Friday, December 21, 2012
Sensex closing commentary - 21st Dec'12
Key benchmark indices extended losses to hit fresh intraday low in late trade as stocks fell across the globe after US House Republican leaders on Thursday, 20 December 2012, abruptly canceled a vote on a tax-cut bill, sparking fears that the parties remain far apart on a compromise budget deal. United States is the world's biggest economy. The barometer index, BSE Sensex, was provisionally down 216.59 points or 1.11%, up close to 15 points from the day's low and off about 155 points from the day's high. The market breadth was weak. BSE Mid-Cap and Small-Cap index dropped more than 1% each.
Index heavyweight and cigarette maker ITC reversed intraday losses in late trade. Another index heavyweight Reliance Industries (RIL) extended losses in late trade. Realty stocks edged lower. Adani Enterprises rose as the Offer for Sale (OFS) of the company's shares through the stock exchanges mechanism was fully subscribed. Auto stocks dropped for the second straight day. Aviation stocks also edged lower for the second straight day.
Shares in Bharti Airtel edged lower on reports the Central Bureau of Investigation (CBI) today, 21 December 2012, filed charges against Bharti Airtel and Vodafone Group Plc's India unit as part of a probe into alleged corruption in allocation of mobile phone airwaves a decade ago. M&M Financial Services rose after the board of directors of company today, 21 December 2012, announced a 5-for-1 stock split.
The market edged lower in early trade on weak Asian stocks. The market extended initial losses to hit fresh intraday low in morning trade. The Sensex weakened once again after trimming intraday losses in mid-morning trade. Weakness continued on the bourses in early afternoon trade. Key benchmark indices trimmed losses after hitting fresh intraday low in afternoon trade. Weakness continued on the bourses in mid-afternoon trade.
As per provisional figures, the BSE Sensex was down 216.59 points or 1.11% to 19,237.33. The index lost 232.80 points at the day's low of 19,221.12 in late trade, its lowest level since 18 December 2012. The index fell 59.37 points at the day's high of 19,394.55 in opening trade.
The S&P CNX Nifty was down 70.65 points or 1.19% to 5,845.75, as per provisional figures. The index hit low of 5,841.65 in intraday trade, its lowest level since 18 December 2012. The index hit a high of 5,888 in intraday trade.
The BSE Mid-Cap index was down 1.5% and the BSE Small-Cap index declined 1.41%. Both these indices underperformed the Sensex.
The total turnover on the BSE amounted to Rs 2214 crore, lower than Rs 2423 crore on Thursday, 20 December 2012.
The market breadth, indicating the overall health of the market, was weak. On BSE, 1,916 shares declined and 998 shares rose. A total of 105 shares were unchanged.
From the 30-share Sensex pack, 28 stocks declined while only two of them gained.
Index heavyweight Reliance Industries (RIL) was down 1.68% to Rs 823. Russia's Spirit DPS early this week said that Indian telecom operator Infotel, a subsidiary of Reliance Group, has licensed its software TeamSpirit Voice and Video Engine. "Reliance intends to invest $10 billion in its LTE network and has turned to Spirit's software products for voice and video calls over LTE instead of waiting for phone makers who are slow in offering handsets transmitting voice and video in 4G networks. The lack of mobile devices supporting VoLTE (Voice-over-LTE) drives a growing number of carriers to implement a software-only product, which is more flexible, scalable and offers a quicker time to market. By using Spirit engines, Reliance will be able to offer its subscribers high-quality services as an alternative to Skype over cellular networks and attract new high-value subscribers that used services from other operators and commercial OTT service providers", Spirit DPS said in a statement.
RIL has bought back 4.62 crore shares for about of Rs 3358.09 crore till 11 December 2012 under its ongoing share buyback program. RIL has set maximum buyback price of Rs 870 per share. The company has set aside Rs 10440 crore for share buyback. The buyback program opened on 1 February 2012 and closes on 19 January 2013.
ONGC declined 1.15%. The board of directors of ONGC today, 21 December 2012, announced interim dividend of Rs 5 per share for the year ending 31 March 2013 (FY 2013). The actual payment of interim dividend to the shareholders will start from 27 December 2012, ONGC said
Index heavyweight and cigarette maker ITC rose 0.59% to Rs 289.40 on defensive buying. The stock hit a high of Rs 291.80 and low of Rs 282. The Ministry of Health and Family Welfare in October 2012 notified new pictorial health warnings to be depicted on tobacco product packs which will come into effect from 1 April 2013. The Ministry of Health and Family Welfare said in a statement on 22 October 2012 that three sets of warnings each have been notified for smoking as well as smokeless forms of tobacco product packages. The well-designed health warnings and messages are part of a range of measures to communicate health risks due to tobacco use. Pictorial health warnings communicate health risks in a visible way, provoke a greater emotional response and increase the motivation of tobacco users to quit and to decrease their tobacco consumption, the ministry's statement said. Graphic warning labels have a greater impact than text-only labels and can be recognized by low-literacy audiences and children, the statement added.
Mahindra & Mahindra Financial Services rose 1.12%. The board of directors of Mahindra & Mahindra Financial Services today, 21 December 2012, announced a 5-for-1 stock split. The board approved sub-division (stock-split) of each equity share of the face value of Rs 10 each into 5 equity shares of the face value of Rs 2 each.
Aviation stocks edged lower for the second straight day. Jet Airways (India) (down 7.28%), Spicejet (down 4.96%) and Kingfisher Airlines (down 0.84%), edged lower.
The Ministry of Civil Aviation after trading hours on Wednesday, 19 December 2012, said that 4.65 lakh more passengers travelled in India in November 2012 compared to October 2012. As per the passenger traffic data submitted by various domestic airlines, the total domestic passengers carried by the scheduled domestic airlines in November 2012 stood at 50.20 lakh, compared with 45.55 lakh in October 2012, the Ministry of Civil Aviation said.
Shares in Bharti Airtel fell 2.78% on reports the Central Bureau of Investigation (CBI) today, 21 December 2012, filed charges against Bharti Airtel and Vodafone Group Plc's India unit as part of a probe into alleged corruption in allocation of mobile phone airwaves a decade ago. The CBI probe concerns alleged irregularities in allotting mobile spectrum in 2002 during the previous government led by the Bharatiya Janata Party (BJP), which is now in opposition.
The investigation follows a scandal over airwave allocations in 2008 that rocked the ruling Congress Party-led government after a state auditor said the government may have lost up to $32 billion due to below-market price sales of radio spectrum. The Supreme Court had asked the CBI to investigate any possible irregularities in the granting of mobile permits from 2001 to 2007.
Adani Enterprises fell 0.07% to Rs 271.05, off the day's high of Rs 285.30. As per BSE data, investors put in bids for a total of 2.38 crore shares as of 15:50 IST for the Offer for Sale (OFS) of the company's shares through the stock exchanges mechanism today, 21 December 2012, at indicative price of Rs 283.99. The indicative price is the volume weighted average price of all the valid/confirmed bids. The promoters of Adani Enterprises had offered 2.3 crore equity shares of the company via the OFS. The OFS started at 9:15 IST and ended at 15:30 IST. The floor price for the OFS was set at Rs 282. Ahead of the OFS, shares of Adani Enterprises plunged 6.98% to settle at Rs 271.25 on BSE on Thursday, 20 December 2012.
Realty stocks edged lower. Unitech, HDIL, D B Realty and Sobha Developers fell by between 2.77% to 6.62%.
Realty major DLF declined 2.88%. DLF Global Hospitality (DGHL), a 100% step-down subsidiary of DLF and Mr. Adrian Zecha, the founder and Chairman of the Amanresorts Group of luxury resorts, on Wednesday, 19 December 2012, announced the signing of a definitive agreement to effect Mr. Zecha's Management Buy-Out (MBO) of DGHL's 100% shareholding in Silverlink Resorts, the holding company for Amanresorts. The value of the MBO is at an enterprise value of approximately $300 million and it does not include the Aman New Delhi property (Lodhi Hotel) which will be retained by DLF. The transaction is slated for final closure by end-Feb 2013 and is subject to usual closing conditions, DLF said.
The Reserve Bank of India early this week said that upon a review of the policy related to External Commercial Borrowings (ECB) and keeping in view the announcement made in the Union Budget for the Year 2012-13, it has decided to allow External Commercial Borrowings (ECB) for low cost affordable housing projects as a permissible end-use, under the approval route. For the financial year 2012-13, an aggregate limit of $1 billion is fixed for ECB under the low cost affordable housing scheme which includes ECBs to be raised by developers/builders and NHB/specified Housing Finance Companies (HFCs), RBI said on Monday, 17 December 2012. This limit will be reviewed annually, RBI said. A low cost affordable housing project for the purpose of ECB would be a project in which at least 60% of the permissible FSI would be for units having maximum carpet area up to 60 square meters.
Auto stocks dropped for the second straight day. Tata Motors fell 1.59% to Rs 300.50. The company early this week announced the launch of a new variant of its crossover vehicle Tata Aria viz. Tata Aria Pure LX with a bouquet of features. The Tata Aria Pure LX has been priced at Rs 9.95 lakh (ex-showroom Bangalore), Tata Motors said.
