Japan’s Nomura acquires 35 per cent stake in LIC Mutual Fund
Japan's Nomura Holdings Inc bought 35 per cent stake in LIC Mutual Fund Asset Management Co Ltd (LICMF AMC), a unit of the country's largest insurance company, Life Insurance Corporation of India Ltd (LIC) for about Rs308 crore.
As per the agreement between both parties signed in Mumbai on Saturday, The acquisition 35 per cent stake in LIC Mutual Fund will be carried out by the Nomura Asset Management Co Ltd, a subsidiary of Nomura Holdings Inc.
Out of the Rs 308 crore proceeds amount, Rs80 crore will go to LICMF and the rest to the existing LIC Mutual Fund shareholders of the asset manager.
Once the deal has been closed LIC will hold 45 per cent stake in the LICMF AMC, Nomura Asset Management will have 35 per cent and the remaining 20 per cent will be held by LIC Housing Finance.
Japan’s Nomura acquires 35 per cent stake in LIC Mutual Fund
BSE sensex lost 253.24 points
Mumbai July 10: The BSE sensex lost 253.24 points at the end of the day compare to its previous close
The 30-share BSE index fell 1.84 percent, or 253.24 points, to 13,504.22, its lowest close after the ruling coalition won general election. The 50-share NSE Key index Nifty down by 1.9 percent closed at 4,003.90 points.
The main reason for the fall is a sell-off by foreign hedge funds institutions due to redemption pressures from their investors.
This week the benchmark index last more than 9 percent. The sensex started it fall on Monday after the budget expectation are not met and on Monday this triggered the largest single day fall in 6 month.
Major Loser
Sensex heavy weight Reliance Industries which led the index losers fell 4 percent to 1,778.40 rupees.
Reliance Infra -6.5%,
JP Associates -5.6%,
Reliance Comm -5.4%,
HDFC -4.7%, Sun Pharma -4.2%
The stock has fallen 12.3 percent this week, the second steepest weekly slide this year.
Major Gainer
Infosys up by 3 percent to 1,726.50 rupees after posting 17% increase in profit for 1 st quarter
Mahindra Satyam up by 2.05 percent
Sterlite Industries rose 3.3 percent
Heavy selling Crashes Sensex by 401 points, fall below the 14000 Mark
July 08:Heavy selling Crashes Sensex by 401 points, fall below the 14000 Mark
The BSE Sensex ended the day at 13,769 points, with a big loss of by 401.3 points compare to previous close, owing to high selling seen across the board.
The weak global sentiment also dampened investor sentiment. The Nifty index of National Stock Exchange (NSE) was also quoted below 4200 level and ended at 4078.90, with a loss of 123.25 points.
Huge selling pressure in banking, infrastructure, metal, telecom, oil & gas exploration, realty pulled the BSE key index Sensex below the psychological levels of 14000 at the end of day.
Major Losers:
Sterlite tumbled over 8% to Rs 546.
DLF down by over 7% each to Rs 284
Reliance Infrastructure down by over 7% to Rs 1,075.
L&T and ICICI Bank slipped around 6% each to Rs 1,413 and Rs 655 respectively.
Jaiprakash Associates dropped 5.5% percent.
Foreign Institutional investors have sold Indian equities worth Rs 3,232 crore in the net since Monday
Banking sector stocks were in red as investors were nervous about the impact of the Government’s borrowing programme on the financial sector.
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Turnover Volume Topper
Reliance Industries is the highly traded script with a turnover of Rs 345.28 crore on the BSE. It was followed by Unitech (Rs 252 crore), Tata Steel (Rs 202.68 crore).
Market end in green BSE sensex Gained 125 points
July 7:Market end in green BSE sensex Gained 125 points
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 14,788.27 points, above Monday's close of 14,872.23 points. The key index of National Stock Exchange (NSE) Nifty closed 0.91 percent higher at 4,203.4 points.
The sensex raised by 125.58 points or 0.89 percent to close the day at 14,168.98 points
The breath of the market indices also in the green, with the BSE midcap index raised by 0.48 percent from its previous close, while the BSE smallcap index was trading 0.38 percent higher.
Of the 13 sectoral indices on the BSE, the IT, metal and energy stocks were the losers were as energy stocks were among the lost the most, while those for power are in green.
Major Gainers
Reliance Infra, up 5.26 percent at Rs.1, 258
SBI, up 3.71 percent at Rs.1, 703
Tata Power, up 2.8 percent at Rs.1, 171.10
DLF raised by 1.8 percent at Rs.358.75.
Overall 1,104 stocks were advancing, while 1,259 declining and 79 remaining unchanged.
