According to Investment Guru, Marc Faber, the emerging markets may get oversold in the next six months and then see a rally. New highs are pretty much out of question, he told CNBC-TV18. Some EMs can still drop 30-40% from the current levels, he added.
Precious metals are still relatively attractive, Faber said. The Sensex may test 14,000 before slipping to 12,000 levels he said.
COMPANIES ANNOUNCEMENT
GlaxoSmithKline Pharmaceuticals fixes Book Closure for Dividend
GlaxoSmithKline Pharmaceuticals Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from April 04, 2008 to April 21, 2008 (both days inclusive) for the purpose of payment of dividend.
Medi Caps - Updates
The Company has entered into a Joint venture arrangement with M/s. Mission Pharmaceuticals for setting up a plant at SEZ in Pithampur (Dist DHAR) for manufacturing softgel Capsules with the total proposed investment of Rs 20 crores and out of which the Company has already contributed total Rs 55 lacs in the current financial year.
Mascon Global - Updates
With reference to the news item appearing in a leading financial daily titled "Mascon may buy Sam Pitroda's C-SAM by June", Mascon Global Ltd has informed BSE that the Wholly Owned Subsidiary (WOS) of the Company is trying to have a relationship with C-SAM INC for IP relationship. The Company will furnish necessary details in due course.
Kaashyap Technologies - Outcome of Board Meeting
Kaashyap Technologies Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 22, 2008, inter alia, has discussed the following:
1. Acquisition of Logic Bytes Inc.,The Board considered the report submitted by the management and approved, the same. As per the report submitted by the Management, Logic Bytes Inc., is also in possession of Health Care Software and the take over will enable the Company to make foray into the Health Care Business in the near future. The Board further authorised the Chairman or any one Director to negotiate and finalize the consideration not exceeding USD 4 million. The Chairman or any one Director has been authorised to sign the necessary documents to complete the transactions.
2. New VentureIn order to diversify into the business of Unique Content Transformation providing Newspaper Publishers, Broadcasters, Content Aggregators, Media Monitoring Companies, Telecos, STM Publishers and Government Organizations with Real Time and Project based BPO / CPO / KPO Services the Board has formed a committee to look into the business. The committee has been requested to submit a detailed report on the potential market along with other details like competitors etc.
3. IP TVThe Board also considered the option of its venture into IP TV business at length.The Board decided to take a decision on the Agenda 2 and Agenda 3 at the Board meeting slated for February 29th for issue of Bonus / dividend / bonus warrants / rights to the shareholders.
HDFC Bank - Board Meeting on Feb 23, 2008
HDFC Bank Ltd has informed BSE that a meeting of the Board of Directors of the Bank will be held on February 23, 2008, to consider, in-principle, a possible merger between Centurion Bank of Punjab Ltd and HDFC Bank Ltd.
Power Grid Corporation Board to consider interim dividend
Power Grid Corporation of India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 05, 2008, inter alia, to consider, declaration of Interim Dividend for the Financial Year 2007-08.Further the Company has informed that, March 11, 2008 has been fixed as the Record Date for the purpose of payment of interim dividend, if declared.
Bank of Baroda - Notice of Strike on Feb 25 & 26, 2008
Bank of Baroda has informed BSE that the Bank is informed by Indian Banks' Association, that United Forum of Bank Unions, which is a joint forum of five industry-level Workmen Unions (viz. AIBEA, NCBE, BEFI, INBEF and NOBW) and four Officers' Association (viz. AIBOC, AIBOA,INBOC and NOBO) has served a notice of strike informing their decision to go on a nation-wide strike on February 25 & 26, 2008.In view of the above, the Bank has taken necessary steps in terms of the existing guidelines for smooth functioning of Bank's branches / offices on the days of strike, in the event the strike materializes on February 25 & 26, 2008.
