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Exide Industries may slide to Rs.27 in short term.
Posted by :
My MultibaggersPrice when posted : BSE: Rs 43.10 ( 1.89 % ), NSE: Rs. 43.15 ( 1.29 % )
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Mutual funds have started dumping Exide Ind. scrip as view for auto industry is weak in medium term.
Sell to save funds. Take the best decision....
Buy RPL at lower price: Choksey
Posted by : MMB MessengerPrice when posted : BSE: Rs 73.95 ( 5.72 % ), NSE: Rs. 73.95 ( 5.72 % )
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Deven Choksey of KR Choksey Securities is of the view that one can buy Reliance Petroleum, RPL at lower price if market gives an opportunity because it’s going into production next quarter so probably it would be an advantage to buy this stock and ride on this opportunity....
Reliance seeks nod to restart fuel retailing
Posted by :
moon 1Price when posted : BSE: Rs 1127.35 ( 6.49 % ), NSE: Rs. 1124.35 ( 6.47 % )
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NEW DELHI: Fuel selling in India is a money-spinner again, at least for the private oil companies who do not have to bear the subsidy burden for
cooking fuels, LPG and kerosene. Reliance Industries (RIL), India’s largest private sector oil company that had shut down all its petrol pumps because of huge losses, has now written to the government to start selling petrol and diesel again.
The move comes soon after Essar, the other private oil company, who had restricted sales to just 100 retail stations to cut losses, approached the government to expand fuel sales. It has begun selling fuel at about 400 outlets and is planning to expand it to 1,000 stations by December 2008, a company official said.
Private oil companies, which sell petrol and diesel at market prices, could even offer fuel at lower prices, compared to their industry rivals — IndianOil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL), as falling crude prices has created enough room for a price cut at the retail level. The government, which controls retail selling price for fuel sold by government-owned companies, is yet to take a final call on when fuel prices are to be cut.
Sale of petrol and diesel by private oilcos in the domestic market had become a loss-making business earlier as they were unable to compete with government-owned oil companies, who were directed to sell fuel at subsidised prices.
The government, in a bid to cushion customers from high oil prices, provided subsidies in the form of discounts on crude oil and oil bonds to part-compensate the oilcos’ losses. The private sector fuel marketing companies including RIL, Essar and Shell, however, were not provided any subsidies.
Fuel prices at their petrol stations were thus higher compared to the next-door outlets run by government-owned companies.
The re-entry by the private oilcos is well-timed as the government is on a wait-and-watch mode before cutting prices of petrol and diesel at pumps. Private companies can hope to start pushing sales more aggressively, now that crude prices have fallen to the lowest level in three years.
Ministry of petroleum & natural gas (MoPNG) has said that it will not recommend a reduction in petrol and diesel prices at this stage as public sector oil marketing companies (OMCs) are still incurring huge loss on the sale of cooking gas and kerosene sold through ration shops.
While three PSUs — IOC, HPCL and BPCL — are making a profit of Rs 8.17 per litre on petrol, and Rs 0.65 per litre on diesel from this Sunday, they are still making a loss of about Rs 330 per cylinder in cooking gas and Rs 21.40 per litre on kerosene. Their combined loss per month (on the sale of the two subsidised products) is estimated around Rs 2,831 crore.
It is likely that the oil ministry will not propose a price cut to the Cabinet. “We would like that the Navratna oil companies must close the financial year with profit,” petroleum secretary RS Pandey told ET. All the three oil companies went in the red for the first time in the first half of 2008-09 with their combined losses exceeding Rs 14,000 crore.
“There can’t be a reduction in prices because one product is making some profit for a very short period of time. A holistic view has to be taken on the finances of OMCs. MoPNG will look at the pricing issue in its entirety and take the proposal before the Cabinet,” MoPNG additional secretary and spokesperson S Sundareshan said. ...
Reliance oil deals with Kurdistan illegal: Iraqi Oil Minister
Posted by : moon 1Price when posted : BSE: Rs 1127.35 ( 6.49 % ), NSE: Rs. 1124.35 ( 6.47 % )
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NEW DELHI: Iraq has dubbed as "illegal" the contracts signed by Reliance Industries` for two oil blocks in Kurdistan saying companies signing oil
deals with Kurdistan Regional Government cannot bid for lucrative oilfields contracts in Iraq.
A year after Reliance signed contracts for Rovi and Sarta oil blocks in northern Iraq with the autonomous KRG, Iraqi Oil Minister Hussain Al-Shahristani said any oil produced and taken away without approval of the Central government was tantamount to "smuggling" and will be dealt with accordingly.
"The contracts that were signed by the KRG were in violation of the current laws and in violation of the draft hydrocarbons (law)...therefore we have announced that those contracts are not standing with Iraq," he said in an interview to oil cartel OPEC`s official monthly bulletin.
