Market losses further momentum, Inflation surge to 5.02%

The market loses further momentum soon after the break for sun outage due to heavy selling pressures across the counters. Also the rising of inflation to 5.02% in the week ended February 2008 adds to the negative sentiments in the market. The inflation grew to nine months high due to rise in prices of fruits, vegetables and oil seeds.

At 1.31PM, the BSE Sensex is trading lower by 708 points at 15,834 and NSE Nifty is trading down by 207.25 points at 4,714.15.

Leading the rally of losers from the NSE Nifty are Unitech trading down by (11.18%) at Rs278 along with Reliance Energy by (10.9%) at Rs1300, ICICI bank by (10.42%) at Rs860, Bajaj Auto by (9.66%) at Rs1926, Siemens by (8.53%) at Rs665, Hindalco by (8.17%) at Rs191, Tata Power by (7.51%) at Rs1108 and Ranbaxy Labs by (7.9%) at Rs420.

The Auto index is trading lower by 298.61 points at 4,551.25. Pushing it are Bajaj Auto trading down by (10.01%) at Rs1915.05 along with M&M by (5.97%) at Rs654.95, Maruti Suzuki by (5.86%) at Rs885.10, TVS Motors by (5.81%) at Rs39.70, Tata Motors by (5.64%) at Rs663, Escorts by (3.45%) at Rs98.05, Bharat Forge by (3.44%) at Rs268 and Amtek auto by (3.06%) at Rs274.

The Power index is trading down by 257.05 points at 3,084.05 as Reliance Power is trading lower by 11.84% at Rs331.70 in line with Reliance Energy by 11.06% at Rs1298, GMR Infra by 10.04% at Rs140.65, Areva by 8.28% at Rs1706, CESC by 7.40% at Rs439.05 and ABB by 5.88% at Rs1050.10.

TCS is trading lower by (2.4%) at Rs854 as the company has announced a partnership for joint R&D activities with Nokia Siemens Networks (NSN) through partial transfer of tasks at NSN''s Development Centre in Dusseldorf as well as the transfer of 90 employees to TCS.

Thomas Cook - Acquisition of controlling stake in Thomas Cook India Ltd

Thomas Cook India Ltd has informed that the Company has received a letter from Thomas Cook UK Ltd, alongwith Press Release, in connection with Acquisition of controlling stake in Thomas Cook India Ltd.

Press Release issued by Thomas Cook UK Ltd as follows:

Thomas Cook Group plc (Thomas Cook) on March 07, 2008 announces that it is acquiring up to 74.9% of the issued share capital in Thomas Cook India Ltd (TCIL) and 100% of Thomas Cook branded businesses in Egypt, as well as licences for the Thomas Cook brand in a total of 15 Middle East countries. Thomas Cook is purchasing the businesses from Dubai Financial Group LLC (DFG) for total cash consideration of between €208m and €249m, subject to the outcome of the open offer process set out below.

Highlights:

This acquisition fully supports the Thomas Cook strategy to expand into emerging markets that represent a great growth potential as well as to strengthen its Financial Services business.

Through acquiring a controlling stake in TCIL, the largest foreign exchange and second largest travel Company in India, Thomas Cook will become a leader in one of the fastest growing travel markets.

Thomas Cook is confident that under its ownership the TCIL business will grow significantly in a market that is already growing at 15% per annum. In acquiring the Thomas Cook branded business in Egypt and the rights to the Thomas Cook brand across 15 Middle East countries, Thomas Cook is substantially strengthening the Companys reach in this region. Thomas Cook now has control of the brand worldwide.

This transaction meets the Companys acquisition criteria in terms of it being earnings accretive and exceeding the cost of capital.

Manny Fontenta-Novoa, Group Chief Executive Thomas Cook Group plc said: I am delighted we have secured such a significant acquisition in this fast growing market. Thomas Cook has a long and enviable history in India dating back to the 1880s and the brand name has become one of the countrys best known.

Market is trading with a deep cut

The market is trading with a heavy cut from the opening bell today as strong selling continued across the board. The Metal, Capital Goods, Realty and Bank stocks are facing the huge profit booking today. The BSE Sensex has dipped down below the 16000 mark and the NSE Nifty has gone down below the 4800 mark.

The overall market breadth is negative, as 184 stocks are advancing whereas 2424 stocks that are declining.

Reliance Energy reported the top loser from the BSE Sensex pack. It is trading lower by (10.10%) at Rs.1,312 followed by Bajaj Auto trading down by (9.92%) at Rs.1,917.

At 2.31PM BSE Sensex is at 15,890.11 down by 651.97 points and Nifty is at 4,741.80 down by 179.60 points.

The BSE Mid Cap is lower by 359.63 points to 6,754.55 and the Small Cap slipped by 455.33 points to 8,354.46.

The BSE Capital Goods index is the top loser today. It is trading with a loss of 539.53 points at 14,148.87. The main losers are Siemens down by (7.29%) at Rs.674, ABB decreased by (4.85%) at Rs.1,060 followed by L&T and BHEL dropped by (3.75%) and (3.12%) to Rs.3,081 and Rs.2,015.

The most active shares on NSE are Reliance trading at Rs.2,212.20 with a total traded quantity of 2188821 shares followed by ICICI Bank trading at Rs.880.30 with a total traded quantity of 4462200 shares.

Satyam inaugurates Global Solutions Center (GSC) in Egypt

Satyam Computer Services Ltd, on March 05, 2008 announced the inauguration of its Global Solutions Center (GSC) in Egypt. The GSC is located in Smart Village, Giza, and will employ about 300 professionals to serve as a major technological development and software support for Satyams customers in the Middle East, North Africa and European region. As a part of the companys globalization spree, the GSC is Satyams 28th globally and the 14th in the Asia-Pacific, Middle East, India and Africa region.

The rising IT spend in Egypt, which according to IDC has been projected to grow by 12.4 per cent over the next five years and reach USD 120 million by 2010, has amplified its repute as the next important IT hub in the Middle East and African region. Recognizing the tremendous opportunity amidst the countrys growing IT services market, Satyam has identified Egypt as the perfect location for its first GSC in the Middle East and African sub-continent which will serve as a near-shore to the Middle East and North Africa markets and also cater to the BPO, KPO and ITeS needs of European markets due to the availability of European language skills in Egypt.

The GSC is a state-of-the art center spanning 2,100 sq. meters and facilities include 2 training labs, video conferencing, high-speed networks and 24/7 connectivity to all other global locations. As the cornerstone of Satyams strategy in the region, the 300-seater GSC will mainly house locals and is going to be headed by Mohamed Embaby, an Egyptian national. The GSC aims to train locals and create more jobs for them.

Our investments in the Middle East and North African markets are in line with our larger globalization strategy, said B. Rama Raju, Co-founder and CEO of Satyam. We are confident that our investments in the region will also benefit the local economy by way of increased job opportunities for the local population, as we are keen on hiring and training a significant number of locals.

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