Update 3
Metal stocks shine
Metal stocks advanced on the back of renewed buying interest, with the BSE metal index rising the most among the sectoral indices.
At 13:42 IST, Sensex was up 88.80 points at 13,96313. It came off the higher level after opening with an upward gap of 154.14 points at 14,028.47, which is also its all time high. Sensex had touched an intra-day low of 13916.18
The market breadth was strong with over 1.5 gainers for every loser on BSE. 1490 shares advanced on BSE as compared to 998 that declined. 65 shares were unchanged. The BSE Mid-Cap index rose 0.49% while the BSE Small-Cap index gained 0.77%.The total turnover on BSE amounted to Rs 2913 crore.Among the Sensex pack, 22 advanced while the rest declined.
SEBI to introduce massive changes in the capital markets
The Securities and Exchange Board of India (SEBI) is planning to bring about massive changes in the Indian capital market in 16 to 18 months, report agency sources.
SEBI chairman, Mr. M. Damodaran, while speaking at Kochi said that the board is poised to introduce Indian depository receipts, an exclusive exchange for small and medium enterprises.The market regulator also plans to start a dedicated fund for investor education, in line with the SEBI`s principle aim of protecting minority interests.He was speaking at a function organised by Federal Bank in Kochi Monday.
He said these would enable India to become world`s preferred market for investors.
Also in the offing is a world class training institute for capital market personnel to be set up in Mumbai.
He said, the Indian depository receipts would enable both Indian and foreign companies to raise funds in the Indian market in a cost effective way and speedy manner.
Mastek to get members` approval for stock options
The board of directors of Mastek proposed seeking the approval of the shareholders for fixing a limit on the stock options to be issued to the non-executive independent directors of the company and its subsidiary companies, at its meeting held on Dec. 4, 2006.
The approval will be by way of a postal ballot. The board of directors has appointed the scrutinizer verifying the ballot papers received from the shareholders and declaring the results.
The last date for receiving the ballot forms from the shareholders is January 8, 2007 and the chairman of the company shall declare the results of postal ballot on January 09, 2007.
Pearl Global surges on overseas order
Readymade apparel major Pearl Global jumped 10% to Rs 137.55 after the company bagged an order H & M of Sweden and Netherlands for supply of knitted T-shirts, valued at about Rs 2.25 crore.There were outstanding buy orders for 9,433 shares at the 10% upper circuit. 39,126 shares changed hands in the counter on BSE.
The stock which had declined sharply during mid-October 2006 to late November 2006, bounced back from lower level later. From Rs 103.20 on 24 November, it had surged to Rs 125.05 by 4 December.
Pearl Global manufactures a range of knits, wovens, sweaters and bottoms in basic as well as complex designs. It has an installed production capacity of about 20 million pieces per year.
TO READ MORECLICK HERE
Era Constructions bags contract from NHAI
Era Constructions India has bagged a contract from the National Highways Authority of India (NHAI) for design, construction, development, finance, operation and maintenance of new 4 lane Gwalior Bypass of the length 42.033 Km.
The bypass will be from Km103 on NH-3 to Km 16 on NH-75 in the state of Madhya Pradesh on BOT annuity basis in consortium with other members.A separate special purpose vehicle has been incorporated to execute the highway project and the concession agreement has been signed with NHAI for this purpose.
The contract shall be executed by the company over a period of two and a half years and the total annuity per annum is Rs 530.60 million during the concession period of seventeen and half years. The project is pegged at Rs 3,000 million.
Tata Power secures 7 licenses for defence equipments
Tata Power secured government licenses to design and manufacture defence systems, including aircraft avionics and electronic warfare systems, reports Business Standard
Tata Power, through its Strategic Electronics Division (SED), will design, develop, manufacture and assemble various upgrades of defence systems in Bangalore.The government has given seven specific licences for defence production.
Analysts feel the company would now become a key private player in defence production, providing competition to other industry participants like Larsen & Toubro (L&T), Mahindra & Mahindra (M&M), Kirloskar Brothers, Ashok Leyland, Jindal, Max Aerospace & Aviation and Ramoss India.
