PNB to raises Rs. 500 crore via private placement; Stock gains
Posted March 1st, 2008
Punjab National Bank (PNB), the country’s third largest lender, has announced that the bank will be raising Rs500 crores (With option to retain over subscription) as PNB Upper Tier II Bonds Issue Series III through private placement.
The proposed date of opening of the issue will be 29.02.2008 and proposed date of closing will 03.03.2008.
Recently, bank has reduced its benchmark prime-lending rate (BPLR) from existing level of 13% p.a. to 12.50% p.a. The revised rates will come into effect from March 1.
Dena slashes PLR rates by 0.25 percent; Stock register 5% gains
Posted March 1st, 2008
Public sector lender, Dena Bank, has reduced its benchmark prime-lending rate (BPLR) by 0.25 per cent. The new rate will be 13 per cent, against the earlier 13.25 per cent.
The revised rate will come into effect from March 3. The move is in line with the rate cuts announced by leading public sector banks such as the SBI, Punjab National Bank, Bank of India and Union Bank.
Recently, Mumbai-based, Dena Bank announced that it will auction Rs 188.4 crore of its non-performing assets (NPAs) to bring down gross NPAs below 2.5 per cent by March 2008.
HDFC Bank-CBoP Merger Echoes In Insurance Sector
Posted February 26th, 2008
HDFC Bank-Centurion merger will be a big blow to Aviva Life Insurance.
Under bancassurance pact, Aviva products will be sold by CBoP, while HDFC Bank sells insurance for its division, HDFC Standard Life.
As per existing insurance laws, a bank can’t sell products for more than one insurance company.
CBoP is one of the largest institutional distributors for Aviva, HDFC Bank, on the other hand, is one of the largest insurance distributors for HDFC Standard Life.
PNB Slashes PLR Rates By 50 Bps
Posted February 25th, 2008
Punjab National Bank (PNB) has announced that the bank has reduced the benchmark prime lending rate (PLR) by 50 basis points (bps) from the existing level of 13% per annum to 12.50% per annum effective March 1, 2008.
The bank has also reduced its interest rates by 50 basis points on loan, which are not linked to BPLR such as housing loans above Rs 20 lakh where interest rate will be in the range of 9.5% to 10.5% (against the existing rates ranging from 10%-11%).
HDFC Bank Gets Ready To Fight Foreign Contenders
Posted February 25th, 2008
After merging the Centurion Bank of Punjab to the HDFC bank, it is now looking to fight against the foreign contenders.
HDFC Bank has joined rivals such as ICICI Bank and Bank of Baroda in expanding overseas to track local companies including Tata Steel, Hindalco Industries and Indian Hotels, which are acquiring foreign competitors.
Size does matter in any business especially in the Indian market. The Indian market where every business is now getting highly penetrated caused them to churn. And in this year India will allow foreign banks to take over local ones.
Tuesday, March 04, 2008
OVL gets nod for investment in Venezuela, Qatar
The Union Cabinet today approved investments of $458 million by ONGC Videsh (OVL), the overseas investment arm of Oil and Natural Gas Corporation (ONGC), in exploration projects in Venezuela and Qatar.
ONGC Videsh will invest $356 million to pick up 40 per cent stake in the San Cristobal oilfield in Venezuela, the government said in a statement.
Venezuelan national oil company Petroleos de Venezuela (PDVSA) will own the remaining 60 per cent stake.
The investment includes a signing bonus of $174 million and capital expenditure $182 million in the project, the statement said.
This is ONGC Videsh’s first investment in the Latin American country, which is the world’s fifth-largest oil exporter. Venezuela is also a member of the Organisation of the Petroleum Exporting Countries (Opec).
The field is currently producing about 24,000 barrels per day, with ultimate recoverable reserves in the project area estimated by a joint team of ONGC Videsh and PDVSA at 232.38 million barrels that can yield up to 1 lakh barrels of oil per day.
The Cabinet also approved ONGC Videsh’s proposal to invest upto $102 million in Najwad Najem field in Qatar. ONGC Videsh won a stake in the field in March 2005 after it bid for the block in 2004.
The Najwat Najem oil structure is located in the Arabian Gulf in offshore Qatar at a distance of about 100 km north-east of Doha. The 120 sq km acreage is located in the eastern offshore in Qatar.
ONGC shares today closed at Rs 979.35 on the National Stock Exchange, down 3.7 per cent from its previous close in a weak market.
ONGC Videsh will invest $356 million to pick up 40 per cent stake in the San Cristobal oilfield in Venezuela, the government said in a statement.
Venezuelan national oil company Petroleos de Venezuela (PDVSA) will own the remaining 60 per cent stake.
