Posts Tagged ‘Metal’

NEWS ROUND UP 22nd – 26th March

Hello Friends here we come up with the News Round Up from various categories.

Economy

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路The Reserve Bank of India (RBI) unexpectedly raised interest rates from聽record-low levels for the first time since it began cutting in 2008, citing聽intensifying inflationary pressures and a steady economic recovery. The聽central bank raised the repo rate, the rate at which it lends to banks to 5.00聽percent from 4.75 percent and reverse repo rate, the rate which it absorbs聽funds from the system to 3.50 percent from 3.25 percent with immediate聽effect.

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路India’s Wholesale price inflation accelerated to 9.89 percent in February聽from a year ago, above the Reserve Bank of India’s end March projection of聽8.5 percent and higher than the 8.56 percent level recorded in January this聽year.

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路India’s food price index rose 16.30 percent in the 12 months to March 6,聽while the fuel index was up 12.68 percent. The rise in the food price index聽was lower than an annual rise of 17.81 percent in the previous week.

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Pharmaceutical

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路Elder Pharmaceuticals had increased its stake in Bulgarian subsidiary Elder聽Biomeda AD to 61 per cent from the present 51 per cent, as part of its聽strategy to strengthen its presence in the European market. The Rs 600-聽crore turnover Elder Pharma did not disclose the deal size. In April 2008,聽Elder had formed Biomeda AD in Bulgaria, to acquire three Bulgarian聽healthcare companies belonging to the local Biomeda group.

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Metal

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路Welspun Gujarat Stahl Rohren unit will acquire a 75 per cent stake in MSK聽Projects, marking its foray into infrastructure. Welspun will invest a total of聽Rs 400 crore, of which Rs 200 crore will be infused directly into MSK.

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Realty/ Construction.

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路Punj Lloyd has bagged a project worth $40 million (nearly Rs 181 crore)聽from Abu Dhabi Gas Industries (GASCO) for infrastructure related works.

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The company has secured a letter of award for engineering, procurement聽and construction works in UAE from GASCO.

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路Subhash Projects & Marketing has bagged two orders worth Rs 475.34 crore聽for infrastructure related works. The company, along with Kirloskar聽Brothers Ltd, has bagged a contract worth Rs 439.35 crore from Bangalore聽Water supply Sewerage Board for civil and electromechanical works.

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路路 Hindustan Construction Company (HCC) acquired a controlling stake in聽Swiss real estate firm Karl Steiner AG in an all-cash deal for around Rs 150聽crore (Swiss Francs 35 million), a move that will pave way for the company聽to enter the European and Gulf markets.

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路PT Madhucon Indonesia, a subsidiary of the Hyderabad-based聽infrastructure company Madhucon Projects Ltd, has been granted a new聽coal mining business permit for exploration of 30,970 hectares at聽Mauraduwa in south Sumatra, Indonesia.

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Oil & Gas

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路GAIL India plans to transit 21 per cent more natural gas through its pipelines聽at 114.8 million cubic meters per day in 2010-11 fiscal. The company in a聽press statement that it has set a target of transmitting 114.8 mmscmd of聽natural gas from domestic fields and imported LNG in 2010-11 fiscal as聽opposed to moving 94.8 mmscmd during current fiscal.

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Capital Goods

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路McNally Bharat Engineering Company has bagged an order worth Rs 173.2聽crore for works at Mahanadi Coalfields in Sambalpur, Orissa. This is the third聽order that the company has bagged within a week, the first two being from聽NPCC and SAIL.

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路Larsen & Toubro (L&T) has bagged a project worth Rs 2,035 crore from聽ONGC Mangalore Petrochemicals Ltd to set up an aromatics complex at聽Mangalore special economic zone.

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Automobile.

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路Mahindra & Mahindra has joined the long list of corporate houses looking to聽obtain a banking licence after the finance minister’s budget speech聽revealed that banking regulator RBI was planning to allow more players in聽the sector. A top executive of the $6.3-billion group that it was planning to聽seek a banking licence for its non-banking finance company Mahindra &聽Mahindra Financial Services (MMFSL).

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News Round Up – India

Hello Friends here we come up with the Latest News round up from Indian Economy and various industrial Sectors of the country.

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News Round Up

Economy

 

路聽 Wholesale price of food items rose 14.55% for the week ended November 7 from a year earlier due to dearer cereals, dairy items as well as mutton and eggs.

However, wholesale prices of fuel-related products dipped 1.51% in the week under consideration, compared to the corresponding period of the previous year.

