TCS Has Target Of Rs 1200 – Anil Manghnani

Anil ManghnaniTata Consultancy Services of Modern Shares & Stock Brokers is of the view that Tata Consultancy Services (TCS) has trading target of Rs 1200.

HDFC Bank Stock Rates Fall After Valuing ADR at a Discount

HDFC BankHDFC Bank diluted 0.2% to Rs 1197.15 on pricing its 6.6-million American Depository Receipts at $92.10 each.

The scrip hit a high of Rs 1,218 and a low of Rs 1,192.30 during the day. On 28 May 2007, the scrip touched a 52-week high of Rs 1,274 and a 52-week low of Rs 693.10 on 19 July 2006.

The HDFC Bank stock had developed 10.27% within the one month period to 17 July 2007 as against Sensex’s return of 8.59%. The scrip had outperformed the market over the past quarter, going down 22.41% as compared to the Sensex’s increase of 11.83%.

Biocon Net Climbs Up 62.71% In Jun`07 Qtr

For the quarterBiocon ended June 2007, Biocon exposed a fantastic increase in net profits.

The company experienced a 62.71% growth in earnings during the quarter, which climbed to Rs 448.6 million from Rs 275.7 million for the quarter ended June 2006.

Net sales for the quarter rose 23.78% to Rs 2,274 million compared with Rs 1,837 million in the corresponding quarter, a year ago.

Total income arose 25.09% to Rs 2,315.9 million for the quarter ended June, 2007 as against Rs 1,851.3 million for the corresponding period last year.

Marginal Increase in IDBI Q1 Net Income

Industrial Development Bank of IndiaIndustrial Development Bank of India (IDBI) has recorded a net profit of Rs 153 crore for the first quarter (April-June period) of the recent fiscal that will exhibit a rise of 1.32 per cent over Rs 151 crore in the corresponding period last year.

The decelerating growth was because of increase in funds cost and higher provisioning for bad loans and investments.

The bank’s overall earning’s rose by 31 per cent to Rs 2,193 crore for the quarter ended June 30, 2007.

Kerala Ready For Talks With TN On River Issues

Thiruvananthapuram:Water Resources Minister N K Premachandran Yesterday, Water Resources Minister, N K Premachandran stated the State Assembly that the Kerala Government is ready for making discussions with Tamil Nadu to conclude matters relating to Mullaperiyar dam.

While responding during question hour, Premachandran stated that the State had formed a Dam Safety Authority according to the Centre guidelines, which would look after safety and security facets of all the 22 dams in the state.

More Than 100 Cr. Utilized For Developmental Schemes – J&K

Srinagar: A total of Rs 105.03 crore has been used up under different Centrally-sponsored developmental schemes in Jammu and Kashmir.

While presenting inside information of it to the Estimates Committee of the Assembly on Tuesday, Rural Development Secretary Mohammad Sayed Khan stated that Rs 23.81 crore under IAY, Rs 37.46 crore was spent under SGRY, Rs 35.11 crore under NREGS and Rs 8.65 crore under the SGSY programmes.

Headed by PDP MLA Ghulam Hassan Khan, the Committee got together to reexamine the performance of the rural development department.

India Can Achieve 10% Growth In 2008-09: P. Chidambaram

Union Finance Minister P. ChidambaramNew Delhi: Yesterday, the Union Finance Minister, P Chidambaram alleged that it is viable for the country to attain 10 per cent economic growth in the next fiscal.

While addressing the Indian Policy Forum, Mr. Chidambaram said, “Achieving a 10 per cent growth in 2007-08 is tough, but it is possible in 2008-09. That will be a fitting finale for the UPA government's five-year tenure.”

No Decision Yet On Fuel Cost Increase - Murli Deora

New Delhi: Petroleum Minister Murli DeoraAccording to the Petroleum Minister, Murli Deora that the government has not taken any decision to raise prices of transport fuels but will shortly hold meeting with oil companies on how to undertake the situation actuated by high global crude prices.

“We really do not want to hike the petroleum prices. But we are helpless when the international price increase like this,” Deora told.

Mr. Deora was referring to worldwide crude rates hitting the $78 a barrel in recent weeks.

Crude Oil Rates Stable At Its 11-Month Peak

Crude oil prices remained firm after extending to an 11 month high on Monday (July 16). Oil prices soared on conjectures that, an augmentation in refinery demand may result in deficit of US oil reserves.

Additionally, there were suppositions that the Energy Department details that will be out tomorrow (July 18), will indicate a slump in inventories for a second week on refiners advancing operating rates.

Crude oil for next month delivery on the New York Mercantile Exchange (NYMEX) increased 1 cent, at USD 74.16 a barrel.

The contract was up 22 cents, or 0.3%, to USD 74.15 a barrel the highest close since Aug. 11.

IFS Optimistic On Block Share Trade

IndiabullsIndiabulls Financial Services went up 1.51% to Rs 655 after a block deal of 13.7 lakh shares was struck at Rs 655.50 per share on BSE.

