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Kewal Kiran's Q2FY13 revenues were lower while earnings were higher than CRISIL Research's expectations. Revenues declined 9% y-o-y to Rs 917 mn owing to 12% de-growth in apparel volumes. EBITDA margin increased by 164 bps y-o-y to 27.7% due to increase in realisation, and decline in selling and distribution expense due to deferment of Diwali sales. Adjusted PAT margin improved in line with operating profitability, up by 100 bps (y-o-y) to 19.2%. We believe that Kewal Kiran with its well-established brands, entrenched distribution network in the non-metro cities and a healthy balance sheet is likely to tide over the short term slowdown. We expect volumes to pick up as festive season shopping begins in the middle of Q3 for which the company built inventory in October 2012 and is likely to incur higher advertisement cost. We maintain the fundamental grade of 4/5.
Revenues down due to delay in festive season shopping
Kewal Kiran sold 11.1 lakh garments in Q2FY13 compared to 12.6 lakh garments in Q2FY12. Persistent inflation, higher interest rates and weak consumer sentiment have translated to lower spending, and coupled with delays in shopping for the festive (Diwali was in mid November compared to October last year) and wedding seasons, volumes declined y-o-y. We believe that as majority of sales must have happened in first half of October, Q2 and Q3 combined is likely to post moderate growth y-o-y.
Apart from premium brand Killer, others de-grew; major channel partners hit
Of Kewal Kiran's premium brands, Killer's revenues grew by a moderate 3% (to Rs 473 mn) while Lawman's de-grew by 25% y-o-y (to Rs 153 mn). Integriti, the mass brand, de-grew by 6% y-o-y to Rs 237 mn. With rising share of Killer brand, realisation was up by 6% y-o-y. Revenues from multi brand outlets (MBOs) dipped 11% to Rs 567 mn in Q2FY13. Retail store sales dipped 12% y-o-y to Rs 225 mn.
Earnings estimates increased, fair value revised to Rs 590 per share
We increase our earnings estimates for FY13 and FY14 because of higher-than-expected operating profitability in the current quarter; however, we maintain our revenue estimate. We maintain our revenue estimates for FY14; there is limited downside to our estimate as we have factored in the impact from lower consumer spending, however if demand picks up in the short to medium term, the company is likely to benefit from operating leverage. We continue to use the discounted cash flow method to value Kewal Kiran and revise our fair value to Rs 590 per share. At the current market price of Rs 746, the valuation grade is 2/5.
Disclaimer: This report (Report) has been commissioned by the Company/Investor/Exchange and prepared by CRISIL. The report is based on data publicly available or from sources considered reliable by CRISIL (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. Opinions expressed herein are CRISIL's opinions as on the date of this Report. The Data / Report are subject to change without any prior notice. Nothing in this Report constitutes investment, legal, accounting or tax advice or any solicitation, whatsoever. The Report is not a recommendation to buy / sell or hold any securities of the Company. CRISIL especially states that it has no financial liability, whatsoever, to the subscribers / users of this Report. This Report is for the personal information of the authorized recipient only. This Report should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person or published or copied in whole or in part especially outside India, for any purpose.
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However, the nod comes with a rider that both Vedanta and government have to first withdraw all litigations, only then valuation of HZL and Balco will be completed. According to sources, Vedanta will have right to buy stake in both the companies at a price discovered by valuers if the valuation is unacceptable to govt and Vedanta.
Vedanta to offer 'fair' price for HZL, Balco
Sources also add that the Finance Ministry has suggested e-auction route for residual stake sale. At present, the government holds 29.5 per cent stake in HZL and 49 per cent stake in Balco.
In January, Anil Agarwal-led Vedanta Resources had offered Rs 17,275 crore for government's remaining stakes in HZL and Balco. This amounts to over 57 per cent of government's disinvestment target of Rs 30,000 crore.
At present, Hindustan Zinc is the richest profit-making subsidiary of Vedanta with a cash and cash equivalent of Rs 19,136 crore as on September, 2012. The company had reported a net profit of Rs 5,526 crore and net revenues of 11,405 crore in 2011-12.
On the other hand, Balco is an unlisted subsidiary of Vedanta and its valuation has been a bone contention between the mining firm and the government.
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Wed, Nov 28, 2012 at 12:07
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Doom 3 BFG Edition GPL source code available
The modding community for id's remake of Doom 3, titled Doom 3 BFG Edition, has some good news. Bethesda has announced that the GPL source code for Doom 3
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Doom 3 BFG Edition GPL source code available
The modding community for id's remake of Doom 3, titled Doom 3 BFG Edition, has some good news. Bethesda has announced that the GPL source code for Doom 3
The modding community for id's remake of Doom 3, titled Doom 3 BFG Edition, has some good news. Bethesda has announced that the GPL source code for Doom 3 BFG Edition is now available on the id Software page.Bethesda has also listed the changelog for the game's latest update on the PC version. The update has new features as well as bug fixes. Here are the new features added to the game in the update:
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HONG KONG (Reuters) - A Hong Kong court on Wednesday agreed to postpone the start of a money laundering trial for Hong Kong businessman Carson Yeung, the owner of English football club Birmingham City, given a need to gather further evidence.
Among the charges the tycoon is facing is alleged money laundering including "dealing with property known or believed to represent proceeds of indictable offence" of more than HK$720 million.
District court judge Douglas Yau agreed to defer the trial date to April 29 next year following a request by Yeung's lawyer to gather more evidence and better prepare their defence, saying that Yeung had been "living in a state of limbo".
In recent months, Yeung's financial troubles have seemingly mounted including the threat of eviction from a luxury home in the exclusive Peak district for non-payment of mortgage installments, stoking uncertainty over the fate of Birmingham City Football Club in which he holds a controlling stake.
As head of Hong Kong-listed Birmingham International Holdings Ltd <2309.HK>, the tycoon was arrested in June 2011, since when trading in the company's shares has been suspended.
Appearing in court in a dark suit with a blue tie, the 52-year-old Yeung appeared calm and declined to speak to the judge in English, instead using a Cantonese interpretor.
Yeung, a former hairdresser, took control of Birmingham City in October 2009 through Birmingham International. The parent company last month said it had been approached by two potential buyers to explore the possibility of buying the club.
Birmingham City play in the English Championship, one level below the wealthy Premier League, after being relegated in 2011. They have made a poor start to the season and are currently in the bottom half of the 24-team league.
(Reporting By Grace Li; Editing by James Pomfret)
The company will also be converting its Kalamassery plant in Kerala into a dedicated unit for production of off-highway tyres (OHTs) with about 85 per cent of the output aimed to cater to export markets, including the US, Europe, Australia and Latin America.
Moreover, the company will also be hiking the production capacity of its factory in the Netherlands to 7.5 million units a year from the current 6 million units per annum.
"Over the next five years, we will be setting up two new greenfield plants, one either in Thailand or Indonesia and another in Eastern Europe in a phased manner," Apollo Tyre Vice-Chairman and Managing Director Neeraj Kanwar told PTI.
