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Punj Lloyd - Punj Lloyd Group bags Rs 1272 crore LTA Project in Singapore

Punj Lloyd Ltd has informed that Sembawang Engineers and Constructors Pte Ltd, a wholly owned subsidiary of the Company has won a major contract worth Rs 1272 crore for architectural, civil and structural work at the proposed Bayfront MRT station in Marina Bay in Singapore. The contract has been awarded by Land Transport Authority of Singapore.

The market closed on an upbeat note

The market closed on an upbeat note by creating a rally across all the sectorial indices on the back of heavy buying across the index heavy weights. The market opens firmly backed by the positive global cues and keeps on trading higher through out the trading session. The market also got the momentum on the back of strong quarterly GDP figures that add to the market sentiments. All the sectorial indices closed higher but most buying is seen from the Metal, Realty, Oil & Gas and Bankex basket. The BSE Sensex grew by 359.93 points to close at 19,363.19 and NSE Nifty closed up by 128.15 points to close at 5,762.75. Overall, the market breadth was strong as 1,745 stocks are closed higher while 1056 are closed lower. The BSE Mid cap and Small Cap advanced by 191.01 points and 136.27 points to close at 8,553.56 and 10,526.02 respectively. BSE Metal Surged 858.21 points to close at 17,730.53. Scrips that grew are Sterlite industries (12.58%), Ispat industries (6.63%), Jindal steel (6.15%), Sesa Goa (5.80%), JSW steel (4.42%) and Tata Steel (2.94%). BSE Realty index closed firm at 10,626 up by 402.38 points at 10,223.93. Pushed up by Phoenix mill (10.71%), DLF (7.04%), Omaxe limited (6.13%), Ansal Infra (4.12%) and Unitech (2.73%). BSE Bankex surged 269.47 points to close at 10,870.88. Scrips that gained are Kotak bank (9.51%), BOB (7.58%), BOI (6.19%), Union bank (4.39%), IOB (4.31%) and HDFC bank (2.50%). BSE oil & gas index grew by 315.13 points to closed at 12,359.73. Scrips that jumped are Essar Oil (16.57%), RNRL (9.76%), Cairn (4.14%), ONGC (2.59%) and RPL (1.26%). BSE IT index grew by 111.86 points to close at 4,197.62 as Moser Baer (5.05%), Finance tech (4.97%), Educomp solution (4.65%), TCS (3.81%), I-FLEX (3.50%) and Infosys (2.19%). BSE Power index closed higher by 90.79 points at 4,344.22 as CESC 6.88%, Tata Power (4.72%), Reliance energy (4.47%), Suzlon energy (3.80%), Power Grid (3.57%).

Reliance Power Ltd has been awarded a Letter of Intent for the 4,000 MW

Reliance Energy Ltd (REL) has informed that the Companys group Company, Reliance Power Ltd, on November 30, 2007 has been awarded a Letter of Intent for the 4,000 MW imported-coal based Ultra Mega Power Project at Krishnapatnam Andhra Pradesh, which will have an estimated capital outlay of Rs 20,000 crore. This is in addition to the 4,000 MW domestic-coal based Ultra Mega Power Project at Sasan, Madhya Pradesh, involving an estimated capital outlay of about Rs 18,000 crore, which was awarded earlier this year to Reliance Power. Reliance Powers estimated capital outlay for these two projects alone aggregates approximately Rs 40,000 crore. In addition, Reliance Energy and / or its group Companies are implementing several large infrastructure development projects, in the areas of metro railways, roads, real estate, etc. In order to augment long term resources for the RELs contribution to Reliance Power, as well as for financing the large number of mega infrastructure projects that are being implemented by the REL group, and several others that are in the pipeline, the Board of Reliance Energy Ltd will meet on December 02, 2007 to consider proposals for raising resources by way of preferential allotment of equity and / or equity related securities, and / or long term debt, and / or other financial instruments.

Bharti Airtel & Western Union to pilot Mobile Money Transfer Service in India

Bharti Airtel Ltd has announced that in a first-of-its kind agreement, Bharti Airtel and Western Union have decided to jointly develop and pilot a Mobile Money Transfer service in India. This pioneering agreement will usher in the possibility of sending money to India via the mobile phone. Western Union agents presently provide cash remittance services in India. The mobile money transfer service is subject to regulatory approval. According to The World Bank, the number of immigrants globally is in the region of 200 million - approximately 3% of the worlds population. The World Bank also identifies India as the number one remittance recipient market. Statistics from RBI (Reserve Bank of India) suggest that the inward annual remittance into India stood at over $26 billion for the financial year 2006 - 2007, accounting for 10% of global inward remittance market, which stands at $260 billion. We are delighted to work with Western Union in this path-breaking initiative and be at the forefront of enabling international remittance over the mobile for our 50 million mobile phone customers in India. This will help us move remittances via the mobile in a fast and convenient way, supporting low value transactions, said Mr. Gopal Vittal, Director Marketing & Communications, Bharti Airtel Ltd. Bharti Airtel has an extensive footprint across India and Western Union, together with its affiliates Orlandi Valuta and Vigo, has more than 320,000 agent locations in more than 200 countries and territories. In India, Western Union operates through 45,000 agent locations, including 8,500 post offices and more than 14,000 bank branches across 5000 towns and cities. This programme will enable Indians living abroad to send remittances to their dependents in India in an easy and convenient fashion through the vast networks of both the Companies.

Nicholas Piramal Equity & Preference Shareholders approve Scheme of Arrangement

Nicholas Piramal India Ltd pursuant to the meeting of the Equity Shareholders and Series II Preference Shareholders of the Company at its court convened meeting held on November 23, 2007, have approved the Composite Scheme of Arrangement between the Company and NPIL Research & Development Ltd, by overwhelming requisite majority.

BPCL- Outcome of Board Meeting

Bharat Petroleum Corporation Ltd (BPCL) has informed that the Board of Directors of the Company at its meeting held on November 29, 2007, has approved a proposal for acquisition of 53,50,110 equity shares of Oil India Ltd (OIL) which is 2.50% of OILs pre-issued paid up capital from Govt of India at a price equivalent to the Issue Price of the equity shares that are proposed to be offered by OIL to the public in accordance with the Book Building method.

The sale and purchase shall be completed within forty eight hours after the Issue Price is determined through the Book Building method and approved by the Board of directors of OIL. The Closing shall be completed prior to Allotment of the equity shares to the public through the initial public offering.

Gupta Synthetics - Outcome of Committee Meeting

Gupta Synthetics Ltd has informed that the Committee of Board at its meeting held on November 29, 2007, has considered and approved the 61000 Convertible Warrants Converted into 61000 Equity Shares. The above 61000 Equity Shares are allotted to Promoters. Pursuant to resolution passed in an Extra Ordinary General Meeting of the Company held on May 16, 2006 accordingly the Company is allotting the 122000 Bonus Shares to the said allottees which was kept in abeyance.

Datamatics Technologies - Limited Review for the quarter ended Sep 30, 2007

Datamatics Technologies Ltd has informed that in the limited review report of the Company for the quarter ended September 30, 2007, the Auditors of the Company have made the following observations:

The Company has an investment of Rs 630,648,850/- in wholly owned subsidiaries and has also extended loans of Rs 12,169,542/- to these subsidiaries as reflected in the audited accounts for the year ended March 31, 2007. The net worth of these subsidiaries has declined. These investments are for long term and of strategic nature. In view of this, the Auditors are unable to comment on whether provision, if any, for the diminution in the value of investments is required to be made.

Derivatives rollover to dictate trend

The near term trend on the domestic bourses will be determined by the extent of rollover in the derivatives segment. At end of Tuesday (27 November 2007)'s trade, about 51% of open positions in Nifty futures were rolled over to December 2007 contracts from November 2007 contracts. November 2007 derivatives contracts expire on Thursday, 29 November 2007. Overall rollover in the futures & options segment was, however, low at 42% to 45%, till Tuesday.

Asian stock markets were mixed on Wednesday, 28 November 2007, with a confidence-boosting $7.5 billion capital injection for Citigroup offset by a fall in resource shares as commodity prices slid. On Tuesday, Abu Dhabi Investment Authority said it was buying a 4.9% stake in Citigroup, which is wrestling with the fallout from the US subprime mortgage crisis.

Key benchmark indices in Hong Kong, Japan, and Taiwan were down by between 0.24% to 0.69%. Key benchmark indices in China, South Korea and Singapore were up by between 0.07% to 0.48%.

US stocks rose on Tuesday, 27 November 2007, after Abu Dhabi's $7.5 billion purchase of a stake in Citigroup Inc spurred a rebound in financial stocks and a drop in oil prices boosted shares of big manufacturers. The Dow Jones industrial average was up 215 points, or 1.69%, at 12,958.44. The Standard & Poor's 500 Index was up 21.01 points, or 1.49% at 1,428.23. The Nasdaq Composite Index was up 39.81 points, or 1.57%, at 2,580.80.

Oil steadied after falling more than 3% on Tuesday, 27 November 2007, on expectations that OPEC will boost supply and amid concerns that US economic problems will crimp demand growth. US crude was trading at about $94.60 a barrel, well off the recent peak of $99.29.

Foreign institutional investors (FIIs) were net sellers to the tune of Rs 465 crore in the futures & options segment on Tuesday, 27 November 2007. According to data released by the NSE, FIIs were net sellers of index futures to the tune of Rs 11.84 crore and bought index options worth Rs 75.36 crore. They were net sellers of stock futures to the tune of Rs 529.05 crore and bought stock options worth Rs 0.54 crore.

