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Natco Pharma gains on overseas tie-up

2011-09-20T09:01:00.001-07:00

Natco Pharma rose 1.6% to Rs 247.20 at 12:36 IST on BSE after Litha Healthcare Group, a Johannesburg Stock Exchange listed integrated healthcare company, on Monday announced a strategic tie-up with the Hyderabad-based firm.

The tie-up was announced by Litha Healthcare on its website on Monday, 19 September

Kale Consultants takes off on new order win

2011-09-20T09:00:00.005-07:00

Kale Consultants jumped 6.64% at Rs 76.25 at 13:59 IST on BSE after the company said South American airline LAN has selected the firm's revenue accounting solution for processing its passenger interline billings.

The announcement was made during trading hours today, 20 September 2011.

Sensex jumps 2.1% on hopes Greece will avoid near-term default

2011-09-20T09:00:00.003-07:00

Key benchmark indices spurted to 1-1/2 week closing highs as European stocks rose and as US index futures jumped, buoyed by expectations that Greece will receive the next aid tranche from international creditors as well as hopes that the Federal Reserve may announce fresh measures to stimulate the economy. The barometer index BSE Sensex regained the psychological 17,000 level. The Sensex jumped 353.93 points or 2.11%, up about 375 points from the day's low and off close to 35 points from the day's high. All the 13 sectoral indices on BSE were in positive zone.

Govt postpones Rs 12,000 crore ONGC share sale again

2011-09-16T20:43:00.000-07:00

The government has deferred its proposed Rs 12,000 crore share sale in state oil and gas explorer ONGC by at least two weeks due to unfavourable market conditions.

The follow-on public offer (FPO) was to open on September 20, but has been put off, Oil and Natural Gas Corp (ONGC)

said in a statement to the stock exchanges.

"The selling shareholder (government) has decided not to proceed with the aforementioned offer programme and shall evaluate its decision in relation to the offer in due course," it said.

The company did not give new dates for the FPO.

The Department of Disinvestment (DoD), which is in charge of the FPO, under which the government is selling a 5% stake in ONGC, yesterday sent out terse letters communicating the postponement of the share sale. It neither offered any reason for deferral of the FPO launch, nor new dates for the offer.

Sources privy to the development said the FPO is off for at least two weeks.

DoD officials met investment bankers managing the ONGC issue this morning to discuss the future course of action. No details of the meeting were immediately available.

A Group of Ministers headed by finance minister Pranab Mukhejree was to meet today to fix a price band for the FPO, but that meeting has been postponed.

The government plans to sell 5%, or 427.77 million shares, through the offer.

After the FPO, the government's stake in ONGC will come down to 69.14% from the current 74.14%.

The FPO was originally planned in the 2010-11 fiscal, but the launch was later deferred to April 5, as the company did not have an adequate number of independent directors on its board to meet market regulator SEBI's listing norms.

It was then rescheduled for July 5, but was again deferred due to adverse market conditions.

Tata Steel gains on major investment plan at Netherlands unit

2011-09-15T21:03:00.003-07:00

Tata Steel rose 0.7% at Rs 472.80 at 09:46 IST on BSE, after announcing a major five-year investment programme for its IJmuiden steelworks in the Netherlands that is designed to sustain the plant's potential to be a world-class steelmaker.

M&M inches up as board approves reducing stake in Mahindra Holidays

2011-09-15T21:02:00.001-07:00

Mahindra & Mahindra rose 0.59% at Rs 797.40 at 11:47 IST on BSE after the company said its board has approved divestment of up to 8.09% stake in its listed subsidiary Mahindra Holidays & Resorts India.

OnMobile Global rings after making public announcement of proposed buyback of Shares

2011-09-15T21:01:00.001-07:00

OnMobile Global gained 2.19% to Rs 63 at 14:48 IST on BSE after the company made a public announcement of the proposed share buyback offer through the open market at a price of up to Rs 85 per share for an amount not exceeding Rs 25 crore.

The company made the announcement during market hours today, 15 September 2011.

Petrol prices may go up by Rs 3 a litre

2011-09-15T21:00:00.001-07:00

State-owned oil firms may have to raise petrol prices by as much as Rs 3 per litre as the rupee touched two-year low against the US dollar, increasing the cost of importing crude oil.

RBI likely to raise rates again by 25 bps to check inflation

2011-09-15T20:58:00.001-07:00

The Reserve Bank is expected to hike key interest rates by 25 basis points tomorrow to tame the near double-digit inflation, a move that may eventually make auto, home and corporate loans more expensive.

RBI likely to raise rates again by 25 bps to check inflation

2011-09-15T08:51:00.000-07:00

Nifty likely to be in range of 4700-5200 levels:

2011-09-15T08:44:00.001-07:00

The Nifty future on Wednesday closed positive at 5029 levels led by short-covering and long build-ups. The Nifty touched 5170 levels in the previous week and tumbled down from those levels with increasing volumes.

In this week, the Nifty witnessed a gap down opening on Monday and has been trading in narrow range of 4920-5055 with high level of volatility suggesting that both bulls and bears are fighting to get their grip on the market.

On Wednesday, the Nifty future found support at 4940-4900 levels. If it fails to hold these levels, selling pressure may get intensified towards 4840-4800 levels. There will be immediate resistance at around 5100 levels where fresh call writing is seen. If these levels are sustained, the market may witness further short-covering rally towards 5150-5180 levels amid unwinding in call options. In the options segment, the highest call open interest is at 5200 strike price while maximum put OI is at 4700 followed by 4800 strike prices. This indicates that the broader range for the market is likely to be at 4700-5200 in coming trading sessions.

The PCR OI has been trading above 1.25 in this expiry which shows heavy put writing in the market. Implied volatilities are also trading above 30 levels indicating markets are in volatile mode. Generally, the premiums of options are high in highly volatile market and so writing the options are preferred.

The market witnessed short-covering and marginal long build-up in IT, metal, oil & gas and banking sectors while marginal selling pressure was seen in capital goods sector.

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2011-09-13T11:01:00.000-07:00

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