45 constituents of NSG will meet today to discuss agreement between India & US for nuclear energy pact. The “Non-Proliferation treaty” will not tolerate to exempt India & allow going ahead with Indo-US Nuclear Power Project.

New Zealand, Brazil, Switzerland, Germany & many other countries have already shown their inconvenience regarding this pact between India & US. US officials told to media that they are going to take every step to obtain green signal for this deal.

But days have changed now. If 45 countries conclude to not permit this deal & deny to exempt India on “Non-Proliferation treaty” basis then US can do nothing. India will continue to struggle with its Black-Out like situation for another 7 to 10 years.

Moral of the story: DELAY, DELAY AND DELAY...
...

45 constituents of NSG will meet today to discuss agreement between India & US for nuclear energy pact. The “Non-Proliferation treaty” will not tolerate to exempt India & allow going ahead with Indo-US Nuclear Power Project.

New Zealand, Brazil, Switzerland, Germany & many other countries have already shown their inconvenience regarding this pact between India & US. US officials told to media that they are going to take every step to obtain green signal for this deal.

But days have changed now. If 45 countries conclude to not permit this deal & deny to exempt India on “Non-Proliferation treaty” basis then US can do nothing. India will continue to struggle with its Black-Out like situation for another 7 to 10 years.

Moral of the story: DELAY, DELAY AND DELAY
...

By Fannie Mae and Freddie Mac,


Aug. 19 (Bloomberg) -- Credit market turmoil has driven the U.S. into a recession and may topple some of the nation\\`s biggest banks, said Kenneth Rogoff, former chief economist at the International Monetary Fund.

``The worst is yet to come in the U.S.,\\`\\` Rogoff, a Harvard University professor of economics, said in an interview in Singapore today. ``The financial sector needs to shrink; I don\\`t think simply having a couple of medium-sized banks and a couple of small banks going under is going to do the job.\\`\\`

The U.S. housing slump has triggered about 0 billion in credit market losses for banks globally and led to the collapse and sale of Bear Stearns Cos., the fifth-largest U.S. securities firm. Bonds of regional banks such as National City Corp. and Keycorp are under pressure on expectations of more fallout. Rogoff, 55, said the government should nationalize Fannie Mae and Freddie Mac, the nation\\`s biggest mortgage-finance firms.

Freddie Mac and Fannie Mae ``should have been closed down 10 years ago,\\`\\` he said. ``They need to be nationalized, the equity holders should lose all their money. Probably we need to guarantee the bonds, simply because the U.S. has led everyone into believing they would guarantee the bonds.\\`\\`

Last month, President George W. Bush signed into law a housing bill that provides Treasury Secretary Henry Paulson the power to make equity purchases in Fannie Mae and Freddie Mac. Paulson asked for the authority July 13 after the shares of the firms, which own or guarantee almost half of the trillion of U.S. mortgages, slid to the lowest level in more than 17 years.

Shares Slump

The mortgage lenders have been battered by record delinquencies and rising losses. Fannie Mae fell 30 cents to .85 at 12:55 p.m. in New York Stock Exchange composite trading, its lowest level since May 1989 amid concern the government-chartered companies will fail to raise the capital they need to offset losses. Freddie Mac declined 8 percent to the lowest since January 1991.

Banks repossessed almost three times as many U.S. homes in July as a year earlier and the number of properties at risk of foreclosure jumped 55 percent, according to RealtyTrac Inc., an Irvine, California-based seller of foreclosure data. U.S. builders broke ground on the fewest houses in 17 years last month, according to a Bloomberg News survey.

Rogoff told a conference in Singapore today that the credit crisis is likely to worsen and a large bank may fail, Reuters reported earlier. He was the IMF\\`s chief economist from August 2001 to September 2003.

``Like any shrinking industries, we are going to see the exit of some major players,\\`\\` Rogoff told Bloomberg, declining to name the banks he expects to fail. ``We\\`re really going to see a consolidation even among the major investment banks.\\`\\`

IndyMac Bancorp

IndyMac Bancorp Inc., once the second-largest U.S. independent mortgage lender, filed for bankruptcy protection Aug. 1, three weeks after it was taken over by the Federal Deposit Insurance Corp. amid a run by depositors that left it strapped for cash. Bear Stearns collapsed in March and sold itself to JPMorgan Chase & Co. for a share.
...

