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Moneycontrol News Archive : 8 April, 2005

  • CCEA allows FIs to end Dabhol row

    8th April, 2005 21:00

    The Cabinet Committee on Economic Affairs has given an in- principal guarantee to financial institutions to end the Dabhol row. The domestic lenders to the trouble

  • Mittal to occupy non-exec position in 2 yrs

    8th April, 2005 20:55

    Sunil Bhart Mittal is working on creating a non executive position for himself in the Bharti Group over the next two years.

  • Stocks to watch: TCS, Satyam, HCL

    8th April, 2005 19:46

    Analysts discuss Infosys, TCS, Satyam, HCL, Tisco, Infosys and ITC

  • Go short on Nifty, bank futures: Wadhwa

    8th April, 2005 18:17

    Derivatives analyst Manohar Wadhwa of SSKI and Sharekhan advises investors to go short on the Nifty and bank futures, and buy Nifty Puts. Infosys and the auto pack

  • Crude will not touch $100/bbl: CLSA

    8th April, 2005 18:11

    Jim Walker, Chief Economist at CLSA says that crude oil prices are not going to $100 barrel or any where nearer. It will lower over the next few months, especi

  • Dip in market indicates buying: Sonthalia

    8th April, 2005 17:09

    Analyst feels that any dip in the market should be taken as a buying opportunity.

  • Inflation eases to 5.05% Vs 5.11%

    8th April, 2005 17:00

    Inflation for the week ended March 26 is at 5.05% Vs 5.11%. Market had expected inflation at 4.99% for the week ended March 26.

  • HLL to transfer tea plantation divisions

    8th April, 2005 16:45

    HLL is planning to transfer its tea plantation business in Assam, Tamil Nadu to subsidiaries. The plantation businesses do not fit in with the FMCG focus, HLL said

  • Vesuvius to double capacity by 2007

    8th April, 2005 16:37

    Vesuvius India is bent on capturing the steel boom companies say would come in 2007. It has significant capex plans afoot.

  • Volumes improve, despite Nifty 10pt discount

    8th April, 2005 15:58

    Volumes improved in the F&O segment, with a turnover of Rs 8813 crore. The Nifty was trading a 10-point discount, and short positions were seen.

  • Motorola unveils second design centre site

    8th April, 2005 15:38

    The global communication equipment giant unveils site for the second design centre in India at Hyderabad for its Global Software Group.

  • Bongaigaon up on large volumes

    8th April, 2005 15:27

    Bongaigaon Refineries has touched an intraday high of Rs 99.40 and an intraday low of Rs 93. At 3:06 pm the share is quoting at Rs 94.85, up Rs 2.80, or 3.04%.

  • Herbertsons among major losers

    8th April, 2005 15:07

    Herbertsons has touched an intraday high of Rs 258 and an intraday low of Rs 225. At 2:24 pm the share is quoting at Rs 225 down Rs 12.25, or 5.16%

  • Nirlon plant acquisition all cash deal: NRC

    8th April, 2005 13:43

    According to PS Sharma, MD of NRC, the acquisition will increase their turnover by Rs 90-100 crore per annum and profitability to the tune of Rs 14-15 crore.

  • IOC allowed to directly charter ships: Govt

    8th April, 2005 13:38

    IOC has been permitted to directly charter ships for oil imports in today's Cabinet meeting.

  • Mediclaim Policy limit may be hiked: IRDA

    8th April, 2005 13:29

    IRDA is planning to look into increasing the Rs 5 lakh limit on mediclaim policy and the cap on pension policies for tax benefits is expected to be addressed in th

  • Crude prices, inflation a worry: Uday Kotak

    8th April, 2005 13:12

    Uday Kotak Vice, Chairman of Kotak Mahindra Bank says that the fundamentals of the economy is looking strong, however, surging crude oil prices and inflation cou

  • Earnings season may not disappoint: Naren

    8th April, 2005 13:10

    S Naren of Prudential ICICI feels that the earnings season may not be a disappointment.

  • Govt sets FY06 export target of $92 bn: Nath

    8th April, 2005 12:50

    Commerce Minister Kamal Nath has said, 2003-04 exports have touched $80 billion, up 24%, and he has set a an export target in FY06 of $92 billion. The FY0

  • Pharma moving sideways, says Pendharkar

    8th April, 2005 12:33

    Vidur Pendharkar, Fortis Securities, is of the view that pharma stocks are moving sideways. Investors will have to wait too long to book profits.

