US markets rally on home sales report

US markets jumped on Friday as surprisingly strong data on home sales and durable goods orders relieved anxiety about the economy and bolstered investor confidence after weeks of market turbulence. The gains helped the S&P 500 index post its best week in five months, even with more news pointing to further turmoil in the subprime mortgage sector.

Both the Dow industrials and the S&P got a big boost from energy stocks such as Exxon Mobil Corp, which benefited from a 2 per cent surge in oil prices. Sales of new U.S. homes in July rose 2.8 per cent, reversing two months of declines and a report show ed new orders for durable goods, which are long-lasting U.S.-made products, soared in the same period.

The Dow Jones industrial average shot up 142.99 points, or 1.08 per cent, to end at 13,378.87. The Standard & Poor's 500 Index climbed 16.87 points, or 1.15 per cent, to finish at 1,479.37. The Nasdaq Composite Index rose 34.99 points, or 1.38 per cent, to close at 2,576.69.

Landmark hypermarket to debut

Landmark plans to invest Rs200 crore in seven Spar-branded stores over the next two years


The Dubai-based Landmark Group has tied up with Netherland’s Spar International to open the Dutch company’s franchisee stores to tap India’s booming retail market.

Landmark’s hypermarket chain, Max Hypermarkets India Pvt. Ltd, has signed a licence agreement to use the Spar brand name on hypermarkets and supermarkets that it plans to open in India.

Landmark plans to invest Rs200 crore in seven Spar-branded stores over the next two years, and the first hypermarket and the first supermarket will come up in Bangalore next month.
The Amsterdam-based Spar is one of the world’s largest food retailers, with more than 13,500 stores in 33 countries ranging from the Czech Republic to China.

“They have expertise in different areas of retailing—everything from the store layout to equipment to merchandising to the back-end and IT management,” said Viney Singh, managing director of Max Hypermarkets.

Singh said Landmark will pay a royalty fee—which he declined to specify—to Spar for using its brand for the stores and its technical expertise. Earlier this year, Landmark, which already runs department stores to home decor outlets in India, said it was in talks with a couple of foreign retailers to foray into India’s hypermarket and supermarkets business.

Bharti Airtel to double tower capacity; targets rural users

Cellular operator Bharti Airtel will double the tower capacity to 80,000 by March 2008 as it grows its network to reach more towns and cities across the country, besides expanding in metros.

"Currently there are 40,000 towers. This year-end we would be doubling the capacity to total 80,000 towers. This will be the single largest roll out by any company in one year and promises very good coverage to our subscribers in the next 18 months'', Su nil Mittal, CMD, Bharti Enterprises told reporters on the sidelines of a CII seminar. Some of these towers could be capacity filling towers, while most of them will be coming up in new rural areas, he said, adding that in the last one year the company s et up 20,000 new towers.

The cellular major, in which Singapore Telecom holds 31 per cent stake, has already announced its decision to spend Rs 4,300 crore to expand transmission towers. Bharti's tower spending is part of a plan to spend as much as Rs 14,000 crore this year on network expansion to maintain its lead over Reliance and Vodafone Essar.

As mobile penetration goes to semi-urban and rural areas, operators are investing heavily for massive expansion of their mobile networks, infrastructure and subscriber numbers. The company also plans to sell shares in the tower subsidiary to investors.
Bharti Airtel shares were up marginally at Rs 827.20.

Prominent bulk deals on NSE & BSE

Check out the major bulk deals happening on out stock market this week. This week due to market downtreand there has been more sellers in the bulk deal segment than buyers.