Mahindra & Mahindra slipped 1.44% to Rs 938. The stock had hit record high of Rs 973.35 in intraday trade on Wednesday, 19 December 2012. The company early this week said that it intends to purchase Navistar Group's stake in Mahindra Navistar Automotives and Mahindra Navistar Engines for a total consideration of about Rs 175 crore. Following the purchase of Navistar Group's stake in Mahindra Navistar Automotives (MNAL) and Mahindra Navistar Engines (MNEPL), both MNAL and MNEPL would become wholly-owned subsidiaries of Mahindra & Mahindra (M&M). M&M would take complete ownership of operations and continue to sell MNEPL and MNAL products. The sale requires regulatory approval in India, is subject to the conclusion of definitive agreements, and is expected to be completed by early 2013, M&M said in a statement.
The agreement allows Navistar to continue sourcing components from India while Mahindra would continue to provide engineering services to Navistar. Navistar Group would continue to support M&M through a license agreement and extend necessary support to MNAL and MNEPL for the purpose of business continuity, M&M said in a statement.
Navistar and M&M had entered into the MNAL joint venture (JV) in late 2005 to manufacture trucks and buses in India, source components and provide engineering services for the design and development of Navistar vehicle products. The MNEPL JV was formed in 2007 and began producing engines in 2010.
Navistar International Corporation is a holding company whose subsidiaries and affiliates produce International brand commercial and military trucks, MaxxForce brand diesel engines, IC Bus brand school and commercial buses, and Navistar RV brands of recreational vehicles. The company also provides truck and diesel engine service parts.
Small car maker Maruti Suzuki India declined 1.05% to Rs 1501. The stock had struck 52-week high of Rs 1,537 in intraday trade on 7 December 2012. The car major will reportedly raise prices of cars by up to Rs 20,000 from January 2013 to counter currency fluctuations. Japan accounts for up to a fourth of parts sourced by Maruti from overseas. More than half of the company's foreign exchange exposure is to the yen, as it also pays royalty its parent Suzuki for using its technology.
Maruti Suzuki India early this month said its total sales rose 12.5% to 1.03 lakh units in November 2012 over November 2011. Domestic sales rose 9.7% to 90,882 units in November 2012 over November 2011. Export sales jumped 38.4% to 12,318 units in November 2012 over November 2011.
Minister of Corporate Affairs Mr. Sachin Pilot on Monday, 17 December 2012, said that the Competition Commission of India (CCI), on receipt of information under Section 19(1) (a) of the Competition Act, 2002 alleging anti-competitive practices against certain car manufacturers, has initiated proceedings under the provisions of the Competition Act, 2002.
Two wheeler makers edged lower. Hero MotoCorp slipped 0.57%.
Bajaj Auto declined 1.11% to Rs 2,090. The stock had hit record high of Rs 2,155.20 in intraday trade on Wednesday, 19 December 2012. Bajaj Auto's total sales fell 1% to 3.72 lakh shares in November 2012 over November 2011. Motorcycle sales fell 2% to 3.26 lakh units in November 2012 over November 2011. The company said sales bigger and sportier Pulsar and Discover brands contributed 68% of motorcycle sales in November 2012. Sales of Discover brand totaled 1.5 lakh units in November 2012.
Bajaj Auto's three-wheeler sales rose 7% to 45,566 units in November 2012 over November 2011. The company said growth in its diesel three-wheeler sales and growth in the company's market share in this segment continues. Bajaj Auto's total exports fell 4% to 1.24 lakh units in November 2012 over November 2011.
Indian companies will start unveiling Q3 December 2012 results from mid-January 2013. Investors and analysts will closely watch the management commentary that would accompany the result which could cause revision in their future earnings forecast of the company for the current year and or next year. Bajaj Auto unveils Q3 results on 16 January 2013. HDFC Bank unveils Q3 results on 18 January 2013. HDFC unveils Q3 results on 21 January 2013.
On the macro front, the rate of inflation based on the Consumer Price Index-Agricultural Labourers increased to 10.31% in November 2012 from 9.85% in October 2012, the Ministry of Labour & Employment said after trading hours on Thursday, 20 December 2012. The rate of inflation based on the Consumer Price Index-Rural Labourers edged up to 10.47% in November 2012 from 9.84% in October 2012.
The Reserve Bank of India (RBI) undertakes Third Quarter Review of Monetary Policy 2012-13 on 29 January 2013. RBI kept its key policy rate viz. the repo rate unchanged at 8% after mid-quarter monetary policy review on 18 December 2012. The central bank said that in view of inflation pressures ebbing, monetary policy has to increasingly shift focus and respond to the threats to growth from this point onwards. Liquidity conditions will be managed with a view to supporting growth as stated in the Second Quarter Review (SQR) of Monetary Policy 2012-13 on 30 October 2012, thereby preparing the ground for further shifting the policy stance to support growth, RBI said. Overall, recent inflation patterns and projections provide a basis for reinforcing October guidance about policy easing in the fourth quarter, RBI said. However, risks to inflation remain and accordingly, even as the policy emphasis shifts towards growth, the policy stance will remain sensitive to these risks, RBI said.
RBI said it is closely monitoring the evolving growth-inflation dynamic and will update the formal numerical assessment of its growth and inflation projections for 2012-13 as part of the third quarter review in January 2013.
The Lok Sabha early this week approved the much-awaited Companies Bill, 2011, making it mandatory for profit-making companies to spend on activities related to corporate social responsibility (CSR). If a company does not do so, it will have to explain the reasons for it. The Bill, aimed at improving corporate governance, also contains provisions to strengthen regulations for companies and auditing firms.
The changes in the bill include provisions that make it mandatory for firms -- those that have reported profits of Rs 5 crore or more in last three years -- to spend at least two per cent of their average net profit on CSR activities. Companies failing to meet the obligation and not disclosing reasons for it in their books of account would face action, including penalty.
The next general elections in India must be held before May 2014.
European stocks fell on Friday, 21 December 2012, after American House Republicans canceled a vote on higher taxes for top earners, fueling concern budget talks will fail. Key benchmark indices in France, Germany and UK shed by between 0.68% to 0.96%.
Asian stocks fell on Friday, 21 December 2012, after US House Republican leaders canceled a planned vote that would permit higher taxes amid stalled budget talks. Key benchmark indices in China, Hong Kong, Indonesia, Japan, Taiwan, Singapore and South Korea fell by between 0.11% to 0.99%.
Trading in US index futures indicated that the Dow could slump 179 points at the opening bell on Friday, 21 December 2012. US stocks ended Thursday's session on a moderately positive note after Republican House Speaker John Boehner expressed optimism about reaching a budget deal with President Barack Obama. However, on Thursday evening House Republican leaders canceled a vote on a "Plan B" that would have extended tax cuts on incomes below $1 million, saying it didn't have the votes to pass. The failure to attract support among Republican members for their own leadership's bill cast a shadow over prospects for a bipartisan deal.
The US fiscal cliff refers to the year-end deadline for the expiration of hundreds of billions of dollars worth of tax cuts and the triggering of $109 billion in across-the-board spending cuts, if the US Congress fails to act. The US Congress created the hazardous deadline of 31 December 2012 in August 2011 when it agreed to a deficit deal as a way out of a deadlock over raising the US debt ceiling. The Congressional Budget Office has estimated the US economy would drop into a recession in the first half of the new year if a deal is not reached.
Purchases of existing houses increased 5.9% to a 5.04 million annual rate, the most since November 2009, the National Association of Realtors said yesterday. The data reinforces forecasts that the industry is set to contribute to annual economic growth for the first time since 2005.
The US economy grew at a 3.1% annual rate in the third quarter, more than previously reported, according to Commerce Department figures released on Thursday, 20 December 2012.
Thursday, December 20, 2012
Sensex slips 100 pts on weak Asian cues
Key benchmark indices extended initial losses to hit fresh intraday low in morning trade as Asian stocks fell after US House Republican leaders on Thursday, 20 December 2012, canceled a planned vote that would permit higher taxes amid stalled budget talks. United States is the world's biggest economy. The barometer index, BSE Sensex, was down 144.18 points or 0.74%, up close to 20 points from the day's low and off about 85 points from the day's high. The market breadth was weak. Index heavyweight and cigarette maker ITC edged lower. Another index heavyweight Reliance Industries (RIL) also edged lower.
Bank stocks fell on profit taking after recent strong gains. Gulf Oil Corporation (GOCL) jumped after the company said that through a step down subsidiary structure in the United Kingdom and USA, it has completed acquisition of 100% stake in Houghton International Inc. for $1.045 billion. In media pack, Zee Entertainment Enterprises hit 52-week high.
The market edged lower in early trade on weak Asian stocks. The market extended initial losses to hit fresh intraday low in morning trade.
At 10:20 IST, the BSE Sensex was down 144.18 points or 0.74% to 19,309.74. The index lost 163.42 points at the day's low of 19,290.50 in morning trade, its lowest level since 18 December 2012. The index fell 59.37 points at the day's high of 19,394.55 in opening trade.
The S&P CNX Nifty was down 48.55 points or 0.82% to 5,867.85. The index hit low of 5,860.70 in intraday trade, its lowest level since 18 December 2012. The index hit a high of 5,888 in intraday trade.
The market breadth, indicating the overall health of the market, was weak. On BSE, 1,212 shares declined and 738 shares rose. A total of 87 shares were unchanged.
From the 30-share Sensex pack, 26 stocks declined while the rest of them gained.
Index heavyweight Reliance Industries (RIL) was down 0.62% to Rs 831.90. Russia's Spirit DPS early this week said that Indian telecom operator Infotel, a subsidiary of Reliance Group, has licensed its software TeamSpirit Voice and Video Engine. "Reliance intends to invest $10 billion in its LTE network and has turned to Spirit's software products for voice and video calls over LTE instead of waiting for phone makers who are slow in offering handsets transmitting voice and video in 4G networks. The lack of mobile devices supporting VoLTE (Voice-over-LTE) drives a growing number of carriers to implement a software-only product, which is more flexible, scalable and offers a quicker time to market. By using Spirit engines, Reliance will be able to offer its subscribers high-quality services as an alternative to Skype over cellular networks and attract new high-value subscribers that used services from other operators and commercial OTT service providers", Spirit DPS said in a statement.