The investment includes a signing bonus of $174 million and capital expenditure $182 million in the project, the statement said.
This is ONGC Videsh’s first investment in the Latin American country, which is the world’s fifth-largest oil exporter. Venezuela is also a member of the Organisation of the Petroleum Exporting Countries (Opec).
The field is currently producing about 24,000 barrels per day, with ultimate recoverable reserves in the project area estimated by a joint team of ONGC Videsh and PDVSA at 232.38 million barrels that can yield up to 1 lakh barrels of oil per day.
The Cabinet also approved ONGC Videsh’s proposal to invest upto $102 million in Najwad Najem field in Qatar. ONGC Videsh won a stake in the field in March 2005 after it bid for the block in 2004.
The Najwat Najem oil structure is located in the Arabian Gulf in offshore Qatar at a distance of about 100 km north-east of Doha. The 120 sq km acreage is located in the eastern offshore in Qatar.
ONGC shares today closed at Rs 979.35 on the National Stock Exchange, down 3.7 per cent from its previous close in a weak market.
Corporate Announcement
Essar Oil - Essar bags an E&P block in Vietnam; To invest USD 60 million
Essar Oil Ltd has informed BSE that the decision of the Board to consolidate the upstream Exploration & Production activities under its proposed subsidiary, Essar Exploration & Production Ltd.Further the Company has informed that, the proposed subsidiary, Essar Exploration &Production Ltd, Mauritius, has been awarded an Offshore block in the prolific SongHong basin, Vietnam, for Exploration admeasuring approximately 5925 Sq Kms. by theGovernment of Vietnam. The block was offered under the recent Licensing Roundoffering 7 offshore blocks.
Everest Kanto - Press Release
Everest Kanto Cylinder Ltd (EKC) has announced that an Asset Purchase Agreement has been signed with US-based Reunion Industries, Inc. (OTC - RUNI) to buy all of the assets and liabilities of its pressure vessels division, CP Industries for cash consideration of USD 64.25 Million, subject to adjustment and further subject to Bankruptcy Court proceedings and other regulatory approvals. The assets shall be acquired by a subsidiary of EKC.ICICI Securities were the sole advisors to EKC on this transaction.CP Industries, located in McKeesport, Pittsburgh, U.S.A , manufactures and sells large seamless pressure vessels for the containment and transportation of pressurised gases and is a global leader in this business. After consummating this transaction, EKC intends to operate and grow this business at its present facility.According to Mr. Prem Khurana, Chairman and Managing Director, "This acquisition will enable EKC to capialise the robust global demand for specialty and CNG gas storage systems across various countries."
Religare Enterprises - Press Release
Religare Enterprises Ltd along with Vistaar Entertainment Ventures on March 04, 2008 announced the launch of the "Vistaar Religare Film Fund" (VRFF), India's first ever film fund. VRFF WILL be India's first regulated film fund and the AMC Vistaar Religare Capital Advisors Ltd, has filed for an approval with SEBI as a Venture Capital Fund (VCF). The Fund shall, in the first round, have a corpus of approximately Rs 200 crores and would be close-ended in nature with a lock-in of 5 years.
Tata Communications Rolls Out World's Largest Commercial WiMAX Network with Telsima
Tata Communications Ltd has announced that the Company has selected Telsima Corporation, a global player in WiMAX systems to provide WiMAX solutions for Tata Communications broadband wireless network in India. Tata Communications is the first to launch broadband services on the WiMAX platform on a large scale for retail consumers in India.In the initial phase, Tata Communications' WiMAX network will offer Broadband Internet access and content services to enterprise and residential customers in Delhi, Mumbai, Pune, Bangalore, Chennai, Hyderabad, Cochin, Chandigarh, and Kolkata. By the end of 2008 Tata Communications plans to have enabled WiMAX retail broadband service in about 15 cities.
Action Construction - Result of Postal Ballot
Action Construction Equipment Ltd has informed BSE that the members of the Company, by way of Postal Ballot, has passed the following Resolutions, with requisite majority.
