Commodities News Headline: Oilmeal exports fall 63% on lesser demand

Oilmeal exports in July dropped by 63 per cent backed by the lesser demand from markets all over the world.

According to data collected by the Mumbai-based Solvent Extractors’ Association (SEA), total exports during the month reduced to 173,329 tonnes as compared to 474,590 tonnes druing the corresponding month of previous year.

In the first four months of the current financial year, cattlefeed shipments fell 59 per cent to 787,857 tonnes as compared to 1,908,396 tonnes in the same period last year. According to the B V Mehta, executive director, SEA, India’s poor performance is due to the worsening demand in Southeast Asian countries as they were the major importers of Indian meal. Mehta also held responsible the government’s indicative suspension of oilseed exports early July that hampered sentiments in overseas markets for two-three days.

MARG Signs MoU With BSNL

MARG Ltd, India''s fastest growing Integrated infrastructure company, inked an MoU with BSNL to provide world class telecommunication facilities in the upcoming mega Infrastructure project, MARG Swarnabhoomi. As part of the MoU, BSNL will provide complete telecom solutions, including voice, data, WiFi hotspots, video and audio conferencing facility, broadband, leased lines and wireless services at MARG Swarnabhoomi.

Speaking on the occasion, Mr. Harlnarain said, "We are committed to providing the . occupants of MARG Swarnabhoomi reliable, and state-of-the-art secured networks with a bouquet of voice,, video and data services at competitive prices on a single window basis. We are pleased to partner with BSNL In this endeavour."

BSNL will cater to all the telecommunications requirements of the industries, hospitals, school, and residential buildings conning up In MARG Swarnatahooml, BSNL would start work immediately as the BVM Global School at MARG Swarnabhoomi Is scheduled to be operational by July 2009, The basic Infrastructure to lay the cables and exchange facilities will be provided by MARG,

Various services that will be provided by BSNL Include landllnes with CLIP phones, free phoner plus services, free centrex In each apartment block, mobile services, Broadband and WiFi services, EPBAX and voice solutions, Mobile CUG, VSAT solutions, Blackberry solutions and smart PCOs etc. BSNL will also take care of the specific needs of various types of industries that will come up In the two SEZs.

Unprecedented Contraction of Automobile Market

The Automobile market reported a cumulative production data for April - November 2008 that shows production growth of 6.56 percent over April - November 2007. However, in November 2008, the overall production fell by 6.11% as compared to the same month last year.

Domestic Sales:

During April - November 2008, the passenger vehicles segment reported a marginal growth of 1.10 percent over the period between April - November 2007. During the same period, the Passenger Cars grew by 0.48 percent, Utility Vehicles fell by -0.21 percent and Multi Purpose Vehicles grew by 12.00 percent in this period. However, the sales in November 2008 for passenger vehicles fell by 23.71% over November 2007 - with all sub-segments registering negative growth.

The cumulative sales of Commercial Vehicles Segment registered de-growth. During April - November 2008, the segment grew at (-) 9.35 percent as compared to the same period last year. While Medium & Heavy Commercial Vehicles registered significant de-growth at (-) 16.88 percent, Light Commercial Vehicles also recorded de-growth of -0.26 percent. In November 2008, the commercial vehicles sales fell by 49.51%. M&HCV fell by 63% and LCV fell by over 33%. Also, buses (M&HCV) fell by 32% and even the smaller buses also fell by 26%. In fact the decline in buses has been since April 2008 with an exception in June.

Exports:

In terms of export, the automobile exports registered a growth of 33.03 percent during the period from April - November 2008 with all segments except commercial vehicles, registering positive growth. On the other hand, the passenger Vehicles and two Wheelers segment grew by 66.39 and 30.98 percent respectively.

