Update 4
Panic all around, Sensex below 13,000
The BSE Sensex, which was under pressure right from word go, tanked further as the day progressed as selling continued. It is now below the 13,000 mark.
Much of the fall came after unveiling of industrial production data, which showed a rise of 6.2% in October from a year earlier, which is well below market expectations due to a lower-than expected manufacturing output. Output growth for September remained unchanged at an annual 11.4% reported earlier. Manufacturing production, which represents more than 75% of industrial output, rose 6.0% in October from a year earlier, compared with 12.0% annual growth in September.
At 14:28 IST the 30-shares BSE Sensex was down 465 points, at 12,934.34. It had witnessed high volatility in the opening session of trade. After opening flat at 13,413.61, it declined sharply. The BSE benchmark also slipped to a fresh intra-day low of 12,934.34, as selling continued following a sharp 400-point plunge on Monday (11 December). Its high for the day was 13,492.21.All constituents of the BSE Sensex were trading with losses.
ACC was the top loser, down 8.32% to Rs 950, on a volume of 2.48 lakh shares.Bhel (down 7.43% to Rs 2,345) and Tata Motors (down 8.90% to Rs 765) followed.Index heavyweight Reliance Industries (RIL) lost 1.88% to Rs 1,214 as 14.52 lakh shares changed hands in the counter on BSE.
Power equipment makers woebegone
ABB plunged 9% to Rs 3,442, Siemens tumbled 8% to Rs 1,032 while Bhel had lost 6.4% to Rs 2371.While 80,333 shares of ABB changed hands, 89,650 and 3.4 lakh shares of Bhel and Siemens, respectively, were transacted on BSE.
ABB and Bhel had surged since late-November 2006 in a firm market. ABB had risen 15.3% to Rs 3,887.65 on 7 December from Rs 3,371.60 on 20 November 2006. From this high, the stock had eased to Rs 3,791.10 by 11 December in a weak market.
Bhel had surged 10.2% to Rs 2,649.30 on 7 December from Rs 2,403.50 on 20 November 2006. It had declined to Rs 2,533.20 by 10 December in a weak market.
After a sharp fall in late-November 2006 due to a disappointing quarter, Siemens suffered a bout of volatility. The stock moved between Rs 1,125 - Rs 1,192 between 27 November and 11 December 2006.
ONGC to consider interim dividend
Oil & Natural Gas Corporation (ONGC) said that it will consider the declaration of interim dividend in its board meeting, which will be held on Dec. 23, 2006.
The company also said that it has fixed Dec. 28, 2006 as the record date for the purpose of payment of interim dividend for the financial year 2006-07.The payment of the above dividend, if declared, will start from Dec. 29, 2006.
Earlier today, the company announced that ONGC Mittal Energy (OMEL), the joint venture between ONGC and L N Mittal Group, has signed a memorandum of understanding with the Nigerian government for long-term infrastructure investments in exchange for drilling rights in that country.OMEL would invest in railways, oil refining and power in Nigeria in exchange for oil drilling rights, the company added.
Kirloskar Ferrous fixes record date for rights issue
Kirloskar Ferrous Industries has been fixed Dec. 27, 2006 as the record date for the purpose of rights issue.
The company had earlier announced a rights issue of 65 million new shares of Rs 5 each, at a premium of Rs 30 per equity share, aggregating to Rs 35 per equity share in the ratio of 9 equity shares for every 10 equity share held by each shareholder as on the record date.
The board, at its adjourned meeting held on Dec. 8, 2006 also approved that for each right share, the allottees will receive 1 detachable warrant, which shell be convertible, at the option of the warrant holder, into 1 equity share of Rs 5 each and at a price of Rs 35 per equity share, at any time after a period of 12 months but not exceeding 36 months from the date of allotment of such warrants. The warrants shall automatically lapse if not converted within such time.
The shares of the company are trading down Rs 0.85, or 2.56% at Rs 35.35. A total of 54,195 shares have been traded (2 p.m Monday).
Deutsche Bank invests Rs 11,250 mn in India
Germany’s Deutsche Bank invested Rs 11,250 million into its Indian operations to tap growing opportunities in infrastructure financing and retail lending, reports Business Standard. The fresh investment more than doubles the capital invested by the parent bank in its Indian branches to Rs 24,110 million.
Gunit Chadha, managing director and CEO, Deutsche Bank India, said, `India is a global priority market for Deutsche Bank and this significant increase in capital is a clear indicator of the bank`s strong growth trajectory and its commitment to further development in the country. The capital will facilitate an increase in single borrower limits and risk assets, which will allow us to offer greater local balance sheet financing for our corporate, institutional and retail clients.`
He added, the capital funds will take care of the bank`s business plans for 2007. The additional capital will allow the bank to provide larger-sized loans towards infrastructure and corporate financing, in the immediate term.Deutsche Bank had recently launched retail banking and credit cards in India.
The bank, which has eight branches in India, has a retail customer base of about 1 lakh and a credit card base of over 50,000.The bank`s capital adequacy ratio stood at 12.74% as of Mar. 31, 2006. The deposit base was at Rs 43,790 million and advances at Rs 25,810 million.
