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Statistics |
| Unique Visitors: 0 |
| Total Unique Visitors: 8943 |
| Visitors Out: 376 |
| Total Visitors Out: 376 |
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| GMDC Q4 & FY 08 results |
| 2008-06-12 12:24:00 |
Gujarat Mineral Development Corporation has announced the following Audited results for the quarter & year ended March 31, 2008: The results for the Quarter ended March 31, 2008 The company has posted a net profit of Rs 636.854 million for the quarter ended March 31, 2008 as compared to Rs 128.285 million for the quarter ended March 31, 2007. Total income has increased from Rs 2077.646 million for the quarter ended March 31, 2007 to Rs 3368.092 million for the quarter ended March 31, 2008. The results for the Year ended March 31, 2008 The company has posted a net profit of Rs 2639.310 million for the year ended March 31, 2008 as compared to Rs 944.736 million for the year ended March 31, 2007. Total Income has increased from Rs 6238.216 million for the year ended March 31, 2007 to Rs 10382.964 million for the year ended March 31, 2008.
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| ICSA looks for overseas acquisition |
| 2008-05-30 02:47:00 |
ICSA Ltd, a Hyderabad-based solutions provider for power distribution, is likely to acquire strategic companies in the US and Europe to make inroads in the energy audit market there.G Bala Reddy, chairman and managing director, ICSA, told DNA Money: “The export market, which mainly comprises services like data acquisition and automation, has a huge potential.”He said, as far as the export market is concerned, ICSA is has a presence in Singapore, Malaysia, Middle East and Sri Lanka. “We are looking at entering into the US and Europe this year, but that will be through acquisitions,” he said.Reddy said the US and Europe are established markets and very different from India. Therefore, entering these markets through (acquisition of) a locally est...
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| Moody`s assigns `Baa2/ A3` ratings to GAIL |
| 2008-05-14 04:32:00 |
International credit rating agency, Moody`s assigned a `Baa2` indicative foreign currency debt rating (1 notch above the sovereign foreign currency rating) and `A3` local currency issuer rating (5 notches above the sovereign local currency rating) to GAIL (India). The rating signifies a stable outlook. The rating being released by Moody`s is in response to the company`s proposal for getting an international rating. The company already has the highest domestic rating from ICRA.While announcing the rating, Moody`s has stated that with an extensive pipeline network, GAIL is strongly placed to take advantage of the strong demand and increased gas supply environment. The rating also reflects that 70% of the EBIDTA is derived from its relatively stable and reliable gas transmission and LPG busin...
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| GAIL Q4 results |
| 2008-05-14 04:31:00 |
GAIL India reported a marginal rise in standalone net profit for the quarter ended March 2008. During the quarter, the profit of the company`s earnings rose 6.12% to Rs 7,223.80 million from Rs 6,807.30 million in the same quarter previous year. The company posted earnings of Rs 8.54 a share during the quarter, registering 6.09% rise over prior year period.Net sales for the quarter climbed 27.08% to Rs 49,352.90 million, while total income for the quarter rose 25.99% to Rs 50,349.50 million, when compared with the prior year period.During the quarter, the company reported a rise in operating margin of 799 basis points to 23.50% on lower production cost. Interest cost increased 11.67% to Rs 195.30 million, while depreciation cost rose 3.17% to Rs 1,424.70 million over previous year period.D...
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| Gold gains for sixth straight day on firm global trend |
| 2008-05-11 09:37:00 |
Gold gained for the sixth straight session on Saturday, up by Rs 40 to Rs 12,100 per 10 gram, on the bullion market here on sustained buying by stockists amid strong global conditions and high crude oil prices. The precious metal surged by Rs 615 in last six trading session as investors and stockists increased their holdings as gold continued to rule firm in global markets. Marketmen said, spiralling crude oil prices which reached a record level of over 125 dollars a barrel mainly increased the interest in gold, which influenced the trading sentiment in the domestic markets. They added that stockists were enlarging their positions feeling that the firming global trend would further push up prices of the precious metals....
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| India inflation at 31/2 year high |
| 2008-05-09 03:19:00 |
India's annual inflation is expected to remain at 3-½ year highs in late April due to rising food and oil prices, a Reuters poll of 10 analysts showed on Thursday. The wholesale price index is forecast to have risen 7.61 percent in the 12 months to April 26, the highest since Nov. 13, 2004 when it stood at 7.68 percent. It rose 7.57 percent in the previous week. The federal government, under pressure to contain prices ahead of state polls this year and national elections due by next year, has cut import duties on edible oil and curbed rice exports. On April 29, the central bank raised the proportion of deposits that banks must set aside by a quarter point to a seven-year high of 8.25 percent, effective May 24, saying it...
