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.

Small-cap, mid-cap indices buck market fall

Breaking a three-day winning streak, the market edged lower today on profit taking. The market failed to sustain higher levels after a firm start. A firm opening was triggered by Reliance Power's surprise announcement on Sunday, 17 February 2008, that it would consider bonus issue. The market was down sharply in afternoon trade but managed to cut losses tracking firm European markets, which opened after Indian markets. The benchmark index, BSE Sensex,
dipped below 18,000 mark only to regain that level in mid-afternoon trade.

Reliance Power soared on high volumes. Despite the market fall, the breadth was positive on buying in small-cap and mid-cap stocks. Asian markets were mixed.

The 30-share BSE Sensex was down 67.20 points or 0.37% at 18,048.05. Sensex lost 214.29 points at the day's low of 17,900.96, hit in afternoon trade. Sensex opened 112.96 points higher at 18,228.21 and advanced to hit a high of 18,256.82 in early trade. At the day's high, Sensex rose 141.57 points.

At current 18,048.05, Sensex trades at a PE multiple of 17.18 to 18.04, based on projected FY 2009 EPS of Rs 1000-to-Rs 1050 for 30 Sensex companies.

The broader based S&P CNX Nifty was down 26 points or 0.49% at 5,276.90. Nifty February 2008 futures were at 5280.10, a premium of 3.20 points as compared to sport closing

From 16,608.01 on 12 February 2008, Sensex had advanced 1507.24 points or 9.07% in three trading sessions to 18,115.25 o n Friday, 15 February 2008.

The market breadth was positive on BSE: 1,850 shares advanced as compared to 878 that declined. 46 shares remained unchanged. 19 out of 30 Sensex stocks declined.

The BSE Mid-Cap index was up 0.65% to 7,641.48 and the BSE Small-Cap index gained 1.40% to 9,755.35. Both these indices outperfomed the Sensex

The total turnover on BSE amounted to Rs 4857 crore as compared to Rs 6,415.18 on Friday, 15 February 2008

Turnover on NSE's futures & options segment declined to Rs 32416.67 crore from Rs 42675.67 on Friday, 15 February 2008

Reliance Power surged 6.95% to Rs 411.45, off day's high of Rs 429.60. The counter saw high volumes of 1.12 crore shares on BSE. The company said on Sunday, 17 February 2008, its board would meet on Sunday, 24 February 2008, to decide bonus ratio. The bonus shares will be issued to non-promoter shareholders to compensate the losses suffered by them when the company was listed last week. The stock has been consistently trading at a discount to IPO price
of Rs 450, since its listing on 11 February 2008. Meanwhile, the company has also sought an enquiry by the Securities & Exchange Board of India, the market regulator, into the decline in shares.

Sectoral indices on BSE displayed mixed trend. The the BSE Consumer Durables index (up 0.04% to 4,708.56), the BSE PSU index (up 0.24% to 8,572.39), the BSE Auto (up 0.43% at 4,789.13), the BSE FMCG index (up 2.26% at 2,258.26), the BSE Health Care index (down 0.37% at 3,678.31), the BSE Metal index (up 0.50% to 16,247.20), and the BSE Bankex (up 0.56% at 10,944.85), outperformed the Sensex

The BSE Capital Goods index (down 0.58% at 16,322.65), BSE Oil & Gas index (down 0.85% to 11,172.91), the BSE Power (down 0.42% to 3,752.87), the BSE Realty index (down 2.77% at 10,206.95), the BSE IT (down 1.31% to 3,829.24), the BSE TecK index (down 0.56% to
3,332.73), underperformed the Sensex

India's largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 1.65% to Rs 2548 on 4.51 lakh shares. The stock moved in a range of Rs 2537.40 and Rs 2650 so far during the day.

India's top truck marker in terms of sales, Tata Motors slipped 2.56% to Rs 732.10 on 1.29 lakh shares. It was the top loser from Sensex pack.

