SENSEX pullback rally

After an continuous fall in the indian stock market today witnessed smart pullback rally and got strengthened after Finance Minister and RBI clarifications on our present banking and financial system. This rally has been led by banking, capital goods, power, realty, telecom and oil sector stocks. Biggest contributors to this bounce back were second largest private bank ICICI Bank, HDFC, L&T, Telecom major Bharti Airtel, SBI, BHEL, Reliance Industries, HDFC Bank, TCS, NTPC and ONGC.

Benchmark indices had opened sharply lower due to steep fall in US markets, as US House of Representatives defeated the USD 700 billion bailout plan in a 205-228 vote but had managed to recover that loss immediately in early trade itself, as if it seemed like markets got factored in that news. Both indices remained strong through the day since then. European markets and US markets were up by 2%.

All these news were enough for the Indian stocks to get temporary pullback from the new lows of 2008. The Sensex closed with a gain of 264.68 points or 2.10% at 12,860.43 after hitting an intraday low of 12,153.55. It was trying to touch 13000 mark in late trade but sell off at higher levels failed to test that mark. It has touched a high of 12,995.20.

The Nifty has clawed back about 3900 mark. It rose 71.15 points or 1.85%, to settle at 3921.20. It has hit an intraday high of 3966.85 and low of 3715.05.

Ashok Leyland Joint Venture with US-based John Deere

Ashok Leyland Ltd, and the US-based agriculture and forest equipment major John Deere have set up a 50:50 Joint Venture(JV) to manufacture and market construction equipment. "The detailed business plans are being worked out. It will be a greenfield project and the location is not yet finalised," Ashok Leyland MD R. Seshasayee told reporters here Tuesday.

They have not given any details about the financial particulars about the joint venture.

Ashok Leyland John Deere Construction Equipment Ltd, is planning to commence production by 2010. First of all they are going to manufacture loaders such as backhoe loaders and four-wheel drive loaders will be rolled out and later other products like dozers will be manufactured.The vehicles will be jointly branded as Ashok Leyland-John Deere.

imedia investing $10 million in compact disc india

Integrated media(iMedia) and entertainment company Compact Disc India (CDI) on Tuesday said content developer iMedia Ventures will invest $10 million in the company and is interested to pick up 15 per cent stake in it.

Compact Disc India(CDI) filing to the Bombay Stock Exchange and and stating that iMedia Ventures has offered to invest $10 million (about Rs 47 crore) in the company's expansion projects.

Further, iMedia Ventures have also shown interest in buying 15% equity shares in Compact Disc India(CDI). These offers would be considered in the next meeting of the board of directors to be held during October.

Texmaco announced 19% dividend

Texmaco is a K K Birla Group engineering company, has announced 19% dividend for workmen for the year 2007-08, as against a 15% bonus last year 2006-07.

The dividend to the equity shareholders was raised to 75% for FY08 against 40% in the preceding fiscal. The company recorded 101% rise in net profit during the Q1 of the current fiscal at Rs22.82 crore, compared to the same period last year, on the back of its heavy engineering division.Sales grew up by 46% on a year-on-year basis to Rs 280.43 crore.

Essar steel holdings investing $4 billion

Essar steel holdings is going to invest more than $4 billion in north america.Already they have acquired Algoma in Canada and Minnesota Steel in the US, as well as greenfield plants in Trinidad & Tobago.The ground breaking ceremony was happened today at minnesota and the chairman Ruia told currentlt this company employs 8000 peoples.Minnesota was acquired in 2007 and has more than 1.4 billion tonnes of iron ore in the Mesabi range.Ruia said, We are excited about starting this project. Today’s groundbreaking is another step towards our goal of building a large presence in the steel sector in the Americas.

