BSE Sensex dips 0.34% as consumer durables, oil & gas lead market slump

The BSE 30-share Sensex lost 60.99 points or 0.34% at 17,971.12. The Sensex lost 212.12 points at the day's low of 17,819.99 in afternoon trade. The index declined 16.45 points at the day's high of 18,015.66 in early trade.

The S&P CNX Nifty declined 13.05 points or 0.24% to 5,402.40.

The BSE Mid-Cap index fell 0.58% and the BSE Small-Cap index slipped 1%. Both these indices underperformed the Sensex.

BSE clocked a turnover of Rs 4676 crore, higher than Rs 4437.05 crore on Monday, 30 August 2010.

The BSE FMCG index (up 1.58%), Auto index (up 0.83%), IT index (up 0.03%), Healthcare index (down 0.1%), Bankex (down 0.28%), outperformed the Sensex.

The BSE Capital Goods index (down 0.73%), PSU index (down 0.78%), Power index (down 0.88%), Metal index (down 1%), Realty index (down 1.71%), Oil & Gas index (down 1.95%) and Consumer Durables (down 2.32%), underperformed the Sensex.

Market Breadth:

Positive 922 Negative 1993 Unchanged 112
From the 30 share Sensex pack, 20 fell and rest rose.

3M Co to get Cogent by paying about $900 million

3M Co has admitted purchasing Cogent Inc for about $900 million which is almost 18 percent premium for biometric identification systems company. The company expects to pay $10.50/share to get Cogent as its shares closed at $8.915 on the Nasdaq stock market and shares increased to $10.73 in premarket trading.

Reliance Industries plans for new businesses via EIH stake

Reliance Industries owned by Mukesh Ambani enters into new businesses by obtaining a stake at 14.1% in hotel chain EIH Ltd for $217.5 million. The Reliance Industries has also shown its interest in petrochemicals, refining, oil and gas exploration and retail.

Rs 15 crore order received by Tantia Constructions

An order worth Rs 15 crore received by Tantia Constructions Ltd from Rashtriya Sam Vikas Yojna (RSVY), CPWD, Gaya for developing State Highways in Bihar. This project worth Rs 15,01,85,650(Rupees Fifteen Crore One Lac Eighty Five Thousand Six hundred Fifty only) information was given to BSE.

Dividend at 8% announced by Ruchi Infrastructure

Dividend of Ruchi Infrastructure Limited announced at 8% on 20,36,59,942 Equity Share capital as on March 31. The BOD informed to Exchange after meeting held on August 30 and they have advised a 6% dividend at Rs 6/share on 54,60,613 Redeemable Cumulative Preferences Shares for year ended March 31, 2010.

Goldman Sachs decreased HDFC for selling

Goldman Sachs decreased its Housing Development Finance Corp (HDFC) to sell from neutral and hold the price target of 595 rupees. The Goldman Sachs stock may exceed the measured BSE Sensex and upside has already been priced in on the stock.

India's economy fastest growth in June quarter: 8.8%

India's economy saw its fastest growth since three years in June quarter which saw strong manufacturing growth and farm output keeping RBI on its constrict way. The expanded 8.8% is analyzed with median forecast with an annual rise of 8.7%. The growth makes RBI aim for double-digit inflation.

Liberty Shoes expects to enter on telecom segment

Adesh Gupta, CEO of Liberty Shoes, said they plan to attempt telecom space soon. The bidding for ITI Limited is not confirmed as it is delicate issue and if such bid takes place would be by promoter entity and not by Liberty Shoes which is listed, he added.

Dividend fixed at 40% from Sahara Mutual Fund

Sahara Mutual Fund announced dividend at 40% which is Rs 4/unit on face value of Rs 10 in Sahara Banking & Financial Services Fund and record date is set at September 03, 2010. The NAV was Rs 19.3228 as of August 27, 2010 and investors registered under this scheme will get dividend.

Dividend announced by DSP BlackRock

The dividend of DSP BlackRock Mutual Fund has been announced at 12.50% in DSP BlackRock Top 100 Equity Fund and its record date is September 03, 2010. The investors registered under this scheme are eligible for dividend. The NAV was Rs 21.796 under this scheme as on August 27 2010.

Galaxy Surfactants expects permission for IPO

Galaxy Surfactants Ltd has filed for regulatory approval for an IPO of 5.9 million shares. The quarter of the post-issue paid-up capital utilized on part-finance expansion of its GC Egypt subsidiary for starting new unit in Gujarat and also to increase its present capacities.

Issue price fixed at Rs 46/share by Gujarat Pipavav Port

The issue price of Gujarat Pipavav Port is set at Rs 500 crore and public issue at Rs 46/share, price tag was Rs 42-48 and subscribed 19.94 times after opening from August 23-26. The subscription was 13.2 times for qualified institutional investors and 85.70 & 9.15 times for Non-institutional and retail investors.

IPO open from October 18 says Coal India

Coal India, largest coal producer in India, has announced its IPO for subscription on October 18, 2010, it offers 63.16 crore equity shares which is offer for sale by India’s President. The issue closes on October 21 which offers 10% of post offer paid-up equity share capital of company.

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BSE Sensex surges 0.19% as metal, consumer durables lead rise

The BSE 30-share Sensex was up 33.70 points or 0.19% to 18,032.11. The Sensex rose 218.09 points at the day's high of 18,216.50 in early trade. The index fell 38.18 points at the day's low of 17960.23 in late trade.

The S&P CNX Nifty was up 6.75 points or 0.12% to 5,415.45.

The BSE Mid-Cap index rose 0.08%. The BSE Small-Cap index fell 0.05%. Both the indices underperformed the Sensex.

Sectoral indices on BSE were mixed. The BSE Metal index (up 1.46%), Consumer Durables index (up 0.54%), Auto index (up 0.36%), Realty index (up 0.29%), Oil & Gas index (up 0.26%), Healthcare index (up 0.24%), and PSU index (up 0.23%), outperformed the Sensex. The banking sector index Bankex (up 0.07%), Power index (down 0.01%), Capital Good index (down 0.62%), IT index (down 0.64%), and FMCG index (down 0.67%), underperformed the Sensex.

BSE clocked turnover of Rs 4415 crore, lower than Rs 5302.60 crore on Friday, 27 August 2010.

Market Breadth:

Positive 1361 Negative 1616 Unchanged 86
From the 30 share Sensex pack, 17 rose and rest fell.

EBay to get more from Indian e-commerce market

EBay’s President and CEO, John Donahoe, said they want to change from just being an e-auction site and plan to get more from fast-developing Indian e-commerce market. The eBay has 2.5 million registered users and will make serious improvement in next 3-5 yrs as 3G comes online, he added.

GMR Infrastructure may increase funds for future projects

CFO of GMR Infrastructure, Subba Rao, said they have enough capital to achieve present projects without any problems. The company also plans to increase funds if they get new projects and expect to acquire Delhi domestic airport operations. InterGen has offered their stake to the company, he added.

Upcoming refinery of MMTC-PAMP delayed till Dec

India's MMTC Ltd merger with Switzerland's PAMP in forthcoming refinery planned for September has been delayed till December due to time consuming in installing modern technology. Managing Director of MMTC-PAMP, Rajesh Khosla, confirmed the delay in the upcoming refinery.

Bangladesh rice tender of $444 per tonne acquired by M. Sons Group

M. Sons Group has acquired a tender to supply $30,000 tonnes of non-basmati parboiled rice at $444 per tonne to Bangladesh which includes cost and freight. The state grains buyer announced tender last month, after finalizing the deal cargos expected to reach port within 40 days.

Economists agree with the Federal policy

The Federal Reserve's current course on monetary policy has been agreed by many economists and expects deflation danger for short term. 60% of 242 members surveyed from July 30-Aug 10 that monetary policy were suitable for present conditions of the economy.

Dividend declared at Rs 2 per share by Metrochem Industries

The Board of Directors of Metrochem Industries along with other things have planned equity dividend of Rs 2 per share which has 20% Tax Free. This was decided on meeting held on August 28, 2010 and have informed the BSE regarding this matter.

Dividend of 20% announced by Alchemist

The dividend of Alchemist Limited has been announced at the rate of Rs.2/ which is 20% per equity shares with face value Rs.10/- each for the year 2009-10. The company’s Board of Directors meeting held on August 28 decided this and have informed the Exchange.

NTPC to acquire stake in two coal mines in Indonesia

NTPC Limited is expected to purchase stake in two coal mines in Indonesia. Currently NTPC has a capacity of 29,894 MW and controls 15 coal based and 7 gas based power stations with four joint ventures. It has made initial contract with BPDB for improving power sector.

Ispat Industries to increase steel prices by Rs 1000-1500

Atulya Mittal, Vice-President of Ispat Industries said they expect to increase steel prices to Rs 1,000-1,500 by September even though the company saw bad performance in last few quarters. As steel prices in last few years have been inconsistent, by this step the company will see improvement in its margins.

BOD meeting will be on September 04 says Sarthak Industries

The BOD meeting of Sarthak Industries Ltd is planned for September 04, 2010 which was informed to BSE. The meeting will consider, approving Annual Accounts for financial year ended and day, time and place will be selected for Annual General Meeting, then finally to recommend dividend.

SEBI approves FPO for Tirupati Inks

SEBI has given approval to Tirupati Inks for follow on public offering (FPO) which consists of equity shares of the face value of Rs 10 shared with Rs 51.50 crore, of which Rs 11.51 crore shared with promoter’s contribution and Rs 39.99 crore shared with net issue to public.

Spice Digital plans for DRHP by fiscal year end

Spice Digital plans to file draft red herring prospectus(DRHP) by fiscal year end. After reverse merger, the company would be recognized under Spice Mobility which will be completed by September says Chairman of Spice Group. The valuation of the company is about Rs 800 crore.

Essar not to join hands with Vodafone for stake IPO

According to Essar Group has planned to stop initial public offering of its stake in its joint venture with Vodafone. It was decided after the participation of a dozen investment banks in beauty parade to get a order of IPO, which may increase around $1.5 billion.

New models will be introduced say Automakers

The Global automakers expect to introduce new models and increase investment in India due to more demand. Renault may introduce small cars in 2012 with five cars from mid-2011 to mid-2013. Toyota plans to sell 63,000-64,000 Etios compact cars specially made for Indian market next year said its director.

Experts are not enthusiastic about DTC

The new Direct Tax Code(DTC) Bill accepted by Union Cabinet has not made the experts enthusiastic. The proposed tax reform will not reduce tax rates to get more companies under it. The DTC is not clear on capital gains tax which is disappointed said HP Ranina-Supreme Court Advocate.