Iraq is a member of Organisation of Petroleum Exporting Countries but its oil output is not included in production quotas of OPEC.
"Foreign companies have no right to work on Iraqi territory without the approval of the central authority and they deal with the consequences of their actions," he warned but did not say if Baghdad has blacklisted the firms.
"Any oil produced in Iraq or taken out of the country without the approval of the central government is considered smuggling and will be dealt with as such," he said.
Iraq, with world`s second-largest proven oil reserves, already announced first round of bidding for oilfields that has seen explosive interest by global energy giants. India`s ONGC Videsh is among the companies shortlisted but Reliance does not figure in the list.
A second bid round is likely to be announced before the end of the year.
...
RIL`s fuel retailing plans hit duty hurdle
Posted by : moon 1Price when posted : BSE: Rs 1127.35 ( 6.49 % ), NSE: Rs. 1124.35 ( 6.47 % )
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NEW DELHI: Reliance Industries’ (RIL) plans to sell petrol and diesel from its export-oriented refinery at Jamnagar, Gujarat, in the local market
through its 1,600-odd petrol pumps may face some trouble.
The government is not in favour of allowing the company to sell fuel in the domestic market from its export-oriented unit (EoU) without paying duties.
RIL has sought tax exemptions and asked the government to relax the foreign exchange earning obligation so that it could sell fuel at its petrol pumps. The company had sought these exemptions, as selling fuel after paying taxes would not be profitable, said an analyst tracking the energy sector.
“The export-oriented refinery is free to serve the domestic tariff area (DTA) by paying taxes and meeting the net foreign exchange earning (NFE) obligation. No special dispensation would be offered to any export-oriented refinery to supply products to private retail outlets in the local markets,” said a senior official, who did not wish to be identified.
At present, products sold from an export-oriented refinery in DTA attract Rs 2 per litre additional excise duty on petrol and diesel, besides the education cess. Petrol also attracts a special additional excise duty of Rs 6 per litre.
RIL, in a letter to the government, expressed its intention to re-open the petrol pumps. “It will be incongruous if Reliance imports high speed diesel (HSD) for retailing, while supplying to public sector undertakings (PSUs), because of NFE barrier and double duty,” it said.
Put simply, RIL would be in a queer position if it were to import diesel or petrol and sell at its petrol pumps to avoid double duties. When contacted, an RIL spokesperson said: “We do not wish to comment.”
The government has been considering a proposal to relax double duty and NFE obligation for EoU and special economic zone (SEZ) refineries so that they can supply petrol and diesel to petrol pumps of three PSUs, IndianOil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL).
“Ministry of commerce and ministry of finance will take a final view. The proposal was conceived at a time when the diesel demand saw an unprecedented rise of 17-20%. But, the demand is normalising and well within the capacity of PSUs to meet it,” an official in the ministry of petroleum & natural gas (MoPNG) said.
As per the proposal, products sold from export-oriented refineries would get deemed export benefits. In other words, the refiner would not only be exempted from paying additional taxes, but all sales in DTA would be counted against the company’s NFE liability. The proposal requires amendment of the Foreign Trade Policy (FTP).
RIL’s existing export-oriented refinery in Jamnagar has a 33-million tonne per annum (MMTPA) capacity. The company exports its products to the US, European nations, Africa, Brazil, Argentina, Indonesia, Japan and many other countries.
...
Govt package soon to boost exports
Posted by : moon 1Price when posted : BSE: Rs 760.35 ( 6.75 % ), NSE: Rs. 757.20 ( 6.36 % )
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Union commerce secretary G K Pillai has said the government would soon be announcing a package to help Indian exporters tide over the
ongoing global economic crisis. Apart from sector-specific schemes, the package would, he said, also provide a guaranteed back-up to the Export Credit Guarantee Corporation.
Announcing this at the India Coffee Awards 2008 function here on Saturday, Mr Pillai noted that Indian exporters were not only facing the problem of a substantial drop in orders from the developed nations but also the issue of delayed payments. There was also the problem of a pile-up of inventories. He cited the instance of India’s gems and jewellery sector which had accumulated inventories of diamonds to the tune of $4 billion and had now taken a decision to stop purchases of diamonds for a month.
It was imperative, he said, for the Indian financial system to provide liquidity to the country’s exporters at this critical moment. What was needed, he added, was not just macro-management but micro-management to ensure that managers of bank branches continued to fund exporters and did not take a rigid view based on their bank’s position vis-ŕ-vis NPAs (non-performing assets).
Exporters should, he added, also be innovative enough to see the present situation as not just a crisis but a challenge and an opportunity. While there was a slump in demand from the developed nations like the USA and the European countries, exporters could now also look at other markets like Asia, Africa and Latin America.