  • NTPC FY05 net profit at Rs 5,292 crore

    8th April, 2005 12:20

    NTPC FY05 net profit is up marginally 0.58% at Rs 5,292 crore as compared to Rs 5,261 crore.

  • Tata Motors good for long term: Pendharkar

    8th April, 2005 12:05

    Vidur Pendharkar, Fortis Securities, feels the general trend in this stock for short to medium term is down and for long term investor it is upwards.

  • Bajaj Hindustan numbers dull: Tulsian

    8th April, 2005 11:50

    There is no increase in the topline, though bottomline seems to have increased through price-realisation, feels S P Tulsian, investment advisor.

  • Keep stoploss of Rs 520 in REL: Pendharkar

    8th April, 2005 11:46

    Vidur Pendharkar, Fortis Securities, feels that the stock is moving in a range and till it moves from this range it won't see a run up. He advises a long term inve

  • Mastek net profit seen up 7.34%: Poll

    8th April, 2005 11:30

    According to a poll conducted by CNBC-TV18, Mastek is likely to post over 7.34% increase in net profit quarter on quarter to Rs 13.8 crore.

  • Jindal Photo touches a new high

    8th April, 2005 11:23

    Jindal Photo has touched a new high of Rs 275.55. At 11:00 am the share is quoting at Rs 264.50, up Rs 28.25, or 11.96%.

  • Dearth of corporatised brokerages: FM

    8th April, 2005 11:13

    Finance Minister, P Chidambaram says, while the stock markets are the most efficient way of converting savings to investment, there is a dearth of corporatised bro

  • ICICI Bank firms up

    8th April, 2005 11:05

    ICICI Bank has touched an intraday high of Rs 415.70 and an intraday low of Rs 405.60. At 10:38 am the share is quoting at Rs 415.30, up Rs 6.40, or 1.57%.

  • Crude slips for fifth day amid speculation

    8th April, 2005 10:54

    Crude oil fell for a fifth straight day amid speculation that rising US refinery output will boost gasoline supplies for the peak summer motoring season.

  • Air Deccan to fly North-east

    8th April, 2005 10:42

    The low cost carrier has announced operations in the Delhi-Baghdogra, Baghdorga-Guwahati and Guwahati-Delhi sectors, and also, in the Kolkata-Guwahati, Guwahati-Di

  • New India numero uno among general insurers

    8th April, 2005 10:26

    The New India Assurance Company has maintained its lead and has ended the financial year 2005 with a premium income of over Rs 5,107 crore.

  • 'Fidelity insists on long-term investment'

    8th April, 2005 10:23

    Fidelity, with assets over $1.2 trillion under management globally, has set a few riders in its maiden scheme in India, which distributors say will change the

  • Global insurance majors eye Indian market

    8th April, 2005 10:13

    Global insurance giants like Aegon and Axa have evinced interest in entering the domestic market.

  • Cognizant, Inforte tie up for CRM solutions

    8th April, 2005 10:10

    Inforte Corp and Cognizant have tied up to deliver comprehensive customer relationship management solutions to global organisations. through complementary consulta

  • Brokers bullish on ACC, JK Sugar, Lupin

    8th April, 2005 09:49

    Brokerage houses are bullish on JK Sugar, Wockhardt, Aventis Pharma, Guj Ambuja, Lupin, and ACC.

  • Rupee may rise against the US dollar

    8th April, 2005 09:44

    Rupee may rise against the US dollar on the back of the greenback's weakness against major global currencies.

  • Market Cues:FIIs net buy $21.80 mn on Wed

    8th April, 2005 09:40

    FIIs net buy $21.80 million on Wednesday and MFs net sell Rs 7.97 crore ( Rs 79.7 million) on Wednesday

  • Drug prices set to fall by 3 to 5%

    8th April, 2005 09:28

    Drug prices are set to fall by at least 3 to 5 % under the VAT regime. The 8% average sales tax on drugs in most states will now come down to 4% as VAT comes in.

  • Stocks gain on Wall Street; oil prices slide

    8th April, 2005 09:11

    US stocks closed higher on lower gas prices and prospects of a good earnings season.

  • Money Calls: Guruprasad, Venkataraman

    8th April, 2005 08:55

    The bond market is expected to be weak today, quite like yesterday. Players will closely keep an eye out for inflation says Guruprasad.

  • Taj to pump Rs 50cr in new restaurants, bars

    8th April, 2005 20:59

    Taj Business hotels is planning to invest about Rs 50 crore over the next year to develop new restaurants and bars in its existing hotels.

