Market NEWS

Mr T.S. Narayanasami Chairman and Managing Director, Bank of India, said, "There is no need for any apprehensive that the profit- ability of banks will get affected following the proposal to waive off Rs 60,000 crore farm loans. The entire NPA portfolio of PSU banks will get substantially cleaned up and banks will effectively get zero cost refinance on them. The liquidity that will be infused will only add to banks' profitability."

Tata-AIG General Insurance Limited has signed a deal with low cost airline GoAir to offer a insurance travel cover to GoAir passengers who book their tickets through GoAir's website only. The passenger booking a GoAir ticket will be offered the option of buying the in- surance cover for his travel at a nominal premium of Rs 129/-. The insurance cover includes reimbursement in case of baggage lost, flight delay and trip cancellationsoumya banerjee: GERMAN multinational bank, Deutsche Bank, is likely to buy a 5% stake in the Delhi Stock Exchange (DSE). If it happens, this would be the fourth major foreign investment in the DSE after US-based Lamb Company, New Vernon Private Equity and Passport Global Master Fund SPC(British Virgin Islands) picked up stakes in the stock exchange.

Unperturbed by the current turbulent market conditions the Gammon Group is going ahead with the IPO of Gammon Infrastructure Projects.Gammon Infra is entering the capital market with its initial public offering (IPO) of 16.55 million equity shares of Rs 10 each in price band of Rs 167 to Rs 200 a share. The issue will open on Mar. 10, 2008, and will close on Mar. 13, 2008.

Reliance Capital, the financial services arm of Reliance ADA group, has launched its microfinance initiative in partnership with two Gujarat-based mcrofinance institutions (MFIs).
Reliance plans to fund MFIs in Gujarat and Maharashtra in the first phase and subsequently have a national presence. The company is joining hands with two Gujarat-based microfinance institutions — MAS Financial Services and Vardan Trust — for the project.

Foreign institutional investors were net sellers in equities on Monday as the Bombay Stock Exchange benchmark index, Sensex, ended 900 points down.
FIIs made gross sale of equities worth Rs 4,128.18 crore and gross purchase of Rs 3,416.87 crore, resulting in a net sale of Rs 711.31 crore. Domestic institutional investors, however, were net investors in shares worth Rs 80.47 crore, provisional data available on the BSE show.
Among other categories, non-resident Indian entities and proprietors sold shares worth Rs 4.09 crore and Rs 94.51 crore respectively.

Investors wealth on Monday plummeted by as much as Rs 2.73 lakh crore in a day, led by giants like RIL and DLF, as the benchmark Sensex nosedived by 900 points.
The combined market capitalisation of all the listed companies on the Bombay Stock Exchange dropped to Rs 56,14,884.87 crore from Rs 58,87,846.18 crore on Friday

The old saying is that when there is blood on the streets it's the right time to start investing, says Gul Tekchandani, investment strategist, on NDTV Profit. Stay with front line stocks like Reliance Industries and be stock specific in the technology, pharma and auto sectors that are poised well, he says.