Sensex ends with a positive

In a roller-coaster ride during the week under review, some positive developments at the fag-end of the week helped the benchmark Sensex to rebound from early sharp losses, ending with a gain of over 41 points.
Steps taken by US policymakers and other top central banks globally to pump billions of dollars to revive the scary financial system and positive statements by the local government, assisted the Sensex to recover from a nine-week low of 12,558.14 points to close the week above the 14K-level.
Marketmen said morale-boosting signals from New Delhi after a Cabinet meeting, chaired by Prime Minister Manmohan Singh, also boosted investor sentiment.
The PM's caution came during the Cabinet Committee on Economic Affairs meeting after Finance Minister P Chidambaram briefed about the financial crisis in US while stating the Indian economy was not affected by the developments.
Tracking global trends which rallied after regulators in the UK and US halted short-selling in financial stocks on late Thursday, boosted the badly battered investors' confidence which had touched rock bottom after the collapse of investment bank Lehman Brothers and distress sale of Merrill Lynch.
In the week to September 20, the Bombay Stock Exchange 30-share barometer recovered its early losses sharply to end the week at 14,042.32 points, a mere rise of 41.51 points or 0.30 per cent over the previous weekend close.
Similarly, the 50-share Nifty of the National Stock Exchange also recouped by 16.80 points or 0.40 per cent to close the week at 4,245.25 points from the last weekend close.
RIL, ONGC, HDFC Bank, HDFC, SBI, Bharti Airtel, ACC, Tata Motors, NTPC, Maruti Suzuki and Tata Powers were the major gainers from the Sensex pack, while Ranbaxy, DLF, Jaiprakash Associates, Grasim, Hindalco, ICICI Bank, Reliance Com, REL Infra, Satyam Computer, Sterlite, Tata Steel and TCS suffered a sharp to moderate setback.
Reflecting a rally in some of the refinery and banking counters, the BSE-Oil&Gas index rose by 351.98 points or 3.86 per cent and the Bankex by 80.66 points or 1.15 per cent.
Although a battered realty segment attracted good buying support on Friday, it was the biggest loser from the sectoral indices. BSE-Realty index tumbled by 591.08 points or 12.59 per cent followed by the BSE-Metal by 847.83 points or 7.79 per cent and the BSE-CD by 264.21 points or 7.39 per cent.
Depicting a heavy sell-off in small-cap and mid-cap counters, BSE-Smallcap index plunged by 495.55 points or 7.38 per cent and the BSE-Midcap by 308.36 points or 5.57 per cent.
The broad-based BSE-100 Index declined by 58.60 points or 0.80 per cent to end the week at 7,285.77 points from 7,344.37 points.
The BSE-200 Index and the Dollex-200 were also quoted further lower at 1,695.81 and 611.44 at the weekend compared to last weekend's close of 1,1717.28 and 626.44 respectively.
On the NSE, the S&P CNX Defty eased by 21.50 points or 0.67 per cent to close the week at 3,189.80 from 3,211.30 last weekend and the CNX Nifty Junior also ended the week down by 251.25 points or 3.67 per cent to 6,591.55 points from previous weekend's close of 6,842.80 points.
Among the sectoral indices, the BSE Metal Index nosedived by 904.35 points or 7.67 per cent to 10,881.42, the BSE Realty Index by 285.54 points or 5.73 per cent to 4,693.72, the BSE CD Index by 211.00 points or 5.57 per cent to 3,575.28 and the BSE Oil&Gas Index by 536.24 points or 5.56 per cent to 9,116.44.

Rupee weaken may affect asian markets

Rupee eased on Wednesday as weak regional stock markets raised concerns of more capital outflows. for the past one month rupee fallen drastically with dollar($) now it is going to touch 45. it will not be good for asian markets already asian markets are in volatile movement due to several factors.At 9o clock the partially convertible rupee was at 44.88/89 per dollar,Tuesday's close of 44.84/85.and it hit an intraday low of 44.93 on Tuesday, the same situation happened in late November 2006.According to the sources, the rupee had fallen 0.62% this week, taking losses in September to 2.2 percent. It is down 12.3 percent in 2008 after gaining more than 12 percent last year.

Additional 5% duty on iron ore to reduce steel prices

The steel ministry has recommended an additional 5% duty on iron ore exports in a bid to reduce domestic prices of steel.We have suggested that export duties on iron ore be raised by another 5% over the present level of 15%,steel minister Ram Vilas Paswan said on the sidelines of a function at MSTC Ltd on Tuesday.
The ministry is planning either banning the export of high-grade iron ore or raising export duty on it.
Even in the international markets steel prices has been reduced drastically so our domestic players should think of it. we have enough iron ore in our country for our captive use
Paswan said his ministry has made a recommendation to the finance ministry, which is currently studying the proposal. On steel prices, Paswan said steel companies have no justification to increase prices if they have a profit margin of 15%.

No merger with UPS : DHL

Package delivery Giants DHL and UPS Inc on Tuesday defended their agreement for UPS to assume flying for struggling DHL in North America, telling Congress the plan would not hurt competition."It's not a merger and it's not anti-competitive," DHL Express Global Chief Executive mullen told.
"We believe this will leave us a viable competitor, preserving competition in the marketplace," Mullen said.
UPS hopes to add $1 billion in revenue, under the 10-year agreement. DHL plans to pay $260 million in severance and benefits to affected employees.

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