India's housing regulator National Housing Board (NHB) said yesterday property prices would go up in 2011.
"In the next one year, property prices would be moving northwards which will create a dampening impact on demand, resulting in correction of prices" said NHB Chairman R V Verma. He predicted price correction would take place in all the metros.
NHB is expecting loans from World Bank and Germany-based bank KFW to fund low cost housing and energy efficient houses.
January 5, 2011
Axis bank launches online trading platform AxisDirect
India's third largest private sector bank with over 15 million customers, Axis bank made a foray into retail broking business with the launch of its online trading platform AxisDirect on 05-Jan-2011.
The managing director & CEO of Axis Bank Shikha Sharma said “We are very excited about this new initiative. A considerable amount of time has been invested in talking to customers, understanding the need-gaps and what we can do to bridge those gaps. We have tried to design and develop unique functionalities and make it easier for customers to invest in markets using AxisDirect. We've partnered with TCS to develop this platform.”
AXISBANK's closing price on NSE was 1310.90 on 05-Jan-2011.
The managing director & CEO of Axis Bank Shikha Sharma said “We are very excited about this new initiative. A considerable amount of time has been invested in talking to customers, understanding the need-gaps and what we can do to bridge those gaps. We have tried to design and develop unique functionalities and make it easier for customers to invest in markets using AxisDirect. We've partnered with TCS to develop this platform.”
AXISBANK's closing price on NSE was 1310.90 on 05-Jan-2011.
Reliance MediaWorks ups stake to 44% in Fame
Reliance MediaWorks according to reliable sources has raised its stake in the multiplex chain 'Fame India' to 44% through an open offer.
Reliance MediaWorks which had earlier held 12% of emerging equity in Fame India, added another 32% through the open offer taking its total stake to 44%.
Rival multiplex operator Inox Leisure Limited holds 50.2% in Fame India.
RELMEDIA's closing price on NSE was 230.90 on 04-Jan-2011.
INOXLEISUR's closing price on NSE was 63.15 on 04-Jan-2011.
Reliance MediaWorks which had earlier held 12% of emerging equity in Fame India, added another 32% through the open offer taking its total stake to 44%.
Rival multiplex operator Inox Leisure Limited holds 50.2% in Fame India.
RELMEDIA's closing price on NSE was 230.90 on 04-Jan-2011.
INOXLEISUR's closing price on NSE was 63.15 on 04-Jan-2011.
January 4, 2011
Larsen and Toubro to be split into nine companies
The chairman of the 37,000 crore L&T Group, Mr.AM Naik unveiled a plan to demerge L&T into nine independent companies. He said the L&T board has already approved the restructuring plan and its implementation is going on in full swing.
The nine independent entities namely are... Power, infrastructure, heavy engineering, hydrocarbon, machinery & product, switchgear, building & factories, metals & minerals and electrical businesses.
Mr.Naik said by March 2012 all of the independent entities would be 75% ready to be listed on the stock markets. "We will decide which ones get listed as we go along. I can’t tell you now how many will be spun off by 2015.” he added.
The nine independent entities namely are... Power, infrastructure, heavy engineering, hydrocarbon, machinery & product, switchgear, building & factories, metals & minerals and electrical businesses.
Mr.Naik said by March 2012 all of the independent entities would be 75% ready to be listed on the stock markets. "We will decide which ones get listed as we go along. I can’t tell you now how many will be spun off by 2015.” he added.
January 3, 2011
Larsen and Toubro secures Rs.1103 crore orders
The Railway business division of L&T has secured orders worth Rs.1103 crore from four power plant development firms in India for laying or augmenting dedicated railway lines and constructing 'merry go-round systems'.
The orders have been placed by power plant developers Maithon Power Limited, Nabha Power Limited (which is a wholly owned subsidiary of L&T), BALCO and Sterlite Energy Limited.
L&T's closing price on NSE was 1980.50 on 03-Jan-2011.
The orders have been placed by power plant developers Maithon Power Limited, Nabha Power Limited (which is a wholly owned subsidiary of L&T), BALCO and Sterlite Energy Limited.
L&T's closing price on NSE was 1980.50 on 03-Jan-2011.
Anil Ambani's R Next invests 26% in ICEX
Reliance Exchangenext (R Next), a wholly owned subsidiary of Reliance Capital, has acquired 26% stake in Indian Commodity Exchange Limited (ICEX) from Indiabulls Financial Services Limited on 03-Jan-2011.
ICEX provides online screen-based platform for commodity trading.
