| '); } Sep 30, 2013, 02.12 PM IST Ganga Papers India Ltd has informed that the 29th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Sep 30, 2013, 02.15 PM IST
IB Infotech Enterprises Ltd has informed that the Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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IB Infotech Enterprises: Outcome of AGM
IB Infotech Enterprises Ltd has informed that the Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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IB Infotech Enterprises: Outcome of AGM
IB Infotech Enterprises Ltd has informed that the Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Sep 30, 2013, 02.15 PM IST
Dhoot Industries Ltd has informed that the 28th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Dhoot Industries: Outcome of AGM
Dhoot Industries Ltd has informed that the 28th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Dhoot Industries: Outcome of AGM
Dhoot Industries Ltd has informed that the 28th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Sep 30, 2013, 02.17 PM IST
Everonn Education has informed that in the meeting of the Board of Directors of the Company held on September 26, 2013, the Board of Directors, appointed Mr. Sandeep Maniyar as an Alternate Director to Mr. C N Radhakrishnan, Director.
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Everonn Education: Outcome of board meeting
Everonn Education has informed that in the meeting of the Board of Directors of the Company held on September 26, 2013, the Board of Directors, appointed Mr. Sandeep Maniyar as an Alternate Director to Mr. C N Radhakrishnan, Director.
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Everonn Education: Outcome of board meeting
Everonn Education has informed that in the meeting of the Board of Directors of the Company held on September 26, 2013, the Board of Directors, appointed Mr. Sandeep Maniyar as an Alternate Director to Mr. C N Radhakrishnan, Director.
Read all announcements in Everonn Edu
Action in Everonn Education
Others who were part of the meeting include Bengal Ambuja Housing Development Ltd MD Harshavardhan Neotia and former Hindustan Unilever CEO Nitin Paranjpe. Sharma is CEO of Axis Bank. While none of the participants were available for comments, sources privy to the meeting said Gandhi met this small group at his residence this morning and perhaps was his first interaction with industrialists and businessmen.
Also Read: Why blame Rahul when MMS has chosen to play doormat?
Besides the current state of economy, Gandhi may have discussed FDI in retail with the participants, most of whom are or were connected with retailing at one point or the other.
RP-Sanjeev Goenka Group owns the Spencer's Retail chain which is a multi-format retailer present across the country, selling electronics, home and office essentials, garments and fashion accessories, toys, and personal care items. The company is planning to open about 80 large format stores by 2017.
The firm reported a 4 percent increase in revenue to USD 7.1 billion for the fourth quarter of fiscal 2013 from a year earlier, while revenue for the entire fiscal climbed 3 percent to USD 28.6 billion.
"Accenture expects net revenues for the first quarter of fiscal 2014 to be in the range of USD 7-7.3 billion," it said in a release. "For fiscal 2014, the company expects net revenue growth to be in the range of 2-6 percent in local currency."
The company estimates operating cash flow in fiscal 2014 to be in the range of USD 3.6 billion-3.9 billion, property and equipment additions to be USD 400 million and free cash flow at USD 3.2 billion-3.5 billion.
Operating cash flow was USD 3.3 billion and free cash flow was USD 2.9 billion in fiscal 2013.
"We remain focused on investing to further differentiate our industry, technology and business process capabilities, particularly in digital marketing, mobility, analytics and cloud," Accenture Chairman and CEO Pierre Nanterme said.
Accenture is targeting new bookings for fiscal 2014 in the range of USD 32-35 billion against new bookings for fiscal 2013 of USD 33.3 billion.
Addressing investors here, Singh said the government will contain the fiscal deficit at 4.8 percent of GDP and work towards achieving the medium-term objective of reducing the current account deficit (CAD) to 2.5 percent of GDP.
"The results of our efforts will be visible in the second half of the year. We expect stronger growth in 2013-14 than in 2012-13. The second half of the year should see a distinct turnaround, partly because of the good monsoon and partly because of the steps we have taken," he said.
The Indian economy grew at a four-year low of 4.4 percent in the April-June quarter. In 2012-13, it clocked a decade low level of growth at 5 percent.
"It is a fact that our growth rate has slowed down. We grew at an average of about 8 percent for a decade. Last year, our growth rate dipped to 5 percent. To some extent, this reflects the slowdown in the global economy and in all emerging markets," Singh said.
The government, he said, is committed to getting India back to a sustainable growth path of 8-9 percent.
"The fundamentals of the Indian economy remain strong...Our forex reserves stand at over USD 270 billion and are more than sufficient to meet India's external financing requirements," Singh said.
The withdrawal line of southwest monsoon continues to pass through Kalpa, Hissar, Jodhpur and Nalia. Isolated rain and thundershowers are expected to bring down temperatures in Jammu & Kashmir, Himachal Pradesh, Uttarakhand and Haryana. South and east Rajasthan is likely to receive light to moderate rain at few places, keeping the mercury near normal. A predominantly cloudy sky with chances of light rain will not allow the maximum temperature in the national capital to rise above 33 degrees.
The upper air cyclonic circulation over north Bay of Bengal and neighbourhood extending up to mid tropospheric levels still persists. Under its influence, a low pressure area will develop over Bay of Bengal leading to thundershowers in West Bengal and Orrisa. Jharkhand and north eastern states may receive light to moderate rain. Temperatures are expected to drop by a couple of notches after 48 hours in the north eastern states.
