Finance & Market

Tata Group\'s former blueeyed boy Dilip Pendse has won a battle against the Securities and Exchange Board of India, or Sebi, in rigging of Global Telesystems case. CNBCTV18\'s Vivek Law delves deeper.

The Securities and Exchange Board of India, or Sebi, is all set to revamp mutual fund debt fund norms. CNBCTV18 has access to the Association of Mutual Funds in India, or Amfi, draft which will be submitted on Monday that calls for major changes for all debt funds including fixed maturity plans, or FMPs.

The Headline Wholesale Price Index WPI for the week ended November 08, 2008 has decreased to 8.90% meeting the market expectations from 8.98% in previous week.

Vibhav Kapoor of ILFS sees a lot of pain for markets going forward but adds that most of the bad news has already been priced in by the markets and that the markets wont test the October lows again.

US markets surge in the opening bell after sharp selloff witnessed in the last couple of days. The Dow Jones Industrial Average up 160.65 points or 2.13% at 7,712.93. The Nasdaq up 33.43 points or 2.54% to 1,349.55 and SP 500 up 18.85 points or 2.51% to 771.29.

Commerce Secretary GK Pillai said the government is working on incentives for exporters and could take steps to boost credit. CNBCTV18s Economic Policy Editor Vivian Fernandes delves deeper.

Crude trading at USD 48.25/bbl of a low in the earlier Asian markets today have just regained that USD 50/bbl at this point in time. Gold gained 2% yesterday and is up 2% at this point in time. Silver prices are nearly 3% on the higher side.

Fitch Ratings has today assigned India\'s Kalyanpur Cement Limited (KCL) an expected rating of \'C(ind)\' to its proposed zero coupon nonconvertible debentures (NCDs) of INR1,173m. The final rating is contingent upon receipt of documents conforming to information already received

PINC Research has maintained its buy rating on Time Technoplast (TTL) with a target of Rs 50. Even though feedstock prices continue to ease, the research firm believes the bigger threat to earnings is from lower offtake from the auto sector.

PINC Research has upgraded its rating on Triveni Engineering to buy with a target of Rs 45. Triveni Engineering and Industries Ltd. (TEIL) reported a YoY growth of 41% in net sales to Rs 4.3 billion for Q4FY08. Net profits surged by 5.4x to Rs 270 million.

According to Motilal Oswal\'s report, the research firm\'s top picks are DLF among the large caps, and IBREL, Mahindra Lifespaces and Bombay Dyeing among midcaps.

Leading rating agencies like Fitch and ICRA say they have stepped up vigilance of real estate companies. While they reviewed ratings on a six monthly or yearly basis, now they are reviewing data almost on an ongoing basis.