ISSUE - 117
18th MAY [WEDNESDAY]
EDITOR’S DESK
- TANIYA BANERJEE
World‘s number one terrorist Osama Bin Laden is supposedly dead. Killed at the hands of the US, the country seems to have finally taken its revenge against the master mind of the 9/11 attacks. But will the end of Osama bring about an end to the al-Qaida as well? Or is this end the starting point for a new beginning? Get all the answers in our Cover Story this week. This week in our Opinion Forum we are trying to understand the measures taken by the RBI to combat the ever growing menace of inflation. Will their measures reap results in the long run? Will these measures curb the economy‘s growth? Get answers to all such questions here this week.. Shoes have always been a fetish with women. Be it Aldo or Jimmy Choo they have always fascinated us all. This time in our Brand Track we are tracking a well known Indian Brand Metro. Its growth and strategies to sustain in an ever growing and competitive market has been traced here this week. Coined in the year 2005 by Andrew Rozanov, the term sovereign wealth fund has come a long way in gaining recognition all over the world. This fund is a state owned fund and is often referred to as the wealth of the nations. As our focus this week we are trying to delve deeper into the meaning of this term and also if our country should go forward with starting its own SWF.
Moreover we have our regulars Fast-Track, Quick Bites and Market Watch yet again. We hope all of you have as much fun as we had putting it together. Cheers, Taniya Banerjee Editor.
EDITOR COVER
1 OPINION 2 BRAND
5 FOCUS 6 MARKET
FAST-TRACK
3 QUICK BITES
7
8 9
THE IBS TIMES
COVER STORY– THE FALL OF OSAMA BIN LADEN
- SANYA DHAWAN
The words which so many Americans have waited to hear for nearly a decade -- Osama Bin Laden is dead -- were finally spoken on May 2nd by the president of United States of America, Barack Obama. A time where US is still grappling with the national security crisis sparked by 9/11.This death came at an opportune moment as in a few months it was going to mark the 10th anniversary of the 9/11 attacks. The mood was celebratory and jubilant as people gathered outside white house and ground zero marking the end of a ten year long terror.
The words so many Americans have waited to hear for nearly a decade -- Osama Bin Laden is dead -- were finally spoken on May 2nd by the president of United States of America, Barack Obama.
The CIA kept the Pakistan government, the ISI, in the dark as they thought they would leak the information and help Osama to escape.
The hunt for bin Laden had long gone cold after he slipped away from the forces bombarding his hideout in the mountains of Tora Bora in December 2001. But in August 2010, Obama said, intelligence officials got a tip that he was living in a compound in Abbottabad, deep inside Pakistan. The tip off about the whereabouts of Osama was given by Zawahiri. Al-Qaida deputy Ayman al-Zawahiri led US forces to his hideout as the two were involved in an intense power struggle. Zawahiri's aides had persuaded Osama to leave tribal areas close to Afghanistan-Pakistan border to take shelter in Abbottabad instead. The plan to dispose off bin Laden had been hatched by a prominent al-Qaida commander Saif al Adel of Egyptian descent, who returned to Pakistan from Iran, last autumn. Ironically, Al Adel had helped Osama and his family to escape after 9/11. The Navy SEALs killed him and others in a shootout .This operation was a firefight which lasted for 40 minutes but the operation from the time of inception to execution took about 4 years. Osama was residing in a house belonging to hizbul mujahideen. Osama was verified through photographs, video and finally through DNA analysis. The USA gave him a proper burial according to the Islamic tenents; he was buried within 24 hours, although he was buried at sea and not on land so that no memorials would be constructed. The CIA kept the Pakistan government, the ISI, in the dark as they thought they would leak the information and help Osama to escape. The suspicion that Osama could not be living in plain sight in a city with army presence, a few hundred meters from a military academy without local assistance prompted US planners to work on their own. It is really hard to believe that Pakistani intelligence and military did not know that Osama had been residing for many years in Pakistan. The operation was carried out via helicopters but they remained out of the radar because of the blind spots contributed by the hilly terrain. When Osama‘s house was raided for further plans of terrorism some papers were recovered showing that on the 10th anniversary of 9/11 al-Qaida was planning an attack on the U.S.A railways...the plans were in the initial phase and no details were mentioned as to how, when and where it was taking place. Osama, the hearsay ‗crusader‘ was fighting for a cause, the jihad which was slowly loosing its appeal in the Arab world. For many Muslims he was tainting the essence of Islam. After al-Qaeda slaughtered Shia and Sunni Muslims in Iraq, fellow jihadis began to condemn his principals. Osama, the worlds most wanted terrorist died at a very high cost of human as well as financial price. Over 1 trillion USD was spent trying to locate him and this pursuit of this man has seen deaths over 15, ooo people. It is a heavy reckoning for one man‘s life.
