Sensex regains 19,000 level help by TCS, ITC, Infosys

The Sensex extended gains and is trading above the crucial 19,000 mark. IT, teck and metal stocks traded higher.

At 2.56 p.m., the Sensex was trading up 156.75 points or 0.83% at 19,039 with 21 components gaining. Meanwhile, the Nifty was trading higher by 52.20 points or 0.92% at 5,706.95 with 36 components gaining.

The 30-share benchmark index, BSE Sensex opened with a gain of 100.95 points or 0.53% at 18,983.20, while the broad based NSE Nifty started with a rise of 27.80 points or 0.49%, at 5,682.55.

Sensex Movers

Tata Consultancy Services contributed rise of 48.25 points in the Sensex. It was followed by I T C (25.4 points), Infosys Technologies (20.63 points), State Bank Of India (14.24 points) and Sterlite Industries (India) (13.6 points).

However, Reliance Infrastructure contributed fall of 7.41 points in the Sensex. It was followed by Housing Development Finance Corporation (6.47 points), Reliance Industries (6.41 points), Bharti Airtel (5.39 points) and Tata Power Company (4.29 points).

Biggest gainers in the 30-share index were Tata Consultancy Services (5.80%), Sterlite Industries (India) (3.63%), Wipro (2.89%), Bajaj Auto (2.20%), I T C (2.18%), and Cipla (2.08%).

On the other hand, Reliance Energy (4.99%), D L F (1.85%), Tata Power Company (1.49%), Bharti Airtel (0.93%), Housing Development Finance Corporation (0.60%), and Hero Honda Motors (0.58%) were the biggest losers in the Sensex.

Mid & Small-cap Space

The BSE Mid and small caps underperformed their larger counterparts gaining 0.20% and 0.02% respectively.

The major gainers in the BSE Midcap were A B G Shipyard (1.41%), Core Projects and Technologies (1.36%), Aban Offshore (0.47%), Alstom Projects India (0.34%) and A I A Engineering (0.21%).

The major gainers in the BSE Smallcap were Action Construction Equipment (0.72%), A B G Infralogistics (0.25%), Ador Welding (0.11%), Adhunik Metaliks (0.1%) and Reliance MediaWorks (0.08%).

Sectors in Limelight

The IT index was at 6,700.72, up by 150.53 points or by 2.30%. The major gainers were H C L Technologies (2.97%), Mphasis (1.66%), Core Projects and Technologies (1.36%), Infosys Technologies (1.04%) and Oracle Financial Services Software (0.22%).

The TECk index was at 3,925.61, up by 60.45 points or by 1.56%. The major gainers were Mphasis (1.66%), Idea Cellular (1.08%), Deccan Chronicle Holdings (0.76%), Oracle Financial Services Software (0.22%) and Reliance MediaWorks (0.08%).

The Metal index was at 16,398.23, up by 242.88 points or by 1.50%. The major gainers were JSW Steel (3.62%), NMDC (3.19%), Bhushan Steel (2.06%), HindalcoIndustries (1.95%) and Jindal Steel & Power (0.06%).

On the other hand, the Realty index was at 2,453.10, down by 11.5 points or by 0.47%. The major losers were Mahindra Lifespace Developers (2.79%), D L F (1.85%), D B Realty (1.42%), Ackruti City (0.19%) and Anant RajIndustries (0.1%).

Market Breadth

Market breadth was negative with 1,407 advances against 1,436 declines.

Value and Volume Toppers

Adani Enterprises topped the value chart on the BSE with a turnover of Rs. 1,800.90 million. It was followed by State Bank Of India (Rs. 747.15 million), Reliance Infrastructure (Rs 700.02 million) and Tata Consultancy Services (Rs. 688.22 million).

The volume chart was led by Cals Refineries with trades of over 9.17 million shares. It was followed by Spectacle Infotek (7.94 million), Bampsl Securities (6.13 million) and Comfort Intech (5.21 million).

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India software giant TCS net profit up near 30%

MUMBAI: India's largest software exporter Tata Consultancy Services on Monday said consolidated net profit rose 29.8 percent in the third quarter, beating forecasts, as outsourcing orders strengthened.

Net profit was 23.69 billion rupees ($526 million) for the three months to December, up from 18.24 billion rupees a year earlier.

Turnover for the quarter rose 29 percent to 98.57 billion rupees, a statement to the Mumbai stock exchange said.

Analysts expected TCS to show profit of about 22 billion rupees.

"We have delivered another stellar quarter, capturing volumes. Demand continues to be strong," the company's chief executive N Chandrasekaran said in a statement.

The US and European markets continued to lead demand recovery, the company said.

During the quarter, TCS added nearly 12,500 employees and 35 new clients.

On Monday, TCS shares rose 1.74 percent or 19.45 rupees to 1,138.45 on the Mumbai stock exchange prior to the earnings announcement.

Last week, rival tech giant Infosys posted a disappointing 14.1 percent rise in consolidated net profit to 17.8 billion rupees, warning future growth could be hurt if recovery in developed markets weakens.

