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Pharma,
refinery, MUMBAI, Oct 6: Pharma, it and refinery shares hogged the limelight in .....more
CHANDIGARH, Oct 6: Haryana Chief Minister Om Prakash Chautala today....more Early poll trends uplift shares, discount diesel hike NEW DELHI, Oct 6: Steady inflow of poll results indicating an early lead for...more |
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Accent to
be CHENNAI, Oct 6: Hyundai Motors India Limited (HMIL) has tied up with....more GDP growth likely to be higher at 5.9 pc in 1999-2000 NEW DELHI, Oct 6: The GDP growth is expected to be marginally higher at 5.9 per cent in 1999-2000 as against.......more
Gold prices fall back NEW DELHI, Oct 6: An ongoing rally in gold prices was checked.......more |
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Pharma, refinery, IT shares in limelight MUMBAI, Oct 6: Pharma, it and refinery shares hogged the limelight in two-way trading at the opening session on the stock market here today on institutional support even as select cyclical stocks declined on profit-booking by operators. Speculators turned cautious and made selective purchases in few scrips as the early trends for the Lok Sabha elections seemed to be in favour of National Democratic Alliance (NDA). Foreign Institutional Investors were also selective and they were reported to have purchased, Albiet in small lots, shares of software and pharma sectors. Domestic funds were active in refinery counters. The BSE-30 share sensitive index opened lower at 4668.63 as against yesterday’s close of 4708.92 and moved in a range of 4744.71 and 4652.38 before being quoted at 4727.16 at 1130 hours. Among the top gainers, BPCL shot up by 6.79 per cent, Satyam Computer by 6.29 per cent, Dabur India by 6.13 per cent, Madras Refinery by 5.53 per cent and Sun Pharma by 5.13 per cent. Wartsila NSD, however, dropped by 4.97 per cent, Hind Motor by 4.72 per cent, Kesoram by 3.88 per cent, Eih Ltd by 3.69 per cent and TELCO by 3.43 per cent. (PTI) |
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CHANDIGARH, Oct 6: Haryana Chief Minister Om Prakash Chautala today urged the Centre to immediately withdraw the hike in diesel prices as it would not only affect the farming community, but also increase the prices of various commodities. The hike in prices of diesel would increase by manifold the cost of agricultural production, besides burdening the commonman, Chautala said in a statement and added that the step would also increase the cost of transportation. (PTI) |
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Early poll trends uplift shares, discount diesel hike NEW DELHI, Oct 6: Steady inflow of poll results indicating an early lead for the BJP-led National Democratic Alliance in 13th Lok Sabha elections cheered the market sentiment as shares in large number moved up to record gains. Marketmen said the initial reaction due to a steep hike in diesel prices last night was discounted by the market players and bull operators who indulged in fresh spate of buying soon after the announcement of poll results. They said the coming results were much close to the expectations of the broking community. With the market move, country’s leading national stock exchange index nifty shot up by 22 points to 1400.15 at 12-noon. The BSE sensex rose by 36.08 points to 4745 and DSE index gained 4.76 point to 1020.96. A NSE broker Manoj Choraria said if the final results match with the exit poll, the sensex might see new heights but anything below that, the market would tumble drastically. He said the early trend was upto market expectations and traders were enlarging speculative positions, particularly in core and market fancy infotec sector. The trend at mid-way was bullish and volatile which increased the volume of business notably. Satyam Computers was higher by Rs 80.50 at Rs 1280, Silverline Ind by Rs 15 at Rs 393, HCL Info by Rs 25.50 at Rs 520 and Pentafour by Rs 24 at Rs 602 on brisk buying. In cyclical segment, Reliance gained by Rs 4 at Rs 241, Reliance Petro by Rs 2.50 at Rs 50.50 and SBI by Rs 4 at Rs 218.10. (PTI) |
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Accent to be launched on Oct 14 CHENNAI, Oct 6: Hyundai Motors India Limited (HMIL) has tied up with ICICI, Citi Bank and Kodak Mahindra to finance schemes for its premium sized car, accent, whose two petrol versions are slated to be introduced on October 14. Meanwhile, the company has decided to put on hold two diesel versions of accent till Supreme Court comes out with its final judgement on vehicular pollution norms, Mr B V R Subbu, HMIL Director Marketing and Sales, told visiting reporters here. The company has entered into agreement with ICICI, Kodak Mahindra and Citi Bank to introduce finance schemes for accent, he said. The company is targetting to sell 1,000 units of accent per month for the next six months, he said. He indicated that for 2000-2001 also, the target per month will be the same. The premium car market in the country is expected to rise by 60,000 units during next fiscal from the likely figure of 48,000 cars this fiscal and HMIL’s has set a goal to capture 20 per cent of that size. This comes to 1,200 units for accent during the next fiscal or 1,000 per month. These targets, however, includes the proposed diesel versions of accent as well though the