In the cash market, FIIs sold shares worth a net Rs 498.35 crore on Tuesday. Domestic institutions bought shares worth a net Rs 298.33 crore on Tuesday.

The market has been volatile over the past few days due to alternate bouts of buying and selling amid FII sales caused by redemption pressure in their home countries and fears of a US recession arising from housing slump and credit crisis.

FII outflow in November 2007, till 26 November 2007, reached Rs 4158.60 crore. FIIs had made heavy purchases in September 2007 and October 2007. FIIs had bought shares worth a net Rs 16132.60 crore in September 2007 and Rs 20590.90 crore in October 2007.

Market opens higher

The market opened on a firm note amid mixed global cues. Volatility persisted ahead of derivatives expiry on Thursday, 29 November 2007. Banking, consumer durables and power stocks were in demand. The market breadth was strong. 26 out of 30 stocks from the Sensex pack were in the green.

At 10:20 IST, the 30-share BSE Sensex gained 96.90 points or 0.51% to 19,224.63. The Sensex hit a high of 19,316.76 in early trade. At day’s high, the Sensex gained 189.03 points.

The broader based S&P CNX Nifty was up 24.4 points or 0.43% to 5722.55.

The BSE Mid-Cap index was up 0.97% to 8,474.54. The BSE Small-Cap index was up 1.19% to 10,495.82.

The market breadth was strong. On BSE, 1275 stocks advanced, 427 stocks declined and 31 stocks remained unchanged.

India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.18% to Rs 2837.

India’s largest private sector bank by assets ICICI Bank moved up 1.34% to Rs 1147.60. The bank has reportedly carried out the largest rated securitisation transaction for Rs 1,929.9 crore — a process that involves converting the bank’s car loans into tradeable securities.

India’s second largest software exporter Infosys Technologies gained 0.79% to Rs 1588.25.

HDFC bank jumped 2.48% to Rs 1673, Bharat Heavy Electricals (Bhel) rose 2.70% to Rs 2745, Bharti Airtel gained 1.04% to Rs 926, Maruti Suzuki rose 1.32% to Rs 949.92 and Tata Motors moved up 0.76% to Rs 722.

Housing Development Finance Corporation (HDFC) fell 0.37% to Rs 2690, State Bank of India fell 0.48% to Rs 2262.30, ITC declined 0.30% to Rs 185.50, Grasim Industries 0.39% to Rs 3730 and Wipro fell 0.21% to Rs 456.80.

The BSE Bankex was up 1% to 10,600.22, the BSE Consumer Durable index was up 2.40% to 5,332.53 and the BSE Power index rose 0.99% to 4,390.56.

Asian stock markets were mixed on Wednesday, 28 November 2007, with a confidence-boosting $7.5 billion capital injection for Citigroup offset by a fall in resource shares as commodity prices slid. On Tuesday, Abu Dhabi Investment Authority said it was buying a 4.9% stake in Citigroup, which is wrestling with the fallout from the US subprime mortgage crisis.

Key benchmark indices in South Korea, Japan, and Taiwan were down by between 0.03% to 0.41%. Key benchmark indices in China, Hong Kong and Singapore were up by between 0.45% to 0.58%.

US stocks rose on Tuesday, 27 November 2007, after Abu Dhabi's $7.5 billion purchase of a stake in Citigroup Inc spurred a rebound in financial stocks and a drop in oil prices boosted shares of big manufacturers. The Dow Jones industrial average was up 215 points, or 1.69%, at 12,958.44. The Standard & Poor's 500 Index was up 21.01 points, or 1.49% at 1,428.23. The Nasdaq Composite Index was up 39.81 points, or 1.57%, at 2,580.80.

Foreign institutional investors (FIIs) were net sellers to the tune of Rs 465 crore in the futures & options segment on Tuesday, 27 November 2007. According to data released by the NSE, FIIs were net sellers of index futures to the tune of Rs 11.84 crore and bought index options worth Rs 75.36 crore. They were net sellers of stock futures to the tune of Rs 529.05 crore and bought stock options worth Rs 0.54 crore.

In the cash market, FIIs sold shares worth a net Rs 498.35 crore on Tuesday. Domestic institutions bought shares worth a net Rs 298.33 crore on Tuesday.

FII outflow in November 2007, till 26 November 2007, reached Rs 4158.60 crore. FIIs had made heavy purchases in September 2007 and October 2007. FIIs had bought shares worth a net Rs 16132.60 crore in September 2007 and Rs 20590.90 crore in October 2007.

Strong market breadth

The market witnessed alternate bouts of buying and selling in mid-morning trade amid mixed global cues. Banking, power and consumer durables shares led the advances. Reliance Industries recovered from day’s low. Volatility persisted ahead of expiry of November 2007 derivatives contracts on Thursday, 29 November 2007. The market breadth was strong. 22 out of 30 stocks from the Sensex pack were in the green.

Nifty slips into the red

The key benchmark indices came off early highs as heavyweight Reliance Industries declined. The S&P CNX Nifty slipped into the red. Mid-cap and small-cap stocks were in demand. Auto and capital goods stocks recovered. The market mirrored the Asian markets, which lost ground after a firm start. The market breadth was strong. 17 out of 30 stocks from the Sensex pack were in green.

The market has been volatile over the past few days due to alternate bouts of buying and selling amid FII sales caused by redemption pressure in their home countries and fears of a US recession arising from housing slump and credit crisis.

India stock market was range bound in afternoon trade.

The market was range bound in afternoon trade. Auto, banking and power stocks were in demand. Bharat Heavy Electricals edged higher. Market breadth was positive. 17 out of 30 stocks from the Sensex pack were in green. Asian stocks started the day stronger, tracking gains in US markets, but worries about the credit market soon returned, pushing most of the markets in the red.

The market has been volatile over the past few days due to alternate bouts of buying and selling amid FII sales caused by redemption pressure in their home countries and fears of a US recession arising from housing slump and credit crisis.

India stock Market Market loses ground

The market lost ground in afternoon trade as heavyweights slipped. IT and oil & gas stocks edged lower. The market breadth was positive. Asian stocks started the day stronger, tracking gains in US markets, but worries about the credit market soon returned, pushing most of the markets in the red. European markets were mixed in early trade.

The market has been volatile over the past few days due to alternate bouts of buying and selling amid FII sales caused by redemption pressure in their home countries and fears of a US recession arising from housing slump and credit crisis.

At 14:20 IST, the 30-share BSE Sensex was down 22.10 points or 0.12% to 19,105.63. The Sensex had hit a high of 19,316.76 in early trade. At day's high, the Sensex gained 189.03 points.

The broader based S&P CNX Nifty was down 39.65 points or 0.70% to 5658.50. Nifty had hit a high of 5749.95 earlier during the day. At day's high, Nifty had risen 51.80 points.

The BSE Mid-Cap index was up 0.59% to 8,442.68. The BSE Small-Cap index was up 0.84% to 10,458.88.

The market breadth was positive. On BSE, 1526 stocks advanced, 1248 stocks declined and 68 stocks remained unchanged.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries was down 0.49% at Rs 2828.

The BSE Auto index was up 0.86% to 5,394. Cummins India soared 5.22% to Rs 409.40, Escorts jumped 3.30% to Rs 162.75, Bajaj Auto gained 2.76% to Rs 2726.25, Maruti Suzuki rose 2.93% to Rs 965 and Tata Motors gained 0.34% to Rs 719.

The BSE Bankex was up 0.76% to 10,574.99, off day’s high of 10,677.52. Andhra bank was up 2.21% to Rs 101.75, Union Bank (India) gained 2.15% to Rs 178.25, and Indian Overseas Bank rose 1.60% to Rs 148.5.

India’s largest private sector bank by assets ICICI Bank rose 1.92% to Rs 1154.10, off day’s high of Rs 1160.

The BSE IT index was down 0.16% to 4,101.08. TCS fell 2.17% to Rs 975.15, Wipro fell 0.78% to Rs 454.20, Satyam Computers declined 0.19% to Rs 426.55 and Infosys Technologies fell 0.06% to Rs 1574.80.

The BSE Oil & Gas index was down 0.51% to 12,135.14. Essar Oil dropped 4.08% to Rs 212.70, BPCL fell 2.52% to Rs 396.05, ONGC fell 1.15% to Rs 1159 and Reliance Petroleum declined 1.54% to Rs 194.95.

Cinema chain PVR soared 10.99% to Rs 304. Some recent reports suggested that the company plans to invest Rs 300-400 crore to open 250 screens by 2010.

Tyre maker CEAT rose 3.05% percent to Rs 201.15 ahead of the spin-off of the firm's investment business. Reports suggest that the manufacturing and investment business would be separated soon. Each shareholder of the firm would get shares in the investment company.

Among the side counters, MICO surged 13.37% to Rs 5,045, Ispat Industries soared 9.89% to Rs 43.90, Jindal Saw spurted 9.74% to Rs 865, Sun TV Network gained 8.49% to Rs 341.90 and Lanco Infratech rose 4.90% to Rs 492.

In Europe, key indices in France and UK were down by between 0.13% to 0.14%. Germany's DAX index was up 0.23%.

Asian stock markets were mostly into the red. Key benchmark indices in South Korea, Japan, Singapore and Taiwan, China, were down by between 0.45% to 1.35%. Hong Kong’s Hang Seng was up 0.59%.

US stocks rose on Tuesday, 27 November 2007, after Abu Dhabi's $7.5 billion purchase of a stake in Citigroup Inc spurred a rebound in financial stocks and a drop in oil prices boosted shares of big manufacturers. The Dow Jones industrial average was up 215 points, or 1.69%, at 12,958.44. The Standard & Poor's 500 Index was up 21.01 points, or 1.49% at 1,428.23. The Nasdaq Composite Index was up 39.81 points, or 1.57%, at 2,580.80.