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| No shortage of oil in the market: OPEC |
| 2008-05-09 03:16:00 |
The Organisation of Petroleum Exporting Countries (OPEC) has said that there was no shortage of oil in the world market and the organisation would act if the market shows need for any measures, a news agency reported on Friday. "The organisation will continue to strive for a stable and balanced market, with prices that reflect fundamentals, and are favourable to both producers and consumers," OPEC Secretary General Abdalla Salem El-Badri said Thursday. He added that the petroleum prices had become increasingly volatile in recent months, mainly because of financial market developments and the increased flow of speculative funds into oil futures. "The turmoil in some global equity markets and the considerable depreciation in the US dollar have encouraged inv...
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| Mastek postpones buyback |
| 2008-04-28 22:45:00 |
Software services firm Mastek Ltd said on Monday it has postponed its buyback of shares, pending receipt of the observations from Securities and Exchange Board of India on its public announcement for the buyback.The buyback, approved on October 11 last year, was to have started on Monday. Shares in the company closed down 5.2 percent at 316.10 rupees in the Mumbai market.
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| Emkay recommends BUY on Concor |
| 2008-04-27 09:56:00 |
Concor reported Q4FY08 results which were in-line with our expectation. The company reported revenue of Rs.9.0bn in Q4FY08, increase of 10%. EBITDA grew by 8.1 % to Rs.2.3bn and EBITDA margins declined by 170bps to 25.7%. Adjusting for higher lease payments to railways and employee cost, EBITDA margins would have been higher by 70bps to 28.5%. The company is on the expansion spree and has entailed total capex of Rs.7bn for FY09. Given the massive infrastructure that the company possesses, we believe the company will remain a dominant player in rail haulage despite competition from the private players. We expect the company to report revenue and net profit of Rs.39.1bn and of Rs.8.4bn in FY09, respectively. The stock trades at 13.4xFY09 earnings. Maintain BUY with target price of Rs.1292.Full story
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| BHEL`s power equipments generate 454.6 bn units of power |
| 2008-04-24 10:03:00 |
Power equipments built by state-run Bharat Heavy Electricals (BHEL) registered a record generation of 454.6 billion units of electricity in 2007-08, compared to 432.6 billion units in the year-ago period. BHEL manufactured thermal, hydro, gas and nuclear sets generated over 5% more power in the last fiscal giving boost to power generation in the country. The 200-500 mw thermal sets made by BHEL boosted the country`s thermal generating capacity.Shares of the company were last trading up Rs 12.1, or 0.66%, at Rs 1,839. The total volume of shares traded at the BSE was 194,090 (2.42 p.m., Thursday).
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| ICSA posts excellent results |
| 2008-04-24 10:00:00 |
ICSA (India) Limited has posted excellent profits for the year ended March 31, 2008. ICSA posted a profit after taxation of Rs 126.50 Crores for the Year ended March 31, 2008 as compared to Rs 58.92 Crores for the Year ended March 31, 2007. This shows a 114.71 % increase of PAT over the previous year. Total Income has increased by 103.17 %, from Rs 333.25 Crores for the Year ended March 31, 2007 to Rs 677.05 Crores for the Year ended March 31, 2008.The company has posted a profit after taxation of Rs 37.46 crores for the quarter ended March 31, 2008 as compared to Rs 18.31 crores for the Q4 in the last fiscal, which is a jump of 104.56 % over corresponding quarter of the previous year. Total Income increased by 109.83 % when compared with corresponding quarter of the previous year, from R...
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| ICSA has price target of 600 INR |
| 2008-04-13 00:27:00 |
From moneycontrol.comAshish Maheshwari of India Capital Markets is of the view that ICSA has target of Rs 600. Maheshwari told CNBC-TV18, "ICSA is a company which is doing very well in the last few years. The company has done remarkably well, besides this, if we see data like in FY06, the company was having only a turn over of around Rs 81 crore, which we are envisaging that in 2010 it will be around Rs 1,000 crore, and on the bottom line site, the company was having a profit of around Rs 15 crore in FY06, we are expecting it to touch at around Rs 200 crore." He further added, "This company is also having a very unique business model that is software for power and oil and gas, and recently they have venture into the EPC contract for oil and gas and water management. What we are advising...