The scrip touched a high of Rs 664.95 and a low of Rs 647 during the day. There were 18.06 lakh shares for trading on the counter.
In the last three months, the stock had an average daily volume of 11.22 lakh shares on BSE.

The company’s equity capital is Rs 44.55 crore, with 22.27 crore outstanding shares with a face value of Rs 2 each.

Market Ends After Shedding 22 Points

Bombay Stock ExchangeThe BSE sensitive index opened up strongly at 15,357.60. It continued to trade strong supported by substantiated buying pressure in index heavyweights. But, the stock index lost its power, lastly sliding into the negative to end the day on a flat note. It touched an intra-day high of 15,440.20 and low of 15,272.46 during the day.

The stocks from cement, IT and pharma led the processions, while auto and banking sectors led the declines.

USFDA Approves Lupin’s Novel Drug

The USFDALupin Pharmaceuticals has approved Lupin’s Abbreviated New Drug Application (ANDA) for Amlodipine Besylate Tablets, 2.5 mg (base), 5 mg (base) and 10 mg (base). Saleable deliveries of Amlodipine Besylate Tablets will begin soon.

The company’s Amlodipine Besylate Tablets are the AB-rated generic correspondent of Pfizer’s Norvasc’ pills, which is long-acting calcium channel blocker suggested for treating hypertension.

Based on IMS Health sales information, the brand product had annual sales of around USD 2.7 billion for the twelve months ended December 2006,.

Torrent Cables Soars To A 52-Week High On Strong Q1 Results

Torrent CablesTorrent Cables rose 2.47% to Rs 224.20 in afternoon trading after it announced a 178.63% increase in net profit in Q1 June 2007. The company announced the results during the market hours.

In the meantime, the BSE Sensex was down 12.47 points, or 0.08%, to 15,298.75.

The scrip touched an intraday high of Rs 240.65, which was its 52-week high, and an intraday low of Rs 220.15 during the day. The stock had hit a 52-week low of Rs 94 on 27 July 2006.

India Calls For Making ‘Hindi’ Official UN Language

New York: India has asked all UN member states to take prompt and substantial steps for making Hindi, the second most spoken language in the world. It also made an eager and ardent appeal to all Indians settled overseas to put pressure on their respective governments for backing the proposition.

The offer would take time as the politicians and representatives would have to persuade other countries to get their accompaniment.

Haneef’s Lawyers To Holdup His Bail Posting

Melbourne: Lawyers for Mohammed Haneef may holdup posting his bail as they plan a plea against Immigration Minister Kevin Andrews' assessment to terminate the Indian doctor's work permit.

The move will suggest the Gold Coast-based doctor, who is charged with backing up a terrorist group, will stay in police custody in Brisbane.

Magistrate Jacqui Payne settled Haneef bail yesterday on a $10,000 warranty but the Immigration minister’s resolution means he will be shifted to Sydney’s Villawood immigration detention centre once his bail is stationed.

ONGC Moves Up 33 Ranks On Fortune Listing

Oil and Natural Gas CorporationNew Delhi: Oil and Natural Gas Corporation (ONGC) lifted 33 notches to 369th position in the newly issued 2007 version of Fortune Global 500 list.

According to the company release, “After making a debut in the turnover-based annual Fortune Global club two years ago (with a rank of 459), ONGC has moved up steadily, thanks to its advancing topline.”

Market Ends Marginally Up After Weak Performance

Bombay Stock ExchangeThe BSE share index opened its eyes on a positive note at 15,295.03. Later on, it slipped into depressing zone and continued to trade flat for most part of the day. It also touched an intra-day high of 15,341.38 to end the day on a positive note.

Cement stocks were in the public interest, whereas IT, pharma and banking stocks led the declines. Auto stocks displayed mixed inclination.

TCS Q1 Income Up, Declares Dividend

Tata Consultancy Services LtdTata Consultancy Services Ltd (TCS) has annunciated the following audited outcomes for the quarter ended June 30, 2007. The consolidated results are as follows:

North Korea Shuts Down Its Nuclear Reactor

U.S. National Security Advisor Stephen Hadley said it seems the North Korean have indeed close down their major plutonium reprocessing facility at Yongbyon, about 100 km north of Pyongyang. International inspectors have arrived in North Korea.  

Hadley said, “The inspectors from the International Atomic Energy Agency are on the scene with their equipment,” “They will go to the facility and they will be able to confirm that in the next few days, but it appears that the facility is shut down.”

Ford To Sell Volvo, Reports

Ford Motor Co.Dearborn, Mich. - Ford Motor Co. is setting to sell its moneymaking Volvo luxury brand as it works to return its North American operations to profitability, according to reports.

The Sunday Times reported, the decision to sell Volvo, a part of Ford’s Premier Automotive Group, was made in the past two weeks, but that the timings of the sale had still to be decided,

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