News Centre@myiris.com India's Most Comprehensive Financial Destination

ICRA reaffirms LA- & A2+ ratings to Wheels India

Mon, 09 Nov 2009 21:07:00 +0530

Credit rating agency, ICRA has reaffirmed the LA- ratings assigned to the enhanced limits of Rs 2,076 million term loans (enhanced from Rs 1,150 million) and Rs. 1,416 million fund-based limits (reduced from Rs 1,450 million) of Wheels India (WIL).

ICRA has also reaffirmed the A2+ ratings assigned to the enhanced limits of Rs 670 million non-fund-based bank limits (enhanced from Rs 500 million) of WIL.

ICRA has also reaffirmed the A2+ rating assigned to...

MFs remain net buyers in equities on Nov 6

Mon, 09 Nov 2009 20:59:00 +0530

Mutual Funds (MFs) remained net buyers in equities worth Rs 1,821 million on Nov 6. They bought equities worth Rs 8,534 million and sold equities worth Rs 6,713 million. Till Nov 6 they have been net buyers in equities worth Rs 5,714 million.

MFs remained net buyers in debt segment worth Rs 13,317 million on Nov 6. They bought debt worth Rs 27,651 million and they sold debt worth Rs 14,334 million. Till Nov 6 they have been net buyers in debt worth Rs 39,957 million.

...

FIIs remain net buyers in equities on Nov 9

Mon, 09 Nov 2009 20:57:00 +0530

Foreign Institutional Investors (FIIs) remained net buyers in equities worth Rs 6,960 million on November 9. They bought equities worth Rs 34,280 million and sold equities worth Rs 27,320 million. Till November 9, they have been net buyers in equities worth Rs 6,766 million.

FIIs turned net sellers in the debt segment worth Rs 1,201 million on November 9. They bought debt worth Rs 5,690 million and they sold debt worth Rs 6,891 million. Till November 9 they have been net sellers in debt worth Rs 4,388 million.

FIIs remained net buyers in derivatives worth...

FIIs buy net of Rs 4.77 bn equities on Nov 09

Mon, 09 Nov 2009 20:56:00 +0530

Foreign Institutional Investors (FIIs) remain net buyers in the equity segment worth Rs 4,776.9 million on both the BSE and the NSE on Nov 09 as per provisional data available at NSE. They bought equities worth Rs 22,063.6 million and sold equities worth Rs 17,286.7 million.

While, Domestic Institutional Investors (DIIs include banks, DFIs, Insurance and MFs) turn net sellers in the equity segment worth Rs 2,872.6 million on both the BSE and the NSE on November 09, as per provisional data available at the NSE. They bought equities worth Rs 11,180.1 million and...

Care reaffirms A+ & PR1 ratings to KEC International

Mon, 09 Nov 2009 20:34:00 +0530

Credit rating agency, CARE has reaffirmed the A+ rating to the long-term facilities and also reaffirmed the PR1 rating assigned to the short-term bank facilities of KEC International (KECIL).

Facilities with this rating are considered to offer adequate safety for timely servicing of debt obligations and with this rating would have strong capacity for timely payment of short-term debt obligations and carry lowest credit risk..

Within this category, facilities with relatively better credit characteristics are...

ICRA upgrades rating to Nahar Industrial Enterprises

Mon, 09 Nov 2009 20:20:00 +0530

Credit rating agency, ICRA has upgraded the rating assigned to Rs 4.0 billion cash credit facility and Rs. 9.56 billion (including unallocated amount of Rs 4.89 billion) long term loans of Nahar Industrial Enterprises (NIEL) to LBBB+ from LBBB.

ICRA has also upgraded the rating of Rs 750 million non fund based lines of NIEL to A2 from A3+.

The upgrade in the ratings reflects improvement in operating performance of the company, lower than expected debt levels through deferment...

ICRA reaffirms LAA-, MAA- & A1+ ratings of Dalmia Cement (Bharat)

Mon, 09 Nov 2009 20:12:00 +0530

...

Govt to get maximum amount from disinvestment: Plan panel

Mon, 09 Nov 2009 19:57:00 +0530

Planning Commission on Monday said that the govt will be able to raise maximum amount possible from the disinvestment as it is pursuing the right process for offloading its stake in state-owned companies.