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| Religare recommends 'buy' on BHEL for target Rs 2,021 |
| 2008-04-11 10:15:00 |
From economictimes.comReligare Securities has recommended a ‘buy’ on Bharat Heavy Electricals for a target price of Rs 2,021, a return of 21 per cent on the current market price. BHEL is building long-term technical capabilities and looking to diversify into other established business avenues such as locomotives. The company’s order book provides strong revenue visibility at 4 times FY08 sales. Religare has factored in a 20 per cent CAGR in revenue for FY08-FY10. At current price of Rs 1,765, stock is trading at a P/E of 26 times and 21 times on FY09E and FY10E respectively. BHEL has corrected 40 per cent from its high of Rs 2,925 since January 2008 and currently offers a strong investment proposition for long-term investors. Over the last two year, the company has witnessed ...
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| Mastek continues to quote at inexpensive valuations |
| 2008-04-11 10:12:00 |
From myiris.comAccording to the analysts` at Emkay, valuations of Mastek continues to be inexpensive and buyback should offer support. (CMP: Rs 311)Mastek reported strong Q3FY08 results with revenues at Rs 2,334 million. The analysts have revised their earnings estimates by ~16% and 17% for FY08E and FY09E respectively to Rs 43.7 and Rs 46.4 respectively (from Rs 37.7 and Rs 39.6 earlier) to factor in higher operating margins and STG acquisition. Mastek continues to quote at inexpensive valuations of ~7.5x and 7x on FY08E and FY09E earnings with further support in the form of an open market buyback.The analysts say that despite the increased visibility from new deals over the past 2 months, Mastek heads into FY09 with NHS contract ramp down a quarter away (contributes to ~15-16% of FY08 re...
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| High inflation may shrink India's GDP by 1.25%: IMF |
| 2008-04-11 10:09:00 |
India's economic growth is likely to shrink by 1.25 per cent to 7.9 per cent this fiscal, mainly on account of tight monetary conditions and continued pressure on inflation, the International Monetary Fund said today. "India's growth is expected to decline by 1.25 per cent to 7.9 per cent driven by slowdown in investment on tightening credit conditions. Fiscal stimulus will provide a partial offset," stated the IMF's Regional Economic Outlook: Asia and Pacific released here. The IMF report also warned that investment would be more affected than consumption on account of the tight monetary conditions and fall in global economy following US sub-prime crisis. The growth momentum has eased in the recent months, the report stated. Compared to China, India has little fiscal space to keep up the growth, mainly on account of high public debt.
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| Govt of Singapore picks up stake in ICSA |
| 2008-04-06 03:02:00 |
ICSA (India) today said that the Goverment of Singapore Investment Corporation Pvt Ltd, along with its sub-accounts, has picked up 22,11,246 shares, amounting to a stake of 5.0245 per cent in the company. ICSA develops technology solutions for the power, oil, water and gas sectors to identify T&D losses and monitor power and oil consumption by identifying distribution losses. Earlier this year, Goldman Sachs had invested USD 46 million through foreign currency convertible bonds (FCCBs) apart from acquiring 3,50,000 convertible warrants. Other global investors include UBS, Merill Lynch and Morgan Stanley. ICSA (India) presently has an order-book of nearly Rs 1,000-crore, the release said.
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| CRISIL assigns AAA & P1+ to BHEL |
| 2008-04-04 11:29:00 |
From myiris.comCRISIL assigned its bank loan ratings of `AAA/Stable/P1+` to the various bank facilities of Bharat Heavy Electricals (BHEL). The ratings reflect BHEL`s dominant position in the domestic power generation and electrical equipment markets, healthy order book position, and strong financial risk profile. These rating strengths are partially offset by the competitive market scenario, and BHEL`s limited experience in new technologies. CRISIL has withdrawn its ratings on BHEL`s debt and fixed deposit programmes. The withdrawal is on the request of the company, which has confirmed that there is no amount outstanding against the instruments.Full story
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| India's BHEL to form JV for nuclear projects |
| 2008-04-04 11:28:00 |
India's Bharat Heavy Electricals Ltd on Friday it would form a joint-venture company with Nuclear Power Corp of India Ltd (NPCIL) for engineering contracts for nuclear power plants. BHEL and NPCIL, both run by the government, are in talks with companies from France, Germany and the United States for a technology partner, BHEL Chairman K. Ravi Kumar told a news conference. He declined to give names, but said the joint venture would be formed within a year. Equity structure of the joint venture is yet to be decided and will depend on whether the technology partner is willing to buy a stake, Kumar said. BHEL would use its existing facility at Bhopal in the central I...