RIL has bought back 4.62 crore shares for about of Rs 3358.09 crore till 11 December 2012 under its ongoing share buyback program. RIL has set maximum buyback price of Rs 870 per share. The company has set aside Rs 10440 crore for share buyback. The buyback program opened on 1 February 2012 and closes on 19 January 2013.
Gulf Oil Corporation (GOCL) jumped 3.75%. The company after trading hours on Thursday, 20 December 2012, said that through a step down subsidiary structure in the United Kingdom and USA, it has completed acquisition of 100% stake in Houghton International Inc. for $1.045 billion after satisfactory conclusion of regulatory approvals. Houghton has a global footprint, with sales in more than 75 countries supported by 12 manufacturing facilities in 10 countries. Houghton recorded sales of $858 million and adjusted EBITDA of $132 million (15.4%) for the 12 months ended 30 September 2012. The acquisition which makes Gulf Oil the world's 9th largest lubricant company, fits extremely well with Gulf Oil's existing lubricant portfolio and makes it a 'full range' lubricants company serving customers from automotive, metal working to energy, aerospace and marine, Gulf Oil said. Houghton has a very strong industrial portfolio, which perfectly complements Gulf Oil's very strong presence in the automotive lubricant sector, the company said.
Gulf Oil will operate Houghton as a separate company and the rest of Gulf Oil's operations will be able to leverage Houghton's extensive base of industrial customers to offer them a complete end-to-end range of lubricants, the company said. Similarly, Houghton will be able to leverage Gulf Oil's existing global network, Gulf Oil said. There are various other synergies that can be achieved in manufacturing, strategic sourcing and distribution, the company said in a statement. The acquisition through the step-down subsidiary ensures that the financials of GOCL will not be affected, the company said. The debt will be serviced through Houghton International Inc's cash flows.
Commenting on the development, Sanjay G. Hinduja, Chairman, Gulf Oil Corporation said: "We are delighted that we have been successful in acquiring Houghton in the face of strong competition and shall strive to strengthen and support Houghton in the coming days".
Index heavyweight and cigarette maker ITC shed 1.74% to Rs 282.70. The Ministry of Health and Family Welfare in October 2012 notified new pictorial health warnings to be depicted on tobacco product packs which will come into effect from 1 April 2013. The Ministry of Health and Family Welfare said in a statement on 22 October 2012 that three sets of warnings each have been notified for smoking as well as smokeless forms of tobacco product packages. The well-designed health warnings and messages are part of a range of measures to communicate health risks due to tobacco use. Pictorial health warnings communicate health risks in a visible way, provoke a greater emotional response and increase the motivation of tobacco users to quit and to decrease their tobacco consumption, the ministry's statement said. Graphic warning labels have a greater impact than text-only labels and can be recognized by low-literacy audiences and children, the statement added.
Bank stocks fell across the board. India's largest private sector bank by net profit ICICI Bank declined 0.53% to Rs 1132.15. The stock had hit 52-week high of Rs 1,159 in intraday trade on Wednesday, 19 December 2012.
India's second largest private sector bank by net profit HDFC Bank shed 0.68% to Rs 678.35. The stock had hit a record high of Rs 705 in intraday trade on 30 November 2012. HDFC Bank's net profit jumped 30.06% to Rs 1559.98 crore on 24.47% growth in total income to Rs 9869.8 crore in Q2 September 2012 over Q2 September 2011.
State Bank of India (SBI) shed 0.86%. SBI's net profit rose 30.16% to Rs 3658.14 crore on 12.21% increase in total income to Rs 32983.47 crore in Q2 September 2012 over Q2 September 2011. The result was announced on 9 November 2012. The bank's ratio of net non-performing assets to net advances stood at 2.44% as on 30 September 2012, higher than 2.22% as on 30 June 2012 and 2.04% as on 30 September 2011. The bank's ratio of gross non-performing assets (NPA) to gross advances stood at 5.15% as on 30 September 2012, higher than 4.99% as on 30 June 2012 and 4.19% as on 30 September 2011.
Among other PSU bank stocks, Canara Bank, Union Bank of India, Bank of India, Bank of Baroda and Punjab National Bank dropped by between 0.17% to 1.67%.
The Minister of State for Finance Mr. Namo Narain Meena said in a written reply to a question in the Rajya Sabha on Thursday, 20 December 2012, that the Government of India intends to infuse capital in the Public Sector Banks (PSBs) in order to maintain their Capital to Risk Weighted Asset Ratio (CRAR) above regulatory norms and at a comfortable level and also to cater to the growing credit needs of productive sectors of economy as well as to help the banks in getting prepared for implementation of Basel III norms which are effective from 01.01.2013. The position of level of CRAR is reviewed at the end of the Finance Year. Bank-wise details of capital infusion are being firmed up for the year 2012-13, the minister said.
Rajya Sabha on Thursday, 20 December 2012, passed the Banking Laws (Amendment) Bill, 2011. The bill was passed in Lok Sabha early this week. The passage of the Banking Laws (Amendment) Bill, 2011 in parliament is expected to pave the way for issuance of the new bank licenses by the RBI. The Banking Laws (Amendment) Bill, 2011 proposes to give the Reserve Bank of India the power to take temporary control of private sector banks in the event of operational irregularities. It would also increase the limit on the voting rights of any one shareholder in a private bank to 26% from 10%. The cap would rise to 10% from 1% for state-run banks. Voting rights of 26% in a private sector bank could allow an investor to gain operational control over a bank, or at least significant influence over the board. Higher voting rights in private sector bank could also encourage foreign banks to expand in India by buying stakes in local banks, as they would have greater operational control.
In 2011, the RBI drafted rules allowing industrial firms, except those in real estate, to enter banking, but held back on their implementation, saying it would need more powers under the new regime. Tuesday's banking bill would give the RBI the power it had sought, clearing the way for the licensing regulations to take effect.
Zee Entertainment Enterprises rose 1.33% to Rs 224.75. The stock hit a 52-week high of Rs 226.45 in intraday trade today, 20 December 2012.
Indian companies will start unveiling Q3 December 2012 results from mid-January 2013. Investors and analysts will closely watch the management commentary that would accompany the result which could cause revision in their future earnings forecast of the company for the current year and or next year. Bajaj Auto unveils Q3 results on 16 January 2013. HDFC Bank unveils Q3 results on 18 January 2013. HDFC unveils Q3 results on 21 January 2013.
On the macro front, the rate of inflation based on the Consumer Price Index-Agricultural Labourers increased to 10.31% in November 2012 from 9.85% in October 2012, the Ministry of Labour & Employment said after trading hours on Thursday, 20 December 2012. The rate of inflation based on the Consumer Price Index-Rural Labourers edged up to 10.47% in November 2012 from 9.84% in October 2012.
The Reserve Bank of India (RBI) undertakes Third Quarter Review of Monetary Policy 2012-13 on 29 January 2013. RBI kept its key policy rate viz. the repo rate unchanged at 8% after mid-quarter monetary policy review on 18 December 2012. The central bank said that in view of inflation pressures ebbing, monetary policy has to increasingly shift focus and respond to the threats to growth from this point onwards. Liquidity conditions will be managed with a view to supporting growth as stated in the Second Quarter Review (SQR) of Monetary Policy 2012-13 on 30 October 2012, thereby preparing the ground for further shifting the policy stance to support growth, RBI said. Overall, recent inflation patterns and projections provide a basis for reinforcing October guidance about policy easing in the fourth quarter, RBI said. However, risks to inflation remain and accordingly, even as the policy emphasis shifts towards growth, the policy stance will remain sensitive to these risks, RBI said.
The Lok Sabha early this week approved the much-awaited Companies Bill, 2011, making it mandatory for profit-making companies to spend on activities related to corporate social responsibility (CSR). If a company does not do so, it will have to explain the reasons for it. The Bill, aimed at improving corporate governance, also contains provisions to strengthen regulations for companies and auditing firms.
The changes in the bill include provisions that make it mandatory for firms -- those that have reported profits of Rs 5 crore or more in last three years -- to spend at least two per cent of their average net profit on CSR activities. Companies failing to meet the obligation and not disclosing reasons for it in their books of account would face action, including penalty.
The next general elections in India must be held before May 2014.
Asian stocks fell on Friday, 21 December 2012, after US House Republican leaders canceled a planned vote that would permit higher taxes amid stalled budget talks. Key benchmark indices in China, Hong Kong, Indonesia, Japan, Taiwan, Singapore and South Korea fell by between 0.04% to 1.18%.
Trading in US index futures indicated that the Dow could slump 197 points at the opening bell on Friday, 21 December 2012. US stocks ended Thursday's session on a moderately positive note after Republican House Speaker John Boehner expressed optimism about reaching a budget deal with President Barack Obama. However, on Thursday evening House Republican leaders canceled a vote on a "Plan B" that would have extended tax cuts on incomes below $1 million, saying it didn't have the votes to pass. The failure to attract support among Republican members for their own leadership's bill cast a shadow over prospects for a bipartisan deal.
