1. Bombay Stock Exchange (BSC) sensex, the 30-share index closed at 15,588, down by 169 points. Tata Communication was the biggest loser and Tech Maindra and Yes Bank were the major gainers. In bullion market, gold closed higher at Rs.11,935/10gm and silver closed at 23,875/kg. Stock markets, in general, on Wednesday are down.
2. National Stock Exchange (NSC) launched its volatility index (also called a fear index), India VIX , which will be calculated using the prices of 50 stock options. The index measures the amount by which an underlying index is expected to fluctuate in the near term. The index closed at 31.40 points, up 1.32% on its debut on Tuesday.
3. Indian Chief Financial Officers get highest pay hike (25%) in Asia.
4. Government plans more steps to contain steel prices.
5. The newly appointed Minister of State for Power at the centre said that his main objective will be to ensure that 11,000 MW targeted power generation capacity was achieved for 2008-09.
6. Asian inflation begins to sting US shoppers as the local currencies rise against the dollar.
7. US-64 bonds of UTI, of face value Rs.100, are due for maturity on May 31, 2008.
8. Emerging markets are not safe from financial crisis says IMF. However, it noted that risks to Indian financial sector appeared manageable.
Tuesday, April 8, 2008
Monday, April 7, 2008
Indian Business News – Selected Extracts 08/04/08)
1. Bombay Stock Exchange (BSC) sensex, the 30-share index ended up by 414 points on Monday to close at 15,757 points. Among sectorial indices, banking and FMCG (HUL, ITC) were the top gainers. Ranbaxy rose by 5.6%. The company is making inroads into the shareholders books of the Orchid Chemicals. In bullion market, gold closed higher at Rs.11,860/10gm and silver closed at 23,810/kg. Stock markets, in general, on Tuesday are down.
2. Market regulators, SEBI is considering measures to smoothen the procedure of cross-listing of companies in India and abroad, its Chairman, C.B. Bhave said.
3. Exports of hosiery from the textile hub, Tirupur in South India drops by 10%, first time in the past three decades.
4. European regulators allow mobile phone use on planes throughout EU airspace.
5. Novaratis AG to buy Nestle AG’s 77% stake in US company Alcon for US$39 billion.
6. Major IT firms are expected to post decent revenue growth for the fourth quarter of fiscal 2007-08 due to rupee depreciation against the dollar.
7. Internet icon Yahoo is looking for a better than US$41billion buyout offer from Microsoft.
8. Godrej to enter women’s hygiene market through joint venture with Sweden-based SCA Hygiene Products AB.
Reliance plans to enter into dairy business, but why?
Reliance Industries is quietly entered the milk distribution and retail market by pursuing an aggressive pricing strategy. The company will be competing with cooperative giants like AMUL, and Mother Dairy. The investments are projected to touch Rs.5000 Cr by 2010. The company’s stated objective is to improve the quality of milk better testing, collection and procurement infrastructure. The daily production of milk is 2.6 Cr liters. And, one-third of the milk entering into the market (1.5 Cr liters) is managed by the organized retail chain such as Amul.
The opinion of some of the Reliance milk consumers is not satisfactory. The quality of the milk is not up to the mark. Another most important point is: why big business house like Reliance should enter into sectors which are predominantly managed well by the cooperative sector? Already, the company started fresh fruits, grains and vegetable business and hurt a lot of small traders. At this rate, the cooperative sector is facing extinction slowly but surely. There are many hi-tech fields in engineering, nuclear and bio-tech where there is a need of big players such as reliance. Ambanis are listening?
The opinion of some of the Reliance milk consumers is not satisfactory. The quality of the milk is not up to the mark. Another most important point is: why big business house like Reliance should enter into sectors which are predominantly managed well by the cooperative sector? Already, the company started fresh fruits, grains and vegetable business and hurt a lot of small traders. At this rate, the cooperative sector is facing extinction slowly but surely. There are many hi-tech fields in engineering, nuclear and bio-tech where there is a need of big players such as reliance. Ambanis are listening?