He commended India’s coffee exporters for registering their best-ever performance in terms of rupee and dollar-value in the fiscal year of 07-08 when India’s coffee crop was the lowest in 10 years. It was commendable, he said, that 25% of the coffee-export earnings was through value-addition.
Coffee Board Chairman G V Krishna Rau said the coffee market of the future would no longer be the US or Europe but Asia. The blends which were being put together in the US and Europe were now, he said, being blended in India, thanks to the level of expertise available.
India, he said, was now becoming a significant player in the manufacture of instant coffee and was in a good position to take advantage of the availability of cheaper Robustas from other Asian countries like Vietnam. The infrastructure for instant-coffee manufacture in India was being further reinforced with two more plants coming up soon.
He noted that global consumption of coffee was projected to grow by 2% per annum, half in the consuming countries and half in the producing nations. India, he said, was a virtual coffee supermatket in terms of the wide varieties it offered. ...
SEBI gives clean chit to Bears....
Posted by : sambalaPrice when posted : BSE: Rs 335.55 ( 4.74 % ), NSE: Rs. 334.05 ( 4.55 % )
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Buddha raps UPA for faith in capitalism
Kolkata, Nov 22 (IANS) Slamming the Congress-led United Progressive Alliance (UPA) government for its `faith` in capitalism, West Bengal Chief Minister Buddhadeb Bhattacharjee Saturday said the central government should learn from the ongoing economic turmoil in the US.
Bhattacharjee, a senior leader of the Communist Party of India-Marxist (CPI-M), stressed his party`s firm opposition to capitalism and said it was because of the Left that the UPA government at the centre could not invest pension funds of employees in the share market.
`Can you imagine what would have happened had the government invested the money in share funds? People would have never got their pension, given what is happening in the US now,` he said, addressing a rally at Baruipur in the South 24 Parganas district.
`We are against America and capitalist policies. The central government should learn lessons from the present economic recession,` Bhattacharjee said.
Citing the example of China, he said: `China has made itself self-sufficient. That`s why it is competing neck-and-neck with the US. We also have to make ourselves self-sufficient.`
He said peoples` money in the state-run banks and insurance companies in India was safe because the Left did not allow US companies to do business with public sector banks and insurance companies.
Bhattacharjee was also critical of the UPA`s efforts to forge strategic partnership with the US in the economic, political and defence spheres.
`The country is in a difficult position. The Congress is also in a bad position at present,` he said.
...
In reply to:
SEBI gives clean chit to Bears....
Posted by : marketman
SEBI report on icic bank stock moment....
In the backdrop of a global crisis in the financial sector and amidst liquidity fears, the share prices of several leading financial services companies across markets suffered a sharp decline. Rumours of financial trouble have caused a run on the banks in some overseas jurisdictions. The main spillovers have occurred in financial markets, reflecting the relative integration of such markets in the global financial system. In India, since January 2008 there has been decline in shares prices across sectors.
ICICI Bank had vide letter dated September 17, 2008 made a complaint to SEBI alleging that “a malicious rumour is being spread to the effect that some of the top management have been selling ICICI Bank shares for the last few days”. The price of the shares of ICICI witnessed a fall of 12.5% from Rs. 640 on 15/09/08 to Rs. 560.30 on 17/09/08.
ICICI Bank, on September 16, 2008 disclosed to the public through a press release about ICICI Bank UK PLC exposure to Lehman Brothers i.e. “ICICI Bank UK PLC is holding investment of Euro 57 million ($80 million) in senior bonds of Lehman Brothers Inc. ICICI Bank UK PLC already holds a provision of about US$ 12 million against investment in these bonds. Considering a 50% recovery estimate, the additional provision required would be about US$ 28 million”. On September 17, 2008, ICICI Bank Ltd informed the exchanges that "A malicious rumor is being spread to the effect that some of the top management has been selling ICICI Bank shares for the last few days. These rumors are baseless and irresponsible, and no shares have been sold by members of the top management of the Bank during the current year. ICICI Bank is taking up this matter with regulatory authorities for necessary action against those responsible for the rumors".
The shareholding pattern of ICICI Bank for the quarter ended on June 30, 2008, shows that around 68% of the shares were held by FIIs/Foreign entities (ADR). Similarly figures for the next quarter that ended on September 30, 2008, show that around 65% of the shares of ICICI Bank were held by FIIs/ Foreign entities (ADR) Rest of the shares by Indian Public including institutions. FIIs have reduced their holding in ICICI Bank between the quarter that ended on June 30 and Sep 30, 2008 by around 3%. The underlying shares against ADR held by Global Custodian also show a fall of around 20.5 million shares during the period representing Jan 1, 2008 to Sep 30, 2008 indicating an increase in the shares available in the Indian Market.
