LinkedIn © 2010, LinkedIn Corporation
LinkedIn © 2010, LinkedIn Corporation
LinkedIn I'd like to add you to my professional network on LinkedIn. - Sachin Shahane Sachin Shahane Owner at Teknowits Technologies Pvt Ltd Mumbai Area, India | Confirm that you know Sachin © 2010, LinkedIn Corporation
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Commodity Exchanges (MCX / NCDEX) will remain closed tomorrow i.e. Saturday, 28th November on account of Bakri Eid.
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Sell gold MCX Dec @17805, SL 17851, T1 – 17724, T2 -17690 (CMP - 17805)
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Crude Oil MCX Dec: Trend Down: Support S1-3545,S2-3505 and Resistance R1-3640,R2-3695
N. Gas MCX Dec: Trend Up: Support S1-234,S2-228 and Resistance R1-244,R2-249.50
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Copper MCX Nov: Trend Up: Support S1-317.50,S2-313.80 and Resistance R1-324,R2-327.60 Lead MCX Nov :Trend Sideways : Support S1-108,S2-106.60 and Resistance R1-111,R2-112.50 Zinc MCX Nov : Trend Up : Support S1-103,S2-101.50 and Resistance R1-106.30,R2-108 Nickel MCX Nov: Trend Sideways : Support S1-765,S2-752 and Resistance R1-795,R2-804
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Gold MCX Dec: Trend Up: Support S1-17700,2-17610 and Resistance R1-17880, R2-17940 Spot Gold: Trend Up: Support S1-$1175,S2-$1169 and Resistance R1-$1193,R2-$1199 Silver MCX Dec: Trend Up: Support S1-28250,S2-28070 and Resistance R1-28700,R2-28880 Spot Silver: Trend Up: Support S1-$18.10,S2-$17.90 and Resistance R1-$18.70 R2-$18.90
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Today is a Day Of Remembrence! It was Black day of INDIA, 26/11 One moment we may salute to "WHO GAVE THEIR LIFE 4 OUR NATION"
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Commodity Alert: Economic Data: Revised UoM Consumer Sentiment Actual 67.4, Forecast 67.1. Data is neutral
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Core Durable Goods Orders m/m -1.3 % / 0.7% Unemployment Claims 466 K /500K Core PCE Price Index m/m 0.2% /0.1% Durable Goods Orders m/m 0.6 % / 0.5% Personal Spending m/m 0.7% / 0.6% Personal Income m/m 0.2% / 0.2% Data is Neutral for Dollar
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Crude Oil + 1.2 mbbl Gasoline +0.3mbbl Distillate -0.1 mbbl to be Released at 9.00pm and Natural Gas Storage +19Bcf to be released at 10.30pm
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Copper +1950, Aluminum +8100, Nickel -174, Zinc -275, Lead +1100, Tin -65
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Rbi may hike crr by 25bps . DO NOT PANIC AND PL DO NOT SPREAD THIS JUST ALERT IN YOUR POSITION....
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Cals to raise $250 mn through FCCBs
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U.S. futures markets will be closed on Thursday... NG inventory data will be released today...
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ASTEC LIFERSCIENCES..ISSUE PRICE HAS BEEN FIXED AT RS 82 PER SHARE.
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-Gold MCX Dec: Trend Up: Support S1-16885,2-16800 and Resistance R1-17060, R2-17110
-Spot Gold: Trend Up: Support S1-$1125,S2-$1119 and Resistance R1-$1140,R2-$1148
-Silver MCX Dec: Trend Up: Support S1-27600,S2-27400 and Resistance R1-28050,R2-28200 -Spot Silver: Trend Up: Support S1-$17.90,S2-$17.70 and Resistance R1-$18.50 R2-$18.75
-Copper MCX Nov: Trend Up: Support S1-310.20,S2-306 and Resistance R1-317.50,R2-320
-Lead MCX Nov :Trend Up : Support S1-106.80,S2-105 and Resistance R1-110.10,R2-111.50 -Zinc MCX Nov : Trend Up : Support S1-102,S2-100.50 and Resistance R1-105,R2-106.30
-Nickel MCX Nov: Trend Sideways : Support S1-760,S2-742 and Resistance R1-792,R2-808
-Crude Oil MCX Nov: Trend Up: Support S1-3580,S2-3530 and Resistance R1-3695,R2-3730 -N. Gas MCX Nov: Trend sideways: Support S1-209,S2-205.50 and Resistance R1-217,R2-220.50
-- MoneyBazaars Capital Services Siddhartha Shah : 09321770165 Rajesh Amberkar : 09320005445 Yahoo Id : moneybazaars@yahoo.co.in Gmail Id : moneybazaars@gmail.com Email : info@moneybazaars.com Web : www.moneybazaars.com
