ICRA assigns conditional highest-credit-quality ratings to Reliance Capital

Wed, 11 Nov 2009 20:14:00 +0530

ICRA has assigned conditional ratings (as per table 1 below) to various series of Pass Through Certificates (PTCs) amounting to Rs 5,226.3 million backed by car, commercial vehicle (CV) and construction equipment (CE) loan pool originated by Reliance Capital (RCL).

ICRA has also assigned a conditional rating to the Second Loss Facility (SLF) of the Credit Enhancement under this transaction as per table 1 below.

Table 1: Transaction Name: ILSS 6 Trust 2010

ICRA reaffirms LBBB-/A3 ratings to NCL Industries

Wed, 11 Nov 2009 19:54:00 +0530

Credit rating agency, ICRA has re-affirmed the LBBB- rating assigned to the Term Loans and Fund Based Limits of NCL Industries (NCL) aggregating to Rs 315.6 million and Rs 380 million respectively.

ICRA has also assigned a rating of LBBB- to the enhanced Term loan and fund based limits of the company amounting to Rs 1,937.8 million and Rs. 370 million respectively.

ICRA has re-affirmed the A3 rating assigned to the Rs 10 million Non Fund based limit of...

MCX-SX currency futures record trading vol of Rs 68.49 bn

Wed, 11 Nov 2009 19:41:00 +0530

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Call rates close higher on Nov 11

Wed, 11 Nov 2009 19:40:00 +0530

Overnight call rates ended up on Wednesday, November 11, with weighted average rate (WAR) at 3.27% compared to the previous day`s close of 3.23%, and traded within the range of 2.30-3.30%, as per the data available at Clearing Corporation of India (CCIL).

The volume in the call money market stood at Rs 85.57 billion.

Further, the volume of 1-day Collateralized Borrowing and Lending Obligation (CBLO) stood at Rs 628.28 billion.

It was observed in the band of 2.81-3.27%, WAR stood at 2.94% as against 2.87% from previous close.

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

India, France joint venture to set up civil-nuclear power plants

Wed, 11 Nov 2009 19:14:00 +0530

India and France are expected to finalize by next year the contract for setting up of two civil-nuclear power plants in Maharashtra through a joint venture.

Describing the negotiation between Nuclear Power Corporation of India (NPCIL) and France`s nuclear company Areva as quite well, the Ambassador of France Jerome Bonnafont today said the contract was expected to be finalised by next year.

He said the contract under which two power plants of 1,650 MW each will be set up in Jaitapur in Maharashtra was given...

Cheap and expensive agents!

Wed, 11 Nov 2009 19:08:00 +0530

Author: P.V. Subramanyam

If you are a little confused about the title of this story, well you should not be. Many people confuse cheap to be inexpensive. Wrong. Cheap is normally meant to denote quality, inexpensive to describe price.

Here is a great life insurance agent who met a client. Unfortunately I had not known her client`s met the widow of the client. The agent was a smooth talker and sold 2 life insurance policies to her client. When he expressed that he was already fully insured - she did...

Daily market report: MCXCOMDEX up 0.70%

Wed, 11 Nov 2009 19:07:00 +0530

MCX Comdex � The composite index of metals, energy and agro-commodities was up by 0.70% to 2,660.95 points, MCX Energy index was up by 0.74% to 2,707.30 points, MCX Metal index was up 0.96% to 3134.63 points and MCX agri index was down 0.13% to 2,153.07 points.

Bullion:

All bullion contracts showed positive trend. Gold December 09 contract moved up by 0.69% to Rs 16,749 per 10 grams, gold M December 09 contract was up by 0.67% to Rs 16,795 per 10 grams, gold...

What`s in, what`s out of Reliance MF

Wed, 11 Nov 2009 19:05:00 +0530

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Prominent bulk deals on NSE & BSE on Nov 11

Wed, 11 Nov 2009 19:00:00 +0530

The following bulk deals were transacted during the day at the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on November 11.

Prudential Asset Management (Singapore) A/C Pacs LI bought 1,001,500 shares at Rs 445 a share of Tata Motors.

Orbitech sold 1,679,821 shares at Rs 166.62 a share of Polaris Software Lab.

Citigroup Global Markets Mauritius bought 883,000 shares at Rs 242.66 a share of United Breweries (Holdings).

Sloane Robinson Llp A/C Sr Gloabl...

Providing guarantee against fraud

Wed, 11 Nov 2009 18:56:00 +0530

Plastic today is considered to be more convenient, easy and fashionable alternative as compared to paper. Yes, we are talking of credit cards. With one swipe, credit cards have changed the way we live. Unfortunately, along with the convenience has come related crime. Credit Card Fraud is a weighty problem in the credit card industry. Though many technologies have evolved to check and prevent these credit card frauds, it still persists and comes forward with new faces every time.