The CEO of Reliance Exchangenext Mr.Rajnikant Patel said "We see a huge potential in the commodity market space. With this, we plan to develop an integrated and transparent national electronic commodity marketplace"
Indiabulls Financial said it still holds 14% in ICEX after this deal.
The commodities exchanges in India traded goods worth $1.75 trillion (rising 51.4% over last year) during the period Apr 01 to Dec 15.
In 2008, Reliance Money another subsidiary of Reliance Capital, acquired 10% stake in National Multi Commodity Exchange of India Ltd (NMCEIL).
RELCAPITAL's closing price on NSE was 682.50 on 03-Jan-2011.
INDIABULLS's closing price on NSE was 177.30 on 03-Jan-2011.
ICEX provides online screen-based platform for commodity trading.
The CEO of Reliance Exchangenext Mr.Rajnikant Patel said "We see a huge potential in the commodity market space. With this, we plan to develop an integrated and transparent national electronic commodity marketplace"
Indiabulls Financial said it still holds 14% in ICEX after this deal.
The commodities exchanges in India traded goods worth $1.75 trillion (rising 51.4% over last year) during the period Apr 01 to Dec 15.
In 2008, Reliance Money another subsidiary of Reliance Capital, acquired 10% stake in National Multi Commodity Exchange of India Ltd (NMCEIL).
RELCAPITAL's closing price on NSE was 682.50 on 03-Jan-2011.
INDIABULLS's closing price on NSE was 177.30 on 03-Jan-2011.
JSW STEEL hikes prices by 4 to 5 %
India's third largest producer of alloy, JSW Steel increased prices of its products by Rs.1400 to Rs.1700 per tonne (roughly 4-5%) on an average with immediate effect, a company source disclosed today.
JSWSTEEL's closing price on NSE was 1191.10 on 03-Jan-2011.
JSWSTEEL's closing price on NSE was 1191.10 on 03-Jan-2011.
SAIL hikes prices by 3 %
India's largest steel manufacturer Steel Authority of India Ltd (SAIL) increased prices of its products by Rs.1000 per tonne (roughly 3%) on an average with immediate effect, a company source disclosed today.
SAIL's closing price on NSE was 187.95 on 03-Jan-2011.
SAIL's closing price on NSE was 187.95 on 03-Jan-2011.
January 2, 2011
TVS Motor reports 42% growth in sales
TVS Motor Company has recorded impressive sales numbers across all categories for December 2010 compared to the same period in the previous year.
Total sales stood at 171,790 units in December 2010 as compared to 120,913 units in December 2009, recording a growth of 42%.
The cumulative 2-wheeler sales for April 2010 to December 2010 period stood at 1,485,102 units compared to 1,109,054 units for the same period in 2009, notching up an increase of 34%.
The cumulative 3-wheeler sales for April-December 2010 have grown 219% at 27,794 units as against 8,707 units, for April-December 2009.
TVS Motor's closing price on NSE was 70.70 on 31-Dec-2010.
Total sales stood at 171,790 units in December 2010 as compared to 120,913 units in December 2009, recording a growth of 42%.
The cumulative 2-wheeler sales for April 2010 to December 2010 period stood at 1,485,102 units compared to 1,109,054 units for the same period in 2009, notching up an increase of 34%.
The cumulative 3-wheeler sales for April-December 2010 have grown 219% at 27,794 units as against 8,707 units, for April-December 2009.
TVS Motor's closing price on NSE was 70.70 on 31-Dec-2010.
January 1, 2011
Jet and Kingfisher Air raise domestic fares
Jet Air and Kingfisher Airlines increased fuel surcharge by Rs.100 for domestic travel up to 750 kms and Rs.200 for a distance beyond 750 kms.
As the price of crude oil continues to rise and crosses $90 per barrel... the state-run oil retailers in India raised ATF (Aviation Turbine Fuel) prices yesterday by nearly 2 percent causing a knee jerk reaction from the two airliners.
Cost of fuel amounts to 40 percent of the total operating cost for the airline companies.
KFA's closing price on NSE was 66.30 on 31-Dec-2010.
JET AIR's closing price on NSE was 765.30 on 31-Dec-2010.
As the price of crude oil continues to rise and crosses $90 per barrel... the state-run oil retailers in India raised ATF (Aviation Turbine Fuel) prices yesterday by nearly 2 percent causing a knee jerk reaction from the two airliners.
Cost of fuel amounts to 40 percent of the total operating cost for the airline companies.
KFA's closing price on NSE was 66.30 on 31-Dec-2010.
JET AIR's closing price on NSE was 765.30 on 31-Dec-2010.
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