1. TCS, Wipro eye $400 mn Target outsourcing deal
2. Tata Steel cuts prices
3. Sebi easy over stock lending span
4. Economy Updates: Telecommunication minister proposes cut in MTC
5. IOC to pay Rs500mn as immediate relief to units affected by fire accident near Jaipur
6. IVRCL Infra wins orders worth Rs11.46bn.
7. JSW Steel Oct crude steel output rises 34 pct
8. Rupee appreciates 22 paise, at 47.18/$
9. Cement prices fall up to 10% in two months
10. Mahindra Satyam ties up with defence firm Saab
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1. Anil Ambani hits out at rival group, slams RCOM audit
2. EIH scrip soars on Analjit entry
3. Shree Precoated Steels lists at Rs 50
4. RelCap hikes stake in Adlabs Films
5. RCom biggest loser among Sensex cos
6. NTPC may float Rs 25,000cr tender
7. Nilkamal hits 52-week high on strong Q2 outcome
8. Kotak Mahindra Bank to announce Q2 results
9. Union Bank of India to announce Q2 results
10. Exide Industries jumps 10% in two days on robust Q2 results
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OCT 5th:
ISM Non-Manufacturing PMI:
Previous: 48.4%, Forecast: 50.0%
Actual > Forecast = Good for Dollar
OCT 7th:
Crude Oil Inventories:
Previous: 2.8M, Forecast: 1.5M
OCT 8th:
Unemployment Claims:
Previous: 551K, Forecast: 543K
Actual < Forecast = Good for Dollar
OCT 9th:
Fed Chairman Bernanke Speaks:
More hawkish than expected = Good for Dollar
OCT 9th:
Trade Balance:
Previous: -32.0B, Forecast: -32.7B
Actual > Forecast = Good for Dollar
OCT 9th:
FOMC Member Kohn Speaks:
More hawkish than expected = Good for Dollar
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News Wrap Up-
1. Indiabulls POWER IPO to open on 12-15 OCT
2. L N Mittal set to exit $20 bn Indian steel project
3. Ultra Tech climbs 4.39 pc on BSE
4. PDI Ltd plans to divest 26.62% stake
5. Grasim demerger in line with growth plan
6. Natraj Financial & Services to merge Luxury Exports
7. UltraTech, Samruddhi to merge in 8-10 months: AV Birla Grp
8. Bajaj Auto registers a 14.5% yoy growth in total sales for September 2009
9. Exide Industries to consider interim dividend
10. MIC Electronics LED based solar lanterns endorsed at Indo-US summit 2009
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News Wrap up-
1. Gifts worth over Rs 50,000 to attract tax now
2. Bharti Airtel-MTN $24 billion deal called off
3. UB to raise $350 mn to reduce burden
4. SCI to raise $300 mn to buy vessels
5. NTPC to re-tender Rs600 crore contract for wind power plant
6. Ratnagiri Gas started drawing gas from RILs KG D-6 field
7. HDFC Bank allots equity shares and HDFC allots equity shares
8. Biocon enters into agreement to acquire the bulk pharmaceutical business
9. JSW Steel keeps prices unchanged in October
10. Rupee rises to near 2-mth high on weak dolla
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MoneyBazaars
Angel Broking account opening required documents
All Xerox with required sign on it
3 ration card/driving licence/passport
3 pan card
3 passbook front page or bank statement
1 cancel cheque and 3 xerox of the same cancel cheque
3 photos
Contact Person-
Rajesh Amberkar-09320005445
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Unemployment Claims 530K V/S 545K
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Inflation at 0.37 % V/s 0.12 % (WoW)
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NEW$-China's import of base metals in August were mostly
down on the level recorded in July but above the level
of a year earlier. In large part, the decline in base metal
imports in August reflects the very strong level of imports
in earlier months, which may have contributed to stock
builds for a number of the metals. China's refined copper
imports fell by almost 25% in the month of August from
July. China's primary aluminium imports in August were
down by 11% from July. WEAK FOR COPPER AND CRUDEOIL
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RPL will be suspended from trading in exchanges from sept 25th, those who holding RPL shares can make the quantity in multiples of 16. Today and tomorww only. Merger ratio is 1:16. 1 reliance equity share for every 16 share of RPL