Indian Railways to invest approximately Rs 37,500 crore

During the current financial year, Indian Railways have drawn up plans for the increased upgradation of rail infrastructure and procurement of new assets of rolling stock with an estimated expenditure of Rs. 37,500 Crore to shore up the infrastructural development and upkeep. This move will give a boost to the Indian Economy as well as provide strengthened rail infrastructure for carrying yet higher loads.

The strategy includes massive track and sleeper renewal activity leading to increased steel consumption, along with this production of more steel bridge girders, more production of passenger EMU & MEMU Coaches. In line with this, more production of diesel and electrical locos, more production of wheels & axles, development of model stations and world class stations, installation of modern and upgraded signaling system, increased route electrification and improvement in telecommunication work. Apart from this, the Indian Railways is also undertaking the construction of dedicated freight corridor, which is the biggest infrastructural development activity of Indian Railways since independence, towards which an amount of Rs. 400 crore is being spent in 2008-09 and Rs. 3000 crore have been earmarked for 2009-10.

Some of the projects under execution are as follows:

o Indian Railways have set a high target of rail renewal over 2941kms which will require 3,39,288 MT of rail steel. The target of sleeper renewal over 2382 kms will require 38.59 lakhs pre-stressed concrete sleepers (approx.).

o A target of renewal of 44.5 lakhs of PSC sleepers has been fixed for open line works.

o Indian Railways to manufacture 3000 coaches this year which is an increase of 12.5 % over the previous year.

o It is planned to acquire 2873 EMUs, 1091 MEMUs, 216 Kolkatta Metro Coaches and 3 - phase propulsion system for 200 motor coaches with an expected outlay of about Rs. 9200 Crore .

o Railway has planned to acquire sufficient number of wagons to meet the requirements of growing freight.

o The production of diesel locomotives and high horse power EMD Design Locomotives would be enhanced at the Diesel Locomotive Works, Varanasi.

o Indian Railways are setting up a 1000 MW thermal power plant through a joint venture with NTPC at Nabi Nagar, Bihar with a total cost of Rs. 5352 Crore.

o Indian Railways are also seeking an allocation of a coal block of 300 MT, which is proposed to be utilized for setting up a 2000 MW power plant.

o About Rs.300 Crore will be spent during the next three months for commissioning modern electronic signaling systems at about 400 stations, intermediate block signaling in about 200 block sections and 400 route kms of automatic block signaling. Rs.1800 Crore will be spent during the next year (2009-10) for the modernization/ upgradation of signaling systems.

o Railway electrification target for the XIth Plan has been enhanced to 3500 Kms. Similarly, the electrification target for the current year has been increased from 700 Kms to 1000 Kms.

o Acquisition of electric locomotives has been enhanced from to 220 in 2008-09. Process is underway for acquiring 200 electric locomotives from BHEL at an approximate cost of Rs. 5.5 crore each.

o A factory is to be set up at Madhepura for manufacturing 100 electric locomotives per year through JV route. Bid process is presently underway.

o Indian Railways is seeking an outlay of Rs. 2800 crore towards undertaking telecommunication works till 2011-12. The scope of works include replacement of more than 10,000 route Kms. of overhead alignment in the optical fiber communication and Quad Cable network, provision of a very high capacity DWDM network, modernize the switching and networking structure and Mobile Train Radio Communication.

BHEL bags order to set up 500MW plant at MP

Bharat Heavy Electricals LTD (BHEL), state-run power equipment maker said on December 22, it has bagged contract of worth a Rs 1,175-crore for setting up a 500 MW thermal power plant at Bina in Madhya Pradesh. The order has been placed by Bina Power Company Ltd, a Jaypee Group company. The company would install two units of 250 MW each for the project which is scheduled for synchronization during the 11th-Plan Period (2007-12). The company''s scope of work includes design, engineering, manufacturing, supply, erection, testing and commissioning of boilers, turbines and associated auxiliaries. The company plans to invest Rs 4,200 crore to enhance its capacity from 10,000 MW to 15,000 MW in two years. It also plans to invest about Rs 10,000 crore for new ventures in the coming years. For achieving this target, its production units at Tiruchirappaly, Bhopal, Haridwar, Jhansi and Hyderabad are in the process of modernization and expansion.

