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Strong dollar and pressured crude help drag down bullion metals
After rising for two successive days, gold and silver prices fell today, Wednesday, 20 August, 2008 as the dollar remained quite strong. Pressure on crude prices following the weekly inventory report by the Energy Department also put pressure on the bullion metals easing their appeal as a hedge against inflation. Barring previous two days, and one day in between, gold and silver prices had registered losses in all the trading sessions in the current month of August, 2008. Silver prices also fell today.
Today, Comex Gold for December delivery fell $0.5 (0.05%) to close at $816.3 ounce on the New York Mercantile Exchange. It fell to an intra day low price of $806.4 earlier. Last week, the yellow metal gave up 8.4%. With today’s loss, it has lost 11.35% in August, 2008 till date. On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped significantly (21%) since then.
This year, gold prices have lost 2.6% till date as the dollar rallied against the euro. It has lost almost $105 in August till now. Gold ended July, 2008 lower by $11 (1.1%).
Prior to that, the yellow metal ended second quarter with a marginal gain of 0.7%. It ended June, 2008 with a gain of 4.1%. In May, it ended with a gain of higher by $22.5 (2.5%). Before May, in April, prices closed lower by 6.3%. For first quarter prices gained 10.7%. In January, prices gained 11%, the highest monthly gain since April 2006. For February, it gained 6%. But in March, prices succumbed and fell by 5.5%.
On Wednesday, Comex silver futures for September delivery fell 6.5 cents (0.5%) to $13.153 an ounce. With today’s rise silver has lost almost 11.5% in 2008 till date. Last week, it gave up 16.4%. It ended July 2008 with a gain of 3%. For the second quarter, it had gained a paltry 1.4%. Silver had gained 16% in Q1. The metal also had gained for seven straight years.
Gold and silver prices have dropped 21% and 36% from their all time highs that they reached earlier this year.
Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies. On the other hand, a lower dollar pushes up precious metal prices as their demand lessens as it becomes cheaper for traders holding other currencies. Gold has traditionally been used as a safe-haven asset against rising inflation. Investor sentiments are boosted by the fact that gold and silver are alternate sources of good investment in the face of declining dollar and rising energy prices and vice versa.
At the currency markets on Wednesday, the dollar gained as much as 0.7% against the euro after losing almost that amount in the previous two days. Worries about growth outside the U.S. allowed the dollar to rebound on Wednesday, sending the euro back toward six-month lows against the greenback and lifting the U.S. unit against most major counterparts. The dollar index, which measures the greenback against a trade-weighted basket of currencies, rose to 76.92 from 76.746 in the previous day.
At the crude market on Wednesday, crude oil rose marginally after a government report showed that U.S. crude inventories rose market highest weekly gain in almost seven years. Crude oil for September delivery rose 45 cents (0.4%) to settle at $114.98 a barrel.
As per the weekly report issued by the Energy Information Administration (EIA) wing of the Energy Department, crude supplies rose by 9.4 million barrels to 305.9 million for the week ended 15 August, 2008. Market was expecting a build up of just 1 million barrels. Refinery utilization was at 85.7% compared with 85.9% of capacity a week earlier. EIA also reported that motor gasoline supplies fell by 6.2 million barrels to 196.6 million barrels during the week. Distillate stocks were up 500,000 barrels at 132.1 million barrels. The gasoline decrease was almost twice the expected decrease.
Gold had witnessed the greatest annual gain in twenty eight years by gaining $200/ounce (31%) in FY 2007 as lower interest rates had sent the dollar tumbling, and crude-oil prices rose to a record. Silver had climbed 16% in FY 2007. In 2006, silver had jumped 46% while gold gained 23%.
At the MCX, gold prices for October delivery closed higher by Rs 3 (0.02%) at Rs 11,572 per 10 grams. Prices rose to a high of Rs 11,807 per 10 grams and fell to a low of Rs 11,465 per 10 grams during the day’s trading.