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Vibrant Gujarat 2011: Mahindra to invest Rs 3,000 cr

AHMEDABAD: Farm equipment-to-software group Mahindra & Mahindra on Wednesday said it will invest Rs 3000 crore in Gujarat to step up presence in the hospitality and real estate sectors in the state.

"Our group companies have signed six MoUs with the Gujarat government totaling an investment of Rs 3000 crore," Mahindra & Mahindra Vice-Chairman and Managing Director Anand Mahindra said here at the 5th Global Summit of Vibrant Gujarat. He, however, did not specify the time frame for these investments.

Mahindra Lifespaces , the real estate development arm of USD 7.1 billion Mahindra Group , has signed two MoUs with the state government. "Mahindra World City is developing a real estate project spread across 500 acres of land," he said.

Another group company, Mahindra Holiday & Resorts , that runs the Club Mahindra resorts, will open seven new resorts in the state, Mahindra said, adding "all these new projects will create a lot of new jobs". Moreover, investments will also be made on solid waste management and domestic waste management projects, he added.

Acknowledging that the investment by M&M is much less compared to those announced by other corporates during the summit here, Mahindra said "but we are doing it with passion". "Mr Modi I hope you are not angry now as you have been saying that we do not make investments in the state," he quipped.

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The Mahindra Thar Adventure Off Roader

Indian off road enthusiasts for long have been left with minimum choice really. Apart from the very affordable and capable Maruti Gypsy, there is a serious dearth of choices in the sub 10 Lakh rupee SUV segment. So, Indian off roading enthusiasts, in their quest for off road vehicles have had to look at rebuilding de-commissioned Mahindra army jeeps or buy new Maruti Gypsys with nothing really in between.

Mahindra answered many a fervent prayer and unveiled the Mahindra Thar at the 2010 Indian Auto Expo. Powering the Mahindra Thar is a powerful diesel CRDe engine displacing 2498cc. This powerful engine generates 105 Bhp at a low 3800rpm and a ery useful 247 Nm of torque coming in from 1800-2000rpm. This obviously will give the Mahindra Thar plenty of poke in terrains where cars can’t even dream of treading.

A ground clearance of 200mm, four wheel drive and a fully articulated suspension means that the Mahindra Thar meets all the off roading criteria enthusiasts were so hoping for. This Jeep like a true blue off roader will seat just two persons. While the Mahindra Thar is mainly meant for exports, insiders at Mahindra are mulling a Indian launch after seeing the excellent response by Indian Off Road enthusiasts.

Website : http://www.mahindrathar.com

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Mahindra Thar Launches in Kerala

Mahindra & Mahindra , market leader in utility vehicles today introduced the Thar CRDe , 4x4 offroader in the Kerala market.

It is priced at Rs 6.11 lakh for BS IV variant (ex-showroom price) Kochi.

Kerala has been the largest market for such vehicles and the company was totally geared to meet any requirements,Behram Dhabher, General Manager (Vehicle Development) told reporters here.

The Thar aims to play a significant role in shaping the lifestyle vehicle segment both in urban and rural India. Consumers are looking for a different lifestyle as they seek adventure and a fun experience which the vehicle will offer, he said.

The Thar is a manual 4x4 machine coupled with a powerful CRDe 105 BHP engine and driven by wire technology, which is capable of providing it variable speeds and acceleration. To handle this excess power, Thar CRDe's tough rigid ladder frame chassis has been optimised to enable crisp handling.

The vehicle would be available in Mumbai, Delhi , Chandigarh, Jaipur, Bangalore, Kochi, Mangalore and Kolkatta and would be launched in the rest of India by this month.

It will be positioned as a lifestyle vehicle for the rural market with both two wheel and four wheel options. The BS III variation will be priced at Rs 4.33 lakh (ex showroom kochi), Sunil Lohani, General Manager (South Zone)said.

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Midvalley Entertainment IPO to open on Jan 10

South based media & entertainment company Midvalley Entertainment (MVEL) will be launching its Rs 60 crore initial public offering (IPO) on January 10, 2011.

The issue will close for subscription on January 11. The price band and minimum bid lot will be announced soon.

It is a film production, distribution and exhibition company, actively engaged in the media and entertainment industry in South India. It has presence in the media and entertainment activity from concept to completion i.e. from script to screen. It produces, distribute and exhibit movies both in Indian and foreign languages.

Issue proceeds are proposed to be utilised for entering into screening agreements with 300 cinema theatres; renovation and up-gradation of cinema infrastructure with digital equipment and other related assets for a select 100 screens; and acquisition of company, acquisition of screening rights of company having similar line, range and objects of business.

Current promoters Unigold Pacific, Kiara Enigma and Global Motion Pictures & Ventures Pte Ltd hold 18.96%, 8.62% and 21.88% stake respectively in the company.

Equity shares are proposed to be listed on Bombay Stock Exchange.

Aryaman Financial Services limited is the book running lead manager to issue.

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