Piramal Glass Ltd announced financial results for the third quarter ended December 2008 reporting net loss of Rs 37.14 crore. The company posted losses worth Rs 1.28 crore in the same period in 2007-08.

Rising raw material cost and foreign exchange losses adversely hit its business for the reporting quarter leading to significant decline in revenue and net profit.

The cost of raw material remained at Rs 63.60 crore as compared to Rs 36.98 crore in Q3 of 2007-08 which increased its expenditures. The company suffered foreign exchange losses of Rs 27.81 crore in the reporting quarter.

Rate two-way despite sharp fall in GBP; likely cross spreaders supporting on the dip as active sellers attempt to push the rate lower into major support around the 1.2780 area. Bottom may be forming around under the 1.3030 area as the drop into the 1.2900 handle was on thin volume.
50 bar MA failed now likely to offer resistance and a close above suggests the bottom will be in. Sell signal from the toolbox validated by the drop but be cautious as trend line support approaching. Semi-official and sovereign bids and offers seen overnight.

Rate falls hard as cross-spreaders sell GBP across the board. Overnight economic news seen as neutral; some rumor of UK bank downgrades adding pressure. Sell-signal from toolbox validated suggesting a test of the next major support area around the 1.3850 to 1.3780 area.

Signs of the bottom after holding the 1.4500 handle last week negated near-term with offers likely back at the sell zone around 1.4450 area now. Cross-spreaders continue to sell GBP across the board. Volumes continue light on this break.

Spillover from EURO likely. Look for two-way action into this bottom. A short-covering rally is increasingly likely now; looking for signs of late sellers.

GBP USD Daily
-Resistance 3: 1.4600
-Resistance 2: 1.4520/30
-Resistance 1: 1.4450
-Latest New York: 1.3915

The US

The stock market continued its run in the negative zone on account of selling pressure witnessed in blue chip stocks.

The BSE Sensex has slipped a bit deeper into the red zone this afternoon.

Banking, metal and realty stocks were the worst smacked ones among the Bombay Stock Exchange (BSE). These counters lost more than 2% each. But, FMCG sector went up.

Midcap and small cap stocks have also hit badly. BSE Midcap and Smallcap indices down 0.82% and 0.71% respectively.

Visibly upbeat after the stupendous success of ‘Rab Ne Bana Di Jodi’, Badshah of Bollywood Shahrukh Khan is ready to woo audiences with his upcoming film Billu Barber, which is scheduled to release on February 13, 2009.

Produced by SRK’s Red Chillies Entertainment, the story of the movie ‘Billo Barber’ is supposed to be based on two childhood friends - a barber and a rich filmstar.

Inspired from the story of Lord Krishna and his best friend Sudama, Billo Barber is reported to be a remake of Malayalam film Katha Parayumbol.