Rajendra Electrical Board to consider Bonus Issue

Rajendra Electrical Industries Ltd has informed that a meeting of the Board of Directors of the Company will be held on December 29, 2008, inter alia, for considering the proposal to make a bonus issue of shares.
The authorised share capital will have to be increased also. The General Meeting for passing the necessary resolutions will be convened and held thereafter.

Software dealers demand CENVAT benefits

However, after the declaration of CENVAT on IT products by Central government, which would be reduced by 4%, the dealers anticipated that the decision would help improve the market performance that has been slow due to economic recession. A week after the government''s decision, the distributors like Ingram Micro and Redington are still taking advantage of imported software and the modified excise duty is not being applied on them.

The Indian Software Dealers Association (ISODA) members informed that distributors have not yet reduced the prices on products from Tally, Adobe and Symantec. On the other hand, after the government''s declaration the reduction was implemented on Microsoft licenses four to five days.

The members protesting the monopolistic attitude of distributors and in order to make them realize the strength of ISODA, have decided to call for a ''no transaction day'' on Dec 22, informed Harinder Singh Salwan, Secretary, ISODA.

Hemant Chabria, Secretary, ISODA informed that dealers were protesting about the fact that even after the government''s announcement the distributors are taking advantage by selling the products at higher rates.

Salwan informed that on Dec 22, all the 100 members of ISODA will protest and no billing, payment, supply or transaction will take place on that day. "We want to let our distributors realize that ISODA is a strong association and they cannot run business according to their own will," he said.

An ISODA member shared that the association had directly interacted with top officials of Redington and Ingram Micro over the issue of reducing the excise duty by four percent and the distis had agreed with them.


On the other hand, when the software dealers conveyed the message to an executive of one of the distributors, he refused to acknowledge the reduced rates, saying that ISODA is not a recognized body and cannot play any role in modifying the distributor''s decision.

Market losing confidence: Sensex below 10K mark

Market extended early losses on account of weak Global market and caution ahead of monthly derivative settlement. The Asian Stock markets retreated on deepening worries about the global economic outlook. Further, the US stocks declined as year long recession is eating up the profit of the corporate even the sales forecast are not strong.

On the sectoral front, traders off-loaded positions across the sectors. Base metal stocks declined on worries about weakening domestic and global economy and pilling of inventory. Even capital goods stocks slipped on concern over economic slowdown that will eat up the orders. Banking stocks fell as the recent rate cuts raised concerns about a fall in net interest margin (NIM). Likewise, IT outsourcing firms extended downward on worries of weak global economy that could cut the amount firms spent on technology.

The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,301 stocks traded so far, 616 shares advanced while 1,620 shares declined. Nearly 65 shares are unchanged.

At 1.30PM, the BSE Sensex is trading lower by 211.55 points at 9,716.79 and NSE Nifty is down by 60.10 points at 2,979.20.

The BSE Mid Cap is trading lower by 66.91 points at 3,192.87 and Small cap is trading down by 77.25 points at 3,657.70.

Losers from the BSE Sensex Pack are Jaiprakash Associates slipped 11.04% to Rs.77.75 along with Satyam Computer Services fell 8.37% to Rs.148.80, Tata Motors by (5.56%) at Rs.177.65, ICICI Bank by (5.62%) at Rs.421.00, Sterlite Ind by (4.38%) at Rs.268.35, Larsen & Toubro Ltd by (4.16%) at Rs.780.80, Hindalco Ind by (3.73%) at Rs.51.65 and Tata Steel by (3.51%) at Rs.217.10 among others.

