US stocks fall moderately

NEW YORK: Stocks declined moderately on Monday after sharp gains last week and as oil prices fluctuated on concerns over fighting between Russia and Georgia.

Oil market traders questioned whether the conflict between Russia and Georgia over the breakaway province of South Ossetia could lead to supply disruptions in the region. Some rebound also was to be expected after oil fell $4.82 on Friday, sending the stock market sharply higher.

Light, sweet crude rose 52 cents to $115.72 per barrel on the New York Mercantile Exchange.

Despite Monday's moves, Wall Street is relieved that the price of oil has fallen more than $30 from its July 11 high of $147.27, easing worries about overall inflation and a key pressure point for consumers.

In the first hour of trading, the Dow Jones industrial average fell 34.36, or 0.29 percent, to 11,699.96, after the blue chips' 300-point jump Friday.

Broader stock indicators also declined. The Standard & Poor's 500 index fell 3.95, or 0.30 percent, to 1,292.37, and the Nasdaq composite index fell 6.60, or 0.27 percent, to 2,407.50.

As with oil, a retracing of last week's steep stock market advance wasn't a surprise as some investors looked to cash in gains. The jump in stocks Friday led the Dow industrials to a run-up of 3.60 percent for the week. The Standard & Poor's 500 index advanced 2.86 percent last week and the Nasdaq composite index added 4.46 percent.

The dollar, whose recent strength has helped drive oil lower, was mixed Monday against other major currencies. Gold prices rose.

Vishal Information Technologies' IPO to open on July 21

MUMBAI: IT-enabled services and solutions provider, Vishal Information Technologies, is expanding its existing services and entering new verticals.

"We intend to increase our market-share by way of expansion of facilities of our existing services and also going in for new verticals," the company's Chief Executive Officer, G S Vishwanathan, said.

"We will set up a new facility in Chennai besides setting up a quality assurance centre and marketing office in Mumbai," he said.

The expansion includes increasing data digitalisation seats from the present 250 to 450, e-publishing seats from 150 to 250 and digital library seats from 75 to 100. The company currently operates from leased facilities in Chennai and Mumbai with approximately 475 workstations.

To part-finance its expansion plans, the company plans an Initial Public Offering (IPO) with a public issue of 27.9-lakh equity shares of Rs 10 each.

The price band of the issue has been fixed at Rs 140 to Rs 150 per equity share. The issue would open on July 21 and close on July 24.

The cost of setting up the facility in Chennai would be Rs 16.05-crore. The quality assurance centre and marketing office in Mumbai would be set up at an investment of Rs 5.43-crore.

The issue proceeds would also be utilised for setting up of subsidiaries in UK and USA.
thanks to : economictimes.indiatimes.com