The US fiscal cliff refers to the year-end deadline for the expiration of hundreds of billions of dollars worth of tax cuts and the triggering of $109 billion in across-the-board spending cuts, if the US Congress fails to act. The US Congress created the hazardous deadline of 31 December 2012 in August 2011 when it agreed to a deficit deal as a way out of a deadlock over raising the US debt ceiling. The Congressional Budget Office has estimated the US economy would drop into a recession in the first half of the new year if a deal is not reached.
Purchases of existing houses increased 5.9% to a 5.04 million annual rate, the most since November 2009, the National Association of Realtors said yesterday. The data reinforces forecasts that the industry is set to contribute to annual economic growth for the first time since 2005.
Separately, the US economy grew at a 3.1% annual rate in the third quarter, more than previously reported, according to Commerce Department figures released on Thursday, 20 December 2012.
Sensex slides as US debt talks hit rough spot
Key benchmark indices edged lower in choppy trade as world stocks fell amid dimming hopes that US politicians will reach a debt deal before the end of the year. United States is the world's biggest economy. Index heavyweights ITC and Reliance Industries (RIL), both, edged lower. The barometer index, BSE Sensex, was provisionally down 49.85 points or 0.26%, up close to 90 points from the day's low and off about 95 points from the day's high. The market breadth was negative.
Auto stocks dropped on profit taking. Capital goods stocks also declined. Metal stocks gained for the fifth straight day after data on 14 December 2012 showed that a preliminary version of HSBC's China manufacturing Purchasing Managers' Index hit a 14-month high in December 2012. TCS rose after the company said its new software development campus at Rajarhat in West Bengal will be functional by the end of the financial year 2014-15. GMR Infrastructure gained after the company announced the commencement of commercial operations of the Hyderabad-Vijayawada section of National Highway 9 and the Hungund-Hospet section of National Highway 13.
The Sensex reached its highest level in more than one week at the onset of the trading session. The market soon lost ground. Intraday volatility continued as key benchmark indices alternately swung between gains and losses in morning trade. Key benchmark indices extended losses to hit fresh intraday low in mid-morning trade. The market hovered in negative zone in early afternoon trade. Key benchmark indices were range bound in negative terrain in afternoon trade. Key benchmark indices cut almost the entire intraday losses in mid-afternoon trade as index heavyweight Reliance Industries (RIL) trimmed intraday losses. The Sensex once again slipped into the red after moving into positive zone from negative zone for a short while in late trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1244.96 crore on Wednesday, 19 December 2012, as per provisional data from the stock exchanges.
As per provisional figures, the BSE Sensex was down 49.85 points or 0.26% to 19,426.15. The index lost 140.28 points at the day's low of 19,335.72 in mid-morning trade, its lowest level since 18 December 2012. The index rose 44.51 points at the day's high of 19,520.51 in early trade, its highest level since 11 December 2012.
The S&P CNX Nifty was down 22.40 points or 0.38% to 5,907.20, as per provisional figures. The index hit a low of 5,881.45 in intraday trade, its lowest level since 18 December 2012. The index hit a high of 5,937.60 in intraday trade.
The total turnover on the BSE amounted to Rs 2423 crore, lower than Rs 2501 crore on Wednesday, 19 December 2012.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,525 shares declined and 1,238 shares gained. A total of 133 shares were unchanged.
From the 30-share Sensex pack, 19 stocks declined while the rest of them gained.
Index heavyweight Reliance Industries (RIL) was down 0.18% to Rs 837.65. The stock hit a high of Rs 841 and a low of Rs 830. Russia's Spirit DPS early this week said that Indian telecom operator Infotel, a subsidiary of Reliance Group, has licensed its software TeamSpirit Voice and Video Engine. "Reliance intends to invest $10 billion in its LTE network and has turned to Spirit's software products for voice and video calls over LTE instead of waiting for phone makers who are slow in offering handsets transmitting voice and video in 4G networks. The lack of mobile devices supporting VoLTE (Voice-over-LTE) drives a growing number of carriers to implement a software-only product, which is more flexible, scalable and offers a quicker time to market. By using Spirit engines, Reliance will be able to offer its subscribers high-quality services as an alternative to Skype over cellular networks and attract new high-value subscribers that used services from other operators and commercial OTT service providers", Spirit DPS said in a statement.
RIL has bought back 4.62 crore shares for about of Rs 3358.09 crore till 11 December 2012 under its ongoing share buyback program. RIL has set maximum buyback price of Rs 870 per share. The company has set aside Rs 10440 crore for share buyback. The buyback program opened on 1 February 2012 and closes on 19 January 2013.
Index heavyweight and cigarette maker ITC shed 0.45% to Rs 288.80. The stock hit a high of Rs 290.35 and low of Rs 286.05. The Ministry of Health and Family Welfare in October 2012 notified new pictorial health warnings to be depicted on tobacco product packs which will come into effect from 1 April 2013. The Ministry of Health and Family Welfare said in a statement on 22 October 2012 that three sets of warnings each have been notified for smoking as well as smokeless forms of tobacco product packages. The well-designed health warnings and messages are part of a range of measures to communicate health risks due to tobacco use. Pictorial health warnings communicate health risks in a visible way, provoke a greater emotional response and increase the motivation of tobacco users to quit and to decrease their tobacco consumption, the ministry's statement said. Graphic warning labels have a greater impact than text-only labels and can be recognized by low-literacy audiences and children, the statement added.
FMCG stocks rose. Dabur India, Hindustan Unilever and Godrej Consumer Products rose by between 0.31% to 2.26%.
TCS rose 1.23% after the company said its new software development campus at Rajarhat in West Bengal will be functional by the end of the financial year 2014-15. TCS said that the new campus will house over 16,000 seats and is being constructed with an investment of about Rs 1350 crore. The campus will be built in two phases, with the first phase to be completed in the first quarter of 2014 and the second phase by the fourth quarter of the year. In the first phase, 7,000 seats will be ready with the remaining 9,500 seats being completed in phase II, TCS said in a statement.
Commenting on the development, S Mahalingam, Chief Financial Officer & Executive Director, TCS said, "Our growing presence in Kolkata continues to be of strategic importance for our overall business growth. We remain committed to working in close collaboration with all stakeholders in the state to help development of local talent and provide our customers with world-class IT solutions from this location".
Commenting on the new facility, Ajoy Mukherjee, Executive vice president and Global Head, Human Resources, TCS said, "The new TCS Rajarhat facility will drive the next phase of our growth in the eastern region and help us access skilled professionals and students from in and around Kolkata. Our investment will also help catalyse further development of the talent and IT ecosystem in the area".
United Spirits rose 2.35% to Rs 1,979. The stock trades much above the open offer price by Diageo plc. Diageo on 20 November 2012 made a detailed public announcement as required by the Securities & Exchange Board of India (Sebi) takeover regulation, to acquire up to 3.77 crore equity shares of United Spirits (USL) constituting 26% the enlarged share capital of USL at Rs 1,440 per share. The open offer is a part of the deal inked by Diageo plc and the UB group early this month whereby Diageo plc will acquire 53.4% of the enlarged USL share capital at an aggregate cost of Rs 11166.50 crore (approximately £1,285 million) in two stages. The acquisition cost represents a 20x multiple of USL's EBITDA for the year ended 31 March 2012. The open offer will commence on 7 January 2013 and close on 18 January 2013.
GMR Infrastructure gained 2.42%. The company today, 20 December 2012, announced the commencement of commercial operations of the Hyderabad-Vijayawada section of National Highway 9 and the Hungund-Hospet section of National Highway 13. The Hyderabad-Vijayawada project is expected to generate revenue in the range of Rs 75 to 80 lakh per day whereas the Hungund-Hospet project is expected to generate revenue in the range of Rs 18 to 20 lakh per day, GMR Infrastructure said. With the commencement of these two projects, the GMR Group now has a portfolio of eight operating highways, the company said in a statement.
Metal stocks gained for the fifth straight day after data on 14 December 2012 showed that a preliminary version of HSBC's China manufacturing Purchasing Managers' Index hit a 14-month high in December 2012. China is the world's largest consumer of copper and aluminum. Sterlite Industries, Sail, Tata Steel, Jindal Steel & Power, JSW Steel and Hindalco Industries rose by between 0.61% to 2.55%.
Auto stocks dropped on profit taking. Tata Motors fell 1.48% to Rs 303. Shares of Tata Motors had rallied 11.24% in five trading sessions to settle at Rs 307.55 on Wednesday, 19 December 2012, from a recent low of Rs 276.45 on 12 December 2012. The company early this week announced the launch of a new variant of its crossover vehicle Tata Aria viz. Tata Aria Pure LX with a bouquet of features. The Tata Aria Pure LX has been priced at Rs 9.95 lakh (ex-showroom Bangalore), Tata Motors said.
Mahindra & Mahindra slipped 1.85% to Rs 950. The stock had hit record high of Rs 973.35 in intraday trade on Wednesday, 19 December 2012. The company early this week said that it intends to purchase Navistar Group's stake in Mahindra Navistar Automotives and Mahindra Navistar Engines for a total consideration of about Rs 175 crore. Following the purchase of Navistar Group's stake in Mahindra Navistar Automotives (MNAL) and Mahindra Navistar Engines (MNEPL), both MNAL and MNEPL would become wholly-owned subsidiaries of Mahindra & Mahindra (M&M). M&M would take complete ownership of operations and continue to sell MNEPL and MNAL products. The sale requires regulatory approval in India, is subject to the conclusion of definitive agreements, and is expected to be completed by early 2013, M&M said in a statement.
The agreement allows Navistar to continue sourcing components from India while Mahindra would continue to provide engineering services to Navistar. Navistar Group would continue to support M&M through a license agreement and extend necessary support to MNAL and MNEPL for the purpose of business continuity, M&M said in a statement.