Foreign institutional investors (FIIs) were net sellers to the tune of Rs 465 crore in the futures & options segment on Tuesday, 27 November 2007. According to data released by the NSE, FIIs were net sellers of index futures to the tune of Rs 11.84 crore and bought index options worth Rs 75.36 crore. They were net sellers of stock futures to the tune of Rs 529.05 crore and bought stock options worth Rs 0.54 crore.

In the cash market, FIIs sold shares worth a net Rs 498.35 crore on Tuesday. Domestic institutions bought shares worth a net Rs 298.33 crore on Tuesday.

FII outflow in November 2007, till 26 November 2007, reached Rs 4158.60 crore. FIIs had made heavy purchases in September 2007 and October 2007. FIIs had bought shares worth a net Rs 16132.60 crore in September 2007 and Rs 20590.90 crore in October 2007.

The National Stock Exchange (NSE) today, 28 November 2007, said it has decided to add 15 stocks to futures & options (F&O) segment with effect from Friday, 30 November 2007.

The 15 new inclusions for trading in F&O segment include Jindal Saw, KPIT Cummins Infosystems, Development Credit Bank, Hindustan Zinc, MICO, Info Edge, NIIT, Great Offshore, Wire & Wireless India, Redington (India), Network18 Fincap, Global Broadcast News, Ispat Industries, Hindustan Oil Exploration and Gitanjali Gems.

BSE on Tuesday, 27 November 2007, announced that it was shifting a total of 414 scrips from trade to trade to normal rolling settlement. The shift will take place effective from Monday 3 December 2007. BSE said these scrips that are being shifted back to normal rolling settlement from trade to trade segment will continue to attract daily circuit filter of 5% or lower as applicable.

Among the stocks being shifted back to normal rolling settlement from trade to trade include ABG Heavy Industries, Aksh Optifibre, Ambalal Sarabhai Enterprise, Andrew Yule & Company, Assam Company, Birla VXL, BPL, Cable Corporation of India, Dhanalakshmi Bank, Emkay Share & Stock Brokers, Jai Corp, Jhunjhunwala Vanaspati, L.M.L., Ramkrishna Forgings.

India stock Market ends on a weak note

The 30-share BSE Sensex which had surged 189 points during morning trade, faced resistance at higher level and nose-dived into negative territory in the last hour of trade. Oil & gas, metal and realty stocks were worst hit. The market breadth turned negative from positive in late trade. 22 out of 30 stocks from the Sensex pack were in red.

Asian stocks started the day stronger, tracking gains in US markets, but worries about the credit market soon returned, pushing most of the markets in the red. European markets, which opened after Indian markets, were mixed.

The market has been volatile over the past few days due to alternate bouts of buying and selling amid FII sales caused by redemption pressure in their home countries and fears of a US recession arising from housing slump and credit crisis.

The 30-share BSE Sensex was down 233.94 points or 1.22% to 18,893.79, as per provisional closing. The Sensex hit a low of 18,884.20 at the fag end of the trading session. At day's low, the Sensex shed 243.53 points. The Sensex had hit a high of 19,316.76 in early trade. At day's high, the Sensex gained 189.03 points.

The broader based S&P CNX Nifty was down 95.6 points or 1.68% to 5602.55. Nifty had hit a high of 5749.95 earlier during the day. At day's high, Nifty had risen 51.80 points.

The BSE Mid-Cap index ended down 0.40% to 8,359.61. The BSE Small-Cap index fell 0.06% to 10,365.45.

The market breadth was negative. On BSE, 1291 stocks advanced, 1515 stocks declined and 66 stocks remained unchanged.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries was down 1.96% at Rs 2786.15.

India’s largest private sector bank by assets ICICI Bank lost 1.10% to Rs 1120, off day’s high of Rs 1160.

India’s second largest software exporter by sales Infosys Technologies fell 0.23% to Rs 1572.10.

Hindalco Industries dropped 3.71% to Rs 184.25, Tata Steel fell 3.73% to Rs 816, ACC fell 3.31% to Rs 1075.20, Reliance Energy declined 3.44% to Rs 1700 and TCS fell 2.51% to Rs 968.

The BSE Oil & Gas index fell 2.18% to 11,931.27, the BSE Metal index fell 2.07% to 16,984.24, the BSE Bankex fell 1.20% to 10,369.33 and the BSE Realty index fell 1.13% to 10,091.23.

In Europe, key indices in France and UK were down by between 0.06% to 0.17%. Germany's DAX index was up 0.28%.

Asian stock markets were mostly into the red. Key benchmark indices in South Korea, Japan, Singapore and Taiwan, China, were down by between 0.09% to 1.35%. Hong Kong’s Hang Seng was up 0.59%.

US stocks rose on Tuesday, 27 November 2007, after Abu Dhabi's $7.5 billion purchase of a stake in Citigroup Inc spurred a rebound in financial stocks and a drop in oil prices boosted shares of big manufacturers. The Dow Jones industrial average was up 215 points, or 1.69%, at 12,958.44. The Standard & Poor's 500 Index was up 21.01 points, or 1.49% at 1,428.23. The Nasdaq Composite Index was up 39.81 points, or 1.57%, at 2,580.80.

Foreign institutional investors (FIIs) were net sellers to the tune of Rs 465 crore in the futures & options segment on Tuesday, 27 November 2007. According to data released by the NSE, FIIs were net sellers of index futures to the tune of Rs 11.84 crore and bought index options worth Rs 75.36 crore. They were net sellers of stock futures to the tune of Rs 529.05 crore and bought stock options worth Rs 0.54 crore.

In the cash market, FIIs sold shares worth a net Rs 498.35 crore on Tuesday. Domestic institutions bought shares worth a net Rs 298.33 crore on Tuesday.

FII outflow in November 2007, till 26 November 2007, reached Rs 4158.60 crore. FIIs had made heavy purchases in September 2007 and October 2007. FIIs had bought shares worth a net Rs 16132.60 crore in September 2007 and Rs 20590.90 crore in October 2007.

The National Stock Exchange (NSE) today, 28 November 2007, said it has decided to add 15 stocks to futures & options (F&O) segment with effect from Friday, 30 November 2007.

The 15 new inclusions for trading in F&O segment include Jindal Saw, KPIT Cummins Infosystems, Development Credit Bank, Hindustan Zinc, MICO, Info Edge, NIIT, Great Offshore, Wire & Wireless India, Redington (India), Network18 Fincap, Global Broadcast News, Ispat Industries, Hindustan Oil Exploration and Gitanjali Gems.

BSE on Tuesday, 27 November 2007, announced that it was shifting a total of 414 scrips from trade to trade to normal rolling settlement. The shift will take place effective from Monday 3 December 2007. BSE said these scrips that are being shifted back to normal rolling settlement from trade to trade segment will continue to attract daily circuit filter of 5% or lower as applicable.

Among the stocks being shifted back to normal rolling settlement from trade to trade include ABG Heavy Industries, Aksh Optifibre, Ambalal Sarabhai Enterprise, Andrew Yule & Company, Assam Company, Birla VXL, BPL, Cable Corporation of India, Dhanalakshmi Bank, Emkay Share & Stock Brokers, Jai Corp, Jhunjhunwala Vanaspati, L.M.L., Ramkrishna Forgings.

Sensex falls below 19,000 in volatile trade

In a completed reversal of the trend, the market lost ground in the latter part of the trading in contract to an initial surge. Oil & gas and metal stocks were worst hit. Index heavyweight Reliance Industries (RIL) lost ground. Auto stocks were in demand. The market breadth turned negative from positive in late trade. 23 out
of 30 stocks from the Sensex pack were in red.

Asian stocks started the day stronger, tracking gains in US markets, but worries about the credit market soon returned, pushing most of the markets in the red. European markets, which opened after Indian markets, were mixed.

The market has been volatile over the past few days due to alternate bouts of buying and selling amid FII sales caused by redemption pressure in their home countries and fears of a US recession arising from US housing slump and credit crisis.

Prime Minister Manmohan Singh today, 28 November 2007, declared in Parliament that the Indo-US nuclear deal does not bar India from carrying out nuclear tests in future. "If a necessity for carrying out a nuclear test arises in future, there is nothing in the agreement that prevents us from carrying out tests," he said in a brief intervention in Lok Sabha. A discussion is going on today in Parliament on the nuclear deal.

The 30-share BSE Sensex ended down 188.86 points or 0.99% to 18,938.87. The Sensex hit a low of 18,884.20 at the fag end of the trading session. At day's low, the Sensex shed 243.53 points. The Sensex had hit a high of 19,316.76 in early trade. At day's high, the Sensex gained 189.03 points.

The broader based S&P CNX Nifty was down 80.60 points or 1.41% to 5617.55. Nifty had hit a high of 5749.95 earlier during the day. At day's high, Nifty had risen 51.80 points.

The BSE Mid-Cap index ended down 0.12% to 8,383.49. The BSE Small-Cap index ended up 0.03% to 10,375.30. Both these indices outperformed the Sensex.

The market breadth was negative. On BSE, 1306 stocks advanced, 1497 stocks declined and 70 stocks remained unchanged.

BSE clocked a turnover of Rs 7435 crore, higher than Tuesday (27 November 2007)'s Rs 7,281.08 crore.

Nifty November 2007 futures were at 5638.55, a premium of 21 points as compared to spot closing of 5617.55.

NSE's futures & options (F&O) segment turnover was Rs 86287.52 crore, which was higher than Rs 75192.11 crore on Tuesday, 27 November 2007

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries was down 1.96% at Rs 2786.15.

