NTPC signs Loan agreement with Power Finance Corporation for Rs 10000 Crores

National Thermal Power Corporation Ltd (NTPC) has announced that the Company has signed a loan Agreement of Rs 10,000 crores with Power Finance Corporation on June 30, 2008 to finance the expenditure on the on-going capacity addition programme of NTPC including Renovation and Modernization and Coal Mining and Coal Washeries.

The tenure of the loan is 16 years with a moratorium of 4 years. The repayments are to take place in 48 quarterly installments after moratorium.

The NTPC Stock closed the day at Rs.151.65, down by Rs.0.60 or 0.40%. The stock hit an intraday high of Rs.154.70 and low of Rs.149.55.

The total traded quantity was 1326755 compared to 2 week average of 1533207.

Gammon India Board recommends final dividend of 25%

Gammon India Ltd has announced that the Board of Directors of the Company at its meeting held on June 30, 2008, inter alia, has recommended a final dividend @ 25% for the year 2007-08, subject to the approval of the shareholders.The Stock closed the day at Rs.213.95, down by Rs.29.30 or 12.05%. The stock hit an intraday high of Rs.247.70 and low of Rs.211.The total traded quantity was 34218 compared to 2 week average of 23848.

Gammon India Profit at Rs 86.15 Crores in 2008

Gammon India Ltd has announced the results for the quarter & year ended March 31, 2008.

The Unaudited results for the Quarter ended March 31, 2008: The Company has posted a net profit of Rs 212.90 million for the quarter ended March 31, 2008 as compared to net loss of Rs 319.0 million for the quarter ended March 31, 2007. Total Income has increased from Rs 6325.00 million for the quarter ended March 31, 2007 to Rs 8126.10 million for the quarter ended March 31, 2008.

The Audited results for the Year ended March 31, 2008: The Company has posted a net profit of Rs 861.50 million for the year ended March 31, 2008 as compared to Rs 444.80 million for the year ended March 31, 2007. Total Income has increased from Rs 18713.80 million for the year ended March 31, 2007 to Rs 23381.50 million for the year ended March 31, 2008.

The Stock closed the day at Rs.213.95, down by Rs.29.30 or 12.05%. The stock hit an intraday high of Rs.247.70 and low of Rs.211.

The total traded quantity was 34218 compared to 2 week average of 23848.

Shreyas Shipping Board recommends final dividend of 20%

Shreyas Shipping & Logistics Ltd has announced that the Board of Directors of the Company at its meeting held on June 30, 2008, inter alia, has recommended, subject to the approval of the shareholders at the ensuing Annual General Meeting, final dividend for the year ended on March 31, 2008, @ 20% on 21,957,533 Equity shares of Rs 10/- each and dividend @ 8.20% on 1,300,000 non-convertible, cumulative, redeemable Preference Shares of Rs 100/- each.The Stock closed the day at Rs.55.25, down by Rs.2.20 or 3.83%. The stock hit an intraday high of Rs.57 and low of Rs.55.The total traded quantity was 1904 compared to 2 week average of 4684.

Bombay Dyeing Net Profit at Rs 16.68 Crores in 2008

Bombay Dyeing & Manufacturing Company Ltd has announced the Audited results for the quarter & year ended March 31, 2008.

The results for the Quarter ended March 31, 2008: The Company has posted a net profit of Rs 215.20 million for the quarter ended March 31, 2008 as compared to Rs 37.00 million for the quarter ended March 31, 2007. Total Income has increased from Rs 1515.80 million for the quarter ended March 31, 2007 to Rs 3665.60 million for the quarter ended March 31, 2008.

The results for the Year ended March 31, 2008: The Company has posted a net profit of Rs 166.80 million for the year ended March 31, 2008 as compared to Rs 359.30 million for the year ended March 31, 2007. Total Income has increased from Rs 5264.00 million for the year ended March 31, 2007 to Rs 9817.90 million for the year ended March 31, 2008.

The Stock closed the day at Rs.581.80, down by Rs.34.65 or 5.62%. The stock hit an intraday high of Rs.633.50 and low of Rs.575.50.

The total traded quantity was 414134 compared to 2 week average of 382760.

Bombay Dyeing Board recommends dividend of 35%

Bombay Dyeing & Manufacturing Company Ltd has announced that the Board of Directors of the Company at its meeting held on June 30, 2008, inter alia, has recommended a dividend of Rs 3.50 per equity share of Rs 10/- each for the year ended March 31, 2008.Further the Company has informed that, the Register of Members & Share Transfer Books of the Company will remain closed from August 12, 2008 to August 27, 2008 (both days inclusive) for the purpose of payment of dividend & Annual General Meeting (AGM)) of the Company to be held on August 27, 2008.The Stock closed the day at Rs.581.80, down by Rs.34.65 or 5.62%. The stock hit an intraday high of Rs.633.50 and low of Rs.575.50.The total traded quantity was 414134 compared to 2 week average of 382760.

JK Tyre fixes Record Date for Rights Issue

JK Tyre & Industries Ltd has announced that the Board of Directors of the Company at its meeting held on June 28, 2008 has fixed July 14, 2008 as the Record Date for deciding the entitlement of shareholders under the proposed Rights Issue.The Stock closed the day at Rs.94.15, down by Rs.4.30 or 4.37%. The stock hit an intraday high of Rs.102.70 and low of Rs.92.The total traded quantity was 27485 compared to 2 week average of 10525.

Gitanjali Gems Board recommends final dividend of 18%

Gitanjali Gems Ltd has announced that the Board of Directors of the Company at its meeting held on June 30, 2008, inter alia, has recommended a final dividend of 18% i.e. Rs 1.80/- per share on 85,062,883 equity shares of Rs 10/- each subject to the approval of the shareholders at the ensuing Annual General Meeting of the company.The Stock closed the day at Rs.248.35, down by Rs.6.40 or 2.51%. The stock hit an intraday high of Rs.259 and low of Rs.240.40.The total traded quantity was 73873 compared to 2 week average of 67934.

Vadilal Industries Board recommends dividend of 12%

Vadilal Industries Ltd has announced that the Board of Directors of the Company at its meeting held on June 30, 2008, inter alia, has recommended a dividend of Rs 1.20 per share (i.e. @ 12%) on 71,88,230 Equity Shares of Rs 10/- each for the year ended on March 31, 2008, subject to the approval by the Shareholders at the ensuing Annual General Meeting of the Company.

Malabar Trading Board recommends dividend of 15%

Malabar Trading Company Ltd has announced that the Board of Directors of the Company at its meeting held on June 30, 2008, inter alia, has recommended a Dividend @ 15% on equity shares, i.e. Rs 1.50 per share of the face value of Rs 10/- each.

Death of equities?

There is bad news everywhere. Inflation is on a rise on the back of sharp spike in crude oil and food prices. Interest rates rising as well thus adding to pressure on household expenses and corporate profitability. The domestic economy is said to be entering a 'cyclical' slowdown phase. The global economy is 'actually' facing an acute banking and financial crisis.
And the stock prices are going down the drain, literally! The BSE-Sensex is lower by 35% from its all time high achieved just five months back. Now, this is just the benchmark index. There are innumerable other stocks that are down almost 80% and 90% from their highs.

Ice age for stocks?

So, have we entered a stage of 'ice age' for the stock markets, where investors go numb and stocks stop rising at all (and continue to fall)? Have we just seen the 'death of equities'?
Think otherwise...

We are of the belief that these times are providing you with investment opportunities of a lifetime. The global offshoring opportunity, India's US$ 500 bn infrastructure spending over the next few years and rising household consumption on discretionary items (like communication, transportation and entertainment) are just a few that you can look out for as evolving wonderful investment themes for the next 5, 10 or even 15 years.
So, what should you do?

The need of the hour for you, as an investor, is to get ahead of the trends, both existing and those that are yet to unfold. You need not let the current environment fool you. Hold on to the quality stocks that you own. In fact, buy more of those, if they've fallen a lot. However do not borrow to buy stocks, at whatever attractive levels they are trading. Do not indulge into trading in derivatives. They are 'financial weapons of mass destruction' as Warren Buffett once famously said...and rightly so!
Have faith in your portfolio of quality stocks and your decision-making capabilities. Be convinced that in the long term, the market is always going up. It always has. Sometimes, it can be difficult to see beyond current circumstances. Your investing success lies in getting over this very difficulty.
As Buffett says, "A great IQ is not needed to do well as an investor, just the ability to detach yourself from the crowd."

Commodities Signal Bubble Bursting as First-Half Ends

Commodities are heading for their best first half in 35 years. The next six months may not be as rewarding because record prices for oil, copper and a dozen other raw materials may crimp consumption and encourage growth in supply.
The 19 commodities in the Reuters/Jefferies CRB Index jumped 29 percent through June 27, the most since 1973 and more than any second-half gain in at least five decades, data compiled by Bloomberg show. The index rose another 0.6 percent as of 2:38 p.m. in London.
High costs are slowing the pace of demand for gasoline in the U.S., and gold purchases in India, the biggest buyer, plunged 50 percent from a year earlier. Producers are expanding supplies of wheat in the U.S. and steel in China.
``We're near some kind of reckoning'' in commodities, said Michael Aronstein, president of Marketfield Asset Management in New York, who returned 15 percent a year in the 1990s managing commodity investments. ``I've probably been positive for seven years and this is the first time I think there could be really a dramatic secular reversal, that it's not just a pullback.''
High energy costs will deter consumers and reduce second- half prices, after oil doubled in the past year to a record $143.67 a barrel today, said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd.
Jet-Fuel Costs
In the U.S., the world's largest energy user, the number of travelers over the Fourth of July holiday will drop for the first time this decade, after gasoline rose above $4 a gallon, motoring group AAA said June 26. Surging jet-fuel costs led to the failure of at least a dozen airlines in the past six months, grounding planes.
Demand is slowing for copper after the metal jumped 28 percent this year and reached $4.2605 a pound May 5, the highest ever, partly because of temporary supply disruptions in Chile, Peru and Mexico. China said June 10 its copper imports fell 19 percent last month to the lowest since August. Buyers in China, the world's biggest metals importer, are ``price sensitive,'' according to Freeport-McMoRan Copper & Gold Inc., the world's second-largest producer.
Gold demand from jewelers, the biggest users, has stalled since September, London-based UBS AG analyst John Reade said May 29. After reaching a record $1,033.90 an ounce March 17, gold will average $850 this year and $750 next year, he said. The World Gold Council said May 20 that first-quarter demand fell to a five-year low.
Rising Output
Price gains that curb demand are encouraging producers.
Katanga Mining Ltd. restarted the largest underground copper mine in the Democratic Republic of Congo. The Lisbon-based International Copper Study Group on April 28 forecast a supply surplus this year and next.
The world's wheat farmers will boost production by 8.2 percent to 658 million metric tons in the next 12 months, the International Grains Council said June 26. Wheat jumped to its highest price ever in February.
Prices for commodities including crude oil, copper and wheat advanced in London, New York and Chicago trading today.
Output is gaining as economic growth slows.
The odds of the U.S. entering a recession in the next 12 months are 50 percent, according to the median forecast of 61 economists in a Bloomberg survey. Slowing global growth signals commodity demand will ``soften,'' the International Monetary Fund said in March. During the last U.S. recession in 2001, the CRB index plunged 16 percent.
`Buying Orgy'
Commodities advanced this year during a ``buying orgy'' by investors seeking better returns than stocks and bonds, Paul Touradji, founder of the $3.5 billion hedge fund Touradji Capital Management, said in March.
The UBS Bloomberg CMCI Index of 26 commodities rose 33 percent this year, to a record today. Equity markets trailed behind, as the Standard & Poor's 500 Index dropped 13 percent. U.S. Treasuries returned 2.1 percent.
Indexes linked to commodities took in an unprecedented $235 billion as of mid-April, according to Lehman Brothers Holdings Inc.
The expansion is now slowing. Second-quarter net inflows into European exchange-traded products linked to commodities fell about 58 percent to $800 million from the previous quarter, Barclays Capital said.
The prospect of increased regulation also may make investing in raw materials less attractive, said Dennis Gartman, whose $250 million fund in commodities, stocks and bonds climbed about 30 percent since April 2007. The House of Representatives approved on June 26 a measure requiring the Commodity Futures Trading Commission to use its emergency authority to curb excessive speculation in energy.
Dollar Rally
Investors also may shift away from commodities as an alternative to dollar assets. The U.S. currency will end a two- year slide and advance in the second half, according to forecasts compiled by Bloomberg.
Lower prices would ease social tensions. The World Bank warned that 33 countries from Mexico to Yemen faced unrest because of higher commodity costs. The Egyptian government now spends about 5.5 percent of the national budget on bread subsidies and people were killed during food riots.
Some commodities may keep rallying.
Floods across Iowa, the largest corn-growing state, and in Illinois and Missouri threaten to cut corn and soybean plantings.
Seeding More Acres
U.S. farmers seeded more acres with corn than they indicated in March as prices rose to a record and they reduced soybean acres as the worst flooding in 15 years interfered with late- seeding plans, the U.S. Department of Agriculture said today. A more extensive assessment of any flood damage will be included in the Aug. 12 crop production report.
Jim Rogers, who in April 2006 correctly predicted oil would reach $100 and gold $1,000, said investors should steer clear of the dollar and favor commodities.
``Agricultural prices have much higher to go over the next decade,'' Rogers said in a speech in Shanghai today. ``We have a shortage of everything, including seeds.''