  • Kingfisher Airlines may float public issue

    8th April, 2005 20:34

    Kingfisher Airlines plans to float a public issue in the next 18 months to two years.

  • Crude to hit $30/bbl on good stocks: Evans

    8th April, 2005 18:42

    Tim Evans of Thomson Financial says that crude oil prices may fall below $30 per barrel, within the year, because of ample inventories and refining capacity.

  • Crude to be around $50-60/bbl: Ramachandran

    8th April, 2005 18:16

    MS Ramachandran, Former Chairman of IOC says that if there is some kind of a disruption, then crude prices could go up to $60. But otherwise, crude will trade

  • Mahavir Spinning expects a boost in turnover

    8th April, 2005 17:58

    SP Oswal, CMD OF Mahavir Spinning Mills, expects their turnover to go up to Rs 3,000 crore from the present Rs 1,000 crore in three years.

  • NTPC upbeat on its coal mining foray

    8th April, 2005 17:00

    NTPC's Q4 net profits are marginally up, and it plans a Rs 8250 crore capacity expansion. The company hopes to maintain its improved plant load factor, and is upbe

  • Rupee, bonds end on a weak note

    8th April, 2005 16:56

    Rupee ended weak after moving in a narrow band as dollar demand and supplies matched. Bond prices eased after the fall in March 26 inflation which was below market

  • Sensex ends below 6500: Tech stocks down

    8th April, 2005 16:37

    The Sensex closed lower following the sharp fall in the technology stocks. Several capital goods, bank, and media shares witnessed selling pressure.

  • Sharma bullish on Nahar Spinning

    8th April, 2005 16:11

    V K Sharma of Anagram Stock Broking, believes Nahar Spinning has a capacity to add another Rs 30- Rs 40 in a month's time.

  • Keep stoploss of Rs 85-86 in Bongaigaon

    8th April, 2005 15:46

    Technical analyst, E Mathew, feels that the Bongaigaon Refinery stock has been on an upward trend for some time and advices keeping a strict stoploss.

  • Business fairly good: Gateway Distriparks

    8th April, 2005 15:32

    Gateway Distriparks has been in the spotlight in the last few days, with Franklin Templeton Mutual Fund picking up a large 5.83% stake yesterday. The stock recentl

  • United Western Bank among major gainers

    8th April, 2005 15:16

    United Western Bank has touched an intraday high of Rs 56.55 and an intraday low of Rs 51.10. At 2:56 pm the share is quoting at Rs 51.75, up Rs 4.60, or 9.76%.

  • Book profits in UCO at Rs 36: Pendharkar

    8th April, 2005 14:00

    Vidur Pendharkar, Fortis Securities, feels that the long term perspective for this stock shows an upward trend. He advices staying invested and sell the stock at a

  • Exports to touch $92 bn this year: Govt

    8th April, 2005 13:43

    There is a growing emphasis on simplifying trade policy procedures, the Commerce Secretary said. Exports from Indian shores are set to touch $ 92 bn this year.

  • MphasiS Q4 net seen up 12.43% QoQ: Poll

    8th April, 2005 13:29

    A CNBC-TV18 poll says, MphasiS BFL will post a 12.43% increase in net profit QoQ to Rs 30.2 crore from Rs 26.86 crore. Revenues are expected to be up 5.3% to Rs 20

  • Heavyweights drag markets down

    8th April, 2005 13:13

    The markets are trading lower following the weakness in the index heavyweights. The technology, bank and capital goods stocks are down.

  • Invest for long term in Ballarpur: Expert

    8th April, 2005 13:11

    Vidur Pendharkar, Fortis Securities, advises to invest in Ballarput for a long term as the stock will reach value of Rs 150 after 12 to 18 months.

  • Book profit in KEC at Rs 224-240: Expert

    8th April, 2005 13:04

    Vidur Pendharkar, Fortis Securities, believes that KEC's target level is between the range of Rs 224 to Rs 240. He believes its appropriate to book profit at this

  • Coming quarters look good: Bajaj Hindustan

    8th April, 2005 12:43

    Bajaj Hindustan is looking at the third and fourth quarters to bring back figures on line. Bajaj Hindustan numbers have brought forth unfavourable reactions from t

  • 25% growth in midcaps, large caps: Dalal

    8th April, 2005 12:32

    Negative sentiment is governing the markets, says Amit Dalal of Amit Nalin Securities. However, both midcaps and large caps are showing 25% growth, and the market

  • Ispat board approves UTI debt settlement

    8th April, 2005 12:08

    Ispat board has approved the settlement of its debt with UTI. The Ispat-UTI settlement includes an upfront payment of Rs 55 crore. Ispat will pay the balance of Rs

  • Bajaj Hindusthan Q2 net up 106.8%

    8th April, 2005 12:00

    Bajaj Hindusthan Q2 net profit is up 106.8% at Rs 21.45 crore as compared to Rs 10.37 crore.

