Britain, US relations Will Become Stronger, Says British PM

British cabinet ministerTony Blair & George Bush said a nation’s strength depends on the alliances, not military might, but Prime Minister Gordon Brown has denied his government was moving its foreign policy away from the US.

British media suggested the speech by International Development Secretary Douglas Alexander was a subtle critique of US President George W. Bush’s policies, and a signal that Brown wants to avoid being labeled Bush’s “poodle”, as former prime minister Tony Blair was.

OBC To Focus On Priority Section

Oriental Bank of CommerceKolkata: Hampered by the shocking record in priority segment lending in eastern region, Oriental Bank of Commerce (OBC) held a meeting of all the 44 section heads in the region including West Bengal, Sikkim and Assam to fix up schemes to raise the bank’s exposure towards this sector.

Markets Expected To Touch 15,500 this Monday

According to Bharat Thakur, assistant manager, Karvy Stock Broking the stock market is likely to lift up further on coming Monday (July 16).

He said that BSE Sensex breached 15,300 level and is expected to touch 15,500 on Monday.

According to Mr. Thakur, NDTV India and Opto Circuits are likely to trade well on Monday and holds confident view on media sector in particular.

Ashwin Gada, senior dealer, Networth Stock Broking said expects some correction to happen on Monday. Lower level buying can be done in real estate and construction companies.

Sotheby’s Auctions Mahatma’s Letters

Mahatma Gandhi
London: The handwritten drafts of a series of articles and autographed letters of the father of the nation – Mahatma Gandhi were auctioned by Sotheby’s on Thursday, 12 July 2007, as part of its English Literature and History sale.

Prime Minister To Visit Jammu On Sunday

Prime Minister ManmohanPrime Minister Manmohan Singh Singh arrives in Jammu on Sunday to receive an honorary doctorate of letters (D Litt) at a special ceremonial occasion in Jammu University.

Dr. Manmohan Singh has been the recipient of honorary doctorate degrees from various National as well as International universities.

Government To Launch ‘Green India’

Green IndiaNEW DELHI: The Government has planned to undertake a major afforestation programme for greening 6 million hectares of degraded forest land; It would be one of the world’s largest afforestation efforts in recent times, said Prime Minister Manmohan Singh on Friday.

UNPA To Abstain From Voting

New Delhi: United National Progressive AllianceAfter a decisive meeting on finalization of presidential election policy, the leaders of the United National Progressive Alliance (UNPA) has decided to keep off voting and not support NDA backed presidential confident Vice President Bhairon Singh Shekhawat.

Considering Prathibha Patil’s contention, the UNPA leaders stated they are taking a “witting” decision to not back up the UPA candidate.

The UNPA leaders also clarified that they would plan their own independent applicant for the Vice-Presidential elections.

Pervez Musharraf A Valued Partner, Says US

President Pervez MusharrafThe Bush administration said its views on significance of Pakistan in war on terror have remained unchanged after the operation of Lal Masjid, and restated that President Pervez Musharraf was a valued partner and ally.

State Department Deputy Spokesman Tom Casey said, “I don’t think our views on Pakistan are any different today than they were yesterday or last week.”

Sensex Nifty at Record Highs

Bombay Stock ExchangeMumbai: Sensex and Nifty finished off the week at record high up. The Bombay Stock Exchange 30-share sensitive index (Sensex) closed at 15272.72, up by 180.68 points or 1.20 per cent and the NSE’s 50-share Nifty closed up 58.40 points or 1.31 per cent at 4504.55. The BSE Midcap index ended at 6795.30, up 13 points while the BSE Smallcap index closed flat at 8216.14.

Sensex gained 308 points this Week

The BSE Sensex made 308.60 points during the week (July 9-13), and finally it settled at 15,272.72 on Friday, whereas the NSE Nifty profited 119.70 points during the week to close at 4504.55.

On Monday (July 9), the BSE benchmark index, Sensex, opened sturdily at 15,018.71 and continued to trade strong for the whole day. Continued buying interest was seen across the board. The index, which traded in the range-bound mode during afternoon, marched forward to lastly close the day on a strong note. The BSE Sensex closed the day at 15,085.22, after making a profit of 81.61 points, whereas the broadbased NSE Nifty closed at 4,419.40, up 34.55 points.

Tata Metaliks Fails to impress markets despite Good Q1 Show

Tata MetaliksTATA slumped 3.35% to Rs 143 even though net earnings boosted 45.32% in Q1 June 2007. The results were annunciated in the market hours today.

The scrip has 2.73 lakh shares for trading on the BSE counter today. In the last three months, the scrip had an average daily volume of 35,107 shares.

During the day, the scrip had hit an intraday high of Rs 152.40 and an intraday low of Rs 141.50. It had touched a 52-week high of Rs 163 on 12 July 2006 and a 52-week low of Rs 80 on 2 April 2007.

