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Sensex trading firm; Reliance up 2%
The Sensex has soared to a high of 17,270 and is now moving strong at 17,259, up 127 points. The NSE Nifty is at 5,127, up 37 points.

Short-lived acclaim
Bernanke: Ben Bernanke could be in danger of becoming “person of the year” again in 2010 or 2011 – for less positive reasons than this time around. The Federal Reserve boss made the front of Time for his influence and for his possible role in heading off a depression. But he and the rest of the Federal Open Market Committee are in no hurry to lift interest rates despite the recovering US economy and signs of inflation. The risks in this approach are intensifying.

News of the day

Dena Bank Q4 net profit at Rs 111 cr, declares 12% dividend
Public sector lender Dena Bank today said it has reported a marginal growth in net profit at Rs 111.17 crore for the fourth quarter ended March 31, 2009.
Public Relations

Dubai crisis not to hit DP World's ops: chief

Asserting that it has positive cash-flow position, debt-ridden Dubai World"s subsidiary DP World, which operates container terminals in the country, today said the debt crisis would have no impact on India operations. - UAE stocks soar after Abu Dhabi"s $10-bn aid - Abu Dhabi gives Dubai $10 bn to cover debt - Nakheel posts $3.65 bn loss in H1 "09 - Drydocks not to be part of Dubai World revamp - Dubai crisis to hit 200,000 Indians - Dubai World meets six largest lenders: report "The company has a positive cash-flow position and can continue its operations comfortably," DP World (Subcontinent Region) Managing Director Anil Singh told PTI here. He also said that DP World"s aggressive investment plans in India will remain unchanged. Earlier, the government had expressed apprehensions over the impact of the Dubai crisis on some major ports in India, where DP World operates container terminals. Rating agencies had put DP World"s Indian port projects on a negative watch. After the news of Dubai World demanding a six-month standstill on its $59-billion debt broke last month, the Ministry of Shipping asked the ports associated with DP World to provide data to ascertain whether the crisis would have any repercussions on the country. Dubai World holds an 80 per cent stake in DP World, which accounts for 40-45 per cent of container traffic in India. DP World is the fifth-largest port operator in the world and is either operating or developing terminals at Mundra, Navi Mumbai, Kochi, Chennai, Visakhapatnam and Kulpi. Its investment in the country stands at over Rs 9,000 crore. Globally, DP World, which operates 45 terminals in 29 countries, has a debt of $4.7-billion (June 2009) and a cash balance of $3-billion.


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