`let`s have a good process and shoot beyond any (disinvestment) target. I think it is sensible, we will get maximum amount,` Planning Commission member Arun Maira told reporters on the sidelines of a CII function on multinational corporation in New Delhi.

He further said it is better to straighten the process rather...

Why do people retire?

Mon, 09 Nov 2009 19:52:00 +0530

Author: P.V. Subramanyam

There are many people I know who are contemplating retirement 5-15 years before they HAVE to retire. When I ask them WHY do they want to retire, these are the normal answers that I get:

> Have enough money. However there are a few people who say they have `enough`. Then I calculate how much they need, they keep their mouth shut - they have forgotten inflation DURING retirement!

> Spouse earning much more than we thought we would earn: This is true...

NCDEX trade volume stands at Rs 42.06 bn

Mon, 09 Nov 2009 19:51:00 +0530

The daily turnover volume at the National Commodity and Derivative Exchange (NCDEX) stood at Rs 42.06 billion (one-way). There were 459 members (2,040 users) who participated in trading on Nov. 09, 2009 up to 5:00 p.m.

There were more than 92,048 trades put through by them. Active trades were witnessed in Guar Seed, Soya Oil, Soyabean, Chana and Turmeric.

On Nov. 7, 2009 440 members (1,922 users) participated in trading and put around 68,349 trades. Total volumes for the day were Rs 33.59 billion (one-way). The major products traded were Guar Seed, Soyabean, Soya Oil,...

Call rates end marginally down on Nov. 09

Mon, 09 Nov 2009 19:50:00 +0530

Overnight call rates ended marginally down on Monday, November 09, with weighted average rate (WAR) at 3.26% compared to the previous day`s close of 3.29%, and traded within the range of 2.35-3.35%, as per the data available at Clearing Corporation of India (CCIL).

The volume in the call money market stood at Rs 104.57 billion.

Further, the volume of 1-day Collateralized Borrowing and Lending Obligation (CBLO) stood at Rs 660.90 billion.

It was observed in the band of 2-3.05%, WAR stood at 2.89% as against 3.15% from previous close.

Meanwhile, the volume of 1-day market...

The rising popularity of Credit Cards

Mon, 09 Nov 2009 19:43:00 +0530

...

Phoenix Hospitality inks pact with Marriott International

Mon, 09 Nov 2009 19:39:00 +0530

Phoenix Hospitality Company, the hospitality initiative of the Ruia family, promoters of The Phoenix Mills, announced the signing of a long term management agreement with Marriott International here today.

At a cumulative project cost of approximately Rs 3.20 billion, the hotels will be located at Agra and at Mumbai as a part of mixed-use retail led developments.

The Marriott at Market City Kurla in Mumbai will be approximately a 300 key hotel and developed by Graceworks Realty & Leisure, a company promoted by Phoenix...

MCX-SX currency futures record trading vol of Rs 78.15 bn

Mon, 09 Nov 2009 19:38:00 +0530

MCX-SX currency futures saw a trading volume of Rs 78,155.1 million arising out of 1,678,285 contracts.

Contract wise summary:

Out of the 12 USDINR currency futures contracts available, 5 contracts got traded.

USDINR Nov. 26, 2009 was the most active currency future contract traded today recording volumes of 1,186,072 contracts valuing Rs...

Daily market report: MCXCOMDEX up 0.22%

Mon, 09 Nov 2009 19:34:00 +0530

MCX Comdex � The composite index of metals, energy and agro-commodities was up by 0.22% to 2,658.51 points, MCX Energy index was up by 0.35% to 2,696.21 points, MCX Metal index was up 0.39% to 3,133.56 points and MCX agri index was down 0.61% to 2,164.70 points.

Bullion:

Gold December 09 contract moved up by 0.14% to Rs 16,669 per 10 grams, gold M December 09 contract was up by 0.23% to Rs 16,707 per 10 grams. Silver December 09 contract gained by 0.76%...

Federal bond yields end flat at 7.31%

Mon, 09 Nov 2009 19:34:00 +0530

Indian federal bond yield increased marginally on Monday, November 9 on a view that the market`s ability to rally was limited by expectations that the eventual next move in interest rates would be up.