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FAST-TRACK NEWS
THE IBS TIMES - SHILPA MALHOTRA
Jayalalitha sworn in as Chief Minster of Tamil Nadu AIADMK General Secretary Jayalalithaa, who led her party to a landslide victory in the Assembly elections, will be sworn -in as Tamil Nadu Chief Minister for a third substantive term. Earlier, she was elected unanimously Leader of the AIADMK Legislature Party at a meeting of 146 newly elected MLAs held at the party headquarters. Armed with the letter of party legislators electing her as their Leader, Jayalalithaa met Barnala at the Raj Bhavan and staked her claim to form the government.
End of assembly elections cause petrol price hike A day after the Assembly election results were declared, state-owned oil marketing companies (OMCs) decided to go ahead with the increase of Rs.5 a litre in petrol price. The biggest-ever increase in petrol prices, and the eighth since the prices were deregulated in June last year. The cost of petrol a litre in Delhi has gone up from Rs.58.37 to Rs.63.37 from Rs.61.93 to Rs.67.22 (Rs.5.29) in Chennai; from Rs.63.08 to Rs.68.33 (Rs.5.25) in Mumbai and from Rs.62.50 to Rs.67.71 (Rs.5.21) in Kolkata. Bharat Petroleum and Hindustan Petroleum also increased petrol prices by Rs.4.99 and Rs.5.01. However, they said that even after the increase they would still make a loss of Rs.5.50 a litre.
Govt partially opens LLPs to foreign investments The government has partially opened limited liability partnerships to foreign investments, ending months of wrangling o v e r th e e x te n t o f f o r e ig n o w n e r s h ip in th is n e w f o rm o f b us in es s s tr u ctu r e. Foreign direct investment in LLPs will be allowed only in those sectors where 100% foreign ownership is permitted. Even this permission will take the approval route, the cabinet committee on economic affairs, or CCEA, decided on Wednesday. "The CCEA's approval will benefit the Indian economy by attracting greater FDI, creating employment and bringing in international best practices and latest technologies in the country," an official statement said.
Competition Commission of India eases merger and acquisition rules India's competition regulator on Wednesday announced the regulations for mergers and acquisitions, diluting several of its earlier proposals to address industry concerns that the competition law was intrusive and burdensome. The new rules exempt a host of transactions from the scrutiny of the Competition Commission of India (CCI) and seek much lower merger notification fees than proposed earlier. Schedule I of the regulations lists a number of transactions that will be exempt from the scrutiny of the competition watchdog.
Kanimozhi appears in CBI court for bail hearing in 2G scam case DMK MP Kanimozhi, the daughter of Tamil Nadu Chief Minister M. Karunanidhi appeared before a special Central Bureau of Investigation (CBI) court for her bail hearing in connection with the 2G spectrum allotment case in which she has been named co-accused. Kanimozhi, 43, has been charged with section 7 and 11 of the Prevention of Corruption Act. The charge sheet said the investigation into the case disclosed that money had travelled from DB Realty to Kalaignar TV.
73 killed, over 100 wounded in twin suicide attacks in Pakistan
Two suicide bombers blew themselves up on 13th May outside a paramilitary force's training facility in northwest Pakistan, killing 73 people and injuring over 100 in the first major terrorist attack since Osama bin Laden was gunned down by US forces. A large number of recruits who had completed their training were leaving for home at the time of the blast. The second bomber, who was on a motorcycle, struck about eight minutes later as security personnel were removing the dead and injured from the spot. The Taliban and other militant groups had vowed to avenge bin Laden's death.