India expects exemption from NSG without any change to draft
(Press Trust Of India / Mumbai August 17, 2008, 17:59 IST)

Ahead of the two-day extraordinary plenary meeting of the Nuclear Suppliers Group (NSG) in Vienna from Thursday, India today said it expected an exemption from the NSG without any change to the draft that was circulated by the USA to suppliers.
India also expected the entire process to move in a manner consistent with the July 18, 2005, understanding.
"We have done everything that had to be done and now we expect the NSG exemption without any change to the draft that was circulated to them recently," Chairman, Atomic Energy Commission Anil Kakodkar said today.
NSG is holding a two-day extraordinary plenary meeting from August 21 especially to discuss the exemptions to India for international nuclear commerce.
Reacting to a letter written by non-proliferation experts and NGOs asking the NSG to to reject the US proposal to exempt India from long-standing global nuclear trade standards, Kakodkar said, "We expect the process to move consistent with the July 18, 2005, understanding and any change in their (NSG) position is problematic."
"We can not agree to further demands and there is no way we can," he said.
Last week, 150 non-proliferation experts and NGOs from around two dozen countries asked Foreign Ministers of the Nuclear Suppliers Group to reject the US proposal to exempt India from long-standing global nuclear trade standards.
...

India expects exemption from NSG without any change to draft
(Press Trust Of India / Mumbai August 17, 2008, 17:59 IST)

Ahead of the two-day extraordinary plenary meeting of the Nuclear Suppliers Group (NSG) in Vienna from Thursday, India today said it expected an exemption from the NSG without any change to the draft that was circulated by the USA to suppliers.
India also expected the entire process to move in a manner consistent with the July 18, 2005, understanding.
"We have done everything that had to be done and now we expect the NSG exemption without any change to the draft that was circulated to them recently," Chairman, Atomic Energy Commission Anil Kakodkar said today.
NSG is holding a two-day extraordinary plenary meeting from August 21 especially to discuss the exemptions to India for international nuclear commerce.
Reacting to a letter written by non-proliferation experts and NGOs asking the NSG to to reject the US proposal to exempt India from long-standing global nuclear trade standards, Kakodkar said, "We expect the process to move consistent with the July 18, 2005, understanding and any change in their (NSG) position is problematic."
"We can not agree to further demands and there is no way we can," he said.
Last week, 150 non-proliferation experts and NGOs from around two dozen countries asked Foreign Ministers of the Nuclear Suppliers Group to reject the US proposal to exempt India from long-standing global nuclear trade standards.
...

\\`Cut duty on iron ore to make NMDC\\`s exports viable\\`
Press Trust Of India / New Delhi August 17, 2008, 17:38 IST


The Commerce Ministry is likely to propose a reduction in export duty on iron ore, which if materialises could help resolve its difference of opinion with Steel Ministry over NMDC\\`s plans to hike prices for the commodity for foreign steel makers under long-term contracts.
It is also planning to put forward a proposal with regard to waiving the additional railway surcharge on iron ore, a key raw material for steel production.
The Ministry of Commerce is expected to propose before the Cabinet a reduction in export duty from the present 15 per cent ad-valorem to the previous level of Rs 300 a tonne for long-term agreement.
It is also seeking a rollback of additional railway freight from Rs 1,000 for overseas shipments of iron ore, sources said.
The proposals aim at making it financially viable for the country\\`s largest iron ore miner NMDC Ltd to export the commodity to Japanese and South Korean steel mills.
NMDC is seeking up to 97 per cent hike in iron ore prices for foreign steel makers for long-term contracts, a move which has not been endorsed by the Commerce Ministry saying that India and Japan have a long-term bilateral trade relationship.
The Commerce Ministry is of the view that the entire exercise by NMDC for seeking a higher tariff for exports to Japan and Korea is based on the presumption that its domestic long-term prices would also be revised upwards from Rs 2,546 to Rs 3,510 a tonne (for Baila lumps).
\\\\...

Hallo Vijay - Dubai,

Your article is focusing on Steel Demand & Sesa Goa in another segment. In fact, if Steel demand increases then Steel makers will always try to increase prices. But Indian govt. already clarified that they will help Steel makers in getting raw material at cheaper rates.

Main component of Steel is iron ore. And what govt. will do?...right! they will curb iron ore prices to go up so that Steel makers will also not increase prices.

In other words, its critical for Iron Ore makers to improve margins further.

