Sajjan Jindal elected to Executive Committee of Worldsteel Association

Mumbai: JSW Steel's vice-chairman and managing director Sajjan Jindal has been elected to the executive committee of Worldsteel Association for the next one year, ending October 2011, reports PTI.

The board of directors of Worldsteel met on 4th October in Tokyo during its 44th annual conference to elect the new office bearers of the committee, a press release issued here today stated.

Mr Jindal is the second Indian elected to the executive committee after London-based ArcelorMittal's chairman Lakshmi Mittal, the release said.

The president and CEO of Japan's JFE Holdings, Hajime Bada, was elected as the association's new chairman.


Gold inches close to Sept high on global cues

New Delhi: Gold prices today climbed by Rs90 to Rs19,480 per ten grams, little short of the Rs19,500 level scaled on 30th September, on buying spree at home for the coming festival and marriage season amid firming global trend, reports PTI.

The precious metal regained strength on hectic buying amid reports that gold in London had touched a high of $1,329.60 an ounce.

Trading sentiment was bolstered by a rally in overseas markets after Japan decided to cut key interest rates and step up asset purchases to tackle a fast-appreciating yen against a weakening dollar. This boosted gold's demand as safe investment alternative.

Besides, silver held steady at Rs33,700 per kg on restricted buying by traders and industrial units at existing higher levels.

Gold of 99.9 and 99.5 per cent purity rose by Rs90 each to Rs19,480 and Rs19,380 per ten grams respectively.

Sovereign held steady at Rs15,400 per piece of eight grams in restricted buying activity.

On the other hand, silver ready maintained previous levels of Rs33,700 per kg, while silver weekly-based delivery lost Rs35 to Rs33,190 per kg, on lack of necessary buying support.

Silver coins continued to trade around previous levels of Rs35,400 for buying and Rs35,500 for selling of 100 pieces.


Tuesday Closing Report: In a tight range

The market started on a soft note on negative global cues. Fluctuating between the red and green, it ended near the lowest point of the day. Cautiousness prevailed ahead of the quarterly earnings season, set to begin next week.

The market opened flat on tepid cues from the global arena and dipped into the red on profit taking. It ventured into the positive territory for a short while and was pulled down again in choppy trade. The market was in a narrow range at noon below the neutral line and tumbled sharply to end near the day's low. However, the benchmarks were above their crucial levels of 20,400 and 6,100 respectively.

The Sensex ended 68.02 points (0.33%) lower at 20,407. The index touched a high of 20,560 and a low of 20,383 during the session. The Nifty shed 13.65 points (0.22%) to close at 6,145. It touched an intraday high-low of 6,188 and 6,118, respectively.

The market breadth was in favour of the declining stocks. The Sensex had 18 stocks in the red while 12 stocks advanced. The Nifty list had 30 declining stocks against 20 gainers. The broader indices outperformed the benchmarks today - the BSE Mid-cap index surged 0.78% and the BSE Small-cap index advanced 1.14%.

The top gainers on the Sensex were Reliance Communications (RCom) (up 3.22%), Reliance Infrastructure (R-Infra) (up 3.07%), Mahindra & Mahindra (M&M) (up 2.28%), Jaiprakash Associates (up 2.17%) and ACC (up 1.73%). The losers were led by HDFC (down 2.38%), HDFC Bank (down 1.80%), Hindustan Unilever (HUL) (down 1.72%), Bharti Airtel (down 1.63%) and Hindalco Industries (down 1.36%).

The sectoral gainers were BSE Consumer Durables (up 0.93%), BSE Power (up 0.87%) and BSE Auto (up 0.74%). The losers in the sectoral space were BSE Fast Moving Consumer Goods (FMCG) (down 1.12%), BSE Metal (down 0.33%) and BSE Bankex (down 0.30%).

Markets in Asia ended mostly in the green on economy-boosting measures announced by the Bank of Japan. The Japanese benchmark - Nikkei 225 - gained following the Bank of Japan's announcement to cut interest key interest rates and to take additional measures to boost the economy.