On the overall investments for the next five years, he said: "All these projects put together, including our Kerala and the Netherlands units, we are looking at an investment of USD one billion."
Asked about the funding of the investments, he said it would be partly through the USD 150 million that the company planned to raise via placement to QIBs and internal accruals.
The tyre major will be focusing on setting up the plant in South East (SE) Asia and only after completion of the first phase of the project, the East European plant will follow.
"The first phase of the SE Asia will entail an investment of about USD 250-300 million. The initial capacity of the plant will be 16,000 units of passenger car radials (PCRs) per day and 1,500 units of truck and bus radials a day (TBRs)," Kanwar said.
The second phase will entail an investment of around USD 200 million and the proposed plant would have a full capacity of 24,000 units of PCRs per day and 3,000 units of TBRs a day.
"But, before we take up the second phase of the SE Asia project, we will start the greenfield plant in Eastern Europe. As of now, we have put our earlier plans to set up a plant in either Poland or Hungary on the backburner," he said.
Tyre Industry: No Cartel!
Kanwar said the company is yet to finalise whether the SE Asia plant will come up in Thailand or Indonesia as it is still under negotiations with both the governments.
"The plant in SE Asia will mainly cater to the entire ASEAN countries and China, while 20 per cent of the production will be exported to Europe and Latin America," he added.
The proposed new plant in Eastern Europe will be for production of PCRs with an envisaged capacity of 7 millionunits per annum entailing a total investment of around USD 350 million.
For the Kalamassery plant, which currently produces agricultural and industrial tyres, truck and bus tyres, Kanwar said Apollo Tyres will be investing about Rs 200 crore.
"We have taken a decision to convert this plant into a hub for production of OHTs. Only 10-15 per cent of the production from here will cater to the Indian market and about 85 per cent will be exported."
The company is looking at markets like the US, Europe, Australia and Latin America for the OHTs, he added.
On the expansion of the factory of its Netherlands arm Vredestein Banden, Kanwar said: "This is currently at a project discussion stage, but it will take about 15 months once we start it. What we are looking at is to increase the production capacity to 7.5 million per annum from the current
6 million."
The project will entail an investment of 50 million euros, he added.
Tue, Nov 27, 2012 at 12:25
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Rupee fell to over two-month low against greenback on Friday, marking its fourth straight weekly loss, weighed down by persistent dollar buying by oil companies. However, there were speculations of RBI intervening in the market at around 55.50 levels via state-run banks. The rupee has lost 3.6 percent of its value over these four weeks, with global markets weakening and amid growing worries about whether the government can contain the fiscal deficit and push through reforms in the winter session of parliament that kicked off this week. The partially convertible rupee closed at 55.5350/5450 per dollar versus its previous close of 55.21/22.
Investors are keenly waiting to see if the government can pass key reforms such as foreign direct investment in pension and insurance, as well as the banking amendment bill. Failure to pass any of the key reforms could even eventually push the rupee down towards 56.50-57.00 levels. Rupee is expected to open with a mild appreciation, tracking gains in Euro and other risky assets. Euro zone finance ministers meet today for a third time in as many weeks to hammer out a deal to get international lenders to release aid to Greece before debt repayments due mid-December. The USD/INR pair is expected to trade in a range of 55.20-55.60.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Mon, Nov 26, 2012 at 12:23
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The latest earning numbers FIRST on CNBC-TV18
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SAO PAULO (Reuters) - Lewis Hamilton will start Sunday's season-ending Brazilian Formula One Grand Prix on pole position in his farewell to McLaren, with team mate Jenson Button alongside.
Red Bull's championship leader Sebastian Vettel qualified fourth on Saturday with his sole title rival, Ferrari's Fernando Alonso, lining up in eighth place.
Vettel, chasing his third title in a row, leads Alonso by 13 points.
The pole was McLaren's first in Brazil since Mika Hakkinen in 2000 and the team's 62nd front-row lockout. (Reporting by Alan Baldwin, editing by Clare Fallon)
Sat, Nov 24, 2012 at 11:54
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Free speech online? Think again
Voicing your dissent or being a smart alec in the virtual world, as recent incidents have proved, could have legal consequences.
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Free speech online? Think again
Voicing your dissent or being a smart alec in the virtual world, as recent incidents have proved, could have legal consequences.
The essence of social networking is connecting with people, sharing thoughts, building relationships etc. Not surprising then that people use the platform to vent their feelings; it could be anything from commenting about the movie they watched, a book they liked, ranting about their job or even voicing their opinion about the recent social or political happening. It's basically taking interactions that we would normally have with our friends, to the virtual platform. But voicing your dissent or being a smart alec in the virtual world, as recent incidents have proved, could have legal consequences. The principles of free speech and freedom of expression on the web is widely debated. While some believe a degree of caution needs to be maintained, owing to the viral nature of the Internet, others are of the opinion that it shouldn't be any different than in the real world. We have listed a few instances where posts on social networking sites have landed individuals in trouble with the law.Even liking a status could land you in trouble
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Below is the edited transcript of his interview to CNBC-TV18.
Q: What is your view on Nifty movement this week - end to end it maybe a 1 percent gain but it has been an excruciatingly range bound week. Where do you see the Nifty headed? Are there signs of the Nifty cracking under pressure?
A: The movement of the Nifty has been range bound. Basically, we are in a no trade zone between 5550-5650 on the Nifty. It is senseless to trade unless it break-down or break-out of it. It is best to keep away for time being. The developments in the Parliament also need to be seen. Positions can be taken one there is break down or break out.
Q: Would you stick with the media stocks or do you think they have already run up?
A: For time being, there is movement in media stocks. Some media stocks will run up in next couple of weeks.
Q: Anything you want to add to the list?
A: I recommend Titagarh Wagons - especially with the changes in GAAR at the Centre in the presence of TMC. I think modernization would be underway and there will be private sector participation. I expect the performance of Titagarh Wagons to improve from hereon. Generally around Budget time railway stocks move, and I feel that this stock can move to Rs 400-410 from current levels, which is a decent gain.
Thane, Nov 24 (PTI) Exclusive industrial units employing women from the tribal regions of Thane district will be set up soon, Maharashtra Minister of Labour, Excise and Environment has said. This would be first such project in the state, said Naik, who is also Thane Guardian Minister, while addressing the regular weekly Janata Durbar here yesterday. Tribals, especially women, are forced to leave their villages and migrate to other areas in search of employment. This problem is mostly experienced in the predominantly tribal regions of Mokhada, Vikramgadh, Talasari and Jawhar, he said. In order to put a permanent end to this problem, it has been decided to set up industrial units exclusively for women from these regions, Naik said. These units will ensure permanent employment and income for the tribal women and start functioning very soon, the Minister said. He directed the district administration to work towards setting up the units and make available funds from the tribal sub-plan for the project. PTI COR RSY
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Reacting to the announcement, the shares of the company opened with a weak note at Rs 225.35, then lost further ground and tanked 18.17 per cent to touch an early low of Rs 217.90 on the BSE. A similar movement was seen on the NSE, where the stock opened at Rs 255.00, then fell 18.57 per cent to an early low of Rs 216.70. The government plans to sell up to 9.59 per cent of its 99.59 per cent stake in the company through the offer for sale route. If fully subscribed, the 9.59 per cent stake in HCL can fetch up to Rs 1,376 crore to the cash-pressed exchequer. The share sale would close at 3.30 pm today.