Himatsingka Seide reports net loss of Rs 38.31 crore in the March 2008 quarter

Sales rise 95.21% to Rs 84.27 crore
Himatsingka Seide reported net loss of Rs 38.31 crore in the quarter ended March 2008 as against net profit of Rs 8.90 crore during the previous quarter ended March 2007. Sales rose 95.21% to Rs 84.27 crore in the quarter ended March 2008 as against Rs 43.17 crore during the previous quarter ended March 2007.
For the full year, net loss reported to Rs 26.04 crore in the year ended March 2008 as against net profit of Rs 54.61 crore during the previous year ended March 2007. Sales rose 33.60% to Rs 232.68 crore in the year ended March 2008 as against Rs 174.16 crore during the previous year ended March 2007.

RPG Life Sciences reports net profit of Rs 5.95 crore in the year ended March 2008

Sales reported at Rs 127.72 crore
RPG Life Sciences reported net profit of Rs 5.95 crore in the year ended March 2008. Sales reported at Rs 127.72 crore in the year ended March 2008.

Varun Industries net profit rises 9.53% iin the year ended March 2008

Sales rise 17.29% to Rs 889.60 crore
Net profit of Varun Industries rose 9.53% to Rs 21.38 crore in the year ended March 2008 as against Rs 19.52 crore during the previous year ended March 2007. Sales rose 17.29% to Rs 889.60 crore in the year ended March 2008 as against Rs 758.47 crore during the previous year ended March 2007.

Provogue (India) net profit rises 27.61% in the March 2008 quarter

Net profit of Provogue (India) rose 27.61% to Rs 6.24 crore in the quarter ended March 2008 as against Rs 4.89 crore during the previous quarter ended March 2007. Sales rose 42.27% to Rs 91.41 crore in the quarter ended March 2008 as against Rs 64.25 crore during the previous quarter ended March 2007.
For the full year, net profit rose 31.63% to Rs 25.80 crore in the year ended March 2008 as against Rs 19.60 crore during the previous year ended March 2007. Sales rose 41.07% to Rs 336.85 crore in the year ended March 2008 as against Rs 238.78 crore during the previous year ended March 2007.

Jubilant Organosys allots 79376 Shares on conversion of FCCBs

Jubilant Organosys Ltd has announced that at a Meeting of the Special Committee of the Board of Directors held on June 30, 2008, allotment of 79,376 equity shares of Re 1/- each at a premium of Rs 272.0648 per share has been made to Swiss Finance Corp. (Mauritius) Ltd., on conversion of a part of the Foreign Currency Convertible Bonds amounting to US $ 0.5 Million.

Omaxe allots NCDs

Omaxe Ltd has announced that the Company has allotted Debentures on June 28, 2008.30 Secured Non Convertible Debentures (Series K) to Can bank Mutual Fund.100 Secured Non Convertible Debentures (Series L) to LIC Mutual Fund.

MMTC Board recommends final dividend of 90%

MMTC Ltd has announced that the Board of Directors of the Company at its meeting held on June 30, 2008, inter alia, has recommended a final dividend for 2007-08 @ 90% on the paid up capital of the Company including interim dividend @ 35% already paid during February 2008, to be approved by the Members at the ensuing AGM.

JSW Steel inaugurates Branded Showroom "JSW Shoppe" in Bangalore

Mr. Y S S Rao, Joint Managing Director and Chief Executive Officer - JSW Steel, inaugurated JSW Shoppe, an exclusive steel retail outlet in Bangalore on June 30, 2008. This exclusive showroom is JSW Steel's first in Bangalore.

JSW Shoppe will have on display and sale all the products of JSW Steel ranging from hot rolled to colour coated steels along with long products. It aims to provide a unique experience of buying steel products through a branded distribution channel At this inauguration, Mr. Y S S Rao said, "The concept of the Shoppe originates from the fact that we want customers to get the right quality of product at the right price and at the right place. Shoppe is an effort to create a customer friendly ambience. This interface with the customer will result in creating a strong relationship based on trust and reliability with JSW steel.

"This novel marketing initiative will go a long way in creating brand awareness about JSW Steel’s superior product quality and will ensure that the customers get full value for money.

JSW Steel has two shoppes at Hubli - Karnataka, one at Jaipur - Rajasthan, one in Kolhapur - Maharashtra and one at Ahmedabad in Gujarat. The Company plans to open around 25 such shoppes in a short span and subsequently will have a pan-India presence with over 600 branded outlets.

JSW steel is in the midst of an exponential growth. Its steel plants in Karnataka and Tamil Nadu together produce around 4.8 million tonnes of steel per annum. By mid 2008, the capacity will increase to around 8 million tonnes per annum. With steel plants coming up in West Bengal and Jharkhand, JSW Steel aims to produce 31 million tonnes of steel by the year 2020.

Satyam BPO Ranked No. 2 BPO Vendor globally

Satyam Computer Services Ltd., a leading global consulting and information technology services provider, announced today that Satyam BPO, its business process outsourcing (BPO) arm, has been ranked second among the world’s leading UPO vendors in Brown-Wilson Group Black Book of Outsourcing. Satyam BPO also ranked fourth on the Knowledge Process Outsourcing Vendors list. More than 4,000 organizations were evaluated in compiling the lists.

For the third consecutive year, Satyam BPO has been ranked among the top 10 in Brown-Wilson Group’s Black Book of Outsourcing. In 2007 and 2008, Satyam BPO, formerly Nipune, had been ranked in several categories such as FAQ, KPO and Energy and Utilities.

"The categories in which we have been ranked this year - BPO and KPO - are the key growth areas that we have been focusing on and basing our ‘Specialty GPO positioning on. This ranking fits in extremely well from a strategic perspective for us," Old Satyam BPO’s Chief Executive Officer Venkatesh Roddarn. "Recognition from the Brown-Wilson Group shows our commitment to developing partnerships with clients and enabling transformation through superior delivery.

"The stock closed the day at Rs.437.15, down by Rs.2.65 or 0.60%. The stock hit an intraday high of Rs.460 and low of Rs.431.25.

The total traded quantity was 415379 compared to 2 week average of 418362.

Rishi Laser Board recommends dividend of 20%

Rishi Laser Ltd has announced that the Board of Directors of the Company at its meeting held on June 30, 2008, inter alia, has recommended a dividend of Rs 2/- per Equity Shares of Rs 10/- each.The Board has also approved the Shareholders Agreement to be entered into with Mrs. Rekha Jhunjhunwala and the consequential amendments to Articles of Association of the Company.The Board also approved the re-appointment of Mr. Harshad Patel as a Managing Director on the Board.

North Pole may briefly have no ice this summer: US expert

There could be a brief time this summer when there is no ice on the North Pole, a US scientist said, blaming global warming that has melted the Arctic ice sheet over decades.

"We could have no ice at the North Pole at the end of this summer," Mark Serreze, a scientist with the National Snow and Ice Data Center in Boulder, Colorado, told AFP yesterday.

"And the reason here is that the North Pole area right now is covered with very thin ice and this ice we call first year ice, the ice that tends to melt out in the summer."

He put the chances of there being no ice at one point at 50 per cent, saying it could see "ships sail from Alaska to the North Pole, that's possible.

" The ice on the north pole has melted before, "but certainly not in modern times," Serreze said.

"Clearly if you look over what we have seen in the past three years and where we were headed, we are in ... this long-term decline and we may have no ice at all in the Arctic Ocean in summer by 2030 or so."

