prices, discouraging global cues and heavy selling pressure in
the frontliners. The Sensex and the Nifty are re-testing 13,000
and 3,900 levels, respectively. The BSE Sensex lost 2.5% while
the Nifty lost 2.9%. Foreign Institutional Investors (FIIs) were net
sellers to the tune of Rs.799 crore whereas Mutual Funds were
net buyers to the tune of Rs. 396.7 crore. The wholesale price
index, inflation rose up to 11.63% for the week ended June 21
vis-à-vis 11.42% in the previous week
GMR Infrastructure Ltd has announced that Delhi International
Airport (P) Ltd (DIAL), a Subsidiary of the Company tasked with
the modernization of the Indira Gandhi International Airport has
carried out an extensive renovation programme to enhance the
efficiency of the terminal and also improve its aesthetics and
functionality. A number of steps have been taken In order to
reduce congestion. The departure ramp on the city side has been
widened to accommodate more vehicles. In the departure checkin
area, an additional 2500m space has been added to increase
the number of check in counters. The modern 3 level in line
baggage handling system will supposedly eliminate the entire
process of getting one's luggage X-rayed before check-in. The
number of immigration counters in the departure area has been
increased from 28 to 52 and the number of security lanes has
been increased to 22 from 10 with the objective of reducing the
queue for security clearance.
BHEL has bagged a Rs. 2,080 crore turnkey order from the Ministry
of Electricity in Syria, for setting up of two units of 200 mw each,
at the Tishreen thermal power plant extension. The order placed
by the public establishment of electricity for generation and
transmission PEEGT - scheduled for the execution in 33 months,
includes manufacturing, supplying and commissioning of main
plant and balance of plant (BOP) equipment besides controls
and instrumentation (C&I)
JSW Steel Ltd has posted a 22% growth In crude steel production
in Q1 FY 2008-09, including production of Salem works for the
corresponding period. The company has also achieved 18%
growth in the Rolled Long products segment. The production of
HR Coils and Plates was -12%, mainly due to the shutdown of the
Hot Strip Mill for 17 days for modernization during June 2008.
Punj Lloyd Ltd has been awarded a contract by GVK Power Ltd,
Hyderabad to work on the 2 X 270 MW Govindwal Sahib Coal
Fired Thermal Power Project in Taran District, Punjab for a value of
Rs 1,005 crores. The scope of the project involves the Balance of
Plant Work (BOP) and the entire civil work on the EPC basis. Work
on the project is expected to be completed by mid 2011.
On the international front, the European Central Bank hiked the
key-lending rate, which is the minimum bid rate on the main
refinancing operations, by 25 basis points to 4.25%, which is in
line with the expectations amid record high inflation and slowing
growth in the Eurozone. The central bank had maintained the
rate at a six-year high of 4% since June last year.
Crude oil hit 146 dollars a barrel for the first time on Thursday, as
traders reacted to Middle East tensions, falling US crude reserves
and the weak dollar. The Brent North Sea oil for August delivery,
surged to a life-time peak of 146.34 dollars.
The current soft phase on the bourses has lasted six monthsmaking
it the first one of its kind in over three years, thus testing
both, the mettle as well as the patience of the entire fraternity of
market participants. As things stand today, the picture looks quite
tough for the next year or so at least. In case the phase lasts that
long (or more), the verdict of winners and losers would, in our
guess, throw up an entirely different picture vis-à-vis the immediate
past. As Tennyson said in his famous poem-the old order
changeth, yielding place to the new….
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