India's largest public sector engineering company in terms of profit, Bharat Heavy Electricals dropped 1.75% to Rs 2222 despite reports the company has bagged an order worth Rs 650 crore from General Electricity Company, Libya for setting up a 300 megatwatt gas turbine based power plant. The stock hit a high of Rs 2280 in intra-day trade.

India's largest private sector engineering company in terms of outstanding order book position, Larsen & Toubro slipped 0.90% to Rs 3505. The company said on Monday, 18 February 2008, it has bagged an order worth Rs 1250 crore from Oil & Natural Gas Corporation.

State Bank of India (down 2.10% to Rs 2250), Reliance Energy (down 1.38% to Rs 1685.95), and DLF (down 2.38% to Rs 858), were the other losers from Sensex pack.

Mahindra & Mahindra, the country's top tractor maker in terms of sales, extended gains in late trade. It advanced 3.48% to Rs 640. It was the top gainer from Sensex pack. Mahindra & Mahindra today said that Mahindra Defence Systems, a group company, is in talks with WASS for underwater defense joint venture. Mahindra Defence Systems (MDS) makes high mobility and light bullet proof vehicles to the armed forces, paramilitary and police forces.

India's top cigarette manufacturer in terms of sales, ITC staged a sharp rally in late trade. The stock was down for most part of the day but settled with gain of 3.45% to Rs 210.

Bajaj Auto, the country's second largest bike maker in terms of sales, gained 1.16% to Rs 2200 after the Madras High Court on Saturday, 16 February 2008, restrained TVS Motor Company from manufacturing and selling 125 cc 'Flame' motorcycle by using the technology/invention described in the patent granted to Bajaj Auto. TVS Motor Company was down 2.88% to Rs 38.85.

ICICI Bank (up 1.67% to Rs 1211), Hindustan Unilever (up 2.32% to Rs 216.10), and Hindalco Industries (up 3.08% to Rs 184) were the other gainers from Sensex pack.

IT pivotals were subdued. Infosys Technologies (down 0.95% to Rs 1550), TCS (down 2.46% to Rs 850.10), Wipro (down 0.94% to Rs 416.30), and Satyam Computers (down 2.51% to Rs 427), edged lower

Sugar stocks rose on fresh buying. Bajaj Hindustan rose 9.84% to Rs 264.60, Balrampur Chini Mills gained 7.52% to Rs 97.25 and Shree Renuka Sugars advanced 11.30% to Rs 1002.

Reliance Power topped the turnover chart with a turnover of Rs 472 crore followed by Reliance Natural Resources (Rs 376 crore), Essar Oil (Rs 166.50 crore), Reliance Capital (Rs 158.60 crore) and Reliance Petroleum (Rs 153.60 crore), in that order.

Reliance Natural Resources led the volume chart clocking volumes of 2.66 crore shares followed by Ispat Industries (2.22 crore shares), Reliance Power (1.13 crore shares), Nagarjuna Fertilisers (99.25 lakh shares) and Himachal Futuristic Communications (93.70 lakh shares), in that order.

Among the side counters, Panasonic Carbon (up 18.61% to Rs 137), J Kumar Infraprojects (up 18.38% to Rs 118.85), Dish TV (up 20% to Rs 19.95), Wire & Wireless India (up 14.53% to Rs 54), and Praj Industries (up 12.95% to Rs 191) surged.

Provogue India (down 13.02% to Rs 920), Phoenix Mills (down 8.18% to Rs 414.35), Geodesic Information Systems (down 9.35% to Rs 181.05), Ansal Infrastructure (down 7.97% to Rs 215.40) and Mastek (down 6.10% to Rs 248.90), slipped

KNR Constructions settled at Rs 154.35 on BSE, a discount of 9.20% over IPO price of Rs 170. The stock debuted at Rs 180, a premium of 5.8% over the IPO price. The stock hit a low of Rs 155.65 and high of Rs 199. On BSE, 57.56 lakh shares changed hands in the counter.

