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.
Wednesday, March 05, 2008
F&O Outlook: Markets are on a crucial perch
The Nifty closed the day at 4,864, just two points higher than Fibonacci price projection of 4,862. The 4,862 level is 161.8 per cent of the recent high and low swing of 5,368 and 5,055 in Nifty. The next downside level for Nifty is 4,549, which is 261.8 per cent in Fibonacci price projections series.The bull market is over, aver some market analysts. It does not mean that we are in a bear market. But if we continue in a similar mode, time-wise troubles will arise, according to Deepak Singh, analyst, State of the Markets.
The market has decisively broken the trendline support and relative strength index (RSI). The next support for Nifty is 4,600, said Kamlesh Langote of vfmdirect.com.
However, the Nifty March futures discount narrowed to 30 points towards close from the previous day’s 59 points, probably due to short covering or short positions changing hands, according to a derivative analyst at Asit C Mehta Securities.
The Nifty futures open interest declined by 4.37 lakh shares despite trading volumes of 35.92 million shares. This indicates that bears were wary of market direction and squared their short positions during the day.
The Nifty PCR declined from 1.17 to 1.16 on account of OI addition in the 4800, 5000 & 5100 calls and 4600, 4800 & 4900 puts.
The Nifty has short term resistance at 4909 and 4970, while strong support lies in the band of 4779 and 4803. Fresh weakness will arise if the support band is breached decisively, and the Nifty may go on to test the previous bottom of 4448.
The market has decisively broken the trendline support and relative strength index (RSI). The next support for Nifty is 4,600, said Kamlesh Langote of vfmdirect.com.
However, the Nifty March futures discount narrowed to 30 points towards close from the previous day’s 59 points, probably due to short covering or short positions changing hands, according to a derivative analyst at Asit C Mehta Securities.
The Nifty futures open interest declined by 4.37 lakh shares despite trading volumes of 35.92 million shares. This indicates that bears were wary of market direction and squared their short positions during the day.
The Nifty PCR declined from 1.17 to 1.16 on account of OI addition in the 4800, 5000 & 5100 calls and 4600, 4800 & 4900 puts.
The Nifty has short term resistance at 4909 and 4970, while strong support lies in the band of 4779 and 4803. Fresh weakness will arise if the support band is breached decisively, and the Nifty may go on to test the previous bottom of 4448.
Indian ADRs drop 7% on global turmoil
The post-Budget sell-off continued on the overseas equity markets with prices of American depository receipts (ADR) of Indian companies listed on the Nasdaq and the New York Stock Exchange (NYSE) falling by over 7 per cent in just three trading days after the Union Budget on February 29.
The ADRs/GDRs of Indian banks suffered the most, with the GDR of the largest public sector bank, State bank of India, declining by 9.73 per cent in three days. The other big losers were HDFC Bank, down 8.47 per cent, and ICICI Bank, down 6.68 per cent during the same period.
The ADRs/GDRs of software companies dropped significantly with the ADR of Satyam Computer dipping 7.87 per cent from $26.67 to $24.57. The ADR of Infosys Technologies declined by 6.62 per cent to $38.21 and the ADR of Wipro fell by 3.35 per cent to $11.54.
The Instanex Skindia DR Index, which tracks the price movement of major ADRs/GDRs, has declined 7.15 per cent to 2,843.12 on March 3 from 3,062.21 on February 28.
Among other overseas listed firms were Larsen & Toubro, down 8.31 per cent at $84.35, Reliance Industries down 9.13 per cent at $116.08 and MTNL down 5.25 per cent at $5.78.
The ADRs and GDRs (global depository receipts) of Indian companies have been underperforming on the overseas exchanges since the last two months on weak global markets.
The weakness in the global markets saw the premium of most ADRs and GDRs vanishing, with the ADR of Infosys Technologies trading almost at par with its Indian shares compared with 25-40 per cent premium a year ago.
ADRs that were trading at a premium in good times are currently trading at a discount of over 5 per cent. The ADR of ICICI Bank and the GDR of Hindalco were trading at a discount of 5 per cent each as against a marginal discount of around 1 per cent each a month ago.
The recent fall in market prices of Indian shares saw the ADR/GDR prices of ICICI Bank, HDFC Bank, MTNL, Wipro, Dr Reddy’s Lab, Rediff.com and Satyam Infoway declining over 20 per cent each.
The ADRs/GDRs of Indian banks suffered the most, with the GDR of the largest public sector bank, State bank of India, declining by 9.73 per cent in three days. The other big losers were HDFC Bank, down 8.47 per cent, and ICICI Bank, down 6.68 per cent during the same period.