Vascon Engineers may improve land of 9 mn sq ft

Vascon Engineers expects to improve 9 million sqft land during FY11 on real estate. The MD of the company R.Vasudevan said the reactions are very good for its real estate projects and the real estate was done at 15% in last quarter and 25-30% expected by the year end.

June quarter is best since December 2007

In a poll economy in India, it is expected to rise by 8.7 percent annual in June quarter which is the best since its last quarter of December 2007. In March quarter, the economy stretched 8.6 percent annually which has been on healthy manufacturing activity.

Gold ETF getting more popularity

Gold exchange-traded funds are getting bigger as their benefit of investing in gold is spreading widely to investors in non-material form. ETF has support from the physical holdings of the service and it is a way to trade similar to shares. India holds 20 percent demand for gold globally.

MD of Cowen & Co says visa cost can be managed

Increasing visa cost made IT companies in India upset saying it unfair, the government expects to inform World Trade Organization (WTO) to solve the matter. But Cowen & Co MD Moshe Katri says this hike can be managed. Increasing visa costs may affect and double dip may cause problem.

GVK Power plans for stake of 51% in Bangalore Airport

GVK Power & Infrastructure in talks to get Siemens stake in Bangalore International Airport(BIAL). Now, it has 40% stake and only 14% can be sold in June 2011 and balance by 2015. The company now has 29% in BIAL and will confirm the matter after talks, said its CFO.

M&M; investment in Systech for Rs 400-500 crore

Mahindra and Mahindra expects to invest Rs 400-500 crore into Systech and the investment will be taken from private equity holders. The company is also planning to combine Systech which will be decide by the board and they don’t expect to list Mahindra Aerospace at this time.

IPO may be arised by Just Dial

Just Dial, the local search firm, plans to arise an initial public offer for Rs 700 crore as it also expects to submit the draft red herring prospectus within this year. The company's proceeds may be used for funding operations in India and globally.

FPO plans on hold says UCO Bank

The FPO plans has been halted by the UCO Bank as the bank expected to increase Rs 400 crore through the FPO versus issue of 6 crore shares. They await wordings from government on capital infusion including appointing chairman, MD and ED. Arun Kaul, Executive Director of Central Bank, may be selected.

IPO papers filed by the Punjab & Sind Bank

According to Punjab & Sind Bank, it submits the draft red herring prospectus with market regulator SEBI. The bank also has been aiming to increase Rs 500 crore by an initial public offering. The runners for the IPO is said to be ICICI Securities.

Titagarh Wagons under negotiations with Japanese firm

In a statement released by the Chairman of Titagarh Wagons, JP Chowdhary, he revealed that the firm has been under negotiations with a conglomerate based in Japan in order to create a shared business enterprise in producing bridges that are made of steel.

BSE Sensex slumps 1.25% as market on downturn

The BSE 30-share Sensex was down 227.94 points or 1.25% to 17,998.41. The Sensex rose 22.01 points at the day's high of 18,248.36 in mid-morning trade. The index fell 282.19 points at the day's low of 17,944.16 in late trade.

The S&P CNX Nifty was down 69.20 points or 1.26% to 5,408.70.

The BSE Mid-Cap index fell 0.95%, outperforming the Sensex. The BSE Small-Cap index fell 1.38%. It underperformed the Sensex.

BSE clocked turnover of Rs 5276 crore, higher than Rs 4862.55 crore on Thursday, 26 August 2010.

Market Breadth:

Positive 886 Negative 2094 Unchanged 81
From the 30 share Sensex pack, 26 fell and rest rose.

Honda Motor yet to decide on assembly operations in Rajasthan

Honda Motor Corp said it is not finalized yet on opening its assembly operations near Rajasthan which has its second manufacturing unit. Jnaneswar Sen marketing head of Honda Siel Cars India said the first unit holds only 60% capacity in Delhi which has a capacity of 100,000 units.

A deal of 44 megawatts is finalized says Denmark's Vestas

According to wind turbine manufacturer Vestas, the company has made a deal of total capacity of 44 megawatts (MW) for turbines in India and the order received from long-time customer China Light and Power for 24 units of the V82-1.65 MW turbine.

India sugar exports will be increased says ISO

The global sugar expected to be excess in 2010/11 says International Sugar Organization(ISO) as there is increase of production in India which will make it to export more sugar than consuming it. The world sugar economy is seeing an excess production compared to last two years statistical deficit.

Food inflation increased by 10.05%

The food price index of India increased by 10.05% and fuel price by 12.57% during the year till August 14. The Food inflation was calm compared to last week's 10.35% annual rise as fuel saw no changes and primary articles price index increased 14.75% versus last week’s 14.85%.

Piaggio plans to start a scooter plant for $38 million

Piaggio Vehicles Pvt Ltd expects to spend $38 million on constructing a scooter plant in India which will have an annual capacity of 150,000 units and its Chairman and Managing Director Ravi Chopra said they also plan to introduce Vespa scooters in the middle of 2011-2012.

Dividend announced at Rs 1.50 per share of Vimal Oil & Foods

Dividend of Vimal Oil & Foods at Rs 1.50 per share which showed Share Capital: 45,50,000 Equity Shares of Rs 10/-each, Rate of Dividend: Rs 1.50/-per Equity share and Share Capital: 50,00,000 Preference Shares of Rs 10/-each, Rate of Dividend: Rs 0.60/-per Preference share and Share Capital: 1,00,00,000 Preference Shares of Rs 10/-each, Rate of Dividend: Rs 0.80/-per Preference share.

BSE Sensex rises 0.26% as market rally led by FMCG, power

The BSE 30-share Sensex was up 46.71 points or 0.26% to 18,226.35. The Sensex rose 81.42 points at the day's low of 18,261.06 in afternoon trade. The index fell 20.51 points at the day's high of 18,159.13 in late trade.

The S&P CNX Nifty was up 15.55 points or 0.28% to 5,477.90.

The BSE Mid-Cap index fell 0.09%. The BSE Small-Cap index rose 0.08%. Both these indices underperformed the Sensex.

Sectoral indices on BSE were mixed. The BSE FMCG index (up 1.16%), Power index (up 0.89%), Capital Goods index (up 0.66%), PSU index (up 0.52%), and banking sector index Bankex (up 0.48%), outperformed the Sensex. The BSE Auto index (up 0.21%), IT index (down 0.02%), Metal index (down 0.02%), Healthcare index (down 0.04%), Consumer Durables index (down 0.43%), Realty index (down 0.5%) and Oil & Gas index (down 0.61%), underperformed the Sensex.

BSE clocked turnover of Rs 4839 crore, lower than Rs 5751.03 crore on Wednesday, 25 August 2010.

Market Breadth:

Positive 1339 Negative 1605 Unchanged 90
From the 30 share Sensex pack, 18 rose and rest fell.

The August sales are excellent says Maruti Suzuki

The marketing and sales chief Mayank Pareek said sales of Maruti Suzuki during August are expected to be very good. Suzuki Motor Corp from Japan which has 54.2% stake in Maruti made sales of 333,001 cars during April-July in 2010 which was more than a quarter from last year.

Oil India plans for shale gas opportunities in overseas

Oil India Ltd expects shale gas chance in the overseas markets as the state-run Oil and Natural Gas Corp with GAIL India and Oil India plan to bid for Vedanta Resources for $9.6 billion for purchasing a major stock in Cairn India but was declined by N.M. Borah.

JSW Steel Ltd plans its first unit at Vijaynagar

According to JSW Steel Ltd, it plans to start its first unit at Vijaynagar in Karnataka from September. Vinod Nowal CEO and Director of the company said they also plan a 3.2 million tonnes per annum unit which will start from February.

IPO of Gujarat Pipavav Port subscribed 7.23 times

Gujarat Pipavav Port's IPO has got huge reaction from qualified institutional investors which closes its subscription today and it has been subscribed 7.23 times, as per the NSE website with a price tag of Rs 500 crore public issue is at Rs 42-48 per share.

Prakash Steelage Shares gets positive response

The Prakash Steelage Shares received very good response on its first day as entire volume traded at 10.85 crore shares where the issue price was 62.5 lakh shares. A share was issued for Rs 110 per share on BSE which closed at Rs 187.95, a premium of 70.86%.

IPO remains same as announced says Praveen Sood

CFO of Hindustan Construction Company Praveen Sood says the flagship real estate project, Lavasa, will be completed by 2012 and they have got environment clearance. The company also got environment clearance for few towns which are planned for the future and IPO plan will resume as informed, he added.

Bajaj Corp, AIA Engineering, Bimetal Bearings, Bharat Rasayan, Sunteck Realty declared results today

Bajaj Corp
Net profit was up at Rs 22.7 crore versus Rs 19.2 crore
Net sales were up at Rs 81.7 crore versus Rs 71.1 crore

AIA Engineering
Net profit was at Rs 30.27 crore
Net sales were at Rs 205.46 crore

Bimetal Bearings
Net profit was up at Rs 1.53 crore versus Rs 0.77 crore
Net sales were up at Rs 32.20 crore versus Rs 21.01 crore

Bharat Rasayan
Net profit was down at Rs 1.58 crore versus Rs 1.93 crore
Net sales were down at Rs 23.33 crore versus Rs 27.95 crore

Cambridge Technology Enterprises
Net sales were down at Rs 6.46 crore versus Rs 9.35 crore

Future Capital Holdings
Net profit was up at Rs 11.43 crore versus Rs 5.69 crore
Net sales were down at Rs 32.46 crore versus Rs 42.15 crore

GSS America Infotech
Net profit was up at Rs 4.61 crore versus Rs 1.64 crore
Net sales were down at Rs 13.52 crore versus Rs 13.93 crore

Garware Offshore Services
Net profit was down at Rs 9.77 crore versus Rs 15.09 crore
Net sales were down at Rs 41.44 crore versus Rs 51.17 crore

Hindustan Udyog Ltd
Net profit was down at Rs 0.68 crore versus Rs 1.38 crore
Net sales were down at Rs 9.69 crore versus Rs 11.52 crore

Sunteck Realty
Net profit was down at Rs 1.08 crore versus Rs 2.04 crore
Net sales were down at Rs 3.12 crore versus Rs 4.64 crore
Jamna Auto Industries
Net profit was up at Rs 4.32 crore versus Rs 2.19 crore
Net sales were up at 172.27 crore versus Rs 92.94 crore

Jayaswal Neco Industries
Net profit was up at Rs 17.42 crore versus Rs 16.18 crore
Net sales were down at Rs 460.18 crore versus Rs 405.26 crore

Jaihind Projects
Net profit was up at Rs 6.00 crore versus Rs 4.90 crore
Net sales were down at Rs 72.44 crore versus Rs 64.14 crore

Kiri Dyes and Chemicals
Net profit was up at Rs 7.30 crore versus Rs 3.80 crore
Net sales were up at Rs 127.96 crore versus Rs 78.97 crore

Linkson International
Net profit was down at Rs 0.42 crore versus Rs 1.05 crore
Net sales were down at Rs 47.89 crore versus Rs 71.89 crore

Manaksia
Net profit was at Rs 14.58 crore
Net sales were at Rs 239.45 crore

BGIL Films and Technologies
Net profit was at Rs 0.21 crore
Net sales were at Rs 7.28 crore

Norben Tea and Exports
Net profit was down at Rs 0.10 crore versus Rs 0.44 crore
Net sales were down at Rs 0.37 crore versus Rs 0.41 crore

Raj Rayon
Net profit was at Rs 1.03 crore
Net sales were up at Rs 88.96 crore versus Rs 59.94 crore

Sujana Universal Industries
Net profit was down at Rs 6.13 crore versus Rs 8.51 crore
Net sales were up at Rs 632.64 crore versus Rs 406.13 crore

BSE Sensex drops 0.72% as all sectors sink but IT

The BSE 30-share Sensex lost 131.95 points or 0.72% to 18,179.64. The Sensex fell 155.59 points at the day's low of 18,156 in late trade. The index rose 0.84 points at the day's high of 18,312.43 in early trade.

