Subscription begins for Rushil Decor IPO

Decorative laminated sheets manufacturer Rushil Decor has opened its initial public offering of 56,43,750 equity shares of face value Rs 10 each for subscription today.

It has fixed price band at Rs 63-72 for the issue, which closes on June 23. The issue includes promoter’s contribution of 2,43,750 equity shares and issue to the public of 54 lakh equity shares.

Company manufactures decorative laminated sheets with a network of branches, distributors and dealers across India. Company offers comprehensive engineered interior products including decorative laminate sheets and plain particle boards.

Issue proceeds are proposed to be used for setting up of medium density fibre board (MDF) plant at Amble Industrial Area, Chikmagalur, Karnataka; and for working capital requirement. The issue will close on June 23.

Corporate Strategic Allianz Limited is the book running lead manager and Indbank Merchant Banking Services Ltd is the co-book running lead manager to the issue.

VMS Industries debuts with 10% premium

Shares of VMS Industries started the trade at Rs 43.95, up 10% as compared to issue price of Rs 40 a share despite lower subscription during the issue opened.

At 9:37 hours IST, the stock was trading at Rs 46.20, with volume of nearly 30 lakh equity shares on the Bombay Stock Exchange.

VMS Industries is engaged in ship recycling activities, off-shore support business activities. It raised Rs 25.75 crore through the issue.

Issue proceeds are proposed to be used for modernization of ship recycling plot, setting up of corporate office at Ahmedabad and for long-term working capital requirement.

Issue was opened for subscription during May 30-June 2 and was subscribed more than 1.4 times. Reserved portion of retail and non-institutional investors was subscribed 3.67 times and 1.24 times, respectively. However, qualified institutional buyers had not shown any interest in the issue.

Shares of gold lender Muthoot Finance list at 12 per cent premium

Shares of India's largest specialist gold lender Muthoot Finance Ltd listed At Rs 196.60 on the NSE , a premium of 12.34 percent to its issue price.

The company, which raised Rs 9 billion by selling 51.5 million shares through the initial public offering, set its issue price at the upper end of its Rs 160-175 price band.

At 10:35 a.m., the shares were trading at Rs 177.40, a marginal premium to the issue price.

In all eleven anchor investors including Citigroup Global Markets Mauritius, Abu Dhabi Investment Authority , Goldman Sachs India Fund and Baring India Private Equity Fund invested Rs 1.3 billion in the company.

ICICI Securities and Kotak Mahindra Capital Co were the book running lead managers to the issue while HDFC Bank was the co-manager.

The rising prices of gold makes the company's core business stronger, Managing Director George Alexander Muthoot said.

"Borrowing powers of gold owners rise with the prices and this would prove beneficial for us going forward."

Commenting about the interest rates for gold loans, Muthoot said "RBI (India's central bank) has given the direction...hence we will have to take a decision on raising interest rates soon".

The company has a network of about 3,000 branches of which about 60 percent are based in southern India.

GoAir plans $150 million IPO: Sources

Indian budget airline GoAir is planning to raise about $150 million through a public offer (IPO) to fund its operational expenses, two sources with direct knowledge of the matter told Reuters.

The airline has hired Bank of America Merrill Lynch and Edelweiss Capital to manage the offering, said the sources, who declined to be named as the information was not yet public.

The airline will file for the share sale shortly, they said. GoAir’s chief executive officer Kaushik Khona declined to comment.

GoAir is run by Go Airlines (India) Pvt Ltd, promoted by the Wadia group which also runs textiles firm Bombay Dyeing and Manufacturing Company Ltd.

Paramount Printpackaging’s IPO gets subscribed 0.22 times on second day

Paramount Printpackaging’s proposed initial public offer (IPO) has been subscribed 0.22 times on its second day. The company has fixed the price band at Rs. 32-35 per share for its IPO. The company has proposed an IPO of 1.3 crore equity shares ofRs. 10 each through 100 per cent book building process, to part finance its expansion plans. The issue has opened on April 20, 2011 and will close on April 25, 2011.

As per the NSE-BSE demand graph available on NSE website at 17.00 pm, it has received 2920500 bids against the issue size of 13094175 shares, 1183500 bids have been received at the cut off price.