It is seen that the prices of ICICI Bank fell by 49.52% from Rs.720.45 on September 8, 2008 to Rs. 363.65 on October 10, 2008. During the same period, prices of ADRs of ICICI Bank saw a fall of 53.25% from Rs.717.77 on September 8, 2008 to Rs.335.55 on October 10, 2008. The prices of ADR has fallen more than the shares of ICICI Bank in Indian market. During this period NIFTY and SENSEX witnessed a fall of 26.82% and 27.3% respectively.
Trading pattern of the shares of ICICI bank was analyzed for the period September 8, 2008 to October 10, 2008:
The client category-wise breakup of turnover in the shares of ICICI Bank in the cash market shows that FIIs accounted for 23.57% and 18.61% of the value of shares sold and bought respectively whereas rest of the investors accounted for 76.5% and 81.4% of the value of shares sold and bought respectively.
Top 20 investors in ICICI Bank both on net buy and sell basis in the cash market shows that majority of them were FIIs (Net Buy: FIIs-14, MF-4, DII-1, Others-1) (Net Sell – FIIs -17, MF – 2, Others-1)
There was no pattern observed regarding placement of successive orders at lower price by sellers to hammer down the price.
There was no pattern observed of booking intraday profits by major clients or brokers during this period.
By and large, the trading patterns are consistent with the shareholding pattern of ICICI with predominant holdings by FIIs, the general buying and selling behaviour by FIIs and the broad movements of the market during this period. While SEBI continues its surveillance of the stock exchange trading in various securities, SEBI did not find evidence of manipulative trading in the ICICI Bank shares during the period referred to above.
Jet may land in to double digit mark....
Posted by : sambalaPrice when posted : BSE: Rs 149.55 ( -1.03 % ), NSE: Rs. 149.85 ( -0.96 % )
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Jet chief likely to meet pilots on salary cuts
With recession eating into its bottom line, private air-carrier Jet Airways is likely to announce a 20 per cent cut in the salaries of its pilots, engineers and some other staff.
"Chairman Naresh Goyal has convened a meeting of airline officials, pilots and engineers, to discuss the issue of salary cuts. An announcement to this effect is also likely," a source close to the development told PTI today.
The meeting is to be held at a five-star hotel in the metropolis, the source added.
Pilots and engineers to be affected by this move are understood to have expressed their opposition to it and are considering their response, the source said.
The airline employs around 13,200 personnel with around 2,000 of them drawing a salary of more than Rs 1 lakh a month. These officials comprise mainly pilots and maintenance engineers.
Despite repeated attempts, Jet Airways officials were not available for comment on the likely meeting tomorrow.
The air-carrier`s move comes in the wake of steep losses and rising operation costs coupled with falling passenger demand.
According to aviation analysts, Jet Airways, which posted losses to the tune of Rs 384 crore in Q2 of the current financial year, is likely to post a net loss of Rs 1,890 crore in 2008-09.
In October, the airline had announced a lay-off of 1,900 employees as part of its drive to prune costs but had to retract, following political pressure
...
In reply to:
Jet may land in to double digit mark....
Posted by : sambala
Domestic fares likely to drop in New Year: Praful
Aviation fuel may become ‘declared goods’ by year-end
New Delhi, Nov. 22 The Government hopes to be able to accord ‘declared goods’ status to aviation turbine fuel (ATF) being supplied to large commercial aircraft operated by domestic airlines by the end of the year.
Speaking to newspersons on the sidelines of the Hindustan Times Leadership Summit, the Minister for Civil Aviation, Mr Praful Patel, said that his Ministry was constantly in touch with the Finance Ministry and the Empowered Committee of the State Finance Ministers on the matter.
“Before the end of the year we should have declared goods status for ATF. Domestic airfares should come down in the New Year.” The domestic airline industry has to pay sales tax varying from 4 per cent to more than 30 per cent on ATF that it uplifts in different parts of the country. The high level of taxation is often cited as one of the primary reasons for the losses which the domestic airline industry is reporting.
According ‘declared goods’ status to aircraft of more than 40,000 tonnes, like the Airbus and Boeing operated by all domestic airlines, will ensure that the industry pays a standard 4 per cent sales tax on ATF through out the country.
The Minister also asked the industry to look at the possibility of reducing domestic airfares as the global price of fuel was decreasing. “The Government is not immune to what the public feels. Perceptionally, the Government is trying to help the airline industry. Now with fuel prices coming down, you must match perception and that fares are coming down.” The Chairman of Jet Airways, Mr Naresh Goyal, said that the airline will do whatever the Ministry and Minister want as “long as we remain profitable. I will certainly not like the company to close down.”
The Minister hinted that the state-owned Air India may look at reducing fares.