The S&P CNX Nifty was down 42.75 points or 0.78% to 5,462.35.

The total turnover on BSE amounted to Rs 5032 crore, higher than Rs 4979.40 crore on Tuesday, 24 August 2010.

The BSE Mid-Cap index fell 1.49% and the BSE Small-Cap index fell 1.42%. Both the indices underperformed the Sensex.

Except the BSE IT index, all the other sectoral indices on BSE declined. The BSE Realty index (down 3.16%), Consumer Durables index (down 1.63%), Auto index (down 1.44%), Healthcare index (down 1.31%), Metal index (down 1.23%), and banking sector index Bankex (down 0.97%), underperformed the Sensex. The BSE IT index (up 0.01%), FMCG index (down 0.02%), Capital Goods index (down 0.52%), Oil & Gas index (down 0.56%), PSU index (down 0.64%), and Power index (down 0.68%), outperformed the Sensex.

Market Breadth:

Positive 850 Negative 2133 Unchanged 84
From the 30 share Sensex pack, 23 fell and rest rose.

ONGC divided to counter-bid for Cairn India

According to ONGC, it has been divided to counter-bid for Cairn India. By using a $10-billion the counter-bid will be effective for ONGC, the talks are under process and assessment is on. Previously Vedanta Resources made an offer of $9.6 billion to purchase stake in Cairn India.

HSBC expects to improve investment banking in India

HSBC expects to improve investment banking operations in India favoring the balance sheet to improve in a deal-making market which is fast-growing and aggressive. The aim is to increase its staff by a dozen to eighty investment banking section in India developing M&A advisory and equity capital markets businesses.

Ranbaxy and Roche dispute comes to an end

A dispute between Ranbaxy and Roche regarding anti-infection drug has been finally sorted out. The District Court of New Jersey favored Ranbaxy in a case filed by Roche against Ranbaxy's similar kind of valganciclovir infringed patent rights of Valcyte which saw annual sales $300 million in US.

Adani Ent to spend $1.5 billion for coal mines and port assets

According to Adani Enterprises, it plans to acquire more mines by purchasing a coal mines and port assets for $1.5 billion outside the country. The group also expected to invest a $1.6 billion on coal railway project in Sumatra in Indonesia.

SBM plans to increase Rs 500 crore using rights issue

OP Bhatt, Chairman of SBI has finally clarified saying he is very much interested in merging the other SBI branches with government. The SBM expects to increase Rs 500 crore through rights issue and it plans to end the rights issue early, he added.

Temptation Foods assigned 1.53 crore equity shares

Temptation Foods has assigned a 1.53 crore equity shares at Rs 36 each to non-promoters on preferential basis. Chairman and MD Vinit Kumar said, company expects to use this for working capital requirements which will not arise an open offer and promoter equity will decrease to 10.7% after the issue.

A deal worth Rs 54.72 crore finalized by Atlanta Ltd

Atlanta Ltd has finalised a deal worth Rs 54,72,95,086.00 from National Highways Chief Engineer in Orissa for expanding and boosting the existing Intermediate lane to two lane carriage away in 159.9 km-184.260 km of NH 224. The matter has been briefed to BSE also.

FM companies music copy right issue resolved

In the latest development, music copy right issue of FM companies is ended by Copyright Board which makes way for phase III of FM radio auction. The Copyright Board will shift to revenue sharing model which is 2% of net advertising revenue of companies will then give music providers completely.

Viom Networks plans for an IPO

Viom Networks expects to sell its shares during an initial public offering. The head of corporate communications Mr. Raza Khanof said the company plans to appraise its different options to increase funds and may start an IPO in 1-3 yrs. The offer may be increase by Rs 5,000 crore.

Ogun Steel part of MPS

Ogun Steel Pvt Ltd expects to go for an IPO by 2012 after combining all its steel manufacturing work. The company which is a part of MPS Group that occupies steel and mines and minerals sectors authorized its first phase by Rs 100crore steel rolling mills at Chelakaraichal near Coimbatore.

A 10.9% premium was listed by Prakash Steelage

The Prakash Steelage(PSL) shares listed at Rs 122, a premium of 10.9% on issue price at Rs 110 per share which saw shares at high of Rs 125.70 and low of Rs 117. The stock was trading at Rs 124.80 on NSE and traded turnover was Rs 66 crore till now.

Aditya Birla says GPPL's IPO best for long term investors

According to Aditya Birla Money, the Rs 500 crore IPO of Gujarat Pipavav Port(GPPL) is best for the long term investors for subscription. The GPPL is a developer and operator of APM Terminals Pipavav and has permission to continue till September 2028 following the Concession Agreement with GMB and GoG.

BOD meeting on August 31, 2010 says Birla Precision Technologies

The Board of Directors meeting of Birla Precision Technologies Ltd has been fixed on August 31, 2010 which has been informed to BSE. Among other things the company will approve Dividend and it also plans to analyze and authorize audited financial results for the year ended March 31, 2010.

HP and DELL clash at 3PAR Inc bid

3PAR Inc bidding saw a clash between Hewlett-Packard and Dell Inc, the offer of $1.6 billion from HP is about one-third more than Dell's offer for purchasing niche data Storage Company. This offer expects HP to merge with other companies advancing to cash stockpiles and low stock market prices.

Dividend of Gei Industrial is Rs 1.00/- per Equity Share

The dividend of Gei Industrial Systems Limited was announced at Rs 1.00/- per Equity Share which is 10% on Paid up Equity Share Capital for FY ended on March 31, 2010. The company informed the matter to Exchange after its Board of Directors meeting held on August 23, 2010.

Dividend announced at Rs 0.12 per Share by Eastern Silk

The Eastern Silk Industries Ltd among other things has announced a dividend at the rate of Rs 0.12 per Equity Share. This was decided during a meeting conducted by Board of Directors of the Company on August 10, 2010 and informed the matter to BSE.

Gas found in Greenland by Cairn Energy

Cairn Energy has found gas in Greenland on its first drill in the Arctic territory in a decade. They have reached the offshore and not the depth which was targeted and there are chances of finding oil in the future. This information has saddened investors who expected more oil.

Vedanta's mining is rejected says environment ministry

Vedanta's mining plan has been rejected by environment ministry of India giving the company a big knock as it struggles with regulatory issues during its bid to acquire Cairn India with $9.6 billion. This decision mainly affects the mine bauxite in Orissa.

RBI issues IFC status to PTC

Director, Financial Services of PTC, Ashok Haldia said RBI has given infrastructure financial company status to the company and it is in talks with investors to increase funds in PFS. PFS provides debt and equity support to power projects which is also a subsidiary of Power Trading Corporation.

Cox & Kings plans to continue acquisition

Cox & Kings increased $65 million by Global Depository Receipts issue and expects to continue funding its acquisition plans, said Anil Khandelwal-CFO. We have approved resolutions from shareholders by increasing Rs 1,000 crore of equity and Rs 1,000 crore of debt, fund increased will be enough for future acquisition, he added.

Trade Secretary expects $120 billion of trade deficit in FY11

Rahul Khullar, Trade Secretary, says Trade deficit in India is a serious issue and it is anticipated to be at least $120 billion, July trade deficit was $12.93 billion. Any deficit which is of $120 billion is crucial but can be capitalized if it doesn’t increase, said Rahul Khullar.

BOD's meeting fixed on September 01 says Kalpena Industries

The Board of Directors meeting of Kalpena Industries Ltd to be conducted on September 01, 2010 to analyze the Audited Financial Results for the year ended March 31, 2010 and to analyze the advised dividend to the shareholders for FY 2009-2010.

Dividend of 5% announced by Sonal Adhesives

BSE has received information from Sonal Adhesives among other things they have decided 5% Dividend on the Equity Shares of the Company FY March 31, 2010 during the Board of Directors meeting which will stay at 0.50 per equity share of Face Value of Rs 10 each.

Way2Wealth says to stay away from GPPL's IPO

Way2Wealth suggested avoiding IPO of Gujarat Pipavav Port (GPPL) which is open for subscription of Rs 500 crore with price tag at Rs 42-48/share which ends on August 26. GPPL has multi-cargo and multi-user operations. It has right to improve and operate APM Terminals Pipavav and related facilities until September 2028.

BSE Sensex plummets 0.53% as realty, metal lead market decline

The BSE 30-share Sensex was down 97.76 points or 0.53% to 18,311.59. The Sensex rose 42.38 points at the day's high of 18,451.73 in early trade. The index fell 148.64 points at the day's low of 18,260.71 in mid-afternoon trade.

The S&P CNX Nifty was down 38.40 points or 0.69% to 5,505.10. It hit a low of 5,488.45 in intraday trade

The BSE Mid-Cap index fell 0.7% and the BSE Small-Cap index fell 0.68%. Both the indices underperformed the Sensex.

Most sectoral indices on BSE declined. The BSE Realty index (down 2.62%), Metal index (down 1.94%), PSU index (down 0.79%), Power index (down 0.78%), IT index (down 0.67%), Capital Goods index (down 0.63%), and Oil & Gas index (down 0.55%), underperformed the Sensex. The BSE Consumer Durables index (up 0.47%), FMCG index (up 0.33%), Healthcare index (up 0.14%), Auto index (down 0.24%), and banking sector index Bankex (down 0.48%), outperformed the Sensex.

