News







Stocks news:For today 18thMay


Hero Honda can move upto Rs 1950: Kulkarni

18 May 2011, 02:49 PM

Hero Honda can move upto Rs 1950, says Shardul Kulkarni, Angel Broking. Kulkarni told CNBC-TV18, "Hero Honda is one of the few stocks, which is still in the higher top-higher bottom in spite of the market being in the lower top-lower bottom cycle. Traders can hold on to this particular stock.

The stop loss on the lower side should be placed at around Rs 1,750 and you can hold on to long positions. He further added, The weekly as well as the daily chart structure is quite positive. On the upside you may see a move up to Rs 1,925 or 1,950 but that is the place where you should be booking profits because in the RSI, which is a momentum indicator you are seeing divergence, so you may see a fall after those levels.

Buy Coal India on declines: Phani Sekhar

Buy Coal India on declines, says Phani Sekhar, Fund Manager, Angel Broking. Sekhar told CNBC-TV18, "I would be expecting muted returns from hereon because almost Rs 375, it is difficult to make a case for 20-25% kind of returns on Coal India. It remains a buy on decline kind of stock because most of the upsides have already been captured especially after the price hike that Coal India engineered almost 6 months back." He further added, "If at all I would feel that the downsides are not adequately captured. 

For example if you look at all the power utility companies, capital equipment, power capital equipment makers and even the power finance company all of them have been taking a beating because there is a wide expectation in the market that there is going to be a significant slow down. If that be the case then over the medium to longer term it is going to impact Coal India also. Although I do not believe that there is going to be a slowdown.


Nifty volatile; oil & gas, auto, realty down

The NSE benchmark index Nifty was trading weak in afternoon trade. Since morning no confident buying was seen from the investors. Oil & gas, auto, realty, pharma and banking sectors dragged the bourses. However some buying was seen in IT pack.

Heavyweights like Reliance, ICICI Bank, Tata Motors and ONGC were the negative contributors to the bourses
At 13.33 hrs IST, the Sensex was down 51.72 points or 0.29% at18085.63, and the Nifty was down 21.20 points or 0.39% at 5417.75. About 899 shares advanced, 1744 shares declined, and 998 shares remained unchanged. 

Top losers on the Sensex were Tata Motors at Rs 1,149 down 3.41%,Reliance Infra at Rs 565.25 down 3.39%, SBI at Rs 2,344.80 down 2.85%,Reliance at Rs 901.65 down 2.04% and M&M at Rs 659 down 2%. 

Most active shares on NSE were SBI, RelianceInfosysICICI Bank andCoal India. Bajaj Auto Q4 revenues stood at Rs 4200 crore and net profit of Rs 1400 crore.

Stocks news of the day.


17 May 2011, 03:11 PM
 
SAIL melts down 4.5%

Steel Authority of India (SAIL) touched a 52-week low of Rs 145.25. At 15:09 hrs the share was quoting at Rs 145.40, down Rs 6.85, or 4.50%.  It was trading with volumes of 449,391 shares. In the previous trading session, the share closed down 1.87% or Rs 2.90 at Rs 152.25. Share Price Movement During The Last 12 Months Period Price Latest Price Gain/Loss (Rs.) % Gain/Loss 3-Days 153.05 145.40 -7.65 -5.00 5-Days 155.75 145.40 -10.35 -6.65 7-Days 154.65 145.40 -9.25 -5.98 15-Days 159.20 145.40 -13.80 -8.67 1-Month 167.85 145.40 -22.45 -13.38 3-Month 163.20 145.40 -17.80 -10.91 6-Month 189.25 145.40 -43.85 -23.17 9-Month 190.35 145.40 -44.95 -23.61 1-Year 209.75 145.40 -64.35 -30.68.

"State Bank itself has starting to look very tempting. In the PSU space I also like Oriental Bank a lot, but my preference would be for the private sector banks, HDFC Bank and Axis Bank are very interesting and the smaller ones South Indian Bank and Karnataka Bank."

Nifty volatile; SBI, ONGC struggle to recover



The Indian markets managed to bounce back from the day's low taking support around 5400-mark despite getting a body blow from countrys largest lender, SBI, in the form of poor Q4 earnings.

 Oil&gas and banking stocks continued to remain under pressure. The broader markets too recouped their losses marginally. The European markets too recovered from day's low and managed to trade in green territory. At 14.56 hrs IST, the Sensex was down 155.19 points or 0.85% at 18189.84, and the Nifty was down 47.05 points or 0.86% at 5451.95. 

About 998 shares advanced, 1782 shares declined, and 861 shares remain unchanged. Top losers on the Sensex were SBI at Rs 2,425 down 7.35%, ONGC at Rs 279.70 down 5.98%, Hero Honda at Rs 1,818 down 2.52%, Reliance at Rs 922.80 down 2.28% and Jaiprakash Asso at Rs 82.95 down 2.12%.
 However, Top gainers on the Sensex were Jindal Steel at Rs 646.15 up 2.45%, HUL at Rs 309.10 up 1.66%, TCS at Rs 1,144.30 up 1.46%, ITC at Rs 188.45 up 1.26% and Tata Power at Rs 1,238 up 0.94%.

Top gainers on the BSE Midcap - Puravankara Pro, Berger Paints, Jubilant Food, Stride Arcolab and Den Networks were up 3-5%. Top losers on the BSE Midcap - Abbott India, Techno Electric, KGN Industries, Indiabulls and India Cements were down 4-5%. Top gainers on the BSE Smallcap - Saint-Gobain, Man Industries, Mahindra Forg, Lumax Inds and Prabhav Indust were up 5-16%. Top losers on the BSE Smallcap - Empee Sugars, Parenteral Drug, Kanani Industries, Globus Spirits and Halonix were down 7-10%.


17 May 2011, 12:54 PM

SBI Q4 PAT dips on higher provisions

Moneycontrol Bureau India's largest lender State Bank of India's fourth quarter net profit tumbled nearly 99% year-on-year to Rs 21 crore on higher provisioning against non-performing assets and gratuity. This is much below the street expectations. According to CNBC-TV18 forecast, PAT was up 59% at Rs 2963 crore versus Rs 1866 crore year-on-year. 
The January-March quarter NII was estimated at Rs 9176 crore. Following the worse-than-expected results, shares of SBI plunged more than 6% to Rs 2,454 on the NSE. 

