SREI Infrastructure gets IFC status from RBI

SREI Infrastructure Finance has been classified by the Reserve Bank of India (RBI) as Infrastructure Finance Company (IFC) within the overall classification of Non Banking Finance Company (NBFC).

IFC status provides more flexibility in terms of accessing debt and providing loans to the infrastructure sector compared to other lending agencies. An IFC can provide loans to any single borrower more than 10% of its owned fund while banks cannot.

At present, the company’s businesses include infrastructure equipment leasing and finance, infrastructure project finance, advisory and development, insurance broking, venture capital, capital market and Sahaj e -Village. It has a pan-India presence with a network of 73 offices and has also replicated its business model overseas with three offices in Russia.

Cals Refineries award Saipem with the detailed feasibility report for refinery project at Haldia

Cals Refineries and the Hardt group has awarded Saipem, Italy, a subsidiary of Eni S.p.A., and one of the largest and best balanced turnkey contractors in Oil and Gas industry, the detailed feasibility report for the 200,000 Barrels per day refinery project at Haldia, West Bengal.
The Company will award Saipem the lump sum Engineering-procurement-Construction -Commissioning (EPCC) contract for the Project if the parties would reach an agreement on the terms of proposed feasibility report within 80 days.
Cals Refineries’ business strategy is to create an independent value-added integrated refining / petrochemical business with significant economies of scale and operational efficiency, producing world-class refining and petrochemical products with competitive domestic and international marketing strategy.

Indiabulls Financial Services gets SEBI approval for Indiabulls Mutual Fund

Indiabulls Financial Services has received SEBI’s final approval for Indiabulls Mutual Fund sponsored by the company. This enables commencement of mutual fund business and launching of mutual fund schemes in due course. SEBI has granted its 'Certificate of Registration' on March 24, 2011.
SEBI has also granted its approval to Indiabulls Asset Management Company, a 100% subsidiary of the company to act as Asset Management Company to Indiabulls Mutual Fund.
In January, this year Indiabulls Financial Services has sold its 26% stake, held by it, in Indian Commodity Exchange (ICEX), to Reliance Exchangenext, a holding company of Reliance Spot Exchange (RSX) and a subsidiary of Reliance Capital. The company now holds 14% stake in ICEX.
Indiabulls Financial Services is engaged in the business of offering various services in the area of consumer finance, housing finance, commercial loans, life insurance, asset management and advisory services. It has reported a decline of 204.59% in net profit to Rs 173.98 crore for the quarter ended December 31, 2010 against Rs 57.12 crore for the quarter ended December 31, 2009.

Kajaria Ceramics commences commercial production at its U.P. facility

Kajaria Ceramics has successfully completed the conversion of part of ceramic tile production facility into vitrified at Sikandrabad (U.P.). The facility has commenced commercial production on March 28, 2011 with an effective capacity of 2.60 million square meter annually.
In February this year, Kajaria Ceramics has acquired 51% stake in Gujarat-based - Soriso Ceramic - for a total consideration of Rs 5.60 crore. Consequently, Soriso Ceramic became the subsidiary of Kajaria Ceramics.
Earlier in January this year, the company had signed a memorandum of understanding (MOU) with Eczacibasi Yapi Gerecleri A.S., (Eczasibasi), a Turkey based manufacturer of various products including the sanitary ware and CP Fittings under the brand name of 'VitrA', which they intend to market in India.
Kajaria Ceramics manufactures more than 400 options of flooring solutions such as wall tiles, floor tiles, vitrified tiles and Spanish and Italian tiles. The tiles major market these products under the brand name Kajaria, Kerrogres, Eternity, Aparici, Saloni ceramica, Ergon and GRESPANIA Ceramica.

Electrotherm (India) incorporates its wholly owned subsidiary

Electrotherm (India) has incorporated it’s wholly owned subsidiary - Electrotherm Mali SARL in the Republic of Mali, Africa.
Last year in June, Electrotherm (India) has acquired the 100% shareholding of Hans Ispat and remaining shareholding of Shree Hans Papers, a subsidiary of Hans Ispat. In April the company had agreed to buy entire stake in Shree Ram Electro Cast at a total consideration of up to Rs 85 crore.
Electrotherm India is engaged in the manufacture of a wide spectrum of products for the metal melting industry.

