RELIANCE POWER FALLS AS STOCK GOES EX-BONUS

Allahabad Bank To Seek Board Ok For Rights Issue Soon-Cmd
* State-run Allahabad Bank touched a high of 82.70 rupees before retreating to 81.45 rupees, up 0.49 percent, after its chairman told Reuters the bank would seek board approval for a rights issue of shares.

* AIA Engineering Ltd touched a high of 1,611 rupees after the castings maker said its board will consider a stock split on June 4. The stock is trading at 1,579 rupees, up 7.3 percent.

Bse Sensex Opens 0.84 Pct Up
Bse Sensex Provisionally Ends Up 0.6 Pct

Bse: Block Deal In Dabur India 1006091 Shares At Rs 96.50
Bse: Block Deal In Prakash Industries 251751 Shares At Rs 230.90
Bse: Block Deal In Spice Comm 703110 Shares At Rs 59.95
Bse: Block Deal In Steel Authority Of India 1217238 Shares At Rs 157.70

Dabur Pharma Posts Q4 Loss On Non-Oncology Unit Sale

Hang Seng Index Unofficially Closes Up 0.69 Pct

India Government GDP numbers.

• Fin Min-Confident We Can Gain Mastery Over Inflation
• Fin Min-No Sign Of Inflation Declining
• Govt Revises Annual Wpi Inflation For Week Ended March 22 To 7.85 Pct From 7.0 Pct - Govt
• India's 2007/08 Gdp Growth At 9.0 Pct - Govt
• India's Annual Wholesale Price Inflation For Week Ended May 17 At 8.1 Pct - Govt
• Jan-March Farm Sector Output Up 2.9 Pct Yr/Yr - Govt
• Jan-March Manufacturing Sector Output Up 5.8 Pct Yr/Yr

Lanco Infra Gains After Quarterly Profit Soars

* Lanco Infratech Ltd was up 2 percent at 505 rupees after the developer said consolidated Jan-March net profit jumped to 1.59 billion rupees, from 569 million a year ago.

Lupin Gets Tentative Fda Nod For Topiramate
Nagarjuna Construction Fy08 Consolidated Net At Rs 1.67 Bln

Nsei: Block Deal In Aditya Birla Nuvo 199001 Shares At Rs 1449
Nsei: Block Deal In Tata Consultancy Services 50453 Shares At Rs 1040
Nsei: Block Deal In Titan Industries 50067 Shares At Rs 1157.50
Nsei: Block Deal In United Enterprises 1250000 Shares At Rs 44

Reliance Industries Shares Down 1.72 Pct
Reliance Power Falls As Stock Goes Ex-Bonus

Satyam Expects To Close Deals Valued Around $10-$20 Mln In Middle East, Above $30 Mln In Australia
Satyam Says To Close "A Handful" Of Deals In Asia, Middle East Over Next 3-4 Mths


Sujana Metal Rises On Steel Mills Acquisition extended gains after the company said it had acquired three steel units and will invest a total of 1.80 billion rupees for acquisition and expansion of these plants. The shares are up 6.3 percent at 25.25 rupees.

* Tamil Nadu Newsprint and Papers Ltd was up 3.1 percent to 102.10 rupees after the paper maker posted a 31 percent rise in 2007/08 net profit to 1.13 billion rupees on higher volumes.

Larsen Toubro Q4 Profit 9.7 Bln Rupees

Agriculture Min - Panel Of Ministers To Soon Consider Easing Ban On Wheat Exports

Bse Block Deal: Ifci 595319 Shares At 63.80 Inr
Bse Sensex Provisionally Ends Down 1 Pct
Bse Sensex Starts Up 0.85 Pct, Bolstered By Strong Asian Mkts
Bse Sensex Trading Flat After Strong Opening, Tata Motors Down 4.25 Pct

Cabinet To Discuss Possible Fuel Price Hike Today - Source
Farm Min Pawar Says No Diplomatic-Level Deal To Supply Rice "For The Time Being"

Hong Kong'S Benchmark Hang Seng Index Up 0.82 Pct As Asian Mkts Gain On Strong Us Data
Hot Stocks: Ifci Up More Than 10 Pct On Board Meet For Strategic Investor

Hpcl March Qtr Net Profit 3.85 Bln Rupees
Icici Bank Sees High Prices Slowing India Gold Demand In 2008 - Official
Icici Bank'S Retail Customers Shifting To Bigger Gold Bars - Official
Ifci Says Board To Consider Induction Of Strategic Investor On Thu
Index Heavyweights Reliance Industries And Icici Bank Lead Gains



India Hot Stocks: Tata Motors Down On $1.7 Bln Rights Issue
India'S 07/08 Farm Growth Could Be Revised Up To As Much As 3.5 Pct Vs. 2.6 Pct - Statistics Chief
June-Sept Monsoon Seen Hitting Kerala Coast In 3-4 Days - Met Chief

Larsen & Toubro March Qtr Net Profit 9.7 Bln Rupees
Larsen & Toubro Sees 2008/09 Capex At 25-30 Bln Rupees
Larsen & Toubro Sees Continuing To Grow At 35 Pct In 2008/09 - Chairman
Larsen & Toubro Sets One-For-One Bonus Issue