The stock slips sharply The bank's January-March quarter net interest income was up 20% year-on-year to Rs 8058 crore. Net interest margin sequentially fell 31 bps to 3.3% in Q4, FY11. It made a provision of Rs 4157 crore versus Rs 2349 crore a year ago. Out of total provision, the bank has earmarked Rs 3264 crore for NPAs as against Rs 2187.  Gratuity provision rose to Rs 1565 crore as against Rs 46 crore in FY10.

The company's provision for NPAs  was up 49% at Rs 3,264 crore versus Rs 2,187 crore, YoY. Its gross NPA at 3.28% versus 3.05%, YoY. Its net NPA was at 1.63% versus 1.72%, YoY. The Reserve Bank of India has mandated that banks must reach provisioning coverage ratio of 70% for the NPAs recorded till September, 2010. The fall in the share price, according to analysts, may be a short term reaction. The bank's balance sheet is now cleaned up. Long term outcome will be healthy for the bank. Bank's loan book expanded 20.32% y-o-y to Rs 7.72 lakh crore while deposits grew a little above 16% to Rs 9.34 lakh crore.



DATE : 11 MAY 11

Commodities recovery boosts Asian markets

Asian shares firmed on Wednesday as rising global commodity prices boosted energy and resource stocks, while investors largely shrugged off data from China suggesting growth there is starting to slow.
Oil prices and the euro dipped briefly after China's April inflation came in slightly above expectations, but other data, including industrial output, suggested slower activity and less room for aggressive tightening to curb growth.
"Price pressures are still uncomfortably strong, but there are some signs in today's data that policy measures put in place over the last six months or so are having an impact," said Brian Jackson, an economist with Royal Bank of Canada in Hong Kong.
Stocks remained supported by a recovery in commodities after last week's near-record sell-off and an easing of concerns about any Greek debt restructure following a debt downgrade.
"The dominant theme this week is whether last week's fall in commodities was just a speculative reversal rather than a brutal reassessment and it appears that, yes, it was. The market was running ahead of itself," said Adrian Foster, head of financial markets research, Asia-Pacific at Rabobank International in Hong Kong.
Japan's benchmark Nikkei 225 index closed up 0.5%, while Hong Kong's Hang Seng was flat and South Korea's Kospi was up 1.3% after a holiday on Tuesday.
Asian shares outside Japan rose 1.1% on Wednesday, while Australia's S&P/ASX 200 up 1.2%, with global miner Rio Tinto moving up 1.8%.
The euro held on to gains in Asia, trading at USD 1.4392. The currency has been moving away from a three-week low, helped by stabilising commodity prices and chances of another aid package for Greece.
However, a further move to the upside could be constrained by the chance of more negative news about the prospects of the euro zone's efforts to help Greece and other financially strained countries.
China data
China's headline consumer price inflation slowed to 5.3% in April from a 32-month high of 5.4% in March, but missed market forecasts for a decline to 5.2%.
The overall data was mixed with industrial output considerably weaker than expected, climbing 13.4% in April and retail sales also coming in below forecasts.
"The economy is slowing, but not very seriously," said Chen Gang, an economist with CEBM in Shanghai. "It is still far from the warning line for the Chinese leadership. There is no room for the central bank to relax its monetary tightening."
The inflation data followed Chinese trade figures on Tuesday that suggested still-strong global demand, although a slowdown in imports raised concerns for some analysts about slower growth.
Analysts said it was clear the economy was slowing but were divided on the likely policy response to curb inflation.
China's central bank has raised interest rates four times since October and Premier Wen Jiabao has signaled a hawkish stance for the coming months to bring inflation under control. The government has a 4 percent ceiling on annual inflation.
Spot gold edged up 0.4% to 1522.74, heading for a fourth day in a row of gains, while silver rose 1%.
"Gold is generally benefiting from the return of confidence from investors," said Darren Heathcote, head of trading at Ivestec Australia. "They are very happy buying on the dip, as we see the same old problems hanging around."
Oil prices recovered from an initial dip on the China data to be slightly higher. Brent cruded was trading at $117.86, continuing the march back from last week's steep fall as rising waters along the Mississippi River threatened to disrupt petroleum plants in Louisiana in the next two weeks.
The Australian dollar, which is sensitive to Chinese demand for the country's coal and iron ore, was little changed at USD 1.0857.

Nifty ends with moderate gains; Ranbaxy surges 6%


Indian equity benchmarks closed with moderate gains on Wednesday amid a choppy trade, helped by financial, metal, realty, FMCG and Anil Dhirubhai Ambani Group companies' shares. The market has seen a consolidation for the third consecutive session and remained in a range of 5500-5600 levels.
Hemant Thukral, Head - Derivatives Research at SBI Capital Securities says that 5500 seems to the support right now.
"It seems that the market participant’s jitteriness is getting slightly lighter. So people are thinking that 5500, 5450 can hold. If we manage to cross somehow that magical figure of 5630, then we can see a very aggressive short covering on the upside. But till that time it will be more like between 5510-5520 on the downside and 5600-5625 on the upside

Hold Hero Honda Motors; target of Rs 1887: KRChoksey

KRChoksey has maintained hold rating on Hero Honda Motors with a target price of Rs 1887 in its May 5, 2011 research report.
“Hero Honda Motors’ result although inline with our estimates for the fourth quarter was disappointing despite that the company had achieved its highest ever volumes in the current quarter. It was expected that the RM costs would bring a drop in the company’s earnings but depreciation on intangible assets eroded earnings even further. The Net Sales for the quarter stood at Rs 5390.9 crore. V/s Rs 4122.3 crore. in Q4FY10 and Rs 5162 crore. in Q3FY11 which is a growth of 30.8% Y-o-Y & 4.4% Q-o-Q respectively. The average net realization per vehicle also increased in the current quarter Q4FY11 by 6.7% Y-o-Y and 2.5% Q-o-Q.”
“The company saw an increase in raw material expenses and other expenses which included higher advertising spends in the ICC Cricket World Cup. The RM costs for the quarter stood at Rs 3925 crore. an increase of 41% Y-o-Y and 5% Q-o-Q while in FY11 RM costs increased by 32%. The EBIDTA for the quarter stood at Rs 829.9 crore. a growth of 44% Q-o-Q and 17% Y-o-Y. The EBIDTA margins were down by 188 bps Y-o-Y but grew by 420 bps Q-o-Q mainly on account of high topline growth. RM cost have gone up considerably to 73% in Q4FY11 V/s 67% in Q4FY10 as a percentage of sales while in FY11 it increased to 73% from 68% in FY10. The company had trice taken pricing action during the current fiscal but although the realizations improved profitability took a hit since the company could not pass on the entire effect of commodity price hike to its customers. The PAT of the company stood at Rs 501.6 crore. in Q4FY11 V/s Rs 598.8 crore in Q4FY10 a drop of 16% and Rs 430 crore. in Q3FY11 an increase of 17%. The PAT margins declined by 522 bps Q-o-Q due to higher deprecation and higher tax rate of 24% in current quarter.”
“We continue to maintain our positive outlook on Hero Honda’s growth prospects given the growing demand from the rural market and the company’s increasing reach in those markets, better brand recall, no major impact of DEPB or interest rate hike. Although a concerns remain about the impact of commodity prices on the earnings of the company. At the CMP of Rs 1697, Hero Honda is trading at 15.2x its FY12E EPS of Rs 111. With the target price at Rs 1887 using target multiple of 17x, we recommend “HOLD” on the stock,” says KRChoksey research report.