Refined Soy oil Dec NCDEX: Prices traded higher from a low of 694.60 and later closed at 707.50 levels. As prices broke the major resistance zone of 704 levels yesterday, the trend turned bullish and expects a move towards 711 followed by 718 levels. Proportionate increase in volume will also required for such strong rallies. On the lower side, a break below 694 may see a sharp lower correction to 685 levels in the near term.
Pepper Dec NCDEX: Prices plummeted sharply from a high of 39110 and later closed at 37730 levels. For the day, expect a bounce back to 38370 before resuming the downtrend towards 37500 followed by 36900 levels. Meanwhile, RSI is extremely over sold, might reduce chances of such strong sell offs. On the higher side, a direct rise above 38600 could lift prices to 39200 levels in the near term.
Cardamom Dec MCX: As prices cleared major obstacle at 906 levels, expect a rally towards 925 levels.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Thu, Nov 22, 2012 at 12:25
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Wed, Nov 21, 2012 at 12:17
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Nokia, Deadmau5 team up for Windows Phone event in London
Nokia is teaming up with Deadmau5 once again, and it appears that they have something exciting to showcase in the UK on November 28, 2012.
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Nokia, Deadmau5 team up for Windows Phone event in London
Nokia is teaming up with Deadmau5 once again, and it appears that they have something exciting to showcase in the UK on November 28, 2012.
Deadmau5 is one of the best progressive house artists in recent times, and his concerts are nothing short of epic. Nokia is teaming up with Deadmau5 once again, and it appears that they have something exciting to showcase in the UK on November 28, 2012.
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Buy Hotel Leela with a day target of Rs 32 and a stop loss of Rs 30. There are some news that the company is likely to monetize one of its property for over Rs 500 crore and the company is also likely to see some big corporate announcements which are likely to rerate the stocks in the time to come. In anticipation of this news we have seen the informed buying taken place yesterday.
Buy Thomas Cook with a day target of Rs 68 and a stop loss of Rs 63. In view of the promoter holding of 87 percent there is a strong buzz in the market that in the next 3-4 months the promoters of the company are likely to initiate or offer a delisting move which is likely to see a big value accretion likely to happen in the share price in this period.
Buy Vaibhav Gems with a day target of Rs 121 and a stop loss of Rs 109. This gem and jewellery is seeing a huge informed buying and the buy call has been given on the stock purely as a trading buy with a limited time horizon of maybe next couple of days purely as a momentum play on the stock.
Short Unitech with a day target of Rs 24 and a stop loss of Rs 26. This real estate company is seeing huge profit booking as well as opening of new shorts in line with the profit booking having seen in all real estate stocks and hence likely to remain weak for the next couple of days and hence a sell call.
USDINR: 55.12
Prices opened below the uptrend support line however buying at lower levels helped the pair in closing above the same. Further buying is expected in the counter from current levels.
EURINR: 70.55
As expected the pair tested the flat resistance level pegged at 70.5 levels. If it sustain above the same prices can surge up to 71 levels.
GBPINR: 87.78
It is on the verge of testing the stiff resistance line at 87.9 levels. Some sell-off can be seen from those levels. And the same will offer a favorable trade setup for the bears.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Tue, Nov 20, 2012 at 12:16
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Microsoft to release Karoake for Xbox 360
Microsoft has been adding new features to the Xbox 360. According to PlayXBLA, Microsoft and The Karaoke Channel will let you stream songs for an hourly fee in...
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Microsoft to release Karoake for Xbox 360
Microsoft has been adding new features to the Xbox 360. According to PlayXBLA, Microsoft and The Karaoke Channel will let you stream songs for an hourly fee in...
Microsoft has been adding new features to the Xbox 360. According to PlayXBLA, Microsoft and The Karaoke Channel will let you stream songs for an hourly fee in the new Karaoke app. The app is said to offer more than 8,000 tracks, with genres ranging from pop, rock, country, and R&B. The Karoake Channel boasts the app's major advantage over other music games being that you don't have to store the music on your Xbox 360, and instead, could simply stream whatever song you wish to sing along to.Available on Xbox Live in time for the holidays, Karaoke for the Xbox 360 will have a selection of free sample songs that will change frequently. Full access to the entire library is available for blocks of two, six, or 24 hours by redeeming Microsoft Points. Songs are added to the library on a regular basis as they are produced and licensed, giving everyone a great reason to launch The Karaoke Channel on Xbox Live to discover new songs to sing.
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Here is the edited transcript of the interview on CNBC-TV18.
Q: I am going to start with Biocon. Post the BMS or Bristol-Myers Squibb deal on oral insulin, where do you think Biocon is headed in terms of valuations and how much of an upside do you actually see from this option agreement?
A: The BMS deal was incrementally positive for the oral insulin program of the company but, I think still it is a little far away from phase II studies where the company has to clearly establish the efficacy and safety of the product. Till those studies are over and we see more commitment from BMS in terms of actual license payments or milestone payments, I think it's a bit too early to take a call on that. But, if it succeeds it could be a really big drug for the company.
Q: You have a buy on Dr. Reddy's, what are you pinning your hopes on?
A: Dr. Reddy's has performed really well over the last two three years both in the US market and in the domestic market except for that brief period of slowdown, they have done well. In other markets like Russia and other emerging markets they have done well. Going forward also, I think reasonably good performance should continue.
Strong earnings growth should continue even beyond the current phase that we are seeing and even in the near term second half of FY13 should be a very good period where they will have some extra revenues coming in from so far undisclosed products in the US. Despite all this, the stock is trading cheaper than peers like Lupin, Cadila, Cipla, etc which I think makes the stock attractive. I believe valuation re-rating together with earnings growth should give a 25 percent plus upside for the stock over the next one year.
Q: Wanted your view with regards to Cipla because that one actually had a very good set of Q2 FY13 numbers, not to mention Q1 FY13, so the first half of the fiscal has been pretty strong in terms of fundamentals for Cipla, how much of an upside do you see in terms of the remaining part of the fiscal possibly from a EPS as well as valuations which could extend into FY14? What is the target price that you would be working with?
A: The first half of this fiscal for Cipla was extremely great. But, I would take a wait and watch policy there because the first half also had the benefit of one-off Lexapro sales in the US. Excluding that one-off benefit, which will go away in subsequent quarters, I doubt if the base business has improved as significantly as the street is currently seeming to build in.
I would wait for next quarter numbers to see how much of the good set of numbers have come from base business and how much is one-off and further upside from these levels I think strictly depends upon that outcome.
More to come.
By Chikako Mogi
TOKYO (Reuters) - Asian shares rose on Monday, supported by hopes U.S. politicians can overcome an imminent fiscal crunch while the yen fell to a near seven-month low against the dollar on expectations a new government chosen in next month's election could pump large amounts of stimulus cash into the economy.
