Power equipment maker Bharat Heavy Electricals Ltd said on Thursday it had received a contract from Tamil Nadu for a 600 MW thermal power unit valued at 24.75 billion rupees.
BHEL and the Tamil Nadu state Electricity Board recently signed a preliminary deal for a joint venture for a supercritical thermal power project with an outlay of around 85 billion rupees, it said in a statement.
News Collected by Ms Dolly
RBI meeting on January 30thJanuary 2008.–To decide on the Indian interest Rates and liquidity position.•FED meeting on January 31stJanuary 2008.–To decide on the US interest rates and liquidity position.•BOE and ECB meetings on 7thFebruary 2008.–To decide on the Euro zone interest rates and liquidity position.•Indian IIP announcement on 2ndFebruary 2008.•Indian budget on 28thFebruary 2008.•Weekly Indian Inflation numbers.•US Jobless claims data..
News collected By MR Devang
Southeast Asia will face stiffer export competition from China and likely bear the brunt of any impact in Asia from a major economic slowdown in the United States, an IMF official said Tuesday.
A recession in the United States, anticipated by some economists as a result of a current housing slump and related credit crunch, will obviously lead to a cutback in exports by Asia`s rapidly-growing economies, led by China.
News Collected By Mr Saty
From April 1, corporates would be required to pay their direct taxes only through the electronic route. Electronic payment of direct taxes would also become mandatory from this date for all assesses (other than company) to whom tax audit is applicable, a Finance Ministry official said.
The official pointed out that taxpayers can make electronic payment through the Internet banking facility offered by any of the authorised banks.
News Collected From Mr Saty
PLEASE AVOID CITI BANK RUMOURS ,, ARE U FOOL??????????? THIS BANK IS HAVING NETWORTH OF 2700 BILLION DOLLORS AND ITS SUBPRIME LOSS IS ONLY 18 BILLION DOLLORS........ .CITIGROUP
Citibank was founded in 1812 in New York
It has 200 million customer accounts in 100 countries
More than 300,000 employees
$2.4 trillion in assets
Sources: Citigroup, Reuters...
citigroup is trading in green zone frm last 2 days in different european mkt n us mkt-FRM AFRIEND
News Collected By Mr Nitin P and Mr Sandip J
Buy Dhanus Technologies abv 183 T1 188 T2 191 SL 181
Buy Bongaigaon Refineries and Petrochemicals abv 57.50 T1 61 T2 64 SL 56
Buy Hind Zinc abv 658 T1 673 T2 688 T3 703 SL 638
Buy Financial Tech abv 2106 T1 2164 T2 2210 SL 2068
Buy HDFC abv 2556 T1 2596 T2 2625 T3 2656 SL 2500
Real estate developer Omaxe surged 42.31% to Rs 319.85. It topped gainers in the BSE's A group shares.
Telecom cables maker Sterlite Technologies soared 41.88% to Rs 224.10. It was the second biggest gainer in the A group.
Steel maker Ispat Industries spurted 30.56% to Rs 44 and stood third among the top gainers in A group.
Engineering and construction firm Lanco Infratech moved up 30.13% to Rs 563.45. It was the fourth biggest gainer in A group.
Brokerage Edelweiss Capital rose 29.73% to Rs 1,112.95. It was the fifth biggest gainer in A group.
Jan. 23 (Blomberg) -- U.S. stocks dropped for a sixth day, the longest losing streak since April 2002, after forecasts of slowing sales by Apple Inc. and Motorola Inc. added to concern the economy is falling into a recession.
Apple tumbled the most in more than seven years on the Nasdaq Stock Market after saying sales growth will fall to 29 percent this quarter from 35 percent in the previous three months. Motorola, the largest U.S. maker of mobile phones, posted its biggest drop since October 2002 on a forecast for an unexpected loss. Google Inc., the world's most popular search engine, posted its biggest decline ever after UBS AG said revenue growth is slowing.
``Worldwide we're seeing concern about consumer spending, particularly U.S. consumer spending, and these guys are in the crosshairs of that,'' Doug Peta, market strategist at J.&W. Seligman & Co. in New York, said of Apple and Motorola. Seligman manages $20 billion.
The Standard & Poor's 500 Index, which is off to its worst- ever start to a year, slid 33.89, or 2.6 percent, to 1,276.61 at 1:15 p.m. in New York. The Dow Jones Industrial Average declined 266.47, or 2.2 percent, to 11,704.72.
The Nasdaq Composite Index tumbled 81.45, or 3.6 percent, to 2,210.82 and is in a so-called bear market, marked by a more-than 20 percent drop from its almost seven-year high in October.
A slowing U.S. economy is rattling consumers around the world. Growing concern that losses from subprime mortgages will cause the global economy to slow has battered European shares and sent more than 46 of the world's 68 markets with at least $10 billion in value into bear markets.
Rate Cut
The Federal Reserve cut its benchmark interest rate by 0.75 percentage point yesterday, the most in 23 years. The S&P 500 fell to a 16-month low after the Fed's emergency reduction failed to convince investors the U.S. will avoid recession.
``I would say that we're already in a recession,'' Jack Rivkin, who oversees $126 billion in New York as chief investment officer at Neuberger Berman, said in an interview with Bloomberg Television. ``Odds are earnings are going to be down for 2008. We still have a way to go here, both in the market and clearly with the Fed.''