Date : 10 may 11

Nifty lacks spark; HUL, NTPC stand out in flat market

It was another rangebound session for the Indian equity benchmarks on Tuesday - especially after that sharp spike up seen on last Friday. The market remained sideways as if it could be waiting for some trigger like EGoM meet, government policies, crude movement, any global event etc - so that it would give direction on either side.
Rajan Malik, Head equities, Private client group, MF Global advised caution at current level. "Right now the joker in the pack is going to be oil and it is difficult to say how it is going to move going forward. But one would assume at least for the next quarter one would have to be very careful with these markets and if anything I would tend to believe that there is more downside risk than upside risk," Malik said.
The 50-share NSE Nifty traded in broad range of 5540-5590 during the day, before closing at 5541.25, down 9.85 points. The 30-share BSE sensex fell just 16.19 points, to end at 18,512.77.
From the general trend in the market, N Sethuram, CIO, Daiwa Mutual Funds said there could be a little more of correction.
"But in terms of the valuation of the stocks and the general market as a whole, we are at levels where the valuations are quite comfortable. I do not see any case for the markets to go down much further from these levels," he said.
Private financial, capital goods, cement and even oil & gas companies' shares saw selling pressure. However, telecom, FMCG and realty stocks provided a support the market.
NTPC and HUL stood out in the flat market, with rising more than 4%. India's largest power generation company NTPC has reported net profit for the quarter ended March 2011 at Rs 2,782 crore - that was quite better than provisional figure of Rs 2,505 crore. Same with net sales figure.
HUL remained on buyers' radar for second consecutive day after fourth quarter numbers yesterday. Even the company had approved demerge of its exports division.
Sterlite Industries, Ranbaxy Labs (ahead of numbers) and Jaiprakash Associates were other top gainers on Nifty, with gaining 2-3%. Heavyweights like TCS, ITC and Bharti Airtel too were gainers.
However, oil marketing companies' shares slipped after Empowered Group of Ministers (EGoM) meeting on fuel price hike has been deferred, reports CNBC-TV18 quoting PTI. BPCL lost 0.5% and Reliance Industries lost 0.9%.
Private financials like HDFC Bank, ICICI Bank, HDFC, Kotak Mahindra Bank and Axis Bank saw profit booking today, with losing 0.5-1.5%. Infosys, BHEL and L&T were other losers, which lost 0.5-1%.
SKS Microfinance and Essar Shipping were locked at 10% upper circuit. SKS rebounded after seeing fall in 12 consecutive sessions and Essar Shipping will be demerged into two companies - existing company will be called Essar Port & demerged entity will be called Essar Shipping.
However, Kwality Dairy was locked at 20% lower circuit despite strong quarterly numbers. Jubilant Foodworks was down 6% on profit booking.
Market breadth was mixed - about 608 shares advanced as against 679 shares advanced on the National Stock Exchange.
But global markets were strong. European markets were trading higher by 1%. Dow Jones and nasdaq  futures too were up nearly 0.5%.
London Brent crude was trading at USD 115.14 a barrel, down USD 0.76 and NYMEX crude fell USD 1.29 to USD 101.26/barrel.


HDFC expects margins to remain stable ahead


Private sector lending major, HDFC Limited, announced a 23% jump in net profits at Rs. 1,142 crore for quarter-ended March 2011, compared to Rs 926 crore for the same period last year. A CNBC-TV18 poll had pegged the net profit at Rs 1,054 crore.
Meanwhile, the company's net operating income came in at Rs. 1,655 crore versus Rs 1,339 crore, year-on-year.
Speaking at a press conference, Keki Mistry of HDFC said loan approvals were up 24% while loan disbursals rose by 20%. “The fourth quarter net interest income stood at Rs 1,511 crore compared to Rs 1,287 crore same period last year,” he said.
HDFC's consolidated profit after tax (PAT) was up 40% at Rs 4,528 crore versus Rs 3,241 crore. The consolidated return on equity came in at 22.96% versus 19.6%, year-on-year. 
The sequential spreads were stable at 2.33%. Its NIMs were at 4.39% versus 4.27%, year-on-year. HDFC expects margins to remain stable going forward.
“We have always targeted a growth of around 20% and we are reasonably confident that we should be going forward, continue to look at a growth of 20%,” Mistry said.
On the operation side, Mistry said, “Our loan approvals for the year totaled up to Rs 75,185 crore, which represents an increase of 24% over last year's approvals of Rs 65,611 crore. Our total loan disbursements for the year stood at Rs 65,314 crore, which represents and increase of 20% over last year’s disbursements of Rs 50,413 crore.”
“But in this year, the individual component, which is our core business, the individual component has grown at a faster pace with loan approvals growing by 25% and loan disbursements growing by 27%,” he said.
On the provisions, he said, “From a regulatory perspective, we are required to make a provision as per the NHP guidelines — both on standard assets as well as on the sub-standard assets. In addition to that, we have also had a provision that we made in respect of dual rate loans that we had introduced or which we have now discontinued but which were there in the books a year ago. So the total provision that we are required to carry as per regulatory requirement is Rs 814 crore. Of that Rs 814 crore, Rs 447 crore relates to the dual rate loan product which in any case over the next two years will start getting reversed.”
“So from a regulatory perspective including that provision, which will get reversed in future, which will no longer be required in future we require a total provision of Rs 814 crore against which we are actually carrying a provision of as much as Rs 1,124 crore. So in reality, we are 1.4 times higher than what the regulatory prescription for us is,” he said.


