United Phosphorus spurts ahead of bonus record date .

United Phosphorus surged 13.80% to Rs 220.95 snapping losses recorded in the past six trading sessions.

On BSE, 46,505 shares were traded in the counter. The scrip had an average daily volume of 2.06 lakh shares in the past one quarter.
The stock hit a high of Rs 235 and a low of Rs 198 so far during the day. The stock had a 52-week high of Rs 425 on 10 January 2008 and a 52-week low of Rs 182.50 on 10 October 2008.
The stock had plunged 37.13% in past six trading session to Rs 194.15 on 10 October 2008 from Rs 308.85 on 30 September 2008.
The stock had underperformed the market over the past one month till 10 October 2008, declining 42.18% as compared to the Sensex’s decline of 28.20%. It had also underperformed the market in the past one quarter, falling 31.07% as compared to the Sensex’s decline of 24.40%.
The mid-cap agrochemical maker has an equity capital of Rs 43.96 crore. Face value per share is Rs 2.
The current price of Rs 220.95 discounts its Q1 June 2008 annualised EPS of Rs 8.49, by a PE multiple of 26.
The company has set 31 October 2008 as the record date for issuing one bonus share for every one existing share, of face value Rs 2, held. The company had announced the record date on 26 September 2008
Meanwhile, some recent reports quoted Rajjubhai Shroff, chairman and managing director of the company as saying that the group will spin off its toxic gas detection instruments business into an independent entity, called Uniphos Envirotronic, to focus on the mainline business.
Some reports on 10 October 2008 said that International Finance Corporation (IFC) is likely to make an investment of $74 million in United Phosphorus to help meet its funding needs over the next three years, estimated at about $100 million, which includes, expanding its capacities, its products portfolio and for setting up new plants in India.
United Phosphorus’ net profit rose 57.9% to Rs 46.63 crore on a 51.7% rise in sales to Rs 509.85 crore in Q1 June 2008 over Q1 June 2007.
United Phosphorus manufactures and exports off-patent agrochemicals. The company also manufactures industrial chemicals, specialty chemicals and chlor-alkaline products.
-CM ...

Finance Minister Statements Boost Market...

Finance Minister\`s Statements Boost Market...

Everything about the financial crisis need not be depressing. People are finding humour in the middle of the stocks meltdown, although punters who have burnt their fingers and much more would find it rude.

Mobile phones are abuzz with funny SMSs doing the rounds about the financial storm and the stocks crash.
Consider this SMS that goes: \"Markets are set to regain 20,000 mark... (But only if) Sensex, Nikkei and Hang Seng are put together at 5,000 points each, NYSE Composite at 1,000 points, Dow Jones Industrial Average at 3,500 and Nasdaq at 500 points.\"

In the real world, Sensex is still above 10,000-point mark, but has nearly halved from its record high level seen early this year, DJIA has dipped to near 8,450, Nikkei is trading near its 20-year low at over 8,000 points.

There are also jokes online like \"Black Mondays used to be a once-in-a-lifetime event. Now they are coming along more regularly than Delhi Metro trains.\" Another SMS doing the rounds says: \"Respected Sensex Sir passed away on October 10, 2008 after not keeping well for nine months. The last rituals would be conducted at Lehman Brothers\` place.\" Another talks about the companies\` balance sheets: \"Assets are written on the left and liabilities on the right side. But, there is nothing left on the right and nothing is right on the left.\"

The market value of all the listed companies in India has nearly halved to about Rs 36.5 trillion from the level seen about nine months ago on January 10, the date when Sensex had scaled its record high of 21,206.77 points.

