standard & Poor's 500 Index to the highest level since October 2008, as Citigroup Inc. led a bank rally and investors speculated that health-care reform will be harder to pass.

JPMorgan, Citigroup Helped Cause Lehman Collapse,Report says

JPMorgan Chase & Co. and Citigroup Inc. helped cause the failure of Lehman Brothers Holdings Inc. by demanding more collateral and changing guarantee agreements, according to a court-ordered report on the biggest bankruptcy in U.S. history.

News for The Day 11/03/10

Nifty futures will be traded on the CME

National Stock Exchange (NSE) has signed a cross-listing pact with the Chicago Mercantile Exchange. Nifty futures will be traded on the CME, while the Dow Jones and S&P 500 futures will be traded on the NSE. The move is a step towards alignment to global markets.

UK stocks climb to 21 month high

UK stocks rose, pushing the FTSE 100 Index to the highest level in almost 21 months, as Royal Bank of Scotland Group Plc gained and inter-dealer brokers ICAP Plc and Tullett Prebon Plc rallied.

Oil trades below $82

Crude oil traded below $82 a barrel after rising on a government report that showed US fuel supplies declined, adding to signs of demand recovery in the biggest energy-consuming nation.

Oil rose to an eight-week high yesterday as gasoline inventories dropped 2.96 million barrels last week, the Energy Information Administration said. Crude stockpiles increased 1.4 million barrels compared with a Bloomberg News survey forecast of a 2 million-barrel gain. Prices also gained as total Chinese exports climbed 46% in February.

News for the Day 10/03/10

Asian Stocks Fluctuate as Oil, Cargo Rates Drop; Telstra Gains

Asian Stocks fluctuated as shipping lines declined after a measure of cargo-transport-rates fell, while Australia’s largest telephone company rose on speculation it will avoid a forced break-up.

Oil trades near $81

Oil traded near $81 a barrel after falling as the dollar strengthened and an industry-funded report showed an increase in US crude supplies, fanning concern that demand in the world's biggest energy user is slow to recover.

US stocks advance amid optimism

US stocks rose on the anniversary of the 2009 bear-market low for the Standard & Poor's 500 Index amid speculation the economy will continue to recover from the worst contraction since the Great Depression.

News for the Day 09/03/10

SBI Bill reintroduced to pare govt holding to 51%. The Bill will reduce the Centre's shareholding in the bank from the current level of 55 % to 51 % in sync with the minimum threshold for other banks. Without the Bill, the bank can raise resources only through rights issue. Post the passage of the Bill, SBI plans to raise Rs 10,000 -15,000 crore in 2010-11, out of the Rs 40,000 crore it plans to raise within next three years.

Reliance MediaWorks ups Fame open offer quantity by one lakh more shares to 2.17 crore, representing 52.72% in the multiplex operator.

IL&FS Transportation IPO will hit the capital market on March 11, 2010. The Rs 700 crore public issue consists of an offer for sale of 42.78 lakh shares by private equity shareholder Trinity Capital. The price band will be between Rs 242 and Rs 258, which implies the company will issue about 2.8 lakh shares.

DQ Entertainment issue was subscribed 0.69 times on the first day of its subscription. The issue received bids worth 90.8 lakh shares against the total issue size of 1.32 crore shares. The issue has a face value of Rs 10 with a price range of Rs 75 to Rs 80.

L&T Power plans to install power projects of 5000 mega watt (mw) capacity by 2015 and could invest around Rs 30,000 crore on it.

Exide Industries is selling up to 50 million shares at 107-108 rupees each to institutions to raise approximately $120 million . Bank of America-Merrill Lynch and Morgan Stanley are among arrangers for the deal.

Wipro Infotech gets turnkey project to set up a financial intelligence network for the finance intelligence unit of the from the finance ministry.

Government bonds fell pushing yields to a 17-month high as investors fear that high borrowing by the Central government and likely demand From companies for expansion due to accelerating economic growth will push up interest rates further. RBI may soon follow by raising policy rates. The yield on the 6.35% benchmark 2020

News for the day 07/03/10

Zee Entertainment is in talks to acquire 9X's Hindi general entertainment space. The deal is valued at Rs 65-75 crore.

