Happy Holi to everyone, globally stocks are playing with GREEN COLOUR today!
US Stocks Surge; DJIA Has Biggest Gain since November +379Points, Stocks finally break out of their doldrums as hopes that banks were finding their feet taking the Dow Jones Industrial Average up 379 points, its biggest gain since Nov. 21. The S&P 500 jumps 6.4%. Financials explode after Citi says it has a profit two months into the year. Its shares jump 38%.
Federal Reserve Chairman Ben Bernanke outlines steps he thinks would help avert future financial crises, as policymakers address the worst crisis since the 1930s. He also says that if the U.S. banking system stabilizes the recession should end later this year.
The Tata Group has been ranked as the most trustworthy Indian company on financial reporting, in a poll conducted among domestic investors, The poll, conducted by equity research firm Equity master, ranked Infosys Technologies second, followed by HDFC Group, Larsen & Toubro and Aditya Birla, the PTI said. The poll was carried out to gauge the level of doubt about the financial statements of Indian companies after the scandal at Satyam Computer Services Ltd came to light in January, the PTI reported.
Car sales went up by 21.8% in February 2009 to 115,386 units, from 94,757 units in the same month last year. Motorcycle sales in the country during the month was up by 15.6% at 491,462 units, against 425,089 units in the year-ago period, according to the figures released by the Society of Indian Automobile Manufacturers (SIAM). Total two-wheeler sales in February increased by 16.2% to 630,849 units compared with 542,757 units in the same month last year. However, commercial vehicle sales during the month decreased by 31.7% to 31,069 units, from 45,478 units during the year-ago period, SIAM said.
TCS has bagged a multi-year contract from Infineon Technologies AG (IFX), a semiconductor manufacturer.
SBI spends Rs 175cr to beef up its ATM network to 12,000
STD and local calls tariffs for mobile users are set to come down by up to 20% from April 1 onwards. Telecom regulator TRAI on Monday directed that termination charges be slashed by upto 33% to 20 paise per minute. Overseas calls to India will also become more expensive from April 1. TRAI has allowed Indian telcos such as Bharti Airtel, Vodafone Essar, Reliance Communications, Idea Cellular and Aircel to charge foreign telcos more for terminating overseas calls in India. Indian telcos can charge foreign operators 33% more for all incoming calls that terminate in India. So far, Indian regulations did not allow telcos to charge more than 30 paise per minute for bringing calls into India, but TRAI has now increased it to 40 paise per minute.
THE Reserve Bank of India (RBI) may soon relax the prudential norms for power sector finance companies such as Power Finance Corp (PFC) and Rural Electrification Corp (REC) to enable them to lend more. It may also increase the exposure limit of banks for the power sector non banking finance companies (NBFC) to help them fund a large number of projects. The move is part of a booster package being worked out by the government for the power sector. The sector faces acute shortage of funds to carry out targeted investment of over Rs 10 lakh crore during the 11th Plan (2007-12).
Reliance Industries has resolved almost all issues with fertiliser firms, who are first in line to receive natural gas supplies from the Mukesh Ambani-run company's prolific KG-D6 fields, and is likely to sign gas supply agreements this month.
"As per the information received from CPSEs (Central Public Sector Enterprises), the turnover (during April-September 2008-09) is likely to grow by about 36% over the corresponding period last year," according to the Minister of Heavy Industries and Public Enterprises, Santosh Mohan Dev. This is significant as the turnover of the CPSEs during the whole of 2007-08 went up by 12.13% to Rs 10.82 lakh crore.
Bharti Airtel added 2.73 million mobile users in February, industry data showed Tuesday. Bharti's total mobile phone user base has grown to 91.11 million subscribers at the end of February, according to data released by Cellular Operators' Association of India. Vodafone Essar added 2.58 million mobile phone users over the month taking its total subscriber base to 65.92 million at the end of February. BSNL added 1.51 million mobile phone users, taking its total subscriber base to 44.18 million at the end of February. Idea Cellular added 1.50 million users and had 41.52 million mobile phone subscribers at the end of February. MTNL added 80,772 new mobile phone users in February with a total subscriber base of 4.08 million.
Tech Mahindra is in talks to buy Bangalore-based telecom solutions provider Sloka Telecom, Sloka Telecom has put up a price tag of INR300 million-INR350 million ($5.8 million-$6.8 million) but there has been no final agreement.
Blue Star Ltd has been awarded the contract for the air-conditioning of terminal building at the Raipur Airport. The order is valued at around Rs 8.5 crore. This is 13th airport order bagged by Blue Star- together valued at Rs 82 crore.
Godrej Industries has increased its shareholding in Godrej Consumer Products since June through open market purchases and by buying shares from other group companies. Godrej Industries, GCPL's holding company, has acquired an additional 2.5% stake from group firms including Godrej and Boyce Manufacturing Co. and Godrej Investments. Godrej Industries bought 3.4 million shares from GBMC for INR430 million ($8.4 million) through a block deal on the BSE last week, and purchased another 150,000 shares from the open market between November 2008 and March 2009. http://economictimes.
The Tata Steel acquired Anglo-Dutch steelmaker Corus is on track in meeting its target of saving œ600 million by March, Mr Koushik Chatterjee, Group Financial Officer of the company, said here on Tuesday. "The cost saving measures is on track at Corus in line with the target,'' he told newspersons on the sidelines of a seminar organized by the Confederation of Indian Industry. He, however, did not quantify the amount achieved so far. The company had reduced production by 40 per cent and is continuing to produce at the same level, he said. The Tata Steel Managing Director, Mr B. Muthuraman, had said last month, ``Corus is going to save something like œ600 million between now and the end of the year through cost reduction, product mix changes, by conserving cash, and working capital reduction".
Bajaj Auto is preparing to compete in the top and bottom ends of the global motorcycle market - segments where it has been unable to compete till now, In order to do this, Rahul Bajaj said he is doing two things: developing a new brand to take on his prime competitor, bikes from China, for the 14 million bikes a year sold at the bottom of the market; and taking a larger stake in KTM Power Sports AG (KTM.VI), at the top-end of the motorcycle market. The company has increased its stake in KTM to 30% and "in future, Bajaj will take a larger position in KTM," the Web site quoted Bajaj as saying http://www.business-standard.