 DATE : 28 APRIL 11


RIGHT WAY TO APPROACH SILVER NOW
There are few things which need to be monitored one is – Fed has kept the rates unchanged, the GDP1 forecast is substantially down from 3.1% to say about 2%, dollar index is below 73 and euro is about 1.4850 and above. So, one thing that can be arrived from this is that dollar is weak and continue to be weak.
We have seen that correction which people were expecting on silver, there will be say 10% correction or so which has happened in the last two days itself, so now we expect that should go to USD 49.20 USD 50, should be touched on silver.
So, similarly when you look at say prices in India, gold at the current level is somewhere about Rs 22,200-22,230 should be bought for say about USD 10 upside which means about Rs 200 upside.
Similarly, silver is a good buy at the current levels because although it has opened with a very high gap, but still there is a scope of prices going high, may be about USD 50. That means, a movement of another can be seen of say Rs 2,000-3,000 in India from the current levels as well.

TWO REASON WHY GOLD SHOULD REMAIN BULLISH
why gold should remain bullish; one is that it has underperformed when compared to silver. So people are expecting that gold should actually come up some day or other, we expect these prices to be on the bullish side.
Now USD 1,500 is the past thing, we are much higher than those levels. We will expect gold to go to USD 1,540-1,545 or may be USD 1550 in international markets.
Even if somebody wants to take lesser risk and wants to be long on bullion side, then gold will be safer comparatively, expecting gold to outperform. It is lesser volatile comparatively, so it will be safe bet to invest on.


ICICI Bank Q4 net profit up 44.5% at Rs 1452 cr

Country's second largest lender ICICI Bank has reported fourth quarter net profit of Rs 1,452 crore, a 44.5% growth as compared to Rs 1,005 crore in quarter ended March 2010.
Net interest income for the January-March quarter was Rs 2,510 crore, which grew by 23.3% as compared to Rs 2,035 crore in same quarter the previous year.
Topline was quite better-than-expectations of Rs 2,361 crore while bottomline was tad below estimates of Rs 1,476 crore.
Net non-performing assets (NPAs) declined to 0.94% as against 1.87% on year-on-year basis. Net NPA was down by 37% at Rs 2,459 crore versus Rs 3,901 crore.
The bank made provision of Rs 384 crore in the quarter ended March 2011, which was down by 61% as compared to Rs 990 crore in same quarter of 2010.
Fee income increased 18% to Rs 1,791 crore from Rs 1,521 crore on year-on-year basis.
Current and savings account (CASA) deposit ratio increased to 45.1% from 41.7% on year-on-year basis.
Provision coverage ratio increased to 76% at March 31, 2011 from 59.5% at March 31, 2010 and 71.8% at December 31, 2010.
Capital adequacy ratio stood at 19.54% and Tier-1 capital adequacy at 13.17%.
As on March 31, 2011, the bank had 2,529 branches and 6,104 ATMs, the largest branch network among private sector banks in the country.
Advances of the bank increased 19% to Rs 2,16,366 crore in the quarter ended March 31, 2011 from Rs 1,81,206 crore in same quarter the previous year.
Savings deposits increased 26% year-on-year to Rs 66,869 crore from Rs 53,218 crore.

Wipro Shares Drop After ‘Dismal’ 1st-Quarter Sales Forecast

Wipro Ltd. (WPRO), India’s third-largest software exporter, fell the most in almost two weeks after the company forecast first-quarter sales at its information- technology unit would remain little changed.
Revenue at the company’s biggest business division will range between $1.39 billion and $1.42 billion in the current quarter, Wipro said in a statement today. Sales at the unit in the three months ended March were $1.4 billion, Wipro said today while reporting fourth-quarter net income.
“This is a very poor guidance,” said Pralay Kumar Das, an analyst with Elara Securities India Pvt. in Mumbai. “The only way the stock could have gone up was if they had guided about 3 percent to 4 percent growth.” He rates the shares a “sell.”
Wipro joins bigger rival Infosys Technologies Ltd. (INFO) in forecasting sales that trailed analysts’ expectations, signaling customers may be hesitant to sign long-term contracts because of concerns about the global economic recovery. In January, billionaire Chairman Azim Premji named T.K. Kurien as the chief executive officer to drive growth and expand overseas after the co-heads of the IT business resigned.
Shares fell 2.9 percent to 451.1 rupees at the close of trading in Mumbai, the most since April 15. The benchmark Sensitive Index, or Sensex, fell 0.5 percent.

Management Transition

“Their positioning in the market right now is weak,” said Ankur Rudra, vice president in charge of institutional equities at Mumbai-based Ambit Capital Pvt. “Also, there’s the added distraction of a management transition going on,” said Rudra, who also rates the shares a “sell.”
Wipro said on Jan. 21 that T.K. Kurien would take over as chief executive officer of its information technology business after Girish Paranjpe and Suresh Vaswani resigned as joint CEOs.
The company today said net income climbed 14 percent to 13.8 billion rupees ($310 million) in the three months ended March, in earnings based on International Financial Reporting Standards. That compared with the 13.68 billion-rupee average of 27 analysts’ estimates compiled by Bloomberg.
The company doesn’t give sales or profit forecast for all its businesses combined. Wipro also makes light bulbs, soaps and other consumer products.
“The June quarter is seasonally one of the strongest quarters, and the dismal guidance by the company indicates that recent changes in top management will take time to start reflecting in numbers,” KR Choksey Shares & Securities Pvt., a local brokerage, said in a note to clients. The brokerage recommends investors “hold” the shares.

Clients

The business environment is “positive” and the company is focusing on growth by “directing investments on momentum verticals,” said Chief Financial Officer Suresh Senapaty in a statement. The wage increases planned by the company effective June 1 would have an impact on the operating margins, he said.
Revenue in the quarter rose 18 percent to 83 billion rupees. That compared with the 82.4 billion rupees average of 46 analysts’ estimates compiled by Bloomberg.
Wipro, which provides services such as designing and building software programs, product-engineering and back-office support to companies including BP Plc (BP), William Morrison Supermarkets Plc. and Pitney Bowes Inc. added 68 new customers in the quarter.
Wipro added a net 2,894 employees at its technology unit last quarter and ended the fiscal year with 122,385 workers, according to the statement.
Growth in global technology spending may slow to 5.1 percent this year from 5.4 percent in 2010 because of the “continued macroeconomic uncertainty,” Stamford, Connecticut- based research company Gartner Inc. forecast in January.