U.S. Stocks Slump, Pushing Dow Average to Brink of Bear Market

U.S. stocks fell a second day, pushing the Dow Jones Industrial Average to the brink of a bear market, on concern subprime-related writedowns at banks will worsen and record oil and a slowing economy will prolong the worst profit decline since 2002.
The Dow extended its retreat from an all-time high in October to almost 20 percent, the threshold for a so-called bear market. American International Group Inc. and Merrill Lynch & Co. sent the Standard & Poor's 500 Financials Index to a five-year low on speculation of mounting losses. Hasbro Inc. and KB Home helped lead consumer stocks in the S&P 500 to the lowest level since 2003 as oil topped $142 a barrel.
The Dow average lost 106.91 points, or 0.9 percent, to 11,346.51, leaving it within 0.1 percent of a bear market. The 30-stock measure fell 10 percent this month for the worst June since 1930. The S&P 500 slid 4.77, or 0.4 percent, to 1,278.38 today. The Nasdaq Composite Index slipped 5.74, or 0.3 percent, to 2,315.63. Eight stocks declined for every five that rose on the New York Stock Exchange.
``The news on earnings is that the second quarter is probably going to be worse than we thought,'' said Ron Sweet, vice president of equity investments at USAA Investment Management Co., which oversees $100 billion in San Antonio. ``The old news keeps sticking around: it's energy prices, it's writeoffs at banks, it's the slow economy.''
The S&P 500 slumped 3 percent this week, the Dow slid 4.2 percent and the Nasdaq tumbled 3.8 percent. The S&P 500's 8.7 percent decline in June is the worst monthly performance since the 11 percent plunge in September 2002.
Earnings Slump
Analysts forecast earnings for companies in the S&P 500 will slump 11 percent on average, according to a Bloomberg survey today, compared with a projected decline of 8.9 percent a week ago. Goldman Sachs Group Inc. strategist David Kostin said in a report today that expectations for 2008 and 2009 profits are ``too optimistic'' and are likely to be reduced.
AIG decreased 34 cents to an 11-year low of $27.75. The world's biggest insurer plans to absorb losses for a dozen insurance units after their securities-lending accounts suffered $13 billion of writedowns tied to the subprime-mortgage collapse.
Merrill fell 35 cents to $32.70, the lowest price since March 2003. Lehman Brothers Holdings Inc. analyst Roger Freeman increased his second-quarter loss estimate on expectations subprime-related writedowns will be more than twice as big as previously projected.
`Tenuous Situation'
MBIA Inc. lost 22 cents to a 20-year low of $4.17. The world's largest bond insurer faces a ``tenuous situation'' as it seeks to cover payments and collateral calls on $7.4 billion of securities triggered by a credit-rating downgrade, Fitch Ratings analyst Thomas Abruzzo said.
MBIA may need to tap assets pledged to back other commitments as it comes up with the money, potentially opening the company up for further downgrades, said Abruzzo, who yesterday withdrew his rating on MBIA and Ambac Financial Group Inc. after the companies refused to give him information.
Ambac slid 19 cents to $1.61, a record low.
The S&P 500 Consumer Discretionary Index lost 0.7 percent, falling to the lowest since October 2003, after crude oil gained as much as 2.4 percent to $142.99 a barrel. Hasbro, the world's second-largest toymaker, lost $1.60 to $35.14.
KB Home, the homebuilder founded by Eli Broad, slumped 41 cents to $17.72. The company reported its fifth straight quarterly loss as rising mortgage rates and falling prices reduced demand for homes.
Worst Ahead?
Homebuilders in S&P indexes lost 1 percent as a group. Lennar Corp. fell 72 cents to $12.62, the lowest price since September 2000. The second-largest builder said yesterday that the housing market has yet to see the worst of the slump.
Micron Technology Inc. retreated the most since October 2006, falling 89 cents, or 13 percent, to $6.10. The largest U.S. producer of memory chips reported a wider third-quarter loss on weaker pricing for semiconductors used to store pictures and music in portable devices.
``June has been difficult,'' Matthieu Bordeaux-Groult, who helps oversee about $6.2 billion as fund manager at Richelieu Finance in Paris, said in a Bloomberg Television interview. ``There are a lot of negative elements in the market such as high raw materials prices, but valuations are low and offer buying opportunities.''
The S&P 500 gained as much as 0.5 percent earlier after U.S. consumer spending rose 0.8 percent in May, exceeding forecasts. Tax rebates drove the biggest gain in incomes in almost three years, enabling households to at least temporarily overcome soaring fuel bills.
Bristol-Myers Squibb Co. climbed the most since May 1, rising 63 cents, or 3.2 percent, to $20.30. The drugmaker selling a unit for $4.1 billion to finance acquisitions may itself be a takeover target, Sanford C. Bernstein & Co. analyst Timothy Anderson said.

Recovery derailed as crude oil strikes fresh record high

A recovery on the bourses from lower level in early afternoon trade proved short lived thanks to news that crude oil has hit a fresh record high of $141.71 a barrel just a while ago. European markets, which opened after Indian market, slipped in early volatile trade.
Earlier today, the Sensex tumbled to 13-month lows following a setback in stocks in Asia and US, sharp spurt in crude oil prices and political uncertainty due to Indo-US nuclear deal. BSE Mid-Cap index, ICICI Bank and Tata Motors touched 52-week lows today.
Inflation based on the whoolesale price index stood at 11.42% for the week ended 14 June 2008. It was 11.05% in the previous week. The rise has been primarily on account of higher prices of food items like tea, milk and cereals. The other commodities, whose prices went up during the week were lubricants and manufactured items.
The market breadth was weak. Realty, auto and banking stocks declined sharply. Shares of oil marketing and air carriers were hit hard following surge in crude oil prices.
Political uncertainty continued to dog bourses. As per reports in a section of the media, Congress president Sonia Gandhi has given the green signal to Prime Minister Manmohan Singh to go ahead with the Indo-US nuclear deal even if it leads to the collapse of the government at the Centre. Left parties are opposing the deal and they have threatened to withdraw their support to the government if it went ahead with operationalisation of the deal.
US stocks plunged on Thursday, 26 June 2008, with the Dow Jones Industrial Average sliding about 360 points to a 21-month low as oil hit a record and Goldman Sachs urged investors to sell bank and automaker shares, escalating concern about the outlook for profits.
At 13:28 IST, the 30-share BSE Sensex was down 538.83 points or 3.73% at 13,884.57. The Sensex opened with a sharp downward gap of 294.06 points at 14,127.76 and declined further to touch a low of 13,784.37 in mid-morning trade, its lowest level in more than 13 months. At the day’s low, the Sensex plunged 637.45 points.
The broader based S&P CNX Nifty tanked 166.40 points or 3.86% at 4,149.45, and was trading at a 10-month low.
Standard and Poor’s (S&P) and its Indian subsidiary Crisil have lowered their India growth forecast for the current year to 7.8% from 8.1-8.6% earlier. The agencies said that the Indian economy would be hit by the surge in inflation fuelled by energy and commodity prices.
The market breadth was weak on BSE with 1962 shares declining as compared to 500 that advanced. 53 remained unchanged.
The BSE Mid-Cap index was down 2.79% to 5,581.79 after touching a 52-week low of 5,577.35. The BSE Small-Cap index shed 2.29% to 6,965.86. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 3487 crore by 13:30 IST as compared to Rs 2554 crore by 12:30 IST. The turnover was boosted by 3 large block deals of 20.12 lakh shares each on ACC counter on BSE struck at an average price of Rs 596 per share in opening trade. It was the top traded counter on BSE with turnover of Rs 727.95 crore. The stock slipped 3.11% to Rs 581.
Reliance Industries (Rs 347.68 crore), Reliance Capital (Rs 199.09 crore), Reliance Petroleum (Rs 198.46 crore), Niraj Cement & Structurals (Rs 146.24 crore), and were the other turnover toppers on BSE.
29 shares from the 30-member Sensex pack were trading with losses.
Tata Steel, the world's sixth-largest steelmaker in terms of sales, gained 0.36% to Rs 759.80 after striking day’s high of Rs 783.90. Earlier, the stock recovered sharply from day’s low of Rs 733. The counter saw high volumes of 18.21 lakh shares. On Thursday 26 June 2008, the company reported 195.64% jump in consolidated net profit to Rs 12349.98 crore on 415.04% growth in total income to Rs 132110.09 crore in the year ended March 2008 (FY 2008) over the year ended March 2007. The results are non-comparable due to merger Corus Group with Tata Steel in FY 2008.
At the time of announcing the results, Tata Steel managing director B. Muthuraman said it had raised prices for one-year steel sale contracts. 25% of Tata Steel's total sales were through annual contracts, he said.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) recovered from day’s low of Rs 2137. It was now down 2.51% to Rs 2182 on 16.22 lakh shares. The stock struck a high of Rs 2247. RIL will start pumping 25 million standard cubic metres a day (mmscmd) of natural gas by September from its D-6 field in the Krishna Godavari basin, the oil ministry said on Wednesday, 25 June 2008. It said the output would be raised to 40 mmscmd by March 2009.
Software stocks dropped on concerns about the impact of a slowing US economy, their key market. India’s third largest software services exporter Wipro plunged 7.49% to Rs 444 on 1.59 lakh shares. It was the top loser from Sensex pack.
Other software pivotals, Infosys (down 4.02% to Rs 1710.20), and TCS (down 2.51% to Rs 845.80), were not spared either.
Satyam Computer Services, the country’s fourth largest software services exporter slumped 2.89% to Rs 446.50 even as the company said it has formed an alliance with US based Sciformix Corporation to provide end to end management services in 'Pharmacovigilance'. The company made this announcement after trading hours yesterday, 26 June 2007.
Auto stocks suffered severe setback on fears that surge in oil may impact their sales. Mahindra & Mahindra (M&M) (down 7.31% to Rs 512.25), Ashok Leyland (down 2.85% to Rs 30.70), Hero Honda Motors (down 4.52% to Rs 681), and Maruti Suzuki India (down 3.75% to Rs 651.50), were the other losers from auto pack.
India’s top truck manufacturer in terms of sales, Tata Motors slumped 6.22% to Rs 459. The stock touched a 52-week low of Rs 454.10 on BSE.
Banking shares were weak after inflation data was released, with India’s largest private sector bank in terms of net profit ICICI Bank striking 52-week low of Rs 647 on BSE. The stock crashed 7.59% to Rs 645.80.
State Bank of India (down 3.47% to Rs 1174), Kotak Mahindra Bank (down 3.76% to Rs 499), Axis Bank (down 6.54% to Rs 632), Bank of India (down 5.72% to Rs 231.75), and HDFC Bank (down 4.81% to Rs 1007.50), were the other losers from banking sector.
Real estate stocks slipped on selling pressure, with the BSE Realty index touching 52-week low of 4,841.49. Akruti City (down 3.65% to Rs 694.40), DLF (down 3.98% to Rs 432.35), Ansal Infrastructure (down 5.01% to Rs 74.90), Phoenix Mills (down 12.82% to Rs 164.25), and Unitech (down 1.61% to Rs 182.80), also declined.
Ambuja Cement (down 4.75% to Rs 83.35), Bharti Airtel (down 3.96% to Rs 736), and Reliance Infrastructure (down 4.97% to Rs 913), edged lower from Sensex pack.
Oil marketing companies declined as surge in crude oil prices to record high will increase their under recoveries. Hindustan Petroleum Corporation (down 3.30% to Rs 190.50), Bharat Petroleum Corporation (down 4.81% to Rs 256.45), and Indian Oil Corporation (down 4.87% to Rs 337), declined.
Shares of air carriers also declined on selling pressure in the wake of surging oil prices. Jet Airways (down 3.67% to Rs 498.90), SpiceJet (down 1.82% to Rs 27), and Deccan Aviation (down 3.30% to Rs 73.35), slipped.
Anant Raj Industries jumped 7.51% to Rs 146 after the company said a Bahrain realty fund acquired a minority stake in its subsidiary Anant Raj Projects for Rs 216.38 crore. The company made this announcement during trading hours today, 27 June 2007.
Hatsun Agro Product declined 3.56% to Rs 433 after fixing 24 July 2008 as the record date for 5-for-1 stock split. The company announced this during trading hours today, 27 June 2007.
California Software Company surged 4.94% to Rs 89.25 after posting 64.64% growth in net profit to Rs 27.33 crore on 11% increase in net sales to Rs 3.33 crore in Q4 March 2008 over Q3 December 2007. The company announced the results after trading hours yesterday, 26 June 2007.
European markets, which opened after Indian markets, were lower in opening trade. Key benchmark indices in United Kingdom, Germany and France were down by between 0.43% and 1.58%.
Asian markets, which opened before Indian markets, were trading weak today, 27 June 2008. Shanghai Composite (down 4.47% at 2,772.15), Japan's Nikkei (down 2.22% at 13,515.12), Hang Seng (down 1.78% at 22,054.84), Taiwan's Taiwan Weighted (down 3.44% at 7,542.69), Singapore's Straits Times (down 1.41% at 2,938.93) and South Korea's Seoul Composite (down 2.10% at 1,681.65) edged lower.
US markets tumbled yesterday, 26 June 2008 as higher oil, credit-market writedowns and a slowing economy threatened to extend a yearlong profit slump. The Dow Jones industrial average plunged 358.41 points, more than 3%, to close at 11,453.42 on Thursday. The Standard & Poor's 500 fell 38.82 points, about 3 percent, to 1,283.15, and the Nasdaq composite lost 79.89 points, or 3.3%, to 2,321.37.
Back home, short covering ahead of expiry of June 2008 derivatives contracts helped market move higher for the second straight session yesterday, 26 June 2008. The 30-share BSE Sensex gained 201.75 points or 1.42% at 14,421.82 and the broader based S&P CNX Nifty was up 63.20 points or 1.49% at 4,315.85, on that day.
As per reports, the marketwide rollover of positions from June 2008 contracts to July 2008 contracts in the derivatives segment stood at 82% while that of Nifty was 70%. June 2008 derivaties contracts expired yesterday, 26 June 2008.
Foreign institutional investors (FIIs) were net buyers of Rs 918.59 crore in the futures & options segment yesterday, 26 June 2008. They were net buyers of index futures to the tune of Rs 1023.89 crore and sold index options worth Rs 368.21 crore. They were net buyers of stock futures to the tune of Rs 33.80 crore and bought stock options worth Rs 33.80 crore.
In the cash market, as per provisional data, foreign funds sold shares worth a net Rs 667.19 crore on Thursday, 26 June 2008. Domestic funds bought shares worth a net Rs 395.64 crore.