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| BHEL plunges 6.07% following provisional result figures |
| 2008-04-03 08:56:00 |
Shares of Bharat Heavy Electricals (BHEL), India`s biggest power equipments maker, plunged on Thursday after the company reported a 15.31% growth in turnover to Rs 216.08 billion while the net profit of the company climbed 16.56% to Rs 28.15 billion (as per provisional figures) in FY2008 compared with prior year period. Shares of the company slipped soon after the announcement of provisional figures.Shares of the company plunged Rs 112.50, or 6.07%, to trade at Rs 1,740, while the 30-share benchmark index, Sensex climbed 12.59 points, or 0.08%, to trade at 15,762.99. The stock has shown a fall of 12.38% over the week and 17.12% over a month. The total volume of shares traded was 830,296 at the BSE (2.08 p.m., Thursday).
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| GAIL signs historic contract |
| 2008-04-01 23:24:00 |
From The HinduGAIL India has signed a historic contract with the consortia of Reliance Industries, the BG Group of Britain and Oil and Natural Gas Corporation (ONGC) for buying the entire quantity of gas (17.3 million standard cubic metres a day).According to an official statement here, GAIL will buy the gas at $5.73 per million British thermal unit for the Panna field and $5.57 per million British thermal unit for the Tapti field.The contract was signed on Monday and is in pursuance of the Government appointing GAIL as its nominee to take the entire Panna-Mukta-Tapti (PMT) gas.Agreements were also reached regarding the supplies to consumers.GAIL signed a term-sheet to supply, at production sharing contract prices, 3.6...
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| ICSA plans US, European buys |
| 2008-04-01 09:36:00 |
From Business StandardHyderabad-based ICSA, the pioneer of embedded technology-based solutions to detect and reduce power transmission and distribution (T&D) losses, will soon acquire two T&D sector companies with front-end marketing capabilities in the US and Europe. “We have entrusted a leading merchant banker to close the deals and hope to complete at least two deals in the near future,” said Chairman and Managing Director G Bala Reddy. ICSA plans to takeover at least three companies in the next financial year in abroad. Exports contributed a meagre 5 per cent to the revenues of Rs 332 crore in FY07. The acquisitions would increase this share substantially, he said. ICSA plans to spend $20-30 million on each acquisition and has identified suitable targets in both the geog...
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| India spot gold falls 3.63 pct on global cues |
| 2008-04-01 09:28:00 |
From afxnews.comIndian spot gold fell 3.63 percent on Tuesday, dragged down by a fall in the international bullion market and a strong dollar, and with dealers forecasting further falls. At 1.50 p.m. in London, gold traded $20.30 lower at $896 an ounce, down sharply as the U.S. dollar bounced up against the euro, and as oil prices continued to weaken on fears of a global slowdown. "Heavy buying was witnessed in the domestic market, particularly at $888 and $890 levels," said Prithviraj Kothari, managing director of RiddhiSiddhi Bullion Ltd. Dealers said they expect prices to fall further to $870 an ounce, tracking the fall in oil prices. Mumbai gold of 0.995 purity closed 440 rupees lower at 11,685 rupees per 10 grams, while gold of 0.999 purity closed 435 rupees lower at 11,750 rupees per 10 grams. Silver of 0.999 purity closed 985 rupees lower at 22,640 per kg.