An upper air cyclonic circulation still lies over north Gujarat and adjoining south Rajasthan, and is expected to bring heavy rainfall in this region. Day temperatures of Gujarat will rise significantly as rainfall succumbs. Chhattisgarh will also receive moderate rainfall in the next 24 hours.
The southern peninsula will remain mainly dry due to the absence of any significant low pressure system. Nevertheless, isolated light rain is a possibility in coastal Andhra Pradesh. Temperature will rise by a couple of degrees in coastal Andhra Pradesh. While, it will remain near normal in interior Karnataka and Tamil Nadu. Bangalore, as always will remain comfortable with maximum and minimum temperatures at 29 and 20 degrees respectively.
By: Skymetweather.com
Sep 28, 2013, 01.56 PM IST
Arrow Coated Products Ltd has informed that the 21st Annual General Meeting (AGM) of the Company was held on September 28, 2013.
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Arrow Coated Products: Outcome of AGM
Arrow Coated Products Ltd has informed that the 21st Annual General Meeting (AGM) of the Company was held on September 28, 2013.
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Arrow Coated Products: Outcome of AGM
Arrow Coated Products Ltd has informed that the 21st Annual General Meeting (AGM) of the Company was held on September 28, 2013.
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Sep 28, 2013, 01.58 PM IST
Kanumanek Trading Company Ltd has informed that the 33rd Annual General Meeting (AGM) of the Company was held on September 28, 2013.
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Kanumanek Trading Company: Outcome of AGM
Kanumanek Trading Company Ltd has informed that the 33rd Annual General Meeting (AGM) of the Company was held on September 28, 2013.
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Kanumanek Trading Company: Outcome of AGM
Kanumanek Trading Company Ltd has informed that the 33rd Annual General Meeting (AGM) of the Company was held on September 28, 2013.
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By: Skymetweather.com
The resolution, agreed on Thursday, would not threaten military force if Syria fails to comply.
A vote on the resolution is expected later on Friday.
Obama said the agreement was something the United States had long sought and likely would not have been achieved without a credible threat of US force after the chemical weapons attack on a suburb of Damascus on August 21 that killed scores of Syrian civilians, including children.
"The fact that we now have a framework ... that would be legally binding, that would be verifiable and enforceable, where there would be consequences for Syria's failure to meet what has been set forth in this resolution, I think is a potentially huge victory for the international community," Obama said at the White House, where he was meeting with Indian Prime Minister Manmohan Singh.
Obama said the resolution would deter future use of chemical weapons in Syria and go beyond what military action could have achieved by removing one of the largest stockpiles of chemical weapons in the world.
He said the United States was hopeful about what could be accomplished as a result of the UN resolution, but that a lot of work was still required and skepticism was well placed.
"I think rightly, people have been concerned about whether Syria will follow through on the commitments that have been laid forth, and I think there are legitimate concerns as to how technically we are going to be getting those chemical weapons out while there is still fighting going on," Obama said.
"Nevertheless, this represents potentially a significant step forward."
The agreement emerged from intense negotiations at the United Nations with Russia, an ally of Syrian President Bashar al-Assad's government.
A major sticking point was Russia's opposition to writing the resolution under Chapter 7 of the UN charter, which covers the council's authority to enforce its decisions with measures that include sanctions or military force.
The draft resolution makes the measure legally binding but provides no means for automatic enforcement if Syria fails to comply.
Sep 27, 2013, 02.22 PM IST
Mahindra and Mahindra has announced that it would be raising the prices of its passenger as well as its commercial vehicles by up to 2 percent. This increase would be in the range of Rs 6,000 to Rs 20,000 depending on the model and will be effective October 1, 2013.
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Mahindra and Mahindra raises prices of its product portfolio
Mahindra and Mahindra has announced that it would be raising the prices of its passenger as well as its commercial vehicles by up to 2 percent. This increase would be in the range of Rs 6,000 to Rs 20,000 depending on the model and will be effective October 1, 2013.
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Mahindra and Mahindra raises prices of its product portfolio
Mahindra and Mahindra has announced that it would be raising the prices of its passenger as well as its commercial vehicles by up to 2 percent. This increase would be in the range of Rs 6,000 to Rs 20,000 depending on the model and will be effective October 1, 2013.
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Sep 27, 2013, 02.25 PM IST
Poly Medicure Ltd has informed that the 18th Annual General Meeting (AGM) of the Company was held on September 27, 2013.
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Poly Medicure: Outcome of AGM
Poly Medicure Ltd has informed that the 18th Annual General Meeting (AGM) of the Company was held on September 27, 2013.
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Poly Medicure: Outcome of AGM
Poly Medicure Ltd has informed that the 18th Annual General Meeting (AGM) of the Company was held on September 27, 2013.
Sep 27, 2013, 02.24 PM IST
Nagpur Power & Industries has acquired additional 1176 equity shares via transfer of shares from one of the existing shareholder in its subsidiary
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Nagpur Power acquires equity shares in its subsidiary
Nagpur Power & Industries has acquired additional 1176 equity shares via transfer of shares from one of the existing shareholder in its subsidiary
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Nagpur Power acquires equity shares in its subsidiary
Nagpur Power & Industries has acquired additional 1176 equity shares via transfer of shares from one of the existing shareholder in its subsidiary
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Action in Nagpur Power Industries
Sep 27, 2013, 02.28 PM IST
Noida Toll Bridge Company has informed that a final dividend of 10% (Re 1 per Equity Share of Rs 10 each), has been approved by the equity shareholders of the Company at the Annual General Meeting of the Company held on September 27, 2013. Dividend will be paid on or after October 22, 2013.