DATE : 26 APRIL 11



Top 5 deals cracked in the past 15 days
There has been a lot of buzz since the past one month on the back of a number of making and breaking deals. Moneycontrol.com offers a lowdown of the top five deals you must know about.
In a move to boost its production capacity Aditya Birla Chemicals (India), a unit of Aditya Birla Group, acquired the choro-chemicals division of Kanoria Chemicals & Industries for Rs 830 crore in an all-cash deal.
Calling this "a compelling strategic fit" Aditya Birla Group chairman, Kumar Mangalam Birla, said, "This acquisition further strengthens our group's standing in the chlor alkali/caustic soda sector, thus solidifying our position as the country's largest producer of chlor alkali."
Of the total sale proceeds of Rs 830 crore, Kanoria Chemicals' chairman and managing director RV Kanoria said, "We will be left with Rs 350-375 crore post taxes and retiring of debt. This would be used for growth in new businesses and not for paying dividends."
The transaction, which will be financed by ABCIL from internal accruals and borrowings, is expected to be completed by end of May. ABCIL (formerly known as Bihar Caustic and Chemicals), is one of the leading chlor-alkali companies in eastern India.
What to do with it?
CNBC-TV18's managing editor Udayan Mukherjee, said, "It would be a prudent for the shareholders to now just do the math and sell out when the stock goes up a little bit more."
According to SP Tulsian of sptulsian.com this is an an "unfortunate deal" for minority shareholders. "If you go by the broad parameter, Rs 830 crore is a total consideration on a slump sale basis. Obviously, the slump sale will attract tax which on a ballpark figure will be about Rs 200 crore tax. They have earmarked about Rs 250 crore for debt retirement and if you knockoff this Rs 450 crore, the residual amount left with the company is close to about Rs 380 crore."
Remaining in the acquisition mode, Aditya Birla Group within a week announced yet another significant USD 340 million acquisition in the Sweden-based, pulp and fibre company Domsjo Fibre AB.
Talking about the deal Kumar Mangalam Birla, chairman of the Aditya Birla Group, said that the acquisition has taken place via Thai units—Rayon Public Co and Indo-Bharat. "Current Domsjo owners invested USD 155 million in the company over 10 years and we will spend additional USD 75 million for completing acquisition."
Calling the acquisition in-line with the company growth strategy, he said, "It will help in consolidating the group’s global position in a pulp and fibre segment since Domsjo has a strong research and development (R&D) structure across products."
German tyremaker Continental AG is buying out Modi Rubber's tyre unit, Modi Tyres for an undisclosed amount. On back of this news, the stock surged 10% quoting at Rs 75.35. After completion of the transaction, Modi Tyres Company Limited will become a wholly-owned subsidiary of the Continental Group.
Visual entertainment services company Prime Focus has signed a multi-film deal with leading movie studio UTV Motion Pictures, to service the entire production and post production requirement of a slate of the latter’s films. This would include visual effects, sound and lab services, as well as provision of cameras lenses and more.
The alliance is set to begin with a three-dimensional movie 'Joker', it said in a statement, without providing any financial details of the deal.
Prime Focus shares rose 3% to Rs 65.75 post the announcement on April 18 while shares of UTV Software Communications, which owns UTV Motion Pictures, were up 1.9% to Rs 657.05.
Prime Focus has gone up nearly 40% in the last one month on the back of several deal wins. Only recently, Eros International Media had tied up with the company for digitising and cataloguing its entire library of movies. The company also won a contract to convert the film Star Wars Episode 1 into 3D, and it was selected by Star TV to upgrade its content operations infrastructure.
In a significant step towards achieving energy security, ONGC signed a USD 400 million package of three energy agreements with hydrocarbon-rich Kazakhstan. One of which formalises the transfer of 25% stake of the Kazakh oil and gas company, Kazmunaigas in its Satpayev exploration block in the Caspian Sea to ONGC Videsh Ltd.
KMG's block in the Caspian Sea is spread over 1,482 square kilometres and is at a water-depth of six to eight metres. It is believed to have an estimated 1.75 billion barrels of oil reserves.
Big deals you shouldn't have missed on in the past: Tata-JLR, Tata-Corus, Hindalco-Novallis, Ranbaxy-Daiichi, Merrill Lynch-Bank of America


Silver slide ripples out, Fed in focus

Silver tumbled before finding a footing on Tuesday, dragging prices of gold and oil with it and subduing European shares, although investors were wary of taking strong positions ahead of a US Federal Reserve policy meeting.
Spot silver prices exploded on Monday, soaring to within 17 cents of a 1980 record high as options sellers bought when key strike levels at $45 and $50 came under threat of exercise.
US silver futures tumbled as much as 5.4% to USD 44.61 an ounce on Tuesday, before clawing back some lost ground to USD 46 by 0745 GMT.
The drop in silver, triggered by an options expiry later in the day, spread to gold and oil. U.S. crude futures shed more than a USD 1 after Saudi Aramco's chief executive said the kingdom was not comfortable with current oil prices.
Spot gold fell 0.6% to USD 1,499.60 an ounce, after a seven-day record-setting rally that pushed prices to USD 1,518.10 on Monday.
The impact from falling metals also spread to European shares, with mining companies taking a modest hit.
After a four-day Easter break, the FTSEurofirst 300 index of top European shares was up 0.2% at 1,145.24. Traders said risk appetite was shrivelling ahead of a Federal Reserve meeting eyed for signs on the future of its ultra-loose monetary policy.
"There are concerns that the Fed's loose monetary policy is going to lead to inflation. Investors are cautious ahead of the meeting," said Koen De Leus, strategist at KBC Securities, in Brussels.
Japan's Nikkei average closed at a one-week low, losing 1.2% as exporters were hit by a stronger yen.
World stocks as measured by the MSCI All-Country World Index were barely changed at 350.30.
Fed focus
Investors are already transfixed by the Federal Reserve's meeting, which kicks off later on Tuesday, particularly since after its decision on Wednesday Ben Bernanke will give the first scheduled news briefing by a Fed chief in the bank's 97-year history. The euro recovered against the dollar, helped by demand from sovereign investors, with expectations the Fed will keep policy accommodative likely to see it hover near recent peaks.
The euro was up 0.1% at USD 1.4595, not far from a 16-month high of USD 1.4649 hit last week. It gained from a session low of around USD 1.4494 on steady buying by Middle East investors and Asian central banks, traders said.
"Any rise in the dollar is a good opportunity to sell it since it should remain weak unless the Fed signals it wants to tighten monetary policy," said Adam Myers, senior forex strategist at Credit Agricole. "We do not see Bernanke doing that tomorrow."
While the Fed is still in the process of buying bonds with newly-printed money and not expected to tighten policy soon, the European Central Bank raised rates from a record low to 1.25% earlier this month and is expected to repeat the move before long.
Europe's single currency also remains prey to developments in the bloc's debt crisis.
Investors will watch Spain's sale of three- and six-month Treasury bills for signs of weakness after peripheral debt came under pressure across the board last week on growing talk that Greece would restructure its public debt.
"The contagion effect we saw last week is, I think, going to be short-lived. Spain should be treated differently to the other three peripherals (Greece, Ireland and Portugal)," said Nick Stamenkovic, strategist at RIA Capital Markets.
"But the market is still very nervous about Greece so it's still very difficult to see any significant decline in yields there any time soon."
The premium investors demand to hold Greek government bonds rather than benchmark German Bunds rose to a new euro-era high as investors continued to price in a restructuring of its debt.
Greek credit default swaps also rose sharply to 1,340 bps, up 37 bps versus Monday's New York closing level.