Also one more factor popping its head up into global commodities market is that as we saw equity devaluation in current year; in next year same thing will happen in case of all commodities world wide.

Take the best decision....

Please describe the impact on Indian PSU Banks especially SBI in this context....

Hello friend. When vedanta group bought sesa and gave open offer @rs 2036, they were seeing the longterm value, today if you value sesagoa they have made 3 times in less than 2 years. Any government policy, will not completely be against the industry, government will try to maintain certain equilibrium...secondly if govt interference increases the FDI & FII outflow will bring down the daily tax income for govt which comes from stkmarket. Sesagoa will have enough scope to grow even with taxation, as spot prices / contract prices are at good levels for longterms as well as short term from whcih it will benefit. Anyways its always the timing in market when you enter and exit a stock and re-enter if you believe in it at better levels. In commodity sector steel prices will be more stable than other plays like oil...as demand is more & more. Interesting article to read which was published today in gulf daily. Abu Dhabi steel prices soar 91% By Ahmed A. Elewa, Senior Reporter Published: August 16, 2008, 23:51 Abu Dhabi: Limited domestic production and soaring international prices of building materials continued to drive the costs up substantially in Abu Dhabi last month, according to the emirate's Department of Planning and Economy (DPE). DPE's monthly building materials index revealed a rise in the prices of construction steel and cement in July when compared to June, recording a rise of 91 and 46 per cent respectively since the beginning of the year. "The average increase in the prices of various building materials last month varied sharply from 3 to 53 per cent, yet the fact remains that the overall prices have increased substantially during the first half of the year," said a report issued by the department. "One of the reasons is the overwhelming demand in Abu Dhabi, where the value of development projects from 2004 to 2007 stood at Dh880 billion, with Dh200 billion additional projects expected this year alone," the report said. The wide gap between the production and consumption of construction steel has been blamed for the market's imbalances. In terms of production, Abu Dhabi was successful to raise its output from 383,700 tonnes in 2003 to 830,000 tonnes in 2007, and by the end of 2009 this figure is expected to exceed 1.5 million tonnes. This projected increase is attributed to the expansion of Emirates Steel and the operation of new facilities, such as Gulf Steel Industries - which will begin production by the fourth quarter of 2008 with a capacity of 400,000 tonnes - and Union Steel which is still under construction. "Nevertheless, the steel consumption pattern in the capital suggests the continuation of the imbalance for years to come, given that the average annual growth of consumption stood at 24.6 per cent during the past three years. It rose from 1.69 million tonnes in 2006 to 2.11 million tonnes in 2007," the report said. Increasing imports is a natural result of the wide gap of more than 39 per cent between consumption and production. Steel imports grew from 806,000 tonnes in 2005 to 1.62 million tonnes in 2007, a 71.6 per cent increase. "Only 5.7 per cent of the imports come through Abu Dhabi's ports, while the majority comes through Dubai," the report said. The result was a 91 per cent increase in prices during the first half of 2008 from an average of Dh3,139 per tonne in January to Dh6,000 in June, with the rising costs of diesel and electricity by 40 per cent and labour by 15 per cent adding to the burdens faced by the domestic producers. ...

So then, effectively it means that I will have to wait until the shares get credited into my account. By then, people would have beaten down this stock blue and black to new lows!!! Bad luck, I would say....

no...persons who sell share on 7th cannot get bonus. what is the purpose of declaring record date as 18th.? They could have very well declaread 7th as the record date. As there is no delivery period from 8 th 14 th the settlement date is 18th morning for the trades effected on 7th....

You will get bonus shares even though you sale your 2 shares on 8th Aug. Because 8th to 14th is "No Delivery Period"...

is this with regard to mercator lines?? ...

To My Multibaggers True. The Q1 results have come.The reports over fiscal policy, banking bils are to come in, cllapse of the banking system in US, and Europian countries showing the distress signals, I strongly feel that Indian banks may also be not faring well in the next Quarter too.This bank may certainly move down slowly and we can get three shares for one hundred rupees shortly.I hope the scrip can move between Rs.30 to Rs.33. This is not a notional loss as envisaged by the banks CMD, and should be the the real loss affecting the balance sheet. We can wait for the srcip to move down by 10% for fresh purchases, even for averaging or buy in lots of 10 shares slowly. Please spin your own yarn. So I have given my own views as you have specifically called for the same. v.krishnamoorthy ...