Sensex nosedives by over 692 pts as Satyam chief resigns January 7, 2009
Posted by Dhirendra in Business, CRR, Finance, Financial News, Global Economy, Market Tip, Stock Market Tips, Stock Market news, Tips, credit policy.Tags: BSE, Bse Sensex, Indian stock market, Sensex
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Good Evening, BSE end with 700 point down because of the resignation Satyam Computer chairman. Shrugging off early gains, the Bombay Stock Exchange benchmark Sensex today nosedived over 692 points midway to dip well below the psychological 10,000 point level, on heavy selling by funds after reports of Satyam Computer Services Chairman resigning. The Sensex, which commenced the day higher by 133.79 points, dropped by 692.37 points, or 6.70 per cent, to 9,643.56 at 1245 hrs, as the index-linked Satyam Computer plunged to Rs 52.65 from yesterday’s close of Rs 178.95.
Last night Satyam’s ADR was higher by four per cent on the Nasdaq Selling pressure began after reports that Satyam Computer Services Chairman Ramalinga Raju tendered his resignation, ahead of the crucial January 10 Board meeting. With mounting selling pressure, the 50-share National Stock Exchange’s index Nifty dropped by 201.00 points, or 6.45 per cent, to 2,911.00 at the same time.
PTI.
Banks, NBFCs get Rs 75,000 crore funding January 3, 2009
Posted by Dhirendra in Business, CRR, Finance, Financial News, Global Economy, Market Tip, NBFCs, RBI, Rapo rate, Stock Market Tips, Stock Market news, credit policy.Tags: Bank, CRR, Financial News, money market, NBFC, SPV
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Good Evening friends,
I like to share the news I read on times of India website. Government takes action and everyone is just talking about the impact of those measures. Read what I read. To increase availability of funds for banks and NBFCs by Rs 75,000 crore, government on Friday announced a number of measures as a part of the second stimulus package.
To boost public expenditure, the state governments have been allowed additional market borrowings of Rs 30,000 crore to meet shortfall in the revenue collection, affected by slowdown.
State governments will be encouraged to release land for low and middle income housing schemes. This will not only increase construction activities but also lead to fall in prices. To promote NBFCs, government will set up a SPV to provide liquidity support up to Rs 25,000 crore against investment grade paper. This will improve credit delivery to companies.
Planning Commission deputy chairman Montek Singh Ahluwalia said the government is working to increase availability of funds for companies through banking sector. According to RBI’s credit policy, the credit target for 2008-09 has been pegged at 20%, but it is needed to revise upwards as other sources of funds via ECB and stock markets have almost dried up and corporate dependence on banks for funding has gone up.
Ahluwalia said that the government will closely monitor on a fortnightly basis, the provision of sectoral credit by banks.
Government has also increased the limit for India Infrastructure Finance Company Ltd (IIFCL) to raise funds through tax free bonds by additional Rs 30,000 crore. In the last stimulus package, the company was allowed to raise Rs 10,000 crore through bonds. The funds will be used to refinance banks against lending to infrastructure projects.
In order to enable banks to increase their businesses, the government has decided to recapitalise them with Rs 20,000 crore in the next two years. Finance secretary Arun Ramanathan said that with this, the capital adequacy ratio of the government owned banks will be maintained at 12%.
Satyam says two more directors resign December 29, 2008
Posted by Dhirendra in Business, Finance, Financial News, Global Economy, Market Tip, Stock Market Tips, Stock Market news, Tips, Word Equity Market news.Tags: satyam, Satyam Computers
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Two more independent directors of Satyam Computer Services have resigned, the Indian outsourcer said on Monday, two weeks after the firm’s botched attempt to buy construction firms in which its management held stakes.
India’s No. 4 software services exporter said in a statement to the exchanges Krishna Palepu and Vinod Dham have resigned from the company’s board effective Sunday. The outsourcer did not give any reason for the resignations.
Last Friday, Satyam had announced the resignation of independent director Mangalam Srinivasan.
