M&M takes over two-wheeler design house

Mahindra & Mahindra Ltd. (M&M) said on June 5 that the company inked a pact with Italian two-wheeler design house, Engines Engineering, to buy its business. Engines Engineering''s with an annual revenue of about Rs 50 crore is primarily into two-wheeler design and developing of motorcycle prototype. Engines Engineering carries out a full range of activities comprising conception, design, styling, on line assembly, industrialisation and marketing, said a release from Mahindra. Its clients comprise international two-wheeler manufacturers Benelli, Ducati, Honda, LEM and Yahama. Mahindra has bought almost a dozen auto component/engineering companies in India and overseas during the last two and a half years.

International Combustion Board to consider dividend

International Combustion India Ltd has informed that a meeting of the Board of Directors of the Company will be held on June 25, 2008, inter alia, to consider the Annual Accounts for the year ended March 31, 2008 as well as for recommending Dividend, for the year 2007-08 to the Shareholders at the forthcoming Annual General Meeting.

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.

Sensex garners 1507 points in three days

Posting gains for the third successive session, the key benchmark indices settled on a firm note today. Major support to the marketcame in from the metal and oil sector stocks. Buying was witnessedin mid-caps and small-caps, as reflected in the strong market breadth. After sliding in early trade tracking weak Asian stocks, the market moved higher in the later half of the trading session as buyingintensified after Asian markets recovered. European markets, which opened after Indian markets, were trading in the green. India's wholesale price index rose 4.07% in the 12 months to 2 February 2008, marginally lower than the previous week's rise of4.11%, government data released today afternoon showed. The 30-share BSE Sensex rose 348.62 points or 1.96% at 18,115.25. Sensex rose 376.29 points at day's high of 18,142.92, at the fag

end of the session. Sensex lost 321.58 points at the day's low of 17,445.05, hit in early trade. The broader CNX S&P Nifty was up 100.90 points or 1.94% at 5302.90. From a recent low of 16,608.01 on 12 February 2008, Sensex has advanced 1507.24 points or 9.07% in three trading sessions. The BSE Mid-Cap index rose 1.87% to 7,592.08. It underperformed the Sensex. The BSE Small-Cap rose 2.27% at 9,621.13. It outperformed the Sensex. The market breadth was strong: On BSE, 1983 stocks advanced as compared to 763 that declined. 47 stocks remained unchanged. BSE clocked a turnover of Rs 6372 crore as against Rs 5,735.81 crore on Thursday, 14 February 2008. The Nifty February 2008 futures were at 5276.90, at a discount of
26 points as compared to the spot closing of 5302.90. The NSE's futures & options (F&O) segment turnover was Rs 42675.67 crore, which was higher than Rs 37973.36 crore on Thursday, 14 February 2008. India's largest private sector firm by market capitalization and
oil refiner Reliance Industries rose 3.02% at Rs 2,590.55. The company has reportedly secured approval from the Supreme Court to build part of an underground pipeline from the Krishna Godavari basin through a bird sanctuary. India's largest private sector bank by assets ICICI Bank rose 2.48% to Rs 1,191.15. Among the other Sensex gainers, Hindalco Industries (up 9.01% to Rs 178.50), Tata Steel (up 5.12% to Rs 818.50), Bajaj Auto (up 4.78% to Rs 2,174.75), State Bank of India (up 4.21% to Rs 2,297.95) and Ranbaxy Laboratories (up 4.20% to Rs 396.15), advanced. Among the Sensex losers, Maruti Suzuki (down 2.13% to Rs 812.75), Grasim Industries (down 1.13% to Rs 2,814.20), TCS (down 0.30% to Rs 871.50), Ambuja Cements (down 0.30% to Rs 115.85) and Satyam Computer (down 0.05% to Rs 438.20), declined. The BSE Metal index rose 3.49% to 16,167.16. It outperformed the Sensex. Hindustan Zinc (up 4.53% to Rs 591), Jindal Saw (up 4.12% to Rs 821.90), Ispat Industries (up 3.69% to Rs 43.60), National Aluminum Company (up 3.52% to Rs 361.65) and Steel Authority of India (up 3.32% to Rs 220.85), edged higher. Oil stocks moved up after the government announced hike in petrol
and diesel prices by Rs 2 and Rs 1 respectively on Thursday, 14 February 2008. The BSE Oil & Gas index rose 3.08% to 11,269.09. It outperformed the Sensex. Essar Oil (up 9.77% to Rs 234.90), Indian Oil Corporation (up 4.45% to Rs 560.65), Gail India (up 4.15% to Rs 427.95), HPCL (up 3.75% to Rs 308.75), Reliance Natural Resources (up 3.71% to Rs 136.95) and ONGC (0.74% to Rs 1,033.30), gained. The BSE Realty index rose 3.49% to 10,497.27. It outperformed the Sensex. Unitech (up 6.72% to Rs 417.15), Ansal Properties and Infrastructure (up 5% to Rs 234.05), Mahindra Lifespace Developers (up 2.81% to Rs 650.85), Omaxe (up 2.42% to Rs 273.35) and DLF (up 1.63% to Rs 878.95), moved up. Real estate developer Indiabulls Real Estate spurted 5.24% to Rs 656.55 after it sold 37.5% in its power unit for Rs 1580 crore to
two investors including to private equity venture of steel magnate Laxmi Mittal.

