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The government has decided to allot Rs 220 billion in cash as a subsidy to the fertilizer industry for the year 2008-09, reports Business Line.
Ram Vilas Paswan, Chemicals and Fertilizer Minister has announced that the government has decided to give Rs 220 billion as subsidy to fertilizer sector in addition to the budgetary allocation of Rs 320 billion.
Total fertilizer subsidy is estimated to be Rs 119,000 billion in 2008-09. While, the centre has made available Rs 540 billion cash payment to the industry, he revealed.
He disclosed that the finance ministry was not prepared for the Rs 220 billion subsidy in cash. The finance ministry was of the view that subsidy be paid to banks through bonds. But banks were not willing as they would have to sell the bonds at a discount since companies would have got the payment in cash
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rvk41...
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Leading private sector lenders HDFC Bank and Yes Bank have emerged among entities interested in buying over 30 per cent stake in the proposed commodity exchange by financial services conglomerate Indiabulls and state-run trading firm MMTC.
While HDFC Bank is said to have evinced interest in picking up around 10 per cent strategic stake in the bourse, Yes Bank is believed to be looking for a 5-10 per cent equity,. - the hindu...
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At just few minutes before at around 3:05 PM some sold equities. I think SEBI should monitor these kind of market damaging sentiments & should pinn down pessimist trouble makers which are affecting economy largely. May be the crude is 90% due to those fund houses or investors....
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At just few minutes before at around 3:05 PM some sold equities. I think SEBI should monitor these kind of market damaging sentiments & should pinn down pessimist trouble makers which are affecting economy largely. May be the crude is 90% due to those fund houses or investors....
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AVIATION: Air-India to stop Delhi-Los Angeles flight next month (HT)
.
CAPITAL MARKETS: Ceiling on single holding in stock exchanges may treble to
15%. (ET)
.
FAST MOVING CONSUMER GOODS: Godrej Sara Lee in talks with Bombay Chemicals to
acquire Tortoise brand of mosquito repellents. (ET)
.
HEALTHCARE: U.S.-based private equity General Atlantic may buy around 20% in
Wockhardt Hospitals for $140 mln-150 mln. (ET)
.
LOGISTICS: India may house 110 logistics parks at an estimated cost of $1 bln
by 2012, global property consultancy firm Cushman & Wakefield said. (NW18)
.
MINING: Rio Tinto PLC will focus on iron ore, diamond, and bauxite to expand
business in India. (NW18)
Coal India is targeting coal mining capacity of 10 mln tn overseas by
2011-12. (NW18)
.
OIL AND GAS: Government may consider seeking changes to taxation laws to
allow export-oriented units to supply diesel in the domestic market to meet
rising demand for the fuel. (NW18)
Petroleum and natural gas ministry said it will strive to mitigate
state-run oil marketers\' revenue losses, but virtually ruled out raising fuel
prices on a regular basis for the purpose. (NW18)
Government is mulling a proposal to adapt differential pricing for
diesel. (BS)
.
PHARMA: Mukesh Ambani-owned Reliance Life Sciences will commission its bulk drug
and formulation facilities at Jamanagar in Gujarat by mid-2009. (NW18)
.
PORT: Dhamra port in Orissa, a 50:50 joint venture between TATA STEEL and
LARSEN & TOUBRO, is likely to begin commercial operations by May 2010. (NW18)
.
.
STOCKS
* ABG SHIPYARD: To invest 12 bln rupees in new shipyard in Gujarat. (ET)
.
* BHARAT HEAVY ELECTRICALS: Is planning a unit to make forgings and castings
for nuclear power plants proposed to be set up in the country. (NW18)
.
* DECCAN AVIATION: Government allows the company to fly to London from Aug
26. (NW18)
.
* ESCORTS: To raise tractor prices this month on rising input costs. (NW18)
.
* JINDAL STEEL AND POWER: Is close to acquiring a state-owned coal mine in
Mozambique for 2.0-2.5 bln rupees. (ET)
* HEG: Board approves share buyback for up to 485 mln rupees at a price of up
to 350 rupees a share. (NW18)
.
* HERO HONDA MOTORS: Is on track to launch 11 motorcycle models in next
13 months. (NW18)
Has hiked prices of vehicles across models by up to 1,500 rupees. (FE)
.
* INDIABULLS FINANCIAL: Is set to sell 35% stake in proposed commodity
exchange to be set up by the company and MMTC. (ET)
.
* INFOTECH ENTERPRISES: Signs three-year contract with U.S.-based IHS Inc.
Company has to provide solutions for improving currency, accuracy, and
completeness of information pertaining to energy and engineering. (NW18)
.
* LARSEN & TOUBRO: Is close to buying equity stake in coal mines in Australia
and Indonesia. (BL)
.
* MANGALORE REFINERIES AND PETROCHEMICALS: Will nearly double its diesel
exports to Iran to 450,000 tn until December. (NW18)
.
