Money on the markets

A maturing market amid the mayhem

Mahindra Satyam shares plummet

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Shares in Mahindra Satyam dropped nearly 11 percent on Wednesday after a media report said the Central Bureau of Investigation had found evidence of an additional 4,739 crore rupees corporate fraud at the IT services firm.

The stock closed at 90.55 rupees, its lowest in over four months. It had closed at 123.25 rupees on September 1, its highest closing point since January 7.

Mahindra Satyam fell on high volumes of over 33 million shares on the BSE and ended as the second-most traded counter.

However, at the Reuters India Investment Summit, a top company executive said customer attrition has stopped and the company was not offering price cuts to win new deals.

Reliance aims big with $12 bln bid for LyondellBasell

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Ranked by Forbes as India’s richest man with a net worth of $32 billion, Mukesh Ambani is no stranger to taking risks.

The move by conglomerate Reliance Industries, controlled by Ambani, to bid for bankrupt LyondellBasell is a calculated one. Markets seem to think this is a bargain and investors pushed up Reliance’s stock nearly 4 percent on Monday.

In praise of James Tobin; India, Indonesia or Korea, who’s next?

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If only James Tobin had lived to see this day. The American economist was not only a big fan of government intervention in matters economic and financial, which this credit crisis has seen plenty of, but he was also the man behind the ‘Tobin tax’ that Brazil has just introduced on foreign exchange transactions.

James Tobin believed a small tax on speculative transactions was acceptable and a reasonable means for third world countries to garner some revenues out of foreigners who wanted to dabble in their markets.
It doesn’t stop with Brazil. Indonesia hasn’t introduced a Tobin tax, but is trying to close a loophole through which corporates borrowing through special purpose vehicles could evade local taxes. Both Taiwan and Indonesia have also targeted short-term foreign investments — Taiwan has banned foreign investment in time deposits while Indonesia is thinking of banning overseas investors from central bank bills.

Telecom stocks struggle, Bharti falls nearly 4.5 pct

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Telecom stocks started the week on a disappointing note, with Bharti Airtel slipping 4.4 percent and Reliance Comm ending down over 1 percent.

Bharti Airtel was also the top Sensex loser. Smaller competitor Idea Cellular closed 2.85 percent lower.

Reliance Industries shines

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Shares in Reliance Industries gained 2 percent on Friday, helping the BSE Sensex gain 236 points.

RIL shares had fallen more than 3 percent over the last three days in the absence of any major announcement at the company’s annual general meeting earlier this week.

Realty sector feels the heat

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INDIAThe BSE Realty Index topped the list of sectoral losers on Thursday, with the index falling 4.3 percent as real estate stocks came under pressure.

Indiabulls Real Estate, HDIL and Unitech slipped over 5 percent each and ended as the top losers in the index. Phoenix Mills was the only counter on the index that closed in the green.

Infosys, HDFC Bank touch 52-week highs

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The BSE Sensex closed 52 points lower on Wenesday, but many top counters touched their 52-week highs in trade, Thomson Reuters data shows.

Top IT stocks Infosys, Wipro and TCS touched their 1-year highs as the BSE IT index closed 0.7 percent higher.

Weak day for oil & gas stocks

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Shares in ONGC dropped over 2 percent and ended as the top Sensex loser as the broader market closed just 18 points higher.

The Oil & Gas Index slipped around 0.7 percent in trade, with ONGC, BPCL and Reliance among the losers.

Lacklustre day for IT stocks

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The BSE IT index was the only sectoral index to close in the red on Monday, in a broader market that ended 183 points up.

Top IT firms Infosys Technologies and TCS were among the top Sensex losers, falling 0.83 percent and 0.63 percent respectively. Patni Computer dropped over 3 percent.

Auto stocks post healthy gains

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The BSE Auto index rose 1.5 percent on Friday, taking the festive season-backed gains for the month to 7.4 percent.

Hero Honda and Maruti Suzuki rose 4 percent each in trade, ending as the top gainers among the Sensex components. Exide Industries surged 8.6 percent.

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