MARKET UPDATES

• Direct or indirect compensation a government provides to private commercial firms in order to promote the export of domestic products. Examples include cash payments, tax exemptions, preferential exchange rates, and government subsidized financing for exports.
• More than half of the total number of IPOs listed on BSE and NSE in the last two years are trading below their offer price. During Apr. 1, 2006 - Mar. 31, 2008, the number of IPOs listed on the Bombay Stock Exchange stood at 150, of which 86 are trading below their offer price.on the National Stock Exchange, of the 162 IPOs listed during the same period, 88 were trading below the issue price and 38 were being traded at a discount of more than 40% of the issue price.
• Crude production in Nigeria, already running below capacity because of security problems, was buffeted again after rebels hit two oil pipelines there Monday. Royal Dutch Shell PLC has been unable to gain access to the pipelines, which feed into a key export terminal, a spokesman said.
• RPL plans setting up greenfield unit in Kuwait.
• Reliance Power to expedite hydropower projects; will invest Rs105bn in three years for 2100 MW.
• Reliance Retail forms 49:51 JV with US based stationary retailer Office Depot.
• Idea Cellular may sell its 16% stake in Indus Towers in December.
• Tata Teleservices Maharashtra (TTML) on Monday said it will seek shareholders' approval for hiving off its tower business into a subsidiary. Following the trend in the telecom industry, the company had announced its decision of hiving off its tower business on April 10. The move would help the company, which has around 3,500 towers now, lay greater focus on the passive infrastructure business that has huge potential.
• Shantanu Prakash, MD and CEO of Educomp Solutions said, “In our flagship product, Smart Class, we have gone from 331 schools in March 2007 to 933 schools in March 2008 - that’s an expansion of about three times. In ICT, again we have done over to 200% growth in number of schools. In MathGuru, the number of subscriptions has gone up by five times. So I think not just in one product, but across the spectrum of Educomp products, we are seeing the growth and penetration happening.”
• Kirloskar Oil Q4 net profit at Rs 36 cr
  Kirloskar Oil Engines has announced its fourth quarter results. The company's Q4 net profit was down at Rs 36 crore versus Rs 46 crore.
  Its net sales were at Rs Rs 617 crore.
• Bajaj Hindusthan has declared its second quarter results. The company's Q2 standalone net profit was up at Rs 43 crore versus Rs 3.70 crore, YoY.
  Its standalone net sales were down at Rs 490 versus Rs 514 crore
• China's sixth-largest bank announced that its first-quarter net profit rose 157 pct from a year earlier to 6.32 bln bln yuan due to strong growth in both interest and non-interest income and a lower tax rate.Among other China banks, Bank of Communications was up 0.12 hkd or 1.14 pct at 10.66, China Construction Bank was up 0.01 hkd or 0.15 pct at 6.54, Bank of China down 0.01 hkd or 0.26 pct at 3.77 and Citic Bank up 0.19 hkd or 3.91 pct at 5.04.
• Ganesh Natrajan, Chairman of Nasscom expects IT companies to grow at 20% for FY09, based on a strong H2. The next six months would be difficult for IT companies.He added that irrespective of the deepening recession, the outsourcing spend would rise.He also expects a favourable government stance on the STPI (Software Technology Parks of India) issue.
• Coming F&O expiery on tips, market is going under consolidation, Steel policy today to be declared today, which is leading heavy selling pressure. Steel sector is facing some depression today.
• The government is looking to revive the IFCI's (Industrial Finance Corporation of India) stake sale process, reports CNBC-TV18, quoting Newswire 18. IFCI may again look to sell 26% stake to strategic investors. The IFCI’s board may consider stake sale at April 29 meet. The IFCI had called off its 26% stake sale plan in December 2007.
• DLF eyeing controlling stake in Orient Express.
• Combining its success in acquiring overseas coal blocks with plans to enter the shipping business, Reliance Power Ltd (RPL), part of the Reliance-Anil Dhirubhai Ambani Group, is exploring getting into the business of selling coal to other big consumers in India. Indonesian coal blocks can support one more 4,000MW imported coal-based power project in India, apart from servicing the needs of our 4,000MW UMPP and the 1,200MW project at Shahpur.
• Indian Bank has announced its fourth quarter and fiscal year 2008 numbers. It has posted 2.98% growth in its Q4 standalone net profit of Rs 242 crore as against Rs 235 crore in same quarter of last year and de growth of 10.47% in net interest income of Rs 513 crore as against Rs 573 crore.