Not only Indian stock markets, the whole Asian stock markets itself falling down consecutively due to Global economy, US Dollar rise, and etc..The markets ended lower with the US dollar continuing to witness steady safe haven buying which leads to further rise constantly. So the commodity market got affected due to this. The US dollar rose to a fresh 6 weeks high. European Central Bank official for more economic aid announced that the region's deficit crisis may take longer to solve. Once after this news the global market went down.
Posted by Arun jeevan at 8:06 PM
After annual review of the Foreign Trade Policy release meeting, Commerce and Industry Minister Anand Sharma announced “The ban on export of wheat and non-basmati rice will stay for now” no plan to lift the ban. Actually wheat export banned in early 2007 and non basmati rice in 2008 due to high inflation in India. Apart from this government would continue to restrict exports of certain food items such as pulses and oilseeds.
As on June 30 2010, government agencies had 163.93 lakh tonnes of rice and 112.87 lakh tonnes of wheat. In the same period last year, the rice was at 138.46 lakh tonnes and wheat was at 101.37 lakh tonnes. Still, our domestic requirement itself its too high and so no plan to lift the ban on exports of these food items.
Maruti Suzuki’s chairman RC Bhargava said “Maruti Suzuki is planning to concentrate on domestic markets to increase there business in India and the exports will be decreased to 15% of overall production”. During April-July this fiscal, the company exported 50,558 cars, which amounts to around 15% of its total output.
As per Maruti Suzuki MD Shinzo Nakanishi, the company’s business view on the domestic market is huge and he forecast that the passenger car market in India would double in the next 5-6 years. “We share the optimism about India in the medium term. Indian passenger car market will double in the next 5-6 years. There is even an outside chance of a China-like boom in the Indian car market,” he said.
As per Society of Indian Automobile Manufacturers Association (SIAM) shows Maruti’s market share decreased below 50% for the first time in April-July this fiscal, to 47.68%, with total sales of 2,82,488 units. The company's market share stood at over 53% in the same period last year, selling 2,33,811 units.
Maruti Suzuki’s market share went down because of other small cars such as Ford’s Figo, General Motors’ Beat and Volkswagen’s Polo. Even though Maruti Suzuki is introducing various new cars to retain 50% of the market share, still they were not able to achieve it. Maruti is also developing an R&D centre at Rohtak for which 700 acre has already been acquired. “The number of design engineers increased to 958, as planned,” Bhargava said. The expenditure incurred by the country's largest carmaker on research & development (R&D) increased to Rs 173 crore in 2009-10 from Rs 91 crore in 2008-09.
In 2000, Deepak Fertilizers and Petrochemicals Corporation Ltd opened a new nitric acid plant with an annual Capacity of 1 lakh tonnes at Taloja in Maharashtra. After that they had meeting and planned to invest R 100 cr. In 2002, Board approves for the buyback of equity shares up to 10% of its paid up capital and free reserves. Mr A C Mehta appointed as the additional Director and D C Mehta ,MD is elevated to the position of Vice-chairman and in his place Shri S C Mehta has been appointed as the MD.
During 2003, it gave buyback options of equity shares and closed on January 20. they announced Knight Frank as its real estate consultant
Board approved 6MW capacity cogeneration capitive power plant.In 2004, - It has informed that the company has entered into License Agreement and related contracts with Aker Kvaerner Inc., Houston, USA, for manufacture of 70,000 MT per annum Isopropyl Alcohol (IPA) at the plant at Taloja, Mumbai. The total outlay for this project is estimated to be Rs. 2,000 million. In 2010,it informed that Shri Pranay Vakil has joined the Board of Directors of the Company
Deepak Fertilizers was incorporated as a private Ltd company on 31st May 1979, then converted into a public company on 14th June, 1979.They are manufacturing anhydrous liquid ammonia which is a heavy Chemical & fertilizer. Initially it has been promoted by Deepak Nitrite Ltd and C.K Mehta. The Company entered into an agreement with US Company Fish International Engineers Inc (FISH) for the supply of process design and completes basic and detailed engineering within the ammonia plant battery limit including all equipment specifications for purchase and supply of data for off sites.
Indian government is planning to reduce its stake holding from 59 % to 51% in State Bank of India. Bill has been approved in the parliament for the same on Thursday. This will help them to raise capital.” This bill (SBI Amendment 2010) also seeks to enable the SBI to issue bonus shares," Finance Minister Pranab Mukherjee said while replying to a discussion on the bill. This would also lead the bank to raise funds through preference shares, rights issue, preferential allotment or private placement of shares. Performance of the bank has so far been reasonably good, and there was no plan to bring down the government stake in the bank further. The government will not weaken its majority stake in the bank, he added.
India’s largest bank State Bank of India, which has 4,496 branches across the country and about 0.2 million employees in total, reported a 25% rise in quarterly profit on Thursday, beating forecasts.
SBI's stock closed up 6.9 % at Rs 2,784 after the 2011 Q1 results, in Bombay Stock Exchange
Government of India has set August 31 as the deadline for Canadian Blackberry manufacturer Research In Motion (RIM) to come up with a solution after high-level meetings in India today to decide on possible suspension of encrypted BlackBerry services over national security worries ended "inconclusively". If they do not come up with a solution its services are likely to be banned in the country. As of now no final decision made after the meeting between home ministry and intelligence agency.
