Reliance Energy plans buyback at Rs 1,600/share 2008-03-06 02:44:06 MUMBAI: Anil Ambani’s RelianceEnergy
(REL) said on Wednesday that it would buy back shares worth up to Rs 2,000 crore at a price of up to Rs 1,600 a share, a 9.6% premium over Wednesday’s closing price. With the fund allocated for buyback
, the company could purchase around 1.25 crore shares from the open market, which would raise promoter’s stake by 1.5% to 37% on a reduced equity base, said a senior company executive. The REL board, which met on Wednesday, has decided to complete the buyback in two phases. The company will release Rs 800 crore in the first tranche, while the remaining Rs 1,200 crore will be allotted in the second phase, subject to shareholders’ approval. The buyback is to “reduce short-term volatility in the company’s share price and deter speculative activit Read more:plans
Change in BSE, NSE trading timings from today 2008-03-04 20:27:43 Trading timings of the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will be revised from today till March 18, as the sun's position may disrupt connectivity, causing difficulties in receiving data via satellites.The “sun outage” as it is known, will take place from March 4 to 18 between 11.45 am and 12.25 pm, during which traders and investors may face some loss of connectivity.Accordingly, the two exchanges will stop trading between 11.45 am and 12.25 pm and resume trading from 12.30 pm, a stock exchange circular said.Trading on the bourses will start at 9.55 am and close at 4.15 pm local time owing to the sun outage, the exchanges said.Source : business-standard.com Read more:Change
Sita Shree Food Products Limited IPO Information 2008-02-29 22:02:07 Sita Shree
Food Products
Limited IPO Information »» Public Issue Open: March 10, 2008 to March 14, 2008 »» Public Issue Type: 100% Book Built Issue (Initial Public Offer IPO) »» Public Issue Size: [ ] Equity Shares of Rs. 10/- »» Face Value: Rs. 10/- »» Public Issue Price: Rs 27/- to Rs 30/- »» Maximum Subscription Amount for Retail Investor: Rs 100,000/- »» Listing: BSE, NSE »» Lead Manager: Keynote Corporate Services Ltd »» Registrar: Ankit Consultancy Pvt Ltd (Ph: +91-731-2491298 Email: ankitind@sancharnet.in)
Latest Grey Market Premium as on 01-March-08 2008-02-29 21:59:58 Company -> Open/Close -> Offer Price -> Premium
-> Kostak Rates Gammon Infrastructure Projects Limited -> 10 Mar - 13 Mar -> 167 to 200 -> ------- -> ------- Rural Electrification -> 19 Feb - 22 Feb -> 90 to 105 -> 21 to 22 -> ------- V-Guard Industries Limited -> 18 Feb - 21 Feb -> 80 to 85 -> 10 to 11 -> ------- GSS America -> 11 Feb - 15 Feb -> 400 to 440 -> Discount -> ------- Read more:March
, Market
Gammon Infrastructure Projects Limited IPO Information 2008-02-29 21:58:28 Gammon InfrastructureProjects
Limited IPO InformationOpen - 10 March Close - 13 March Issue Type -100% Book Building Issue Issue Size - 16,550,000 Equity Shares of Rs. 10/- Issue Price - Rs 167/- to Rs 200/- Per Equity Share Maximum Subscription Amount for Retail Investor: Rs 100,000/- Listing - BSE, NSE Lead Manager - Sski Corporate Finance Private Limited & Macquarie India Advisory Services Private Limited Registrar - Intime Spectrum Registry Ltd Phone - 0-22-2596 0320 Email - gipl.ipo@intimespectrum.com Website - www.intimespectrum.com Read more:Gammon
Markets end weak: Short term cap gain tax hiked to 15% news 2008-02-29 21:57:33 The markets opened on weak note on the budget day and plunged in deep red once the Finance Minister started presenting the budget. Sensex and Nifty, however witnessed significant recovery in the last one hour of trade on the back of good performance of FMCG, bank, pharma and auto stocks. Finally, Sensex and Nifty ended weak. It was bad day for the metal, realty. capital goods and oil & gas counters which traded weak through the day. Broader markets were also weak leading to negative breadth. On the volume front, it was truncated. Sensex ended down 245.76 points or 1.38% at 17578.72, and the Nifty closed down 61.60 points or 1.17% at 5223.50. On BSE, about 1221 shares advanced, 1750 shares declined, and 73 shares were unchanged. BSE midcap and smallcap ended down 0.41% each at 7680.39 and Read more:Markets
, Short
