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(Business Standard 29th August 2008) India's Gross Domestic Product (GDP) growth for the April-June 2008 period has slowed down to 7.9 per cent, as against 9.2 per cent over the corresponding quarter of the previous year. The GDP has been showing an average growth of over 8 per cent over the last four years. The economic activities which registered significant growth in Q1 of 2008-09 over Q1 of 2007-08 are, 'manufacturing' at 5.6 per cent, 'construction' at 11.4 per cent, 'trade, hotels, transport and communication' at 11.2 per cent, 'financing, insurance, real estate and business services' at 9.3 per cent, and 'community, social and personal services' at 8.4 per cent. The growth rates in 'agriculture, forestry & fishing', 'mining & quarrying' and 'electricity, gas & water supply' are estimated at 3.0 per cent, 4.8 per cent and 2.6 per cent, respectively during this period. The production of crops rice, w

Strong cues from global markets coupled with a dip in inflation, saw the Sensex opened with a positive gap of 231 points at 14,279. Aggressive buying in financial and realty stocks saw the index rally to higher levels as the day progressed. The upmove was so strong that the market also discounted the GDP numbers, which indicated a slowdown in economic growth to 7.9% in the June quarter. The index rallied all the way to a high of 14,586, and finally ended on a firm note at 14,565 - up 516 points. The BSE Bankex soared 6.3% to 7,010, and the Realty index surged over 5% to 4,995. The market breadth was fairly positive - out of 2,742 stocks traded, 1,847 declined, 794 advanced and 101 were unchanged today. SBI zoomed over 7% to Rs 1,404. ICICI Bank soared 6% to Rs 672. HDFC Bank rallied over 5% to Rs 1,277, and HDFC has gained 4.3% at Rs 2,344. Reliance Infrastructure surged 6% to Rs 991. DLF and Tata Motors advanced around 5.5% each to Rs 493 and Rs 440, respectively. Jaiprakash A

U.S. economic growth accelerated from April to June as taxpayers spent their federal rebate checks and a weakened dollar boosted exports, the government reported today. According to new data from the Department of Commerce, gross domestic product grew at an annualized rate of 3.3 percent in the second quarter of the year, the fastest rate since mid-2007. The department had initially estimated growth for the period to be 1.9 percent, but more complete data -- particularly on exports by U.S. companies -- showed the economy to be growing faster. The new data offer a respite from a period of sluggish growth. GDP shrank in the last three months of 2007 and grew at an annual rate of less than 1 percent from January to March of this year. Whether that pace of growth continues, however, is another issue. Taxpayers in May and June, for example, received more than $100 billion in rebates from the federal government. That money helped boost consumer spending compared to the prior quarter -- but w

The Sensex opened almost flat at 14,290 - down seven points. The index moved up to a high of 14,347, but soon slipped into red owing to lack of buying support at higher levels. The index, thereafter, exhibited lacklustre movement of most part of the trading day. Significant weakness towards the close owing to the futures & options expiry of August series saw the index slide to a low of 14,002 - down 345 points from the day's high. The Sensex finally ended with a loss of 248 points at 14,048. The market breadth was fairly negative - out of 2,716 stocks traded, 1,720 declined and 899 advanced today. Reliance shed 3.5% at Rs 2,074. Reliance Infrastructure, Tata Motors and BHEL tumbled over 3% each to Rs 935, Rs 410 and Rs 1,629, respectively. TCS, Reliance Communications and Larsen & Toubro slipped around 3% each to Rs 794, Rs 385 and Rs 2,502, respectively. Wipro dropped 2.7% to Rs 414. ICICI Bank, Hindustan Unilever, DLF and HDFC declined around 2% each to Rs 63

(Live Mint Aug 28 2008) The Financial Times reported on Tuesday that BT Group Plc. is considering the sale of its 31% stake in Tech Mahindra Ltd, since the holding doesn’t fit its long-term strategy. The Indian IT firm’s president of international operations, C.P. Gurnani, told CNBC-TV18, “It’s nothing that I am aware of and is definitely not on the cards.” BT itself hasn’t denied the report, saying it regularly reviews its global operations and investments. If the sale were on the cards, one good outcome would be that BT’s competitors would be more comfortable dealing with Tech Mahindra. Currently, the British firm accounts for about 65% of Tech Mahindra’s revenues. Analysts say that coupled with its high equity ownership, this leads to worries among other customers about engaging with Tech Mahindra, especially when it comes to projects where critical information is involved. Since Tech Mahindra specializes in the telecom space, some potential customers would be competing with BT. Th