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| L&T wins new order of Rs.576 crore |
| 2008-03-31 22:59:00 |
From myiris.comLarsen & Toubro (L&T) through its E&C division`s refinery projects business unit received Rs 5.76 billion order from Hindustan Petroleum (HPCL).HPCL has awarded L&T a project order of 200,000 tons per annum Lube Oil Base Stock (LOBS) Plant consisting of Raffinate Hydrotreating Unit (RHT), Mobil Selective Dewaxing Unit (MSDW) & Hydro Finishing Unit (HF). The scope of work, includes residual process design, detailed engineering, procurement, supply, transportation, storage, fabrication, construction, installation, testing etc.HPCL, which operates one of its biggest refineries located at Mahul, Mumbai in the state of Maharashtra, India, intends to set up this LOBS Plant as a part of their Quality Upgradation project.Shares of L&T declined Rs 109.2, or 3.47%, to trade at Rs 3038. The total volume of shares traded was 54,572 at the BSE. (10.38 a.m., Monday)
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| BHEL wins Rs.550 crore order |
| 2008-03-31 22:54:00 |
From myiris.comBHEL, India`s biggest power equipments maker, has further enlarged its global footprint with a foray into a new market New Caledonia, with a prestigious export contract for environment friendly circulating fluidized bed combustion CFBC boilers. New Caledonia, an island in the south west Pacific Ocean, east of Australia, is an overseas territory of France. Valued at Rs 5.5 billion, the order for 2x135 MW CFBC boilers and auxiliaries has been received from Koniambo Nickel SAS, an overseas joint venture of the globally diversified mining group Xstrata PLC, Switzerland, with a local New Caledonian company.This is the first ever overseas order on BHEL for CFBC Boilers for utility application. With this, the company has made an entry in the European market for this environment fri...
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| Recommended portfolio |
| 2008-03-30 11:24:00 |
I recommend a portfolio composition as below:An ideal portfolio composition for the short term (till end-2008) would be:15% in gold: Buy at declines or invest in Gold ETF.25% in fixed deposits10% in government bonds or schemes like PPF etc.10% in ULIPStocks- Power generation, transmission (NTPC, BHEL, ICSA) : 5%- Infrastructure: 5%---- Ship-building (ABG Shipyard, Bharati Shipyard)---- Diversified construction (L&T)- Pharmaceuticals (Nectar LifeSciences, Ranbaxy, Dr.Reddy’s Labs ): 5%- Mining (GMDC, NMDC): 10%- Oil & Gas (Reliance, GAIL, ONGC): 10%- Communications (Airtel, RComm): 5%Complete story here
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| Hem Securities recommends `BUY` on Gujarat Mineral Dev Corp. |
| 2008-03-29 07:55:00 |
From myiris.comHem Securities recommended a `BUY` on Gujarat Mineral Development Corporation (CMP: Rs 290) with a target price of Rs 443.The company has posted tremendous results for the quarter-ended December 07. The net sales of the company for Q3FY08 have virtually jumped to Rs 2,572.27 million against the figure of Rs 1,327.99 million posted in the corresponding quarter in the previous year, showing a robust growth of 93.69%.The company has been a pioneer in the mineral development arena. Being the only producer of lignite in the country, the company stands in a premier position in the industry. The analysts at Hem securities say that the ongoing capex plans and projects, which are scheduled to be completed by 2012, are...
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| Gold falls 2 percent in broad commodities selloff |
| 2008-03-28 23:53:00 |
From ReutersGold fell more than 2 percent in a broad commodities sell-off on Friday, with a rise in the dollar and softer oil prices dampening the metal's allure as an alternative investment. Other key precious metals, base metals and major soft commodities traded lower, with investors pocketing profits before the end of the quarter. Gold fell to $926.50 before rising to $933.30/934.20 an ounce at 11:40 a.m. EDT, against $951.80/952.60 in New York late on Thursday. Last week, it hit a record high of $1,030.80 an ounce before tumbling to a one-month low of $904.70. "The market is really correcting itself, but it's a general move out of commodities. It's not just gold," said Jeremy East, head of metals trading at Standard Charter...
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| IOC in talks with GAIL, RIL for city gas venture |
| 2008-03-28 08:47:00 |
State-run Indian Oil Corporation (IOC) is in talks with Oil and Natural Gas Corporation (ONGC), Reliance Industries (RIL) and GAIL (India) to form a joint venture for city gas distribution. Through its first joint venture, Green Gas (GGL), the company along with GAIL is operating in Lucknow and Agra. B M Bansal, director business development, IOC, said: “We are in discussion with these companies to form a joint venture for city gas distribution. But we will be able to finalise it only after the Petroleum and Natural Gas Regulatory Board (PNGRB) comes out with its guidelines.” In November 2007, PNGRB had proposed a competitive bidding process to select public and private entities for developing city gas distribution networks in the country.