At the MCX, silver prices for September delivery closed Rs 20 (0.1%) higher at Rs 19,692/Kg. Prices opened at Rs 20,260/kg and rose to a high of Rs 20,391/Kg during the day’s trading.
-CM
...
Tracked by: 0 Boarder
EIH soared 4.46% to Rs 135.90 at 13:59 IST on BSE after 5.80 lakh shares, or 0.14% of the company’s equity changed hands in a block deal at Rs 140 on BSE.
Meanwhile, the BSE was down 316.94 points, or 2.16%, at 14362.
On BSE, 8.91 lakh shares were traded in the counter. The scrip had an average daily volume of 57,799 shares in the past one quarter.
The stock hit a high of Rs 141.40 and a low of Rs 129.10 so far during the day. The stock had a 52-week high of Rs 246.95 on 7 January 2008 and a 52-week low of Rs 104 on 9 June 2008.
The scrip had underperformed the market over the past one month till 20 August 2008, rising 7.56% compared to the Sensex’s 7.65% gain. It had, however, outperformed the market in the past one quarter, falling 4.27% compared to Sensex’s 14.81% fall.
The mid-cap hospitality firm has an equity capital of Rs 78.59 crore. Face value per share is Rs 2.
The current price of Rs 135.90 discounts its Q1 June 2008 annualised EPS of Rs 3.87, by a PE multiple of 35.11.
EIH\'s net profit rose 3.6% to Rs 38.01 crore on a 9.6% rise in sales to Rs 236.25 crore in Q1 June 2008 over Q1 June 2007.
EIH owns and operates luxury hotels and resorts in India under the name ‘Oberoi’. The company also manages a mid-price hotel chain in India, in addition to hotels in Egypt, Australia, Sri Lanka, Indonesia and Saudi Arabia.
...
Tracked by: 12 Boarders
Idiot guest, i dont come here to lick someone's ass to get a call..i have shown time and again how to go long and win...
Save my buy call , i will show u how i will book profit in it...wait and watch!!
and Dont get over excited with a cut of 4-5%......
In reply to:
Nifty may not see 4000 mark again !!!!
Posted by :
Guest
Absolutely... Market wont spare arrogant nuts. He is going to pay heavy price. 
Tracked by: 12 Boarders
Dear guest,
You have mistaken me by calling me a bastard, i am not born to your mom...
I am still LONG and waiting for next level to initiate fresh buying.
All the best
Patience...
In reply to:
Nifty may not see 4000 mark again !!!!
Posted by : Guest
Great remarks from patience who advises people something and then does something else.He was short in the markets and misguided ppl to be long and has conveniently deleted his messages once he found he is wrong .Fuc this bastaard who is misguiding ppl.....
TCS, Infosys and Wipro to Outpace Current Indian ITeS Vendors, Says Gartner
Posted by :
Infy_fan_alwaysTracked by: 0 Boarder
Gartner in its recently announced report has observed that Tata Consultancy Services, Infosys Technologies and Wipro Technologies will emerge as the next generation IT service megavendors. Observations in the report which refers to these companies as ‘India-3’ indicate that these companies are increasingly being considered for strategic service deals, and will augment or, in some cases, replace the current acknowledged megavendors by revenue namely, IBM Global Services, Accenture and EDS in this space by 2011.
Estimations from the report suggest that the three companies which are comparatively smaller will compete for the same megadeals that have been the domain of the current megavendors.
'The emerging megavendors have made dramatic progress in the past few years and have more than doubled their revenue in a four-year period, with the 2007 revenue being 2.6 times the 2004 revenue,' said Partha Iyengar, Vice President, Analyst and Regional Research Director, Gartner. 'This level of growth differential has continued even as these vendors have become multibillion dollar enterprises. To put this in context, there are just 100 service enterprises globally with more than $1 billion in revenue.'