The BSE Auto index gained 1.05% to 5,404.15. It outperformed the Sensex. MICO surged 10.91% to Rs 4935.95, Cummins India soared 6% to Rs 412.50, Maruti Suzuki spurted 3.11% to Rs 966.70, Bajaj Auto gained 2.82% to Rs 2727.90.

TVS Motors declined 7.63% to Rs 64.80, Ashok Leyland fell 7.24% to Rs 44.20, Exide Industries fell 3.64% to Rs 70.10, and Hero Honda Motors fell 2.70% to Rs 708.90.

The BSE Bankex fell 1.01% 10,389.21. It underperformed the Sensex. Federal bank fell 3.65% to Rs 312.40, Axis Bank fell 2.81% to Rs 908.50, Punjab National Bank los 2.53% to Rs 584.15, Karnataka Bank fell 2.13% to Rs 211.35 and HDFC Bank fell 1.50% to Rs 1607.95.

India's largest private sector bank by assets ICICI Bank lost 0.50% to Rs 1126.75, off day's high of Rs 1160.

The BSE Metal index fell 2.12% to 16,976.36. It underperformed the Sensex. Steel Authority of India (Sail) dropped 4.57% to Rs 251.60,Hindalco Industries fell 3.66% to Rs 184.35, Tata Steel fell 3.51% to Rs 818.70 and Sterlite Industries fell 2.02% to Rs 889.95. National Aluminim Company (Nalco) plunged 5.87% to Rs 357.40.

The BSE Oil & Gas index dropped 2.29% to 11,917.58. It underperformed the Sensex. BPCL fell 4% to Rs 390.10, HPCl fell 2.25% to Rs 286.60, and ONGC fell 1.87% to Rs 1150.55.

GAIL India, which distributes natural gas and processes petrochemicals, declined 0.65% to Rs 424.85, off sessions high of Rs 445.90. As per reports, the company has won the rights to market the gas jointly produced by Reliance Industries, British Gas and ONGC from the Panna-Mukta-Tapti fields, which will boost revenues of the company by over Rs 5,00 crore.

The BSE Power index fell 1.14% to 4,297.82. It underperformed the Sensex. Neyveli Lignite slumped 6.12% to Rs 208.70, Reliance Energy 2.93% to Rs 1704, CESC fell 2.08% to Rs 582.10, Tata Power fell 1.885 to Rs 1114.45 and NTPC fell 1.70% to Rs 230.95.

The BSE IT index fell 0.63% to 4,081.40. It outperformed the Sensex. TCS fell 2.11% to Rs 975.75, Wipro fell 1.81% to Rs 449.45, and Satyam Computers fell 0.56% to Rs 424.95. India's second largest software exporter by sales Infosys Technologies fell 0.40% to Rs 1569.55.

Realty major DLF fell 2.05% to Rs 879.50 after the company said on Tuesday, 27 November 2007, it had partnered the founder of Aman Resorts for a stake in the luxury hotel chain

Diversified construction firm Jaiprakash Associates soared 4.70% to Rs 1794.75. The company is believed to be in talks with the Aditya Birla group to acquire Bina Power (BPC) in Madhya Pradesh. The company, in a communiqu� to BSE, said that as a sequel to exploring new business opportunities the company is examining various proposals including Bina power project in Madhya Pradesh

Engineering firm Punj Lloyd fell 1.82% to Rs 456.15. The company and New York-based private investment firm Global Technology Investment have reportedly bought 33% stake each in Airworks India. Airworks is one of the oldest family-owned aircraft maintenance firms in India. The two investors are putting in close to Rs 100 crore to rejig the Mumbai-based company.

Steel firm Ruchi Strips soared 20% to Rs 24.57 on reports that Japan's Mitsui & Company has scaled up stake in the Ruchi-group-controlled Indian Steel Corporation to 20% by picking up 10% stake for Rs 65 crore.

Pharmaceuticals firm Ambalal Sarabhai Enterprises was locked at upper limit of 5% at Rs 36.90 after the company sold land admeasuring 28,430.58 square metres to DLF Retail Developers at a consideration of Rs 51.14 crore. The land that it sold constituted only a small part of the total land of the company.

Steel firm Bhushan Steel jumped 5.71% to Rs 1446.30. As per reports, Sanjay Singal, who holds 11% stake in Bhushan Steel, is said to have initiated preliminary talks with the AV Birla group for stake sale. Chairman of the group Brij Bhushan Singal and his younger son Neeraj Singal, the managing director of Bhushan Steel, have opposed any such move, reports suggest.

Electric equipment maker NEPC India was locked at upper limit of 5% at Rs 25.40 after the company said on 27 November 2007 its proposed foray into solar photo voltaic modules and power plant is proceeding on the right track.

Software firm Mindteck (India) gained 4.72% to Rs 54.35 after it said on Tuesday, 27 November 2007, it is acquiring ICI Tech Holdings Inc and its wholly-owned subsidiary.

Anil Dhirubhai Ambani-led Relaince Natural Resources (RNRL) rose 1.92% to Rs 15.45 on huge volumes of 1.89 crore shares on BSE amid speculations that Reliance Industries (RIL) may buyout RNRL as a solution to the seemingly intractable gas dispute between the two Ambani brothers. RNRL, in a communiqu� to BSE, said that it is not the policy of the company to comment on speculation and rumours. Developments, if any, which concern stake-holders of the company, will be intimated in due course and at appropriate time, it said.

Mukesh Ambani-led Reliance Petroleum fell 2.98% to Rs 192.10 on volumes of 1.46 crore shares on BSE on reports that Securities & Exchange Board of India (Sebi) is likely to probe into the stock's recent price rise.

Software firm Valuemart Info Technologies rose 9.47% to Rs 7.86 after the company said that it has acquired a 74% stake in Datatalk Services (India), a Bangalore based IT & BPO Company for an undisclosed sum.

Cinema chain PVR soared 7.02% to Rs 293.60. Some recent reports suggested that the company plans to invest Rs 300-400 crore to open 250 screens by 2010.

Tyre maker CEAT rose 1.23% to Rs 197.60 ahead of the spin-off of the firm's investment business. Reports suggest that the company's manufacturing and investment business would be separated soon. Each shareholder of the firm would get shares in the investment company.

Mundra Port and Special Economic Zone clocked highest turnover of Rs 324.13 crore on BSE. Reliance Natural Resources (Rs 302.87 crore), Housing Development & Finance Corporation (Rs 291.87 crore), Reliance Petroleum (Rs 285.35 crore) and GMR Infrastructure (Rs 221.29 crore), were the other turnover toppers on BSE in that
order.

Reliance Natural Resources regestered highest highest volume of 1.89 crore shares on BSE. Ispat Industries (1.88 crore shares), Reliance Petroleum (1.46 crore shares), Tata Teleservices (1.24 crore shares) and Ashok Leyland (1.19 crore shares), were the other volume toppers on BSE in that other.

In Europe, key indices in France, Germany and UK were up by between 0.27% to 0.92%.

Asian stock markets were mostly into the red. Key benchmark indices in South Korea, Japan, Singapore and Taiwan, China, were down by between 0.09% to 1.35%. Hong Kong's Hang Seng was up 0.59%.

US stocks rose on Tuesday, 27 November 2007, after Abu Dhabi's $7.5 billion purchase of a stake in Citigroup Inc spurred a rebound in financial stocks and a drop in oil prices boosted shares of big manufacturers. The Dow Jones industrial average was up 215 points, or 1.69%, at 12,958.44. The Standard & Poor's 500 Index was up 21.01 points, or 1.49% at 1,428.23. The Nasdaq Composite Index was up 39.81 points, or 1.57%, at 2,580.80.

As per provisional data, FIIs sold shares worth a net Rs 978.96 crore today. Domestic funds bought shares worth a net Rs 331.82 crore today.

FII outflow in November 2007, till 26 November 2007, reached Rs 4158.60 crore. FIIs had made heavy purchases in September 2007 and October 2007. FIIs had bought shares worth a net Rs 16132.60 crore in September 2007 and Rs 20590.90 crore in October 2007.

The National Stock Exchange (NSE) today, 28 November 2007, said it has decided to add 15 stocks to futures & options (F&O) segment with effect from Friday, 30 November 2007.

The 15 new inclusions for trading in F&O segment include Jindal Saw, KPIT Cummins Infosystems, Development Credit Bank, Hindustan Zinc, MICO, Info Edge, NIIT, Great Offshore, Wire & Wireless India,Redington (India), Network18 Fincap, Global Broadcast News, Ispat Industries, Hindustan Oil Exploration and Gitanjali Gems.

BSE on Tuesday, 27 November 2007, announced that it was shifting a total of 414 scrips from trade to trade to normal rolling settlement. The shift will take place effective from Monday 3 December 2007. BSE said these scrips that are being shifted back to normal rolling settlement from trade to trade segment will continue
to attract daily circuit filter of 5% or lower as applicable.

Among the stocks being shifted back to normal rolling settlement from trade to trade include ABG Heavy Industries, Aksh Optifibre, Ambalal Sarabhai Enterprise, Andrew Yule & Company, Assam Company, Birla VXL, BPL, Cable Corporation of India, Dhanalakshmi Bank, Emkay Share & Stock Brokers, Jai Corp, Jhunjhunwala Vanaspati,
L.M.L., Ramkrishna Forgings.

The market shrugged off blasts in Uttar Pradesh and galloped in late trade on a volatile day of trading.