The yield on most traded 6.09%, 2019 paper settled flat to stand at 7.31% as against its previous close of 7.31%.

...

Rupee ends stronger at 46.46/47 vs USD

Mon, 09 Nov 2009 19:29:00 +0530

The Indian appreciated to its highest in nearly three weeks on Monday, November 9 on account of weak US unit against other major currencies overseas. Hefty gains in the local equities also helped the market sentiment.

The partially convertible rupee settled 0.75% stronger to stand at 46.46/47 versus US dollar than Friday`s close of 46.81/82. It had an intraday peak of 46.35, its highest since October 21.

The Sensex ended the day with a gain of 340.44 points, or 2.11% at 16,498.72 after touching a high of 16,517.42 and a low of 16,147.21. The broad-based...

Prominent bulk deals on NSE & BSE on Nov 09

Mon, 09 Nov 2009 19:13:00 +0530

The following bulk deals were transacted during the day at the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on November 09.

Citigroup Global Markets Mauritius sold 1,850,000 shares at Rs 170.02 a share of Phoenix Mills.

Birla Sun Life Insurance Company sold 495,213 shares at Rs 423.02 a share of Bayer CropScience.

Merrill Lynch Capital Markets Espana Sa Sv bought 490,000 shares at Rs 423 a share of Bayer CropScience.

Reliance Capital Trustee Co...

HDFC Bank expends Rs 30 bn on retail loans in Oct`09

Mon, 09 Nov 2009 19:04:00 +0530

Private sector lender, HDFC Bank spent around Rs 30 billion of retail loans in October 2009, reports Economic Times.

It is learnt that this was on account of strong credit demand mainly in the auto segment. The bank expects to grow its retail loan book `faster than the industry` and has seen a major chunk of its business emerging from non-metros, HDFC Bank country head retail assets Pralay Mondal who confirmed the news said.

``For the full...

Instanex FII Index up 2.13% at close

Mon, 09 Nov 2009 18:23:00 +0530

At close, the Instanex FII Index was up 2.13% at 347.49 (+1.92% at 3 pm) and the Instanex DII 15 portfolio was up 2.52% (+2.28% at 3 pm). Nifty was up 2.13% (+2.04% at 3 pm) and Sensex was up 2.11% (+1.94% at 3 pm). The other Instanex Owner Indexes were also up � the Instanex Retail 15 portfolio was up 1.94% (+1.70% at 3 pm), the Instanex Top 15 portfolio was up 1.63% (+1.39% at 3 pm) and the Instanex Promoter 15 portfolio was up 1.39% (+1.16% at 3 pm). Asian markets...

IDFC MF declares dividend under IDFC Fixed Maturity Plan

Mon, 09 Nov 2009 18:18:00 +0530

...

Wheat NCDEX December futures likely to trade sideways: Kotak

Mon, 09 Nov 2009 18:07:00 +0530

Wheat futures across the board traded in a negative range. The December contract started at Rs 1433.8 per quintal and during the early hours inched slightly to Rs 1,438 per quintal. The contract thereafter tested intraday low at Rs 1,425 per quintal on selling pressure. The contract then closed at Rs 1,427.4 per quintal, down by Rs 3 per quintal. The volume traded across the board was low along with fall in open interest. The contract witnessed fresh short accumulation, as stated in a report published by Kotak...

Birla Sun Life MF declares dividend under Interval Income Fund

Mon, 09 Nov 2009 18:04:00 +0530

Birla Sun Life Mutual Fund has approved Nov. 13, 2009 as the record date fro declaration of dividend under dividend option of Birla Sun Life Interval Income Fund - Quarterly Plan - Series II.

The face value of per unit is Rs 10.

The quantum of dividend will be 100% of distributable surplus as on the record date.

Birla Sun Life Interval Income Fund - Quarterly Plan - Series II is an interval income scheme, which has the investment objective...

Support for Nifty at 4,857 and 4,800: Alex Mathews

Mon, 09 Nov 2009 17:46:00 +0530

``Nifty is having support at 4,857 and 4,800, while the resistance is there at 4,970 levels,`` said Alex Mathews, head, research centre � Geojit BNP Paribas Financial Services commenting on the market outlook for tomorrow.