Sensex recoups 238 points to end flat; Bharti, SBI lead


Indian equity benchmarks showed smart recovery in the last couple of hours of trade, helped by Bharti Airtel, ITC, ICICI Bank and SBI. Use of buying on dips strategy by traders as well as investors too supported the market to make smart comeback.
The 50-share NSE Nifty touched an intraday low of 5,791.55, before closing at 5,868.40, down just 6.10 points; index recovered nearly 77 points from day's low as largecaps too witnessed buying at lower levels.
Anil Manghnani, Modern Shares & Stock Brokers, says it is still in that range of 5700-5950. "Every time it comes to 5900-5950 on the Nifty, it gets some sort of profit booking or selling pressure and it goes back below 5800, this time it didn’t go anywhere close to 5700. But we have seen in a last couple of weeks whenever it comes to 5700-5750, it tends to bounce back. So I still think it stuck in a range."
But overall it was another consolidation day for the market ahead of expiry for the month of April on Thursday. The Nifty April futures closed with 7 points premium. Manghnani said it has been a tough series for people who have sort of bought calls and puts.
"It has been a great series, I guess for people who write out-of-the-money Calls or out-of-the-money Puts. Because there definitely has been cashing in on good premiums. Probably once the earnings season gets over by the end of the week, then sometime in the next week we could see that move where everybody is expecting in excess of 6000," he added.
The 30-share BSE sensex declined 38.96 points, to settle at 19,545.35, after seeing 238 points recovery from low of 19,306.92.
Even Asian markets trimmed their losses in late trade - Shanghai, Hang Seng, Nikkei, Straits Times and Kospi were down 0.5-1%. European markets and US futures were trading with 0.3% gains each, at the time of closing of Indian equities.
In midcap space, Kwality Dairy surged 19%. Alstom Projects, Allcargo Global, Motilal Oswal and Triveni Engg gained 7-9%. However, Blue Dart, GVK Power, Coromandel International, MVL and SpiceJet slipped 4-8%.
In smallcap space, Shasun Pharma, Uflex, Eros International, Venkys and Sujana Towers went up 8-13% while Atlanta, TRF, Himatsingka Seide, Vascon Engg and AK Capital fell 5-10%.
Market breadth was in favour of declines - about 536 shares advanced as against 757 shares declined on National Stock Exchange.







 DATE : 25 APRIL 11


Silver, Gold Rise to Records as Asian Stocks Fall

Silver and gold climbed to records, oil rose for a fourth day and Asian stocks fell amid concern accelerating inflation will undermine the region’s economic recovery. The yen weakened against all 16 of its counterparts.
Cash silver advanced 4 percent as of 6:50 a.m. in New York after earlier surging 5.4 percent. Gold climbed for a ninth day, while crude oil increased 0.3 percent in New York. The MSCI Asia Pacific Index slid 0.2 percent as companies from Posco (005490) to Acer Inc. (2353) posted lower profits. Standard & Poor’s 500 Index futures increased 0.3 percent. Malaysia’s ringgit strengthened below 3 to the dollar for the first time in more than 13 years. The yen weakened to 119.71 per euro from 119.24 last week.
China’s Shanghai Composite Index led losses in Asia after China International Capital Corp. said the nation’s consumer prices may rise as much as 5.5 percent this month. Singapore’s inflation held at 5 percent in March, a government report today showed. Data this week may show Japan’s retail sales sank last month and U.S. gross domestic product growth slowed, leading central banks from the two nations to keep interest rates near zero, according to economists surveyed by Bloomberg.
“It’s very clear that some Asian countries will keep raising rates more while their economies are strong enough to see more hikes,” said Hideki Hayashi, a global economist at Mizuho Securities Co. in Tokyo. “On the other hand, market players expect the U.S. this week to suggest it would keep low rates for some time, which means more yield appeal for Asia.”

Silver Doubles

Silver, which has more than doubled over the past year, traded at $49.1275 per ounce after earlier reaching a high of $49.79 as investors sought precious metals as a store of value. Gold for immediate delivery rose as much as 0.8 percent to a record $1,518.32 an ounce, before trading at $1,516.88.
Corn for July delivery surged as much as 2.6 percent to $7.64 a bushel on speculation that wet, cold weather across the U.S. Midwest will further delay planting, reducing yields. Wheat increased as much as 2.7 percent to $8.57 a bushel.
Oil for June delivery increased 0.4 percent to $112.69 a barrel on the New York Mercantile Exchange, after Syrian security forces detained at least 200 people following the killing of anti-government protesters and U.S. Senator John McCain said rebels in Libya need more assistance in the fight against Muammar Qaddafi’s forces.
The jump in commodity prices is fueling speculation policy makers in Asia will step up tightening efforts. The Singapore dollar was little changed at S$1.2335 versus the greenback after touching S$1.2318. The central bank said April 14 it would allow further appreciation. The Malaysian ringgit gained as much as 0.5 percent to 2.9910, the strongest level since Oct. 9, 1997, on speculation the central bank will raise interest rates next month to help damp inflation.