The market shrugged off blasts in Uttar Pradesh and galloped in late trade on a volatile day of trading. Reliance Industries surged in late trade. Reports of three blasts in Uttar Pradesh had pulled the market off higher level in mid-afternoon trade. It instantly recovered from lower level later. Earlier, the market had surged in afternoon trade.

Three consecutive blasts outside civil courts in Lucknow, Varanasi and Faizabad in Uttar Pradesh today killed five people and injured many more.

Capital goods, power, realty, metal stocks gained. Reliance Energy and DLF were the major gainers whereas Maruti Suzuki india and HDFC Bank were major losers from Sensex pack. The market breadth was strong. European markets which opened after Indian market were firm. Asian markets, which opened before Indian market, were mixed.

India's wholesale price index rose 3.01% in the 12 months to 10 November 2007, below the previous week's rise of 3.11%, government data released today afternoon showed. The annual inflation rate was 5.39% during the corresponding week of the previous year.

The 30-share BSE Sensex provisionally ended up 323.32 points or 1.75% at 18,849.64. Sensex hit a low of 18,548.05 in mid-afternoon trade. At day's low, Sensex was up just 21.74 points for the day. Sensex hit a high of 18,910.46 in early afternoon trade. At day’s high of 18,910.46, Sensex had gained 384.14 points.

The S&P CNX Nifty rose 93.9 points or 1.7% to 5,613.25.

BSE clocked a turnover of Rs 6140 crore, lower than Thursday (22 November 2007)'s Rs 7,127.32 crore.

The market breadth was strong. On BSE, 1,726 stocks advanced, 1,038 stocks declined and 32 stocks were unchanged. 22 out of 30 stocks from the Sensex pack were in the green.

The BSE Mid-Cap index rose 1.75% to 8,232.07 and the BSE Small-Cap index up 1.19% to 10,180.59.

Index heavyweight and India’s largest private sector firm by market capitalisation Reliance Industries was up 3.53% to Rs 2,825.

Metal stocks surged in late trade. Sterlite Industries (up 5.53% to Rs 886.90), Steel Authority of India (up 2.41% to Rs 252.90),Hindalco Industries (up 0.8% to Rs 187.95) and Tata Steel (up 0.01% to Rs 819) edged higher.

India’s largest truck maker by sales Tata Motors rose 2.6% to Rs 710 after union leaders at Ford Motor Co's Land Rover and Jaguar brands agreed on Thursday, 22 November 2007, to support the Indian firm's bid for the brands. Tata Motors, Mahindra & Mahindra and buyout firm partner Apollo, and JP Morgan-backed One Equity Partners, are reportedly in race to acquire the Ford brands.

Power stocks surged. India's biggest power generation firm by revenue NTPC rose 3.98% to Rs 236.60. NTPC announced after market hours on Thursday, 22 November 2007 that the company and Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL) have signed a memorandum of understanding for the formation of a joint venture company (JVC) for establishing and operating a coal based thermal power project at Meja Tehsil or any other suitable site in Allahabad district in the state of Uttar Pradesh.

Reliance Energy (up 7.48% to Rs 1,725.10) and PowerGrid Corporation of India (up 6.59% to Rs 151.20) edged higher.

Realty stocks gained. India’s largest real estate developer by market capitalisation DLF rose 5.58% to Rs 868.65. As per reports, Fortis Healthcare and DLF are close to signing an agreement to set up 15 hospitals in the next five years on lands situated in the real estate giant’s townships in India. As per some other reports, leading US quick service restaurant (QSR) chains Burger King and Wendy's are having talks with India's largest real estate company DLF for a foray into the Indian market.

Indiabulls Real Estate (up 1.86% to Rs 614.05), Unitech (up 3.58% to Rs 339.95) edged higher.

Capital goods stocks surged. Larsen & Toubro (up 4.02% to Rs 4,100.50), Bharat Heavy Electricals (up 2.34% to Rs 2,543.20) and Suzlon Enegy (up 0.14% to Rs 1,859.75) edged higher.

India's biggest dedicated housing finance firm in terms of revenue HDFC rose 4.12% to Rs 2,666.30.

Maruti Suzuki India (down 2.07% to Rs 946.70) Cipla (down 0.93% to Rs 181.25) and ITC (down 0.57% to Rs 184.15) edged lower.

Jindal Steel rose 20.7% to Rs 12,096 and was the top gainer from A group shares on BSE. Neyveli Lignite (up 18.3% to Rs 214.30), Welspun Gujarat Stahl Rohren (up 7.7% to Rs 399.30), Escorts (up 8.42% to Rs 148.15) and Indian Bank (up 10.03% to Rs 166.75) edged higher.

Khaitan Weaving Mills hit 5% upper circuit at 293.45 after it fixed 14 December 2007 as the record date for the purpose of determining the entitlement of right offer of equity shares in the ratio 6:1.

Shares in DCM Shriram Industries hit 5% upper circuit at Rs 88.05 on reports that the founders offered to raise the warrants subscription price to Rs 90 each from Rs 52 at a Company Law Board hearing. The move was in response to a petition from a large shareholder seeking a stay on the preferential issue of warrants due to low pricing.

Asian Oilfield Services hit 5% upper circuit at Rs 205.15. It announced after the market hours on Thursday, 22 November 2007 that a meeting of the board of directors of the company will be held on 23 November 2007, to consider the issue and allotment of equity shares and/or warrants on preferential basis to strategic investors.

European markets were firm. France’s CAC 40 (up 0.55% to 5,445.62), Germany’s DAX (up 0.15% to 7,572.64) and UK’s FTSE 100 (up 0.9% to 6,210.70) edged higher.

Asian markets were trading mixed today, 23 November 2007. Hong Kong's Hang Seng (up 2.06% at 26,541.09), China’s Sanghai Composite (up 0.96% to 5,032.13) and Singapore's Straits Times (up 0.39% to 3,325.89) rose. However, Taiwan's Taiwan Weighted (down 1.85% at 8,342.20) and South Korea's Seoul Composite (down 1.45% at 1,772.88), slipped. Japanese stocks market is closed today for Labour Thanksgiving Day.

US markets remained closed for Thanksgiving day yesterday, 22 November 2007.

As per provisional data, FIIs sold shares worth a net Rs 2487.71 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 1341.15 crore on Thursday, 22 November 2007.

Foreign institutional investors (FIIs) were net sellers to the tune of Rs 240.07 crore in the futures & options segment on Thursday. According to data released by the NSE, FIIs were net sellers of index futures to the tune of Rs 544.02 crore and bought index options worth Rs 154.75 crore. They were net buyers of stock futures to the tune of Rs 153.02 crore and sold stock options worth Rs 3.82 crore.

Crude oil prices climbed back above $97 a barrel in thin trade on Friday, 23 November 2007 buoyed by the unrelenting decline in the US dollar. London Brent crude rose 35 cents to $94.85 a barrel, while U.S. light crude for January delivery stood at $97.35 a barrel.

Metals - Gold up on weak dollar; volumes light as US holidays continue

Gold rose as the dollar remained weak, having hit a record low against the euro in Asian trading hours, which sparked demand from those trading in other currencies as they found the metal to be cheaper.

Dollar-denominated gold moves in the opposite direction to the dollar and in line with high oil prices, as it is seen as a hedge against inflation. Oil, while lower on the day, was still within sight of a record high around 99 usd struck earlier this week.

The US was on holiday for Thanksgiving yesterday and although some players have returned to their desks, ongoing celebrations will again keep volumes on the light side and no economic data is scheduled for release.

Gold surged to 845.58 usd an ounce in early November, just 0.5 pct lower than its all-time record high price of 850 usd in January 1990.

At 12.02 pm, spot gold was trading up at 809.63 usd per ounce against 803.25 usd in late London trade yesterday. Earlier today gold hit a day-high of 815.60 usd.

Safe-haven buying has also helped lift gold's value. Credit-crunch jitters have hammered equity markets and gold has been bought as a hedge, as it is seen as a safe store of value.

"Sentiment remains bullish as the latest credit jitters prompt further safe-haven positioning by investors and speculators...the recent period of consolidation has improved the technical picture, signalling a re-test of 850 usd," said James Moore, analyst at TheBullionDesk.Com.

Some analysts warned however that after such dramatic price increases, short-term corrections are likely at some point.

"There is the potential for short-term price corrections, we would view these in the context of what remains a strong medium-term uptrend for gold," said Barclays Capital analysts.

There is also a strong possibility traders might sell off as the end of the year approaches to book profits.
"I'm generally still bullish on gold but there is a definite possibility of a correction at the end of the year" said Walter De Wet, analyst at Standard Bank.

Looking ahead, there is no important US economic data today to impact the dollar or gold. In other precious metals, platinum was steady at 1,468 usd per ounce from 1,468.50 usd.

Silver was up at 14.54 usd per ounce against 14.53 usd late in London yesterday, while palladium edged down to 349 usd per ounce against 349.50 usd.
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China Construction B Asian stocks mixed on continued uncertain US outlook

Stock markets across Asia ended mixed Friday with Hong Kong gaining as investors sought bargains after recent declines, while Korea pulled back as foreign investors reduced their holdings on continued uncertainty about the US market and economy.

Japanese market was closed for a public holiday. Wall Street was closed Thursday for the Thanksgiving holiday and will trade for just half a day today.

The Hang Seng index closed up 2.1 pct at 26,541.09, finding further support from news that Henderson Land chairman Lee Shau-kee, who has been dubbed "Asia's Warren Buffet", is ready to invest 10 bln hkd in the local market.

The KOSPI index closed down 1.5 pct at 1,772.88. The S&P/ASX 200 closed down 0.1 pct at 6,330.2 and the All Ordinaries was down 0.04 pct at 6,392.4.