Disa India galloped 20% to Rs 1826.25 after the company's board of directors at its meeting held on 16 February 2008 recommended a dividend of 2000% or Rs 200 per share in the year ended December 2007.

Unitech declined 4.14% to Rs 399.90 despite the West Bengal government giving possession of 12,500 acres of land at Nayachar Island, near Haldia, in the state to the developer PCR Chemicals.

Educomp Solutions slipped 2.30% to Rs 4068 on reports the company plans to invest up to Rs 800 crore to set up 150 schools in the next four years.

DMC International rose 4.81% to Rs 21.80 after a group company Swen Realty & Media entered into an agreement with Global Infocom to acquire an online portal.

Kalindee Rail Nirman Engineers rose 1.76% to Rs 425 after the company said its board will meet on 18 February 2008 to consider raising Rs 150 crore by issue of equity to qualified institutional
buyers.

Ramco Systems gained 3.13% to Rs 145 after the company launch of India's first full-fledged Software-as-a-Service enterprise resources planning tool viz. Ramco OnDemand ERP.

European markets, which opened after Indian markets, extended early gains. Key benchmark indices in United Kingdom (up 1.89% to 5,896.70), Germany (up 1.70% to 6,948.61), and France (up 1.56% to 4,846.36), advanced.

Asian markets, which opened before Indian markets were mixed today, 18 February 2008. Japan's Nikkei (up 0.09% at 13,635.40), Taiwan's Taiwan Weighted index (up 0.18% at 7,890.90), South Korea's Seoul Composite index (up 0.09% at 1,696.24), and China's Shanghai
Composite index (up 1.58% to 4,568.51), edged higher. However, Hong Kong's Hang Seng (down 1.61% at 23,759.25) and Singapore's Straits Times index (down 0.78% at 3,064.65), declined.

US markets ended Friday's, 15 February 2008 trade on mixed note after economic reports offered bleak views on everything from manufacturing to consumer sentiment. The Dow Jones industrial average declined 28.77 points, or 0.23%, to 12,348.21. The S&P 500 index gained 1.13 points, or 0.08%, to 1,349.99. The Nasdaq Composite index was down 10.74 points, or 0.46%, to 2,321.80.

India's wholesale price index rose 4.07% in the 12 months to 2 February 2008, marginally lower than the previous week's rise of 4.11%, government data released on Friday, 15 February 2008 showed

Stock Market Commentary: Post Session

The Indian market tumbled in the final trading hours of the session to close in the negative territory. Taking the favoring cues from the global markets, the Indian market opened on a firm note but unable to sustain at higher levels and pare all its gains. The volatility gripped the market throughout the trading session. The favoring cues from the domestic scenario like India''s industrial output rose 7.6% in December 2007 from a year earlier, accelerating from the previous month''s downwardly revised 5.1% also failed to hold the gains of the market. From the sectoral front, the bankex stocks remained in the limelight as most buying is seen from these baskets. The Small Caps and Mid Caps were the most hit as they face heavy selling pressures across the counters. The BSE Sensex closed lower by 22.90 points at 16,608.01 and NSE Nifty fell by 18.75 points to close at 4,838.25. The BSE Mid Cap and Small Cap indices closed lower by 161.45 points and 266.42 points at 7,058.38 and 9,173.68 respectively.

BSE Bankex index closed higher by 122.48 points at 9,867.36. Gainers are Axis bank (6.65%), ICICI bank (2.71%), Kotak bank (2.46%), Andhra bank (2.32%), IOB (1.52%).

BSE Metal index closed marginally lower by 1.20 points at 14,273.05 as Welspun Guj (6.38%), Sesa Goa (5.82%) and JSW Steel (3.01%) closed higher while Jindal Saw (4.09%) and Jindal Stainless (3.46%) closed lower.

BSE Realty index dropped by 125.49 points to close at 9,042.84. Losers are Penland (7.93%), Ansal Infra (7.41%), Sobha Dev (3.54%), Indbul Real (3.40%), HDIL (1.75%).