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Noida Toll Bridge: Outcome of AGM
Noida Toll Bridge Company has informed that a final dividend of 10% (Re 1 per Equity Share of Rs 10 each), has been approved by the equity shareholders of the Company at the Annual General Meeting of the Company held on September 27, 2013. Dividend will be paid on or after October 22, 2013.
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Noida Toll Bridge: Outcome of AGM
Noida Toll Bridge Company has informed that a final dividend of 10% (Re 1 per Equity Share of Rs 10 each), has been approved by the equity shareholders of the Company at the Annual General Meeting of the Company held on September 27, 2013. Dividend will be paid on or after October 22, 2013.
Read all announcements in Noida Toll
Shares of Godrej Properties touched a record low of Rs 349.70 on Thursday. Morgan Stanley has equalweight rating on the stock and cut its target price to Rs 407 from Rs 535.
The brokerage house also cut its earnings per share estimates for FY14 and FY15 by 45 percent each, driven by slower-than-expected sales at the Ahmedabad and Commercial projects, delay in planned new launches and new revenue recognition guidelines.
"Godrej Properties continues to build its project portfolio through the partnership and acquisition route. The balance sheet should improve thanks to the recently concluded Rs 700 crore rights issue. However, the sluggish macro climate, gradual ramp-up, and full valuations keep us equalweight on the stock," Morgan Stanley in its report said.
Also Read - Sun Pharma at new high; hopes of higher sales in key drug
At 13:42 hours IST, the stock was down 1.85 percent to Rs 350.90 on the Bombay Stock Exchange. It lost more than 17 percent in past one month and 41 percent in nine months.
(Posted by Sunil Shankar Matkar)
Sep 26, 2013, 02.28 PM IST
Aarti Drugs Ltd has clarified on the news item appearing in a newspaper titled, FDA issues warning letter to Aarti Drugs.
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Aarti Drugs clarifies on news item
Aarti Drugs Ltd has clarified on the news item appearing in a newspaper titled, FDA issues warning letter to Aarti Drugs.
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Aarti Drugs clarifies on news item
Aarti Drugs Ltd has clarified on the news item appearing in a newspaper titled, FDA issues warning letter to Aarti Drugs.
Read all announcements in Aarti Drugs
Sep 26, 2013, 02.28 PM IST
NHPC Ltd has submitted a copy of minutes of the 37th Annual General Meeting of the Company held on September 16, 2013.
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NHPC: Updates on outcome of AGM
NHPC Ltd has submitted a copy of minutes of the 37th Annual General Meeting of the Company held on September 16, 2013.
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NHPC: Updates on outcome of AGM
NHPC Ltd has submitted a copy of minutes of the 37th Annual General Meeting of the Company held on September 16, 2013.
Read all announcements in NHPC
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Sep 26, 2013, 02.29 PM IST
According to Manav Chopra of Nirmal Bang Securities, one may buy Tata Motors.
Your Stocks at 02:00 pm
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Buy Tata Motors, says Manav Chopra
According to Manav Chopra of Nirmal Bang Securities, one may buy Tata Motors.
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Buy Tata Motors, says Manav Chopra
According to Manav Chopra of Nirmal Bang Securities, one may buy Tata Motors.
At 14:17 hrs Tata Motors was quoting at Rs 345, up Rs 2.20, or 0.64 percent.
The company's trailing 12-month (TTM) EPS was at Rs 3.94 per share. (Jun, 2013). The stock's price-to-earnings (P/E) ratio was 87.54. The latest book value of the company is Rs 59.47 per share. At current value, the price-to-book value of the company was 5.8. The dividend yield of the company was 0.58 percent.
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Accordingly, the Fund management responsibilities of the following schemes of Birla Sun Life Mutual Fund have been reassigned with immediate effect as under:
Birla Sun Life Midcap Fund: Mr. Nishit Dholakia
Birla Sun Life India GenNext Fund: Mr. Anil Shah
Birla Sun Life Small & Midcap Fund: Mr. Nishit Dholakia
Sep 25, 2013, 02.28 PM IST
Nakoda has informed that the meeting of Directors of Management Committee of the Company will be held on September 28, 2013 to allot 5,30,00,000 Equity Shares on 2nd and final conversion of 1,06,00,000 Warrants out of 2,03,20,000 Warrants allotted on March 30, 2012.
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Nakoda's management committee meeting on Sept 28, 2013
Nakoda has informed that the meeting of Directors of Management Committee of the Company will be held on September 28, 2013 to allot 5,30,00,000 Equity Shares on 2nd and final conversion of 1,06,00,000 Warrants out of 2,03,20,000 Warrants allotted on March 30, 2012.
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Nakoda's management committee meeting on Sept 28, 2013
Nakoda has informed that the meeting of Directors of Management Committee of the Company will be held on September 28, 2013 to allot 5,30,00,000 Equity Shares on 2nd and final conversion of 1,06,00,000 Warrants out of 2,03,20,000 Warrants allotted on March 30, 2012.
Read all announcements in Nakoda
HEALTHCARE: Future of Healthcare
Accordingly, the revised exit load will be 1% if units are redeemed/switched-out within 12 months from the date of allotment.