Elliot Wave– This theory is named after Ralph Nelson Elliott, who concluded that the movement of the stock market could be predicted by observing and identifying a repetitive pattern of waves. Based on rhythms found in nature, the theory suggests that the market moves up in a series of five waves and down in a series of three waves.
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THE IBS TIMES Salman Bashir warns India of Abbottabad type attack
Pakistan foreign secretary Salman Bashir has warned India against entertaining the idea that it can undertake an Abbottabad-type operation. Bashir said that if any country in South Asia tries to indulge into unilateralism, it will face severe consequences. His comments came a day after Army Chief Gen VK Singh's remarks that India had the ability to carry out an Abbottabad type operation. "Any kind of unilateralism will have terrible catastrophe," the Pakistani foreign secretary said.
Cisco to cut costs and thousands of jobs as profits stall
Cisco Systems Inc, the world's largest maker of computer networking gear, said that it's set to eliminate thousands of jobs as part of cost-cutting moves to get profits growing again. Cisco's sales rebounded from the recession, but then started stalling in the middle of last year. The company is still troubled with the financial forecast for the current quarter fell below analyst expectations. Chambers now wants to cut annual expenses by $1 billion, or about 6 per cent while the jobs by 4,000 to 5,000 of the company's 73,400 employees.
ICICI Venture acquires 10% in RJ Corp's Devyani International for Rs 250 crore
ICICI Venture has bought a 10% stake in RJ Corp's Devyani International, which runs KFC, Pizza Hut and Costa Coffee chains in India, for about Rs 250 crore. The private equity firm will pay Rs 225-250 crore for a 10% stake, valuing Devyani at $500 million. Ravi Jaipuria , founder of the Rs 3,000-crore RJ Corp, confirmed the investment deal. ―It will support expansion of our foods business in India and in global markets," he said. Devyani also plans to go public before 2013," he added.
RIL taken to court on gas supply cuts
With Reliance Industries (RIL) set to cut gas supply to steel, petrochemical and refining sectors three companies — Welspun Maxsteel, Ispat Industries and Essar Steel have moved courts for a stay. As gas production from RIL's block in the Krishna Godavari (KG) basin has fallen to 50 million standard cubic meters a day (mscmd) from 62 mscmd in March 2010, the government has asked RIL to give priority to users in fertilizer, LPG, power and city gas distribution sectors. This means cutting supply to users in steel, petrochemical and refining sectors. The three companies will be hit by the RIL action.
Djokovic beats Nadal to win Madrid Masters
Serb Novak Djokovic beat Spanish favourite Rafael Nadal to win the final of the Madrid Masters. Djokovic beat the world number one by 7-5, 6-4. The Serb's win was all the more impressive because along with pressure from the crowd, the match was played on Nadal's favourite beaten clay surface. Nadal had always beaten Djokovic on clay in all of their previous meetings. The Spaniard had not lost a match on the surface since losing in the quarterfinals of the French Open two years ago.
Gayle crushes KKR to take RCB into the play-offs
Chris Gayle plundered 38 runs in a 12-ball blitzkrieg as Royal Challengers Bangalore scored an emphatic four wicket win over Kolkata Knight Riders under Duckworth-Lewis method in a rain-truncated match to seal a play-offs berth in Indian Premier League. Gayle continued with his batting pyrotechnics in IPL 4 as he hit six fours and two sixes to score all but two runs of his 38 from boundaries to send the packed home crowd at the M Chinnaswamy Stadium into a frenzy.
Exotic Option- An option that differs from common American or European options in terms of the underlying asset or the calculation of how or when the investor receives a certain payoff. These options are more complex than options that trade on an exchange, and generally trade over the counter.
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THE IBS TIMES
OPINION FORUM– INFLATION: THE FIGHT IS ON!
The RBI did not disappoint. On May 3rd, the Central Bank lead by D.Subbarao decided to go for more than expected dose of policy rate hike, this time raising them by 50 basis points.