The total turnover on BSE amounted to Rs 4953 crore, lower than Rs 5677.22 crore on Monday, 23 August 2010.

Market Breadth:

Positive 1217 Negative 1777 Unchanged 87
From the 30 share Sensex pack, 23 fell and rest rose.

Atul Auto looks forward to attain 50% rise in topline in FY11

In a statement made by the Director of Atul Auto, Vijay Kedia, he revealed that the firm has been pushing through with its operations widening scheme wherein it aims to make two-fold its production within a year from 24,000 to 48,000. It also aims to attain 50% rise in topline in the current financial year.

Zain Kenya to spend above 25 billion shillings in 1 ½ years

In the latest development, Zain Kenya has been aiming to spend above 25 billion shillings or USD 308.1 million in the period one and a half year from now in order to become the top cellular provider in the country with 20 million subscriber base, according to its managing director.

Rs 55 crore to be spent by Insecticides India for business widening

According to the Chairman and Managing Director of Insecticides India, Rajesh Agarwal, the firm has been looking forward to attain nearly Rs 250 crore this quarter as it plans to spend around Rs 55 crore in two ventures to be located in Udhampur in Jammu & Kashmir and Dahej in Gujarat.

Government motive to increase exports

The government has approved a bagful of stimulus measures to increase the exports in the review of the Foreign Trade Policy 2009-2014. Commerce and Industry Minister has approved a six month extension of the Duty Entitlement Pass Book scheme to trigger exports.

IOB to increase BPLR by 50 bps

The board of Indian Overseas Bank(IOB) has permitted to increase benchmark prime lending rate by 50 basis points to 12.50% and it takes effect from August 23 as informed to BSE. State bank of India had raised its BPLR by 50 bps to 12.25% earlier this month.

M&M; confirms obtaining Ssangyong Motor by signing MoU

Mahindra & Mahindra (M&M) has signed memorandum of understanding to obtain Ssangyong Motor. M&M will not reduce Ssangyong’s workforce in post-acquisition. M&M cleared long term debt of Ssangyong and has planned to support Ssangyong’s new car projects.

USFDA permits Aurobindo Pharma's ampicillin

USFDA has permitted Aurobindo Pharma's ampicillin injection in single dose and bulk pack formats. The ampicillin has annual sales of $45 million in US market which is a generic equivalent of Sandoz Inc's branded drug Ampicillin and used to treat respiratory tract infections and bacterial meningitis.

ONGC must try to purchase Cairn India says Govt

After India's petroleum ministry lost its battle to secure its holding in Cairn India, it expects state-owned Oil and Natural Gas Corp to buy the holding. On the other side, Vedanta expects to purchase majority stake by spending $9.6 billion in Cairn Energy's Indian part.

Exports sector to receive sops says commerce ministry

In the latest development, Incentives expected to be announced by the commerce ministry and they also said the sops are part of foreign trade policy supplement and maximum benefit will be for labor intensive sectors. They also plan to simplify export-import procedures to boost the exports.

Dividend announced by Twilight Litaka Pharma at 30%

Twilight Litaka Pharma Limited has approved a dividend at 30% which is Rs 1.50 per share for 2009-10 on Paid up Equity Share Capital of the Company. The Board of Directors has decided this in a meeting held on August 20, 2010 and has been notified to the exchange.

Dividend of Eldeco Housing & Industries announced at 10%

In a meeting held on August 21, 2010 by the Board of Directors of Eldeco Housing & Industries Ltd has informed BSE that with other things they have approved a Final Dividend at the rate of 10% on equity shares of the Company for FY 2009-2010.

Dividend of Acknit Industries announced at 15%

BSE has got information from Acknit Industries Ltd that among other things they have approved for payment of Dividend at 15% which is Rs 1.50 per share for year ended March 31, 2010. This decision was made by Board of Directors of the Company in a meeting.

IPO of Gujarat Pipavav Port can be subcribed from today

Gujarat Pipavav Port IPO can be subscribed from today at a price tag of Rs 500 crore issue at Rs 42-48/share which ends on Aug 26. GPPL is in charge of APM Terminals Pipavav has got right to develop and operate APM Terminals Pipavav till September 2028 as per the agreement.

Shriram EPC to increase Rs 900 crore thorugh IPO

Shriram EPC plans to increase Rs 900 crore by an IPO which is final and no change is expected, said its MD and CEO T. Shivaraman. The amount increased will be used for the expansion plans which are present. The price band is expected to be more than 20%.

Carrefour to introduce two new hypermarkets

Carrefour will introduce two new hypermarkets to focus on competitive product areas in a bid to increase sales in Europe. The French Retailer is the second largest with 15,500 stores in 35 countries. A 3 year plan which adds divesting assets in some countries and restore its hypermarket in Europe.

BSE Sensex surges 0.04% as all sectors gain but FMCG

The BSE 30-share Sensex was up 7.53 points or 0.04% to 18,409.35. The Sensex rose 52.56 points at the day's high of 18,454.38 in early afternoon trade. The index fell 30.80 points at the day's low of 18,371.02 in early trade.

The S&P CNX Nifty was up 12.85 points or 0.23% to 5,543.50, its highest closing since 18 January 2008. Nifty struck an intra-day high of 5,549.80 in mid-afternoon trade.

The total turnover on BSE amounted to Rs 5650 crore, higher than Rs 5230.65 crore on Friday, 20 August 2010.

The BSE Mid-Cap index rose 0.84% and the BSE Small-Cap index rose 0.94%. Both these indices outperformed the Sensex.

Except the BSE FMCG index, all the other sectoral indices on BSE rose. The BSE Consumer Durables index (up 4.37%), PSU index (up 1.1%), Healthcare index (up 0.65%), Power index (up 0.6%), banking sector index Bankex (up 0.56%), IT index (up 0.56%), Capital Goods index (up 0.52%), Auto index (up 0.46%), Metal index (up 0.36%), Oil & Gas index (up 0.21%), and Realty index (up 0.16%), outperformed the Sensex. The BSE FMCG index (down 1.04%), underperformed the Sensex.

Market Breadth:

Positive 1740 Negative 1244 Unchanged 72
From the 30 share Sensex pack, 18 rose and rest fell.

CMI, Deccan Polypacks, Ester Industries, Glory Polyfilms, Irplast Adhesives declared results today

CMI
Net profit was at Rs 0.08 crore
Net sales were at Rs 6.51 crore

Varun Shipping Company
Net profit was up at Rs 23.55 crore versus Rs 1.85 crore
Net sales were up at Rs 240.57 crore versus Rs 175.67 crore

Deccan Polypacks
Net profit was up at Rs 0.03 crore versus Rs 0.01 crore
Net sales were up at Rs 6.50 crore versus Rs 5.55 crore

Federal-Mogul Goetze
Net profit was down at Rs 8.73 crore versus Rs 16.88 crore
Net sales were up at Rs 229.28 crore versus Rs 195.69 crore

Ester Industries
Net profit was up at Rs 6.73 crore versus Rs 8.38 crore
Net sales were up at Rs 110.41 crore versus Rs 86.83 crore

Glory Polyfilms
Net profit was down at Rs 0.08 crore versus Rs 1.34 crore
Net sales were up at Rs 26.39 crore versus Rs 20.25 crore

Irplast Adhesives
Net profit was down at Rs 0.29 crore versus Rs 0.43 crore
Net sales were down at Rs 11.08 crore versus Rs 11.74 crore

Kandagiri Spinning Mills
Net profit was up at Rs 2.51 crore versus Rs 0.73 crore
Net sales were up at Rs 33.50 crore versus Rs 22.77 crore

Nandan Exim
Net profit was up at Rs 2.98 crore versus Rs 1.48 crore
Net sales were up at Rs 93.87 crore versus Rs 69.13 crore

OM Metals Infraprojects
Net profit was up at Rs 9.10 crore versus Rs 6.22 crore
Net sales were up at Rs 57.02 crore versus Rs 36.78 crore
RTCL
Net profit was at Rs 0.04 crore
Net sales were at Rs 0.14 crore

Rathi Steel and Power
Net profit was at Rs 4.45 crore
Net sales were down at Rs 195.13 crore versus Rs 203.17 crore

Visesh Infotechnics
Net profit was up at Rs 0.55 crore versus Rs 0.44 crore
Net sales were down at Rs 28.79 crore versus Rs 45.83 crore

Vijay Shanthi Builders
Net profit was up at Rs 1.72 crore versus Rs 0.41 crore
Net sales were up at Rs 26.56 crore versus Rs 8.63 crore

Rana Som says the mining proposal is not clear

The local people in mining projects will receive 26% annual compensation from companies which was approved by mines ministry. It has made many corporate unhappy as proposal was not clear said Rana Som, MD and Chairman. The pricing mechanism was renewed to support the company and become profitable.

Bharti Airtel wins sponsorship rights for cricket

According to Bharti Airtel, it has acquired rights to sponsor all cricket matched played in India from 2010-2013 by paying $700,000 per match. N Srinivasan, Secretary of BCCI, has said the bidding for sponsorship rights was won by Bharti Airtel with an amount of Rs 3.33 crore per test/ODI/T20 International.

Murli Deora looking for details on Vedanta-Cairn

The ministry of Murli Deora is looking for information on acquiring Cairn India's major stake by Vedanta. The Cairn India should write to us for the decision says Deora. Vedanta plans to buy a controlling stake from Cairn Energy for capitalizing on increasing demand for energy and economic growth.

Soros holds 4% in India's BSE

According to George Soros, it has got a 4% holding in India's Bombay Stock Exchange (BSE) for $35 million. Soros purchased stake in BSE from Dubai Financial. Urbana Corp purchased 331,000 shares of BSE in May for Rs 370 per share, increasing its stake to 2.6% in unlisted Indian exchange.

DataCash will be acquired by MasterCard

DataCash, a UK payment services company, will be acquired by MasterCard Inc for $520 million to develop its online commerce business and spread market share around the world. The company will pay 360 pence per share, 54% premium to DataCash's as its shares increased to 10-year high.

McAfee Inc surrenders to Intel Corp

Intel Corp expects to spend $7.7 billion to obtain McAfee Inc to boost its chip interest. The deal is agreed between both parties and Intel is permitted to sell its microprocessors with security software which will separate Intel from competitors to issue its parts for Smartphone’s and tablet PCs.

Sanjay Kapoor expects RIM to solve Blackberry issue

In the latest development, Research in Motion must find a solution to security issues with BlackBerry and operators like Bharti Airtel can only co-ordinate efforts. An acceptable answer will be found to solve the standoff between India and the BlackBerry maker, said Sanjay Kapoor, CEO of Bharti Airtel.