The issue

Credit card fraud continues still despite invention of...

Federal bond yields end up at 7.33%

Wed, 11 Nov 2009 18:52:00 +0530

Indian federal bond yield increased on Wednesday, November 11 after a senior government official said the Reserve Bank of India (RBI) could tighten policy if inflation was high at the end of the year.

The yield on most traded 6.09%, 2019 paper settled 3 basis points (bps) higher to stand at 7.33% as against its previous close of 7.30%.

...

Rupee ends stronger at 46.29/30 vs USD

Wed, 11 Nov 2009 18:47:00 +0530

The Indian rupee appreciated to its three-week high on Wednesday, November 11 on account of hefty gains in local equities, and the fall of US Dollar to its 15 month lows against other major currencies overseas also helped the market sentiment.

The partially convertible rupee ended the day 0.5% stronger to stand at 46.29/30 against US dollar than the previous close of 46.50/51. Today`s close was its highest since October 20.

The Sensex ended the day with a gain of 409.04 points, or 2.49% at 16,849.60 after touching a high of 16,887.80 and a low of...

Resistance for Nifty at 5,036 and 5,075: Alex Mathews

Wed, 11 Nov 2009 18:41:00 +0530

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NSE F&O turnover stands at Rs 869.63 bn

Wed, 11 Nov 2009 18:23:00 +0530

Index futures saw a trading volume of Rs 175,460.2 million arising out of 733,524 contracts and Index options saw 1886144 contracts getting traded at a notional value of Rs 465,438.6 million. The total turnover of the Futures & Options segment of the Exchange was around Rs 869,639.1 million.

Instrument wise summary:

Index Futures:

Bulls make a comeback; Nifty closes above 5k

Wed, 11 Nov 2009 17:26:00 +0530

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`Buy` Koutons Retail India price target of Rs 392: Firstcall India Equity

Wed, 11 Nov 2009 16:27:00 +0530

Firstcall India Equity Advisors recommends `Buy` on Koutons Retail India with a price target of Rs 392 as against the current market price (CMP) of Rs 350 (Nov. 10, 2009).

``Koutons Retail India reported a good increase in standalone net profit for the quarter ended September 2009. During the quarter, the profit of the company rose 21.21% to Rs 235.93 million from Rs 194.64 million in the same quarter previous year.

The broking house, says,...

`Buy` IVRCL Infrastructure & Project price target of Rs 465: Firstcall India Equity

Wed, 11 Nov 2009 16:17:00 +0530

Firstcall India Equity Advisors recommends `Buy` on IVRCL Infrastructure & Project with a price target of Rs 465 as against the current market price (CMP) of Rs 397.05(Nov. 11, 2009).

As per the broking house the current order book stands at Rs.149 billion across segments of infrastructure space the company order book to bill ratio is 3.0x of FY09, which gives visibilityfor IVRCL�s revenue for next 2-3 years.``

IVRCL is better placed...

Indirect tax collection falls 21.6% in Oct`09

Wed, 11 Nov 2009 16:17:00 +0530

India`s Apr-Oct, 2009 indirect tax receipts were down 21.6% from a year earlier at Rs 1,269 billion.

Excise duty receipts were down 18.8% to Rs 525.66 billion in the first seven months, while customs collection declined 31.8% to Rs 454.12.

Service tax collection also fell 5.4% to Rs 289.26 billion during Apr-Oct. 2009.

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Govt proposes merger of various central taxes into Goods & Services Tax

Wed, 11 Nov 2009 16:09:00 +0530

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Sensex jumps led by Infy, RIL, Sterlite

Wed, 11 Nov 2009 15:57:00 +0530

The Sensex ended the day with a gain of 409.04 points, or 2.49% at 16,849.60 after touching a high of 16,887.80 and a low of 16,405.19. The broad-based NSE Nifty gained 122.25 points, or 2.50% at 5,003.95 after hitting a high of 5,016.70 and a low of 4,870.05.

All shares in the Sensex settled with gains. Major were Sterlite Industries (India) (6.50%), Jaiprakash Associates (6.27%), Reliance Energy (5.31%), Tata Motors (4.68%), Tata Steel (4.28%), and Infosys Technologies (4.08%).

All...

Asian stocks end positive on better economic data

Wed, 11 Nov 2009 15:52:00 +0530

Asian markets climbed on Wednesday on better than expected economic data from Japan, China and South Korea.

Japanese benchmark index Nikkei 225 gained 0.95 points, or 0.01%, to end at 9,871.68. Hong Kong`s Hang Seng increased 359.05 points, or 1.61%, to end at 22,627.21. China`s Shanghai Composite dropped 3.42 points, or 0.11% to end at 3,175.19.