The BSE Bankex index is lower by 213.70 points or (3.89%) at 5,491.78. Stocks trading in red are Yes Bank down by (7.62%) at Rs.74.00, IDBI Bank by (6.99%) at Rs.63.90, Kotak Bank by (6.50%) at Rs.336.80, Axis Bank by (6.33%) at Rs.502.85, Bank of Baroda by (5.64%) at Rs.261.00 and ICICI Bank by (5.62%) at Rs.421.00 among others.

The BSE Realty index is lower by 76.81 points or (3.04%) at 2,451.83. Stocks trading lower are Ansal Infra by (4.96%) at Rs.34.50 along with Indiabulls Realty by (4.37%) at Rs.145.45, DLF Ltd by (4.35%) at Rs.302.00 and Orbitco by (4.13%) at Rs.64.95 among others.

Housing Development Finance Corporation (HDFC) fell 1.39% to Rs.1,473.00 after it cut its retail lending rates by 50 basis points, effective 22 December 2008.

Satyam Computer Services fell 8.37% to Rs.148.80 ahead of the board meeting which is scheduled on 29 December 2008 to consider buyback of shares, a move aimed at boosting investor confidence.

Indian Oil Corporation gained 0.72% to Rs.408.00, after a block deal of two lakh shares was executed on BSE at Rs.410 per share.

Bajaj Hindusthan rose 4.07% to Rs.62.70 as Rahul Bajaj will buy stake in the company as part of a family settlement.

Jaiprakash Associates slipped 11.04% to Rs.77.75 on concerns of equity dilution after the board approved merger of its subsidairies in the hotel, cement, real estate and construction businesses.

National Aluminium Company rose 1.32% to Rs.188.70, on signing an initial agreement to sell a 24% stake in its project in Indonesia to United Arab Emirates-based RAK Minerals and Metals Investments.

Moser Baer names new CEO of its solar photovoltaic subsidiary

Moser Baer India Ltd has informed regarding a Press Release dated December 23, 2008 titled Moser Baer names new CEO of its solar photovoltaic subsidiary.

Four Soft gets listed on IBM SOA Business Catalog

Four Soft Ltd has informed regarding a Press Release dated December 23, 2008 titled Four Soft gets listed on IBM SOA Business Catalog.

Wipro to Acquire Citi Technology Services Ltd (India)

Wipro Ltd has informed that the Company has entered into an Agreement, on December 23, 2008, to acquire the Indian company Citi Technology Services Ltd. The Target company is mainly engaged in the IT Software and Solutions market in Banking industry and is currently a captive IT arm of Citigroup worldwide.

AXIS Bank - Raising of Tier II Capital on Private Placement Basis

AXIS Bank Ltd has informed that the Board of Directors of the Company at its meeting held on June 06, 2008, inter alia, have approved borrowing an amount of upto Rs 6520.24 crores in one or more tranches by way of Upper Tier II Capital in Indian / Foreign Currencies and / or Lower Tier II Capital in the form of Sub-ordinate Debenture.

Mid Session indian stock market commentary May-29-2008

The market is trading with marginal gain. The significant buying witnessed in the Metal, Realty and Pharma stocks. However, the Auto, Bank and FMCG stocks are still trading in pressure. The BSE Sensex is hovering around the 16500 mark and the NSE Nifty is trading around the 4900 mark. The broader market has outperformed the benchmark index today as sustained buying is seen in the Mid Cap and Small Cap stocks.

The overall market breadth is positive, as 1455 stocks are advancing while 958 stocks are declining and the 76 stocks remained unchanged on BSE.

The BSE Mid cap is higher by 49.01 points at 6,802.54 and the BSE small Cap advanced by 47.13 points to trade at 8,284.22.

At 12.30 pm, BSE Sensex was at 16,518.32 down by 6.95 points and Nifty was at 4,927.15 up by 8.80 points.

BSE Metal index surged by 347.58 points to trade at 16,997.23. The major gainers are Sterlite Industries (2.92%), NALCO (1.98%), Tata Steel (1.18%) and SAIL (0.69%).
Tata Steel has received mineral concession approvals from the ministry of Mines for two large mines-one for an iron ore mine in Jharkhand and other for a chrome ore mine in Manipur.