Power Grid Corp Ltd will spend Rs550 billion in the next five years to increase capacity, Chairman and Managing Director, S.K. Chaturvedi told television channel NDTV Profit. “The investment will increase inter-regional transmission capacity from 17,000 mega watt to 37,000 mega watt,” Chaturvedi said. “The company is also looking at joint ventures to increase its presence in the Middle East and Africa,” he added. “The company will sign a $400 million loan from the World Bank by next week and then will go for a $200 million loan from the Asian Development Bank by the end of September,” he noted.

Engineering procurement and construction company Punj Lloyd plans to bid for Singapore's liquefied natural gas (LNG) terminal for which it has tied up with an Italian company. “We have tied up with Italy's Saipem to bid for Singapore's LNG terminal,” Punj Lloyd's Managing Director, Mr Vimal Kaushik, told PTI here. The LNG terminal in Singapore is a maiden one for the country. The cost of the project is estimated at $ 1 billion and is to be commissioned by 2011. Besides Punj Lloyd and Saipem, three other global players are reported to be in the race for the terminal project. If Punj Lloyd bags the project, it would be executed through its Singapore subsidiary. “The bidding process for Singapore's maiden LNG import terminal is in the preliminary stage. It is too early to share any details on this,” he said. In India, Punj Lloyd is associated with the Dabhol LNG project and is a sub-contractor for developing two LNG terminals for Petronet in Dahej.

he Sensex opened 81 points higher at 14,563, but soon slipped into a negative zone for a whole day. The index saw the profit booking in late noon deals in the realty, banking & power stocks. All the other sectoral indices were in red too. The Sensex moved in a range of 301 points between 14,262 (low) and 14,563 (high). The index finally ended with a loss of 185 points at 14,297. The NSE Nifty ended with a loss of 45 points at 4,292. The market breadth was negative - out of 2,707 stocks traded, 1,583 declined, 1,021 advanced and 103 were unchanged today. DLF plunged 4% to Rs 478. Reliance Infrastrustructure tumbled 3.6% to Rs 966. SBI declined nearly 3% to Rs 1,331. ICICI Bank dropped 2.7% to Rs 649. HDFC slipped 2.5% to Rs 2.286, while Tata Motors lost 2.4% to Rs 423. BHEL and Reliance Communications were down 2.3% each to Rs 1,681 and Rs 397, respectively. HDFC Bank dropped 1.8% to Rs 1,233, and TCS was down 1.7% at Rs 818. Tata Power and Larsen & Toubro slipped 1.6% each to R

The Sensex opened with a negative gap of 112 points at 14,338 on the back of weak cues from the global markets. Buying in technology stocks, however, stemmed the downmove. The index touched a low of 14,286 and thereafter exhibited steady movement for most part of the trading day. Fresh buying in select auto and banking stocks in late noon trades helped the index recoup its losses and rebound into the positive zone. The Sensex touched a high of 14,495, and finally ended with a gain of 32 points at 14,482. The BSE Bankex rallied 1.7% to 6,863, and the Auto index surged 1.3% to 3,916. The Oil & Gas index, however, slipped over 1% to 9,768. The market breadth was negative - out of 2,692 stocks traded, 1,389 declined, 1,199 advanced and 104 were unchanged today. HDFC Bank soared almost 4% to Rs 1,255. ICICI Bank has advanced 1.7% to Rs 667, and SBI added 1% to Rs 1,371. Satyam surged over 3% to Rs 406. Wipro rallied over 2% to Rs 429, and TCS gained 1.8% at Rs 832. BHEL and Mahindra &am

