News Centre@myiris.com India's Most Comprehensive Financial Destination

Govt. announces sale of securities for Rs 150 bn on July 10

Mon, 06 Jul 2009 19:47:00 +0530

...

Growth targets are very encouraging: MD & VP (Products), Progress Software India

Mon, 06 Jul 2009 19:33:00 +0530

Ramesh Lognathan, managing director (MD) and vice president (VP) [Products], Progress Software India commented on the budget, said that the growth targets are very encouraging.

``I am sure it is partly informed optimism and partly as a desired goal towards which the budget has been arrived at. Infrastructure spending is a good sign. I am sure some of this will also help boost software industry- thru the various IT initiatives likely (by themselves, or to support other infrastructure programs)``, he added.

Removing FBT is surely a good thing. This...

Budget is reasonably satisfactory for exports: CHEMEXCIL

Mon, 06 Jul 2009 19:30:00 +0530

Commenting on the union budget Anand Ladsariya, chairman, CHEMEXCIL said that for export sector, budget is reasonably satisfactory. Interest rate subvention has been extended up to Mar. 31, 2010.

Allocation for market development assistance has been increased substantially by 148%. Export Promotion Councils as well as Federation of Indian Export Organisations (FIEO) have been exempted from service tax. Exporters have been exempted from service tax for foreign agent`s commission, freight as earlier getting refund of these service taxes was very difficult.

Further, exemption under...

Extension of tax holiday a big relief to IT & exports sector: President, Fujitsu Consulting

Mon, 06 Jul 2009 19:27:00 +0530

Rajeev Gupta, president, Fujitsu Consulting India has stated his comments for the today`s Union Budget announced by Finance Minister Pranab Mukherjee.

He said that keeping in view the downturn in the economy, Finance Minister`s proposal to extend the tax holiday by another year has brought in a big relief to the IT and the exports sector.

However the increase in MAT to 15% will impact the current cash outflow of the industries who are already burdened with the recessionary impact, he...

Budget can be best consolidated in one word `Sustainable Growth`:Yes Bank

Mon, 06 Jul 2009 19:18:00 +0530

Commenting on the outcome of the Union Budget, Rana Kapoor, MD and CEO of YES BANK said, ``expectations were riding high; disinvestment was the panacea for deliverance and market reforms, the way forward.``

The union budget can be best consolidated in one word `Sustainable Growth`, he noted. He further said, ``the budget addresses bottlenecks that impede investment and focusing on infrastructure and the farm and rural sector as growth accelerators for crystallizing 4% agriculture and 9% industry growth. ``

By increasing...

PM pushes for quick return to 8%-9% growth

Mon, 06 Jul 2009 19:17:00 +0530

Notwithstanding the impact of global meltdown, Prime Minister Manmohan Singh struck an optimistic note saying the Union Budget 2009-10 seeks to recapture the rhythm of accelerated growth process and move towards 8-9% growth in the medium term.

Singh said that the Budget also aims to honor in large measure the commitments made by the UPA government to work steadfast for the well being of the `Aam Aadmi` (common man).

``Overall the strategy of the budget is to ensure that our economy recaptures the rhythm of...

Budget seeks to minimize impact of global recession: PM

Mon, 06 Jul 2009 19:14:00 +0530

Prime Minister Manmohan Singh today said that the Union Budget 2009-10 is aimed at minimizing the `impact of the global recession` and achieving 8% to 9% growth in the medium term.

Describing the budget as rural-development-oriented, he said its focus was to ensure that short-term requirements of the economy as well as medium-term goals were achieved.

``The Finance Minister has done an admirable job``, PM said. He said handsome additional allocation has been made for inclusive growth and other flagship programmes like Urban Renewal Mission...

Expectations from budget not fulfilled: Sahara Prime City

Mon, 06 Jul 2009 19:14:00 +0530

Commenting on the union budget Sushanto Roy, head infrastructure & housing, Sahara Prime City said that Goods and Services Tax (GST) coming in April 2010 is a positive sign. Fringe Benefit Tax (FBT) goes, some tax breaks have come in for IT companies, 10A-10B goes up by one year, commodity transaction tax (CTT) has been abolished and for the personal income tax payer, the surcharge goes.