Nikkei Up Close To 3 Pct, Led By High-Tech Exporters As Yen Softens
No Indication Monsoon Has Reached Kerala Coast On Forecast Date Of May 29 - Met Chief
Oil Min Murli Deora Says Decision On Fuel Price Hike In 2-3 Days
Piramal Life Sciences Hits High Of 519.80 Rupees After Listing At 376.60 Rupees
Sharad Pawar Says No Plans To Cut Import Duty On Refined Edible Oils

Sun Pharma Has Been Trading Down 3 Pct After Taro Terminated Merger Pact
Sun Pharma Says Remains Sceptical Of Taro'S Turnaround, Says Will Now Consider All Options
Sun Pharma Says Taro Cannot End Merger As Per Agreement

Tata Motors Down 4.1 Pct On Funding Plans For Jaguar, Land Rover Deal
Tata Motors Shares Fall More Than 7 Pct On Concerns About Proposed $1.7 Bln Rights Issue To Und Jlr Buy

Videocon Group Says Looking For Partner For Project From The United States
Videocon Group Says To Invest 60 Bln Rupees In Hydro Power Project In North India

22 Bln Rupees Rights Issue of Tata Motors

Amara Raja Sees Fyo9 Revenues Grow 35 Pct
Ashok Leyland Shares Hit By Big Capex Plan
Britain'S Ftse 100, Germany'S Dax And France'S Cac 40 All Up Around 0.3 Pct

Bse Block Deal: Spice Communications 571489 Shares At 54.65 Inr
Bse: Block Deal In Birla Power Shares At Rs 29.40

Bse Sensex Opens Up 0.5 Percent
Bse Sensex Provisionally Ends Up 1.7 Pct
Bse Sensex Up 1.5 Pct Ahead Of Market Close


Edelweiss Capital Ends 2.31 Pct Up At Market Close On Bse
Edelweiss' Richer Clients Contribute 30 Pct Of Annual Revenues Now
Edelweiss Sees 50 Pct Of Revenues From New Biz Aimed At Richer Clients

Europe'S Ftseurofirst 300 Rises 0.3 Pct In Early Trade To 1,318.44 Points
Global Cellphone Sales To Rise 10-15 Pct In 2008 - Gartner
Gold Steady After 2 Pct Drop
Govt Assures 43.2 Mscmd Gas Supplies To Fertiliser Firms In 08/09

Hot Stocks: Neyveli Lignite Rises On Earnings Surge
India Hot Stocks: Sugar Up On Hopes For Greater Ethanol Push
India Hot Stocks:Tata Motors Gains On Fund Raising Plan

Indian Govt, Rim Officials To Meet Thursday On Blackberry - Source
Indian Oil Corp Fy08 Net Profit Falls 3.3 Pct
Ioc Full-Year Net Profit Rs 79.13 Bln
Ivr Prime Fy08 Net At Rs 1.76 Bln
Jaihind Projects Gets 2.07-Bln-Rupee Contract
M&M Full Year Consolidated Net Profit At Rs 15.7 Bln
Ncdex-Nse Power Bourse In 3-4 Months - Official
Ncdex-Nse Power Bourse In 3-4 Months - Official
Nikkei Down 0.15 Pct, Hang Seng Up 0.21 Pct

Nsei Block Deal: Housing Development Finance Corp 27629 Shares At 2514.00 Inr
Nsei Block Deal: Videocon Industries 250099 Shares At 364.10 Inr
Nsei: Block Deal In Ongc At Rs 888
Nsei: Block Deal In Tata Power Shares At Rs 1395

Rupee Gains As Oil Prices Soften

Spice Communications Gains More Than 10 Pct In Wednesday Trade
State Bank Of Bikaner Oks 10-For-1 Stock Split

Tata Motors Full-Year Net Profit 21.7 Bln Rupees
Tata Motors Plans To Raise $1.7 Bln For Jaguar, Land Rover Deal
Tata Motors Says To Raise Up To 20 Bln Rupees In Differential Voting Rights Shares
Tata Motors Up Close To 2 Pct On Full Year Results
Tata Motors Up More Than 2 Pct

Tight Cash May Push Indian Bond Yields Higher
Visa Steel Fyo8 Net At Rs 431.5 Mln

Dow Jones Closes 0.55 Pct Up At 12548

SITA SHREE FOOD Gets RELIANCE FRESH Order

Ambani May Transfer Rel Comm Stake To Mtn - Paper
Bond Yields May Rise On Tight Cash, Inflation

Bse Sensex Opens Up 0.65 Pct
closes at SENSEX 16,275.59 -72.91 -0.45%
BSE SENSEX: Block Deal In Blue Star 121000 Shares At Rs 433
BSE SENSEX: Block Deal In Cesc Shares At Rs 466
BSE SENSEX: Block Deal In Dabur India Shares At Rs 93
BSE SENSEX: Block Deal In Gail (India) At Rs 389
BSE SENSEX: Block Deal In Hero Honda Shares At Rs 778
BSE SENSEX: Block Deal In Man Industries Shares At Rs 102
BSE SENSEX: Block Deal In Marico Shares At Rs 62.25
BSE SENSEX: Block Deal In Mercator Lines At Rs 111.60
BSE SENSEX: Block Deal In Videocon Ind. At Rs 383.90

