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  Business News
 Sensex slips 136 points, consumer durables, banking stocks lose

Mumbai, March 28: A benchmark index for Indian equities on Wednesday closed 136 points lower on widespread selling and weak global cues. Consumer durables, realty and banking and PSU stocks fared the worst.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,234.48 points, closed at 17,121.62 points, down 135.74 points or 0.79 percent compared to its previous close at 17,257.36 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also ended lower at 5,194.75 points, down 48.4 points or 0.92 percent from its previous close.

Broader markets were in the negative too with the BSE 500 index closing 0.9 percent down. The BSE midcap index slipped 0.87 percent, while the BSE small cap index was down 1.08 percent.

FMCG and healthcare stocks saw modest gains. The market breadth was negative with 889 stocks advancing, 2,030 on the decline and 96 remaining unchanged.

Gainers on the Sensex included Tata Steel, up 2.02 percent at Rs.455.50; Maruti Suzuki, up 0.98 percent at Rs.1,287.60; Wipro, up 0.69 percent at Rs.429.95 and ITC, up 0.53 percent at Rs.226.70.

Among losers on the benchmark were ONGC, down 2.75 percent at Rs.257.95; SBI, down 2.28 percent at Rs.2,081.15; ICICI Bank, down 1.93 percent at Rs.859.10 and Infosys, down 1.18 percent at Rs.2,841.55.

Asian markets saw some profit booking after the gains in the previous session.

The Japanese Nikkei index closed 0.71 percent down at 10,182.57 points.

Hong Kong’s index also closed 0.77 percent lower at 20,885.42 points, while the Chinese Shanghai Composite index ended 2.65 percent down at 2,284.88 points.

European bourses were dull.

Britain’s FTSE 100 was down 0.2 percent at 5,857.83 points, while the German DAX was trading flat at 7,072.71 points.

The French CAC 40 was similarly ruling lacklustre at 3,468.75 points. (IANS)


 Parliament ends first phase of budget, FM to review gold tax proposal

New Delhi, March 28:  Parliament on Wednesday approved the first part of the Budget with Finance Minister Pranab Mukherjee promising to look into demands for roll back of his proposal to tax unbranded jewellery but ruled out withdrawal of hike in import duty on gold. Replying to debate on Budget in the Rajya Sabha, he said that he would make appropriate announcements with regard to the tax proposal on unbranded jewellery in the second half of the session. Mukherjee said he would also re-consider the proposal to make quoting of PAN mandatory for purchase of gold jewellery of over Rs 2 lakh.

His budget proposal to tax unbranded jewellery had evoked sharp reaction with bullion traders going on strike in several parts of the country.

With the Rajya Sabha returning the relevant bills, Parliament today completed the first phase of the budgetary exercise for 2012-13.

Mukherjee clarified that there would no scrutiny if the jewellery traders provide a self-declaration that their turnover is less than Rs 5 crore. “Self declaration will be scrutiny,” he said.

On his decision to double custom duty on gold and platinum to 4 per cent, he said, it was not possible to withdraw the hike as the country cannot afford to lose foreign exchange on such imports.

India, he said, produces only 2 tonnes of gold, while its gold import bill worked out to be USD 46 billion in April- November 2011, next only to USD 71-72 billion of crude oil. (PTI)


 BRICS to work together at G20, WTO

New Delhi, March 28: Trade ministers from Brazil, Russia, India, China and South Africa (BRICS) on Wednesday agreed to make collective efforts to break the impasse on Doha round of the Word Trade Organisation (WTO) talks and push forward developing countries’ agenda at the G20 meet. He said trade ministers from all the five member countries expressed concern at the prevailing impasse on Doha round of the WTO talks and agreed for a “fair and equitable outcome”. “Ministers expressed their willingness to explore outcomes in specific areas where progress is possible while preserving the centrality of development in the Doha mandate and within the overall framework of the single undertaking,” said a joint statement issued after the meeting of the BRICS trade ministers. Trade and economic ministers from the BRICS countries met a day before the fourth BRICS summit to be held here on Thursday.

The ministers agreed to coordinate their positions at other multilateral fora as well especially at the forthcoming meeting of the G20 trade ministers and 13th Unctad meet to be held in Doha next month.

BRICS, which represents nearly 43 per cent of the world’s population, set a target to more than double the intra-group trade. “Our intra-group trade is $212 billion and we see that it should be possible for us, given the kind of cooperation we have, to take it to over $500 billion,” Sharma said.

Chinese Commerce Minister Chen Deming said China would substantially increase imports from BRICS member countries, including India.