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Crude Oil Inventories : EXPECTED -1.4M & PREVIOUS -4.7M . ACTUAL IS 8.00 PM
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India Corporate advance tax so far this FY Rs. 647.38 bln, up 8.1%; India advance personal I-T so far this FY Rs. 62.17 bln, down 7.1%
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Ashok leyland and tata motors hikes truck prices by rs 15000/-
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IMF may sell Gold from next week after G 20 meet,, And sources says china may reveal its plan to buy gold from IMF in G 20 meeting. Expect high volatility in Bullion market
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News Wrap Up-
1. Tata Teleservices pips Airtel, tops user additions in Aug
2. Hero Honda to focus on top-end bikes
3. SBI hits 52-week high on optimism about Q2 results
4. AXIS Bank opens QIP/GDR issue
5. Suave Hotels to hold board meeting
6. Patni Computer Systems allots equity shares
7. Ballarpur Industries net profit declines 32.82% in the June 2009 quarter
8. Gati to offer warrants
9. Zandu Pharmaceuticals shareholders approve scheme of arrangement
10. Sasken Communication Technologies grants stock options
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Jindal Cotex Limited date & Info of Listing : Tuesday, September 22, 2009, BSE Script Code: 533103, ISIN No. INE904J01016. Price : 75
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Market segment will remain closed for trading on September 21, 2009 on account of RAMZAN ID. Only MCX evening session open 5 to 11:30.
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COPPER +3325 LEAD +750 ZINC +1500 NICKEL -186 ALUNMINIUM -6400
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Copper +6852, Aluminum +493, Zinc -2073
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News Wrap up-
1. Petronet to build two power plants
2. BSNL bids for Millicom Sri Lanka unit
3. Bharati Shipyard ups Great Offshore stake
4. RIL holder selling up to $880 mn shares
5. RPL shares trading to be suspended
6. HDFC to allot 1.09 cr warrants to QIBs
7. ICICI Bank allots equity shares
8. Dewan Housing Finance Corporation allots equity shares
9. Pipavav IPO overbid 2.67 times
10. Inflation moves to positive territory for the first time since May30. Inflation is 0.12% for this week.
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Strike in south africa in gold mine
4400 workers on strike
Hold gold n silver longs
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Btst ivrcl infra get 9 rs atleast
Hdil intra 8 rs profit
Jindal saw after eating our sl hit 755, really bad luck
Hni clients get 30 rs in d......b, n still hold
Hni clients get 4 rd in intra in n...k, n still hold
One positional buy hv tgt of 324, guess this? 50 rs to goooooo
Loss occured in tata motors of 10 rs
We earned 50 rs 522-572 in siemencs, enjoyyyyyyyyyy
Our nifty clients get 25 points in single trade
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News Wrap up-
1. Petronet to build two power plants
2. BSNL bids for Millicom Sri Lanka unit
3. Bharati Shipyard ups Great Offshore stake
4. RIL holder selling up to $880 mn shares
5. RPL shares trading to be suspended
6. HDFC to allot 1.09 cr warrants to QIBs
7. ICICI Bank allots equity shares
8. Dewan Housing Finance Corporation allots equity shares
9. Pipavav IPO overbid 2.67 times
10. Inflation moves to positive territory for the first time since May30. Inflation is 0.12% for this week.
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Indian Commodity Exchange Ltd, founded by Indiabulls financial Services Ltd, and state run MMTC Ltd will begin futures trading in gold, natural gas, soybeal oil, and 7 more counters from next month onwards
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Petronet Plans to buildin 2 power plants. and planing right issue
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Inflation 0.12% v/s -0.12%
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ABAN IS UNDER BAN.W.E.F. 17/09/2009. FRESH POSITION WILL ATTRACT PENALTY UNTIL MWPL OF THIS SCRIP GOES BELOW 80%.