Camlin Says Board Oks 10-For-1 Stock Split
Dow Jones Closes 1.16 Pct Down At 12480
Euro Stocks: Ftse 100 Up 0.8 Pct, Dax Up 0.2 Pct And Cac 40 Up 0.3 Pct
Fitch Positive On India Insolvency Reforms
Hang Seng Up 0.8 Pct, Nikkei Up 1.12 Pct
Kalpataru Power Consolidated Fyo8 Net Rs 1.65 Bln
Kirloskar Bros Gets Orders Worth Rs 992.4 Mln

NSE India: Block Deal In Aditya Birla Nuvo At Rs 1455.10
NSE India: Block Deal In Hdfc At Rs 2511
NSE India: Block Deal In Ultratech Cement At Rs 631
NSE India: Block Deal In Zee Entertainment At Rs 232.70

Reliance Cap Unit Invests In Us Portal
Rupee Eases On Dollar Demand From Oil Cos
Sita Shree Food Up On Reliance Fresh Order
Spicejet To Hedge Up To 30 Pct Of Atf Requirement - Cfo
Suven Life Bags Drug Patents In Russia, Australia
Tata Comm Signs Mou With Etisalat To Offer Services In Uae
Weaker Rupee Helps, No Change To Guidance -Infosys

THREE ADVANCES TO 47 DECLINES IN SENSEX

15:50 IST OMAXE SAYS EQUITY DILUTION COULD BE UP TO 20 PCT
15:49 IST OMAXE IN TALKS WITH BANKS IN INDIA, ABROAD FOR PVT PLACEMENT OF SHARES WORTH $500 MLN
15:45 IST HTMT GLOBAL FY08 CONSOLIDATED NET Rs 874.1 MLN
15:37 IST BSE SENSEX PROVISIONALLY ENDS DOWN 1.5 PCT
15:29 IST BSE: BLOCK DEAL IN BF UTILITIES AT RS 1681.60
15:24 IST TEMASEK'S MAPLETREE IN $320 MLN CHINA PROJECT
15:17 IST ELECON ENGG PLANS TO INVEST MORE THAN Rs 1 BLN FOR WINDMILL GEARBOX FACILITY
14:52 IST ESSAR STEEL WITHDRAWS BID FOR KRAKATAU STEEL
14:47 IST PRINCIPAL PNB RAISES RS 2.33 BLN IN DEBT FUND
14:43 IST OMAXE FY08 NET AT Rs 3.99 BLN
14:32 IST HOT STOCKS: HIND DORR-OLIVER UP ON ORDER WIN
14:31 IST CITIGROUP NAMES SAMEER NATH HEAD OF INDIA M&A -- MEMO
14:23 IST RELIANCE COMM BUYS UK'S VANCO FOR $77 MLN
13:43 IST SATYAM CFO SEES PRICES REMAINING STABLE; NOT SEEING ANY SLOWDOWN IN EUROPE
13:39 IST SATYAM COMPUTER MAINTAINS FY09, Q1 FORECAST DESPITE RUPEE WEAKENING
13:32 IST VOLVO LOOKING TO INCREASE PRODUCT SOURCING FROM INDIA
13:29 IST NSEI: BLOCK DEAL IN RELIANCE INDUSTRIES AT RS 2540.35
13:29 IST VOLVO MAY BRING COMMERCIAL FINANCE BIZ VIA EICHER JV
12:53 IST VIDEOCON IN EARLY TALKS WITH MOTOROLA-REPORT
12:47 IST FIDELITY FUND UPS STAKE IN JYOTHY LAB
12:46 IST NSEI: BLOCK DEAL IN GREAT EASTERN SHIPPING CO AT RS 482.50
12:43 IST BSE SENSEX FALLS 1.4 PCT; RELIANCE COMM DROPS
12:36 IST MTN FALLS 6.05 PCT AFTER SAYS IN TALKS WITH RELIANCE, BHARTI TALKS CALLED OFF
12:33 IST NSEI: BLOCK DEAL IN INFO EDGE (INDIA) AT RS 985
12:32 IST HOT STOCKS: EICHER SOARS ON BUY BACK PLAN
12:29 IST NSEI BLOCK DEAL IN NAGARJUNA CONST. RS 190.50
12:16 IST TRANSPORT CORP SEES PROFIT GROWING 20-30 PCT IN FY09, CAPEX AT Rs 1 BLN
12:15 IST TRANSPORT CORP TO RAISE Rs 500 MLN VIA EQUITY THIS FISCAL
12:13 IST EICHER GOODEARTH WILL BUY BACK AT Rs 691.68/SHARE
12:12 IST EICHER GOODEARTH CONSIDERING BUYING BACK 13.12 PCT OF PUBLIC HOLDING IN EICHER MOTORS
11:50 IST HOT STOCKS: EICHER UP ON DEAL WITH VOLVO
11:40 IST BSE: BLOCK DEAL IN UNITED PHOSPHORUS AT 348.50 INR
11:30 IST BSE: BLOCK DEAL IN KALPATARU POWER AT RS 1005
11:28 IST VOLVO SIGNS FINAL JV DEAL WITH EICHER
11:27 IST HOT STOCKS: AI CHAMPDANY UP ON STOCK SPLIT
11:13 IST COMPACT DISC SAYS IN DEAL WITH SINGAPORE FIRM
11:08 IST BSE: BLOCK DEAL IN UNITED BREWERIES AT RS 775
11:07 IST BHEL WINS Rs 11.5-BLN ORDER
10:51 IST MTN GROUP SAYS HAS BEEN APPROACHED BY THE RELIANCE COMMUNICATIONS
10:44 IST RELIANCE COMMUNICATION DOWN 3.35 PCT ON TALKS WITH MTN
10:27 IST THREE ADVANCES TO 47 DECLINES AMONG SENSEX STOCKS
10:16 IST NSEI: BLOCK DEAL IN MAXWELL IND. AT RS 18.80
10:05 IST BHARTI SHARES OPEN UP 3.1 PCT AS MTN TALKS END
10:03 IST RELIANCE COMM SHARES EXTEND FALL TO 3 PCT
09:59 IST BSE SENSEX OPENS 1.1 PCT DOWN
09:55 IST REL COMM SHARES SEEN DOWN, BHARTI UP ON MTN
09:53 IST SHARES TO FALL ON INFLATION, OIL WORRIES
09:52 IST TAKE SOLUTIONS BOARD OKS 10-FOR-1 STOCK SPLIT
09:51 IST ASIA DOWN: NIKKEI, HANG SENG DOWN 2 PCT

