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Gainers: Bharat Petroleum Corporation gained 9% with crude oil prices hovering around $76/barrel.  Other gainers included Bharat Electronics (8%), Zylog Systems (3%), Lupin (2%) and Tata Steel (1%). Losers: L&T (down 1%) and Gilbarco Inc, a US-based fuel control service provider, have signed...

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Moneylife Digital Team 01 July 2010
The country's largest private sector lender ICICI Bank on Wednesday pegged its minimum lending rate at 7.5%, the same as State Bank of India's (SBI) rate. "ICICI Bank base rate (I-Base) is fixed at 7.5%, effective 1st July," the lender said in a statement. The existing benchmark prime lending...

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Moneylife Digital Team 01 July 2010
India's Fortis Healthcare Ltd today responded to Malaysian sovereign wealth fund Khazanah's bid to control Singapore-based Parkway Holdings by offering to acquire all the shares of the company. Fortis has made an offer of S$3.80 per piece to acquire Parkway against Khazanah's offer of S$3.78 a...

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Same stock, same day, same broker. One call is buy,  while another is sell! Brokerage houses in India can be trusted to make disastrous calls and recommendations on markets. What if someone advises you to buy and sell the same scrip at the same time? This dubious distinction was achieved by...

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Moneylife Digital Team 01 July 2010
Chennai-based TVS Motor Company today reported a 35.72% increase in its total two- wheeler sales in June at 1,56,685 units. The company had sold 1,15,448 units in the corresponding month last year, TVS Motor Company said in a statement. Motorcycle sales of the company during the last month...

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Moneylife Digital Team 01 July 2010
Reversing its earlier decision, the US Exim Bank has agreed to provide $600 million in loan guarantees to suppliers for Reliance Power's (RPL) coal-fired project and a mine in Sasan, Madhya Pradesh. Wednesday's announcement would help preserve 1,000 jobs in Wisconsin and 13 other states. Last...

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Moneylife Digital Team 01 July 2010
The country's largest car maker, Maruti Suzuki India, today reported a 17.28% jump in June sales to 88,091 units over the same month last year. The company had sold 75,109 units in June last year, Maruti Suzuki India (MSI) said in a statement. In the domestic market, Maruti sold 72,812 units...

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Another fancy fund idea bites the dust To gather assets, fund houses dream up all sorts of fancy schemes. Most of them are of no value to investors. Some of them are so audacious as to be breathtaking. Worse, some schemes don’t even bother about standard risks. Investing abroad through Indian...

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The Sensex and the Nifty ended flat over the past fortnight. The ML Large-cap and ML Mid-cap Indices gained 2% each while the ML Mega-cap and ML Small-cap Indices gained 1% each. The ML Micro-cap Index, however, fell 1%. 

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The ‘Hemline Index’ was developed by economist George Taylor in 1926. The shorter the hemline that women prefer, the more bullish markets become, goes the theory. So is the market maxed out now, because Manhattan maidens are now sporting longer maxis? If history is any indicator, there’s a...

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Moneylife Digital Team 01 July 2010
How many infrastructure funds do we need? Well, there are 37 fund houses… Every personal products company has its version of shampoo. Each fund company has to have its variety of infrastructure fund. Some have even multiple infrastructure funds. Recently Bharti AXA launched its Focused...

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It is hard to figure out which mutual fund schemes will be among the best. But, for some strange reason, it is easy to see which fund house is the worst JM Financial Mutual Fund has created a unique position for itself in the mutual fund industry. Its schemes continue to be among the worst...

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There is a huge diversion in the expense ratios of debt funds, despite belonging to the same category. Such high costs are unjustified when compared to the low returns offered by these funds. For instance, the JM Income Fund has provided measly returns of 2% during 2009-10, while investors in...

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ONGC flared up 5% on the back of rising crude prices Gainers: Oil and Natural Gas Corporation (ONGC) (up 5%) posted growth of 16% and 59% in sales and operating profit, respectively, in the March quarter over the year-ago period. The profit rose, despite paying Rs4,999 crore towards fuel...

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Asian Paints notched up 9% gain after announcing that it is setting up a Rs735-crore plant in Maharashtra Gainers: Asian Paints (up 9%) is setting up a Rs735-crore plant for manufacturing paints and intermediates in Satara district of western Maharashtra. GAIL Gas, a unit of GAIL (India) (up...

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Banswara Syntex is growing fast and is available cheap Even when the market valuations of many fancy and large-cap stocks are running high, there are some that are still available at reasonable valuations. One such company is Banswara Syntex. We have suggested looking at Banswara earlier...

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That’s why, as we inch closer to the delivery of the Delhi airport, GMR would like the press to talk less and less about the delays, the flying roofs and the leaking ceilings, etc, and more and more about what a fantastic airport it has built. The good thing going for GMR is that, on completion,...

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Moneylife Digital Team 01 July 2010
AV Cottex (Rs34) Manipulation seems to be rampant in AV Cottex. This company is in the business of trading in cotton yarn. In the March 2010 quarter, it posted sales of Rs3.06 crore. This was a remarkable achievement because there have been six quarters when the company did not post any...

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