Budget - Heads I Win, Tails You Lose!

I  look at the common investor as the one who has his finger in every pie. He would like to spend if he has enough and save if he has little. With this psyche, he looks at the Budget with not only eyes wide open, but with a mouth to enjoy the benefits.

So what does the FM show us and give us?

Tax reliefs are fine prima facie. But the real effects do  not last long...not even till Pranab Babu finishes his speech. The din created in Parliament by the opposition-of-convenience sends fears. There is something astonishingly wrong.

The Common investor was happy that he’s got relief and can save and spend. And, as the FM himself said:  “to use for savings and consumption”. It’s like the rosy picture painted on the front page of the Times of India! The real picture is in inside pages. The Rs 50,000 dream carrot quickly disappears into the oblivion as one visualises the “broader picture” as analysts put.

This was exactly why Mr G V Nageswara Rao, MD & CEO, IDBI Fortis Life Insurance reminds us within ten minutes of FM’s speech that Pranab Babu has given with one hand and taken back with the other! Typical case of a Kabhi Khushi Kabhi Gham!

If FM has left an average of Rs 50,000 (though I do not understand as to how the analysts arrived at this super savings amount!), the cascading impact of taxes, fuel price hikes will continue to increase the unbearable burden on him.

Whether it is a developer, businessman, vegetable vendor, transport operator – all will pass on the tax impact to the common investor. The oil companies have already done so! In fact, I have already heard someone saying at the top of his voice: 50,000 bachaa kar kya karogey (What will you do with the savings of Rs 50,000?)?

There are many women like my wife who are worried about the expenses on te education and marriage of their children. You see, gold also costs more than yesterday!

One is very happy to note that the tax allowance on long-term infra bonds is extended to investment of additional Rs 20,000, allocations for infrastructure, rural housing, power, education and health are all up. This will surely help in spreading the small investor movement to tier-2 and 3 towns. The financial services industry has quite a bit coming its way in this new and ever growing market.

But the goodwill that FM wanted to earn will prove to be very short living.

Mobile Phones are must for Financial Inclusion

IAMAI's symposium on Financial Inclusion through Mobile phones emphasized on the needs of progressive policies and strong partnerships between Telecom service providers, Banks and technology enablers.

NEW DELHI (IndiaPRwire.com): With an objective to highlight the mobile phone utility and the next level of mobile telephony, Internet and Mobile Association of India (IAMAI), today organized a national symposium on financial inclusion through mobile phones.

With nearly 440 million subscribers, mobile phones cover nearly 40% of the country’s population. Given the unprecedented coverage, mobile phones are increasingly been seen as agents of socio-economic development – reaching out opportunities to people and places way beyond any other instrument.

“Financial Inclusion and penetration of organized banking among the rural Indian population is a key priority area for an all inclusive growth. There is a huge opportunity in terms of further improving existing set of methodologies for financial transactions. Mobile phones fit into the picture so well, as they could take the financial inclusion initiative to the next level. Mobile payments or financial transactions through mobile devices carry huge importance and relevance for the Indian banking scenario. Government have understood it’s potential and working very aggressively towards enabling this system as penetrative as possible,” said MrR Chandrashekhar, Secretary, Department of Information Technology, Ministry of Communications and Information Technology, Government of India while delivering a special address at the event

Mr Chandrashekhar also highlighted, “RBI has issued a detailed set of guidelines for the mobile payment transactions. This is an initial step towards recognizing mobile phones in the financial inclusion and I also see this step as a flavour-setting trend that indicates mobile payments scope in the Indian market.”

Sanjay Swamy, Chief Executive Officer of mCheck commented, “Mobile is a safest platform for financial transactions. At the backend, extremely robust technology takes care of the financial transactions. All is required is to have a well guided awareness strategy at the end user level.”

Commenting on the overall market scenario, Anil Pande, Head Product Development Management, Reliance Communications said, “Technology is very much available, mobile penetration is also extremely impressive, banking or finance related institutions are willing to collaborate and telecom service providers are also keen on coming closer for the sake of financial inclusion. This is a very healthy sign, especially when mobile subscribers are higher in number as compared to banking customers.”

Today we have the technology to deliver financial services to the remotest parts of the country; but technology by itself cannot guarantee the success of what is essentially a socio-economic process. Financial inclusion is the key to socio-economic development and it was a matter of time that people would start talking about and thinking about “marrying” financial inclusion with mobile phones.

About IAMAI

The Internet & Mobile Association of India (IAMAI) - www.iamai.in- is a not-for-profit industry body registered under the Societies Act, 1896. Its mandate is to expand and enhance the online and mobile value added services sectors. It is dedicated to presenting a unified voice of the businesses it represents to the government, investors, consumers and other stakeholders. The association addresses the issues, concerns and challenges of the Internet and Mobile economy and takes a leading role in its development.

Pipavav Shipyard fixes Price Band of Rs 55-60 for IPO

MUMBAI, September 10, 2009: Pipavav Shipyard will enter the capital market with its IPO of 85,450,225 Equity Shares of Rs 10 each, with a price band of Rs 55-60, on September 16, 2009. The IPO closes on September 18, 2009.

Of the 85,450,225 Equity Shares, up to 600,000 Equity Shares have been earmarked for employees. The total issue, including the Employee Reservation Portion, will constitute 12.83 % of the post-issue equity share capital of the company. The net issue, i.e., the issue less the Employee Reservation Portion, will constitute 12.74% of the post-issue equity share capital of the company.

JM Financial Consultants Private Limited, Citigroup Global Markets India Private Limited, Enam Securities Private Limited and SBI Capital Markets Limited, are the book running lead managers and Kotak Mahindra Capital Company Limited and Motilal Oswal Investment Advisors Private Limited are the co-book running lead managers.

The issue is on a 100% book building process. The company plans to use the proceeds of the issue for the construction of facilities for shipbuilding, ship repair and the Offshore Business, margin for working capital and general corporate purposes.

Pipavav Shipyard will have India’s largest dockyard (upon completion and based on information available on the shipyards’ websites as to their actual capacity and their capacity under construction and assuming no further increases in such capacity).

The company has commenced construction of four vessels, the first of which is expected to be delivered in April 2010, with subsequent deliveries expected to occur at intervals ranging from one to three months thereafter.

Company executive deputy chairman Bhavesh Gandhi explained that Pipavav Shipyard currently has 10 firm order agreements for Panamax size vessels, 8 firm order agreements for Panamax size vessels subject to renegotiation, 4 firm order agreements for Panamax size vessels subject to arbitration and a notification of award of contract for 12 OSVs from ONGC. It has also submitted bids for seven naval vessels - five naval offshore patrol vessels and two cadet training ships.

The Pipavav Shipyard is located on the west coast of India adjacent to major sea lanes between the Persian Gulf and Asia. Upon completion of construction, the Pipavav Shipyard will be capable of ship construction and repairs for a range of vessels of different sizes and types, including naval vessels and coast guard vessels, as well as the fabrication and construction of products such as offshore platforms, rigs, jackets and vessels (but excluding sub-sea pipelines) for oil and gas companies.

The dry dock, measuring 662 meters in length and 65 meters in width, is capable of accommodating ships of up to 400,000 DWT and/or multiple combinations of smaller vessels including vessels catering to offshore activities such as offshore supply vessels (OSV), anchor handling tug supply vessels and multi-purpose support vessels. Installation of two Goliath cranes, each having a lifting capacity of up to 600 tonnes, is also in progress.

The Pipavav Shipyard was originally promoted by SKIL Infrastructure Limited and Grevek Investments and Finance Private Limited. These original promoters have been joined by Punj Lloyd Limited through its acquisition of 129,361,538 Equity Shares of the Company, which represents approximately a 22.29% pre-Issue shareholding in the company. SKIL has a track record of promoting infrastructure projects in India, and is experienced in owner-managed construction of infrastructure projects including the Pipavav Port, which received its first vessel in 1996, the Pipavav Railway and the Pipavav Link Road. Punj Lloyd is an engineering and offshore construction company in India providing integrated design, engineering, procurement, construction and project management services for energy and infrastructure projects.

Pipavav Shipyard is led by a team of qualified and experienced managers, both from India and abroad, who are focused on different aspects of shipbuilding. The company has also executed cooperation agreements with various companies that have substantial experience in the shipbuilding business.

For instance, it has entered into agreements with KOMAC, a Korean ship design consulting firm, to provide the Company with ship design, drawings, plans and documents, procurement support for supply of non-Indian sourced shipbuilding materials, shipboard machineries and equipments, production management services related to the start-up and initial operation of the Pipavav Shipyard, and technical support services related to the construction of the Panamax bulk carriers.

It has also entered into agreements with PILS Co. Limited of South Korea, a procurement and logistics firm, to assist it with the procurement of certain component parts for production, and has also executed a technical assistance agreement with SembCorp, a company which operates shipyards and offshore construction and fabrication facilities in Singapore.

Apart from focusing attention on the serial construction of large vessels built to standard specifications and widely used by ship owners, such as the Panamax bulk carriers, Pipavav Shipyard also intends to capitalize on expected growth in offshore oil and gas exploration and production activities by providing offshore fabrication facilities at the Pipavav Shipyard.

As a co-promoter, Punj Lloyd has agreed to conduct all of its offshore business (excluding the construction and fabrication of sub-sea pipelines) in India through the company and is expected to provide the company with access to opportunities in the Offshore Business industry.

Pipavav Shipyard also intends to focus on building ships for the military and the government, initially focusing on vessels for the Indian navy and coast guard. In addition, Pipavav Shipyard intends to utilize its shipbuilding facilities to repair a wide range of vessels, including VLCCs and OSVs, as well as naval, coast guard and other specialty vessels such as LNG carriers.

The Pipavav Shipyard is located adjacent to the Pipavav Port, a modern seaport. The Pipavav Port has connecting rail and road links, including a 273 km railway completed in 2003 and a link road completed in 2001.

The company’s subsidiary, E Complex, is involved in the development of a sector-specific Special Economic Zone (SEZ). Pipavav Shipyard Limited has established a unit in the SEZ developed by E Complex.

“Pipavav Shipyard Limited is proposing, subject to market conditions and other considerations, a public issue of its equity shares and has filed a red herring prospectus (“RHP”) with the Registrar of Companies, Gujarat, Dadra and Nagar Haveli, Ahmedabad. The RHP is available on the website of SEBI at www.sebi.gov.in and on the websites of the book running lead managers at www.jmfinancial.com, www.citibank.co.in, www.enam.com and www.sbicaps.com, and the co-book running lead managers at www.kotak.com and www.motilaloswal.com. Any potential investor should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the RHP that has been filed with the Registrar of Companies including the section titled “Risk Factors”.

This announcement has been prepared for publication in India and may not be released in the United States. This announcement is not an offer for sale or solicitation of an offer to buy securities in the United States, or any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities of Pipavav Shipyard Limited have not been registered under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act.

Ship shape: Pipavav Shipyard gearing up for Offshore & Defence vessels

PIPAVAV, Gujarat: Men and machines are racing against time to complete the construction of India’s largest dockyard Pipavav Shipyard while simultaneously working on building four Panamax size vessels.

Pipavav Shipyard is located on the west coast of India adjacent to major sea lanes between the Persian Gulf and Asia. Pipavav Shipyard will be capable of ship construction and repairs for a range of vessels of different sizes and types upto 400,000 DWT including naval vessels and coast guard vessels, as well as the fabrication and construction of products such as offshore platforms, rigs, jackets and vessels (but excluding sub-sea pipelines) for oil and gas companies.

Pipavav Shipyard is gearing up to focus into defence and offshore oil sectors.

Pipavav Shipyard has commenced construction of four, Panamax Bulk Carriers the first of which is expected to be delivered in April 2010, with subsequent deliveries expected to occur at intervals ranging from one to three months thereafter.

Pipavav Shipyard is divided into two distinct units having a combined area of 491.54 acres. The dock site itself is an Export Oriented Unit(EOU), and is located on land measuring 103.92 hectares (approximately 256.79 acres). For purposes of the fabrication , block making facilities being set up at the Company’s SEZ unit measuring approximately 95 hectares (approximately 234.75 acres) of land. The SEZ Unit and the EOU unit are linked by a 4.5 km dedicated road that was developed by the Company in 2008.

Pipavav Shipyard has set up integrated infrastructure using advanced ship building technology by way of deploying modern equipment / systems backed by software such as Primavera , Cadwin etc.,, apart from two Goliath cranes (currently under installation) having a span of 148 meters, height of 75 meters with lifting capacity of 600 MT each (combined lifting capacity of 1200 MT in one go) and ELL cranes etc., The dry dock, admeasuring 662 meters in length and 65 meters in width, is capable of accommodating very large ships of up to 400,000 DWT. With this, Pipavav Shipyard believes that leveraging advanced design and production technologies should give it the flexibility to manufacture a wide variety of vessels and offshore structures in a cost-efficient manner.

Pipavav Shipyard is building vessels on a modular basis. Steel plates are purchased from India and abroad and transported to our fabrication facility (Block making site) in the SEZ Unit where they are prepared and then assembled into pre-outfitted blocks. Blocks of up to 350 tonnes are transported to the dry dock site where they are assembled into the vessel hull, outfitted with propulsion systems, superstructure and other components and prepared for launch. After launch, the vessel goes through final outfitting and finishing in preparation for sea trials and commissioning.

Pivavav Shipyard has orders for a total of 22 Panamax size vessels and 12 OSVs from ONGC. It has also submitted bids for seven naval vessels - five naval offshore patrol vessels and two cadet training ships.(for further information please refer to DRHP)

The Pipavav Shipyard was originally promoted by SKIL and Grevek Investments. These original promoters have been joined by Punj Lloyd through its acquisition of 129,361,538 Equity Shares of our Company, which represents approximately a 22.29% interest as of the date of this Red Herring Prospectus. SKIL has a track record of promoting infrastructure projects in India, and is experienced in owner-managed construction of infrastructure projects including the Pipavav Port, which received its first vessel in 1996, the Pipavav Railway and the Pipavav Link Road. Punj Lloyd is an engineering and offshore construction company in India providing integrated design, engineering, procurement, construction and project management services for energy and infrastructure projects.

Pipavav Shipyard is led by a team of qualified and experienced managers, both from India and abroad, who are focused on different aspects of shipbuilding. The company has also executed cooperation agreements with various companies that have substantial experience in the shipbuilding business.

For instance, it has entered into agreements with KOMAC, a Korean ship design consulting firm, to provide our Company with ship design/ drawings. It has also entered into agreements with PILS Co. Limited of South Korea, a procurement and logistics firm, for the procurement of certain components/materials for production.

Pipavav shipyard also executed a technical assistance agreement with SembCorp Marine, Singapore, a company which operates shipyards and offshore construction and fabrication facilities. In November 2007, SembCorp acquired an equity stake of 17,500,000 Equity Shares in our Company, representing approximately a 3.02% shareholding interest..

As a co-promoter, Punj Lloyd has agreed to conduct all of its offshore business (excluding the construction and fabrication of sub-sea pipelines) in India through Pipavav and is expected to provide the company with access to opportunities in the Offshore Business industry, which includes business opportunities in the fabrication and construction of offshore platforms, rigs, jackets and vessels for the oil and gas industry.

The Pipavav Shipyard enjoys strategic location advantages, favourable marine conditions and is located adjacent to the Pipavav Port, a modern seaport which was promoted and constructed by Gujarat Pipavav Port Limited, which was promoted by SKIL. The Pipavav Port is now owned, operated and managed by the A.P. Møller Group of Denmark following its acquisition of GPPL. The Pipavav Port has connecting rail and road links, including a 273 km railway completed in 2003 and a link road completed in 2001. Due to its proximity to the Pipavav Port, the Pipavav Shipyard is positioned to benefit from its infrastructure facilities, such as approach channel and navigation facilities, roads, rail besides logistics & transport.

Its subsidiary, E Complex, is involved in the development of a sector-specific Special Economic Zone (SEZ), as stated earlier. Pipavav Shipyard Limited has established a unit in the SEZ developed by E Complex. This SEZ Unit was approved on January 8, 2008 and was established to carry out the fabrication and block assembly activities within the SEZ in order to benefit from certain advantages available to companies that operate within such SEZs. The E Complex facilities and the Pipavav Shipyard are linked by a 4.5 km dedicated road that was developed by the Company in 2008.

Quality Assurance

On October 14, 2008 Det Norske Veritas, Netherlands (“DNV”), awarded to us Management Quality Certificate No. 39820-2008-AQ-IND-RvA conforming to Quality Management System Standard ISO 9001:2000 in connection with all our activities related to design, development and construction of ships and repairs, maintenance and overhaul of ships and offshore structures.

Pipavav Shipyard has over 400 full-time employees and is in the process of recruiting more.

Early signs of recovery visible, says FM

The Finance Minister Pranab Mukherjee has said that global economy has started stabilizing and early signs of revival of the Indian economy are visible though delayed monsoons have cast a shadow on agricultural growth.

The Finance Minister opined this while inaugurating the 25th Annual Conference of Chief Commissioners and Directors General of Income Tax here today. Addressing the Conference he said that India, along with China, is being looked upon by the entire world as the engine for global economic recovery. Central revenues play a pivotal role in ensuring rapid economic development and inclusive growth by providing much-needed resources. As direct taxes have become the major source of central revenue, its role has, accordingly, increased in shaping the economic future of India, he said.

The Finance Minister emphasised that tax laws should be simple, stable and robust. Tax rates should remain moderate and multiplicity of taxes, tax exemptions and deductions should be gradually phased out to improve tax compliance.

The Finance Minister informed that the government is taking a major step forward in direct tax reforms by formulating a new Direct Taxes Code, to be put in the public domain tomorrow. While drafting this Code, the best practices in the world have been studied and incorporated. Tax policies that would promote growth with equity have been reflected in the new provisions. FM exhorted the Officers to go through the draft and give their views and suggestions to enable the department to finalise the document for taking it to the Parliament in its Winter Session.

Mukherjee said that direct tax collections have grown at an average annual rate of 26.8 per cent in the last five years, and have more than trebled from Rs.1,05,088 crore in financial year 2003-04 to Rs.3,38,212 crore in financial year 2008-09 increasing its share from 3.81 per cent to 6.21 per cent of the Gross Domestic Product (GDP). This impressive growth has been made possible by improvement in tax administration as well as better tax compliance, he added.

The Finance Minister said that for the current financial year, the direct tax collection target has been fixed in the Budget Estimates at Rs.3,70,000 crore at a growth of 9.4 per cent over the actual collection last year. “Given the likely impact on government finances due to unanticipated drought, I will like to suggest a further upward revision in the direct tax collection target to Rs.4,00,000 crore. I know what I am asking you to achieve is an extremely challenging target given the current economic situation. But it is equally true that if such a target has to be achieved, it can only be done by the Direct Tax. Tax base in India is still small and there is still substantial tax evasion or underpayment of taxes. The tax-net, therefore needs to be deepened further”, said Mukherjee.

The Finance Minister said that in the last few years, the Income tax department has made significant progress in developing infrastructure. The National Computer Network of the department has become functional after data from 36 Regional Computer Centres was seamlessly migrated last year. This is a unique exercise of its kind in the world, he said.

The Finance Minister applauded the department for taking several other initiatives to improve taxpayer services, including facilities of electronic payment of taxes. Last year, nearly a sixth of the total tax returns were filed electronically, and nearly two-thirds of the gross taxes were paid electronically. A Centralised Processing Centre has become operational at Bangalore and is likely to further speed up processing of returns and issue of refunds to taxpayers. The Refund Banker Scheme functional in six cities presently ensures that taxpayers get their refunds quickly and directly into their bank accounts. Large taxpayer Units, operational in four cities, have received good response. The department is in the process of implementing the ‘Sevottam’ scheme to deliver customer-oriented services, added Mukherjee.

STFC to beef up lending capacity, raising Rs 1K cr via NCD route

· Plans Rs 500 cr issue with option to retain over-subscription of up to Rs 500 cr

· Yield on Redemption up to 11.50%

· Credit Rating of CARE AA+ by CARE and AA (Ind) by Fitch.

MUMBAI: Shriram Transport Finance Company Limited (STFC), one of the largest asset financing NBFCs in India, plans to enter the debt capital market on 27 July, 2009 with a public issue of Non Convertible Debentures (NCDs) aggregating up to Rs 500 crores with an option to retain over-subscription of upto Rs. 500 crores for issuance of additional NCDs. The company has filed a prospectus with the Registrar of Companies to this effect.

The NCD issue, with yield on Redemption of upto 11.50% (per annum), closes on August 14, 2009 with an option to close earlier or on such dates as may be decided, by the board of directors of the Company, subject to necessary approvals.

This Issue has been rated ‘CARE AA+’ by CARE and ‘AA (ind)’ by Fitch. The rating of CARE indicates stability and timely servicing of debt obligations and very low credit risk and the rating of Fitch indicates high safety, respectively. These ratings are not a recommendation to buy, sell or hold securities and investors should take their own decisions.

Key Highlights of the Instrument:

· The face value of Rs. 1,000 per NCD and tradable lot size of 1 NCD is expected to enhance liquidity and trading in the secondary market.

· Five different investment options.

• Yield on redemption of NCDs upto 11.50% per annum.
• Additional interest of 0.25% per annum for Senior Citizens in relation to options I and II NCDs.
• The minimum application size is Rs 10,000 and in multiples of Rs 1,000 thereafter.
• Interest on application money at the rate of 8% p.a. to be paid from the date of realization of the cheque or 3 days from the date of receipt of the application, whichever is later, upto one day prior to the deemed date of allotment.
• Interest on refund at 2.50% per annum on valid applications.
• Issuance of NCDs to Non-Resident Indians (NRIs) not to exceed an aggregate of Rs 10,000 lakhs and only on a non-repatriable basis.
• No TDS deductable.
• Allotment on a First come First serve basis, in the first instance, with respect to each category of investors.

Speaking on the occasion, Mr R Sridhar, Managing Director of STFC, said: “Over the decades, STFC has achieved success in reaching its objective of offering the common man with a host of products and services that would be helpful to him on his path to prosperity. The current NCD issue will help us enhance our lending capacity and further our objective”.

STFC intends to use the funds raised through the issuance of NCDs for various financing activities including lending and investments, subject to the restrictions contained in the Foreign Exchange Management (Borrowing and Lending in Rupee) Regulations, 2000, and other applicable statutory and/or regulatory requirements, to repay its existing loans and its business operations including for its capital expenditure and working capital requirements.

ENAM Securities Private Limited, A K Capital Services Limited, ICICI Securities Limited and Kotak Mahindra Capital Company Limited have been appointed as the Lead Managers to the Issue, while Integrated Enterprises (India) Limited will be acting as the Registrar to the Issue.

STFC is a part of the Shriram conglomerate which has significant presence in financial services viz., commercial vehicle financing business, consumer finance, life and general insurance, stock broking, chit funds and distribution of financial products such as life and general insurance products and units of mutual funds. Apart from these financial services, the group is also present in non-financial services business such as property development, engineering projects and information technology.

STFC is one of the largest asset financing NBFCs in India with a niche presence in financing Small Truck Owners (STOs) and pre-owned trucks. The Company was incorporated in the year 1979 and is registered as a Deposit taking NBFC with Reserve Bank of India under Section 45IA of the Reserve Bank of India Act, 1934.

With a track record of about 30 years, STFC is among the leading organized finance provider for the commercial vehicle industry with a focus to provide various credit facilities to STOs. The Company has also added passenger commercial vehicles, multi-utility vehicles, three wheelers, tractors and construction equipment to its portfolio, making it a diversified, end to end provider of finance solutions to the domestic road logistics industry.

As on 31^st March 2009 STFC’s pan-India presence included 479 branches and Partnerships with over 500 private financiers and a customer base of over 600,000 which have contributed to its overall growth over the years. The company has a team of around 12,196 employees.

STFC has demonstrated consistent growth in its business and profitability with its total income and profit after tax growing from Rs. 34,568.84 lakhs and Rs. 4,932.38 lakhs in Financial Year 2004-05 to Rs. 3,73,112.97 lakhs and Rs. 61,240.21 lakhs in Financial Year 2008-09 at a CAGR of 81.25% and 87.71%, respectively. AUM have grown by a compounded annual growth rate (CAGR) of 68.01% from Rs. 2,92,159.35 lakhs (which comprise of AUM in the books of Company of Rs. 1,58,700.28 lakhs, assets securitised / assigned of Rs. 28,368.43 lakhs and portfolio managed by the Company of Rs. 1,05,090.64 lakhs) in FY 2005 to Rs. 23,28,110.65 lakhs (which comprise of AUM in the books of Company of Rs. 17,92,397.14 lakhs, assets securitised / assigned of Rs. 5,31,092.91 lakhs and portfolio managed by the Company of Rs. 4,620.60 lakhs) in FY 2009.

Share Khan report - Market rebounds and how!

The stock market rebounds sharply from its early volatility and posts significant gains amid strong buying in realty, metal and consumer durable stocks.

The market heaved a big sigh of relief after three consecutive sessions of battering, as a sharp turn-around in noon trades helped the Sensex gain nearly 450 points and close on a firm note above 13800 mark. The bounce-back came after a steep fall of over 1000 points in the market since the slide began last week. Earlier in the first half, the market was range-bound after a firm opening. After resuming 149 points higher over its last close at 13400, the index remained steady and moved between 13600-13700 in afternoon. While the market fluctuated sharply thereafter, the change of guard to firm bullish sentiment came in noon trades as strong buying in realty, metal, consumer durable, power and capital goods stocks spurred the index to an intra-day high of 13903. The Sensex finally ended the session with gains of 3.38% or 453 points to 13854 whereas Nifty soared 137 points to 4111.

The market breadth was positive. Of the 2,639 stocks traded on the BSE 1,956 stocks advanced, 602 stocks declined and 81 stocks ended unchanged. All the sectoral indices were back in action and moved up sharply. The BSE Realty rose 9.38%- the highest for any sector. The BSE Metal jumped 5.53%, BSE CD added 5.12%, BSE Power gained 4.60% and BSE CG was up 4.11%.

Several index heavyweights notched up significant gains. Among major gainers DLF flared up 11.44% to Rs300.10, Reliance Infrastructure zoomed 9.02% to Rs1,053.85, JP Associates shot up by 7.93% to Rs177.25, ICICI Bank flared up 7.60% to Rs679.80, HDFC vaulted 7.28% to Rs2,368, Tata Steel advanced 5.69% to Rs358.20, Reliance Communications scaled up 5.04% to Rs249, Grasim Industries surged 5.03% to Rs2,574.60 and Tata Motors added 4.41% to trade at Rs273.60. Other front-line stocks also moved up by 2-4% each. HDFC Bank however dropped 1.03% to Rs1,360.40.

Over 37 lakh shares of JP Associates changed hands on the BSE followed by DLF (34 lakh shares), Tata Steel (29 lakh shares), Reliance Communications (21 lakh shares) and ICICI Bank (20 lakh shares).