Sensex at 16348 down by 301

Indian markets opened weak following weak global cues. Markets couldn't recover from early losses and extended its last week's deep cut.

Key benchmark Indian indices opened lower on the back of weak global markets. Rising oil & raw material prices coupled with sluggish US economy dented investors'
sentiments, world over. BSE Sensex opened at 16,468.32 down by 181.32 points or 1.09% and Nifty at 4,953.60 down by 7.05 points. For the whole day bears were in control as global markets continue to remain weak. European markets opened negative and further
dampen investors' sentiment. Finally, Indian markets 4,953.60 down by 7.05 points. For the whole day bears were in control as global markets continue to remain weak. European markets opened negative and further dampen investors' sentiment.




Finally, Indian markets
ended with deep cut. Sensex ended at 16,348.50, down by 301.14 points or 1.81%, after hitting a high of 16,498.24 and low of 16,300.88. Nifty tumbled 1.45% or 71.5 points before closing at 4,875.05. It touched a high/low of 4953.60 and 4858.00. Selling was widespread and all sectoral indices expect technology ended in red. Technology index have outperformed broader markets and closed with 1.77% gain. BSE Midcap and Small cap indices lost 2.54% and 2.34%.


Bharat Heavy Electricals tumbled 5.21% to Rs 1656.10. The company has secured an order worth Rs 1150 crore to set up a power plant in Punjab.

Crompton Greaves climbed 2.31% to Rs 237.35. Company's net profit surged 47.4% (Y-o-Y) to Rs 103.07 crores during Q4 FY08. Net sales grew 17.1% (Y-o-Y) to Rs 1159.53 crores during Q4 FY08.

Eicher Motors soared 20% to Rs 384.30. Company's holding company Eicher Goodearth Investments plans to buy back 13.12% of the public holding in Eicher Motors at
Rs 691.68 per share.

Take Solutions slipped 4.96% to Rs 694. Company's board has approved splitting each of its shares into ten shares of face value Rs 1 each.

Strides Arcolab fell 3.58% to Rs 165.85. The company said it has received abbreviated new drug application approval for Rifampicin injection USP 600 milligram/vial.

Indian Inflation 8pct -Fuel prices hiked by .05 rupees

Petrol and diesel prices have been raised marginally by 3-5 paise per litre after the government decided to hike the commission paid to dealers for the sale of fuel.

"Dealers' commission effective midnight will be Rs 28 per kilolitre for petrol and Rs 31 per kilolitre for diesel", said an Indian Oil Corporation official .

The effect of the increase in the commission will be rise in prices of petrol and diesel, effective midnight.

13:23 -> NSEI: BLOCK DEAL IN HDFC AT RS 2677
13:21 -> HERCULES HOISTS APPROVES 10-FOR-1 STOCK SPLIT
13:20 -> NSEI: BLOCK DEAL IN RELIANCE IND. AT RS 2594.75
13:02 -> MINISTRY SEEKS ROLL BACK OF EXPORT DUTY ON STEEL PRODUCTS
12:02 -> ANNUAL WHOLESALE PRICE INFLATION FOR WEEK ENDED MAY 10 AT 7.82 PCT - GOVT

11:55 -> TELECOMS MIN EXPECTS 3G, WIMAX NETWORKS ROLL OUT BY JAN 2009
3G, WiMax guidelines by June: A Raja