* OPTO CIRCUITS INDIA: Is in talks to acquire a European company at over $100
mln (4.36 bln rupees). (NW18)
.
* RELIANCE INDUSTRIES: May get export perks for diesel sales. (BS)
May be allowed to sell oil to state-owned oil marketing companies. (FE)
.
* TATA MOTORS: Joint venture partner Fiat may help company to design next
generation engines for Jaguar and Land Rover. (ET)
.
* VISA STEEL: In pact with Chhatisgarh government to set up 2.5 mln tn steel
plant at a cost of 47.5 bln rupees. (NW18). End
-news wire
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* U.S. shares ended down Tuesday as financial shares declined on mounting
concerns over credit market-related losses and on economic worries after weak
housing data and rise in wholesale prices.
* Asian markets were mixed today, with financial shares declining on concerns
about health of global credit markets. Japanese exporters declined as the
yen strengthened against the dollar.
.
...
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* Annual general meetings of: Aurobindo Pharma, Everonn Systems, GE Capital
Transportation, Gemini Communication, Haryana Capfin, Interfit Techno
Products, Jindal Drilling & Industries, Responsive Industries, Sakuma
Exports, Sybly Industries, and Zodiac Clothing.
* Board meet of Wire and Wireless to issue shares on a rights basis.
* Board meet of Alka Securities to issue shares on a rights basis.
* Board meet of PVP Ventures to consider proposed merger of Malaxmi Energy
Ventures (India) with self.
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strong buy eastern silk industries ltd, 12 months target rs.100 current market price rs.22.65. wait for one week from now. and buy after one week....
In reply to:
NSE adds 39 new stocks in F&O from Aug 21
Posted by :
MMB Messenger
Following 39 new stocks will be available for trading in F&O with effect from August 21, 2008. This includes ABG Ship, Akruti City, Everonn Systems, Indiabulls Real, GTL Infra, Mind Tree, Orbit Corp, Reliance Ind Infra etc. 
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Standard & Poor's Ratings Services today revised its outlook on the corporate credit rating on Infosys Technologies Ltd. (Infosys) to positive from stable. At the same time, Standard & Poor's affirmed the 'BBB' rating on Infosys.
The Indian-based IT services company reported 43% revenue growth for the fiscal year ended March 31, 2007, to US$3.1 billion, from US$2.2 billion in fiscal 2006. It is among the top three IT services company in India with net income of US$850 million for fiscal 2007.
"The corporate credit rating reflects the conservative financial policy and profile of Infosys, where the company remains debt-free as at March 31, 2007," said Standard & Poor's credit analyst Wee Lee Cheng. "The company also continues to improve its business and customer diversity in North America and Europe. In addition, Infosys has been increasing its new services, especially in package, consulting and business process management while maintaining its basic development and maintenance services base."
This strong revenue growth is also supported by the company's superior and improving cost efficiency where it still manages an efficient cost structure and high quality workforce in an industry there is continuing staff attrition and wage inflation.
The rating on Infosys is likely to be raised if there is further significant diversity in geographic, customer, industry or product services offerings while maintaining operating margins above 25% with modest financial risk profile and high liquidity position.
The above strengths are partly balanced by the company's continual investment in high capital expenditure and training, where the company had committed capital expenditures of at least US$150 million for fiscal 2008. In addition, Infosys operates in a highly cyclical and competitive IT services industry where it faces constraints in its India-based operations and visa restrictions for some overseas markets for its on-site work.
Infosys is also exposed to foreign exchange fluctuations where 95% of its revenue is from overseas contracts in U.S. dollars and the euro, while its operating expenses are largely denominated in local currency. Although Infosys hedges its foreign currency exposure for at least two quarters, the company's profitability is nevertheless affected by currency movements. The company estimates that a 1% appreciation of the Indian rupee can reduce operating margins by as much as 50 basis points.
Infosys has excellent liquidity, with cash and bank deposits of US$1,362 million (excluding deposits with corporations), which made up about 44.3% of total assets at March 31, 2007. In addition, the company also has deposits with corporations of US$41 million. Standard & Poor's expects Infosys' liquidity to remain very strong, and be more than sufficient to cover the company's entire debt-like contingent liabilities (present value of operating leases), which is estimated at US$76 million.
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Heavy selling would be seen in Gold as diwali season comes in. But there are quite a lot few buyers this time So, in total I wouldnt be surprised if Gold corrects further more sharp in diwali season.
Also, post olympics, this time gold selling would be more & demand would see big drop....
In reply to:
Gold a good buy for long-term investors
Posted by : MMB Messenger
Crude prices is inched down to nearly USD 111.8/bbl of a low a few minutes back and its back above USD 112/bbl at this point in time not too much of strength in commodities market. Gold is still a sell on rallies but for a long-term investor it’s a good buy.