Satyam postponed a board meeting on Monday to Jan. 10 to give itself more time to consider options to shore up investor confidence that took another knock last week after news it has been barred from doing business with the World Bank.
Inflation slips to 6.84 pct, at 9 month low December 18, 2008
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Declining fuel prices pushed down inflation sharply for the sixth consecutive week to 6.84 per cent, the lowest in nine months, a development that could prompt the Reserve Bank to take more bold steps to boost economic growth.
Inflation dipped by 1.16 percentage points from 8 per cent in the previous week, primarily on account of reduction in prices of petrol and diesel announced by the government in the first week of the month.
It was 6.21 per cent in the week ended March 1, 2008. The rate during the corresponding period last year was 3.84 per cent.
The government reduced the per liter prices of petrol and diesel by Rs 5 and Rs 2 respectively with effect from December 6 in the wake of falling prices of crude oil in the international market.
Also, the prices of those items which are not decided by the government came down during the week. The index of ‘fuel, power, light and lubricants’ fell by 3.7 per cent, as prices of petrol, jet fuel (Aviation Turbine Fuel), naphtha and furnace oil declined by 10 per cent, 7 per cent, 23 per cent and 15 per cent respectively. Hotels and Motels like Premier Inns also facing recession in the industry.
In addition to fuel items, the prices of fruits and vegetables, various pulses steel, pig iron and certain metals too declined during the week. Manufactures of wood blinds, roller shades blinds and woven wood blinds also go down which cause to go down the inflation rate down.
RBI has taken a host of measures releasing as much as Rs 3,00,000 crore to fuel growth and with the inflation coming down further, it might take more steps to boost industrial output…
Window Treatment-1 November 25, 2008
Posted by Dhirendra in Business, Finance, Financial News, Global Economy, Market Tip, Stock Market Tips, Stock Market news, Tips, Word Equity Market news, mini blinds, vertical blinds, window blinds, window treatment.Tags: blinds, mini blinds, vertical blinds, window blinds, window treatment
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We are working couple. Christmas is just few weeks away. We are planning to change the look of our living room and kitchen. We don’t have much time to go to mall or stores for shopping in busy schedule. Picking the right treatments is becoming a difficult task these days due to the great selection of products available on the market.
Window blinds are best choice for us as we were looking to break the look of our room. We sit together on net and surf with the word window blinds store. It shows us many sites. We decided to review guranteedblinds.com as we both were happy with the way they made the site. They are having details and information needed to us to choose the blinds that better suit our interior decoration. We found free blind and shade samples on the website to determine the right fabric or texture for your living room and kitchen. They have sunlight blocking cellular shades for darkening our room.
We were looking to break the look of our house at the same time we were conscious about privacy and allowing right level of lights to come in. So we decided to go with vertical blinds for living room and mini blinds for bedroom. Window blinds have the ability to enhance home decoration. Window blinds provide many benefits and are not just functional, because they can add a touch of style, giving you the desired ambient that you be worthy of your home. Me and my wife were looking at different other options. We talk in next post.
India can sustain 8 percent growth: PM November 21, 2008
Posted by Dhirendra in Business, Finance, Financial News, Global Economy, Market Tip, Stock Market Tips, Stock Market news, Tips, Word Equity Market news.Tags: Dr.Manmohan Singh, G20 Summit, Indian Economy, PM of India, Prime Minister Manmohan Singh
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Prime Minister Manmohan Singh Friday exuded confidence that India ‘can and will survive’ the current global financial crisis to sustain an eight percent economic growth and promised every possible measure to promote development and entrepreneurship.
‘We cannot pretend that we are not affected by the global economic crisis. We are all affected by it,’ the prime minister told the Hindustan Times Leadership Summit at the Taj Palace hotel here.
‘But we can and will survive this crisis and emerge stronger,’ he said, adding: ‘No instrument of public policy will be spared – fiscal, monetary, exchange rate or public investment will all be deployed to ensure an environment conducive to growth and entrepreneurship.’
He said: ‘We can and will sustain an eight percent growth.’
