Money on the markets

A maturing market amid the mayhem

Mahindra Satyam jumps 11 pct



Shares in Mahindra Satyam ended 10.6 percent higher at 91.40 rupees after gaining over 11 percent in trade on Friday after the outsourcer won a multi-million dollar deal from a large health insurer a day earlier.

Earlier last month, a court in Hyderabad granted bail to the former chairman and founder of outsourcer Satyam Computer Services, subsequently renamed Mahindra Satyam, in a case of accounting fraud that turned out to be India’s biggest corporate scandal.

Shares in the company have so far disappointed investors, slipping over 6 percent so far this year.

Do you think it is the right time to invest in the stock?

Metal stocks end higher



Metal stocks surged higher as major steelmakers planned to raise
prices this month citing firm global rates and rising input costs,
company officials told Reuters on Thursday.

Steel Authority of India (SAIL) has cut discount by 1,000 rupees a
tonne on flat products while JSW Steel raised prices by 3-4 percent on
higher international prices and input cost.

BSE Realty Index gains



The BSE Realty Index ended 2.9 percent higher on Wednesday in a broader market that gained over 200 points on positive economic data.

Shares in top realty firms Unitech and DLF ended 3.2 and 2.5 percent higher respectively.

Reliance Ind slips on EIH stake buy


INDIAShares in Reliance Industries closed 3 percent lower on Tuesday, a day after the company pushed ahead with its diversification plan by acquiring a stake in hotel chain EIH for $217.5 million.

Reliance is already active in petrochemicals, refining, oil and gas, and retail.

Tata Steel rises on sale agreement


TATASTEEL-RESULTS/Tata Steel ended 3.5 percent higher at 527 rupees after the company said on the weekend its unit Corus has reached an agreement with Thailands SSI on the potential $500 million sale of its mothballed Teesside plant.

Shares in Tata Steel were among the biggest gainer among the Sensex stocks and ended with volumes of 1.9 million shares on BSE.

Cairn India rises on Vedanta buy



Shares in Cairn India ended 4.3 percent higher on Friday following reports that India-focused Vedanta Resources was likely to take a 51 percent controlling stake for $8 billion to $8.5 billion.

The source said the deal is expected to be announced on Monday.

Vedanta Resources is in talks with Cairn Energy, which has a 62.37 percent stake in Cairn India, to buy a stake in the parent company’s Indian unit, both companies confirmed on Thursday.

Educomp drops on disappointing results



Shares in Educomp Solutions fell 9.7 percent on Wednesday with institutional investors selling off in the education services provider after its disappointing April-June results.

Educomp reported on Tuesday net profit for the quarter rose 22 percent, but brokerages were concerned about falling margins.

Bad day for IT stocks



Export-oriented software companies shed the most today, with the BSE IT index declining 1.4 percent after the recent rally in IT stocks.

Leading the index decline were heavyweights Infosys, Oracle Finance and TCS, which dropped 1.4 percent, 1 pct and 1.5 percent respectively. TCS and Infosys were the top Sensex losers too.

Auto index rises on car sales



The BSE Auto Index ended 1.1 percent higher on Monday, buoyed by data that showed a record 158,764 cars were sold last month.

Data from the Society of Indian Automobile Manufacturers (SIAM) showed   car sales rose 38 percent in July, as customer sentiment remained strong on hopes of strong economic growth and a fall in food prices.

Rate-sensitive sectors gain despite rate hike


It was a good day for rate-sensitive sectors like banking, autos and realty as they shrugged off a hike in interest rates by the Reserve Bank of India.

The BSE Auto Index gained 2.4 percent and closed as top sectoral gainer, followed by realty which gained 1.5 percent. The Bankex ended 0.7 percent higher.