JSW Steel - Updates on Scheme of Amalgamation
JSW Steel Ltd has informed BSE that the Hon'ble High Court of Judicature at Mumbai has sanctioned the Scheme of Amalgamation of Southern Iron & Steel Co. Ltd with the Company. The Order sanctioning the Scheme was pronounced in the Court on February 22, 2008.The written order sanctioning the Scheme is expected to be received shortly. Once the order of the High Court is filed with Registrar of Companies, Maharashtra, the scheme will become effective.
Mercator Lines - Updates
Mercator Lines Ltd has informed BSE that the Company on February 22, 2008 has sold and delivered one of its 1986 built Aframax Tanker of DWT 100488.
NEWS
- Asian stocks fell, with the region's benchmark set for its seventh weekly drop this year, on renewed concern the U.S. will enter a recession.
- Hexaware has declared its fourth quaret results. It Q4 consolidated net loss stood at Rs 81 crore. Its consolidated net sales at Rs 259.18 crore
- The Centre on Thursday approved a fresh Rs 500 crore assistance to help exporters make up for the loss in orders due to strengthening of the rupee.
- After shunning Bengal a year ago following the trouble over land acquisition, the Bharat Forge group is back in the state with a bundle of projects.
Group company Kalyani Steels Ltd proposes to set up a one-million-tonne speciality steel plant and a 500-megawatt captive power unit at an investment of Rs 6,500 crore. - IT firm Hexaware Technologies has taken a Rs 103 crore hit in the fourth quarter ended December 2007 because of unwinding of the exotic forex contracts it had entered into in currencies other than the rupee. This led to a net loss of Rs 81 crore for the period.
- Reliance Communications Ltd. (RCL) on Thursday acquired Uganda based Anupam Global Soft (U) Ltd., a company holding public infrastructure provider licence (PIPL) and public service provider licence (PSPL), issued by the Uganda Communications Commission.
- Realty major, Housing Development (Q, N,C,F)* & Infrastructure (HDIL) sold a commercial land in Andheri (in the western suburb of Mumbai) to Mack Star Marketing, a private company, for around Rs 9 billion, reports Business
READ IT
We would have loved to say, Thank God, its Friday and relax for the weekend. But, speculation on Reliance Power’s bonus ratio, which will be decided on Sunday will hold center-stage. Buzz is that some short covering could take place and the Reliance Power stock may end above its issue price today.
But global markets are not very supportive for the time being. We expect a weak opening, unless Asian markets stage a rebound before the opening bell. IT stocks may remain in the limelight in the near term in case the rupee remains weak. Watch out for Centurion Bank of Punjab amid reports that it will be acquired by HDFC Bank, though both the companies have yet not confirmed any merger talks.
Shipping and auto parts companies may also be in action amid reports of some favourable proposals in store in the upcoming budget for the two sectors. Jai Corp. and Infotech Enterprises may also attract some attention on positive news flow. Bank of Rajasthan could be in action on expectations of a placement at a significant premium.
FIIs were net buyers of Rs2.09bn (provisional) in the cash segment yesterday while local institutions pulled out Rs1.41bn. In the F&O segment, FIIs were net buyers of Rs3.76bn. On Wednesday, they were net buyers of Rs567mn. Mutual Funds were net sellers of Rs1.91bn on the same day.
Crude oil futures dropped for the first time in six days, falling 1.5% to close near the US$98-a-barrel mark, as government data showed that US crude inventories have risen more than expected.
Light, sweet crude for April delivery, the new front-month contract, declined $1.47 to close at $98.23 a barrel in New York. Earlier, it fell to an intraday low of $96.87. Natural gas moved lower despite that its inventories fell.
The Energy Information Administration reported that US crude inventories rose 4.2mn barrels in the week ended Feb. 15, outstripping the increase of 3.2mn barrels that analysts had expected.
Government has convened a meeting of major steel producers next week to sort out issues impeding their mega investment plans in the country.
The Ministry is anticipating investment in the sector to the tune of Rs 2800 billion by 2011-12. Government is expecting the steel production to reach more than 100 million tons by 2011-12.
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