Sensex sheds 769 points

The key benchmark indices slumped as a political rift over nuclear deal, soaring crude oil prices and high inflation weighed heavily on the market sentiment. The BSE Sensex fell to the lowest level in 13-months while the S&P CNX Nifty touched a 10-month low.
Sensex declined 769.07 points or 5.28% to 13,802.22 in the week ended Friday, 27 June 2008. The S&P CNX Nifty lost 210.90 points or 4.85% to 4136.65 in the week.
The BSE Mid-Cap index declined 473.68 points or 7.85% to 5,558.75. The BSE Small-Cap index slumped 459.59 points or 6.21% to 6,938.07.
The market suffered major losses on 23 June 2008 to settle at 10-month low on sustained selling pressure throughout the day. The 30-share BSE Sensex lost 277.97 points or 1.91% at 14,293.32. The broader based S&P CNX Nifty was down 81.15 points or 1.87% to 4266.40.
Equities extended losses for the fifth straight day on 24 June 2008 with the barometer index BSE Sensex falling below the psychologically important 14,000 mark for the first time in 10 months since late August 2007. The 30-share BSE Sensex was down 186.74 points or 1.31% at 14,106.58. The broader based S&P CNX Nifty slumped 75.30 points or 1.76% at 4,191.10.
On 25 June 2008, equities staged a solid rebound after touching fresh calendar 2008 lows in early trade. The initial jolt was caused by the Reserve Bank of India's move to hike the key lending rate. However, short covering ahead of the expiry of June 2008 derivatives contracts tomorrow, 26 June 2008, provided a foundation for the recovery. The 30-share BSE Sensex gained 113.49 points or 0.80% at 14,220.07. The broader based S&P CNX Nifty surged 61.55 points or 1.47% at 4,252.65.
On 26 June 2008, short covering ahead of expiry of June 2008 derivatives contracts helped market move higher for the second straight session. However, the market underwent choppy swings throughout the day. The 30-share BSE Sensex gained 201.75 points or 1.42% at 14,421.82. The broader based S&P CNX Nifty was up 63.20 points or 1.49% at 4,315.85.
A setback to stocks in Asia and US, sharp spurt in crude oil prices and political uncertainty due to Indo-US nuclear deal rattled bourses on 27 June 2008. The 30-share BSE Sensex slumped 619.60 points or 4.30% to 13,802.22. Intense selling pulled it lower to day’s low of 13,760.78, which is its lowest level in more than 13 months. The broader based S&P CNX Nifty tanked 179.20 points or 4.15% at 4,136.65.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) rose 4.07% to Rs 2181.90 in the week. RIL will start pumping 25 million standard cubic metres a day (mmscmd) of natural gas by September from its D-6 field in the Krishna Godavari basin, the oil ministry said on 25 June 2008. It said in a statement that the output would be raised to 40 mmscmd by March 2009.
India’s second largest private sector bank in terms of net profit HDFC Bank declined 7.31% to Rs 1018.65. The bank announced a hike in its benchmark prime lending rate by 25 basis points to 15.25%. The bank made this announcement after trading hours on Friday, 20 June 2007.
Wipro, the country’s third largest software services exporter fell 6.65% to Rs 442.60. Wipro has reportedly raised close to Rs 1,400 crore (35 billion Yen) through external commercial borrowings (ECBs). The company has been pursuing an aggressive acquisition strategy over the last few years and it concluded two major acquisitions in the year ended March 2008 including Unza and Infocrossing for a cumulative value of close to $900 million. As of 31 March 2008, Wipro had cash and bank balance Rs 3,927 crore.
Reliance Communications (RCom), the country’s second largest telecom services provider in terms of market capitalisation lost 3.61% to Rs 473.55. RCom’s proposed merger deal with South Africa based global operator, MTN is reportedly expected to close by first week of July 2008.
India’s leading pharma company in terms of sales Ranbaxy Laboratories fell 3.61% to Rs 523.05 after receiving tentative approval from US Food and Drug Administration for manufacturing and marketing valganciclovir hydrochloride tablets in 450 miligram strength.
India’s largest bank in terms of net profit State Bank of India fell 7.15% to Rs 1158.30 after the state-run bank raised its benchmark prime lending rate by 50 basis points to 12.75% with effect from 27 June 2008. The bank made this announcement during trading hours on 26 June 2007.
India’s largest private sector steel manufacturer in terms of sales Tata Steel fell 6.54% to Rs 726.75. The company reported 195.64% jump in consolidated net profit to Rs 12349.98 crore on 415.04% spurt in total income to Rs 132110.09 crore in the year ended March 2008 over the year ended March 2007. The results are non comparable due to merger Corus Group with Tata Steel.
India’s largest private sector bank by assets ICICI Bank plunged 11.10% at Rs 653.10. It hit a 52-week low of Rs 643 on 27 June 2008.
India’s largest engineering and construction firm by revenue Larsen & Toubro fell 11.57% at Rs 2267.15.
India’s second largest software exporter by sales Infosys Technologies fell 6.57% at Rs 1707.60.
India’s largest state-run oil exploration company Oil & Natural Gas Corporation (ONGC) fell 4.23% to Rs 830.15. Net profit of ONGC fell 2% to Rs 2627.10 on a 26% increase in sales to Rs 15626.07 crore in Q4 March 2008 over Q4 march 2007. The company announced the results during trading hours on 25 June 2007.
The wholesale price index rose 11.42% in 12 months to 14 June 2008, above the previous week's annual rise of 11.05%, government data released on Friday, 27 June 2008, showed. Inflation for the year through 19 April 2008 was revised upwards to 8.23% from 7.57%.
RBI, after market hours on 24 June 2008, raised its key lending rate viz. the repo rate by 50 basis points to 8.5% with immediate effect, its highest since March 2002 and the second hike this month. The RBI had earlier on 11 June 2008, raised the repo rate, by 25 basis points to 8%.
The RBI also increased the cash reserve ratio, the ratio of deposits banks must keep with it, to 8.75% from 8.25% in two 25-basis-point stages on 5 July 2008 and 19 July 2008.
Political uncertainty weighed heavily on the market due to confrontation between the government and Left parties over the Indo-US nuclear deal. The UPA-Left coordination committee on Indo-US nuclear deal on 25 June 2008 cided to meet again later. Foreign Minister Pranab Mukherjee said the committee completed its discussions on all aspects of the nuclear deal. The next meeting of the committee will finalise its findings.
The Left parties have already made it clear that they will withdraw their support to the government if it moves ahead with the nuclear deal. Left parties are opposing the deal saying it undermines India's independent foreign policy and nuclear weapons program.
The finance ministry on 25 June 2008, said the direct tax receipts were up 43.45% to Rs 49411 crore until 21 June 2008, on the back of a higher advance tax payments by corporates. Collection from corporate tax were Rs 30655 crore, up 39.81% from a year-ago, while income tax receipts were up 49.8% to Rs 18756 crore, it said in a statement.

Oracle's FLEXCUBE goes live at Kyrgyz Investment & Credit Bank

i-flex® solutions (Reuters: IFLX.BO & IFLX.NS), a leading provider of IT solutions to the global financial services industry today announced that Kyrgyz Investment & Credit Bank (KICB) had gone live on FLEXCUBE®.

Set up as a green field bank in 2000, KICB's initial focus was corporate finance - commercial and project term finance, trade finance, short-term working capital and corporate deposits. Its principal shareholder was the Aga Khan Fund for Economic Development and other share holders included the European Bank for Reconstruction and Development, the International Finance Corporation, Deutsche Entwicklungsgesellschaft and the Kyrgyz Government.

In 2006 KICB decided to transform itself in to a full service commercial bank and launched retail banking operations. To increase efficiency it wanted to consolidate its retail and corporate core banking infrastructure. This meant that it had to replace its existing core banking implementation that was too inflexible to cope.

KICB chose FLEXCUBE because of the superiority of its support for business processes and its technology. FLEXCUBE enabled the development of new financial products and services without extensive investment in software development. The implementation was completed in six months.

"The power of our development approach is that we constantly add new functionality to cope with customer challenges. We are happy that KICB has gone live with FLEXCUBE and look forward to working as partners with them," says S.Sundararajan, Senior Vice-President, Customer Fulfillment, Banking Products, i-flex solutions.

"The challenges that banks face are similar all over the world. Banks need to increase customer intimacy by learning from customer interactions and improving business processes. We must be able to differentiate ourselves and that is possible only with a core banking solution that allows new product and services to be introduced swiftly. FLEXCUBE is designed to help banks respond to these business imperatives and that is why it is such an asset," says Bektur Aliev, chief operating officer of Kyrgyz Investment & Credit Bank.

Oil marketing scrips run out of fuel as crude hits record high

Shares of three state run oil marketing companies fell between 4.02% to 6.09% at 14:22 IST on BSE after crude oil prices today hit a record high of $141.71 a barrel.

Bharat Petroleum Corporation (down 6.09% to Rs 253), Hindustan Petroleum Corporation (down 4.47% to Rs 188.20), and Indian Oil Corporation (down 4.02% to Rs 340), plunged.

