Rupee slips to 46.75 against dollar

Posted on July 1, 2010 by siteadmin

The Indian rupee dropped to its lowest level in more than two weeks on Thursday morning as weak domestic shares and the dollar’s gains versus major currencies hurt sentiment.

At 9:10 a.m., the partially convertible rupee was at 46.75/76 per dollar, its weakest since June 15 and weaker than its close of 46.45/46 per dollar on Wednesday.

The rupee fell 3.3 per cent in the June quarter, its worst drop since the first quarter of 2009, when it had shed 4 per cent.

The benchmark Sensex dropped nearly 1 per cent in early trade, tracking weak regional stock markets.

The index of the dollar against six major currencies was up 0.2 per cent and would be watched, dealers said.

The euro hit a lifetime low against the Swiss franc on Thursday, as weaker-then-expected Chinese data added to doubts about the strength of the global recovery, while jitters about funding strains in the euro zone lingered.

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Sensex down 0.7% on weak Asian cues

Posted on July 1, 2010 by siteadmin

The BSE benchmark Sensex dropped 0.7 per cent in early trade on Thursday, with Reliance Industries and ICICI Bank leading the decline, taking cues from weak Asian markets as risk appetite deteriorated.

At 9:01 a.m., the 30-share BSE index was down 0.73 per cent at 17,571.97 points, with 28 components declining

The 50-share NSE index was down 0.8 per cent at 5,270.60.

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Shah Rukh will produce romantic movies for youth

Posted on July 1, 2010 by siteadmin

It has been informed that the Bollywood superstar Shah Rukh Khan is going to produce romantic movies for the youth of the country. Shah Rukh Khan has been the role model for millions of youth of the nation.

Actually Shah Rukh Khan’s TV production company Red Chillies Idiot Box will air these movies in India. The production house will produce romantic movies for the youth and MTV has received the telecast right of these movies.

However, this will be a new venture for MTV as well. The channel is popular for its non-stop music and adventure-based reality shows. The channel is now looking forward to show romantic movies in India so that it can trigger the youth segment.

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No dancing around trees in ‘Khatta Meetha’: Trisha

Posted on July 1, 2010 by siteadmin

Mumbai, July 1 : South Indian actress Trisha Krishnan, who’s entering Bollywood with Priyadarshan’s “Khatta Meetha”, says it’s not a typical debut as she won’t exactly be seen “singing and dancing around trees”.

“It’s my first Hindi film and I can’t expect to have everything that appeals to me. It’s definitely not a film where I am singing and dancing around trees. But it’s good enough for a launch and Priyan has projected me very well,” Trisha told IANS in an interview.

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Ashok Leyland Increases Vehicle Prices By 35

Posted on July 1, 2010 by siteadmin

Chennai based commercial vehicle manufacturing company Ashok Leyland Ltd has increased the prices of its medium and heavy duty vehicles by 3% with immediate effect.

The increase in cost will be in the range of Rs 20,000-Rs 50,000 depending on the model.

The company stated that the price rise had been necessitated to recover the increase in input costs like steel, tyres, castings and others.

Ashok Leyland, the country’s second biggest truck manufacturer, has recorded an over three-fold jump in commercial vehicle sales, which stood at 6,502 units during the last month (May 2010) as against 1,977 in May 2009.

The company’s domestic sales remained at 5,973 units in the last month as compared to 1,697 units in the same month of 2009.

Exports came up by around two-fold to 529 units in May as against 280 units in the year-ago period.

Ashok Leyland reported an over three-fold increase in total domestic sales of medium and heavy commercial vehicles at 5,890 units, from 1,643 units in May 2009. (With Inputs from Agencies)

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Hold Kotak Mahindra Bank

Posted on July 1, 2010 by siteadmin

Stock market analyst Avinash Gorakshakar is of the view that investors can hold Kotak Mahindra Bank Ltd stock for 17-18% gains.

According to analyst, the investors can achieve the stock in a period of 12 months.

Today, the shares of the company opened at Rs 755 on the Bombay Stock Exchange (BSE).

