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Tuesday, July 24, 2012
Daily News Roundup - July 24 2012
Essar Oil has tied up a new credit facility from domestic banks to provide a credit line of up to Rs50bn to meet its sales tax liability of Rs61.69bn to the Gujarat government. (ET) Genpact said its master services agreement with financial services major Wells Fargo, to provide business process management services, has been extended through December 2017. (ET) Construction work at JSPL’s steel and power project in Odisha was partially hit Monday as many workers kept away from work and villagers demanded more compensation for loss of land. (ET)
Sensex sinks on global selloff...Nifty holds 200DMA
The F&O expiry week started off on a very negative note, with the NSE Nifty index closing almost near a day’s low. Today’s decline could be attributed to a sell-off across global equity markets. Markets opened gap down, tracking weakness in the Asian markets amid concern about Spain’s worsening fiscal health and fresh trouble for Greece. All-round selling in scrips across sectors dragged the BSE Sensex below the 17000 mark. However, the Nifty just about managed to end above 5100, which is also the 200DMA for the index. The Sensex ended at 16,877, down by 281 points, or 1.65% from the previous close. It had earlier touched a day’s low of 16,849 after opening at day's low of 17,047.
Tension continues
Tension is who you think you should be. Relaxation is who you are. ~Chinese Proverb. Tension across world markets has escalated in the last couple of sessions amid mounting concerns about the financial health of Spain.Sovereign bond yields in Spain soared to new euro area record while stocks across Europe got pummeled. A ban on short selling saw markets in Spain and Italy recover smartly. US stock indices also closed off session lows. Meanwhile, Moody’s has cut credit outlooks for Germany, the Netherlands and Luxembourg. Greece too is back in the spotlight amid reports it may not get international aid if it doesn’t comply with planned budget reforms.
Market may open flat to slightly higher
Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 8.50 points at the opening bell. The market may remain volatile this week as traders roll over positions from the near-month July 2012 series to August 2012 series. The July 2012 derivatives contracts expire on Thursday, 26 July 2012. Asia stocks markets fell Tuesday, following sizeable losses on Wall Street on Monday as fresh worries about Europe took a fresh slug at investor confidence Among corporate news, Hindustan Unilever announced after market hours on Monday that net profit rose 112.25% to Rs 1331.19 crore on 16.98% rise in total income to Rs 6597.38 crore in Q1 June 2012 over Q1 June 2011.
Mkts to open trade in red continuing yesterdays negative trend
The Indian markets may begin the trade on a lower note led by negative global peers. SGX Nifty is trading 12 points higher. Events for the day: Results: Ashok Leyland, Canara Bank, Container Corporation Of India, Ing Vysya Bank, Jindal Steel & Power, LIC Housing Finance, Lupin, Pidilite Industries, Sesa Goa, Torrent Power, Wipro, Shriram Transport Finance Co.
Sensex ends below 17k on weak rupee, global woes
The Indian markets had a tough ride today owing to Spain woes, sharp fall in rupee and road block to FDI in retail. The Sensex took a 281 points hit while the Nifty fell 87 points in trade today. Major Headlines of the Day: L&T hits weekly low after Q1 numbers Dabur India gains after posting Q1 numbers Crompton Greaves slides over 8% on margin concerns Debate on airwaves' reserve price still a spoilsport for telecom stocks Opposition denies FDI in multi-brand Rcom slips after Singapore IPO put on hold
Market hits 4-week low; breadth weak
Key benchmark indices fell for the second straight trading session to hit their lowest level in four weeks as stocks fell across the globe on renewed concerns over debt problems in Spain and Greece. The market breadth was weak. All the 13 sectoral indices on BSE were in the red. The barometer index, BSE Sensex, shed 281.09 points or 1.64%, off close to 170 points from the day's high and up about 30 points from the day's low. From a recent high of 17,278.85 on 19 July 2012, the Sensex has declined 401.50 points or 2.32% in two trading sessions. The Sensex has lost 552.63 points or 3.17% in this month so far (till 23 July 2012). The Sensex has jumped 1,422.43 points or 9.2% in calendar 2012 so far (till 23 July 2012). From a 52-week low of 15,135.86 on 20 December 2011, the Sensex has risen 1,741.49 points or 11.5%. From a 52-week high of 18,944.60 on 26 July 2011, the Sensex has lost 2,067.25 points or 10.91%.
Friday, July 20, 2012
Modest moments
The undertone is cautious yet a tad optimistic as investors examine corporate results and await announcements on pending reforms. FII flows have stayed positive this month. Be modest! It is the kind of pride least likely to offend. - Jules Renard. Indian markets have managed to rise modestly in the past three sessions amid a drop in volatility. The undertone is cautious yet a tad optimistic as investors examine corporate results and await announcements on pending reforms. FII flows have stayed positive this month. Monsoon deficit, sticky inflation and high twin deficits are among the negatives. The opening is likely to be slightly tepid as Asian markets are mixed this morning.
Market seen opening slightly lower; RIL result eyed
Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 8.50 points at the opening bell. Reliance Industries and Asian Paints unveil Q1 results today, 20 July 2012. The Central Statistics Office (CSO) will announce data on consumer price index (agricultural labourers/rural labourers) for June 2012 tomorrow, 20 July 2012. Asian stocks were mostly lower on Friday as weaker employment data in the US spoiled sentiment. In corporate news, Reliance Exploration and Production DMCC, a wholly owned subsidiary of Reliance Industries (RIL) has completed the transaction for divestment of its 80% working interest and operatorship in the production sharing contracts (PSCs) for the Rovi and Sarta Blocks in the Kurdistan Region to subsidiaries of Chevron Corporation.
Flat opening on cards; RIL nos eyed
Indian markets may open on a flat to negative note tracking mixed Asian cues. SGX Nifty is trading 6 points lower Events for the day: Results: Results: Asian Paints, Crompton Greaves, Hind Zinc, IB Financial Services, JSW Energy, Ultratech Cement, United Phosphorus, Zee Entertainment Enterprises.
Thursday, July 19, 2012
Decontrol of LPG and Diesel
The government is close to taking a decision on capping the number of subsidised LPG cylinders to “economically not weaker” sections to bring down the subsidies by up to Rs 10,000 crore annually, Minister of State for Petroleum and Natural Gas RPN Singh said today. The government is also looking at partial decontrol of diesel, he said. Singh said the government gives Rs 36,000 crore in subsidy on LPG and a lot of people who are “not economically weaker sections” and don’t require them, take benefit, adding, the government is looking at reducing the subsidy on LPG by capping the amount (number) of cylinders given on subsidy.
Why did CLSA upgrade Coal India?
Shares in Coal India rose 1.7 percent to Rs 360.20 after CLSA upgraded the stock to “outperform” from “underperform” and raises its target price to Rs 390 from Rs 340. CLSA said production has improved “substantially” in the April-June quarter and sees a “high” probability that fiscal 2012/13 targets will be met.
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