Tata Steel plunges after posting weak September quarter numbers. The stock is trading at Rs 523 on the BSE, weaker by Rs 20 or 3.7%, on the BSE. It had opened at Rs 530 and has touched a high of Rs 535 and a low of Rs 521 thus far.
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The steel major posted a consolidated net loss of Rs 2,719.8 crore for the September quarter, compared with a net profit of Rs 4,703.6 crore in the corresponding quarter last year.
Consolidated net sales during the period fell to Rs 25,269.8 crore from the previous year’s Rs 44,050 crore, down 42.6 per cent.
Business restructuring also took a toll. During the quarter, Tata Steel had to shell out Rs 911 crore as restructuring costs. Poor performance in Europe added to the company's woes.
Friday, November 27, 2009
Wednesday, November 25, 2009
Survey of BSE trading members on extended timings
BSE Brokers Forum conducted a survey on the extended trading hours to seek views of the Trading Members of the BSE.
418 Trading Members responded to the survey. The key findings showed that more than 79% forming almost four fifths of the respondents felt that the current timings should not be changed. Of the balance 21%, 7% felt that the markets should be extended in the morning session only, 5% felt that the market should be extended in the evening session only and 8% felt that the markets should be extended in both the morning as well as the evening sessions.
The survey indicates that the Trading Members are not welcoming the change in the trading hours and see no benefit to the Indian Capital Markets in terms of getting volumes of the Asian Markets or getting a trend of the US Markets
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418 Trading Members responded to the survey. The key findings showed that more than 79% forming almost four fifths of the respondents felt that the current timings should not be changed. Of the balance 21%, 7% felt that the markets should be extended in the morning session only, 5% felt that the market should be extended in the evening session only and 8% felt that the markets should be extended in both the morning as well as the evening sessions.
The survey indicates that the Trading Members are not welcoming the change in the trading hours and see no benefit to the Indian Capital Markets in terms of getting volumes of the Asian Markets or getting a trend of the US Markets
More news from Market news
Survey of BSE trading members on extended timings
Trade-for-trade segment
Indiabulls Power to replace Indage Vintners in BSE 500
NSE says most members against more trading hours
India's MF investor base down by 312,609 in Oct
Monday, November 23, 2009
Reliance's acquisition move a right step: Cyrus Daruwala
he market is abuzz with Reliance's much awaited proposed acquisition of LyondellBasell. In an interview with ET Now, Cyrus Daruwala, MD,
Financial Insights gives his thumbs up to Reliance bid and says that telecom sector industry will be biggest recipient of foreign direct investments outside infrastructure projects.
How do you read into this move of Reliance Industries going ahead and making this acquisition (of LyondellBasell), what's your take on the stock?
Most of the underperforming stocks that we have had there were ready for the picking. Inevitably what is happening is that most of the stocks are showing a huge amount of fluctuation and or the industries that you see are slightly speculative. But most of the foreign direct investments as well as the joint ventures that you see now are long term bets as they are fundamentally sound and are in the areas of growth.
How do you see things progressing from here? Is it the right time for the Indian companies such as Reliance Industries to make a mark on the global arena by taking up assets which might find it difficult to achieve valuations given that there are a lot of bankrupt companies out there?
It is correct. now two ways to skin that cat when Tata goes ahead and acquires something like a ailing asset it's not just for a global reach or because they are under evaluated. There is also a long term business synergy between the Tata Motors Groups as well as Jaguar as well as Range Rover.
Likewise, the other industries especially within the petrochemical industries - whether they are in cements, in refineries, in steel - are on the radar of the Indian companies and it is part of a long term synergitical move. They themselves benefit from some of the best practices, a good reach within the global market from an experts' point of view and in return they are also expanding their footprint by acquiring cheaper assets.
In that case would you approach Reliance Industries with a buy call given the potential of this investment and this acquisition?