Ministers directed their officials to explore ways and means for enhancing and furthering intra-BRICS cooperation especially in the areas of customs cooperation, exchange of experiences in trade facilitation, investment promotion small and medium enterprise cooperation and trade data collection and harmonisation, e-commerce cooperation and intellectual property rights cooperation, the joint statement said. (IANS)


 Bongaigaon Refinery undertakes CSR initiatives

BONGAIGAON, March 28: RS Butola, Chairman IndianOil, accompanied by Director (Refineries),  RK Ghosh and Executive Director, BGR,  A Saran paid a visit to the neighbouring villages of Bongaigaon Refinery (BGR) to have a look into its CSR initiatives recently.

Butola inaugurated the Bodoland Community Hall (Bodoland Darbar Hall) amidst eminent citizens of the village and students of neighbouring schools at Birhanggaon. Moreover, in a bid to promote culture,social harmony and to facilitate coaching of the students, Bongaigaon Refinery has contributed an amount of Rs 10.20 lakhs for construction of the Hall.

The Chairman, Director (R) and Executive Director also distributed solar lamps to the students of neighbouring schools in a function held at the Bodoland Darbar Hall. Under CSR initiatives, BGR has undertaken a scheme to distribute 200 Solar lamps to the class 10 and class 12 students of ten villages to provide them lighting facilities for studying during evening hours.

At Sonapur village in Chirang District, which is being covered under the Sanitation Project of BGR, the Chairman and Director (R) met the beneficiaries of the project. BGR had undertaken a Sanitation project in 10 villages after conducting a base line survey through an NGO called ANT. BGR has constructed 314 sanitation units in ten villages in two phases for providing hygienic sanitation facilities to the poor villagers.

Chairman IOCL, Butola addressing the gathering in the community hall expressed his happiness over the commendable performance of the BGR team in cultivating its set of core values and transmitting them in their activities. Stated a press release


 CRISIL launches national financial awareness initiative ‘Pragati’
Guwahati, March 28: CRISIL, a global analytical company providing ratings, research, risk, and policy advisory services, has chosen Assam for the launch of a national financial awareness initiative called ‘Pragati – Progress through Financial Awareness’. To flag-off the initiative, CRISIL is partnering with Rashtriya Gramin Vikas Nidhi (RGVN) to run a series of 25 programmes in Assam, North-East India, stated at a press release. Programmes under Pragati will subsequently be conducted in other parts of India. The first training programme was held on Monday in Sipajhar with 25 participants, comprising 15 women from self-help groups, students and representatives from NGOs. The second programme was held on Wednesday in Guwahati with 22 participants.


 Postgraduate programme in Communication
Guwahati, March 28: The Delhi School of Communication (DSC) invites applications for its XVIIIth two-year Post Graduate  Programme in Communication (PGDPC). This is a dual qualification programme awarding both the PGDPC and MMC (Masters in Mass Communication) from Guru Jambheshwar University (UGC and AICTE approved). The last date to submit application forms is April 10. The DSC programme is a broad based course covering Advertising, Public Relations, Marketing, and Event Management. Graduates or those completing graduation in 2012 from any stream may apply for the programme. Application forms may be downloaded or submitted online itself at . For admission to DSC, students have to clear either the MAT/CAT/XAT examination or have to sit for the DSC internal admission exam.  Both the Internal Exam and Psychological Test are available online this year. This is followed by a Personality Interview, the third and final step towards obtaining admission to DSC, stated a press release.


 AI unions renew strike threat from April 2, write to PM
Mumbai, March 28: Unable to bear the “agony” caused by continued non-payment of their dues, 8 Air India unions on Wednesday sought immediate intervention of the Prime Minister to resolve the situation failing which they threatened to proceed on strike from April 2. The decision to go ahead with their proposed strike came after the unions failed to secure any “firm proposal” from the debt-ridden national carrier for clearing their dues at a meeting with the management here today, third such engagement in a week. The memorandum signed by leaders of 8 of the 13 registered unions of the airline, said, “they have been constrained to implement ‘’No pay no work’’ policy from April 2, as today also the management failed to provide any firm proposal for payment of their outstanding wages.” After their meeting last Thursday, the management had given a written commitment for a staggered payment of their dues beginning March 29 through May 25 and most, barring the pilots who demanded complete payment before April 1, were agreeable to it. While seeking PM’’s intervention, the memorandum said, “as you are aware, a majority of AI employees have expressed their inability to work on/from April 2 due to non-payment of their legitimate wages for several months. A significant number of employees come from humble backgrounds and modest means. The memo has been signed by representatives of the Indian Pilots Guild, Air India Officers Association, Air India Engineers Association, Air India Employees Union, Air India Cabin Crew Association, Air India Aircraft Engineers Association, All-India Service Engineers Association, and Air Corporation Employees Union. (PTI)