Software stocks lagged behind following overnight decline in the US market. The BSE IT index rose merely 0.95% to 3,879.98. It underperformed the Sensex. Infosys Technologies (up 1.13% to Rs 1,564.75) and Wipro (up 1.08% to Rs 420.25), gained. TCS (down 0.30% to Rs 871.50) and Patni Computer (down 0.45% to Rs 256.35), declined. Indian IT firm earn more than half of their revenues from the US market.

Anil Dhirubhai Ambani Group firm Reliance Power rose 3.96% to Rs 384.70 on volume of 1.17 crore shares on BSE. On Monday, 11 February 2008, the stock had debuted at Rs 547.80, a premium of Rs 21.73% over the IPO price of Rs 450.

Another ADAG firm Reliance Capital rose 4.33% to Rs 2080.95. Reliance Capital Asset Management Company today said it has mopped up Rs 5,660 crore in its new fund offer Reliance Natural Resources Fund.

Reliance Power clocked the highest turnover of Rs 444.54 crore on BSE. Reliance Natural Resources (Rs 395.85 crore), Reliance Energy (Rs 260.65 crore), Reliance Petroleum (Rs 253.30 crore) and Reliance Capital (Rs 241.27 crore), were the turnover toppers on BSE in that order.

Reliance Natural Resources reported highest volume of 2.95 crore shares on BSE. Ispat Industries (1.76 crore shares), Reliance Petroleum (1.53 crore shares), IFCI (1.36 crore shares) and Reliance Power (1.17 crore shares), were the volume toppers on BSE in that order.

In Europe, key indices in UK, France and Germany were up 0.22% to 0.38%.

Asian markets recovered from initial fall. Key indices in Hong Kong, Singapore and Taiwan were up 0.14% to 1.46%. Key indices in South Korea, China and Japan were down by 0.03% to 1.21%.

The Dow Jones industrial average plunged 175.26 points, or 1.40%, to 12,376.98 on Thursday, 14 February 2008. The Standard & Poor's 500 index slipped 18.35 points, or 1.34%, to 1,348.86, and the Nasdaq composite index dropped 41.39 points, or 1.74%, to 2,332.54.

Reiterating the government's target for average expansion in the next few years, Prime Minister Manmohan Singh told media on Thursday, 14 February 2008 that India can sustain close to 9%
economic growth. India's economy expanded 9.6% in the last fiscal year.