I certainly would. Reliance has made a couple of these astute investments in the past. The slight volatility of their stock would not deter me as an investor that is backing Reliance into this deal. So yes it would be a buy.
What kind of an earnings upside do you see given that LyondellBasell is a distress asset? It's a bankrupt company and they are still working out their debt. So what kind of an earnings of potential do you see on the bottom line if these two companies were to come together?
I would say they would expedentially and instantly look at least about a five per cent jump in revenue, which is a much needed indicator. New revenues as well as the consolidated revenue marks are looking at about five per cent year on year growth. At least in the first instance that we have conservatively done the assessments going forth, I think the target that they would have would be a fairly ambitious between 7.5 to 12 per cent growth year on year to recoup the investments that they are going in with.
Financial Insights gives his thumbs up to Reliance bid and says that telecom sector industry will be biggest recipient of foreign direct investments outside infrastructure projects.
How do you read into this move of Reliance Industries going ahead and making this acquisition (of LyondellBasell), what's your take on the stock?
Most of the underperforming stocks that we have had there were ready for the picking. Inevitably what is happening is that most of the stocks are showing a huge amount of fluctuation and or the industries that you see are slightly speculative. But most of the foreign direct investments as well as the joint ventures that you see now are long term bets as they are fundamentally sound and are in the areas of growth.
How do you see things progressing from here? Is it the right time for the Indian companies such as Reliance Industries to make a mark on the global arena by taking up assets which might find it difficult to achieve valuations given that there are a lot of bankrupt companies out there?
It is correct. now two ways to skin that cat when Tata goes ahead and acquires something like a ailing asset it's not just for a global reach or because they are under evaluated. There is also a long term business synergy between the Tata Motors Groups as well as Jaguar as well as Range Rover.
Likewise, the other industries especially within the petrochemical industries - whether they are in cements, in refineries, in steel - are on the radar of the Indian companies and it is part of a long term synergitical move. They themselves benefit from some of the best practices, a good reach within the global market from an experts' point of view and in return they are also expanding their footprint by acquiring cheaper assets.
In that case would you approach Reliance Industries with a buy call given the potential of this investment and this acquisition?
I certainly would. Reliance has made a couple of these astute investments in the past. The slight volatility of their stock would not deter me as an investor that is backing Reliance into this deal. So yes it would be a buy.
What kind of an earnings upside do you see given that LyondellBasell is a distress asset? It's a bankrupt company and they are still working out their debt. So what kind of an earnings of potential do you see on the bottom line if these two companies were to come together?
I would say they would expedentially and instantly look at least about a five per cent jump in revenue, which is a much needed indicator. New revenues as well as the consolidated revenue marks are looking at about five per cent year on year growth. At least in the first instance that we have conservatively done the assessments going forth, I think the target that they would have would be a fairly ambitious between 7.5 to 12 per cent growth year on year to recoup the investments that they are going in with.
Saturday, November 21, 2009
ICICI Bank Mops up USD 750 Mn Abroad
A month after country's largest lender, State Bank of India mopped up USD 750-million abroad, its nearest competitor ICICI Bank today said it has raised USD 750-million through a five-year bond issue at its Bahrain branch.
The issue had an order book of over USD 3-billion and was participated by over 250 investors, an ICICI Bank press release said here. The notes were sold under the Rule 144A/Reg S format.
The bonds, which have a maturity of 5.33 year, carry a coupon rate of 5.5 per cent, which translates to 292.6 basis points spread over equivalent London interbank offered rate, the bank said.
Despite a fall in the total income, ICICI Bank had reported a 2.5 per cent rise in its net profits for the quarter ended September 30 at Rs 1,040.13 crore, against Rs 1,014.21 crore in the same period last year.
The issue came shortly after State Bank of India raised USD 750-million through the issue of five year bonds through its London branch.
State Bank raised the amount through the issue of fixed rate senior notes having a maturity of 5 years and a coupon rate of 4.5 per cent under its Medium Term Notes programme.
