Exports down 10% in Nov

NEW DELHI: India's exports declined by around 10% in November, showing a negative trend for the second month in a row this year, following a recession in the US and several other European markets. "Although the government is yet to officially release the November figures, exports showed an almost double-digit decline on lack of demand in most of the buying markets," sources said. Following the global financial meltdown, the country's exports dipped for the first time in seven years by over 12% in October.

India has been facing the ripple effects of the global financial turmoil, which has resulted in slowdown of country's exports. Several developed markets including the US, the UK, Japan and other countries in the Eurozone, which are India's major export destinations, are officially in recession. The government and the RBI have taken several steps including making available cheap credit to exporters, to boost the sector.

Source: http://timesofindia.indiatimes.com/Business/India_Business/Exports_down_10_in_Nov/articleshow/3825387.cms

Rupee depreciates 32 paise against dollar

MUMBAI: The Indian rupee on Friday depreciated by 32 paise against the US currency in opening trade on capital outflows by foreign funds, melting Asian equity markets and dollar demand from importers.

At the Interbank Foreign Exchange (Forex) market, the domestic currency traded at 48.65 against the greenback, a fall of 32 paise over the previous close of 48.33/34, after reaching one-month high yesterday.

Dealers said that the rupee lost on capital outflows by foreign funds amid dollar demand from importers and bearish trend in Asian equity markets and fears of weak opening on the domestic bourses.

Asian markets today opened very weak with Hong Kong's Hang Seng going down 6.20 per cent, while Japan's Nikkei falling 4.12 per cent in early trade.

The rupee, shot up by 65 paise in the last trading session yesterday against the dollar.

Source: http://timesofindia.indiatimes.com/Business/India_Business/Exports_down_10_in_Nov/articleshow/3825387.cms

Gemini Engi-Fab Ltd files draft red herring prospectus for IPO with SEBI

Date : Dec-11-2008 Gemini Engi-Fab Ltd, a Mumbai based manufacturer of industrial fabrication related products has filed a draft red herring prospectus with SEBI for an initial public offering of 55 lacs equity shares of Rs 10 each. The price will be decided through 100 per cent book-building process. The shares will be listed on BSE and NSE.
The issue comprises of a net issue of 27.5 lacs shares of Rs 10 each to public, out of which 5 per cent that is 1,37,500 shares will be allocated to mutual funds and remaining will be allotted to qualified intuitional buyers. Almondz Global Securities is appointed as a book running lead manager and Karvy Computershare as registrar to the issue.

The company wants fund to set up a new manufacturing unit at Umbergaon, Gujarat. This facility would have better machinery like a plate bending machine, a tube sheet drilling machine, SAW machines with motorized rotators and electrically operated cranes which will not only help to handle larger material but also to work on it with better precision. This facility would also handle more equipment with a larger work space.

UTI MF commences 90 days plan

Date : Dec-12-2008 UTI Mutual Fund has opened initial offer of UTI Short Term Fixed Maturity Plan Series II-IV (90 days) on 11 December 2008. The new fund offer period will remain open for fresh subscription till 17 December 2008. The new offer price of units is Rs 10 per unit.
The date of allotment will be 17 December 2008. The 90 days plan will open for redemption on 19 December 2008, which will mature on 17 March 2009. It is a close-ended income scheme with an investment objective to generate regular returns by investing in portfolio of fixed income securities normally maturing along with the maturity period of the plan. The scheme offers two plans, retail and institutional plan with growth and dividend options. The minimum application amount for retail option under dividend sub option is Rs 10,000 and under growth sub option is Rs 5,000 and in multiples of Re 1 thereafter. The minimum application amount under institutional option is Rs 1 crore and in multiples of Re 1 afterward. The scheme will invest up to 0-90% in debt including securitized debt and 10%-100% in money market instruments. The scheme may invest up to 100% in the securitized debt.

Market managed to recover from day’s low: Sensex below 9,500 mark

Date : Dec-12-2008 13:37 Weakness worries the investors as Asian stocks and US index futures tumbled after proposal to bail out the US auto industry failed get confidence vote in the Senate. Further, corporate news has added to worries about global crisis. India''s industrial production declined 0.4% in October 2008, as compared to an upwardly revised 5.5% growth in September 2008, data released by the government today, 12 December 2008, showed. Manufacturing production fell 1.2% in October 2008 from a year earlier.

On the sectoral front, traders off-loaded positions across the sectors. Outsourcing firms slumped on fears of weak global economy that would cut the amount firms spent on technology. Further, the proposed deregulation of fuel prices, will provide full freedom to oil companies to set petrol and diesel prices. Some amount of profit booking is seen in Metal, Tech and Realty stocks.

The market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,241 stocks traded so far, 1,192 shares advanced while 962 shares declined. Nearly 87 shares are unchanged.

At 1.30PM, the BSE Sensex is trading lower by 147.33 points at 9,498.13 and NSE Nifty is down by 52.25 points at 2,867.90.

The BSE Mid Cap is trading higher by 18.12 points at 3,021.20 and Small cap is trading up by 36.97 points at 3,480.56.

Losers from the BSE Sensex Pack are Wipro lower by (5.92%) at Rs.235.20 along with Tata Motors by (5.54%) at Rs.151.65, TCS by (5.27%) at Rs.480.90, Tata Steel by (3.88%) at Rs.209.40, Infosys Tech by (3.40%) at Rs.1,097.40, ONGC by (3.38%) at Rs.642.50 and Satyam Comp by (3.08%) at Rs.217.45 among others.

The BSE IT index is lower by 86.83 points or (3.68%) at 2,272.37. Stocks trading lower are HCL Ltd by (7.18%) at Rs.107.25 along with Wipro by (5.92%) at Rs.235.20, TCS by (5.27%) at Rs.480.90, Financ Tech by (3.60%) at Rs.480.50, Infosys Tech by (3.40%) at Rs.1,097.40 and NIIT by (3.31%) at Rs.24.80.

The BSE Metal index is lower by 101.38 points or (1.93%) at 5,151.73. Stocks trading lower are NALCO down by (7.27%) at Rs.181.80, JSW Steel by (5.74%) at Rs.226.00, Sterlite Ind by (3.58%) at Rs.284.50 and Tata Steel by (3.37%) at Rs.210.50.

Inflation cools off to 8%

Date : Dec-12-2008 11:30
New Delhi:Inflation for the week ended 29th November 2008, stood at 8% as compared to 8.4% of the previous week. It was 3.89% during the corresponding week last year. Inflation rate for primary articles, which has a weight of 22% in the index number, fell to 11.66% in the reported week as compared to 11.98% in the previous week.

The closely tracked Wholesale Price Index fell 0.04 per cent to 233.6 vs 233.7 a week earlier. In inflation break-up, prices of fuel, power, light and lubricants remained unchanged. However, they are likely to see a big fall in the next inflation numbers after the recent cut in fuel prices. The price of primary articles is down 0.2 per cent, while that of food articles is down 0.4 per cent.