Stay invested for long-term 2008-02-29 21:56:03 SHORT-TERM CAPITAL GAINS TAX The move is aimed at addressing the issue of market volatility. Day traders and aggressive investors, beware. An otherwise moderate Union Budget 2008-09 has decided to come down heavily on this class. With the hike in the short-term capital gains (STCG) tax, from the erstwhile 10 per cent to 15 per cent, the finance minister has attempted to curb speculation-oriented trading by individual investors. This move has been induced by the roller-coaster ride taken by the bourses throughout the last year, and especially in the initial public offering space, where the Reliance Power IPO made a debacle. The assumption here is that a hike in STCG would encourage small investors to hold on to their investments for a longer time and curbing volatility. Ravi Sharm
India waives loans to poor farmers in annual budget ahead of likely elections 2008-02-29 21:54:16 India's government announced plans to cancel poor farmers
' debts and ease the tax burden on the average Indian, unveiling a budget
on Friday that may be the current administration's last before national elections are held.Polls must be held by May 2009 at the latest. But deep disagreements between the Congress party, which leads India's governing coalition, and its communist political allies have led many here to assume an election will take place sooner, possibly later this year.The budget, for the fiscal year beginning April 1, seemed certain to fuel such speculation. It contained a heavy dose of populist measures, including debt relief for millions of farmers and increased spending on employment schemes, education, irrigation projects and insurance packages for poor.Finance Minister P. Read more:ahead
, India
, likely
Union Budget of India 2008-09 - Speech of P. Chidambaram - Minister of Finance 2008-02-29 21:49:28 Union Budget > Budget Speech
Union Budget 2008-2009 Budget Speech "Budget 2008-2009"Speech of P. Chidambaram Minister
of Finance Mr. Speaker, SirI rise to present the Budget for 2008-09. This House and the United Progressive Alliance Government have bestowed upon me the honour of presenting all five Budgets on behalf of a Government - a rare honour that I have the privilege to share with only one of my distinguished predecessors, Dr. Manmohan Singh. I. THE ECONOMY: AN OVERVIEW2. Honourable Members! The India
growth story, so far, has been an absorbing and inspiring tale. Beginning January 1, 2005, the economy has recorded a growth rate of over 8 per cent in 12 successive quarters up to December 31, 2007. In the first three years of the UPA Government, the Gross Domestic Product (GDP) Read more:Union
Renaissance Technologies to Enter Indian Stock Market 2008-02-29 21:44:28 Renaissance Technologies, a hedge fund management firm, has received permission from the Securities and Exchange Board of India to operate as a foreign institutional investor in the Indian stock market, according to Business Standard.According to the publication, Renaissance Technologies was granted permission in January 2008. Securities and Exchange Board of India (SEBI) has been trying to see that foreign investors directly participate in the Indian market than through participatory notes which are derivative instruments that do not come under SEBI.Since October 2007, SEBI has been trying to stiffen rules respecting trading with participatory notes so that it can have control over the flow of foreign investments.Business Standard reported Prabhat Awasthi, head of equity research and mana Read more:Market
, Renaissance
, Stock
, Stock Market
India Stocks Preview: Bharat Forge, Indiabulls, Jet, Deccan 2008-02-28 00:06:24 By Archana Chaudhary and Shailendra BhatnagarFeb. 28 (Bloomberg) -- The following stocks may rise or fall in Mumbai today. Prices refer to the previous close. The preview includes news that broke after the markets shut. Stock symbols are in brackets after company names.The Bombay Stock Exchange's Sensitive Index, or Sensex, rose 0.1 percent to 17,825.99. The S&P/CNX Nifty Index on the National Stock Exchange declined less than 0.1 percent to 5,268.40.Overseas investors bought a net 854 million rupees ($22 million) of India