The BSE Sensex, which was under pressure right from word go, tanked further as the day progressed as selling continued. It is now below the 13,000 mark.
Much of the fall came after unveiling of industrial production data, which showed a rise of 6.2% in October from a year earlier, which is well below market expectations due to a lower-than expected manufacturing output. Output growth for September remained unchanged at an annual 11.4% reported earlier. Manufacturing production, which represents more than 75% of industrial output, rose 6.0% in October from a year earlier, compared with 12.0% annual growth in September.
At 14:28 IST the 30-shares BSE Sensex was down 465 points, at 12,934.34. It had witnessed high volatility in the opening session of trade. After opening flat at 13,413.61, it declined sharply. The BSE benchmark also slipped to a fresh intra-day low of 12,934.34, as selling continued following a sharp 400-point plunge on Monday (11 December). Its high for the day was 13,492.21.All constituents of the BSE Sensex were trading with losses.
ACC was the top loser, down 8.32% to Rs 950, on a volume of 2.48 lakh shares.Bhel (down 7.43% to Rs 2,345) and Tata Motors (down 8.90% to Rs 765) followed.Index heavyweight Reliance Industries (RIL) lost 1.88% to Rs 1,214 as 14.52 lakh shares changed hands in the counter on BSE.
Power equipment makers woebegone
ABB plunged 9% to Rs 3,442, Siemens tumbled 8% to Rs 1,032 while Bhel had lost 6.4% to Rs 2371.While 80,333 shares of ABB changed hands, 89,650 and 3.4 lakh shares of Bhel and Siemens, respectively, were transacted on BSE.
ABB and Bhel had surged since late-November 2006 in a firm market. ABB had risen 15.3% to Rs 3,887.65 on 7 December from Rs 3,371.60 on 20 November 2006. From this high, the stock had eased to Rs 3,791.10 by 11 December in a weak market.
Bhel had surged 10.2% to Rs 2,649.30 on 7 December from Rs 2,403.50 on 20 November 2006. It had declined to Rs 2,533.20 by 10 December in a weak market.
After a sharp fall in late-November 2006 due to a disappointing quarter, Siemens suffered a bout of volatility. The stock moved between Rs 1,125 - Rs 1,192 between 27 November and 11 December 2006.
ONGC to consider interim dividend
Oil & Natural Gas Corporation (ONGC) said that it will consider the declaration of interim dividend in its board meeting, which will be held on Dec. 23, 2006.
The company also said that it has fixed Dec. 28, 2006 as the record date for the purpose of payment of interim dividend for the financial year 2006-07.The payment of the above dividend, if declared, will start from Dec. 29, 2006.
Earlier today, the company announced that ONGC Mittal Energy (OMEL), the joint venture between ONGC and L N Mittal Group, has signed a memorandum of understanding with the Nigerian government for long-term infrastructure investments in exchange for drilling rights in that country.OMEL would invest in railways, oil refining and power in Nigeria in exchange for oil drilling rights, the company added.
Kirloskar Ferrous fixes record date for rights issue
Kirloskar Ferrous Industries has been fixed Dec. 27, 2006 as the record date for the purpose of rights issue.
The company had earlier announced a rights issue of 65 million new shares of Rs 5 each, at a premium of Rs 30 per equity share, aggregating to Rs 35 per equity share in the ratio of 9 equity shares for every 10 equity share held by each shareholder as on the record date.
The board, at its adjourned meeting held on Dec. 8, 2006 also approved that for each right share, the allottees will receive 1 detachable warrant, which shell be convertible, at the option of the warrant holder, into 1 equity share of Rs 5 each and at a price of Rs 35 per equity share, at any time after a period of 12 months but not exceeding 36 months from the date of allotment of such warrants. The warrants shall automatically lapse if not converted within such time.
The shares of the company are trading down Rs 0.85, or 2.56% at Rs 35.35. A total of 54,195 shares have been traded (2 p.m Monday).
Deutsche Bank invests Rs 11,250 mn in India
Germany’s Deutsche Bank invested Rs 11,250 million into its Indian operations to tap growing opportunities in infrastructure financing and retail lending, reports Business Standard. The fresh investment more than doubles the capital invested by the parent bank in its Indian branches to Rs 24,110 million.
Gunit Chadha, managing director and CEO, Deutsche Bank India, said, `India is a global priority market for Deutsche Bank and this significant increase in capital is a clear indicator of the bank`s strong growth trajectory and its commitment to further development in the country. The capital will facilitate an increase in single borrower limits and risk assets, which will allow us to offer greater local balance sheet financing for our corporate, institutional and retail clients.`
He added, the capital funds will take care of the bank`s business plans for 2007. The additional capital will allow the bank to provide larger-sized loans towards infrastructure and corporate financing, in the immediate term.Deutsche Bank had recently launched retail banking and credit cards in India.
The bank, which has eight branches in India, has a retail customer base of about 1 lakh and a credit card base of over 50,000.The bank`s capital adequacy ratio stood at 12.74% as of Mar. 31, 2006. The deposit base was at Rs 43,790 million and advances at Rs 25,810 million.
posted by SY at 3:04 PM
0 Comments:
Post a Comment
<< Home