The report suggests that the three companies have shown a record growth rate by a margin of 3:1 over a period of last 30 quarters thereby outperforming the current megavendors. A comparison between the three companies and the megavendors who are larger in terms of revenue generation estimates the market capitalization of the local providers to be significantly higher than that of EDS and almost on par with Accenture.
The research company has observed that four competencies namely, process excellence, world-class HR practices, providing high quality services at a low cost, the achievement of significant and disproportionate ‘mind share’ compared to their actual size will be the reasons for the emergence of the three companies as megavendors. However it has also observed that having a level of revenue per employee similar to the current megavendors is a challenge that these companies need to address to achieve megavendor status.
...
TCS, Infosys and Wipro to Outpace Current Indian ITeS Vendors, Says Gartner
Posted by : Infy_fan_alwaysTracked by: 0 Boarder
Gartner in its recently announced report has observed that Tata Consultancy Services, Infosys Technologies and Wipro Technologies will emerge as the next generation IT service megavendors. Observations in the report which refers to these companies as ‘India-3’ indicate that these companies are increasingly being considered for strategic service deals, and will augment or, in some cases, replace the current acknowledged megavendors by revenue namely, IBM Global Services, Accenture and EDS in this space by 2011.
Estimations from the report suggest that the three companies which are comparatively smaller will compete for the same megadeals that have been the domain of the current megavendors.
\'The emerging megavendors have made dramatic progress in the past few years and have more than doubled their revenue in a four-year period, with the 2007 revenue being 2.6 times the 2004 revenue,\' said Partha Iyengar, Vice President, Analyst and Regional Research Director, Gartner. \'This level of growth differential has continued even as these vendors have become multibillion dollar enterprises. To put this in context, there are just 100 service enterprises globally with more than $1 billion in revenue.\'
The report suggests that the three companies have shown a record growth rate by a margin of 3:1 over a period of last 30 quarters thereby outperforming the current megavendors. A comparison between the three companies and the megavendors who are larger in terms of revenue generation estimates the market capitalization of the local providers to be significantly higher than that of EDS and almost on par with Accenture.
The research company has observed that four competencies namely, process excellence, world-class HR practices, providing high quality services at a low cost, the achievement of significant and disproportionate ‘mind share’ compared to their actual size will be the reasons for the emergence of the three companies as megavendors. However it has also observed that having a level of revenue per employee similar to the current megavendors is a challenge that these companies need to address to achieve megavendor status.
...
TCS, Infosys and Wipro to Outpace Current Indian ITeS Vendors, Says Gartner
Information Technology - Sector
Posted by : Infy_fan_alwaysTracked by: 0 Boarder
Gartner in its recently announced report has observed that Tata Consultancy Services, Infosys Technologies and Wipro Technologies will emerge as the next generation IT service megavendors. Observations in the report which refers to these companies as ‘India-3’ indicate that these companies are increasingly being considered for strategic service deals, and will augment or, in some cases, replace the current acknowledged megavendors by revenue namely, IBM Global Services, Accenture and EDS in this space by 2011.
Estimations from the report suggest that the three companies which are comparatively smaller will compete for the same megadeals that have been the domain of the current megavendors.
\'The emerging megavendors have made dramatic progress in the past few years and have more than doubled their revenue in a four-year period, with the 2007 revenue being 2.6 times the 2004 revenue,\' said Partha Iyengar, Vice President, Analyst and Regional Research Director, Gartner. \'This level of growth differential has continued even as these vendors have become multibillion dollar enterprises. To put this in context, there are just 100 service enterprises globally with more than $1 billion in revenue.\'
The report suggests that the three companies have shown a record growth rate by a margin of 3:1 over a period of last 30 quarters thereby outperforming the current megavendors. A comparison between the three companies and the megavendors who are larger in terms of revenue generation estimates the market capitalization of the local providers to be significantly higher than that of EDS and almost on par with Accenture.
The research company has observed that four competencies namely, process excellence, world-class HR practices, providing high quality services at a low cost, the achievement of significant and disproportionate ‘mind share’ compared to their actual size will be the reasons for the emergence of the three companies as megavendors. However it has also observed that having a level of revenue per employee similar to the current megavendors is a challenge that these companies need to address to achieve megavendor status.