The Singapore Straits Times closed up by 0.4 pct at 3,325.89 and the Malaysian KLCI was closed up 0.7 pct at 1,353.55. The Shanghai Composite closed higher by 0.96 pct at 5,032.13. The Taiwanese Taiex closed down 1.9 pct to 8,342.

Among individual stocks, Hong Kong banks rose after Standard & Poor's raised ratings on the top three lenders. China's biggest bank by assets ICBC rose 3.47 pct to 5.96 hkd. Bank of China gained 1.5 pct to 4.05 hkd, while China Construction Bank rose 3.05 pct to 7.09 hkd.

CNOOC Ltd rose 4.4 pct to 13.3 hkd. China's biggest offshore oil producer said it has made 10 new oil and gas discoveries in the mainland so far this year.

In Seoul, Samsung Electronics was a standout, closed higher by 3.3 pct to 557,000 won on an improving chip industry outlook. The stock gained 4.7 pct on Thursday.

The rally was accelerated by hopes that the company's governance structure will become more transparent and that it will gain more independence from Samsung Group as prosecutors investigate allegations of bribery at South Korea's largest conglomerate.

Mirae Asset Securities, South Korea's second largest brokerage by market capitalization, fell 14.3 pct to 138,000 won. The Financial Supervisory Service (FSS) recently said it will inspect the company's sales operations and fund management arm amid growing concerns about a newly launched investment fund
product.

Meanwhile, Manila's composite index was up 0.5 pct at 3,494.44 on a technical rebound led by index heavyweight Philippine Long Distance Telephone Co, snapping a three-day decline. The market was also supported by rotational interest into cheaper stocks.

In Indonesia, the composite index closed up 0.6 pct at 2,584.35, led by Astra International and miners, but gains were limited as some market players squared positions ahead of the weekend.

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Euroshares up midday as Wall St seen up, financials rally

At 11.51 am, the STOXX 50 added 41.23 points or 1.15 pct to 3,611.2, while the STOXX 600 rose 3.74 points or 1.06 pct to 355.58.

Deutsche Postbank added 5.39 pct, as Commerzbank supervisory board chairman Martin Kohlhaussen said his bank has always been interested in acquiring Deutsche Postbank and would be keen to submit an offer if the latter were up for sale.

Commerzbank shares were 0.77 pct higher. CNP Assurances surged 9.25 pct following a report in the French press that Axa might be mulling a takeover bid for the French life insurance group.

Societe Generale was up 2.13 pct, Credit Agricole added 3 pct and BNP Paribas moved 1.78 pct higher after Moody's rating agency said the outlook for the sector remains stable.

Other financial stocks were also higher; Aegon was up 2.33 pct and Unicredit rose 2.55 pct. Meanwhile, IKB fell 1.04 pct after a report in Boersen-Zeitung said a consortium of banks, which supplied the bank with a 3.5 bln eur risk shelter, does not wish to increase its coverage.

German financial watchdog BaFin yesterday met with IKB and KfW, as well as representatives of state-owned and municipally-owned banks, Financial Times Deutschland reported, without citing sources. Following news that IKB is considering transferring loans to Deutsche Postbank AG, concerns arose that the company may be having trouble meeting levels of liquidity demanded by German regulation, the newspaper said.

Staying with M&A news, Sonaecom SGPS and PT Multimedia advanced 3.2 pct and 3.26 pct respectively, on reports that Soneacom has been in contact with several PTM shareholders to sound out the possibilities of a friendly merger.

Vedanta stormed more than 10 pct higher mid-morning as talk emerged that the Chinese state mining company is preparing to bid for the group.

The healthcare sector continued its recovery, as Deutsche Bank said the sector is attractively valued and reiterated its 'buy' recommendations on Novartis, Roche and Astrazeneca.

Pharmaceuticals began to move higher yesterday after Citigroup upgraded the sector to 'neutral', saying most of the bad news in the sector has now been priced in. Astrazeneca added 3.9 pct. Novartis climbed 5.16 pct. Roche was up 2.31 pct.

But Philips led the STOXX 50 risers - up 4.16 pct - after Dutch MPs passed a bill doubling the limit on the amount of tax-free share buybacks a company can make.

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Forex - Pound lower as data hint UK economy slowing

The pound was steady at weakened levels against the euro and the dollar on figures showing the UK economy grew more slowly than thought in the third quarter.

The office for National Statistics said the economy grew by 0.7 pct in the third quarter, below the previous estimate of 0.8 pct. Annual growth was revised down to 3.2 pct from 3.3 pct.

The figures suggest the UK's period of above-trend growth is coming to an end, adding to the argument for UK interest rates to drop sooner rather than later.

Michael Saunders at Citigroup said the slower growth "fits with other signs that risks for economic growth lie on the low side of the MPC's base case (which itself is the weakest forecast they have published since 2001)". "As the economy weakens, policy rates are likely to head lower," he said.

The Bank of England's Monetary Policy Committee is expected to cut rates at least once next year, following its dovish November inflation report. The first cut could come as early as next month, although most economists predict rates will not fall until early 2008.

Last night, BoE rate-setter Rachel Lomax hinted she might lean towards a pre-emptive cut in rates, saying the Bank "can and should respond quickly and flexibly to early signs of the changing economic weather".

The pound, which earlier hit a new four-and-a-half year low against the euro of 0.7215 stg in late Asian trade, was edging back down to those lows as the afternoon progressed.

The dollar was also stronger against the pound, as well as the euro, recovering from its fall to new euro lows of 1.4966 usd in Asian trade as US economic concerns were magnified by the effect of scant liquidity.

The US and Japan are both celebrating public holidays, putting many investors on the sidelines. The prospect of the Federal Reserve Bank cutting interest rates again in the coming months is also likely to put pressure on the dollar. Markets are pricing in a quarter-point cut at December's meeting to follow 0.75 pct points of reductions since the summer, as the economy threatens to slow.

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US Stocks at a Glance: Stocks open higher after pullback

Stocks opened higher Friday as investors awaited signs of how well retailers might fare during the holiday shopping season.

Friday's shortened session -- the market closes three hours early at 1 p.m. EST -- will cap a volatile Thanksgiving week. On Wednesday, the Dow Jones industrial average and the Standard & Poor's 500 index each fell more than 1.5 percent, with the Dow giving up more than 200 points.

In the first minutes of trading Friday, the Dow rose 88.52, or 0.69 percent, to 12,887.56.

Broader stock indicators also rose. The Standard & Poor's 500 index rose 11.41, or 0.81 percent, to 1,428.18, and the Nasdaq composite index rose 18.93, or 0.74 percent, to 2,581.08.

Friday's session could prove more an aberration than a continuation of recent trends. Volume on such holiday-shortened days is often so thin that market watchers dismiss much of what they see. Many of Wall Street's principal players are on vacation.

Friday's gains come after Wednesday's session in which the Dow fell below its August low -- breaching a psychological barrier some investors had hoped would be avoided in the latest pullback. And the S&P's decline Wednesday left the index in negative territory for the year. The news was unwelcome as many
investments such as mutual funds mirror or are measured against the index.

Government bonds fell Friday. The yield on the 10-year Treasury note, which moves inversely to its price, rose to 4.04 percent from 4.01 percent late Wednesday.

The dollar was lower against other major currencies while gold prices rose. With no major economic news scheduled to arrive Friday, investors will be searching for any new insights into the health of the economy, particularly with Black Friday, the unofficial kickoff of the holiday shopping season, under way.
In one bright spot, oil prices, which have hovered near $100 per barrel, pulled back slightly.

Light, sweet crude fell to 5 cents to $97.24 per barrel in premarket electronic trading on the New York Mercantile Exchange.

A modest drop in energy prices, however, won't erase investors' concerns about how well the overall economy will perform in the coming months amid pressure from a weak U.S. housing market, a deterioration of credit and a weak dollar.

Advancing issues outnumbered decliners by about 4 to 1 on the New York Stock Exchange, where volume came to 666.7 million shares.

The Russell 2000 index of smaller companies rose 7.31, or 0.99 percent, to 747.61.

Overseas, Britain's FTSE 100 rose 1.32 percent, Germany's DAX index rose 0.34 percent, and France's CAC-40 rose 1.58 percent. Hong Kong's Hang Seng index closed up 2.06 percent. Markets in Japan were closed Friday for a holiday.

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Rally to continue

The market is likely to witness upward trend as major Asian gauges like the Nikkei, the Hang Seng index, the Kospi index and the Jakarta index have gained substantially in current trades and US Market also ended with a positive note. The domestic indices also gained by strong volatility on Tuesday and saw the index gain over 750 points during intra-day trades to finally closed above 18250 marks. However, strong intra-day volatility may weigh on the sentiment. Among the key indices, the Nifty is likely to resists around 5400 levels and has a key support at 5260 levels in the near-term. The Sensex has a likely support at 17500 and may face resistance at 18800.

Stocks rallied sharply on Tuesday, sending the Dow Jones to all-time highs as the minutes from the last Fed meeting supported hopes for another interest rate cut by the end of the year. While the Dow Jones moved up by 121 points at 14165, the Nasdaq managed to add 17 points at 2,804.

All the Indian floats had a field day on the US bourses. Patni Computer flared up by 4.36% and VSNL jumped 4.20% , while Dr Reddy's, Tata Motors, ICICI Bank, HDFC Bank, Infosys, Satyam, VSNL and Wipro gained over 1-3% each.

Crude oil prices moved above $80, with the Nymex light crude oil for November delivery gained by $1.24 to close at $80.26 a barrel. In the commodity space, the Comex gold for December delivery jumped by $4.40 to settle at $743.10 an ounce.

