The weavers, who converged on the main market in the morning, also demanded that the State Bank of India branch down its shutters, the sources said. The weavers alleged that artificial silk brought from other parts of the country for making the traditional Assamese attire was affecting them and the silk industry in the state. They also alleged that the silk clothes the shops were selling were not pure Assamese golden Muga Silk and white Paat Silk as the clothes burnt turned to ash unlike pure silk. The trouble began yesterday when the weavers set ablaze silk clothes, clashed with shopkeepers and threw stones at the police when they intervened injuring five of them. The local people, who reared silk worms and were employed in the weaving industry, have been on the warpath for some time against the use of artificial silk from outside by traders for preparing traditional attires as it was cheap and had a better finish than the local silk varieties. They claimed that local weavers, who used looms for weaving, were unemployed because of the machine-made products while silkworm rearing had become extinct due to the lack of market for the expensive silk. They also accused that the state government had assured to give Rs 100 crore for the survival of the Assam Paat and Muga silk industry facing stiff competition from artificial silk, but the funds were yet to be released.
Indefinite curfew in Assam silk town Sualkuchi
Written By Unknown on Minggu, 31 Maret 2013 | 16.02
Amazon to acquire book recommendations site Goodreads
Mar 30, 2013, 05.55 PM IST
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Amazon to acquire book recommendations site Goodreads
Know Goodreads? Well, Amazon today announced that it is in the process of acquiring it. Goodreads, ...
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Amazon to acquire book recommendations site Goodreads
Know Goodreads? Well, Amazon today announced that it is in the process of acquiring it. Goodreads, ...
Know Goodreads? Well, Amazon today announced that it is in the process of acquiring it. Goodreads, the site for book recommendations, is where book lovers can find and share the books they love. While the terms of the acquisition were not made known, Russ Grandinetti, Amazon Vice President, Kindle Content, said, "Amazon and Goodreads share a passion for reinventing reading. Goodreads has helped change how we discover and discuss books and, with Kindle, Amazon has helped expand reading around the world. In addition, both Amazon and Goodreads have helped thousands of authors reach a wider audience and make a better living at their craft. Together we intend to build many new ways to delight readers and authors alike."
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Euro zone savings deposits are safe, says German minister
In an interview with Bild newspaper published on Saturday, Schaeuble distanced himself from comments on Monday by Eurogroup chairman Jeroen Dijsselbloem, who said the rescue programme agreed for Cyprus - the first to impose a levy on bank deposits - would serve as a model for future crises.
"Cyprus is and will remain a special one-off case," Schaeuble said.
"The savings accounts in Europe are safe."
Schaeuble said the problem in Cyprus was that two large banks in Cyprus were in effect no longer solvent and the Cyprus government did not have enough money to guarantee savings.
"That's why the other euro zone countries had to help," he said. "Together in the Eurogroup we decided to have the owners and creditors take part in the costs of the rescue - in other words those who helped cause the crisis."
Schaeuble said he was confident Cyprus would be able to completely pay back the help. "Cyprus's economy will now go through a long and painful period of adjustment. But then it will pay back the loan when it is on a solid economic foundation."
Schaeuble said the euro was stronger today than at any time since 2010.
"Yes, you could see that during the Cyprus crisis," he said. "The entire turbulence did not have any impact on the other countries in Southern Europe."
He said it was different in early 2012, when elections in Greece caused interest rates across Southern Europe to rise.
"The financial markets have seen: we are better prepared now. We've accomplished quite a bit," Schaeuble said.
He said he was against thinking about individual countries leaving the euro zone. "What is more important is that we are strong enough to keep everyone in the boat," he said.
"I believe that we will one day read in the history books about this period that the crisis brought Europe even closer together," he said, adding the continent was currently enjoying "a very fortunate era".
How impact investing could affect biz in India
When Pierre Omidyar saw his networth cross a billion dollars in 1998 as Ebay listed on the capital markets, he knew he had to do more with his wealth that had come to him in just three years. So, he set up the Omidyar Network, an organisation that invests in promising social enterprises.
Today, the Omidyar Network, sponsored by Pam and Pierre Omidyar has put in over USD 550 million in impact investments. The network operates with two cheque books, investing roughly half its corpus as grants to non-profit organisations, while the other half goes to early-stage social entrepreneurs whose businesses are perceived too risky by commercial investors. Omidyar set up shop in India in 2010 and has a portfolio of 27 organisations in which it has invested about USD 100 million. 70 percent of these are for-profit ventures.
Venture philanthropy, impact investing and flexible capitalism. These are some of the terms that have been used to describe the approach that Jayant Sinha, partner, Omidyar Network India Advisors and his team have taken to capital investments in the social sector. But Jayant likes to keep it simple. He believes social impact and financial returns are a means to an end. Jayant uses examples of two of his investee companies to explain how they operate - D Light, a solar lantern manufacturer and Tree House, India's largest self operated pre-school chain.
Sinha says, "The social impact cannot be an add-on it has got to be built into the value proposition. So, Tree House tracks the number of children that are in their preschools. That is an impact metric because we know if the child is in one of the Tree House preschools, he or she is going to get tremendous education and in doing so achieve social impact.
Similarly for D Light. D Light makes solar lanterns. So, for every solar lantern they ship, they are actually substituting kerosene lanterns. They are reducing the cost of using kerosene, providing a much healthier alternative, and reducing the risk of fire. So, built into that solar lantern is already that social impact. You track solar lanterns, you are tracking social impact.
For someone who didn't know what LP (not sure) stood for in 2001 to managing four funds worth over Rs 800 crore Vineet Rai, founder and CEO, Aavishkaar has come a long way on a very challenging road. One really must put this in context at a time when regular venture capitalists (VCs) were reluctant to make investments in purely commercial ventures in urban India, Vineet's mission is to create a fund to service enterprise in India's most rural areas.
Vineet survived the rough and tumble of impact investing because of his ability to take disproportionate risks and the capacity to be extremely patient, the virtue of which he learnt when he first began working for a Gujarat government-backed rural enterprise incubator in 1998.
Rai says, "My job was to go to the villages and help the innovators into converting their innovations into products and then into businesses. One of the key learnings I gained in that process is converting an innovation into a product, and a business requires an entrepreneur not an innovator as the lead. The entrepreneur is taking the risk and he requires risk capital in trying to build that business. The biggest challenge was not in finding the entrepreneur or helping the innovation to become a product, but providing that risk capital. That was my key learning out of the three, three and a half years I spent as incubator.
Aavishkaar is not very different. We are a venture capital fund. The only difference is that we are focused on rural India. We have made 38-39 investments till date. We are the first investor in almost 38 of them. So, 98 percent of the time we are the first investor. Almost 50 percent of the companies that we have invested in actually didn't exist, that means they started with our capital. More than 50 percent of our capital is deployed in the low-income stage. So, that could tell you that our capacity or appetite to go and take risks where returns are actually unexpected is very high.
Expect market rally to continue; buy HDFC, HCL: Sukhani
Written By Unknown on Sabtu, 30 Maret 2013 | 16.02
Also Read: Mkt may fall in April end; pvt banks, USL hot bets: Experts
Sudarshan Sukhani, s2analytics.com is bullish on the market going into next week. He expects the rally that started on Thursday to continue. "The bias should be to buy, buy breakouts, buy dips, I would advise avoiding midcaps that have run up sharply. Beyond that, even midcaps are worth buying into if the run up has not yet started," says Sukhani in an interview to CNBC-TV18.
When talking about stocks, Sukhani is bullish on Housing Development Finance Corporation ( HDFC ) and Hindustan Unilever Ltd ( HUL ). He however, feels Yes Bank is best avoided.
Below is the verbatim transcript of his interview on CNBC-TV18
Q: A pullback seems to be inevitable at this point in time given how oversold we are in the market and there were some signs of that on Thursday as well, would you have a long bias as we head into the trading week?
A: The markets are deeply oversold. We have been falling for ten-twelve days relentlessly. So, this week was a period of consolidation. We didn't go anywhere, this short week saw the Nifty move around 5,600-5,650 and finally cross that hurdle of 5,650 on the upwards.
Next week should be cheerful for bulls. I would expect the rally that started on Thursday to continue throughout the next week. The bias therefore should be on the long side. This does not change the intermediate scenario which is that we are in a downtrend, but we will have sharp corrections on the upside within that downtrend. We should enjoy those corrections while they last and they could be longer than we think. So, the bias should be to buy, buy breakouts, buy dips, I would advise avoiding midcaps that have run up sharply. Beyond that, even midcaps are worth buying into if the run up has not yet started.