Below Rs 130, IDFC can test Rs 115: Ashish Chaturmohta

Chaturmohta told CNBC-TV18, “In banking space, ICICI Bank is one counter and in financials IDFC is one counter which is looking quite weak. We have seen a very strong addition of short build up in the last three-four trading sessions in both of these counters. If IDFC breaks Rs 130 on a closing basis then we will see lot of longs coming to liquidate their positions and we may see the stock moving towards Rs 115 levels.” He further added, “For ICICI Bank I believe that Rs 860 is a very good base and if it sustains below Rs 860 for one or two trading sessions then a down move towards Rs 800 to Rs 780 levels is quite possible.”

Titan has target of Rs 215: Ashish Chaturmohta

Chaturmohta told CNBC-TV18, “Titan Industries is one counter which is continuously making a lower top formation and if you look at in terms of open interest build up we have seen a strong addition of position between Rs 240 to Rs 235 levels. I believe stock has given a break down below Rs 230, so a lot of shorts will become active in the stock and Rs 215 can be the downside target in a very short term in Titan.” He further added, “But as far as Dish TV is concerned, this is a very strong pattern formation on long side and if you look at the build up between Rs 55 to Rs 60 we are seeing addition of almost 10-15% in terms of open interest. So I believe a upside towards Rs 65 to Rs 68 levels could be seen in Dish TV so any dip towards Rs 59-57 should be again use to take a long position in the stock.”

Stay invested in Cipla: Thunuguntla

Thunuguntla told CNBC-TV18, “You can stay invested in Cipla and even if they assume that the market goes into a bit of rough patch and some bearish mode, Cipla can act as a defensive. I think you can stay invested and nothing to worry as such.” He further added, “I would like to indicate one more thing if somebody is having medium to long-term kind of thing PTC  India Financial Services is one company often overlooked by the market but it’s a joint venture between PTC, Goldman Sachs and Macquire trading around Rs 16 now and at Rs 18-20 book value. I think company has been growing decently. If somebody is having two years patience then buy at Rs 16 now, it should be around Rs 40-50.”

Ranbaxy has target of Rs 440: Salil Sharma

Sharma told CNBC-TV18, “Dr Reddys has best chart because it’s seeking new highs and it’s given a breakout above Rs 1710 today, so that would be the best bet. The second one after that would be a Ranbaxy because it threatened to breakdown below Rs 400 but since then it’s recovered and for the past 3-4 days it’s maintained above those Rs 400 levels. So the Rs 440 target is on the cards in the next week or two weeks.” He further added, “I will give Cipla some more time because it needs to sustain above Rs 300, atleast a week or two weeks because it had fallen below Rs 300 and the chart was not looking too good. But the climb up above Rs 300 is slightly encouraging.”

JP Associates can test Rs 92-93: Salil Sharma

Sharma told CNBC-TV18, “In Jaiprakash Associates there is still a trade out there even though we have seen it slip along with the rest of the market but with a Rs 74 as a stoploss and a positional trade is I think what is preferable here. With Rs 74 as stop loss, levels of initially Rs 88 and then Rs 92-93 are possible.” He further added, “JP Associates is benefiting because it’s a part of the cement group and the cement group in general, if you notice even ACC and Ambuja Cement and India Cements are looking quite normal and quite ok despite the weakness in the rest of the market.”

Buy India Cements at Rs 110-100: Manghnani

Manghnani told CNBC-TV18, “In India Cements I think a lot of good things are happening on the chart after long time. Last year was a terrible year for this stock but after long time you are seeing the 50 day has crossed above the 200, the 100 days now crossing above the 200. So it’s making all the right noises.” He further added, “I think in the fall suppose you get this move back to 5100 range and as the stock comes back to Rs 110-100 range I think it’s a buy with a little longer term perspective. The whole cement pack has been doing very well. So I think this has a potential to go back to Rs 135 and beyond. So, more an investment idea rather than a trading call.”

Accumulate Tata Global Beverage: Anil Manghnani

Manghnani told CNBC-TV18, “I think in January-February when all the news with Starbucks was coming out, Tata Global Beverage really ran away, it didn’t give you a chance to get into it but I think the news is still there. So now it’s a good opportunity while it’s correcting. May be you’ll see a little more dip although I have given it from Rs 108 to Rs 98 I think it’s one you can accumulate and play back for Rs 128 and Rs 138 which was last years top.” He further added, “I still think that overall setup for a bigger move is still on the cards. The monthly charts haven’t changed with a slight correction. So it is an investment idea, not a fast moving stock but buy and hold.”


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