The market pared gains in afternoon trade.

The market pared gains in afternoon trade. The market had bounced back from lower level in early afternoon trade amid volatility as some Asian markets came off lower level. It had opened with a downward gap in early trade tracking weak global markets. Reliance Industries declined. Banking, consumer durable, metal stocks rose. IT, realty stocks remained subdued. BSE Mid Cap and Small Cap indices outperformed Sensex. Market breadth was strong. Asian markets were mixed.

Worries of impact of credit troubles on the broader US economy heightened after Goldman Sachs on Monday, 19 November 2007, downgraded Citigroup's stock to sell from neutral, forecasting more write-downs by the largest US bank because of mortgage losses.

At 13:20 IST, the 30-share BSE Sensex was up 9.81 points or 0.05% at 19,643.17. Sensex touched a high of 19,714.22 in early afternoon trade. At day's high, Sensex had risen 80.86 points. Sensex hit a low of 19,411.67 in early trade. At day’s low of 19,411.67 Sensex had lost 221.69 points.

The S&P CNX Nifty was down 20.55 points or 0.35% to 5,887.10.

The market breadth was strong. On BSE, 1,935 stocks advanced, while 797 stocks declined and 54 stocks were unchanged. 16 out of 30 stocks from the Sensex pack were in green.

The BSE Mid-Cap index rose 1.09% to 8,825.62 and the BSE Small-Cap index rose 1.99% to 10,672.89. Both these indices outperformed Sensex.

Index heavyweight and India’s largest private sector firm by market capitalisation Reliance Industries was down 0.25% to Rs 2,848.85, off session's high of Rs 2,857.80.

Banking stocks rose. India's biggest private sector bank in terms of operating income ICICI bank rose 1.58% to Rs 1,205.55. The stock recovered from session's lows of Rs 1,160.

State Bank of India (SBI) rose 1.87% to Rs 2,348.05. As per reports it is seeking to expand its foothold beyond immediate associate banks by possibly absorbing UCO Bank and Dena Bank. UCO Bank jumped 7.99% to Rs 61 and Dena Bank soared 5.46% to Rs 92.75.

India’s second largest private sector bank in terms of net profit HDFC Bank rose 0.53% to Rs 1,663.90.

Consumer Durable stocks rose. Videocon industries (up 6.09% to Rs 464.90), Titan Industries (up 1.19% to Rs 1,533) and Blue Star (up 1.53% to Rs 435) edged higher.

Metal stocks rose after initial slump. Tata Steel (up 2.52% to Rs 884.50), Steel Authority of india (up 3.68% to Rs 271.10) edged higher. Hindalco Industries (down 0.83% to Rs 203) and Sterlite industries (down 2.69% to Rs 984) remained in red.

Realty stocks declined. DLF declined 2.28% to Rs 926.45. Merrill Lynch (ML) has reportedly acquired 49% equity stake in seven residential projects of DLF for Rs 1,481 crore. Indiabulls Real Estate down 0.27% to Rs 657.20.

Unitech declined 2.28% to Rs 388, on reports the company foraying into Mumbai with a commercial project spread over 80 acre near the Bandra Kurla complex.

IT stocks plunged. Infosys (down 2.33% to Rs 1,581.90), Tata Consultancy Services (down 1.74% to Rs 971), Satyam Computer Services (down 0.51% to Rs 420.50) and Wipro (down 1.17% to Rs 452.05) edged lower.

India’s second largest cement manufacturer by sales ACC rose 3.99% to Rs 1,127.10 and was the top gainer from Sensex pack.

India’s largest cigarette maker ITC by sales rose 2.11% to Rs 203.

Bharat Heavy Electricals declined 1.96% to Rs 2,729.

BEML declined 1.49% to Rs 1772 despite reports that it will take a 48% stake in the three-way joint venture that will take over ailing Mining and Allied Machinery Corporation (MAMC) in Durgapur, West Bengal.

Neyveli Lignite Corporation lost 1.35% to Rs 211.75 after National Stock Exchange of India banned building further futures & options positions in the stock as 95% of marketwide limit was reached on Monday, 19 November 2007.

Jinadal Stainless was the top gainer from A group and rose 16.98% to Rs 207. Balaji Telefilms (up 11.9% to Rs 372), Nirma (up 10.17% to Rs 233), MIRC Electronics (up 9.97% to Rs 35.30) and Century Enka (up 8.93% to Rs 184.80) were other major gainers from A group.

Some Asian markets came off lower level after initial slump. Japan's Nikkei rose 1.12% to 15,211.52 and Singapore's Straits Times gained 0.83% at 3,440.28. Taiwan Weighted index was flat at at 8,680.

Hong Kong's Hang Seng (down 0.05% to 27,436.35) and South Korea's Seoul Composite index (down 1.12% at 1,872.24) were in the red.

US markets suffered sharp losses on Monday, 19 November 2007, after a broker downgrade of Citigroup sparked concerns of more mortgage losses and fears of slumping auto sales hammered GM shares. The Dow Jones industrial average plunged 218.35 points, or 1.66%, to 12,958.44. The S&P 500 index fell 25.47 points, or 1.75%, to 1,433.27, and the Nasdaq Composite slipped 43.86 points, or 1.66%, to 2,593.38.

Crude oil prices edged lower in Asian trade on Tuesday, 20 November 2007 with the dip seen as temporary because traders were still worried about tight global supplies. New York's main contract, light sweet crude for January delivery was down 26 cents at $94.38 a barrel. Brent North Sea crude for January delivery eased 33 cents to $91.95.

Market posted losses for third straight day on Monday, 19 November 2007. The 30-share BSE Sensex lost 64.53 points or 0.33% at 19,633.36 while the broader CNX S&P Nifty was up 0.8 points or 0.01% at 5,907.65 on that day.

As per provisional data, FIIs sold shares worth a net Rs 371.04 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 63.45 crore on Monday, 19 November 2007.

Do You Want To Learn About Internet Marketing?

If you have a struggling internet business, you are probably facing the difficult task of how to attract visitors to your website at a price you can afford. Indeed, internet marketing is a challenge, and it takes years of persistence. There are many affordable ways to get traffic to your site. For now, we will outline the most practical ways for you to market your online business without having to spend a great deal of money.

The most important task is search engine submission and optimization. There are many different search engines and directories on the internet where you can submit your web site. You need to sign up for a monthly submission plan with a credible search engine submission service. There are hundreds of these submission services on the internet; you can find them by doing a search on Google.
However, be wary of submission services that claim to be able to submit your site to 75,000 search engines. These unscrupulous submitters will submit your website to FFA pages and bogus link pages that can actually get you banned permanently from the search engines. You should only do business with submission services that submit only to the major search engines and directories.

Search engine optimization (SEO) is even more important. To optimize a site, you need to maximize your keyword density and optimize the positioning for the words or phrases for which you want to be listed. And, you need to use proper Meta tags so that the search engines can interpret your web pages.

If you do not know how to optimize your web site, you should search for an optimization consultant on Google. Avoid SEO experts who want to charge you $1,000 per month or more. Their goal is to bleed you dry before you figure out that they really can not help improve your ranking. Stick to providers who will optimize your site for a reasonable fee.

More important than SEO is link popularity. Link popularity is the number of web sites that currently link to your site. The more inbound links you acquire, the higher your search engine ranking will be.

There are several ways you can increase your number of inbound links. You can submit your site to free directories, or join a link exchange and trade links with other sites, or, you can author articles and press releases and submit them to article directories. When webmasters looking for free content place your article on their site, they must link back to your website.

If you are not patient enough to wait for your search engine ranking to improve, you can attract visitors to your web site right away by using pay-per-click (PPC). With PPC, you pay a certain cost per click to have an ad for your web page run at or near the top of the search engines. This can be extremely costly and ineffective. It is not uncommon for webmasters to blow thousands of dollars on PPC advertising and make only a few sales.

The best way to promote your site, if you are actually selling something, is through an affiliate program. You need to provide an affiliate code to other online merchants so that they will place your banner on their site; every time you make a sale that resulted from an affiliate referral, the affiliate gets a commission. You will have to consult with an experienced programmer who can set up the program so that the affiliate codes can be tracked properly.

Some internet companies have thousands of affiliates, and get all the business they would ever need or want this way; and it costs you nothing. To recruit affiliates, you should submit your affiliate program to directories where you can list your affiliate program for free or for a small price. The best way to find affiliates is by listing your program on forums or message boards frequented by webmasters who are looking to generate additional revenue for their online business.

I hope this information will help you with your internet marketing efforts. No website can become an overnight sensation; it takes time and effort. But, if you work diligently and follow each of the procedures outlined in the article, you should do fine.

About the Author: Jim Pretin is the owner of forms4free.com, a service that helps programmers make an HTML form.