...
Tracked by: 0 Boarder
Analysts predict that European IT services firms will soon be eclipsed by cheaper Indian rivals
India can afford to offer cheaper IT staff and services
Systems integrator Logica attributed a 16 per cent year-on-year increase in revenue for the first half of 2008 to healthy spending by European energy, utility and public sector customers, whose budgets do not yet appear to have been affected by the credit crunch.
But like other IT services firms, Logica faces increased competition for its clients from suppliers in emerging countries, particularly India, and is having to restructure to compete.
Logica’s net income in the first six months of the year fell to £5.2m from £149.7m in 2007, as the company undergoes extensive re-organisation designed to cut £80m per year from its operational cost structure and present better value to customers.
Last April the company axed 1,300 European jobs, including 500 in the UK, simultaneously announcing its intention to increase offshore staff numbers in Morocco, the Philippines and Bangalore to 8,000 by the end of 2008.
The publication of Logica’s results coincided with a fresh prediction from analyst Gartner, suggesting Indian systems integrators and IT services companies will soon eclipse established European rivals in terms of revenue, market capitalisation and customer numbers.
\'With the less expensive and larger workforce available in India, the India-3 providers [Tata Consultancy Services, Infosys Technologies and Wipro Technologies] were able to create the combination of low-cost, high-quality services,\' said Partha Iyengar, Gartner vice president and regional director in a research note.
...
Tracked by: 0 Boarder
Analysts predict that European IT services firms will soon be eclipsed by cheaper Indian rivals
India can afford to offer cheaper IT staff and services
Systems integrator Logica attributed a 16 per cent year-on-year increase in revenue for the first half of 2008 to healthy spending by European energy, utility and public sector customers, whose budgets do not yet appear to have been affected by the credit crunch.
But like other IT services firms, Logica faces increased competition for its clients from suppliers in emerging countries, particularly India, and is having to restructure to compete.
Logica’s net income in the first six months of the year fell to £5.2m from £149.7m in 2007, as the company undergoes extensive re-organisation designed to cut £80m per year from its operational cost structure and present better value to customers.
Last April the company axed 1,300 European jobs, including 500 in the UK, simultaneously announcing its intention to increase offshore staff numbers in Morocco, the Philippines and Bangalore to 8,000 by the end of 2008.
The publication of Logica’s results coincided with a fresh prediction from analyst Gartner, suggesting Indian systems integrators and IT services companies will soon eclipse established European rivals in terms of revenue, market capitalisation and customer numbers.
\'With the less expensive and larger workforce available in India, the India-3 providers [Tata Consultancy Services, Infosys Technologies and Wipro Technologies] were able to create the combination of low-cost, high-quality services,\' said Partha Iyengar, Gartner vice president and regional director in a research note.
...
Logica results reveal the offshoring effect
Information Technology - Sector
Posted by : Infy_fan_alwaysTracked by: 0 Boarder
Analysts predict that European IT services firms will soon be eclipsed by cheaper Indian rivals
India can afford to offer cheaper IT staff and services
Systems integrator Logica attributed a 16 per cent year-on-year increase in revenue for the first half of 2008 to healthy spending by European energy, utility and public sector customers, whose budgets do not yet appear to have been affected by the credit crunch.
But like other IT services firms, Logica faces increased competition for its clients from suppliers in emerging countries, particularly India, and is having to restructure to compete.
Logica’s net income in the first six months of the year fell to £5.2m from £149.7m in 2007, as the company undergoes extensive re-organisation designed to cut £80m per year from its operational cost structure and present better value to customers.
Last April the company axed 1,300 European jobs, including 500 in the UK, simultaneously announcing its intention to increase offshore staff numbers in Morocco, the Philippines and Bangalore to 8,000 by the end of 2008.