“Air India need not think like other carriers. It knows its responsibility towards the public.” He also said that the Government planned to infuse Rs 1,200 crore as equity into Air India. The proposal will have to be cleared by several Government Ministries including the Finance Ministry and the Cabinet Committee of Economic Affairs before the funds can be provided.
Jet may land in to double digit mark....
Posted by : sambalaPrice when posted : BSE: Rs 149.55 ( -1.03 % ), NSE: Rs. 149.85 ( -0.96 % )
Tracked by: 3 Boarders
Domestic fares likely to drop in New Year: Praful
Aviation fuel may become ‘declared goods’ by year-end
New Delhi, Nov. 22 The Government hopes to be able to accord ‘declared goods’ status to aviation turbine fuel (ATF) being supplied to large commercial aircraft operated by domestic airlines by the end of the year.
Speaking to newspersons on the sidelines of the Hindustan Times Leadership Summit, the Minister for Civil Aviation, Mr Praful Patel, said that his Ministry was constantly in touch with the Finance Ministry and the Empowered Committee of the State Finance Ministers on the matter.
“Before the end of the year we should have declared goods status for ATF. Domestic airfares should come down in the New Year.” The domestic airline industry has to pay sales tax varying from 4 per cent to more than 30 per cent on ATF that it uplifts in different parts of the country. The high level of taxation is often cited as one of the primary reasons for the losses which the domestic airline industry is reporting.
According ‘declared goods’ status to aircraft of more than 40,000 tonnes, like the Airbus and Boeing operated by all domestic airlines, will ensure that the industry pays a standard 4 per cent sales tax on ATF through out the country.
The Minister also asked the industry to look at the possibility of reducing domestic airfares as the global price of fuel was decreasing. “The Government is not immune to what the public feels. Perceptionally, the Government is trying to help the airline industry. Now with fuel prices coming down, you must match perception and that fares are coming down.” The Chairman of Jet Airways, Mr Naresh Goyal, said that the airline will do whatever the Ministry and Minister want as “long as we remain profitable. I will certainly not like the company to close down.”
The Minister hinted that the state-owned Air India may look at reducing fares.
“Air India need not think like other carriers. It knows its responsibility towards the public.” He also said that the Government planned to infuse Rs 1,200 crore as equity into Air India. The proposal will have to be cleared by several Government Ministries including the Finance Ministry and the Cabinet Committee of Economic Affairs before the funds can be provided.
...
In reply to:
Jet may land in to double digit mark....
Posted by : vkk43
If not in near term, they have to reduce their fares after sometime.
SUPPORT AT 36
Posted by : drjagbPrice when posted : BSE: Rs 38.15 ( 2.55 % ), NSE: Rs. 38.30 ( 2.68 % )
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This scrip appears to have find new support level at Rs 36. It may go around 51 by end of next week that means it may see a 40% rise from this support level. Pl comment....
SEBI gives clean chit to Bears....
Posted by : sambalaPrice when posted : BSE: Rs 335.55 ( 4.74 % ), NSE: Rs. 334.05 ( 4.55 % )
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SEBI chief rules out scam behind market meltdown
Ruling out market manipulation or a scam behind the recent market meltdown, regulator SEBI said only those FIIs who have borrowed huge amounts are leaving the markets, while long-term investors like pension funds and retail investors are picking up stocks.
"We have not found anything in the market that would give us suspicion that something had seriously gone wrong with the market itself," SEBI Chairman C B Bhave said.
When observed by the discussion moderator that the regulator is giving assurance that scams, which took place in bull runs in the past, are non-existent or negligible this time, Bhave said, "So far we have not seen anything."
Only leveraged FIIs like hedge funds are going out of the market, he said, adding that long-term investors like pension funds and university funds are buying stocks.
"Equity is going into the hands of people who have patience," he said, pointing out that many people who stayed away from the market last year have now started buying stocks.
Bhave said if four FIIs sold stocks, three others bought them during the period from September 1 to November 14, 2008.
He said FIIs net sold stocks worth Rs 22,000 crore, while brokers sold stocks worth Rs 700 crore on proprietary accounts in this period.
On the other hand, the net buying of stocks by mutual funds was worth Rs 1,000 crore, domestic institutional investors Rs 16,000 crore, and other investors including retail Rs 5,600 crore.
The market watchdog`s analysis shows that there was minimal net-selling from September 1 to November 14.
...
In reply to:
SEBI gives clean chit to Bears....
Posted by : marketman
SEBI report on icic bank stock moment....
In the backdrop of a global crisis in the financial sector and amidst liquidity fears, the share prices of several leading financial services companies across markets suffered a sharp decline. Rumours of financial trouble have caused a run on the banks in some overseas jurisdictions. The main spillovers have occurred in financial markets, reflecting the relative integration of such markets in the global financial system. In India, since January 2008 there has been decline in shares prices across sectors.
