The Bombay Stock Exchange benchmark Sensex today ended past the 20K mark, gaining 338 points as buying support gathered momentum following the government's decision to allow trusts to invest in securities. The BSE barometer ended the day at 20,192.52, a net rise of 338.40 points or 1.70 per cent over Monday's close of 19,854.12. Reliance Industries, State Bank of India, L&T, Tata Steel, Reliance Energy and BHEL were among the major gainers. The broader S&P CNX Nifty of the National Stock Exchange also gained 85.65 points or 1.43 per cent to close at 6,070.75 from the previous close of 5,985.10 points. The government's decision to amend the Indian Trusts Act to enable trusts to invest in securities, including shares and bonds of listed companies, is expected to further boost the stock market, analysts observed.
Operators and Foreign Institutional Investors (FIIs) were engaged in short covering as well as rolling over positions to January series of derivatives as the current contract expires on December 27, market players said.The market sentiment was aided by a firm trend in Asian markets while European markets were closed for Christmas. The market-wide roll over was impressive in keeping with the trend in last four months, which have witnessed nearly 75 to 80 per cent rollover, they added.
Oil and gas, realty, PSU, metal, power, capital goods and bank shares attracted heavy buying interest. The mid-cap and small-cap shares were also in demand and scored sharp gains. As a result, their indices rose 2.5 per cent and 3.0 per cent respectively at close.
Source:- http://www.headlinesindia.com/business/index.jsp?news_code=66877
Thursday, December 27, 2007
Sensex up by 338 pts as buying gathers momentum
Jaipur Jewellery Show 2007 adds sparkle in Pink City
Jaipur, a major tourist destination in Rajasthan, is also a prime processing centre for coloured gemstone. Recently, it attracted jewellery aficionados from across the country during the 5th edition of famed Jaipur Jewellery Show(JJS). The biggest jewellery show of its kind in north-India, the four-day event exhibited a unique collection of gems, jewellery and diamonds. Organised to popularise emerald in the domestic as well as international markets, it started with a fashion show at Rajmahal Palace on last Saturday (December 22).
"The main aim is to promote colour stone jewellery, to bring out attraction for colour stone jewellery in common people and the promotion of the trade. We have tried to make the people aware of the various gems and about the specialty of every gem, through this show,” said Navratan Kothari, the organiser of the show.
“In this way, the consumption will increase and people will like it. It has been successful and response has been increasing every year,” Kothari added.
Organiser of the JJS noted that the effort was aimed to bring buyers, sellers, designers, manufacturers and traders under a common roof for trade promotion. According to the manufacturers and traders, the industry of gems and jewellery is witnessing fast changes as Indian buyers are becoming more design conscious.
Over the past couple of years, the preferential trends among the buyers have been white jewellery as compared to gold, which they used to purchase as an investment. And, it is said that shows like JJS play a vital role in displaying and exhibiting latest innovative styles and products.
"A big market for jewellery is developing especially in India. People are very much attracted towards diamond and colour stone jewellery. The trend of yellow gold is becoming outdated and the diamond jewellery, which was worn by exclusive people earlier, now can be bought by an ordinary man," said Virendra, an exporter.
The exclusive jewellery show was visited by various jewellery traders and admirers in big numbers from across the country. The theme of the 2007 edition of JJS was the eternal sparkling green coloured 'Emeralds'.
The 300 stalls lent the Jaipur Jewellery Show an exclusive touch displaying both plain and studded jewellery in a variety of metals and styles, as well as loose, coloured gemstones and diamonds, for which the region is known for.
Source:- http://www.headlinesindia.com/business/index.jsp?news_code=66884
Reliance Communications criticises spectrum allocation
Anil Ambani-promoted Reliance Communications (RCOM) on Wednesday lambasted the department of telecommunications (DoT) for its decision to follow the regulator's method for allotting spectrum or airwaves to operators. "DoT succumbs to private GSM operators' pressure tactics. Concessions to GSM operators are unnecessary and unwarranted," said Gaurav Wahi, spokesman of RCOM, in a statement.
RCOM had agreed to the allocation method envisaged by the Telecom Engineering Centre (TEC), DoT's technical arm, which was stricter than the recommendations given by the Telecom Regulatory Authority of India (TRAI).
"The committee set up by DoT, while recommending TRAI norms as an interim measure, has also opined that TEC numbers will substantially increase further if all the technology enhancements are taken into account," RCOM said.
"Private dominant GSM operators have already cornered excess spectrum of more than 50 MHz across circles. This concession is in the wrong direction," the statement added.
This comes after the DoT decided to accept TRAI's method of subscriber linked criteria and in multiples of 1 MHz to operators for which the former will be soon filing an affidavit in the telecom tribunal and also in Delhi High Court.
It is assumed that DoT's allocation of additional spectrum in 1 MHz tranch will unnecessarily put new entrants at disadvantage vis-à-vis incumbents as all incumbent private GSM operators have received allocation of spectrum in the past in tranches of 1.8 MHz or more.
The GSM operators were all this while getting additional spectrum in the multiples of 2.4 to 2.8 MHz. Thus reducing it to 1 MHz means additional investment.
