BIZ-$COOP

Friday, July 08, 2011

Back to business, as markets pares its gain

Indian equity benchmarks pared the gains they made on Thursday. Profit booking was visible with 56 advances and 146 declines in A category scrips of Sensex. While most of the index were down in Nifty with Bank Nifty being down by 140 points while Nifty Junior was down by 187 points. Sharp profit booking was seen in metals and mining stocks after a group of ministers formed to approve the draft mining Bill agreed to earmark 100 per cent of the royalty paid by major mineral mining companies, to compensate people displaced by such projects.

MARKETS UPDATE

Govt okays bill calling for mining profit share

INDIAN NEWS

Exports jump 46.4% to $29.2 billion in June

India's exports registered a robust growth of 46.4 per cent year-on-year in June to $29.2 billion on account of increasing demand in Western markets.
Imports, too, grew at a high rate of 42.4 per cent to $36.9 billion, leaving a trade deficit of $7.7 billion for the month

A panel of Indian ministers on Thursday approved a new bill calling for coal miners to share a maximum 26 percent of their profits with local communities, a government source said. The source at the mining ministry added the draft law, which now goes to cabinet for approval

http://economictimes.indiatimes.com /news/economy/policy/govt-panelokays-bill-calling-for-mining-profitshare/articleshow/9140312.cms
SENSEX

http://economictimes.indiatimes.com/ news/economy/foreign-trade/exportsjump-464-per-cent-to-292-billion-injune/articleshow/9148526.cms

Top Gainers (Nifty)

916.00 551.00 276.85

18,858.04

-220.26 -1.15% 2.60% 1.43% 0.69%

NIFTY Grasim SAIL

Top Losers (Nifty)

2,150.50 136.20 281.60 -62.29 -12.85 66.59 -63.97

5,660.65 -68.30

-1.19% INTERNATIONAL NEWS -4.04% -4.08% -4.40%

Siemens Ranbaxy ONGC Global Markets

Sesa Goa

JPM to replace BOA as biggest bank in US

JPMorgan Chase & Co is close to vaulting past Bank of America Corp to become the biggest bank in the United States, but it will likely get there in an odd way - by shrinking less than its rival. Both JPM and BoA are getting smaller as they shake off the years leading up to the financial crisis
http://economictimes.indiatimes.com/news /international-business/jpmorgan-set-toreplace-bank-of-america-as-biggest-bank-inus/articleshow/9155831.cms

Jobs data dim Recovery Hopes

The U.S. economy barely added jobs for the second month in a row in June and the unemployment rate rose to the highest level this year, dashing hopes the economic recovery is getting back on track and putting pressure on policymakers to react
http://online.wsj.com/article/SB10001 4240527023035446045764335410861 14816.html?mod=WSJINDIA_hpp_LEFT TopStories

DJIA* 12,657.20 NASDAQ* 2,859.81 NIKKEI 10,137.73 FTSE* 5,990.58 *Previous Days Closing

-0.49% -0.45% 0.66% -1.06%

Rupee recorded moderate gain against major currencies. It gained 20 bps against dollar 29 bps against GBP & 3 bps against Euro

Rupee records moderate gain

USD INR 44.33 GBP INR 70.75 EUR USD 1.44 EUR INR GBP USD USD YEN BLOGOSPHERE 0.86% 0.41% -0.22% 63.65 1.596 81.26

FOREX UPDATE

ARTICLE OF THE DAY

Chinas incentive to heed the WTO

China's entry into the World Trade Organization in 2001 was an unambiguously positive step for China in terms of opening up the country to trade and overall economic development. Now it is becoming clearer that China's WTO membership is a benefit for other countries, too. Witness the way in which the WTO may help foreign governments and businesses compel Beijing to reconsider troubling export restrictions on important raw materials. In recent years, Beijing has expanded a list of minerals and metals subject to stiff export taxes and quotas or outright export bans

COMMODITY FUTURES Gold Futr (USD/t oz.) Silver Futr (USD/t oz.) Brent crude oil (USD/bbl.) 1,543.80 36.68 118.33

The Price of bad pricing

By Jay Goltz If there is an aspect of running a small business that doesnt get enough attention, I think its pricing. Unfortunately, theres a good reason for that: pricing is hard to do and easy to ignore. But thats especially dangerous right now when theres a good chance your expenses are changing http://boss.blogs.nytimes.com/ 2011/07/06/the-price-of-badpricing/

http://online.wsj.com/article/SB10001424052702303544604576431321816520798.htm l EARNINGS UPDATE

HDFC Q1 Net up 22% at Rs 845 cr

IndusInd Bank net up 52%

Housing mortgage lender HDFC today reported a 22 per cent Y-o-Y growth in net profit to Rs 844.53 crore for the April-June quarter of the current fiscal

Private sector IndusInd Bank on Friday posted a 52 per cent jump in net profit for the quarter ended June 30 at Rs 180.18 crore, helped by a surge in fee income.
http://economictimes.indiatimes.com/n ews/news-bycompany/earnings/earningsnews/indusind-bank-net-up-52-to-rs180-crore-on-surge-in-feeincome/articleshow/9150384.cms

http://economictimes.indiatimes.com/n ews/news-by Company/earnings/earnings- news/ hdfc-q1-net-up-22-pc-at-rs-8445cr/articleshow/9149683.cms FINQUOTE: Finance is the art of passing money from one hand to another until it disappears .

Issued by SIGFI, IIM Lucknow

sigfi@iiml.ac.in

Sources: WSJ, NYtimes, Stock Exchanges