Q: Give us a couple of buy ideas that you would recommend in the upcoming weeks, since you mentioned that you would stay with midcaps but there could be some lucrative calls in the frontliner stocks?
A: That is right and a lot of frontliners are now giving us a confirmed bullish patterns. One of them is HDFC. It is also foreign institutional investors (FIIs) favourite. If the index goes up, HDFC goes up first. HDFC has given us a bullish head and shoulder, it has confirmed that pattern, I would expect it to move significantly higher. Next week should be an opportunity to go long in HDFC, buy on Monday after the first one or two hours or even half an hour elapses, buy on a correction throughout the week but stay with HDFC.
The second is Hindustan Unilever Ltd (HUL). On Friday there was a brokerage downgrade but that does not impress me. These downgrades and upgrades happen all the time. This stock chart is almost as good as that of HDFC. It has not yet broken out of a bullish neckline for the head and shoulder but beyond that it has done all the right things. So HUL is a buying opportunity. Just ignore the fundamentals at this point of time. Technically, it is poised for a very decent rally and these are index heavyweights.
Q: Are you bearish on Yes Bank for the coming week?
A: I am bearish on Yes Bank. It has collapsed. It is in a downtrend and on Thursday when almost everything went up, Yes Bank fell. It has also made a small bearish flag and broken down from it. All-in-all at least on the charts, I am bearish on it. I am also bearish on private sector banks. Next week is different because we are going into a correction. So, it is far better to focus on the blue-chips.
Focus on defensives; buy IndusInd, avoid autos: Expert
Also read: Sky high Q3 current account deficit: What you need to know
Mehta advises investors to stay away from auto stocks considering the pressure the sector is currently facing. Though he sees good prospects in the sector from a long-term perspective, he is not ruling out any more pain to come for the sector.
On stocks one could look at buying, Mehta is bullish on IndusInd among private sector banks. He sees IndusInd continuing its outperformance for some more time and believes the company's entering the Nifty will get extra valuation for the stock.
Below is the edited transcript of Mehta's interview.
Q: The series gone by has been very lackluster. On the headline index we did not see too much of a cut but there was so much by way of damage in individual stocks. Do you think the April series will be as volatile and as debilitating for individual stocks?
A: That depends upon the newsflow which comes through in April. The market has an eye on what developments are taking place on the political front. If there is certainty that this is going to be the situation for sometime, then maybe slowly some confidence would come back. But if some of the minority parties again raise their head and make certain statements, then that will certainly damage the sentiment. So, on the whole, it is a bit difficult to call the market at this point of time. April will also be the beginning of the earning season for the March quarter.
Towards the end of the month, the market will certainly get focused on what quarterly numbers will come through and specifically IT numbers as they come through earlier than other companies. So, a lot of action maybe concentrated in the IT stocks.
The market is becoming very difficult to call at this point of time. Valuations are attractive but certainly, a lot of damage has been done to the sentiment on account of whatever the political developments are taking place. There are hardly any improvements taking place as far as the macros are concerned.
Q: Auto stocks are sitting at fresh lows. The auto index is at a six month low, how do you approach the names ahead of the auto sales numbers? Is there anything that you would buy at this stage?
A: No. Certainly the auto numbers are under pressure and we have seen a sharp deceleration as far as the volumes are concerned. So, there is no question of buying into this weakness because there are fundamental reasons why the industry is doing badly. The long-term prospects remain good, but we may see some more pain in the short-term. So, my sense is that investors should lighten up on the auto shares.
On the whole, the levels at which the market is and the uncertainties which are prevailing on the economical and political front, investors should get focused on the defensive sectors. That entire trade of going in from cyclicals to defensives is already underway. Over the next few weeks or so, it may further gain some more traction.
It is best to avoid the interest rate sensitives at this point. We had a Reserve Bank of India (RBI) policy which reduced the interest rate. However, the kind of statements that came out made it amply clear that unless there were further improvements as far as current account deficit (CAD), fiscal deficit, inflation are concerned, we could forget about any further interest rate cuts atleast in the short-term.
It is important that investors get into a capital protection kind of strategy and focus on companies which are delivering consistent results, have extremely high level of corporate governance and some of the defensive kind of stocks which have done well in the last year or so.
Q: Give us your thoughts on two stocks, National Mineral Development Corporation ( NMDC ) and IndusInd Bank that will be in focus on Monday as they enter into the Nifty. Between the two do you have any recommendations or even both if at all?
A: We are very positive on private sector banks. IndusInd Bank has delivered stellar growth over the past several years, especially after the top level management change which took place a few years ago.This outperformance of private sector banks should continue for some more time. So, it is a good development as far as shareholders of IndusInd Bank are concerned and maybe it may get little extra valuation because of the inclusion in the Nifty. That is one stock, which we are looking out for.
This time, its quarterly numbers would be interesting. It is one of the companies, which delivers numbers pretty early and sets the tone for the entire private sector banking space. So, I would be positive on the stock.
Big depositors in Cyprus to lose far more than feared
Under conditions expected to be announced on Saturday, depositors in Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros, the source told Reuters, while the rest of their deposits may never be paid back.
The toughening of the terms will send a clear signal that the bailout means the end of Cyprus as a hub for offshore finance and could accelerate economic decline on the island and bring steeper job losses.
Officials had previously spoken of a loss to big depositors of 30 to 40 percent.
Cypriot President Nicos Anastasiades on Friday defended the 10-billion euro (USD 13 billion) bailout deal agreed with the EU five days ago, saying it had contained the risk of national bankruptcy.
"We have no intention of leaving the euro," the conservative leader told a conference of civil servants in the capital, Nicosia.
"In no way will we experiment with the future of our country," he said.
Cypriots, however, are angry at the price attached to the rescue - the winding down of the island's second-largest bank, Cyprus Popular Bank, also known as Laiki, and an unprecedented raid on deposits over 100,000 euros.
Under the terms of the deal, the assets of Laiki bank will be transferred to Bank of Cyprus.
At Bank of Cyprus, about 22.5 percent of deposits over 100,000 euros will attract no interest, the source said. The remaining 40 percent will continue to attract interest, but will not be repaid unless the bank does well.
Those with deposits under 100,000 euros will continue to be protected under the state's deposit guarantee.
Cyprus's difficulties have sent jitters around the fragile single European currency zone, and led to the imposition of capital controls in Cyprus to prevent a run on banks by worried Cypriots and wealthy foreign depositors.
"Cyprus Euro"
Banks reopened on Thursday after an almost two-week shutdown as Cyprus negotiated the rescue package. In the end, the reopening was largely quiet, with Cypriots queuing calmly for the 300 euros they were permitted to withdraw daily.
Paan Singh Tomar was special for me: Irrfan Khan
On the A-List today, Irrfan, also known as one of our best exports to Hollywood with films like the Namesake, Slumdog Millionaire and the Life of Pie, gets talking to CNBC-TV18 about his craft and how he constantly reinvents himself as an actor.
Q: When the news came out that you won the National Award for Paan Singh Tomar, my first reaction was like this must be the third or fourth time he has won it. Then I realised it is your first National Award.
A: This is a special one because the film was special for me. Somehow this delay in getting National Award created a kind of pressure in me. The exuberance is much more now as if the desire that I should get a National Award was suppressed. So, people who like me, love my work and watch my films are much happier than me.
Q: Paan Singh Tomar took some time to get released. It was lying in the cans for maybe two years. How frustrating was that? How vindicated are you feeling now, given that this is one of your finest performances and there was a good chance that it wouldn't have got a theatrical release or one that it deserved?
A: The wait did not harm the film, so I have no complaints. And about the film's delay, fortunately we still have a system where an independent producer can survive. Till we have this system, there is a hope. It should not be like Hollywood, where it is difficult for an independent producer to survive. What is happening in Hollywood? Because everything is owned by the studio, most of the talent is moving to television. That is why you see so many good serials nowadays.
Q: I know what you are saying about Hollywood. All the studios want large returns so they are making these big films. But even in our film industry, people are now constantly talking about Rs 100 crore films. You have these big films which make money over the weekend, and it does not matter at the end of the day whether it is a good film or a bad one. As an actor, how do you react to that?