The load structure will be equally applicable to all special products offered under the schemes such as SIP, STP, switches etc. No exit load will be charged for switch between Axis Equity Fund and Axis Equity Fund-Direct Plan, where transaction is not routed through distributors.
Axis Equity Fund is an open-ended equity fund. To achieve long term capital appreciation by investing in a diversified portfolio predominantly consisting of equity and equity related securities including derivatives.
Sep 25, 2013, 02.28 PM IST
SP Tulsian of sptulsian.com advises booking profits in Sesa Goa at current level.
Your Stocks at 02:00 pm
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Book profits in Sesa Goa, advises SP Tulsian
SP Tulsian of sptulsian.com advises booking profits in Sesa Goa at current level.
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Book profits in Sesa Goa, advises SP Tulsian
SP Tulsian of sptulsian.com advises booking profits in Sesa Goa at current level.
At 14:17 hrs Sesa Goa was quoting at Rs 183.40, up Rs 1.50, or 0.82 percent.
The share touched its 52-week high Rs 205.40 and 52-week low Rs 119.45 on 07 January, 2013 and 31 July, 2013, respectively.
HEALTHCARE: Future of Healthcare
Sep 23, 2013, 02.16 PM IST
Duke Offshore Ltd has submitted the minutes of the 27th Annual General Meeting (AGM) of the Company held on September 23, 2013.
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Duke Offshore: Outcome of AGM
Duke Offshore Ltd has submitted the minutes of the 27th Annual General Meeting (AGM) of the Company held on September 23, 2013.
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Duke Offshore: Outcome of AGM
Duke Offshore Ltd has submitted the minutes of the 27th Annual General Meeting (AGM) of the Company held on September 23, 2013.
HEALTHCARE: Future of Healthcare
| '); } Sep 23, 2013, 02.26 PM IST Aarti Industries Ltd has submitted the proceedings of the 30th Annual General Meeting (AGM) of the Company held on September 23, 2013.
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Sep 23, 2013, 02.24 PM IST
Vibhav Kapoor, IL&FS expects recent volatility in the market to continue going ahead. According to him, the market is too volatile and therefore, he won't call it an investor's market. "I would call it speculative to some extent," he says in an interview to CNBC-TV18.
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BSE Sensex drops 400 pts; DLF, PNB, BoB, Axis Bank down 6%
Vibhav Kapoor, IL&FS expects recent volatility in the market to continue going ahead. According to him, the market is too volatile and therefore, he won't call it an investor's market. "I would call it speculative to some extent," he says in an interview to CNBC-TV18.
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BSE Sensex drops 400 pts; DLF, PNB, BoB, Axis Bank down 6%
Vibhav Kapoor, IL&FS expects recent volatility in the market to continue going ahead. According to him, the market is too volatile and therefore, he won't call it an investor's market. "I would call it speculative to some extent," he says in an interview to CNBC-TV18.
14:27
Moneycontrol BureauThe Sensex is down 427.12 points at 19836.59, and the Nifty is down 137.80 points at 5874.30. Declining shares outpaced advancing ones by 1280 to 874 on the Bombay Stock Exchange.
Vibhav Kapoor, IL&FS expects recent volatility in the market to continue going ahead. According to him, the market is too volatile and therefore, he won't call it an investor's market. "I would call it speculative to some extent," he says in an interview to CNBC-TV18.
Also Read: EM rally may continue due to Fed's move: JPMorgan
Kapoor further adds that Nifty is likely to trade in a broad range of 5400-6200.
Meanwhile, the rupee depreciated by 40 paise to 62.63 against the US dollar.
HEALTHCARE: Future of Healthcare
Sep 23, 2013, 02.28 PM IST
Kiri Industries Ltd has informed that the 15th Annual General Meeting (AGM) of the Company was held on September 23, 2013.
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Kiri Industries: Outcome of AGM
Kiri Industries Ltd has informed that the 15th Annual General Meeting (AGM) of the Company was held on September 23, 2013.
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Kiri Industries: Outcome of AGM
Kiri Industries Ltd has informed that the 15th Annual General Meeting (AGM) of the Company was held on September 23, 2013.
HEALTHCARE: Future of Healthcare
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Nilachal Refractories reappoints directors, auditor
Nilachal Refractories, in its annual general meeting on September 20, approved reappointment of Bhagwati Prasad Jalan, Vijay Kumar Agarwal and Niraj Jalan as directors; and P Mukhopadhyay & Co as statutory auditor of the company
Sep 21, 2013, 07.02 PM IST
Western India Shipyard, in its annual general meeting on September 21, approved reappointment of Ashwani Kumar, appointment of Ashok Kumar Agarwal as director; reappointment of S K Mutreja as whole time director & CEO for three years; and V V Kale & Co, as statutory auditor of the company
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Western India Shipyard reappoints directors, auditor
Western India Shipyard, in its annual general meeting on September 21, approved reappointment of Ashwani Kumar, appointment of Ashok Kumar Agarwal as director; reappointment of S K Mutreja as whole time director & CEO for three years; and V V Kale & Co, as statutory auditor of the company
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Western India Shipyard reappoints directors, auditor
Western India Shipyard, in its annual general meeting on September 21, approved reappointment of Ashwani Kumar, appointment of Ashok Kumar Agarwal as director; reappointment of S K Mutreja as whole time director & CEO for three years; and V V Kale & Co, as statutory auditor of the company
HEALTHCARE: Future of Healthcare
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Sep 21, 2013, 07.02 PM IST
Banco Products (India), in its annual general meeting on September 21, approved re-appointment of Atul G Shroff and Manubhai G Patel as directors; Shah & Co, chartered accountants as auditor of the company; re-appointment of Kiran Kumar Shetty as executive director.