11:54 -> GUIDELINES FOR 3G AND WIMAX SERVICES BY JUNE
11:51 -> BANKING STOCKS MAY FEEL THE HEAT ON FARM DEBT DECISION
11:45 -> MAY TAKE ONE WEEK FOR FUEL PRICE HIKE DECISION: OIL MINISTRY
11:39 -> CAIRN INDIA SLIPS ON FALLING CRUDE PRICES
11:17 -> INDUSTRIAL GROWTH SEEN AT LITTLE OVER 8 PCT IN FY09
11:16 -> GDP GROWTH SEEN AT 8 PCT IN FY 09: ECON PANEL CHIEF
10:56 -> BSE: BLOCK DEAL IN ISPAT INDUSTRIES AT RS 36.15
10:55 -> SPICE IN TALKS WITH COS FOR INFRASTRUCTURE SHARING
10:54 -> OIL STOCKS UP ON POSSIBLE FUEL PRICE HIKE
10:20 -> OIL MIN SAYS FUEL PRICE HIKE NOT ON FRIDAY'S CABINET AGENDA
10:20 -> OIL MIN SAYS IMMEDIATE STEPS NEEDED TO SAVE OIL FIRMS
10:19 -> OIL SECY SAYS SPECIFIC SIZE OF FUEL PRICE INCREASE WILL BE WORKED OUT TODAY
10:17 -> OIL SECY SAYS MINISTRY LOOKING FOR 2.5 PCT IMPORT DUTY ON OIL PRODUCTS FROM 7.5 PCT
10:16 -> OIL SECY SAYS OIL MINISTRY SEEKING ZERO PERCENT IMPORT DUTY ON CRUDE OIL FROM PRESENT 5 PCT
10:16 -> OIL SECY SAYS FUEL PRICE HIKE INEVITABLE
09:58 -> SENSEX OPENS UP 0.31 PCT
09:32 -> SENSEX LIKELY TO OPEN LOW ON INFLATION, OIL PRICE

09:29 -> RUPEE EDGES HIGHER ON FIRM ASIAN STOCK CUES
08:51 -> RUPEE TO WEAKEN FURTHER, SAYS GOLDMAN
Goldman changed its three-month, six-month and one-year forecasts for the rupee to 43.9, 44.1 and 42.2 from earlier estimates of 41, 40.3 and 38.9, respectively.

08:49 -> ACCEL FRONTLINE ACQUIRES BANGALORE FIRM
Accel Frontline Ltd (AFL) has acquired XLNC Infotech Solutions, a Bangalore-based company specialising in warranty management services

08:45 -> ASIA MIXED: NIKKEI UP 0.73 PCT, HANG SENG DOWN 0.66 PCT
08:42 -> DOW JONES CLOSES ALMOST FLAT, DOWN 0.19 PCT

Oil above 135$ - World Newspaper Headline Reactions

• The oil exceeds for the first time the $ 135
• Mister Info, Hong Kong - 45 minutes ago
• Oil smashes $135 in Asian trade on supply concerns - UPDATE 3 Forbes, NY
• Fears of supply shortages drive oil above $135 guardian.co.uk
• Oil execs to Congress: Don't blame us-Seattle Times, United States
• Oil scales record summits above 135 dollars-AFP
• Oil Rises Above $135 After Unexpected Drop in US Inventories-Bloomberg
• Oil costs still on the rise
• Arizona Republic, AZ
• Blame Wall Street for $135 Oil on Wrong-Way Betting (Update1)-Bloomberg
• Oil Rises Above $135 After Unexpected Drop in US Inventories-Bloomberg
• Indy-area gas pumps at $3.999-Indianapolis Star
• Oil Rises Above $135 After US Crude, Gasoline Supply Decline-Bloomberg
• Oil prices soar above $133 on US supply drop-China Daily, China
• Crude oil prices reach for the stars-El Financiero (México), Mexico
• Crude oil prices surge past $134 a barrel-Independent, UK
• Oil: Up, Up, Up-BusinessWeek
• Oil Rises Above $134 on US Supply Drop, Bank Price Forecasts-Bloomberg
• Wall Street hit by oil price, bad economic outlooks-ABC Online, Australia
• UPDATE 1-US says oil price shows tight supply, strong demand-Reuters UK, UK
• Crude Oil Stays Pumped-TheStreet.com
• Closing Glance: REITs close lower on climbing oil-Forbes, NY
• Oil hits $132 as US stocks show unexpected decline-Daily Star - Lebanon
• COMMODITIES-Oil rally on supply fear lifts gold, other commods-Forbes, NY
• Oil roars above $132 as stocks fall-Financial Post, Canada
• Oil prices up after government reports supply jump-The Associated Press
• Oil prices pass $132 after government reports supply drop-The Associated Press
• Oil roars above $132 as stocks fall-Financial Post, Canada
• Oil prices up after government reports supply jump-The Associated Press
• Oil for 2016 Delivery Passes $141 on Supply Concern (Update3)-Bloomberg
• Supply concern puts oil above $130 for first time-The Associated Press
• Wall St. heads for lower open as oil passes $130-The Associated Press
• Oil Rises Above $130 a Barrel as Banks Increase Price Forecasts-Bloomberg
• Oil hits record $130.30 on weak dollar, strong fund interest-Forbes, NY
• Crude Oil Futures Rise to a Record for a Second Day in New York-Bloomberg
• Oil Is Steady After Reaching Record $129.60 on Supply Concerns-Bloomberg
• Oil holds above $129 a barrel on supply worries-The Associated Press
• Oil surges to fresh all-time highs close to $130/bbl-Forbes, NY May 20, 2008
• Crude Oil Is Little Changed Before US Fuel Stockpile Report-Bloomberg - May 20, 2008

Sensex Thursday May 22 ,2008

BSE SENSEX PROVISIONALLY ENDS DOWN 1.9 PCT
BSE Metal has slipped by nearly 2% while the Auto index is down with a sharp loss of 1.79%. BSE IT, Healthcare, CD, PSU, Teck and FMCG barometers are down

CUMMINS INDIA FY08 NET AT Rs 3.25 BLN
Karvy Stock Broking has maintained its buy rating on Cummins India with target price of Rs 400 in its May 5, 2008 research report.