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Gold 15908 :: Silver 27622 :: Copper 313.30 :: Lead 110.50 :: Nickel 837 :: Zinc 93.10 :: Alumnium 91.80 :: Crude Oil 3469 :: Gas 172.10 :: CPO 332 :: SO 437.35 :: INR 48.23 :: Steel 23270
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Alert: EIA Inventories ( Actual/ Forecast in mbbl) Crudeoil -4.7/ -2.5, Gasoline +0.5/ +0.7 Distillate +2.2 / +1.25 Data +ive for crude
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Pick of the day
Zandu pharma 500 rs profit
11700 to 12200
Nifty 30 points profit
4940 to 4970
Ifci 1 rs profit
60 to 61.2
Escorts 3 rs profit
82 to 85
Rel inra 15 rs loss
1220 to 1205
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International steel prices rising fast, its highly psotive for all steel shares
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Gold 15877 :: Silver 27273 :: Copper 306.25 :: Lead 106.70 :: Nickel 827.30 :: Zinc 90.35 :: Alumnium 89.20 :: Crude Oil 3433 :: Gas 167.30 :: CPO 324.90 :: SO 421.15 :: INR 48.63 :: Steel 23180
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LnT long 1615 To 1651
Sesa Goa long 253 To 263
Jsw Steel long 760 To 772
Moserbear long 90.4 To 91.90
Abb long 750 To 760
Loss made in
Ivrcl infra long 351 to 346
Nifty short 10 points loss 4895 To 4905
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+2750, Aluminum +20625, Nickel +594, Lead -250, Tin +560, Zinc +1125
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News Wrap up-
1. IOC may sell out Rs 1,100 cr to buy 5% stake in Oil India
2. NTPC sets riders for KG gas deal
3. Jet Airways to sell shares to institutions
4. IHCL may issue fresh warrants
5. Tata Chemicals to increase edible salt capacity
6. Gemini Communication to hold board meeting
7. Omaxe to develop 2700 acres hi-tech township in Lucknow
8. On Lehman anniversary Obama says no more stimulus pkgs
9. Infosys considers Rs 500-600 crore expansion plan
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Gold 15812 :: Silver 26828 :: Copper 304.40 :: Lead 99.80 :: Nickel 819.40 :: Zinc 90.20 :: Alumnium 88.65 :: Crude Oil 3359 :: Gas 146.90 :: CPO 328.70 :: CPO 428.05 :: INR 48.47 :: Steel 23590
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IIP DATA 6.80% V/S 7.80%
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Gold 15703 :: Silver 26733 :: Copper 308.55 :: Lead 102 :: Nickel 843.90 :: Zinc 91.65 :: Alumnium 89 :: Crude Oil 3486 :: Natural Gas 149.30 :: CPO 333.40 :: SO 432.55 :: INR 48.63 :: Steel 23680
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Crude Oil Inventories -
5.9M V/S -0.4M
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Lead prices are slumping as the speculative community makes a swift exit from the market, but brokers say the sell-off was long overdue because the recent strength, based on Chinese supply concerns, was creating a bubble.
China is well supplied with the metal, meaning the impact of the closures is more or less contained. According to recent customs data, China imported six times more unwrought lead in the first seven months of 2009, compared with the same period of 2008. In the same period, its lead production rose 19.4% to more than 2 million tons
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Cabinet okays to release of interest subvention to PSU banks on farm loans - Reported
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1. GMR to split ops among four holding cos, raise Rs 7.5k cr
2. Jet shares crash land as pilot stir continues
3. Rel Cap to dole out Esops worth Rs 100 crore
4. Jaybharat Textiles to raise Rs 5000 cr via QIP
5. Bharti Airtel denies reaching a preliminary agreement with MTN Group
6. Ashok Leyland signs MoU with Magma Fincorp
7. IFCI spurts to 52-week high on revival plan
8. Strong growth prospects generate interest in Bank of Baroda
9. BPCL up 2% on Rs 2,500cr likely relief
10. Jaypee Hydros Rs 6000 cr project to be commissioned in H2
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Sebi Committee to meet today for next round of primary market reforms. Likely to cut the listing period & full payment from institutional investors are on agenda
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WPI inflation for the week ended Aug 29 is at -0.12 % against the bloomberg expectation of -0.09% versus -0.21% last week
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Some IT raid on Realty companies reported - Pls confirm it from ur end
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Gold 15649 :: Silver 26394 :: Copper 312.50 :: Lead 115.70 :: Nickel 873 :: Zinc 95.05 :: Alumnium 90.40 :: Crude Oil 3485 :: Gas 140.40 :: CPO 333 :: SO 434.65 :: INR 48.50 :: Steel 23700
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COPPER UP 1250, LEAD UP 850, NICKEL UP 468, ZINC DOWN 350, ALUMINIUM DOWN 2150
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Neyveli Lignite plans expansion, planning to spend 5000 crore to raise power capacity
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RBI deputy says interest rates would not come down if banks not ready to cut the rates