BSE Sensex falls 869 points as Union budget disappoints
July 6 Monday: BSE Sensex falls 869 points as Union budget disappoints
It is worst performance of the share market in last 6 month. The disappointment over the budget turns in to a market disaster as the BSE key index sensex 870 points down from its last closing figure. The fall comes after the lack of policy announcement on liberalization and increase in minimum alternate tax on corporates.
The BSE sensex open the day at 14,962.12 points, closed at 14,043.4 points - 869.65 points or 5.83 percent lower than Friday’s close. The sensex touched today’s low of 13,959.44 points. While Nifty tumbled by 258.55 points today to 4,135.70. It hit the lowest of 4,133.70 points
Banking sector stocks are the most suffered and It was down by 8.17%.ICICI Bank, down 10.09 percent.
Finance minister Pranab Mukherjee mentioned in his budget speech that the fiscal deficit for this fiscal year may rise up to 6.8% of GDP.
Major Losers
Reliance Infra, down by 12.47 percent
ICICI Bank, down 10.09 percent
Jaiprakash Associates, down by 9.93 percent
Sensex Heavy weight Reliance industries share down by 6.53 percent
In the 30 scripts sensex only two scripts ened in green ITC, up 3.13 percent and Hindustan Unilever, up 0.99 percent. Of the 13 sectoral indices on the BSE, those for banking, realty and capital goods thumbled.
India Bugdet 2009-10 Highlight
India Bugdet 2009-10 Highlight
Finance Minister Pranab Mukerjee Submitted 2009-10 Budget on the back drop od huge expectation of huge reform in the recession hit economy and UPA Election Promises.
Here I have captured some of the highlight of the budget.
Life saving Drugs to become cheaper
Customs duty on gold and silver import increased
Customs duty on bio-diesel removed
Full exemption of excise duty on branded jewelry
Tax holiday extended for Textile units
5 percent custom duty levied on set top boxes
Custom duty on LCD panel reduced from 10% to 5 %
Commodity transaction tax will be removed
Allowance for paramilitary will be at par with the defence forces
One lakh dwelling units for paramilitary force will be built
Defense allocation has gone up by 34% compare to previous year
New pension benefis for 12 lakh jawans and JCOs
Rs 2,100 cr allotted for higher pension of Jawans
One rank, one pension for ex servicemen
The Income Tax exemption limit for senior citizens is increased by Rs.15,000,
For women and others by Income tax exemption increased by Rs.10,000 each.
Small businesses exempted from advance tax
Fringe Benefit Tax (FBT) abolished
Tax filing to be simplified in next 4 years
Surcharge of 10 per cent in the Personal income tax removed
No change in Corporate tax
50% of rural womens will be brought under the women self help group.
National mission for female literacy
Allocation for Commonwealth Games increased to Rs 3,073 crores.
New IITs to be set up
Rs 2313 cr allocation for IITs NIITs
Unique Identification ID plan will roll out in 12 to 18 months and will tap private talent
Allotment to nation highway project development hiked by 23 pc
US$ 100 million for rehabilitation of the internally displaced tamils in srilanka
Fiscal deficit at 6.8 pc
Domestic oil prices must be in sync with global prices
Effective interest rate at 6 pc for farmers
500 crore for Mumbai floods management
Steps to ensure the agriculture continues to grows at 4 pc
Interest subsidy for home loan up to 1 lakh
Estimated Budget expenditure for the year 2009-10 is Rs 10, 28,032 crore
He said there are three important 3 Challenges in front of Government:
1. To return to 9 pc growth rate at the earliest
2. Ensure inclusive development. To make sure no section is left out
3. All institutions must provide for the growth to be achieved
Railway budget 2009-10 presented by railway budget 2009
Railway budget 2009-10 presented by railway budget 2009
The railway budget 2009, presented by railway budget 2009in Parliament on Friday, has evoked mixed reactions from political parties. While main opposition party BJP slammed the budget saying that it had been prepared in haste and failed to provide the needed impetus even, Congress described it as pro-people and a reflection of the “hum aadmi” policies of the UPA government.
Passenger and freight rates left unchanged across the board.
Railways earn net revenue of Rs8,121 crore in 2008-09.
Railways to pay higher dividend of Rs5,479 crore to the Centre in FY 2010
Tatkal charges reduced from Rs150 to Rs100.
Ladies' specials on suburban train routes during peak hours in metros delhi,kolkata and Chennai,.
'Izzat' monthly tickets scheme of Rs. 25 (to travel up to 100 km) for people from the unorganised sector with an income of less than Rs1,500 per month.
New Railway coach factory at Kanchrapara in West Bengal.
18,000 wagons to be acquired during the current year.
Railway medical colleges and Rail hospitals on public-private partnership basis.
Student concession will cover madrassa students
Special Rail coaches for disabled and aged people.
50 stations to be developed along world-class standards.