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Banco Products reappoints directors, auditor
Banco Products (India), in its annual general meeting on September 21, approved re-appointment of Atul G Shroff and Manubhai G Patel as directors; Shah & Co, chartered accountants as auditor of the company; re-appointment of Kiran Kumar Shetty as executive director.
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Banco Products reappoints directors, auditor
Banco Products (India), in its annual general meeting on September 21, approved re-appointment of Atul G Shroff and Manubhai G Patel as directors; Shah & Co, chartered accountants as auditor of the company; re-appointment of Kiran Kumar Shetty as executive director.
HEALTHCARE: Future of Healthcare
Action in Banco Products (India)
Sep 21, 2013, 07.03 PM IST
Supreme Tex Mart approved appointment of S K Verma and Associates as cost auditors of the company to conduct the cost audit for the financial year ending March 31, 2013.
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Supreme Tex Mart appoints S K Verma and Associates as cost auditor
Supreme Tex Mart approved appointment of S K Verma and Associates as cost auditors of the company to conduct the cost audit for the financial year ending March 31, 2013.
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Supreme Tex Mart appoints S K Verma and Associates as cost auditor
Supreme Tex Mart approved appointment of S K Verma and Associates as cost auditors of the company to conduct the cost audit for the financial year ending March 31, 2013.
Read all announcements in Supreme Tex
HEALTHCARE: Future of Healthcare
Action in Supreme Tex Mart
"An asset class which nobody wanted to own has suddenly come back tactically into favour and that is why markets have rallied. The rest actually is noise," he added.
He reiterated that this rally was not a Raghuram Rajan rally and was global rally fanned by Ben Bernanke and it could extend a bit more.
"A lot of people might yet scramble to get into a trade having missed out. Some of the Exchange-Traded Funds (ETF) put in money to work, but a lot of people have not caught this trade. Therefore the latecomers might come and fan the flames a bit more and markets could go up a bit more, 3-4-5 percent quite easily from here," he elaborated.
Also Read: Now better prepared for Fed taper, says RBI guv Rajan
Below is the verbatim transcript of Udayan's analysis
Arguably one of the most important weeks in the history of financial markets has been behind us. The last 48 hours have been quite incredible. There is no easy answer to why we saw such a huge surge in the market and then a correction of 100 points the following day. Some big things are happening. After a long time there is a whiff of hope of emerging markets.
In the last five years, all emerging markets including India have been out of favour. Suddenly, in the last one month, that trade has come back into play and while one would hear a lot of noise around that event which is what the Reserve Bank of India (RBI) is doing, the kind of data which is coming in, they are all less relevant than what the Fed is doing and what is happening with global liquidity.
There are lots of important things which are driving the market at this point and it is important to understand that much of it is noise. The one thing which has led to this massive rally is what has happened globally in terms of people flocking back to a very, very oversold asset class which is emerging markets. India is just part of that theme and that is the reason why we have had a 20 percent rally over the last 20 days.
It is that astounding - 20 percent in 20 days. In dollar terms it is probably 30 percent over the last 20 days. That is just incredible. I do not remember last time any foreign investor or trader enjoyed a 30 percent rally in 20 days. This simply because an asset class which nobody wanted to own has suddenly come back tactically into favour and that is why markets have rallied. The rest actually is noise.
When the rally started playing out, a lot of people in India said it is the Raghuram Rajan rally, because he has come and yesterday that kind of theory might have got dented a little bit. So, I do not think this is a Raghuram Rajan rally at all. It is a global rally fanned by Ben Bernanke and if the music globally starts to play around for a bit longer, this rally could extend, though I think last night's price action in the US is a little disturbing.
Mother of all bear market rallies?
There is no easy answer to that. One is trying to map global liquidity and that is absolutely impossible. It is easier for investors to look at fundamentals and say fundamentals are good or bad at this point in time, because that does not change every week. What changes every week is global asset managers taking a call on what they want to do tactically with their money.
It is like bank stocks. For three-four-five weeks on the trot they get bashed up quite completely. Nobody wants to own them. Bank fundamentals have not changed in the last three weeks so dramatically, but these stocks have all gone up 30-40-50 percent. So, one needs to distinguish between what is the fundamental underpinning of many of these asset classes and what is happening tactically.
What was happening is everybody got super-bearish. All of this is hindsight of course. It is not that 20 days back one could see a 20 percent rally, but everybody got very bearish on emerging markets, maybe too bearish and that became an extremely crowded trade. So if you called up anybody and said what are you doing with your money, the answer would be I am in dollars. I am in the US market. I hate emerging markets. Everybody started singing the same tune and everybody hated bank stocks in India. When it becomes that concentrated markets will always give you a whiplash and that is exactly what has happened over the last few days, a spectacular mother of all bear market rallies I still think.
Could this rally extend?
Sure it could. I know it has gone up 20 percent, but the real money has started coming in only in the last five or seven sessions But some disturbing things are happening globally and into emerging markets. So, a lot of people might yet scramble to get into a trade having missed out. Some of the Exchange-Traded Funds (ETF) put in money to work, but a lot of people have not caught this trade. Therefore the latecomers might come and fan the flames a bit more and markets could go up a bit more, 3-4-5 percent quite easily from here.