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bhel bags 1000 cr order from indian railway
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ALUMINUM -1875 COPPER +4625 LEAD +50 NICKEL +360 TIN +70 ZINC -400
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Gold 15727 :: Silver 26331 :: Copper 311.05 :: Lead 114.55 :: Nickel 869.50 :: Zinc 93.25 :: Alumnium 89.95 :: Crude Oil 3320 :: Gas 130 :: CPO 330.20 :: SO 427.25 :: INR 48.65 :: Steel 23860
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Educomp +75
Nifty +75
Thermax -4
Reliance +5 (cost2cost for most clients)
Tata Steel +5
Rel +10
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Currently copper, crude and gold call is on
Reply us for more details :)
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BASE METALS WITNESS SELLING PRESSURE AS CHINESE STOCK MARKET IS DOWN BY MORE THAN 5.5%
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Corporate News Headline
•BHEL has bagged a Rs. 1.7 bn order from Chennai Petroleum Corporation for setting up gas turbine-based co-generation power plant at its Manali refinery. (BS)
•Welspun-Gujarat Stahl Rohren has bagged orders worth Rs. 9.6 bn from India and overseas for producing pipes and others. (BS)
•Areva T&D has bagged an order from aluminium major Hindalco for erecting 440 KV substations at its plants in Singrauli (MP) and Sambalpur (Orissa). (BS)
Economic and Political Headline
•The government has decided to compensate states for any revenue loss on account of the implementation of the Goods and Services Tax, a move that will encourage states to go in for the new tax structure scheduled to be implemented from April 1, next year. (BS)
•Japan's manufacturers plan to limit production increases this month and in July, signaling the economy may be slow to recover from its worst postwar slump. (Bloomberg)
•European confidence in the economic outlook rose 73.3, more than economists forecast in June, adding to signs that record low interest rates and stimulus measures are helping to pull the region out of a recession. (Bloomberg)
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Corporate News Headline | • | Reliance Industries has signed a gas sales and purchase agreement with state-owned power major NTPC to supply gas at the government-mandated price of USD 4.2 per mmBtu. (BS) | • | Unitech is planning to raise USD 200 mn within the next three months by selling stake in its affordable housing projects to private equity players. (BS) | • | DLF said that it will reduce its huge debt of Rs. 140 bn to half by the end of this fiscal by raising funds through sales of non-core assets/businesses, and internal accruals. (BS) | Economic and Political Headline | • | The RBI has allowed Public sector banks to give more relief to farmers under the debt relief scheme, provided the lenders do not ask the Government to bear the losses. (BS) | • | The US Consumer spending rose 0.3% in May as benefits from the Obama administration's stimulus plan spurred a jump in American incomes, a sign that efforts to revive the economy are starting to pay off. (Bloomberg) | • | Japan's consumer prices fell 1.1% from a year earlier in May, adding to the risk that deflation will become entrenched and hamper a rebound from the nation's worst postwar recession. (Bloomberg) |
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Corporate News Headline
•GAIL India is planning to invest over Rs. 75 bn in laying natural gas transportation pipelines from Dabhol on Maharashtra coast to Bengaluru and Kochi to Mangalore. (BS)
•Areva T&D India has bagged an order worth about Rs. 12 bn from domestic steel major Jindal Steel & Power for a power project. (BS)
•Unitech reported Q4'09 result; total sales dropped 30.21% yoy to Rs. 28.89 bn, and net profit fell 27.93% yoy to Rs. 11.97 bn. (BS)
Economic and Political Headline
•Driven by higher prices of food items like pulses, cereals, milk, and fruit and vegetables, inflation rose marginally to (-)1.14% for the week ended June 13 against (-)1.61% in the previous week. (BS)
•The US economy shrank 5.5% in the first quarter of 2009, much less than expected amid rising hopes of an early economic turn around. At the same time, the number of Americans seeking unemployment benefits climbed by 15,000 to 6,27,000 for the week ended June 20, indicating that labour market recovery may take longer time than expected. (BS)
•The Federal Reserve Chairman Ben S. Bernanke said that the central bank acted with the "highest integrity" in talks on Bank of America Corp.'s takeover of Merrill Lynch & Co., defending his record against some lawmakers who have alleged officials' actions were inappropriate. (Bloomberg)
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Corporate News Headline
•Tata Steel is learnt to have submitted a Rs. 1 bn revival plan for cable manufacturer Incab, awaiting clearance from the Board for Industrial and Financial Reconstruction. (BS)
•BHEL has secured an order worth Rs. 1.05 bn from Indian Oil Corporation for setting up a captive power plant at its Barauni Refinery Complex. (BS)