Another joke doing the rounds says that Raj Thackeray is ready to allow non-Mumbaikars to stay in the city, but it would be mandatory for them to invest in the stock market. There are also some other jokes with political flavour: \"Bankrupt allowed to return to their native place without ticket, says Railway Minister Lalu Prasad; Bankrupt to be given imported wheat free on ration: Agriculture Minister Sharad Pawar; Stock market losses to be treated as tax deducted at source: Finance Minister P Chidambaram.\"

There are also SMSs like \"blockbuster Saare Zameen Par (everyone bites dust) enters into 10th straight month at BSE and NSE multiplexes.\" Another one says: \"When the Sensex was at 21,000, the stock of a single real estate company was ruling close to Rs 1,500. Today, you can get entire sector for the same price and with Lehman Brothers having invested in the sector, further bargain is expected.\"

About global developments also, humour abounds about the crisis and one such joke has gone to the extent of Iceland being auctioned on eBay at a starting price of 99 pence. Some British papers have reported even British Prime Minister Gordon Brown trying his hand at such humours. While giving a speech in London, he quipped on hearing a mobile phone ring, \"I don\`t know if another bank has fallen.\"

Taking a dig at government\`s rescue packages, one says: \"All sports stadiums in USA currently named for banks, insurance companies, or financial institutions will have to be renamed \"Federal Reserve Park.\"

There are also some definition SMSs: Markets are the places where two types of people meet up in the morning: those with experience and those with money. Towards the end of the day, they exchange their assets and go home.

One defines a bear market as a phase when investor mistakes himself for a financial genius and a bear market as a period when kids get no allowance, wife gets no jewellery and the husband shoots himself on the trading floor.
One more on bull-bear theory says: There used to be bulls and bears in the market, now every one is a plain old ass. Another one defines P/E ratio as the percentage of investors wetting their pants as the market keeps crashing.

\"The market may be bad, but I slept like a baby last night. I woke up every hour and cried,\" talks about the plight of investors, while one comes in form of a tip: October is one of the peculiarly dangerous months to invest in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.

Then a conversation has been visualised like this in one SMS: How many stockbrokers does it take to change a light bulb? Answer is two -- One to take out the bulb and drop it, and the other to try and sell it before it crashes.
-et
...

Following is the text of Finance Minister P. Chidambaram`s statement here Monday, minutes ahead of the opening bell for stock markets that sent key indices soaring after the gloom last week: This is a time of uncertainty. Yet, even in a time of uncertainty there are some facts that cannot be - and ought not to be - ignored. The Indian economy continues to grow at a satisfactory rate.

As recently as last week, the IMF`s (International Monetary Fund`s) research department noted that "the Indian economy would continue to do well despite the impact of the global liquidity crunch." As per projections made by the IMF, India is expected to post a GDP (gross domestic product) growth of 7.9 percent during the current fiscal year.

The stock market indices are important indicators, but they are not the only indicators of the health of the Indian economy. The ratio of investment to GDP remains high at over 35 per cent at the end of the first quarter of 2008-09. The monsoon has been normal. The Kharif crop (especially rice and cotton) has been good. Farmers are sowing their fields. And the prospects for the Rabi crop are bright. Factories continue to produce goods and the services sector is growing at a brisk rate. Crude oil and commodity prices have declined sharply. This is expected to have a beneficial effect on inflation.

The root cause of the present uncertainty is liquidity and not any dramatic change in the fundamentals of the economy. According to RBI (Reserve Bank of India) figures, as on Sep 26, non-food credit increased, year-on-year, by 24.8 percent. Between April and Sep 26, non-food credit grew by 7.8 percent. Time and demand deposits with banks grew, year-on-year, by 18.8 percent and, between April and Sep 26 by 7.2 per cent. I am happy that depositors continue to repose their confidence in the health of our banking system.

Nevertheless, liquidity was found to be inadequate and, consequently, lenders were unwilling to take risks. Some lenders and investors faced redemption pressures leading to a sale of assets, especially stocks. The markets that are bearing the brunt of the problem are the capital market and the money market and, to an extent, the foreign exchange market. These problems can be overcome if adequate liquidity is infused into the system.