A 0.2 percent gain in U.S. stock futures point to a firm Wall Street open, and financial spreadbetters predict London's FTSE 100, Paris's CAC-40 and Frankfurt's DAX will open as much as 0.9 percent higher.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 percent, recovering from Friday's nine-week low.
Its energy sector outperformed as mounting supply concerns on escalating tension from Israeli air strikes on the Gaza Strip and Hamas rocket attacks on Israel underpinned oil prices.
The materials sector was among top gainers as London copper rallied 1 percent to $7,684 a tonne on a renewed growth outlook for China and hopes for a solution to the U.S. fiscal cliff.
Australian shares climbed 0.6 percent but Shanghai shares underperformed with a 0.5 percent drop, having earlier touched levels not seen since early 2009.
"We had some positive leads from the U.S. on Friday. Our market had been underperforming last week," Peter Esho, chief market analyst at City Index, said of Australian equities. "There's some hope that the negotiations in the U.S. around the fiscal situation may somewhat improve - the prospects around that may improve this week."
Japan's Nikkei average, which bucked the broad Asian downtrend on Friday and surged 2.2 percent, extended gains with a 1.4 percent climb to close at a two-month high.
Speculation that the leader of the opposition Liberal Democratic Party, which is expected to win the December 16 elections, will call for more stimulus including further aggressive easing by the Bank of Japan also undermined the yen.
The BOJ begins a two-day policy meeting on Monday, and is expected to refrain from taking fresh policy steps.
The dollar hit a near seven-month high against the yen at 81.59 yen on Monday. A weaker yen helps support the economy and boosts sentiment for Japanese equities investors.
A senior trader at a foreign bank said investors had been underweight Japanese equities and the rally could have further to go as they start to put their money into Japan, advising investors to cover their positions in very heavily short-sold sectors such as electronics.
FISCAL CLIFF, GREECE EYED
Aside from Japanese politics, market players closely watched negotiations among U.S. Congressional leaders to avoid a budget crisis, and prepared for European officials' meeting on Tuesday to discuss aid for debt-stricken Greece.
Hope that U.S. politicians would find a way to steer clear of the "fiscal cliff" boosted U.S. stocks on Friday. European shares sank to a 3-1/2-month closing low, for their worst week since the end of May, on persistent concerns over U.S. fiscal policy and the euro zone debt crisis.
Top lawmakers from both major U.S. political parties on Friday hinted at the possibility of a budget compromise that involves spending cuts and additional revenue, although they were short on details.
"The good news is the tone of Friday's White House meeting but the prospect of no agreement until at least mid-December fits our view that the two sides are starting negotiations from rather distant points," Sean Callow, senior currency strategist at Westpac bank in Sydney, said in a note.
"As such, there will be plenty of negative headlines in coming weeks that weigh on Treasury yields and boost USD, which is yet again trading like a safe haven even when the bad news is generated by the US."
The dollar fell 0.2 percent, retreating from the two-month high of 81.455 hit on Friday against a basket of key currencies. The drop in the dollar supported gold, which added 0.5 percent to $1,721.60 an ounce.
The euro rose 0.1 percent to $1.2760, with traders waiting to know whether euro zone finance ministers and International Monetary Fund Managing Director Christine Lagarde would agree a way to make Greece's debt manageable.
"As the EU prepares a bundled aid package to avert a Greek default, headlines coming out of the meeting may fuel a relief rally in the euro, but we will maintain our bearish forecast for the single currency as the region faces a deepening recession," said David Song, currency analyst at DailyFX.
U.S. crude futures jumped 1 percent to 87.81 a barrel and Brent rose 0.7 percent to $109.70.
Asian credit market spreads on the iTraxx Asia ex-Japan investment-grade index were little changed.
(Additional reporting by Thuy Ong and; Ian Chua in Sydney, Dominic Lau in Tokyo; Editing by Eric Meijer)
Sharekhan said both Maruti and Mahindra & Mahindra will outperform the sector in the near-term, citing a "strong" order backlog, according to an email to clients.
Six models from the two companies, including the Maruti Dzire and the Mahindra XUV 500, have pending orders of about 170,000 units, or as much as 75 percent of the average monthly passenger vehicle sales recorded in the broader sector, as per Sharekhan calculations.
Also Read: Maruti may ramp up exports of components to Suzuki plants
A weakening Japanese yen is also helping Maruti Suzuki shares given expectations it will reduce the cost of royalty payments to Suzuki Motor.
Maruti shares gain 4.2 percent, while Mahindra & Mahindra shares gain 1.5 percent.
During the recording of his statement, Subbarao told the court he had written a letter on November 22, 2007 to the then Telecom Secretary D S Mathur in which he had questioned the spectrum fee of around Rs 1600 crore for pan India licence. He said that he had also questioned as to how the spectrum fee of Rs 1600 crore, which was fixed in 2001, could be applied in 2007.
Also Read: 2G: Govt should move SC for a relook at Feb judgement
"I also questioned how the rate of Rs 1600 crore, determined in as far as back in 2001, could be applied for licences given in 2007...," he told Special CBI Judge O P Saini. CBI prosecutor A K Singh also showed various files and notes of various departments concerned, including that of Department of Telecom and Ministry of Finance, to Subbarao during the recording of his statement which is likely to continue throughout the day.
Till November 11, the court had recorded statements of 77 CBI witnesses in the case in which Raja is the key accused. Besides Raja, DMK MP Kanimozhi, former Telecom Secretary Siddharth Behura, Raja's erstwhile private secretary R K Chandolia, Swan Telecom promoters Shahid Usman Balwa and Vinod Goenka, Unitech Ltd MD Sanjay Chandra, three top executives of Reliance Anil Dhirubhai Ambani Group (RADAG) - Gautam Doshi, Surendra Pipara and Hari Nair - are facing trial in the case. Directors of Kusegaon Fruits and Vegetables Pvt Ltd Asif Balwa and Rajiv Agarwal, Kalaignar TV Director Sharad Kumar and Bollywood producer Karim Morani are also accused in the case.
Besides these 14 accused persons, three telecom firms - Swan Telecom Pvt Ltd (STPL), Reliance Telecom Ltd and Unitech Wireless (Tamil Nadu) Ltd - are also facing trial in the case. They have been arrayed as accused in the first two CBI charge sheets filed on April 2 and 25 last year respectively. The court had on October 22, 2011 framed charges against 17 accused under various provisions of the IPC and the Prevention of Corruption Act dealing with offences of criminal conspiracy, cheating, forgery, faking documents, abusing official position, criminal misconduct by public servant and taking bribe. The offences entail punishment ranging from six months in jail to life imprisonment.