Market remains subdued

The market recovered from lower level in early afternoon trade. Earlier today after a firm start the market had lost ground on selling pressure at higher level. A firm opening was triggered by Reliance Power's surprise announcement on Sunday, 17 February 2008, that it would consider bonus issue. The benchmark index, BSE Sensex, dipped below 18,000 mark only to regain that level as buying support emerged at lower level.

Reliance Power soared on high volumes. The market breadth was positive. Asian markets were trading mixed.

At 12:29 IST, the 30-share BSE Sensex was down 45.42 points or 0.25% at 18,073.15. Sensex lost 129.94 points at the day's low of 17,985.31, hit in mid-morning trade. It 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.

The broader based S&P CNX Nifty was down 16.85 points or 0.32% at 5,286.05.

The market breadth was positive on BSE: 1,761 shares advanced as compared to 775 that declined. 48 shares remained unchanged. 17 out of 30 Sensex stocks declined.

The total turnover on BSE amounted to Rs 2287 crore as compared to Rs 1539 by 11:30 IST

Reliance Power surged 8.58% to Rs 417.70, off day’s high of Rs 429.60. The counter saw high volumes of 67.76 lakh 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.

India’s top truck marker in terms of sales, Tata Motors slipped 2.75% to Rs 730.45 on 32,765 shares. It was the top loser from Sensex pack.

ITC (down 1.48% to Rs 200), Bharat Heavy Electrical (down 1.76% to Rs 2221.50), and DLF (down 1.48% to Rs 865.80), were the other losers from Sensex pack.

Reliance Energy, the country’s largest private sector power utility company in terms of sales, rose 2.60% to Rs 1753.90. It was the top gainer from Sensex pack. Reliance Energy holds about 45% stake in Reliance Power.

Tata Steel (up 1.53% to Rs 831), and ICICI Bank (up 2.01% to Rs 1215), were the other gainers from Sensex pack.

India’s largest private sector engineering company in terms of outstanding order book position, Larsen & Toubro rose 0.20% to Rs 3543 after the company said on Monday, 18 February 2008, it has bagged an order worth Rs 1250 crore from Oil & Natural Gas Corporation. The company made this announcement before market hours today, 18 February 2008.

Bajaj Auto, the country’s second largest bike maker in terms of sales, rose 0.80% to Rs 2191.95 after the Madras High Court on Saturday, 16 February 2008, restrained TVS Motor Company from manufacturing and selling 125 cc ‘Flame’ motorcycles by using the technology/invention described in the patent granted to Bajaj Auto. TVS Motor Company stock was down 2.12% to Rs 39.15.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 0.68% to Rs 2572.90 on 2.21 lakh shares. The stock moved in a range of Rs 2552 and Rs 2650 so far during the day.

IT pivotals stayed subdued. Infosys Technologies (down 0.40% to Rs 1558.55), TCS (down 1.43% to Rs 859), Wipro (down 1.56% to Rs 413.20), and Satyam Computers (down 1.22% to Rs 432.85), edged lower

KNR Constructions was hovering at Rs 160 on BSE, a discount of 5.88% 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, so far in the day. On BSE, 37.19 lakh shares changed hands in the counter.

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.

India Foils surged 5% to Rs 16.40 after the company said Madras Aluminium Company, the promoter of the company, has decided to join hands with Eee Dee Aluminium to work towards the revival of the company.

Asian markets were trading 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 1.74% to 4,575.44), edged higher. However, Hong Kong's Hang Seng (down 0.90% at 23,930.09), Singapore's Straits Times index (down 0.09% at 3,085.95), 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.

Back home, the 30-share BSE Sensex jumped 348.62 points or 1.96% at 18,115.25 on Friday, 15 February 2008. The broader CNX S&P Nifty was up 100.90 points or 1.94% at 5302.90 on that day.

The market ended its four-week losing streak to post gains in the week ended Friday, 15 February 2008 as global markets rallied following an unexpected rise in US retail sales in January 2008. The BSE Sensex surged 650.36 points or 3.72% to 18,115.25 in the week ended Friday, 15 February 2008. S&P CNX Nifty rose 182.55 points or 3.56% to 5,302.90 in the week.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth Rs 261.20 crore on Friday, 15 February 2008. Domestic institutional investors (DIIs) were net buyers of shares worth Rs 138.66 crore on that day.