(The Hindu Businessline 24th August 2008) Investments can be retained in the stock of Elecon Engineering, an established player in both material handling equipment (MHE) and industrial gears business. At the current market price of Rs 112, the stock trades at about 11 times its likely FY-10 per share earnings, down significantly from its peak of Rs 330 in January. While much of this fall can be explained by the broad-based selling in the market, the stock was also beaten down in anticipation of slowing demand and contraction in margins for the company, as there was a sharp run up in steel price during the period. These concerns have, however, partly receded with the company’s good first quarter earnings performance. In the June quarter, not only did Elecon manage to strengthen its order-book; it also bettered its profit margins. This lends confidence to the company’s ability to grow despite challenging macro environment. Further, Elecon’s entry into new businesses — windmills and windm

(The Hindu BusinessLine 24th august 2008) Investors with a long-term perspective can consider exposure to the Motherson Sumi stock. At the current market price of Rs 80, the stock trades at a price-earnings multiple of about 15 (estimated FY-10 earnings). Though this valuation may seem expensive when compared to other auto component players, the company’s market leadership position in the wiring harness segment and focus on the supply of higher margin assemblies and modules justifies the premium valuation the company enjoys. This, along with the foray into the non-auto segment provides visibility to the company’s earnings prospects in the next few years. Higher volumes, better realisations expected Motherson Sumi has around 65 per cent share in the domestic market in supplying wiring harness, high tension cords, wires and fuses to auto makers such as Maruti, Hyundai, Honda, Toyota, M&M and General Motors. The steady demand for passenger cars, despite a slowdown in the two-wheelers

Following yesterday's weakness, the Sensex opened with a negative gap of 91 points at 14,153, and soon touched a low of 14,137. Fresh buying, mainly in metal stocks, at lower levels helped the index recoup losses and rebound into the positive zone. The index gyrated between zones for the first half of the day. Thereafter, buying spread to sectors like - FMCG, banking and power which led the index rally to a high of 14,429 - up 292 points from the day's low. The Sensex finally ended with a gain of 158 points at 14,401. The BSE Metal index surged 1.6% to 12,364. The BSE Bankex, Consumer Durables, FMCG, Oil & Gas and Auto indices advanced over 1% each. The market breadth was marginally negative - out of 2,725 stocks traded, 1,411 declined, 1,212 advanced and 102 were unchanged today. Sterlite and Hindalco surged 4.3% each to Rs 627 and Rs 135, respectively. Hindustan Unilever rallied 3.7% to Rs 245. HDFC soared over 3% to Rs 2,281. BHEL and Tata Power gained 2.7% each at Rs 1,

After opening 31 points lower at 14,647, the Sensex drifted lower as the day progressed. Financial and realty stocks bore the brunt of the selling today. The index tumbled to a low of 14,202 at the fag end of the day. SBI slumped over 7% to Rs 1,342. HDFC Bank tumbled nearly 6% to Rs 1,166, and ICICI Bank plunged over 5% to Rs 643. HDFC shed 4.4% at Rs 2,210. Among non-index financial stocks - Kotak Bank shed 4.5% to Rs 550. Indian Overseas Bank, Punjab National Bank, IDBI Bank, Yes Bank, Axis Bank, IndusInd Bank, Federal Bank, Oriental Bank of Commerce, Bank of India and Allahabad Bank were down 3-4% each. NTPC slumped 5.7% to Rs 174. DLF and Reliance Infrastructure plunged 5.5% each to Rs 482 and Rs 955, respectively. Jaiprakash Associates cracked 4.8% to Rs 163. Reliance Communications tumbled 4% to Rs 398. BHEL shed 3.7% at Rs 1,670. Hindalco, Larsen & Toubro, Grasim and ACC slipped over 3% each to Rs 129, Rs 2,628, Rs 1,965 and Rs 549, respectively. Wipro, Hindustan Unilever,

Inflation surged to 12.63 per cent for the week ended August 9 against 12.44 per cent in the previous week.