Oricon expects to build up two-acre land in Worli

According to Oricon Enterprise, it expects to build up two-acre land in Worli. The land worth Rs 400 crore will be auctioned by National Textile Corporation (NTC). The company's plans of merging Oricon Properties with United Shippers is planned to for this month and has been approved by High Court.

Mallya plans GDR of Kingfisher Airline by year end

Chairman of UB group, Vijay Mallya, said the company is planning to introduce locally-brewed Heineken in early 2011 and he also expects to Kingfisher Airlines GDR will start by year-end as the banks are very helpful to debt rejig plans of Kingfisher Airlines.

Spice Digital aims for capital markets

BK Modi's Spice Digital expects to enter into capital markets. The company which is part of Spice Group will be listed this financial year and may alter its stake by 20-22%. The company issues value added services for mobile like voice, SMS, USSD, WAP & 3G, to network operators.

IPO may be used to increase Rs 1500 crore in Spandana Microfinance

Padmaja Reddy, Managing Director of Spandana Microfinance expects to increase around Rs 1,500 crore by an initial public offer as they are in talks about JM Financial, Citigroup, Morgan Stanley. The company also plans to start its business in China and Nepal by using IPO for building 10 hospitals, he added.

BILT cons net profit and sales rise

The Group Director B. Hariharan said, consolidated net profit of Paper producer Ballarpur Industries Limited increased to 85.9% in the fourth quarter ended June 30 versus Rs 83.02 crore last year. The sales increased to 48.6% at Rs 1,076.71 crore during the commissioning of fresh production capacity versus last year.

Zicom Security Systems, Sequent Scientific, Sundaram-Clayton, Ruby Mills declared results today

Zicom Security Systems
Net profit was up at Rs 90.02 crore versus Rs 2.13 crore
Net sales were down at Rs 12.40 crore versus Rs 52.91 crore

Sequent Scientific
Net profit was up at Rs 2.63 crore versus Rs 0.61 crore
Net sales were up at Rs 62.75 crore versus Rs 25.93 crore

Sundaram-Clayton
Net profit was at Rs 2.33 crore
Net sales were up at Rs 176.05 crore versus Rs 101.81 crore

Ruby Mills
Net profit was up at Rs 20.77 crore versus Rs 4.23 crore
Net sales were down at Rs 29.12 crore versus Rs 31.23 crore

Coral India Finance and Housing
Net profit was up at Rs 0.56 crore versus Rs 0.07 crore
Net sales were up at Rs 0.98 crore versus Rs 0.32 crore

BSE Sensex declines 0.29% as nearly all sectors drop

The BSE 30-share Sensex was down 53.12 points or 0.29% to 18,401.82. The Sensex lost 94.04 points at the day's low of 18,360.90 in early trade. The index rose 9.20 points at the day's high of 18,464.14 in mid-morning trade.

The S&P CNX Nifty was down 9.55 points or 0.17% to 5,530.65

The BSE Mid-Cap index fell 0.12% to 7,821.20 and the BSE Small-Cap index rose 0.12% to 9,875.76. Both the indices outperformed the Sensex.

The total turnover on BSE amounted to Rs 5201 crore, lower than Rs 5270 crore on Thursday, 19 August 2010.

Most sectoral indices on BSE edged lower. The BSE IT index (down 0.94%), the BSE TecK index (down 0.82%), and the BSE FMCG index (down 1.02%), were the top losers. The BSE Realty index (up 1.81%), the BSE Capital Goods index (up 1.37%), and the BSE Oil & Gas index (up 0.82%), were the top gainers.

Reliance Infrastructure (up 0.60%), Jindal Steel & Power (up 0.81%), and Hero Honda Motors (up 0.82%), edged higher from the Sensex pack. ITC (down 1.79%), Hindustan Unilever (down 1.74%), and ONGC (down 0.87%), edged lower from the Sensex pack.

Market Breadth:

Positive 1397 Negative 1626 Unchanged 86
From the 30 share Sensex pack, 20 fell and rest rose.

GST gets concession from Finance Minister

Pranab Mukherjee, Finance Minister of India, has given concessions on states major demands on legislation needed to allow an aggressive tax reform to take place from next April. The goods and services tax-GST administration will replace current multiple state and central assessments like service tax, excise duty and others.

CEO of Satyam Raju granted bail on conditions

The High Court of Andhra Pradesh granted bail for Ramalinga Raju, former CEO of Satyam on few conditions like he must stay in Hyderabad city, must give two sureties of Rs 20 lakh and he has to meet CBI after getting out of hospital and coordinate with the investigation.

Fuel rates in India increased by 3.7%

The local fuel sales in India were increased by 3.7% in July. The government lost its control over retail prices of petrol and increased prices of diesel, cooking gas and kerosene in June. The annual diesel sales in July decreased to 6.4% from 7.1% during last month.

NC Saxena Committee report protested by Orissa government

According to the NC Saxena Committee, its report has been protested by government of Orissa on Vedanta’s illegal mining. Principal Secretary has expressed the matter as Shocking writing to Environment Secretary as the report discusses issues in derogatory manner. The environment ministry should consider it from judicious view, he added.

Government reveals latest plans of propriety trading

Government plans to add propriety trading as part of stock broking and securities trading considered as part of leasing and finance. It will be clarified and combined with foreign direct investment policy on September 30. At present 100% FDI is permitted in stock broking, leasing and finance.

General Motors Co to be listed NYSE and TSE

In the latest development, the shares of General Motors Co are to be listed on New York Stock Exchange (NYSE) and Toronto Stock Exchange following its initial public offer. Moreover, the IPO determined to be repaid a part of GM's US government bailout which has been dubbed Project Dawn.

BSE Sensex climbs 1.08% on upbeat trading day

The BSE 30-share Sensex jumped 197.82 points or 1.08% to 18,454.94, its highest level since 5 February 2008. The Sensex jumped 218.15 points at the day's high of 18,475.27 in mid-afternoon trade. The index rose 19.38 points at the day's low of 18,276.50 in early trade.

The S&P CNX Nifty was up 61.05 points or 1.11% to 5,540.20 its highest level since 18 January 2008. Nifty struck day's high of 5,544.70 in mid-afternoon trade.

The BSE Mid-Cap index rose 0.91% and the BSE Small-Cap index rose 0.79%. Both the indices underperformed the Sensex.

Banking sector index Bankex (up 1.92%) and FMCG index (up 1.63%) and outperformed the Sensex. Realty index (down 0.67%), PSU index (down 0.05%), BSE IT index (up 0.03%), Auto index (up 0.21%), BSE Power index (up 0.32%), Consumer Durables index (up 0.47%), Oil & Gas index (up 0.52%), BSE Healthcare index (up 0.68%), Capital Goods index (up 0.85%),
Metal index (up 0.97%), underperforming the Sensex.

The total turnover on BSE amounted to Rs 5241 crore, lower than Rs 5527.03 crore on Wednesday, 18 August 2010.

Market Breadth:

Positive 1666 Negative 1299 Unchanged 109
From the 30 share Sensex pack, 17 rose and rest fell.

USFDA approves Sun Pharma for New Drug Application

Sun Pharma has got approval from USFDA for an Abbreviated New Drug Application to display a common version of Venlafaxine Hydrochloride Extended Release tablets. Moreover, these tablets are similar to Osmotica’s Venlafaxine Hydrochloride Extended Release tablet which has 37.5mg (base), 75mg (base), and 150mg (base).

Stake of 26% in shipping by Gati Corp

Mahendra Agarwal, Managing Director and Chief Executive Officer of Gati Corp, affirms about separating its shipping business into a wholly-owned subsidiary within 4-5 months as it finds to adding a financial partner on its latest hived-off entity including a divesting 26% stake in the same.

Dividend of Rs 22.50 per share announced by Procter & Gamble

The Board of Directors of Procter & Gamble Hygiene & Health Care Ltd had a meeting on August 18, 2010 with other things have approved a dividend of Rs 22.50 per equity share of Rs 10/- each which is equal to Rs 7304 lakhs for FY ended June 30, 2010.

Aban Offshore and Cairn Energy enter into a deal

A deal was between by Aban Offshore and Cairn Energy India for improving jack-up rig Aban-Il in Ravva block on the offshore East Coast of India. The revenue of the firm during the time of the deal was $15 million. The arrangement will start in the fourth quarter of 2010.

Atul Chaturvedi says steel imports is not under restricted list

The steel imports will not be in the restricted list says Atul Chaturvedi, steel secretary, and confirmed about the matter as there will be no interruption at any circumstance. There are no developments on that front and iron ore rates decreased because of ban ordered by Karnataka government.

No intention of selling stake says JK Cement

JK Cement expects to increase the capacity around North by brownfield expansion and also plans to increase debts of Rs 800 crore to set a plant in Middle-East as RG Bagla Executive President says they have no idea of selling stake even for expansion for time being.

Shreyas Shipping, Sharyans Resources, Suncity Synthetics, Systematix Securities declared results today

Shreyas Shipping
Net profit was down at Rs 1.82 crore versus Rs 2.81 crore
Net sales were up at Rs 28.40 crore versus Rs 24.92 crore

Sharyans Resources
Net profit was up at Rs 0.51 crore versus Rs 0.08 crore
Net sales were up at Rs 1.29 crore versus Rs 0.45 crore

Suncity Synthetics
Net profit was at Rs 0.09 crore
Net sales were up at Rs 2.44 crore versus Rs 0.66 crore

Systematix Securities
Net profit was at Rs 0.02 crore
Net sales were up at Rs 0.08 crore versus Rs 0.06 crore

Sita Shree Food Products
Net profit was down at Rs 0.13 crore versus Rs 0.17 crore
Net sales were down at Rs 22.61 crore versus Rs 24.69 crore

BSE Sensex surges 1.15% as all sectors gain except consumer durables

The BSE 30-share Sensex was up 208.27 points or 1.15% to 18,257.12. The index rose 237.15 points at the day's high of 18,286 at the fag end of the trading session. The index rose 18.82 points at the day's low of 18067.67 in early trade.

The S&P CNX Nifty was up 65 points or 1.2% to 5,479.15.

The BSE Mid-Cap index was up 0.85%. The Small-Cap index up 0.7%. Both these indices underperformed the Sensex.

Barring the BSE Consumer Durables index, all the other sectoral indices on BSE rose. The BSE IT index (up 1.96%), FMCG index (up 1.45%), Metal index (up 1.43%), Auto index (up 1.27%), and banking sector index Bankex (up 1.16%), outperformed the Sensex. The BSE Healthcare index (up 0.98%), PSU index (up 0.46%), Capital Goods index (up 0.32%), Realty index (up 0.28%), Oil & Gas index (up 0.27%), and Consumer Durables index (down 0.2%), underperformed the Sensex. The BSE Power index was unchanged for the day, underperforming the Sensex which rose 1.15%.