FIIs were net buyers to the tune of Rs 174.42 crore in the futures & options segment on Friday, 15 February 2008. They were net buyers of index futures to the tune of Rs 205.57 crore and sold index options worth Rs 5.29 crore. They were net sellers of stock futures to the tune of Rs 40.30 crore and bought stock options worth Rs 14.44 crore.

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.

Punj Lloyd Group awarded S$ 400 Million (INR 1119.2 crore) Project by Marina Bay Sands Pte Ltd, Sing

Punj Lloyd Ltd has announced that its wholly-owned subsidiary Company Sembawang Engineers & Constructors Pts Ltd has been awarded a Singapore Dollar 400 million (INR 1119.2 crore) contract by Marina Bay Sands Pte Ltd to construct and build the North Podium of Marina Bay Sands Pte Ltd to construct and build the North Podium of Marina Bay Sands integrated report comprising to casino, theatres and retail arcades in Singapore.Press Release follows.....

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.

Tech Mahindra equity shareholders to approve Scheme of Arrangement

Tech Mahindra Ltd has informed that pursuant to the Order made by the Honble High Court of Judicature at Bombay, a meeting of the Equity Shareholders of the Company will be held on January 29, 2008 for the purpose of considering and, if thought fit, approving with or without modification(s), the Scheme of Arrangement embodied in the Scheme of Amalgamation between iPolicy Networks Ltd and Tech Mahindra (R&D Services) Ltd, the Transferor Companies with the Tech Mahindra Ltd, the Applicant Company and their respective shareholders.

Sensex spurts 692 points in global rally

The market surged today as software shares spurted ahead of Q3 December 2007 earnings reporting season. Strong global cues also boosted the sentiments. Bharti Airtel spurted. Reliance Industries edged higher. Reliance Energy hit all time high. The market breadth was strong. 27 out of 30 stock from the Sensex pack were in green.

A stronger-than-expected US consumer spending calmed fears the world's top economy was heading into a recession. The market also cheered a comfortable victory for Bharatiya Janata Party (BJP) in the Gujarat state election, as it helped lessen worries that the ruling Congress party could call an early national election.

In a spectacular victory, the Bhartiya Janta Party (BJP) got an absolute majority in the Gujarat assembly elections capturing power for the fourth straight time propelled by Chief Minister Narendra Modi who gets a third term in office. The BJP got 117 seats, just five short of a two-thirds majority in a house of 182. The Congress, whose earlier tally was 51, got 62 seats marginally improving its position over 2002 elections. Others have got three seats.

The FTSE 100 index in UK was up 0.40%. Asian markets, which opened before Indian market, were firm.

The 30-share BSE Sensex rose 691.55 points or 3.61% to 19,854.12. Sensex hit a high of 19,879. At day's high, the Sensex gained of 716.43 points.

The broader CNX S&P Nifty rose 218.60 points or 3.79% to 5985.10.

The BSE Mid-Cap index rose 2.06% to 9,211.71. The BSE Small-Cap index climbed 1.42% to 11,980.57. Both these indices underperformed the Sensex.

The market breadth was strong. On BSE, 1966 shares advanced as compared to 941 that declined. 30 shares were unchanged.

BSE clocked a turnover of Rs 5657 crore, compared to Thursday (20 December 2007)'s Rs 6,259.25 crore.

Nifty December 2007 futures were at 6009.50, a premium of 24.4 points as compared to the spot closing of 5985.10.

The NSE's futures & options (F&O) segment turnover was Rs 80,577.10 crore, which was higher than Rs 73,067.55 crore on Thursday, 20 December 2007.

India's largest private sector firm by market capitalization & oil refiner Reliance Industries rose 2.70% to Rs 2788.05, off day's low of Rs 2714.

