Finance & Market

There is a big question as to if the SatyamMaytas deal intended to fund Maytas projects and bail out subsidiary companies. There is increasing evidence that the entire SatyamMaytas deal was meant to bailout the promoter entities. Ramalingam Raju pledged Satyams shares as securities against NCD/term loans raised by four promoter entities.

Real estate developers gave the verdict on the second stimulus package saying not enough was done for the sector. Today, Confederation of Real Estate Developers Association of India (CREDAI) and Maharashtra Chamber of Housing Industry Members (MCHI) met the RBI governor with a list of proposals.

The relations between beleaguered tech giant Satyam Computer Services and the Hyderabadbased Indian School of Business (ISB) have come under the scanner. Market regulator Securities and Exchange Board of India (Sebi) will examine if it violates corporate governance norms in spirit.

US markets have opened higher. The Dow Jones Industrial Average is up 77.90 points or 0.87% at 9,030.79. The Nasdaq up 14.42 points or 0.89% to 1,642.45 and SP 500 down 9.62 points or 1.04% to 937.07.

With Ranbaxy\'s shares tumbling, its been a rough start for Daiichi Sankyo. The Japanese drug maker said it will take a USD 3.9 billion knock in its third quarter financial results.

Religare Hichens Harrison Research has come out with its earning estimates on oil gas sector for the quarter ended December 2008. According to the research firm, Hindustan Petroleum Corporation, HPCL sales for the quarter ended December 2008, are expected to go down by 21.8% at Rs 21214.5 crore on YoY basis.

Religare Hichens Harrison Research has come out with its earning estimates on oil gas sector for the quarter ended December 2008. According to the research firm, Indian Oil Corporation, IOC sales for the quarter ended December 2008, are expected to go down by 22.1% at Rs 49888.5 crore on YoY basis.

Nifty Futures have added Rs 28030 crore in the open interest on January 6, 2009 report.

The rupee will remain under pressure due to crude prices and dollar gains overseas. The downside for the currency is capped at Rs 49 per dollar. The range for the day is seen between Rs 48.5048.80 per dollar, says Nanivadekar.

Abhinay Jain expects the market to pause at 3,1003,150 levels. Banking and realty space has seen some buildup, but they could witness unwinding and selling pressure if markets become weak, he said.

The physical rubber prices were firm on Monday. Sharp gains in the Japanese futures kept the domestic buyers active on sheet rubber while the market made allround gains on renewed buying interest.

Pepper futures continued their uptrend on good buying support and tight supply position. January contract moved up by Rs 90 a quintal to Rs 11,370, while February and March was up by Rs 82 and Rs 63 respectively to Rs 11,416 and Rs 11,457 on Monday on NCDEX.