BSE CG plunged by 160.86 points to close at 14,873.21. Scrips that fell are BEML (4.91%), Kalpataru Power (4.36%), Lakshmi Machines (4.12%), Punj Lloyd (3.96%).

BSE Oil & Gas index inched up by 40.52 points to close at 9,926.32. Scrips that gained are Cairn India (5.26%), HPCL (2.20%), Reliance Inds (2.17%) and Gail India (1.09%).

BSE IT index closed lower by 58.18 points at 3,789.98 as NIIT (7.51%), Patni Comp (5.84%), Karut Net (5%) closed lower.

Idea Cellular - Limited Review for the quarter ended Dec 31, 2007

Idea Cellular Ltd has informed that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:

Attention is invited to note 4 of the statement. As detailed in the said note, pending the transfer of Telecom licenses of erstwhile Idea Mobile Communications Ltd, BTA Cellcom Ltd and Idea Telecommunications Ltd in the name of the Company, the Company has given effect to the scheme of Amalgamation w.e.f. April 01, 2006 the appointed date. Implications if any, in the event of non-transfer of the licenses are not ascertainable at this stage.

Universal Cables - Change in Directorate

Universal Cables Ltd has informed that Shri. Sushil Kumar Daga and Shri. Shankar Prasad Tamrakar have ceased to be Alternate Directors to Shri. S N Prasad and Shri. Dinesh Chanda respectively w.e.f. January 29, 2008 and they have been re-appointed as Alternate Directors with effect from January 30, 2008 to act for Shri. S N Prasad and Shri. Dinesh Chanda respectively during their absence.

Post Session Market

The Indian Market closed with heavy losses for the third straight trading session. Though the market opened higher backed by favoring cues from the global market but was unable to sustain all its gains at higher levels and fell soon after the start of the session. The investors took calculated steps in booking their further positions, as the Federal Open Market Committee will be announcing its interest rates today as well as due to expiry of January derivatives contracts tomorrow. The Mid Caps and Small Caps also joined the rally of the benchmark indices as they also faced heavy profit booking. The BSE Sensex closed lower by 333.20 points at 17,758.64 while NSE Nifty fell by 113.2 points to close at 5,167.60. The BSE Mid Cap and Small Cap indices also closed lower by 192.18 points and 230.81 points at 7,829.06 and 10,146.86 respectively.

BSE Metal index dropped by 134.42 points to close at 15,406.33. Scrips that fell are Ispat Industries (6.57%), Jindal Steel (4.78%), Jindal Stainless (4.08%), NALCO (2.23%).

BSE Oil & Gas index slipped by 497.21 points to close at 10,684.56. Losers are RNRL (6.66%), BPCL (5.96%), Essar Oil (5.64%), ONGC (4.94%), IOCL (4.11%).

BSE Auto index closed down by 111.28 points at 4,812.46 as TVS Motors (5.03%), Bajaj Auto (4.62%), Tata Motors (2.74%), Maruti Suzuki (1.70%) closed in red.

BSE Capital Goods index closed lower by 336.15 points at 16,625.91. Losers are Elecon Eng (11.36%), Lakshmi Machine (6.96%), Jyoti Structures (5.28%) and ABB (4.31%).

BSE Bankex index fell by 220.56 points to close at 10,899.86. Scrips that fell are CentBOP (4.44%), Kotak bank (4.38%), IOB (4.20%), BOB (4.03%), BOI (3.56%).

BSE Realty index slipped by 252.88 points to close at 10,148.19. Scrips that lost are Mahindra Life (6.77%), Penland (6.19%), Ansal Infra (5.51%), Omaxe (4.72%).

BSE Power index dropped by 113.49 points to close at 3,822.67 as Suzlon Energy (6.40%), Reliance Energy (5.44%), Power Grid (4.97%), NTPC (4.70%) closed lower.