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| Indian Govt to dilute 5% stake in mini-ratna companies |
| 2008-03-27 00:14:00 |
From the Economic TimesThe government plans to dilute its stake in about half-a-dozen listed mini-ratna companies including MMTC, STC, ConCOR and Shipping Corporation of India (SCI). It will divest 5% in these companies through follow-on public offers. A stake sale in MMTC alone is expected to bring in about Rs 5,000 crore. MMTC is currently trading at around Rs 19,452 on the Bombay Stock Exchange (BSE). MMTC’s market capitalisation is hovering at around Rs 1 lakh crore, the maximum among all listed mini-ratnas. The proposed stake sale in the mini-ratnas would fetch the government about Rs 7,000 crore. The money raised would be used to fund the government’s social sector programmes. Mini-ratnas have been identified f...
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| Oil falls on fresh demand concerns |
| 2008-03-25 10:24:00 |
Oil handed back early gains to fall for the fourth straight day on Tuesday as fresh concerns about weaker demand in top oil consumer the United States tempted some players to cash in.U.S. crude fell 93 cents to $99.93 a barrel by 1417 GMT, off the day's high of $101.60 and sharply down from a record high of $111.80 touched on March 17.London Brent crude was down 17 cents at $99.69 a barrel.Data out of the United States showed consumer confidence sinking to a five-year low in March, rekindling uncertainty about the health of the U.S. economy and hitting the dollar and Wall Street.Other commodities, however, held up. Gold rebounded too after the dollar resumed its downward trend.A recovery in the dollar from recent lows against the euro ahead of the Easter break had helped pushed oil prices down late last week and on Monday, as it pressured its nominal price.But underlying concerns about U.S. demand remained.Full story
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| Gold, Fixed Deposits - Investment Strategy |
| 2008-03-24 08:25:00 |
OilOil peaked to $110 and is now near the $100 mark.In terms of 2007 inflation adjusted dollars, the price of oil peaked in March 2008 at over $110 a barrel. Before this period, the maximum inflation adjusted price was the equivalent of $95-100, in 1980. Crude oil prices in the last several years have steadily risen from about $25 a barrel in August of 2003 to over $110 a barrel in March of 2008. These prices are well above those which caused the energy crises of 1973 and 1979. This has contributed to fears of an economic recession similar to that of the early 1980sDemand pressures on oil have been strong. Global consumption of oil rose from 30 billion barrels in 2004 to 31 billion in 2005. These consumption rates are far above new discoveries for the period, which had fallen to only eight...
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| GAIL wins Dun & Bradstreet Award |
| 2008-03-24 07:47:00 |
From EquityBullsGail India Ltd has announced that the Company has been selected as the top Indian Company in the Gas-Processing, Transmission and Marketing Sector for the Dun & Bradstreet Corporate Awards 2007. Dr. U D Choubey, Chairman and Managing Director, GAIL received the award on behalf of GAIL from Mr. Manoj Vaish, President & CEO, Dun & Bradstreet, India. This is the second time that GAIL has received this award.The corporate awards have been launched to recognize the twin virtues of size and growth in the top organizations of corporate India. The awards recognized the best organizations spread across various sectors such as Oil and Gas Exploration, Power Generation, Banks, Software and IT, Fertilizers, Cement, FMCG and others.GAIL is India's premier Natural Gas Company...
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| OPEC sees oil at $80-$110 in '08 |
| 2008-03-23 09:32:00 |
From the TimesOfIndiaPetroleum prices will range between $80 and $110 per barrel for the rest of 2008, OPEC President Chakib Khelil said on Saturday. Khelil, who is also Algerian energy and mines minister, told Algerian television OPEC was under "big pressures" from consuming nations who liked to portray the group as responsible for high oil prices, when in fact the market was responding to US economic problems and the falling dollar. "Prices will continue to be high, and the prices for the rest of the year will be between $80 and $100," he said .
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| Bear Sterns - Impact on Asian Electronics, ICSA |
| 2008-03-23 01:14:00 |
With the Bear Stearns issue having churned up the markets, bulk and block deals data from the two exchanges will continue to hold cues to further distress sales by troubled foreign investors. But with most of the big global names in i-banking circles under a financial cloud, it may be difficult to sift routine “sells” undertaken by FIIs, from the ones which signal big-ticket liquidation of “India” positions. Having said that, here’s an interesting flag for investors from the bulk deals data. LB India Holdings Cayman II — a Mauritius-based subsidiary of the fourth largest US investment bank Lehman Brothers, has also been a prominent seller in recent trading sessions. On March 17, it sold stocks such as Asian Electron...