The book running lead manager to the issue is Onelife Capital Advisors.

The proceeds of the issue will be used by the company for setting up new facilities for manufacturing of high end duplex board cartons, shippers and printed corrugated box in Gujarat as well as augment the company’s long term working capital requirements.

Paramount Printpackaging caters to over 100 clients in various sectors like FMCG, Pharma, Electricals, Auto ancillary and Food. The company at present has the capacity to convert about 500 tons of paper board every month, which in terms of finished products works out to an average of 20 lakh cartons a day. The company offers a packing solutions consisting of a wide range of cartons, which is complemented by print finishes such as stamping, embossing, complex varnishing and security features.

Topsgrup planning 400-crore IPO for domestic acquisitions

MUMBAI: Security services provider Topsgrup, which counts billionaire investor Rakesh Jhunjhunwala and private equity funds ICICI Venture and Everstone Capital among investors, is planning to raise 400 crore through an initial public offering , or IPO, in six months, according to investment bankers with knowledge of the company's plans to raise funds.

The IPO, which will comprise a fresh issue of shares and an offer for sale, could set a benchmark in terms of the valuation for similar firms in the industry waiting to tap the primary market this year.

The company is close to appointing merchant bankers and is in talks with JM Financial , IIFL, Kotak Investment Banking and Enam for the issue, investment bankers said. The offer for sale will pave the way for part exit of some of the marquee investors.

Jhunjhunwala had earlier adopted the same route in another firm A2Z Maintenance where he had exited partly through the company's IPO.

The Mumbai-headquartered company will use the proceeds for strategic acquisitions in the domestic market to increase its market dominance.

"The company is planning to launch its IPO this year," Topsgrup's global chairman Diwan Rahul Nanda said. "It will be difficult to give any timeline and financial details now. The money raised through the IPO will be used to part fund possible acquisitions, predominantly in India. The additional money required for the buyouts will come from internal accruals," he said.

Tops Security, the flagship company of Topsgrup, is the first security firm in India to secure private equity funding in 2007. ICICI Venture invested 115 crore for a 13.66% equity stake, while Indivision India (now Everstone Capital), increased its stake in the company to 7.08% from 4.11% with an additional investment of 25 crore. Rakesh Jhunjhunwala & Associates, who invested in 2005, has a 10.41% stake.

In 2008, Topsgrup acquired a 51% stake in a leading UK security service provider, The Shield Guarding Company, for close to 125 crore. In the same year, it strategically acquired Bangalore-based Guardwell Detective Services and also acquired a 14.69% stake in Chennai-based security systems integrator firm Adtech Systems.

The total aggregate revenues of the firm for the financial year 2010-11 aggregated 800 crore with an EBIDTA of 43 crore. Topsgrup caters to over 8,000 customers, including top corporates such as TATA, Reliance, ICICI Bank , HSBC, IBM, GE and Nokia.

economictimes.indiatimes.com

PTC India Financial Services IPO: 'Subscribe' to PTC India Fin IPO: Keynote

MUMBAI: Keynote Capital is of the view that PTC India Financial Services has an opportunity to tap the market in power sector and remain on a robust growth curve. It has advised to 'Subscribe' to the initial public offering.

"Power is a priority sector in India and therefore gained significant attention from the Indian government. We believe the shortage of the power for the Indian people is ever increasing and requires huge funding from the financial institutions. Therefore, we believe PFS has an opportunity to tap the market and to remain on a robust growth curve.

Considering the better financials of the company, which includes Net Interest Margin of 7.52% as of December 31, 2010 and the leverage from promoters' expertise in the power sector, we advise the investors to consider subscription for the IPO ," the report said.

The company has entered the capital market to raise between Rs 407-439 crores by issuing shares in the price band of Rs 26-28 per share. Retail investors will get a discount of Re 1 to the issue price.

The proceeds will be used to augment the capital base to meet the future capital requirement arising out of growth in the business.

The issue closes Friday.

economictimes.indiatimes.com

Vodafone to pay $5 billion for buying out Essar in India; company could consider IPO in India

Vodafone, the world’s largest mobile operator by revenue, is to pay $5 billion in cash to buy out Essar Group from their Indian joint venture and bring an end to their increasingly fractious relationship.

