TOP NIFTY GAINERS
SIEMENS was up by 9.21% and closed at 268.10
GAIL was up by 5.27% and closed at 245.60
TATASTEEL was up by 4.86% and closed at 205.90
TATAMOTORS was up by 4.83% and closed at 180.30
ABB was up by 4.80% and closed at 426.70
NIFTY TOP LOSERS
NATIONALUM was down by 5.29% and closed at 214.65
HDFC was down by 2.39% and closed at 1412.20
NTPC was down by 1.99% and closed at 179.85
ICICBANK Was down by 1.57% and closed at 332.80
HINDUNILVR was down by 0.94% and closed at 237.50
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Berkshire Hathaway Inc might lose its AAA credit rating if the insurance and investment company capital levels or value of its equity holding face more downward pressure.
S&P late Tuesday revised its rating outlook for Berkshire to negative from stable. It said any downgrade would probably be only one notch to AA-plus.
S&P rival Fitch Ratings on March 12 lowered its equivalend rating on Berkshire to AA-plus from AAA moody’s investors Service rates Berkshire “Aaa” with a stable outlook.
In 2008 profit at Omaha, Nebraska-based Berkshire fell 62 percent and its networth fell 9.6 percent, the worst year since Buffett took over in 1965.
The declines stemmed mainly from paper losses on derivative contracts tied to stock market indexes. Berkshire,s equity holdings such as American Express Co and WElls Fargo & co, have also suffered big declines in value.
” If continued substantial deterioration in the equity markets hurts capital further of if it appears that the insurance group wil not be able to restore capital back to the AAA level through earnings or through capital contributions from Berkshire’s noninsurance operations or external sources, then we might lower the ratins, ” S&P analyst John Iten wrote.
Source: The Economic Times
Indian Market News, Insurance, news
Berkshire Hathaway, economic slowdown, Financial crisis, Global Recession, Sensex, Warren Buffett
The sensex rallied for the third day today adding 197 points on heavy buying on realty companies and heavy buying in Reliance Industries.
The Nse index Nifty also ended higher by 45.65 points, The rally today was backed by Reliance Industries and Infosys following strengthening of dollar.
Reliance was up by 5.49 percent following reports that the company has reached agreement with fertilizer firms on sale of gas from its eastern offshore, Realty index was up by 6.32 per cent.
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TOP NIFTY GAINERS
UNITECH was up by 16.87% and closed at 33.95
PNB was up by 8.50% and closed at 398.10
TATPOWER was up by 6.72% and closed at 739.55
STER was up by 6.34% and closed at 347.10
DLF was up by 6.22% and closed at 176.65
NIFTY TOP LOSERS
NTPC was down by 2.32% and closed at 177
BHARTIARTLwas down by 2.10% and closed at 591
ONGC was down by 1.99% and closed at 763.70
HINDUNILVR was down by 1.92% and closed at 234.65
POWERGRID was down by 1.37% and closed at 97.05
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The company offers an option to submit bookings online at www.tatanano.com. Within 60 days of the closure of bookings, Tata Motors will process and announce the allotments of 1,00,000 cars in the first phase of deliveries through a computerised random selection procedure. These allotments will be price-protected for the launch prices till delivery of the cars but the booking amounts will not bear any interest for customers. Deliveries of the car will begin in July.Applicants have the option to retain their booking deposit, even if they do not get allotment in the first phase. Those who choose this option will be eligible for interest on their deposit, effective from the date of allotment of the second phase, at 8 per cent for the retention period between one and two years and 8.75 per cent for over two years. Allotment of retainees will be simultaneously communicated along with the allotment of the first 1,00,000 cars.
To cash in on the huge interest Nano has already generated, Tata Motors has charted out an innovative marketing strategy that involves unconventional practices in booking, financing, merchandising and advertising.
Indian Market News, news
1Lakh car, Small car, tata, Tata motors, TATA Nano
The government’s direct tax collection of Rs 3,12,000 crore as of March 17 includes Rs 18,000 crore recovered by taxmen from regular taxpayers and corporate assesses who were trying to understate their liabilities.
The taxmen raised demands for recovery of these taxes as IT authorities are racing against time to meet the truncated target of Rs 3,45,000 crore by March 31.
“Rs 18,000 crore have been recovered post assessment from the demands raised by the department from the taxpayers till March 17,” Member CBDT (Revenue) Saroj Bala told reporters.
Of the total recovery made, Rs 13,000 crore was collected from regular tax payers while Rs 5,000 crore was collected from corporate assessees, she said.
While the direct tax collection at Rs 3,12,800 crore is a growth 18.8 per cent from Rs 3,12,202 crore in the same period last fiscal, the tax authorities are mopping up the recoveries to meet the set targets.
Source: The Economic Times
Indian Market News, news
Incometax, IT Department, Tax, tax authorities
Housing finance company HDFC on Tuesday announced a reduction in its retail prime lending rates (RPLR) by 50 basis points (bps) from March 25.
This is the second time in three months that HDFC has reduced its RPLR. With this reduction, the RPLR has been brought down by 100 bps since December.
“We have over the last few months seen that the measures taken by the government, drop in interest rates, correction in property prices and developers introducing affordable housing by resizing the area have resulted in an increased interest from first-time house buyers,” HDFC joint managing director Renu Sud Karnad said explaining the rate cut.
The advantage of the RPLR reduction will accrue to all the existing floating rate customers over the next three months based on their respective reset dates, a company statement said.
Interest rates on existing loans to non-resident Indians have also been reduced, it added.
HDFC reduced its deposit rates across maturities earlier this month. On an incremental basis, retail deposits for the first nine months - April-December 2008 - formed 55 percent of HDFC’s funding requirement, the statement said.
Source: The Economic Times
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Bank, deposits, Development, floating rate, HDFC, Interest rates, Lending rates, Loans
Anil Dhirubhai Ambani group led by Anil Dhirubhai Ambani has told that it would start bidding aggressively on infrastructure projects claiming that the company is having sufficient finances to achieve the targets.
Reliance Infra CEO Mr. Lalit Jalan said that Reliance infra has successfully completed several projects under Build own and Transfer scheme of the government. The company has completed several projects in Tamil Nadu and various other states.
The company has undertaken projects in the National Capital Region worth thousands of crores and also executing two to four laning of 27.5 km Gurgaon-Faridabad project and upgradation of 2 lanes of 38.6 km Ballabgarh-Sohna Road.
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Ambani, Anil dhirubhai ambani, ballabgarh, Faridabad, Gurgaon, Highways, Infrastructure, Reliance, Roads, Sohna
TOP NIFTY GAINERS
HDFC was up by 6.41% and closed at 941.70
SIEMENS was up by 6.18% and closed at 237.85
SUZLON was up by 5.55% and closed at 42.80
ZEEL was up by 4.04% and closed at 104.30
UNITECH was up by 3.75% and closed at 29.05
NIFTY TOP LOSERS
RELCAPITAL was down by 6.18% and closed at 341.05
IDEA was down by 5.13% and closed at 47.20
SAIL was down by 4.92% and closed at 90.80
RELINFRA was down by 4.17% and closed at 508.30
RCOM was down by 4.13% and closed at 161.25
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TOP NIFTY GAINERS
RELCAPITAL was up by 16.12% and closed at 363.50
RANBAXY was up by 10.83% and closed at 161.15
TATASTEEL was up by 10.30% and closed at 194.40
RELINFRA was up by 9.79% and closed at530.40
HINDALCO was up by 9.23% and closed at 52.05
NIFTY TOP LOSERS
DLF was down by 2.83% and closed at 166.65
HCLTECH was down by 0.29% and closed at 103.95
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