------------------------------------------
Essar Group to buy US's Trinity Coal for Rs 2,750 cr. Essar Minerals, Delaware, a subsidiary of the Essar Group has entered into an agreement with private equity firm Denham Capital to acquire 100 per cent ownership of US based Trinity Coal for $600 million (Rs 2,750 crore).With this, the Ruias investment and commitment in the US would cross $4 billion (Rs 18,400 crore).

------------------------------------------
RBI puts off rollout of base rate to July 1

------------------------------------------
Aditya Birla Retail stake sale : Retail chain store operator Aditya Birla Retail is open to selling a 10% to 15% stake to private equity firms.

------------------------------------------
Jindal sells 1.58% in JSW Steel : Vice-chairman and managing director of JSW Steel, Sajjan Jindal, diluted his stake in the company by 1.58% on March 3. In a filing to the stock exchanges, Jindal has said that he sold 3.75 lakh shares to Sun Investments for Rs 1,113 per share.

------------------------------------------
Zicom to sell two of its biz units to Schneider Electric for about 2.25 billion rupees, lifting its shares by nearly a fifth. Zicom's two units, catering to governmental and institutional markets, together have an order book of about 800 million rupees and nearly 200 employees.

------------------------------------------

News for the Day 05/03/10

Apollo Hospitals keen to foray into medical education

Aurobindo will soon be entering the $8-billion oral contraceptive market .The company would be initially targeting the US which accounts for about 45% of the total oral contraceptive market.

Govt plans wheat and rice exports even as food inflation soars to 17.9%

NMDC to spend Rs 26.5k cr in 5 yrs, eyes overseas mines

Suzlon Energy said it has bagged a contract from Gujarat State Petronet Ltd for setting up 52.5 mw wind energy project inGujarat.

PSU oil firms will invest over Rs 77,500 crore for adding 44.2 million tonne of refining capacity by 2012, petroleum minister was quoted sayin.

Strides to buy Aspen'sBrazil unit for $75 m to acquire the latter's facility in Campos,Brazil, along with its products and intellectual property in line with Strides' strategy to focus on core specialty injectable business.

Hindustan Construction Co Ltd won two orders worth about 3 billion rupees from Hindalco Industries for structural work at the latter's aluminium smelter project in Orissa

India's food price index rose 17.87 percent in the 12 months to Feb. 20, while the fuel price index was up 9.59 percent,

The direct tax collections were up 7.52 per cent in the first 11 months against Rs 2.58 lakh crore in the same period last fiscal.News:

News for the Day 04/03/10

Reliance Capital has about 13.79% stake in Fame India , while it first started accumulating shares their stake was only 3.5%

Punj Lloyd says secures $223 mln plant deal to construct a 600-megawatts power plant in western Maharashtra state.

Bajaj Corp files for IPO of 4.5 mln shares.The price range of the IPO was not yet decided.The IPO proceeds would be used for product expansion and acquisitions.

Jaiprakash Associates jumped 6.1 percent as its cement shipments in February jumped 61 percent, while ACC fell 0.2 percent as its cement shipments dropped 2.3 percent.

There was a news that Ranbaxy Laboratories would not be able to launch a generic version of a urinary drug in the United States as per schedule in the absence of a final approval from the U.S. drug regulator.

ARSS Infrastructure Projects listed at 650 rupees on the BSE, 44.4 percent higher than its issue price of 450 rupees. The stock closed at 736.30 rupees.

Ashok Leyland firmed 1.1 percent to 52.65 rupees as it was reported that the company and Japan's Nissan Motor Co were in talks for developing a small car.

8 PSBs will see fresh capital infusion by May as part of the Rs 16,500-crore recapitalisation plan announced by finance minister Pranab Mukherjee in the Budget. The government will inject almost 60% of these funds. Bank of Maharashtra, Central Bank of India, Dena Bank, Indian Overseas Bank , Syndicate Bank, Uco Bank, Vijaya Bank and IDBI Bank are likely to benefit first from recapitalisation.

Reliance Industries has no plans to increase its bid for LyondellBasell after creditors rejected a $14.5 billion offer.

Steel Authority of India Ltd (SAIL) has raised product prices by Rs500-600 a tonne, after factory gate duties were raised in the Budget

Dawn of the Stocks

Monday, March 22, 2010

No Updates Today

No comments:

Post a Comment

Mail Us-

Search This Blog

Important Links

CHAT ROOM

Followers

Blog Archive