A: These are things which come and go. The media is also responsible for creating this kind of definition. So it will stay for some time, then it will change. We are evolving, so it is not there to stay. I don't have to react to it. I am happy till my film does business and it is successful. That is it. As a creative person, as an actor, I cannot create goals of collections for my film because that is not me. I cannot play that game. I do not know how to do that and I would not enjoy it.
SP 500 ends at record closing high
Written By Unknown on Jumat, 29 Maret 2013 | 16.02
The S&P had hovered near its record for more than two weeks, and market action next week will help determine if this is just another stepping stone for the rally, or if a long-expected pullback is in the offing.
The benchmark S&P 500 closed its strongest quarter in a year, up 10 percent. The Dow climbed 11.3 percent and the Nasdaq gained 8.2 percent for the first three months of the year.
The new closing high "is a very appropriate punctuation for a great quarter that saw a lot of last year's anxieties recede," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland.
"However, this could be the start to a more realistic look at the problems that still haven't gone away. Some degree of caution is probably still merited, with the problems in Cyprus probably only the beginning to what we could see in coming months."
The rally hit a wall in the last two weeks as the latest chapter in the euro-zone crisis developed, with Cyprus nearing a default and a possible exit from the euro bloc.
The S&P 500 had been in a fairly tight range, having traded within 10 points of the October 9, 2007, record closing high of 1,565.15 over the previous 13 sessions.
After the closing bell on Thursday, the S&P 500 gained 6.34 points, or 0.41 percent, to end at a new record of 1,569.19.
The Dow industrials, which have been setting a series of record highs since March 5, ended Thursday's session at yet another nominal closing high - ending above 14,578. The Dow also hit a lifetime intraday high on Thursday at 14,585.10
The Dow Jones industrial average rose 52.38 points, 0.36 percent, to finish at 14,578.54, and the Nasdaq Composite added 11 points, or 0.34 percent, to 3,267.52.
The gains in the three first months of the year have a very bullish history. An analysis by Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati, showed the S&P 500 has risen in the three first months of the year nine times in the past 30 years, and in each case, it has posted gains for the year.
The average yearly gain after such a start, the data showed, was 17.56 percent. An advance like that would leave the S&P 500 at about 1,676 at the end of this year.
"The key is the follow-through," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.
"It will be very important how the market handles next week's data."
Key manufacturing numbers are expected on Monday and factory orders Tuesday, building up to Friday's widely followed payrolls report.
During March, the Dow gained 3.7 percent, the S&P 500 rose 3.6 percent and the Nasdaq added 3.4 percent.
Thursday marked the end of the trading week. US stock markets will be closed on Friday because of the Good Friday holiday.
Data showed the number of Americans filing new claims for unemployment benefits rose more than expected last week, but probably not enough to suggest a faltering in the labor market's recovery. Other data showed the economy expanded more in the fourth quarter than was previously estimated by the government.
Volume was lighter than average with some market participants absent for the observance of Passover or to get an early start on the long Easter weekend.
About 5.7 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the daily average so far this year of about 6.4 billion shares.
On the NYSE, advancers outnumbered decliners by a ratio of roughly 8 to 5. On the Nasdaq, 14 stocks rose for every 11 that fell.
Asia trading mixed; Shanghai Composite up, Nikkei flat
Japan's Nikkei was flat at 12,331.44.
South Korea's Seoul Composite gained 0.67% or 13.45 points at 2,006.97.
Taiwan's Taiwan Weighted rose 0.29% or 22.55 points at 7,889.43.
Straits Times and Hang Seng shut today.
Indian ADRs: Tata Comm up 5.2%, ICICI Bank up 4.2%
Indian ADRs ended higher on Thursday. In the IT space, Wipro was up 2.96% at USD 10.1 and Infosys was up 2.24% at USD 53.91.
In the Banking space, ICICI Bank was up 4.23% at USD 42.9 and HDFC Bank was up 1.68% at USD 37.42. In the Telecom space, Tata Communication was up 5.25% at USD 8.22.
In the other space, Dr Reddys was up 0.4% at USD 32.35, Sterlite was up 2.2% at USD 6.98, while Tata Motors was down 3.13% at USD 24.41.
download4u's March Madness sale brings Dark Souls, Need for Speed: Most Wanted at discounts
Mar 29, 2013, 10.55 AM IST
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download4u's March Madness sale brings Dark Souls, Need for Speed: Most Wanted at discounts
The headlining game for today is the unforgiven open-world RPG Dark Souls at a 30 percent discount, bringing its price down from Rs 1,499 to Rs 1,259.
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download4u's March Madness sale brings Dark Souls, Need for Speed: Most Wanted at discounts
The headlining game for today is the unforgiven open-world RPG Dark Souls at a 30 percent discount, bringing its price down from Rs 1,499 to Rs 1,259.
Day eight of download4u's March Madness sale is upon us, and this means new games on discount. The headlining game for today is the unforgiven open-world RPG Dark Souls at a 30 percent discount, bringing its price down from Rs 1,499 to Rs 1,259. Alongside Dark Souls, there are two Star Wars games up for grabs—strategy game Star Wars: Empire at War at a 40 percent discount, bringing its price down from Rs 699 to Rs 419, and third person action game Star Wars: The Force Unleashed at a 50 percent discount, which brings its price down from Rs 499 to Rs 249.There is also Obsidian's hack-and-slash RPG Dungeon Siege III at a 40 percent discount, bringing its price down from Rs 499 to Rs 299, and Need for Speed: Most Wanted is making a comeback in the sale at a discount of 40 percent, bringing its price down from Rs 1,799 to Rs 1,259. Other games up for grabs include Dead Block and Public Enemies: Bonnie & Clyde at discounts of 40 percent, which brings their prices down from Rs 99 to Rs 89 each, and Iron Storm at a 20 percent discount, bringing its price down from Rs 99 to Rs 79.
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Expect bounce in Silver till Rs 54300: Nirmal Bang
Written By Unknown on Kamis, 28 Maret 2013 | 16.02
Gold prices recovered from the support zone of Rs 29400- 29350, fresh buying for intraday expected above Rs 29700. Gold prices are expected to trade within the range from Rs 29850 to Rs 29400, one can trade within the range.
Silver prices are expected to trade within a range from Rs 53500 to Rs 54300, one can expect a bounce till Rs 54300. prices are expected to trade weak.
Copper prices are expected to trade range bound from Rs 420 to Rs 412 one can trade within the range with a negative bias maintain a stop above Rs 420.50.
Nickel prices are expected to witness a sideways move from Rs 910 to Rs 930 one can trade within the range.
Lead prices recovered from the low at Rs 114.60 one can expected price to bounce till the resistant point at Rs 116.50, whereby we expect selling pressure to continue.
Crude prices are expected trade within the range from 5300 to Rs 5230. We may witness profit taking till Rs 5230 - Rs 5200.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Weak Rupee can push Gold prices up: Emkay
Precious Metals:
U.S. gold futures for April delivery settled up USD 10.50 at USD 1,606.20, with trading volume about 20 percent above its 250-day average.
Gold prices were up as renewed euro zone worries over weak Italian bond auctions and concerns over Cyprus issue boosted gold's safe haven appeal.
Hopes that Fed will continue its bond buying program at least till the end of the year also supported prices.
Holdings of SPDR Gold Trust GLD, the world's biggest goldbacked exchange-traded were unchanged at 1,221.26 tonnes from a day earlier.
Gold prices are expected to go up as safe haven buying in gold will continue to support prices along with expectations of aggressive easing by BOJ next week in its policy meet.
Gold in India is also expected to go up and a weaker rupee can further push prices up.
Gold for April delivery on the Multi Commodity Exchange (MCX) was up by 0.46% at INR 29,632/10gms.
Energy:
U.S. crude futures for May delivery settled up USD 0.24 at USD 96.58 a barrel, up by 0.25%.
Crude prices were supported on optimism that US economy is recovering which would improve the demand prospects for crude.
However the upside was limited due to a stronger dollar and higher inventories which came at 3.3M.
We expect crude prices to go slightly up as loose monetary policies by US and Japan is likely to support prices.
U.S. natural gas futures ended higher on Wednesday on bullish inventory expectations and chilly weather forecasts for at least the next week.
Natural gas looks strong today as increased heating demand is likely to push prices higher.
Front-month gas futures on the New York Mercantile Exchange ended up 7.7 cents, or 1.9 percent, at USD 4.068 per million British thermal units after climbing late to USD 4.103.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Quantum Securities extremely cautious on IT space
Dutt told CNBC-TV18, "I am extremely cautious on information technology (IT) space because the reason that makes me really cautious is over ownership. That is the safe haven where people have been hiding, the prices are reflecting on the fundamentals right now."
