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T N Ninan: Warming to hope
T N Ninan / New Delhi September 26, 2009, 0:39 IST

Downside breakout could test 4,800
The market crashed in the last two sessions with the Nifty bouncing from 4,955 level to close at 5,036 points for a week-on-week loss of 4.12 per cent. The Sensex was down 3.96 per cent, closing at 16,859 points. The Defty closed 4.93 per cent down as the rupee slid. Declines far outnumbered advances and volumes increased as prices fell. The broadbased BSE 500 dropped 4.3 per cent while the Midcap index dropped 5.4 per cent and the Junior was down 3.8 per cent. Domestic institutional investors were net buyers but FIIs sold heavily.

News of the day

Recovery still fragile: RBI
India’s recovery from the global financial crisis is “still fragile”, according to Reserve Bank of India (RBI) Governor D Subbarao.
Management

Peerless focus on new biz

In keeping with the Reserve Bank of India (RBI) guidelines for the Residuary Non-Banking Finance Company to exit deposit-taking business by March 2011, Kolkata-based Peerless General Finance & Investment Company scaling down its RBFC operations, while focusing on new business lines like asset and wealth management. - Credit growth drops to 14.1 per cent - Banks have to cut deposit rates for bond yields to fall: RBI - RBI frowns on sub-PLR loans, bankers resist - Finmin, RBI to firm up borrowing schedule for second half soon - Crisis to cool India's growth to 5%: Unctad - Farm growth expectation unchanged: RBI The total deposits mobilised by the company last year stood at Rs 753 crore, about Rs 200 crore less than the previous year. The year-end figure of the outstanding deposits from the public declined to Rs 3,935 crore, from Rs 4,302 crore the previous year. At the 76 th annual general meeting of the company, Dipankar Basu, chairman of the company, said, “As the company"s deposit-taking business is scaled down over the current and the next years, and then ceases, its topline may take a temporary hit, until such time when income from its new business and increased income from subsidiaries gain in size.”


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