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‘Stock markets not to fall further’
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Russia silent on OVL’s Imperial Energy buy
Small-car market set for big push
First civilian air show in Hyderabad from Oct 15
Posco, ArcelorMittal seek speedy allocation of iron ore mines
Cadbury recalls chocolates made in China
Britannia to consolidate nutrition segment
Rupee hits 47-level
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Sensex plunges 506 points
Mumbai, September 29 In the broader markets, the Nifty closed at 3,850, down 3.4 per cent, or 135 points. Among the major losers today included frontline stocks like Hindalco, Tata Steel, DLF, RCom, Ranbaxy, TCS, Satyam, JP Associates, and ICICI Bank, which plunged to new 52-week lows. Only Hindustan Unilever, which has been lagging through most of the bull run of the past five years, spurted to touch a year high of Rs 265 in intra-day trade as defensive investors rushed to the stock. The biggest loser today was ICICI Bank, which fell more than 12 per cent to close at Rs 493 after touching a low of Rs 483 in intra-day trade. Tata Consultancy Services fell to its 52-week low of Rs 612 intra-day trade despite reports that the company could be buying Siemens' IT solutions and services unit. Among sectoral indices, the BSE banking index was the biggest loser down 395 points. Indusind Bank Ltd, Oriental Bank of Commerce and Karnataka Bank fell between 7 per cent to 9.6 per cent. The IT index on the BSE was down 5.5 per cent. Major realty stocks also took a beating with Housing Development & Infra, falling more than 13.7 per cent. |
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‘Stock markets not to fall further’
New Delhi, September 29 "We do not expect any dip beyond this level," secretary, Department of Economic Affairs, Ashok Chawla told reporters here. Both benchmark indices today witnessed massive erosion in the wake of the US financial sector meltdown and the beating witnessed in the bourses worldwide today. Replying to questions on the market movement, Chawla said similar things are happening in other parts of the world. Taking cues from the global bourses and meltdown of certain European banks, the BSE bellwether index plunged over 699 points to its lowest level this year at 12,402.84 points. Similarly, the wide-based Nifty went down by 207.95 points to touch an intra-day low of 3,777.30.
— PTI |
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Citi buys Wachovia New York/London, September 29 The US stock index futures fell at least 1.5 per cent, an indication that Wall Street would open lower after sharp declines in Asian and European stocks on fears the crisis was spreading and global money markets remained frozen. "The contagion is spreading to mainland Europe and everyone's asking: 'Who's next?'" said Mark Sartori, head of European sales trading at Fox-Pitt, Kelton in London. Speaking before lawmakers met to consider the bailout plan, President George W. Bush said it was needed to keep the financial crisis from spreading through the US economy. Investors hung on every twist and turn in Washington as central banks in Asia and Europe pumped cash into the system to try to persuade fearful financiers to lend to each other. The US banking system faced more upheaval. US regulator Federal Deposit Insurance Corp said Citigroup Inc will acquire the bulk of Wachovia, sending Wachovia shares plummeting more than 90 per cent. The governments of Belgium, the Netherlands and Luxembourg moved to partly nationalise Belgian-Dutch group Fortis NV with an injection of more than $16 billion. German lender Hypo Real Estate Holding AG secured a credit line from the German government and banks of up to 35 billion euros. British mortgage lender Bradford & Bingley Plc was brought under the government's wing. Shares in French bank Dexia tumbled on a report it might need emergency capital, and bank rescue deals also emerged in Iceland, Russia and Denmark. Key lawmakers in the US House of Representatives said the bailout plan, which would give the Treasury Department funds to buy toxic debt from struggling banks, had enough votes to pass. The Senate is expected to vote on it on Wednesday. As the financial crisis spread in Europe, European central banks joined Asian counterparts in pumping more cash into paralyzed money markets Monday, but commercial banks preferred to hoard cash rather than lend to each other. In the Fortis rescue, the governments of Belgium, the Netherlands and Luxembourg agreed to inject 11.2 billion euros ($16.4 billion) into the banking and insurance company, which has 85,000 staff worldwide. Fortis will sell the parts of Dutch bank ABN AMRO it bought last year to Dutch rival ING Groep NV in a deal expected to be finalised within two weeks, sources familiar with the discussions said.