BSE clocked turnover of Rs 5215 crore, higher than Rs 5000.97 crore on Tuesday, 17 August 2010.

Market Breadth:

Positive 1684 Negative 1292 Unchanged 108
From the 30 share Sensex pack, 22 rose and rest fell.

Bajaj Corp expects good listing

Bajaj Corp to list its shares with a price tag at Rs 660 per share on exchanges which expects minimum 10-15% premium. The company expects good listing even though there is not much offering from FMCG space. With a price tag of Rs 660 it was subscribed very highly.

Tantia Construction acquires a huge project

Tantia Constructions Ltd has acquired a project worth Rs. 50,53,05,989.58 from Metro Railway Chief Engineer, Kolkata for 'Execution of Civil Engineering Works of PSC through a channel from Noapara to Dum Dum Cantonment and other different works at Noapara' in connection with integration of Airport Line with Metro Railway.

Alcatel-Lucent expects first set of broadband gear

According to Alcatel-Lucent, which makes telecom equipment, it is in discussion with the companies like India's Reliance Industries for supplying broadband equipment. The company also plans to get its first set of broadband gear orders in the starting of 2011.

Reliance Broadcast merges with CBS Corp

Reliance Broadcast has merged with US-based CBS Corp and shares a television space which makes Reliance ADAG advance into television broadcasting. They plan to start three entertainment channels in English namely Prime channel-Has top shows from the CBS Corporation, Spark-Has legendary and classic shows, Love-A channel for women.

FMC to consider about dealing in stake sale

Forward Markets Commission (FMC) chairman confirms about stake sale proposal from Indiabulls Financial Services in Indian Commodity Exchange (ICEX) to Reliance Money and Jaypee Capital's ideas of purchasing into National Commodity and Derivatives Exchange (NCDEX). The Reliance Capital expected to purchase 26% stake in ICEX from Indiabulls.

Saregama India expects 50% increase in profits

The MD of Saregama India Apurv Nagpal says company’s stock is very active now as it raised by 8.5% which saw 80% move during its seven trading sessions. The company also expects 50% rise in profits and 20% rise in revenues during its current financial year.

MVL Ltd to obtain stake in a Telecom company

MVL Ltd has taken a decision to obtain a stake in a Telecom company called as MVL Telecom Ltd. The Board of Directors of the Company who had a meeting on August 18, 2010 has taken this decision and has informed BSE about this matter.

15% dividend announced by Govind Poy Oxygen

The dividend of Govind Poy Oxygen Ltd has been announced at 15% for the year ended March 31, 2010 which has been decided by the Board of Directors of the company in a meeting which was conducted on August 07, 2010.

Dividend of Rs 15 per share announced by Gillette India

The dividend of Rs 15/- per equity share has been announced by Gillette India Ltd in a meeting held by its Board of Directors for the year ended June 30, 2010 with effect to confirmation from the members of Annual General Meeting fixed on November 18, 2010.

MTC expects disinvestment during financial year

Dr. Rahul Khullar, Commerce Secretary, said with a follow-on public offer MTC expects disinvestment during this financial year. The discussion regarding stake sale is under process which aims to sell 10% of government stake and earn them Rs 15,000 crore in mines and metals company, he added.

Bajaj Corp attains 15% premium, opens at Rs 760 on NSE

Shares of Bajaj Corp was listed at Rs 760 versus issue price of Rs 660 per share on NSE which was trading at Rs 761.45, with a premium of 15.37% on debut. The price reached Rs 816.95 on top and Rs 747.65 below and traded along 24 lakh shares.

IPO of Gujarat Pipavav Port now open for subscription

In the latest development, Gujarat Pipavav Port's public issue of Rs 500 crore has been fixed a price tag at Rs 42-48 per share which can be subscribed from August 23. Another offer from Infrastructure Fund of India which is for sale upto 1,17,07,369 equity shares, closes its subscription in August 26.

BSE Sensex drops 0.01% as IT, capital goods lead market slide

The BSE 30-share Sensex was down 1.93 points or 0.01% to 18,048.85. At the day's high of 18,140.15 hit in early trade the index rose 89.37 points. The index fell 24.78 points at the day's low of 18026 in early afternoon trade.

The S&P CNX Nifty was down 4.15 points or 0.08% to 5,414.15.

The BSE Mid-Cap index was up 0.6%. The Small-Cap index up 0.34%. Both these indices outperformed the Sensex.

Sectoral indices on BSE were mixed. Banking sector index Bankex (up 0.95%), Realty index (up 0.23%), PSU index (up 0.22%), Consumer Durables index (up 0.2%), Healthcare index (up 0.15%), FMCG index (up 0.07%), and Auto index (up 0.01%), outperformed the Sensex. The BSE Oil & Gas index (down 0.15%), Metal index (down 0.21%), Power index (down 0.26%), Capital Goods index (down 0.29%), and IT index (down 0.33%), underperformed the Sensex.

BSE clocked turnover of Rs 4975 crore, lower than Rs 5619.16 crore on Monday, 16 August 2010.

Market Breadth:

Positive 1453 Negative 1534 Unchanged 99
From the 30 share Sensex pack, 19 fell and rest rose.

The small companies compete for the top place

LTE must be a treasure for the chip companies and smaller companies expects more challenges as they compete behind Qualcomm Inc. Texas Instruments left the market for mobile basebands there must be many chances for smaller companies in LTE, which called as 4G the latest in mobile network technology.

Mudra Lifestyle plans a retail business

The Chairman and Managing Director of Mudra Lifestyle Murarilal Agarwal said, the company has been expecting the stake sale deal and it is also interested in doing a retail business. The company is looking for a strategic partner to acquire big investment, said its CMD.

Indias exports increase to 13.2% YoY

Rahul Khullar, the Trade Secretary, said exports in India have increased to 13.2% to USD 16.24 billion in July, on annual basis. The imports increased to 34.3% to USD 29.17 billion, he added. The exports saw an increase for its ninth straight month.

Dividend of Re 0.20 per share announced by Wall Street Finance

The Board of Directors of Wall Street Finance Ltd has informed BSE that inter alia has urged a dividend of Re 0.20 per share for the year ended March 31, 2010. The company had its meeting on July 31, 2010 were the decision was made.

Gujarat Pipavav Port to enter capital market by IPO

Gujarat Pipavav Port plans to enter capital market through a public issue on August 23 and it also aims to increase Rs 500 crore by the issue. The issue ends on August 26 for subscription and the offer for sale is up to 1,17,07,369 equity shares.

Shares to be listed on August 18 says Bajaj Corp

The final date for listing Bajaj Corp equity shares is August 18 and price fixed is Rs 660 and at higher side the price is Rs 630-660 per share. It also increased Rs 297 crore by an issue of 45 lakh shares, issue opened on August 2-5 was subscribed 19.29 times.

Indian Hotel plans to increase 6000 rooms says Raymond Bickson

Indian Hotel expects an effective growth in FY11 as the hospitality sector raising its occupancy rates. It plans over 6000 rooms during one year and it is more than a basic growth. It also plans to grow by joint ventures and acquisition, said it MD & CEO Raymond Bickson.

Vedanta plans to add in portfolio says its Chairman

Chairman of Vedanta Group Anil Agarwal said obtaining stake in cairn is good chance to add oil in the portfolio and non-compete-fee of Rs 50 is acceptable. The deal is expected to rise the production in assets obtained by the company and will get required access from government, he added.

Lending rates increase by 50 basis point says ICICI

The lending rates of ICICI Bank expected to increase by 50 basis points due the tightening policy by RBI. The prime lending will be 16.25% and floating reference rate for consumer loans is 13.25% said its lender .The SBI also plans to increase its lending and deposit rates.

RIM to proceed with a limited access

RIM has promised to proceed with its services by September 1 to Indian authorities, the access will be limited. The government plans a meeting for giving access to enterprise mail. The last date for RIM is August 31 before which it has to take action on the matter.

Pantaloon to increase $160 million through IPO

Pantaloon Retail unit of Future Group expects to increase a $160 million through an IPO. The investment arm of Future Group, Future Ventures, has an idea to advances to use the offer to obtain a business in India developing consumption-led sectors.

SKS Microfinance ends its first session of shares

The first session of SKS Microfinance shares closed at Rs 1,084.10 raised by 10.06% on issue price of Rs 985 on NSE and it noticed two deals from BSE and three from NSE. Fundamental Investors purchased 6,20,000 shares at Rs 1,126.77. SKS expects to retain 20% on equity.

Polylink Polymers (India), Preeti Securities, Rico Auto, Rajeshwari Graphics declared results today

Polylink Polymers (India)
Net profit was up at Rs 1.34 crore versus Rs 0.37 crore
Net sales were up at Rs 8.54 crore versus Rs 7.78 crore

Preeti Securities
Net profit was down at Rs 0.02 crore versus Rs 0.06 crore
Net sales were up at Rs 1.38 crore versus Rs 1.28 crore

Rico Auto
Net profit was down at Rs 0.91 crore versus Rs 2.67 crore
Net sales were up at Rs 228.29 crore versus Rs 180.84 crore

Rajeshwari Graphics
Net profit was up at Rs 0.02 crore versus Rs 0.19 crore
Net sales were up at Rs 1.55 crore versus Rs 2.87 crore

Ritesh International
Net profit was down at Rs 0.02 crore versus Rs 0.21 crore
Net sales were up at Rs 3.14 crore versus Rs 2.87 crore

Radha Madhav Corporation obtains Rs 28.47 crore sales turnover

According to Radha Madhav Corporation, the firm already announced that its sales turnover dipped from Rs 39.56 crore to Rs 28.47 crore in the same period last year while its net loss was Rs 13.32 crore as compared to Rs 9.42 crore year-on-year.

Advani Hotels and Resorts attains Rs 6.96 crore sales turnover

In the latest development, Advani Hotels and Resorts (India) already announced that its sales turnover dipped from Rs 7.15 crore to Rs 6.96 in the same period last year while its net loss was Rs 1.91 crore as compared to Rs 0.40 crore year-on-year.

Dividend of 50% announced by Zicom Electronic Security

The top level management of Zicom Electronic Security Systems Limited had a meeting on 14th August, 2010 which has announced a 50% dividend of Rs.5.00/- per share on 1,26,99,829 equity shares which has a face value of Rs.10/- each, the year ended 31st March, 2010.