•ABB India has won orders worth Rs. 2.2 bn from Tata Projects to provide power products and solutions for a super-critical coal-fired power plant under construction in the southern Indian state of Andhra Pradesh. (BS)
Economic and Political Headline
•Excise collections for April have been badly hit, resulting the fiscal deficit touching 16% of target in the very first month itself, which could douse expectations of interest rate cuts. (BS)
•Orders for the US durable goods unexpectedly jumped 1.8% in May, a sign companies are gaining confidence the recession is easing. (Bloomberg)
•Japan's export slump deepened 40.9% from a year earlier in May, casting doubt on the nation's growth prospects as the economy struggles to emerge from its worst postwar recession. (Bloomberg)
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Corporate News Headline
•ONGC has made 28 oil and gas discoveries, including in the prolific Krishna Godavari basin, in the last fiscal but did not put reserve number to the findings. (BS)
•KEC International has bagged three orders totaling to Rs. 1.1 bn. One of the orders is in Peru, in the South American continent, and two in Chhattisgarh. (BS)
•NTPC is planning to sign the gas purchase agreement with RIL for its gas-based power plants other than the projects for expanding the Kawas and Gandhar units, on which litigation is going on with RIL. (BS)
Economic and Political Headline
•In the face of rising global crude oil prices, the Deputy Chairman of the Planning Commission, Montek Singh Ahluwalia has said that domestic prices of petrol, diesel, and cooking gas should be linked to oil prices in the international market. (BS)
•The sales prices of existing homes in the US dropped 17% in May from a year before, spurring a second straight gain in purchases and helping reduce the nation's glut of unsold properties. (Bloomberg)
•The President Barack Obama said that he expects the US unemployment rate will exceed 10% this year, though a second stimulus package is not needed yet. (Bloomberg)
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Corporate News Headline
•Jindal Saw has secured orders worth Rs. 10 bn for supplying pipes in both domestic as well as international markets. (BS)
•BHEL has bagged a Rs. 1.05 bn order from IOC for setting up a captive power plant at the latter's Barauni Refinery Complex. (BS)
•ABB India bagged orders worth Rs. 550 mn to provide electrical infrastructure for modernisation of Kolkata airport. (BS)
Economic and Political Headline
•The government is planning to hike the price of natural gas produced by ONGC and Oil India by over 17% and index it to inflation rate to help the two firms cut losses on selling fuel below cost. (BS)
•The UK home sellers lowered asking prices in June for the first time in five months as banks scaled back lending and required buyers to stump up bigger deposits. (Bloomberg)
•European Central Bank President Jean-Claude Trichet said that there's still a risk that renewed financial turmoil could hamper an economic recovery. (Bloomberg)
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Corporate News Headline
•NALCO has added 120 MW capacities at its captive power plant under its ongoing second phase of expansion. (Reuters)
•Indian Oil Corporation's refinery project at Paradip in Orissa would be operational from November 2012 after its completion in August that year. (BS)
•IRB Infrastructure Developers has emerged as the lowest bidder for the Rs. 12 bn project of National Highway Authority of India. (BS)
Economic and Political Headline
•The Governor Duvvuri Subbarao said that the Reserve Bank of India should look at eventually reversing the expansionary policy pursued in the wake of the global economic crisis. (Reuters)
•Seeking to mollify the fears of banks that high government borrowing would not allow interest rate to come down, the Planning Commission said that the fiscal deficit will be high but not in "double digits". (BS)
•The European Central Bank President Jean-Claude Trichet dismissed concerns over a possible threat of deflation and said that the ECB would guarantee price stability over the medium term. (Reuters)
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Corporate News Headline
•Tech Mahindra has received approval from the US anti-trust authority regarding its Rs. 11.54 bn open offer for the purchase of an additional 20% stake in Satyam Computer. (BS)
•Shree Renuka Sugars said that it will expand its sugar refining capacity at its Athani unit in Karnataka to 2,000 tonne per day from 1,000 tonne per day. (BS)
•ONGC is resuming operations in insurgency-hit Nagaland after a gap of 15 years and has opened a liaison office at Dimapur. (BS)
Economic and Political Headline
•Inflation turned negative 1.61% for the first time in thirty years but the prices of food items like fruit and vegetables, cereals and oil were still higher than last year. (BS)
•The index of the US leading economic indicators rose 1.2% in May for a second consecutive month and a regional factory gauge climbed more than forecast in June, showing the worst recession in five decades may soon end. (Bloomberg)