Metal stocks advanced on the back of renewed buying interest, with the BSE metal index rising the most among the sectoral indices.
At 13:42 IST, Sensex was up 88.80 points at 13,96313. It came off the higher level after opening with an upward gap of 154.14 points at 14,028.47, which is also its all time high. Sensex had touched an intra-day low of 13916.18
The market breadth was strong with over 1.5 gainers for every loser on BSE. 1490 shares advanced on BSE as compared to 998 that declined. 65 shares were unchanged. The BSE Mid-Cap index rose 0.49% while the BSE Small-Cap index gained 0.77%.The total turnover on BSE amounted to Rs 2913 crore.Among the Sensex pack, 22 advanced while the rest declined.
SEBI to introduce massive changes in the capital markets
The Securities and Exchange Board of India (SEBI) is planning to bring about massive changes in the Indian capital market in 16 to 18 months, report agency sources.
SEBI chairman, Mr. M. Damodaran, while speaking at Kochi said that the board is poised to introduce Indian depository receipts, an exclusive exchange for small and medium enterprises.The market regulator also plans to start a dedicated fund for investor education, in line with the SEBI`s principle aim of protecting minority interests.He was speaking at a function organised by Federal Bank in Kochi Monday.
He said these would enable India to become world`s preferred market for investors.
Also in the offing is a world class training institute for capital market personnel to be set up in Mumbai.
He said, the Indian depository receipts would enable both Indian and foreign companies to raise funds in the Indian market in a cost effective way and speedy manner.
Mastek to get members` approval for stock options
The board of directors of Mastek proposed seeking the approval of the shareholders for fixing a limit on the stock options to be issued to the non-executive independent directors of the company and its subsidiary companies, at its meeting held on Dec. 4, 2006.
The approval will be by way of a postal ballot. The board of directors has appointed the scrutinizer verifying the ballot papers received from the shareholders and declaring the results.
The last date for receiving the ballot forms from the shareholders is January 8, 2007 and the chairman of the company shall declare the results of postal ballot on January 09, 2007.
Pearl Global surges on overseas order
Readymade apparel major Pearl Global jumped 10% to Rs 137.55 after the company bagged an order H & M of Sweden and Netherlands for supply of knitted T-shirts, valued at about Rs 2.25 crore.There were outstanding buy orders for 9,433 shares at the 10% upper circuit. 39,126 shares changed hands in the counter on BSE.
The stock which had declined sharply during mid-October 2006 to late November 2006, bounced back from lower level later. From Rs 103.20 on 24 November, it had surged to Rs 125.05 by 4 December.
Pearl Global manufactures a range of knits, wovens, sweaters and bottoms in basic as well as complex designs. It has an installed production capacity of about 20 million pieces per year.
TO READ MORECLICK HERE
Era Constructions bags contract from NHAI
Era Constructions India has bagged a contract from the National Highways Authority of India (NHAI) for design, construction, development, finance, operation and maintenance of new 4 lane Gwalior Bypass of the length 42.033 Km.
The bypass will be from Km103 on NH-3 to Km 16 on NH-75 in the state of Madhya Pradesh on BOT annuity basis in consortium with other members.A separate special purpose vehicle has been incorporated to execute the highway project and the concession agreement has been signed with NHAI for this purpose.
The contract shall be executed by the company over a period of two and a half years and the total annuity per annum is Rs 530.60 million during the concession period of seventeen and half years. The project is pegged at Rs 3,000 million.
Tata Power secures 7 licenses for defence equipments
Tata Power secured government licenses to design and manufacture defence systems, including aircraft avionics and electronic warfare systems, reports Business Standard
Tata Power, through its Strategic Electronics Division (SED), will design, develop, manufacture and assemble various upgrades of defence systems in Bangalore.The government has given seven specific licences for defence production.
Analysts feel the company would now become a key private player in defence production, providing competition to other industry participants like Larsen & Toubro (L&T), Mahindra & Mahindra (M&M), Kirloskar Brothers, Ashok Leyland, Jindal, Max Aerospace & Aviation and Ramoss India.
posted by SY at 2:14 PM
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