The BSE Sensex was down 526.59 points, or 3.64%, to 13,896.98 on weak cues from global markets. US stocks plunged on Thursday, 26 June 2008, with the Dow Jones Industrial Average sliding about 360 points to a 21-month low as oil hit a record and Goldman Sachs urged investors to sell bank and auto maker shares, escalating concern about the outlook for profits.

The sharp spurt in crude prices will put further pressure on fuel retailers as they continue to sell products below the cost price. Global crude oil prices are up over 40% in this calendar year so far.
On 4 June 2008, the government increased the price of petrol by Rs 5 per litre, diesel by Rs 3 per litre and LPG prices by Rs 50 per cylinder in an attemp to curb losses at its state-owned refiners and fuel retailers.
The customs duty on crude oil was reduced from 5% to nil that on petrol and diesel from 7.5% to 2.5% and on other petroleum products reduced from 10% to 5%.
Despite the price increase and duty cuts, the marketing operations of the oil companies such as Indian Oil Corpration (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) will continue to incur hefty losses.
To offset such a massive amount of under-recovery, the government would issue oil bonds oil marketing firms. The budget for 2008-09 had put the total under-recoveries on account of subsidy on petroleum products at Rs 2,45,000 crore.

HDIL announces open offer for Broadcast Initiatives at Rs 36.50

Saffron Capital Advisors Pvt Ltd ("Manager to the Offer"), on behalf of HDIL Infra Projects Pvt Ltd, Mr Rakesh Kumar Wadhawan & Mr Sarang Wadhawan ("Acquirers") and Mr Waryam Singh & Mr Ashok Kumar Gupta ("Persons Acting in Concert" or "PACs"), has issued this Public Announcement ("PA") to the Shareholders of Broadcast Initiatives Ltd ("Target Company"), pursuant to Regulations 10 & 12 in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 1997 and subsequent amendments thereto (SEBI(SAST) Regulations).

The Acquirers and Persons acting in Concert are making this Offer to the public Shareholders of Target Company to acquire up to 50,62,800 Equity Shares (20%) of the Post Issue Capital at a price of Rs 36.50 (Rupees Thirty Six and Paise Fifty only) per Fully paid up shares ("Offer Price") payable in cash ("Offer") subject to the terms and conditions mentioned in the PA.

Schedule of Activities:

Specified Date - July 11, 2008

Date of Opening of the Offer - August 14, 2008

Date of Closing of the Offer - September 02, 2008

Cranes Software Board recommends dividend of 60%

Cranes Software International Ltd has announced that the Board of Directors of the Company at its meeting held on June 26, 2008, inter alia, has recommended (Subject to approval of the shareholders) an equity dividend as follows: Regular Dividend of 20% & a special Dividend of 40%, thereby aggregating to 60% (Re 1.20/- per share) for the year 2007-08.

The stock was trading at Rs.122, down by Rs.2.40 or 1.93%. The stock hit an intraday high of Rs.123 and low of Rs.119.55.

The total traded quantity was 1459 compared to 2 week average of 3996.

ABG Shipyard Bags new order worth Rs 585 Crores

ABG Shipyard Ltd has announced that Company has bagged a prestigeous order for the construction of 3 units of sub-sea multi purpose vessels from Sealion Shipping Ltd on behalf of Toisa Ltd. These vessels are designed for a world class subsea and ROV support duties. The total order size is approx. Rs. 585 cr (US $ 136.65 Mio).

Sealion Shipping Ltd and Toisa are engaged in specialized E&P Support vessels, consultancy and technical support to the specialised marine industry. They further expanded their activities into the support of the offshore oil and gas industry and, today, this forms their core market.

Toisa currently operates a modern fleet of 23 vessels. Besides, Toisa has a further 12 offshore support vessels under construction which will enter its fleet in the near future.

With the above order, the total order book of the Company stands at approx. US $ 2.436 Billion.

Garware Offshore takes delivery of platform supply Vessel M V Mana

Garware Offshore Services Ltd has announced that the Company has, on June 27, 2008 taken the delivery, at Norway, of a PSV, viz., "M V Mana" having Rolls Royce UT 755LN design. This vessel has improved fuel economy over the UT 755L designs as it has bulbous bow.

The vessel has 2 Bow Thrusters & 2 Stern Thrusters, "DP1 System", "FIFI 1" and "CLEAN" notation and is fitted with an Electronic Chart Display. The layout of the Wheelhouse & Accommodation has been done with comfort of the crew and ease of operation as priority. All equipment on the vessel is fitted as per the latest requirements of IMO.

The stock was trading at Rs.157.75, down by Rs.5 or 3.07%. The stock hit an intraday high of Rs.160.85 and low of Rs.157.70.

The total traded quantity was 4083 compared to 2 week average of 4983.

Bharat Electronics FY 2008 Net Profit at Rs 837.57 Crores

Bharat Electronics Ltd has announced the Audited results for the year ended March 31, 2008.

The Company has posted a net profit of Rs 8267.40 million for the year ended March 31, 2008 as compared to Rs 7181.60 million for the year ended March 31, 2007. Total Income has increased from Rs 40902.70 million for the year ended March 31, 2007 to Rs 42991.30 million for the year ended March 31, 2008.

The Consolidated results are as follows: The Group has posted a net profit after minority interest of Rs 8375.70 million for the year ended March 31, 2008 as compared to Rs 7315.50 million for the year ended March 31, 2007. Total Income has increased from Rs 42463.30 million for the year ended March 31, 2007 to Rs 44515.40 million for the year ended March 31, 2008.

The Board of Directors of the Company at its meeting held on June 27, 2008, inter alia, has recommended a final dividend of 147% (i.e. Rs 14.70 per equity share of Rs 10/- each) in addition to the Interim Dividend of 60% paid in February, 2008.

Unitech Board recommends dividend of 12.5%

Unitech Ltd has announced that the Board of Directors of the Company at its meeting held on June 27, 2008, inter alia, has recommended a dividend of 12.5%, i.e. 25 paise per share on an equity share of Rs 2 each fully paid-up for the year ended March 31, 2008.The stock was trading at Rs.184.35, down by Rs.1.45 or 0.78%. The stock hit an intraday high of Rs.187.30 and low of Rs.174.The total traded quantity was 2679754 compared to 2 week average of 2827166.

Unitech Net Profit at Rs 1661.86 Crores in 2008

Unitech Ltd has announced the Audited results for the quarter & year ended March 31, 2008.The results for the Quarter ended March 31, 2008:

The Company has posted a profit after tax of Rs 1758.40 million for the quarter ended March 31, 2008 as compared to Rs 3570.90 million for the quarter ended March 31, 2007. Total Income has decreased from Rs 8841.50 million for the quarter ended March 31, 2007 to Rs 7596.50 million for the quarter ended March 31, 2008.

The results for the Year ended March 31, 2008: The Company has posted a profit after tax of Rs 10306.80 million for the year ended March 31, 2008 as compared to Rs 9835.60 million for the year ended March 31, 2007. Total Income has increased from Rs 25996.40 million for the year ended March 31, 2007 to Rs 29697.20 million for the year ended March 31, 2008.

The consolidated results for the Quarter ended March 31, 2008: The Group has posted a net profit of Rs 3602.80 million for the quarter ended March 31, 2008 as compared to Rs 7479.60 million for the quarter ended March 31, 2007. Total Income has decreased from Rs 16272.90 million for the quarter ended March 31, 2007 to Rs 11971.30 million for the quarter ended March 31, 2008.

The consolidated results for the Year ended March 31, 2008: The Group has posted a net profit of Rs 16618.60 million for the year ended March 31, 2008 as compared to Rs 13058.30 million for the year ended March 31, 2007. Total Income has increased from Rs 33880.90 million for the year ended March 31, 2007 to Rs 42801.10 million for the year ended March 31, 2008.

The stock was trading at Rs.184.35, down by Rs.1.45 or 0.78%. The stock hit an intraday high of Rs.187.30 and low of Rs.174.

The total traded quantity was 2679754 compared to 2 week average of 2827166.

Bank of America to Cut 7,500 Jobs on Countrywide Deal

Bank of America Corp., the second- largest U.S. bank, will cut about 7,500 jobs after buying Countrywide Financial Corp.
The purchase is expected to be completed July 1, Charlotte, North Carolina-based Bank of America said today in a statement. The reduction over the next two years -- equal to about 2.9 percent of the combined staff -- will occur where jobs overlap ``throughout the country,'' the bank said. Notices will be sent during the third quarter.
Countrywide's shareholders yesterday approved Bank of America's takeover, originally valued at about $4 billion. The vote cleared the way for a bailout of the biggest U.S. mortgage lender, which became a symbol of the subprime boom and bust. Calabasas, California-based Countrywide employed about 50,000 people at the end of the first quarter, according to Bloomberg data. Bank of America's staff was 209,000.
Bank of America fell 6.8 percent to $24.81 in 4:15 p.m. New York Stock Exchange composite trading. Countrywide slipped 3.5 percent to $4.42.
Today's announcement may finally quell speculation that Bank of America plans to back out the deal because Countrywide has lost money since the accord was announced in January. The value of the bank's all-stock bid for Countrywide has fallen to $2.67 billion as investors became more concerned about the weak U.S. economy and whether the mortgage company's losses would cripple Bank of America's earnings.
Gap Narrows
The gap between Countrywide's stock price and the value of the Bank of America shares that investors will receive narrowed to 2.2 percent today, reflecting more confidence that the takeover will happen. The spread was 5.6 percent yesterday and as much as 11 percent last week.
Countrywide is based in Calabasas, California. The world's biggest financial firms have already announced more than 82,000 job cuts after posting $400 billion in writedowns and credit losses tied to the U.S. housing slump.