Worst is the yet to come?
We can talk about that in detail, particularly this whole relief that everybody is talking about with Ben Bernanke having not moved, that can be a fairly dangerous move. Already last night I was hearing some people talking about the possibility of him moving in as early as October through a special media conference. If that happens, it takes away a lot of the feel good that is abounding in emerging markets today.
Also the bigger fear that I have is, say you have a fairly lethal cocktail brewing in the west which is that by the Fed's own admission US growth is not going to be as good as it was thought earlier to be. A slipping US growth where the mother of all bull markets have been playing out combined with a Fed which is trapped and does not know how to exit can lead to an explosion in global markets anytime.
Sep 21, 2013, 01.34 PM IST
Trevor Williams, chief economist at Lloyds TSB presents his expectations from the German elections, in an interview to CNBC-TV18. He expects the government to be led by Angela Merkel.
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Here's what to expect from German elections
Trevor Williams, chief economist at Lloyds TSB presents his expectations from the German elections, in an interview to CNBC-TV18. He expects the government to be led by Angela Merkel.
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Here's what to expect from German elections
Trevor Williams, chief economist at Lloyds TSB presents his expectations from the German elections, in an interview to CNBC-TV18. He expects the government to be led by Angela Merkel.
Trevor Williams, chief economist at Lloyds TSB presents his expectations from the German elections, in an interview to CNBC-TV18. He expects the government to be led by Angela Merkel.
"It will highlight India's role in regional security and stability and provide an opportunity for the two leaders to chart a course toward enhanced trade, investment, and development cooperation between the United States and India," the White House said in a statement confirming the Obama-Singh meeting next Friday.
"On Friday, the President will welcome Prime Minister Singh of India to the White House for a bilateral meeting. This meeting follows the Prime Minister's visit to Washington in 2009, and the President's visit to India in 2010," the White House said.
This will be Singh's third summit meeting with Obama. The Prime Minister had undertaken State visits to the US in November 2009 and Obama visited India for a Summit meeting in 2010. Besides, they have met a number of times on the sidelines of multilateral meetings.
Implementation of civil nuclear cooperation and ways to expand cooperation in the fields of defence, security and economy will be high on Prime Minister's agenda.
Singh, who will undertake a five-day visit to the US from September 26, will also flag concerns over the proposed changes in America's visa norms as these would be affecting the highly-skilled IT professionals from India.
The two leaders will also discuss the situation in the region, including Afghanistan after withdrawal of US-led forces next year, besides global issues like Syria.
The meeting between the two leaders will take place before the Prime Minister moves on to New York to address the UN General Assembly the next day. At the UNGA, Singh is expected to pitch for grant of permanent membership to India in the UN Security Council, India's Foreign Secretary Sujatha Singh said in New Delhi yesterday.
The state miner's five trade unions had earlier served a strike notice, mainly to protest against the government's plan to sell off five percent of the company's equity. Last month, India selected seven banks to manage the stake sale that could raise USD 1.2 billion, prompting intensified opposition from the unions.
"They have deferred it to December after we agreed to some of their demands relating to VRS (voluntary retirement schemes) and other issues," Personnel & Industrial Relations Director R Mohan Das said by telephone from Kolkata. "The divestment should go through now."
Coal India , which accounts for about 80 percent of India's coal output, has missed its production target so far this year, which will likely result in costly imports, and the 3-day strike would have further squeezed supply.
The government hopes to sell the Coal India stake as part of a divestment target to raise 400 billion rupees from stake sales in the current fiscal year, as it looks to trim the fiscal deficit. India sold a 10 percent stake in the world's largest coal miner in 2010, raising USD 3.4 billion in an initial public offer.
Coal India shares ended 1.43 percent higher on Friday at Rs 301.70 on the National Stock Exchange.
Sep 20, 2013, 02.20 PM IST
The Register of Members & Share Transfer Books of Conart Engineers will remain closed from September 27, 2013 to September 30, 2013 (both days inclusive) for the purpose of 39th Annual General Meeting (AGM) to be held on September 30, 2013.
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Conart Engineers fixes book closure for AGM
The Register of Members & Share Transfer Books of Conart Engineers will remain closed from September 27, 2013 to September 30, 2013 (both days inclusive) for the purpose of 39th Annual General Meeting (AGM) to be held on September 30, 2013.
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Conart Engineers fixes book closure for AGM
The Register of Members & Share Transfer Books of Conart Engineers will remain closed from September 27, 2013 to September 30, 2013 (both days inclusive) for the purpose of 39th Annual General Meeting (AGM) to be held on September 30, 2013.
Read all announcements in Conart Engineer
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Action in Conart Engineers
At 14:18 hrs Dena Bank was quoting at Rs 49.95, down Rs 4.05, or 7.50 percent.
The share touched its 52-week high Rs 128 and 52-week low Rs 41.85 on 07 January, 2013 and 28 August, 2013, respectively.
The company's trailing 12-month (TTM) EPS was at Rs 18.35 per share. (Jun, 2013). The stock's price-to-earnings (P/E) ratio was 2.72. The latest book value of the company is Rs 164.66 per share. At current value, the price-to-book value of the company was 0.3. The dividend yield of the company was 9.43 percent.
UFM Industries fixes book closure for AGM
The Register of Members & Share Transfer Books of UFM Industries will remain closed from September 24, 2013 to September 30, 2013 (both days inclusive) for the purpose of Annual General Meeting (AGM) to be held on September 30, 2013.
