TopNews

A lower registration of members has affected Mahindra Holidays and Resorts India's top and bottom-line of 23.6% and 60.6% respectively for the three month period ended June 2010 as against 2009's corresponding figures.

As per the declaration made by the company, Mahindra Holidays made a total income worth Rs 101 crore and a net profit of Rs 13.29 crore as compared to Rs 135.30 crore and Rs 33.74 crore made in the same period of the previous year.

The company has added 3,945 new members, which takes the total number of members to 113,829.

State-run Steel Authority of India's (SAIL) commenced the revival of its Jagdishpur facility, laying the cornerstone for a novel TMT bar mill at the project site.

In a declaration, the company said, "Steel Secretary Atul Chaturvedi and SAIL Chairman C. S. Verma laid the foundation stone of a TMT bar mill of 1.5 lakh tonne per annum (TPA) capacity. This is a part of SAIL's plan to revive and develop the steel plant of erstwhile Malvika Steel Ltd (MSL)."

Hand-crafted jewellery manufacturer Shree Ganesh Jewellery House is eyeing to register a turnover of USD 1 billion in the existing financial year (2010-11).

While addressing a press meeting, Mr. Nilesh Parekh, chairman, said, "The current quarter is crucial for us and our order book for this period is Rs 1,500 crore."

For 2010-11, the company's order book size stood at Rs 3,000 crore.

The company's export markets are mainly in United Arab Emirates, Hong Kong and Singapore.

Weak global cues led Indian indices to trade weak. SENSEX closed at 18020, down 126 points and Nifty at 5418, down 34 points from the previous close. CNX MIDCAP index was down 0.9% and BSE SMALLCAP index was down 0.8%. The market breadth was negative with advances at 366 against declines of 911 on the NSE. Top gainers included BHARTIARTL, TCS, INFOSYS, ITC, ACC, CAIRN, AMBUJACEM and SUNPHARMA. Top losers are listed as MARUTI, HEROHONDA, JAIPRA, SBIN and DLF. AUTO sector appeared as major loser while IT-SECTOR appeared as gainer.

Next Day Trading Session:

As we have said several times in last week's reports, signs show that the possibility of a rising correction to correct the fall from June 3rd top 89.09 to July 16th low 86.25 is growing.

The Euro fluctuated violently on Friday, breaking both the support & resistance specified in the report, but only reaching the target in the case of the support.