Government officials said RIM was not present at today’s meeting, which was also attended by state-run telecom operator BSNL, DOT officials and government security technology specialists.
India’s one of the best laboratories Ranbaxy reported a 52% fall in Q1.currency volatility is one of the reasons for this fall in profits, so Managing Director and chief executive Atul Sobti are departing from Ranbaxy laboratories. President of the company Arun Sawhney will takeover Managing Director place.
Ranbaxy reported an Q1 net profit of $72 million compared with a profit of $139 million in 2010 Q1. This is due to large foreign currency gains in the June 2009 quarter, which didn’t happen this year as expected, said Bino Pathiparampil, an analyst at Mumbai's IIFL Capital.
As per Bino, this was less than expected, reflecting bumper U.S. sales of Ranbaxy's generic version of Valtrex, a blockbuster herpes drug made by GlaxoSmithKline.With out US business they could have not reached this level, IF US markets were not there for Ranbaxy, then the profit could go down further.
The stock closed down 0.5 %, at Rs 445.2 ($9.5) a share, on the Bombay Stock Exchange (BSE) in an flat market.
The Government of India has asked Black Berry Manufactures Research In Motion for permission to access encrypted messages in times of emergency, As per Indian law, all Network operators or services providers have to comply with the common rule, the official said. But they have not agreed for that it seems and the Indian unit of Research In Motion had earlier said the use of "strong" encryption in wireless technology isn't unique to the BlackBerry platform and is a mandatory requirement for all corporate wireless email services. Apart from India, few more countries were about to ban blackberry including Saudi Arabia. But in later point of time they announced that the blackberry complies with their regulations, so they are not going to ban in Saudi. Aug 12th i.e today, Thursday's meeting between officials of India's Ministry of Home Affairs and the Department of Telecommunications(DOT) to discuss security concerns related to BlackBerry services ended "inconclusively", a DoT official said.India concerned about RIM's BlackBerry services as security agencies can not monitor the encrypted communications. so terrorists may use the services. This issue be resolved by DoT and Indian home ministry, which is in charge of internal security in india.
Today in Indian stock market, SENSEX went up during market opening itself. All the global markets such as European markets, France's CAC, Germany's DAX and Britain's FTSE were trading in the positive trend. But still selling is happening in the main stocks Reliance Industries, Infosys, Wipro, ITC, Sterlite, Bharti, HDFC Bank, SAIL, TCS, NTPC, M&M, Ranbaxy and BHEL, which are trading in positive.
State Bank of India(SBI)India's largest bank reported better-than-expected results on Thursday, After the announcement of SBI’s 25% net profit results, the stock went all time high. It has reported net profit of Rs 2,914 crore, a growth of 25.04% and net interest income jumped 45.36% to Rs 7,304 crore on year-on-year basis. CNBC-TV18 was expecting net profit at Rs 2,450 crore and net interest income at Rs 6,646.3 crore. Net non-performing assets (NPAs) improved to 1.7% versus 1.55% and the bank made provisions for NPAs at Rs 1,733 crore in Q1 as against Rs 1,344 crore. It went up by 5% and was the top gainer as well as top traded stock on BSE and NSE. Among other financial stocks, Axis Bank was up 2% and ICICI Bank up 1%. PNB, Kotak Mahindra Bank and IDFC gained 0.5-0.9% while HDFC Bank fell 0.8%
In Indian stock market, SENSEX went down 150 points today(Aug11th 2010-Wednesday), The following things are the reasons for bearish market
1) US Federal Reserve report
2) Japan’s and Chinese industrial export data.
Today’s SENSEX index of the Bombay Stock Exchange (BSE) closed at 18,070.19, down 0.82 % which is around 150 points from the previous day close. In the morning during opening of the market itself Sensex was in red at 18,177.35 and further went down to a low of 18,042.89 points. The index touched a high of 18,263.88 points in the intra-day trade. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed 0.73 percent or 40.10 points down at 5,420.60. After opening flat at 5460.70, the index plunged to a low of 5,412 from a high of 5474.60.
India's top mobile operator Bharti Airtel, on Wednesday announced a 32 % fall in quarterly profit, including its African operations which bharti acquired in June for $9 billion.
Southeast Asia's top operator SingTel owns 32% stake in Bharti and its net profit fell to 16.82 billion rupees ($361.7 million) for its first quarter ended June 2010, from 24.75 billion rupees last year.
Bharti acquired the African operations in June from Kuwaiti telecoms group Zain in a $9 billion deal to become the world's fifth-biggest mobile operator. Bharti has 635 million subscribers in which 137 million users in India. Bharti subscribers are present in Bangladesh and Sri Lanka also, though the operations are small compared with India.
Tata Teleservices Ltd launched an aggressive tariff plan for pre-paid subscribers of its CDMA brand Tata Indicom. As per this scheme the STD rate at 30 paisa/minute across networks for 600 minutes in 30 days i.e 1 month. Almost all the network operators are charging 50 paisa/ minute. This will make more new subscribers for Tata those who make frequent STD calls.
Sanjeev Khera, chief operating officer - Karnataka regional head - south, TTSL said the new plan, Ulta, was aimed at increasing STD callings and pushing up its market share. Now Tata Indicom currently earns just 20% of its voice revenues from STD calls. The rest 80% comes from local calls.
“We expect a substantial leap in STD callings through this plan. It will also help us expand in new markets,” said Khera.