Tuesday, May 24, 2011
The government is likely to divest 5% equity in BHEL as part of the exercise to raise Rs400bn from disinvestment during the current financial year. (BS)
Aditya Birla, JSW Steel, and Jindal Steel and Power are among firms shortlisted to bid for Australian coal explorer Bandanna Energy as part of a sale. (BS)
BHEL’s Bangalore-based Industrial Systems Group (ISG) has bagged Rs391mn orders from Tata projects. (BL)
After managing a smart pull back in the previous trading session, the Indian market was greeted with a fresh bout of selling pressure on Monday with heavy offloading seen in index heavyweights like BHEL, ICICI Bank, SBI, L&T, RIL, Tata Motors and Tata Steel. So, the last week of the month started off on a negative note as investors mull their strategy for the upcoming derivative settlement.
The key indices opened with a gap down and remained under pressure throughout the trading session amid lingering worries over the precarious fiscal conditions of Greece and other peripheral eurozone nations. Selling was not restricted to India alone.
"Mock not the fallen, for slippery is the road ahead of you." – Anonymous.
The Indian market seems to be on a slippery slope more or less in tandem with world equity markets. The eurozone debt situation threatens to spiral out of control. A provisional PMI showing weakness in Chinese manufacturing also hit sentiment. The dollar’s sudden upsurge has also had a bearing on risky asset classes. The result: stocks, commodities and EM currencies have all taken a beating.
MOIL’s net profit for the year ended March 31, 2011 has surged by 26.10% at Rs 588.06 crore as compared to Rs 466.35 crore for the year ended March 31, 2010. Its total income has increased by 16.93% at Rs 1285.46 crore for the year under review from Rs 1099.37 crore for the previous year.