Rally prompts promoters to sell treasury stock http://www.business-standard.com/india/news/rally-prompts-promoters-to-sell-treasury-stock/371046/
Promoters in Stake Sale Mode as Indices hit new yearly highs
Last week RELIANCE raised Rs 3188 Cr from treasury stock sale and yesterday SUZLON, JPASSO and CIPLA sold a combined $531million of stock (nearly Rs 3000 Cr); it seems even promoters are taking advantage on the best rally in Indian stocks since 1991 so why can’t a retail investor? Nifty P/E at 22.61 tells us the best is already seen and most of the good news is built in. And as times are good, all are trying to make hay while sun shines. We have seen a flurry of QIPs and now IPOs have also started, one more RELIANCE group IPO is coming up - RELIANCE INFRATEL. http://tanmaygopal.blogspot.com/2009/09/promoters-in-stake-sale-mode-as-indices.html
Nifty (4969) Support-4932/4890/4844 Resistance 5010/5049/5118 VIX-26.51 Nifty till 4930 support holds bounce back can be possible and 5010 would become important resistance on higher side. Derivative settlement so any sustainable move below 4930 panic can be higher and even 4840 can become a possibility.
GAIL has signed two contracts for sourcing natural gas from PY-1 field for supply to a power plant in Tamil Nadu. The company also entered into a contract in downstream for the supply of PY-1 gas with PPN Power Generating Company in Tamil Nadu. The GSC between Gail and HOEC provides for a primary term of 15 years, which can be extended on mutually, agreed terms. For the first six years, gas supplies are expected in the range of 51,000 mmbtu per day. Gail is also entitled to receive additional gas, if any, from the field as per the terms of the contract.
A former analyst with Moody's Corp has accused the credit ratings agency of issuing inflated ratings, and has taken his concerns to U.S. congressional investigators, the Wall Street Journal reported on Wednesday. In a letter dated July, obtained by the paper, Eric Kolchinsky accused Moody's Investor Service of issuing a high rating to a complicated debt security in January, in spite of it being aware it was planning to downgrade assets backing the securities.
Indian monsoon is about 20% below strength just over a week before the end of the rainy reason, putting the country on course for its worst drought since 1972, weather data showed.
The World Bank on Tuesday approved $4.3 billion in loans for India to help finance infrastructure building and to shore up the capital of some state banks as the economy recovers from the global financial crisis.
S&P Revises India International outlook To Positive; Affirms rating
-- We expect India International's competitive position to continue to improve.
-- A strong underwriting performance and capitalization underpin the company's financial profile.
-- We revised the rating outlook to positive from stable and affirmed the counterparty credit and financial strength ratings.
TCS has received a five-year contract from the government of India's Andhra Pradesh state for a statewide technology network project to enable e-governance initiatives.
U.S. stocks turn lower as oil drops below $69 after report show surprise gains in crude oil supplies and builds in gasoline inventories. Investors also await the outcome of the Federal Reserve's latest deliberations on interest rates.
RANBAXY -on continued hopes there could soon be resolution to issues regarding its manufacturing unit in Dewas, after U.S. FDA had earlier banned products from two of its manufacturing plants. "There were some media reports that Ranbaxy had invited the U.S. FDA to re-inspect its facilities at Dewas raising hopes of an early resolution to its ongoing regulatory issues with the American drug regulator," says local analyst, who says that fundamentally there is no reason for further upside in stock. Note, stock has risen nearly 17% in past seven sessions. Last September, FDA warned Ranbaxy for not adhering to U.S. manufacturing standards at its plants in Dewas and Paonta Sahib from which drugs were made and exported to the U.S. It also banned 30 drugs made by the company at these two plants and halted approval of new drug applications.
PREVIEW: India WPI likely to rise 0.29% on year in week to September 12 vs 0.12% increase previous week, indicates Dow Jones poll of 5 economists. "Going forward, rising prices of food articles and electricity generation are going to create adverse cost conditions for the manufacturing sector also," says economist at state-run bank; RBI may have to reverse its easy monetary stance earlier than most other countries as inflationary pressures are mounting quickly, Governor Subbarao said recently.
Crude-oil futures extended losses Wednesday after the Energy Information Administration reported increases in U.S. petroleum inventories last week as gasoline demand dropped to the lowest level in nearly eight months.
- Suzlon Energy, have offloaded seven crore shares of their holding representing 4.5% of total stake in the company, for about Rs 700 crore, Post the sale, total promoter group shareholding in the company has come down to about 53.08%.
- Jaiprakash Associates has sold 4 crore treasury shares at Rs 238.50 and managed to raise Rs 954 crore.
- Crude oil production in August at 2.77 million tonnes was lower than 2.84 million tonnes, according to data released by Petroleum Ministry here.
- UB will be world's No 1 spirits company next fiscal: Mallya; "This (fiscal) we will be selling 102 million cases of nine litres each. Next year we will be the single largest spirits company in the world," he said