Navistar and M&M had entered into the MNAL joint venture (JV) in late 2005 to manufacture trucks and buses in India, source components and provide engineering services for the design and development of Navistar vehicle products. The MNEPL JV was formed in 2007 and began producing engines in 2010.
Navistar International Corporation is a holding company whose subsidiaries and affiliates produce International brand commercial and military trucks, MaxxForce brand diesel engines, IC Bus brand school and commercial buses, and Navistar RV brands of recreational vehicles. The company also provides truck and diesel engine service parts.
Small car maker Maruti Suzuki India rose 0.09% to Rs 1,511. The stock had struck 52-week high of Rs 1,537 in intraday trade on 7 December 2012. The car major will reportedly raise prices of cars by up to Rs 20,000 from January 2013 to counter currency fluctuations. Japan accounts for up to a fourth of parts sourced by Maruti from overseas. More than half of the company's foreign exchange exposure is to the yen, as it also pays royalty its parent Suzuki for using its technology.
Maruti Suzuki India early this month said its total sales rose 12.5% to 1.03 lakh units in November 2012 over November 2011. Domestic sales rose 9.7% to 90,882 units in November 2012 over November 2011. Export sales jumped 38.4% to 12,318 units in November 2012 over November 2011.
Minister of Corporate Affairs Mr. Sachin Pilot on Monday, 17 December 2012, said that the Competition Commission of India (CCI), on receipt of information under Section 19(1) (a) of the Competition Act, 2002 alleging anti-competitive practices against certain car manufacturers, has initiated proceedings under the provisions of the Competition Act, 2002.
Two wheeler makers edged lower. Hero MotoCorp slipped 0.65%.
Bajaj Auto declined 1.53% to Rs 2,110 on profit booking. The stock had hit record high of Rs 2,155.20 in intraday trade on Wednesday, 19 December 2012. Bajaj Auto's total sales fell 1% to 3.72 lakh shares in November 2012 over November 2011. Motorcycle sales fell 2% to 3.26 lakh units in November 2012 over November 2011. The company said sales bigger and sportier Pulsar and Discover brands contributed 68% of motorcycle sales in November 2012. Sales of Discover brand totaled 1.5 lakh units in November 2012.
Bajaj Auto's three-wheeler sales rose 7% to 45,566 units in November 2012 over November 2011. The company said growth in its diesel three-wheeler sales and growth in the company's market share in this segment continues. Bajaj Auto's total exports fell 4% to 1.24 lakh units in November 2012 over November 2011.
Capital goods stocks declined. Bhel, Thermax, ABB and BEML shed by between 0.84% to 1.84%.
Engineering and construction major L&T lost 1.07%. The company on Wednesday, 19 December 2012, said its construction division won orders worth Rs 1009 crore in November 2012 and till date in December 2012.
Stock market regulator Securities & Exchange Board of India (Sebi) on Wednesday, 19 December 2012, raised the base minimum capital (BMC) for stock brokers holding registration as "stock-broker" in the cash segment. Sebi has also introduced BMC for members holding registration as "trading member" in any derivative segment. Only proprietary trading without Algorithmic trading (Algo) will require BMC of Rs 10 lakh, Sebi said in a circular. BMC is the deposit given by the member of the exchange against which no exposure for trades is allowed. All Trading Members/Brokers with Algo will be required to maintain BMC of Rs 50 lakh.
The stock exchanges will be permitted to prescribe suitable deposit requirements, over and above the Sebi prescribed norms, based on their perception and evaluation of risks involved, Sebi said. Minimum 50% of the deposit will be in the form of cash and cash equivalents. The existing guidelines on collateral composition shall continue to remain applicable, Sebi said. The new BMC norms will be applicable by 31 March 2013, Sebi said.
Indian companies will start unveiling Q3 December 2012 results from mid-January 2013. Investors and analysts will closely watch the management commentary that would accompany the result which could cause revision in their future earnings forecast of the company for the current year and or next year. Bajaj Auto unveils Q3 results on 16 January 2013. HDFC Bank unveils Q3 results on 18 January 2013. HDFC unveils Q3 results on 21 January 2013.
Finance Minister P. Chidambaram early this week said that the insurance bill won't come up in the current session. The minister didn't say anything about the pension bill. The insurance bill will aim to raise the limit for foreign direct investment in the sector to 49% from 26%, while the pension bill will seek to allow foreign investments of up to 49% in local pension-fund managers. Today is the last of the winter session of the parliament.
The Reserve Bank of India (RBI) undertakes Third Quarter Review of Monetary Policy 2012-13 on 29 January 2013. RBI kept its key policy rate viz. the repo rate unchanged at 8% after mid-quarter monetary policy review on 18 December 2012. The central bank said that in view of inflation pressures ebbing, monetary policy has to increasingly shift focus and respond to the threats to growth from this point onwards. Liquidity conditions will be managed with a view to supporting growth as stated in the Second Quarter Review (SQR) of Monetary Policy 2012-13 on 30 October 2012, thereby preparing the ground for further shifting the policy stance to support growth, RBI said. Overall, recent inflation patterns and projections provide a basis for reinforcing October guidance about policy easing in the fourth quarter, RBI said. However, risks to inflation remain and accordingly, even as the policy emphasis shifts towards growth, the policy stance will remain sensitive to these risks, RBI said.
The Lok Sabha on Tuesday, 18 December 2012, approved the much-awaited Companies Bill, 2011, making it mandatory for profit-making companies to spend on activities related to corporate social responsibility (CSR). If a company does not do so, it will have to explain the reasons for it. The Bill, aimed at improving corporate governance, also contains provisions to strengthen regulations for companies and auditing firms.
The changes in the bill include provisions that make it mandatory for firms -- those that have reported profits of Rs 5 crore or more in last three years -- to spend at least two per cent of their average net profit on CSR activities. Companies failing to meet the obligation and not disclosing reasons for it in their books of account would face action, including penalty.
The Bharatiya Janata Party has secured a comfortable victory in assembly elections in Gujarat under the leadership of Chief Minister Narendra Modi. The Bharatiya Janata Party won 120 seats in 182 seats Gujarat Assembly. On the other hand, the Congress has trounced BJP to win assembly elections in Himachal Pradesh (HP). The Congress won 36 seats in the 68 seats HP Assembly.
The next general elections in India must be held before May 2014.
European stocks declined on Thursday, 20 December 2012, amid dimming hopes that US politicians will reach a debt deal before the end of the year. Key benchmark indices in Germany and France dropped by between 0.11% to 0.33%. UK's FTSE 100 rose 0.04%.
Asian stocks were mostly higher on Thursday, 20 December 2012. Key benchmark indices in Hong Kong, China and Singapore rose 0.16% and 0.54%. South Korea's Kospi rose 0.32% as investors returned from a one-day break for an election which ushered in the country's first female president, Park Geun-hye. Key benchmark indices in Japan, Indonesia and Taiwan were down by 0.49% to 1.19%.
The Bank of Japan announced Thursday it would add about 10 trillion yen ($119 billion) to its asset-purchase program, citing "a high degree of uncertainty concerning Japan's economy." The monetary policy committee also voted to keep its interest-rate target at 0 to 0.1%, as widely expected. The Bank of Japan said it would wait until its next meeting to discuss "the medium-to long-term price stability that the bank aims to achieve in the conduct of monetary policy." The central bank also sounded a downbeat note on the economy, saying Japan would stick to "somewhat weak movement for the time being," with the core consumer price index likely to remain flat.
In Australia, fiscal policy was under the spotlight after Treasurer Wayne Swan said that the Australian government is unlikely to reach its target of a budget surplus in the fiscal year ending June 30, 2013.
Trading in US index futures indicated a flat opening of US stocks on Thursday, 20 December 2012. US stocks edged lower on Wednesday, 19 December 2012, due to less optimism that politicians will reach a compromise agreement to stop billions of dollars of tax hikes and spending cuts taking place at the start of the year. US President Barack Obama told a news conference on Wednesday that Republicans find it "very hard" to say yes to him, while a spokesman for House Speaker John Boehner, the top Republican negotiator in the talks, called the White House "irrational."
The US fiscal cliff refers to the year-end deadline for the expiration of hundreds of billions of dollars worth of tax cuts and the triggering of $109 billion in across-the-board spending cuts, if the US Congress fails to act. The US Congress created the hazardous deadline of 31 December 2012 in August 2011 when it agreed to a deficit deal as a way out of a deadlock over raising the US debt ceiling. The Congressional Budget Office has estimated the US economy would drop into a recession in the first half of the new year if a deal is not reached.
Market turns range bound; pharma stocks buck trend
Key benchmark indices were range bound in negative terrain in afternoon trade. Concerns about the upcoming US fiscal cliff weighted on investor sentiment. United States is the world's biggest economy. The barometer index, BSE Sensex, was down 85.18 points or 0.44%, up 55 points from the day's low and off 130 points from the day's high. The market breadth was negative. Index heavyweight Reliance Industries (RIL) hovered in negative zone. Another index heavyweight and cigarette maker ITC was negative. Pharma stocks were in demand on defensive buying in a weak market. IT shares fell on profit booking after recent firmness.
The Sensex reached its highest level in more than one week at the onset of the trading session. The market soon lost ground. Intraday volatility continued as key benchmark indices alternately swung between gains and losses in morning trade. Key benchmark indices extended losses to hit fresh intraday low in mid-morning trade. The market hovered in negative zone in early afternoon trade. Key benchmark indices were range bound in negative terrain in afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1244.96 crore on Wednesday, 19 December 2012, as per provisional data from the stock exchanges.
