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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Indian markets faced a severe selling pressure on the news that some of the European banks are also facing problems similar to US banks and seeking heavy bailout packages from respective governments has led Indian markets to see new lows since march 2007.
Metal stocks and Real Estate are the ones which are facing heavy selling pressure, highly leveraged stocks such as Aban Lloyd, DLF, Unitech, private banking major ICICI bank saw heavy cuts in today’s trade.
As per the traders, market is expected to see four digit tick on sensex in next few days.
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The Finance Minister, Mr P. Chidambaram, on Tuesday made it clear that there would be no rollback on any Budget proposals even as he assured industry that any ‘inadvertent errors’ would be corrected.“There is not going to be any rollback. But if any inadvertent error… someone pointed out pesticides, any inadvertent error, we are modest enough to correct it. So, there is no rollback,” Mr Chidambaram told captains of industry at a post Budget meeting organised by the Confederation of Indian Industry (CII) here today.
On interest rates, Mr Chidambaram felt that there was scope for deposit and lending rates to drop, but the matter was in the domain of RBI.
He also rejected the tyre industry’s demands that the existing inverted duty structure on rubber be corrected. It was pointed out to him that natural rubber attracted basic customs duty of 20 per cent, when tyres attracted customs duty of 10 per cent.
“There are 20 Members of Parliament from Kerala who are opposed to duty cut on natural rubber. I think what they say is a genuine case… Not all inverted duty can be corrected. It is not possible. I don’t think there can be a clean up of inverted duty. You have to suffer some inverted duty. Every time you enter into FTA or early harvest programme, there will be inverted duty. We are doing our best to correct as many as possible. If you tell me of a duty other than rubber, I am willing to address it,” Mr Chidambaram said. Some of the industrialists representing the auto sector felt that there was no merit in the levy of 24 per cent excise duty on ‘other than small cars’ category, when the excise duty on small cars was pegged at 12 per cent. “You are clubbing the large cars with pan masala category which also attracts 24 per cent,” a CII member pointed out.
Source: Business Line dated 05-03-08
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The Bombay Stock Exchange has announced a list of companies which are being shuffled as below:
1) One scrip has been transfered to the T-group whereas the 19 scrips are to continue in T-Group.
2) One scrip to continue in the TS-Group.
3) Eight scrips are eligible to be transfered to the T-Group.
4) 721 scrips are moved from the T-Group to the Original Group.
5) 117 scrips are moved from the TS-Group to the Original Group.
For the Detailed list, please click here
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From March 4 to March 18 there will be a change in market timings due to sun outage. Markets will open at normal time 09:55 and later during the day it will remain closed from 11:45AM to 12:30PM and due to which the closing bell for the day will be extended up to 4:50.
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Jain Irrigation Systems Ltd (JISL) and Mekorot, the national water company of Israel, have signed a memorandum of understanding (MoU) for working together in water infrastructure-related projects in India.Initially, the two companies will establish a framework for joint cooperation to explore potential projects in the field of desalination plants, water resource management, water-supply systems, municipal water management, waste water treatment and reclamation projects.
Mekorot will contribute and provide design and technologies along with resources for implementation, management, operation and maintenance of projects. Jain Irrigation will provide the customer relationships, business development, management resources, and procurement of equipment and execution of project. Mekorot supplies 80 per cent of Israel’s drinking water and 70 per cent of the entire water supply.
Mr Anil Jain, Managing Director, Jain Irrigation said: “Waste water recycling is totally unexplored in India. Currently, there is under investment in this sector. Demand for water is growing immensely in agriculture as well as for industrial needs. Right technology and timely execution at competitive rates will be our niche.”
Source: Business Line Thursday, February 14, 2008
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