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Oil & Gas

Cairn India and its joint venture partners have decided to take up 4 dimensional (4D) seismic survey of Ravva field in the Krishna-Godavari Basin to further explore oil and gas reserves.

路 Liquefied gas importer, Petronet LNG Ltd (PLL), is keen to acquire up to 10 per cent stake in ONGC Petro-additions Ltd (OPaL), which is setting up a cracker complex in Gujarat.

OPaL is, a Rs 12,440-crore petrochemicals project, being set up by ONGC at Dahej in Gujarat.

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Infrastructure

The Adani group-promoted Mundra Port and Special Economic Zone (MPSEZ) is all set to develop a non-LNG port at Hazira.

Hazira Port, which is a joint venture of Shell Gas BV and Total Gaz Electricite Holdings France, issued a letter of intent to the Adani group for developing the port in the booming southern Gujarat industrial belt.

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Capital Goods

路 State-run Bharat Heavy Electrical (BHEL) has set up a new transformer manufacturing facility at Bhopal in Madhya Pradesh.

This new facility would enable BHEL to produce an additional 12,000 MVA (mega volt ampere) of transformers per annum.

路 Pollution control equipment maker Thermax bagged an order worth Rs 477.77 crore from an Orissa-based company for construction of a captive power plant.

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Aviation

路 The Vijay Mallya-led Kingfisher Airlines led the chart of the loss-making carriers by reporting a massive Rs 1,602 crore in losses in 2008-09, followed by Jet Airways with a loss of Rs 1,032 crore.

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Oil Drilling

Jindal Drilling & Industries has bagged an order worth Rs 635 crore from Oil and Natural Gas Corporation (ONGC) for hiring a drilling unit for five years.

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Metal

Tata Steel, the world’s sixth largest steel maker, is raising its annual iron ore production by 55 per cent to 17 million tonnes in India over the next two years.

The expansion is expected to cost about Rs 1,100 crore.

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Information Technology

路聽 Satyam Computer Services (rebranded Mahindra Satyam) has received legal notices from 37 companies claiming a refund of $265 million (approximately Rs 1,230 crore), allegedly given as temporary advance.

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Automobile

Mahindra & Mahindra, India’s largest manufacturer of sports utility vehicles, is believed to be in advanced talks with the Tamil Nadu government for establishing an integrated auto facility in the state.

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Forging

路聽 The Kalyani Group’s flagship company Bharat Forge is planning to make a big foray into the power sector with an investment of up to Rs 50,000 crore and a targeted generation capacity of up to 10,000 Mw, over the next 10 years.

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Coming ‘Diwali’ – Gold Prices Set to Reach Over, Rs 16,000 level :)

Gold prices are again ready for a good rally and is likely to reach over Rs 16,000 level before 'Diwali'.

Gold prices are again ready for a good rally and is likely to reach over Rs 16,000 level before 'Diwali'.

After taking a brief consolidation, gold prices are again ready for a good rally and is likely to reach over Rs 16,000 level before ‘Diwali’.

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According to experts, gold prices have declined for a short period last week as the precious metal dipped following a counter rally taken by the dollar.

However, the US dollar index has again started showing weakness and today dipped by 0.6 per cent at 76.54 level, which will be positive for the gold price, SMC Global’s Rajesh Jain said.

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He said gold is likely to reach 1,020 dollar an ounce (28.34 grams) level in the international markets before ‘Diwali’.

However, in the domestic market the rising trend is likely to be capped with strengthening of Rupee against the US dollar, he added.

In the domestic market the prices are likely to be slightly over Rs 16,000 per 10 grams level, Jain said.

He said, the Rupee will keep on strengthening as the equity markets are performing well, which will encourage the Foreign Institutional Investors (FIIs) to bring in more money.

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Today, the gold was trading at Rs 15,585 per 10 grams, while in the global markets it was at $1,001 an ounce.

Meanwhile, independent analysts have remarked that the bull run in gold will continue as the various monetary and fiscal stimulus programs have failed to boost the world economy, feeding through to a dis-inflationary conditions.

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The US dollar, which is considered a safe haven, softens due to the weakening economic condition.

As dollar declines, many investors and central banks continue to hold gold as their safe haven to protect themselves from unforeseen global economic shocks, boosting the demand for the yellow metal.

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DAILY EQUITY UPDATE

Equity Update

17 Aug 2009

POST MARKET

The BSE Sensex closed lower by 626.71 points or (4.07%) at 14,784.92 and NSE Nifty ended down by 24.95 points at 4,580.05.

