Sensex up by 499 pts in muhurat trading

After a huge loss in indian stock market it took a break to celebrate Diwali on Tuesday(oct28). The stock market stepped into the new year on a positive note, with the Sensex trading its highest Muhurat-day gain of 499 points.Tuesday’s 499-point spurt, in fact, was the biggest Muhurat day gain recorded by the Sensex. The index had fallen 151 points at the beginning of Samvat 2064 on November 9, 2007. While brokerage houses have started buying, some support came from domestic institutional investors,FII's not participated actively according to market sources.

Firm Asian markets and Dow futures may have boosted the Indian indices, but the undertone remained extremely cautious on the day that marked the beginning of the trading year for the Gujarati community, Samvat 2065.Indian stock market is depends on how the US market behaves over the next few days. On Tuesday, the Dow opened in the green. Elsewhere in Asia, key markets rebounded smartly, with the Hong Kong’s Hang Seng climbing 15%, because of the two-day US Fed meeting starting Tuesday. The US banking regulator is expected to cut rates.

Singapore’s Straits Times, South Korea’s Kospi and China’s Shanghai Composite rose between 2% and 6%.

Among the Muhurat day favourites were beaten down realty and metal stocks. The BSE Realty index shot up nearly 10%, followed by metal, power and capital goods indices, which jumped 7% each on Tuesday.
M & M led the pack of biggest Sensex gainers, with a 13% spurt, followed by Jaiprakash Associates (up 11.5%), Hindalco (up 11.2%) and Tata Motors (up 10.8%). Buoyed by smart gains in global markets, the Sensex opened on a bullish note with a gap of 450 points and rose to an intra-day high of 9,057, before ending at 9,008, with a gain of 499 points, or 5.9%.

SEBI has hiked acquisition limit to 75% from 55%

The Securities and Exchange Board of India, or Sebi, has hiked the creeping acquisition limit to 75% from 55% shareholding.Promoters could earlier not do creeping acquisition beyond 55%. Now, they can buy up to 5% every year till the 75% limit is hit. The market regulator said creeping acquisition beyond 55% will only be through open market normal segment and not bulk deals. There will be an automatic exemption up to 5% increase in shareholding of promoters after the company buy back.

Suzlon drops rights issue plan

Suzlon Energy Ltd, India’s biggest wind-turbine maker, suspended its plan to raise money by selling shares to existing shareholders after a slump in stock markets across the world. The Indian benchmark share index has fallen 58% this year.In view of the current capital market environment, it has been decided to suspend the rights issue, Suzlon said in a release to the Bombay Stock Exchange(BSE) on Monday.
Suzlon shares turned positive after the announcement, before ending 0.6% lower at Rs46.95 in a Mumbai market that fell 2.2%.Suzlon had struck a deal in September to buy Martifer’s 22.48% stake in Repower for nearly $400 million, which would have taken its holding to 90% by December.Suzlon shares have dropped 88% this year.The move to drop the rights issue won’t hamper the plans of the company, Suzlon said.
"Since the rights issue was planned to further accelerate the original plans of the company, the proposed suspension shall not impact the original plans," the company said.

Cost of Telecom spectrum is 10 times more than usual

The cost of getting telecom spectrum from the defence forces has risen upto 10 times significantly from the estimates worked out more than two years ago.The Department Of Telecommunications (DoT) must foot a bill of around Rs14,000 cr to set up an alternate optic fibre communications network for the defence forces, up from the initial estimate of Rs1,200 cr that was subsequently revised to Rs 5,000 crore.

Spectrum is a scarce natural resource essential for providing quality mobile telephony service.The group of ministers (GoM), which was constituted in 2007 for vacation of defence spectrum, is expected to meet this week to find a solution to the long-pending issue. DoT is expecting 30 MHz of 3G spectrum and 20 MHz of 2G spectrum from the defence.The increase in cost for getting the unused spectrum vacated from the defence forces may act as a major roadblock for the entire telecom sector, and introduction of 3G (third generation) services in particular. According to a government announcement, the auction process for starting 3G telecom services in India is likely to begin by the end of this year 2008.

Start buying the stocks at this lower level

the Sensex is hovering around 8250 after having recovered partially from the day’s low of 7,697 points. During january 2008 sensex is in a range of 20,000. But now indian stock market collapsed,not only indian stock markets,Global markets were also dipped into a new low. Don't be panic in this situation, stop trading and start investing this is what policy every big investors are following. so start buying the good stock at this lower level and hold it for 6 months to 1 year. you may have purchased some stocks at high rates, now you can buy the same stock more quantity to averagr the stock. so that you can come out of that stock very quickly.

The market fall is on account of FII selling. It is not connected with the health of our economy. Yes, the Western economies are in trouble and investors there are in a state of panic. Their governments and central banks are taking strong measures to address the situation.

Price hike from LG Electronics

LG Electronics India has decided to hike prices of its products in almost all categories from Nov1 to offset the sharp depreciation of rupee against the dollar.
"We have decided to hike prices from November 1 ranging from up to 5% across almost all product categories, as we are unable to take further hits on account of rupee depreciation," LG Electronics India Head (Electronics) Amitabh Tiwari told Press.