The Sensex opened 67 points higher at 14,611. After exhibiting lacklustre movement for most part of the day, the index moved up to a high of 14,746, backed by smart gains in telecom, realty and metal stocks. The Sensex finally ended with a gain of 135 points at 14,678. In the process, the index today broke its five-day losing streak wherein the index had shed 960 points. The BSE Realty, Power and Metal index gained 1.7% each at 5,208, 2,660 and 12,476, respectively. The market breadth was fairly positive - out of 2,718 stocks traded, 1,666 advanced, 969 declined and 83 were unchanged today. Reliance Communications surged 3.8% to Rs 415, and Bharti Airtel rallied 3% to Rs 815. BHEL and Grasim moved up around 3.5% each to Rs 1,735 and Rs 2,028, respectively. Ranbaxy advanced 2.7% to Rs 506, and HDFC Bank added 2.5% to Rs 1,238. DLF gained nearly 2% at Rs 510. Reliance Infrastructure, Larsen & Toubro and NTPC were up around 1.5% each at Rs 1,010, Rs 2,715 and Rs 184, respectively. ONG

The Sensex opened with a negative gap of 128 points at 14,518. After a touching a high of 14,584, the index slipped deeper into red, amid lacklustre movement, to a low of 14,369 - down 277 points from the previous close. The Sensex finally ended with a loss of 102 points at 14,544. The market breadth was fairly negative - out of 2,711 stocks traded, 1,514 declined, 1,107 advanced and 90 stocks were unchanged today. ACC slumped nearly 6% to Rs 560. Maruti tumbled nearly 4% to Rs 616. HDFC, Satyam and Reliance Communications plunged over 3% each to Rs 2,283, Rs 406 and Rs 400, respectively. Bharti Airtel and ITC shed 2% each at Rs 792 and Rs 184, respectively. Sterlite slipped 1.6% to Rs 602. Mahindra & Mahindra, ONGC, BHEL and SBI were down around 1% each at Rs 561, Rs 1,063, Rs 1,678 and Rs 1,444, respectively. Reliance Infrastructure gained 2.3% at Rs 994. Hindalco and ICICI Bank gained 2% each at Rs 132 and Rs 678, respectively.

(The Hindu Businessline) Investments with a two-year perspective can be considered in the stock of Kalindee Rail Nirman Engineers, which is engaged in the business of signalling, telecommunications, gauge conversion and track-laying for the Indian Railways. A direct beneficiary of the higher government spending on rail infrastructure, Kalindee stands to benefit significantly from initiatives such as setting up of dedicated freight corridors, increased outlay for gauge conversion and the rollout of Metro rail projects in major cities. At current market price of Rs 209, the stock trades at a reasonable valuation of about 12 times its likely FY09 per-share earnings. This is attractive considering that the company’s revenues are relatively shielded from slowing economic growth as the investments in rail infrastructure — a must to bolster the economy — may be the last to see any downturn. Given the stock’s small-cap status, investors must consider accumulating the stock in lots. The propose

The Sensex opened 43 points lower at 14,681. After the initial weakness, the index rebounded into the positive zone and touched a high of 14,825. The index, however, could not hold gains and slipped back into the negative zone. Considerable weakness in energy and metal stocks saw the index drop to a low of 14,601 - down 224 points from the day's high. The Sensex finally ended with a loss of 78 points at 14,646. The market breadth was fairly negative - out of 2,676 stocks traded, 1,668 declined, 930 advanced and 78 were unchanged today. The BSE Oil & Gas index shed 2% at 9,997, and the Metal index dropped 1.8% to 12,364. The NSE Nifty was down 38 points at 4,393. Hindalco and Grasim plunged 4.5% each at Rs 130 and Rs 1,964, respectively. Reliance Communications shed 2.7% at Rs 412. ACC and Mahindra & Mahindrra dropped 2.5% each to Rs 594 and Rs 568, respectively. Reliance and Tata Steel slipped over 2% each to Rs 2,225 and Rs 603, respectively. Jaiprakash Associates and ITC

In USA inflation has reached a 17-year high last month, fueled by high gasoline and food prices. As a reuslt it is almost sure that the Federal Reserve will keep interest rates on hold for the time being. Consumer prices stands 5.6 percent higher last month than they were in July 2007.That was the sharpest annual increase since January 1991, as Americans paid more for clothing, food, transportation and recreational products.