Buy Indo Rama Synthetics Ltd

Indo Rama Synthetics Ltd (IRSL), the country's largest dedicated polyester manufacturer, is well placed to capitalise on the upturn in the polyester sector due to its timely capacity expansions. Benign raw material scenario and reduction in power costs would further catalyse margins and profitability. The company will be OUTPERFORMER.
Polyester sector headed for good times Polyester is becoming the preferred fibre the world over. In India, government initiatives have reduced the price differential with cotton fibres and we expect this to trigger increasing demand for polyester. Timely expansion to help increase market share IRSL has doubled its capacity from 300,000 tpa to 600,000 tpa. The expanded capacity would enable it capture higher market share across various product categories.
Favourable raw material scenario: Prices of key inputs like purified terephthalic acid (PTA) and mono ethylene glycol (MEG) have stabilized due to new capacities. This move is expected to ease the pressure on raw material costs.
Lower power costs to expand margin: IRSL is merging a group company, Indo Rama Petrochemicals Ltd (IRPL), with itself. The merger will enable it to access power at substantially lower rates and reduce its power costs by Rs 26.43 crore in FY09E, thereby improving EBIDTA margins in FY09E.
Valuation: We believe the stock is available at a very attractive FY09E market cap-tosales ratio of 0.24x. We expect the company’s net profit to grow at a CAGR of 52.3% over FY07-09E due to the ramp up in volumes and improvement in operating margins. We expect the stock to be re-rated and quote at a market cap-to-sales ratio of 0.30x to our 12-15 month target price of Rs 73, a potential upside of 21% from current levels.
Source: icicidirect.com

Indian markets may extend yesterday's robust gains as worries of an early election eased

Indian markets may extend yesterday's robust gains as worries of an early election eased, cooling off the political worries till further meeting between the government and Left parties. FIIs continue to be the robust buyers in Indian equities. Asian markets opened on a positive note today and US stocks chased new highs yesterday.

Q2 September 2007 results are the next major trigger for the market. Figures of advance tax suggest that earnings will be decent to strong. IT bellwether Infosys Technologies kickstarts reporting season on Thursday, 11 October 2007. Indian software services firms are set to report strong quarterly profits as more foreign companies look to outsourcing to cut costs, but the rupee's surge to 9-� year highs, wage hikes and a possible US slowdown are concerns for the export-driven sector.

The Congress-led United Progressive Alliance (UPA) government at the centre and its communist allies stepped back from the brink on Tuesday, 9 October 2007, agreeing to meet again this month to resolve a row over a nuclear deal with the United States. The next meeting of the UPA-Left committee which is looking into Left Front's concerns over nuclear deal will be held on 22 October 2007. The committee held its fourth meeting in New Delhi yesterday, 9 October 2007.

The meeting was held in the backdrop of widening of rift on the nuclear deal with Left parties rejecting a plea of the government that it be allowed to engage in negotiations with International Atomic Energy Association (IAEA) over the nuke deal.

Annual inflation, based on the wholesale price index (WPI), moved up 3.42% in the week ended 22 September 2007 from 3.23% in the week ended 15 September 2007. The market estimate was 3.22%. Annual inflation stood at 5.43% in the corresponding week last year.

Asian markets, which opened before the Indian markets, were trading mixed today. Hong Kong's Hang Seng (up 1.45% to 28,637.91) Singapore's Straits Times (up 0.38% to 3,880.45) , Japan's Nikkei (up 0.29% at 17,210.45) and Korea's Seoul Composite (up 1.11% to 2,036.01) edged higher. Taiwan's Taiwan Weighted (down 0.8% to 9,639.83) edged lower.

US stocks surged on Tuesday, 9 October 2007. The Dow Jones gained 120.80 points, on the day, closing at 14,164.53. Nasdaq Composite rose 16.54 points, to close at 2,803.91. The Dow and S&P 500 jumped to close at record highs on Tuesday after minutes from the Federal Reserve's last meeting showed inflation expectations were contained, leaving open the question of whether another rate cut is near.

US markets had surged earlier as non-farm payrolls report released on Friday 5, October 2007 showed US employers added 1,10,000 jobs in September 2007 and August 2007 job losses were revised to a gain, helping lift worries about a US recession in the near term.

As per provisional NSE data, foreign institutional investors (FIIs) were net buyers of Rs 1,416.72 crore of equities, while domestic institutional investors (DII) were net sellers of Rs 529.38 crore of equities on Tuesday, 9 October 2007.

The BSE 30-share Sensex saw a record single day rally of 788.85 points, or 4.51%, to 18,280.24, an all-time closing high on Tuesday, 9 October 2007. Sensex completed its 17,000 to 18,000 journey in just 8 trading sessions, the second fastest 1,000-point rally ever. The market had hit 17,000 mark on 26 September 2007. The broader based S&P CNX Nifty ended up 242.15 points, or 4.76%, to 5,327.25, a record closing high on Tuesday, 9 October 2007.

Short covering by trapped bears, who went short anticipating political problems, also pulled up the market significantly yesterday.

Heavy FII buying and hopes of a further cut in interest rates by the US Federal Reserve at its next policy meeting on 30-31 October 2007 have boosted the bourses in the past few days.

i-flex Solutions Re-affirms its Commitment to the Egyptian Financial Services Industry

i-flex Solutions Ltd has announced that the Company re-affirmed its commitment to the Egyptian financial services industry. As i-flex builds on its long, successful partnership with the Egyptian financial services industry-including Banque Misr, Banque Du Caire, Credit Agricole, Barclays Bank and Citibank - it looks to further strengthen and reiterate its commitment through providing world-class IT solutions that will empower the industry.

Announcing its success in Egypt, N R K Raman, Managing Director and Chief Executive Officer, i-flex solutions said, Egypt is a strategic market for us and we are proud of our partnerships and the success we have achieved in the market. It is estimated that a substantial percentage of the total banking transactions in Egypt are handled by banks that use FLEXCUBE®, i-flexs core banking solution.

Re-affirming i-flexs commitment to the Egyptian market Raman said, IT usage among Egyptian financial institutions are fast growing and maturing. To provide these institutions with enhanced support levels, i-flex plans to open a support center in Egypt by the first quarter of 2008. This center can not only support our customers in Egypt, but also can serve as the hub for the Middle East, Africa and Southern Europe. We are excited about the local talent available in Egypt.

i-flex offers end-to-end portfolio of solutions to the Egyptian financial services industry i-flex solutions offers the Egyptian financial services industry a range of solutions. Said Raman The Egyptian financial services industry is at the threshold of significant growth and is looking at technology as a key growth enabler. With successful customer partnerships in the country, i-flex is in a strong position to provide world-class solutions, localized to address the unique requirements of the market. For example, FLEXCUBE supports multilingual Arabic screens for Egyptian customers. Our extensive experience in servicing financial institutions across the globe is an added advantage.

The best flights & holidays in Australia

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Neyveli Lignite Corporation stocks likely to benefit MF scheme

Share prices of Neyveli Lignite Corporation went up by 2.27% to Rs. 166.50 reported at BSE at 10.12 a.m. on 7 November 2007 against previous day close of Rs. 162.80. Tata Dividend Yield Fund (G) is likely to gain as it has the highest percentage hold of the stocks of the company compared to its peer groups who have invested in the stocks of the company. Tata Dividend Yield Fund (G) has 5.30% of its total portfolio size invested in the stocks of the company as on 31 October 2007. The scheme holds 8.30 lakh units of the company in October 2007 compared to its peer groups who have invested in the stocks of the company. It is followed by Birla Dividend Yield Plus (G) (2.72% of its portfolio), JM Arbitrage Advantage Fund (G) (1.37%) as on October 2007. DSP ML Savings Plus Fund Aggressive (G) was holding 57,800 units on 30 September 2007, has sold all its shares as on 31 October 2007 and thus less likely to gain. DSP ML Savings Plus Fund Moderate (G) was holding 56,210 units on 30 September 2007 has sold all its shares as on 31 October 2007 and thus less likely to benefit.

Glenmark to separate generic business

Glenmark Pharmaceuticals is planned for a major restructuring exercise. The company is hiving off its generics business to a new company Glenmark Generics. As the generic business grows at high speed, he says it is best to hive it off into a new company Glenmark Generics, which will then get listed in the markets next year. At present, over 35 per cent of Glenmark''s revenues come from generics and API business. The new company, Glenmark Generics will handle the development, manufacture, marketing of generic formulation and API businesses. It will concentrate on drugs going off patent but the best mantra for the company''s growth is to go the acquisition way.

Tata, One Equity likely to join hands for Jaguar buy

Tata''s bid for the legendary British car brands Jaguar and Land Rover (JLR) is hotting up again in the corporate corridors. Tata Motors and One Equity Partners are tipped to be the front runners as the bidders get whittled down. But now there is a new twist to the acquisition story. There might be an alliance between the two parties for a joint bid to avoid any conflict of interest as well as cementing a strong undefeatable bid for JLR. Tata Motors had reportedly signed on JP Morgan and Citi as advisors on it bids. One Equity Partners is the private equity arm of JP Morgan fronted by Jac Nasser. The shortlisted bidders are now initiating talks with Unite, the workers union that controls the workforce at JLR. The unions have ensured that Ford adds a clause to the deal that guarantees long term contracts to Ford run engine and component suppliers to JLR, which would also mean no job cuts in the entire JLR pipeline.

IOC looks at stake acquisitions in Africa

Indian Oil Corporation (IOC), the country''s largest crude oil refiner and marketer of petroleum products, is in negotiations with various African countries for acquiring stake in discovered oil and gas blocks. They are in negotiations with Nigeria and some other African countries for exploration and production blocks. The company has also decided to increase its crude oil imports from Nigeria from 2 million tonnes per annum to 3 million tonnes. Global oil companies such as Brazil''s Petrobras, Italian ENI and Norway-based NorskHydro have previously followed the same route to buy stake in oil blocks operated by Oil and Natural Gas Corporation (ONGC) in India. IOC is keen on purchasing stake in refineries in Africa. It will, however, buy stake only if the refinery is bundled with an oil or gas block. Separately, IOC has offered to infuse in a gas-based petrochemicals plant and for setting up a liquefied natural gas facility in Mozambique. IOC has also agreed to help increase the liquefied petroleum gas storage capacity in Mauritius. IOC already retails petrol and diesel in Mauritius through its fully owned subsidiary Indian Oil (Mauritius).