Sep 20, 2013, 02.25 PM IST
The Register of Members & Share Transfer Books of Vardhman Polytex will remain closed from September 25, 2013 to September 30, 2013 (both days inclusive) for the purpose of 33rd Annual General Meeting (AGM) to be held on September 30, 2013.
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Vardhman Polytex fixes book closure for AGM
The Register of Members & Share Transfer Books of Vardhman Polytex will remain closed from September 25, 2013 to September 30, 2013 (both days inclusive) for the purpose of 33rd Annual General Meeting (AGM) to be held on September 30, 2013.
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Vardhman Polytex fixes book closure for AGM
The Register of Members & Share Transfer Books of Vardhman Polytex will remain closed from September 25, 2013 to September 30, 2013 (both days inclusive) for the purpose of 33rd Annual General Meeting (AGM) to be held on September 30, 2013.
Read all announcements in Vardhman Poly
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Action in Vardhman Polytex
14:22
Moneycontrol BureauThe Sensex is up 715.26 points or 3.58 percent at 20677.42, and the Nifty is up 228.05 points or 3.87 percent at 6127.50. About 1331 shares have advanced while 887 shares declined on the Bombay Stock Exchange.
One needs to be cautiously optimistic on emerging market says Herald Van Der Linde, Head of Equity Strategy, Asia-Pacific, HSBC because the issues concerning current account deficit (CAD), reforms etc have not yet gone away. So he sees no case for changing their rating.
Recently, HSBC had downgraded India to an underweight.
Moreover, he expects a correction for Indian market at some point of time.
Meanwhile, the rupee gained 161 paise to 61.76 against the US dollar on sustained dollar selling by FIIs.
As surprising as the FOMC announcement was yesterday, this brings great news for emerging markets, says Nirmal Jain, Chairman, IIFL. Easy money will continue to come into emerging markets which will lead to a rally in currencies, equities and bonds, he says.
Sep 19, 2013, 02.25 PM IST
According to Rajesh Agarwal, Head of Research of Eastern Financiers Limited, one may book profits in State Bank of India (SBI).
Your Stocks at 02:00 pm
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Book profits in SBI, says Rajesh Agarwal
According to Rajesh Agarwal, Head of Research of Eastern Financiers Limited, one may book profits in State Bank of India (SBI).
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Book profits in SBI, says Rajesh Agarwal
According to Rajesh Agarwal, Head of Research of Eastern Financiers Limited, one may book profits in State Bank of India (SBI).
At 14:06 hrs State Bank of India was quoting at Rs 1,805.75, up Rs 132, or 7.89 percent.
The share touched its 52-week high Rs 2,550 and 52-week low Rs 1,452.90 on 10 January, 2013 and 28 August, 2013, respectively.
HEALTHCARE: Future of Healthcare
At 14:11 hrs Bank Of India was quoting at Rs 189.35, up Rs 12.60, or 7.13 percent.
The share touched its 52-week high Rs 392.20 and 52-week low Rs 126.95 on 18 January, 2013 and 28 August, 2013, respectively.
The company's trailing 12-month (TTM) EPS was at Rs 45.48 per share. (Jun, 2013). The stock's price-to-earnings (P/E) ratio was 4.17. The latest book value of the company is Rs 400.88 per share. At current value, the price-to-book value of the company was 0.47. The dividend yield of the company was 5.27 percent.
Sep 19, 2013, 02.28 PM IST
According to Rajesh Agarwal, Head of Research of Eastern Financiers Limited, one may hold Bank of India with a target of Rs 230.
Your Stocks at 02:00 pm
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Hold Bank of India; target Rs 230: Rajesh Agarwal
According to Rajesh Agarwal, Head of Research of Eastern Financiers Limited, one may hold Bank of India with a target of Rs 230.
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Hold Bank of India; target Rs 230: Rajesh Agarwal
According to Rajesh Agarwal, Head of Research of Eastern Financiers Limited, one may hold Bank of India with a target of Rs 230.
At 14:12 hrs Bank Of India was quoting at Rs 189.80, up Rs 13.05, or 7.38 percent.
The share touched its 52-week high Rs 392.20 and 52-week low Rs 126.95 on 18 January, 2013 and 28 August, 2013, respectively.
The company's trailing 12-month (TTM) EPS was at Rs 45.48 per share. (Jun, 2013). The stock's price-to-earnings (P/E) ratio was 4.17. The latest book value of the company is Rs 400.88 per share. At current value, the price-to-book value of the company was 0.47. The dividend yield of the company was 5.27 percent.
HEALTHCARE: Future of Healthcare
MCX Goldpetal October contract was trading at Rs 2976 down Rs 20, or 0.67 percent. The Goldpetal rate touched an intraday high of Rs 2990 and an intraday low of Rs 2955. So far 7626 contracts have been traded. Goldpetal prices have moved up Rs 166, or 5.91 percent in the October series so far.
MCX Goldpetal November contract was trading at Rs 2974 down Rs 21, or 0.70 percent. The Goldpetal rate touched an intraday high of Rs 2977 and an intraday low of Rs 2952. So far 939 contracts have been traded. Goldpetal prices have moved down Rs 287, or 8.80 percent in the November series so far.