For the consumers, the story is not rosy either. Two days after announcement by RBI, as many as seven banks have hiked their lending rates.
- RAJAT MONGA
The RBI ahead of its annual policy review released a report titled ‗Macroeconomic and Monetary Developments in 2010-11' which gave a preview of how the Central Bank expects economy to be in the FY12. Risk to growth from sustained high inflation could condition the stance of the monetary policy in the near term,‖ the report said, adding, ―since high inflation itself could disrupt growth, it is important for the monetary policy to ensure a low inflation environment as a pre-condition for sustained high growth.‖ This report was a clear indication of what to expect when the Central Bank sits down for its first monetary policy review for FY12 The RBI did not disappoint. On May 3rd, the Central Bank lead by D. Subbarao decided to go for more than expected dose of policy rate hike, this time raising them by 50 basis points. This is the 9 th hike in key policy rate since March 2010 and repo rate now stands at 7.25 percent while the reverse repo rate is 6.25 percent. RBI has remained hawkish on inflation as it has raised the rates by 350 basis points since March 2010 and with the new round of hike, it seems that RBI is ready to compromise slightly on economic growth in order to curb inflation. The gradual policy tightening has failed to cool inflation initially driven by high food and fuel prices, and more recently by demand pressures. The March inflation figures were at 9% much more than the comfort zone of the bank primarily lead by high global commodity prices. The new rate hike comes as a bad news for both the industry and the consumers. Lets take a look at them one by one. The manufacturing industryespecially automobile and steel have already been taking a beating with their margins coming under strain because of the increasing input costs. The higher interest rate would further put pressures on these industries as they would be forced to pass on these hikes to their customers. The automobile industry is one of the worst hit- already witnessing a slip in demand as expensive financing and costlier fuel turn people away from showrooms – jacked up interest rates and fatter EMIs will only take the demand downhill. Also the increased cost of capital will and already have affected the capacity expansion plans of India Inc. The last quarter of 2010-11 did see the slow down in investments and with this new interest rate hike, the investments will further slow down. For the consumers, the story is not rosy either. Two days after announcement by RBI, as many as seven banks have hiked their lending rates. More banks are expected to follow suit. In the last six months home loan rates have gone up by 1.75% and have almost touched double figures. Though the demand for housing loans from the end-users is not expected to decrease, the investors may put their plans of investing in real estate on hold. The increased rate will surely hit the purchasing power of the borrowers as they will be bound to pay more towards EMIs, as well as higher household expenses due to inflation. The RBI expects the inflation to remain sticky at the current level for the first half of the fiscal and start easing out after that. High prices of energy commodities especially crude oil which have been hovering at about USD 111 a barrel will be the biggest challenge. The government is already contemplating increasing petrol and diesel prices by as much as Rs.5/liter to reduce losses of oil companies and its own subsidy bill. A hike will further push the inflation up and another round of policy tightening will be required if RBI wants to achieve its inflation target of 6% for FY 12. Going forward be ready for slower economic growth and higher interest payments as RBI declares an all out war against inflation.
At or Better –An order condition instructing a broker to only fill a transaction at a specific price or above it. Unlike a market order, an at-or-better order will expire if a specific price target is not met or exceeded. The percentage of at-or-better trades in the market compared to the overall number of trades depends on liquidity and the state of the economy.
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THE IBS TIMES
BRAND TRACK– METRO– HAPPY FEET
-SANDEEP ASRANI
Men have a couple of them, but women have plenty of them. Well I am talking about the pair of footwear of course. Fashion has become an important part of lifestyle in India, especially, among the growing fashion conscious youth. Customers today are seeking exclusive options that match the latest fashion trends at affordable prices. Metro Shoes now gives these customers an opportunity to fulfill all of their footwear fashion needs under one roof. This is a brand that is well known by women of all ages in India. An Indian woman‘s wardrobe is incomplete if it does not have a Metro Shoe. From party wear to casual wear to stilettos, they have it all.