Vodafone, which has faced a host of problems since entering the fiercely competitive market in 2007, will take over Essar’s 33 per cent of the Vodafone Essar Limited company, giving it direct ownership of 75 per cent of the Indian operator.

The move will however put Vodafone above the 74 per cent limit that foreign companies are allowed to own in India, meaning it will have to sell just over 1 per cent.

A spokesman for the British firm said it could also consider an IPO in the future.

The announcement brings to an end a difficult relationship that had become increasingly strained and public in recent months.

Vodafone paid $11.1 billion in 2007 for control of the carrier in what remains the largest foreign direct investment to be completed in India.

With 771 million mobile subscribers as of January, India is the world’s second-biggest market formobile services and it is also the fastest-growing with the industry’s monthly additions averaging 19 million in 2010.

Vodafone also said that final settlement is anticipated to be completed by November, 2011.

Sources in the know said that the completion of deal would be subject to meeting certain conditions which include Reserve Bank of India’s permission as well as valuation of the deal.

The final shareholding pattern post this deal was not provided by the company as it was not clear whether Vodafone’s stake would exceed the 74 per cent FDI limit.

But Vodafone has faced many challenges, from high spectrum costs, an ongoing dispute over tax and an increasingly difficult relationship with its main partner, meaning its experience is often cited as a cautionary tale for foreign players in Asia’s third-largest economy.

It took a charge of 2.3 billion pounds ($3.70 billion) in May 2010 due to the fierce levels of competition and escalating spectrum costs and signalled its increasing frustration with the country.

The owners of India’s third-biggest mobile carrier also clashed themselves in recent months over how Essar should hold its stake, as it wanted to merge a firm that owned an indirect 11 per cent with another Essar firm.

2011 SBI Bonds Listing, Script Code, ISBN & Other Details

SBI Bonds 2011 is going to list on the Exchanges effective from Wednesday, March 23, 2011 in the list of "F GROUP". SBI Bonds Series 3 & SBI Bonds Series 4 are going to list. Enjoy the listing. Happy investing.

SBI Bonds Listing Date: March 23, 2011 - Wednesday
Face Value of NCD: Rs.10,000/-
Paid up Value of (Rs.): Rs.10,000/-
Issue Price (Rs./NCD): Rs.10,000/-

Series 3 Lower Tier II Bonds :9.75% Per Annum
Scrip Code: 961701
Scrip ID: SBIBIIIR
Abbreviated Name: SBIBIIIR
Security Description: Series 3 Lower Tier II Bonds :9.75% Per Annum
ISIN No.: INE062A08033
No of Bonds Issued: 559,401
Distinctive Numbers: 1-559401
Date of Allotment: 16-Mar-2011
Tenure: 10 years
Redemption Date : 16/03/2021
Redemption Amount: 10,000
Coupon (%) p.a.: 9.75
Call Option: The Bank has a “call option” in an amount of the principal amount outstanding of the Series 3 Lower Tier II Bonds after 5 (five) years following the Deemed Date of Allotment being the payment date falling 5 (five) years and one day after the Deemed Date of Allotment of the Series 3 Lower Tier II Bonds, and subject to the prior approval of RBI.
First Coupon Payment Date: 02-Apr-2011
Credit Rating: “AAA” by CARE and “AAA” Stable by CRISIL
Market Lot: 1

Series 3 Lower Tier II Bonds :9.30% Per Annum
Scrip Code: 961702
Scrip ID: SBIBIIINR
Abbreviated Name: SBIBIIINR
Security Description: Series 3 Lower Tier II Bonds :9.30% Per Annum
ISIN No.: INE062A08041
No of Bonds Issued: 171,677
Distinctive Numbers: 559402 – 731078
Date of Allotment: 16-Mar-2011
Tenure: 10 years
Redemption Date : 16/03/2021
Redemption Amount: 10,000
Coupon (%) p.a.: 9.30
Call Option: The Bank has a “call option” in an amount of the principal amount outstanding of the Series 3 Lower Tier II Bonds after 5 (five) years following the Deemed Date of Allotment being the payment date falling 5 (five) years and one day after the Deemed Date of Allotment of the Series 3 Lower Tier II Bonds, and subject to the prior approval of RBI.
First Coupon Payment Date: 02-Apr-2011
Credit Rating: “AAA” by CARE and “AAA” Stable by CRISIL
Market Lot: 1