n shares Feb. 26, the nation's stock market regulator said on its Web site.BharatForge
Ltd.: (BHFC IN): India's biggest producer of automotive forgings plans to sell warrants worth 3 billion rupees ($75 million) to its founders. Bharat Forge fell 7.8 rupees, or 2.7 p Read more:Deccan
, Preview
, Stocks
India Stocks: Housing Development Finance, Infosys, Sun Pharma 2008-02-27 23:52:50 By Shailendra BhatnagarFeb. 28 (Bloomberg) -- India
's benchmark Stock Exchange moved between gains and losses today.Sun Pharma
ceutical Industries Ltd., India's biggest drugmaker, gained after saying it won U.S. approval to sell its version of Roche Holdings AG's Demadex for the treatment of edema.The benchmark Sensex rose 3.46, or 0.02 percent, to 17,829.45 as of 10:05 a.m. local time in Mumbai on the last day of the expiry of monthly derivatives contracts and a day ahead of the presentation of the budget for the financial year to March 2009. The measure had advanced 2.8 percent in the past three sessions.Sun Pharmaceutical Industries Ltd. gained 9.45 rupees, or 0.8 percent, to 1,202.1. HousingDevelopment
Finance Corp., the mortgage lender partly owned by Citigroup Inc. gained for a third Read more:Infosys
, Stocks
Pre-budget stocks: What to do 2008-02-27 23:50:02 Countdown having begun for the Union Budget, Sensex remained in the positive zone for the whole of Wednesday, raising hope in the investors' minds. But towards the end of the day, Sensex went into the negative.Will the Sensex move up from this point? Or is the Sensex likely to sink further? What strategy should you follow?Is this the right time to buy stocks? If so, which stocks and sectors should you concentrate on?Market expert Pranav Sanghavi answered to many such readers' queries during an hour-long chat on Wednesday. Here is the transcript:For MoreClick Here Read more:budget
Market Likely To Open Higher On Positive Global Cues - Indian Commentary 2008-02-26 22:42:49 2/26/2008 11:03:57 PM Global
cues are pointing towards a higher opening for the Indian market on Wednesday. However, the volatility is likely to be high in view of the expiry of February futures contracts on Thursday. Additionally, the Finance Minister will present the Budget for 2008-2009 on Friday.The U.S. stocks extended their gains for a third day on Tuesday after IBM announced a share buyback plan. The major markets across the Asia-Pacific region are trading higher on Wednesday, tracking the positive lead from Wall Street.However, the U.S. recession fears continue to persist as revealed by two economic reports. The Conference Board's index of consumer confidence dropped to 75.0 in February from a revised 87.3 in January, the lowest since February 2003, while the latest wholesale infla Read more:Higher
, Market
, Positive
Reliance Energy May Buy Back Shares 2008-02-26 22:21:23 By Manash GoswamiFeb. 26 (Bloomberg) -- RelianceEnergy
Ltd., India's second-biggest utility, said it plans to consider a buyback of shares, two days after a unit agreed to give free stock to bolster investor confidence.The board will take up the plan on March 5, the Mumbai- based company said in a release to the Bombay Stock Exchange today. Unit Reliance Power Ltd. said Feb. 24 it would give three shares for every five held after the stock slumped on listing.Billionaire Anil Ambani's Reliance Energy, which quadrupled in value in 2007 to become the biggest gainer among Indian benchmark stocks, has dropped 21 percent this year compared with a 12 percent decline in the key index. Reliance Power, which attracted a record $189 billion worth of bids, slumped 17 percent when it listed on Feb. 11
Today's Top Stories of moneycontrol.com 2008-02-26 22:18:47 Wall St edges higher; Dow up 114 pts1 hour ago In International Markets-->-->Rail Budget: Cheaper fares, lower freights, easy travel21 hours ago In Budget Comments -->-->Mkts need time-based correction: Kotak Sec16 hours ago In Market Outlook -->-->Rail Budget '08 Vs '07: What's new?21 hours ago In Budget Comments-->-->Stocks that were impacted post Rail Budget20 hours ago In Market Edge-->-->Use every dip to buy for invst: Baliga17 hours ago In Market Outlook Read more:Stories
, Today
, Top Stories