REC to set up 3 Projects Specific Purpose Vehicles

Rural Electrification Corporation’s (REC) wholly owned subsidiary - REC Transmission Projects Company (RECTPCL) - has been appointed as the bid process coordinator (BPC) for three transmission projects. Out of which, the first includes Transmission System Associated with IPPs of Vemagiri Area- Package A, Vemagiri Pooling Station-Khammam 765 kV 1xD/c (1st ckt.) line and Khamam - Hyderabad 765 kV D/C (1st ckt.) line. The Transmission System Associated with IPPs of Vemagiri Area- Package B, Vemagiri Pooling Station-Khammam 765 kV 1xD/C (2nd ckt.) line and Khamam - Hyderabad 765 kV D/C (2nd ckt.) line.
The third project includes Transmission System Associated with IPPs of Vemagiri Area- Package C and Wardha-Jabalpur Pooling Station 765 kV 1xD/c line. The company for the same is in process to incorporate three Special Purpose Vehicles (SPVs) as its wholly owned subsidiary companies.
Since, RECTPLCL is wholly owned subsidiary of REC, the company’s board of directors have approved the proposal of incorporation of three SPVs as subsidiary companies of RECTPCL, which will also be the subsidiaries of the company.

Markets likely to make a flat-to-cautious start

The Indian markets continued their bull run for the fifth straight day in previous trading despite weak global cues. While most of the sectoral gauges moved higher, the benchmarks added another more than half a percent. Today the start is likely to be cautious-to-flat for the markets and some consolidation may appear after a series of rally while some sectors may witness profit booking too. The F&O series expiry week is likely to bring volatility. Some of India’s leading industrialists like Ratan Tata and Anil Ambani will appear next week before Parliament’s Public Accounts Committee in the alleged 2G spectrum scam. Meanwhile, the Telecom Ministry will be taking a final decision on 2G spectrum pricing and on those holding airwaves beyond contracted limit of 6.2 Mhz, based on recommendations of TRAI, within next three months before seeking Telecom Commission’s approval.

The finance ministry has said that the draft guidelines for giving new banking licences would be announced by the Reserve Bank of India in the next few days. In Budget 2011-12, finance minister Pranab Mukherjee had said that the RBI plans to issue guidelines for the grant of new banking licences before the close of this financial year.

The US markets snapped the gaining streak on Monday on concerns of Japan’s nuclear crisis and violence in the Middle East and North Africa though, there were good economic reports but investors opted to remain sideways. The Asian markets have made a mixed start with Japanese Nikkei suffering on reports that most of the companies will not be able to report the financials on time while the dividend declaration too may be delayed.

Back home, stock markets in India extended the uptrend on the first day of the F&O expiry week, after vivaciously rallying over two percent on Friday, and managed to finish a choppy session of trade on an optimistic note as the joy of closing in the positive territory got quintupled. The benchmarks displayed resilience as they traded firmly in the green for most part of the day’s trade on the back of heavy buying in rate sensitive counters like Auto and Baking and managed to touch two month high levels. Investors traded with some conviction as growth concerns over Europe weighed on crude oil prices. However, the frontline indices met with stern resistance at the psychological levels of 5,700 and 19,000 as investors took profits off the table around those levels after reports of fierce retaliation between Western forces and forces loyal to Col Gaddafi emerged. The bourses climbed over half a percent in the session despite tepid leads from markets across the globe as investors speculated most of the headwinds have been factored in by the markets and that the companies will report strong quarterly earnings for the fourth quarter. Meanwhile, local sentiments also took cues from CII Survey which opined that the ongoing high inflation and resulting rapid increase in costs has so far been unable to significantly dent the performance of India Inc. Earlier on Dalal Street, the benchmark got off to a soft start as fresh worries over high levels of radiation in Japan emerged which delayed efforts to stabilize a crippled nuclear power plant and shoddier than expected earnings reported by some blue chips companies weighed on cautious investor mood. After hitting intraday lows in the early hours, the frontline indices rose to higher levels on the back of buying in blue chips and fertilizer stocks. However, the session largely remained characterized by choppiness as investors seemed reluctant to pile up hefty positions after the recent over five percent rally. On the sectoral front, rate sensitive Auto pocket surged by 1.52% led by heavyweight Tata Motors which zoomed over 3%, being the top gainer on Sensex while stocks like Maruti Suzuki and Cummins India too gained around 1.50% each. The Capital Goods index too remained amid the thick of things. Finally, the BSE Sensex surged by 127.50 points or 0.68% to settle at 18,943.14 while the S&P CNX Nifty climbed 33.00 points or 0.58% to end at 5,687.25.