Current EPS & P/E ratio stood at 37.55 and 20.48 respectively.

The share price has seen a 52-week high of Rs 878 and a low of Rs 550 on BSE.

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Toyota to recall Lexus LS460 over engine problem

Posted on July 1, 2010 by siteadmin

Tokyo, July 1 – Toyota Motor Corp is to recall its top-of-the-range Lexus LS460 sedans on concerns about the vehicle’s engine stalling, a media report said Thursday.

The Nikkei business daily reported that Toyota is considering recalling tens of thousands of the Lexus LS460 worldwide.

The model’s engine reportedly stalls while the vehicle is running and in the worst-case scenario, might not restart, the daily said.

Toyota has received no reports of accidents related to the problem, the paper said. The automaker is in the process of investigating the cause of the problem.

It would be the latest in a series of quality problems for Toyota since last fall. The world’s biggest automaker has recalled more than 10 million vehicles worldwide over problems with accelerator pedals, floor mats and brakes, which put a dent into its reputation for quality and safety. (dpa)

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Anil Ambani calls on Deora

Posted on June 22, 2010 by siteadmin

Industrialist Anil Ambani today called on Oil Minister Murli Deora and is believed to have discussed allocation of natural gas to his group’s upcoming power plants.

“I have known (Anil) for many years. He just came to see me. I have nothing more to say,” he told reporters when asked about the nearly 30 minute meeting.

Ambani also refused to speak to mediapersons about the meeting, where Oil Secretary S Sundareshan was also present.

Official sources had yesterday indicated that the government may allocate natural gas to Anil Ambani Group’s proposed power plants like the Dadri project in Uttar Pradesh only six months prior to commissioning, as reservation of gas is not allowed under the present policy.

Last month, Anil Ambani group’s Reliance Natural Resources plea for cheap gas from elder brother Mukesh-led Reliance Industries was turned down by the Supreme Court on the ground that gas was a national asset and government had the last word on its pricing and utilisation.

The Ambani brothers have since agreed to renegotiate an agreement on gas supply and Mukesh at the Annual General Meeting of Reliance Industries last week said his firm was ready to supply gas to Anil group’s power plants, as and when they are ready.

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Gold succumbs to profit-booking, weak global cues

Posted on June 22, 2010 by siteadmin

Gold prices fell by Rs 311, or 1.65 per cent, to Rs 18,538 per ten gram in futures trade today, as speculators preferred to book profits after the gold surged to a record-high amid weak trend overseas.

At the Multi Commodity Exchange, gold for August contract plunged by Rs 311, or 1.65 per cent, to Rs 18,538 per ten gram, with an open interest of 19,602 lots.

Similarly, the metal for delivery in October contract dropped by Rs 296, or 1.56 per cent to Rs 18,630 per ten gram, with a business volume of 1,843 lots.

Market analysts said emergence of profit-booking by speculators at existing higher levels amid weakening trend in overseas markets mainly pulled down gold prices at futures trade.

Meanwhile, gold recorded a steep fall of $23.90 to $1,232.60 an ounce in New York last evening.

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Piramal Healthcare eyes more ‘late stage’ buys

Posted on June 22, 2010 by siteadmin

Piramal Healthcare will look at grabbing “late stage” deals in arthiritis, pain, hospital care and critical care segments to enhance its strength in the area, a senior official told Reuters on Tuesday.

Earlier in the day, the company said it will acquire Canadian biotechnology firm BioSyntech Inc, which was unable to raise capital to fund its ongoing operations and repay debt.

BioSyntech sought court protection under insolvency proceedings, prompting Piramal, among others, to bid for it.

“We may look at opportunities like what we have done with Biosyntech, get late-stage deals and commercialise and market,” Swati Piramal, director, strategic alliances and communications, said in an interview.

“It’s a good strategy because there is an arbitrage opportunity between the east and the west. In the west, there is recession, in the east there is growth. And the clinical trials can be done much more cheaply here,” she added.

Last month, Piramal Healthcare sold its branded generics business to Abbott Labs Inc for $3.72 billion. It expects to close the deal in 2-3 months, Piramal said.

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