"Slightest issues related to guidance with some of the leaders are really going to lead to a problem with all portfolios particularly institutional portfolios has been hiding there for quite some time. So I would be a little cautious there. I definitely have very tight stop losses and take my profits if I have been holding on to the stock because we have seen massive outperformance in the sector," Dutt added.
Mcleod Russel falls 4% amid large volumes on NSE
However, the share gained 27 percent in one year.
At 13:23 hours IST, the share was down 4 percent to Rs 333.15 amid large volumes on National Stock Exchange.
Trading volumes increased 156 percent to 4,58,009 equity shares as against five-day average of 1,79,007 shares.
The share touched its 52-week high Rs 386.45 and 52-week low Rs 254.25 on 22 February, 2013 and 11 May, 2012, respectively.
Currently, it is trading 13.79% below its 52-week high and 31.03% above its 52-week low.
NLC invites bids to buy coal mines overseas
Written By Unknown on Rabu, 27 Maret 2013 | 16.02
"NLC intends to secure its thermal coal-requirement by acquiring coal blocks abroad, by entering into-long term coal supply agreement, by forming joint venture with coal mining companies, by acquiring equity stakes in coal mining companies," says the tender document of the company.
The state-owned firm has proposals for growth in power generation capacity and is expanding its activities not only at Neyveli, but also in other parts of the country.
It has entered into a JV with Uttar Pradesh to set up a 1,980 MW power station at Ghatampur, and the project is moving fast into the execution phase. NLC also has a proposal to establish a power plant with a capacity of 4,000 MW at Sirkali in Tamil Nadu. It is also planning to bid for ultra mega power projects (UMPP) of 4,000 MW under tariff based competitive bidding and other power Projects.
The company's coal requirement is likely to shoot up to 10 million tonnes per annum (MTPA) once all the projects are commissioned. The 'Navratna' firm operates four mines with a tota capacity 30.6 MTPA, and four thermal power stations of total capacity of 2,740 MW.
It is executing lignite-based projects such as the New Neyveli Thermal Power Station. Besides, NLC is implementing a 1,000 MW coal-based Thermal Power Project, NLC Tamil Nadu Power Ltd at Tuticorin.
Italy minister resigns over marines' return to India
"I can no longer be part of this government and I announce my resignation," Terzi said during testimony to the lower house of parliament. "My reservations about sending the marines back to India were not listened to."
Mario Monti's caretaker government on Friday reversed a March 11 decision not to send the marines back to face trial for the murder of two Indian fisherman during anti-piracy duty on a commercial tanker in February 2012.
Asian shares, euro steady after US data
Data on Tuesday showed demand for US-made durable goods surged in February, suggesting factory activity continued to expand.
US single-family home prices started the year with the biggest annual increase since June 2006, according to a separate report.
The Conference Board industry group, however, said consumer confidence tumbled in March as Americans turned more pessimistic about short-term economic prospects, but stock markets focused on the good news, taking the Dow Jones industrial average to a record closing high and the Standard & Poor's 500 Index to just below a record closing peak.
"An increase in durable goods shipments raised our tracking estimate for Q1 GDP by one-tenth to 2.6 percent, while strength in underlying orders points to further gains in shipments in coming months," Barclays Capital said in a research.
The MSCI's broadest index of Asia-Pacific shares outside Japan was steady, underpinned by a 0.2 percent rise in Australian shares on the back of gains in blue chip miners and financials on strong resource prices.
South Korean shares opened up 0.4 percent.
"The local index is expected to extend gains from the last two sessions as positive US data fuels optimism," said Lee Seon-yeop, an analyst at Shinhan Investment Corp, of Seoul shares.
Japan's Nikkei stock average opened nearly flat.
The Cyprus rescue scheme averted an imminent banking collapse but the measure requiring bank bondholders and large depositors to take heavy losses raised concerns, notably the risk of this model being used in the future and spurring a run on banks in other euro zone countries with much larger banking systems than Cyprus's.
The island state is expected to complete capital control measures on Wednesday to prevent a run on the banks by depositors anxious about their savings after the country agreed a painful rescue package with international lenders.
The euro steadied at USD 1.2858, hovering near a four-month low of USD 1.2828 touched on Tuesday, and capped by its 200-day moving average of around USD 1.2880. The euro closed below the key technical level on Monday for the first time since November.
Revived pressure on the euro kept the dollar index, measured against a basket of major currencies, not far from a 7-1/2-month peak of 83.166 set earlier this month.
Against the yen, the dollar was up 0.2 percent to 94.60.
US crude futures eased 0.2 percent to USD 96.16 a barrel.
Spot gold was up 0.1 percent around USD 1,600 an ounce, barely holding above its 14-day moving average.
Data lifts Dow to a record, SP near record close
The Dow Jones industrial average initially surpassed its 2007 record closing high on March 5. Since then, the Dow has reached a series of subsequent nominal record highs.
In Tuesday's session, the S&P 500 made yet another attempt at a record, but failed to break above the all-time closing high for the second day this week.
At Tuesday's close, the S&P 500 was only 1.38 points below its lifetime closing high. On Monday, the benchmark index traded just a quarter point below its record closing high, which stands at 1,565.15 set on October 9, 2007, and then retreated as investors sold some equities to cash in on gains in the wake of the news out of Europe.
Data showed US single-family home prices rose in January at the fastest pace in more than six years, while long-lasting US manufactured goods, also known as durable goods orders, shot up in February.
"I think the batch of data was enough to convince investors that the US economy is on the right track," said Andrew Wilkinson, chief economic strategist at Miller Tabak & Co, in New York.
"At this point, it's hard to argue that anything will derail the US economy, and that is boosting investors' confidence as they continue to load up on equities."
Still, investors may look for reasons to take profits, with the S&P 500 up nearly 10 percent so far this year. The rally has lifted the benchmark index near its all-time closing high, which it nearly reached on Monday.
The Dow Jones industrial average rose 111.90 points, or 0.77 percent, to end at 14,559.65, a record closing high. The Standard & Poor's 500 Index gained 12.08 points, or 0.78 percent, to finish at 1,563.77. The Nasdaq Composite Index advanced 17.18 points, or 0.53 percent, to close at 3,252.48.
The semiconductor index climbed 0.9 percent, buoyed by Intel Corp shares, up 2.9 percent at USD 21.77.
The CBOE Volatility Index or VIX, Wall Street's favorite barometer of investor anxiety, fell 7.1 percent to close at 12.77.
In a sign that growth continues to be slow, sales of new US single-family homes fell more than expected in February, and the latest reading on consumer confidence was weaker than expected.
Shares of homebuilding stocks were mixed. Lennar Corp stock rose 0.4 percent to USD 41.72, but Hovnanian Enterprises shares slid 3.1 percent to USD 5.87.
But investors remained concerned about the negative implications of a financial rescue plan for Cyprus. They worried that it would serve as a template for other euro-zone economies requiring bailouts.
Banks in Cyprus will remain closed until Thursday and will then be subject to capital controls to prevent a run on deposits. President Nicos Anastasiades said late on Monday that a 10-billion-euro (USD 13 billion) rescue plan approved over the weekend was "painful" but essential to avoid economic meltdown.
"If there's a run on deposits, there may be a selloff (in US stocks), but that could pose an excellent entry point to get into the market and take advantage of this rally," said Todd Schoenberger, managing partner at LandColt Capital, in New York.
In US corporate news, Monsanto Co and DuPont Co settled a legal battle over rights to technology for genetically modified seeds. The companies agreed to drop antitrust and patent lawsuits against each other in US federal court. Monsanto shares rose 4.4 percent to USD 103.79. DuPont, a Dow component, shed 0.3 percent to USD 48.97.
Netflix Inc was the S&P 500's top percentage gainer, jumping 5.4 percent to USD 190.61 after Pacific Crest raised its price target on the stock to USD 225 from USD 160, citing prospects for international subscriber growth.
Michael Dell's USD 24.4 billion buyout bid for Dell Inc could be derailed after billionaire Carl Icahn opened the door to an alliance with Blackstone Group LP to take control of the computer maker from its founder. Dell dipped 0.1 percent to USD 14.50.
In Tuesday's session, volume was lighter than usual with some market participants absent for the observance of the Jewish holiday of Passover.
Volume was roughly 5.2 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.