US markets closed modestly lower on Monday despite some good economic reports as traders showed concern over Japan's nuclear crisis and violence in the Middle East and North Africa. Oil prices eased a bit as rebels in Libya, gained ground against Moammar Gadhafi with the help of international airstrikes against Gadhafi’s forces. On the domestic front, the Commerce Department said that consumer spending rose at its fastest pace in four months in February, though some of the increase was driven by higher gas prices.

On the same time, the National Association of Realtors said more Americans signed contracts to buy homes in February than economists were expecting. Sales rose in every region but the Northeast, but remained below what is considered a healthy level. Sales agreements for homes unexpectedly rose 2.1 percent last month to a reading of 90.8. Signings were 19.6 percent above June's index reading, the low point since the housing bust.

The Dow Jones industrial average lost 22.71 points, or 0.19 percent, to 12,197.88. The broader S&P 500 index dipped by 3.61 points, or 0.27 percent, to 1,310.19, while the Nasdaq composite declined by 12.38 points, or 0.45 percent, to 2,730.68.

Crude prices fell on Monday on report of Libya's rebels successes against forces loyal to Muammar Gaddafi. Qatar became the first Arab country to recognize Libya’s rebels as the people's sole legitimate representative, a day after a senior Libyan rebel official said Qatar had agreed to market crude oil produced from east Libyan fields no longer under the control of leader Muammar Gaddafi. However the dollar grew stronger which can pressure oil prices by making dollar-denominated commodities more expensive.

Benchmark crude for May delivery fell $1.78, or 1.7 percent, to $103.62 a barrel, after trading in a range of $103.60 to $105.76 on the New York Mercantile Exchange. In London, Brent crude futures for May delivery settled down 79 cents at $114.80 a barrel on the ICE.

ONGC, Hero Honda and Idea may be in limelight today

Oil and Natural Gas Corporation (ONGC) has emerged the provisional winner for close to 10 out of the 29 blocks it has bid for in the ninth round of the New Exploration Licensing Policy (NELP).

Reliance Industries has bid for six oil and gas exploration blocks while Cairn India submitted offers for two out of the 34 on offer in the 9th round of auction under the New Exploration Licensing Policy (NELP). Meanwhile, the oil regulator DGH said that Reliance Industries has not kept its commitment on drilling wells on the prolific eastern offshore KG-D6 field that has seen drastic fall in production.

The Union Cabinet is likely to approve tomorrow the induction of Rs 4,500 crore foreign equity by Hero Investments (HIPL), mainly to fund the buyout of 26 per cent stake of Japan's Honda in Hero Honda.

Kumar Mangalam Birla-led Idea Cellular would invest Rs 4,200-crore in 3G network infrastructure, including erecting around 16,000 towers by March, 2012.

SREI Infrastructure Finance is eyeing to clock up to 30 per cent growth both in profit as well as disbursement in FY12, driven by growing momentum in the sector.

ITC Hotels, the hotels division of the tobacco-to hospitality major ITC, is foraying into retail mall and service apartments. Most of the new mega hotel projects of the company will have luxury retail space and service apartments.

Delhi-based realtor Unitech had objected to Uninor India's proposed rights issue at a board meeting earlier this year and had demanded that a business plan be finalised before the modalities of fund raising are decided but its objection was over-ruled by its Norwegian partner, Telenor.

Country's largest software firm Tata Consultancy Services (TCS) has bagged an order from Australian financial institution CUA for deployment of its banking solution. Software education services provider Aptech plans to expand in Africa, Russia and Eastern Europe.

Market regulator Securities and Exchange Board of India (SEBI) has approved the $1.22 billion (more than Rs 5,400 crore) takeover of India's sixth largest IT firm Patni Computer by US-based iGate.

Tata Steel is working on a pilot project that will enable it to use waste material in iron ore.

Swift Fundamental Research and Education Society (SFRES), the education arm for the Rs 1,600-crore Ind Swift group (manufacturer as well as exporter of Active Pharmaceutical Ingredients (API) and finished doses) is geared to venture in global education with the plan of setting up of a college in the United Kingdom.

Back office services firm Firstsource Solutions expects to clock a growth of about 10% in FY11 and expects to improve on that next fiscal.

The government said Coal India has lowered the production target to 440.20 million tonnes from 460.50 million tonnes for the current fiscal.

SREI Infrastructure Finance has been classified as Infrastructure Finance Company (IFC) by the Reserve Bank.

India's Essar Oil may defer its planned refinery shutdown to September-October from a planned May-June.