Reliance Power offers 3:5 bonus 2008-02-24 22:19:10 Satish John / DNA MONEYMumbai: Through a two-pronged move on Sunday, Anil Ambani tried to win back the confidence of millions of shareholders.After an extended three-hour board meeting of Reliance
Energy and Reliance Power, Anil announced a dole-out of three free shares for every five held to Reliance Power shareholders.In a simultaneous move to keep his other half ? Reliance Energy ? of stakeholders happy, Anil gifted 2.5 per cent of his 45 per cent personal stake in Reliance Power to them.The move is construed as a bid to avoid the hassle of court cases that may otherwise arise because Reliance Energy and Anil?s investment companies were excluded from the Reliance Power bonus issue.At a press conference on Sunday, Anil said the Reliance Power issue came at the ?high point? in Indian capi
Latest Grey Market Premium as on 21 February 2008 2008-02-21 10:47:57 Company -> Open/Close -> Offer Price -> Premium
-> Kostak RatesRural Electrification -> 19 Feb - 22 Feb -> 90 to 105 -> 19 to 20 -> 1800 to 2000V-Guard Industries Limited -> 18 Feb - 21 Feb -> 80 to 85 -> 11 to 12 -> -------GSS America -> 11 Feb - 15 Feb -> 400 to 440 -> Discount -> -------Manjushree -> 31 Jan - 06 Feb -> 45 -> 4 to 6 -> -------Tulsi Extrusions Limited -> 01 Feb - 05 Feb -> 80 to 85 -> 9 to 10 -> -------IRB Infrastructure Developers Limited -> 31 Jan - 05 Feb -> 185 to 220 -> 12 to 14 -> ------- Read more:February
, Market
Sensex falls below more than 6 month low 2008-03-13 10:02:19 By Shailendra BhatnagarMarch 13 (Bloomberg) -- India's Sensitive Index fell to its lowest in 6 1/2 months, paced by banks and real estate stocks, on widening global credit losses and as crude oil futures traded near a record above $110 a barrel.ICICI Bank Ltd., the nation's second largest by assets, dropped to a 6 1/2-month low after a Carlyle Group fund failed to reorganize its debt. Indian Oil Corp., the largest state-run refiner, slumped to a one-month low. Asian stocks dropped the most in almost a week after the dollar tumbled below 100 yen for the first time since 1995.``The market's appetite for absorbing bad news is very limited,'' said Sanjay Sinha, chief investment officer at SBI Funds Management, who oversees $8.6 billion in assets in Mumbai. ``There is more bad news flowing in f
Latest Grey Market Premium as on 13-March-08, Wednesday 2008-03-13 09:58:09 Latest Grey MarketPremium
as on 13-March
-08, Wednesday
Company -> Open/Close -> Offer Price -> Premium -> Kostak Rates Sita Shree Food Products Limited -> 11 Mar - 14 Mar -> 27 to 30 -> 6 to 7 -> ------- Gammon Infrastructure Projects Limited -> 10 Mar - 13 Mar -> 167 to 200 -> 13 to 14 -> ------- V-Guard Industries Limited -> 18 Feb - 21 Feb -> 80 to 85 -> 10 to 15 -> -------
Sensex lose 951 Points and Nifty dropped 242 2008-03-17 10:05:12 Sensex crashes on Black MondayThe Bombay Stock Exchange Sensex extended losses to more than 6 percent today, joining a global equities rout on growing fears of financial trouble after a fire sale of Bear Stearns and the US Fed cut its discount rate.The 30-share BSE barometer settled the day below 15k level at 14,809.49 points, a loss of 951.03 points. It touched the day's low of 14,838.27 and a high of 15,326.93 points. The key index is closing below the 15k level for the first time since June 29, 2007.The 50-share National Stock Exchange index Nifty dropped 242.70 points at 4,503.10, after touching a low of 4,482.10 and a high of 4,745.45 points. Nifty's last dip below 4,500 points was on September 17 last year.Capital goods index bore the maximum brunt of 873.63 points at 12,706.31, foll Read more:Points
Indian stock market ends up 161 points 2008-03-19 08:17:04 MUMBAI, (Xinhua) - Bombay Stock Exchange Sensex closed at 14994.83 points on Wednesday, up 161 points or 1.09 percent over the previous day close.The traded value at the end of the day stood at 420 million U.S. dollars.Sensex is the common name for the Bombay Stock Exchange Sensitive Index. It consists of the 30 largest and most actively traded stocks, representative of various sectors, on the Bombay Stock Exchange. The base year of Sensex is 1978-79 and the base value is 100.Editor: Gao YingSource : news.xinhuanet.com
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