ICICI BANK CEO SAYS LIQUIDITY COMFORTABLE
NSE BLOCK DEAL IN ICICI BANK AT RS 885


CABINET APPROVES SPONGE IRON MERGER WITH NMDC


EURO STOCKS FALL FOR THIRD DAY IN BROAD RETREAT
SENSEX OVER 300 PTS DOWN, NIFTY 90 PTS DOWN
BSE: BLOCK DEAL IN CYBERMATE INFOTEK AT RS 6.51

LAKSHMI MACHINE SEES MODEST REVENUE GROWTH IN FY09



NIKKEI UP 0.4 PCT; ENERGY STOCKS GAIN
SHIPPING STOCKS UP ON RECORD FREIGHT INDEX
BLOCK DEAL IN INDIA INFOLINE ON BSE, NSE AT Rs 853
BAJAJ AUTO FINANCE DOWN AFTER WEAK Q4 RESULTS
Bajaj Auto Finance Ltd posted a 78 percent fall in fourth-quarter net profit .
Gammon Infra FY08 net profit 207.4 mln rupees


KINETIC MOTOR UP ON PAPER REPORT
M&M refuses to "confirm or deny" Kinetic Motor buyout talks Economic Times

BSE: BLOCK DEAL IN GAMMON INDIA AT RS 414

SENSEX MOVES BELOW 17000-MARK, DOWN 1.59 PCT


HK STOCKS FALL 2 PCT, PROPERTY HIT BY RATE FEARS
CAIRN, HIND OIL UP ON FIRM OIL PRICES

M&M refuses to "confirm or deny" Kinetic Motor buyout talks Economic Times

BSE: BLOCK DEAL IN ICICI BANK AT RS 883.50

NSEI: BLOCK DEAL IN INFOSYS SHARES AT RS 1884.10


BSE: BLOCK DEAL IN IFCI AT RS 65.80
BSE SENSEX OPENS 0.8 PCT DOWN
NIKKEI UP 0.57 PCT AT 13847
STANDARD CHARTERED EYES INDIA LISTING - PAPER

RUPEE FALLS TO 43/ DOLLAR, WEAKEST SINCE APRIL, 2007

• Rupee to Rise as Credit Crisis Eases, Treasurers Say (Update2)
• India's Rupee Weakens Past 43 a Dollar as Oil Increases Costs - Bloomberg
• Re fall continues, no respite seen - Economic Times
• Re falls further as oil spurs dollar demand - Business Standard, India

HANG SENG 2.6 PCT DOWN AT 24807
DOW JONES CLOSES 1.7 PCT DOWN AT 12601

Dividends Stock Splits NSE May-June 2008

Reliance Communications to sell GSM Handsets

May 5

ECONOMIC TIMES

* Enineering firm Larsen & Toubro Ltd is about to undergo a massive restructuring that will result in the creation of a dozen "operating companies" under the guidance of a separate board of directors.

* Telekom Malaysia is learnt to be looking at increasing its stake in Spice Communications to at least 51 percent from 39.2 percent, through a combination of open offer and buying some shares from the Modis.

* Reliance Communications is set to enter retailing market. It has signed agreement with vendors including LG Electronics , Samsung , Motorola , Sony Ericsson, Spice Mobiles , Fly Mobile and HTC.

* Developer DLF Ltd is learnt to be setting up a joint venture with Italian leather and luggage accessory firm, Piquadro , to sell the latter's products in India.

* National Aviation Company of India Ltd is all set to hike fares by 10 percent on domestic sectors and may also raise fuel surcharge on international routes.

* Drug maker Cipla has made an unconditional offer to share the know-how of making all 354 essential drugs with state-run drug makers. This follows the pharma industry's offer to sell essential drugs at half its maximum retail price to the government, subject to certain conditions.

* A proposed government restriction on drug trade margins is likely to exclude products of four big players - GlaxoSmithline , Ranbaxy , Nicholas Piramal , and Cadila Healthcare . These have given brand names to high-trade margin drugs originally sold by their chemical names, which do not fit into the definition of generic generics.

* Reliance Big Entertainment is in talks with private equity funds such as Kohlberg Kravis Roberts & Co., billionaire investor Carl Icahn, Japan's Softbank and Abu Dhabi Investment Authority for divestment of 10 percent equity.

* The federal government has approved Reliance Industries proposal to declare the entire KG basin D6 block as a discovery block from 2006 with retrospective effect.

* Power Finance Corp may be allowed to access up to $5 billion of foreign exchange reserves through India Infrastructure Finance Co to fund projects.

* India is considering exempting cold-rolled coils, galvanised products, tubes and pipes from a 10 percent export duty if exported against the import of semi-finished steel.

* Insurance Regulatory Development Authority has decided to raise the investment cap in group companies by insurance firms to 25 percent from 10 percent now.

BUSINESS LINE

* Empee Distilleries Ltd is in talks with with international brands for a joint venture to enter the brewery business.

MINT

* TVS Motor Co Ltd , which is locked in a technology infringement dispute with Bajaj Auto , will not re-introduce the engine at the heart of the dispute because it would have sold too many bikes using alternative technology in the interim.

