RIL drags Sensex 150 points lower

The Indian markets turned red after positive opening as losses of 4% in index heavyweight Reliance Industries led to major decline. Oil & gas, technology and banking stocks were under pressure while some buying was seen in auto, metal and consumer durables.

MindTree loses Japanese contract; stock slips 5%

The shares of MindTree declined by 5% and hit the 52-week low of Rs355, after the company lost contract from Japan based Kyocera. So far, 0.11 lakh shares have traded on the BSE as against the two-week average volume of 0.21 lakh shares.

2010 Global rebound makes Sensex’s day, ends 191 pts up

Things remained good in today’s trade as compared to the previous panic day. Sentiments improved led by positive global cues after recovery in Japanese stocks. Short covering after a sharp sell-off was witnessed today. Major support came in from realty, auto and banking stocks. However, some profit booking was seen in late trade at higher levels, which could be because of rising crude oil prices again, reacting to Middle East tensions.The Sensex closed at 18358, up 191 points from its previous close, and Nifty shut shop at 5511, up 61 points.

Siemens Healthcare merges with Siemens

Siemens Healthcare Diagnostics said today it has merged with Siemens with effect from March 14, 2011.
'With effect from March 14, 2011, company stands amalgamated with Siemens and the legal entity of the company stands dissolved without winding up,' Siemens Healthcare Diagnostics said in a filing to the Bombay Stock Exchange (BSE).It further added that the entire business and undertaking of the company gets transferred to and in the name of Siemens.

Tyre makers speed up on fall in rubber prices

Six tyre companies’ shares rose 2.65% to 11.50% on the BSE on fall in rubber prices.At 11.12 am, JK Tyre & Industries up 11.50%, Dunlop India up 7.79%, CEAT up 6.01%, Goodyear India up 4.62%, MRF up 4.14% and Apollo Tyres up 2.65%.The fall in rubber prices on Monday (March 14, 2011) to Rs185 per kilogram from Rs201 last week benefited the domestic tyre manufacturers like Apollo, Ceat and JK Tyres among others.A fall of over Rs16 per kilogram in a day will help companies improve their operating profit margins in the first and second quarter of next financial year.

Suzlon promoters sell Rs178 cr shares; stock down

Tulsi Tanti-owned Suzlon Energy has announced that two of its promoters sold 40 million shares in the company, which accounts to 2.25% of its paid-up capital.Vinod Ranchhodhbhai Hindu undivided family (HUF) and Sanman Holdings, who form a part of the promoter group, sold 2 crore shares each. With this, the promoter group's holding in the company reduced to 54.84% of the paid-up capital.According to data available on the National Stock Exchange (NSE) under the block deals, the promoters sold their shares at Rs44.7 per share, thereby rising around Rs178 crore.

Shares of Wockhardt fell by 10%

Shares of Wockhardt Ltd  fell by 10% and hit the monthly low of Rs312.50 in early trades on media reports that the Bombay High Court (HC) on Friday (March 11, 2011) admitted a winding-up petition filed by the company's foreign currency convertible bond (FCCB) holders.A group of three FCCB holders, or unsecured creditors led by Singapore-based hedge fund QVT, Sun Pharma and Syndicate Bank, had filed the petition in January 2010, according to reports. The three hold bonds worth $42 million, the reports addedWockhardt had to redeem $110 million worth of FCCBs by October last year. Though it managed to settle with several creditors, FCCBs worth about $75 million is still under dispute, as per reports. 

Indian markets bounced back after two-day losses.

Indian markets bounced back after two-day losses as crude oil prices fell on concerns of demand from quake-hit Japan. Easing out tensions in the Middle East and North Africa for the time being also gave some relief. Investors showed buying interest in index heavyweights and sectors, pushing the key indices higher despite disaster in Japan. Markets also ignored a marginal rise in inflation for the month of February 2011 to 8.31%. Oil & gas was the lead gainer today as crude oil prices are coming down. Metal gained on the prospect that after tsunami destruction in Japan, there would be a lot of infrastructural requirements and that need metal.The Sensex closed at 18439, up 265 points from its previous close, and Nifty shut shop at 5531, up 86 points.

4 Stocks For This Week

ITC Ltd,
Cmp:171.25,
Action:Buy,Hold,
Target:211.
Orchid Chemicals &Fertilizers Ltd,
Cmp:282.15,
Action:Buy,
Target:332.
Unity Infraprojects Ltd,
Cmp:56.30,
Action:Buy,
Target:112.
Apollo Tyres Ltd,
Cmp:66.20,
Action:Buy,Hold
Target:91.

Simplex Infra tumbles on CBI raid

Simplex Infrastructures Ltd said that CBI had conducted search operations of premises of Simplex Projects at Kolkata and New Delhi on March 10, 2011. The search was in respect of the work undertaken by the company for renovation of two stadiums at New Delhi, for the purpose of Common Wealth Games and this is a part of ongoing investigation of the several common wealth game related contracts, being handled by CBI.The company has provided all necessary information and clarification to the Agency and also extended its fullest co-operation.