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Tuesday, August 17, 2010
Crude continues to sink
Prices drop to five-week low
Crude oil prices dropped once again and ended at its lowest level in five weeks on Monday, 16 August 2010. Prices dropped due to weak economic data that hinted towards the pace of global economic recovery.
Market may open flat amid mixed Asian stocks
The market may open flat to slightly lower on mixed Asian stocks. Trading of the S&P CNX Nifty futures on the Singapore stock exchange indicated that the Nifty could see a flat opening.
India's second-biggest lender ICICI Bank will raise its prime lending rate by 50 basis points from 18 August 2010, it said in a statement. The bank will increase its prime lending rate to 16.25%, the statement said.
Daily News Roundup - Aug 17 2010
Vedanta Resources has agreed to acquire a majority stake in energy explorer Cairn India for up to US$9.6bn in cash. (ET)
A four-member panel appointed by the Union ministry of environment and forests (MoEF) has told MEF it would be illegal to allow Vedanta-owned Sterlite Industries to conduct bauxite mining operations on the Niyamgiri hills at Kalahandi district in Orissa. (BS)
Monday, August 16, 2010
Post Market Review - Aug 16 2010
After a steady first half, markets saw a sharp spike down in the afternoon trade to close deep in the red. Sensex lost 116 points to close at 18050 while Nifty ended at 5418, down 34 points. BSE Midcap index though managed to close in green, up 0.1% while the small-cap index lost 0.2%. The big story of the day was Vedanta buying stake in Cairn India. Vedanta Resources Plc will acquire a 51-61% equity stake in Cairn India, 31-40% directly and 20% via Sesa Goa, for approximately USD 8.5-9.6 billion. The deal was struck at `. 405/share including a non-compete fee of `. 50/share. An additional 20% open offer will be made at `. 355 per share. The stocks of Cairn India and Sesa Goa ended lower by 6.4% and 9% respectively. Suzlon plunged 7.2% after a disappointing set of earnings announced over the weekend. European markets turned negative after a positive opening while US stock indices futures were marginally in the red ahead of release of Empire manufacturing index and NAHB housing market index.
BSE Bulk Deals to Watch - Aug 16 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
16/8/2010 523120 Ador Multi VSL SECURITIES PVT LTD B 12349 25.00
16/8/2010 530713 Ajel Info ANGEL VENTURES PRIVATE LIMITED B 120000 27.90
NSE Bulk Deals to Watch - Aug 16 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
16-AUG-2010,AJMERA,Ajmera Realty & Inf I Ltd,JMP SECURITIES PVT LTD,BUY,195114,223.86,-
Turnover surges
Cairn India, Tata Motors, Tata Steel August 2010 futures at premium
Nifty August 2010 futures were near spot price at 5,418.20 compared to spot closing of 5,418.30. Turnover in NSE's futures & options (F&O) segment surged to Rs 1,02,320.78 crore from Rs 94,861.02 crore on Friday, 13 August 2010. The near-month August 2010 derivatives contracts expire next Thursday, 26 August 2010.
Mixed start for Asia
Caution rules the roost as sentiments seen uncertain in first session of the week
Asian markets ended mixed in choppy trades as the traders tried to assess the precise damage inflicted by the last week's US Fed action and the weak economic releases. Chinese stocks edged up amid volatile action in the currency markets as traders continued to believe that the Asian economy is headed for a soft landing. The US dollar rose slightly in the early Asian trades but then gave up in London trades.
SKS Microfinance attracts 10.5% premium on debut
Settles at Rs 1,088.58 on BSE
Shares of Hyderabad-based microfinance firm SKS Microfinance ended at Rs 1,088.58 on BSE, a 10.52% premium over the initial public offering price of Rs 985.
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