company is mainly pinning its hopes on petrol version. Mr Subbu maintained veil on prices of accent, merely stating that they will be less than its rivals Mitsubushi Lancer and Honda City. The standard and luxury models of the car will have difference of around 12 per cent, he said. The base model of accent will have an alpha engine, powered by 1,500 cc,12 valve, four-cylinder, multi point fuel injection system, Mr J H Kim, Executive Director Marketing and Sales, said. HMIL plans to earn about Rs 1,500 crore from its India operations in this fiscal, with Rs 350 crore targeted from accent sales. Accent will be available in five-door, three-door and four-door versions with five-speed manual and four-speed auto-boxes, safety is enhanced through side impact bars and a stronger and rigid body. Initially, the average indigenisation level of the car will be 70 per cent. It took about two years from the concept stage to final production for the accent to be made available across the world. However, the company would import the tud 5 engine for diesel version of Accent from Peugeot. The new Accent, known as Verna in rest of the world, will be manufactured in Korea, India and Turkey. For the US market, the cars will be exported from Korea, and initially Accents made in India will be exported to other South Asian countries. The existing capacity of the Chennai plant can accommodate the base model of accent and has a built in flexibility to switch from one model to another within a short span of time. (UNI) |
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GDP growth likely to be higher at 5.9 pc in 1999-2000 NEW DELHI, Oct 6: The GDP growth is expected to be marginally higher at 5.9 per cent in 1999-2000 as against the 5.7 per cent last fiscal even as industrial recovery is likely to be short lived following increase in world oil prices, the National Council for Applied Economic Research said today. The increase in global oil prices will adversely impact both the trade. (UNI) |
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Gold prices fall back as business dries up NEW DELHI, Oct 6: An ongoing rally in gold prices was checked on the bullion market today as business activity dried up because traders remained busy watching poll results. With the change in market sentiment, silver and its coins also rolled down depicting notable losses. Marketmen said the rally in gold prices on global note was somewhat checked after it climbed down by 50 cents in the overseas market to settle at 325 US dollar an ounce. They said the buying activity which was moderate in last few session following "Sharads", was totally dried up today as most of the traders were busy in knowing the outcome of the 13th general elections. People normally do not make fresh purchases during Sharads, a fortnight which is considered to be inauspicious in Hindu mythology. Traders said gold prices quoting slightly lower in Asian markets on some profit booking, was another reason which dampened the market sentiment. They said the mood of the market was still decidedly bullish and expecting prices to start climbing up again after a brief consolidation phase. A fresh decision by the Swiss Government to sell 1300 metric tons of gold in the market beginning from next spring was another reason which influenced the market sentiment. Market players said the fresh demand in precious metals would emerge only after the begining of marriage and festival season from October 10. The volume of business was negligible. Standard gold and ornaments lost Rs 25 each at Rs 4825 and Rs 4675 per ten gram respectively. Sovereign was unchanged at last level of Rs 3950 per piece of eight gram. Silver .999 (ready) declined by rs 50 at Rs 8400 per kilo and weekly delivery by Rs 135 at Rs 8375 per kilo. Silver coins were also lower by Rs 100 at Rs 11,200/11,400 per 100 pieces. The following were today’s quotations: silver .999 (ready) 8400 and delivery 8375. Silver coins buyer 11,200 and seller 11,400. Standard gold 4825, ornaments 4675 and sovereign 3950. (PTI) |
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UPFC approves new multiplexes in State LUCKNOW, Oct 5: The Uttar Pradesh Financial Corporation (UPFC) has decided to promote setting up of new cinema halls and multiplexes in the State. The board of directors of the Corporation, under chairmanship of Principal Secretary A P Verma at a meeting approved the scheme of financing and setting up of new cinmea halls or upgradation of existing cinema halls by installing modern sound system, air conditioning and major renovation to encourage multiplexes which is the concept in technologically advance system of film exhibition, a UPFC press release said today. Under this scheme, financial assistance to the extent of Rs one crore would be sanctioned which will be replayable in 5-7 years including gestation of 18 months. The State Government formulated a film policy granting the status to the cinema halls and multiplexes as industry, it said, adding the State Government has reduced entertainment tax from 125 per cent to 100 per cent, besides offering to provide 100 per cent exemption of entertainment tax in the first year and 75 per cent exemption for the second and third year to new multiplexes having investment above Rs 1.5 crore, it added. (PTI) |
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