DJ surged by 100 points to 11602 ponis
U.S. gross domestic product grew by 3.3% in the second quarter - much more than previously stated. Economists say the economic stimulus package contributed to the rise.

The number of out-of-work Americans who signed up for jobless benefits fell for the third week in a row, matching economists' expectations.

The Department of Labor reported Thursday that initial filings for state jobless benefits decreased by 10,000 to a seasonally adjusted 425,000 in the week ended Aug. 23.

But the OIL is moving up towards $119

The inflation number is 12.40% in India
below the expectations of the market.

It may have a postive effect tomarrow...

Now the inflation figure has surprisingly
come down to 12.40% against the projections.Let us hope that it will
reflect tomarrow when the market opens...

Infosys has agreed to buy out Axon Global Plc of the UK before calendar 2008 is over. But, as in all international acquisition attempts, what if another company is willing to better Infosys’ offer of 600 pence per Axon share?

Should Axon shareholders vote in favour of another buyer and that deal be completed before January 31, 2009, Axon would pay Infosys an inducement fee of one per cent of the consideration payable by Infosys for the Axon shares, the two companies have said in a statement, put up at the Indian major’s Web site.

This fee would amount to approximately Rs 33 crore, given Rs 3,310 crore as the size of the acquisition.
To close deal by Nov

However, Infosys has said it expects to complete the deal with Axon in November 2008.

Asked if Infosys is competing with any other company for Axon, Infosys CFO, Mr V. Balakrishnan said, “We had made an offer and it is public. We are not aware of anybody else competing for Axon at this point in time.”

Currently, Infosys has irrevocable undertakings from Axon’s key shareholders to vote in favour of Infosys’ proposal, in respect of about 11.65 million shares representing about 18.1 per cent of the shareholding.
Promoters back deal

Three key promoters of Axon, Mr Mark Hunter, Mr Donald Kirkwood and Mr Paul Manweiler, hold stakes totaling about 17.9 per cent of the above.

Axon’s annual report for calendar 2007 shows at least nine institutional shareholders whose individual stakes exceed 3 per cent and whose cumulative holding touches 42.3 per cent of the shareholding.
Results

Axon also announced today a 28 per cent rise in half-year revenues to £123.9 million (£96.7 million) for the period ended June 2008, while operating profit rose 19 per cent to £16.5 million pounds (£13.8 million) for the same period.
Overlap

Since both Infosys and Axon compete in similar geographies and service offerings, overlap of operations is unavoidable. Asked if that was a cause for concern, Mr Balakrishnan told Business Line, “The client list is more complementary. We have very few clients which are common and that’s a great opportunity to cross-sell."
India story

Significantly, the India story seems to be forcing consolidation among niche or smaller players even internationally. In its announcement, Axon has said that competition from large global IT service providers and the uncertainty in the macroeconomic environment were among the reasons that prompted Axon to be acquired by Infosys.

It added that the emergence of overseas new entrants, in recent years, with significant ‘structural’ advantages has posed an increasing competitive threat to European and US service providers. In other words, offshoring capability is a differentiator.

Source-Businessline...

As per the technical charts the ADX and RSI indicte a bullish trend....

Thank u sir for your detailed reply.I am honoured...

The DOW ended down by 140 points to 11642
The Asian markets are trading in red.
THe opening may be weak...

The ADX shown a bullish trend continuously
for six sessions since 31.07.08....

CRUDE oil is moved down to 114.75 Now ( down 3.40 $)and DOW rallied 172 Now..so I think we are going to have a positive effect tomorrow Regards Aru...

Dear it will come down to 109 first and then 132. As per technicals:- Positive Candidate -Short term, Aug 12, 2008 Analysis Explanation 3I INFOTECH has broken through the floor of a rising trend channel. This indicates a slower rising rate at first, or the start of a more horizontal development. The stock is between the support at 109 and the resistance at 115. A definitive break through of one of these levels predicts the new direction. Positive volume balance, i.e. high volume in days of rising prices and low volume in days of falling prices, strengthens the stock in the short term. The stock is overall assessed as technically positive for the short term. chani ...

Yeah.....U are absolutely right......We are normally reluctant to accept any change for that matter..... Instead of accepting our own mistake due to our ego we blame the persons who are instrumental to make us accepting these kind of innovative things......Thanks&Regards...

yea ,.tomo also see sensex + 400...