Advancers outnumbered decliners on the New York Stock Exchange by a ratio of about 7 to 3. On the Nasdaq, seven stocks rose for every five that fell.
Govt approves AirAsia's tie-up with Tata Group
Written By Unknown on Selasa, 26 Maret 2013 | 16.03
Govt approves AirAsia's tie-up with Tata Group
AirAsia Bhd's proposal to set up a joint venture for running a passenger airline with the Tata Group has been approved by India's Foreign Investment Promotion Board, a government statement said on Tuesday.
Airports Authority of India to form JV for jet fuel supply
The supply of jet fuel to carriers through the three-way joint venture is expected to reduce fuel costs of local carriers by at least 10 percent, Agrawal told reporters on the sidelines of an aviation conference.
AAI will own a 13 percent stake in the joint venture and the rest will be held by the oil companies and airlines, he said.
Also read: DGCA paves way for return of leased Kingfisher planes
Jet Airways aims to double ancillary services revenue
Mar 26, 2013, 02.25 PM IST
Jet Airways aims to double the revenue contribution from its ancillary services in two years to 10 percent, Raj Sivakumar, senior vice president for planning and alliances, said on Tuesday.
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Jet Airways aims to double ancillary services revenue
Jet Airways aims to double the revenue contribution from its ancillary services in two years to 10 percent, Raj Sivakumar, senior vice president for planning and alliances, said on Tuesday.
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Jet Airways aims to double ancillary services revenue
Jet Airways aims to double the revenue contribution from its ancillary services in two years to 10 percent, Raj Sivakumar, senior vice president for planning and alliances, said on Tuesday.
The official was speaking to reporters on the sidelines of an aviation conference.
Also read: Boeing faces pressure for cash compensation over 787
From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'
The latest earning numbers FIRST on CNBC-TV18
Sebi to declare new rule for insider trading, share buyback
"Lot of new developments are taking place and the existing laws are old to deal with them," Sinha said at an CII interactive session here. He said that SEBI had set up an expert group and by the end of this year, new insider trading regulations would be announced. Regarding share buyback, Sinha said: "We have seen (some) companies resorting to buyback of shares and are doing so to manipulate the share prices and not for rewarding the investors".
Also read: Sebi does away with physical filing of KYC documents
"We have prepared a discussion paper and received comments from the people. Soon new regulations will be announced," he said. SEBI was also working on issues like the role of independent directors for board-level corporate governance, related party transactions and methodology for fixing of compensation of top personnel of companies.
Buy S Kumars Nationwide, SKS Micro, Dish TV: Diwan
Written By Unknown on Senin, 25 Maret 2013 | 16.02
S Kumars Nationwide is the first stock that I have picked on the long side. The stock has seen a lot of drubbing but given the positive move that the management is now looking at carrying out in terms of hiving off some of its businesses to shore up the balance sheet, augurs well for this company. So S Kumars Nationwide is a long with a target price of Rs 9.15 and a stop loss of Rs 8.45.
SKS Microfinance is also on the long side. The stock has been in the news last week. We also saw some kind of buying come in on the last session of Friday but I expect this to continue, it is a follow-up buying given the fact that the company is looking at raising some money through some securitisation of portfolios, which is again a very healthy step for this company which is leading the microfinance business. Therefore, SKS is a long with a target price of Rs 129.90 and a stop loss of Rs 121.90.
Dish TV is a stock that has been in news. I believe this is a stock that got ignored by people who believed in digitisation theory but somewhere the stock has started to play catch up. We have seen some kind of buying happen last week and I expect that to continue. Therefore, Dish TV with a target price of Rs 65.50 and a stop loss of Rs 61.50 is another pick.
Karnataka Bank is a long. The stock has come into deep value and as soon as we start seeing some sort of merger and acquisition (M&A) wave emerge in the banking sector, this is one of the first to get off the blocks. At these valuations, this is distinctly with decent safety of margin; it could have some sort of headroom which could leverage on. So, the target price is Rs 132 and a stop loss of Rs 125.
Buy Shree Renuka, IVRCL, Sintex Ind: Tater
I am going long on Shree Renuka Sugars for a target of Rs 24.50 with stop loss of Rs 22. We feel sugar as a cycle has bottomed out and this could be one sector, which will flourish in this year. Thus remain long on this stock for at least 40-50 percent return from current levels from next six-eight months perspective.
Though we are not fundamentally bullish or bearish on IVRCL but technically this stock seems to show the first leg of a sharp bounce back, which can take the stock close to Rs 23 odd mark. However, for intraday go long on this stock for a target of Rs 20.5 and maintain a stop loss of Rs 18.7 on closing basis. The same stop loss should be kept even on closing basis for a target of Rs 22-23.
I am going long on Sintex Industries for a target of Rs 47 on intraday basis. Sintex has been battered for no reason and the stock has corrected sharply. We feel the levels of Rs 42-44 zone could be a good level from building portfolio on this stock. Thus allocate a small part on this stock. However, for intraday basis maintain a stop loss of around Rs 42.8 for a target of Rs 47 eventually.
Go long on PTC India for a target of Rs 59 with stop loss of Rs 54.20. We feel there will be lot of volatility but the ones which have corrected sharply will bet into today's and tomorrow's trade and eventually the trend is down and again could correct after testing their near resistance level but a sharp bounce back is expected on all the midcap stocks.
Switch to SBI, PNB, BoB from Central Bank of India: Sukhani
Sukhani told CNBC-TV18, "I think it is much better for him to exit Central Bank of India and buy slightly better public sector bank (PSU) like State Bank of India or Bank of Baroda. All banks are in trouble and chances are all of them will go down further, but whenever the next rally starts whether it starts this year or next year, the better banks will have the best reach on the upside."
"So, I would advise him to switch from Central Bank of India into State Bank of India or Bank of Baroda or Punjab National Bank (PNB), anyone of the three," Sukhani added.
Buying opportunity in SKS Microfinance, says Sukhani
Sukhani told CNBC-TV18, " SKS Microfinance has completed a deep correction and is now likely to move up. Therefore, SKS Microfinance for the short-term trader is a buying opportunity and so is Manappuram Finance , in spite of a very sharp decline we have seen. I think it has come down to a point where a buy is justified."
Salman to appear in court on Monday in hit-and-run case
Written By Unknown on Minggu, 24 Maret 2013 | 16.03
The case would come up for the first time before the Sessions Court after a Magistrate transferred the matter to that Court by charging the actor with a more serious charge of 'culpable homicide not amounting to murder'. Along with the prosecution's case against Salman, the court would also hear his appeal against the Magistrate's order, invoking the charge of 'culpable homicide not amounting to murder' against him which attracts a punishment upto ten years in prison.
Also read: Guv will use discretionary powers if Dutt appeals: Minister
Sessions Judge U B Hejib has scheduled the hearing for March 25, and the 47-year-old had been asked to be present on that day, the sources said. It would be Salman's first appearance before the Sessions court after Bandra Magistrate's court referred the case to the Sessions Court (because the offence he is now charged with is serious).
Earlier, the Magistrate had asked Salman to appear before the Sessions court on March 11, but he did not go to the court that day as the case was yet to be assigned to any judge. Sources said as there would be a fresh trial, evidence produced before the Magistrate's court would not be considered and prosecution may have to adduce evidence afresh. One person was killed and four injured when a Land Cruiser, allegedly driven by Salman, ran over people sleeping on pavement outside a bakery in suburban Bandra in the wee hours of September 28, 2002.
Kejriwal to begin indefinite hunger strike in Delhi today
Also read: Suzuki Motorcycle workers warns to go on strike after Holi
Unlike his previous fasts, this one will not be held at Jantar Mantar or Ramlila Maidan, but at a party volunteer's home. On the eve of his indefinite fast, Kejriwal promised that any legal action against those who follow his lead and not pay bills would be revoked once his Aam Aadmi Party comes to power in the city.
He also attacked the opposition Bharatiya Janata Party saying its agitation against the hike in power and water tariff was just an election gimmick and it was hand-in-glove with the Congress. "People are forced to pay their bills through their nose due to fear of legal action against them. To instill confidence in them, I would be on indefinite fast from tomorrow," Kejriwal told reporters.
"The aim of my fast, which will begin from a house in Sunder Nagari, is to rally more and more people against the illegal bills," he added. Kejriwal appealed to people not to pay the bills and said if more and more won't pay and join the "civil disobedience movement", government and the discoms won't take against against them.