BSE Oil & Gas index was trading 49.58 points higher at 10,827.49 as BPCL (2.80%), Cairn India (2.28%), ONGC (0.82%) and RPL (0.55%) are trading in green.

BSE Capital goods index improved by 30.16 points to 12,602.07. The main gainers are BEML (2.93%), Crompton Greaves (1.89%), L&T (0.63%) and Punj Lloyd (0.28%).

BSE IT index inclined by 1.93 points to trade at 4,568.35 as I-flex (2.32%), Satyam Computer (2.58%), Wipro (1.74%) and Tech Mahindra (1.50%) are trading in green.
Satyam Computers and Siemens PLM Software has entered into an alliance to provide software and services to help customers enhance efficiency and enable them to benefit from the duos expertise. Also, it has entered into a comprehensive agreement GE Healthcare to support customers deploying healthcare IT solutions based on GE centricity enterprise software. The companies will join the forces to plan, design and implement infrastructures for global healthcare providers.

BSE Bankex index is trading lower by 65.39 points at 7,868.11. Losers are Allahabad Bank (3.30%), Bank of India (2.37%), ICICI Bank (1.55%) and SBI (1.60%).

BSE Realty increased by 50.83 points to 7,281.25. Leading to its gain are Indiabull Real (2.82%), Unitech (0.53%), Sobha Developers (0.36%) and HDIL (0.28%).

BSE Power index decreased by 6.96 points to trade at 3,097.33 as Suzln Energy (4.23%), Tata Power (0.83%) and NTPC (0.37%) are trading in negative.
Tata Power is investing Rs.500 crore for the expansion of wind power. The company would be adding 115 MW of wind power capacity in the current fiscal.

BSE Auto slipped by 78.46 points to 4,483.57. Leading to its fall are Tata Motors (6.66%), Mahindra & Mahindra (2.18%) and Maruti Suzuki (1.65%).

US mkts recover from day’s low; Asia opens mixed

U.S. markets recover from day’s low on back of positive retail sales data & M&A news. Dow Jones end down 44 pts at 12832.2; recovers nearly 50 pts from day’s low. Nasdaq ends up 6.6 pts at 2495; recovers nearly 23 pts from day’s low. Financial index down nearly 1.5% on Oppenheimer downgrades and Moody’s concern over MBIA & Ambac. Asian markets open mixed; Shanghai up 1.5%, Taiwan up 0.5%, Straits Times up 0.2%, Nikkei, Kospi marginally in the red, Hang Seng down 0.75%. EMs; Brazil up 0.12%, Russia up 0.80%. CBOE VIX up 1% at 17.98.

Commodities/ Currencies
Crude oil hits new all-time high at $126.98/bbl in yesterday’s trade during the day. Gold loses nearly 2% or $20 at $867/ounce in yesterday’s trade. Dollar rebounds against major currencies; Yen depreciates by 1% at 104.6.

Global Stocks
HP stock down 5.5%; traders fears that HP is overpaying for EDS. EDS stock up 1% at 24.4 (was up 28% day before yesterday); HP offer price at $25. Wal-Mart stock down 2.4%; earnings top expectations, but outlook is somewhat cautious. Yahoo! Stock up 5%; reports that investor Carl Icahn mulling a Yahoo proxy fight. Oppenheimer cut its earnings estimates on Goldman Sachs, Merrill Lynch, Lehman Brothers & Morgan Stanley. Moody's concerned over the capitalization ratios of MBIA & Ambac; portfolio losses are higher than expected.

Global News
US April retail sales ex-autos rose 0.5%, which is better than expectations of 0.2%. Japan’s current account lessens 12.3% on account of slow export growth & higher oil costs. China’s retail sales rose 22% in April; fastest pace since 1999.