Referring to the recent G20 Summit in Washington on the current global economic crisis, which he attended at the invitation of US President George W. Bush, the prime minister said his message there was that developing countries, too, had a role to play in finding a solution to the problems.
‘I urged world leaders to recognise these inter-dependencies and our stake in it. We need a global safety net so that the poor of the world do not pay a price for the profligacy of the rich, and the delinquency of a few,’ he said.
‘Global problems require global solutions. This is the most important lesson of the past century for the next. But global institutions of governance must be made more inclusive and representative. The voice of the developing world must be heard in the high councils of global decision-making,’ he said.
‘Our century will be shaped by how we respond to the global economic crisis today. If nations look only inwards and imagine they can solve their problems on their own, they will fail,’ he said.
‘The world has become more integrated and inter-dependent. In both good and bad, in prosperity and peril, in opportunity and crisis we must recognise the new inter-dependencies. No nation is an island unto itself.’
Kerala fisher folks feel the pinch of global financial slowdown November 18, 2008
Posted by Dhirendra in Business, Finance, Financial News, Global Economy, Market Tip, Stock Market Tips, Stock Market news, Tips, Word Equity Market news.Tags: financial slowdown, Kerala, market down, money market, stock market
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With global financial crisis gravely affecting the markets around the developed world, fisherfolk in coastal villages of southern parts of India have also started facing a tough time.
Though the hustle and bustle in various fish landing points remain as it was centuries ago, many of the auctioneers have to shout more to sell off the catch.
With the reduction on global fish prices, it is a difficult phase for the fishers.The price of high value squids, prawns, cuttlefish, crab auctioned in landing points are much less than they used to be a few months ago. Sometimes the prices go lower than the last year’s price.
October and November are stated to be the best season of the year for stockists because of festive occasions like Christmas and New Year in European and US markets increase demand for sea foods.
But the general fear here is that the global financial crisis will affect on the demand for fish from India. The declining purchasing capacity of the people in the US, Europe and in other parts of the world, has already made its adverse impact on the exporting sector.
“There is a lot of variation in the market, as the material is not moving, so the companies bring down the rates. But even after the low rates, they are facing major problem of dead stock. Many stocking companies have already stopped purchasing from the market. Just for the sake of business and to fetch their employees, they are doing it”, says Anil Kumar, a purchasing agent in the Vypin Landing point near Kochi.
Even the boat operators complain of not getting the right value for their high priced catch that they bring after facing high risks at deep sea. Cost of production has gone up and their revenues have fallen.
Over 500,000 deep-sea boat and trawler operators have to put up with the hike in fuel prices, cost of ice and other expenses. They seek urgent government intervention for helping them out of their problems.
“Last year, the same catches fetched 200 rupees per kgs. This s time it has come down by 20 to 30 rupees per kg. The government is also not taking any initiative compared to other states that have proper fish factories, but here no one is bothered for us at all”, says Alias P. Jacob, a senior member of the Boat Owner’s Association, Kochi.
European market is one of the major markets for the state accounting to 35 percent of the total exports after the U.S. and Japan.
In 2006-07 fiscal, export of marine products from India was at an all time high of 612,641 tonnes, valued at Rs.83 billion (2.1 billion dollars).
Close to two million people in the country earn their livelihood from the seafood industry. By Juhan Samuel (ANI)
BSE Sensex falls sharply on global recession fears November 6, 2008
Posted by Dhirendra in Business, Finance, Financial News, Global Economy, Market Tip, Stock Market Tips, Stock Market news, Tips, Word Equity Market news.Tags: Bse Sensex, Financial News, sensex news, sensex update, stock news, talk on finance
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The BSE Sensex fell as much as 4.7 percent on Thursday morning as it was caught up in global selling on fears of a deep U.S. recession, with Reliance Industries and ICICI Bank leading the losses. Top vehicle maker Tata Motors fell 7.7 percent to 167.40 rupees after it said it was shutting down its commercial vehicle plant in eastern India for three days to avoid a build-up of inventory.
