News Updates 11-May-09

Corporate News Headline

•Cairn India will begin producing crude oil from its prolific Rajasthan fields by the month-end if it gets approval from partner ONGC for field investments and if the Government is able to find buyers for the oil. (BS)
•Deep Industries bagged two contracts worth Rs. 230 mn from ONGC. (BS)
•GMR Infrastructure is planning to raise up to USD 1 bn to fund growth. (BS)


Economic and Political Headline

•The inflation rate marginally rose to 0.7% for the week ended April 25. The rise is primarily a result of increase in prices of manufactured products. (BS)
•Payrolls in the US shrank by 539,000, after a 699,000 loss in March, the least since October last month as employers detected signs the worst of the recession had passed and government hiring stepped up for the country's next census. (Bloomberg)
•The UK producer prices rose 0.6%, the most in 10 months in April after the government raised taxes and costs of petroleum products and motor vehicles increased. (Bloomberg)
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News Updates 9-May-09

News Update for 09-05-2009:-

Japan confirmed its first cases of swine flu Saturday in three people who recently returned from Canada, even as the disease's spread appeared to slow in the rest of the world.Health and Welfare Minister Yoichi Masuzoe said the three Japanese were quarantined upon arrival in Tokyo after testing positive in preliminary checks performed on all travelers flying from countries hit by the virus.
http://online.wsj.com/article/SB124184218109303271.html <http://online.wsj.com/article/SB124184218109303271.html>

Corus, a unit of Tata Steel, announced that some big buyers of slab had terminated an offtake agreement for its Teesside Cast Products (TCP) plant, putting under cloud the future of the plant. The world's sixth-largest steelmaker said it might have to mothball TCP, in northeast England, which employs 1,920 people.
<http://www.business-standard.com/india/news/corus-plant-in-uk-faces-closure/357558/> http://www.business-standard.com/india/news/corus-plant-in-uk-faces-closure/357558/

State Bank of India (SBI), the country's largest bank, may review interest rates on deposits by May-end. "We will review interest rates at May-end. In general, there seems to be a trend of softening interest rates on the deposit side," said Chairman and Managing Director O P Bhatt on the sidelines of the inauguration of an inward remittance cell in Kolkata on Friday.

<http://www.business-standard.com/india/news/sbi-may-review-deposit-rates-by-month-end/357544/> http://www.business-standard.com/india/news/sbi-may-review-deposit-rates-by-month-end/357544/

Singapore-based lender DBS Bank today sold off its entire stake in HDFC Bank, while Deutsche Securities Mauritius picked up 3.78 million shares in the country's second largest private sector bank. "We have divested our 2.7 per cent stake in HDFC, a portfolio investment, as we believe that this is an opportune time to divest the shares," a DBS spokesperson said. Sources said that the sale did not reflect diminished interest in India and DBS would go ahead with its plans for the country.

<http://www.business-standard.com/india/news/dbs-exits-hdfc-bank-deutsche-sec-steps-in/357540/> http://www.business-standard.com/india/news/dbs-exits-hdfc-bank-deutsche-sec-steps-in/357540/

Crisil has downgraded its rating on Reliance Infrastructure's long-term debt on concerns of business restructuring and the resultant restriction in cash flow. The Indian subsidiary of credit rating firm Standard and Poor's, Crisil, has lowered the rating to AA+/Negative from AAA, while the company's rating on the short-term debt reaffirmed at 'P1+'.
http://www.business-standard.com/india/news/crisil-downgrades-reliance-infra/s-long-term-debt/60998/on <http://www.business-standard.com/india/news/crisil-downgrades-reliance-infra/s-long-term-debt/60998/on>

Billionaire Warren Buffett's investment firm Berkshire Hathaway said it lost $1.5 billion in the first quarter amid market turmoil as the value of its assets fell by $6.1 billion. The investment company controlled by Buffett, the world's second richest person, took a hit from its insurance holdings and a loss as it sold a big stake in oil giant ConocoPhillips.
<http://economictimes.indiatimes.com/International-Business/Warren-Buffett-firm-loses-15-bn/articleshow/4502304.cms> http://economictimes.indiatimes.com/International-Business/Warren-Buffett-firm-loses-15-bn/articleshow/4502304.cms

Larsen & Toubro (L&T) will sell its 11.5% stake in the Aditya Birla group company UltraTech Cement by December. Pegged at around Rs 800 crore at Friday's market price, the sale proceeds will prop up L&T's bottomline in 2009-10. The company will also realise a further Rs 100 crore of other income from the sale of its ready-mix concrete assets in 2009-10. It had sold that business to Lafarge in 2008 for Rs 1,480 crore, and around Rs 100 crore has been pending from this transaction. 