India’s largest dedicated housing financing firm by operating income Housing Development Finance Corporation (HDFC) soared 6.33% to Rs 2897.35.

India’s largest real estate firm by market capitalisation DLF rose 1.08% to Rs 971.65 on reports the company has received regulatory approval to launch the initial public offer of DLF Offices Trust in Singapore for raising about $1.5 billion. The IPO of DLF Offices Trust, a Real Estate Investment Trust (REIT) of K P Singh-promoted DLF Assets, is expected to come in January next year, the reports added.

India's largest listed cellular service provider by sales Bharti Airtel gained 6.07% to Rs 970.15. As per reports, Bharti Enterprises may reportedly acquire Big Apple, the Delhi-based supermarket chain with 65 stores.

The BSE Bankex rose 3.38% to 11,101.74. It underperformed the Sensex. India’s largest private sector bank by assets ICICI Bank rose 4.40% to Rs 1207.90. Recently, CLSA gave a buy rating on the stock with a price target of Rs 1,400.

Punjab National Bank soared 6.53% to Rs 661.75, Indian Overseas Bank jumped 5.69% to Rs 174.60, Oriental bank of Commerce spurted 3.66% to Rs 261.95, Bank of Baroda rose 2.92% to Rs 415.70 and HDFC Bank gained 2.89% to Rs 1694.35.

IT stocks climbed on hopes the US economy may avoid a recession. The BSE IT index 6.04% to 4,581.61. It outperformed the Sensex. India's second largest software exporter by sales Infosys Technologies soared 6.63% to Rs 1810.90.

India’s third largest software exporter by sales Wipro soared 8.86% to Rs 535.30 on reports it may bid for France's Capgemini by the end of January 2008 in a deal valuing the latter at around $7 billion.

Satyam Computer Service gained 6.28% to Rs 454.55, TCS rose 6.07% to Rs 1108.70 and HCL Technologies 5.39% to Rs 327.45. Indian software firms derive more than half of their revenue in dollar terms.

Select PSU stocks gained on reports the government plans to ask blue-chip public sector units (PSUs) to issue bonus shares, as their reserves and surplus have increased to several times their paid-up capital. The BSE PSU index rose 2.21% to 9,722.81. It underperformed the Sensex.

GAIL (India) surged 9.01% to Rs 522.75, ONGC rose 4.75% to Rs 1,247.40, Bharat Heavy Electricals climbed 5.08% to Rs 2,489.25, HPCL rose 2.33% to Rs 318.50 and BPCL gained 4.36% to Rs 450.85.

The BSE Power index rose 3.37% to 4,353.21. It underperformed the Sensex. Areva T&D surged 10.50% to Rs 2479.15, Reliance Energy jumped 6.14% to Rs 2058.90, Tata Power Spurted 3.23% to Rs 1326.10, CESC rose 3.16% to Rs 602.90 and NTPC gained 2.99% to Rs 236.25.

The BSE Metal index rose 3% to 18,820.79. It underperformed the Sensex. Jindal Saw jumped 6.93% to Rs 1014.95, National Aluminum Company (Nalco) rose 5.49% to Rs 445.50, Tata Steel rose 4.57% to Rs 862.50, Sterlite Industries rose 4.56% to Rs 1000.40 and Steel Authority of India rose 1.59% to Rs 268.45.

Two-wheeler maker TVS Motor Company gained 1.94% to Rs 71.10 on reports the Madras high court has suspended an interim order restraining TVS Motor from booking or selling its recently launched 125-cc bike 'Flame'. The bench posted the case to 4 January and 5 January 2008, for further hearing of all the petitions.

Automobile tyre maker Apollo Tyres gained 3.90% to Rs 49.25 on reports that it is close to acquiring a South East Asian tyre maker. The acquisition would be finalised early next year.

Construction firm Nagarjuna Construction Company jumped 5.51% to Rs 339.75 after it bagged an order worth about Rs 570 crore order from the Government of Oman for Wadi Adai Al Amerat road project.

