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Repor Rate cut
To reduce the repo rate under the liquidity adjustment facility (LAF) by 100 basis points from 6.5 per cent to 5.5 per cent with immediate effect.
Reserve Repo Rate
To reduce the reverse repo rate under the LAF by 100 basis points from 5.0 per cent to 4.0 per cent with immediate effect.
Cash Reserve Ratio - CRR Rate
To reduce the cash reserve ratio (CRR) of scheduled banks by 50 basis points from 5.5 per cent to 5.0 per cent from the fortnight beginning January 17, 2009.
The CRR cut is not immdiate but atleast its happening this si the only gfactor that will put some money in banks hand which in turn can be used by banks for various purpose , So this cut will release 20,000 crore.We can expect more rate cuts in lending loansfrom various banks.
Repo Rate CutsDate Cuts
10/10/2008 9%
10/22/2008 8%
11/03/2008 7.5%
12/06/2008 6.5%
02-Jan-2009 5.5%Since Sep, Repo Rate has been reduced by 350 bps.
CRR History
Date Cuts
10/10/2008 9%
10/13/2008 7.5%
10/16/2008 6.5%
11/10/2008 5.5%
12/06/2008 unchanged
02-Jan-2009 5%Since Sep, CRR has been reduced by 400 bps.
Reverse Repo Rate
Date Cuts
12/06/2008 5% (reduced by 100 bps)
02-Jan-2009 4%
2009 started with all good news, let's hope this year goes as good as 2007 or better then that. It was one month before that the government approved that IIFCL can borrow up to 10000 rore in Tax free bonds which will be lend to infrastructure projects that are public and private partnership , As these projects are having high time getting long term loan from banks , Because Banks are also in need of money IIFCL might recapitalise banks through this .So they did not even fully get the 10000 crore now Indian Government has approved for the second stimulus package that India Infrastructure Finance Company Ltd (IIFCL) to raise Rs 30,000 crore for refinancing projects mainly in the highway and port sectors.This will really help in financing big projects in turn will help the industry grow and also bring very good number of Job openings. Let's hope for the best year ahead.
Happy New Year !
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Continuous fall in inflation may bring some cheer, as it heightens expectations of rate cuts. But one cannot overlook other weak data points like the BoP slipping into a deficit and exports falling for a second month. Auto sales remained sluggish in December. Reports say the Government may announce its second stimulus package on Saturday. There is no official confirmation of the same. The RBI may also join the pump-priming effort, but by how much is the moot point. Even if the anticipated events do materialise, they may provide only a temporary fillip. Anxiety over corporate earnings may takeover after a brief rally.
Most global markets were shut for New Year on Thursday.
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Intraday levels........Join us.
WE ARE LONG IN THIS COUNTERIntraday levels........Join us.
FIIs were net buyers of Rs2.15bn (provisional) in the cash segment on Tuesday while the local institutions poured in Rs3.75bn. In the F&O segment, the foreign funds were net buyers at Rs6.44bn. The foreign funds were net sellers at Rs103mn in the cash segment on Monday while Mutual Funds, on the other hand pumped in Rs1.61bn.
Buy EKC
Sell Wipro
Over the short-term, focus will be on quarterly corporate earnings, as well as the much-awaited second round of stimulus. The RBI is likely to cut rates further, but the timing and the size of the same is uncertain. Reports suggest that the central bank is not inclined to be aggressive this time around. This may disappoint the markets.
Buy Tata Power
Buy HDIL
Buy Indian Bank
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The market may turn a bit choppy and sideways in the next couple of days as several key global markets will be shut on account of the New Year. Japan and Korea will resume trading only on January 5. Others may not see any meaningful trading till at least Monday. India Inc will start revealing its now much awaited report card in the next few sessions. Though the market has already priced in some bad news on this front, one cannot afford to ignore corporate earnings. Politics too will continue to be one of the dominant themes going ahead.
Satyam will continue to hog the limelight as the promoters try to restore confidence and trust among various stakeholders. Its board will meet on January 10 to consider strategic options. Change in top management could be in the offing given the enormity of investor backlash. Meanwhile, reports suggest that another top global IT major is eyeing the software major.
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Sharp rise in crude oil fuels Cairn IndiaCairn India reported a net profit of Rs 81.44 crore in Q3 September 2008 as against net loss of Rs 8.40 crore in Q3 September 2007. Total income surged 1258.1% to Rs 107.83 crore in Q3 September 2008 over Q3 September 2007.
Cairn India explores and produces crude oil and natural gas in India
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LOOKING VERY GOOD ON CHARTSGSPL...GSPL...GSPL
Shares of Jindal Steel advanced by 7% to Rs904 after reports stated that the company would invest Rs100bn in four years to set up a thermal power plant in Chhattisgarh state. The scrip touched an intra-day high of Rs918 and a low of Rs842 and recorded volumes of over 1,00,000 shares on BSE.
Shares of Satyam rallied by over 10% to Rs148 after the company announced that it would get a strategic investor. The company would review "strategic" options and the composition of its board of directors. Satyam appointed DSP Merrill Lynch Ltd. as adviser to help it "enhance shareholder value", the Hyderabad
The upcoming result season may also throw up some negative surprises.
We expect the market to be lackluster and sideways. Investors are likely to remain on the sidelines for the next few days given that companies will soon start announcing quarterly results. Some news is also awaited on the next round of fiscal stimulus and the anticipated rate cuts by the RBI. The central bank is scheduled to undertake a quarterly review of its annual policy at the end of the month. Softening of Indo-Pak tension is seen as a positive. On the whole, earnings will be a key focus area. More than 20% drop in advance tax numbers for the October-December quarter spooked the sentiment on Friday. One only hopes that the bulls will be much better off in 2009 than the year that is just set to pass us by. Some recovery is expected in the second half in terms of improvement in micro as well as macro economic fundamentals. Corporate earnings over the next few quarters will hinge on how fast the economic scenario changes (for the better that is). Right now all is in the realm of speculation. Lots of uncertainties still loom large over the world markets. However, a lot of bad news is already built into the stock prices and investors are just looking for light at the end of the tunnel. Hopefully it won't be that of a speeding train (read more bad news).Today, we see the key indices opening in the red again, though not by much. Things could improve during the week after last week's 7% drop. Asian markets are mostly down this morning, led by South Korea's Kospi. Crude oil is up over 4% at around $39 per barrel. US stocks closed marginally higher on Friday while European markets were shut for Christmas holidays.Misfortune seems to have dominated most events, places and persons this year.
Just three days to go before the curtains come down on what has been a disastrous year for world markets. The Indian market is down over 50%, that too after hitting all-time highs in early January (a year best forgotten for bulls). We will of course not go into the details of what exactly went wrong this year, as it is already well articulated by now.
Reliance Power slipped 3% to Rs114. The company is raising around Rs115bn via syndicated loans, and US$500-600mn through ECBs to finance its upcoming UMPP at Sasan in Gujarat, reports stated. The scrip touched intra-day high of Rs121.70 and low of Rs113.90 and recorded volume of over 18,00,000 shares on BSE.
Reliance Infrastructure fell 6% to Rs542. According to reports, company emerged as the sole bidder for NHAI’s Eastern Peripheral Expressway project, entailing an investment of Rs27bn.The scrip touched intra-day high of Rs604 and low of Rs528 and recorded volume of over 21,00,000 shares on BSE.
Reliance Petroleum gained by 6% to Rs84 as reports stated that the company's 29mn tons export refinery goes on stream. The scrip touched intra-day high of Rs89.45 and low of Rs82 and recorded volume of over 1,00,00,000 shares on BSE.
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