At 13:15 IST, the BSE Sensex was down 85.18 points or 0.44% to 19,390.82. The index lost 140.28 points at the day's low of 19,335.72 in mid-morning trade, its lowest level since 18 December 2012. The index rose 44.51 points at the day's high of 19,520.51 in early trade, its highest level since 11 December 2012.
The S&P CNX Nifty was down 34.05 points or 0.57% to 5,895.55. The index hit a low of 5,881.45 in intraday trade, its lowest level since 18 December 2012. The index hit a high of 5,937.60 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,524 shares declined and 1,128 shares gained. A total of 114 shares were unchanged.
From the 30-share Sensex pack, 23 stocks declined while the rest of them gained. Sterlite Industries (India) (down 1.59%), Mahindra & Mahindra (down 1.54%), Bhel (down 1.37%), Bajaj Auto (down 1.28%), Tata Steel (down 1.13%), Sun Pharmaceutical Industries (down 1.12%), L&T (down 0.95%), Wipro (down 0.93%) and Hero MotoCorp (down 0.76%), edged higher.
Hindustan Unilever (up 0.97%), Maruti Suzuki India (up 0.69%), Jindal Steel & Power (up 0.33%), Bharti Airtel (up 0.13%) and HDFC (up 0.02%), edged higher from the Sensex pack.
Index heavyweight Reliance Industries (RIL) fell 0.61% to Rs 834.25. The stock hit a high of Rs 841 and a low of Rs 830 so far during the day. Russia's Spirit DPS early this week said that Indian telecom operator Infotel, a subsidiary of Reliance Group, has licensed its software TeamSpirit Voice and Video Engine. "Reliance intends to invest $10 billion in its LTE network and has turned to Spirit's software products for voice and video calls over LTE instead of waiting for phone makers who are slow in offering handsets transmitting voice and video in 4G networks. The lack of mobile devices supporting VoLTE (Voice-over-LTE) drives a growing number of carriers to implement a software-only product, which is more flexible, scalable and offers a quicker time to market. By using Spirit engines, Reliance will be able to offer its subscribers high-quality services as an alternative to Skype over cellular networks and attract new high-value subscribers that used services from other operators and commercial OTT service providers", Spirit DPS said in a statement.
RIL has bought back 4.62 crore shares for about of Rs 3358.09 crore till 11 December 2012 under its ongoing share buyback program. RIL has set maximum buyback price of Rs 870 per share. The company has set aside Rs 10440 crore for share buyback. The buyback program opened on 1 February 2012 and closes on 19 January 2013.
Index heavyweight and cigarette maker ITC shed 0.69% to Rs 288.10. The stock hit a high of Rs 290.35 and low of Rs 286.05 so far during the day. The Ministry of Health and Family Welfare in October 2012 notified new pictorial health warnings to be depicted on tobacco product packs which will come into effect from 1 April 2013. The Ministry of Health and Family Welfare said in a statement on 22 October 2012 that three sets of warnings each have been notified for smoking as well as smokeless forms of tobacco product packages. The well-designed health warnings and messages are part of a range of measures to communicate health risks due to tobacco use. Pictorial health warnings communicate health risks in a visible way, provoke a greater emotional response and increase the motivation of tobacco users to quit and to decrease their tobacco consumption, the ministry's statement said. Graphic warning labels have a greater impact than text-only labels and can be recognized by low-literacy audiences and children, the statement added.
IT shares fell on profit booking after recent firmness. Tech Mahindra (down 1.85%), Hexaware Technologies (down 1.62%), Mahindra Satyam (down 1.13%), Wipro (down 0.93%), Infosys (down 0.56%), HCL Technologies (down 0.4%) and Oracle Financial Services Software (down 0.38%), edged lower. However, TCS (up 0.58%) and MphasiS (up 0.26%), edged higher.
The BSE IT index rose 1.83% in the preceding two sessions to 5,623.19 on 19 December 2012 from 5,522.03 on 17 December 2012.
Pharma stocks were in demand on defensive buying in a weak market. Aurobindo Pharma (up 3.98%), Strides Arcolab (up 2.63%), Glenmark Pharmaceuticals (up 2.28%), Divis Laboratories (up 1.27%), Biocon (up 0.96%), Ranbaxy Laboratories (up 0.69%), Wockhardt (up 0.48%), GlaxoSmithKline Pharmaceuticals (up 0.42%), Lupin (up 0.19%) and Cadila Pharmaceuticals (up 0.04%), edged higher.
Pharma major Cipla rose 1.48% to Rs 426 after scaling a record high of Rs 429.35 in intraday trade today, 20 December 2012.
Sun Pharmaceutical Industries fell 0.85% to Rs 755.10, with the stock reversing direction after hitting a record high of Rs 775.90 in intraday trade today, 20 December 2012. Sun Pharmaceutical Industries early this week sid its wholly-owned subsidiary, Caraco Pharmaceutical Laboratories, has entered into a definitive agreement with Takeda Pharmaceuticals USA, Inc, a wholly-owned subsidiary of Takeda Pharmaceutical Company, to buy the URL Pharma, Inc. generic business. Upon completion of the purchase, the non-Colcrys (colchicine, USP) generic assets of URL Pharma will be owned and managed by Caraco. The deal is subject to satisfaction of customary closing conditions, including applicable regulatory approvals.
Stock market regulator Securities & Exchange Board of India (Sebi) on Wednesday, 19 December 2012, raised the base minimum capital (BMC) for stock brokers holding registration as "stock-broker" in the cash segment. Sebi has also introduced BMC for members holding registration as "trading member" in any derivative segment. Only proprietary trading without Algorithmic trading (Algo) will require BMC of Rs 10 lakh, Sebi said in a circular. BMC is the deposit given by the member of the exchange against which no exposure for trades is allowed. All Trading Members/Brokers with Algo will be required to maintain BMC of Rs 50 lakh.
The stock exchanges will be permitted to prescribe suitable deposit requirements, over and above the Sebi prescribed norms, based on their perception and evaluation of risks involved, Sebi said. Minimum 50% of the deposit will be in the form of cash and cash equivalents. The existing guidelines on collateral composition shall continue to remain applicable, Sebi said. The new BMC norms will be applicable by 31 March 2013, Sebi said.
Indian companies will start unveiling Q3 December 2012 results from mid-January 2013. Investors and analysts will closely watch the management commentary that would accompany the result which could cause revision in their future earnings forecast of the company for the current year and or next year. Bajaj Auto unveils Q3 results on 16 January 2013. HDFC Bank unveils Q3 results on 18 January 2013.
Finance Minister P. Chidambaram early this week said that the insurance bill won't come up in the current session. The minister didn't say anything about the pension bill. The insurance bill will aim to raise the limit for foreign direct investment in the sector to 49% from 26%, while the pension bill will seek to allow foreign investments of up to 49% in local pension-fund managers. Today is the last of the winter session of the parliament.
The Reserve Bank of India (RBI) undertakes Third Quarter Review of Monetary Policy 2012-13 on 29 January 2013. RBI kept its key policy rate viz. the repo rate unchanged at 8% after mid-quarter monetary policy review on 18 December 2012. The central bank said that in view of inflation pressures ebbing, monetary policy has to increasingly shift focus and respond to the threats to growth from this point onwards. Liquidity conditions will be managed with a view to supporting growth as stated in the Second Quarter Review (SQR) of Monetary Policy 2012-13 on 30 October 2012, thereby preparing the ground for further shifting the policy stance to support growth, RBI said. Overall, recent inflation patterns and projections provide a basis for reinforcing October guidance about policy easing in the fourth quarter, RBI said. However, risks to inflation remain and accordingly, even as the policy emphasis shifts towards growth, the policy stance will remain sensitive to these risks, RBI said.
The Lok Sabha on Tuesday, 18 December 2012, approved the much-awaited Companies Bill, 2011, making it mandatory for profit-making companies to spend on activities related to corporate social responsibility (CSR). If a company does not do so, it will have to explain the reasons for it. The Bill, aimed at improving corporate governance, also contains provisions to strengthen regulations for companies and auditing firms.
The changes in the bill include provisions that make it mandatory for firms -- those that have reported profits of Rs 5 crore or more in last three years -- to spend at least two per cent of their average net profit on CSR activities. Companies failing to meet the obligation and not disclosing reasons for it in their books of account would face action, including penalty.
Gujarat chief minister Narendra Modi looks set to lead the Bharatiya Janata Party to a comfortable victory in assembly elections in the state. The Bharatiya Janata Party is leading 118 seats and the Congress is leading in 60 seats as the trends of assembly elections in Gujarat pour in. The Gujarat Assembly has a total of 182 seats. In Himachal Pradesh (HP), the Congress is leading in 36 seats and BJP is leading in 26 seats. The HP Assembly has a total of 68 seats.
The next general elections in India must be held before May 2014.
Asian stocks were mostly lower on Thursday, 20 December 2012, as doubt over the progress of US budget talks set in. Key benchmark indices in Japan, Indonesia and Taiwan were down by 0.91% to 1.19%. Key benchmark indices in Hong Kong, China and Singapore rose 0.02% and 0.40%. South Korea's Kospi rose 0.32% as investors returned from a one-day break for an election which ushered in the country's first female president, Park Geun-hye.