ICICI Bank had vide letter dated September 17, 2008 made a complaint to SEBI alleging that “a malicious rumour is being spread to the effect that some of the top management have been selling ICICI Bank shares for the last few days”. The price of the shares of ICICI witnessed a fall of 12.5% from Rs. 640 on 15/09/08 to Rs. 560.30 on 17/09/08.
ICICI Bank, on September 16, 2008 disclosed to the public through a press release about ICICI Bank UK PLC exposure to Lehman Brothers i.e. “ICICI Bank UK PLC is holding investment of Euro 57 million ($80 million) in senior bonds of Lehman Brothers Inc. ICICI Bank UK PLC already holds a provision of about US$ 12 million against investment in these bonds. Considering a 50% recovery estimate, the additional provision required would be about US$ 28 million”. On September 17, 2008, ICICI Bank Ltd informed the exchanges that "A malicious rumor is being spread to the effect that some of the top management has been selling ICICI Bank shares for the last few days. These rumors are baseless and irresponsible, and no shares have been sold by members of the top management of the Bank during the current year. ICICI Bank is taking up this matter with regulatory authorities for necessary action against those responsible for the rumors".
The shareholding pattern of ICICI Bank for the quarter ended on June 30, 2008, shows that around 68% of the shares were held by FIIs/Foreign entities (ADR). Similarly figures for the next quarter that ended on September 30, 2008, show that around 65% of the shares of ICICI Bank were held by FIIs/ Foreign entities (ADR) Rest of the shares by Indian Public including institutions. FIIs have reduced their holding in ICICI Bank between the quarter that ended on June 30 and Sep 30, 2008 by around 3%. The underlying shares against ADR held by Global Custodian also show a fall of around 20.5 million shares during the period representing Jan 1, 2008 to Sep 30, 2008 indicating an increase in the shares available in the Indian Market.
It is seen that the prices of ICICI Bank fell by 49.52% from Rs.720.45 on September 8, 2008 to Rs. 363.65 on October 10, 2008. During the same period, prices of ADRs of ICICI Bank saw a fall of 53.25% from Rs.717.77 on September 8, 2008 to Rs.335.55 on October 10, 2008. The prices of ADR has fallen more than the shares of ICICI Bank in Indian market. During this period NIFTY and SENSEX witnessed a fall of 26.82% and 27.3% respectively.
Trading pattern of the shares of ICICI bank was analyzed for the period September 8, 2008 to October 10, 2008:
The client category-wise breakup of turnover in the shares of ICICI Bank in the cash market shows that FIIs accounted for 23.57% and 18.61% of the value of shares sold and bought respectively whereas rest of the investors accounted for 76.5% and 81.4% of the value of shares sold and bought respectively.
Top 20 investors in ICICI Bank both on net buy and sell basis in the cash market shows that majority of them were FIIs (Net Buy: FIIs-14, MF-4, DII-1, Others-1) (Net Sell – FIIs -17, MF – 2, Others-1)
There was no pattern observed regarding placement of successive orders at lower price by sellers to hammer down the price.
There was no pattern observed of booking intraday profits by major clients or brokers during this period.
By and large, the trading patterns are consistent with the shareholding pattern of ICICI with predominant holdings by FIIs, the general buying and selling behaviour by FIIs and the broad movements of the market during this period. While SEBI continues its surveillance of the stock exchange trading in various securities, SEBI did not find evidence of manipulative trading in the ICICI Bank shares during the period referred to above.
Helping Indian Industrialists, Mr. Prime Minister
Posted by : sambalaPrice when posted : BSE: Rs 160.05 ( 1.27 % ), NSE: Rs. 159.70 ( 1.59 % )
Tracked by: 0 Boarder
Vision of Indira, Manmohan helped withstand meltdown: Cong
NEW DELHI: A day after Prime Minister Manmohan Singh and Congress President Sonia Gandhi dwelled on the strong fundamentals of the Indian economy, Congress hailed the vision of both the leaders and former Prime Minister Indira Gandhi for the country withstanding the current global meltdown.
"He (Singh) is one of the best economists of the world. The party President has already spoken on the economic issue and the agenda ahead at the Leadership Summit," Congress media department chief M Veerappa Moily told reporters here.
Moily followed Sonia Gandhi in recalling the contribution of former PM Indira Gandhi in nationalising the banks.
"But for the decision taken by Indiraji then, we would have been in a mess," said Moily, adding, that since both the banks and the insurance sector are under government regulation, no one can doubt their credibility.
Moily also attacked the statements of Leader of the Opposition L K Advani at the Summit yesterday in which he criticised the economic policies of the government and accused it of ill-preparedness and knee jerk reaction to inflation.
