Mumbai, Mar 2 (ANI): The board of directors of Reliance Industries headed by Mukesh Ambani on Monday agreed to merge with its refinery subsidiary, the Reliance Petroleum Ltd. (RPL).
Both the companies, in their respective filings, agreed on one equity share for the RPL shareholders and 16 for the RIL shareholders.
This development has resulted in formation of one of the largest refineries in the world.
The merger, which would take effect from April 1, 2009, would also make the RIL one of the top 50 companies in the world on profitability basis.
The RIL had earlier announced to buy five per cent stake in Chevron Energy after the latter decided to quit the RPL.
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The Standard & Poor’s Ratings Services (S&P) has revised the outlook on the long-term sovereign credit rating on the Republic of India to negative from stable and has affirmed BBB- rating on India. The outlook revision reflects that India’s fiscal position has deteriorated to a level that is unsustainable in the medium term.
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Week opened Indian stock markets closed father week on the CLAS downgrades of EPS targets of most of the index stocks. CLSA has down graded the EPS targets of ICICI Bank, TATA Steel, and Reliance Industries.
BSE Bank index closed at 4298.91 down by 3.49%, IT index closed at 2038.51 down by 2.69% and Metal Index closed down by 2.67% at 4692.47.
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In better performance to its global peers the Indian equity markets ended on flat note, in morning trade markets opened on low note on the back of week Asian markets but recovered to and traded in green.
Banks stocks faced some selling pursue and closed lower, NSE CNX Bank Nifty closed at 4077.30 down by 2.09%
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Indian stock markets opened on week note on global cues, the NSE Nifty opened almost 30 points down but recovered to higher levels,
Nifty traded in the range of 2736-2806 through out the trading session and closed at 2776 down by just 5.65 points. The NSE Nifty has been trading with the resistance at 2810-2830 has tested 2806 and fell from that levels.
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Indian markets were on a winning streak as they ended in green back on positive points from global markets on wednesday, National Stock Exchange’s 50-share Nifty closed the day 0.69 per cent higher at 2803. Intraday, it touched a high of 2842.20 and low of 2780.70.
Nifty February futures provisionally ended at a widening discount of 28 points against 19 points on Tuesday. The contract price gained 0.39 per cent and open interest added 16 lakh shares. The sell quantity was nearly 1.5 times that of buy. This indicates build up of short positions in the contract at higher levels.
Reliance Industries February futures slipped 0.25 per cent while open interest added 1.94 lakh shares. The contract was provisionally ended at a discount of Rs 11, indicating modest short build up. State Bank of India February contract has also attracted modest short positions.
While DLF futures jumped 6.28 per cent, Educomp gained 2.84 per cent and Bharati Airtel rose 1.48 per cent. L&T fell 0.47 per cent while OI added 2.2 lakh
shares. ICICI Bank dropped 1 per cent adding 4.42 lakh shares in OI.
Source: Economic times
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Are markets heeding for new lows
If one has to about the Q3 financial results and continues fall in the market volumes, and the narrow movement in the markets, all these factors lead to expectation of some more market fall. The NSE N tradingof 2700 and 2860, has facing stiff resistance at higher levels of range. Markets analyst feel as the general elections are nearing which will also add to some low participation in the Indian markets. Q3 numbers have been more or less in line as the markets had expected the companies will report lower profits on account of higher interest cost and change in accounts reporting norms As the Indian companies stated to charge the MTM loss or profits to its PNL reported higher losses on this accounts. Even as the demands drop in all sectors and banks are not easily giving out loans and higher inventory loss also one of cause for not so good numbers. Technically the markets are in the range and once the range is broken the markets may lead to highs or lower lows. On lower side the markets can go down to 2200-2000 levels once 2680 breaks. on the other hand if any close on the 2860 may take the markets to maximum of 3000 levels.
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TOP NIFTY GAINERS
SAIL was up by 7.06% and closed at 87.90
RANBAXY was up by 6.92% and closed at 223.40
GRASIM was up by 5.45% and closed at 1403
TATA MOTORS was up by 2.65% and closed at 137.50
RELIANCE was up by 2.38% and closed at 1344.85
NIFTY TOP LOOSERS
SEIMENS was down by 1.86% and closed at 200.35
DLF was down by 1.46% and closed at 137.95
CIPLA was down by 1.44% and closed at 191.20
NALCO was down by 1.28% and closed at 187
HIND.UNILEVER was down by 1.06% and closed at 260.60
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MMFL Limited has announced the Non-Consolidated Results for the quarter ended on 31-DEC-2008 as follows:
Net Sales of Rs.4993.95 Lakhs for the quarter ending on 31-DEC-2008 with Netprofit of 173.80 Lakhs with an EPS of 2.88 Other Income was at Rs 107.26 Lakhs and Total expenditure was Rs.4634.25 Lakhs.
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RUCHI SOYA Limited has announced the Non-Consolidated Results for the quarter ended on 31-DEC-2008 as follows:
Net Sales of Rs.299535 Lakhs for the quarter ending on 31-DEC-2008 with Netprofit of 1138 Lakhs with an EPS of .57 Other Income was at Rs 1417 Lakhs and Total expenditure was Rs.302145 Lakhs.
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