* A delay in meeting its order book commitments may cost Bharat Heavy Electricals severely as steel prices have escalated by 40 percent since the fixed price contracts were signed.

* Plans of NTPC to ramp up its capacity could be jeopardised as the firm has not been able to secure gas and coal blocks from abroad.

Larsen Tubro LT.IN up 96 rupees to 3231.05

India's Larsen & Toubro Ltd. (L&T), said it has won orders worth 3.44 billion rupees from the state-run Power Grid Corp

SBI underweight says Morgan Stanley

Morgan Stanley and Macquarie Research cut their rating on SBI.
SBI Chairman O.P. Bhatt told analysts on a conference call May 2 that more farmers had stopped repaying loans since the debt waiver was announced.

State Bank has fallen 21 percent since Finance Minister Palaniappan Chidambaram told banks to forgive 600 billion rupees ($15 billion) of debt in his budget speech Feb. 29. SBI is owned 59.7 percent owned by the government.
It has the major share of loans to the agricultural sector among Indian banks.

``We are surprised at how quickly the NPLs have accrued on the agri portfolio,'' Credit Suisse analysts. ``The increase in NPLs across most businesses including retail, small and medium enterprises and mid-corporates is also worrying.''


The bank's share price target was cut to 1,550 rupees from 1,910 rupees and its rating reduced to ``underweight'' from ``equal-weight,'' Mumbai-based analysts Anil Agarwal and Ashish Jain of Morgan Stanley said in a note to clients today.

SBI NPA is 128 billion rupees compared to 100 billion rupees a year ago.

Block Deals in Tata Motors-IDEA-Maruti May 05 2008

15:36 IST NIFTY PROVISIONALLY CLOSES 0.67 PCT DOWN
15:31 IST SENSEX PROVISIONALLY CLOSES DOWN 0.68 PCT

Reliance

15:29 IST INDIAN BOND YIELDS AT FRESH 1-MTH LOW ON EASY CASH
15:23 IST NSEI: BLOCK DEAL IN IDEA CELLULAR SHARES AT RS 105
15:14 IST JSW STEEL PLANS $500 MLN-$1-BLN IPO FOR JSW ENERGY



Larsen


15:11 IST NSEI: BLOCK DEAL IN INDIABULLS REAL ESTATE AT Rs 563
15:09 IST HINDUJAS PLAN $50 BLN INVESTMENT IN INDIA, ABROAD


Idea block deal

15:02 IST WALL ST SEEN LOWER AFTER MICROSOFT DROPS YAHOO BID
15:01 IST JSW STEEL JAN-MARCH NET PROFIT UP 12 PCT
14:50 IST SENSEX DOWN 0.4 PCT, NIFTY DOWN 0.5 PCT



Indiabulls Realestate

14:38 IST HOT STOCKS: IVRCL EXTENDS GAINS ON ORDERS WIN
14:23 IST CENTURY TEXTILES FY08 NET Rs 2.79 BLN
14:09 IST US CRUDE OIL JUMPS MORE THAN $1 TO $117.33/BBL



IVRCL


13:59 IST UCO BANK FY08 NET AT Rs 4.12 BLN
13:57 IST MAHINDRA'S FUND-RAISING PLAN TRIPS SHARES
13:40 IST BSE: BLOCK DEAL IN UNITED BREWERIES SHARES AT RS 693
13:37 IST IOL CHEMICALS BOARD OKS RAISING UP TO $22.3 MLN
13:24 IST NSEI: BLOCK DEAL IN ONGC SHARES AT RS 1041.50
13:17 IST NSEI: BLOCK DEAL IN JINDAL STEEL & POWER AT RS 2480
13:14 IST MALAYSIA'S MAXIS TO INVEST $4-5 BLN BY 2009-10 IN INDIA
13:12 IST EUROPEAN STOCKS RETREAT FROM LAST WEEK'S RISE
13:02 IST BALLARPUR HIKES COATED PAPER PRICES BY Rs 2500/T
12:59 IST SAIL TO IMPORT 12-13 MT COKING COAL THIS YEAR
12:31 IST BLOCK DEALS IN RELIANCE IND. SHARES ON BSE, NSE
12:28 IST BLOCK DEALS IN HFCL SHARES ON BSE, NSE
12:21 IST SENSEX UP 0.73 PCT, NIFTY UP 0.43 PCT
12:17 IST HOT STOCKS: NAVIN FLUORINE UP AS NET PROFIT SOARS


Century Textiles


12:15 IST NSEI: BLOCK DEAL IN RELIANCE INDUSTRIES AT Rs 2680
12:14 IST BSE: BLOCK DEAL IN GRASIM SHARES AT Rs 2400
12:08 IST NSEI: BLOCK DEAL IN HFCL SHARES AT RS 22.20
15:14 IST JSW STEEL PLANS $500 MLN-$1-BLN IPO FOR JSW ENERGY
15:11 IST NSEI: BLOCK DEAL IN INDIABULLS REAL ESTATE AT Rs 563
15:09 IST HINDUJAS PLAN $50 BLN INVESTMENT IN INDIA, ABROAD
15:02 IST WALL ST SEEN LOWER AFTER MICROSOFT DROPS YAHOO BID
15:01 IST JSW STEEL JAN-MARCH NET PROFIT UP 12 PCT
14:50 IST SENSEX DOWN 0.4 PCT, NIFTY DOWN 0.5 PCT
14:38 IST HOT STOCKS: IVRCL EXTENDS GAINS ON ORDERS WIN
14:23 IST CENTURY TEXTILES FY08 NET Rs 2.79 BLN
14:09 IST US CRUDE OIL JUMPS MORE THAN $1 TO $117.33/BBL