UniCredit to Cut 9,000 Jobs After Acquisition Spree

UniCredit SpA, Italy's biggest bank, plans to cut 9,000 jobs, or 5 percent of its workforce, after making $61 billion of acquisitions during the past three years.
The reductions will be in Italy, Germany and Austria as the company moves its business east following last year's takeover of Rome-based Capitalia SpA and the 2005 purchase of Munich-based HVB Group, the Milan-based company said today in Vienna. The bank fell as much as 4.9 percent in Milan.
Chief Executive Officer Alessandro Profumo is struggling to increase earnings after trading losses and credit-market writedowns caused a 51 percent drop in first-quarter profit. The bank is adding 11,500 staff and opening 1,300 branches in central and eastern Europe over the next 2 1/2 years as major economies slow following the collapse of the U.S. subprime-mortgage market.
``Profumo's strategy is right in the long term,'' said Karim Bertoni, who helps manage $27 billion, including UniCredit shares, at Banque Syz & Co. in Geneva. ``In the short term it might be difficult.''
UniCredit expects annual revenue growth of 6.7 percent through 2010, with an increase of 19 percent a year in central and eastern Europe. Since its purchase of Poland's Pekao SA in 1999, UniCredit has opened offices in countries including Russia, Turkey, Hungary and Kazakhstan. The bank is forecasting stronger growth in central and eastern Europe than in the western part of the continent.
The eastern and central European businesses accounted for 20 percent of the company's total revenue last year.
Stock Drops
The lender fell 16 cents, or 4 percent, to 3.96 euros as of 3:30 p.m. in Milan, giving it a market value of about 52.8 billion euros ($83 billion). The company has dropped 30 percent this year, in line with the slide in the 59-member Bloomberg Europe Banks and Financial Services Index, which declined 3.9 percent today.
Many of UniCredit's job cuts will be related to the purchase of Capitalia, and the other reductions will be made at the ``corporate center,'' the company said, without being more specific. UniCredit in August 2007 reached an agreement with unions for 5,000 job cuts over three years following the Capitalia deal.
The company is ``quite happy'' with its acquisitions of Capitalia and HVB and the integration process is going ``quite well,'' Profumo said today in a Bloomberg Television interview.
UniCredit also plans to cut costs related to information technology and back-office functions and to close 400 branches in Italy as part of the business plan. Operating costs will rise 3.4 percent over the period. The company reiterated an earnings-per- share target for this year of 52 euro cents to 56 euro cents.
UniCredit Is `Solid'
``Profumo will be able to meet these targets,'' said Patrizio Pazzaglia, who oversees about $400 million at Bank Insinger de Beaufort NV in Rome. ``Notwithstanding the market environment, UniCredit is solid thanks to its steersman.''
Profumo, 51, has helped build UniCredit into Europe's fourth- biggest bank by market value, after HSBC Holdings Plc, Banco Santander SA and BNP Paribas SA.
The Italian bank is seeking to strengthen its so-called core Tier-1 capital ratio, the reserve built up to protect depositors against potential losses. UniCredit, which had a core Tier-1 ratio of 5.7 percent in the first quarter, said today it plans to reach 6.2 percent by the end of 2008 and 7.1 percent by 2010. The figures are calculated based on Basel II criteria, the bank said.
UniCredit's credit quality is good and the company doesn't plan any ``significant asset sales,'' Profumo said. The bank also won't make any further writedowns on asset-backed securities in its second-quarter earnings.
Possible Asset Sales
``It's difficult to identify new assets to sell,'' said Alessandro Roccati, a London-based analyst for Fox-Pitt, Kelton with an ``in line'' rating on UniCredit. ``The market talks about Pioneer. Some top management see it as key to eastern Europe.''
The Pioneer fund-management unit isn't for sale, Profumo said today, adding that the bank may divest some real-estate holdings and a stake in Austria's 3-Banken Gruppe that's valued at about 920 million euros, according to Bloomberg calculations.
Profumo also said stakes in Austrian companies held through the B&C foundation are ``non-strategic.'' The assets include paper- maker Lenzing AG, construction company Porr AG and rubber-maker Semperit AG.

Brunswick to Shut Boat Plants, May Cut 10% of Jobs

Brunswick Corp., the maker of Sea Ray yachts and Boston Whaler fishing boats, plans to close four more North American plants and may fire as much as 10 percent of its workforce to slash costs after U.S. powerboat sales fell to the lowest in more than 40 years.
Brunswick aims to reduce fixed costs by $300 million from 2007, according to a statement today. The Lake Forest, Illinois- based company had previously said it would close eight factories, reducing the number still in operation to 17 by the end of 2009, compared with 29 in 2007.
Brunswick, whose Marine unit contributed 81 percent to 2007 sales of $5.67 billion, said it may fire as many as 2,700 workers. The company had 27,050 employees at the end of last year, according to its most recent annual report.
Consumers' ``ability and desire'' to buy boats as well as Brunswick billiard tables and fitness equipment has been reduced by a shrinking U.S. job market, surging fuel prices and declining home values, Chief Executive Officer Dustan McCoy said in the statement. The cost of oil has more than doubled over the past year as the dollar dropped against the euro, driving the price of U.S. unleaded gasoline to $4.07 a gallon as of June 25, up 34 percent for the year.
``We are not assuming that these pressures will abate any time soon,'' McCoy said in the statement. ``We are planning for an environment in which the U.S. marine market will be smaller in the near term.''
Pretax restructuring charges, including asset writedowns, will total $200 million to $220 million, the boat maker said. Eighty-five percent of the charges will be recorded in 2008, the company estimated.
Brunswick fell 31 cents, or 2.6 percent, to $11.74 as of 11:01 a.m. in New York Stock Exchange composite trading. The shares sank 29 percent this year before today.

Panacea Biotec Board recommends dividend of 100%

Panacea Biotec Ltd has announced that the Board of Directors of the Company at its meeting held on June 26, 2008, inter alia, has recommended dividend @ 100% (i.e. Re 1/- per share) on Equity Shares of the Company, for the financial year 2007-08.

TCS receives Innovation Award from Ferrari

Innovation from Tata Consultancy Services helps Ferrari retain pole position in Formula 1

Maranello, Italy and Mumbai, India, June 26, 2008: Tata Consultancy Services, the leading IT services, business solutions and outsourcing firm today announced that it received the Innovation Award from Ferrari for its ability to use technology services to spur innovation in one of the most competitive and technologically advanced arenas of automobile engineering. Stefano Domenicali, Ferrari Racing Department Director, presented the Innovation Award to TCS officials.

The citation for the Innovation Award highlights the innovation provided by team TCS and ability to work closely with the Ferrari in a model of collaboration and cultural integration. “TCS has won the Innovation Award for their zeal and proactive attitude, the excellent involvement in the activities of design and the contribution in the selection of IT technologies supporting innovation. Tata Consultancy Services (TCS) is an outstanding example of technological leadership and a model of cultural integration and exchange”, said Mario Almondo, Operations Director of Scuderia Ferrari.

“This is no ordinary recognition. We are delighted that TCS’ ability to innovate and help Ferrari dominate the Formula One racing has been recognized by Ferrari,” said S Ramadorai, Chief Executive Officer and Managing Director, TCS. “The F1 car is the most advanced automobile in the market and this award is a tribute of the work of our team of engineers who are helping as a seamless unit with the engineering and technology team from Ferrari,” he added.

The stock closed the day at Rs.876.85, down by Rs.0.90 or 0.10%. The stock hit an intraday high of Rs.889.90 and low of Rs.862.20.The total traded quantity was 262567 compared to 2 week average of 345721.

Aban Offshore receives new contracts worth US$ 55 Million

Aban Offshore Ltd has announced that a Letter of Intent has been received from a leading operator for the deployment of the jack-up rig Deep Driller 2 offshore Malaysia for a 3 well programme. The estimated revenues from the Contract (with an estimated duration of approx. 90 days) is approx. USD 17 million. The deployment is to commence in direct continuation of its present contract, which is expected in July 2008.

A Letter of Intent has been received from another leading operator for the deployment of the jack-up rig Deep Driller 2 offshore Malaysia for a 6 firm well plus one optional well programme. The estimated revenues from the Contract (with an estimated duration of approx. 210 days) is approx. USD 38 million. The deployment is to commence in direct continuation of the programme mentioned in the previous paragraph.

The stock was trading at Rs.3165.10, up by Rs.8.95 or 0.28%. The stock hit an intraday high of Rs.3239 and low of Rs.3161.

The total traded quantity was 30980 compared to 2 week average of 68102.

Financial Technologies clarifies on commencing Singapore Comex Operations

Financial Technologies India Ltd has clarified with reference to the news item appearing in a leading financial daily titled "MCX to start comex operations in Singapore".As stated in the Annual Report 2006-07, Singapore Mercantile Exchange is a Subsidiary of the Company.The date for commencement of operations for the Commodity Exchange in Singapore shall be informed as and when it is finalized.As has been clarified by MCX Managing Director and Chief Executive Officer Mr. Joseph Massey 'MCX is not doing anything of this sort in Singapore' (as reported in Financial Daily).

SBI Revises Lending Rate to 12.75%

State Bank of India (SBI) has announced that the Bank has restores its Benchmark Prime Lending Rate (referred as SBAR) to the rate prevailing in January 2008.The Benchmark Prime Lending Rate (referred to as SBAR) is restored to 12.75% p.a. with effect from June 27, 2008.The stock closed the day at Rs.1216.25, up by Rs.13.10 or 1.09%. The stock hit an intraday high of Rs.1227.80 and low of Rs.1191.The total traded quantity was 444121 compared to 2 week average of 477302.

Tata Steel Board recommends dividend of 160%

Tata Steel Ltd has announced that the Board of Directors of the Company at its meeting held on June 26, 2008, inter alia, has recommended, subject to the approval of shareholders at the Annual General Meeting, dividend of 2% on Cumulative Convertible Preference Shares (CCPS) of Rs 100 each payable on pro-rata basis from the date of allotment of CCPS i.e. January 18, 2008 to March 31, 2008.The Board has recommeneded 160% dividend on Ordinary Shares of Rs 10 each for the year ended March 31, 2008.The Register of Members & Share Transfer Books of the Company will remain closed from July 22, 2008 to July 31, 2008 (both days inclusive) for the purpose of payment of dividends on CCPS (pro-rata) and Ordinary Shares for the year ended March 31, 2008 & Annual General Meeting (AGM) of the Company.The stock closed the day at Rs.757.10, up by Rs.14.15 or 1.90%. The stock hit an intraday high of Rs.763 and low of Rs.731.55.The total traded quantity was 1290194 compared to 2 week average of 1105320.

Tata Steel Net Profit at Rs 12349.98 Crores in FY 2008

Tata Steel Ltd has announced the Audited results for the year ended March 31, 2008.The Company has posted a net profit of Rs 46870.30 million for the year ended March 31, 2008 as compared to Rs 42221.50 million for the year ended March 31, 2007. Total Income has increased from Rs 179847.60 million for the year ended March 31, 2007 to Rs 200282.80 million for the year ended March 31, 2008.The Consolidated results are as follows: The Group has posted a Profit after minority interest & share of profits of Associates of Rs 123499.80 million for the year ended March 31, 2008 as compared to Rs 41772.70 million for the year ended March 31, 2007. Total Income has increased from Rs 256504.50 million for the year ended March 31, 2007 to Rs 1321100.90 million for the year ended March 31, 2008.The stock closed the day at Rs.757.10, up by Rs.14.15 or 1.90%. The stock hit an intraday high of Rs.763 and low of Rs.731.55.The total traded quantity was 1290194 compared to 2 week average of 1105320.

Tulip Telecom Board recommends final dividend of 20%

Tulip Telecom Ltd has announced that the Board of Directors of the Company at its meeting held on June 26, 2008, inter alia, has recommended a final dividend of 20% i.e. Rs 2 per share, for the financial year 2007-2008, on the total paid-up capital of the Company.

Pantaloon Retail allots 4500000 shares at Rs 500 to promoter group

Pantaloon Retail India Ltd has announced that the Committee of Directors (CoD) of the Company at its meeting held on June 26, 2008, have made allotment of 45,00,000 Equity shares of Rs 2/- each at a premium of Rs 498/- per share aggregating Rs 225 Crores to Erudite Trading Pvt Ltd and Chaste Investrade Pvt Ltd, part of the promoter group, on conversion of second tranche of Warrants allotted to them.The stock was trading at Rs.380, up by Rs.4.35 or 1.16%. The stock hit an intraday high of Rs.395 and low of Rs.378.The total traded quantity was 6194 compared to 2 week average of 67956.