From Fakir Hassen Johannesburg, Nov 17 (PTI) Indian-origin Deena Naidoo, winner of the first edition of the internationally renowned Masterchef television series in South Africa, has opened his own restaurant named 'Aarya' here. The famous Butter Chicken that made Deena Naidoo South Africa's first Masterchef was very much on the menu as celebrities gathered at the Montecasino complex here on Thursday for the opening of the restaurant. Named after his ten-year-old daughter, the restaurant's name 'Aarya', Naidoo explained signified in Sanskrit the way of addressing a woman with lots of dignity and respect. The restaurant was part of the prize from leading hospitality group Tsogo Sun, who have provided professional backup for Naidoo to run the signature restaurant for two years at its Sun Square Hotel at Montecasino. "I think I was destined to win that competition and that is why I gave it my best. I was most stressed throughout the competition because I needed to perform at my optimal," he said talking about the cooking competition. Naidoo said he had decided even before he entered Masterchef that if he won, he would make sure that he promotes South African cuisine in all its diversity, and not just the Indian cooking that he prides himself on. "I am proud to be South African," Naidoo said to huge applause. "So many of us preach that ideology, but so few of us walk it. I promised myself that I will walk it if I win. That is why in the menu, you will see a celebration of our nation that we need to be proud of," he said. "It's not an Indian menu, but something found in every part of South Africa that you will find on the menu when you come to Arya," Naidoo said. PTI FH ASK ASK
Nahan, Nov 17 (PTI) A 21-year-old woman was critically injured when she was hit by a stone tossed up by the tyre of a truck passing through Rajpur village, following which villagers blocked the Rajpur-Badhana main road for over five hours today, police said. Neelam (21) was rushed to Paonta civil hospital and her condition was serious, DSP Paonta N S Negi said. The driver of the truck fled from the scene, after which agitated villagers blocked the main road, the DSP said. The administration and police persuaded the people to lift the blockade and normal traffic resumed at 6:00 PM, Negi said. He said the villagers agreed to end their agitation after Assistant Engineer of PWD assured them that steps would be taken to ensure that such incidents do not occur again. PTI PCL MNS
Kingston has recently announced that it is shipping the next generation of its cost-effective SSDNow V Series solid-state drive. The Kingston SSDNow V300 is an upgrade solution for cost-conscious consumers looking to upgrade their existing desktop or notebook PC. Kingston claims that the new SSDNow V300 is 10 times faster than a 7200RPM hard-disk drive. It is powered by an LSI SandForce Flash storage processor (FSP) solution that is customised for Kingston, and optimised for 19nm NAND Flash memory to deliver sequential read and write speeds of up to 450MB/s.
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Sat, Nov 17, 2012 at 12:13
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Image of 5-inch HTC Deluxe leaked on Twitter
The Twitter user recently posted a picture of an HTC smartphone called the HTC Deluxe, and in a small caption, the tipster claims that it is a handset designed for the international market.
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Image of 5-inch HTC Deluxe leaked on Twitter
The Twitter user recently posted a picture of an HTC smartphone called the HTC Deluxe, and in a small caption, the tipster claims that it is a handset designed for the international market.
If one needs to know where to get the latest information regarding upcoming handsets, then @Evleaks is a good place to start. The Twitter user recently posted a picture of an HTC smartphone called the HTC Deluxe, and in a small caption, the tipster claims that it is a handset designed for the international market.This handset is believed to be the global version of the Verizon Droid DNA and from the image we can see that it loses the carrier's branding, and is replaced with the HTC logo that is found on global versions of this handset.
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Read all announcements in India Sucrose
REUTERS - David Beckham could be set to move to the A-League after Football Federation Australia (FFA) said on Friday they had been approached by the former England captain's management.
According to FFA officials, the approach was made in relation to Beckham playing in the A-League during the current 2012-13 season.
"The approach from David Beckham's people is another sign of how much the A-League has grown in stature on a global basis," the FFA said in a statement.
"Beckham is superstar on the world stage and he would be another massive signing for the A-League after the arrivals of Alessandro Del Piero, Emile Heskey and Shinji Ono."
The statement added that talks with the former Manchester United and Real Madrid midfielder were at a "very preliminary stage."
(Reporting by Alastair Himmer in Tokyo)
As a part of efforts to support prices and farmers, China has started stockpiling natural rubber and will buy between 150000- 200000 tonnes from the domestic market for the state reserves. Thailand, Indonesia and Malaysia will be meeting on 11th and 12th December in Phuket to seek ways to stabilise rubber prices. Malaysia's natural rubber exports fall 3.4 per cent to 60337 tonnes in September on MoM basis. Vietnam is likely to be among the top three natural rubber exporters in 2012, surpassing Malaysia, according to ANRPC. According to Rubber Trade Association of Japan, crude Rubber inventories at the Japanese ports dropped to 5833 tonnes by October 31st from 6244 tonnes on October 20, 2012.
Thailand, Indonesia, Malaysia began reducing exports of natural rubber on Oct. 1, and plan to cut overseas sales by 180,000 tons this qtr, says Yium Tavarolit, chief secretary of the International Rubber Consortium. According to Association of Natural Rubber Producing Countries, Malaysia slashed the production forecast for 2012 by 50000 tonnes to 950000 tonnes.
Technical View:
Even as the trend stays weak, now it requires clearing 17100-17060 to continue the down trend possibly towards 16900-16800 region initially or more. If prices hold the support at 17100-17060 levels, could call for a brief pullback towards 17400 or more to 17650. However, sustained trades above 17650 may diminish the prevailing negative bias.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Construction company has posted a net loss at Rs 39.4 crore in the quarter as against profit of Rs 4.1 crore in the same quarter last year. Net sales declined marginally to Rs 1,086.2 crore from Rs 1,101.7 crore during the same period.
At 12:09 hours IST, the stock fell 5.6 percent to Rs 38.70 on the Bombay Stock Exchange. Market capitalisation of the company currently stands at Rs 528.26 crore.
Thu, Nov 15, 2012 at 12:18
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WABAG Consortium wins major desalination contract in Oman
WABAG Consortium wins major desalination contract in Oman
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WABAG Consortium wins major desalination contract in Oman
WABAG Consortium wins major desalination contract in Oman
Read all announcements in Va Tech Wabag
From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'
The latest earning numbers FIRST on CNBC-TV18
The surveys, which have a good record of tracking economic growth, particularly purchasing managers' indexes (PMIs), point to a steep economic decline in the third quarter and show no sign of improvement even now.
But the consensus among economists in a Reuters poll last week suggests that euro zone growth contracted just 0.2 percent in Q3, the same rate at which it shrank in the previous quarter.
The festering sovereign debt crisis and fiscal austerity prescribed to cure it had already mired Italy and Spain in recession. According to the latest PMIs, Europe's two biggest economies - Germany and France - are now foundering too.
From July to September, the PMIs were consistent with the euro zone economy shrinking by around half a percentage point, according to compiler Markit.
That's as steep a decline as any of 40 economists polled by Reuters predicted. The lowest forecast was for a 0.5 percent contraction, a view held by only two respondents.
One of them, James Shugg, senior economist at Westpac Securities, compared the current level of the PMIs to a little over four years ago, in the months before the global financial crisis reached its nadir.