The Hang Seng was up 0.09%, Jakarta Composite was up 0.62%, KLSE Composite was up 0.68%, Nikkei 225 gained 1.47% and Straits Times added 0.16%. On the other hand, Seoul Composite was down 0.02% and Taiwan Weighted declined 0.55%.

Stressing that "financial inclusion is no longer an option, but a compulsion", Prime Minister's Economic Advisory Council (PMEAC) chairman C Rangarajan today said growth of the bank-SHG (Self Help Group) linkage programme would give a boost to the microfinance sector.

Delivering the keynote address at a seminar on microfinance and financial inclusion, Mr Rangarajan said that expansion of the business correspondents' programme would also contribute to growth of the sector.

Wall Street ended lower overnight on a decline in factory orders and the lingering debt crisis in Europe. Manufacturing orders in the US declined 0.5% in August, following a revised 0.5% increase a month earlier. While there was no single trigger for the decline, worries over European banks and speculations of further stimulus from the Federal Reserve kept investors on the sidelines. The Dow declined 78.41 points (0.72%) at 10,751. The S&P 500 shed 9.21 points (0.80%) at 1,137. The Nasdaq fell 26.23 points (1.11%) at 2,344.

Telecom operators in the country added 18.18 million subscribers in August this year, taking the total number of mobile users in India to 670.60 million, according to the Telecom Regulatory Authority of India (TRAI).

The wireless subscriber base increased from 652.42 million in July, 2010, to 670.60 million by the end of August, 2010, translating into a growth of 2.79% while total number of telephone subscribers (both mobile and landline) in India increased to 706.37 million by August-end from 688.38 million in July.

On the Asian front, the Bank of Japan (BoJ), at the end of its two-day meeting today, cut its key interest rates and reiterated that it would increase asset purchases as a step to boost the economy. BoJ lowered its benchmark rate to a range of zero percent to 0.1% from the previous 0.1% target. The move comes in the wake of a slump in the outlook for growth in the BoJ's quarterly Tankan survey last week. Besides, the central bank kept its credit program for banks at ¥30 trillion, and its target for monthly purchases of government bonds at ¥1.8 trillion.

Foreign institutional investors were net buyers of Rs1,264 crore in the equities segment on Monday. Domestic institutional investors were net sellers of Rs798 crore on the same day.

Tata Motors (down 0.46%) today said it has started open sales of its small car - Nano - in Maharashtra, West Bengal, Uttar Pradesh and Karnataka.

In a statement the company said customers in these states who have not booked a Nano so far can now purchase the Nano directly from showrooms.

Tata Motors has tied up with 25 banks to offer loans for purchasing the Tata Nano at attractive rates of interest and more such arrangements are being put in place.

Lanco Vidarbha Thermal Power Ltd, a subsidiary of Lanco Infratech Ltd (down 0.92%), which is developing 1,320MW (2x660) Thermal Power Project in Maharashtra based on Super Critical Technology, has received sanctions for the total debt requirement of the project. The project, estimated to cost Rs6,936 crore, would be financed with debt of Rs5,549 crore and equity of Rs1,387 crore.

A consortium of sixteen banks and financial institutions, with Punjab National Bank in the lead has agreed to provide the debt required for the project.

Mahindra and Mahindra (M&M) (up 2.28%), the world's largest manufacturer of tractors, is planning to set up a tractor manufacturing unit at its Zaheerabad facility in Medak district of Andhra Pradesh in a view to boost industrialisation in the Telangana region. The company will invest Rs300 crore over the next three years that will provide direct employment to about 2,000 people and indirect employment to another 5,000.

The proposed unit would manufacture 90,000 tractors per year and also three and four-wheeler commercial vehicles. M&M will sign a Memorandum of Understanding (MoU) with the Andhra Pradesh government to set up the new unit and commence the project work in the first week of November.


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