"He (Advani) was launching the campaign for the Lok Sabha elections. A leader who wants to become the Prime Minister of the country should have a larger interest of the country in mind," Moily said.
The Congress leader described Advani`s statement as unfortunate at a time when the entire system should come together to fight the financial crisis.
...
In reply to:
Helping Indian Industrialists, Mr. Prime Minister
Posted by : Kalidas
It is well known that India’s best breed of industrialists Tata (of TISCO and Tata Motors) and Birla (Hindalco) for over 5 decades are in serious trouble while taking up expansion overseas. Yes, they made serious errors and in normal course, they may not have deserved the help for their follies.
Charity begins at home. India as nation must help these two outstanding businessmen. They may not long for Bharat Ratna, Padma Vibhushan, Padma Bhushan or similar khitabs. They need material help at the time of their acute distress.
If Indian Forex Reserve does not come to the help of India’s best industrialists, what is the use? Should we allow our Forex reserve for the use of Americans who have been simply wasting all resources and using them to create toxic waste.
Indian FOREX Reserve belongs to the Indians and must be used for Indians first and others later.
And I do not suggest that you give them free money. Give them the amount required as under after due scrutiny.
1. Assess their requirements and be wetted by top financial institution.
2. Work out how much amount they need
3. Give them @ 5% in foreign currency non subordinated Convertible Bonds secured by the floating pari pasu charge on their respective enterprise.
3.a Such bonds may carry conversion rights at last 6 months average prices of their respective shares, exercisable only after 5 years.
3,b It may have buy back clause at 8% premium per year for the life of 15 years. This will help these guys to buy back the bonds when they are comfortable without diluting their equity stakes when the things improve.
3.c If the Government wishes, it may sell these bonds in the market with huge profit (because current stock prices are very low), after giving respective companies to buy back the bonds.
4. When the things improve, they can raise the capital from the market to buy back these bonds.
5. Give them loans repayable in 15 years due to depression prevailing all over the world.
6. Ask them to pay special tax @ 3% after initial 5 years so as to relieve the interest burden during early phase of management. National exchequer may also be benefited for help rendered.
7. Ask them to give India at least 5 hospitals and 5 Technical Institutes with full management rights vested with the respective group companies on purely voluntary basis. (we can trust them)
8. Ask them to adopt at least 5 villages to make them into model town in next 15 years on voluntary basis. (again, we can trust them)
9. Indian tax payers are not affected with this help. Their advance is fully secured and given to the industrialists they trust most.
for more details, see my blog http: // anilselarka.wordpress. com/
Kalidas, Hong Kong
18-Nov-2008
Q2 Results from NSE
Posted by : vkk43Price when posted : BSE: Rs 21.50 ( -4.87 % ), NSE: Rs. 21.30 ( -4.91 % )
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Dear sbalu,
But we all will forget these in next boom when the market goes to 25000 sensex. Will we be able to remember them at that time and act??
Thanks....
In reply to:
Q2 Results from NSE
Posted by : sbalu
Dear googol saar,
Agreed in toto..!
With thanks,
-sbalu
Helping Indian Industrialists, Mr. Prime Minister
Posted by : sambalaPrice when posted : BSE: Rs 160.05 ( 1.27 % ), NSE: Rs. 159.70 ( 1.59 % )
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History will decide if I am weak: Manmohan
New Delhi, August 17: : It was the same Prime Minister but a different Manmohan Singh on Thursday in Rajya Sabha when the premier of the country was addressing the Upper House on the nuke deal.
The man who was always considered to be a novice in the political affairs started his speech with the very acceptance that he has been a late entrant to the political field.
Having said that, the PM then took a different course, something which was apparently aimed at, not only pacifying the complaining Left but also to spring a surprise on the Opposition benches. His strong conviction coming straight from the heart belied his novelty in the business of politics.
The vigour with which he spoke not only encouraged his party members to applaud him continuously by regular patting on the benches but he also made it clear that his words will not only reach the listeners but also pierce through. This he managed by disclosing his humble background and the revolutionary decisions which he took in his earlier stints as the Finance Minister and varied capacities.
Manmohan ensured to provide ample illustrations to support his strong and emotional words and to prove that his expressions are not hollow claims which is why he asserted in a challenging way, let history decide how tough I am as the Prime Minister of the country.
Nonetheless, Manmohan made it clear that his political novelty cannot prevent him form taking decisions which will put the country on the path of development. Citing other reforms which he ushered in the economic field, he said that the only constant is change and one cannot shy away from this eternal truth.
Admitting that there is risk to all kind of reforms he said he was confident of taking this decision to ensure the power security in the country. He elaborated that the sole motivation of nuclear programme is to generate energy as the threat of insecurity is always looming large over the energy supply from the conventional sources.