Driven by higher fruit and fuel prices, inflation surged to 12.44 per cent for the week ended August 2. Some items in the manufactured goods category also became expensive, pushing up the inflation from 12.01 per cent recorded in the previous week. Inflation was 4.39 per cent a year ago. “After being nearly stable for four weeks, this rise has come as a major disappointment,” said a finance ministry statement. While fruit prices went up by 8.9 per cent, pulses became dearer by 1.4 per cent during the week. In the fuel category, the price of light diesel oil rose substantially by 16 per cent, while bitumen and furnace oil rose by 8 per cent and aviation turbin e fuel by 3 per cent. In food basket, cereals became costlier by 0.5 per cent and condiments turned expensive by 2.6 per cent. Prices of vegetables, however, declined by 3.7 per cent. The annual rate of inflation for the week ended June 7, which witnessed an increase in prices of petrol, diesel and cooking gas, was revised from 11

NTPC today said that it has commissioned a 500-Mw unit of its power project at Sipat in Chhattisgarh. NTPC Ltd in a filing to the Bombay Stock Exchange said that a 500-Mw unit of Sipat Super Thermal Power Project in the state of Chhattisgarh has been successfully synchronised on August 13. This is the second unit that has been commissioned in respect of Sipat Super Thermal Power Project slated to have an ultimate capacity of 2,980 Mw, the filing added. With the commissioning of this unit, the total installed capacity of the Company stands at 29,894 Mw.

The Sensex opened 75 points lower at 15,018. The index could barely touch a high of 15,033, before slipping deeper into red. Unabated selling in realty, financial and capital goods stocks saw the index slide to a low of 14,687 - down 406 points from the previous close. The Sensex finally ended with a loss of 369 points at 14,724. The BSE Realty index slumped 8% (447 points) to 5,164. The Bankex tanked 5% (368 points) to 6,903, and the Capital Goods index shed 3.7% (468 points) at 12,139. The market breadth was significantly negative - out of 2,730 stocks traded, 1,849 declined, 812 advanced and 69 were unchanged today. The NSE Nifty dropped 98 points to 4,431. DLF slumped 8.7% to Rs 501. Jaiprakash Associates and Reliance Infrastructure plunged 7.7% each to Rs 172 and Rs 985, respectively. Indiabulls Real Estate tumbled nearly 14% to Rs 304. Akruti City, Anant Raj, HDIL, Omaxe, Orbit Corporation, Parsvnath, Peninsula Land and Unitech dropped 4-7% each. SBI plunged over 6% to Rs 1,458.

BHEL reports Rs 384.41 crore net profit for the quarter ended June 30, 2008, a rise of 33 per cent compared with the same period last fiscal. It had registered a net profit of Rs 288.91 crore for the year-ago period. Its income rose to 31.77 per cent at Rs 4,703.55 crore from Rs 3,569.56 crore in the same period last year, a company statement has said.

Shareholders with a long-term perspective can continue to hold the stock of Praj Industries, a leading engineering solutions provider to ethanol plants worldwide. The company, whose growth prospects are largely intertwined with the increasing acceptance of ethanol-blended petrol and bio-fuels the world over, stands to benefit immensely from the firm oil price outlook for the medium term. On the global front, while Praj’s already established presence in markets such as North America, Brazil and the EU lends growth potential, back home, the proposed introduction of 10 per cent mandatory blending of ethanol with petrol could help support domestic growth. At the current market price of Rs 186, the stock trades at about 20 times its likely FY-09 per share earnings. While in the last few days, crude oil prices have retreated from record levels, the possibility of its price settling below the comfortable $70 mark over the medium-term appears remote, making a case for staying invested in the s

(The Hindu Business Line Aug 10 2008) Strong performance in branded finished dosages, growth momentum in exports and a strong position in anti-malarial drugs makes Ipca Labs, a medium sized pharma company with Rs 1,100 crore revenues, a good investment option. At the current market price of Rs 567, the stock trades at 8 times its 2008-09 earnings per share; at a discount to like-sized peers such as Torrent Pharmaceuticals and Matrix Labs. Ipca has a diversified business strategy that minimises risks, both segment and geography-wise. In the last five years, Ipca Labs has grown revenues at annualised rate 19 per cent while profits have edged up 12 per cent. The company has been able to maintain operating margins of over 20 per cent even as it has heavily invested in building capacities and expanding facilities, which is a positive. The company has chosen to take a differentiated approach to acquire a front end presence in various markets. This is best exemplified by its tie-up with Ranba