At 11:04 a.m., the 30-share BSE index was down 3.13 percent, or 311.02 points, at 9,802.99, with 26 components falling. The index had fallen 4.81 percent on Wednesday to 10,120.01, snapping a five-day winning run after a surge that had lifted the market more than 40 percent off a three-year low hit on Oct. 27. It is down more than 51 percent in 2008. In the broader market, 1,336 losers outpaced 608 gainers on volume of 86.4 million shares.
“It was expected. When you are in the grip of full-fledged bear market, you see sharp rallies. But that does not mean that things have turned around,” said Daljeet Kohli, head of research at Emkay Global Financial. “Markets work on both fundamentals and sentiments. Sentiments have improved after all the measures taken, but fundamental has not changed.”
Citigroup said corporate India had posted its lowest earnings growth in four years in the September quarter, as high interest rates and input costs hit demand, and Emakay’s Kohli said the current quarter could be even worse as firms could not raise prices. “So the only way to increase topline is by increasing volume, which may not happen as demand is unlikely to pick up,” he said. “So your margins are already under pressure. When topline grows less, there is even more pressure on earnings.”
Japan, Germany to spend billions to ease recession October 30, 2008
Posted by Dhirendra in Business, Finance, Market Tip, Stock Market Tips, Tips.Tags: Nikkei, Sensex, world stock market, Germany market, recession in market
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Japan and Germany said on Thursday they would plough billions of dollars into their economies, hoping to provide a cushion against a deep recession and complement a series of expected interest rates cuts.
Japan, the world’s second biggest economy, unveiled a 5 trillion yen ($51 billion) package of spending measures to support its economy and Germany planned a range of steps worth up to 25 billion euros ($32 billion) to boost business.
“I will implement bold policies so people who are confronting pain will feel the real effect,” Japanese Prime Minister Taro Aso wrote in his weekly email magazine published on Thursday. “Drawing on all possible wisdom, we must overcome this ‘once in 100 years’ crisis.”
Growing fears that the world is slipping into a downturn has forced authorities to use any means to protect their economies. Four more of the world’s top central banks are forecast to have have reduced interest rates by the end of next week.
Japan was also expected, on Friday, to follow a raft of interest cuts, most notably in the United States and China, with the European Central Bank, Britain and Australia doing the same net week.
Japan’s benchmark Nikkei average index closed up 10 percent, its third straight day of gains. Europe’s top share index was virtually flat.
Germany’s stimulus package is expected next week.
“All together we are talking about a volume of perhaps 20 billion euros to 25 billion euros,” Peter Struck, parliamentary floor leader of the SPD, which shares power with Chancellor Angela Merkel’s conservatives, told the Berliner Zeitung.
ref: yahoo finance
Economic slump affects festive shopping October 28, 2008
Posted by Dhirendra in Business, Finance, Market Tip, Stock Market Tips, Tips.Tags: Bse Sensex, Business, Diwali Shopping, Online Marketing, Shopping, stock market
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Good Evening Friends,
Down stock market leads people not to go for shopping. Read the following news I read it on ndtv website.
This Diwali it’s not just the markets that are feeling the heat, festive shopping takes a big hit, especially for those looking at getting the goodies from abroad, either online or from travelling relatives.
Whether it’s for gifts or self-indulgence you will have a hard time coming to terms with how much lesser each rupee can buy.
So the rupee fall to 49.87 per dollar vis a vis 39.30 last Diwali will mean following for your shopping cart:
Your latest 16GB Apple ipod Nano will cost you Rs 9, 700 instead of Rs 7, 600 last year, a cool Rs 2, 100 rupees more ($194.99).
For the fashion conscious, those glam Jimmy Choo shoes will cost you Rs 24, 000, Rs 5000 more than same time last year ($485.00).
A steady Nike golf club at Rs 20, 000 will cost you Rs 4, 300 more ($400).
And finally, for gamers, the latest Xbox gaming console at Rs 17, 000 will take away the Rs 3, 700 rupees ($340).