  • NTPC Q4 net profit expected at Rs 990cr

    8th April, 2005 11:48

    NTPC Q4FY04 net profit is expected at Rs 990 crore (Rs 9.9 billion) according to a CNBC TV-18 poll.

  • Go short on Nifty; long on CNX IT: Iyengar

    8th April, 2005 11:45

    Srikanth Iyengar of Edelweiss Capital advises investors to be short on the Nifty and long on the CNX IT index. He expects a short-term bounce on the index.

  • Credit growth of 30% to continue: Morparia

    8th April, 2005 11:29

    Kalpana Morparia, Deputy MD of ICICI Bank, sees strong credit growth of around 30% in the banking sector, continuing over to the fourth quarter. This will be large

  • Alstom among major gainers

    8th April, 2005 11:13

    Alstom has touched a 52-week high of Rs 109.25. At 10:48 am the share is quoting at Rs 109.25, up Rs 18.20, or 19.99%. There are pending buy orders without sellers

  • Travel agents to down shutters

    8th April, 2005 11:05

    With international airlines led by Air-India sticking to their decision to slash the commission by 2%, travel agents in protest will go on a day's strike tomorrow.

  • NRC flares up after acquiring Nirlon plant

    8th April, 2005 10:55

    NRC acquires Nirlon tyre plant. It share has touched an intraday high of Rs 47.45 and an intraday low of Rs 45.60. At 10:04 am the share is quoting at Rs 46.85, up

  • Infosys resumes on negative note

    8th April, 2005 10:50

    Infosys has touched an intraday high of Rs 2,190 and an intraday low of Rs 2,148.10. At 10:30 am the share is quoting at Rs 2,150, down Rs 37.3, or 1.71%. Its ADR

  • Market opens on a flat note: Tech weak

    8th April, 2005 10:28

    The markets have opened on a flat note. Most of the index stocks are trading near their previous close. Technology shares are witnessing selling pressure.

  • ICICI Pru Life covers 2 lakh rural people

    8th April, 2005 10:25

    India’s largest private sector insurance company, ICICI Prudential Life Insurance crossed milestone of covering 2 lakh people in rural India.

  • UTI expects Rs 1000 cr from div yield fund

    8th April, 2005 10:21

    The Unit Trust of India expects to mop up around Rs 1,000 crore (Rs 10 billion) from its newly launched UTI-Dividend Yield Fund.

  • Nat Insurance rating for paying ability cut

    8th April, 2005 10:11

    Credit rating agency Icra has downgraded the Kolkata-based state owned National Insurance Company’s high claim paying ability.

  • Stocks in news: Tata Tele, NTPC, NRC

    8th April, 2005 09:59

    Stocks in news: Tata Tele, Reliance, NTPC, United Western Bank, Vardhaman Spinning, Mahavir Spinning, NRC, Nirlon, Abhishek Industries, Aksh Optifibre, Core Health

  • BSE derivatives volumes run dry in April

    8th April, 2005 09:45

    Volumes in the BSE's derivatives segment have dried to zero in April. The BSE is planning to relaunch this segment, but will avoid any piecemeal schemes to lure br

  • F&O cues: Nifty Futures still at a discount

    8th April, 2005 09:43

    NSE F&O cues: Nifty Futures still at huge discount. Voulmes remain low.

  • Rel Info tapped my phones: Anil Ambani

    8th April, 2005 09:36

    Anil Ambani has written a letter to the Union Home Minister, complaining that his phone lines are being tapped by a director at Reliance Infocomm.

  • Asian markets trading firm: Nikkei up

    8th April, 2005 09:19

    Most of the major Asian markets are trading higher. The Nikkei average is up 0.43% at 11861.97 on gains in blue chips with solid earnings prospects such as Toshiba

  • Gold expected to be rangebound:Gnanashekhar

    8th April, 2005 09:07

    The gold is expected to be rangebound but may fall further to $418-420/oz in next few days, says T Gnanashekhar.

  • Equity Calls: Choksey, Gujral, Choudhury

    8th April, 2005 08:51

    The market had gained on Wednesday, but the volumes were not quite convincing, and this lack of conviction caused the fall on Thursday. The market is looking for t

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