Allaying fears arising out of the deal on the autonomous nuclear policy Manmohan Singh assured the House in clear terms that the country will not agree to any dilution which will lead to the undermining of the nuclear policy. He said that the nuclear deal is guided by the July 2005 statement.
He asserted that we respect the autonomy of our nuclear scientists and establishments; as such there will be no curbs on India’s nuclear...
Ashok Kumar (Expressindia. com)
Posted: Nov 22, 2008 at 2020 hrs IST
...
In reply to:
Helping Indian Industrialists, Mr. Prime Minister
Posted by : Kalidas
It is well known that India’s best breed of industrialists Tata (of TISCO and Tata Motors) and Birla (Hindalco) for over 5 decades are in serious trouble while taking up expansion overseas. Yes, they made serious errors and in normal course, they may not have deserved the help for their follies.
Charity begins at home. India as nation must help these two outstanding businessmen. They may not long for Bharat Ratna, Padma Vibhushan, Padma Bhushan or similar khitabs. They need material help at the time of their acute distress.
If Indian Forex Reserve does not come to the help of India’s best industrialists, what is the use? Should we allow our Forex reserve for the use of Americans who have been simply wasting all resources and using them to create toxic waste.
Indian FOREX Reserve belongs to the Indians and must be used for Indians first and others later.
And I do not suggest that you give them free money. Give them the amount required as under after due scrutiny.
1. Assess their requirements and be wetted by top financial institution.
2. Work out how much amount they need
3. Give them @ 5% in foreign currency non subordinated Convertible Bonds secured by the floating pari pasu charge on their respective enterprise.
3.a Such bonds may carry conversion rights at last 6 months average prices of their respective shares, exercisable only after 5 years.
3,b It may have buy back clause at 8% premium per year for the life of 15 years. This will help these guys to buy back the bonds when they are comfortable without diluting their equity stakes when the things improve.
3.c If the Government wishes, it may sell these bonds in the market with huge profit (because current stock prices are very low), after giving respective companies to buy back the bonds.
4. When the things improve, they can raise the capital from the market to buy back these bonds.
5. Give them loans repayable in 15 years due to depression prevailing all over the world.
6. Ask them to pay special tax @ 3% after initial 5 years so as to relieve the interest burden during early phase of management. National exchequer may also be benefited for help rendered.
7. Ask them to give India at least 5 hospitals and 5 Technical Institutes with full management rights vested with the respective group companies on purely voluntary basis. (we can trust them)
8. Ask them to adopt at least 5 villages to make them into model town in next 15 years on voluntary basis. (again, we can trust them)
9. Indian tax payers are not affected with this help. Their advance is fully secured and given to the industrialists they trust most.
for more details, see my blog http: // anilselarka.wordpress. com/
Kalidas, Hong Kong
18-Nov-2008
Jet may land in to double digit mark....
Posted by : vkk43Price when posted : BSE: Rs 149.55 ( -1.03 % ), NSE: Rs. 149.85 ( -0.96 % )
Tracked by: 3 Boarders
If not in near term, they have to reduce their fares after sometime....
In reply to:
Jet may land in to double digit mark....
Posted by : sambala
Jet, Kingfisher bosses rule out cut in airfares
New Delhi: The Big Three of Indian aviation came together and the Hindustan Times Leadership Summit 2008 and faced an inevitable question.
They were asked when the airfares would be cut even as aviation turbine fuel price has been cut. But private airlines don`t seem to be in a mood to oblige.
The discussion on the state of domestic aviation industry started on a light note.
"We call him Praful bhai (brother)," Jet Airways Chairman Naresh Goyal said about Union Civil Aviation Minister Praful Patel.
"I am not that kind of bhai so please don`t misunderstand," Praful quipped and then added that wanted a cut in airfares.
"Now with fuel prices down and also with the government`s own desire to see that we are giving whatever help we can to you must match it with a perception that fares are coming down," Patel said.
But both Naresh Goyal and Kingfisher Airlines Chairman VIjay Mallya were quick to turn it down.
"I don`t want to close down my company. Vijay thank you very much. You can live on liquor but I have nowhere to go," Goyal said.
Aviation turbine fuel prices have dropped down significantly and combined with the withdrawal of customs duty the decrease has been over 25 per cent.
But Mallya said oil is only one component and that the strengthening dollar is also draining them.
"A huge component of our costs is lease cost for aeroplanes, maintenance coasts are all dollar denominated," revealed Mallya.
So for now expect no fare cuts unless aviation turbine fuel prices tumble further or if the fuel is notified as a declared good that will bring the sales tax down to a uniform four per cent across the country from the present average of 21 per cent.
The only hope therefore is for public carrier Air India to bring down prices which could happen in January
