BSE-Sensex gains most in a day in a 10 months period

STAFF WRITER 16:36 HRS IST

Mumbai, May 10 (PTI) The Bombay Stock Exchange benchmark Sensex today registered its biggest single day gain of 561 points in ten months after EU and IMF agreed on a 1 trillion dollar emergency fund for the Union to help contain the region's credit crisis.

The Sensex, which lost over 788 points over the past five sessions, bounced back by 561.44 points to 17,330.55 on positive Asian cues.

Marketmen said European Central Bank's announcement that it will intervene in the public and private bond markets in an effort to help stave off a sovereign-debt crisis bolstered trading sentiment.

Of the 30-BSE index components, 25 stocks gained while six ended in the negative. The uptrend was further fueled by a higher closing in Asian stock markets and better opening in Europe.

The wide-based National Stock Exchange index Nifty shot up by 175.55 to 5,193.

Sensex 92 pts down in opening trade on profit-taking

STAFF WRITER 9:27 HRS IST

Mumbai, May 11 (PTI) The Bombay Stock Exchange benchmark Sensex fell by over 92 points in the opening trade today after rising the most in nearly 10 months in the previous session, on emergence of profit-booking by foreign funds and retailers.

The 30-share index, which surged 561.44 points in yesterday, edged lower by 92.07 points, or 0.53 per cent to 17,238.48.

Realty, metals, auto and oil and gas sector stocks were under pressure, dragging the Sensex down.

The National Stock Exchange's Nifty fell 17.55 points, or 0.33 per cent, to 5,176.05 points.

Brokers said besides emergence of profit-booking by foreign funds and retail investors, weak trend on other Asian bourses was also responsible for the fall.

Among losers Reliance Industries fell by 0.62 per cent to Rs 1,073.50, Infosys Technologies by 0.70 per cent to Rs 2,656.50, DLF Ltd by 1.27 per cent to Rs 300.25, Sterlite Industries by 0.

Maoists have massively mined Chhattisgarh forests: Police

Maoists have massively mined Chhattisgarh forests: Police

RAIPUR, May 9: A day after eight paramilitary troopers were killed in a landmine blast by Maoists in Chhattisgarh’s Bijapur district, a top police official said the guerrillas have massively mined the State’s forested areas and it was difficult to de-mine the vast stretches without the technology required.

“The big problem is we have no technology and resources to de-mine the massive forested pockets. Without taking out landmines it’s literally impossible to go after them freely in thickly forested areas where Maoists are always ready with a booby trap,” Director General of Police (Chhattisgarh) Vishwa Ranjan said on Sunday.

Eight Central Reserve Police Force (CRPF) troopers were killed on Saturday when Maoist guerrillas blew up their vehicle in Bijapur, nearly 480 km south of State capital Raipur. The bullet-proof vehicle was blown up in the Koretal forested stretch. A CRPF personnel and two civilians were injured in the blast.

ICICI sees no threat to expansion from nationality

ICICI sees no threat to expansion from nationality

Mumbai, May 3: ICICI Group does not see any problems to its expansion plans due to the government’s FDI norms that classify the bank as foreign-owned. “Nothing has changed in our ownership structure in the recent past, so we do not think there are any hitches in our expansion plans,” ICICI Bank CEO and Managing Director Chanda Kochhar said here today.

Last month, Department of Industrial Policy and Promotion (DIPP) Secretary R P Singh had said that going by the definition, they are certainly a bank which is not owned by Indians, because equity of at least 74 per cent or around 74 per cent is from outside. ICICI Group has life insurance venture with the UK-based Prudential Plc which owns 26 per cent stake, the maximum FDI allowed in the sector.

Going by the classification of ICICI as foreign-owned, it was feared that the entity cannot put more than 26 per cent equity in the insurance venture. Kochhar has, however, dismissed this theory, saying its expansion plans would not be affected. “We are an Indian originated Bank, controlled by an Indian management and governed by the Reserve Bank of India,” she said after inaugurating the bank’s 2000th ATM here. Asked on overseas expansion plans, Kochhar said, “We are in the process of applying (for new branches overseas). This year, we are more into expanding and deepening our presence in the locations we are already present in.” ICICI Bank’s presence spans 19 countries. (IANS)