The lender has a headroom to raise Rs 28,000-crore from bond issuance to meet regulatory capital requirement to fund its business expansion plans in the current fiscal.
The issue had an order book of over USD 3-billion and was participated by over 250 investors, an ICICI Bank press release said here. The notes were sold under the Rule 144A/Reg S format.
The bonds, which have a maturity of 5.33 year, carry a coupon rate of 5.5 per cent, which translates to 292.6 basis points spread over equivalent London interbank offered rate, the bank said.
Despite a fall in the total income, ICICI Bank had reported a 2.5 per cent rise in its net profits for the quarter ended September 30 at Rs 1,040.13 crore, against Rs 1,014.21 crore in the same period last year.
The issue came shortly after State Bank of India raised USD 750-million through the issue of five year bonds through its London branch.
State Bank raised the amount through the issue of fixed rate senior notes having a maturity of 5 years and a coupon rate of 4.5 per cent under its Medium Term Notes programme.
The lender has a headroom to raise Rs 28,000-crore from bond issuance to meet regulatory capital requirement to fund its business expansion plans in the current fiscal.
Friday, November 20, 2009
Nifty climbs past 5000 as Europe opens firm
MUMBAI: Equities recovered intraday losses following positive opening of the European markets. However, the second rung stocks lagged behind in the
recovery.
At 2:05 pm, National Stock Exchange’s Nifty was at 5037.20, up 48.20 points or 0.97 per cent. The broader index hit a high of 5037.60 and low of 4932.80.
Bombay Stock Exchange’s Sensex was at 16895.36, up 109.71 points or 0.65 per cent. The index touched a high of 16923.80 and low of 16635.75.
BSE Midcap Index was up 0.34 per cent and BSE Smallcap Index moved 0.02 per cent up.
Amongst the sectoral indices, BSE Oil&gas Index was up 1.13 per cent, BSE IT Index moved 0.80 per cent higher and BSE Healthcare Index gained 0.59 per cent.
ACC (2.87%), SAIL (2.59%), Hindalco (2.57%), HDFC (2.31%) and DLF (2.16%) were amongst the Nifty gainers.
Reliance Capital (-2.62%), Suzlon Energy (-1.86%), Reliance Power (-1.79%), Bharti Airtel (-1.60%) and Reliance Infrastructure (-1.17%) led the resistance.
Market breadth was positive on the BSE with 1308 advances and 1293 declines.
European markets were in the positive terrain led by gains in commodities. FTSE 100 was up 0.50 per cent, DAX moved 0.60 per cent higher and CAC 40 gained 0.56 per cent.
recovery.
At 2:05 pm, National Stock Exchange’s Nifty was at 5037.20, up 48.20 points or 0.97 per cent. The broader index hit a high of 5037.60 and low of 4932.80.
Bombay Stock Exchange’s Sensex was at 16895.36, up 109.71 points or 0.65 per cent. The index touched a high of 16923.80 and low of 16635.75.
BSE Midcap Index was up 0.34 per cent and BSE Smallcap Index moved 0.02 per cent up.
Amongst the sectoral indices, BSE Oil&gas Index was up 1.13 per cent, BSE IT Index moved 0.80 per cent higher and BSE Healthcare Index gained 0.59 per cent.
ACC (2.87%), SAIL (2.59%), Hindalco (2.57%), HDFC (2.31%) and DLF (2.16%) were amongst the Nifty gainers.
Reliance Capital (-2.62%), Suzlon Energy (-1.86%), Reliance Power (-1.79%), Bharti Airtel (-1.60%) and Reliance Infrastructure (-1.17%) led the resistance.
Market breadth was positive on the BSE with 1308 advances and 1293 declines.
European markets were in the positive terrain led by gains in commodities. FTSE 100 was up 0.50 per cent, DAX moved 0.60 per cent higher and CAC 40 gained 0.56 per cent.