Series 4 Lower Tier II Bonds :9.95% Per Annum
Scrip Code: 961703
Scrip ID: SBIBIVR
Abbreviated Name: SBIBIVR
Security Description: Series 4 Lower Tier II Bonds :9.95% Per Annum
ISIN No.: INE062A08058
No of Bonds Issued: 3,937,595
Distinctive Numbers: 731079 – 4668673
Date of Allotment: 16-Mar-2011
Tenure: 15 years
Redemption Date : 16/03/2026
Redemption Amount: 10,000
Coupon (%) p.a.: 9.95
Call Option: The Bank has a “call option” in an amount of the principal amount outstanding of the Series 4 Lower Tier II Bonds after 10 (ten) years following the Deemed Date of Allotment being the payment date falling 10 (ten) years and one day after the Deemed Date of Allotment of the Series 4 Lower Tier II Bonds, and subject to the prior approval of RBI.
First Coupon Payment Date: 02-Apr-2011
Credit Rating: “AAA” by CARE and “AAA” Stable by CRISIL
Market Lot: 1

Series 4 Lower Tier II Bonds :9.45% Per Annum
Scrip Code: 961704
Scrip ID: SBIBIVNR
Abbreviated Name: SBIBIVNR
Security Description: Series 4 Lower Tier II Bonds :9.45% Per Annum
ISIN No.: INE062A08066
No of Bonds Issued: 828,323
Distinctive Numbers: 4668674 -5496996
Date of Allotment: 16-Mar-2011
Tenure: 15 years
Redemption Date : 16/03/2026
Redemption Amount: 10,000
Coupon (%) p.a.: 9.45
Call Option: The Bank has a “call option” in an amount of the principal amount outstanding of the Series 4 Lower Tier II Bonds after 10 (ten) years following the Deemed Date of Allotment being the payment date falling 10 (ten) years and one day after the Deemed Date of Allotment of the Series 4 Lower Tier II Bonds, and subject to the prior approval of RBI.
First Coupon Payment Date: 02-Apr-2011
Credit Rating: “AAA” by CARE and “AAA” Stable by CRISIL
Market Lot: 1

HCC can give 50% returns in a year time frame

SP Tulsian of sptulsian.com is of the view that Hindustan Construction Company (HCC) can give 50% returns in a year time frame.

Tulsian told CNBC-TV18, "If you see the trigger for the HCC is the Lavasa clearance because we all know that this stock has taken a beating. It use to rule at about Rs 55 to Rs 60 levels and it has corrected to as low as Rs 30 and now ruling at Rs 35. The expert appraisal group of Ministry of Environment’s partial clearance to the Lavasa project is going to be seen as a big trigger. Then the hearing of the matter before Bombay High Court is fixed on March 25, so probably the recommendation or the order from the Bombay High Court will also come giving the clearance — maybe on a minor maybe creating an environment fund or maybe a minor penalty, which will put a burden of about Rs 100-150 crore on the company which will not be seen with very high or very negative by the market."

He further added, "Once that happens, the way will be open for the Lavasa project to go ahead and probably they can expedite the development work as also plan for the IPO. Taking all this into consideration maybe in next about two-three months time we can see stock bouncing back to about Rs 45 from the current level of 35. So maybe a good idea for the traders as well as for the short-term investor and those who wants to take a call even from a year’s point of view share should be able to give a 50% return from this level."

www.moneycontrol.com

Zee Ltd –Buy- India Infoline

After consolidating for almost 6 months, Zee Ltd on the daily line chart has signaled a breakout from the ‘symmetrical triangle’ with spurt in volumes. The stock has managed to form a solid base above Rs146 which is 200 DMA, for launching the next leg of upmove.

On the Oscillator front, the MACD is still trading above the reference line which clearly suggest, the intermediate trend in the counter remains up. We advise buying stock above Rs150 with stoploss of Rs146 for Target of Rs158.

Thanks to http://www.stockmarkettipz.info

RBI to conduct Rs 600 bn special repo auction today

The Reserve Bank of India (RBI) will be conducting a special fixed rate term repo auction at 4.75% per annum (p.a.) against eligible securities for Rs 600 billion on Monday, Sep. 7, 2009.