Baba Arts allots 600000 equity shares

Baba Arts Ltd has announced that the Board of Directors of the Company vide Circular Resolution effective June 26, 2008, have allotted 6,00,000 equity shares of Rs 4/- each for cash at a premium of Rs 40/- per share (price of Rs 44/- per share) to Shri. Gordhan P Tanwani, Promoter of the Company against exercise of Optionally Fully Convertible Warrants held by him.

KSK Energy Ventures IPO receives 1.50 times subscription

The Initial Public Offering (IPO) of KSK Energy Ventures Limited which opened for subscription on Jun 23, 2008 has received subscription of 1.50 times till 5:30 PM on June 25, 2008.The company has come out with an IPO of 3,46,11,000 EQUITY SHARES of Rs 10 each for cash at a price band of RS.240 TO RS.255 through 100% book-building process.The issue has received subscription of 1.50 times till 5:30 PM on June 25, 2008.The issue has received bids for 52069675 equity shares against the offer of 34611000 equity shares. The issue has received bids for 2103825 shares at cut-off price.The Qualified Institutional Buyers (QIBs) portion of the issue has received bids for 6002575 equity shares against the offer of 20766600 shares resulting in a subscription of 2.2152 times.The Non Institutional Investors portion of the issue has received subscription of 1.0885 times with bids for 3767250 equity shares against the offer of 3461100 shares.The Retail Individual Investors (RIIs) portion of the issue has received bids for 2299850 equity shares against the offer of 10383300 equity shares resulting in a subscription of 0.2215 times.The issue closed for subscription on June 25, 2008.

West Coast Board recommends dividend of 150%

West Coast Paper Mills Ltd has announced that the Board of Directors of the Company at its meeting held on June 26, 2008, inter alia, has recommended payment of dividend of Rs 3/- per share (150%) on the Equity shares of Rs 2/- each for the year ended March 31, 2008.

Oil price to hit $150-170 in coming months: OPEC

PARIS: The president of OPEC, Algerian Energy Minister Chakib Khelil, predicted on Thursday that oil prices would rise to $150-170 a barrel during the northern hemisphere summer.

Khelil insisted on Tuesday that oil producers saw no need to raise supply, blaming high prices on factors outside their control such as US pressure on Iran and the weak US dollar.

Speaking after talks with European Union nations, Khelil said the cartel of oil states believes it is pumping enough oil to supply current demand and has stocks and extra capacity to spare.

Khelil said prices in the next few weeks depend largely on how the US deals with Iran and the strength of the US dollar.

The US, supported by the European Union, wants Iran to permanently halt uranium enrichment, a technology that can give Iran the capacity to produce materials for a nuclear bomb if it wanted. Iran denies that, saying it only wants to produce energy.

"I think the market is probably waiting to see how the dollar is going to evolve in July, how the geopolitical situation is going to evolve with the threats made on Iran," Khelil said.

"I don't think OPEC can do much about the geopolitics," he said. "I think some other people have to do something about that because if you have threats in areas that are producing areas or potentially producing areas, then of course the market will react to it.

" The president of the Organisation of the Petroleum Exporting Countries, or OPEC, - based mostly in the Gulf region - could only handle one factor behind high prices: making more oil available.

"I think we are doing that and we think we are doing that very well," he said. "All you need to do is to look at the data to be convinced that the market is well supplied in oil and that we have enough surplus capacity and that we have enough stocks in the market.

" The 13 OPEC members have for years gathered regularly to establish production quotas. They control some 40 per cent of world oil output. Despite the current surge in oil prices and growing global demand, they have refused as a group to boost production.

However, Saudi Arabia, the world's largest oil producer, has said it would add 200,000 barrels per day in July to a 300,000 barrel per day production increase it first announced in May, raising total daily output to 9.7 million barrels.

OPEC members include: Algeria, Angola, Ecuador, Iran, Iraq, Libya, Nigeria, Saudi Arabia, Venezuela, Kuwait, Qatar and the United Arab Emirates.

Kavveri Telecom Products net profit rises 61.98% in the March 2008 quarter

Sales rise 65.40% to Rs 38.67 crore
Net profit of Kavveri Telecom Products rose 61.98% to Rs 3.11 crore in the quarter ended March 2008 as against Rs 1.92 crore during the previous quarter ended March 2007. Sales rose 65.40% to Rs 38.67 crore in the quarter ended March 2008 as against Rs 23.38 crore during the previous quarter ended March 2007.
For the full year, net profit rose 97.12% to Rs 11.65 crore in the year ended March 2008 as against Rs 5.91 crore during the previous year ended March 2007. Sales rose 180.34% to Rs 140.73 crore in the year ended March 2008 as against Rs 50.20 crore during the previous year ended March 2007.

Tata Steel net profit rises 11.01% in the year ended March 2008

Sales rise 12.20% to Rs 19693.28 crore
Net profit of Tata Steel rose 11.01% to Rs 4687.03 crore in the year ended March 2008 as against Rs 4222.15 crore during the previous year ended March 2007. Sales rose 12.20% to Rs 19693.28 crore in the year ended March 2008 as against Rs 17552.02 crore during the previous year ended March 2007.

Tulip Telecom net profit rises 100.64% in the March 2008 quarter

Sales rise 41.64% to Rs 412.14 crore
Net profit of Tulip Telecom rose 100.64% to Rs 66.27 crore in the quarter ended March 2008 as against Rs 33.03 crore during the previous quarter ended March 2007. Sales rose 41.64% to Rs 412.14 crore in the quarter ended March 2008 as against Rs 290.98 crore during the previous quarter ended March 2007.
For the full year, net profit rose 101.25% to Rs 187.12 crore in the year ended March 2008 as against Rs 92.98 crore during the previous year ended March 2007. Sales rose 44.68% to Rs 1216.44 crore in the year ended March 2008 as against Rs 840.79 crore during the previous year ended March 2007.

ITC gains on sale of stake in IT JV

ITC gained 1.56% to Rs 189.25 at 12:39 IST on BSE on reports ITC Infotech, a $100 million, wholly-owned subsidiary of ITC, is set to pull out of its business process outsourcing equal joint venture with US-based Sitel Corporation.

The stock hit a high of Rs 191 and a low of Rs 186 so far during the day. The stock had a 52-week high of Rs 239.40 on 8 January 2008 and a 52-week low of Rs 151.70 on 21 August 2007.
The large-cap company had outperformed the market over the past one month till 25 June 2008, declining 10.88% compared to the Sensex’s decline of 12.63%. It had also outperformed the market in the past one quarter, declining 6.85% compared to Sensex’s decline of 11.21%.
The company has an equity capital of Rs 376.86 crore. Face value per share is Rs 1.
The current price of Rs 189.25 discounts its Q4 March 2008 annualised EPS of Rs 7.81, by a PE multiple of 24.23.
ITC’s net profit rose 13.1% to Rs 735.64 crore on 16.7% growth in net sales to Rs 3934.39 crore in Q4 March 2008 over Q4 March 2007.
ITC has a diversified presence in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, greeting cards, safety matches and other fast moving consumer durable (FMCG) products.

Cairn India to invest USD 2 bn in India

Cairn India today said it will invest about USD two bn in the country over the next one and a half years for developing oil fields and building a pipeline which will deliver oil from Barmer in Rajasthan to the coastal areas of Gujarat.

"Out of the USD two billion investment, USD 1.8 bn will go in Rajasthan alone and the remaining will be used for other blocks in other parts of the country," Cairn India Chairman Sir Bill Gmmell said at the company's Annual General Meeting here.

Cairn India is developing three fields in Rajasthan -- Mangala, Bhagyam and Aishwariya. It also plans to start test drilling in the Ganga Valley block in Bihar by the end of the current year or early next year.

Gmmell said the company is confident of delivering first oil from Managala in the second half of 2009 followed by oil from Bhagyam and Aishwariya in 2010.

"Subject to regulatory approval, the estimated sustainable plateau rate of production from these fields has increased from 1,50,000 barrels per oil day to 1,75,000 bopd. If the use of Enhanced Oil Recovery techniques prove successful, there is a further resource potential of over 300 mn bopd," he said.

Satyam Computer Services Joins Rockwell Automation PartnerNetwork

Satyam Computer Services Ltd (NYSE:SAY), a leading global business and information technology Company, on June 24, 2008 announced that it has partnered with Rockwell Automation India Pvt Ltd, a wholly owned subsidiary of Rockwell Automation Inc, a leading global provider of industrial automation power control and information solutions for manufacturers.

This partnership gives Satyam preferred status to conduct systems integration assignments as an Engineering Solution Provider (ESP) in Rockwell Automation's PartnerNetwork, which includes business enterprise, sales and solutions, and product and technology partners.

"This alliance provides synergy to our industrial automation business) which positions Satyam as a leading, global industrial automation solution provider," said Dr. T S K Murthy, the global head and senior vice president of Satyam's Integrated Engineering Solutions Practice.

"The alliance will be a key part of our strategy to build a global engineering innovation ecosystem to provide integrated business solutions to our customers worldwide."

The alliance enables Satyam to provide automation solutions from Rockwell Automation to customers throughout India. Satyam's domain expertise and application knowledge will complement Rockwell Automation's capabilities and provide customized solutions to specific markets in different regions. Specifically, Satyam's "top-floor to shop-floor" automation integration expertise will provide cost-effective solutions to Rockwell Automation's customers across domains.

"We are proud to have Satyam as part of our Engineering Solution Provider Program. Its customer base, market leadership, technical and application expertise, and experienced workforce makes it a good fit," said Pankaj Joshi, the regional market access development manager of Rockwell Automation's Southeast Asia region. "We welcome Satyam as a partner and look forward to a stronger market presence.

GMR Infrastructure Acquires 50% stake in InterGen for $1.1 Billion

Key Highlights:

• Largest ever acquisition of a global energy utility by an Indian Company.
• Transaction valued at $1.1 billion.
• It is the most competitive acquisition at $360,000 per MW which is half the current cost of similar facility.
• InterGen is one of the world's leading independent power producers with a high quality asset portfolio, with an average age of operating plants of only 5.5 years.
• InterGen N V has operations in 5 countries, and total proportional turnover of approximately $ 1.65 billion and total proportional EBITDA of US$ 613 million for the year ending December 2007.
• InterGen NV has ownership interest in 12 operating power plants (including one power plant under construction in the Netherlands) with gross capacity of 8,258 MW and 4,822 MW of assets under development.
• With this acquisition, the GMR Group, through InterGen N.V., gets a global platform for growth, and access to high quality management with strong expertise of development, operation and management of assets across diverse geographies.
• Ontario Teachers Pension Plan (Teachers') holds the balance 50% equity stake in InterGen. Teachers' is the largest single-profession pension plan in Canada with C$108.5 billion (US$107.1 billion) in net assets and C$8.8 billion (US$8.7 billion) invested in infrastructure and timberlands as of December 31, 2007.

