Current news & Rumours in the mkt

[praveen taneja]

The stock markets globally remained quite volatile last week. The weak market sentiments were fuelled by the weakness in the Euro and actions taken by Germany to ban short sales of Euro. The domestic markets were also nervous and had high volatility with a negative bias. In fact, the markets closed below 200 DMA (200 days' moving average) during the week which is a sign of technical bearishness in the markets.

Weak sentiments are prevailing in the markets as the decision taken to create a fund of 750 million Euro to support the struggling Euro nations has not been accepted by the second level leadership in the Euro region. This is a major source of negative sentiments in the stock markets.

On the domestic front, the 3G auctions ended with a price tag of almost Rs 67,000 crores. In general, the markets look quite weak at the moment and investors are advised to remain cautious before making any major investments. Long-term investors can accumulate selected stocks in a staggered fashion of small quantities as the market has corrected quite significantly over the last week.

 

[niftytrader99]

Anil, Mukesh Ambani bury differences

NEW DELHI: In a major development, the two Ambani brothers--Mukesh and Anilon Sunday decided to bury their differences and create an environment of harmony, co-operation and collaboration between their groups.

"All existing non-compete agreements between the two groups executed in January 2006 are cancelled," Anil Ambani group said in a statement.

The harmony comes within a few days of the Supreme Court declining to give any relief to younger brother in the gas dispute.

"A new, simpler non-compete agreement executed and limited to only gas-based power generation. RIL (Mukesh) and RNRL (Anil) will expeditiously negotiate gas supply arrangement as per the Supreme Court order and hope to conclude negotiations very soon," it added.

The cancellation of the existing non-compete agreement will provide enhanced operational and financial flexibility to both groups and greater ability t participate in high growth sectors such as oil and gas, petrochemical, telecom, power and financial services, the Anil Ambani Group said.

However, RIL has agreed not to enter into the gas-based power generation business for the period up to March 2022.

In an identical statement, Reliance Industries said "RIL, led by Mukesh D Ambani, and Reliance ADA Group companies, Reliance Communications, Reliance Infrastructure, Reliance Natural Resources, and Reliance Capital, led by Anil D Ambani, have today approved and signed an agreement canceling all existing non-compete arrangements entered into between the two groups in January 2006 pursuant to the scheme of reorganisation of the Reliance Group and entered into a new simpler, non-compete Agreement with respect to only gas-based power generation.

These developments will eliminate any room for further disputes between the two groups, on matters relating to the scope and interpretation of the non-compete obligations, RIL added.

"RIL and Reliance Natural Resources (RNRL) will expeditiously negotiate gas supply arrangements in accordance with the orders of the Hon'ble Supreme Court of India. We hope to conclude these negotiations very soon, the RIL statement further said.

RIL and Reliance ADA Group are hopeful and confident that all these steps will create an overall environment of harmony, co-operation and collaboration between the two groups, thereby further enhancing overall shareholder value for shareholders of both groups, the RIL statement added.



Will tomorrow be a Bulls day?

 

[subi2000]

I think the agreement between RIL and ADAG is positive at least for short term. Especially the ADAG stocks, RNRL in particular can jump by 10 % minimum.

 

[alroyraj]

I think it s hugh positive for RIL because it allows RIL to enter industries where ADAG is present due to scrapping of the non compete agreement. I believe this is a good trigger for the stock. Also the US markets ended up. SInce Reliance has a high weightage in the nifty and also since the Reliance weightage has increased in the Nifhty it could have a positive direction to the markets.

 

[alroyraj]

I think the agreement between RIL and ADAG is positive at least for short term. Especially the ADAG stocks, RNRL in particular can jump by 10 % minimum.

Apparently your right!

 

[praveen taneja]

NEWS UPDATES
• Sun Pharmaceutical Industries was consolidated net profit
declined 25.7% to Rs 1351.08 crore in the year ended March
2010 over the year ended March 2009.
• Tata Chemicals net profit fell 6.51% to Rs 605.91 crore in the
year ended March 2010 over the year ended March 2009.
• Bharat Forge received a contract to design and commision a
450 megawatt independent power project.
• Marsons entered in to a strategic agreement to acquire 100%
stake in a European transformer manufacturing company for
6.1 million pound.

 

[praveen taneja]

EVENT TO WATCH
US- Existing home sales

 

[praveen taneja]

LISTING

CIRCULAR

Date: May 24, 2010

Download Reference No. NSE/CML/0494
Ref. No. NSE/LIST/C/2010/14856



Subject: Suspension of trading in equity shares

To All Members,

In pursuance of Regulation 3.1.2 of the National Stock Exchange In pursuance of regulation 3.1.2 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the following security will be suspended from trading w.e.f. June 1, 2010 (i.e. closing hours of trading on May 31, 2010):



Sr. No.
Name of the Company
Symbol
Series
Reason for suspension

1
Computech International Limited
COMPUTECH
EQ / BL
Non-compliance with provisions of Listing Agreement which inter-alia includes non submission of corporate governance report for the quarter ended March 31, 2010

2
Pyramid Saimira Theatre Limited
PSTL
EQ / BL
Non-compliance with provisions of Listing Agreement which inter-alia includes non submission of corporate governance report for the quarter ended March 31, 2010


This circular shall be effective from June 1, 2010.


For and on behalf of
National Stock Exchange of India Limited

 

[praveen taneja]

Obama team will announce new ‘mini-stimulus’
Team of obama urged Congress to pass up to $200bn Here figure of last year’s $787bn stimulus is wearing off.
By way of cut on spending mini stimulus will be passed The move is a variation on the “line-item veto”

 

[praveen taneja]

Keep eye on aban. Won new big rig order.