MCX Silvermic February contract was trading at Rs 50300 down Rs 216, or 0.43 percent. The Silvermic rate touched an intraday high of Rs 50610 and an intraday low of Rs 49500. So far 1840 contracts have been traded. Silvermic prices have moved up Rs 8300, or 19.76 percent in the February series so far.
Sep 18, 2013, 02.20 PM IST
Anand Rathi recommends buying Yes Bank and Hindustan Unilever while ICICI Direct has a buy on ITC with a target between Rs 344 - Rs 347 with a stop loss at Rs 337.
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Trading calls: Here's what brokerages are recommending
Anand Rathi recommends buying Yes Bank and Hindustan Unilever while ICICI Direct has a buy on ITC with a target between Rs 344 - Rs 347 with a stop loss at Rs 337.
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Trading calls: Here's what brokerages are recommending
Anand Rathi recommends buying Yes Bank and Hindustan Unilever while ICICI Direct has a buy on ITC with a target between Rs 344 - Rs 347 with a stop loss at Rs 337.
Anand Rathi has a buy on Yes Bank with a target of Rs 318 and a stop loss at Rs 294
ICICI Direct has a buy on ITC with a target between Rs 344 - Rs 347 with a stop loss at Rs 337.
Anand Rathi has a buy on Hindustan Unilever with a target of Rs 652 and stop loss is at Rs 616
ICICI Direct has a sell on Bata India with a target between Rs 802 and Rs 794. They recommend a stop loss at Rs 817
HEALTHCARE: Future of Healthcare
Sep 18, 2013, 02.19 PM IST
In an interview to CNBC-TV18, Devendra Kumar Pant, Chief Economist, India Ratings & Research spoke about rupee where he has an optimistic view and he does expect the rupee to appreciate to levels of around 59 to 62
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See macos improving; 59-61/$ FY14-end target: India Ratings
In an interview to CNBC-TV18, Devendra Kumar Pant, Chief Economist, India Ratings & Research spoke about rupee where he has an optimistic view and he does expect the rupee to appreciate to levels of around 59 to 62
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See macos improving; 59-61/$ FY14-end target: India Ratings
In an interview to CNBC-TV18, Devendra Kumar Pant, Chief Economist, India Ratings & Research spoke about rupee where he has an optimistic view and he does expect the rupee to appreciate to levels of around 59 to 62
In an interview to CNBC-TV18, Devendra Kumar Pant, Chief Economist, India Ratings & Research spoke about rupee where he has an optimistic view and he does expect the rupee to appreciate to levels of around 59 to 62
HEALTHCARE: Future of Healthcare
MCX Silvermic February contract was trading at Rs 51155 up Rs 169, or 0.33 percent. The Silvermic rate touched an intraday high of Rs 51400 and an intraday low of Rs 50780. So far 1216 contracts have been traded. Silvermic prices have moved up Rs 9155, or 21.80 percent in the February series so far.
14:21
Moneycontrol BureauRohit Arora of Barclays expects Federal Reseve to reduce monthly bond purchases by USD 15 billion from Rs 85 billion, which could result into a weakness in emerging market assets.
In such a scenario, he also expects the INR to weaken to an extent and hence does not see Reserve Bank of India scaling back their liquidity tightening measures, at least in the upcoming meeting (that is scheduled for September 20).
"If RBI does not scale back their liquidity tightening measures and the MSF rate remains at 10.25 percent, we think there could be somewhat disappointment from the fixed income markets and we could see around 10-15 bps move higher in the bond yields," he adds.
The guidance given by the new RBI governor would hold a lot more importance than any change in existing measures, believes Arora.
Also read: Questions over Fed chief a bigger issue than taper
The Sensex is down 12.38 points at 19730.09, and the Nifty is down 8.95 points at 5831.60. Declining shares outnumbered advancing ones by 1202 to 899 on the Bombay Stock Exchange.
Meanwhile, the rupee depreciated by 26 paise to 63.09 against the US dollar.
Sep 17, 2013, 02.23 PM IST
Cox & Kings Ltd has submitted a copy of minutes of the 73rd Annual General Meeting (AGM) of the Company held on September 17, 2013.
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Cox & Kings: Outcome of AGM
Cox & Kings Ltd has submitted a copy of minutes of the 73rd Annual General Meeting (AGM) of the Company held on September 17, 2013.
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Cox & Kings: Outcome of AGM
Cox & Kings Ltd has submitted a copy of minutes of the 73rd Annual General Meeting (AGM) of the Company held on September 17, 2013.
HEALTHCARE: Future of Healthcare
At 14:17 hrs Jet Airways was quoting at Rs 360.30, down Rs 10.65, or 2.87 percent.
The share touched its 52-week high Rs 688.60 and 52-week low Rs 280 on 25 April, 2013 and 28 August, 2013, respectively.
The company's trailing 12-month (TTM) EPS was at Rs 1.12 per share. (Jun, 2013). The stock's price-to-earnings (P/E) ratio was 321.43. The latest book value of the company is Rs -39.67 per share. At current value, the price-to-book value of the company was -9.07.
Investors are buying HCL Infosystems on reports that suggest sales teams of HCL Tech and the company have started working together, reviving up talk of a possible integration. Shares of HCL Infosystems rallied 16 percent intraday on Monday.
However, management of HCL Infosystems has confirmed the companies are collaborating, but it denied market buzz of a possible merger.
HCL Infosystems is the managed services provider for UID Aadhar.
At 13:39 hrs the stock was quoting at Rs 28.90, up Rs 3.30, or 12.89 percent on the BSE.