The move will provide liquidity to mutual funds (MF), non-banking financial companies (NBFC) and housing finance companies (HFC) either on incremental or on rollover basis.

The reversal of the auction will take place on Sep. 22, 2009. There is no amount outstanding under this facility as on Aug. 31, 2009.

The apex bank had increased the daily liquidity adjustment facility (LAF) till Mar. 31, 2010 up to a cumulative amount of Rs 600 billion on outstanding basis exclusively for the purpose of meeting requirements of MFs, NBFCs and HFCs.

Trading strategies, stock picks for next week

It was bad week for the Indian equity markets , but there was a glimmer of hope seen towards the end of the week. After two days of downfall, the markets saw smart recovery. However, for the week, the markets closed in the red. The Nifty and Sensex ended down 5.7% and 4.5% respectively.

Experts’ views on the road ahead for the markets:

Andrew Holland of Ambit Capital:

If global markets do take a hasty retreat than what we have seen more measured falls recently so I think the risk to that is higher than the more recent fall that we have been seeing in global markets. I could easily make a case for 12,000 but if things are more measured then 13,000-13,500 on the Sensex can be a short term base.

I think we will be buying on dips partly because with the government having the mandate it has, has changed our views in terms of the longer-term growth potential for India.

Atul Suri, Trader :

What is most important for the markets right now is for this bull market to sustain. I would not be bothered till we breach 4,100. If you look at these current moves, the post-circuit scenario when we went to 4,200-4,300, we retraced to 4,100 and then we got into a newer top, which is 4,600-4,700 on the Nifty. So essentially what has happened is that we have made a higher top at 4,100. So for this bull market to continue, I think 4,100 will hold and the market may exhaust a little bit, retrace a little bit from these levels.

Sunil Singhania, Reliance MF:

In the near-term there can always be a short-term correction but the way things are progressing and the way the scenario is emerging both fundamentally as well as technically, we don’t see a major reaction even in the short term. But from our perspective we are looking at India from a longer-term perspective and the way things are actually moving and even the government focus on infrastructure, increasing the gross domestic product (GDP), I think we are headed for some decent days ahead for India.

Trading ideas on specific stocks:

Sudarshan Sukhani, Technical Analyst:

One stock which I have been referring to is Hindalco. It has come through a very good correction, at this point there is a buying opportunity with a target of somewhere around Rs 105 or Rs 110. Now if the investment does not work out, which means there is a correction that continues downwards, you either get out with a Nifty stop loss of 4,200 or you add more to the stock, somewhere around 3,800 for the Nifty or Rs 70 for the share.

Read more....... http://www.moneycontrol.com

Sensex fails to maintain initial gains, ends lower by 81 pts

Mumbai, Apr 22 (PTI) In high volatility, the Bombay Stock Exchange 30-share Sensex today failed to maintain its initial gains and ended lower by 81 points due to persistent selling pressure in view of political uncertainty and fall in US index futures.
Realty, consumer durables, capital goods and auto were the main losers despite key rate cuts by the Reserve Bank of India yesterday.

Dealers attributed the volatility in the market to investors' cautious approach as also the uncertain political situation because of no clear indication as to who will form the next government.

The Bombay Stock Exchange bellwether Sensex showed signs of recovery in the morning with a jump of 138 points in response to the Reserve Bank's rate cuts yesterday but it failed to maintain its rally in the afternoon session.

The BSE-30 share index resumed higher at 10,968.60 and hovered in a range of 11,036.24 and 10,715.66 before finishing the day at 10,817.54, showing a net loss of 80.57 points or 0.74 per cent from its previous close.

The 50-share Nifty of the National Stock Exchange also fell by 35 points or 1.04 per cent to end at 3,330.30 from its last close.

Foreign institutional investors (FIIs) pulled out Rs 191.01 crore yesterday, as per provisional figures issued by stock exchanges.

Thanks to http://www.ptinews.com

Vodafone CEO sees potential in emerging mkts - paper

Vodafone Group's chief executive told a German newspaper that while emerging markets were not unscathed by the global economic crisis, they still offered opportunities to mobile phone operators.

