BREAKING - Infosys Q1FY10 Results

Infosys Technologies, India's second largest software services exporter, has posted a 17.3 per cent increase in net profit to Rs 1,527 crore for the first quarter of current fiscal as compared to Rs 1,302 crore for the quarter ended June 30, 2008.

Total Income has increased by close to 15.5 per cent from Rs 4,971 crore for the quarter ended June 30, 2008 to Rs 5,741 crore for the quarter ended June 30, 2009.

On a sequential basis, quarter on quarter basis, as the company as guided has posted a 5.3 per cent drop in net profit while the topline was down by 3 per cent.

BREAKING - FED CUTS RATES by 75 bps

The Federal Reserve, confronted with a global stock sell-off fanned by increased fears of a recession, cut a key interest rate by three-quarters of a percentage point on Tuesday, the biggest one-day move by the central bank in recent memory.

The Fed said it was cutting the federal funds rate, the interest that banks charge each other on overnight loans, to 3.5 percent, down by three-fourths of a percentage point from 4.25 percent.

The Fed action was the most dramatic signal it can send that it is concerned about a potential recession in the United States. It marked the biggest one-day move by the central bank in recent memory.

The Fed decision was taken during an emergency telephone conference with Fed officials on Monday night. Those discussions occurred after global financial markets had plunged Monday as investors grew more concerned about the possibility that the United States, the world's largest economy, could be headed into a recession.

BREAKING - Chidambaram Update on SEBI recommendations

FM will "comment" on SEBI recommendations at 10.30 AM IST

What the heck ? Wants a circuit down and then wants to comment on it ?

BREAKING - FED CUTS RATES

FUNDS RATE BY 0.5% to 4.75%

DISCOUNT RATE BY 0.5% to 5.25%

ZOOM MARKET ZOOM

NTPC to invest $763 mln in hydro project

Indian state-run power generator NTPC Ltd. said on Friday it planned to invest 34.25 billion rupees ($763 million) to set up a 520-megawatt hydro power project. ($1 = 44.9 Indian rupees)

BREAKING NEWS - Welspun Gujarat gets 4.60 bln rupees order

Steel pipes maker Welspun Gujarat Stahl Rohren Ltd. said on Wednesday it had secured an offshore pipeline order worth 4.60 billion rupees from Exxon Mobil Corp. .

A stock exchange notice earlier said the company had secured orders, but Welspun Gujarat said in a statement that it was a single order.

The company expects to execute the order for the 120-kilometre (74.56 miles) pipeline by 2007. Its order book stands at about 25 billion rupees, it said.

Shares in the company rose 0.61 percent to 82.40 rupees in a firm Mumbai market.

Premium News: United Phosphorus to buy Europe co for 100 mln euros

Chemicals and pesticides maker United Phosphorus Ltd. plans to buy a crop protection products maker in western Europe for "slightly higher" than 100 million euros, a top company official said on Tuesday.

He declined to give the name of the firm but said Yes Bank was advisor to the deal.

United Phosphorus has been on an acquisition spree snapping up South Africa's Cropserve (Pty) Ltd. and buying the worldwide

Copper tumbles in Shanghai

Copper prices took another tumble on Monday, with most Shanghai futures contracts falling by their daily downside limits as investors fretted over rising inventories, despite an otherwise robust market outlook.

Shanghai copper futures <0#SCF:> fell by their 4-percent daily limit at the opening and failed to recover as a plunge in London Metal Exchange three-month copper to four-month lows on Friday turned buyers away.

"Copper's starting the week the way it ended last week, in negative territory," a metals trader said.

Most Shanghai copper futures closed limit-down, with the most-active January contract <0#SCF:> dropping to 65,060 yuan ($8,277) a tonne, against 67,450 yuan at last Friday's close.

A weaker U.S. dollar did little to spark interest in London Metal Exchange contracts, with copper for delivery in three months on the LME quoted at $6,850 a tonne.

The contract fell $410, or 5.6 percent to $6,900 in London on Friday after LME stocks leapt 1,625 tonnes to 148,200, up 54 percent from the start of the year.

"Fundamentals for copper still look strong, but the stocks can't be ignored," a second trader said.

China's strong appetite for copper to feed industrial growth has long fuelled copper prices.

Expectations that this trend will continue were underscored by news last week that copper smelters might continue to chase limited supplies of concentrate next year.

Chile's giant Escondida mine, majority owned by BHP Billiton Ltd/Plc , has opened 2007 copper treatment and refining charge talks with Chinese smelters with an offer a third lower than charges for 2006.

"That tells us that at least BHP thinks smelters are desperate for concentrate," the second trader said.

High copper prices, which hit a record $8,800 a tonne in May, had kept China off the world copper market for months. Imports of copper, including semi-finished products, fell 22.4 percent between January and October as it relied on its own stockpiles.

But with copper prices slumping and domestic stockpiles diminished somewhat, some analysts think China may turn buyer.

"There is no visible oversupply in China's copper market. A strong price rise may appear if buying interests of consumers and investors are prompted by a might-be shortage in domestic physical market," Xue Feng, an analyst at Maike Enterprise Group said in a market note.