ONGC Deal

13:59 IST UCO BANK FY08 NET AT Rs 4.12 BLN
13:57 IST MAHINDRA'S FUND-RAISING PLAN TRIPS SHARES
13:40 IST BSE: BLOCK DEAL IN UNITED BREWERIES SHARES AT RS 693
13:37 IST IOL CHEMICALS BOARD OKS RAISING UP TO $22.3 MLN
13:24 IST NSEI: BLOCK DEAL IN ONGC SHARES AT RS 1041.50
13:17 IST NSEI: BLOCK DEAL IN JINDAL STEEL & POWER AT RS 2480
13:14 IST MALAYSIA'S MAXIS TO INVEST $4-5 BLN BY 2009-10 IN INDIA
13:12 IST EUROPEAN STOCKS RETREAT FROM LAST WEEK'S RISE
13:02 IST BALLARPUR HIKES COATED PAPER PRICES BY Rs 2500/T
12:59 IST SAIL TO IMPORT 12-13 MT COKING COAL THIS YEAR
12:31 IST BLOCK DEALS IN RELIANCE IND. SHARES ON BSE, NSE
12:28 IST BLOCK DEALS IN HFCL SHARES ON BSE, NSE
12:21 IST SENSEX UP 0.73 PCT, NIFTY UP 0.43 PCT
12:17 IST HOT STOCKS: NAVIN FLUORINE UP AS NET PROFIT SOARS
12:15 IST NSEI: BLOCK DEAL IN RELIANCE INDUSTRIES AT Rs 2680
12:14 IST BSE: BLOCK DEAL IN GRASIM SHARES AT Rs 2400
12:08 IST NSEI: BLOCK DEAL IN HFCL SHARES AT RS 22.20
12:06 IST RBI ACCEPTS ALL 29 BIDS AT 1-DAY REVERSE REPO AUCTION
12:05 IST RBI GETS NO BIDS AT 1-DAY REPO AUCTION
12:00 IST NSEI: BLOCK DEAL IN TATA MOTORS SHARES AT Rs 680
11:41 IST SENSEX UP 0.54%, NIFTY REMAINS FLAT
11:15 IST BOND YIELDS EDGE UP AS CASH SEEN TIGHTENING
11:00 IST NSEI: BLOCK DEAL IN MARUTI SHARES AT Rs 799
10:59 IST LARSEN & TOUBRO WINS $84 MLN POWER GRID ORDER
10:44 IST EDELWEISS GETS REGULATOR'S NOD TO LAUNCH FUNDS
10:32 IST NSEI: BLOCK DEAL IN TATA MOTORS SHARES AT Rs 675.40
10:28 IST TATA MOTORS DOWN ON APRIL SALES DECLINE
10:27 IST NSEI: BLOCK DEAL IN JAIN IRRIGATION SYS AT Rs 643
10:22 IST BLOCK DEAL IN HOUSING DEVT & INFRA AT Rs 865.15
10:10 IST RELIANCE INDUSTRIES SHARES DOWN 0.59 PCT
10:08 IST FITCH ASSIGNS 'A-(IND)'/'F1(IND)' RATINGS TO JBF LOANS
10:05 IST SENSEX, NIFTY OPEN HIGHER, TURN NEGATIVE
10:02 IST NSEI BLOCK DEAL: ORBIT CORP 200872 SHARES AT Rs 508.90
09:57 IST SENSEX UP 0.1 PCT, NIFTY UP 0.03 PCT
09:42 IST KESORAM INDUSTRIES JAN-MARCH NET UP 32 PCT
09:39 IST CALL MONEY AT 06.00-06.15 PCT ON MAY 05
09:26 IST NIKKEI UP 2 PCT, HANG SENG DOWN MARGINALLY
09:14 IST DOW JONES ENDED 0.37 PCT UP, NASDAQ DOWN MARGINALLY ON FRIDAY

Citi Financial dismiss 400, bank plans $1b loan selloff

Economic Times reports
CitiFinancial’s profitability has taken a huge knock in the year ended December 31, 2007, and the NBFC is close to shutting down 125 of its 450 branches.
Chances are that 150 more CitiFinancial staff may be shown the door.
The NBFC has a staff strength of 3,275. Some have been moved to the bank.



CitiFinancial has a current customer base of 2.3 million customers and an asset base of Rs 11,000 crore. The NBFC had reported a 65% decline in net profit to Rs 39 crore for the six months ended September 30 as against Rs 111 crore the year-ago period. It had reported a net profit of Rs 220 crore as on March 31, 2007.

US Federal Reserve cuts key interest rate by a quarter point

The Federal Reserve lowered a key U.S. interest rate by a modest quarter percentage point on Wednesday in what may be the last of a series of cuts aimed at aiding an economy hit hard by a housing slump and credit market turmoil.