GMR Industries Board approves Rights Issue

GMR Industries Ltd has informed that that the Board of Directors of the Company at its meeting held on January 30, 2008, inter alia, has approved the following:

1. Approved the proposal for a rights issue for Rs 250.00 Crores and appointed a committee for the same.

2. Approved Proposal for setting up a Medium Density Fiber Board Project and setting up of another Sugar Complex in Karnataka.

NTPC Board declares interim dividend

National Thermal Power Corporation Ltd (NTPC) has informed that the Board of Directors of the Company at its meeting held on January 30, 2008, inter alia, had decided, to pay interim dividend for the financial year 2007-08. The interim dividend shall be paid at the rate of 27% on the face value of paid-up equity shares of Rs 10/- each.

Balmer Lawrie Board declares interim dividend

Balmer Lawrie Investments Ltd has informed that the Board of Directors of the Company at its meeting held on January 30, 2008, inter alia, has approved the payment of an interim dividend of 30% i.e. Rs 3.00 per Equity Share of Rs 10/- each fully paid-up, out of the Available Profit for the nine months period ended on December 31, 2007.

Raymond announces Q3 results

Raymond Ltd has announced the following Unaudited Results for the quarter ended December 31, 2007: The Company has posted a net profit of Rs 93.60 million for the quarter ended December 31, 2007 where as the same was at Rs 383.70 million for the quarter ended December 31, 2006. Total Income is Rs 3528.40 million for the quarter ended December 31, 2007 where as the same was at Rs 3240.60 million for the quarter ended December 31, 2006. In view of the divestment of Denim business effective August 01, 2006, figures of the current period are not comparable with corresponding figures of previous period.

Power Grid Corporation announces Q3 results

Power Grid Corporation of India Ltd has announced the following Unaudited results for the quarter ended December 31, 2007:

The Company has posted a profit after tax of Rs 3842.80 million for the quarter ended December 31, 2007 as compared to Rs 3372.70 million for the quarter ended December 31, 2006. Total Income has increased from Rs 10048.00 million for the quarter ended December 31, 2006 to Rs 11937.70 million for the quarter ended December 31, 2007.

The figures for the quarter ended December 31, 2006 are Audited.

Market remains firm

The market held firm in the afternoon trade. ICICI Bank moved higher. Banking and realty index moved up. However, the breadth was negative despite the market surge and the volumes were low.

Stocks rose in Asia today, 25 January 2008, buoyed up by several factors including strong corporate sentiment in Germany and a return of some confidence in the US economy after solid employment data and a congressional fiscal package. The Bush administration's fiscal package includes $150 billion of tax rebates and business incentives meant to prevent a slowdown in the country's economy.

India's wholesale price index rose 3.83% in the 12 months to 12 January 2008 marginally higher than the previous week's rise of 3.79%, government data showed on Friday, 25 January 2008. The annual inflation rate was 6.15% during the corresponding week of the previous year.

Meanwhile, all-India bank strike has prompted stock exchanges, BSE and NSE, to cancel clearing and settlement of trades, scheduled to be held today. Settlement of trades done on Wednesday, 23 January 2008, will be now done on Monday, 28 January 2008.

At 13:20 IST, the 30-share BSE Sensex was up 864.23 points or 5.01% to 18088.29. Sensex hit a high of 18,148.17 in early afternoon trade. At the day's high, Sensex rose 926.43 points.

BSE clocked a turnover of Rs 2877 crore.

The broader CNX S&P Nifty was up 259.60 points or 5.16% to 5293.05.

The market breadth was negative. On BSE, 1197 shares advanced as compared to 1417 that declined. 28 remained unchanged.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 2.92% to Rs 2563.35.

Among the Sensex gainers, Reliance Energy surged 9.81% to Rs 1994.20, ICICI Bank soared 9.46% to Rs 1240, ONGC flared up 8.87% to Rs 1028, HDFC Bank jumped 8.14% to Rs 1627.20, Ranbaxy Laboratories climbed 8.13% to Rs 375, Mahindra & Mahindra moved up 6.16% to Rs 664.20 and Bharat heavy Electricals rose 6.04% to Rs 2222.15.

