New Delhi:
1) Sensex rebounds 154 points, Nifty ends above 5100
The BSE Sensex rebounded Tuesday, recovering from the disappointment over Reserve Bank's decision to not cut rates yesterday. Investors also overlooked the downward revision of India's rating outlook by Fitch, announced post market Monday. (Read More)
Stocks closed near the day's high, which is an indication of strength. Markets were choppy, but the Nifty index closed above the key 5,100 mark, boosting investor sentiments. The Sensex gained 154 points or 0.92% to 16,859.80, while the Nifty advanced 39.60 points to 5,103.85.
Also Read: IT stocks to gain on rupee weakness, TCS top pick: Mavani
2) Rupee hits two-week low, recovers to end at 55.95 to dollar
The Indian Rupee (INR) hit a two-week low of 56.12 against the dollar on Tuesday as risk assets remained under pressure due to concerns that the eurozone crisis may be spreading to Spain and Italy. Dollar demand from oil firms and other importers too affected the rupee.
The rupee opened marginally higher at 55.90 and then went on to fall breaching the key 56-mark. It, however, ended above the 56-level at 55.95 to the dollar, just 5 paise lower than Monday’s close. (Read More)
Also Read: Gold rises for 8th day, euro zone worries support
3) India to contribute $10bn to stabilise Euro zone: PM
India has graciously committed $10 billion to the International Monetary Fund or IMF to stabilize Europe. China said it will contribute $43 billion. Russia and Brazil have also agreed to contribute $10 billion each. While there is no specific plan announced to disburse the amount, the contribution is significant when one looks at the overall government finances and the current market situation. Since the Euro zone is working on a bailout, it is possible that India may have to payout sooner than later. Here is the context for the $10 billion or (Rs 55,000 crore) that India has committed to the IMF for Europe. (Read More)
Meanwhile, Prime Minister Manmohan Singh said his government was determined to take "tough" decisions, including on controlling subsidies, to reverse the expansion of the fiscal deficit, even as he expressed confidence of bringing back the rhythm of high growth of 8-9 per cent per annum. (Read More)
Also Read: G20 summit: Europe commits for closer union
4) Inflation above acceptable levels, says Subbarao
Inflation in India was still above acceptable levels, the Reserve Bank of India governor D. Subbarao said on Tuesday at an industry event. Subbarao expressed concern over the country’s deteriorating economic health and called for increased focus to boost investor sentiment. Addressing a press conference in Mumbai, Subbarao said inflation was still above acceptable levels. (Read More)
5) Kingfisher Airlines flights grounded as oil firm stops fuel supply
Flights of debt-laden Kingfisher Airlines were grounded once again on Tuesday after state-owned Hindustan Petroleum stopped supplying fuel to the carrier. At least three flights from Delhi were grounded, and services in Mumbai were affected too. (Read More)
6) Auto companies stop production as demand slump continues
Hit by a demand slump, Toyota Kirloskar Motor has stopped production of all its petrol cars, while others like Fiat are considering shutting down plants for a few days next month. While Tata Motors will stop production of commercial vehicles at Pune for three days this week, Maruti Suzuki India will be having its week-long annual maintenance shut down from next week. (Read More)
7) Veritas downgrades RComm; shares tank, but company rubbishes
Equity research firm Veritas has downgraded Reliance Communications, India's second-biggest mobile phone carrier by subscribers, to sell. The company has cut down the target price to Rs 15, which implies over 75 per cent downside from current levels. (Read RComm statement)
Reliance Communications' shares hit a record low of Rs 59.45 on Tuesday after a critical report from Canadian research firm Veritas, traders said. Shares in Reliance Communications, controlled by billionaire Anil Ambani, have been under pressure in recent years due to debt, fierce competition, and several unsuccessful attempts to raise funds by selling assets. (Read More)
Also Read: Why Veritas has downgraded RCom: 5 facts
8) Microsoft unveils Surface to take on Apple's iPad
Microsoft introduced its own line of tablet computers on Monday at a much-hyped press event in Los Angeles, marking a major strategic shift for the software giant as it struggles to compete with Apple and re-invent its aging Windows franchise. The new tablet line, named Surface, includes a consumer device aimed directly at the Apple iPad, and another, larger machine designed to run the full suite of Windows software. (Read More)
Also Read: Top 5 manufacturers of tablet computers in 2011
9) Rajat Gupta’s legal fees paid largely by Goldman
For Goldman Sachs, the insider trading case against a former board member, Rajat K. Gupta, which ended in a conviction on Friday, was distracting and discomforting. At least until now, it has also been very expensive.
Goldman Sachs has paid for the bulk of Mr. Gupta’s legal defense, which has cost nearly $30 million, according to two people with direct knowledge of the case who requested anonymity because they were not authorized to discuss it publicly. Procter & Gamble, on whose board Mr. Gupta also served, has picked up the balance of the bill. (Read More)
10) Facebook IPO fiasco: Investors call for unbiased review of claims
It is not every day that a company bungles something so badly that it has to turn to a regulator for help to clean up its mess. But that is what the Nasdaq stock market has done with the Financial Industry Regulatory Authority following its blunders in Facebook's $16 billion initial public offering.