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| Experts forecast the tumble in gold futures may be short-lived |
| 2008-03-22 10:54:00 |
From NewsOK.comGold prices tumbled to a one-month low Thursday, plunging after the dollar gained some muscle against the euro and hedge funds cashed in profits following the metal's record-setting rally above $1,000.Gold had staged a phenomenal run before this week's decline, gaining nearly 20 percent this year as investors snapped up the metal traditionally seen as a haven during economic uncertainty and rising inflation. Gold began losing steam after Tuesday's lower-than-expected Federal Reserve interest rate cut propped up the dollar, sparking a huge commodities sell-off from everything to copper to crude oil to grains. "People are reducing positions. It may be a quarter-end phenomenon, it may be a scaling back for leverage but the bottom line is, people...
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| Outlook for the Indian stock market |
| 2008-03-22 01:31:00 |
With the US banks still reeling and trying to contain the sub-prime fallout (Goldman, Lehman outlooks cut to negative), the effect on the Indian banks will be evident in the year end results. Already, banks like ICICI, SBI have admitted to losses and even companies like L&T have lost on hedging.Inflation has again reared it's head and threatens to sour the election chances of the ruling parties inspite of the budgetary largesse (dole-out) of Rs. 60,000 crores to the farmers. Inflation is now at nine month high on the back of high food prices and is now a cause of concern (Inflation little beyond comfort zone).The political scenario is uncertain and the industrial production has slipped to 5.5% with slowdown in the cor...
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| GAIL - Bonus in the offing |
| 2008-03-21 23:41:00 |
From Financial ExpressThe petroleum and natural gas ministry has asked GAIL (India) Limited to furnish details of its proposed plans to issue bonus shares to its shareholders. In its performance review by the high level inter-ministerial committee of the Department of Public Enterprise (DPE) under the ministry of heavy industries had in August 2007, GAIL had assured the committee that it would consider the issue of bonus shares and would discuss the issue at the level of its board of directors. The petroleum ministry has asked GAIL to furnish comments on the issue. According to DPE guidelines, CPSEs having reserves and surplus more than three times of their paid-up capital are expected to declare bonus shares. GAIL has not issued any bonus shares in the recent past. On a paid-up capital of...
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| Elecon Engineeering plans a Rs.400 crore buy abroad |
| 2008-03-21 08:46:00 |
From sify.com Gujarat-based Elecon Engineering Company Ltd, a maker of material handling equipment, industrial gear and transmission products, is scouting for inorganic growth opportunities in the windmill gearbox manufacturing segment overseas. A source said the company is looking for an acquisition either in the US or Europe in the range of Rs300-400 crore. The buyout would be funded through debt and equity dilution. According to the source, Elecon has also initiated talks with firms in ship fabrication for buyouts. Further, it plans to increase its exposure to the steel sector by bidding for modernisation projects. Hemendra Shah, CFO, Elecon Engineering told DNA Money, "We are analysing differen...
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| GAIL petrochem operations and revenues to be hit |
| 2008-03-21 08:42:00 |
From plastemart.comState-run gas utility GAIL (India) Ltd could see a potential deficit in its Rs 2,200 crore annual revenue as well as a cessation in operations at a key petrochemical complex. This could happen because of a decision by supplier Petronet LNG Ltd to stop gas deliveries and divert them to ONGC. 5 mln tpa of liquefied natural gas (LNG) will be diverted to ONGC's proposed petrochemical complex at Dahej, Gujarat. GAIL's Pata petrochemical complex in Uttar Pradesh, built with an investment of Rs 3,350 crore, requires around 8mtpa of gas. Failure to tie up an alternative source would imply that GAIL runs the risk of letting its capacity remain idle. The stakes are high for both GAIL and ONGC as no supplier is willing to offer international l...
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| Asian Electronics Clarifies on dispute with Global Trade Finance Ltd |
| 2008-03-21 08:38:00 |
From www.equitybulls.comAsian Electronics Ltd (AEL) has clarified with reference to the news item / ticker in electronic media (mainly in CNBC TV18) stating that a winding-up petition is filled by Global Trade Finance Ltd against Asian Electronics Ltd for alleged default of repayment of about Rs 2 crores.The Company has received a Notice Bearing No. Mum/9115/3241/2007 dated November 02, 2007 from the above party through their Advocates, M/s. Paras Kuhad Associates pursuant to the provisions of Section 433/434 of the Companies Act, 1956. The said Notice and other relevant papers were submitted to our Solicitors for taking suitable action.Since the matter is sub judice, we would not lik...
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