Tobias Levkovich, Citigroup Inc.'s chief U.S. equity strategist, reduced his 2008 estimate for the S&P 500 by 7.5 percent because interest-rate cuts may come too late to avert a decline in earnings. The New York-based strategist lowered his year-end forecast for the S&P 500 to 1,550 from 1,675, according to a note sent to clients.
Technology companies and energy producers, which helped lead the market's advance last year, have been among the biggest decliners in 2008. The S&P 500 has lost 13 percent this year and is headed for its worst monthly decline since August 1998, when the benchmark tumbled 15 percent as Russia defaulted on domestic debt.
Apple, Motorola Slump
Apple lost $28.70, or 18 percent, to $126.94. Chief Executive Officer Steve Jobs spooked investors by failing to meet the most optimistic projections for first-quarter profit and forecasting slower sales growth. IPod sales were little changed in the U.S., signaling that demand for consumer electronics is waning.
UBS AG and Bank of America Corp. lowered their price estimates on the stock. AT&T Inc., which has an exclusive deal to sell Apple's iPhone handset in the U.S., slipped 6 percent to $33.77.
`Cautious' on Google
Motorola lost $2.72, or 22 percent, to $9.60, its biggest drop since October 2002. The company forecast a loss for the first quarter after posting an 84 percent drop in fourth-quarter profit as customers fled to phones made by competitors. Fourth- quarter net income fell to $100 million, or 4 cents a share, while sales declined 18 percent to $9.65 billion.
Google slumped $58.83, or 10 percent, to $525.52 after UBS said it was ``cautious'' on the company's fourth-quarter earnings and sees little reason for sales to top its projection of 14.7 percent growth. Google is scheduled to report results after markets close on January 31.
Analysts estimate fourth-quarter earnings at S&P 500 companies declined 17 percent from a year earlier, according to data compiled by Bloomberg as of Jan. 18. A week earlier, estimates pointed to a year-on-year drop of 10 percent. As recently as Nov. 30, S&P 500 earnings were expected to increase.
Freeport-McMoRan Copper & Gold Inc., the world's second- biggest copper miner, declined $11.24, or 14 percent, the most in a decade, to $70.38, after fourth-quarter profit fell 2.8 percent on increased costs associated with its acquisition of Phelps Dodge Corp.
Exxon, Chevron
Exxon Mobil Corp., the biggest U.S. oil company, slumped $4.29 to $78.16. Chevron, the second-largest, lost $4.35 to $76.90. Crude for March delivery fell $1.84 to $87.37 a barrel in New York on concern slower growth will curb demand for fuel.
ConocoPhillips, the third-largest U.S. oil company, lost $3.07, or 4.3 percent, to $68.11 even after reporting fourth- quarter profit rose 37 percent to $4.37 billion. Crude rose almost 18 percent during the quarter and touched a record $99.62 on Jan. 2.
Financial shares in the S&P 500 climbed for a second day, adding 1.4 percent as a group on expectations that lower interest rates will spur lending and boost profits. The group, which was the only one among 10 industries in the S&P 500 to advance today, lost 21 percent in 2007.
JPMorgan Chase & Co., the third-biggest U.S. bank, increased $2.05 to $42.91. Bank of America Corp., the second-largest, added $1.57 to $38.96. Bear Stearns Cos. recommended investors buy shares of large banks, which historically have outperformed during periods of aggressive Fed rate cuts.
The Fed's latest rate cut ``is delivering free money to banks,'' said Wayne Wilbanks, who manages about $1.2 billion at Wilbanks Smith & Thomas Asset Management in Norfolk, Virginia. ``If you look at any of these financials, they are blown-out-of- the-water oversold.''
MGIC, SLM Slump
MGIC Investment Corp., the largest U.S. mortgage insurer, was the biggest decliner in the S&P 500, falling $4.29, or 27 percent, to a 15-year low of $11.76. MGIC fell the most since it sold shares to the public in 1991 after reporting a sevenfold surge in fourth-quarter claims tied to overdue mortgages.
SLM Corp., the biggest provider of student loans, fell $1.93, or 10 percent, to $17.09 after reporting a net loss of $1.6 billion, or $3.98 a share. The company also known as Sallie Mae made a losing bet on its own stock while facing higher borrowing costs and cuts in federal subsidies for loans.
Sallie Mae's Bet
Sallie Mae's results include a $1.5 billion loss on contracts in which the company bet that its stock would rise. Instead, the stock fell after the collapse of last year's $25.3 takeover offer by J.C. Flowers & Co. and other investors.
Europe's benchmark index, the Dow Jones Stoxx 600, dropped 3 percent after the European Central Bank damped speculation it would follow the Federal Reserve in lowering interest rates.
U.S. companies that rely on Europe for sales declined. General Electric Co. lost 53 cents to $33.52. The company booked 26 percent of its 2006 revenue from European sales, according to Bloomberg data.
Asian shares rebounded from the worst two-day decline in 18 years, with the MSCI Asia-Pacific Index adding 4 percent. Hong Kong's Hang Seng Index rallied 11 percent, its biggest gain in 10 years.
The benchmark for U.S. stock-market volatility surged to the highest since February 2003. The Chicago Board Options Exchange Volatility Index, or VIX, rose 10 percent to 34.22. The index, which tends to increase when stocks fall, has more than tripled over the past year. European volatility indexes also jumped.
News By Ms Anusha