Accordingly, RBI has taken measures that have infused an additional Rs.60,000 crore (Rs.600 billion) into the financial system. The LAF also provides liquidity and, as on Oct 10, Rs.91,500 crore (Rs.915 billion) had been accessed by banks through the LAF window. We believe that these steps should ease the liquidity situation and the flow of credit should become smoother, relieving the pressures that had built up in the last two weeks.

The government, RBI and SEBI (Securities and Exchange Board of India) have been in close consultation with each other during the weekend. I have spoken to the RBI governor and SEBI chairman several times in the last two days. We are coordinating our actions. We are watching the situation carefully and we will respond swiftly according to the needs of the situation. We are working on more measures that will infuse liquidity, make credit intermediation smoother, and increase the confidence of depositors and investors. We hope to be able to announce them shortly. Our banks are ready and willing to provide credit. Suitable advisories are being issued to the banks.

Over the weekend, the US, UK, Euro zone and Australian authorities have announced a number of measures to stabilize the financial system. The Australian capital market and three of the East Asian capital markets have opened on a bright note this morning. I expect that our capital market will also take its cue from these positive developments.

We must remain confident and respond to the situation in a cool and mature manner. We must banish fear. Especially, depositors have nothing to fear because their deposits in banks are safe. Investors must take informed decisions. Before you sell, you must remember that for every seller there is a buyer. You must ask yourself why the buyer is buying in these times of perceived uncertainty and, therefore, ask yourself the further question whether there is a need to act in haste or in panic. In my view, there is no reason at all to act in haste or to give room for panic.

If all the players in the economy remain confident and take informed decisions, I have no doubt that the Indian economy will weather the current storm and emerge stronger.

If necessary, I shall make a further statement later today.
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TCS Hits SL as it reacted over its good news very badly...

ICICI Bank topper on sensex gainer list....

FM comments---------------- Stocks opened sharply higher Monday after re-assuring comments on the market situation by finance minister P Chidambaram on the health of Indian economy. He expressed confidence that India can weather the storm of financial crisis blowing across the world saying the country`s economic fundamentals and the banking system were strong. National Stock Exchange`s benchmark Nifty climbed 88.75 points to 3368.70. Bombay Stock Exchange`s 30-share Sensex surged 344 points to 10872 from Friday`s close. Asian markets were on recovery path Monday after Australia guaranteed bank deposits and European leaders agreed to support lenders in a global effort to end the credit crisis. Hang Seng rose 0.31 per cent, Straits Times added 0.52 per cent and S&P/ASX climbed 3.68 per cent. Japanese markets are closed for a national holiday. Wall Street futures indicated a sharp rebound ahead of the opening bell on Monday. Dow Jones Industrial futures rose 235 points, or 2.8 per cent, to 8,605. Standard & Poor`s 500 futures jumped 19.25, or 1.50 per cent, at 1,309.00; and Nasdaq-100 futures added 22.10, or 2.48 per cent, at 913.10. ET.....

time will come, when one more block deal will take place @ 75/share. just watch and wait. swamy. ...

remember buffets words "dont think of holding a stock for 10 mins if u cant hold it for 10 years,the stock should be worth holding even if the stock market remains closed for another 10 years ".I think HDFC BANK is such a good one you can hold on even if market remains closed....

Actually, there were three block deals on NSE. The turnover of TCS on NSE was four times the normal day turnover in cash trades....

block deal started in airtel?, so this is next in queue....

Why realty everything is crashing....

Japan`s Yamato Life Insurance goes bankrupt: Official TOKYO: Japan`s Yamato Life Insurance will file for bankruptcy protection, becoming the first Japanese insurer to fail amid the global credit crisis, the financial watchdog said on Friday. . The Tokyo-based company will take necessary legal steps based on insurance law and will seek approval for rehabilitation, the news agency and other media said, quoting informed sources. The medium-size insurer`s debts amount to 269.5 billion yen (2.73 billion dollars), Jiji said. Telephone calls to Yamato went unanswered, but the company has scheduled a press conference later in the day, Dow Jones Newswires said v.krishnamoorthy...