"Even if some people face legal action, then they must not panic as all the legal cases would be withdrawn after his party comes to power in Assembly election in November," he said. When asked if he was provoking people to break the law, he said Mahatma Gandhi had himself said that one should not obey the law if it's against people and be prepared to face its consequences.
Targeting the BJP, the activist-turned- politician said, "BJP had the copy of the order of former Delhi Electricity Regulatory Commission (DERC) chairman to reduce the tariff since 2010, but they were sitting on it and when the election is nearing they are protecting against the hike. They had not raised the issue in the Delhi Assembly.... Now Dikshit government wants to give a bailout package of Rs 20,000 crore to the discoms," he added.
He claimed that poor people had to take loan to pay their electricity and water bills. Elaborating about the course of action, Kejriwal said apart from him, party volunteers would be observing fast in 264 Wards of the city. Apart from it, the volunteers would collect signed letter in favour of Arvind Kejriwal.
Cheap, high power smartphone is next tech Big Bang: Google
Schmidt spoke to CNBC-TV18 at an event in New Delhi where Indian and international experts came together to brainstorm about what the Internet has meant for India and the significant opportunities it offers.
Also Read: BlackBerry CEO says Android and Windows Phone are not mobile computing platforms
Below is an edited transcript of the show on CNBC-TV18
Q: Over the last decade, you built Google from a start-up to one of the most admired companies of all time. What is your verdict on your last 10 years at Google?
A: I could not be happier with what Google has achieved. It is a source of pride for me personally and for people at Google in general. The power of information is so dramatic and you really do touch people's lives when you give them the answers to the things they care about. I cannot think of a better way to spend a decade.
Q: What would you say your biggest failures have been?
A: We made money but we also had to make some trade-offs. Probably the biggest mistake that I made was not in seeing the social media revolution early on. I think we have realised it now but I would take responsibility for that mistake.
Q: Will that in the future affect search as well which is your biggest source of revenue? Will companies like Facebook and Amazon be able to map users better to offer enhanced services while you remain a passive search engine?
A: I would disagree that we are going to remain a passive search engine. We have a product called Google Plus which is doing extraordinarily well.
Q: But as compared to Facebook?
A: Facebook has been around longer than Google Plus. The Google Plus link graph which tracks the sort of people that you interact with is an important future signal on our search ranking. So I think we will be fine. I am not worried about it. I think it is just important that Google be a participant in all of the important Internet technologies.
Q: What and from where is the threat to the Gang of Four- Google, Facebook, Amazon and Apple- going to come from?
A: The Gang of Four is in reference to the presence of four network-scalable platforms in the industry that are driving huge shareholder value and impact on partners and the competition. The threats to each of them are many. In Apple's case, the threat is from the Android.
Amazon faces the threat of increased forays into the e-commerce space. Facebook has a a competitor in Google Plus and Google faces competition from Microsoft. So it is key for each of these companies to maintain or increase the rate at which they can continue to innovate to solve problems that really matter to the end-user.
The industry that was largely driven by the Microsoft monopoly structure and PC hardware manufacturers has been completely broken down now by the emergence of tablets and smartphones offering many different choices.
Q: Who do you see as the Google of today? Where Google was when search started? Which companies do you give the best chance of coming in and knocking you off?
A: I certainly hope it is Google. A new competitor to Google is unlikely to be a direct rival to our core business, but rather likely to compete from the side such as solving a problem in a new way, a way that we missed. We worry about that because that's typically how incumbents compete and all leading companies face that competition.
Also Read: YouTube targets Indian marketers, revamps site
Apple makes renewable energy push with solar, fuel cells
The data centre in Maiden, North Carolina, which supports Internet storage and Apple's service-hosting iCloud product, produces 167 million kilowatt-hours - the power equivalent of 17,600 homes for one year - from a 100-acre solar farm and fuel cell installations provided by Silicon Valley startup Bloom Energy.
They are the largest, non-utility power-generating facilities of their kind in the United States, Oppenheimer told Reuters.
"We switched over to these new energy sources in December," he said. "And we are committed to generating 60 percent of the electricity that the data center will use by making power on site. We are now achieving that goal."
Apple purchases the rest of the green power needed at the facility.
Apple and other technology companies - such as Amazon and Microsoft - that build and run computer server farms have come under criticism for their high consumption of electricity and other resources. These data centers cater to an explosion in Internet traffic, streaming content through mobile devices and hosting of services to corporations.
Apple has switched many of its corporate facilities to fully operate on green power, including those in Austin, Texas; Cork, Ireland; and Sacramento, California, Oppenheimer said.
The company is building another 20-megawatt solar farm at its Maiden facility with solar panels supplied by SunPower Corp .
Overall, Apple said it has increased the proportion of renewable energy used throughout the company to 75 percent. Eventually, the company aims to use only renewable energy at all its facilities around the world.
Sebi vs Sahara: Will SAT dismiss Subrata Roy's plea again?
Written By Unknown on Sabtu, 23 Maret 2013 | 16.02
The matter relates to a Supreme Court direction ordering refund of more than Rs 24,000 crore of investors' money that was raised by two Sahara group firms earlier, reports CNBC-TV18's Ashmit Kumar.
Also read: Sahara's Subrata Roy defiant despite SEBI's harrying
The hearing is likely to be a lengthy process given that SAT over the last few months has shown a tendency towards reserving of verdict, but urgency has been sought by Sahara. SAT did oblige by first hearing them at Delhi, with the presiding officer PK Malhotra hearing the matter and now is first day of the final hearing.
Sahara is yet to finish its argument and they have raised some very pertinent issues, which their lawyer and their counsellor have been claiming. For one, they say that whenever a case of personal liability is made out, the February 13th order not only attached the assets and bank accounts of the two companies concerned, but it also attached the accounts of Subrata Roy, as well as three other directors.
This petition has been filed by Subrata Roy where he has challenged the attachment and freezing of his personal bank accounts.
Moreover, looking at it from a technical perspective there are options such as filing of a review petition, filing of a curative petition, so there are legal ways and means of still tackling the issue as far as Sahara is concerned. However, the view is that the number of times Supreme Court has taken, it has reprimanded the Sahara on various occasions for not complying with its order.
There have been two Supreme Court orders, which in very clear terms had directed Sahara to file Rs 17,400 crore plus the 15 percent interest. Sahara has refused that and it has shot back through massive advertising campaigns, even challenging the Sebi chief UK Sinha through a televised debate arguing that the money has already been refunded. Their claim has so far been that they have refunded Rs 5,120 crore and that should be more than enough to meet any outstanding liabilities.
This points that Sahara has taken a tough stand. They do have a few legal ways and means, but it will be a tough road ahead should SAT dismiss this plea once again.
FM merges FII limits to lure inflows into debt segment
Also Read: Chidambaram announces more reforms to boost growth
The key decisions announced by the FM are that the limits on FII fungibility for securities is going to be USD 25 billion and the limits for long-term securities as well as old securities will be merged. On corporate and long-term infrastructure bonds, the three different limits that are currently in use will now be merged into one limit of USD 51 billion.
The finance minister also mandated that the total FII investments in borrowing should not be above 5 percent of the total as recommended in the Raghuram Rajan Committee report. All these decisions will be applicable from the April 1 and the finance minister hopes that these measures will ensure better FII flows into the debt segment of the economy that will aid in bridging the current account deficit.
The finance minister has been trying to consolidate measures that will ensure increased economic growth. But the current instability has reduced the window of opportunity to announce reforms.
The decision to change the fungibility for FII limits is an internal reform and large, broad-based reforms require to get all the stakeholders on board which might be difficult. However, the finance minister is confident and keen on infusing faster economic growth. But the task does not seem to be an easy one.
Mutual Funds continue to decline led by laggard market
Banking & Finance category came off with slightly better performance as compared with others.
It is expected for equity funds to remain in negative territory for the coming week too as brokers expect more volatility in the market caused by edgy global market, and the F&O expiry due on Thursday.
The market session ended with Sensex losing 57 points to end at 18735.60, and the Nifty shed 7 points to close at 5651.
Among Fixed Income funds, fund managers remained continuous sellers in the Long term and Gilt Funds categories. Meanwhile Short term funds maintained steady returns.
Here is the day's performance and the gainers and losers across categories.