The publication of Logica’s results coincided with a fresh prediction from analyst Gartner, suggesting Indian systems integrators and IT services companies will soon eclipse established European rivals in terms of revenue, market capitalisation and customer numbers.
\'With the less expensive and larger workforce available in India, the India-3 providers [Tata Consultancy Services, Infosys Technologies and Wipro Technologies] were able to create the combination of low-cost, high-quality services,\' said Partha Iyengar, Gartner vice president and regional director in a research note.
...
Tracked by: 0 Boarder
Infosys will host its annual Analyst Meet on Wednesday, August 27, 2008 at its campus in Mahindra City, Chennai. Infosys will discuss the state of the company’s business at the Analyst Meet.
Mr. S. Gopalakrishnan, CEO and Managing Director will deliver the opening address on the state of the company’s business, after which Mr. S. D. Shibulal, COO will speak on the operational highlights. Heads of various business units of Infosys will make presentations in several break-out sessions during the day. These sessions are designed to serve as a forum for analysts to understand the company’s operations better. An executive open house will conclude the meet to be chaired by Mr. S. Gopalakrishnan.
The proceedings of the meet will be uploaded as webcast on Infosys website In addition, the presentations made by various participants and transcripts of the day’s discussions will also be uploaded there.
...
Tracked by: 0 Boarder
Infosys will host its annual Analyst Meet on Wednesday, August 27, 2008 at its campus in Mahindra City, Chennai. Infosys will discuss the state of the company’s business at the Analyst Meet.
Mr. S. Gopalakrishnan, CEO and Managing Director will deliver the opening address on the state of the company’s business, after which Mr. S. D. Shibulal, COO will speak on the operational highlights. Heads of various business units of Infosys will make presentations in several break-out sessions during the day. These sessions are designed to serve as a forum for analysts to understand the company’s operations better. An executive open house will conclude the meet to be chaired by Mr. S. Gopalakrishnan.
The proceedings of the meet will be uploaded as webcast on Infosys website In addition, the presentations made by various participants and transcripts of the day’s discussions will also be uploaded there.
...
Tracked by: 0 Boarder
Infosys will host its annual Analyst Meet on Wednesday, August 27, 2008 at its campus in Mahindra City, Chennai. Infosys will discuss the state of the company’s business at the Analyst Meet.
Mr. S. Gopalakrishnan, CEO and Managing Director will deliver the opening address on the state of the company’s business, after which Mr. S. D. Shibulal, COO will speak on the operational highlights. Heads of various business units of Infosys will make presentations in several break-out sessions during the day. These sessions are designed to serve as a forum for analysts to understand the company’s operations better. An executive open house will conclude the meet to be chaired by Mr. S. Gopalakrishnan.
The proceedings of the meet will be uploaded as webcast on Infosys website In addition, the presentations made by various participants and transcripts of the day’s discussions will also be uploaded there.
...
Tracked by: 0 Boarder
Infosys will host its annual Analyst Meet on Wednesday, August 27, 2008 at its campus in Mahindra City, Chennai. Infosys will discuss the state of the company’s business at the Analyst Meet.
Mr. S. Gopalakrishnan, CEO and Managing Director will deliver the opening address on the state of the company’s business, after which Mr. S. D. Shibulal, COO will speak on the operational highlights. Heads of various business units of Infosys will make presentations in several break-out sessions during the day. These sessions are designed to serve as a forum for analysts to understand the company’s operations better. An executive open house will conclude the meet to be chaired by Mr. S. Gopalakrishnan.
The proceedings of the meet will be uploaded as webcast on Infosys website In addition, the presentations made by various participants and transcripts of the day’s discussions will also be uploaded there.
...
Tracked by: 1 Boarder
4200 PE is more than the 4400 CE now !!!...
In reply to:
Option positions taken-OT
Posted by : eshers
This is my position for the sep.
Short futures @ 4400
Bought 4400 CE @150
sold 4200 PE @125
Still have some current month 4500CE..
Cheers
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