Reliance Communications has introduced Star Talk, a mobile voice platform service to reach out to one’s favorite celebs. Star Talk service includes round the clock celebrity entertainment news, gossips, film news, star interviews, movie masala, movie reviews, archives, etc.

Tata Sponge Iron has decided to install an AFBC based 25 MW power plant, subject to obtaining all necessary and statutory approvals / clearances.

Natco Pharma’s novel anti-cancer drug has received Orphan Drug Designation from the United States Food and Drug Administration (US FDA) for three indications- Glioma (brain tumor), pancreatic cancer and chronic myelogenous leukemia.

Asian equities tread cautiously on Tuesday; Nikkei deposes 1.47%

Asian equity markets are treading in a cautious mood on a mixed note in Tuesday's morning session led by Japanese benchmark which fell the most in the space, on concerns over high levels of nuclear radiations from the ill fated Fukushima nuclear plant and the impact of the natural disaster on corporate earnings. Overnight leads from the Wall Street too remained subdued despite some good economic reports as traders showed concern over Japan's nuclear crisis and violence in the Middle East and North Africa. South Korean shares receded on the back of profit booking after the recent eight-session streak of net purchases by foreign funds. Stocks in China rose marginally as steelmakers provided the much needed support on expectations of higher exports to Japan for use in the country's post-earthquake reconstruction drive.

Shanghai Composite rose 3.89 points or 0.13% to 2,987.90, Hang Seng advanced 5.54 points or 0.02% to 23,073.73, KLSE Composite gained 2.00 points or 0.13% to 1,516.25, Seoul Composite added 0.35 points or 0.02% to 2,056.74 and Taiwan Weighted increased 16.34 points or 0.19% to 8,569.40.

On the other hand, Jakarta Composite shaved off 28.05 points or 0.78% to 3,574.81, Nikkei 225 plunged 139.55 points or 1.47% to 9,338.98 and Straits Times fell 3.54 points or 0.12% to 3,053.84.

US markets snap their winning streak on Monday

US markets closed modestly lower on Monday despite some good economic reports as traders showed concern over Japan's nuclear crisis and violence in the Middle East and North Africa. Oil prices eased a bit as rebels in Libya, gained ground against Moammar Gadhafi with the help of international airstrikes against Gadhafi’s forces. On the domestic front, the Commerce Department said that consumer spending rose at its fastest pace in four months in February, though some of the increase was driven by higher gas prices.

On the same time, the National Association of Realtors said more Americans signed contracts to buy homes in February than economists were expecting. Sales rose in every region but the Northeast, but remained below what is considered a healthy level. Sales agreements for homes unexpectedly rose 2.1 percent last month to a reading of 90.8. Signings were 19.6 percent above June's index reading, the low point since the housing bust.

The Dow Jones industrial average lost 22.71 points, or 0.19 percent, to 12,197.88. The broader S&P 500 index dipped by 3.61 points, or 0.27 percent, to 1,310.19, while the Nasdaq composite declined by 12.38 points, or 0.45 percent, to 2,730.68.

Indian ADRs made a mixed closing on Monday, Infosys was up by 0.18%, HDFC Bank was up by 0.70%, ICICI Bank was up by 0.93% and Tata Motors was up by 0.06%.
On the others hand MTNL was down by 0.02% and Wipro was down by 0.04%

ONGC rises on the bourses

ONGC is currently trading at Rs. 280.45, up by 1.25 points or 0.45% from its previous closing of Rs. 279.20 on the BSE.
The scrip opened at Rs. 280.50 and has touched a high and low of Rs. 281.35 and Rs. 280.15 respectively. So far 9,207 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 368.00 on 28-Sep-2010 and a 52 week low of Rs. 249.34 on 22-Apr-2010.
Last one week high and low of the scrip stood at Rs. 281.45 and Rs. 269.50 respectively. The current market cap of the company is Rs. 238869.28 crore.
The promoters holding in the company stood at 74.14% while Institutions and Non-Institutions held 12.30% and 13.56% respectively.
In the 9th round of auction under the New Exploration Licensing Policy (NELP), ONGC bid for 28 out of 34 oil and gas exploration blocks. In all, 75 bids were received for 33 out of 34 oil and gas blocks on offer with Oil India bidding for 17. Further, Reliance Industries bid for six while Cairn India submitted offers for two out of the 34 on offer.
The government has hired UK-based Fugro Data Solutions to market the NELP-IX blocks. There were total 34 oil and gas blocks which include eight in deepwater areas, seven in shallow water and nineteen onshore properties.
In the eight rounds of NELP since 1999, 235 blocks have been awarded till date. This has resulted in enhancement of exploration coverage from 11% to about 58 per cent of the total Indian sedimentary basin area in the country between 2000 and 2010.
Recently, ONGC is facing problems in getting Cairn India's approval for developing its KG basin discoveries, where the private energy firm is a minority partner. ONGC has made 10 gas discoveries in the block. However, Cairn has not signed the DOC (declaration of commerciality) of northern discovery in the KG-DWN-98 /2 blocks and has held back some budget approvals.