Dhanalakshmi Bank Limited becomes Dhanlaxmi Bank Limited

The Dhanalakshmi Bank Limited has been finally approved to change its name from the Registrar of Companies, Kerala and Lakshadweep (RoC). The name has been changed from Dhanalakshmi Bank Limited' to 'Dhanlaxmi Bank Limited' which takes effect from the 10th of August, 2010.

New Chief Financial Officer selected for NIIT Technologies

Ms. Pratibha Advani has been appointed as the new Chief Financial Officer of NIIT Technologies which has been informed to BSE also and will take control from the 16th of August, 2010 onwards. Mr. Amit Roy, the interim CFO, was replaced by Ms. Advani.

Sesa Goa confirms obtaining 20% stake in Cairn India

Sesa Goa Limited confirmed about obtaining 20% strategic stake in Cairn India with an amount of around $3 billion. This stake is obtained under an Open Offer initiated by Sesa Goa along its parent company Vedanta. In case of broken offer, Sesa Goa will obtain remaining 51%-60% stake in Cairn India.

Shree Cement sales slow down

The Managing Director of Shree Cement, HM Bangur, said sales have decreased slowly to Rs 944.5 crore in the first quarter of the financial year 2010-2011 versus Rs 922.4 crore last year and the profit after tax stayed at Rs 105.9 crore as compared to Rs 291.1 crore YoY.

Inflation slows more than expected in July

RBI expects pressure to tighten monetary policy due to slowing rate of inflation as it is clear and anticipates single digits after five months. The wholesale price increased by 9.97% which was below expectations from the media of 10.39% increase versus 10.55% during June.

ARSS Infra obtains Rs 153.91 crore project

According to the President and Chief Executive Officer of ARSS Infrastructure Projects Limited, Mr. Sunil Agarwal, the firm already obtained from the Office of the Executive Engineer, Parlakhemundi (R&B) Division, Parlakhemundi an Rs 153.91 crore project. Its PAT rose 80% to Rs 34.05 crore versus Rs 18.90 YoY in quarter one in FY11.

Baring PE Partners to acquire 10% stake in Shilpa Medicare

In the latest development, Baring Private Equity Partners, a private equity fund, has been planning to acquire 10% stake in Shilpa Medicare, a pharmaceutical conglomerate based in India, for Rs 800 crore or USD 17 million. This acquisition deal will be revealed publicly in next to no time.

Simplex Infrastructures attains Rs 1,174 crore sales in Q1 FY11

In a statement released by the Director of Simplex Infrastructures, Amitabh Das Mundra, the firm already announced its quarter one outputs in the financial year 2010-2011 wherein its sales soared to Rs 1,174 crore as against Rs 1,108 in the same period last year.

Ackruti City’s net sales increases to Rs 178 crore in Q1 FY11

According to the Managing Director of Ackruti City, Vimal Shah, the firm already announced its quarter one outputs in the financial year 2010-2011 wherein its net sales rose to Rs 178 crore as compared to Rs 40.9 crore in the similar quarter in 2009.

SKIL plans to increase its stake by 3.5%

The Executive Vice-Chairman of Pipavav Shipyard Bhavesh Gandhi said SKIL Infrastructure is planning to increase its stake slowly by 3.5% and no stakes will be sold as he expects more progress over revenues in next few quarters. The promoter’s stake is expected to increase by 48.5%.

Vedanta Resources to obtain stake worth $8-8.5 billion

The stake worth around $8-8.5 billion will be obtained from UK-based Cairn Energy’s Indian entity by Vedanta Resources Plc which makes the mining company Vedanta turn towards oil and gas. But Petronas obtaining almost 15% in Cairn India will not sell its stake to Anil Agarwal Company.

Government acts to decrease inflation

The government's decision on increasing fuel price is a part of financial awareness says Prime Minister as they are planning to stop double-digit inflation which was at 10.39% in July and suggested to increase the rates four times during the year for central bank.

TCS says changes will occur due to US Border Security Bill

TCS Chief Executive N. Chandrashekar commented on US Border Security Bill saying there will be some changes in this measure due to various governments and it needs to be distributed in the business model. The changes must be monitored and cannot be passed on to the customers.

Mutual funds up and down

Mutual funds received more shares in infrastructure developer Hindustan Construction Company and Bharti Airtel and decreased exposure to Reliance Industries. The top 50 was taken over by telecom, power, auto, realty, metal, FMCG and stocks were adjusted in pharmaceutical, cement and sugar sectors.

SKS Microfinance shares opens well on the exchanges

SKS Microfinance shares were listed at Rs 1,040 versus issue price of Rs 985 per share on NSE and responded well after debuting on the exchanges. The share was trading well than expected at Rs 1,109 increased by 12.59% with volume of 44.3 lakh shares and went up to Rs 1,162 in early trade.

Continental Petroleums targets 25% rise in turnover this FY11

According to the Chairman and Managing Director of Continental Petroleums, Madanlal Khandelwal, the firm has been targeting a turnover with an increase of 25% in the financial year 2010-2011 as compared to 17% last financial year and 11% in FY09.

BSE Sensex slumps 0.64% as all sectors plunges except FMCG

The BSE 30-share Sensex was down 116.25 points or 0.64% to 18,050.78. At the day's high of 18,203.92 hit in mid-morning trade the index rose 36.89 points. The index fell 169.57 points at the day's low of 17,997.46 in mid-afternoon trade.

The S&P CNX Nifty was down 33.80 points or 0.62% to 5418.30.

The BSE Mid-Cap index was up 0.08%. The Small-Cap index down 0.25%. Both these indices outperformed the Sensex.

Barring the BSE FMCG index, all the other sectoral indices on BSE declined. The BSE FMCG index rose 0.78%, outperforming the Sensex, which shed 0.64%. The BSE PSU index (down 0.07%), Consumer Durables index (down 0.07%), Auto index (down 0.17%), banking sector index Bankex (down 0.52%), and Power index (down 0.59%), outperformed the Sensex. The BSE IT index fell 0.64%, matching the Sensex's decline. The BSE Oil & Gas index (down 0.76%), Healthcare index (down 0.85%), Capital Goods index (down 0.9%), Realty index (down 1.09%) and Metal index (down 1.5%), underperformed the Sensex.

BSE clocked turnover of Rs 4835 crore, lower than Rs 6112.58 crore on Friday, 13 August
2010.

Market Breadth:

Positive 1281 Negative 1705 Unchanged 85
From the 30 share Sensex pack, 23 fell and rest rose.

Government decides about BlackBerry technology

The Indian government holds the BlackBerry technology by appealing that it allows authorities to read encrypted email messages which moves across BlackBerry's network and the government also expects to close RIM's email and messaging services if its demands are not agreed before 31st of August, 2010.

Tata Motors rating increases from B to B+

Tata Motors Ltd received a long-term corporate credit rating of 'B' to 'B+' from Standard & Poor's Ratings Service which shows a positive outlook. This rating was increased as Tata Motors showed some improvement in its operations with Jaguar and Land Rover and company's India operations during the year.

Steel producers plan to develop new steel for cars

Due to environmental pressure, Corus the Steel producers are planning to develop new light and stronger steels for automakers. These items can decrease 35% of heaviness in the components of a single car body without reducing the requirements for safety.

Investors upset of Tata's coal power plant rejection

Tata Power's rejection of coal power plant from UN carbon credit scheme upsets investors because of much revenue flowing into hundreds of millions of euros. This divisive UN process which permits valuable carbon offsets handing over to well organized coal power stations. Tata Power finished $4.2-billion 4,000-MW plant in Gujarat.

Debut of MakeMyTrip raises 92% in US stock market

Investors rushed to purchase a stake in MakeMyTrip Ltd as its shares raised to 92% in its US stock market debut. The company’s offer price was $14 which raised to $26.81 on Nasdaq and the company’s stock opened at $22 and closed at $26.45 which is 20% higher.

Aptech reveals plan after its first quarter results

Aptech's CEO and MD, Ninad Karpe said the company’s quarter results have been announced which showed consolidated net sales of Rs 45.2 crore and the net profit stayed at Rs 3 crore. The company also plans to open additional 150 centers during the financial year.

India increases import tax by 10% on power equipments

India to enforce 10% import tax on power equipments during this week to assist level playing field between domestic-foreign companies. The domestic companies may feel relieved now. The price variation is 15% between Indian-Chinese power equipment and a 5% customs duty will help domestic companies said BP Rao.

Essar Shipping agrees to demerge its business

Essar Shipping agrees to create two units by demerging its shipping, logistics and oil fields businesses to reduce ownership and release value board. Rajiv Agarwal, CEO & MD, said this would improve shareholder value as margins will go ahead and in two years port business expects 158 million tonne capacity.

No exit, but will sell stake: Cairn Energy

Cairn Energy's head said they will not quit from business but will sell a stake in its Indian operation company. Chief executive Rahul Dhir said plans are to sell stake and not exiting business. Vedanta Resources which holds 62.37% stake in Cairn Energy are discussing to purchase this stake.

Talwalkars plans of going forward

Talwalkars plans to go ahead, said its Chief Financial Officer Anant Gawande. The EBITDA has increased its margin by 110 basis points in FY11 and we cannot take it from quarter-on-quarter as the Q1-Q3 is mainly taken as the weak quarters.

Shares of SKS Microfinance listed in August 16

The shares of SKS Microfinance will get listed on exchanges by August 16, 2010. The issue price will be Rs 985 per share while its higher price tag is Rs 850-985. The company also got Rs 1600 crore by offering 168 lakh equity shares and retail investors got shares for Rs 50 per share.

ECL's IPO available by the end of September

According to Electrosteel Integrated, a part of Electrosteel Castings-ECL's initial public offering is available for subscription by the end of September. ECL will have 33.5% post issue which includes greenshoe option as compared to 42% held earlier by the company.

BSE Sensex soars 0.52% on upbeat market

The BSE 30-share Sensex was up 93.13 points or 0.52% to 18,167.03. At the day's high of 18,260.39 hit in afternoon trade the index rose 186.49 points. The index fell 23.48 points at the day's low of 18,050.42 in early trade.

The S&P CNX Nifty was up 35.65 points or 0.66% to 5452.10.

The BSE Mid-Cap index was up 0.98%. The Small-Cap index rose 0.67%. Both these indices outperformed the Sensex.

BSE clocked turnover of Rs 6081 crore, higher than Rs 5496.66 crore on Thursday, 12 August 2010.

Market Breadth:

Positive 1508 Negative 1477 Unchanged 101
From the 30 share Sensex pack, 20 rose and rest fell.

SBI Funds witnesses buying interest in telecom, banking, IT

In the latest development, SBI Funds Management witnessed buying interest in the segments such as telecommunication, banking & financial services as well as information technology while it witnessed selling pressure in segments such as oil & gas along with utilities.

