Indian Stock Market and Business News - 28 Feb 2008

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IOC gets shareholders nod for BRPL merger with itself
The country's largest oil firm, Indian Oil Corporation, said on Wednesday the shareholders have approved the merger of its subsidiary Bongaigaon Refinery and Petrochemicals Ltd (BRPL) with itself

Gold scales to new peak of Rs 12,460, silver to 27-yr high
Soaring crude oil prices and falling dollar pushed gold to an all-time high of close to Rs 12,500 per 10 gram and silver to a 27-year record level of Rs 23,600 per kg on the bullion market today, enhancing its appeal as a hedge against inflation

Crude oil price moves above $102/bl
Crude oil price moved above $102 per barrel as the dollar fell to an all-time low against the euro, according to a report on the website of Bloomberg

Inputs costs, demand seen lifting India steel price
Rising costs of iron ore and other inputs as well as strong demand will likely push up Indian steel prices over the next six months, despite government attempts to contain them, industry officials and analysts said.

'No proof of rigging in RPower IPO'
The government has found no evidence of rigging in the Initial Public Offer of Reliance Power by the promoters or merchant bankers, the Rajya Sabha was informed on Tuesday.

The Economic Times
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Indian demand adding to US inflation: Fed official
Partly attributing rising inflation in US to growing demand in India and China, Fed Vice-Chairman said the Fed would focus on price stability and growth

'High dividend shares are smart investment'
Shares in cos with high dividend payouts are seen as good investment in the current depressed scenario as investors look to protect their capital

The Financial Express
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Railways upgrade may put IT sector back on track
The beleaguered Indian IT industry that is facing uncertainty from its largest market - the US - has found an ally in Union railway minister Lalu Prasad Yadav. On Tuesday, Lalu's over Rs 2,000-crore technology upgradation plan that he revealed in his Rail Budget has opened up a big opportunity for the Indian IT players to reap in some moolah from one of the world's largest employers

Tatas woo Corus staff with tolerance
'Tolerance of difference and localisation' has become the motto for the Tatas as they began integration of close to 40,000 Corus steel workers at four sites in the UK with Tata Steel

Re rises on dollars drop versus euro; bonds gain
The rupee closed at the highest level in more than a week, on speculation investors sold the US currency, after its slide to a record low against the euro.

Infosys develops tool to improve agri supply chain efficiency
Indian IT major Infosys Technologies has developed an information and communication technology-enabled application to help small farmers integrate their business with large retailers and improve efficiencies in agro supply chain.

International News
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CNN : Dollar slides to record low
Oil down after surging to new record

Yahoo: Japan stocks sink on strong yen, weak output data (at Reuters)

Reuters:
Dollar stays near record low beyond $1.50 to euro
The dollar hovered near record lows versus the euro as a sharp drop in durable goods orders and home sales fueled recession concerns while Federal Reserve Chairman Ben Bernanke signaled a readiness to cut interest rates again

Bernanke says Fed prepared to help U.S. economy
Federal Reserve Chairman Ben Bernanke on Wednesday signaled a readiness to cut interest rates again to prevent further damage to the weak U.S. economy, even as he took note of rising inflation risks

Jan durable goods orders fell 5.3 percent
New orders for long-lasting U.S.-made manufactured goods fell by 5.3 percent in January, the biggest drop in five months and more than analysts expected, and a key gauge of business spending also declined, a Commerce Department report showed on Wednesday


RK
RentalAndRealEstate.com