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Crude prices is inched down to nearly USD 111.8/bbl of a low a few minutes back and its back above USD 112/bbl at this point in time not too much of strength in commodities market. Gold is still a sell on rallies but for a long-term investor it’s a good buy....
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A total of 11 stocks declined between 1.21% and 5% at 11:41 BSE on low volumes ahead of their inclusion in trade-to-trade segment from 22 August 2008.
Bombay Burmah (down 2.24% to Rs 349.50), Dwarikesh Sugar (down 2.05% to Rs 88.30), Global Vectra Helicorp (down 2.44% to Rs 70), Goa Carbon (down 5% to Rs 130.30), HMT (down 1.21% to Rs 69.50), ITI (down 1.62% to Rs 36.50), Lloyds Steel (down 2.22% to Rs 11.87), Petron Engineering (down 1.67% to Rs 243.80), Sabero Organics (down 5% to Rs 23.38), and Selan Exploration (down 1.02% to Rs 280.10), declined.
Meanwhile, BSE Sensex was down 96.98 points or 0.67% at 14,547.80 on weak global cues. US stocks sank on Monday, 18 August 2008, as the prospect of more losses from the mortgage crisis hurt the shares of banks and the two biggest home finance providers, pushing all three major indexes down about 1.5%.
Stocks in trade-to-trade group (T2T) group are to be compulsorily taken for delivery and hence intra-day trading in these scrips is not possible, resulting in dip in traded volumes.
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Mumbai-based Venus Mercantile Co is planning to set up a cement plant in Kachchh district of Gujarat, with an investment of Rs.1,300-1,500 crore. The plant will have initial capacity of 3.8 million tpa.
The company has already applied for mining licenses in Abdasa and Lakhpat regions of Kachchh. The plant is expected to be be completed within two years.
...
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Punjab Infrastructure Development Board will shortly take up new projects worth Rs.31,248 crore under PPP mode in Punjab.
Altogether there are 62 projects, including five ambitious Expressways - Mohali-Phagwara Expressway, Expressway around Mohali (Mohali-Banur-Baddi), Expressway for Amritsar Airport, Pathankot-Ajmer Expressway up to Punjab border and Ropar along Sidhwan Canal upto Ludhiana.
The other PPP projects are two ring roads - Amritsar ring road to be laid at a cost of Rs.2,000 crore and Ludhiana ring road to be built at an estimated cost of Rs.2,300 crore.
The new projects also include six roads, Batala-Beas road at Rs.50 crore, Karatpur-Kapurthala-Nakodar road at Rs.70 crore, Amritsar-Sri Hargobindpur-Tanda road at Rs.80 crore, Sirhind-Morinda-Ropar road at Rs.60 crore, Hoshiarpur-Phagwara road at Rs.60 crore and Jagraon-Raikot-Malerkotla road at Rs.65 crore.
The PIDB has proposed two metro rail projects; one in Ludhiana at an estimated cost of Rs.5,000 crore and the other in Amritsar, at a cost of Rs.4,500 crore. It also proposes to build three high-level bridges each costing Rs.50 crore over Sutlej Nakodar-Makhu Ferozepur road, over bridge at Beas, linking Sultanpur Lodhi to Chola Sahib and a bridge at Chakki Nadi in place of Pontoon bridge.
The construction and upgradation of Mohali bus stand, new bus stand at Patiala and Bathinda has been pegged at Rs.150 crores each.
The PIDB projects under PPP include Punjab Institute of Medical Sciences at Jalandhar at Rs.225 crore and superspeciality hospital in Mohali at Rs 200 crore besides Mohali would also get a sports complex at a cost of Rs.150 crore.
A proposal is also in place to set up an integrated multi-dimensional tourism project at Kurali in Ropar at a cost of Rs.100 crore and development of Bhootgarh complex with an investment of Rs.100 crore.
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India Infrastructure Finance Co (IIFCL) has approached international lenders, including a consortium of Japanese banks, to raise over $1.2 billion (about Rs.5,040 crore) debt.
In addition, it wants the government to chip in with an additional Rs.200 crore equity that will see its paid-up capital base increasing to Rs.1,000 crore. On 14 August 2008, the Union Cabinet approved a proposal to double its authorised capital to Rs.2,000 crore.
Besides, IIFCL board will soon discuss a proposal to raise Rs.1,000 crore from the National Small Savings Fund (NSSF) and another Rs.500 crore from LIC. The loan from NSSF will come at a rate comparable to 10 year government securities, while the company has proposed to raise funds from LIC at 50 basis points above the prevailing rate on the 10 year paper.
Of the foreign funds to be raised, IIFCL intends to mop up $600 million from World Bank, Euro 280 million (or $410 million) from German financial institution KfW and $250 million from Sumiotomo, Mizuho and JBIC....
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