The Bank of Japan announced Thursday it would add about 10 trillion yen ($119 billion) to its asset-purchase program, citing "a high degree of uncertainty concerning Japan's economy." The monetary policy committee also voted to keep its interest-rate target at 0 to 0.1%, as widely expected. The Bank of Japan said it would wait until its next meeting to discuss "the medium-to long-term price stability that the bank aims to achieve in the conduct of monetary policy." The central bank also sounded a downbeat note on the economy, saying Japan would stick to "somewhat weak movement for the time being," with the core consumer price index likely to remain flat.
In Australia, fiscal policy was under the spotlight after Treasurer Wayne Swan said that the Australian government is unlikely to reach its target of a budget surplus in the fiscal year ending June 30, 2013.
Trading in US index futures indicated that the Dow could fall 27 points at the opening bell on Thursday, 20 December 2012. US stocks edged lower on Wednesday, 19 December 2012, due to less optimism that politicians will reach a compromise agreement to stop billions of dollars of tax hikes and spending cuts taking place at the start of the year. US President Barack Obama told a news conference on Wednesday that Republicans find it "very hard" to say yes to him, while a spokesman for House Speaker John Boehner, the top Republican negotiator in the talks, called the White House "irrational."
The US fiscal cliff refers to the year-end deadline for the expiration of hundreds of billions of dollars worth of tax cuts and the triggering of $109 billion in across-the-board spending cuts, if the US Congress fails to act. The US Congress created the hazardous deadline of 31 December 2012 in August 2011 when it agreed to a deficit deal as a way out of a deadlock over raising the US debt ceiling. The Congressional Budget Office has estimated the US economy would drop into a recession in the first half of the new year if a deal is not reached.
Sehwag, Gambhir's smug overconfidence exposed
When a great team loses through complacency, it will constantly search for new and more intricate explanations to explain away defeat – Pat Riley, respected basketball player and coach and now President of the Los Angeles Lakers.
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Riley was preaching from his years of experience as a basketball player and coach, but judging by the happenings over the last year or so, more so in the last one month, the Indian cricket fans wouldn’t be wrong if they thought his words above were directed at Team India. The dust from the overseas humiliations in England and Australia had barely settled when senior members of the Indian cricket team were unabashedly belittling the two series losses and proudly boasting of their impressive home record.
“We also won 2-0 (at home against Australia in 2010),” interrupted Virender Sehwag, when a journalist began to question him about the back-to-back whitewashes following India’s defeat at the Adelaide Test, before going on to blame Father Time for their poor performance. “The time is not good for Indian team, for individuals, so maybe that's why we are not scoring runs. The moment the time changes, the next year we will see, or in the coming series, we will see our top order giving starts and middle-order coming in and score big hundreds. It happens.”
Only, it didn’t happen. Neither did the top order provide starts, nor did the middle-order score big hundreds.
Sehwag’s fellow opener, Gautam Gambhir, also toed the same line as his Delhi teammate. “…When we go overseas, every country prepares wickets to their own strengths,” he had said at Adelaide. “So once the other teams come home we need to prepare tracks to our advantage as well…If we can prepare rank turners, that’s where their technique and their temperament will be tested…That’s where we would get to know whether they are mentally strong. That’s where they will be tested, and we’ll see how good they are against spin bowling.”
Only, the visiting England team’s temperament and mental strength against the dreaded Indian spin attack was superb. This, after not being put up against any specialist spinners in two out of their three practice matches.
Captain MS Dhoni wanted to take the toss out of the equation after winning the Ahmedabad Test and demanded a pitch that turned from Day One. In other words, he wanted the pitch to play to what he thought was his team’s trump card and almost got the Eden Gardens curator fired for not heeding to his demands. Bafflingly, this was after his team had taken a 1-0 lead in the series on a not-so-much-of-a-rank-turner at Ahmedabad. That match had been won by performances — from young Cheteshwar Pujara, Sehwag and Pragyan Ojha — and not the turf. But it did seem like Dhoni wanted the easy way out for the rest of the series. He was joined in chorus by his teammate, Virat Kohli, who found nothing wrong in asking for turning pitches and used the tit-for-tat argument.
“Why not (turning pitches)? We were given flattest of tracks during practice matches in England and Australia and then suddenly presented with a green top during the Tests,” Kohli had said. “During practice matches, we would face those 120 kmph bowlers. If they wanted to be fair to us, they could have provided us with same kind of tracks for practice matches, like what were used in Tests.”
Kohli then took the liberty of using England’s 0-3 whitewash by Pakistan in the UAE as an example of their ineptness in playing spin. “That particular series, there wasn’t much turn on offer but England couldn’t negotiate one quality spinner (Saeed Ajmal).They lost the battle in their heads.”
Only this time, it was first in the head that the battle was won by the Englishmen. England dug deep into the reservoirs of mental strength and always had a man for the situation. In Ahmedabad, even in adversity, there was captain Alastair Cook’s composure that kept them from a bigger embarrassment. In Mumbai, it was Cook’s silky strokeplay and extraordinary temperament, and the talismanic Kevin Pietersen’s dazzling flamboyance in the first innings; followed by the magic of Monty Panesar’s fingers in the second innings that exploited the Wankhede pitch like never before. In Kolkata, Cook defied the Indian bowlers even more and never broke a sweat, literally, while in Nagpur, it was James Anderson’s swing on a pitch more suited for a graveyard and a partnership between an out-of-form Jonathan Trott and debutant Joe Root that came to their rescue.
On the other hand, India can at best boast of Kohli and Dhoni’s gutsy partnership in Nagpur that won India the majority of three sessions. What about the rest of the 12 sessions?
England took their defeat in the first Test in their stride and turned out confidently at the Wankhede — adding a second spinner in Panesar to their bowling attack on Mumbai’s red soil. India, meanwhile, fielded three spinners in what clearly appeared to be intimidation tactics than trying to win the game. The pitch has more twists and turns than a roller coaster; now let’s see you maneuver Ravichandran Ashwin, Ojha and Harbhajan Singh around it.
Only, England did, and how! The host broadcaster’s series advertisement chiding the English team was brought off the air after the defeat in the second Test as the Englishmen rubbed salt into the wound by beating India at their own game — spin.
A humiliating 10-wicket loss wasn’t enough as Dhoni stuck to his guns — and his pitch demands — for the third Test at Kolkata and watched his team lose by seven wickets. Perhaps his logic was right. You don’t want the toss to decide the outcome of the match and would rather both teams have a shot at winning the match, than a high-scoring draw. But the way the Indian team casually approached the games was the worrying factor; the way Dhoni wanted the pitch to win the match for his side was lamentable.
India needs to wake up and smell the coffee. A lot has happened since the day they last held the top spot in the ICC Test rankings: The Occupy Wall Street protest began and ended, tyrannical Libyan president Muammar Gaddafi was captured and killed by his rebel countrymen, the world population crossed the seven billion mark, Queen Elizabeth II marked her diamond jubilee, the “God” particle was discovered, and India experienced the biggest mass revolution since the independence struggle and the largest power outage in world history, to name a few.
India need to realise that they were the best Test team in the world more than 17 months ago; Sachin Tendulkar rescued them from sure defeat against England in Chennai more than four years ago; and the now retired duo of Rahul Dravid and VVS Laxman did so against Australia at Eden Gardens more than 11 years ago.
One of Dhoni's clichéd go-tos during media interactions after a loss is that the seniors have to start taking the extra bit of responsibility and ease the youngsters in. It is high time that Sehwag and Gambhir realise that they are the seniors Dhoni is talking about. The duo need to back up their talk with performances and stop taking their spot in the eleven for granted. Sehwag, in particular, will be one of the senior most members in the side, even older than Dhoni, when Tendulkar hangs up his boots. He needs to stop relying on divine intervention and riding on previous highs, and start performing like an experienced player.
Dhoni, as captain of the Indian team, must have long realised the boons and banes that come with the job and must stop giving excuses like “We tried our best and that’s what’s important”, “the expectations are too high” and this debacle was not as bad as that one, etc. A poor patch, injuries to your best players, high expectations from fans and other limitations are faced by captains around the world and Dhoni isn’t the only one. It is up to him now how he leads this younger-getting side through the much dreaded transition phase. And if Dhoni is not up for it and wants to concentrate on his own performances, he should set his pride aside and inform the selectors of the same.
Kohli, who knows that everyone expects him to step into Dhoni’s shoes, should stop blaming Lady Luck for losing matches and refrain from relying on external factors to win them. His recent comments and antics (remember the middle-fingered salute to Aussie fans?) spell inexperience, which is a far cry from his performances such as the hundreds at Nagpur and Adelaide under pressure, which make you want to forget his boyish greenness.
Expectations from a team which not so long ago was on the summit of the sport and won the World Cup are definitely high, but what was most disappointing about the latest setback was the lack of intent — physical, not verbal — from most members of the side.
It’s a long, winding road back to the top for India — one that is bound to be filled with numerous internal and external obstacles along the way. The team needs some direction, the right leadership, the proper attitude and most importantly, self-motivation, if they are to reestablish their status as a world beater in the next couple of years.
Are they up for it?
Sensex remains under pressure
The Indian equity benchmarks remained under selling pressure due to weakness in Reliance Industries and ITC. L&T, HDFC Bank and State Bank of India too were under pressure.
The 30-share BSE Sensex declined 81.11 points to 19,394.89 and the 50-share NSE Nifty lost 32.65 points to 5,896.95. The Indian rupee too weakened today, losing 31 paise to 54.86 against the US dollar.
Meanwhile, software services exporter TCS, country's largest car maker Maruti Suzuki and aluminium major Hindalco Industries outperformed, rising 0.6 percent each.