Three-month nickel, which zoomed to a record $32,625 on Oct. 20, was up $100 at $29,500 a tonne.

Australia's Western Areas NL ,WSA.TO> on Monday joined a growing legion of outback miners looking to increase output in response to nickel's surge.

The miner said it wanted to lift output of nickel in concentrate by 5,000 tonnes a year from 12,000 tonnes at its Flying Fox mine as it sees a strong nickel price going forward.

Nickel miners in the far western Australia outback, including Australian Mines Ltd. , Mincor Resources NL , Fox Resources Ltd. and Jubilee Mines NL are making plans to dig more nickel on expectations that demand for the metal will stay strong.

Metal Last Net Change Pct Move LME Cu 6910.00 10.00 +0.14 SHFE Cu* 65060.00 -2390.00 -3.54 LME Alum 2705.00 10.00 +0.37 SHFE Alu* 20110.00 -390.00 -1.90 COMEX Cu** 307.75 0.00 +0.00 LME Zinc 4335.00 35.00 +0.81 LME Nickel 29500.00 100.00 +0.34 LME Lead 1675.00 0.00 +0.00 LME Tin 9750.00 -100.00 -1.02

Change so far in 2006

Metal Latest bid End prev year Pct Move LME Cu 6910.00 4395.00 +57.22 SHFE Cu* 65060.00 41720.00 +55.94 LME Alum 2705.00 2276.00 +18.85 SHFE Alu* 20110.00 19360.00 +3.87 COMEX Cu** 307.75 204.20 +50.71 LME Zinc 4335.00 1905.00 +127.56 LME Nickel 29500.00 13500.00 +118.52 LME Lead 1675.00 1051.00 +59.37 LME Tin 9750.00 6475.00 +50.58

Breaking Premium News - Sun TV Advertising Rates

Broadcaster SUN TV Ltd. said on Monday it had increased advertisement rates by 5-27 percent to be effective January 1, 2007.

Indian shares seen slipping on weaker Asia

Indian shares are likely to ease on Monday, tracking weaker Asian markets and as investors consolidate their positions after a record run the previous week.

But the downside is likely to be limited by strong foreign fund flows, which have topped $7 billion so far this year.

Tokyo stocks fell to their lowest level in 1- months on Monday, while weakness in major miners dragged Australian shares lower.

In India, cautious retail investors could depress shares.

"The indices have closed at the upper end of the intraday band and the market breadth and traded volumes indicate strength in the undertone," said Vijay Bhambwani, chief executive of BSPLindia.com.

"But a large portion of the retail segment lacks clarity and conviction in the markets."

India's benchmark BSE index <.BSESN> climbed to a new record close on Friday, off a new peak of 13,303.85 points. The index gained 1.2 percent last week and is up 41 percent so far this year, making it the best-performing index in Asia-Pacific.

Templeton Asset Management's Mark Mobius says the Indian stock market looks expensive in comparison to others, but there are still some bargains to be had for long-term investors. For details, double-click on [ID:nBOM35965].

STOCKS TO WATCH

* Usha Martin Ltd., after the wire rope maker said its joint venture with Germany's Gustav Wolf will start manufacturing tyre beads and expand its steel cord capacity.

* Grasim Industries Ltd., after its plans to invest 12 billion rupees to set up a cement plant with a capacity of 3.5 million tonnes a year in the eastern state of Orissa. For details, double-click on [ID:nBOM150736].

* Binani Industries Ltd., after it said its subsidiary Binani Cement Ltd. has filed initial papers with the securities market regulator for a public offer of shares.

* Suit and apparel maker Raymond Ltd. , after said it would form a 500 million rupee joint venture with Grotto S.p.A. to sell the Italian firm's "Gas" brand in India. For details, double-click on [ID:nBOM133625].

FACTORS TO WATCH

* Indian federal bond report [IN/]
* Indian rupee report [INR/]
* FOREX-Dollar falls again on forex diversification talk [FRX/]
* Oil slips towards $59, traders look to winter,

* GLOBAL MARKETS-Asian stocks, dollar, oil pressured

Premium News - Punj LLoyd

India's Punj Lloyd Ltd. said on Friday it had won a contract worth 8.03 billion rupees ($180.9 million) from Qatar Petroleum.

The firm has been awarded an engineering and construction deal for the Doha Urban Pipeline Relocations project, a statement said.

Its shares were up 4 percent in afternoon trade in a firm Mumbai market.

Breaking Premium News - Ansal Housing

Ansal Housing & Construction Ltd. said on Friday it would invest 2 billion rupees to develop a residential project in Indore, Madhya Pradesh.

Breaking Premium News - Renault, Mahindra to form new production tie-source

French car maker Renault SA and Indian partner Mahindra & Mahindra Ltd. are set to announce a new manufacturing tie-up in India, an industry source said on Thursday.

Renault's Japanese alliance partner Nissan Motor Co. <7201.T> may join the project, the source said.

Nissan previously had been discussing a joint manufacturing project in India with Japanese compact car maker Suzuki Motor Corp.