Equity funds: Top gainers
* Motilal Oswal MOSt Shares M50 ETF up 0.48%
* JM Core 11 Fund (G) up 0.47%
* UTI Dividend Yield Fund (G) up 0.22%
Equity funds: Top losers
* HSBC Small Cap Fund (G) down 1.46%
* Escorts Infrastructure Fund (G) down 1.00%
* ICICI Prudential MidCap Fund (G) down 0.98%
Tax saving funds: Top gainers
* JM Tax Gain Fund (G) up 0.10%
* Quantum Tax Saving Fund (G) up 0.01%
Tax saving funds: Top losers
* SBI TAX Advantage Fund - Series II (G) down 1.40%
* SBI TAX Advantage Fund - Series I (G) down 1.28%
* DSP BlackRock Tax Saver Fund (G) down 0.75%
Sector funds: Top gainers
* Reliance Media & Entertainment Fund (G) up 0.70%
* Reliance Banking Fund (G) up 0.25%
* Taurus Banking & Financial Services Fund (G) up 0.17%
Sector funds: Top losers
* ICICI Prudential Technology Fund (G) down 1.18%
* SBI IT Fund (G) down 0.87%
* Franklin Infotech Fund (G) down 0.84%
Balanced funds: Top gainers
* LIC NOMURA MF Balanced Fund - C (G) up 0.12%
Balanced funds: Top losers
* SBI Magnum Balanced Fund (G) down 0.55%
* FT India Balanced Fund (G) down 0.42%
* DSP BlackRock Balanced Fund (G) down 0.39%
Debt funds: Top gainers
* Birla Sun Life Short Term Opportunities Fund - Institutional Plan (G) up 0.06%
* ICICI Prudential Gilt - Treasury Plan (G) up 0.11%
Debt funds: Top losers
* ICICI Prudential Dynamic Bond - Regular Plan (G) down 0.01%
* DWS Gilt Fund - Regular Plan (G) down 0.01%
Chidambaram announces more reforms to boost growth
Addressing the National Editors Conference, he said that with liberalisation of FDI and other measures, the government has traversed considerable lengths to ensure fiscal consolidation with reforms.
In a further liberalisation of norms for investment by FIIs in government securities and corporate bonds, he announced that the norms have been rationalised. "There were a number of sub divisions and in order to rationalise, it is proposed to merge the existing sub limits and create only two broad categories," he said.
One category will consist of government securities of USD 25 billion and a second will consist of all corporate bonds of USD 51 billion. "Therefore from April 1, there will be two baskets, one of USD 25 billion for government securities and (the other) of USD 51 billion for all corporate bonds," he said.
Promising more reforms, Chidambaram said that "we are steadily and surely working on next generation of reforms". The recent economic reforms include liberalisation of foreign direct investment (FDI) norms in multi-brand retail and aviation, partial deregulation of diesel prices and caping supply of subsidised LPG.
Referring to the Food Security Bill, Chidambaram expressed confidence that Parliament will soon pass it. "I am confident it (Food Security Bill) will be passed by Parliament soon probably in the Budget Session itself," he said.
Go long in IDFC: Sukhani
Written By Unknown on Jumat, 22 Maret 2013 | 16.03
Sukhani told CNBC-TV18, "It is too early to sell Infrastructure Development Finance Company (IDFC). The trade is on the other side. The Nifty has come to 5650 and it is standing here. It is quite possible that we could see a relief rally, the one that we expected yesterday and yesterday was not a good day to expect it. It is quite possible that we may see some kind of relief rally, so Manappuram Finance is to be done nothing with. You cannot short sell it and you cannot buy it at these levels. There is no justification."
He further added, "IDFC is a stock you can actually consider going long. These are short-term trades, not a day trade, but that runs into next week, that's all."
Disclosure: I have positional shorts in the Nifty and I have just taken a long position for an intraday trade.
BHEL may see further downside: Sukhani
Sukhani told CNBC-TV18, " BHEL , at Rs 200 also I thought it is a good time and see what happened. It has come to Rs 180. I did not say it but I thought Bharat Heavy Electricals Limited (BHEL) at Rs 200, wow! Market does not care for all this. It is not a good time. There are no signs that the decline has been exhausted."
He further added, "All we have seen is that BHEL has stabilized in the last one hour, one hour versus one year, it is not enough. I would not make a case for going short in BHEL, although chances are that we could see much lower levels. But at current levels it is not a good idea to go sell. You should sell only if the stock goes up and then falters. BHEL is not a buying opportunity for sure."
Disclosure: I have positional shorts in the Nifty and I have just taken a long position for an intraday trade.
Go long in Dish TV: Sudarshan Sukhani
Sukhani told CNBC-TV18, "Technically Dish TV is a case for buying. There was earlier low of Rs 62, Dish TV went and then found support. It has bounced back above that. These long ideas have to be carried with stop losses because the markets can suddenly start collapsing. But technically for the short-term trader there is a case to go long in Dish TV. If you are lucky then you are buying almost at the lows."
Dish TV touched its 52-week high Rs 84.90 and 52-week low Rs 56.45 on 05 October, 2012 and 15 May, 2012, respectively. Currently, it is trading 25.03% below its 52-week high and 12.75% above its 52-week low. Market capitalisation stands at Rs 6,793.39 crore.
Disclosure: I have positional shorts in the Nifty and I have just taken a long position for an intraday trade.
The Galaxy S4 - is it really going to be worth the wait?
Mar 22, 2013, 09.45 AM IST
The much awaited Samsung Galaxy S4 was unveiled very recently and just like previous Galaxy iterations, the super hyped smartphone ...
Like this story, share it with millions of investors on M3
The Galaxy S4 - is it really going to be worth the wait?
The much awaited Samsung Galaxy S4 was unveiled very recently and just like previous Galaxy iterations, the super hyped smartphone ...
Like this story, share it with millions of investors on M3
The Galaxy S4 - is it really going to be worth the wait?
The much awaited Samsung Galaxy S4 was unveiled very recently and just like previous Galaxy iterations, the super hyped smartphone ...
The much awaited Samsung Galaxy S4 was unveiled very recently and just like previous Galaxy iterations, the super-hyped smartphone comes loaded to the hilt with UI goodies. The big question I'm sure you're asking yourself is, should I patiently set aside my need to own the latest smartphone for the next month or so till it hits India, or simply go with the next best thing that's already here? Whatever that might be. At the moment, you've got plenty of options to choose from as all the big players have announced or launched their contributions to the high end smartphone segment. This conundrum, not one that we don't deal with a few times a year at least, is what pushes the players to the limits of the game.
Click here for full story
MCX SILVERMIC June contract trades flat
Written By Unknown on Kamis, 21 Maret 2013 | 16.02
Mar 21, 2013, 02.09 PM IST
At 14:00 hrs MCX SILVERMIC June contract was trading at Rs 55620 down Rs 24, or 0.04%. The SILVERMIC rate touched an intraday high of Rs 55731 and an intraday low of Rs 55500. So far 1126 contracts have been traded. SILVERMIC prices have moved down Rs 9881, or 15.09% in the June series so far.
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MCX SILVERMIC June contract trades flat
At 14:00 hrs MCX SILVERMIC June contract was trading at Rs 55620 down Rs 24, or 0.04%. The SILVERMIC rate touched an intraday high of Rs 55731 and an intraday low of Rs 55500. So far 1126 contracts have been traded. SILVERMIC prices have moved down Rs 9881, or 15.09% in the June series so far.
Like this story, share it with millions of investors on M3
MCX SILVERMIC June contract trades flat
At 14:00 hrs MCX SILVERMIC June contract was trading at Rs 55620 down Rs 24, or 0.04%. The SILVERMIC rate touched an intraday high of Rs 55731 and an intraday low of Rs 55500. So far 1126 contracts have been traded. SILVERMIC prices have moved down Rs 9881, or 15.09% in the June series so far.
At 14:00 hrs MCX SILVERMIC June contract was trading at Rs 55620 down Rs 24, or 0.04%. The SILVERMIC rate touched an intraday high of Rs 55731 and an intraday low of Rs 55500. So far 1126 contracts have been traded. SILVERMIC prices have moved down Rs 9881, or 15.09% in the June series so far.
- Brokerage calls: Buy UltraTech Cement, Max India, Shriram Transport
- Stocks in news: Moser Baer, Jet, Suzlon, SAIL, Adani Power
- UPA crisis irks brokerages, trigger outlook change
- CCI clears RIL's block for oil, gas production
- HDIL dismisses CARE ratings, stk at 52-wk low, down 50% YTD
- Here`s how to play BoB, TCS, Manappuram Finance today
From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'
The latest earning numbers FIRST on CNBC-TV18
ICICI Bank gains, underperforms ADR
Mar 21, 2013, 02.10 PM IST
Shares in ICICI Bank gain 4.3 percent, heading towards its biggest single-day gain since November 29, 2012, on value buying after steep recent falls over allegations of money laundering by a local journalist.