Thursday, November 19, 2009
Nifty falls below 5000; Unitech, JP Associates down
MUMBAI: Equities slipped sharply as selling pressure intensified across the board. Tips to pick potential stocks
Tips for range-bound markets
Risk while investing in midcaps
Negative opening of the European markets also hurt Tips to pick potential stocks
Tips for range-bound markets
Risk while investing in midcaps
sentiments.
National Stock Exchange’s Nifty was at intraday low of 4969.70, down 85 points or 1.65 per cent. The broader index hit high of 5053.45 earlier in the day.
Bombay Stock Exchange’s Sensex was at 16,803.43, down 195.35 points or 1.15 per cent. The index touched an intra-day low of 16787.75 and high of 17004.98.
BSE Midcap Index was down 1.43 per cent and BSE Smallcap Index slipped 0.72 per cent.
Amongst the sectoral indices, BSE Realty Index was fell 3.64 per cent, BSE IT Index was down 1.63 per cent and BSE Bankex declined 1.63 per cent.
Unitech (-5.10%), Jaiprakash Associates (-4.86%), HCL Tech (-4.84%), Reliance Infrastructure (-4.13%) and DLF (-4.06%) were amongst the top Nifty losers.
Suzlon Energy (2.59%), Power Grid (0.05%) and ACC (0.02%) were the only frontline stocks in the positive terrain.
Market breadth was negative on the BSE with 1537 losers and 1114 gainers.
European markets were in the negative terrain. FTSE 100 was down 0.17 per cent, CAC 40 fell 0.32 per cent and DAX declined 0.09 per cent.
Wednesday, November 18, 2009
Indo-Pak cyber war claims 40-50 Indian sites daily
India and Pakistan, not the friendliest of neighbours, have fought three major wars and are now engaged in another in cyberspace. As per latest reports, hackers from across the border are working overtime to launch cyber attacks on Indian websites in their cross hair.
Though the Indian side is known for its prowess in IT and related fields, it is becoming apparent that a dearth of firepower has left the Indian cyberspace particularly vulnerable to Pakistani attacks.
Reports indicate that around 40-50 sites are being hacked by Pakistani hackers on a daily basis whereas around 10 Pakistani sites are being hit by their Indian counterparts. According to analysts, one of the reasons India has been forced on the backfoot in this cyberwar is the reactive attitude it has chosen to adopt instead of being a proactive player.
There are other factors as well and studies suggest how the laidback attitude of both corporate sector and the government on cyber security has impeded a positive approach.
Cyber security expert Ankit Fadia was quoted inthe media as saying that the need to counter such attacks usually sets in after an attack happens. He adds that though ethical hacking is the answer to such attacks and does come at a cost, it is not prohibitively expensive.
Ethical hackers are also known by such names as white hackers, white knights or sneakers. They are computer security experts who specialise in penetration testing and related testing methodologies to check vulnerability of a company's information systems.
Though the Indian side is known for its prowess in IT and related fields, it is becoming apparent that a dearth of firepower has left the Indian cyberspace particularly vulnerable to Pakistani attacks.
Reports indicate that around 40-50 sites are being hacked by Pakistani hackers on a daily basis whereas around 10 Pakistani sites are being hit by their Indian counterparts. According to analysts, one of the reasons India has been forced on the backfoot in this cyberwar is the reactive attitude it has chosen to adopt instead of being a proactive player.
There are other factors as well and studies suggest how the laidback attitude of both corporate sector and the government on cyber security has impeded a positive approach.
Cyber security expert Ankit Fadia was quoted inthe media as saying that the need to counter such attacks usually sets in after an attack happens. He adds that though ethical hacking is the answer to such attacks and does come at a cost, it is not prohibitively expensive.
Ethical hackers are also known by such names as white hackers, white knights or sneakers. They are computer security experts who specialise in penetration testing and related testing methodologies to check vulnerability of a company's information systems.
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