"I'm assuming that growth will slow down in emerging markets but they still offer us vast potential," Vittorio Colao told Welt am Sonntag in an interview to be published on Sunday.

Two thirds of the world's cell phone subscriptions are in developing nations, with the highest growth rate in Africa, a United Nations agency said last month.

Other companies that have invested heavily in emerging markets include India's Bharti Airtel, Norway's Telenor, South Africa's MTN and Egypt's Orascom Telecom.

Colao also told Welt am Sonntag it was definitely time for consolidation among mobile phone operators, but declined to say whether and how Vodafone would participate in the process.

Thanks to http://in.news.yahoo.com

Indian economy remains 2nd fastest growing in the world

The Indian economy continues to remain the second-fastest growing economy in the world.

``India`s economic fundamentals are quite robust and its economy remains the second-fastest growing one in the world``, said Suresh Tendulkar, chairman, prime minister`s economic advisory council`s (PMEAC).

India is not experiencing a recession as other advanced economies and its economy would not be affected to the same extent as some other emerging Asian economies, he said.

On micro, small and medium enterprises (MSMEs), Tendulkar said that the present economic slowdown would test the strength of the sector.

``Rising interest rates in the recent past has further accentuated the credit crunch for MSME entrepreneurs`` he added.

According to him, the financial meltdown in advanced economies has been very serious.

He described the foreign exchange reserve position in the country as `comfortable` despite foreign institutional investors (FII) outflows triggering some depletion.

The current account deficit would be well within limits, but it might be wider than in the earlier years, he said.

Thanks to http://www.myiris.com

Markets may remain volatile on F and O expiry

Alex Mathew, head - research centre, Geojit Financial Services, commenting on the market performance said, ``The markets opened weak on the back of weak cues from the global arena and traded weak all through the day amid volatility and closed for the day in red. The markets made many intraday recovery on the back of news that the Central Bank may reduce the interest rate further but could not sustain at higher levels. The US index futures were trading lower lending literally no support to the market. In the afternoon the markets slipped further to close near to the days low. The rollover figures were not so encouraging and it was around 48% showing less interest shown by the investors to rollover their positions to next month.``

He said, ``The major sectorial losers of the day on BSE were Consumer Durable down 5.81%, Realty down 4.84%, Bankex down 3.76%, Capital Goods down 3.61% and Metal down 3.07% leaving no one on the gainers side. The gainers on Nifty were RCOM, Ambuja Cement, HeroHonda, ONGC and BPCL while the losers of the day were Satyam, Unitech, Tata Motors, HCLTech, Sterlite, SAIL and GAIL.``

``Outlook for the market remains volatile as tomorrow is the December F&O contract expiry with Nifty having support at 2,950 and 2,900 while the resistance at 3,036 and 3075``, he added.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.

Thanks to http://www.myiris.com/newsCentre/storyShownew_opt.php?fileR=20081223173834043&dir=2008/12/23

Indian Stock Market Commentary

Topic :- Opening Note

Weekly newsletter updated.For today market to remain volatile.Higher levels should be used as an opportunity to exit. For today Nifty spot above if manages to
trade and sustain above 2740 then market can see some recovery in initial trade. Nifty spot below 2700 can see some profit booking in initial trade.
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Topic :- Time:10.10 A.M

Nifty support is at 2815 (spot) level.If Nifty breaks this level and does not above these levels then we can see some profit booking in the market which can take Nifty to 2790-2760 levels. If Nifty Sustain above 2815 level then we can see some recovery in the market till 2830-2850-2870 levels soon.

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Topic :- Time:11.12 A.M

Nifty spot below 2788 can see some more profit booking.Recovery expected only above 2800 level.
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Topic :- Time:11.55 A.M

Market to remain volatile. For now Nifty spot below 2790 can see some more profit booking and Nifty spot above 2805 can see some recovery.Dont expect any major movement in the market right now.

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Topic :- Time:-12:55 Pm

Update:

Tomorrow the capital market will be Remain closed for trading on Tuesday 09th December, 2008 on Account of BAKRI-ID.

www.ShareTipsInfo.com
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Topic :- Time:1.10 P.M

Nifty spot above 2822 can see some more recovery.Nifty spot below 2810 can see some profit booking.One should wait and watch until market take clear direction.

