India Coffee House Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : India Coffee House

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Mohan Marette who wrote (9190)	10/31/1999 8:33:00 AM
From: Mohan Marette	Read Replies (1) of 12475

India Weekly Market Review Market Mood The BSE Sensex saw a massive 339 point decline during the week, a drop of 7.1% over previous weeks close. The Sensex closed at 4445 on Friday. Net long position at BSE at the end of the week stood at Rs26.44bn (down 6.6% over last week). Badla averaged 20%. Cumulative FII net sales for the month of October has crossed Rs7.1bn (US $164mn). Net FII net sales in the last week was Rs2.1bn. Sectors which performed relatively better (ie recorded least decline) were Steel, Finance and FMCG stocks. While Tisco announced encouraging results, other two steel majors' (SAIL and Essar) performance has not been so good. However both the results came in after market hours on Friday and this is likely to have a reaction on Steel Index in next week. FMCG results have been in line with expectations - the topline growth has been in single digits for most companies, but bottomline growth trend has been maintained. Investment strategy The panic selling seen in the current week is expected to abate. Infact, investors can use the opportunity to accumulate fundamentally sound scrips, which have also come down to attractive levels with the rest of the market. News Snippets (Domestic) The busy season credit policy has announced a cut in CRR to 9%, abolition of 30% surcharge on import financing and has allowed banks to set sub-PLR rates for bill discounting. The policy is expected to augment liquidity and give a push to industry and trade. Sanctions on India waived: US President Bill Clinton signed a bill that gave authority to the U.S. Energy Secretary Richardson to waive economic sanctions imposed on India following the Pokhran blasts in May 1998. The waiver authority was contained in a $267bn defense bill that Clinton signed laying out Pentagon's fiscal 2000 spending package. 49% foreign equity in e-commerce ventures : The department of industrial policy and promotions proposes to allow 49% foreign equity in e-commerce ventures. According to the proposal, companies intending to undertake e-commerce have to be registered in India and such ventures should have domestic majority equity. India Cement acquires Vishnu Cement : The Raasi Cement drama took a new turn with Dr. B.V.Raju and his associates selling their entire holding in Sri Vishnu Cements Ltd to subsidiaries of India Cement ICL Securities Limited and Raasi Cement Limited. Sri Vishnu Cement is of greater significance as it holds rights to limestone mines. Private Equity fund Warburg Pincus has picked up a 6.6% equity stake in Housing Development and Finance Corporation (HDFC). Warburg is also likely to seek clearance from the Foreign Investment Promotion Board (FIPB) for converting its holding into non-portfolio (strategic) investment. State Bank of India (SBI) will go in for an equity issue next year in a bid to keep the capital adequacy over 12%. The chairman of SBI, G.G. Vaidya, said the bank's capital adequacy is 12.51% and that they would always like to keep it over 12%. (Probity Research)

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next