Monday, June 14, 2010
Anil Ambani group today decided to separate tower business of its telecom arm Reliance Communications to create an independent firm, saying it was in advanced stage of talks for stake sale in the new entity.
The purpose of creating a separate firm is to secure business from other telecom and broadband players, including Mukesh Ambani-led RIL, while at the same time cutting debts of RCom, which has also decided for a strategic sale of 26 per cent equity.
Nifty June 2010 futures were at 5,205, at a premium of 7.30 points compared to spot closing of 5,197.70. Turnover in NSE's futures & options (F&O) segment surged to Rs 1,00,140.39 crore from Rs 88,216.24 crore on Friday, 11 June 2010.
Markets build up impressive gains on upbeat US data, BIS alleviates Eurozone debt worries
Asian stock markets rose today as investors eyed the recent array of positive economic data and lack of fresh bearish news on the Eurozone debt debacle spurred buying on the very first session of the day. However, the overall trading was quite dull as a few major markets were closed today. The DOW futures rallied sharply and commodities roared, bringing smashing gains for the resource related stocks. The markets were given a helping hand by a Bank for International Settlements (BIS) report stating that government debt accounted for a smaller part of euro area banks' exposures to the countries facing market pressures than claims on the private sector. On Friday, an index of U.S. consumer sentiment climbed in June to the highest level in more than two years, fueling speculation the nation's economy may be able to weather Europe's debt crisis.
Today's major news
Singapore Exchange signs agreement with HCL Technologies; the stock closes 3.34% higher
Inflation rises to 10.16% in May
UCO Bank to raise Rs500 crore via follow-on public offer; the stock closes 1.66% up
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
14/6/2010 526955 ABL Biotech SILVER GOLDEN PROPERTY DEVELOP FIN INVESTMENT LIMITED S 93902 18.71
14/6/2010 517356 ACI Infocom DIVYA ALOK GUPTA S 60000 23.43
14/6/2010 530901 ACIL Cot Inds JAYSHREE SHANKAR BHOSLE B 87963 32.00
14/6/2010 512109 Aviva Inds UPENDRASINGH KALIDAS JADAV B 50000 26.00
14/6/2010 512109 Aviva Inds SONAL SHARES INVESTMENT & COMPANY B 40000 25.75
14/6/2010 512109 Aviva Inds AMITA S SHAH S 15000 26.00
14/6/2010 512109 Aviva Inds MANJU MAHENDRA SHAH S 60000 25.96
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
14-JUN-2010,EVERONN,Everonn Education Limited,MORGAN STANLEY MAURITIUS COMPANY LTD,BUY,155000,422.15,-
14-JUN-2010,FIEMIND,Fiem Industries Limited,PRIMORE SOLUTIONS PVT.LTD,BUY,62916,146.76,-
The key benchmark indices logged gains for the fourth running day after global rating agency Fitch Ratings raised India's local currency rating outlook to stable from negative. Firm global stocks also underpinned sentiments. The BSE 30-share Sensex was up 273.22 points or 1.60%, up 219.43 points from the day's low and off 13.01 points from the day's high. The Sensex and the 50-unit Nifty both attained their highest closing levels since early May 2010. The market breadth was strong. Shares of Anil Dhirubhai Ambani group (ADAG) hogged limelight.
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It is not the strongest of the species, nor the most intelligent that survives, but one that is the most adaptable to change - Charles Darwin.
The bulls survived yet another global scare last week with the NSE Nifty closing above 5100 and the BSE Sensex reclaiming the 17,000 mark. The main indices are expected to gain further ground, at least at the start. Asian markets are trading firm this morning. The Hang Seng has rallied to surpass 20,000 while the Nikkei in Tokyo closed the first half 1.6% higher. Markets in Australia and China are shut today for public holidays.
The market is likely to open firm, extending three-day gains, on the back of positive global cues. Trading in S&P CNX Nifty index futures on the Singapore stock exchange indicated that the Nifty could rise 21.50 points at the opening bell. Monthly inflation data for May 2010 due to be released by the government today, 14 June 2010 will be closely watched.
Healthy weekly gains for crude
Crude oil prices ended substantially lower on Friday, 11 June 2010 at Nymex. Prices fell due to weaker than expected retail sales data at Wall Street. Nevertheless, prices registered healthy weekly gains.
Reliance Industries discovered more oil at an onland site in Gujarat’s Cambay Basin, raising the potential of the exploratory fields it has been drilling. (ET)
The management of Reliance Industries has told its board that it has identified power, telecommunications, financial services and pharmaceuticals for investments in the near future. (ET)
It was a week of gap-downs and gap-ups. The Indian benchmark indices finally ended the week with decent gains for the third week in a row. After starting on a somber note and facing stiff resistance around 17,000 levels, bulls were back to their scoring ways as the markets managed to recoup all the earlier losses. Better than expected April IIP data backed by positive European cues stemmed any further slide. The Realty stocks witnessed some serious offloading with heavyweights like DLF and Unitech losing over 5%. Lower than expected PMI output data in China led to a fall in Metal prices, which in turn dragged the metal stocks lower. However, the Pharma and the Auto stocks were among the notable gainers. Finally, the NSE Nifty and the BSE Sensex gained 1.3% each during the week.
Gold shines but silver turns pale
Yellow metal prices ended higher on Friday, 11 June 2010 at Comex. Bullion metals witnessed buying interest as prices had dropped somewhat in recent times. Prices also rose as euro lost ground against the dollar. Prices rose despite a steady dollar. But silver prices dropped.
RIL, RCom working on partnership blueprint.
Scale matters. Especially when one is talking about Mukesh Ambani and his flagship Reliance Industries (RIL).
Telecom will be no exception, as RIL’s top executive Manoj Modi and chief financial officer Alok Agarwal told analysts on Saturday that their total investment, including the acquisition of 95 per cent of Infotel Broadband, would come to around Rs 22,000 crore. The initial capital expenditure on physical infrastructure for rolling out broadband services will be over Rs 4,500 crore, the executives added. RIL will also pay Rs 12,872 crore to the government as licence fee for spectrum bagged by Infotel, which will now become a RIL subsidiary.