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BSE Mid Caps and Small Caps closed with losses of 218.30 and 200.85 points at 5,385.51 and 6,211.71 respectively.

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The BSE Sensex touched intraday high of 15,284.23 and intraday low of 14,740.63.

Among the Sensex pack all 30 stocks ended in red territory.

The market breadth indicating the overall health of the market remained negative as 1929 stocks closed in red while 674 stocks closed in green and 73 stocks remained unchanged in BSE.

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The S&P CNX Nifty is down by 192.15 points or 鈥4.20 % to 4387.90.

The NSE turnover was down Rs.15425.56 from last trading session鈥檚 Rs. 16421.25 crore.

NEWS UPDATES

-Six auto stocks fell on concerns the weak monsoon will slash spending in India’s agricultural regions.

-Fourteen metal stocks fell after LMEX, a gauge of six metals traded on the London Metal Exchange, fell 3.05% to 2,932.70 on 14 August 2009.

-Seven power sector shares fell on reports the power ministry is planning to cap the sale price of electricity sold in the open market if the projects claim tax benefits.

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OUTLOOK

Market opened strongly in red & continued trading in negative zone throughout the day on the back of negative cues from the global indices.

International markets were trading strongly in red & remained in the same territory resultant selling pressure in across the board in our markets too.

Realty, Metal, Auto & Oil and gas got punished heavily.

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In the first half of session, we witnessed mixed movement as the market breadth was marginally on the down side but it declined very sharply below crucial support level of 4420 area.

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We expect index to hold 4340-4320 levels as the next crucial support zone with possibility of technical bounce in the next session.

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Daily Equity Update

sector watch

*Realty & Metal are the major losers in today鈥檚 session 馃槮

DAILY EQUITY UPDATE 17 Aug 2009

POST MARKET

The BSE Sensex closed lower by 626.71 points or (4.07%) at 14,784.92 and NSE Nifty ended down by 24.95 points at 4,580.05. BSE Mid Caps and Small Caps closed with losses of 218.30 and 200.85 points at 5,385.51 and 6,211.71 respectively. The BSE Sensex touched intraday high of 15,284.23 and intraday low of 14,740.63.

Among the Sensex pack all 30 stocks ended in red territory. The market breadth indicating the overall health of the market remained negative as 1929 stocks closed in red while 674 stocks closed in green and 73 stocks remained unchanged in BSE. The S&P CNX Nifty is down by 192.15 points or 鈥4.20 % to 4387.90.The NSE turnover was down Rs.15425.56 from last trading session鈥檚 Rs. 16421.25 crore.

NEWS UPDATES

-Six auto stocks fell on concerns the weak monsoon will slash spending in India’s agricultural regions.

-Fourteen metal stocks fell after LMEX, a gauge of six metals traded on the London Metal Exchange, fell 3.05% to 2,932.70 on 14 August 2009.

-Seven power sector shares fell on reports the power ministry is planning to cap the sale price of electricity sold in the open market if the projects claim tax benefits.

OUTLOOK

Market opened strongly in red & continued trading in negative zone throughout the day on the back of negative cues from the global indices.

International markets were trading strongly in red & remained in the same territory resultant selling pressure in across the board in our markets too.

Realty, Metal, Auto & Oil and gas got punished heavily.

In the first half of session, we witnessed mixed movement as the market breadth was marginally on the down side but it declined very sharply below crucial support level of 4420 area.

We expect index to hold 4340-4320 levels as the next crucial support zone with possibility of technical bounce in the next session.

Market trading firm: Sensex hits 10-month high :)

Sensex hits 10-month high

Sensex hits 10-month high

After a gap up opening, the domestic markets are marching towards the northward on the back of strong rally across other Asian markets. Further, bulls are driving the major Indian bourses to its highest in 10 months, with an expectation that the government will increase public spending in the budget next month to boost economic growth.

Buying interest has emerged across all the sectoral indices.

Among the BSE sectoral indices, Metal, Consumer Durable (CD) and Capital Goods (CG) stocks gained by 3.80%, 3.51% and 3.46% respectively.

Overall market breadth is positive. Out of the total 2,482 stocks traded at BSE, 1,670 advanced, 759 declined while 53 remained unchanged.

Gainers from the BSE Sensex Pack are Tata Power Company Ltd,HDFC Bank, Reliance Infrastructure, L&T, Sterlite Industries and ONGC.

SMC Global Securities : Money Wise Be Wise !

http://www.smcindiaonline.com/index.asp