After opening with a positive gap of 73 points at 15,577, the index could barely a tad higher to touch a high of 15,580. Profit-taking at higher levels saw the index soon slip into the negative zone. Significant weakness in banking, metal and technology stocks saw the index slide to a low of 15,125 - down 455 points from the day's high. The Sensex recouped some losses but eventually ended with a loss of 292 points at 15,212. The BSE Bankex and the Metal index dropped around 3.5% each to 7,437 and 12,661, respectively. The IT index slipped nearly 3% to 3,772. The market breadth was fairly negative - out of 2,729 stocks traded, 1,556 declined and 1,100 advanced today. The NSE Nifty shed 68 points to settle at 4,552. Tata Steel slumped 5.7% to Rs 608. Maruti tumbled over 5% to Rs 678. Jaiprakash Associates and Sterlite shed 4.5% each at Rs 189 and Rs 597, respectively. ICICI Bank, HDFC and Infosys dropped around 4% each to Rs 738, Rs 2,467 and Rs 1,604, respectively. Tata Power and HD

Larsen & Toubro Ltd in consortium with global technology partners has secured EPC orders aggregating Rs 3,816 crores from various customers in the metals industry. L&T in consortium with Outotec, GmbH of Germany and Paul Wurth, Italia has bagged EPC orders worth Rs 2,545 crores from Tata Steel for pellet plant and blast furnace at Jamshedpur. L&T’s portion is valued at Rs 1,578 crores. L&T-Outotec consortium has also bagged Rs 753 crores order on EPC basis for sinter plant, scheduled for commissioning in 30 months for SAIL-RSP expansion. L&T’s portion is valued at Rs 588 crores. L&T has also bagged a repeat order from Hindustan Zinc for 2.1 lakh TPA Leaching, Purification and Zinc Electrolysis plant on EPC basis, valued at Rs 518 crores, scheduled for commissioning in 17 months. The slew of projects in the metallurgical space has positioned L&T as a significant player in the Indian ferrous and non-ferrous industry.

A slowdown in the manufacturing sector pulled down India's industrial growth in June to 5.4 per cent from 8.9 per cent a year ago, but consumer sector nursed its way back to health growing 10 per cent. Growth in manufacturing sector, which accounts for over two-third of the Index of Industrial Production, fell drastically to 5.9 per cent from 9.7 per cent a year ago. Manufacturing exhibited a similar trend in the first quarter as well, growing by a poor 5.6 per cent compared with 11.1 per cent last year. The only silver lining was that consumer durables growth gathered momentum in June registering a growth of 3.5 per cent against a negative growth of 3.6 per cent last year, pushing up the overall consumer sector growth to 10 per cent. Electricity sector growth fell to 2.6 per cent against 6.8 per cent a year ago, while mining sector bounced back to post 2.9 per cent growth compared with 1.5 per cent.

(Business Standard 7th Aug 2008) Sajjan Jindal-promoted JSW Energy will soon foray into the power distribution business as a part of its plan to become an integrated power company on the lines of Tata Power and Anil Ambani-promoted Reliance Infrastructure. Both the companies own power generation plants and also distribute power to retail and commercial customers. To start with, JSW Energy will bid for power distribution in Maharashtra. "We will enter power distribution and its details are being worked out. It is too early to talk about the plans," Sajjan Jindal, head of the JSW Group and chairman, JSW Energy, told Business Standard. Further details on investments and fund-raising plan are not known yet. The company plans to bid for the likely privatisation of power distribution in the four regions of the state under the franchise model. According to this scheme, successful bidders would not buy existing assets of the state-owned distribution entity, but would have the managem