Govt orders RIL to offer KG-D6 gas to core sector only

The oil minister has ordered Reliance Industries to stop KG-D6 gas supply to non-core users. The reason being a sharp decline in the production from the block.
The ministry has asked the company to first meet full demand of fertilizer and power plants. This means the company needs to cover only the core sector at the moment. The news has hit the stock, but fertilizer and power stocks have reacted postively.
The RIL management did indicate in its analysts meet that they will drill more wells. The RIL numbers were sub-par and the oil ministry has apparently reiterated that it can supply oil only to core sectors of the economy. CNBC-TV18’s research analyst Gautam Broker reports that more than anything else it is looking like an increased souring of relations between government heads and Reliance.
This is a bit of a fight on who owns the gas. The government owns the gas but Reliance wants to use it the way it wants too. The government is trying to impose what it thinks is the right policy on Reliance and Reliance has to adhere to that. After the fall in D6 production from about 60 million standard cubic metres (mscmd) to 50 mscmd, Reliance made a proportionate cut across the board to all the sectors that have been supplied gas.
The government has been telling Reliance to supply gas only to core sectors, and not to non-core sectors. This means they are asking RIL to supply gas to fertilizers, power plants and city gas distribution networks while leaving out the steel industry and refineries. Now Reliance itself is a refinery that has been allocated gas but Reliance made a proportionate cut and made a cut across the board.
The oil ministry has asked Reliance to stop doing that. At present, sentiment is negative for Reliance, IOC, HPCL and BPCL as well as for steel companies like Ispat in particular, which is listed. Essar Steel as well but it is not listed. On the positive side, the power plants that benefit from this are GVK, GMR, Lanco and NTPC which have gas allocated from D6.
Also on the positive side there is city gas distribution, so IGL benefits, fertilizers like RCF, Nagarjuna Fertilizers and Chambal Fertilizers stand to benefit. But across the board sentiment is positive. This is because it was known in the market that since production has fallen, much of the non-core sectors anyway wouldn’t get much of the gas. The stocks haven’t reacted much but there is a positive-negative sentiment for the users.


Nifty ends flat; RIL, Axis Bank plunge, SBI, Sterlite surge

Indian equity benchmarks closed first session of a week on flat note after trading in a narrow range. In fact it was a consolidation day after a long weekend and the Nifty traded in a narrow range of 5875-5900. Fourth quarter earnings of two largecaps namely Sterlite Industries and Maruti Suzuki were quite better-than-expected today.
Devina Mehra, First Global says, the market would be close to the fairly valued range. “We don’t see a very big move on either side right away,” she adds. She further says, 2011 is more likely to be a down than an up year.
But the technical Analyst, Rahul Mohindar of viratechindia.com is bullish on the market with short term perspective. "Earnings are still good. The Nifty is above the 5830 critical level. I continue to believe that probably over the next few days hitting 6,000 is quite a possibility. We would have pretty good price action on the upside in sectors like banking, cement etc. One could even see some interesting midcap players coming in. So I am still pretty bullish in point on the market with the short-term perspective."
Fall in oil & gas, private banking, realty, telecom and Anil Dhirubhai Ambani group (ADAG) companies' shares offset by gains in technology, capital goods and PSU banks' stocks.
The 30-share BSE sensex fell 18 points, to close at 19,584 and the 50-share NSE Nifty declined 10 points, to settle at 5,874.
Heavyweight Reliance Industries tumbled 3% after the January-March quarter numbers and oil ministry order. The company's fourth quarter net profit was up 14% at Rs 5376 crore while the CNBC-TV18 poll saw at Rs 5,500 crore.
Portfolio manager PN Vijay says that though the company delivered, it didn’t meet the market expectations. “The street expected that as the oil prices went up this high, the refining margins will go through roof, however that did not happen. Reliance is going to bring down the bullish undertone in the market,” he adds.
Oil Ministry has ordered today RIL to stop KG-D6 gas supply to non-core users, reports CNBC-TV18 quoting PTI. Ministry has ordered RIL to first meet full demand of fertiliser, power plants.
India's largest car maker Maruti Suzuki gained 1.5% after better-than-expected fourth quarter numbers. The company has reported net profit of Rs 660 crore and net sales of Rs 9,863 crore while estimates were Rs 619 crore and Rs 9,814 crore, respectively.
UK based Vedanta's subsidiary Sterlite Industries too cheered the fourth quarter numbers. It posted Q4 net profit of Rs 1925 crore and net sales of Rs 10000 crore while estimates were Rs 1330 crore and Rs 8928 crore, respectively. The stock surged more than 4%.
Shares of country's largest lender SBI gained 2% as well. However, HDFC Bank and ICICI Bank were down over 0.5%. Axis Bank was the biggest loser on Nifty, with falling nearly 5% on margin pressure seen in fourth quarter, but topline and bottomline numbers were good.
Technology stocks like Infosys, TCS and Wipro were up 0.5-1.5%. Capital goods stocks like L&T and BHEL too gained nearly 1%.
However, ADAG companies' shares like Reliance Communications and Reliance Capital slipped 1.6% each. Reliance Power and Reliance Infrastructure were down 0.4-0.9%.
Heavyweights Bharti Airtel, ONGC and NTPC too were down with moderate losses.
In midcap space, Abbott India surged 14%. Prestige Estate, Jubilant Foodworks, Blue Dart and Redington rallied 5-9% while Allcargo Global, Dewan Housing, Tecpro Systems, KEC International and Alok Industries slipped 3-7%.
In smallcap space, FAG Bearings, TRF, Gati, Solvay Pharma and JVL Agro jumped 10-19%. However, Atlanta, Ester Inds, Kanani Industries, AGC Networks and Polyplex Corp lost 6-10%.
About 556 shares advanced as against 736 shares declined on National Stock Exchange.




 DATE : 21 APRIL 11



Innoventive IPO price band at Rs. 117-120/share


Multi-product engineering company Innoventive Industries has fixed a price band of Rs. 117-120 a share, for its upto Rs. 219.58 crore initial public offer, which will begin for subscription on April 26.

The Pune-based company had said on Wednesday that it plans to raise up to Rs. 219.58-crore from its initial public offer (IPO).

The issue, which will open on Tuesday, will close on April 28 for qualified institutional buyers (QIB) to whom up to 50 per cent of the issue will be allotted on a proportionate basis, the company said in a statement.

Subscription for retail and non-institutional investors will close on April 29, it said.

