2010 Oscars: The Most memorable moments

From Ben Stiller's Na'vi tail to Kathryn Bigelow's historic win as Best Director, the 2010 Academy Awards charms its audience with plenty of surprising moments

Read Article...

User

Market struggling, may come down a bit

Bourses are expected to remain under pressure tomorrow

As we said yesterday, the market continued to move sideways. Through the course of the day, the BSE Sensex made a high of 17,184 and a low of 17,028—a range of 156 points. It closed the day at 17,098. Today was the third day in a row that the index has failed to cross the crucial 17,200 level. The US markets were marginally up yesterday as were Asian markets. European markets were also trading flat.

Among the big movers today was Mukta Arts (up 7.58%). Whistling Woods International, a subsidiary of Mukta Arts Ltd and Filmcity Mumbai have signed an MoU with Centum Learning Ltd. This vertical-specific programme would be offered by Centum Learning this fall to build professional skills among students aspiring to join the media & entertainment sector. Index heavyweight Reliance Industries was up 1.80%, crossing over Rs 1,000 on reports that the firm is about to strike oil or gas at its Palar deepwater block in the Kaveri basin.

Among the other big movers were sugar stocks. Simbhaoli Sugar crashed by 9.99% while Dhampur Sugar fell 8.88%. On Tuesday, sugar was selling at
Rs31.75 per kg, higher than Rs30 per kg of Monday. On Monday, the Maharashtra State Cooperative Sugar Factories Federation issued an “appeal” to sugar mills asking them not to sell sugar below Rs32 per kg at ex-mill rates. Traders say consumers can expect sugar prices to come down even more. Since February, the government asked sugar mills to sell at least 25% of the stock to the market. Otherwise it becomes ‘levy’ sugar and goes to the Public Distribution System. PDS sugar is sold to the government at one-third the market price.

Among the other stocks, Cox & Kings started its luxury train service, Maharaja Express. The stock was up 2.68%. Thermax Ltd and Babcock & Wilcox Power Generation Group Inc have announced a joint venture to engineer, manufacture and supply supercritical boilers for the Indian power sector. Thermax will own 51% share of the JV. Thermax was up by 2.70%.

Girija Pande, Asia-Pacific chairman of TCS, said that the group had achieved compounded annual growth averaging 40% a year in the region over the past nine years, and was hoping for 35% growth this year.

NTPC continued to fall. Today it was down 1.38%. TK Chatterjee, executive director at NTPC, said that the company was scouting for mines in Mozambique and Indonesia as local coal output would fall short of demand. Mr Chatterjee said that NTPC's coal imports in 2010/11 would rise to 13.5 million tonnes.

The market will remain under pressure tomorrow. If the Sensex falls below 17,000 and stays there for a few hours, it will go down to 16,800.
 

User

Celebrity Fashions is scouting for a strategic investor

Celebrity Fashions is planning to invite a strategic investor for its bottoms division which is being hived off as Celebrity Clothing

Celebrity Fashions Ltd (CFL), an Indian garment exporter and manufacturer of trousers, is looking at raising equity funds for its export bottoms division business through a strategic investor. This move will take place immediately after the company completes the restructuring that is underway. A few days back, the company announced that it is going to hive off ‘Indian Terrain’, a men’s apparel brand—currently a division of the company—into an independent entity. CFL’s bottoms division will be merged into its unit Celebrity Clothing Ltd (CCL). The company is looking to sell the promoter’s stake in CCL to a strategic investor.

“We are looking at raising equity funds for our export bottoms division business from a strategic investor who will bring in export business or who will benefit from our production capacity. We are looking at raising the equity funds in three months,” said S Surya Narayanan, executive director, CFL.

The company has signed up SBI Capital Markets Ltd (SBI Caps) for raising equity funds for the export bottoms business and is planning to give maximum 49% stake to a strategic investor. After the de-merger of Indian Terrain and hiving off of the bottoms division, the tops manufacturing and exports division will remain with CFL. The restructuring exercise is being carried out by PricewaterhouseCoopers. The restructuring will bring clearer focus to the whole business.

According to trade reports, the Indian Terrain brand has enjoyed a 20% growth last year. The company is looking to expand aggressively with its Indian Terrain brand and is planning to add 20 more exclusive stores to its existing exclusive 45 outlets. According to the company, 40% of its revenues come from exclusive brand outlets. The new stores will be in Ahmednagar, Tiruchirapalli, Visakhapatnam, Bikaner, Jodhpur and outlets in Sikkim. The company feels that the Indian Terrian brand could grow bigger than the export business of CCL, which currently stands at around Rs200 crore.

After the entry of the potential investor in CCL’s business, the company might list the subsidiary as a separate entity in the stock market. “Listing of CCL can happen in the future which depends on the investor and the growth of the business which may happen after a couple of years from now,” said Mr Narayanan.

Last quarter, (October 2009- December 2009), the company incurred a loss of Rs5.14 crore compared to a loss of Rs37.68 crore in October 2008-December 2008. The loss fell by Rs 32.54 crore, on a quarter-on-quarter basis, with almost the same net sales (Rs66.82 crore in October 2009- December 2009 and Rs65.07 crore in October 2008- December 2008) over the period.
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)