— Reuters |
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RIL seeks sops to sell diesel in India
New Delhi, September 29 According to the government regulation, when an export-oriented unit sells products within the country, called domestic tariff area, its product attracts customs duty. At present, RIL does not pay tax (customs duty) on oil imports because it exports the same oil after refining and making products. Reliance Industries CMD Mukesh Ambani today met oil secretary R.S. Pandey. While Ambani was tight-lipped about his meetings, Pandey said the meeting was a courtesy call. “This is my private visit, please appreciate my privacy,” Ambani said. The state-run OMCs have to import diesel on the account of surging demand for petroleum products in the country. RIL runs a 6,60,000 barrels per day (bpd) export refinery at Jamnagar and is close to commissioning a new 5,80,000 bpd plant nearby. Ambani also met finance minister P Chidambaram and other senior ministers and bureaucrats, and is believed to have discussed, among other things, deemed export status for fuel sold from his refineries in the domestic market. He followed it up with meetings with officials in the petroleum ministry, cabinet secretary K.M. Chandrasekhar and revenue secretary P.V. Bhide, besides some Congress leaders. |
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Russia silent on OVL’s Imperial Energy buy
New Delhi, September 29 The Imperial Energy Board
has accepted OVL’s offer of $2.59 billion and the mater is to be placed before the shareholders now. Petroleum and natural gas minister Murli Deora had met the Russian President Dmitri Medvedev at Dushanbe late last month and sought his cooperation for making the OVL acquisition of Imperial Energy a success. Officials associated with the developments said, Russia had also been sounded on a possible partnership of OVL with a Russian company to make the entire transition smooth. Although Medvedev had sounded positive on the issue and issued necessary directions, but the silence after that has made the Indian side jittery. The Russians are clearly not amused with the buy, say sources in diplomatic circles. They are taking their own time in deciding things and no concrete assurance has been forthcoming. They also add that Russian Prime Minister Vladimir Putin is not too keen on the deal and hence the delay. “We have been in touch with them through diplomatic and official channels but nothing seems to be moving ahead. We need to clinch this issue soon or it could again result in a Chinese coup,” a senior official remarked. Officials in the oil ministry said they were eagerly awaiting a word from Russia on what kind of formation it wants in case of Imperial Energy. |
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Small-car market set for big push
Chandigarh, September 29 While Maruti Suzuki is all set to launch two hatchbacks — A-Star in November and Splash in the beginning of 2009, its arch rival, Hyundai Motor India, too, will be launching ‘i20’ by the end of this year. Its not just the clash of the titans, as other major automakers like General Motors, Honda Siel, Nissan and Renault, too, are vying with each other to launch their small car models by 2010. With over 75 per cent of the car market in India being the A-2 segment market, most carmakers want to capture the maximum share of this huge pie. Interestingly, while the high inflation has led to a slowdown in sales in the sedan segment, this mid-level segment has been witnessing a steady growth. According to figures available from the Society for Indian Automobile Manufacturers (SIAM), barring Hyundai Motor India, all other carmakers have seen a slump in their sales for the past two months. Car sales declined in July (by 1.7 per cent) for the first time in more than two-and-half years as higher interest rates and inflation curbed demand for vehicles. It is expected that as against a growth of 12 per cent in the car sales in year 2007-08, the growth this fiscal would be just 10 per cent. “Since the sedans and entry-level cars have taken a major beating in sales, most carmakers see the A-2 segment as the new growth drivers. With the cars in this segment being more fuel-efficient, all carmakers are thinking of expanding their product base here,” said Neerja Bharat, assistant manager (corporate communication), Maruti Suzuki. She added that while A-Star would be launched in mid November, Splash will be launched in January 2009. A Hyundai Motor India spokesman informed TNS that they would be launching ‘i20’ by the ends of this year. ‘The car will be similar to Getz and will be launched in three variants of 1.2 litre, 1.4 litre and 1.6 litre,” he said. Honda Siel, which saw its sales slip by 19.14 per cent in August this year as against August 2007, too, is planning to launch its hatchback next year. This car will be rolled out from the company’s new factory coming up in Rajasthan. Car companies are also planning to roll out entry-level cars in India in the next two years. With Tata’s Nano all set to hit the roads now, General Motors, too, plans to roll out a mini car (which would cost Rs 2 lakh) from its Talegaon plant, next year. In the A -2 segment, the company is reportedly planning to roll out a diesel variant of its hugely successful Spark, with a 1,000 cc engine. |