<http://economictimes.indiatimes.com/LampT-to-sell-its-115-in-UltraTech/articleshow/4501829.cms> http://economictimes.indiatimes.com/LampT-to-sell-its-115-in-UltraTech/articleshow/4501829.cms

Indian professionals aspiring to go to the US to work may now find it more difficult to get H-1B visas with Washington deciding on stricter screening following complaints of misuse of the facility.  Acting on the complaints, the US has adopted "fraud prevention tactics" to prevent such misuse. "We've added fraud prevention tactics. We've begun looking at other more standard fraud investigatory techniques that weren't being used in H-1B that we are now going to employ. It includes things like sites visits and worksites visits," Janet Napolitano, secretary of the Department of Homeland Security, said. 

<http://economictimes.indiatimes.com/Features/Visa/US-tightens-H-1B-visa-rules-for-Indians/articleshow/4502134.cms> http://economictimes.indiatimes.com/Features/Visa/US-tightens-H-1B-visa-rules-for-Indians/articleshow/4502134.cms

Few passengers may have taken to the skies in April, making it the third straight month that airlines have witnessed traffic declining on a year-on-year basis, as the industry struggles to cut costs and shed excess capacity.  Air passenger traffic in the domestic sector may have fallen by 8% in April 2009 compared with last year, according to market experts and travel industry officials. The official figures for the month will be released by the civil aviation ministry next week. 

<http://economictimes.indiatimes.com/News-by-Industry/Air-traffic-falls-8-y-o-y-in-April/articleshow/4501530.cms> http://economictimes.indiatimes.com/News-by-Industry/Air-traffic-falls-8-y-o-y-in-April/articleshow/4501530.cms

State-run Union Bank of India, in joint venture with Belgium-based company, plans to enter the mutual funds business by December this year and hopes to receive the market regulator Sebi's approval to set up the firm by June 30, a top bank official said. "The bank expects to receive the Sebi nod for JV by December. We would be able to enter the market with our first product by December this year," Union Bank General Manager Personal Banking & Operations S Govindan said here. 

<http://economictimes.indiatimes.com/Personal-Finance/Union-Bank-to-enter-MF-business/articleshow/4496213.cms> http://economictimes.indiatimes.com/Personal-Finance/Union-Bank-to-enter-MF-business/articleshow/4496213.cms

Inflationary pressure is very high in India, says Reddy
The monetary and fiscal packages announced by RBI and the government, according to him, are "on track", but the challenge before the authorities is unwinding the packages in due course.
http://www.mydigitalfc.com/monetary-policy/we-didnt-encourage-things-we-didnt-understand-yv-reddy-646 <http://www.mydigitalfc.com/monetary-policy/we-didnt-encourage-things-we-didnt-understand-yv-reddy-646>
http://www.livemint.com/2009/05/08230521/Inflationary-pressure-is-very.html?h=A1 <http://www.livemint.com/2009/05/08230521/Inflationary-pressure-is-very.html?h=A1>
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Result Update : SRF

Result Update : SRF
Net profit of SRF rose 1973.53% to Rs 21.15 crore in the quarter ended March 2009 as against Rs 1.02 crore during the previous quarter ended March 2008. Sales rose 4.00% to Rs 407.52 crore in the quarter ended March 2009 as against Rs 391.83 crore during the previous quarter ended March 2008.
For the full year, net profit rose 17.69% to Rs 163.27 crore in the year ended March 2009 as against Rs 138.73 crore during the previous year ended March 2008. Sales rose 11.49% to Rs 1800.82 crore in the year ended March 2009 as against Rs 1615.30 crore during the previous year ended March 2008.

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8-May-09 Mcx Settlement Prices

Today's Settlement Prices :: Gold 14506 :: Silver 22544 :: Copper 233.85 :: Lead 72.05 :: Natural Gas 643.20 :: Lead 76.10 :: Crude Oil 2857 :: Natural Gas 209.80 :: CPO 401.60 :: HO 74.25 :: SO 506.30 & INR 49.28
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Just Joke

The US has made a new weapon that destroys people but keeps the building standing,. Its called the stock market.
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Sgx Nifty only 11 points down

Singapore nifty only 11 points down
All asia in lite red
Stress test of banks in usa is as market predict, so no bad news
Market already discounted that news
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8-May-09 News Headlines

Corporate News Headline
•JSW Steel reported Q4'09 results, total income declined 13.4% yoy to Rs. 37.19 bn, and it posted net loss to Rs. 399.3 mn. (BS)
•Reliance Infrastructure is planning to invest about Rs. 16.5 bn in various projects by the end of 2009-10. (BS)
•Tata Steel has recorded a 39% increase in the sales of long products, used by the construction industry, in the month of April at Jamshedpur Works, over the same period last year. (BS)