BANKNIFTY FOR SUPPORT 29/03/2011

BANKNIFTY (2nd Resistance) 11818.43
(1st Resistance) 11688.87
Pivot point 11512.43
(1st Support) 11382.87
(2nd support) 11206.43

NIFTY FOR SUPPORT 29/03/2011

NIFTY (2nd Resistance) 5762.85
(1st Resistance) 5731.25
Pivot point 5697.4
(1st Support) 5665.8
(2nd support) 5631.95

Global Markets update 29/03/2011

DJIA Down 22.7 (0.2%) NSDQ Down 12.4 (0.5%) FTSE 100 Up 3.7 (0.1%) Asian Markets as on 8.45 AM  NIKKEI Down 140 (1.47%) HANG SENG Up 6 (0.03) SGX NIFTY Down 5

CARE reaffirms the ratings to Websol Energy Systems' long/medium term facilities

Credit rating agency, CARE has reaffirmed the ‘ CARE BBB-‘ ratings assigned to Websol Energy Systems' long/medium term facilities. The agency has also reaffirmed the assigned ‘PR3’ ratings to the company’s short term facilities.

The aforesaid credit ratings are provided to long / medium term and short term banking facilities availed by the company from its bankers / financial institutions.

Recently, Websol Energy Systems has signed a Joint Venture (JV) pact with Gopika Infrastructure LLP for the development of its land situated at Plot No. 1, Block - GP, Salt Lake Electronics Complex in Kolkata. The said JV agreement will help the company in generating long term value.

Earlier in February, the company had commenced the commercial production of 30 MW with effect from February 21, 2011.

Webel-Sl Energy Systems is a leading producer of Solar Photovotaic Cells and Modules in India. It is one of the fastest growing companies within the solar photovoltaic industry in India with a 30 per cent annual growth rate.  Webel Solar has established the reputation for making highly reliable photovoltaic modules for various domestic and commercial applications.

Simbhaoli Sugars zooms on its plan to hive-off its IMFL and Power biz to the new subsidiary companies

Simbhaoli Sugars is currently trading at Rs. 45.90, up by 3.05 points or 7.12% from its previous closing of Rs. 42.85 on the BSE.

The scrip opened at Rs. 43.85 and has touched a high and low of Rs. 46.00 and Rs. 43.85 respectively. So far 36,356 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 53.80 on 11-Nov-2010 and a 52 week low of Rs. 32.50 on 25-May-2010.

Last one week high and low of the scrip stood at Rs. 46.00 and Rs. 42.00 respectively. The current market cap of the company is Rs. 116.19 crore.

The promoters holding in the company stood at 43.58 % while Institutions and Non-Institutions held 4.51 % and 51.91 % respectively. 

Simbhaoli Sugars (SSL), one of the country’s largest sugar refiners would be hiving off of its Simbhaoli Distillery mainly comprising of its potable alcohol (IMFL) business and Power Businesses to new subsidiary companies. These new companies shall be wholly owned subsidiaries of SSL and will chalk out their own growth plans.

The business of the Simbhaoli Distillery which includes Potable Alcohol Business is being carved out into a separate company. The main objective behind this exercise shall be to achieve growth in potable alcohol business by exploring new business and marketing areas for creation of new brands, their promotion and capacity enhancement. The potable alcohol business has an aggressive growth plan with a back drop of 10 to 12% year on year basis natural growth in domestic drinking alcohol segment.

Presently alcohol manufacturing is carried out in all the three units of the Company namely Simbhaoli Distillery (90 kld capacity), Brijnathpur Ethanol Division and Chilwaria Ethanol Division. The Simbhaoli Distillery business achieved a gross turnover of Rs 316.7 crore in FY10. All the three facilities of SSL have power generation capacities aggregating 64 mwh and two of the units have a capacity to export 34 mwh of surplus power to the State Grid.

The Company has also decided to transfer its existing business of power generation in to a separate entity. The total power generation capacity of the group at present is 64 mwh and is expected to increase to 115 mwh in three years time. New entity will tie up its own financing and implement the project in time bound manner.