Source:- http://www.headlinesindia.com/business/index.jsp?news_code=66897
Tuesday, December 11, 2007
FM admits UPA government's failure on two fronts
Finance Minister P Chidambaram on Sunday admitted that the performance of the United Progressive Alliance(UPA) government at the Centre was below expectation in two areas-one its inability so far to push forward further reforms in the financial sector, especially in banking, insurance and pensions, and second was its failure to improve the systems for the delivery of social security programs. Expressing the hope that these reforms would take place in the remaining tenure of this government, he said "the Centre has considerably increased the outlays on these programmes, but this has not yet translated into better outcomes." Â
Addressing a luncheon session on 'The Shifting Power Equation,' at the India Economic Summit 2007, organized by the Confederation of Indian Industry (CII) and the World Economic Forum, in the national capital the FM said the rigidity of the bureaucracy remains a hurdle in achieving more inclusive growth. He expressed happiness over the growth of Indian companies, both organically and inorganically, and called for creating a competitive environment to promote entrepreneurial skills in the country. Â
On an optimistic note, the Chidambaram said "India would acquire these advantages through its ability to produce goods and services at a lower cost, nimbleness of its entrepreneurs, the managerial talent, demographic advantage and the drive of its younger generation."He further added, through better policies, good governance and better implementation, "we can reap the benefit of our demographic dividend and not allow it to become a liability. Our water resources can also be managed better." He said India could accelerate the growth process if the stakeholders were willing to experiment with new models of delivering goods and services, instead of depending on old failed models. Â
Speaking on the global forum, Chidmbaram said "India has been playing a responsible and reasonable role. India was committed to keep its per capita emissions below the level of the developed countries." He admitted that India was lagging behind in achieving the millennium development goals but urged the world to help India carry forward its drive towards better health and education.
Source:- http://www.headlinesindia.com/archive_html/03December2007_64794.html
Exports up in Oct, may fall short of target
India's exports rose by a healthy 35.65 per cent in October, but Commerce Secretary G K Pillai on Monday said it may not be enough to meet the USD 160 billion target for the current fiscal. Exports stood at USD 13.30 billion in the month under review that also saw imports rise by 24.27 per cent to USD 20.79 billion, leaving a deficit of over USD 7 billion as against USD 6.92 billion in the year-ago period, as per trade data released. "If this (October) trend continues, we may achieve exports of USD 140-145 billion against the target of USD 160 billion," Pillai said on the sidelines of the India Economic Summit in the national capital.
India revised its export target to USD 160 billion in April after a surge in its currency vis-a-vis the US dollar. The Rupee has risen nearly 14 per cent in the last one year and is now trading at around 39.80 to a Dollar, hurting exports - particularly of textiles and leather.
Exports during April-October rose 20.89 per cent to USD 85.58 billion, while imports were up 25.31 per cent at USD 129.99 billion.
Source:- http://www.headlinesindia.com/archive_html/03December2007_64787.html
State Bank offers instant remittances
The State Bank of India (SBI) on Monday has launched an instant transfer facility that it says is the fastest way for members of the Indian community in Singapore to remit funds back to their homes. The bank said it has a network of nearly 10,000 branches. Remittance services offered by banks, usually take between 15 minutes and a few working days.
The bank said the instant transfer service would appeal to the 375,000 Indian expatriates in the city-state, primarily working in the construction sector. Indian workers remit on average $350 (Rs.13,800) each per month back to India.
Source:- http://www.headlinesindia.com/archive_html/03December2007_64784.html
Indian firms try new way to enter Nepal hydel sector
Repeatedly blocked by Nepal's political parties, Indian companies are now trying a different tack to enter the kingdom's potentially lucrative hydropower sector by forming joint ventures with Nepali counterparts. One of the most high-profile ventures is by Karnataka's GMR Group that despite being approved as the best bidder for two new hydropower projects by a committee was put on hold due to Nepal's unstable political environment. The committee was set up by the Nepal government to assess the contending companies.
Finally, with the parliamentary committee for water resources instructing the government not to award more than one project at a time to any foreign investor, GMR this month entered into an alliance with the Kathmandu-based Himtal Hydropower Pvt Ltd, buying 80 percent stake in the joint venture.
GMR is not the only Indian company to come up with the clever idea. Of the 13 other Indian companies that were also in the fray, like Reliance, others have also caught on. Noida-based Bhilwara Energy Ltd, among the contenders for hydel projects, is forming a joint venture with Nepal's Triveni Group.
Triveni holds the licence for developing the 20-megawatt (MW) Balefi in northern Sindhupalchowk district as well as the 57-MW Likhu-4 between Ramechhap and Okhaldhunga districts. The projects till last year were out of bounds for investors because of the Maoist insurgency. Triveni said that it intended to execute the two projects simultaneously and a survey had already started.
Asked if the joint venture could run into obstruction due to the strong distrust of foreign investors in the hydropower sector shown so far by the major political parties, the group said it did not foresee any problem since the projects would be executed in collaboration with a Nepali partner.
Bhilwara had eyed the much-coveted Upper Karnali hydropower project but did not make it to the shortlist of nine companies selected by the official team headed by former finance secretary Bhanuprasad Acharya. A consultancy that is part of the Bhilwara Group, the Indo-Canadian Consultancy Services, did a feasibility study on four potential projects in Nepal.
According to media reports, India's Everest Energy and Athena Energy are also exploring the feasibility of going into partnership with Nepali companies. Recently, Nepal's government hiked hydropower project licence fees in a bid to discourage non-serious companies who had acquired a licence but were sitting on it without beginning work.
The hike as well as the sizeable investment needed to develop a big hydel project makes it all the more attractive for Nepali firms to tie up with Indian companies.
Source:- http://www.headlinesindia.com/archive_html/03December2007_64764.html
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