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Wednesday, February 22, 2012

Crude takes a big jump

Greece deal and tensions over Iran supplies push up crude prices

Crude prices ended substantially higher on Tuesday, 21 February 2012 at Nymex. Crude-oil futures shot up boosted by news that Greece and the European Union have finally secured a debt-restructuring deal. Supply disruptions from Iran added to the ongoing geo political tensions over there further pushing prices higher. U.S. markets were closed Monday for the Presidents Day holiday.

Light and sweet crude for March delivery rose $2.6 (2.5%) to $105.84 a barrel on the New York Mercantile Exchange on Tuesday. Prices rose to a high of $106.07 during intra day trading. Price fell 0.4% for the month of January.

Bright day for bullions

Prices end near the daily high as Greece and the European Union secure a debt-restructuring deal

Bullion metal prices ended higher and near the daily high on Tuesday, 21 February 2012 at Comex. The precious metals markets were boosted by news that Greece and the European Union have finally secured a debt-restructuring deal. The key outside markets were also in a bullish daily posture for gold and silver, as the U.S. dollar index was weak and crude oil prices were sharply higher. U.S. markets were closed Monday for the Presidents Day holiday.

Gold for April delivery ended higher by $32.6 or 1.9%, to end at $1,758.5 an ounce on the Comex division of the New York Mercantile Exchange on Tuesday. Earlier, it rose to a high of $1,762.5.

Grey Market - MCX IPO Premiums

Company Name

Offer Price





(Rs. 1 Lac



(Rs. 2 Lac




2.50 to 3 (Seller)





8 to 9





350 to 360


3700 to 3800

Daily News Roundup - Feb 22 2012

IL&FS Investment Managers Ltd (IIML), is in advanced stages of negotiations to buy out The Hershey Company’s 51% equity stake in its joint venture with the Godrej group.(ET)

The Vedanta Resources group may merge iron ore firm Sesa Goa with copper and aluminum maker Sterlite Industries as it tries to simplify a complex corporate structure and deal with challenges to its main businesses.(ET)

Reliance Industries (RIL) and Russian rubber giant Sibur announced the formation of a joint venture company called Reliance Sibur Elastomers that aims to become the fourth largest supplier of butyl rubber — an input for tyres — in the world.(ET)

Indecisive ahead of the expiry

Learning to live in the present moment is part of the path of joy - Sarah Breathnach.

A meaningful correction may have eluded us so far this year but could hit us anytime given that the market has entered the so-called overbought zone. The question troubling many participants is: how long can this liquidity-driven ‘risk on’ rally last? The Nifty has surpassed 5600, while the Sensex is near 18,500. Both the indices have rallied 18% YTD on the back of heavy FII inflows. Last year they lost ~25% each.

The Dow pierced 13,000 but closed below it yesterday. The ongoing buoyancy in equities has its roots in the ECB’s LTRO and loose monetary policies of other central banks. The ECB is scheduled to unveil another LTRO later this month.

Market may open lower on weak Asian stocks

The market may edge lower in early trade on mostly lower Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 11.50 points at the opening bell.

Reliance Industries (RIL) said after market hours on Tuesday, 21 February 2012, that it has agreed to form a joint venture with Russian petrochemical company SIBUR to make 100,000 metric tonnes of butyl rubber a year in Jamnagar in Gujarat. RIL will own a 74.9% stake in the joint venture, which will be named Reliance Sibur Elastomers. SIBUR will hold the remaining 25.1% stake. The joint venture will invest $450 million to build the facility, which is expected to be commissioned by the middle of 2014.