Taiwan`s Taiex index rose 74.57 points, or 0.98%, to end at 7,668.06. South Korea`s Kospi index advanced 12.52 points, or 0.79% to end at 1,594.82. Singapore`s Straits Times index climbed 32.83 points, or to 1.21% end at 2,740.43....

Sahara MF revises load structure under Short Term Bond Fund

Wed, 11 Nov 2009 15:49:00 +0530

Sahara Mutual Fund has decided to revise the exit load charge for Sahara Short Term Bond Fund. Accordingly the exit load charge will be nil.

The revision will be effective from Nov.12, 2009.

Sahara Short Term Bond Fund has the investment objective to generate optimal returns consistent with moderate levels of risk and liquidity by investing in debt securities and money market securities.

...

Punj Lloyd Group rejigs operating structure to drive growth

Wed, 11 Nov 2009 15:47:00 +0530

Punj Lloyd Group, the diversified engineering, procurement & construction conglomerate, today announced a restructuring in its operating structure.

Aimed at driving profitable growth, the new operating structure decentralizes the Group`s operations in various geographies to empower the regional heads and make them accountable for the opportunities that lie ahead.

In the new structure, Energy, which has been a key focus area of the Group, will have two independent operating entities. The South Asia / South East Asia operations including offshore and LNG global verticals will...

RBI auctions 91-day T-Bills at YTM of 3.28%

Wed, 11 Nov 2009 15:43:00 +0530

The Reserve Bank of India (RBI) auctioned 91-day Treasury Bills (T-Bills) today, November 11. The notified amount for the auction was Rs 50 billion. The multiple price-based auctions for the bills remained oversubscribed.

The RBI received 45 competitive bids worth Rs 221.25 billion for the bills. However, it accepted only 34 bids for the notified amount.

The cut-off price determined at Rs 99.19 offered yield to maturity (YTM) of 3.28%.

The weighted average price worked out to Rs 99.19, while the partial allotment percentage of competitive bids was 17.06 from 25 bids.

However, RBI did...

RBI auctions 182-day T-Bills at YTM of 3.82%

Wed, 11 Nov 2009 15:34:00 +0530

The Reserve Bank of India (RBI) auctioned 182-day Treasury Bills (T-Bills) today, November 11. The notified amount for the auction was Rs 20 billion. The multiple price-based auctions for the bills remained oversubscribed.

The RBI received 89 competitive bids worth Rs 90.51 billion for the bills. However, it accepted only 11 bids for the notified amount.

The cut-off price determined at Rs 98.13 offered yield to maturity (YTM) of 3.82%.

The weighted average price worked out to Rs 98.14, while the partial allotment percentage of competitive bids was 47.06 from 4 bids.

However, RBI did...

Hexaware`s QwikCheck to enable BCBP on mobile phones

Wed, 11 Nov 2009 15:22:00 +0530

Hexaware Technologies, a leading global provider of IT and BPO services and consultancy, today announced the launch of the QwikCheck bar coded boarding passes (BCBP) solution.

The solution will help generate two dimensional (2D) bar coded boarding passes. This ready to use solution can be easily integrated with any existing departure control system (DCS) used by an airline, to enhance the web and mobile check in facilities offered to passengers.

BCBP is one of the initiatives mandated by International Air Transport Association`s (IATA) Board of...

Logitech to acquire LifeSize Comm for USD 405 mn

Wed, 11 Nov 2009 15:19:00 +0530

Logitech International, a leader in PC video communication, today announced that it has agreed to acquire privately held LifeSize Communications of Austin, Texas for USD 405 million in cash.

LifeSize is a global leader in high definition (HD) video communication solutions, with more than 9,000 video conferencing customers across 80 countries in large enterprises, small-to-medium businesses (SMBs) and public healthcare, education and government organizations.

LifeSize`s industry leading HD video conferencing solutions provide superior quality of experience and are flexible, easy to use, install and manage - with unmatched price/performance....

MCXCOMDEX continues to gain

Wed, 11 Nov 2009 15:08:00 +0530

At the Multi Commodity Exchange (MCX), MCXCOMDEX is trading up by 19.76 points, or 0.75%, at 2,662.19 after opening at 2,642.11. (03.00 p.m.)

Other index like MCXMETAL is trading upward by 33.71 points, or 1.09%, at 3,138.53 after opening at 3,104.00. Meanwhile MCXENERGY is trading up 19.37 points, or 0.72%, at 2,706.90 after opening at 2,690.11. MCXAGRI is trading down by 9.35 points, or 0.43%, at 2,146.57 after opening at 2,154.01.

Gainers at the MCX are COTTON CAKE AKOLA - August contract, (3.01%) with...

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MFs remain net buyers in equities on Nov 10

FIIs buy net of Rs 8.61 bn equities on Nov 11