Allegations Against Me Are Baseless, Says Pratibha

Pratibha PatilNEW DELHI: Referring to the slew of allegations hurled against her, UPA presidential applicant  said that all allegations pointed against her were ‘motivated.’

In her initial official declaration after her nomination documents were found to be in order, Ms. Patil stated it was a “distinct honor” to be a applicant for the main office of the world’s prime democratic system.

India Ready To Provide Aid In UK Terror Plot Case

New Delhi: With involvement of two of its nationals being suspected in the failed terror plot in the UK, India on Tuesday said it would extend any assistance if asked for by investigators, but cautioned against reaching any conclusion if anyone was merely detained or questioned.

The Government stated the Indian High Commission in Canberra is abreast of the system in Australia where a doctor from Bangalore, Mohd Haneef, has been apprehended regarding last week’s terror plots of London and Glasgow.

Minister of State for External Affairs, Anand Sharma said, “India is committed to full international cooperation when it comes to act of (combating) terrorism. We will give any assistance if it is requested for (by Australia and Britain).”

SBI Will Soon Gain Rs 60-70 - Bhambwani

Technical AnalystState Bank of India, Vijay Bhambwani is of the view that one
should hold State Bank of India (SBI) stock as it can add another Rs 60-70
within the coming days.

SBI has been a great mover and shaker. It is good for
another Rs 60-70 before some quantity of profit taking can enter.

ACC Leads Stock Gainers

ACC cementToday, ACC climbed 8.98% to Rs 1022.55 and it topped the gainers list in BSE’s ‘A’ group shares. ACC’s cement dispatches stood at 17 lakh tonnes in June 2007, up 9.67% as compared to 15.5 lakh tonnes in the same period, last year. It made 17 lakh tonnes of cement compared to 15.3 lakh tonnes last year, a rise of 11%.

Today, the cement shares soared on reports that cement companies have increased prices by Rs 3-Rs 5 per 50-kilogram bag across India effective today, 4 July 2007.

Binani Cement Quarterly Earnings At Rs 506.7 Mln In Jun`07

Kolkata-basedBraj Binani Group cement manufacturer, Binani Cement has announced its quarterly results for the quarter ended June 30, 2007. It recorded net earnings of Rs 506.7 million on sales of Rs 1,956.2 million.

The company posted total income of Rs 1,974.1 million for the quarter, whereas its earning per share (EPS) stood at Rs 2.49.

It entered the capital markets in May 2007 with an initial public offering (IPO) of 20.5 million shares in the price band of Rs 75 to Rs 85 a share.

The share price of the company closed up Rs 2.55, or 3.80%, at Rs 69.60. The total volume of shares traded during the day stood at 363,178.

Plea Against Pratibha Dismissed

Pratibha PatilNew Delhi: Yesterday, the Supreme Court disapproved a public interest lawsuit appeal that sought abolition of the proposal of Pratibha Patil for the Presidential seat. The petition wanted Ms. Patil disqualified on the ground that she was facing up a criminal case and was also an undischarged insolvent. Noticing that the court cannot pursue mere accusations, a vacation Bench of Justices Tarun Chatterjee and P.K.

Market Touches A New Peak With Opening Bell

Bombay Stock Exchange
The 30-share BSE Sensex opened strongly at 14,868.14, and marched ahead to touch a record high of 14,906.93. Currently, it is trading in the positive.

 

The stocks from pharma led the advancements even as auto and banking sectors traded in mixed.
On the other hand, Asian markets also opened higher for the fifth consecutive day. The stocks climbed after a report indicated that the factory order decline in US is less than the expected, thus giving a boost to the stocks of Asian exporters.

According to Vishwas Agarwal, if Reliance Industries holds 1,710 level, a bombastic rally can be seen in the market.

Fund Raising Plan Pushes Up IDFC

IDFC
After arriving at its all-time high, IDFC was trading flat at Rs 133.60 ahead of its plans to raise about $500 million through qualified institutional placement.
Today, the share price touched a high price of Rs 135.80. Its lowest peak during the day was Rs 132.2. On 24 July 2006, it had touched its 52-week low of Rs 43.35.
As against the Sensex’s return of 0.64%, the Infrastructure Development Finance Company (IDFC) scrip declined 16.07% over the last one month to 2 July 2007. The scrip had outperformed the market over the past quarter, making 71.17% compared to the Sensex’s augmentation of 16.16%.

IFB Industries Sparkles On Strong Q4 March 2007 Results

In afternoon trade, IFB IndustriesIFB Industries beat the upper route of 20% at Rs 27.65 on reporting a 1,143.27% increase in net profit in Q4 March 2007. The final results were declared during the market hours.
During the day, the scrip touched an intraday high of Rs 27.65 and an intraday low of Rs 26. On 3 November, it touched a 52-week high of Rs 29.95 and a 52-week low of Rs 14.50 on 4 April 2007.
The IFB Industries scrip gained 32.47% over the last one month to 29 June 2007 as compared to the Sensex’s return of 0.73%. Over the last one quarter, the company outperformed the market gaining 34.40% as compared to the Sensex’s admiration of 12.07%.

Himatsingka Seide Up On Buyout Plan

Himatsingka SeideTextile company, Himatsingka Seide came up 4.28% to Rs 122.95 in early trade on adopting 80% stake in US-based Divatex Home Fashions Inc.

The company’s share price hit an intraday peak of Rs 131.80 and an intraday low of Rs 123 during the day. The scrip touched its 52-week high of Rs 150 on 29 January 2007 and a 52-week low of Rs 86 on 24 July 2006.