The brand was born in
This Brand was born post 1947 in Colaba in Mumbai. It was the only store of its kind then. In the past
1876 when Samuel
six decades it has grown to have 82 exclusive retail outlets across major cities in India. It is a house to
Thrall Cooper founded
both Indian and International brands across all collections for men, women
S.T. Cooper & Sons,
and kids. It has a collection of all ranges. Metro‘s prime focus on values such
the predecessor of
as Strong Customer Relationship and Service, Passion for Perfection, Re-
Jockey® International,
spect and Empowerment of Individuals, Differentiation through Constant Innovation and Integrity has helped it climb the ladder to success and has
Inc.
hence been able to have its stand in today‘s market with a bunch of competitors. In April 2008 Metro Shoes was voted one of the most powerful brands in India by RETAILER magazine. It has a very innovative and impressive user friendly website which allows the visitors to browse and order online (DIAL-A-SHOE) for its shoes. At Metro they strive continuously to provide their customers a valuable deal on their purchase and ensure that every client is absolutely satisfied. Another unique thing about Metro‘s outlets is that tough they have outlets across India; they maintain stock and models that are customized to fit the local tastes and fashion trends. This gives them an edge over the other brands in the market. Apart from its own manufacturing brand it is a house to brands such as Lee Cooper, FILA, MOCHI, PRINCESS, MARDI GRAS, FLORSHEIM, WOODLAND, DISNEY, DAVINCHI, etc. Metro‘s other
After that campaign it became a fashion state-
marketing strategies have been its seasonal sales and year end sales that are the most sought after and awaited sales by women in specific. Metro in the last decade has been on an expansion spree and has
ment where all the men
been widening its product range by not only adding new brands to its hat but also exploring into acces-
and boys started to actu-
sories. Its loyalty program and return a shoe policy is something that Metro‘s customers vouch for. The
ally show off the under-
goal of Metro shoes is to make Metro a one stop shop for all footwear needs for the entire family. I
wear they wear.
would like to end this article by a quote for the women in particular – “Age shouldn't affect you. It's just like the size of your shoes - they don't determine how you live your life! You're either marvelous or you're boring, regardless of your age.”
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THE IBS TIMES
QUICK BITES- NEWS THAT CAN’T BE MISSED !
- VASUNDHARA ARORA
Big Shots… iGate chief executive Phaneesh Murthy will chair the new combined entity as the CEO & MD. Medtronic Inc., the world‘s largest medical device maker selected the head of GE Healthcare, Mr. Omar Ishrak to become itsnew CEO. LCM group announces Charles Bauder as the new CEO. S. Balakrishna appointed as the new CEO of Secunderabad Cantonment Board (SCB) replacing Mr. C. Ravindra. Pay package of Kroger Co.‘s CEO falls by 19% falling back on poor sales and profit growth.
Company Talks… Wipro in deal to buy majority stake in Brazil-based hydraulic cylinder manufacturer R.K.M.Equipamentos Hidr Ulicos Ltd. Microsoft finalises $8.5 billion deal to buy Skype including debt. Volkswagen made a long-awaited bid for MAN, valuing it at $20 billion to kick off truck merger. Bharat Forge enters into a JV with David Brown System India to form David Brown Bharat Forge Gear Systems India. Nasdaq-listed iGate Corp completed the $1.22 billion acquisition of Mumbai-based IT services company Patni Computer Systems Ltd. Tulip Tele sees Bangalore data centre stake sale of upto 25% in 2-3 months. Monnet Ispat & Energy Limited eyes overseas coal, manganese assets buy with a $100 million budget this fiscal. Hindusthan National Glass and Industries Ltd. buys German glass maker, Agenda Glas AG for Rs 321 crore. Religare in talks with two foreign insurers for a JV to offer general insurance services in India. Adani grows ports business overseas with A$1.8 billionn buy of developing and operating rights of Abbot Point Coal Terminal in Queensland, Australia. Firstsource to acquire 74% stake in Sri Lankan telecom sercie provider, Dialog Axiata. Takeda Pharmaceutical of Japan denied striking a deal for an acquisition of its Swiss rival Nycomed for up to $14 billion. Apollo Global Management to buy ―American Idol‖ and ―So You Think You Can Dance‖ for more than $509 million. Confronting Elliott Advisors, DuPont calls its $6.4 billion Danisco Bid as final. Lime Wire settles with Recording Industry Association of America for $105 million for mass piracy of billions of songs over a 10-year period.
