Late news broke today that Reliance Industries will merge IPCL with itself. The merged entity will place Reliance Industries to a more better position making it one of the best in its section in the region.
The swap ratio according to analysts puts it as 5.5 shares of IPCL for 1 share of Reliance Industries. The board meeting is on March 10, 2007
Add commentMarch 7th, 2007
The markets continued their haphazard. While the morning session was all towards downwards, a bit of recovery was seen post-noon. All NSE indices closed in red today.
S&P CNX NIFTY closed at 3626.85 (-0.79%)
CNX NIFTY JUNIOR closed at 6295.40 (-2.15%)
CNX IT closed at 5098.05 (-1.76%)
BANK NIFTY closed at 4993.55 (-2.28%)
CNX 100 closed at 3494.80 (-0.98%)
Sensex closed at 12579.75 (-117.34%)
New Listings on NSE today saw a rather poor start today.
Broadcast Initiatives Limited opened at 140.00 and touched a low of 67.00 before closing at 70.00. Evinix Accessories Limited opened at 120.00, saw a intraday high of 129.00 and low of 70.20 before closing at 74.60. Oriental Trimex Limited is no exception to this trend. The stock opened at 50.10 reached an intraday high of 52.50 and intraday low of 28.55 before closing at 29.30.
MindTree Consulting Limited was the only exception to this trend. The stock opened at 627.00 touched an intraday high of 673.75 and intraday low of 576.00 before closing at 625.00
IT stocks had a dull day. Of the 20-stock CNX IT, 4 stock advanced while the remaining 16 declines. Rolta, Hexaware, Tata Elxsi and Mastek closed in positive while HTMT, HCL Insys, Polaris, Wipro and Patni ended in red.
Banking stocks continued their poor show. Of the 12 stock Bank Nifty, 11 declined while only 1 managed to advance. The only bank stock of the Bank Nifty to stay in green is none other than Oriental Bank of Commerce which was in news in the past few days for all good reasons. Bank of Baroda (-5.1%), Union Bank of India (-4.4%), Bank of India (-4.3%), UTI Bank (-3.65%) and Canara Bank (-3.01%) all closed in red. Kotak Mahindra Bank managed to close in positive today. The stock opened at 444.00, saw a intraday low at 429.00 and closed at 437.10 (+0.91%)
Top Nifty 50 gainers of the day are M&M, Cipla, Glaxo, Suzlon and HDFC. Price-hit cement stocks continued their poor show even today. Gujarat Ambuja (-8.3%) and ACC (-4.9%) were big losers in todays trading session. Hindustan Petroleum, SAIL and Ranbaxy too closed in red.
USD/INR is at 44.50
Add commentMarch 7th, 2007
BSE Press Release
Mumbai, 7th March, 2007 – Bombay Stock Exchange Limited (BSE) and Singapore Exchange Limited (SGX) announced today that they have entered into an agreement for SGX to invest in a 5% stake in BSE. SGX will subscribe to the shares of BSE at
Rs. 5,200 per share for Rs 189 crore (USD 42.7 million).
The two exchanges have also agreed to actively explore collaboration in various areas relating to listings and product development, leveraging on SGX’s leading position as a regional hub for derivatives and international listings and BSE’s strong presence in India.
Mr. Rajnikant Patel, Managing Director & CEO, BSE, said,” This strategic tie-up with SGX will offer the Asian advantage to BSE. SGX is Asia-Pacific’s first demutualised and integrated securities and derivatives exchange. They bring a huge amount of learning to this partnership. This partnership will not only be mutually beneficial to both the exchanges, but also complement our association with Deutsche Börse. This alliance will position BSE to be an important player in the increasingly globalised market place.”
Mr. Hsieh Fu Hua, CEO of SGX, said, “We look forward to supporting BSE’s goal to strengthen their international position. Together, we aim to identify new business development opportunities and to foster an enduring partnership that is beneficial to both exchanges and our customers. Our investment in BSE is consistent with our strategy of building an Asian Gateway for securities and derivatives products.”
The issue of shares is subject to relevant regulatory and shareholder approvals. Kotak Investment Banking advised BSE and UBS Investment Bank acted as financial advisor to SGX in connection with the transaction.
- End -
For further information, kindly contact:
BSE SGX
Kalyan S. Bose Magdalyn Liew
Head - Corporate Affairs Corporate Communications
Tel: (91) (22) 2272 2938 Contact number: (65) 6236 8157
Email: corporate.affairs@bseindia.com Email: magdalynliew@sgx.com
Notes
About BSE
BSE is the oldest stock exchange in Asia. It was established in 1875 as “The Native Share & Stock Brokers Association.”
Earlier an Association of Persons (AOP), the Exchange is now a corporatised entity, incorporated under the provisions of the Companies Act, 1956, and is presently in the process of demutualisation. BSE is now professionally managed under the overall direction of the Board of Directors, which includes eminent professionals, and representatives of trading members.
BSE reaches out to more than 400 cities and towns in India. It has 4,800 listed companies on the board, with over 7,500 scrips being traded. The companies listed on BSE command a total market capitalisation of Rs 37,97,000 crore (USD 850 billion). The Exchange offers trading in the equity (cash and derivatives) and debt (corporate and government securities) segments.
About SGX
Singapore Exchange Limited (SGX) is Asia-Pacific’s first demutualised and integrated securities and derivatives exchange.
SGX was inaugurated on 1 December 1999, following the merger of two established and well-respected financial institutions - the Stock Exchange of Singapore (SES) and the Singapore International Monetary Exchange (SIMEX).
On 23 November 2000, SGX became the first exchange in Asia-Pacific to be listed via a public offer and a private placement. Listed on its own bourse, the SGX stock is a component of benchmark indices such as the MSCI Singapore Free Index and the Straits Times Index.
SGX has positioned itself strongly as the Asian gateway for capital raising and risk management. One third of its market capitalisation are foreign companies, from across Asia and other continents. SGX lists and clears a wide range of Asian equity and interest rate derivative products. It has also launched a commodity derivatives trading and clearing platform, and rolled out an OTC clearing facility.
Add commentMarch 7th, 2007
With just about an hours trade left, the markets seems to be taking a recourse but it is still unsure if it will get back all the lost points in the days trade. NIFTY is at 3599.65 (-1.5%). All other Nifty Indices are in red.
16 scripts of CNX IT are trading in declines while 4 are advancing. Amongst top IT losers are HTMT (-10.7%), HCL Insys (-6.1%), Polaris (-6.1%), Moser Baer (-5.7%) and Wipro (-5.1%)
IT gainers of the day are Hexaware (+2.3%), Rolta and Tata Elxsi (both +1%) and Mastek (marginally up)
Add commentMarch 7th, 2007
The markets took a staircase steps pattern to march towards the red. NIFTY is at 3628.05 (-0.75%). IT stocks looks disappointing today.
Nifty gainers include Suzlon (+3%), Zee, Cipla (both above +2%), HDFC, L&T, Reliance Communications, Dr. Reddy (all above +1%), MTNL, Tata Power and HLL (marginally +ve)
while the losers pack includes cement stocks Gujarat Ambhuja Cemets and ACC, tech stocks such as Wipro, HCL Tech and other stocks such as HPCL, BPCL, Maruti and SAIL
Add commentMarch 7th, 2007
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