The Sensex opened 42 points lower at 15,032, and soon touched a low of 14,993. The index, thereafter, rebounded into the positive zone and touched a high of 15,280 - up 287 points from the day's low - amid alternate bouts of buying and selling. For the second consecutive day, the index eventually pared gains and settled with a marginally higher (44 points) at 15,117. The market breadth was marginally positive - out of 2,785 stocks traded, 1,412 moved up, 1,280 declined and 93 were unchanged today. The NSE Nifty moved up six points to end at 4,524. Sterlite soared 4.4% to Rs 614. Tata Motors surged over 4% to Rs 444. HDFC rallied 3.4% to Rs 2,477, and HDFC Bank added 3% to Rs 1,254. Grasim, Mahindra & Mahindra and Maruti gained 2.5% each at Rs 2,089, Rs 576 and Rs 669, respectively. Satyam moved up 2.3% to Rs 417. DLF and NTPC advanced 1.8% each to Rs 555 and Rs 183, respectively. Infosys, Reliance Infrastructure and Jaiprakash Associates were up over 1% each at Rs 1,721, Rs 1,

Inflation broke 12 % level, the highest in over thirteen years, as prices of pulses, spices, eggs, fish and meat among other things continued to rise. The government on Thursday put the inflation for the week ended July 26 at 12.01 per cent, a marginal 0.03 per cent increase over that recorded in the previous week, even as the Finance Ministry said that the rate of price rise was ‘stable’ on a week-on-week basis. As per the data released today, prices of most of food articles went up, although some items like fruits showed downward trend, whose prices declined by 0.5 per cent.

The Sensex opened with a positive gap of 303 points to 15,264 on the back of positive cues from the global markets. Fresh buying, thereafter, saw the index rally to a high of 15,423 - up 462 points from the previous close. The markets displayed strength for most part of the trading day. However, aggressive profit-taking in the last one-hour of trades saw the index pare gains and drop to a low of 15,036. The Sensex finally ended with a gain of 113 points at 15,074. The market breadth turned negative towards the close - out of 2,786 stocks traded, 1,446 declined, 1,265 advanced and the rest were unchanged today. The NSE Nifty touched a high of 4,616 - up 113 points - in morning trades, but eventually finished with a marginal gain of 15 points at 4,518. Maruti zoomed over 6% to Rs 653. Tata Motors soared 4.3% to Rs 427. Bharti Airtel and ACC surged 3.5% each to Rs 870 and Rs 638, respectively. TCS and BHEL rallied over 3% each to Rs 858 and Rs 1,827, respectively. HDFC Bank advanced 2.7%

The Sensex opened marginally (15 points) lower at 14,563 and moved down by 42 points in early trade today on small selling activity in banking and metal stocks. The trading sentiment turned sluggish following reports of a weak trend in global markets. .rightDiv2{float:right;position:relative;width:220px;BORDER:#787962 1px solid;padding:5px} google_ad_client = "businessstandard"; google_ad_width = "200"; google_ad_height = "200"; google_ad_format = "200x200_as"; google_ad_type = "text"; google_ad_channel = ""; google_color_border = "F7F7F7"; google_color_bg = "ffffff"; google_color_link = "0253B7"; google_color_text = "000000"; google_color_url = "D63431"; Also Read News Now Paper Specials - Sensex ends up 383pts; banking, realty stocks surge - Sebi receives proposals for currency futures - Bhel bags first order to supply 800 Mw supercritical boilers - Murdoch non-committal on

(The Hindu Business Line Aug 3 2008) Investors with a two-three year perspective can consider buying shares in Exide Industries. Until the market correction in January, the stock had moved up sharply, delivering a 75 per cent return in a span of six months. From a 52-week high of Rs 90 in mid-January, the stock has declined to Rs 68 currently. We consider this fall a good entry point as the company’s earnings prospects remain intact. The potential for high growth in the telecom and UPS battery segments, capacity expansion and the rollout of new models by passenger carmakers (indicating higher volumes) lend a positive outlook to the earnings for Exide. Besides, the company’s focus on increasing exports of higher-margin industrial batteries and its acquisition of two lead smelting units to combat rising international lead prices and improve margins, inspire confidence. At the current market price of Rs 68, the stock trades at a PE of around 20 times trailing 12-month earnings. Business E

Profits at HSBC, Britain's biggest bank, fell by 28% in the first six months of year as the credit crunch knocked its troubled US operations deeper into the red. The 28% fall - the steepest reduction for seven years - took HSBC's first-half profits to $10.2bn (£5.2bn). Europe generated the biggest profit of $5.1bn - a rise of 50% - while the US reported a loss of $2.8bn. The loss in the US was $549m greater than HSBC ran up in the second half of 2007 - demonstrating the deepening impact of the credit crunch.