1. Special Resolution to Split Company's Share pursuant to section 94(1)(d) of the Companies Act, 1956.
2. Special Resolution to amend Articles of Association relating to Director's Sitting Fees.
3. Ordinary Resolution pursuant to section 293(1)(a) of the Companies Act, 1956.
Advanta India - Acquisition of 100% Business of Garrison & Townsend, LP, ("GT") Hereford, Texas, USA
Advanta India Ltd has announced that the Company, through its subsidiaries has acquired 100% business of GARRISON & TOWNSEND, LP, ("GT") Hereford, Texas, USA for a consideration of US$ 10.5 million.GT has strong presence in Grain Sorghum about 32% of its revenue, forage sorghum, BMR sorghum and Sorghum — Sudan about 67% of its revenue. The fiscal year 2007, GT achieved a sale of about US$ 11 million. This acquisition bolsters the Company's presence into Sorghum in USA in particular and strengthens the Advanta's presence in sorghum world wide, in general.GT is a hybrid gain and forage sorghum research, production, conditioning marketing and selling Company. Its products are marketed throughout the United States as well as in Italy, Israel, Pakistan, Mexico, Central America, South America and Japan. Ten largest customers of GT contribute about 60% of its revenue.GT is efficiently operated with 27 full-time employees with additional hands and contractors during peak production and processing season.
Essar Oil Ltd has informed BSE that the decision of the Board to consolidate the upstream Exploration & Production activities under its proposed subsidiary, Essar Exploration & Production Ltd.Further the Company has informed that, the proposed subsidiary, Essar Exploration &Production Ltd, Mauritius, has been awarded an Offshore block in the prolific SongHong basin, Vietnam, for Exploration admeasuring approximately 5925 Sq Kms. by theGovernment of Vietnam. The block was offered under the recent Licensing Roundoffering 7 offshore blocks.
Everest Kanto - Press Release
Everest Kanto Cylinder Ltd (EKC) has announced that an Asset Purchase Agreement has been signed with US-based Reunion Industries, Inc. (OTC - RUNI) to buy all of the assets and liabilities of its pressure vessels division, CP Industries for cash consideration of USD 64.25 Million, subject to adjustment and further subject to Bankruptcy Court proceedings and other regulatory approvals. The assets shall be acquired by a subsidiary of EKC.ICICI Securities were the sole advisors to EKC on this transaction.CP Industries, located in McKeesport, Pittsburgh, U.S.A , manufactures and sells large seamless pressure vessels for the containment and transportation of pressurised gases and is a global leader in this business. After consummating this transaction, EKC intends to operate and grow this business at its present facility.According to Mr. Prem Khurana, Chairman and Managing Director, "This acquisition will enable EKC to capialise the robust global demand for specialty and CNG gas storage systems across various countries."
Religare Enterprises - Press Release
Religare Enterprises Ltd along with Vistaar Entertainment Ventures on March 04, 2008 announced the launch of the "Vistaar Religare Film Fund" (VRFF), India's first ever film fund. VRFF WILL be India's first regulated film fund and the AMC Vistaar Religare Capital Advisors Ltd, has filed for an approval with SEBI as a Venture Capital Fund (VCF). The Fund shall, in the first round, have a corpus of approximately Rs 200 crores and would be close-ended in nature with a lock-in of 5 years.
Tata Communications Rolls Out World's Largest Commercial WiMAX Network with Telsima
Tata Communications Ltd has announced that the Company has selected Telsima Corporation, a global player in WiMAX systems to provide WiMAX solutions for Tata Communications broadband wireless network in India. Tata Communications is the first to launch broadband services on the WiMAX platform on a large scale for retail consumers in India.In the initial phase, Tata Communications' WiMAX network will offer Broadband Internet access and content services to enterprise and residential customers in Delhi, Mumbai, Pune, Bangalore, Chennai, Hyderabad, Cochin, Chandigarh, and Kolkata. By the end of 2008 Tata Communications plans to have enabled WiMAX retail broadband service in about 15 cities.
Action Construction - Result of Postal Ballot
Action Construction Equipment Ltd has informed BSE that the members of the Company, by way of Postal Ballot, has passed the following Resolutions, with requisite majority.
1. Special Resolution to Split Company's Share pursuant to section 94(1)(d) of the Companies Act, 1956.
2. Special Resolution to amend Articles of Association relating to Director's Sitting Fees.
3. Ordinary Resolution pursuant to section 293(1)(a) of the Companies Act, 1956.
Advanta India - Acquisition of 100% Business of Garrison & Townsend, LP, ("GT") Hereford, Texas, USA
Advanta India Ltd has announced that the Company, through its subsidiaries has acquired 100% business of GARRISON & TOWNSEND, LP, ("GT") Hereford, Texas, USA for a consideration of US$ 10.5 million.GT has strong presence in Grain Sorghum about 32% of its revenue, forage sorghum, BMR sorghum and Sorghum — Sudan about 67% of its revenue. The fiscal year 2007, GT achieved a sale of about US$ 11 million. This acquisition bolsters the Company's presence into Sorghum in USA in particular and strengthens the Advanta's presence in sorghum world wide, in general.GT is a hybrid gain and forage sorghum research, production, conditioning marketing and selling Company. Its products are marketed throughout the United States as well as in Italy, Israel, Pakistan, Mexico, Central America, South America and Japan. Ten largest customers of GT contribute about 60% of its revenue.GT is efficiently operated with 27 full-time employees with additional hands and contractors during peak production and processing season.
