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Press Releases : D&B Business Bulletin |
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Strong GDP growth cheer market sentiment |
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The stock market started the week on a positive note, taking cues from a bullish trend witnessed in the global markets. The sentiment however, turned negative during the subsequent two trading days owing to the expiry of monthly derivatives contracts coupled with profit booking by investors. The mood turned positive once again on Friday amidst release of GDP data that reflected better than expected GDP growth of 8.9% y-o-y. Metal index rose by 6.8% (over the previous week's close) to 17,730.53 during the week. The BSE Sensex ended the week at 19,363.19 a gain of 2.7% over the previous week's close. FIIs were net sellers in equities to the tune of Rs 13.95 bn (US$ 346 mn), while mutual funds bought to the extent of Rs 8.42 bn (up to 29-Nov-07). |
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Rupee gains ground towards the end of the week |
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The rupee started the week on a bearish note owing to central bank intervention. Dollar purchases by oil companies and banks as well as repatriation of profits by overseas investors also dampened the market sentiment. During the subsequent two days, the domestic currency remained largely flat as capital inflows into the domestic stock market were offset by central bank intervention. While expectations of a further interest rate cut by the US Federal Reserve provided an impetus to the rupee on Thursday, dollar sales by exporters and corporates helped the rupee gain further ground on Friday. The domestic currency ended the week at 39.62, stronger by 9 paise from the previous week's close. The six-month forward annualised dollar premium ended the week at 1.03% as compared to the close of 1.16% in the previous week. |
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Tight liquidity conditions affect bond prices |
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Sentiment in gilts market was bearish during the week. After remaining largely unchanged on Monday, bond prices declined on the subsequent two trading days owing to tight liquidity conditions in the banking system. As an indication of this, overnight call rates ended at 7.80-7.90%, on Wednesday. While prices of Government securities closed on a flat note yet again on Thursday, better than expected GDP growth and a drop in global crude oil prices boosted the market sentiment on the last trading day. The yield on the 10-year benchmark gilt ended at 7.91%, up by 2 basis points from the previous week's close. Call rates ended at 7.70-7.80% as compared to the previous week's close of 6.00-6.25%. |
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Indian Headlines |
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India's GDP grew by 8.9% (y-o-y) in the second quarter of FY08. |
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The Central Government fiscal deficit fell by 5.6% (y-o-y) to Rs 822.56 bn during Apr-Oct 07. |
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Ericsson entered into a 4-year agreement with Idea Cellular as the sole supplier of its GSM network in Mumbai. |
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Nirma Ltd entered into a definitive agreement to acquire US-based Natural Soda Ash producer Searles Valley Minerals Operations Inc and Searles Valley Minerals Inc from an affiliate of Sun Capital Partners Inc. |
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Cipla Ltd signed an exclusive manufacturing and supply agreement with US-based Akorn Inc, a speciality pharmaceutical company for an inhalation drug. |
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Valuemart Info Technologies Ltd acquired a 74% stake in a Bangalore-based IT & BPO company Datatalk Services (India) Pvt Ltd. |
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ASM Technologies Ltd signed a definitive agreement to acquire US-based Enterprise Software Resources. |
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Global Headlines |
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US GDP grew by 4.9% (q-o-q) in the third quarter of 2007. |
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Euro area GDP grew by 2.7% (y-o-y) in the third quarter of 2007. On a q-o-q basis, GDP grew by 0.7%. |
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German business confidence, as measured by the Ifo business climate index, increased to 104.2 points in Nov 07 from 103.9 points in Oct 07. |
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Royal Philips Electronics entered into a definitive merger agreement to acquire US-based
luminaries
company Genlyte Group for approximately US$ 2.7 bn. |
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Nippon Oil Corporation entered into an agreement with Sanyo Electric Co Ltd in order to create a new company to manufacture stationary fuel cell systems. |
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Cigna Inc signed a definitive agreement to acquire Great-West Healthcare, the healthcare division of Great-West Life & Annuity Inc for approximately US$ 1.5 bn. |
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Astellas US Holding Inc, subsidiary of Astellas Pharma Inc signed a definitive agreement to acquire Agensys, Inc for US$ 387 mn. |
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Fresenius Medical Care AG & Co KGaA acquired Renal Solutions Inc for US$ 190 mn. |
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Greatbatch Inc signed a definitive agreement to acquire Precimed, a leading technology-driven supplier to the orthopedic industry for approximately US$ 125 mn. |
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Dell Inc posted a 27% (y-o-y) rise in net profits to US$ 766 mn for the quarter ended 2-Nov-07. |
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Sanyo Electric Co Ltd posted net profits of Yen 15.98 bn for the first half of FY07, as compared to the net loss of Yen 3.62 bn reported in the year-ago period. |
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