India's top tractor maker by sales Mahindra & Mahindra jumped 4.85% to Rs 823.55 on reports it is in talks with Renault to assemble and market its utility vehicle Scorpio in US market.

The largest engineering conglomerate in south east Asia Larsen & Toubro rose 2.63% to Rs 4088.70 on reports it has floated a power generation firm Larsen & Toubro Power Development and is planning to generate 5,000 megawatt in the next five years.

India's largest wind turbine maker Suzlon Energy gained 3.79% to Rs 1906.30 after the company said it has secured an order from ONGC, India's leading oil & gas exploration & production company for 51 megawatt of wind turbine capacity.

Info Edge India rose 3.30% to Rs 1334.20 after the company said its board had approved raising the foreign fund limit to 40% of paid-up capital from 24% earlier. The board also approved raising Rs 500 crore through various means.

Speciality chemicals maker Jayant Agro Organics rose 2.23% to Rs 110.10 after the company said its board approved issuing 6 lakh shares to Japan's Itoh Oil Chemicals Company at Rs 105 each. The board also approved raising up to $20 million through foreign currency convertible bonds. The company will also issue 1.3 million warrants to promoters and 4 lakh warrants to public at Rs 105 each.

Industrial gas equipment maker BOC India gained 1.31% to Rs 193.95 on reports that the firm has signed a deal with a real estate firm to develop its property at Santhanagar, Hyderabad.

Engineering firm Gujarat Apollo Industries jumped 3.12% to Rs 327.60 on reports the management of the company has concluded the negotiations for the disinvestment of its 49% holding in Johnson Screens (India), a joint venture company with Johnson Screens, USA (A Weatherford company).

IFCI clocked the highest turnover of Rs 300.54 crore on BSE. Reliance Energy (Rs 242.95 crore), Mundra Port & Special Economic Zone (Rs 143.35 crore), Reliance Industries (Rs 131.91 crore) and Reliance Petroleum (Rs 130.55 crore), were the other turnover toppers on BSE in that order.

IFCI clocked the highest volumes of 3.81 crore shares on BSE. Bellary Steels & Alloys (2.42 crore shares), Ispat Industries (1.34 crore shares), IKF Technologies (1.33 crore shares) and Kashyap Technologies (1.08 crore shares), were the other volume toppers on BSE in that order.

Asian stocks edged higher today, 19 December 2007, tracking overnight gain in US stocks. Key benchmark indices in Hong Kong, Japan, Singapore, Taiwan and China were up by between 1.07% to 2.60%.

US markets ended higher on Friday, 21 December 2007, led by technology and energy stocks. The Dow Jones Industrial Average gained 205 points at 13451. The Nasdaq Composite index advanced 51 points to 2692, and the S&P 500 index rose 24 points at 1484.

Crude oil for February delivery traded 9 cents lower at $93.22 a barrel in New York Mercantile Exchange electronic trading.

The market regulator Securities & Exchange Board of India (Sebi) on Thursday, 20 December 2007, cleared proposal to allow short selling by institutional investors. In order to provide a mechanism for borrowing of securities to enable settlement of securities sold short, it has also been decided to put in place a full-fledged securities lending and borrowing (SLB) scheme for all market participants in the Indian securities market, Sebi said.

Naked short selling will not be permitted in the Indian securities market and accordingly, all investors would be required to mandatorily honour their obligation of delivering the securities at the time of settlement, Sebi said.

Annual inflation, based on the wholesale price index (WPI), rose 3.65% in the week ended 8 December 2007, lower than previous week's 3.75% rise, data released by the government during trading hours on Thursday, 20 December 2007 showed.

Suzlon Energy - Listing of the shares of Hansen Transmissions International NV, Belgium

Suzlon Energy Ltd has informed that the Hansen Transmissions International NV, Belgium (Hansen), the subsidiary of the Company, on December 11, 2007 began unconditional trading on the London Stock Exchange.

