Stocks
Tide Water Oil: Castrol’s cousin

This is a low-priced stock that earns 24% return on equity

Lubricants-maker Tide Water Oil Co (India) Ltd (Tide Water) is a part of the multi-divisional Andrew Yule group that has diverse interests in engineering, electricals, tea cultivation, power generation, digital communication systems and lubricants. Kolkata-based Tide Water has been a pioneer of automotive and industrial lubricants...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MAS member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
Microfinance: Baseless report. Really?

Pressure mounts on SKS boss

On 14th July, we asked JS Sai, spokesperson of SKS Microfinance, to comment on our information that investors wanted to remove Vikram Akula from the top job. He said, “In case you are going ahead with your baseless report,” here is the response: “Your statement that ‘some PE (private equity) investors have talked to SKS Microfinance about removing Mr Vikram...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MAS member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
Share prices may continue to rally if Nifty holds above 5,020: Tuesday Closing Report

The Nifty’s short-term range is between 4,943 and 5,100

The Indian market opened in the negative in line with its Asian counterparts. The Asian markets were down on persistent selling pressure due to worries about the US recession and the worsening euro zone debt crisis. The Sensex and Nifty opened at 16,664 and 4,993 respectively.

Singapore's finance minister said on Tuesday that a global recession looked more likely than not and a Chinese official acknowledged that China's growth may slow to a 10-year low, highlighting Asia's rising concern over its exposure to US and European risks.

During the pre-noon session, the market slipped to its intraday low. However, soon afterwards, the positive opening of the European bourses helped the indices to recover. The Sensex moved up sharply from 16,488 to 16,895, while the Nifty moved from 4,943 to 5,073.

In yesterday's closing report we had mentioned that due to the negative global issues the Nifty may fall to the level of 4,965. It took support below that level and rallied sharply. The Sensex closed at the day's high at 16,863, up 149 points, and the Nifty at 5,064, up 47 points. If the Nifty holds on to 5,020, we can expect the index to reach the level of 5,100 and climb further up to 5,200. The NSE saw a huge volume of 71.16 crore shares traded today.

Among the Asian indices, Jakarta Composite gained 0.62%, Hang Seng gained 0.48%, Straits Times gained 0.04% while Taiwan Weighted lost 2.44% and Nikkei 225 lost the most 2.21%

The European Central Bank is expected to keep its key interest rate unchanged at 1.5% at its monthly policy meeting on Thursday. On the same day, the Bank of England's monetary policy committee is also expected to maintain its key benchmark rate at 0.5%, the thirty-first consecutive month at such a rate.

Along with this, some positive news on the domestic front also helped the Indian market.

The government says that it will try to restrict its expenditure to the budgeted levels in the current fiscal year to March 2012. In February, the government had budgeted Rs12.60 trillion ($273.10 billion) expenditure for the current fiscal. Any increase in certain components is proposed to be made from savings in other components of expenditure.

On the other hand, the minimum mandatory amount of deposits that banks need to set aside to invest in government bonds needs to come down gradually, Reserve Bank of India (RBI) governor Duvvuri Subbarao said today, sparking concerns of excess supply of gilts in the secondary market.

The RBI governor also said that the central bank is looking to re-launch inflation-indexed bonds. These are floating rate bonds linked to the inflation rate and such bonds help investors to shield their investments from mark-to-market volatility.

The major gainers on the Sensex were Reliance Industries (up 4.05%), Mahindra & Mahindra (up 3.31%), Jaiprakash Associates (up 2.79%), whereas DLF was the major loser (down 4.43%). Other losers were Sun Pharmaceutical (down 2.40%), Bharti Airtel (down 1.81%). As many as 19 stocks in the Sensex ended in the green. The Nifty had 31 stocks in the positive and 19 stocks in the negative.

Meanwhile, BP Plc, which is buying a 30% stake in 21 oil and gas blocks of Reliance Industries, today said that it is confident of raising output from the key gas fields in about two years.

Among the BSE sectoral indices, BSE Oil & Gas was the major gainer (up 2.78%), followed by BSE IT (up 1.16%), BSE Capital Goods (up 1.09%). The major loser was BSE Realty which dropped by 2.04%.

On Monday, the Union Cabinet approved the Land Acquisition Bill, which seeks to lay down norms for increased compensation to land owners. The Bill, which will be introduced in parliament on Wednesday, would replace a 117-year old law. The proposed legislation integrates land acquisition, rehabilitation and resettlement, defines public purpose clearly, has a clause for retrospective effect and draws timelines for compensation.

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 Online 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)