Posted by Yogesh on Tuesday, 1 July, 2008
Charting Asia presents the tale of Reliance and The Three Bears.
The Reliance story starts with a pile driver pattern created in January. This is the first little bear. The pattern develops when the market plunges and sets a new spike low. This low tests the foundations of the market and provides a target level of support for subsequent falls. Traders with long positions use the rebound after the pile driver pattern to sell and protect profits. Traders looking for short positions use the rebound as an entry point for a short trade. Read the rest of this entry »
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Posted by Yogesh on Tuesday, 1 July, 2008
MUMBAI, July 1 – Indian drug maker Cipla Ltd has received approval from the U.S. Food and Drug Administration for AIDS drug zidovudine syrup, the regulator’s Web site showed.
Source Reuters
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Posted by Yogesh on Tuesday, 1 July, 2008
MUMBAI, July 1 Tata Motors’ chairman expects its launch of the Nano, the world’s cheapest car, and its purchase of Jaguar and Land Rover to offset some of the pain of a challenging 2008/09 that has knocked its shares to their lowest in more than three years.
Shares in Tata Motors, which raised prices of its commercial vehicles by 3 percent on Tuesday, fell 4.2 percent, taking their losses in 2008 to 45 percent, as it and other auto firms battle high input costs, rising interest rates and slowing demand.
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Posted by Yogesh on Tuesday, 1 July, 2008
MUMBAI, July 1 Citi has launched a second tranche of the infrastructure fund it jointly runs with India’s IDFC , to raise $300-$400 million, a top official of its Indian unit said on Tuesday.
Citi had raised about $525 million in the first tranche last year, Sanjay Nayar, chief executive of Citigroup’s Indian unit said at a news conference. Source Reuters
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Posted by Yogesh on Tuesday, 1 July, 2008
MUMBAI, July 1 – State-run Steel Authority of India Ltd said on Tuesday it did not increase steel prices in June in line with an assurance given to the government.
In April, Indian steel makers promised the federal government they would hold prices for 2-3 months and followed that up with 5-10 percent voluntary price cuts in May to help in the fight against soaring inflation.
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Posted by Yogesh on Tuesday, 1 July, 2008
LONDON, July 1 – British outsourcing group Xchanging said on Tuesday it was in early stage talks over a possible deal with India’s Cambridge Solutions .
The Economic Times of India said earlier on Tuesday that Xchanging had offered 82 rupees a share for Cambridge Solutions, or around $250 million, but that some of the Indian firm’s shareholders were not happy with the price.
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Posted by Yogesh on Tuesday, 1 July, 2008
1. Uncertain Governments of India and USA. USA would be going for elections in a couple of months. That’s why many of the IT and export based companies are doubtful about the renewal of license. McCain and Obama are two different ends of the pole. Thus companies are waiting for the elections to be over. In India, until the Nuclear deal issue is solved, a lot of uncertainty is likely to prevail. Moreover until the result of Lok Sabha poll is out, market will remain gloomy.
2. Rising Crude Oil Prices. We all know the price of crude oil is not decided on the demand and supply factor. And I firmly believe if in future there is going to be a nuclear war, it would be for Oil. There is no denying the fact that Crude will touch $ 200/barrel and will keep haunting the global indices.
3. Rising Inflation. Inflation is a global phenomenon now. Even though the method of calculating headline inflation varies from country to country, we all are witnessing it. This time inflation has hit hard. The raw material price have gone high. Be it any sector, they are under tremendous pressure, even Nano is feeling the heat. Taming inflation will require improving supply-side economics.
4. Sub-prime Mortgage. Each one of us know that bourses are slaves of big players like Mutual Fund, Brokerage Firms and HNIs. The Sub-prime mortgage has hit all the MNC banks and big players in a big manner. Trillion dollars have been lost. The big players like CITY, Hedge Funds etc are in tremendous pressure.
5. Weakening Dollar. Dollar has weakened against majority of the currencies in the world. As a result currencies like Rupee, Yen have appreciated creating the problem
6. Election Year. Last but not the least, since this is an election government has lacked in making policies in favor of corporate. May it be ECB, Monetary policy, Exemption in IT, FDI et al. The result is evident.
7. Business Cycle. Like a business cycle, markets do follow a cycle….. this is for sure the recessionary phase….. After every dusk there is a new dawn…. So guys donn loose your heart… Source Layman’s Finance Blog
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