"The PMIs have now been around these levels for quite a while, but we haven't had GDP readings as weak as we were getting back in 2008," said Shugg, adding he was comfortable at the most pessimistic end of the forecast range.
Indeed, the most extreme divide between business surveys and the consensus of economists happened in late 2008. A Reuters poll then forecast the euro zone economy would shrink by 0.2 percent in the third quarter, whereas the actual figure turned out to be minus 0.6 percent.
And even though the Lehman Brothers had already collapsed and sentiment was cratering, most analysts believed the following quarter would be only slightly worse, pencilling in a 0.3 percent decline. Output actually nosedived 1.7 percent.
This year, it's not just the PMIs that point to poor official data, Shugg said.
"It's the same with all the other readings. You look at the Ifo, ZEW, the EU Commission's economic confidence indicator, the business climate index ... They're all pointing to a weaker outcome, certainly than we had in the fourth quarter of last year."
The euro zone economy shrank 0.3 percent in the final months of 2011, when PMI readings were higher than they are now.
ROSE-TINTED STATS
A review by Reuters of economic forecasts since the Great Recession of 2008-2009 shows analysts have consistently been over-optimistic about the major Western economies.
Forecasts in April and May 2011, for example, erred on the upside for 20 out of 27 monthly economic indicators polled.
On Wednesday, Eurostat reported euro area factory output figures for September that point to the steepest downturn since January 2009. Since then, some of the more bullish economists have been quietly revising down their predictions for Thursday's third-quarter GDP release.
They include Barclays, which last week noted the potential for an upside surprise from the Q3 GDP reading, showing growth instead of its forecast for no change, citing strong industrial data earlier in the quarter that stood in contrast to the PMIs.
Following Wednesday's grim Eurostat figures, Barclays now says it expects a 0.2 percent decline in third-quarter GDP.
Poor early data could also mean the fourth quarter disappoints.
"All employment indicators are still in negative territory, suggesting that the bleeding on the labour market isn't over yet," said ING economist Peter Vanden Houte in a research note. "We now expect GDP growth to remain negative until Q2 2013."
Westpac's James Shugg said little heed should be paid to headlines about the euro zone either re-entering or skirting recession when Thursday's data come out.
"People seem to think the euro zone has skirted recession, because there hasn't been consecutive quarters of decline," he said, a reference to the technical definition of a recession as two quarters of contraction in a row. "But in actual fact there has been three."
The GDP figures show a tiny decline in the first quarter of this year - 0.04 percent - which is rounded up to zero in the one-decimal-place figure that is widely reported.
"When you look at the raw data, you can see the euro zone's been in recession for a year, but this (the fourth quarter) is looking like it's been the steepest quarter yet of decline," Shugg said.
By Nick Mulvenney
BRISBANE (Reuters) - Australia move on to the second test against South Africa charged with renewed belief they can win the three-match series but coach Mickey Arthur has warned his team they cannot afford another slow start.
The Gabba test may have ended in a draw on Tuesday but Australia will take great confidence from the fact that, after a poor start, they outscored South Africa with the bat and twice removed their top order on a flat Brisbane wicket.
They will certainly view the number one ranked team in test cricket through different eyes after dominating them for two days but Arthur, once the Proteas coach, said his former charges would rebound.
"There's no doubting their ability, no doubting the quality of that South African side, they're going to be on song come Adelaide, no doubt about it," he told reporters after the test.
"Against a really good side like South Africa, you've got to be on the money from the very first ball. We probably weren't and that's something we'll address going into Adelaide."
Australia might even be able to bolster their inexperienced top order with the return of all rounder Shane Watson from injury, even if he was unable to bowl.
"Watto has had two nets, he had a bit of a run today and he came through that well, he's having a bowl on Friday. We'll see early next week how that's going," said Arthur.
"We'll have to sit down and consider what we think is the best eleven going into that Adelaide test and Shane would come into a huge amount of consideration for that," said Arthur.
"He's a quality player, he's an international brand is Shane Watson. If Shane Watson was fit, we'd have to definitely consider (playing him as a specialist batsman)."
Australia disappointed with the ball on the first day at the Gabba and Ben Hilfenhaus's place in the attack might be under threat from left-armer Mitchell Starc for the Adelaide test that starts on November 22.
While James Pattinson led the Australian charge and Peter Siddle looked dangerous at times, Hilfenhaus only claimed the wickets of two tailenders despite taking the new ball in both innings.
"I was happy with the work that all our bowlers did," Arthur said.
"After day one I was definitely happy. I thought our speed was up, I thought our lines were better, I thought we built up a lot of pressure. I'm content.
"Mitchell's playing a (Sheffield) Shield game at the moment, let's see how he goes in that one and it might give us another option come Adelaide."
Spinner Nathan Lyon had an expensive match taking 4-177 in 50 overs but Arthur was impressed with how he responded after being pummelled at one stage on Tuesday.
"I thought he stuck to his guns, I thought he varied his pace well and built some pressure," he said of the off spinner, who two years ago was a groundsman at the Adelaide Oval.
"So I'm happy where Nathan is, and he goes back to his home pitch so I'm comfortable that he's in a good enough place for us."
The one area where there is no concern at all is the form of captain Michael Clarke, who hit an unbeaten 259 that only added to his imperious 2012.
Clarke has now notched a triple century and two double centuries in seven tests this year, accumulating 1041 runs at an average of 115.66.
"Words can't describe how good he's been since he's been captain. In the last year, he's been outstanding," said Arthur.
"I think the key is not the runs he's getting because he's a class batsman and he was always going to get the runs.
"The key is the way he prepares, the meticulous preparation he goes through.
"He doesn't leave anything to chance, he puts the work in and because of that, he's a great example to the dressing room and also getting a reward through performance."
(Editing by Greg Stutchbury)
By Jim Wolf
WASHINGTON (Reuters) - The U.S. Congress should conduct an in-depth assessment of Chinese cyberspying and consider imposing tougher penalties on companies that benefit from industrial espionage, a federal advisory group said Wednesday.
The recommendations by the bipartisan U.S.-China Economic and Security Review Commission reflect its stated concern that China has become "the most threatening actor in cyberspace."
In its annual report to Congress, the commission said the most notable trend in Chinese cyber-espionage over the past year had been "increasingly creative and resourceful targeting" across government, industry and civil society.
Among these are stepped-up efforts to defeat so-called two factor authentication, it said, referring to the use of a security token in addition to a traditional password.
Separately, Beijing appeared to be within two years of putting nuclear-tipped ballistic missiles on submarines as it continues to modernize and expand its nuclear stockpile, the report said, citing U.S. Defense Department estimates.
Congress should require the State Department to spell out steps to bring China into existing and future nuclear arms control efforts, the group said.
The report included 32 recommendations for congressional action on ties between the United States and China, the world's No. 1 and No. 2 economies.
The pair also are the top spenders on their militaries, although Washington spends about five times as much as Beijing, according to the Stockholm International Peace Research Institute, which tracks the figures.