Understanding the subprime crisis
Just what is the subprime crisis? And why is it having such a decisive impact on the Indian stock market?
Let's understand it. Take, for example, an American who seeks a home loan, but does not have a very good credit rating. That essentially means that banks may not extend him a home loan. Enter, another American with stellar credit rating and the willingness to take on some risk. Given his good credit rating, banks are willing to give him a loan at a certain rate of interest.
This individual the divides the loan into small lots and gives them out as home loans to lots of Americans, who do not have very good credit rating and cannot get a home loan from any bank. He gives out the home loan at a rate of interest higher than it is paying to the bank it borrowed money from.
This higher rate is referred to as the subprime rate and this home loan market is referred to as the subprime home loan market.
By giving out a home loan to lots of individuals, the individual ensures that even if a few of them default, his overall position is not affected much. But the individual giving out loans in the subprime market does not stop here. He does not wait for the principal and the interest on the subprime home loans to be repaid, so that he can repay his loan to the bank, which has given him the loan.
He goes ahead and securitizes these loans. Securitization involves converting these home loans into financial securities, which promise to pay a certain rate of interest.
These financial securities are then sold to big institutional investors. The interest and the principal that is repaid by the subprime borrowers through equated monthly installments is passed onto these institutional investors.
The individual giving out the subprime loans, takes the money that he gets from selling the financial securities and passes it on to the bank, he had taken the loan from, thereby repaying the loan.
A neat plan. But then things went horribly wrong. The subprime home loans were given out as floating rate home loans. So as interest rates increased, the rates on floating home loans too went up, and so did the monthly installments needed to service these loans.
These high installments hit the subprime borrowers with the terrible force. Many, given their poor credit rating to begin with, defaulted. Once, more and more subprime borrowers started defaulting, payments to the institutional investors who had bought the financial securities stopped, leading to huge losses.
So how did that effect stock markets in India? Institutional investors who had invested in securitized paper from the subprime home loan market, saw their investments turning into losses. Most big investors have a certain fixed proportion of their total investments invested in various parts of the world.
Once investments in the US turned bad, more money had to be invested in the US, to maintain that fixed proportion. In order to invest more money in the US, money had to come in from somewhere. And this money came in from emerging markets like India, where their investments have been doing well.
These big institutional investors, to make good of their losses on the subprime market, have been selling their investments in India and other emerging markets. Since the amount of selling in the market far overweighs the amount of buying, Indian stock prices have been falling.
Let's understand it. Take, for example, an American who seeks a home loan, but does not have a very good credit rating. That essentially means that banks may not extend him a home loan. Enter, another American with stellar credit rating and the willingness to take on some risk. Given his good credit rating, banks are willing to give him a loan at a certain rate of interest.
This individual the divides the loan into small lots and gives them out as home loans to lots of Americans, who do not have very good credit rating and cannot get a home loan from any bank. He gives out the home loan at a rate of interest higher than it is paying to the bank it borrowed money from.
This higher rate is referred to as the subprime rate and this home loan market is referred to as the subprime home loan market.
By giving out a home loan to lots of individuals, the individual ensures that even if a few of them default, his overall position is not affected much. But the individual giving out loans in the subprime market does not stop here. He does not wait for the principal and the interest on the subprime home loans to be repaid, so that he can repay his loan to the bank, which has given him the loan.
He goes ahead and securitizes these loans. Securitization involves converting these home loans into financial securities, which promise to pay a certain rate of interest.
These financial securities are then sold to big institutional investors. The interest and the principal that is repaid by the subprime borrowers through equated monthly installments is passed onto these institutional investors.
The individual giving out the subprime loans, takes the money that he gets from selling the financial securities and passes it on to the bank, he had taken the loan from, thereby repaying the loan.
A neat plan. But then things went horribly wrong. The subprime home loans were given out as floating rate home loans. So as interest rates increased, the rates on floating home loans too went up, and so did the monthly installments needed to service these loans.
These high installments hit the subprime borrowers with the terrible force. Many, given their poor credit rating to begin with, defaulted. Once, more and more subprime borrowers started defaulting, payments to the institutional investors who had bought the financial securities stopped, leading to huge losses.
So how did that effect stock markets in India? Institutional investors who had invested in securitized paper from the subprime home loan market, saw their investments turning into losses. Most big investors have a certain fixed proportion of their total investments invested in various parts of the world.