The ADRs/GDRs of software companies dropped significantly with the ADR of Satyam Computer dipping 7.87 per cent from $26.67 to $24.57. The ADR of Infosys Technologies declined by 6.62 per cent to $38.21 and the ADR of Wipro fell by 3.35 per cent to $11.54.
The Instanex Skindia DR Index, which tracks the price movement of major ADRs/GDRs, has declined 7.15 per cent to 2,843.12 on March 3 from 3,062.21 on February 28.
Among other overseas listed firms were Larsen & Toubro, down 8.31 per cent at $84.35, Reliance Industries down 9.13 per cent at $116.08 and MTNL down 5.25 per cent at $5.78.
The ADRs and GDRs (global depository receipts) of Indian companies have been underperforming on the overseas exchanges since the last two months on weak global markets.
The weakness in the global markets saw the premium of most ADRs and GDRs vanishing, with the ADR of Infosys Technologies trading almost at par with its Indian shares compared with 25-40 per cent premium a year ago.
ADRs that were trading at a premium in good times are currently trading at a discount of over 5 per cent. The ADR of ICICI Bank and the GDR of Hindalco were trading at a discount of 5 per cent each as against a marginal discount of around 1 per cent each a month ago.
The recent fall in market prices of Indian shares saw the ADR/GDR prices of ICICI Bank, HDFC Bank, MTNL, Wipro, Dr Reddy’s Lab, Rediff.com and Satyam Infoway declining over 20 per cent each.
Nagarjuna wins three orders for Rs 424cr
Nagarjuna Construction Company has secured three new orders aggregating Rs 424 crore.According to a release issued by Nagarjuna to the BSE today, the first order, valued at Rs 266 crore, has been won from Indore Municipal Corporation. The project is to be completed over 36 months.The second order is from Mumbai Metropolitan Region Development Authority (MMRDA), Mumbai for Rs 112 crore, and has to be completed over 18 months.The third order, valued at Rs 46 crore, has been won from Volkswagen India for building the body shop hall at its Chakan unit in Pune, Maharashtra.
FM asks industry to hold price line
Finance Minister P Chidambaram today asked manufacturing companies to hold the price line, and try to cut prices if possible to complement the excise rate cuts in Budget 2008-09."Those industries that have enjoyed a deep fiscal cut should hold the price line," Chidambaram said at a Ficci post-budget meeting here.His appeal was directed towards industries like pharma, two-wheelers, auto, buses, chassis and paper, which will benefit from deep excise rate cuts.Besides food articles, manufacturing is also contributing significantly to inflation, which is now hovering around 4.8%, the Finance Minister said.Chidambaram asked the industry to increase volume if they cannot offset rising input costs through prices. Cautioning that the industry should not take advantage of the supply-demand mismatch, he said: "Try to meet rising demand in 2008-09."
FIIs net buy Rs 910cr in F&O on Tuesday
The Foreign institutional investors (FIIs) were net buyers of Rs 910.40 crore in the futures & options segment on Tuesday.According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 121.85 crore and bought index options worth Rs 221.14 crore. They were net buyers of stock futures to the tune of Rs 560.66 crore and bought stock options worth Rs 6.75 crore.
Today's Market
GLOBAL CUES ARE MIXED ,PEOPLE ARE BIT NERVOUS IN WALL STREET.
FRESH SHORT POSITION BUILDING UP IN BANKING BECOZ OF SUBPRIME IMPACT.
MARKET BREATH IS NEGATIVE ,FEW OPEN INTEREST IS BUILDING UP IN FMCG AND AUTO SPACE.
IF MARKET STARTS MOVING UP COLGATE,HLL, ITC IN FMCG AND MARUTI,M&M WOULD BE IN POSITIVE SIDE.
NIFTY LEVEL 4800-4950-5000.SO IF MARKET DOES NOT HOLD AT HIGHER LEVEL COULD GO SHORT FROM 4950 WITH S L OF 5000.
IF MARKET DOES NOT HOLD 4800 IT COULD TEST 4600 LEVEL
FRESH SHORT POSITION BUILDING UP IN BANKING BECOZ OF SUBPRIME IMPACT.
MARKET BREATH IS NEGATIVE ,FEW OPEN INTEREST IS BUILDING UP IN FMCG AND AUTO SPACE.
IF MARKET STARTS MOVING UP COLGATE,HLL, ITC IN FMCG AND MARUTI,M&M WOULD BE IN POSITIVE SIDE.
NIFTY LEVEL 4800-4950-5000.SO IF MARKET DOES NOT HOLD AT HIGHER LEVEL COULD GO SHORT FROM 4950 WITH S L OF 5000.
IF MARKET DOES NOT HOLD 4800 IT COULD TEST 4600 LEVEL
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