Upbeat of domestic economic growth forecast is not with standing last week, global investors sold off on the fears that it may be the end of cheap money, after Fed"s unexpected raise on discount rate.
During the week BSE Mid-cap index and Small-cap index lost 1.2 pc and 0.4 pc respectively.
BSE Health Care and Bankex were the top gainers for the week, up by 1.9 pc and 1.6 pc respectively. BSE Realty and Oil & Gas were the top losers of the week, by 5.7 pc and 1.6 pc respectively.
During the week markets may see swings ahead of union budget on Friday. On the back of economic recovery, Finance Minister may raise excise duty and Service tax. This week the railway budgeting tabled on Feb, 24.
It is expected that railway Minister is likely to present a populist budget leaving passenger fares untouched. Apart from that, expiry of February 2010 derivatives contracts could add volatility on the bourses.
Ex-GM Europe boss to steer Tata Motors
Tata Motors has appointed Carl-Peter Forster, former head of General Motors Europe, as the Group Chief Executive Officer.
Forster will report to the company's board and will be in charge of the domestic as well as global operations.
Forster led the lengthy restructuring of troubled brands such as Opel and Vauxhall by closing plant and cutting costs.
According to Tata Motors sources, the appointment was in tune with the company's ambition of becoming a global company and that"s where Forster's huge international experience will come in handy.
Tata Motors has many overseas subsidiaries including profit-making Tata Daewoo Commercial Vehicle Company in South Korea.
Zain has accepted Bharti offer for African assets, say sources
The Zain Telecom board have unanimously accepted a $10.7-11 billion offer from Bharti Airtel to buy its African assets. The deal will put Bharti among the world's top five or six telecom operators in the world.
According to Zain sources, it has received an offer in relation to its operations in Africa excluding Morocco and Sudan.
Food prices continue to pinch common man
Food inflation rose for the fourth straight week, the annual inflation in food prices rose to 17.97 pc for the week ended Feb 6, a tad higher than 17.94 pc recorded in the previous week.
Prices of steel, cars, television have also been hiked. Prices of rice, sugar and vegetables are remaining stubbornly high as grain output is falling short of estimates due to the worst monsoon rains in more than three decades.
Cabinet okays Rs 800 cr infusion in NACIL
The Cabinet Committee on Economic Affairs (CCEA) approved a proposal to infuse Rs 800 crore equity into the ailing National Aviation Company of India (Nacil), which runs Air India.
The fund would help the debt-ridden airline tide over the financial crisis. The CCEA also allowed ONGC Videsh Ltd (OVL) to make additional investment of $832.54 million in gas field developments projects in Myanmar.
It also cleared Gail India Ltd move to invest $502 million in gas field and an onshore pipeline project in the army-ruled state.
The Union Cabinet approved the 10 pc hike in urea prices, besides giving the industry a free hand to fix the retail Price for DAP and MoP.
Currently, urea MRP is pegged at Rs.4,830/t while DAP and MoP are priced at Rs.9,350/t and Rs 4,455/t, respectively.
(An article by DAS CAPITAL MANAGEMENT & ADVISORS Pvt Ltd)