According to S P Prabhu, higher government spending will lead to an increase in consumption, ultimately acting as a growth trigger. "The share market was expecting a lot of sops, concessions for the industry, which has not come out in the budgetary proposals. In fact, the minimum alternate tax has increased (from 10 per cent to 15 per cent). That's also the reason for the market sentiment to go down," he laments.
The Prime Minister's Office came out with the denial of the rumour that Dr Singh has offered to resign.
Most investors have become wary of placing fresh bets after the benchmark Bombay Stock Exchange's Sensex lost more than 3924.19 points, or 19 per cent, this year. The Sensex meltdown has also impacted the number of investments in the growth mode because earnings growth in several sectors has been affected indicating a cooling off effect on the economy.
Patni Computer Systems Ltd on Monday said it would raise up to $150 million additional capital by the issue of American Depository Receipts.
Ontrack Systems Ltd said on Wednesday it will acquire US-based Intellisys Group for $6.94 million.
There is an unprecedented sense of jubilation among investors, as they expect a big thrust on the reforms front.
The company had a net profit of Rs 1,636.61 crore (Rs 16.36 billion) in the same quarter previous year, Reliance Communications said in a filing to the Bombay Stock Exchange.
Though SEBI adopted many other measures in 2007 to streamline the capital markets, it was its decision on P-notes, which gave a jolt to the capital market and evoked extreme reactions both in favour and against the move.
BSE has entered into an agreement with OMX, a Swedish firm, for new trading and clearing systems. The systems will be rolled out in mid-08.
The board of directors, at the meeting held on April 13, has accepted the resignation of Parvatheesam K and the resignation is effective from the end of business hours of April 13, it added.
The 30-share Bombay Stock Exchange BSE Sensex closed almost 330 points higher at 21,326 levels after hitting an all-time intra-day high of 21,484 during the day and the 50-share Nifty closed at its all-time high of 6,363.90, up almost 100 points.
Teledata Informatics Ltd on Tuesday said it has acquired US-based Alpha Soft Services Corporation through its subsidiary.
International Moscow Bank of Russia will deploy i-flex's financial software 'flexcube' for its core banking requirements under technology upgradation plan.
The IDR was trading at Rs 105.10, up 1.05 per cent, at 0956 hrs. "The Standard Chartered IDR had seen trouble during the initial response.
The company has launched a new chemical entity Lulifin (Luliconazole) in the Indian dermatology market, the pharma major said in a filing to the Bombay Stock Exchange.
Intelligence agencies have sounded a terror alert in Kolkata, Mumbai, Delhi and major cities in Gujarat following reports that terrorists had entered these cities to target vital installations.The terrorists reportedly belong to the Lashkar-e-Tayiba and have been trained by the Taliban.In Mumbai, the security arrangements at the Bhabha Atomic Research Centre and the Bombay Stock Exchange have been beefed up.
Aban Offshore, India's largest oil rig company, is likely to come under increased stress for repaying debt after the loss of its semi-submersible rig, Aban Pearl, which sank in the early hours of Thursday, according to analysts.
Information Technology major Infosys Technologies on Monday said it will convert 16 million shares traded in India into American Depository Shares that would increase the float of its stock in the US stock market.
Videocon Industries will merge Petrocon India with itself and the valuation of shares and exchange ratio would be five shares of the company for every two shares held in Petrocon India Ltd.
Following Reliance Communications' announcement last week accusing Videsh Sanchar Nigam Limited of delaying implementation of an international tribunal order, VSNL said on Wednesday the announcement contained false imputations against it.
Last year, Ranbaxy Laboratories' managing director and chief executive officer Atul Sobti had stepped down from his positions effective August 19, and was replaced by Arun Sawhney, who was the then president of the company's global pharmaceutical business.
Managing director and CEO of BSE Institute, Ambarish Datta, explains why courses offered by it are valuable and why those doing these courses stand a better chance in the job market.
The merger of ZEE Entertainment and Sony has reached an advanced stage of completion, and the issues faced by promoters with Sebi should not become a problem for the company, debarred ZEEL MD Punit Goenka has said in a letter to employees, according to sources. Goenka, who along with his father Subhas Chandra, was denied any interim relief against a Sebi order that barred them from holding the position of director or key managerial post in any listed company, in the letter ZEE Entertainment Enterprises Ltd (ZEEL) staff asserted that the merger of Culver Max (earlier known as Sony Pictures Networks India) is at a very important juncture. With the Securities Appellate Tribunal (SAT) restricting him from holding a directorial or key managerial position in a listed company, Goenka told the employees that the ZEEL board has constituted an interim committee of senior executives to ensure smooth operations and day-to-day functioning.
The All India Bank Employees Association, Bank Employees Federation of India, All India Bank Officers' Association and National Union of Bank Employees have given a call for one day country-wide strike.
Crompton Greaves Ltd said on Wednesday it has acquired businesses of two Hungary-based companies for about euro35 million.
Tata Iron and Steel Company on Monday decided to issue bonus shares in the ratio of 1:2, subject to shareholders approval.
Securities and Exchange Board of India (Sebi) has asked for an explanation from the Bombay Stock Exchange (BSE) for the shutdown in trading just after 2.30 p.m. as the rules allow the circuit filter (or the maximum allowed swing) of 15 per cent before stopping trading for one hour.
Discarding a weak economic growth number, markets today rose for the fourth straight day with BSE Sensex gaining 169 points to close at a new 19-month high on hopes of imminent rate cut to revive the slowing economy.
This is the company's first business process outsourcing centre in the South-East Asia and the latest addition to the company's Global Network Delivery Model, Tata Consultancy Services said in a filing to the Bombay Stock Exchange.
On Tata's retirement in December, 2012, Mistry will take the charge of IHCL.
Though analysts suggest that there are downside risks to economy, by announcing/advancing general elections, markets would be able to look beyond uncertainty.
Foreign institutional investors have raised their stakes in India Inc by acquiring close to two of every five equity shares held by the in the top 100 listed firms.
The Bombay Stock Exchange's benchmark Sensex crashed by 580 points to 15,484 at 1230 hours on Wednesday as operators succumbed to fresh selling pressure amid a rapid pullout of foreign capital as a poor manufacturing outlook for China and weaker-than-expected growth in the United States spurred fresh fears of a global slowdown.
For starters, the morning meetings at brokerages have been advanced to 8-8.15.
Indian IT (information technology) firms are not unduly worried about the rupee rising against the dollar, at least for now.
The shares of the company, which operates radio station Big 92.7 FM, opened at Rs 89.75 and soon gained momentum to touch a high of Rs 138.40 on the BSE.
So as we can see, the appreciation of the yen to 112 yens to a dollar, has led to the profit of the carry trade investor coming down drastically to 1.78 per cent.
In a surprise move, ABG Shipyard on Wednesday exited the race to acquire Great Offshore and sold its 8.2 per cent stake to three financial investors. The ABG move comes after seven months of intense rivalry with Bharati Shipyard through a series of competitive counter-bids.