FACT attains net profit of Rs 3.68 crore in Q1 FY11

According to the Chairman and Managing Director of Fertilisers and Chemicals Travancore Limited or FACT, K Mathevan Pillai, the firm attained a net profit of Rs 3.68 crore in the quarter of the financial year 2010-2011 as it targets profit of Rs 100 crore at the conclusion of FY11.

ICICI Prudential witnesses buying interest in telecom, metals, auto

In the latest development, ICICI Prudential Asset Management witnessed buying interest in the segments such as telecommunication, metals & mining and automotive while it witnessed selling pressure in segments such as banking & financial services, oil & gas and utilities.

Reliance Communication allowed by DoT to acquire facilities from ZTE Corp

In the latest development, Reliance Communication, a top cellular service provider, already attained the consent from the Department of Telecommunication for purpose of acquiring facilities from ZTE Corp. It also eyes the approval of the department to acquire Huawei Technologies facilities.

Rs 10.07 crore worth of order from IOC obtained by Jaihind Projects

In a statement released by Jaihind Projects, the firm announced that it already notified BSE that it has obtained Rs 10.07 crore worth of order from the Pipeline Division of Indian Oil Corporation Ltd for implementing Combined Station works under Chennai-Bangalore Pipeline Augmentation Project.

Dishman Pharma’s turnover dips to Rs 202 crore YoY in Q1 FY11

According to the Chief Financial Officer of Dishman Pharma, VVS Murthy, the firm already announced its quarter one outputs in the financial year 2010-2011 wherein its turnover dropped to Rs 202 crore as compared to Rs 228 crore in the same period last year.

India’s July wholesale price index down slightly to 10.39%

In the latest development, the month of July wholesale price index of India soared 10.39% in the same period last year as it drops by a hairline from 10.55% in the month of June. In addition to that, the value is within the prediction from 20 economists which is in the range of 9.47% to 11.48%.

Prime Focus, Rane Holdings, Rajvir Industries, Prime Securities, Halonix declared results today

Selan Exploration Technology
Net profit was up at Rs 8.72 crore versus Rs 6.90 crore
Net sales were down at Rs 17.22 crore versus Rs 18.19 crore

Resurgere Mines and Minerals India
Net profit was up at Rs 12.19 crore versus Rs 5.20 crore
Net sales were up at Rs 210.87 crore versus Rs 96.82 crore

Rane Holdings
Net profit was up at Rs 6.23 crore versus Rs 0.96 crore
Net sales were up at Rs 11.90 crore versus Rs 5.91 crore

Rajvir Industries
Net profit was up at Rs 3.05 crore versus Rs 1.93 crore
Net sales were up at Rs 59.72 crore versus Rs 45.83 crore

Rohit Ferro Tech
Net profit was up at Rs 11.82 crore versus Rs 5.22 crore
Net sales were up at Rs 280.87 crore versus Rs 174.63 crore

Prime Securities
Net profit was up at Rs 1.63 crore versus Rs 0.14 crore
Net sales were up at Rs 5.01 crore versus Rs 0.68 crore

Halonix
Net profit was down at Rs 0.28 crore versus Rs 1.78 crore
Net sales were down at Rs 94.83 crore versus Rs 103.94 crore

Prime Focus
Net profit was down at Rs 2.94 crore versus Rs 7.32 crore
Net sales were down at Rs 25.36 crore versus Rs 29.83 crore

Punjab Chemicals & Crop Protection
Net sales were at Rs 79.20 crore versus Rs 88.76 crore

Parekh Aluminex
Net profit was up at Rs 15.63 crore versus Rs 9.83 crore
Net sales were up at Rs 210.50 crore versus Rs 126.01 crore

Sanghi Polysters’ sales turnover slumps to Rs 2.57 crore

According to the statement made by Sanghi Polyesters, the firm already announced its first quarter numbers in the financial year 2010-2011 wherein its sales turnover went down to Rs 2.57 crore as compared to Rs 97.11 crore in the same period last year.

Avantel obtains order worth Rs 133.70 million from Bharat Electronics

In statement made by Avantel, the firm revealed that it has already notified the Bombay Stock Exchange or BSE that it obtained an order which has a value of Rs 133.70 million from Bharat Electronics Ltd, Hyderabad for service and supply of electronics merchandise.

ARSS Infrastructure Projects attains surging PAT and income in Q1 FY11

In the latest development, ARSS Infrastructure Projects already declared its quarter one outputs in the financial year 2010-2011 wherein its PAT soared 80% to Rs 34.05 versus Rs 18.90 crore YoY while its income surged 59% to Rs 356.48 crore YoY.

Bharati Shipyard to spend Rs 1 billion each in FY11 and FY12

According to the Managing Director of Bharati Shipyard, PC Kapoor, the firm is set to spend Rs 1 billion in the financial year 2010-2011 and another Rs 1 billion in the financial year 2011-2012 primarily for Dabhol, Mangalore and current businesses of the firm.

Issue price to be Rs 660 per share: Bajaj Corp

The issue price of Bajaj Corp is expected to be Rs 660 for its Rs 300 crore public share offering. The issue was subscribed 19.29 times which had a price tag of Rs 630-660. Bajaj Corp offered 4.5 million shares and got 52 crore from 12 anchor investors.

Bombay Dyeing and L&T; project likely to be withdrawn

The Chairman of Bombay Dyeing Nusli Wadia said, the ideas to develop land in suburban Mumbai merging with L&T is likely to be withdrawn due to some problems. In a meeting he said the talks are on with L&T but the project will not be taken further.

Pipavav Shipyard stake sale likely to end

Fresh equity of 26% will be given to strategic investor by Pipavav Shipyard as informed before and the strategic partner expected to become a national or international participant in oil and gas sector. The work on strategic stake sale is almost completed said Chairman of the company Nikhil Gandhi.

Industrial output went down to 7.1% in June

Industrial output in June went down to 7.1% versus 11.3% in May 2010. According to a poll, growth was at 8.2%. Industrial growth which showed 14-15% before has almost come to end because high base has started to begin. Last year’s level was much better compared to this year.

Reliance Power plans to increase funds

Reliance Power will examine shareholders approval by increasing funds on selling shares to institutions or issuing securities overseas. Anil Ambani group's company said it will examine 15% of equity capital on shares sold to institutions and 10% of equity capital on overseas issue.

India expects to introduce 10% import tax

India is set to introduce import tax of 10% on big projects power equipments in a few weeks to equal levels between domestic and foreign companies, aiming to become world’s biggest market. Government's Planning Commission member Arun Maira said there will be a zero import duty on equipment for big projects.

Mahindra favored to bid for Ssangyong Motor

According Mahindra & Mahindra, it has been favored to bid for South Korean car maker Ssangyong Motor. Three bidders out of six including Mahindra & Mahindra, Ruias and Daewoo have made offers to bid for Ssangyong Motor but finally Mahindra was selected.

RBI to secure its monetary policy as industrial output increased

The RBI is still securing its monetary policy on inflationary pressures as industrial output in India increased slowly to 7.1 percent in June. The data showed it was lower than the expected 8.4 percent versus May month revised 11.3 percent growth.

Food inflation increases to 11.40%

According to the government statistics, index of food price increased to 11.40% YoY on July 31 and fuel price increased to 12.66%. In the previous week, the food inflation increased to 9.53% and the fuel inflation to 14.26%. The basic articles index increased to 15.66% versus 14.36% in the previous week.

Vedanta to obtain stake in Cairn

According Vedanta Resources Plc, it is anticipated to obtain a stake or assets in Cairn Plc as it holds stake of 62% in Cairn India. Both companies will announce the deal at the end of this month as the matter is in talks. Vedanta's first-quarter EBITDA was $794 million.

HDFC Asset Management reveals top sells and buys

HDFC Asset Management Fund improved its coverage to information technology, banking & financial services, and telecommunication sectors and slashed its weightage in oil & gas, pharmaceuticals, automotive sector. The top buys were NHPC, Bharti Airtel, Tata Consultancy Services and top sells were Apollo Tyres, ITC, and IRB Infrastructure Dev.

Reliance Capital improves its exposure

Reliance Capital Asset Management exposure has gone down in oil & gas, pharmaceuticals and metals & mining space but the exposure in information technology, services and banking & financial services sector has improved. The top purchase was Indiabulls Financial Services, ITC, NTPC and IDFC, Punj Lloyd, IBN18 Broadcast.

Rainbow Papers gets soaring net profit at Rs 9.6 crore

According to the Chairman and Managing Director of Rainbow Papers, Ajay Goenka, the firm already declared its first quarter numbers in the financial year 2010-2011 wherein its net profit soared to Rs 9.6 crore as compared to Rs 5 crore in the similar quarter in 2009.

Parsvnath Developers attains Rs 31.82 crore net profit in Q1 FY11

In a statement released by the Chairman of Parsvnath Developers, Pradeep Jain, the firm already declared its quarter one outputs in the financial year 2010-2011 wherein its net profit went down to Rs 31.82 crore as compared to Rs 34.72 crore in the same period last year.

Everonn Education’ net profit crosses Rs 6.9 in Q1 FY11

According to the Managing Director of Everonn Education, P Kishore, the firm already declared its first quarter outputs in the financial year 2010-2011 wherein its net profit crossed Rs 6.9 crore while its net sales reached Rs 67.5 crore as it looks forward for a stable revenue rate until 2015.

BSE Sensex slightly gains 0.02% but market remains weak

The BSE 30-share Sensex was up 3.71 points or 0.02% to 18,073.90. The index lost 155.41 points at the day's low of 17,914.78 in early trade. The Sensex rose 43.43 points at the day's high of 18,113.62 in afternoon trade.

The S&P CNX Nifty was down 4.15 points or 0.08% to 5416.45.

The BSE Mid-Cap index was up 0.3%. The Small-Cap index rose 0.03%. Both the indices outperformed the Sensex.

Sectoral indices on BSE were mixed. Banking sector index Bankex (up 1.68%), Auto index (up 1.17%), Consumer Durables index (up 1.03%), Realty index (up 1.03%), PSU index (up 0.98%), Healthcare index (up 0.19%) and Oil & Gas index (up 0.17%), outperformed the Sensex. The BSE Power index (down 0.01%), Capital Goods index (down 0.18%), FMCG index (down 0.49%), Metal index (down 0.77%), and IT index (down 0.9%), underperformed the Sensex.

BSE clocked turnover of Rs 5470 crore, lower than Rs 5627.09 crore on Wednesday, 11 August 2010.

Market Breadth:

Positive 1298 Negative 1648 Unchanged 99
From the 30 share Sensex pack, 18 fell and rest rose.