Economy Speaks… Germany and France powered economic growth in the euro area in the first quarter. Most Asian stocks plunged amid disappointing earnings in Japan as the nation grapples with the consequences of its worst earthquake on record. Germany's economy grew 1.5% in the first quarter. Californian governor to moderate his call for tax hikes. Timothy Geithner warns of a new recession in case Washington is not able to borrow more in the light of U.S. debt ceiling. India‘s capital goods output rose an annual 12.9% during the last month compared to a contraction of 18% last month. Oil companies hike petrol prices by INR 5/litre. India‘s fight against inflation could knock about half a percentage point off economic growth in FY12, says the Finance Minister.
The Captains of the Ships… CFO of HUL: R. Sridhar CFO of P&G: Jon Moeller CFO of Reckitt Benckiser: Liz Doherty CFO of Johnson & Johnson: William C Weldon
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THE IBS TIMES
FOCUS OF THE WEEK–SHOULD INDIA GO FOR A SOVEREIGN WEALTH FUND? -TANIYA BANERJEE
Firstly it can be used to acquire assets globally for India’s long term energy and resource needs
With India being one of the fastest growing economies in the world the talks of its entering the big league of nation through the development of a separate sovereign wealth fund of its own. There can be numerous benefits can arise from this. Firstly it can be used to acquire assets globally for India‘s long term energy and resource needs. Secondly various sectors like coal and infrastructure, oil and gas of our country will further benefit from this. As India is the only BRIC nation not to have a SWF it seems to be imperative that India starts one to secure its energy needs in the future. Now this term being a little bit new to us first step here would be towards understanding what it actually means. A sovereign wealth fund is a state owned investment fund comprising of financial assets like stocks, bonds, property, precious material and or other financial instruments. There are broadly two types. Firstly they can be held by a central bank and this type is of major economic and fiscal importance. The other type being state savings invested by different entities for the purpose of investment return. A SWF will bring enable India‘s forex reserves to be used for investment in oil assets. There are 37 major sovereign funds all over the world and about two-thirds of this money comes from oil and gas revenues. Some of the most successful examples of SWFs are of Norway, Kuwait and Brunei. But on the flipside of it economists say that India actually doesn‘t need a SWF for oil as these are for countries that have no domestic markets and though India does not have a trade surplus its domestic markets are deep.
But if we take a look at our nearest rival with reserves of $2.4 trillion and a $300 billion sovereign fund China has far outpaced India in its quest for resource acquisition.
But if we take a look at our nearest rival with reserves of $2.4 trillion and a $300 billion sovereign fund China has far outpaced India in its quest for resource acquisition in an attempt to feed its economy. This becomes even clearer if we take the example of Chinese companies spending about $ 32 billion last year in order to buy coal, oil and metal assets abroad while our own ONGC invested $2.1 billion to buy Imperial Energy. This has become possible for China as it has backing of China Investment Corp. and SAFE Investment Company which on a combined note represents an SWF of $636 billion. Another concern that arises out of this is exactly how much of risk will the government wants to take in as well. The very purpose of its formation might get defeated in the light that investments in oil are often high risk and return based. So a majority of the decisions will depend upon the risk appetite that the government is willing to take on. With a GDP that is poised to grow at a rate of 9% it is time to give thoughts for the development of new age instruments to fuel this growth and also tackle the ever going inflationary trends primarily incurred due to ever growing prices of the essential commodities. So lets keep our fingers crossed and wait to see if this becomes a reality or remains one of those just hyped and not worked upon agendas.
Chikou Span-A component of the Ichimoku Kinko Hyo indicator that is created by plotting recent price movement 26-periods behind the latest closing price. The number of periods used to lag the Chikou span is customizable so that transaction signals are generated more or less frequently.Also known as the "lagging span".
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THE IBS TIMES MARKET WATCH
- SAINYAM KUMAR
The week ending May 13th did not see much movement. Apart from Thursday, the markets remained in a close range. The positive sign for the economy was that the inflation eased to 7.70% for the week ending April 30th, 2011 against 8.53% in the week previous to that. Talking about the performances of the sectors, BSE-FMCG led the pack because of healthy numbers released by HUL, which is the index heavyweight. BSE-OIL&GAS continued to be one of the weak performers of the market because of indecisiveness over crude prices and the oil marketing companies in India continuing to be in losses.
The Movers & Shakers of the Week
SURGES
%Change
DOWNFALLS
%Change
RANBAXY LABS
15.2
BHUSAN STEEL
-14.2
HIND. UNILEVER
14.3
PIRAMAL CARE
HEALTH-
-10.3
H OU S IN G D E V E LOP MENT INFRA
13.5
SHREE RENUKA SUGARS
-10.1
The corporate news continued to be dominated by the Q4 results and these numbers caused the major movements during the week. The news from pharma space included Piramal Healthcare declaring its Q4 numbers and revealed that its top line had fallen by 40%. The stock took such a beating because of this that it ended up shedding more than 10% during the week. Lupin, another major pharma player, released healthy numbers as its top line grew by about 20%. The scrip of Delta Corp gained marginally as it acquired 51% stake in Daman Hospitality pvt ltd for Rs. 50 crore.
Global Cues: The world market had a lackluster week with Singapore being the only market making significant gain during the week. Two other markets that remained in the green zone were Hong Kong (0.5%) and India (0.1%). European markets shed as Greece‘s debt woes resurfaced. China ended in the red zone because of an increase of 50 basis points in the interest rates of the country. .
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THE IBS TIMES MARKET WATCH Sensex
9 May 2011 18,528.96
10 May 2011 18,512.77
11 May 2011 18,584.96
12 May 2011 18,335.79
18,531.28
Nifty
5,551.10
5,541.25
5,565.05
5,486.15
5,544.75
DJIA
12,684.68
12,760.36
12,630.03
12,695.92
12,595.75
HangSeng
23,336.00
23,291.80
23,073.76
23,276.27
FTSE100
5,942.69
6,018.89
5,976.00
5,944.96
5,925.87
Gold ($/oz.)
1,513.10
1,516.10
1,500.90
1,506.90
1495.20
Crude($/bl)
108.08
111.48
111.35
107.20
INR v/s USD
45.4250
45.0636
44.9973
44.9960
45.1321
INR v/s EURO
65.0718
64.7487
64.5819
64.5467
64.1323
*
13 May 2011
-
* Market was closed.
Zig Zag Indicator- A trend following indicator that is used to predict when a given security's momentum is reversing. The indicator is used by traders to eliminate random price fluctuations and attempts to profit when the trend changes. The Zig Zag tool is often used in wave analysis to determine the positioning of the stock in the overall cycle. BUSINESS JARGONS BY– NITIKA THAKUR
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DisclaimerThis newsletter is just a compilation of news from various sources. Thus, readers are expected to cross-check the facts before relying upon them. Though much care has been taken to present the facts without error, still if errors creep in, necessary feed back will be always welcomed. Editors will not be responsible for any undertakings. The newsletter is not meant for sale and hence, no part of the newsletter should be used without the prior permission of the editorial team.
SourcesThe Economics Times, The Hindu Business Line, Times of India, Business Standard, Financial Ex-press, Financial Times, Business Week, Business World, The Economist, Wall Street Journal, Bloomberg, Reuters, Moneycontrol.com, Vccircle.com, yahoofinance.com, Business Today, India Today, Investopedia.com, Wikipedia.com, DNA, The Deccan Chronicle, The Hindu, The Tele-graph.
EDITORIAL TEAMADHIRAJ SOOD, NITIN ARORA, NITIKA THAKUR, RAJAT MONGA, SAINYAM KUMAR, SANDEEP ASRANI, SANYA DHAWAN, SHILPA MALHOTRA, SUPRIYA MAMGAIN TANIYA BANERJEE, VASUNDHARA ARORA.
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