Sensex Scales New Peaks

Bombay Stock ExchangeToday, the BSE Sensex opened healthily at 14,720, continuing its upward trend to touch a record high of 14,790.87. The stocks from banking, auto, and IT led the advances.
On the other hand, Asian markets also opened higher after a rise in the metal and crude prices. The increase was further affected by a report that mulled an upward drift in the constructing activity in USA and Europe.

Bankex Surges As Inflation Falls

BSE's banking share index ‘Bankex’ had surged 153.28 points, or 1.92%, to 8,143.76 in noon trades on anticipations that interest rates may diminish because of lower inflation.
The existing level is a record high for the Bankex. It also hit a low of 8,019.66 during the day. On 19 July 2006, the Bankex had touched a 52-week low of 4,032.39.
State Bank of India (SBI) boosted 3.21% to Rs 1580, ICICI Bank 1.64% to Rs 966.25, HDFC Bank 0.34% to Rs 1150, Bank of India 0.26% to Rs 228.20, Punjab National Bank (PNB) 2.55% to Rs 541.80.
On the other hand, ICICI Bank, State Bank of India and HDFC bank showed weightages of 40.36%, 17.12% and 13.83%, correspondingly, in the Bankex.

Flow Outlook Spurs Rupee To One-Month High

Mumbai: Today, the rupee climbed to its peak level within a month, driven by the viewpoint of soaring investment flows into Asia’s third- biggest economy.
In morning, the rupee was at 40.54/55 a dollar, which is its highest peak since June 6, and strengthening from Monday's 40.65/66.
The chief dealer with the foreign bank anticipating the rupee to trade in a 40.52-40.62 rannge today said, “The positive signals from Asian equities are leading the market to believe that the stock market will do well, and that the inflows will be good.”
He stated that the RBI was expected to get involved at around 40.52 to restrict the rupee’s advancements.

ABN Amro Indian Sector’s Profit Climbs 59%

ABN Amro BankOn the back of an increase in interest and fee-based income, ABN Amro Bank has recorded a growth of 59 per cent in its net earnings to Rs 385.35 crore in 2006-07, as compared to Rs 241.68 crore in the previous year.

The overall turnover of the bank increased by 36 per cent to Rs 32,077 crore as against Rs 23,539 crore in the corresponding period of the last year.

Govt may Hike Petrol, Diesel Rates

New Delhi: PetrolThe government is thinking over ways such as increasing petrol and diesel prices for coping with the surge in worldwide crude oil rates, which have resulted in oil companies losing Rs 170 crore a day.
According to the official sources that an increase of Rs 2 in petrol and a Re 1 in diesel prices is being mooted as Indian basket of crude oil passed over $69 a barrel mark.
Public sector oil companies are receding more than Rs 5.3 a litre on petrol and Rs 4.40 on diesel as Indian basket of crude oil has climbed 12 per cent since February 15, when petrol and diesel prices were down by Rs 2 and Re 1 a litre correspondingly.

BJP Looks For Fresh Guidelines

New Delhi: BJPAs the analysis of nomination papers finished on Monday, only Pratibha Patil and Bhairon Singh Shekhawat were left in the battle for the Presidential seat. The nomination papers of others were eliminated as they didn’t meet the obligatory conditions.

While battle by both gained momentum, allegations continued to pour in.

In a memorandum to the Election Commission, the Bharatiya Janata Party (BJP) urged it to direct the nominees, through fresh guidelines, to disclose their assets and criminal record, if any.

Banks Raise FCNR (B) Depository Rates

Mumbai: Union Bank of India (UBI), Bank of India (BOI) and State Bank of India (SBI) have altered the rate of interest on FCNR (B) and NRE (rupee) depository terms w.e.f July 1, 2007.
In case of FCNR (B) deposits, the rate of interest on dollar deposits of different tenure periods include; 4.68 per cent for one to less than two years from 4.64 per cent, 4.68 per cent for two to less than three years from 4.57 per cent, 4.71 per cent for three to less than four years from 4.55 per cent, 4.75 per cent for four to less than five years from 4.55 per cent and 4.79 Per cent for five years from 4.57 per cent.
The interest rate for NRE deposits are: 5.43 per cent for one to less than two years from 5.39 per cent, and 5.43 per cent for two to less than three years from 5.32 per cent.

July Print Edition Preview : First Edition for July

This July, Indian Stock Markets are offering very nice return compared to other Emerging markets. We take a look at the activity of Hedge Funds and FIIs in India Stock Markets. The prices of Petrol, Diesel may be raised due to High Oil Prices.

Editior's Picks of the week.

Accentia Technologies Climb On Two US Acquisitions

Accentia Technologies went up 2.87% to Rs 114.75 in afternoon trading after signing accords to get hold of US-based G. S. R. Physicians Billing Service Inc. and GSR Systems Inc.

The company made the declaration in trading hours today, 2 July 2007.

The scrip had touched a high of Rs 116.50 and a low of Rs 110.90 so far during the day. Today, there were 23,817 shares for trading.

In the past one quarter, the average daily volume of stock stood at 51,831 shares.

In the one month, the Accentia Technologies scrip benefited 3.82% to 29 June 2007 against the Sensex’s 0.73% return. In the past three months, it appended 70.44% against the Sensex’s 12.07% increase.

Impact Of Inflation Decelerates Under Study - RBI

Pune: Yesterday, Y V ReddyRBI Governor, Y V Reddy stated that the deceleration in inflation that dangled to a 14-month low of 4.03 per cent for the week ended June 16, and its impact were being studied.

Mr. Reddy made this announcement while addressing the fourth convocation of the National Institute of Banking and Management (NIBM).

For the week ended June 16, inflation dipped to 4.03 per cent from 4.28 per cent in the previous week as necessary food items and some manufactured products turned cheaper. Lower inflation will allay pressure on RBI to further increase interest rates.

Syndicate content