Among the volume toppers on BSE, Ispat Industries rose 3.39% to Rs 44.20 on volume of 74.52 lakh shares. Indusind Bank soared 7.15% to Rs 92.90 on volume of 68.55 lakh shares. GMR Infrastructure jumped 7.46% to Rs 175.05 on volume of 68.08 lakh shares. Reliance Natural Resources climbed 4.10% to Rs 136.95 on volume of 63.56 lakh shares. Reliance Petroleum flared up 3.53% to Rs 167 on vulume of 47.30 lakh shares.

In Asia, key indices in Hong Kong, South Korea, Taiwan, Singapore, and Japan were up by 1.77% to 6.13%.

The US stocks finished higher overnight after the Bush administration and lawmakers announced details of an economic stimulus plan aimed at stemming mortgage market losses. Dow closed up 108.44 points or 0.88% at 12,378.61, the Nasdaq climbed 44.51 points or 1.92% to 2,360.92 and the S&P 500 added 13.47 points or 1.01% to 1,352.07.

As per provisional data, FIIs sold shares worth a net Rs 2254.93 crore on Thursday, 24 January 2008, the day when Sensex had lost 372 points. Domestic funds bought shares worth a net Rs 1117.03 crore on that day.

Foreign institutional investors (FIIs) were net buyers to the tune of Rs 2,541.52 crore in the futures & options segment on Thursday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 341.18 crore and sold index options worth Rs 67.35 crore. They were net buyers of stock futures to the tune of Rs 2,270.27 crore and sold stock options worth Rs 2.58 crore.

Crude oil prices rose in Asian trade Friday as stock markets around the world firmed, China revealed strong growth and on expectations that OPEC will not increase crude output next week. In Asian deals Thursday, crude was trading at $89.77 a barrel. Light, sweet crude for March delivery jumped $2.42 to settle at $89.41 a barrel on the New York Mercantile Exchange on Thursday.

Arshiya International to invest Rs 3000 crores in infrastructure for integrated supply chain service

Arshiya International Ltd on December 12, 2007 announced major strategic investments and plans for India & Middle East. The strategic investment of over Rs 3000 crores is planned in two phases spread over five years. In the first phase, the investment would be approximately Rs 1800 crores for the development of three Free Trade Warehousing Zones (FTWZ) West Zone (near JNPT, Mumbai), North Zone (near Delhi), Sohar Port (Oman) and also investment in rakes for operation of container trains on a Pan - India basis using Indian Railway network. The Company is in the process of evaluating various options for raising funds for the project. The land required for the FTWZ near JNPT has been acquired and the land acquisition for FTWZ in Delhi has already started. Mr. Ajay S Mittal, Chairman strongly feels that the FTWZ infrastructure will improve Exim Trade and will provide customers value added services beyond traditional Logistics and Supply Chain services. The Company has also formed a Global Advisory Board comprising of Prof. G Raghuram, of Indian Institute of Management (he is also part of the Board of Directors of the Company), Dr. Frank-Jorgen Richter, former Director World Economic Forum (Asia Pacific) and current President Horasis, Dr. Jerry (Yoram) Wind, Lauder Professor & Academic Director, The Wharton Fellows Program, Mr. William Adamapoulous, President of Forbes Asia. StrategicAdvisors comprising of Mr. Richard Taffet, Corporate Lawyer from one of the leading Law Firms from USA (specializing in IPR and Anti-Trust law) and Dr. John Gattoma, Co-director of the Centre for Supply Chain Research and Professional Fellow in Supply Chain Management at the University of Wollongong, Australia were also present during the announcements. TheGlobal Advisory Board and other Strategic Advisors brings a thought leadership initiative to Arshiyas future plans.

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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.

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.

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.

Supplied by advfn.com

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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