Sensex rallies by 228 points closes at 15,318
The stock market rose sharply on Friday tracking strong Asian markets.
The Bombay Stock Exchange barometer opened firm at 15,131.36 and gradually moved upwards to 15,350.14, up 228.40 points.
Similarly, the broad-based S&P CNX Nifty of the NSE spurted by 54.20 points at 4,466.50 from previous close of 4,412.30.
Marketmen said major support to the market came from some of the heavy weight stocks in metal and auto sectors. A better trend in Asian stock markets also boosted the market sentiment, they added.
Mahindra & Mahindra, the country’s top tractor maker by sales, rallied 4.50% to Rs 705.55, off its day’s high of Rs 722.15. In the past seven trading sessions till 30 August 2007, the stock had soared 10.30% to Rs 675.15, riding on reports that it is conducting due diligence on Jaguar and Land Rover, put up for sale by Ford. Other potential bidders include private equity groups TPG Capital, Cerberus Capital Management, Ripplewood Holdings, One Equity Partners and Tata Motors.
All the European markets, which opened after the Indian markets, were trading higher. Key benchmark indices in United Kingdom (up 0.52% to 6,244.38), Germany (up 0.38% to 7,548.33), and France (up 0.72% to 5,632.79), gained.
All the Asian markets settled higher today, 31 August 2007. Japan's Nikkei (up 2.57% at 16,569.09), Taiwan's Taiwan Weighted (up 2.41% at 8,982.16), Hong Kong's Hang Seng (up 2.13% at 23,984.14), Shanghai Composite (up 0.99% to 5,218.82), Singapore's Straits Times (up 2.16% at 3,392.91), and South Korea's Seoul Composite (up 1.71% at 1,873.24), all edged higher
Crude oil prices steadied on Friday, 31 August 2007, as concerns over low oil stocks in the United States were compounded by a possible tropical storm forming in the Atlantic. US crude rose 24 cents to $73.60 a barrel while London Brent was up 21 cents at $72.11 a barrel.
The BSE Sensex surged 957 points, or 6.76%, in four trading sessions, from its 14,163.98 on 23 August 2007 to 15,121.74 on 30 August 2007
Friday, August 31, 2007
Saturday, August 25, 2007
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.
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.
Wednesday, August 22, 2007
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.
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.
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