However, he said that the market is disappointed as the market was expecting some kind of announcement on the fuel policy, foreign direct...

MCX- SX currency futures values at Rs 56.48 bn

Mon, 06 Jul 2009 19:06:00 +0530

Currency futures saw a trading volume of Rs 56,481.5 million arising out of 1,167,784 contracts.

Contract wise summary:
Out of the 12 USDINR currency futures contracts available, 6 contracts got traded.

Cranes Software Int`l Q4 net declines 32.44%

Mon, 06 Jul 2009 19:05:00 +0530

Cranes Software International disclosed a decline in standalone net profit for the quarter ended March 2009. During the quarter, the profit of the company declined 32.44% to Rs 206.59 million from Rs 305.77 million in the same quarter previous year.

Net sales for the quarter declined 4.77% to Rs 727.01 million, while total income for the quarter jumped 18.08% to Rs 909.25 million, when compared with the prior year period.

It reported earnings of Rs 1.75 a share during the quarter, registering 34.46% decline over previous year period.

Roman Tarmat wins new work order worth Rs 246 mn

Mon, 06 Jul 2009 18:54:00 +0530

Roman Tarmat has received new work order from Chief Engineer, (H) Metro, Alandur, Chennai.

The project work includes widening to six lanes and strengthening of Taramani Link Road Km0/0 - 3/650(six lane).

The contract is worth Rs 246 million.

The company will mobilize the project as early as possible.

Roman Tarmat is an infrastructure construction company engaged in the business of construction of highways and runways. Broadly, the business activities can be categorised into the following three segments: airside works, highways and roads,...

Doubling of customs duty on gold guarantees additional revenues: Tanishq

Mon, 06 Jul 2009 18:51:00 +0530

Reacting to the union budget FY 2009-10, C. K. Venkataraman, COO - Tanishq, Titan Industries said that excise duty on branded jewellery has been beset with implementation problems from day 1 since the nature of manufacturing in the industry is quite fragmented and the government has not really been able to make much headway on this front. It is a good thing that the government has withdrawn this.

He added that the doubling of customs duty on gold was perhaps brought in, to compensate for the excise duty withdrawal....

US judge approves bankruptcy plan of GM

Mon, 06 Jul 2009 18:44:00 +0530

United States (US) judge has approved a bankruptcy plan for car giant General Motors (GM) which allows the firm to transfer its profitable assets to a new government-backed firm.

Judge Robert Gerbert gave the plan the go-ahead late yesterday. In a 96-page opinion, he said, if GM liquidates, there will not only be nothing for stockholders, there will be nothing for unsecured creditors.

The General Motors filed for bankruptcy protection on June 1, saying it...

Gold gains as govt. hikes import duty on gold bar

Mon, 06 Jul 2009 18:40:00 +0530

Gold prices jumped higher in the bullion market today influenced by budgetary proposals to hike import duty on gold bars, reports Economic Times.

Presenting the Union Budget 2009-10, Finance Minister Pranab Mukherjee announced increasing import duty on gold bars from Rs 100 per 10 gram to Rs 200 per 10 gram, while other forms of gold (excluding jewellery) is increased from Rs 250 per 10 gram to Rs 500 per 10 gram.

The customs duty on silver has also been increased from Rs 500...

Taurus MF to declare dividend under Taurus Starshare - Dividend

Mon, 06 Jul 2009 18:28:00 +0530

Taurus Mutual Fund has approved July 10, 2009 as the record date for declaration of dividend under Taurus Starshare - Dividend.

The quantum of the declaration will be 50% or Rs 5 per unit.
...

Fiscal Deficit at 6.8% certainly negative surprise for mkt: CIO, IDBI Fortis

Mon, 06 Jul 2009 18:28:00 +0530

Aneesh Srivastava, chief investment officer (CIO), IDBI Fortis Life Insurance while reacting on today`s union Budget said that events like budgets are best assessed based on expectations & delivery.