The commission's report did not address U.S. espionage involving China, whose rise as a global competitor has helped frame a U.S. geo-strategic "pivot" toward the Pacific, announced a year ago after a decade of land wars in Iraq and Afghanistan.
The report was written before China's 18th Party Congress that will bring in a new generation of leaders. So the commission did not analyze the change in leadership, perhaps the most significant political event in China in a decade.
After the political transition, the same issues that complicate the bilateral relationship are expected to continue in the near term, Dennis Shea, a Republican appointee who is the commission's chairman, told reporters ahead of the report's release.
STATE-OWNED
Some recommendations could add to bilateral strains. The commission said Congress should consider tougher screening laws for investments made by China's state-owned enterprises because of their allegedly unfairly subsidized challenges to U.S. corporate competitors.
The commission was set up by Congress in 2000 to study the national security implications of U.S.-China trade and economic relations after President Bill Clinton's administration granted China permanent trading status and approved its accession to the World Trade Organization.
Many U.S. entities lag in their ability to deal effectively with the growing sophistication of Chinese computer-launched espionage, the commission reported.
"China's cyber capabilities provide Beijing with an increasingly potent tool to achieve national objectives," it said. "A diverse set of Chinese hackers use pilfered information to advance political, economic and security objectives."
In response, relevant congressional committees should conduct an "in-depth assessment of Chinese cyber-espionage practices and their implications," then report the findings in an unclassified format so the public will be aware, the group said.
Congress also should conduct a review of existing legal penalties for companies found to engage in, or benefit from, industrial espionage, it recommended.
The call for congressional assessments is reminiscent of work carried out over the past year by the House of Representatives intelligence committee.
The panel's top Republican and Democrat, reporting on the findings of an 11-month investigation, warned last month that Beijing could use for spying equipment made by Huawei Technologies Co HWT.UL], the world's second-largest maker of routers and other telecom gear, and rival Chinese manufacturer ZTE Corp <000063.SZ>, the fifth largest.
Speaking to reporters on Saturday on the sidelines of the Party Congress, China's commerce minister, Chen Deming, said the United States was exhibiting a "Cold War mentality" with its fears that Huawei posed a security risk because of its ties to the Communist Party.
A spokesman for the Chinese Embassy in Washington did not immediately respond to the commission's recommendations, including the call to involve Beijing more closely in arms control talks.
Tom Collina, research director of the Arms Control Association, a nonpartisan advocacy group in Washington, said China should be more transparent about its forces, but the United States has a 20-to-1 edge in nuclear weapons that can span the Pacific.
"The United States should continue to pursue consultations with China, but Washington and Moscow need to draw down their forces significantly before expecting others to participate in formal negotiations," he said.
(Reporting By Jim Wolf; Editing by Stacey Joyce)
By John Ruwitch and Michael Martina
BEIJING (Reuters) - China's ruling Communist Party amended its guiding charter on Wednesday to tighten oversight of officials, a move reflecting the depth of concern about abuse of power in the wake of a scandal involving former political heavyweight Bo Xilai.
The closing session of the five-yearly party congress also changed the party constitution to explicitly endorse reform and opening as "the path to a stronger China" and made a nod towards growing environmental problems by promoting "ecological progress" as part of the party's development strategy.
"The party should attach greater importance to conducting oversight of cadres," the amendment said.
This would help improve "public trust in the selection and appointment of party cadres" and encourage top officials to be better examples, said a statement from the congress.
Bo, once widely considered a contender for top office, was expelled from the party this year and faces possible charges of corruption and abuse of power. His wife was jailed for murdering a British businessman in a scandal that has shaken the country and raised unsettling questions about the party's leadership.
President Hu Jintao warned in his state-of-the-nation address to the congress last week that corruption threatened the party and the state.
Without an independent judiciary, efforts to fight graft, a key driver of social unrest in the world's second-largest economy, will almost certainly falter, and the control-obsessed party has shown no sign of embarking on this reform.
But the party said there would be no reversing down the road to economic opening up, a policy begun some three decades ago, kicking off China's on-going boom.
"It is reform and opening up that will ensure China's future development," it said.
The party charter is less a legal document than a compilation of the ideological justifications the Communists have accumulated - and often quietly shelved - in their 91-year evolution from a rag-tag troupe of idealistic revolutionaries to cautious leaders of the world's most populous nation.
Party congresses are highly choreographed events that anoint new leaders, set the direction of the country's policy compass, and are an occasion for outgoing politicians to cement their legacies and perhaps designate their successors.
The charter also added outgoing party chief Hu Jintao's theory promoting equitable and sustainable development alongside Marxism-Leninism, "Mao Zedong Thought", "Deng Xiaoping Theory" and Hu's immediate predecessor Jiang Zemin's "Three Represents" theory as a guiding ideology, cementing Hu's legacy.
In 2002, Jiang's "Three Represents" was written into the party charter, stamping his imprint by opening the door to private entrepreneurs entering the party.
Hu is expected to be replaced as general secretary of the party by Xi Jinping, the current vice president, on Thursday.
(Additional reporting by Sui-Lee Wee, Michael Martina and Ben Blanchard; Editing by Nick Macfie)
The market closed barely changed Monday. The Dow was down less than a point, at 12,815, and the S&P 500 was up less than a point at 1380. The bond market was closed, and many market participants were off for the Veteran`s Day holiday.
But when Wall Street is back to business Tuesday, cliff-watching will dominate. Aside from random remarks from political leaders, the markets are watching Friday`s meeting between Congressional leaders and President Barack Obama. Obama also meets with union leaders, business leaders and civic leaders ahead of that Friday meeting, which could set the tone for the resolution of the cliff.
The cliff is the USD 607 billion expiration of tax cuts and other programs, and the onset of automatic spending cuts Jan. 1 if Congress does not act.
The CBOE`s volatility index, the VIX, was sharply lower Monday, losing 10 percent to 16.68. "People are betting the market will be less volatile," said Steve Massocca of Wedbush Securities. "Typically, low volatility is correlated with a rising market but not always."
As for the discussions in Washington, "It`s hard to say because we haven`t gotten specifics yet. There`s a meeting this Friday. Coming out of that meeting there might be specifics. There`s talk now there`s going to be some kind of compromise," said Massocca.
Both Obama and House Speaker John Boehner said Friday that they are open to compromise, but they still appear apart on the idea of raising the tax rate on high income Americans.
Traders said it was encouraging that Boehner appeared to be pushing House Republicans to prepare for compromise. Stocks lost about 3.5 percent last week, following the election on worries the status quo outcome would lead to gridlock and push the economy off the cliff.
"I can`t see a move upward in equity prices absent a resolution to the fiscal cliff," said Mark Luschini, chief investment strategist at Janney Montgomery.
"We don`t know for certain, even if there is an adjustment to the capital gains tax rate, where it`s going to go. Fifty percent of stocks are held in tax advantaged accounts. It`s a moot point to some investors," he said.
Dividend stocks have been selling off on fear the Bush-era tax cuts will be allowed to expire, and the tax rate will revert to individual tax rates. Dividends are currently taxed at 15 percent and if Bush tax cuts expire, the top earners could pay taxes of 43.4 percent on dividends, including the new 3.8 percent healthcare-related tax on investment income.