Hindalco On Firm Ground, Forges Ahead

At 10:03 am, Hindalco IndustriesHindalco Industries is quoting at Rs 173.90, up Rs 9.45, or 5.75%. The scrip has touched an intraday high of Rs 174.45 and an intraday low of Rs 167.50.

Today the scrip was trading with volumes of 2,577,720 shares. Yesterday the share closed up 6.17% or Rs 9.55 at Rs 164.45.

Hindalco is a flagship company of Aditya Birla Group, which is divided into two strategic business sections i.e. Aluminium and Copper. Hindalco is an industry leader in both sectors.

It is one of the world’s biggest aluminum rolling company and the biggest producers of primary aluminium in Asia.

BJP MP Moghe Disqualified For Holding Office Of Profit

New Delhi: Krishan Murari MogheBJP MP Krishan Murari Moghe has been disqualified from the Lok Sabha for the reason that he held an office of profit by holding a position with the grade of cabinet minister in Madhya Pradesh.

The sources said that the President Dr. A.P.J. Abdul Kalam has supported the opinion of the Election Commission in this regard.

The Commission had sent its judgment to the President last month, commending the Moghe’s disqualification.

Jay Bharat Maruti Up On Strong Q1 Numbers

In early tradingJay Bharat Maruti (10:22 am), Jay Bharat Maruti is quoting at Rs 48, which showed an advancement of Rs 5.10 or 11.89%. The scrip has touched an intraday high of Rs 48.75 and an intraday low of Rs 42.90.

The company reported a net profit of Rs 15 crore (Rs 150 million) as against Rs 6.5 crore (Rs 65 million) in the same period of the last year. The quarterly result of the company showed an increase of 131%.

Today, it is trading with volumes of 11,655 shares as compared to its five-day average of 2,735 shares, an increase of 326.20%.

Yesterday the share gained 2.02% before closing.

UTI Bank Net Spurts 45.15% In Q1

UTI BankUTI Bank declared a significant rise of 45.15% in net profit for the quarter ended June 2007. The company witnessed an increase in profit to Rs 1,749.80 million from Rs 1,205.50 million in the corresponding period of the last year.

The interest as well as operating income for the quarter climbed up 61.12% to Rs 15,369.7 million, whereas the total income for the quarter mounted 59.47% to Rs 18,792 million both as against the same quarter, a year ago.

In contrast, the earnings per share (EPS) for the quarter boosted 43.85% to Rs 6.2 compared with the corresponding quarter, a year ago.

ICICI Bank’s Dubai Link Produces Tepid Interest

ICICI BankICICI Bank was trading nearly flat at Rs 968.90 at after state-owned Dubai International Capital said it had bought a 2.87% stake in India's largest private sector bank.

The news hit the market after trading hours yesterday, 12 July 2007.

The scrip touched an intraday high of Rs 990.90 and an intraday low of Rs 966 during the day. Nearly, 8.67 lakh shares had changed hands in the scrip, and recorded an average daily volume of 3.53 lakh shares in the last three months.

Agra Will Soon be a Model Tourist Destination

AgraNew Delhi: Today the centre stated that it is enthusiastic about developing the Agra city as a model tourist point as Taj Mahal was nominated one of the ‘Seven Wonders’ of the World.

Urban Development Minister S. Jaipal Reddy said, “We are interested in developing the Agra city. But a lot will depend on the initiative of the Uttar Pradesh government.”

Market Ends The Day On A Sturdy Note

After making healthy opening, the BSE sensitive share index traded in a rangebound mode for most part of the day. Later on, the Sensex attained additional strength as continued buying interest was seen in index pivotals, lastly to end the day on a sturdy note. The stocks from banking, auto and telecom were in the public interest, whereas cement and IT stocks led the declines.

Greenply Industries Weight Increases On Capacity Enhancement

Greenply IndustriesGreenply Industries zoomed 8.17% to Rs 179.50 on booming growth of its laminate facility at Behror, Rajasthan.

In the meantime, the BSE 30-share Sensex was up 156.48 points, or 1.05%, to 15066.

The share price had hit a high of Rs 180, which is an all-time high for the scrip, and touched a low of Rs 169 during the day. Its 52-week low of Rs 81.60 was on 21 July 2006.

Today, there were 25,008 shares for trading on BSE. The share showed an average daily volume of 11,566 shares in the last three months.

Refined Q1 Results Fuel CPCL Share Outlook

Chennai Petroleum Corporation Ltd.After reporting an increase of 26.93% in net profit in Q1 June 2007,  Chennai Petroleum Corporation came up 4.32% to Rs 296.95 in afternoon trading. The company declared the quarterly results during the market hours.

At the same time, the BSE 30-share Sensex was up 190.68 points, or 1.27%, to 15,099.

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