Archive for January 17th, 2009
Weekly Market Forecast 19-1-09 to 23-1-09
Sensex lost 82.88 points or 0.88% to 9,323.59 and Nifty lost 44.55 points or 1.55% to 2828.45 in the week ended 16/1/2009. Volatility ruled the roost as weak global markets and concerns about increasing NPA of domestic banks. Lower inflation and improved industrial production numbers ensured that the fall in share prices was not steep. FIIs had pulled out a massive Rs. 1157.90 Cr. in last week.
Nifty review for the week 19 – 23rd January 2009
Review
Nifty has corrected 14% since it faced the resistance at 3147 levels – to make a low of 2702 and closing at 2828 levels, recovering nearly 4.5% from the low. Closing below 2860 for this week too, would strengthen this ongoing bear rally for a target 2606, or if Nifty is able to find some support and close above the 3078 then, we can expect the Nifty touch the 3270-3440 levels, in February, which is a remote possibility as of now, since pull back are not support with volumes.
‘Job creation in top sectors declining’
Ahmedabad : A decline of 0.1 to 6.5 percentage points has been recorded in the share of job creation by sectors such as financial services, IT, FMCG, retail and real estate through financial year 2008-09, according to a recent study by Assocham.
M&M enters retail space with Mom & Me!
In 2007-2008 there was a lot of buzz around Mahindra & Mahindra’s big plans for the retail space. Then it seemed that M&M shelved those plans. But now, it’s clear the company was always quietly working its strategies in the space.
Tata Motors to roll out vestibule buses soon
Tata Motors is planning to come out with vestibule buses from its joint venture with Marcopolo of Brazil. The company is in talks with Hubner, the German supplier for articulated systems, critical for the manufacture of vestibule buses.
BNP Paribas Securities keeps REDUCE on Unitech
Unitech will have to repay debt of Rs11 billion over the next two weeks and meet further debt obligations of Rs15 billion over the next three months.
BRICS Securities puts SELL on Tata Motors
The newly launched ”Indica Vista” has failed to put brakes on the declining volumes. Sales declined by 29% y-o-y to 6,749 vehicles.
Satyam’s expanded board to meet today
The six member board of Satyam Computer Services will meet on Saturday at its corporate office in Madhapur.
Deloitte, KPMG have no licence to do audit work in India
MUMBAI: KPMG and Deloitte, the two firms entrusted by the new three-member board of Satyam Computer Services to audit the company’s accounts, are Satyam office not allowed to do audit work in India — a point that has not escaped the attention of the Institute of Chartered Accountants of India (ICAI), the regulatory body for accountants in the country. According to ICAI president Ved Jain: “KPMG is not allowed to practice in India. They are not registered with us.”
Bank of Baroda to announce Q3 results
The board meeting of Bank of Baroda will be held on 29 January 2009 to approve and take record on the un-audited financial results of the Bank for the quarter (Q3) / nine months ended 31 December 2008.
Federal Bank net profit rises 98.11% in the December 2008 quarter
Net profit of Federal Bank rose 98.11% to Rs 203.89 crore in the quarter ended December 2008 as against Rs 102.92 crore during the previous quarter ended December 2007. Total operating income rose 35.11% to Rs 876.42 crore in the quarter ended December 2008 as against Rs 648.66 crore during the previous quarter ended December 2007.