Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: ACCOUNTING STANDARD :: list of goods taxed at 4% :: VAT Audit :: ACCOUNTING STANDARDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: due date for vat payment :: VAT RATES :: cpt :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: articles on VAT and GST in India
Advance Tax »
 Implications Of Seized Cash Not Being Treated As Advance Tax
 Finance Ministry may seek higher dividend from PSUs to contain deficit
 Debt funds are in the limelight as equities go through a correction
 Indian Stocks Fall to Six-Week Low, Led by State Bank, ICIC
 Look what taxmen are up to in Mumbai

Indian Stocks Fall to Six-Week Low, Led by State Bank, ICIC
May, 28th 2008

India's benchmark equity index fell for a fourth day, as investors sold banks before equity derivative contracts expire on May 29, amid concern rising inflation will keep interest rates at a six-year high.

State Bank of India, the nation's largest by assets, fell to a nine-month low on concern borrowing costs will pare demand for loans. ICICI Bank Ltd., the second-largest, fell to its lowest since April 15. Housing Development Finance Corp., a mortgage lender, dropped to its lowest value since April 21.

``The market is under selling pressure because of the end of settlement on Thursday,'' said Rajesh Jain, chief executive officer at Pranav Securities Ltd. ``Banking shares have been hit in particular because of fears that rising inflation will prevent the central bank from cutting interest rates.''

The Bombay Stock Exchange's Sensitive Index, or Sensex, fell 72.91 points, or 0.5 percent, to 16,275.59, nearly a six- week low, after rising as much as 1 percent. Sixteen stocks rose and 14 fell in the 30-share measure. The market settles options and futures contracts on the last Thursday of each month.

State Bank declined 67.95 rupees, or 4.4 percent, to 1,470, its lowest value since Aug. 28. ICICI dipped 6.8 rupees, or 0.8 percent, to 813.5. Housing Development Finance fell 47.15 rupees, or 1.8 percent, to 2,519.85.

India's wholesale price inflation, at 7.82 percent for the week ended May 10, held above the central bank's target for a third straight month, raising concerns that commercial lenders may be ordered to increase reserves for a third time this year. Inflation data was released on May 23.

Cigarette Sales

ITC Ltd. gained after Credit Suisse Group increased its share price estimate on the nation's largest cigarette maker, citing expectations of higher profitability.

Analysts Govindarajan Chellappa and Swapnil Nadkar increased their share-price estimate on ITC by 9.1 percent to 264 rupees in a note to clients today. They maintained their ``outperform'' rating on the stock.

ITC, based in Kolkata, posted its steepest percentage advance since May 12. ITC gained 3.6 rupees, or 1.8 percent, to 209.1, the second-largest percentage gainer on the index today.

Indian Oil Corp., the nation's largest state-run refiner, led rivals higher after the government said it was mulling a levy on income tax to help companies recover losses from selling gasoline at below cost.

Indian Oil rose 7.5 rupees, or 1.8 percent, to 421.55 while Hindustan gained 6.1 rupees, or 2.5 percent, to 246.60. Bharat Petroleum advanced 2.15, or 0.6 percent, to 349.90.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions