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WEEKLY NEWS 13th SEPT to 17th
SEPT,2010SUBMITTED BY:
MANIKANTMBA 2A
Over the last six months, FIIs the primary drivers of the rally.
Buying at every given opportunity while local institutional investors, including mutual funds, have been offloading shares.
Dealers at foreign broking houses say a sizeable chunk of the money coming through exchange-traded funds,viewed as hot money.
FII rally may propel Sensex towards 20K
Any event that could disrupt foreign fund flows could trigger a sharp correction and investors should brace for a choppy ride in the short term.
Brokers advised their clients to pare exposure to mid- and small-cap shares in a rapidly rising market, since these stocks take a steep hit when the market corrects.
India’s leading gold jewellery retailers are gearing up for higher sales during this festival season.
Reasons for increase in sale - good monsoon and resurgent economy.
Retail chains such as Tanishq, Gitanjali Gems, Rajesh Exports, Shrenuj and others expecting 40% growth in festival demand this year.
High price to be no deterrent for festive gold sales
According to senior member of the Bombay Bullion Association, India may import approximately 450 tonnes of gold in 2010.
Apart from gold, affluent buyers eyeing platinum this year due to increased yellow metal prices.
The Employees Provident Fund Organisation (EPFO) on Wednesday announced a 9.5% return for 2010-11.
Back of this declaration is discovery of a hidden surplus of Rs 1,731.52 crore.
The organization was giving a return of 8.5% for the last five years.
9.5% on PF? Private trusts cry foul
Trusts complaining they don’t have such windfall gain as it happened in case of the EPFO trust.
Will face shortfalls in incomes to give 9.5% returns.
The top hundred companies paid `23,780 crore in advance tax in September against 21,059 crore last year.
Advance tax is paid in four installments in June, September, December and March.
Is based on taxpayers’ projected earnings and thus gives an indication of industry’s performance in coming months.
The banking sector paid 22% more in advance taxes in the second quarter, justifying the top billing in the ongoing stock market rally.
Advance tax payments by top 100 cos grow 13%
It’s a mixed bag. Some sectors such as cement and FMCG are weak and some such as banking are strong.
Loans for corporates and individuals are set to be costlier soon while deposits may yield higher returns as RBI raised interest rates higher than expected to tame inflation.
This narrowing of the differential between the two policy rates is now expected to ensure greater stability in the call money market, where banks either borrow or lend overnight.
Most bankers feel that interest rates will rise very gradually and do not expect a sudden spike in rates.
Loans set to pinch more as RBI hikes repo rate