New Zealand sharemarket started the week with a modest gain

The New Zealand sharemarket started the week with a modest gain on modest volume. A positive international backdrop is helping sentiment but the market continues to be in wait-and-see mode for the local corporate earnings season. The benchmark NZSX-50 index closed up 12.693 points, or 0.452 per cent, at 2820.913. Turnover was worth $59 million. There were 48 rises and 34 falls among the 109 stocks traded. "It is the usual quiet Monday," said Stephen Wright at ASB Securities. "There is still generally a lack of corporate news so sentiment is just based on overseas markets, which were firm," he said. Fletcher Building closed down 1c at 682. Mr Wright said the stock opened around 687, went to 694, then ended down."It just goes to show what a mixed and cautious market we have got," he said. Contact Energy lifted 7c to 590 and Telecom lifted 2c to 273. Air NZ rose 2c to 93 amid media reports that a merger with Virgin Blue would make sense for the airline but was unlikely.

For further details visit as : www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10585614

SCI floated tenders for acquirement of four VLCCs

In its latest research report, Nirmal Bang, an equity research firm said that Shipping Corporation of India can give good returns in 4-5 trading sessions.

The report further stated that, if the counter is successful to breach 137, then it will create a huge breakout.
Nirmal Bang Research has advised its investors to hold the stock to achieve a target price between Rs 150 – Rs 164.
Besides, the report has also suggested a support level of Rs 124 for the scrip.
Today (July 6), the shares of the company opened at Rs 134.60 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 22.09 and 5.69 respectively. The share price has seen a 52-week high of Rs 153.60 and a low of Rs 34.88 on BSE.
On June 26, Shipping Corporation of India announced that it has taken physical delivery of its very large crude carrier (VLCC) vessel - `m.t. desh vishal`of 321,137 DWT capacities.
For 2008-09, Shipping Corporation of India has announced a dividend of Rs 6.50 per share of Rs 10 each on equity capital enlarged by the allocation of bonus shares in the ratio of 1:2. SCI paid a dividend of Rs. 8.50 a share on old capital during 2007-08. The company has registered a growth of 15.6% in its net profit for 2008-09.
As the worldwide shipping business confronting rough weather, Shipping Corporation of India (SCI) has postponed its plan to buy four very large crude carriers (VLCCs) valued at $320 million.
During October last year, SCI floated tenders for acquirement of four VLCCs, and more than nine shipyards had showed interest, said a senior executive from SCI.




For further details visit as : www.topnews.in/buy-call-shipping-corp-stoploss-rs-124-nirmal-bang-2186258

Australian Securities Exchange

COMPANIES listed on the share market raised a record $90 billion in capital during the 2008-09 financial year despite the global economic crisis.

However, only 45 new entities listed on the market for the 2009 financial year, compared to 236 in the prior year.
The Australian Securities Exchange (ASX) said in its activity report for June 2009, released today, that the $90 billion raised eclipsed the previous record of $77.9 billion raised in the 2007 financial year.
Capital raisings in the 2009 financial year comprised initial raisings of $1.93 billion - down 83 per cent on the 2008 financial year - and secondary raisings of $88.1 billion - up 74 per cent on 2008.
In June 2009, companies raised $10.2 billion - up 95 per cent on one year ago, including $77.3 million of new capital and $10.1 billion in secondary raisings.
Large individual capital raisings in June included ANZ($2.5 billion), Santos ($1.2 billion) and Mirvac Group ($0.9 billion).
The ASX said secondary capital raising activity continued to flow as companies took advantage of strong demand for shares and the underlying efficiency of the capital raising process in Australia.


Source : www.news.com.au/business/story/0,27753,25740505-31037,00.html

A major fire broke out at Millennium market on Ring Road late on Thursday night

cmsSURAT: A major fire broke out at Millennium market on Ring Road late on Thursday night, gutting eight shops and goods worth several lakh. The incident has exposed how vulnerable majority of 55,000 textile shops in the vicinity are, in view of the inadequate fire-safety provisions.

This is the second incident of fire in last fortnight. On June 11, A similar fire had raged in Abhishek market, in which 18 shops were gutted down and goods worth several lakh were destroyed.
"It is high time that the textile markets come up with strict fire-safety provisions to prevent the loss of property and lives. Since the Ring Road areas, where majority of the markets are located, remain congested throughout the day and night, the damages due to such mishaps could be beyond anyone's imagination," said Devkishan Manghani, secretary of Federation of Surat Textile Traders' Association (FOSTTA).
Fire brigade sources said preliminary investigation in the Millennium market incident suggested the shops caught fire due to a short circuit. "The shops had a stock of synthetic and cotton sarees and dress materials. And, it took more than four hours to douse the fire," said Raju Gamit, divisional fire officer.
Sources told TOI that many shops share a partition of just about four to five inches wide whereas the same should be nine inches and more to prevent the fire from spreading further. Besides, many shops lack basic fire safety provisions, they said.
Also, had the incident on Thursday occurred during daytime, it would have been a Herculean task for fire tenders to reach the spot without a lot of delay, said G M Kothwala, chief fire officer in Surat Municipal Corporation (SMC).
Rakesh Agarwal, a textile trader at J J Market said, "Most of the textile shops are fitted with low quality electricity cables, responsible for leakages. Good quality cables are required for shops to prevent short circuit."




For further details visit as : indiatimes.com/Surat/Even-a-spark-can-trigger-fire-in-textile-markets/articleshow/4735724.