•The UK retail sales unexpectedly dropped 0.6% in May for the first time in three months and Bank of England Governor Mervyn King said the economic recovery may be sluggish as banks ration credit. (Bloomberg)
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Corporate News Headline
•Omaxe said its subsidiary has bagged a contract worth Rs. 1.28 bn from UP Projects Corporation Ltd for various construction related works. (BS)
•Ansal Properties & Infrastructure sought shareholders approval to raise Rs. 40 bn from private placement of shares with qualified institutional buyers and through international fund raising routes. (BS)
•BPCL has entered into an agreement with Engineers India for commercializing the in-house technology developed by BPCL- Kochi Refinery. (ET)
Economic and Political Headline
•The Finance Ministry is contemplating diluting provisions of Fringe Benefit Tax by which companies may not have to pay taxes on certain perks and allowances availed of by employees. (BS)
•The cost of living in the US fell 1.3% in the year ended in May, the most since 1950, easing concern that government efforts to revive the economy will lead to an immediate outbreak of inflation. (Bloomberg)
•The UK saw a whopping 2.26 mn people becoming jobless in the three months to April 2009, pushing the unemployment numbers to the highest in 12 years, as the economy continued to reel under recession. (BS)
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Corporate News Headline
•RNRL has joined the race to hire the LNG terminal adjacent to the Dabhol power plant to import liquefied natural gas cargoes. (BS)
•Sesa Goa is looking to raise about Rs. 5.83 bn through issue of shares to the firm's promoters and its associates. (ET)
•IVRCL Infrastructures and Projects has secured orders worth Rs. 4.32 bn from Mumbai-based Coastal Gujarat Power Limited for design and construction of all main civil works. (BS)
Economic and Political Headline
•Available data on advance tax payments for the first quarter of the financial year indicates that the manufacturing sector may take more time to recover, while the financial sector remains buoyant. (BS)
•Housing market in the US starts jumped more than forecast in May while industrial production tumbled, offering a picture of an American economy still struggling to emerge from the deepest recession in half a century. (Bloomberg)
•The UK inflation rose 2.2% from a year earlier in May, at slower than economists forecast after higher taxes and the weakness of the pound sustained price pressures in the economy. (Bloomberg)
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Corporate News Headline
•RIL has received order from the Bombay High Court to assure gas supply of 28 mmscmd from Krishna-Godavari basin D6 block to RNRL for 17 years at USD 2.34 mmbtu. (BS)
•Ansal Properties & Infrastructure is planning to raise funds up to Rs. 15 bn through the issue of securities on a private placement basis to qualified institutional buyers. (BS)
•Deep Industries has bagged two contracts worth Rs. 720 mn from ONGC for hiring natural gas compressors to the company. (BS)
Economic and Political Headline
•Leaving for Russia on his first foreign visit after assuming office for a second term, Prime Minister Manmohan Singh said that India is ready to play its part in coordinating global efforts to overcome the economic slowdown. (BS)
•The International Monetary Fund has raised its outlook for the US and called for steps to reduce concern about rising public debt and inflation. (Bloomberg)
•Group of Eight finance ministers began drawing up contingency plans for rolling back budget deficits and bank bailouts as the economy shows signs of recovery and investors start worrying about inflation. (Bloomberg)
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Corporate News Headline
•Sesa Goa has acquired Goa-based iron ore mining company – Dempo Mining Corporation for Rs. 17.5 bn. (BS)
•ONGC said it will borrow about Rs. 270 bn over next three to four years to fund its projects. (BS)
•NTPC and BHEL have joined hands to set up a major power projects equipment manufacturing unit in Andhra Pradesh. (BS)
Economic and Political Headline
•The inflation rate for the week ended May 30 came down to 0.13% primarily due to decrease in prices of manufactured products on an annual basis. (BS)
•Retail sales in the US rose 0.5% in May, for the first time in three months, an increase driven almost solely by shoppers returning to automobile showrooms seeking bargains and the rising cost of gasoline. (Bloomberg)
•The Japanese economy shrank at a staggering rate of 3.8% in the first quarter of 2009, but the pace of contraction is still less than anticipated. (BS)
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Corporate News Headline
•Tata Teleservices announced the launch of its services in GSM platform in partnership with Japanese firm NTT DoCoMo and said it will invest USD 2 bn by this fiscal to roll out operations across the country. (BS)
•SAIL received the nod for acquiring four pending mining leases in Chiria iron ore mines of Jharkhand. (BS)
•RIL has increased LPG supplies to Indian Oil, Bharat Petroleum, and Hindustan Petroleum from its twin refineries at Jamnagar, forcing the state-run firms to sell cooking fuel cargoes that they had contracted from overseas suppliers. (BS)
Economic and Political Headline
•The Finance Minister Pranab Mukherjee said that banks have agreed to consider interest rate cuts, responding to his strong pitch saying measures to ease their burden were not being passed on and that industry needed credit at reasonable rates to push overall growth. (BS)
•The UK manufacturing rose 0.2% for a second month in April, as a rebound in motor vehicle production helped end the yearlong factory slump and temper Britain's recession. (Bloomberg)
•The orders for Japanese machinery fell 5.4% in April and producer prices tumbled as dwindling profits forced companies to cut costs amid the worst postwar recession. (Bloomberg)
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Corporate News Headline
•ONGC said its overseas crude output will fall this year as fields age, and an increase is likely after new areas in Brazil and Myanmar start production by 2012. (Bloomberg)
•NTPC has agreed to buy natural gas from RIL but is opposed to paying marketing margin to the private firm and wants to use the fuel at plants other than Kawas and Gandhar that were identified by the government. (BS)
•Infotech Enterprises has secured a multi-million dollar contract from Malaysia-based inCONTROL Tech for implementing GIS information system for a power utility in that country. (BS)
Economic and Political Headline
•The Prime Minister Manmohan Singh said that the country's economy is even now capable of growing by 8%-9%, the same rate as it did before the global financial meltdown set in. (BS)
•JPMorgan Chase & Co., Goldman Sachs Group Inc., and Morgan Stanley were among 10 lenders that won the US Treasury approval to buy back USD 68 bn of government shares, freeing them from added oversight that curbed lending practices, hiring, and pay. (Bloomberg)
•China's passenger-vehicle sales rose 47% in May, the biggest jump since February 2006, as tax cuts and government subsidies helped extend the country's lead over the US as the world's biggest auto market this year. (Bloomberg)
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Corporate News Headline
•Areva T&D India has bagged four contracts worth Rs. 3.5 bn from power transmission utility Power Grid Corporation of India for developing four substations in the country. (BS)
•Wire & Wireless is planning to raise Rs. 1.92 bn on a private placement basis from institutional investors. (BS)
•Power Trading Corp is planning to acquire coal properties overseas and has identified mines in Australia and Indonesia for the purpose. (BS)
Economic and Political Headline
•With economic condition turning better compared to that three months ago, the Planning Commission said economy should record at least 6.7% growth rate this fiscal, the same as was witnessed in 2008-09. (BS)
•The Bank of England is proposing an extension to its Asset Purchase Facility to buy secured commercial paper as part of its plan to restore liquidity to credit markets. (Bloomberg)
•Japan's corporate bankruptcies dropped 6.7% in May, for the first time in 12 months and merchant sentiment climbed to a one-year high, signs that the economy is starting to recover from its deepest postwar recession. (Bloomberg)
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Corporate News Headline
•JSW Steel has reported a 33% rise in crude steel production to 4.59 lakh tonnes in May 2009. (BS)
•C&C Constructions has bagged two orders worth Rs. 3.75 bn from Jaiprakash Associates. (BS)
•ONGC approved the revised cost estimates for developing the nation's most prolific on-land oilfield in Rajasthan and agreed to invest around USD 350 mn more in the fields operated by Cairn India. (ET)
Economic and Political Headline
•The government's direct tax collection in May this year recorded a 16.88% jump to Rs. 119.19 bn from Rs. 101.98 bn in the same month last year. (BS)
•Payrolls in the US fell by 345,000, the least in eight months, after a revised 504,000 loss in April, reinforcing signs that the deepest recession in half a century is starting to abate. (Bloomberg)
•Rio Tinto Group, the world's third-largest mining company, scrapped an investment from Aluminum Corp. of China in favor of raising USD 21 bn from a share sale and an iron-ore venture with BHP Billiton Ltd. (Bloomberg)
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DISCLAIMER: INVESTING AND TRADING IS VERY RISKY AND FINANCIAL LOSSES ARE OFTEN THE RESULT. Investment success is far from a sure thing. This site is solely intended for educational purposes. I am not a registered investment advisor and it is not my intention to provide anyone with investment advice. I am not recommending that any reader of this blog buy, sell, short, or engage in any other investment strategy based upon the content set forth herein. I strongly urge all readers to perform their own due diligence before investing and or trading their funds. I will not be responsible for any readers financial losses.
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