Friday, April 4, 2008
Indian Business News – Selected Extracts (05/04/08)
1. Bombay Stock Exchange (BSC) sensex, the 30-share index ended 489 lower and closed the day at 15343 points. Banking stocks were among worst hit. Losers included RIL, Infosys and L&T. In bullion market, gold closed at Rs.11,740/10gm and silver closed at 23,265/kg.
2. BSC launched trading of sensex-based futures on the US Futures Exchange in Chicago today.
3. Inflation in India breaches 7% mark – 3-year high. Prices of food products, manufactured goods continue to rise, government warns against hoarding.
4. Market regulator, SEBI to issue guidelines on real estate mutual funds in the next 15 days.
5. Gujarat NRIs buy big into dirt-cheap US realty, thanks to the subprime mortgage crisis that has hammered property prices in the US.
6. Tatas to pick up 60% stake in a Spanish company, Comoplesa Lebrero SA, a construction equipment company.
7. Rupee closes below 40 rupees against US dollar on Friday.
8. India received US$20.13 billion as foreign direct investment (FDI) in the April-February 2007-08 period up by 70% that flowed in a year ago.
2. BSC launched trading of sensex-based futures on the US Futures Exchange in Chicago today.
3. Inflation in India breaches 7% mark – 3-year high. Prices of food products, manufactured goods continue to rise, government warns against hoarding.
4. Market regulator, SEBI to issue guidelines on real estate mutual funds in the next 15 days.
5. Gujarat NRIs buy big into dirt-cheap US realty, thanks to the subprime mortgage crisis that has hammered property prices in the US.
6. Tatas to pick up 60% stake in a Spanish company, Comoplesa Lebrero SA, a construction equipment company.
7. Rupee closes below 40 rupees against US dollar on Friday.
8. India received US$20.13 billion as foreign direct investment (FDI) in the April-February 2007-08 period up by 70% that flowed in a year ago.
Indian Business News – Selected Extracts (04/04/08)
1. Bombay Stock Exchange (BSE) sensex ends flat. The sensex closed at 15,833, 82 points higher. Technology stocks had a good trading session. Power and capital goods were hit the hardest. Gold closed at Rs.11635/10gm and silver at Rs.23,010/kg.
2. BSE would launch trading of sensex-based futures on the US Futures Exchange in Chicago today.
3. The state run power equipment maker BHEL has posted a net profit of Rs.2,815 Cr in 2007-08. Its annual turnover crossed Rs.20,000 Cr mark.
4. US Federal Reserve chairman Ben Bernanke acknowledged that US could reel into recession due to housing, credit and financial crisis.
5. The Thai government had invited investment from car makers to make eco-friendly cars and proposed to give tax benefits subject to certain conditions.
6. Forbes names 48 Indian companies in list of top global firms. The leaders are RIL and ONGC. All these 48 firms have a billion-dollar market value.
7. RIL has submitted an Rs.30,000 Cr proposal for setting up facilities to promote semi-conductor technology. Location is yet to be decided.
8. Indian core infrastructure industries’ (coal, power & cement) growth accelerated to 8.7% in Feb. 2008.
2. BSE would launch trading of sensex-based futures on the US Futures Exchange in Chicago today.
3. The state run power equipment maker BHEL has posted a net profit of Rs.2,815 Cr in 2007-08. Its annual turnover crossed Rs.20,000 Cr mark.
4. US Federal Reserve chairman Ben Bernanke acknowledged that US could reel into recession due to housing, credit and financial crisis.
5. The Thai government had invited investment from car makers to make eco-friendly cars and proposed to give tax benefits subject to certain conditions.
6. Forbes names 48 Indian companies in list of top global firms. The leaders are RIL and ONGC. All these 48 firms have a billion-dollar market value.
7. RIL has submitted an Rs.30,000 Cr proposal for setting up facilities to promote semi-conductor technology. Location is yet to be decided.