Further, Hansen also exercised the over-allotment option in respect of 16,527,315 Shares (the Over-allotment Shares) raising additional gross proceeds for the Company of approximately £29 million. Including the Over-allotment Shares, a total of 181,800,458 Shares have now been placed with institutional investors, raising total gross proceeds for Hansen of approximately £318 million. Immediately following the issue of the Over-allotment Shares, approximately 27.1% of the Hansens total issued ordinary share capital will be held by the Public. The settlement of the Over-allotment Shares is expected to take place on December 13, 2007. Hansens shares finished the day at 249 pence, up 42.3% from the final share price for the IPO of 175 pence per share. The shares also saw encouraging trading volumes on the first day of unconditional trading with 3,901,682 shares being traded.

Post Session Market Commentary

The market closed at all time high after struggling a lot at the initial stage. The cues from the global market are not in favor, which led the Indian markets to open on a weak note on the back of heavy selling across the counters. Though the market lost the ground at the initial stage but manages to recover all its losses as a result of heavy buying at lower levels. The metal, realty and Oil and Gas indices remained the centre of attraction as most buying is seen from these stocks. The BSE Sensex closed higher by 84.98 points at 20,375.87 and NSE Nifty closed up by 62.05 points at 6,159.30. Both the BSE Mid cap and Small cap outperformed the benchmark to close higher by 152.51 points and 217.15 points at 9,339.49 and 11,884.99 respectively. Overall, the market breadth was strong as 2,139 stocks are closed higher while 750 stocks are closed lower. BSE Metal index surged 574.48 points to close at 19,629.07. Scrips that advanced are Jindal Saw (12.35%), Nalco (11.54%), Jindal Steel (5.52%), Tata Steel (3.42%) and Hindalco (3.06%) BSE Realty index closed higher by 358 points at 12,540.32. Pushed up by Ansal Infra (22.38%), HDIL (14.01%), Phoenix mill (12.04%), Purvankara (6.12%) and Omaxe (5.62%). BSE Health Care index closed up by 111.74 points at 4,173.98. Scrips that gained are Glenmark (10.61%), Bilcare (7.87%), Nicholas Piramal (7.73%), Sun pharma (4.48%) and Lupin (3.05%). BSE Oil & Gas index grew by 186.59 points to closed at 13,152.02. Pulled up by IOCL (6.63%), RNRL (5.99%), Essar oil (5.43%), Gail (4.75%), Cairn (3.32%) and ONGC (1.40%). BSE Bankex index closed lower by 66.59 points at 11,712.12. Scrips that fell are ICICI bank (1.96%), IOB (1.62%), Yes bank (1.15%), Oriental bank (0.42%) and SBI (0.22%). BSE IT index slipped by 78.86 points at 4,353.59. Scrips that fell are Satyam (2.39%), I-Flex (1.97%), NIIT (1.81%), Educomp solution (1.13%), Rolta (1.62%).

Free Penny Stock Picks

Free Online Stock Report
Get the Names of 24 Red Hot
Stocks Under $24. Free Report!
iPlaceReports.com

Top Penny Stock Lists
Online Stock Advisory Newsletter.
Recommended By Top Investment Sites
www.PennyStock.com

Penny Stock
Penny stock sends music from record
labels to radio, rapid $ growth...
DSNY-OTCBB.com

Hot Penny Stock
Penny Stock on verge of Huge News!
You do not want to miss this one.
www.marketwatchguru.com

Better than Stock Market
60% Guaranteed Return over 10 years
Subscribe to our Free Newsletter
www.StanleyGibbons.com/Investments

Timing is... Everything
Free Report: On Stock Market Timing
Know When To Get In & Out Safely
www.CabotWealth.com

Online Share Trading
Trade Share CFDs online
commission free, 24 hours a day
www.gcitrading.com

Free Penny Stock Picks
These 10 stocks are ready to run
How many do you own? Free report
FastMoneyTrades.com