The move is causing raised eyebrows because of the long and intertwined relationship between the exchange and Wall Street's industry-funded regulator. (Read More)
- Sensex rebounds 154 points, Nifty ends above 5100
- Rupee hits two-week low, recovers to end at 55.95 to dollar
- India to contribute $10bn to stabilise Euro zone: PM
- Inflation above acceptable levels, says Subbarao
- Kingfisher Airlines flights grounded as oil firm stops fuel supply
- Auto companies stop production as demand slump continues
- Veritas downgrades RComm; shares tank, but company rubbishes
- Microsoft unveils Surface to take on Apple's iPad
- Rajat Gupta’s legal fees paid largely by Goldman
- Facebook IPO fiasco: Investors call for unbiased review of claims
1) Sensex rebounds 154 points, Nifty ends above 5100
The BSE Sensex rebounded Tuesday, recovering from the disappointment over Reserve Bank's decision to not cut rates yesterday. Investors also overlooked the downward revision of India's rating outlook by Fitch, announced post market Monday. (Read More)
Stocks closed near the day's high, which is an indication of strength. Markets were choppy, but the Nifty index closed above the key 5,100 mark, boosting investor sentiments. The Sensex gained 154 points or 0.92% to 16,859.80, while the Nifty advanced 39.60 points to 5,103.85.
Also Read: IT stocks to gain on rupee weakness, TCS top pick: Mavani
2) Rupee hits two-week low, recovers to end at 55.95 to dollar
The Indian Rupee (INR) hit a two-week low of 56.12 against the dollar on Tuesday as risk assets remained under pressure due to concerns that the eurozone crisis may be spreading to Spain and Italy. Dollar demand from oil firms and other importers too affected the rupee.
The rupee opened marginally higher at 55.90 and then went on to fall breaching the key 56-mark. It, however, ended above the 56-level at 55.95 to the dollar, just 5 paise lower than Monday’s close. (Read More)
Also Read: Gold rises for 8th day, euro zone worries support
3) India to contribute $10bn to stabilise Euro zone: PM
India has graciously committed $10 billion to the International Monetary Fund or IMF to stabilize Europe. China said it will contribute $43 billion. Russia and Brazil have also agreed to contribute $10 billion each. While there is no specific plan announced to disburse the amount, the contribution is significant when one looks at the overall government finances and the current market situation. Since the Euro zone is working on a bailout, it is possible that India may have to payout sooner than later. Here is the context for the $10 billion or (Rs 55,000 crore) that India has committed to the IMF for Europe. (Read More)
Meanwhile, Prime Minister Manmohan Singh said his government was determined to take "tough" decisions, including on controlling subsidies, to reverse the expansion of the fiscal deficit, even as he expressed confidence of bringing back the rhythm of high growth of 8-9 per cent per annum. (Read More)
Also Read: G20 summit: Europe commits for closer union
4) Inflation above acceptable levels, says Subbarao
Inflation in India was still above acceptable levels, the Reserve Bank of India governor D. Subbarao said on Tuesday at an industry event. Subbarao expressed concern over the country’s deteriorating economic health and called for increased focus to boost investor sentiment. Addressing a press conference in Mumbai, Subbarao said inflation was still above acceptable levels. (Read More)
5) Kingfisher Airlines flights grounded as oil firm stops fuel supply
Flights of debt-laden Kingfisher Airlines were grounded once again on Tuesday after state-owned Hindustan Petroleum stopped supplying fuel to the carrier. At least three flights from Delhi were grounded, and services in Mumbai were affected too. (Read More)
6) Auto companies stop production as demand slump continues
Hit by a demand slump, Toyota Kirloskar Motor has stopped production of all its petrol cars, while others like Fiat are considering shutting down plants for a few days next month. While Tata Motors will stop production of commercial vehicles at Pune for three days this week, Maruti Suzuki India will be having its week-long annual maintenance shut down from next week. (Read More)
7) Veritas downgrades RComm; shares tank, but company rubbishes
Equity research firm Veritas has downgraded Reliance Communications, India's second-biggest mobile phone carrier by subscribers, to sell. The company has cut down the target price to Rs 15, which implies over 75 per cent downside from current levels. (Read RComm statement)
Reliance Communications' shares hit a record low of Rs 59.45 on Tuesday after a critical report from Canadian research firm Veritas, traders said. Shares in Reliance Communications, controlled by billionaire Anil Ambani, have been under pressure in recent years due to debt, fierce competition, and several unsuccessful attempts to raise funds by selling assets. (Read More)
Also Read: Why Veritas has downgraded RCom: 5 facts
8) Microsoft unveils Surface to take on Apple's iPad
Microsoft introduced its own line of tablet computers on Monday at a much-hyped press event in Los Angeles, marking a major strategic shift for the software giant as it struggles to compete with Apple and re-invent its aging Windows franchise. The new tablet line, named Surface, includes a consumer device aimed directly at the Apple iPad, and another, larger machine designed to run the full suite of Windows software. (Read More)
Also Read: Top 5 manufacturers of tablet computers in 2011
9) Rajat Gupta’s legal fees paid largely by Goldman
For Goldman Sachs, the insider trading case against a former board member, Rajat K. Gupta, which ended in a conviction on Friday, was distracting and discomforting. At least until now, it has also been very expensive.
Goldman Sachs has paid for the bulk of Mr. Gupta’s legal defense, which has cost nearly $30 million, according to two people with direct knowledge of the case who requested anonymity because they were not authorized to discuss it publicly. Procter & Gamble, on whose board Mr. Gupta also served, has picked up the balance of the bill. (Read More)
10) Facebook IPO fiasco: Investors call for unbiased review of claims
It is not every day that a company bungles something so badly that it has to turn to a regulator for help to clean up its mess. But that is what the Nasdaq stock market has done with the Financial Industry Regulatory Authority following its blunders in Facebook's $16 billion initial public offering.
The move is causing raised eyebrows because of the long and intertwined relationship between the exchange and Wall Street's industry-funded regulator. (Read More)