8. Indian core infrastructure industries’ (coal, power & cement) growth accelerated to 8.7% in Feb. 2008.
Thursday, April 3, 2008
Indian Business News – Selected Extracts (03/04/08)
1. The BSC sensex closed yesterday at 15750 points after starting the day with 16163. Today, the market is showing mixed trend and the sensex remained higher through most of the trading period.
2. Bullion market was also down and the gold closed at Rs.11560/10gm and the silver at Rs.22790/kg.
3. Microsoft asked to pay Rs.700 Cr in taxes for the tax returns pertaining to financial years: 1998-99 and 2003-04.
4. The Reliance Anil Ambani Group is planning to enter the commodity trading business by setting up a large exchange in the country. Kotak Group is also thinking on similar lines.
5. Tata Motors to list its shares in Tokyo Stock Exchange.
6. Planning Commission has asked the government to reduce its stake in the public sector banks to 33% from the present level of around 70%. Suggestions were also made to permit foreign investors to own larger share in insurance companies.
7. Rolls-Royce CEO John Rose says that India is powerhouse of global economy.
Power deficit to hit Indian industries further and the industrial production growth is likely to come down to 3.4% between April-July this year.
2. Bullion market was also down and the gold closed at Rs.11560/10gm and the silver at Rs.22790/kg.
3. Microsoft asked to pay Rs.700 Cr in taxes for the tax returns pertaining to financial years: 1998-99 and 2003-04.
4. The Reliance Anil Ambani Group is planning to enter the commodity trading business by setting up a large exchange in the country. Kotak Group is also thinking on similar lines.
5. Tata Motors to list its shares in Tokyo Stock Exchange.
6. Planning Commission has asked the government to reduce its stake in the public sector banks to 33% from the present level of around 70%. Suggestions were also made to permit foreign investors to own larger share in insurance companies.
7. Rolls-Royce CEO John Rose says that India is powerhouse of global economy.
Power deficit to hit Indian industries further and the industrial production growth is likely to come down to 3.4% between April-July this year.
Tuesday, April 1, 2008
Indian Business News – Selected Extracts (02/04/08)
1. The combined trading volume on BSC and NSC was down by a quarter as arbitrageurs and day traders stayed away from the market due to change in the tax treatment of the securities transaction tax being implemented from Tuesday. The sensex closed at 15,627 points and the days high was 15,761. The trend today is the sensex continues to gain since the market is opened.
2. Gold and silver process see sharp decline. Gold was at Rs.11,685/10 gm and silver at Rs.22,640/kg.
3. Videocon Group has put up an expression of interest to acquire Motorola’s mobile handset business.
4. Worst Q4 performance by Mutual Funds in seven years.
5. As one of the measures to control inflation, the RBI will allow rupee to appreciate by reducing market intervention.
6. Edible oil prices set to fall.
7. Price of aviation fuel was increased by 12-14%. Passengers will have to pay an additional surcharge of Rs.150 to 350.
8. Dr. Reddy’s is acquiring a part of US-based Dow Chemical Company’s small molecules unit.
9. DoT allows infrastructure such as transmission systems sharing among telcos. Guidelines are being provided by the department.
2. Gold and silver process see sharp decline. Gold was at Rs.11,685/10 gm and silver at Rs.22,640/kg.
3. Videocon Group has put up an expression of interest to acquire Motorola’s mobile handset business.
4. Worst Q4 performance by Mutual Funds in seven years.
5. As one of the measures to control inflation, the RBI will allow rupee to appreciate by reducing market intervention.
6. Edible oil prices set to fall.
7. Price of aviation fuel was increased by 12-14%. Passengers will have to pay an additional surcharge of Rs.150 to 350.
8. Dr. Reddy’s is acquiring a part of US-based Dow Chemical Company’s small molecules unit.
9. DoT allows infrastructure such as transmission systems sharing among telcos. Guidelines are being provided by the department.
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