Sesa Goa

Sesa Goa

Daily News Roundup - Feb 28 2012

Citigroup Inc, facing pressure to raise capital to comply with stricter norms, will sell its holding in India’s biggest mortgage lender, HDFC for Rs.100bn nearly tripling investments in five-and-a-half years.(ET )

Tata Communications , seeking to raise its profile around the globe, unveiled a technology partnership with Formula One motor racing, a further sign of the sport's growing appeal in emerging markets.(ET)

Air-conditioner makers such as LG, Godrej and Panasonic have reported up to 25% fall in their sales to dealers from January till this week—a period when companies usually dispatch almost half of their summer inventories.(ET)

The Adani Group plans to transform and streamline its businesses to focus on three core sectors — resources, logistics and energy — and will spend US$6bn to expand globally.(ET)

Grey Market - IPO - MCX

Company Name	Offer Price (Rs.)	Premium (Rs.)	Kostak (Rs. 2 Lac Application)
Hudco	1000	1.50 to 2	--
IRFC	1000	7 to 8	--
MCX (IPO)	1032 (Higher Price Band)	280 to 290	Kostak Price on Last Day (24-2-2012) Rs. 3000 to 31000

Turnaround at start!

Obstacles don't have to stop you. If you run into a wall, don't turn around and give up. Figure out how to climb it, go through it, or work around it. - Michael Jordan.

The Nifty has quickly lost altitude after soaring past 5600 and is now hovering around 5300 levels. Tuesday’s turnaround may be visible at start as the indices could regain some lost ground. The undertone is likely to remain jittery though due to a number of factors.

High crude oil price is one of them. Already there are reports of an impending fuel price hike post state elections. That will, in turn push up inflation, possibly deferring a rate cut by the RBI. Liquidity continues to be tight and could get worse mid-March due to the advance tax outgo.

RIL, bank stocks lead initial gains

Key benchmark indices trimmed gains after a firm opening. The barometer index, BSE Sensex, was up 108.27 points or 0.62%, off about 80 points from the day's high and up close to 25 points from the day's low. The market breadth was strong. All the 13 sectoral indices on BSE were in the green. Mostly higher Asian stocks underpinned sentiment. Index heavyweight Reliance Industries (RIL) edged higher in early trade on reports RIL and BP PLC will submit a joint plan to the government to develop the D6 natural gas block and its satellite fields as an integrated unit. Bank stocks gained on renewed buying.

At 09:30 IST, the BSE Sensex was up 108.27 points or 0.62% to 17,554.02. The index rose 190.99 points at the day's high of 17,636.74 in early trade. The index gained 84.69 points at the day's low of 17,530.44 in early trade.