Once investments in the US turned bad, more money had to be invested in the US, to maintain that fixed proportion. In order to invest more money in the US, money had to come in from somewhere. And this money came in from emerging markets like India, where their investments have been doing well.
These big institutional investors, to make good of their losses on the subprime market, have been selling their investments in India and other emerging markets. Since the amount of selling in the market far overweighs the amount of buying, Indian stock prices have been falling.
Subprime pain: Who lost how much
The United States' subprime crisis has turned out to be bigger than previously thought and has the potential to drag the world's largest economy into a recession.
And although there are varying opinions on whether the US could slip into a recession or not, most economists do feel that despite the US Federal Reserve's rate cuts and the Bush administration's $161-billion economic aid plan, chances of a recession are high.
Be that as it may, one thing is for certain: the losses from the subprime that financial majors have incurred will take a long time to get over.
Given below, in the table, are the estimated losses that some of the world's largest banks have suffered on account of home loan defaults in the US. The total figure adds up to over $76 billion and does not take into account losses suffered by many other financial majors that had an exposure to the crisis.
Four Indian banks -- State Bank of India [Get Quote], ICICI Bank [Get Quote], Bank of Baroda [Get Quote], and Bank of India too have big exposure to credit derivatives, with the spreads on these widening since international lenders turned risk-averse following the crisis in the US subprime (or high-risk home loan) market.
Credit derivatives are instruments for which the underlying asset is a loan or a bond. Marking to market means valuing a portfolio based on the prevailing market price.
ICICI Bank has the highest exposure of $1.5 billion. SBI has an estimated exposure of $1 billion, BoI of $300 million, and BoB of $150 million. About 5-10 per cent of this figure could be the losses that these banks could incur.
And although there are varying opinions on whether the US could slip into a recession or not, most economists do feel that despite the US Federal Reserve's rate cuts and the Bush administration's $161-billion economic aid plan, chances of a recession are high.
Be that as it may, one thing is for certain: the losses from the subprime that financial majors have incurred will take a long time to get over.
Given below, in the table, are the estimated losses that some of the world's largest banks have suffered on account of home loan defaults in the US. The total figure adds up to over $76 billion and does not take into account losses suffered by many other financial majors that had an exposure to the crisis.
Four Indian banks -- State Bank of India [Get Quote], ICICI Bank [Get Quote], Bank of Baroda [Get Quote], and Bank of India too have big exposure to credit derivatives, with the spreads on these widening since international lenders turned risk-averse following the crisis in the US subprime (or high-risk home loan) market.
Credit derivatives are instruments for which the underlying asset is a loan or a bond. Marking to market means valuing a portfolio based on the prevailing market price.
ICICI Bank has the highest exposure of $1.5 billion. SBI has an estimated exposure of $1 billion, BoI of $300 million, and BoB of $150 million. About 5-10 per cent of this figure could be the losses that these banks could incur.
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.
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.
Today's Market
ASIAN MARKET IS BIT POSITIVE AND NIFTY MARCH IS TRADING AT A DISCOUNT OF 73-80 POINT.
MARKET BREATH IS NEGATIVE ,FRESH SHORT BUILD UP IN BANKING AND FINANCIAL SERVICE SECTOR,SO IT WOULD BE BETTER TO WAIT AND WATCH.
VIEW.
NIFTY LEVEL IS BELOW 5050 WHICH IS 200 DMA DOES NOT HOLD IT WOULD BE BETTER TO GO SHORT WITH SL OF 5100.
ALSO CRUCIAL LEVEL IS 4800-4900-5050-5100,
FOR INTRA DAY GO LONG FROM LOWER LEVEL AND IF NIFTY DOES NOT HOLD 5050 O SHORT MARKET COULD TEST PREVIOUS LOW OF 4500,SO BE CAUTIOUS AND HAVE A NICE TRADING DAY.....
MARKET BREATH IS NEGATIVE ,FRESH SHORT BUILD UP IN BANKING AND FINANCIAL SERVICE SECTOR,SO IT WOULD BE BETTER TO WAIT AND WATCH.
VIEW.
NIFTY LEVEL IS BELOW 5050 WHICH IS 200 DMA DOES NOT HOLD IT WOULD BE BETTER TO GO SHORT WITH SL OF 5100.
ALSO CRUCIAL LEVEL IS 4800-4900-5050-5100,
FOR INTRA DAY GO LONG FROM LOWER LEVEL AND IF NIFTY DOES NOT HOLD 5050 O SHORT MARKET COULD TEST PREVIOUS LOW OF 4500,SO BE CAUTIOUS AND HAVE A NICE TRADING DAY.....
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