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Read more.................http://www.sharetipsinfo.com

Asian stock settles positive

Asian stocks climbed for the third day, as investors predicted stimulus packages from the governments will drive growth of the global economy and earnings.

Japanese benchmark index Nikkei gained 66.82 points, or 66.82%, to end at 8,395.87. Hong Kong`s Hang Seng index declined 291.65 points, or 291.65%, to settle at 14,753.22. China`s Shanghai Composite slipped 53.03 points, or 53.03%, to close at 2,037.74.

Taiwan`s Taiex index advanced 54.33 points, or 54.33%, to settle at 4,472.66. South Korea`s Kospi index climbed 0.79 points, or 0.79%, to end at 1,105.84. Singapore`s Straits Times increased 95.41 points, or 95.41%, to close at 1,754.58.

Thanks to http://www.myiris.com

Another 500-point rally for Sensex

The BSE index vaults 523 points or 4% to end at 13,635. This came on top of yesterday`s 536-point gain, marking one of its fastest advance in recent memory.

The bulls continued their turnaround story of this week on Friday, with the benchmark indices notching up strong rally for the second consecutive day. Overnight gains in the US stocks, coupled with sharply lower crude oil prices and stable inflation were the main drivers behind the rally. What's most interesting about today's advance was it came despite weakness across most Asian markets and soft opening in European markets. The US market futures too were down, pointing to lower opening after top companies like Google, Microsoft, AMD and Merrill Lynch came out with less than expected results.

Coming back to our market, the BSE Sensex rallied 523 points or 4% to end at 13,635. This came on top of yesterday's 536-point (4.3%) gain, marking one of its fastest two-day advance in recent memory. The benchmark index recovered from the weekly low of around 12,514, which was struck on July 16. The index rose by 1.15% during the week after last week's modest gains. The NSE Nifty today jumped 3.7% to close at 4092, after gaining 3.4% yesterday. The index was up 1.2% during the week and rebounded from the week's low of 3790. Gains in the Small-Cap and Mid-Cap shares were relatively muted today.

Among the sectoral indices, the BSE Bankex led from the front, surging by 8%. This was followed by Real Estate index (5.5%), Oil & Gas (4.3%), Capital Goods (3.6%), Power (3.4%), FMCG (2.8%) and Auto (1.8%). The BSE IT index was by far the worst performer, tumbling by 2.6%, while the Metal index was down 0.25%.

Within the Sensex, the prominent gainers were ICICI Bank (12%), HDFC (9.5%), HDFC Bank (7.9%), Jaiprakash Associates (7.7%), Bharti Airtel (7.1%), DLF (7%), REL INFRA (6%), SBI (5.9%), BHEL (5.35%), ITC (5.3%) and NTPC (5.2%). Reliance Industries, ONGC, L&T, RCOM and Maruti gained more than 4% each. Tata Motors, TCS, Hindalco and Cipla posted modest gains. Among the top losers were Satyam (7.5%), Wipro (3.75%), Ranbaxy (3.3%), Tata Steel (2.4%) and Infosys (2.2%).

Outside the main indices, the prominent gainers included IDFC (15.5%), Patel Engineering (10.7%), Indian Bank (10%), Essar Shipping (10%), GSS America (10%), Jet Airways (9.4%), Gujarat NRE Coke (9%), Yes Bank (8.9%), Axis Bank (8%), Ansal Infra (7.8%), Indiabulls Realty (7.6%), PNB (7.6%), Balaji Tele (7.5%) and Nagarjuna Construction (7%).

The big losers included Kirloskar Bros (9.5%), Sadbhav Engineering (7.9%), Infotech Enterprises (7.8%), Mphasis (7.3%), Tata Chemicals (6.2%), HCL Tech (5.85%), Dabur Pharma (5.4%), KPIT Cummins (4.4%), Jain Irrigation (4.4%), NIIT Tech (4.3%), Prajay Engineers (4.2%), Bajaj Hindusthan (3.8%), Entertainment Network (3.8%), Astra Micro (3.6%), Shiv-Vani Oil (3.5%), Ratnamani Metals (3.4%) and Piramal Lifescience (3.3%).

Source : India Info Line