GMR, a global infrastructure company with business presence in energy, airports, highways and urban infrastructure, today announced the signing of definitive documentation for the acquisition of 50% stake in InterGen N. V., a leading global power generation company. InterGen N V has power plants located across the UK, the Netherlands, Mexico, Australia and the Philippines, with total net capacity (net of auxiliary) of 12,756 MW (8,086 MW of operational capacity and 4,680 MW of asset under development). The transaction is subject to regulatory approvals in each country where InterGen has operations and is expected to close in the third quarter of 2008.

This transaction, valued at $1.1 billion, is the largest ever acquisition of an energy utility company by an Indian company. GMR Infrastructure (Malta) Ltd signed the share purchase agreement with AIG Highstar to acquire 50% equity stake in InterGen N. V. GMR expects to close the transaction in CY 2008. N M Rothschild & Sons worked as the sole exclusive financial advisor whereas White & Case LLP worked as Legal advisor to the GMR Group on this transaction.

Speaking on the occasion, Mr G M Rao, Group Chairman, GMR Group said: "The acquisition of a 50% equity stake in InterGen N V is an integral part of our global strategy to be the world's leading energy and infrastructure company. This acquisition will provide us a platform to expand in InterGen's existing geographies and new geographies of strategic importance to both GMR and Teachers'. Such growth will be supported by the strong management, high quality assets and a partner like Teachers', which is also a leading global infrastructure investor."

Explaining the alignment of interests, Mr Rao said: "Our core experience in the 'energy business life cycle', covers identifying opportunities, developing assets in greenfield areas, strong project management skills, financial structuring and efficient operations. We found the same expertise in InterGen, which encouraged us to go ahead with the acquisition and synergise our growth. InterGen has consistently achieved economic returns in developed markets, comparable to those in emerging markets."

Christopher Lee, Founding partner of AIG Highstar said "We have greatly enjoyed working with InterGen management and our partners at Teachers' during the period of our ownership interest in this business. We are confident that GMR will be a great new partner for InterGen as it continues to the next level of well deserved success".

Neil Smith, CEO of InterGen NV added "We are very pleased that GMR, with its significant power and infrastructure development experience, has made this strategic investment in InterGen. This is a positive step in strengthening our position as a leading owner, operator and developer of global power projects".

GAIL Board recommends issue of 1:2 bonus shares

The Board of Directors of GAIL (India) Ltd in its meeting held on June 23, 2008 has recommended issuance of one bonus share for two equity shares held, subject to the requisite approval(s).

The matter will now be put before the shareholders of the Company during its next Annual General Meeting. The paid-up capital of the Company is Rs 845.65 crore and the Reserves and Surplus as on March 31, 2008 were approximately Rs 12,160 crore.

GAIL (India) Ltd recorded sustained performance in all key physical as well as financial parameters in the Financial Year 2007-08. According to the audited figures, the Company recorded a Turnover (excluding internal consumption and net of excise duty) of Rs 18,008 crore in the year 2007-08. The Profit After Tax during the year 2007-08 was Rs 2,601 crore.

The Board of Directors has recommended payment of total dividend at the rate of 100 percent on the paid-up share capital of the Company for FY 2007-08. GAIL is one of the leading public enterprises with a consistently excellent financial track record.

Turnover during the last ten years has shown a compounded annual growth rate of 13 percent. Market capitalization of the Company as on March 31, 2008 reached around Rs 35,000 crore as against Rs 22,372 crore, a year ago. The Earning Per Share (EPS) increased to Rs 30.76 per share in the year 2007-08. The EPS as per consolidated statement was Rs 32.91 per share, while book value has increased to Rs 154 from Rs 134 per share.

Ranbaxy Gains Tentative approval to manufacture & market Valganciclovir Hydrochloride Tablets

Ranbaxy Laboratories Ltd (RLL), on June 25, 2008 announced that the Company has received tentative approval from the U.S. Food and Drug Administration to manufacture and market Valganciclovir Hydrochloride Tablets, 450 mg. Total annual market sales for Valganciclovir HCl Tablets were $239 million (IMS – MAT: March 2008).

Ranbaxy believes that it has First-to-File status on Valganciclovir tablets, thereby providing a potential of 180-days of marketing exclusivity, offering a significant opportunity in the future.

Valganciclovir HCl Tablets are indicated for the treatment of cytomegalovirus (CMV) retinitis in patients with acquired immunodeficiency syndrome (AIDS). Valganciclovir HCl is also indicated for the prevention of cytomegalovirus (CMV) disease in kidney, heart and kidney-pancreas transplant patients at high risk (Donor CMV seropositive/Recipient CMV seronegative [(D+/R-)]).

"Ranbaxy is pleased to receive this tentative approval for Valganciclovir Hydrochloride Tablets, a medicine that has established its clinical value and utility over time. It will be launched by Ranbaxy upon receiving final approval and resolution of litigation currently pending in Federal District Court, as an affordably priced alternative to the branded product, Valcyte. This product formulation will further expand our portfolio of affordable generic alternatives and will be available to all classes of trade,” said Bill Winter, Vice President of Trade Sales for RPI, USA. “This represents another potentially strong market entry for Ranbaxy medicines from among our pipeline of patent challenges, and offers us a significant future opportunity,” Winter added.

Ranbaxy Pharmaceuticals Inc. (RPI) based in Jacksonville, Florida, USA, is a wholly owned subsidiary of Ranbaxy Laboratories Limited (RLL), India’s largest pharmaceutical company. RPI is engaged in the sale and distribution of generic and branded prescription products in the U.S. healthcare system.

JK Tyre completes acquisition of 100% shareholding in Mexico based Tornel

JK Tyre & Industries Ltd has acquired 100% shares of Tornel, the Mexican Tyre Company, along with its subsidiaries, for Rs 2700 million. The Board had approved this acquisition in its meeting held on April 11, 2008. All formalities and compliances with regard to the acquisition has been made and closing of the transaction has taken place on June 13, 2008 in Mexico.

Tornel has now become a subsidiary of JK Tyre & Industries Ltd. It is expected that JK Tyre will substantially increase its global foot print with this acquisition. Strategic location of Mexico offers Tornel free access to the NAFTA trade block and emerging economies of Central and Southern America.

Over the years, JK Tyre has been exporting tyres to these markets in large volumes and the acquisition has further strengthened JK Tyre's market positioning in these territories considerably. Post Acquisition collective capacity of JK Tyre has risen to 940 tons per day with Tornel's production capacity of 290 tons per day along with JK Tyre's capacity of 650 tons per day. This makes JK Tyre, India's largest four wheeler tyre Company. This is first international acquisition of JK Tyre and there are multi synergies between JK Tyre and Tornel.

The takeover of Tornel will enable JK Tyre to optimize on cost, product and manufacturing facilities as also realign its domestic capacities. The turnover of Tornel is USD 202 million which together with JK Tyre's turnover of Rs 32 billion i.e., USD 800 million will make JK Tyre a leading tyre Company of India with combined turnover exceeding USD 1 billion. With this acquisition, JK tyre would be ranked 14th if not 13th globally with an annual capacity of 15.3 Million tyres per annum- 6.6 million tyres per annum of Tornel and 8.7 million tyres per annum of JK Tyre.

Tornel has a wide distribution network of 241 distributors and 282 sales outlets across Mexico. Therefore, the acquisition has strengthened JK Tyres market positioning in these territories considerably. Situated in Azcapotzalco, Tultitlan and Hidalgo, the 3 plants of Tornel employ 2000 people. Tornel has state-of-the-art laboratories and Technology Development Center to develop and manufacture competitive products for demanding North and South American markets.

The company manufactures wide range of Bias and Radial Tyres - from Truck, LCV, Farm and Industrial tyres in Bias category to LCV and High performance Passenger Car tyres in Radial category. It also sells Truck Radials by outsourcing. JK Tyre plans to enhance and improve the operations of Tornel by providing technological and managerial Inputs.

Dr. R P Singhania, Vice Chairman & Managing Director, said, "This is our first international acquisition and there are multi-facet synergies between JK Tyre and Tornel. Economies of scale, technological expertise and wider understanding of different markets will propel the Company to higher level of growth. We take pride in our operational practices at JK Tyre and are confident of implementing them in Mexico. Imminent forays into newer markets will not only drive our growth but also provide us sustainable competitive advantage."

He further added, "We are glad that JK Tyre & Industries Ltd continues to sustain its pace of growth. This acquisition has further strengthened our leadership in India. JK Tyre already exports tyres to 75 countries across 6 continents. Our export turnover last year was Rs 500 crore. This acquisition adds substantial value to our existing tyre operations and strengthens "JK Tyre" brand positioning across the markets."

AREVA awarded largest 400/220 kV Switchyard with transformers contract in India

AREVA's Transmission and Distribution Division (T&D) in India has announced the signing of a 19 million euros (Rs 1,250 MINR) order with UP RAJYA VIDYUT UTPADAN NIGAM LTD. This contract is expected to be the largest 400/220 kV turnkey switchyard with transformers order associated with a generating station ever built in India.

Under the project named 420/220 kV switchyard for PARICHHA Thermal Power Project Extension (2X250 MW) located in Jhansi, in the state of Uttar Pradesh, AREVA will supply a turnkey package including design, engineering, manufacturing, erection and commissioning, planned for delivery by the first quarter of 2010.

Since the creation of its utility, UP RAJYA VIDYUT UTPADAN NIGAM LTD, UPRVUNL, in 2000, Uttar Pradesh state has been at the forefront of power sector reforms and restructuring, thereby attracting, private investments, promoting competition and efficiency, and facilitating sustainable development of the power sector. The region is of strategic relevance for AREVA as the Company invested significantly here with the country's first transformer factory built at Naini.

"Through this success, AREVA T&D reiterates its technical competence in the switchyard and project management domain. As the region increases its investment in the Power and T&D sector, AREVA looks forward to taking Uttar Pradesh to the Extra High Voltage Grid, thanks to its historic and strong footprint in this region, the division is well positioned to succeed"., said Marco Graziano, AREVA T&D Executive Vice President, International Sales Organization and Sales Community Performance.

ONGC announces FY 2008 Net Profit at Rs 19872.26 Crores

Oil & Natural Gas Corporation Ltd (ONGC) has announced the results for the quarter & year ended March 31, 2008.The Unaudited results for the Quarter ended March 31, 2008: The Company has posted a net profit for the period of Rs 26271.00 million for the quarter ended March 31, 2008 as compared to Rs 26816.40 million for the quarter ended March 31, 2007. Total Income has increased from Rs 145759.20 million for the quarter ended March 31, 2007 to Rs 176597.80 million for the quarter ended March 31, 2008.The Audited results for the Year ended March 31, 2008: The Company has posted a net profit for the period of Rs 167016.50 million for the year ended March 31, 2008 as compared to Rs 156429.20 million for the year ended March 31, 2007. Total Income has increased from Rs 608759.10 million for the year ended March 31, 2007 to Rs 648591.80 million for the year ended March 31, 2008.The Audited consolidated results for the Year ended March 31, 2008: The Group has posted a net profit for the period of Rs 198722.60 for the year ended March 31, 2008 as compared to Rs 177696.00 million for the year ended March 31, 2007. Total Income has increased from Rs 870056.20 million for the year ended March 31, 2007 to Rs 1013364.90 million for the year ended March 31, 2008.