GAIL signs contract for supply of PMT gas

Gail India Ltd (GAIL) has announced that the Company has signed a contract with the consortia of Reliance Industries, BG Group of UK and Oil & Natural Gas Corporation (the co-ventures of the PMT fields in western Offshore) for buying the entire quantity of 17.3 million metric standard cubic meter per day. GAIL will buy the gas at USD 5.73 per million British Thermal Unit for Panna field and USD 5.57 per million British Thermal Unit of the Tapti field. The contract was signed late last night and is in pursuance of the
Government nominating GAIL as its nominee to take the entire PMT Gas.
Subsequently, agreements were also reached regarding the supplies to consumers. GAIL signed a term-sheet to supply, at PSC prices, 3.6 MMSCMD of natural gas to Reliance Industries Ltd and 2.13 MMSCMD of gas to Gujarat Gas Company Ltd as per the advice from the Ministry of Petroleum & Natural Gas, Government of India.
GAIL has also signed a short term Term-sheet for 15 days with Gujarat State Petroleum
Corporation Ltd for the supply of Natural gas for its City gas and small industries.
After this period of 15 days, GAIL will evolve a system for further supplies.
The present supply of 5 MMSCMD of gas at APM Prices gas to Power and Fertilizer units will be maintained.
Apart from this, GAIL will also supply 1.5 MMSCMD to Rajasthan Rajya Vidyut Nigam Ltd and 1 MMSCMD of natural gas to 8 fertilizer units along the Hazira and HBJ pipeline and 0.9 MMSCMD to Torrent Power.

Subhash Projects - Award of Order for Rs 329.48 Crores

Subhash Projects & Marketing Ltd has informed that the Company has bagged order worth Rs 329.48 crores for execution of Main Plant, CW & Offsite Civil Works package for Bongaigaon Thermal Power Project (3X 250 MW) from NTPC Ltd.

Jindal Saw Ltd has announced the following Outlook

Industry

Rising Demand for steel pipes is expected to be higher in the medium term on account of increased exploration activities and thrust on setting up infrastructure to transport oil and gas. In India, rapid economic growth faces an urgent need to develop and improve water supply, which would also increase demand for SAW pipes. Depleting oil reserves have led to increased exploration efforts, resulting in more wells in the exploratory rig. Demand for seamless pipes is directly proportional to the increase in digging of wells which is also expected to remain high.

India is expected to see a spurt in construction of pipeline infrastructure as the countrys spending on exploration and production (E&P) and gas related pipeline capex increases. It is expected that water and irrigation offer a very strong business opportunity in India, which will benefit Indian HSAW, ERW and DI pipe manufacturers, in addition to the opportunity from the energy sector.

Company

The Company follows a multi-product approach to pipes - offering a full product portfolio of LSAW (longitudinal submerged are welded), HSAW (helical submerged are welded), seamless, DI pipes, anti-corrosion coatings, connector casings and Hot reduction Bends. Its product portfolio allows it to comfortably straddle between value-driven products (DI and seamless pipes, which are high-margin segments) and volume-driven ones (SAW pipe business).

Besides LSAW and HSAW, It is increasing its focus on the water infrastructure sector in India. Your Company is currently one of the very few pipe manufacturers capable of offering a complete pipe solution to the water sector (ie, spiral pipes, ductile pipes and accessories). The DI pipe business gives your Company an opportunity to take advantage of the strong domestic capital expenditure cycle seen in the water transportation segment in India.

Post session Indian Stock Market Commentary

The Indian market rallied through the trading session to close on an upbeat note. The market opened with heavy gains on the back of favoring cues from the global markets and kept on hovering in the positive territory through out the trading session. The market however pared some of its gains soon after the firm start but gained the momentum soon after the declaration of the Union Railway Budget. The Small Caps and Mid Caps also joined the rally of the benchmark indices as they also posted handsome gains. From the sectoral front, the Capital Goods, Realty and Metal stocks remained in the limelight as most buying was seen from these baskets. The BSE Sensex closed higher by 155.62 points at 17,806.19 and NSE Nifty closed up by 69.35 points at 5,270.05. The BSE Mid Cap and Small Cap closed higher by 96.45 points and 122.21 points at 7,690.86 and 9,648.49 respectively.

