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Popular Articles

Consultants, banks to help cos raise funds for CDM projects
Raising finance for companies eyeing renewable energy projects would no more be a tough task as banks and consultants are working on innovative solutions to help these companies.

Railways ups focus on Karnataka
Bangalore will soon get the Duronto, a point-to-point ‘super fast’ train, said Minister for Railways Mamata Banerjee, on her maiden visit to Bangalore today after becoming the railway minister. The Duronto, India’s fastest class of trains, will run between Bangalore and Howrah in West Bengal, she said.

News of the day

Eveready PAT at Rs 11.03crore
Eveready Industries India has recorded a profit after tax of Rs 11.03 crore in the third quarter ended December 31, 2009, an increase of 31 per cent over the same period last year on the back of higher sales. Net sales for the quarter stood at Rs 245.96 crore, an increase of 15 per cent. Prices of zinc, a key input material, was higher during the quarter compared to the same period last year, but was compensated by the appreciating rupee during the quarter. Battery and flashlights turnover registered a growth of seven per cent and 24 per cent during the current quarter. An overseas company, Everspark Hong Kong Private Limited has been incorporated by the company for commercial benefits on the company’s sourcing of input materials and goods from China.
International Business

Indian ADRs loss $1.44 bn in one week

Indian stocks trading on American bourses lost over $1 billion last week, with IT bellwether Infosys accounting for more than half of the total loss. - US markets gain on Wal-Mart results - US markets rally on Fed Reserve decision - US markets slip; Nasdaq, Dow drop 1% - US markets slip ahead of vital data - Indian ADRs gain $3 bn last week - US markets drop ahead of jobs data For the week ended August 14, Indian entities listed on two US bourses --the New York Stock Exchange and Nasdaq-- shed $1.44 billion from their total market capitalisation. Infosys" valuation alone plunged by $961 million. Besides Infosys, two other major losers were banking majors -- ICICI Bank and HDFC Bank. Two lenders, in total, lost $673 million. The valuation of telecom firm Mahanagar Telephone Nigam (MTNL) fell by nearly $76 million, while that of drug maker Dr Reddy"s declined by $55.6 million. Besides, outsourcing firms WNS Holdings and EXLService too witnessed an erosion of $50 million in their mcap. The pack of losers include IT firms Mahindra Satyam and Tata Consultancy Services which shed $13.40 and $4.4 million respectively. Rediff.com declined by nearly $5 million. However, Azim Premji-led Wipro, auto behemoth Tata Motors and NRI billionaire Anil Agarwal-led Sterlite Industries were among the pack of six companies, which gained on bourses during the week. Sterlite Industries led the gainers pack and added $134 million in its market capitalisation, whereas Wipro and Tata Motors added $74 and $58 million, respectively. BPO firm Genpact"s valuation increased by $19 million and another IT company Patni Computer rose by $98 million, while internet firm Sify added $11.12 million. Last week, the US Federal Reserve had said the country"s economic activity is bottoming out and financial conditions have improved. On Friday, the US markets ended in the red with the Dow Jones Industrial Average (DJIA) settling down by 0.82 per cent to 9,321.40 and S&P 500 ended at 1,004.09, down 0.85 per cent. Besides, tech heavy Nasdaq by fell 1.19 per cent to 1,985.52 points.


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