The unemployment rate spiked again in July, to 5.7 percent, its highest level in more than four years. The nation’s employers cut their payrolls for the seventh consecutive month, this time by 51,000 jobs, the government reported Friday. For millions still at work, hours were reduced, a hidden form of unemployment, and the average raise was less than enough to keep up with inflation. The steady erosion in payrolls — 463,000 jobs have disappeared since January .

India's exports grew by 23.5 per cent in June 2008 to $14.66 billion, compared with $11.87 billion in the same month last year. Imports during the month grew by 25.9 per cent to $24.45 billion from $19.42 billion, leaving a trade deficit of $9 .78 billion, according to official data released on Friday. Exports during the April-June period of the current fiscal increased by 22.3 per cent to $42.84 billion from $35.03 billion. Imports for the first quarter went up by a huge 29.7 per cent to $73.27 billion from $56.50 billion. The trade gap for the period widened to $30.42 billion against $21.47 billion.

Sensex bounced back in the mid-session and closed sharply higher on Friday. Equities jumped into the positive territory on emergence of fresh buying from investors amid short covering by traders. Earlier in the day, the Sensex plunged by 322 points touching an intraday low of 14,032.87, but bounced back later. The Sensex closed at 14,656.69, up 300.94 points over yesterday’s close of 14,355.75. The index opened lower at 14,064.26 and later ranged between 14,682.33 and 14,032.87. Jaiprakash Associates zoomed 8.8% to Rs 170. SBI surged 6.5% to Rs 1,507. HDFC advanced 5.2% at Rs 2,395. Reliance Industries and Reliance Infra gained 4.9% each at Rs 2,395 and Rs 1,012, respectively. Tata Steel was up 4.5% at Rs 684. Wipro and BHEL advanced around 4.2% each at Rs 434 and Rs 1,750, respectively. Ranbaxy gained 4% at Rs 518. NTPC and Larsen & Toubro were up around 3.8% each at Rs 177 and Rs 2,696, respectively. Infosys gained 3.3% at Rs 1,636. HDFC Bank and Satyam advanced 2.6% each at Rs

Car market leader Maruti Suzuki India's July sales remained almost flat at 58,543 units as against 57,909 units in the same month last year. The company said domestic sales stood at 52,911 units as against 52,839 units in the same month a year-ago, up 0.1 per cent. Exports, however, grew by 11.1 per cent at 5632 units as against 5070 units in the corresponding month last year. Sales of its once bread and butter model M800 dipped by 17 per cent at 4953 units as against 5970 units last year. The A2 segment (comprising Alto, Zen Estillo, Swift) sales stood at 34,759 units as against 34,737 units, up 0.2 per cent. The company, however, managed to post good growth in the A3 segment (consisting of SX4, Swift DZire) at 6009 units as against 4394 units last year. Reflecting a bad month, the company's passenger car sales dipped by 0.6 per cent to 52,010 units as again st 52,315 units last year

Compact discs maker Moser Baer India on Friday announced a net loss of Rs 103.98 crore for the first quarter ended June 30, 2008, against a net profit of Rs 9.64 crore in the same period a year-ago. The total income declined to Rs 496.88 crore in the June quarter, from Rs 500.28 crore in the same period last fiscal.

Tata Steel Ltd has posted a 21.78-per-cent rise in its standalone net profit at Rs 1,488.40 crore for the quarter-ended June 30, against Rs 1,222.11 crore logged in the same period of last year, This is despite a Rs 303.42-crore loss accounted for on the foreign exchange front. Last year there had been a forex gain of Rs 553 crore. Total income rose 43.48 per cent at Rs 6,177.25 crore for the quarter, against Rs. 4,305.33 crore. Steel production for the quarter was higher at 1,186,873 tonnes as against 1,064,832 tonnes. Export turnover was at Rs 880.30 crore as compared with Rs 361.34 crore. Interest costs at Rs 241.73 crore (Rs 41.61 crore) rose multifold.