Dow jones today crashed by almost 680 points, This is the 4th biggest single day loss in the history.The decline was almost 7.7 percent which is like 12th worst percentage drop on a single day.It all started when the US investors went through the Holiday sales report and also industrial growth which had already crashed the market but the whole market crash happened after the recession data came in from NBER which i have talked about it in the last post.
Market movers
>U.S. manufacturing contracts more-than-expected in November
> U.S. credit card industry may cut credit lines by over $2 trillion
> Black Friday sales up 3.0%, according to ShopperTrak
> NBER officially declares U.S. recession started in Dec. 2007
No more thinking of using the R word , everyone will just use this single word from now on , Its official that US has gone into recession.National Bureau of Economic Research declared that America has gone into recession for some time now.When i say sometime its almost a year now from December 2007. Its they have to analyze the data and finally come out with the result and with the employment data they have Employers have trimmed payrolls by 1.2 million jobs in the first 10 months of this year.They are expecting another 350000 job loss for remaining year may be so finally 1.5 million jobs for this year alone.One good news is like when you compare the recession data before US is almost in the time to come out of it .We will see how many more month they need to come out of recession.The market already has responded to this.
Source: CNN
Astra Microwave Products Ltd has informed the market that the Company has received single order worth Rs 57.31 crores, The order is for Production, Testing and Supply of sub systems for Indian Defence program from M/s. ELTA Systems Ltd, Israel .
>The Execution time is in the next 18 months period.
Nagarjuna Construction Company Ltd has informed the market that they have secured six new orders worth Rs 484 crores.
1.Order valued at Rs 121 crores from the Golden Jubilee Hotels Ltd., Hyderabad for Construction of a 5 Star Delux Hotels at Madhapur, Hyderabad.Execution time of 15 months.
2.Order from CMD, M.P. Paschim Kshetra Vidyut Vitaran Co. Ltd., Indore for different works valued at Rs 111 crores.Execution time of 12 months.
3.Order from National Institute of Technology (NIIT), Agartala for Construction of Boys & Girls Hostel valued at Rs 99 crores.Execution time of 21 months.
4.Order from Registrar, Yogi Vemana University, Kadapa for construction of Buildings at Yogi Vemana University Campus valued at Rs 72 crores .Execution time of 18 months.
5.Order from Director General, Project Seabird, New Delhi for construction of Dwelling Units and Commons facilities for project seabird valued at Rs 45 crores .Execution time of 18 months
6.Order from Learning Panorama Foundation, Mumbai for construction, of School Project at Borivali valued at Rs 36 crores.Execution time of 12 months.
- Author: admin
- Filed under: politics
- Date: Nov 30,2008
After the Mumbai terror attack everything was clear that Mr.Home Minister dint do his homework which has led to this big loophole.Im just thinking if we are given a job like this we will be like traveling to every state not just the metros but to every state make sure law and order is under control and see if all the state is safe from all the side , I’m not saying we will do this all the time at least when we know that there is terror attack happening anyway he dint do the job so he had quit now.
Dr.Manmohan Singh has forwarded the resignation to the president and also then recommended the former finance minister Chidambaram as the new home minister and the finance ministry would be directly controlled by Prime minister himself.
He is Out
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He is In
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Sensex closed in green after Mumbai terror attack , Today was also considered the last day for the November settlement. It closed the day at 9,092.72 gaining almost 66 points but it really swung like 268.44 points between an high of 9,157.62 and low of 8,889.18.
Feel first sorry to first use mumbai terror attack as irony here, when the terror strikes a country that first thing that will get affected is tourism it might come to normal based on how deep the attack is and om who the attack is , as you would have seen that this latest mumbai terror attack is mainly focussed on foreigners.These are the stock that got affected and im sure that will go for another QTR or so in the results to come .
Hotel stocks - Directly affected
Indian Hotels
East India Hotels
Hotel Leela
Airline and Travel advisor’s
Jet Airways
Kingfisher Airlines
Thomas Cook
TCI
GDP for second quarter stood at 7.6 Percent Vs 9.3 Percent (Year over Year) and Vs 7.9 Percent (Quarter over Quarter).
Sector wise growth
Manufacturing output stood at 5 Percent (Year over Year),
Construction sector growth in Second QTR stood up 9.7 Percent (Year over Year),
Mining stood up 3.9 Percent Vs 5.5 Percent (Year over Year),
Farm output stood up at 2.7 Percent (Year over Year),
Services growth stood at 9.6 Percent Vs 10.5 Percent (Year over Year)
Industry growth stood at 6.1 Percent Vs 9.4 Percent (Year over Year).
- Author: admin
- Filed under: Inflation
- Date: Nov 28,2008
Inflation data came in yesterday for week ending November 15 at 8.84 percent which is less compared to 8.90% WOW. It was below the expectations , this it was below expectation they where expecting it at 8.60 or something.
- Author: admin
- Filed under: BseIndia
- Date: Nov 27,2008
Sensex and NSE to remain Close Thursday after terrorist attack in mumbai,earlier it was told they might have the NSE running and everyone can come there and do the trading now sebi has announced both eh market will remain close due to terrorist attack in various places.Trading on Bombay Stock Exchange and National Stock Exchange markets will remain closed on Thursday.RBI will soon decide if there will me money market or not.
Punjab National Bank which is the one normally cuts the rate when RBI cuts the crr or lending percentage has even done it again ,Think PNB would be the one who would be lending it for the lowest now.They have decided to reduce the BPLR by 100 bps from 13.50% p.a. to 12.50% with effect from December 01, 2008.They have also cut down the deposit interest rate from 10.50 percent p.a. to 9.50 percent p.a. for deposits of 1 year to less than 3 years.
KLG Systel Ltd informed the market that the Power System Solution (PSS) Division of the Company has been awarded order of Rs 8.36 crores from West Bengal State Electricity Distribution Company Ltd.The order is for the Billing and maintenance .The customer base for west bengal electricity board is almost 3.64 lacs consumers.
Sensex after a very volatile session closed at 9,026.72 index climbed 331.19 points.The sensex was almost up in the last 1 hr , The banking stock helped the sensex reach this level today.ICICI Bank and HDFC Bank shooting up almost more than 8 percent.Anyway tomorrow was settlement in the derivatives segment so they would have tried to long pending position which would have had the stock to reach this level.At least it closed above the 9000 level.
Tomorrow will be more interesting as the Inflation data is coming and everyone are expecting anytime from RBI to cut the CRR.
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