Further, the Company is planning to create connectivity to the grid by laying down the transmission lines at its Brijnathpur power unit, with a present capacity o f 8 mwh. Bio mass/ bagasse shall be transferred to the new Company for conversion into steam and power.

Financial Technologies leads the gainer list of ‘BSE IT’ space

Financial Technologies is currently trading at Rs. 816.00, up by 46.85 points or 6.09% from its previous closing of Rs. 769.15 on the BSE.
The scrip opened at Rs. 775.00 and has touched a high and low of Rs. 823.75 and Rs. 775.00 respectively. So far 39,267 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1652.00 on 30-Mar-2010 and a 52 week low of Rs. 689.05 on 28-Jan-2011.
Last one week high and low of the scrip stood at Rs. 823.75 and Rs. 720.00 respectively. The current market cap of the company is Rs. 3723.15 crore.
The promoters holding in the company stood at 45.39% while Institutions and Non-Institutions held 31.34% and 22.90% respectively.
Financial Technologies (India) (FTIL) is a flagship company of the Financial Technologies Group. It provides technology solutions and domain expertise for digital transactions and financial markets across all asset class including equity, commodities, currency and debt. The company's flagship product ODIN is used for trading in securities and commodities and accounts for 80% of market share in India.
The company has posted a net profit of Rs 78.79 crore for the quarter ended December 31, 2010 as compared to Rs 61.75 crore for the quarter ended December 31, 2009, up 27.60%.

Usha Martin jumps on raising $125 million via ECB to fund its capex needs

Usha Martin is currently trading at Rs. 61.50, up by 4.70 points or 8.27% from its previous closing of Rs. 56.80 on the BSE.
The scrip opened at Rs. 59.10 and has touched a high and low of Rs. 62.00 and Rs. 58.30 respectively. So far 38,000 shares were traded on the counter.
The BSE group 'B' stock of face value Re. 1 has touched a 52 week high of Rs. 106.95 on 07-Apr-2010 and a 52 week low of Rs. 49.30 on 08-Mar-2011.
Last one week high and low of the scrip stood at Rs. 62.00 and Rs. 52.65 respectively. The current market cap of the company is Rs. 1730.93 crore.
The promoters holding in the company stood at 38.38% while Institutions and Non-Institutions held 50.17% and 9.90% respectively.
Usha Martin has raised $125 million via external commercial borrowing [ECB] from State Bank of India as sole mandated lead arranger and book runner with DBS Bank, State Bank of India [Canada] and The Bank of Tokyo - Mitsubishi UFJ as other participating lenders.
This exercise of company is for parting finance for its capex plans of Rs 1200 crore in order to strengthen its cost competitiveness in steel business and also maintain its global leadership position in the wire and wire rope industry.
Usha Martin is engaged in the manufacturing of wire rods, bright bars, steel wires, specialty wires, wire ropes, strand, conveyor cord, wire drawing and cable machinery. The company was incorporated as a joint venture between Usha Martin Industries and Bihar State Electronics Development Corporation, AEG Kabel, Germany (now Kabelrhydt and a member of the Alcatel group) and DEG, Germany.

Asian markets sustain sanguinity on last trading day of week with a positive start

Asian equity indices ascended this Friday morning as investors continued to pile up positions tracking buoyant leads from Wall Street overnight which went for a smart rally on the back of confident corporate earnings and signs of a stronger job market. Stock markets in Japan have bounced back from the recent downtrend as construction firms gained on optimism that demand will grow as Japan rebuilds after being grappled with a deluge of destruction. The South Korean benchmark climbed over half a percent as Won strengthened to a two-week high on speculations that global economic recovery will withstand Europe’s financial crisis.

Shanghai Composite advanced 16.56 points or 0.56% to 2,963.26, Hang Seng climbed 193.77 points or 0.85% to 23,109.05, Jakarta Composite zoomed 76.12 points or 2.14% to 3,632.35, KLSE Composite rose 4.03 points or 0.27% to 1,517.87, Nikkei 225 jumped 94.13 points or 1.00% to 9,529.14, Straits Times surged 28.20 points or 0.93% to 3,071.23, Seoul Composite increased 12.62 points or 0.62% to 2,049.40 and Taiwan Weighted added 40.39 points or 0.47% to 8,616.79.

FII DII DATA 25/02/2011

Net Index Futures (686), Net Stock Futures (-97), Derivative Market: Total Open Interest (Rs 1,47,554 cr), Stock Futures Open Interest (Rs 34,219 cr)