Friday, March 20, 2009

>Weekly Market Recap (RELIGARE SECURITIES)

Sensex belled the week on a firm note tracking encouraging global cues with the BSE Sensex registering a gain of 2.4% and the Nifty registering a gain of 3.2%. Foreign Institutional Investors (FIIs) were net buyers to the tune of Rs. 876 crore whereas the Mutual Funds were net buyers to the tune of Rs. 1,137 crore. India`s benchmark wholesale price index (WPI), inflation fell sharply to 0.44% for the week ended Mar. 7, 2009 as compared to 2.43% a week ago. It was at 7.78% during the corresponding week the previous year.

Mercator Lines has taken delivery of its new build Jack Up Rig at a cost of Rs. 1,000 crore approx from the world's leading shipyard Keppels FELS, Singapore. The rig was delivered on 11th March, 2009 about three weeks before schedule and has been immediately deployed under a firm bare boat contract for a period of three years. The new built state of the art premium Jack up Rig acquired through its Singapore based wholly owned subsidiary, Mercator Offshore Ltd , is Class B Mod V capable of working in a water depth of 30,000 ft.

Tata Communications has announced that the company is an anchor tenant customer on the privately owned SEACOM cable system. The SEACOM cable system enables it to provide fully integrated network services from South Africa, Mozambique, Tanzania and Kenya to its networks in Europe, Asia and India. Another subsidiary company, Tata Communications Transformation Services (TCTS), has been awarded the network administration, operations and maintenance contract of the cable supporting 1.28 Tbps of capacity.

State Bank of India has contracted to implement Anti Money Laundering (AML) software from 3i Infotech. The AMLOCK software is said to be implemented across the State Bank Group comprising of SBI and its 6 associate banks (State Bank of Patiala, State Bank of Bikaner & Jaipur, State Bank of Indore, State Bank of Hyderabad, State Bank of Mysore and State Bank of Travancore) having more than 16,000 branches across the country.

To see full report: MARKET RECAP 20-03-09