Luschini said a lot of investors might not see the higher tax rate on dividends, which would hit individuals making $200,000 and couples earning $250,000 or more.
What to Watch
Several retailers report earnings ahead of the opening bell Tuesday, and Home Depot should disclose what type of impact Super Storm Sandy had on its profits. The stock is up 45 percent year-to-date, but it had a flat performance in the past month. It is expected to be a beneficiary of rebuilding.
Saks, Nordstrom, and TJX also report before the bell. Cisco reports after the close.
There is not much in the way of data Tuesday. The NFIB small business survey is reported at 7:30 a.m. ET and the federal budget is released at 2 p.m.
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Questions? Comments? Email us at marketinsider@cnbc.com
Copyright 2011 cnbc.com
From Rezaul H Laskar Islamabad, Nov 13 (PTI) President Asif Ali Zardari will host a special Diwali dinner for Bihar Chief Minister Nitish Kumar on learning that his meeting with the visiting Indian leader coincided with the Hindu festival of lights, officials said today. Kumar and his delegation were earlier scheduled to call on Zardari at the presidency this evening and the meeting was to be followed by a formal dinner hosted by the Foreign Ministry. On finding out that he would be meeting Kumar on the occasion of Diwali, Zardari decided to host a special dinner for the Indian delegation at the presidency, officials of the Indian High Commission told PTI. The President's decision reflected the importance being attached to Kumar's visit by the Pakistan People's Party-led government at the centre. Zardari has taken a personal interest in pushing for better ties with India, especially in trade and commerce, said Fawad Chaudhry, a special assistant to Prime Minister Raja Pervez Ashraf. In a special message on the occasion of Diwali, Zardari greeted Hindus and called for strengthening interfaith harmony and protecting the rights of minorities. The festival of lights is a time for celebration and reflection, he said. "We partake in Diwali celebrations for promoting interfaith harmony as a means to fight religious apartheid and those who seek to impose their ideological agenda on the people," Zardari said. Hindus and all minorities of Pakistan are "equal citizens of the state and entitled to equal rights", he said. "Let it be made clear yet again today that no one will be allowed to victimise and hound members of minority communities in the name of religion and faith," he said. The Bihar Chief Minister began a week-long visit to Pakistan on Friday. Over the weekend, Kumar has shared his experiences in improving governance in Bihar with functionaries of the southern province of Sindh. Kumar toured the historic site of Mohenjodaro, visited an ancient Hindu temple and addressed a Hindu panchayat in Sindh. He has also spoken of the need for India and Pakistan to co-exist peacefully and work for good governance. PTI RHL DDC
Menon had called up the GoAir office in Mumbai and reportedly said that one of the passengers in the Delhi-bound flight was "a suicide bomber," police said. During investigation, Menon told the police that he had recently won a contract from an educational institute in Oman to train over 300 students for the IIT entrance exam. At that time, Menon had contacted Parikh as he himself did not have an experience in vocational training.
Parikh was to design the study module and train the aspirants, police said. When Parikh arrived in the city last week, he had asked Menon for an advance payment and this was when a dispute had erupted between them, following which Parikh refused to take any persuasion from Menon and wanted to leave the city.
Later, Menon made a hoax call to the airliner. A Mumbai-Delhi GoAir flight 343 returned to an isolated bay on Saturday night after the pilot informed the ATC of a bomb scare. Menon had procured a SIM card using bogus documents to call up the airliner, police said. The accused has been remanded to police custody till November 19, they added.
My first call is a long call on Noida Toll Bridge Company with a target of Rs 26.75. In month of October the stock corrected from levels closer to Rs 30 to levels closer to Rs 24. On Friday the authorities have got government permission to increase the toll prices in range of 8-15 percent and that should act as a catalyst for short-term buoyancy in this stock.
Second call is a long call on JM Financial with target price of Rs 19.80 for the day. This stock has been moving very steadily since month of August and most of these times the stock has been trading above short-term 20 DMA and the stock is also a very decent dividend player. Apart from that what we have seen in last few days the volumes have been very heavy. The stock could easily scale to levels closer to Rs 22-23 on short-term basis.
My third call is a long call on Ashok Leyland . What we have seen in last 5-7 trading days, the volumes have been very heavy in this stock and on Friday's trading session what we have seen that stock managed to close just above its 200 DMA giving a very positive bullish signal for coming week and the kind of volumes we have seen in the stock, we believe that this stock is heading to levels closer to Rs 29-30 in coming days. However, for the day my target price is Rs 27.
My fourth and final call is a short call on India Cements . The way this stock has corrected from levels closer to Rs 100 to levels below Rs 90 in few trading sessions and the volumes have been very heavy, technical of the stock on Friday seemed to be very bearish. I think these bearish conditions could continue for this stock and with market not looking all that exciting, Nifty looking not that exciting the stock could correct to levels closer to Rs 85 in 1 or 2 trading sessions.
Gold prices are expected to remain positive. One can buy around Rs 31500 -31460 with a stop loss below Rs 31350 we expect price to test Rs 31850 on higher end.
Silver prices are expected to remain positive we expect prices to test 62200 62600 on higher end one can buy around 60700 60500 with a stop loss below 59900.
Copper prices are expected to trade within the range from 411 to 422. One can buy around 413 -412 with a stop loss above 409.
Nickel prices are consolidating and are expected to trade within a range from 860 to 890 one can trade within the range.
Lead prices might face resistance on higher end at 119.70 -120 one could exit long position and sell with a stop loss above 121.50.
Crude price are expected to trade within the range from 4670 to 4780 we expect support at 4670 and recommend to buy with a stop loss below 4620.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
I am going long on IRB Infrastructure Developers for a target of Rs 128 with a closing stop of Rs 120. The stock has been range bound between Rs 115 to Rs 140 and we feel the stock is strongly consolidating before a fresh upmove till Rs 170. Go long on this stock from a short-term to medium-term horizon.
United Spirits is another long from my side. We cover this stock when it use to hover around Rs 550 mark as a multibagger for FY12 for a target of Rs 1,440 and with the deal eventually happening at the same rate and we projected that even after some large player taking this stock or taking over the company there is a likely possibility that this stock would see fresh momentum even from the level. So go long on this particular stock with a closing stop of around Rs 1,355 for a target of Rs 1,408.
Indiabulls Real Estate is a long from my side for a target of close to Rs 70 odd mark. We feel this particular stock has given a strong momentum breakout and is also one of our top picks in the real estate sector for quantitative positions that we are able to see on the stock, thus go long on this particular stock for a target of Rs 70 with a closing stop of around Rs 64.
Based on stellar results we feel Cipla is one stock which is going to consolidate between Rs 390 to Rs 402 odd mark but eventually will make a fresh upmove till Rs 460 and Rs 530 eventually thus one can go long on this stock from a slightly longer-term perspective for a target of close to Rs 530 in the long-term, however for intraday go long on this particular stock for target of Rs 400.