"We will be increasing the price of CTVs by 3.5%, washing machines and refrigerators by 4%, while that of LCDs would remained unchanged as the price decrease benefit will get offset with rupee depreciation. Otherwise prices of LCDs would have decreased by about 7%," Tiwari said.

Rupee depreciation took the Indian currency past the 50 mark against the dollar.Tiwari said the previous production cost was based on the average dollar cost of Rs 43 and it was impossible to absorb it further."With this round of price increase, we will be able to cover the average dollar cost to Rs 49," he said.the company said it continued to be bullish on India and had recently announced plans to invest USD 50 million to enhance its manpower and R&D by 2009.

Sesa Goa Ltd Q2 Results

Sesa Goa Ltd has announced a net profit after tax of Rs 3060.80 million for the quarter ended September 30, 2008 as compared to Rs 821.40 million for the quarter ended September 30, 2007. Total Income has increased from Rs 3492.10 million for the quarter ended September 30, 2007 to Rs 8767.60 million for the quarter ended September 30, 2008.
Sesa Goa has posted a net profit of Rs 3366.20 million for the quarter ended September 30, 2008 as compared to Rs 931.00 million for the quarter ended September 30, 2007. Total Income has increased from Rs 4005.50 million for the quarter ended September 30, 2007 to Rs 9211.20 million for the quarter ended September 30, 2008.

Sundaram Clayton board meeting and new proposals

Sundaram Clayton Ltd has informed Bombay Stock Exchange(BSE) that the Board of Directors(BOD) of the Company at its meeting held on October 20, 2008, in that they have taken the following decisions:

1. Merger of wholly owned subsidiary with the Company:

a draft Scheme of amalgamation of the wholly owned subsidiary, M/s. Auto (India) Engineering Ltd (AIEL) with the Company. The salient features of the Scheme are as follows:

- Acquisition of assets and liabilities together all rights, duties, obligations of the wholly owned subsidiary of the Company, namely Auto (India) Engineering Ltd (AIEL) by the Company on the Appointed date.

- Cancellation of the entire investment of Rs 5.00 lakhs held in the wholly owned subsidiary, namely AIEL by the Company;

- Dissolution of AIEL without the process of winding up in terms of the said scheme; and

- Continuance of legal obligations of the respective Companies involved under the Scheme;

2. Amendment of object clause through Postal ballot

a proposal to amend the main objects of the Memorandum of Association of the Company by inserting a specific clause for entering into new field of activity viz., internal combustion engines, subject to the approval of the shareholders of the Company through a postal ballot.

Oil companies relaxed the credit period for Airlines

The group on Wednesday gave domestic airlines more freedom on the issue of fuel supplies from state-owned oil marketing firms such as BPCL,IOC,HPCL etc.. and also they have warned against sacking employees(the one which happend with Jet Airways).At a meeting of representatives of airlines and oil company executives, called by oil minister Murli Deora and attended by aviation minister Praful Patel, oil firms agreed to increase the credit period from two months to three and the airlines agreed to clear the accumulated dues in equal instalments by March.But there won't be any reduction in the fares for fliers. "Why should we cut fares when we are losing money?" said industrialist Vijay Mallya but expressed satisfaction with the meeting's outcome.Kingfisher,Jet Airways and Air-India who owed heavily to oil marketing firms.

Opto Circuits fixed Record Date for Bonus Issue

Opto Circuits (India) Limited, India’s leading manufacturer of medical diagnostics and interventional products, During April 2008 has successfully completed acquisition of Criticare Systems, Inc, a leading US-based healthcare company. Criticare Systems, Inc.
Now Opto Circuits India Ltd has informed Bombay Stock Exchange(BSE) that the Record Date for the purpose of issue of Bonus shares in the Ratio of 7:10 (Seven Bonus share for every Ten Equity shares held) as approved by the shareholders at their Annual General Meeting(AGM) held on September 30, 2008 is fixed on November 04, 2008.

ICICI Bank wants SEBI to take action against rumours

ICICI Bank has filed the petition to SEBI to check if there was a concerted attempt to hammer its share price. A senior bank employee said that the country’s second largest bank ICICI bank has approached the market regulator SEBI during the last fortnight after rumours started surfacing about the bank’s overseas exposure and a run on its deposits.

In the past two weeks rumours prompted the peoples to withdraw their money from its offices and ATM's. First it happened in tamilnadu some two weeks back ago and this rumours spread all over india.Managing Director & CEO KV Kamath on Tuesday issued a statement saying the bank is well capitalised and financially sound "It has a networth of over Rs 47,000 crore and a capital adequacy ratio of 13.4 per cent on June 30, 2008, as against the regulatory requirement of 9 per cent.This reflects the healthy capital position and comfortable level of leverage. Its banking and non-banking subsidiaries are also well-capitalised," the ICICI bank added.

Page Industries interim dividend details

Company:Page Industries Ltd

Scrip Code:532827

Page Industries Ltd has informed Bombay Stock Exchange(BSE) that a meeting of the Board of Directors(BOD) of the Company will be held on October 25, 2008, inter alia, to consider the following:

1. To discuss about the Unaudited Financial Results for the quarter ended September 30, 2008 and

2. To consider declaration of second Interim Dividend to the Equity shareholders of the Company for the year 2008-09.