Market Updates

Bangalore-based ING Vysya Life Insurance entered into the retirement segment by unveiling its new product `ING Goldenlife`, a unit-linked pension plan that enables customers to build a retirement fund.

Reliance Retail (RRL), a 100% subsidiary of Reliance Industries has entered a joint venture (JV) with Pearle Europe for the launch of a chain of optical stores in India.

SEBI imposes 10-year ban on Cyberspace from trading.
Market regulator, SEBI, on Tuesday (March 04) banned Arvind Johari, owner of Lucknow-based Cyberspace, from trading for 10 years, for his involvement in the securities scam in 1999-2001.In addition to Johari, 39 other entities have been banned from trading for five years for creating a false market for Cyberspace shares through artificial trade. During the investigation, the market regulator found unusual movement in the scrip of Cyberspace, mostly engineered by the same set of people through trading in a circular manner.

The Union Petroleum Ministry could extend the exploration deadlines of Reliance Industries and Oil and Natural Gas Corporation (ONGC) due to delays in hiring drilling equipment and rigs.

Indraprastha Gas, a joint venture of GAIL (India), BPCL and the Delhi government has announced a reduction in CNG selling price in New Delhi.

Petronet LNG is planning to set up a 1,500 MW gas-based power unit in Dahej and a 760MW unit in Kochi.

The board of directors of Bombay Rayon Fashions(BRFL) approved the acquisition of a `Garment Unit` of Maryan Apparel at a consideration of Rs 147.4 million.

L&T has bagged orders worth Rs 458 crore for transmission lines.

Nagarjuna Constructions has bagged orders worth Rs 424 crore.

The board of Reliance Energy is due to meet today to consider buyback of shares. Between February 26 and March 4, the stock had touched a high of Rs 1,750 and a low of Rs 1,430. The company might buyback a maximum 25% of networth, or 10% of issued capital whichever is lower.

Bajaj Auto is planning to launch a new 125cc motorcycle every quarter through 2008-09 as part of its endeavor to get away from the 100cc space, reports DNA.

The board of directors of Indiabulls Real Estate, have approved the proposed investment and/or purchase of up to 100% of the ordinary shares in Dev Property Development, an Isle of Man registered company listed on the London Stock Exchange`s AIM.IBREL will issue new shares in the form of GDRs (to be listed on the Luxembourg Stock Exchange`s Euro MTF). It is offering 0.12091 of a global depository receipt for each share of London-listed Dev Property. Indiabulls has valued Dev Property at around Rs 11 billion.

The board of Reserve Bank of Australia (RBA) decided to increase the cash rate by 25 basis points to 7.25%, effective March 5, 2008.
RBA Governor Glenn Stevens said that this adjustment was made in order to contain and reduce inflation over the medium term.
Inflation was high in 2007, with an annual CPI increase of 3%in the December quarter and underlying measures around 3%. Domestic demand grew at rates appreciably higher than the growth of the economy`s productive capacity over the year.