Discussing about the market performance of the day (Nov.9, 2009), ``The markets had opened on a positive note on the back of positive cues from the global markets and moved with subdued bias in the morning session before it strengthened in the noon session to gear up for an uptrend and moved up making...

MCXAGRI ends down 13.21 pts

Mon, 09 Nov 2009 17:30:00 +0530

MCXAGRI ended the day at 2,164.70, down 13.21 points, or 0.61%, after opening at 2,175.62.

At the Multi Commodity Exchange (MCX), MCXCOMDEX is trading up by 10.67 points, or 0.40%, at 2,663.45 after opening at 2,653.14. (05.20 p.m.)

Other index like MCXMETAL is trading upward by 12.47 points, or 0.40%, at 3,133.90 after opening at 3,122.36.

Meanwhile MCXENERGY is trading up 8.06 points, or 0.30%, at 2,694.90 after opening at 2,697.20.

Top Gainers at the MCX were...

ICICI Pru FMP-Series 50-18 Months Plan A and B floats on

Mon, 09 Nov 2009 17:29:00 +0530

ICICI Prudential Mutual Fund has launched a new fund named as ICICI Prudential Fixed Maturity Plan - Series 50 - 18 Months Plan A and 18 Months Plan B, a close ended debt fund.

The new fund offer (NFO) price for the scheme is Rs 10 per unit.

The new issue is open for subscription on Nov. 9, 2009 and closes subscription on Nov.18, 2009.

The investment objective of the plans under the scheme is to seek to generate...

Infy arms opens second Latin America I.T. development center

Mon, 09 Nov 2009 17:23:00 +0530

IT bellwether, Infosys Technology today opened the company`s second Latin American Development Center in Monterry, Mexico, offering global, near-shore, and Latin American clients a full range of information technology (I.T) services including business and IT consulting, business process outsourcing (BPO), packaged solutions implementation, and infrastructure management.

The development center, managed by the company`s subsidiary S.De.R.L.De CV provides technology services for clients in all industries including banking, financial services, manufacturing, retail, distribution, insurance and many others.

Shares of the company gained...

Unichem gets USFDA nod for API facility at Pithampur

Mon, 09 Nov 2009 17:21:00 +0530

Unichem Laboratories, a leading pharmaceutical company today announced that it has received approval for its bulk drug [active pharmaceutical ingredients (API)] facility situated at Pithampur from US Food and Drug Administration (USFDA).

With this approval, both bulk drug facilities situated at Roha, Maharashtra and Pithampur, Madhya Pradesh are duly approved by US FDA.

The company`s formulation facilities at Goa and Ghaziabad are already approved by USFDA.

The company is engaged in manufacturing formulations and active pharmaceutical ingredients (APIs).

Shares of the company gained Rs 3.25, or 1.3%, to...

Pepper Dec futures may witness buying at Rs 14,800-900: Kotak

Mon, 09 Nov 2009 17:16:00 +0530

Mustard December futures are trading firm and resisting at contract high of Rs 596.50. Next resistance at Rs 609 and strong support is at Rs 585-576 levels. Volume and open interest is also supporting the price, said Dharmesh Bhatia, technical analyst from Kotak Commodity Services. Buying at lower levels at Rs 587-589 with stop loss of Rs 584 and target of Rs 601 is advisable.

Refined oil December futures are resisting around the contract high of Rs 474.80. Next resistance is at Rs 483 level and strong support can...

Nifty to trade in 4,650 to 4,950 range: Bonanza

Mon, 09 Nov 2009 16:58:00 +0530

Market (Nifty) is expected to trade in 4,650 to 4,950 range, said Avinash Gupta AVP research equity, Bonanza Portfolio while opining on the trends of equity markets for tomorrow (nov. 9).

While commenting on trends of equity markets for today (November 9) he said, ``The Indian Markets opened strong, on strong cues from Asian markets, before dipping marginally; however, a strong European market resulted in the Indian Markets rallying over 100 points in the day. Nifty closed at 4,898 for the day.``

On the sectoral...