BSE Metal index grew by 270.85 points to close at 16,801.01. Major gainers are NALCO (7.37%), Jindal Stainless (7.19%), Gujarat NRE (4.21%), Sterlite Industries (23.89%) and SAIL (2.57%).

BSE Oil & Gas index closed higher by 157.38 points at 11,214.76. Gainers are BPCL (5.38%), Cairn India (5.85%), HPCL (4.75%), Indian Oil (4.17%), RPL (1.51%) and GAIL India (1.93%).

BSE Bankex index closed higher by 76.34 points at 10,189.48. Gainers are Bank of India (4.75%), HDFC Bank (2.27%), Union Bank (1.36%), Kotak Bank (1.31%), Centurion Bank of Punjab (1.04%).

BSE Power index closed up by 95.62 points at 3,706.80 as Suzlon Energy (6.26%), Reliance Energy (4.59%), BHEL (4.58%), GMR Infra (3.63%) and CESC (2.07%) closed in green.

BSE IT index grew by 70.13 points to close at 4,062.67 as Karut Net (5%), HCL Tech (4.52%), I-Flex (3.12%), Infosys (3.02%), Aptech (2.54%), NIIT Tech (1.70%) closed higher.

BSE Realty index closed higher by 247.18 points at 10,016.49. Gainers Indbul Real (11.06%), Omaxe (2.43%), Unitech (2.17%), Purvankara (1.65%), Parsvnath (1.30%).

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

The market may slide following weak global cues.

The market may slide following weak global cues. Volatility is also expected to remain high, as it had been in the recent past.

Meanwhile, annual inflation data, based on the wholesale price index, for the week ended 2 February 2008 is due today, 15 February 2008. Inflation gained 4.11% in the week ended 26 January 2008 from 3.93% in the week ended 19 January 2008.

Asian markets were trading weak today, 15 February 2008. Hang Seng (down 1.98% at 23,546.53), Japan's Nikkei (down 1.49% at 13,423.93), Taiwan's Taiwan Weighted (down 0.25% at 7,845.32), South Korea's Seoul Composite (down 0.95% at 1,681.38), Singapore's Straits Times (down 0.22% at 3,038.80) and China's Shanghai Composite (down 1.81% to 4,470.05), all edged lower

US markets slumped on Thursday, 14 February 2008, as stocks fell after Federal Reserve Chairman Ben Bernanke alluded to the possibility of US nearing a recession, indicating the Fed may continue to ease interest rates. Bernanke and Treasury Secretary Paulson continued to forecast slow growth. Financial stocks were under pressure after Swiss banking giant UBS reported a quarterly loss of $11.12 billion in Q4 December 2007.

The Dow Jones industrial average plunged 175.26 points, or 1.40%, to 12,376.98. 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.

Back home, the market rallied on the back of strong global cues. The 30-share BSE Sensex surged 817.49 points or 4.82% at 17,766.63, recording its fourth biggest rise in percentage terms on Thursday, 14 February 2008. The broader CNX S&P Nifty rose 272.55 points or 5.53% at 5202 for the day.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth Rs 60.99 crore on Thursday, 14 February 2008. Domestic institutional investors (DIIs) were net buyers of shares worth Rs 205.03 crore on that day.

Crude oil prices fell in Asian trade today, 15 February 2008 amid continuing concerns about the ailing US economy. In morning trade, New York's main contract, light sweet crude for delivery in March fell 34 cents to $95.12 per barrel. London's Brent North Sea crude for March delivery was down 25 cents to $94.91.