The issue got subscribed only 20 per cent on the first day of its issue with most of the bids coming in from institutional investors

The issue received bids for 1.87 million shares, representing 0.20 times of the shares on offeR.
The first day of Mahindra Holidays initial public offer (IPO), which opened on June 23, Tuesday, was devoid of any fireworks. The issue got subscribed only 20 per cent on the first day of its issue with most of the bids coming in from institutional investors.
The issue received bids for 1.87 million shares, representing 0.20 times of the shares on offer, as per data available with the National Stock Exchange.
There is no cause for worry, though. Given the interest from qualified institutional buyers (QIB), by the time the issue closes on June 26 (Friday), it may be fully subscribed
Given that most of the bids are coming at the lower end of the price band (Rs 275-325), the hospitality firm could end up mopping close to Rs 250 crore, about Rs 50 crore less than what it could have raised had the bids come at the upper end of the band.
The largest IPO in 12 months has been subscribed 0.2 times or one fifth of the issue has found takers on day 1. The first day applications shows that QIBs were the most active investors with one third of the issue portion reserved for QIBs seeing bids.
Interest among other investors was much lower with non institutional investors bidding for just 1% of what was reserved for them and retail investors bidding for less than 3% of their portion.


For further details visit as : in.reuters.com/article/indiaDeals/idINIndia-40669220090629

Asian equity markets are predominantly in the green,Opening the week

Asian equity markets are predominantly in the green, opening the week by shrugging off the caution seen late on Friday with response to some better than expected economic data. With about 90 minutes to go in Tokyo trading, Nikkei225 is in rally-mode coming out of midday break, gaining about 1% to 9,880. Hang Seng and Taiwan are up 2.7% and 1.4% - outperforming on respective macro developments, while S&P/ASX and Kospi are up only 0.5%. Ahead of the US open, front-month S&Ps are lifted by 0.3% above $918, while benchmark yields remain contained below 3.80% ahead of the much-anticipated Fed decision this Wednesday.

Economic docket saw a strong industrial sector update from Japan, housing figures from UK, and 2nd tier data from Australia and New Zealand. Japan's Q2 BSI All Industry index improved on a Q/Q basis to -22.4 V -51.3 prior, and large manufacturers saw its best data since Q3 of 2008 at -13.2 - a sharp gain from the prior -66.0 and testament to the overall industrial/manufacturing sector improvement noted by both the Bank of Japan and Japan's government. April Tertiary Industry Index suggested that recovery may be at least a couple of months in the works, coming in 2.2% - the highest level since January 2006. Housing data from the UK were a disappointment, with June HPI contracting for the first time since January at -0.4% vs +2.4% seen in May. In Australia, May New Vehicle Sales saw its best increase since January 2005 at 5.4% v 1.7% prior, but New Zealand's credit card spending declined 2.4% in May vs 1.6% drop in April - evidence of local currency strength weighing on the overall economy as implied by local Prime Minister and Finance Minister in recent days.


For further details visit as : www.forexhound.com/article/Fundamentals/Daily_Reports/Market_Update_from_Trade_The_News/140986

MSCI Asia Pacific Index to a three-week low

June 18 (Bloomberg) -- Asian stocks declined, dragging the MSCI Asia Pacific Index to a three-week low, as concerns about the strength of the U.S. economy dented prospects for export earnings.

Honda Motor Co., which gets more than half its sales in North America, dropped 2.6 percent as the dollar traded near a two-week low against the yen. Mitsubishi UFJ Financial Group Inc. sank 2 percent, pacing declines among banks, after Standard & Poor’s cut credit ratings on 18 U.S. lenders. Rio Tinto Group, the world’s third-largest mining company, slumped 9 percent as it began a $15.2 billion share sale.
The MSCI Asia Pacific Index lost 1.3 percent to 100.77 as of 5:52 p.m. in Tokyo, set to close at its lowest since May 28. A 43 percent rally from a five-year low on March 9 has taken valuations of the gauge’s stocks to the highest since September.
“Investors are using the weaker dollar as an excuse to take profit as valuations look stretched following the recent rally,” said Michiya Tomita, who helps manage $51 billion at Mitsubishi UFS Asset Management Co. in Hong Kong. “Any correction will be short-lived as long-term fund managers are still sitting on the sidelines with their cash.”
Japan’s Nikkei 225 Stock Average fell 1.4 percent to 9,703.72 paced by Sekisui House Ltd. after the homebuilder was downgraded at Credit Suisse Group AG. Hong Kong’s Hang Seng Index sank 1.7 percent.
The Shanghai Composite Index gained 1.6 percent, led by China Shenhua Energy Co., which climbed 5.5 percent as the World Bank raised its growth forecast for the country’s economy.


For further details visit as : www.bloomberg.com/apps/news?pid=20601080&sid=acBMpMzRiHLU

Spice Jet Ltd raised its fuel surcharge on tickets by 400 rupees

MUMBAI:(Reuters) - Low-cost carrier Spice Jet Ltd raised its fuel surcharge on tickets by 400 rupees following a rise in jet fuel prices, a senior official said.

"We have raised the fuel surcharge across all sectors by 400 rupees, effective immediately," Samyukta Sridharan, chief commercial officer, told Reuters on Thursday.
The move comes after Jet Airways and Kingfisher Airlines on Wednesday raised fares in domestic sectors by a similar amount as jet fuel prices were increased by more than 12 percent by state-run oil firms a day earlier.
Jet fuel prices account for nearly half of an airline's operating costs. The prices have risen 33 percent since March this year.
State-run Air India is also expected to take a decision on fare increases by evening, a spokesman for the airline said.
At 11:36 a.m., SpiceJet shares were up 5.26 percent at 21.00 rupees. Kingfisher Airlines was up 1.84 percent at 55.40 rupees, while Jet Airways was down 0.21 percent at 238.00 rupees in the Mumbai market.


Source : in.reuters.com/article/topNews/idINIndia-40417420090618