Economic and Political Headline

•QIPs, rights issues, and non-convertible debentures are back in vogue. At least 30 companies have drawn up plans to raise close to Rs. 500 bn through these routes to fund their working capital needs over the next six months. (BS)
•The Federal Reserve determined that 10 US banks need to raise a total of USD 74.6 bn in capital, concluding its unprecedented probe of the health of the nation's 19 largest lenders. (Bloomberg)
•The European Central Bank President Jean- Claude Trichet said the ECB unanimously agreed on a USD 80.5 bn plan to buy bonds as officials step up their response to the worst recession since World War II. (Bloomberg)
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7-May-09 Mcx Settlement Prices

Today's Settlement Prices :: Gold 14533 :: Silver 22650 :: Copper 233.85 :: Lead 71.55 :: Nickel 642.40 :: Zinc 76.55 :: Crude Oil 2768 :: Natural Gas 198.30 :: CPO 409.30 :: HO 72.50 :: SO 513.65 :: INR
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7-May-09 Stock Market Summary

The Indian market bounced back after a correction and ended with gains today ahead of the US bank stress test results tonight. Metals hogged the limelight today on the back of strong April sales and price increase. Sensex shut shop at 12116, up 164 points and Nifty at 3683, up 58 points from the previous close. CNX Midcap index was up 2.02% and BSE Smallcap index was up 2.66%. The market breadth was positive with advances at 910 against declines of 301 on the NSE. Top Nifty gainers included Sterlite Industries, Hindalco and Tata Steel while losers were Ambuja Cements, ACC and BPCL.
Source : rediff.com
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Inflation

Inflation 0.57% Vs 0.26%
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Fii and Dii Activity

On May 05, 2009, FIIs were net buyers of stocks to the tune of Rs695 crore (purchases worth Rs2,969 crore and sales of Rs2,274 crore),while domestic mutual funds were net sellers of stocks to the tune of Rs37 crore (purchases worth Rs544 crore and sales of Rs581 crore).
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Results Today

Results today: JSW Steel, Union Bank, JP Hydro, Birla Corp, Tata Metaliks, Tamilnadu Petroproducts
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Nifty Pivot Levels

NIFTY SUPP@3550-3590-3615
RESIS@3670-3700-3720
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Singapore Nifty Update

Sgx Nifty is up by 22 points
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All Asia Markets Up

All asian markets are open in dark grrn, but now profit booking seen allo. Before sometime hangseng up by 440 points but now it is up by 136 points only.
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7-May-09 News Headlines

Corporate News Headline

•RIL has begun selling diesel from its Jamnagar refinery to local companies, with Hindustan Petroleum Corp Ltd receiving the first consignment this week. (BS)
•ONGC added a record 284 mn tonnes of oil and gas reserves in the 2008-09 fiscal, the highest addition by the company in the past 18 years. (BS)
•JSW Steel has decided to increase production from the present 7.8 mn tonnes a year to 32 mn tonnes annually by 2020. (BS)

Economic and Political Headline

•The Reserve Bank of India mopped up Rs. 1,449.13 bn from banks through reverse repo window, reflecting ample liquidity in the system. (BS)
•Treasury Secretary Timothy Geithner said that none of the 19 banks that underwent government stress tests are insolvent and the results will reassure investors and the public that the US financial system is sound. (Bloomberg)
•In a possible sign that the worst may be over for the US's labour market, a new report shows that American private companies slashed as many as 4,91,000 jobs in April, much less than expected. (BS)
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6-May-09 Mcx Settlement Prices

Today's Settlement Prices :: Gold 14486 :: Silver 22326 :: Copper 238.65 :: Lead 72.05 :: Nickel 631.50 :: Zinc 78.30 :: Crude Oil 2778 :: Natural Gas 191.30 & CPO 413.70 :: HO 72.50 :: SO 516.60 & INR 49.60
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Nagarjuna Fertiliser

Market Rumour
Reliacne can make open offer to nagarjuna fertiliser abv 40
Cmp 25.50
Brave hearts can buy
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Infosys Tgt 1 done

Infosys fut low 1557
Tgt 1 done
We short at 1571
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Market Overview

All global mkts r rangebound now.
Nifty is also rangebound with 3600-3680 levels.
Abv 3680 level upside till 3725-3750
Below 3600 level 3550 is support level.
Bull might take rest for 1-2 days with some correction can be seen in global mkts.
But overall trend is bullish only.
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