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First civilian air show in Hyderabad from Oct 15
New Delhi, September 29 The event will now be held once every two years at Begumpet Airport in Hyderabad, alternating with the Aero India, the other biennial air show held in Bangalore at Yelahanka Air Force Station. With the presence of aviation majors and the US as partner country, minister of civil aviation Praful Patel is certainly upbeat about success of the show. The event, Patel says, will pave the way for India becoming a major aviation hub in the near future as well as establishing the event as a major air show in the world. “India is a market that has tremendous potential. The aviation industry in India may be experiencing a slowdown but it does not mean that the capacity of Indians to fly has diminished… it also doesn’t mean that you stop planning for future,” he says. Which means that this year may not see any major signing-of-agreement events but what the India Aviation 2008 will achieve is showcasing the development of Indian aviation industry at a time when the country is becoming a major aviation player. Being projected as the only event on civil aviation sector in the subcontinent, the show is promoted by the civil aviation ministry and Ficci and is backed by the Airports Authority of India, Air India, Directorate-General of Civil Aviation and Pawan Hans Helicopters Ltd. The opening ceremony will be supplemented with fly-past by Surya Kiran and Sarang helicopters from IAF, followed by parasailing, para jumping and hot air ballooning by Aero Club of India. One new Airbus 319 will also be inducted to AI fleet. Another highlight of the day will be the arrival of the largest passenger aircraft in the world, Airbus A-380, from France. The aircraft, which can cover 3/4th of a football ground, will be on static and flying display. Civil Aviation ministerial delegations from 25 countries have been invited to participate in the event. More than 150 exhibitors from leading aviation and allied industries from around the world will participate. |
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Posco, ArcelorMittal seek speedy allocation of iron ore mines
New Delhi, September 29 The steel giants also want the Centre to ensure mineral linkages and statutory clearances for timely completion of their billion-dollar projects. "Among the major impediments that the investors, including Posco and ArcelorMittal, want to be addressed include mineral linkages, allotment of captive iron ore mines and land acquisition," steel secretary P.K. Rastogi told PTI after chairing a three-and-a-half hour long meeting with mega steel investors here today. The secretary said the meeting was convened with a view to take stock of investors' problems in the wake of government's plan to add 124 million tonne of steel capacity by 2012. "We have heard from major steel investors their concerns and requirements for setting up greenfield projects. Ministry will put forth the points before the inter-ministerial group soon," Rastogi said. Besides the representatives of ArcelorMittal and Posco, senior officials from Tata Steel, Essar, JSW Steel and Ispat Industries apprised the ministry of the bottlenecks being faced by them in execution of greenfield projects. "We have applied for prospecting licence for mining in Orissa and are waiting a response," ArcelorMittal India CEO Vijay Bhatnagar said.
— PTI |
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Cadbury recalls chocolates made in China
London, September 29 The products were sold in mainland China and also exported to Taiwan and Hong Kong with one product going to Australia. ''We believe it is appropriate to take a precautionary step to withdraw from the market all of our Cadbury chocolate products that have been manufactured in Beijing, pending further supply of fresh product,'' the group said in a statement.
— Reuters |
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Britannia to consolidate nutrition segment
Chandigarh, September 29 This was stated by Anuradha Narasimhan, category director — health and wellness, during an interaction with mediapersons here this evening. In town to announce the new brand campaign for Britannia, she said the health food sector in the country was worth Rs 7,000 crore, with an annual growth of 30 per cent. It is thus that Britannia has launched 17 different kinds of healthy breads (wheat bread, multi grain bread etc), besides fortified biscuits, calcium and multi-grain biscuits. |
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Rupee hits 47-level
Mumbai, September 29 Foreign exchange dealers said a severe shortage of dollar supply in the market continued even as there is no letdown in demand for the US currency. Harihar Krishnamurthy, head of treasury operations in Developments Credit Bank, said the rupee moved in tandem with the stock markets which plunged.
— PTI |
Oil falls to near $103 SBI ups deposit rates Orchid-Merck in pact IDFC picks SE Forge stake Suzlon plans rights issue Subex bags $50-m BT order Tata Communications’ pact New Indigo CS variants
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