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ICICI Bank gains, underperforms ADR
Shares in ICICI Bank gain 4.3 percent, heading towards its biggest single-day gain since November 29, 2012, on value buying after steep recent falls over allegations of money laundering by a local journalist.
Like this story, share it with millions of investors on M3
ICICI Bank gains, underperforms ADR
Shares in ICICI Bank gain 4.3 percent, heading towards its biggest single-day gain since November 29, 2012, on value buying after steep recent falls over allegations of money laundering by a local journalist.
Traders say the gap between ICICI Bank's local shares and American Depositary Receipt (ADR) has significantly increased, making a good risk-reward for buying the local stock.
ICICI Bank's local shares fell 12.1 percent in the past two weeks to close at 1,001.55 rupees on Wednesday, while its ADR fell 9.6 percent in the same period to USD 40.6.
- Brokerage calls: Buy UltraTech Cement, Max India, Shriram Transport
- Stocks in news: Moser Baer, Jet, Suzlon, SAIL, Adani Power
- UPA crisis irks brokerages, trigger outlook change
- CCI clears RIL's block for oil, gas production
- HDIL dismisses CARE ratings, stk at 52-wk low, down 50% YTD
- Here`s how to play BoB, TCS, Manappuram Finance today
From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'
The latest earning numbers FIRST on CNBC-TV18
Governor warns on taking up too many irrigation projects
"Since Budgetary resources are limited, there is a need to set the priorities of projects. If limited resources are "spread thin" over a large number of projects, it will result in cost and time overruns and eventually the benefits arising out of these works will not be commensurate with expenditure," he said in his directives to the government. The directives were issued under the `Development Boards for Vidarbha, Marathwada and the Rest of Maharashtra Order, 2011', for the region-wise distribution of outlays in the Annual Plan of FY 2013-14.
"The Governor, therefore, is of the opinion that completion of the ongoing works should be taken up in a mission mode by devising a well thought-out policy of prioritization of projects," the directives said. "The Governor has noted with satisfaction that the State Government has resolved to give priority to last mile works in the scarcity areas within the allocations arrived at as per the formula prescribed in the Directives.
"The Governor is also of the view that the priority to committed expenditure in Irrigation sector should not be diluted by taking up new projects....However, as noted in the directives dated March 17, 2012, in order to utilise the balance available water of Godavari river basin in Vidarbha region, the Government should take all the necessary steps for the purpose of creating an adequate shelf of projects," the directives said.
Geometric releases Glovius version 3.0 for Windows
Mar 21, 2013, 02.16 PM IST
Geometric, a specialist in engineering solutions and technologies, today announced the launch of version 3.0 of Glovius for Windows�, an extensible and customizable 3D visualization tool, for consumption of product design data.
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Geometric releases Glovius version 3.0 for Windows
Geometric, a specialist in engineering solutions and technologies, today announced the launch of version 3.0 of Glovius for Windows�, an extensible and customizable 3D visualization tool, for consumption of product design data.
Like this story, share it with millions of investors on M3
Geometric releases Glovius version 3.0 for Windows
Geometric, a specialist in engineering solutions and technologies, today announced the launch of version 3.0 of Glovius for Windows�, an extensible and customizable 3D visualization tool, for consumption of product design data.
Read all announcements in Geometric
To read the full report click here
- Brokerage calls: Buy UltraTech Cement, Max India, Shriram Transport
- Stocks in news: Moser Baer, Jet, Suzlon, SAIL, Adani Power
- UPA crisis irks brokerages, trigger outlook change
- CCI clears RIL's block for oil, gas production
- HDIL dismisses CARE ratings, stk at 52-wk low, down 50% YTD
- Here`s how to play BoB, TCS, Manappuram Finance today
From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'
The latest earning numbers FIRST on CNBC-TV18
Maha govt suspends Tulip from future projects; shares fall
Written By Unknown on Rabu, 20 Maret 2013 | 16.02
CNBC-TV18 reported quoting NW18 that the government suspended the company due to service deficiency in one of the order.
The company posted a loss of Rs 85 crore in the quarter ended December 2012 as against a profit of Rs 1.37 crore in previous quarter. Meanwhile, its revenues fell more than 17 percent year-on-year to Rs 528.67 crore during the same quarter.
At 13:54 hours IST, the stock was quoting at Rs 9.60 on Bombay Stock Exchange.
There were pending sell orders of 265 shares, with no buyers available.
The share touched its 52-week high Rs 129.00 and 52-week low Rs 8.71 on 06 July, 2012 and 05 March, 2013, respectively.
Currently, it is trading 92.56% below its 52-week high and 10.22% above its 52-week low.
Gold holds near 3-week high on Cyprus crisis
The threat of a default or even expulsion of Cyprus from the euro zone drove nervous investors to seek refuge in gold, though such support may not last long. "Given the relatively small sum involved compared to the previous debt financing schemes that were put together for the Greeks and others, Cyprus is a manageable problem and one that we think will eventually get resolved," said Ed Meir, an analyst at INTL FCStone, in a research note. Supportive of gold prices, holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, rose 2.708 tonnes to 1,222.162 tonnes on Tuesday, the first increase in daily holdings since early February.
Spot gold traded flat at USD 1,612.71 an ounce by 0647 GMT, near a three-week high of $1,615.16 hit on Tuesday. US gold was also little changed at USD 1,612.10. Technical analysis was bullish. Spot gold could rise to USD 1,626 as it has cleared a resistance at USD 1,611, said Reuters market analyst Wang Tao. But the rise in spot gold prices for six out of the past seven sessions has dented demand in Asia's physical markets, where buying slowed from earlier in the month. Buyers are now waiting for prices to return to lower levels when the situation in Cyprus calms down.
"Gold buying from China is slower from a few weeks ago, and people are selling in Shanghai to take profit," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. "The upside is still limited. After people calm down, they will still invest in other assets." Upbeat US economic data in recent months has encouraged investors to pile money into the stock market, helping the S&P 500 index climb more than 8 percent so far this year. Gold, in comparison, is down nearly 4 percent since Dec. 31.
Investors will be closely watching the outcome of the Federal Reserve's two-day meeting on Wednesday, as well as a press conference by Fed Chairman Ben Bernanke. Any hint of tightening monetary policy would add to headwinds for gold. "Uncertainty and sense of fear will keep gold supported, but whether gold will fly is another story all together," said Mingze Wu, market specialist at OANDA in Singapore.
"It's a tug of war between fear that drives gold up and lack of fear that pulls gold down." Spot platinum inched up 0.2 percent to USD 1,556.74, off a more than two-month low of USD 1,545.25 hit on Tuesday. Spot palladium rose 0.2 percent to USD 734.50, after tumbling 3.9 percent in the previous session, the sharpest one-day decline in nearly five months.
Buy Indian rupee on dips: Karvy
The euro is trading down by 0.68% against USD as Cyprus parliament rejected European Union bailout condition yesterday and that might create weakness in rupee. The Japanese financial market is close today as national Holiday (Vernal Equinox Day public holiday). However, Chinese equities are trading higher. The SGX NIFTY future is trading down by 11.50 points indicating weak opening of domestic indices which may have negative impact on rupee. The Dollar index strengthened around 0.37%, last night and the similar trend has followed in today market session is another weak point for rupee. On the economic front, Europe will release current account balance are likely to increase along with consumer confidence that might support euro currency. From US, FOMC rate decision is expected where they likely to keep interest rate unchanged. In FOMC meeting they will discuss on bond buying program which might pressurize USD. Overall we expect rupee to open on a weak note while during the day slightly recovery could be seen on the back of positive data expectation from euro area. Overall stance should be buy side.
USD/INR Spot
USDINR remained volatile on Tuesday, it hit two week low of 53.90 in the initial hours and thereafter it made a turn around and edged higher to settle at 54.3650 gaining 0.38%. On technical basis, pair surpassed resistances of trendline as well as of major EMA's and settled above same. Momentum indicator RSI-14 has inched higher from the lows of 0.50 to 0.52 suggesting upward potential in the pair. For the day we expect USDINR to open on positive note and would extend its gains. For today we recommend traders to buy on dips.
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