Archive for November, 2007
Mittal plans IDRs, listing on Indian stock exchanges
Lakshmi N Mittal, president and CEO of Arcelor Mittal wants to list the world largest steel company on the Indian stock exchanges using the indian Depository Receipts “we want to give Indian investors an opportunity to be apart of the world largest steel company and would like to list arcelor mittal in India,” he told.
While Mittal continues to hold an Indian passport, for the most part he resides in london. As per the company he controls, it is listed on the Luxembourg, Amsterdam, Brussels, Paris and New York stock exchanges among others.
for foreign companies like Arcelor Mittal, raising equity capital from the indian markets is possible through the issue of IDR. “Much as i would like to right away,” Mittal said , “current goveronment norms for this purpose are not so feasible. So we will have to wait a little while before …
IT product mkt will be $15 bn by 2015
The Indian IT product industry should be treated on par with IT servicees sector as it has the potential to contribute significantly to the global market, Nasscom demanded the goveronment.
Similar to its initiatives in IT and ITEs services Nasscom has now taken up amission to encourage the product segment. Nasscom forecasts that revenues of Indian product companies will touch $15 billion by 2015 from $1 billion currently. The global product market is pegged at around $300 billion.
Speaking at the opening session of Nasscom maiden day, the association president Kiran Karnik said the industry body has setup a special expert committee for products under Subex Azure MD subash Menon.”We will work as a facilitor for seed funding growth capital human resources and access to governments,” he said.
Subhash Menon said the country currently have the right environment for product growth.”Ootsourcing does not work for products as …
Focus shifts to mid cap stocks
The Sensex closed 87 points down on Friday, but mid cap small cap shares registered gains for the second consecutive day. In volatile trade, it dropped to a low of 19472.51 but showed resilience and recovered to 19838.03 before ending at 19698.36 a net fall of 86.53 points against thursday close of 19784.89
The S&P CNX Nifty of the National Stock Exchange also closed 5.25 points lower at 5906.85 against 5912.10. Stocks of companies in capital goods and banking sectors suffered major falls in the market. BHEL fell by Rs. 36.60 to Rs 2,786.55, ICICI Bank by Rs29.15 to Rs 1,219.45 and HDFC BAnk by Rs 12.05 to Rs. 1687.15.
Investors shifted attention to mid cap ans small cap shares which provide better investments opportunities market players said. It is a good sign that investors are now making purchases in these segments as prices of front line …
Sensex hits Mach2, gains 894pts in one session
Fasten your seat belts. The stock markets are getting into a zone that is no longer for the weak hearted. On Wednesday, the Sensex gained 894 points in one set just 2odays ago when it gained 879 points. And it was only amonth ago that the index fell 717 points. Its second sharpest drop ever.
Just as Wednesday surge left investors richer by Rs 1.99 lakh crore. Last month drop has shaved off their wealth by Rs 1.45 lakh crore.
To the uninitiated. or for that matter, even to seasoned investors, these numbers may seem dizzying. As recently as in 2004, a 1,000 points annual increase on the index would be reason to celebrate.
On the one hand, everyone believes india will grow at 10% for the next couple of years. On the other, economists reckon the US will slow down and growth in europe will …
Tata, Reliance Power, Lanco infra among 13 cos in race for Tilaiya 4,000-mw project
State run NTPC Ltd and private rivals TAta Power as well as Reliance Power are among the 13 companies, which on monday submitted preliminary bids for setting up the 4,000 MW tilaiy ultra mega power project in Jharkhand.Power finance Corpo the nodal agency for handling the UMPPs received request for qualifications from 13 companies for the Tilaiya project on the closing day for submitting initial bids today. These companies also include Lanco Infratech, Sterlite Industries,
Jindal Steel and power Essar,GVK power and infrastructure Ltd, AES and Malayais Sian Wijaya, according to the official sources. Lanco infratech, which had to lose the first such project at Sasam in Madhya Pradesh after placing the rece for UMPPs. Anil Ambani Reliance Power has emerged as the lowest bidder for krishnapatnam project in AP.
Sensex down by 111 points
The BSE Sensex fell for a third consecutive trading session on wednesday, closing 111 points lower at 19,290. The index lost ground despite smart gains in heavy weight constituents like RIL and SBI.
The broader NSE Nifty closed 4.15 points down at 5,782.35 points as against its previous close of 5,787. the sensex moved within a 400 points range touching an intraday high of 19,679 and a alow of19,249 points. On wednesday as well the index followed the same trend, tracking lacklustre Asian markets.
Dell to buy Equallogic for $ 1.4 billion
Dell said on Monday that it would acquire equal logic for $1.4 billion in a move to claim larger share of the data storage market.
The deal, Dell largest acquisition to date and its fourth this year comes as the company is trying to stage a corporate turnaround and reclaim ground lost to more nimble competitors. Michael S Dell simplify corporate storage for compoanies as they grappled with more data than ever before.
Storage is the fatest part of Dell business Dell said in an interview. there an explosion in the amount of data being consumed. Dell said data storage today accounted for about $24 billion of Dell revenue of about $57 billion, but that figure he said is growing rapidly. The Nashua based provately held Equal Logic is the leading provider of the internet based storage technology known as iscsi
India ahead in bowling
For India captain Mahendra Singh Dhoni the India-Pakistan series does not assume any special importance and its simply “just another series”.
“It does not matter whether you are playing Australia, Kenya or Pakistan. You have to go in there and give your 100per cent,” he told reporters on the match eve here on Monday.”I have played a lot of matches against Pakistan. Led the side a couple of times in the Twenty20 World Cup. There is not much of a difference captaining against any team,” he added. Incidentally pakistan coach Lawson described the upcoming series as “Bigger than the Ashes”.
Dhoni feels that both teams have a “very good” bating line up but India are ahead in bowling. Asked whether Shoaib Akhtar led Pakistan pace attack poses any threats, he replied they have a good bowling attack. they have several players who bat and …
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