Innoventive Industries may consider anchor investors for up to 30 per cent of the QIB portion. The company intends to utilise the net proceeds of the issue towards capacity expansion of its manufacturing facility located at Pimple Jagtap in Pune, repayment of term loans and general corporate purposes, it added.

The equity shares of the company are proposed to be listed on the BSE and NSE.

Axis Bank Limited and Avendus Capital Private Limited are the book running lead managers to the issue.

Innoventive is engaged in the business of manufacturing and sale of precision steel tubes, tubular components, auto components, machined components and other steel produc
ts



Sensex firm on oil & gas, banks support

Indian equity benchmarks gained its strength again - supported by heavyweights like ONGC, TCS, Reliance Industries, HDFC and HDFC Bank. It had erased some gains few minutes back due to sell-off in TCS, BHEL and Bharti Airtel.
India's largest IT software services exporter TCS has reported 3% growth in fourth quarter net profit of Rs 2402 crore as compared to previous quarter, which was in-line with the street expectations.
The stock was down more than 1% on profit booking because it had rallied more than 5% in three days on expectations that numbers would be much better than the current.
Company said growth was led by developed markets of US and Europe. "Asia-Pac and West Asia continue to remain steady growth drivers. Insurance, Infra services, products, enterprise solutions are growing fast."
The 30-share BSE SENSEX was trading at 19,609, up 138 points and the 50-share NSE Nifty gained 33 points to 5,884.

"5,950 is the level that we possibly need to watch a bit more closely. That should give us an indication whether 6,000 should be taken away easily," Prakash Diwan, Head-Institutional Business, Networth Stock Broking said.
In the oil & gas space, ONGC rallied 3.5% and Reliance Industries gained 1.3% ahead of numbers, which is scheduled after market hours today.
SBI, HDFC Bank and HDFC from financial space were up 1.5-2.5%. ICICI Bank went up 0.7%. Jindal Steel, Sterlite, Maruti, HUL, Wipro, Hindalco, Hero Honda and DLF surged 1.5-3.5%.
However, BHEL was the top loser on Nifty/, with losing 3.5%. Bharti Airtel, Tata Motors, GAIL, SAIL, Siemens, Dr Reddy's Labs, IDFC, Cipla and Ambuja were down 1-2%.


Markets cheer SBI decision to scrap teaser loan scheme

State Bank of India shares were up 1.5% on Thursday, a day after the bank said it was discontinuing its teaser home loans from May 1.
Investors and analysts tracking the stock feel the move will be beneficial for the bank’s margins, and also, it may not have to make provisions on its portfolio of teaser loans, having finally mended fences with the Reserve Bank of India.
“The step is directionally positive,” says a report by Edelweiss.
“It suggests that the new CMD (Pratip Chaudhuri) is acting in sync with the regulator’s directive. Earlier, the bank had continued with its special schemes, despite RBI’s notification for higher provisioning, stating that special loans did not fall under the ‘teaser’ category,” the report said.
The Reserve Bank of India earlier asked banks to increase provisions to 2% from 0.40% on special schemes. This would have amounted to Rs 587 crore of additional provisioning for SBI’s special scheme, referred as teaser home loan rates. SBI’s former chairman O P Bhat favoured the scheme and wanted to continue with it, in the face of opposition from the RBI.
The scheme offered an attractive interest rate in the range of 8 – 8.5% in the initial first three years of the loan and later on, a borrower had to pay a floating rate. SBI has a current home loan portfolio of Rs 86,000 crore of which Rs 36,788 crore comes under teaser scheme.
With the new rates applicable, the bank will be offering an interest rate in the range of 9.5%-10.25% on different slabs viz 30 lakh, 30 – 75 lakh and above 75 lakh.
 “The spread between the old and new scheme comes around 150 basis points. It will have positive impact on the bank’s net interest margin. However, the current NIM (3.61% during Q3) may not be sustainable as it was at the peak level. In early FY12, it would be around 3.20%,” Dinesh Shukla, banking analyst, Sharekhan told Moneycontrol.com.
Meanwhile, banks like HDFC and ICICI would be a bit more aggressive to sell their home loan products after SBI scraps its teaser loans. Where private banks hold an edge is that they process home loans much faster, compared to most state-owned banks.
“Post the revision, we expect SBI’s home loan growth to track industry average against being in market share gain phase over the past two years. However, the step will be accretive to margins,” says the Edelweiss report.
Interestingly, SBI has just hiked its base rate and benchmark prime lending rate (BPLR)  by 25 basis points to 8.50% and 13.25% respectively.
Brokerages, Moneycontrol.com spoke with, however rule out any immediate re-rating of the stock based on its current development.









 DATE : 20 APRIL 11

Warren Buffett in India: Rakesh Jhunjhunwala, others buy policies to attend meet

India's most followed investor, Rakesh Jhunjhunwala, will be among the select group of people who will meet the international investment icon Warren Buffett during his first visit to the nation that will focus more on charity than on investing.
Jhunjhunwala, like Buffett, conducts charity lunches. Jhunjhunwala, who dislikes being referred to as India's Buffett due to modesty, would be part of a preferred group of a dozen or so elite to cut to the chase with the Berkshire Hathaway chief executive on Thursday, said two people familiar with the scheduled meetings.
Jhunjhunwala declined to comment. There are scores of others, including Raamdeo Aggarwal, joint managing director at Motilal Oswal Financial Services, who would have a similar privilege of listening to the wisdom of the most successful investor on the planet, thanks to Berkshire Hathaway's marketing efforts. Aggarwal and his ilk cannot have enough of him.
They have bought motor insurance at berkshireinsurance .com for as low as . 2,165 a policy. "One of the first things which come to my mind is the kind of wisdom he has spread around about investing, corporate governance and the general influence he has had in investment thinking" said Mr Aggarwal of Motilal Oswal. "He's an amazing man... I am mesmerised by the fact that a man can make so much money purely by ethical means."
Berkshire Hathaway, which has a tiny business interest in India through an insurance distribution company, is using Buffett's visit to popularise its presence. It started selling insurance to Indian consumers through internet and telephone this month after a deal with Bajaj Allianz General Insurance.
Although other renowned global investors such as George Soros and JC Flowers invested in India, Buffett has been cautious. The government has been dithering raising foreign holding limit in his favourite business , insurance, to 49% from 26%. But investors still won't let an opportunity slip even though many may not make it to the meeting at the Taj Palace Hotel in New Delhi between 6 pm and 8 pm on March 25. The venue may accommodate at most 300 people.

blogger templates | Make Money Online