FMCG major Hindustan Unilever and drug producer Cipla gained 0.9 percent and 1.4 percent, respectively.
Cigarette major ITC was down fell 0.7 percent and engineering conglomerate Larsen & Toubro slipped 1.14 percent.
India's biggest lender State Bank of India declined 0.54 percent while its rival HDFC Bank went down 0.6 percent.
Shares of Mahindra & Mahindra, Bajaj Auto, BHEL, Wipro and Sterlite Industries were down nearly 1.5 percent. Index heavyweight Reliance Industries moved down 0.6 percent.
Ambuja Cements, Jaiprakash Associates and BPCL were top losers, falling 2-3 percent.
In the second line shares, KSK Energy Ventures, Amtek Auto, Sun Pharma Advanced, TVS Motor and BGR Energy rallied 4-6.5 percent. However, Jubilant Life, Pantaloon Retail, Muthoot Finance, Prism Cement and KPIT Cummins lost 2.5-3 percent.
Wednesday, December 19, 2012
Narendra Modi leads in Gujarat Elections
Gujarat - BJP leads 116 seats ; Congress leads 63 seats
Himachal Pradesh- BJP leads 25 seats ; Congress 36
BJP marches ahead of rivals in Gujarat
Modi appears set for hat-trick
Gujarat Chief Minister Narendra Modi is on the winning track in Maninagar, his home constituency. He is pitted against Congress’ Shweta Bhatt, wife of suspended IPS officer Sanjeev Bhatt, who has accused Modi of complicity in 2002 communal riots.
The Gujarat Parivartan Party (GPP) headed by former Chief Minister Keshubhai Patel is not doing well, leading in only three seats. The Gujarat Assembly has 182 seats. Keshubhai Patel is leading in Visavadar. NCP is leading in one seat. Prominent BJP candidates leading their rivals include former Minister of State for Home Amit Shah and Saurabh Patel.
| Alliance | Leads | Result | Change | Total |
| BJP | 112 | 3 | -2 | 115 |
| Cong+ | 65 | 0 | 3 | 65 |
| Others | 2 | 0 | 2 | |
| Awaited | 0 | 179 | 0 |
Kareena Kapoor's Weeding Ring
We finally got a nice long look at Kareena Kapoor's enormous engagement ring at the 58th Filmfare Awards press conference. Saif Ali Khan gave his beloved begum this stylish rock sized solitaire. Now that's what we call a king-sized token of love.
Kareena's ring: All that glitters is diamond? She's been photographed wearing the giant diamond earlier, but we've never been able to get this up close and personal with the sparkler.
Miss Universe 2012 final today, Bihar born Shilpa to set the stage on fire
Samastipur: The stage is all set for Miss Universe 2012 pageant which is being held at Planet Hollywood Resort & Casino in Las Vegas, USA. Bihar-born Shilpa Singh represents India for the most coveted beauty competition.
Shilpa has so far performed well and has cleared all previous rounds and now she is fighting to enter into top 16-group.
The 23-year-old diva, Shipla Singh, is a software engineer by profession and a model by passion. Born to Suresh Kumar Singh, Shilpa spent her early childhood days in an unremarkable Diha in Samastipur district of Bihar. Her father was sales manager at Indian Oil and was posted at Muzaffarpur district at the time of her birth.
Shilpa, who will be representing India at the Miss Universe contest in Las Vegas on December 19, has brought happiness not only to her family but to the whole village which has been nondescript for so many years.
Natives of Diha village are very confident of the victory of their village girl at the contest. Prayers are being held for success of the “daughter of their soil” at the beauty pageant.
The competition will start with catwalk followed by the judges announcing the Super-16 round entrants and later Super-10. After that the participants will be selected for the first, second and third position.
However, the event will be aired live in India on December 20 as per IST.
Nasha: Poonam Pandey to don a bikini for a song?
Mumbai: Bold beauty Poonam Pandey, who has been busy shooting for her debut Bollywood film 'Nasha', hints she might feature in a bikini for a dance number in the movie.
"There will be a song in bikini, but not an item number as such. I am not allowed to talk about anything right now," Poonam told IANS.
Maintaining suspense around it, she added: "There may be or may not be a bikini song, but you never know it's me and you can expect anything from me."
Poonam is the model, whose offer to go nude before Team India if they won the Cricket World Cup in 2011, shot the mercury up for the India-Sri Lanka final.
She is quite a regular on micro-blogging site Twitter and often shares titillating pictures of herself. However, she is happy concentrating on her film shoot these days.
Talking further about the movie and its content, she said: "The songs are very beautiful in the film. There is a space for song and dance in the film and it is a very different story, which will change the mindset about Bollywood films that are coming right now."
Poonam has finished 60 percent of her shooting, and says some of her bold scenes will be shot in Mumbai itself.
"The rest 40 percent of the film will be shot in Mumbai. We will be shooting few bold portions in Mumbai," she said, adding: "'Nasha' is a naughty, erotic, sensuous film and those who are foot fetish will love it."
'Nasha' is directed by Amit Saxena, who earlier directed 'Jism'. Poonam says the director makes her feel comfortable as an actress.
"Amit has some brilliant ideas and he makes me feel very comfortable on sets. He has shot the scenes beautifully and not in a vulgar manner. I loved the way he portrayed Bipasha Basu in 'Jism'. He is a brilliant director."
Directed by Amit Saxena and produced by Aditya Bhatia 'Nasha' is an adult film which is slated for next year release.
'Nach Baliye' get's hotter this time
One of India's biggest celebrity dance shows — 'Nach Baliye; — is back with a brand new season and a brand new promise. With 11 sensational celebrity jodis, glamorous new judges and new hosts, Nach Baliye Season 5 will air soon. TOI speaks to each jodi and finds out their USP.
Rahul and Dimpy the 'fun jodi'
As was evident in the press conference, Rahul can't dance saala! And wife Dimpy knows it very well. "The step which one learns in two minutes, Rahul takes two days. But it takes guts to do something that you are zero at. He looks cute doing the steps any which way because he enjoys it. We are not here to win, but to entertain the people," said Dimpy.
Jay and Mahi, The hardworking jodi
The couple who married quietly evading the public eye has now decided to proclaim their love for each other through the language of dance. "Dancing doesn't come spontaneously to us. But we are a hardworking couple and will make things look spontaneous. As a contestant, you have to practise for hours before you can set foot on stage," said chocolate boy Jay.
Kushal and Elena, The understanding jodi
Kushal, or Virat of Ek Hazaron Mein Meri Behna Hai met Elene, a Bulgarian model in New York, and sparks flew. She soon decided to move to India with him. "I should be doubly paid! First I have to learn the steps and then make her understand the lyrics and show her the step. So Chaar din ki chandni becomes four days of moonlight," said Elena's personal translator, Kushal.
Neelu and Arvind, The compatible jodi
The country's 'Bhabho' will be seen dancing with husband, Arvind Kumar, who is a Rajasthani superstar. "We are not professional dancers, but since we are from Rajasthan, there is a lachak in our bodies. Whatever we do, we will do dil se," said Neelu, the oldest contestant on the show. Having been married for many years, will their compatibility give them an edge?
Karan and Nisha, The lovey-dovey jodi
The newly-wed couple couldn't get enough of each other. Holding hands throughout the conference, they said, "This is mini-honeymoon for us. We are really having a good - time. " When asked if the ideal beta dances to her tunes, Nisha said, "We both dance to each other's tunes."
Deepshikha and Kaishav, The supportive jodi
Kaishav is much younger to Deepshika but has supported her at every step in life. This couple's chemistry will make for an interesting watch on the show. Deepshikha, a dancer, finds it difficult to cope with a non-dancer, but supports him nevertheless. "He keeps getting nervous about stage performances and I try to calm him down. At the end, my concentration goes for a toss and he manages to get away with perfect moves.
Ravi and Sargun, the dancing jodi
The young couple, who love dancing, could be seen engrossed in sweet nonk-jhonk. When asked to show a signature step, Ravi promptly sang Mai aai hoon UP, Bihar lootne, and coaxed swe e t h e a r t Sargun to show a step or two. "We are not dancers, but dancing is a passion for us," said Ravi.
Suhasi and Jaisheel, The cool jodi
Suhasi, who has just bagged a lead in another fiction, is cool about handling two shows together. "We are TV actors and we are used to gruelling schedules. It will be difficult for Jai as make-up, costumes etc are new to him," Suhasi said. Jai too was cool about it. "With my wife and sister (Drashti Dhami) both in this industry, it was time I took the plunge and got a taste of it. Hopefully, we will win," he said.
Amar and Charlie, The bindaas jodi
Amar, the heartthrob of Dil Dosti Dance, is known for his dancing abilities. Charlie is known for her carefree attitude and her flamboyance. So what happens when the two come together? "I want to bring forward the hidden side of Charlie. Though she is portrayed as hot and beautiful, she is like a kid at heart. It is also a challenge for her to match steps with me, and I am sure she will do well," said Amar.
Shefali and Parag, The hot jodi
"We are hot. People should watch out for our sizzling chemistry. We will set the stage on fire," said the confident Kaanta laga girl, Shefali, who introduced bold item numbers to the Indian TV screen. The question is, will the introvert Parag be able to match up to Shefali's dance moves?
Smita and Ankush, The sweet jodi
Smita Bansal, better known as mom-in-law of Anandi in Balika Vadhu, is back to set the dance floor on fire, barely three months after delivering a baby girl. "It is difficult to juggle rehearsals and shoots. Thankfully, I have a great mom-in-law who takes care of the newborn," she said, looking fondly at her TV director husband.
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