``Key macro parameters which we expected budget to address were as follows; Target for Fiscal Deficit, which had been a prime concern for the economy, has been set at 6.8% which is certainly negative surprise for the market``, said.

``This will have an adverse impact on yields as the market worries about being able to absorb such...

MCX- SX Rupee Jul contract closes at 48.57: Commtrendz

Mon, 06 Jul 2009 18:22:00 +0530

The MCX-SX USDINR July futures opened marginally lower to its previous close at 48.08. BSE Sensex opened at 14962,49 points higher from its previous close. The rupee was trading lower in early deals on Monday as ahead of the 2009/10 federal budget. The weight of the dollar in the basket of currencies that helps set the rate of India`s partially convertible rupee may be reduced and the government feels the value of Dollar may go down, a report published by Commtrendz Risk Management Services mentioned.

India`s Finance Minister on Monday proposed to increase...

Tata MF to declare dividend

Mon, 06 Jul 2009 18:20:00 +0530

Tata Mutual Fund has approved July 10, 2009 as the record date for declaration of dividend under Tata Life Sciences & Technology - Dividend.

The quantum of the declaration will be 20% or Rs 2 per unit.

...

NSE F&O turnover stands at Rs 966.56 bn

Mon, 06 Jul 2009 18:18:00 +0530

On Monday, July 6, 2009 index futures saw a trading volume of Rs 249,415.20 million arising out of 1,203,596 contracts and index options saw 2,172,630 contracts getting traded at a notional value of Rs 486,118.20 million. The total turnover of the Futures & Options segment of the exchange was around Rs 966,565.30 million.Instrument wise summary:

Index Futures:

Budget unlikely to impact commodities mkts: Kotak

Mon, 06 Jul 2009 18:03:00 +0530

Agricultural, infrastructure and social engineering have been major highlights of this budget .However; the Budget fails to pay attention to commodity markets in general with an exception of CTT.

It did not give any clarity on FRCA and making warehouse receipts negotiable. The government is geared to make GST applicable from April 2010, Dilip Bhatia, Director, Kotak Commodity Services said.

The budget has shown increased Focus on Agriculture, Irrigation, Fertilizer and Warehousing. The target agricultural credit flow increased Rs 3,250 billion from Rs 2,870 billion. Government further announced that an additional subvention of 1%...

Budget addresses key issues to lay a strong growth foundation: MD & CEO, MCX

Mon, 06 Jul 2009 18:00:00 +0530

Joseph Massey, managing director (MD) & chief executive officer (CEO), MCX Stock Exchange while reacting to the today`s Budget said that the Union Budget proposal for 2009-10 has addressed the key issues to lay a strong growth foundation for India which will go a long way in creating a balanced growth among various sectors, particularly stimulating growth in agricultural, rural development and socio-economic sectors.

``This in turn will go a long way in overall development including creating world class organized financial markets for equity, bond, currency and commodity. I would rate the Budget proposal...

Budget takes great moves on infrastructure development: ED, Aries Agro

Mon, 06 Jul 2009 17:53:00 +0530

Rahul Mirchandani, executive director (ED), Aries Agro on the Budget announced said that ``The budget has made great moves on infrastructure development, including cold storages and warehousing, and irrigation development which will both be positive for agriculture.

``There is also a good focus on knowledge creation with R&D expenses being incentivized for industry, however there is no focus at all on incentivizing knowledge spread using tax breaks on extension services by private companies``, he said.

``A lot more could have been done on funding agricultural universities and research institutions and also...

Budget gives priority to address growth: ICICI Pru Life

Mon, 06 Jul 2009 17:48:00 +0530

Commenting on the overall union budget FY 2010, V. Vaidyanathan, managing director & CEO, ICICI Prudential Life Insurance Company said that the signals that emerged from this budget speech were more important than the proposals themselves. To begin with the talk of 9% growth sets the framework for the future. Once this is set as the agenda, all policy initiatives will align to it. Policy on FDI, attracting FII, the capital market reforms, divestment norms, governance etc will all align.

Tax rates have been largely untouched. The FM has...

Support for Nifty at 4,102 and 4,092 levels

Mon, 06 Jul 2009 17:45:00 +0530

Alex Mathew, head, research centre�Geojit BNP Paribas Financial Services commenting on the market outlook for July 7, 2009 said, ``Nifty is having support at 4,102, 4,092, while the resistance is there at 4,249, 4,305``.

Discussing the market performance of the day July 6, 2009, he said, ``The markets opened on a flat to positive note on the back of expectation of a favorable budget and traded in green till the budget was announced. During and after the announcement of the budget, the markets slipped and went in search of...

Budget positive for domestic demand & medium term growth: Kotak AMC

Mon, 06 Jul 2009 17:31:00 +0530

...

ICRA retains CGR2+ rating for GCPL

Mon, 06 Jul 2009 17:30:00 +0530

Credit rating agency, ICRA has retained the Stakeholder Value and Governance Rating of Godrej Consumer Products (GCPL) at SVG1.

The rating implies that in ICRA`s current opinion, the rated company belongs to the highest category on the composite parameters of stakeholder value creation and management, as also corporate governance practices.

Further, ICRA has retained the CGR2+ rating assigned earlier to the Corporate Governance practices of GCPL.

The rating of CGR2+...

MCXAGRI slips by 28.12 pts at close

Mon, 06 Jul 2009 17:29:00 +0530

At the Multi Commodity Exchange (MCX), MCXAGRI ended the day at 1,974.49 down 28.12 points, or 1.40%, after opening at 1,998.95.

MCXCOMDEX is trading down by 28.72 points, or 1.26%, at 2,247.43 after opening at 2,275.68. (05.17 p.m.) Other index like MCXMETAL is trading downward by 9.15 points, or 0.35%, at 2,577.68 after opening at 2,585.61. Meanwhile MCXENERGY is trading down by 51.47 points, or 2.21%, at 2,278.39 after opening at 2,318.98.

Gainers at the MCX were Aluminium - August contract, (1.22%) with open...

Instanex FII Index closes negative; 5.69% down

Mon, 06 Jul 2009 17:23:00 +0530

At close, the Instanex FII Index was down 5.69% at 302.91 (-5.96% at 3 p.m.) and the Instanex DII 15 portfolio was down 5.31% (-5.78% at 3 p.m.). Nifty was down 5.91% (-6.16% at 3 p.m.) and Sensex was down 5.83% (-6.06% at 3 p.m.).

The other Instanex Ownership Indices were also down - the Instanex Retail 15 portfolio was down 5.67% (-6.18% at 3 pm), the Instanex Promoter 15 portfolio was down 5.43% (-5.48% at 3 pm) and the Instanex Top 15 portfolio was down 4.98% (-5.22%...

Skindia GDR Index declines 2.37% to 1,954.38 pts

Mon, 06 Jul 2009 17:18:00 +0530

The Skindia GDR Index is down 2.37% to 1,954.38 at 3:30 pm IST today while the Nifty is down 5.91%. Of the eight GDRs, three are up and five are down. The main gainers are GAIL (+8.45%; weight 1.63%), Ranbaxy (+5.60%; weight 0.41%) and ITC (+4.04%; weight 0.81%) and the main losers are State Bank of India (-9.33%; weight 9.46%), Reliance (-7.22%; weight 15.33%) and L&T (-6.62%; weight 2.93%). Since US markets are yet to open the change in ADR rates is based on Thursday``s closing prices over Wednesday`s.

Budget is generous in agri, rural & infras sectors: Religare MF

Mon, 06 Jul 2009 17:07:00 +0530

Commenting on the Union budget 2009-10, Saurabh Nanavati, chief executive officer, Religare Mutual Fund said that the market had huge expectations from the budget and hence, post the 17% rise in one day post the election results, the markets are now correcting in line with the operating fundamentals.

He has also pointed that in tough times, people need cash money in their hands to decide on the area they want to spend- on the FM has reduced tax surcharge and given money in their hands.

The core...