375 stations to be upgraded as 'Adarsh' stations, with basic facilities such as drinking water, toilets and ladies' dormitories.
Availability of doctors on-board long-distance trains.
6,560 staff quarters to be constructed in 2009-10.
High-capacity double-decker A/C trains to be introduced.
57 new trains to be introduced.
12 non-stop trains to be introduced connecting Delhi-Chennai, Howrah-Mumbai, Delhi-Lucknow, Delhi-Pune, Delhi-Allahabad, Howrah-Delhi, Sealdah-Delhi and Ernakulum-Delhi.
Accredited journalists to get 50% rebate; also once a year with spouse.
1,000 MW power plant proposed in tribal area Adra.
Cash surplus of Rs17,400 crore before dividend.
Annual plan expenditure pegged at Rs36,336 crore.
Book stores, PCOs to be set up across stations
SMS updates on wait-listed tickets to be introduced.
Auto-vending machines to be installed in large and medium stations
Arrangement with Department of Posts for issuance of tickets.
Petrol Price hiked by Rs 4 and Diesel Rs 2 from Today
Petrol Price hiked by Rs 4 and Diesel Rs 2 from Today
The first time after UPA 2 formed government the petrol and diesel price are raised.
Petrol and diesel will be raised by Rs 4 per litre and Rs 2 per litre respectively from Thursday 12.00 am midnight, Petroleum minister Murli Deora said, in a move intended to help state run oil marketing companies to reduce the loss because of increased global crude prices.
Even thought the price of petrol and diesel is increased the cooking gas and kerosene price not been increased. But truckers and transporters associations announced that they would pass on the burden by raising freight rates.
An estimated subsidy of Rs 30,000 crore will be borne entirely by the government for the cooking gas and kerosene. Provisions would be made in the budget that is to be presented on July 06th, to cover the loss on account of LPG and kerosene, Petroleum Minister Murli Deora said.
The price rise decision by petroleum ministry was taken without consulting the Cabinet or with the UPA partners. Oil minister Murli Deora announced the price rise after consulting PM Man Mohan Singh and the Congress party leadership. The reason for not consulting with cabinet and UPA allies would be the congress have huge majority in current UPA government and allies have less power to shake the government when compare to previous UPA government.
Murli Deora said to reporters “the hike in fuel prices was necessary to control the losses of state-owned oil companies -Indian Oil Corporation, Hindustan Petroleum Corp and Bharat Petroleum corporation are losing Rs 6 per litre on petrol and Rs 3.62 per litre on diesel”.
Sensex ended flat after losing intial Gains
Mumbai June 29: The BSE sensex closed flat after losing early gains in the closing session. The sensex raised by 21.10 points or 0.1 percent, Sensex fall towards the closing bell, falling after rising 191 points to end the day with 21.10 points gain.
Major Gainers
Sterlite up 5.66 percent
DLF up 3.82 percent
Reliance Industries up by 2.78 percent
Major Loser
Tata Motors, down 7.77 percent
Sun Pharma, down 3.52 percent
Tata Consultancy Services fell 2.8 percent
Infosys down by 2.4 percent
Out of 30 share in BSE sensex,13 stocks closing in green.
Sensex Heavy weight Reliance Industries climbed, court had approved its plan to absorb unit Reliance Petroleum. Following which Reliance Industries up by 2.78 percent at Rs.2,084.95.
Tata Motors fell 7.8 percent after reporting loss for the first time in 8 years.
State-run explorer ONGC gained 2.6 percent to 1,068.05 rupees on hopes the government would increase the fuel pricing and help the loss making state energy firms.
Asian market today did not do well. Tokyo stock exchange, Key index losing 93.92 points.
Bombay Stock Exchange today jumped up by 419.02 points
Mumbai June 26: The benchmark Sensex of the Bombay Stock Exchange today jumped up by 419.02 points to settle at 14,764.64 points. The jump in share is through sustained huge buying of share by Foreign Institutional Investors (FIIs) coupled with a positive Asian market.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,373.57 points, at the end of the day closed at 14,764.89 points, raised by 419.27 points 2.92 percent higher than Thursday's close.
Among the broader indices, the BSE Midcap Index went up 2.4 per cent or 121 points, to 5,170.90 and the Smallcap Index gained 107.73 points or 1.89 per cent at 5,800.75.
The overall market breadth was positive. About 1755 shares advanced while 1004 shares in red on the BSE and nearly 394 shares remained unchanged.
Major Gainers
ICICI Bank up by 7.96 percent
Sterlite by 6.11 percent
L & T by 5.47 percent
TCS Ltd by 4.35 percent
Infosys Tech by 3.93 percent
Major Losers
Sun Pharma down 12.17 percent
Ranbaxy Lab down by 4.37 percent
Tata Steel down by 2.53 percent
M & M down by 0.73 percent
